KIRKLAND, Wash., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter ended September 30, 2020. 

• Revenue was $259.4 million for the quarter ended September 30, 2020, a 39.3% increase from $186.2 million for the quarter ended June 30, 2020 and a 53.7% increase from $168.8 million for the quarter ended September 30, 2019.
  
  
• GAAP gross margin was 55.1% for the quarter ended September 30, 2020, compared with 55.2% for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) gross margin was 55.5% for the quarter ended September 30, 2020, excluding the impact of $0.7 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with 55.6% for the quarter ended September 30, 2019, excluding the impact of $0.6 million for stock-based compensation expense.
  
  
• GAAP operating expenses were $83.1 million for the quarter ended September 30, 2020, compared with $63.1 million for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) operating expenses were $59.1 million for the quarter ended September 30, 2020, excluding $22.3 million for stock-based compensation expense and $1.7 million for deferred compensation plan expense, compared with $42.5 million for the quarter ended September 30, 2019, excluding $20.7 million for stock-based compensation expense.
  
  
• GAAP operating income was $60.0 million for the quarter ended September 30, 2020, compared with $30.0 million for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) operating income was $84.9 million for the quarter ended September 30, 2020, excluding $23.0 million for stock-based compensation expense and $1.9 million for deferred compensation plan expense, compared with $51.4 million for the quarter ended September 30, 2019, excluding $21.3 million for stock-based compensation expense.
  
  
• GAAP other income, net, was $2.5 million for the quarter ended September 30, 2020, compared with $2.3 million for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) other income, net, was $0.9 million for the quarter ended September 30, 2020, excluding $1.6 million for deferred compensation plan income, compared with $2.2 million for the quarter ended September 30, 2019, excluding $0.1 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $62.5 million for the quarter ended September 30, 2020, compared with $32.3 million for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) income before income taxes was $85.8 million for the quarter ended September 30, 2020, excluding $23.0 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with $53.5 million for the quarter ended September 30, 2019, excluding $21.3 million for stock-based compensation expense, and $0.1 million for deferred compensation plan income.
  
  
• GAAP net income was $55.6 million and $1.18 per diluted share for the quarter ended September 30, 2020. Comparatively, GAAP net income was $29.5 million and $0.64 per diluted share for the quarter ended September 30, 2019.
  
  
• Non-GAAP (1) net income was $79.4 million and $1.69 per diluted share for the quarter ended September 30, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $49.5 million and $1.08 per diluted share for the quarter ended September 30, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects.

The financial results for the nine months ended September 30, 2020 are as follows:

• Revenue was $611.4 million for the nine months ended September 30, 2020, a 32.6% increase from $461.2 million for the nine months ended September 30, 2019.
  
  
• GAAP gross margin was 55.1% for the nine months ended September 30, 2020, compared with 55.2% for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) gross margin was 55.5% for the nine months ended September 30, 2020, excluding the impact of $1.9 million for stock-based compensation expense and $0.7 million for deferred compensation plan expense, compared with 55.6% for the nine months ended September 30, 2019, excluding the impact of $1.8 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets.
  
  
• GAAP operating expenses were $218.2 million for the nine months ended September 30, 2020, compared with $182.5 million for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) operating expenses were $155.8 million for the nine months ended September 30, 2020, excluding $60.7 million for stock-based compensation expense and $1.7 million for deferred compensation plan expense, compared with $121.8 million for the nine months ended September 30, 2019, excluding $58.2 million for stock-based compensation expense and $2.6 million for deferred compensation plan expense.
  
  
• GAAP operating income was $118.9 million for the nine months ended September 30, 2020, compared with $71.9 million for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) operating income was $183.8 million for the nine months ended September 30, 2020, excluding $62.6 million for stock-based compensation expense and $2.3 million for deferred compensation plan expense, compared with $134.6 million for the nine months ended September 30, 2019, excluding $60.0 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $2.6 million for deferred compensation plan expense.
  
  
• GAAP other income, net, was $6.0 million for the nine months ended September 30, 2020, compared with $7.8 million for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) other income, net, was $4.6 million for the nine months ended September 30, 2020, excluding $1.4 million for deferred compensation plan income, compared with $5.2 million for the nine months ended September 30, 2019, excluding $2.6 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $124.9 million for the nine months ended September 30, 2020, compared with $79.7 million for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) income before income taxes was $188.4 million for the nine months ended September 30, 2020, excluding $62.6 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense, compared with $139.8 million for the nine months ended September 30, 2019, excluding $60.0 million for stock-based compensation expense, and $0.1 million for the amortization of acquisition-related intangible assets.
  
  
• GAAP net income was $121.5 million and $2.59 per diluted share for the nine months ended September 30, 2020. Comparatively, GAAP net income was $76.4 million and $1.68 per diluted share for the nine months ended September 30, 2019.
  
  
• Non-GAAP (1) net income was $174.3 million and $3.72 per diluted share for the nine months ended September 30, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $129.3 million and $2.84 per diluted share for the nine months ended September 30, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income 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):