Condensed Consolidated Statements of Operations(Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024Revenue $637,554 $457,885 Cost of revenue 284,324 205,444 Gross profit 353,230 252,441 Operating expenses: Research and development 92,227 75,990 Selling, general and administrative 92,244 80,964 Total operating expenses 184,471 156,954 Operating income 168,759 95,487 Other income, net 5,131 9,540 Income before income taxes 173,890 105,027 Income tax expense 40,099 12,486 Net income $133,791 $92,541 Net income per share: Basic $2.80 $1.90 Diluted $2.79 $1.89 Weighted-average shares outstanding: Basic 47,851 48,635 Diluted 48,006 48,928 RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME(Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024Net income $133,791 $92,541 Adjustments to reconcile net income to non-GAAP net income: Stock-based compensation and related expenses 53,811 51,769 Amortization of acquisition-related intangible assets 320 291 Deferred compensation plan expense (income), net (6) 47 Tax effect 5,897 (7,156)Non-GAAP net income $193,813 $137,492 Non-GAAP net income per share: Basic $4.05 $2.83 Diluted $4.04 $2.81 Shares used in the calculation of non-GAAP net income per share: Basic 47,851 48,635 Diluted 48,006 48,928 RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN(Unaudited, in thousands) Three Months Ended March 31, 2025 2024Gross profit $353,230 $252,441 Gross margin 55.4% 55.1% Adjustments to reconcile gross profit to non-GAAP gross profit: Stock-based compensation and related expenses 1,706 1,900 Amortization of acquisition-related intangible assets 287 258 Deferred compensation plan expense (income) (163) 440 Non-GAAP gross profit $355,060 $255,039 Non-GAAP gross margin 55.7% 55.7% RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES(Unaudited, in thousands) Three Months Ended March 31, 2025 2024Total operating expenses $184,471 $156,954 Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: Stock-based compensation and related expenses (52,105) (49,869)Amortization of acquisition-related intangible assets (33) (33)Deferred compensation plan income (expense) 1,193 (3,626)Non-GAAP operating expenses $133,526 $103,426 RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME(Unaudited, in thousands) Three Months Ended March 31, 2025 2024Total operating income $168,759 $95,487 Adjustments to reconcile total operating income to non-GAAP total operating income: Stock-based compensation and related expenses 53,811 51,769 Amortization of acquisition-related intangible assets 320 291 Deferred compensation plan expense (income) (1,356) 4,066 Non-GAAP operating income $221,534 $151,613 RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET(Unaudited, in thousands) Three Months Ended March 31, 2025 2024Total other income, net $5,131 $9,540 Adjustments to reconcile other income, net to non-GAAP other income, net: Deferred compensation plan expense (income) 1,350 (4,019)Non-GAAP other income, net $6,481 $5,521 RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES(Unaudited, in thousands) Three Months Ended March 31, 2025 2024Total income before income taxes $173,890 $105,027 Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: Stock-based compensation and related expenses 53,811 51,769 Amortization of acquisition-related intangible assets 320 291 Deferred compensation plan expense (income), net (6) 47 Non-GAAP income before income taxes $228,015 $157,134 2025 SECOND QUARTER OUTLOOKRECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN(Unaudited) Three Months Ending June 30, 2025 Low HighGross margin 54.9% 55.5%Adjustment to reconcile gross margin to non-GAAP gross margin: Stock-based compensation and other expenses 0.3% 0.3%Non-GAAP gross margin 55.2% 55.
Safe Harbor StatementThis press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the "Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development ("R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v).
Non-GAAP gross margin (1) was 55.7% for the quarter ended March 31, 2025, excluding the impact of $1.7 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan income, compared with 55.7% for the quarter ended March 31, 2024, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
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Author / Journalist: Monolithic Power Systems, Inc.
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