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Dec 31, 2022
Monolithic Power Q4 2022 Earnings Report
Monolithic Power Systems reported an increase in revenue compared to the same quarter last year.
Key Takeaways
Monolithic Power Systems (MPS) announced its financial results for the fourth quarter and year ended December 31, 2022. The company reported revenue of $460.0 million for the quarter, a 36.7% increase compared to the same quarter last year. GAAP net income was $119.1 million, or $2.45 per diluted share, while non-GAAP net income was $154.0 million, or $3.17 per diluted share. The Board of Directors approved an increase in the quarterly cash dividend from $0.75 per share to $1.00 per share.
Revenue for Q4 2022 was $460.0 million, a 36.7% increase year-over-year.
GAAP gross margin for Q4 2022 was 58.2%, compared to 57.6% for Q4 2021.
GAAP net income for Q4 2022 was $119.1 million, or $2.45 per diluted share, compared to $72.7 million, or $1.51 per diluted share for Q4 2021.
Non-GAAP net income for Q4 2022 was $154.0 million, or $3.17 per diluted share, compared to $102.1 million, or $2.12 per diluted share for Q4 2021.
Monolithic Power
Monolithic Power
Monolithic Power Revenue by Segment
Revenue by Segment
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CapyFin.com Forward Guidance
MPS expects revenue in the range of $440.0 million to $460.0 million for the first quarter ending March 31, 2023. They also anticipate GAAP gross margin between 57.4% and 58.0% and non-GAAP gross margin between 57.7% and 58.3%.
Positive Outlook
- Revenue in the range of $440.0 million to $460.0 million.
- GAAP gross margin between 57.4% and 58.0%.
- Non-GAAP gross margin between 57.7% and 58.3%.
- Interest income of $1.8 million to $2.2 million.
- The non-GAAP tax rate for the first quarter ending March 31, 2023 will be 12.5%.
Challenges Ahead
- GAAP research and development and selling, general and administrative expenses, including estimated litigation expenses, between $135.1 million and $139.1 million.
- Non-GAAP R&D and SG&A expenses between $96.1 million and $98.1 million, which excludes estimated stock-based compensation expenses in the range of $39.0 million to $41.0 million but includes estimated litigation expenses.
- Total stock-based compensation expenses of $40.2 million to $42.2 million.
- Fully diluted shares outstanding between 48.2 million and 49.2 million.
- Cautious about near-term business conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income