The results for the quarter ended June 30, 2015 are as follows:
- Net revenue was $81.4 million, a 10.7% increase from $73.5 million in the first quarter of 2015 and a 19.0% increase from $68.4 million in the second quarter of 2014.
- GAAP gross margin was 54.2%, which included the impact of $0.3 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with 54.2% in the second quarter of 2014, which included the impact of $0.2 million for stock-based compensation expense.
- Non-GAAP gross margin(1) was 55.0%, which excluded the impact of $0.3 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with 54.5% in the second quarter of 2014, which excluded the impact of $0.2 million for stock-based compensation expense.
- GAAP operating expenses were $34.0 million, including $33.7 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $9.2 million for stock-based compensation expense and $0.2 million for deferred compensation plan income, and $0.3 million for litigation expenses. Comparatively, for the quarter ended June 30, 2014, GAAP operating expenses were $30.5 million, including $30.2 million for R&D and SG&A expense, which included $8.2 million for stock-based compensation expense and $0.5 million for acquisition-related expense, and a $0.3 million litigation expense.
- Non-GAAP(1) operating expenses were $25.0 million, excluding $9.2 million for stock-based compensation expense and $0.2 million for deferred compensation plan income, compared with $21.8 million, excluding $8.2 million for stock-based compensation expense and $0.5 million for acquisition-related expense, for the quarter ended June 30, 2014.
- GAAP operating income was $10.1 million, including $9.5 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets, and $0.2 million for deferred compensation plan income. Comparatively, for the quarter ended June 30, 2014, GAAP operating income was $6.6 million, including $8.4 million for stock-based compensation expense and $0.5 million for acquisition-related expense.
- Non-GAAP(1) operating income was $19.8 million, excluding $9.5 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets, and $0.2 million for deferred compensation plan income, compared with $15.5 million, excluding $8.4 million for stock-based compensation expense and $0.5 million for acquisition-related expense, for the quarter ended June 30, 2014.
- GAAP net income was $7.9 million and GAAP earnings per share were $0.19 per diluted share. Comparatively, GAAP net income was $6.4 million and GAAP earnings per share were $0.16 per diluted share for the quarter ended June 30, 2014.
- Non-GAAP(1) net income was $18.8 million and non-GAAP earnings per share were $0.46 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $14.6 million and non-GAAP earnings per share of $0.37 per diluted share, excluding stock-based compensation expense, acquisition-related expense and related tax effects, for the quarter ended June 30, 2014.
The results for the six months ended June 30, 2015 are as follows:
- Net revenue was $155.0 million, a 20.6% increase from $128.5 million for the six months ended June 30, 2014.
- GAAP gross margin was 54.1%, which included the impact of $0.5 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets, compared with 53.9% for the six months ended June 30, 2014, which included the impact of $0.4 million for stock-based compensation expense.
- Non-GAAP gross margin(1) was 54.9%, which excluded the impact of $0.5 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets, compared with 54.2% for the six months ended June 30, 2014, which excluded the impact of $0.4 million for stock-based compensation expense.
- GAAP operating expenses were $67.8 million, including $67.3 million for R&D and SG&A expenses, which included $18.2 million for stock-based compensation expense, and $0.5 million for litigation expenses. Comparatively, for the six months ended June 30, 2014, GAAP operating expenses were $53.5 million, including $61.9 million for R&D and SG&A expense, which included $15.6 million for stock-based compensation expense and $0.5 million for acquisition-related expense, and a $(8.4) million net litigation benefit. For the six months ended June 30, 2014, MPS recognized a one-time $9.5 million litigation benefit from the settlement of the O2 Micro lawsuit.
- Non-GAAP(1) operating expenses were $49.6 million, excluding $18.2 million for stock-based compensation expense, compared with $37.4 million, excluding $15.6 million for stock-based compensation expense and $0.5 million for acquisition-related expense, for the six months ended June 30, 2014.
- GAAP operating income was $16.0 million, including $18.7 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets. Comparatively, for the six months ended June 30, 2014, GAAP operating income was $15.7 million , including $16.0 million for stock-based compensation expense and $0.5 million for acquisition-related expense.
- Non-GAAP(1) operating income was $35.4 million , excluding $18.7 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets, compared with $32.2 million , excluding $16.0 million for stock-based compensation expense and $0.5 million for acquisition-related expense, for the six months ended June 30, 2014 .
- GAAP net income was $13.9 million and GAAP earnings per share were $0.34 per diluted share. Comparatively, GAAP net income was $15.4 million and GAAP earnings per share were $0.39 per diluted share for the six months ended June 30, 2014 .
- Non-GAAP(1) net income was $33.7 million and non-GAAP earnings per share were $0.83 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $30.2 million and non-GAAP earnings per share of $0.76 per diluted share, excluding stock-based compensation expense, acquisition-related expense and related tax effects, for the six months ended June 30, 2014 .
