KIRKLAND, Wash., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter and year ended December 31, 2020. The Company also announced that its Board of Directors has approved an increase in the quarterly cash dividend from $0.50 per share to $0.60 per share. The first quarter dividend of $0.60 per share will be paid on April 15, 2021 to all stockholders of record as of the close of business on March 31, 2021. 

The financial results for the quarter ended December 31, 2020 are as follows:

• Revenue was $233.0 million for the quarter ended December 31, 2020, a 10.2% decrease from $259.4 million for the quarter ended September 30, 2020 and a 39.8% increase from $166.7 million for the quarter ended December 31, 2019.
  
  
• GAAP gross margin was 55.3% for the quarter ended December 31, 2020, compared with 55.1% for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) gross margin was 55.7% for the quarter ended December 31, 2020, excluding the impact of $0.7 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with 55.5% for the quarter ended December 31, 2019, excluding the impact of $0.6 million for stock-based compensation expense.
  
  
• GAAP operating expenses were $88.9 million for the quarter ended December 31, 2020, compared with $61.2 million for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) operating expenses were $63.6 million for the quarter ended December 31, 2020, excluding $22.3 million for stock-based compensation expense and $3.0 million for deferred compensation plan expense, compared with $41.8 million for the quarter ended December 31, 2019, excluding $18.1 million for stock-based compensation expense and $1.4 million for deferred compensation plan expense.
  
  
• GAAP operating income was $40.0 million for the quarter ended December 31, 2020, compared with $30.7 million for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) operating income was $66.3 million for the quarter ended December 31, 2020, excluding $23.0 million for stock-based compensation expense and $3.3 million for deferred compensation plan expense, compared with $50.8 million for the quarter ended December 31, 2019, excluding $18.7 million for stock-based compensation expense and $1.4 million for deferred compensation plan expense.
  
  
• GAAP other income, net, was $4.5 million for the quarter ended December 31, 2020, compared with $2.7 million for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) other income, net, was $1.3 million for the quarter ended December 31, 2020, excluding $3.2 million for deferred compensation plan income, compared with $1.6 million for the quarter ended December 31, 2019, excluding $1.2 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $44.4 million for the quarter ended December 31, 2020, compared with $33.4 million for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) income before income taxes was $67.6 million for the quarter ended December 31, 2020, excluding $23.0 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with $52.3 million for the quarter ended December 31, 2019, excluding $18.7 million for stock-based compensation expense, and $0.2 million for deferred compensation plan expense.
  
  
• GAAP net income was $42.9 million and $0.90 per diluted share for the quarter ended December 31, 2020. Comparatively, GAAP net income was $32.4 million and $0.70 per diluted share for the quarter ended December 31, 2019.
  
  
• Non-GAAP (1) net income was $62.5 million and $1.31 per diluted share for the quarter ended December 31, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $48.4 million and $1.04 per diluted share for the quarter ended December 31, 2019, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects.

The financial results for the year ended December 31, 2020 are as follows:

• Revenue was $844.5 million for the year ended December 31, 2020, a 34.5% increase from $627.9 million for the year ended December 31, 2019.
  
  
• GAAP gross margin was 55.2% for the year ended December 31, 2020, compared with 55.2% for the year ended December 31, 2019.
  
  
• Non-GAAP (1) gross margin was 55.6% for the year ended December 31, 2020, excluding the impact of $2.6 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense, compared with 55.6% for the year ended December 31, 2019, excluding the impact of $2.4 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense.
  
  
• GAAP operating expenses were $307.1 million for the year ended December 31, 2020, compared with $243.8 million for the year ended December 31, 2019.
  
  
• Non-GAAP (1) operating expenses were $219.4 million for the year ended December 31, 2020, excluding $83.0 million for stock-based compensation expense and $4.7 million for deferred compensation plan expense, compared with $163.5 million for the year ended December 31, 2019, excluding $76.3 million for stock-based compensation expense and $3.9 million for deferred compensation plan expense.
  
  
• GAAP operating income was $158.9 million for the year ended December 31, 2020, compared with $102.6 million for the year ended December 31, 2019.
  
  
• Non-GAAP (1) operating income was $250.1 million for the year ended December 31, 2020, excluding $85.6 million for stock-based compensation expense and $5.7 million for deferred compensation plan expense, compared with $185.4 million for the year ended December 31, 2019, excluding $78.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $4.0 million for deferred compensation plan expense.
  
  
• GAAP other income, net, was $10.5 million for the year ended December 31, 2020, compared with $10.6 million for the year ended December 31, 2019.
  
  
• Non-GAAP (1) other income, net, was $5.9 million for the year ended December 31, 2020, excluding $4.6 million for deferred compensation plan income, compared with $6.8 million for the year ended December 31, 2019, excluding $3.8 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $169.3 million for the year ended December 31, 2020, compared with $113.1 million for the year ended December 31, 2019.
  
  
• Non-GAAP (1) income before income taxes was $256.0 million for the year ended December 31, 2020, excluding $85.6 million for stock-based compensation expense and $1.1 million for deferred compensation plan expense, compared with $192.1 million for the year ended December 31, 2019, excluding $78.7 million for stock-based compensation expense, and $0.1 million for the amortization of acquisition-related intangible assets and $$0.2 million for deferred compensation plan expense.
  
  
• GAAP net income was $164.4 million and $3.50 per diluted share for the year ended December 31, 2020. Comparatively, GAAP net income was $108.8 million and $2.38 per diluted share for the year ended December 31, 2019.
  
  
• Non-GAAP (1) net income was $236.8 million and $5.04 per diluted share for the year ended December 31, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $177.7 million and $3.88 per diluted share for the year ended December 31, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.
  

The following is a summary of revenue by end market for the periods indicated (in thousands):

The following is a summary of revenue by product family for the periods indicated (in thousands):