• Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2023

    Источник: Nasdaq GlobeNewswire / 30 окт 2023 16:01:31   America/New_York

    KIRKLAND, Wash., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless company with a global footprint that provides high-performance, semiconductor-based power electronic solutions, today announced financial results for the quarter and nine months ended September 30, 2023.

    The financial results for the quarter ended September 30, 2023 were as follows:

    Revenue was $474.9 million for the quarter ended September 30, 2023, a 7.6% increase from $441.1 million for the quarter ended June 30, 2023 and a 4.1% decrease from $495.4 million for the quarter ended September 30, 2022.
      
    GAAP gross margin was 55.5% for the quarter ended September 30, 2023, compared with 58.7% for the quarter ended September 30, 2022.
      
    Non-GAAP gross margin (1) was 55.7% for the quarter ended September 30, 2023, excluding the impact of $1.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with 59.0% for the quarter ended September 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense. 
      
    GAAP operating expenses were $128.0 million for the quarter ended September 30, 2023, compared with $139.0 million for the quarter ended September 30, 2022.
      
    Non-GAAP operating expenses (1) were $96.6 million for the quarter ended September 30, 2023, excluding $32.6 million for stock-based compensation expense and $1.3 million for deferred compensation plan income, compared with $98.4 million for the quarter ended September 30, 2022, excluding $41.8 million for stock-based compensation expense and $1.2 million for deferred compensation plan income.
      
    GAAP operating income was $135.6 million for the quarter ended September 30, 2023, compared with $151.9 million for the quarter ended September 30, 2022.
      
    Non-GAAP operating income (1) was $167.8 million for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense and $1.4 million for deferred compensation plan income, compared with $193.7 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $1.2 million for deferred compensation plan income.
      
    GAAP other income, net, was $2.3 million for the quarter ended September 30, 2023, compared with $5.0 thousand for the quarter ended September 30, 2022.
      
    Non-GAAP other income, net (1) was $3.9 million for the quarter ended September 30, 2023, excluding $1.6 million for deferred compensation plan expense, compared with $1.3 million for the quarter ended September 30, 2022, excluding $1.3 million for deferred compensation plan expense.
      
    GAAP income before income taxes was $137.9 million for the quarter ended September 30, 2023, compared with $151.9 million for the quarter ended September 30, 2022.
      
    Non-GAAP income before income taxes (1) was $171.7 million for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense, compared with $195.0 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $0.1 million for net deferred compensation plan expense.
      
    GAAP net income was $121.2 million and $2.48 per diluted share for the quarter ended September 30, 2023. Comparatively, GAAP net income was $124.3 million and $2.57 per diluted share for the quarter ended September 30, 2022.
      
    Non-GAAP net income (1) was $150.3 million and $3.08 per diluted share for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $4.8 million for related tax effects, compared with $170.7 million and $3.53 per diluted share for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense, $0.1 million for net deferred compensation plan expense and $3.2 million for related tax effects.
      

    The financial results for the nine months ended September 30, 2023 were as follows:

    Revenue was $1,367.1 million for the nine months ended September 30, 2023, a 2.5% increase from $1,334.1 million for the nine months ended September 30, 2022.
      
    GAAP gross margin was 56.3% for the nine months ended September 30, 2023, compared with 58.5% for the nine months ended September 30, 2022.
      
    Non-GAAP gross margin (1) was 56.6% for the nine months ended September 30, 2023, excluding the impact of $3.3 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense, compared with 58.8% for the nine months ended September 30, 2022, excluding the impact of $3.7 million for stock-based compensation expense.
      
    GAAP operating expenses were $397.8 million for the nine months ended September 30, 2023, compared with $390.9 million for the nine months ended September 30, 2022.
      
    Non-GAAP operating expenses (1) were $288.7 million for the nine months ended September 30, 2023, excluding $105.3 million for stock-based compensation expense, $3.8 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $277.6 million for the nine months ended September 30, 2022, excluding $122.0 million for stock-based compensation expense, $8.9 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
      
    GAAP operating income was $372.2 million for the nine months ended September 30, 2023, compared with $389.9 million for the nine months ended September 30, 2022.
      
    Non-GAAP operating income (1) was $485.0 million for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $4.2 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $506.8 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $9.0 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
      
    GAAP other income, net, was $14.1 million for the nine months ended September 30, 2023, compared with other expense, net, of $5.7 million for the nine months ended September 30, 2022.
      
    Non-GAAP other income, net (1) was $10.7 million for the nine months ended September 30, 2023, excluding $3.4 million for deferred compensation plan income, compared with $2.9 million for the nine months ended September 30, 2022, excluding $8.6 million for deferred compensation plan expense.
      
    GAAP income before income taxes was $386.3 million for the nine months ended September 30, 2023, compared with $384.2 million for the nine months ended September 30, 2022.
      
    Non-GAAP income before income taxes (1) was $495.8 million for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $0.8 million for net deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $509.6 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
      
    GAAP net income was $330.5 million and $6.78 per diluted share for the nine months ended September 30, 2023. Comparatively, GAAP net income was $318.6 million and $6.60 per diluted share for the nine months ended September 30, 2022.
      
    Non-GAAP net income (1) was $433.8 million and $8.90 per diluted share for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $0.8 million for net deferred compensation plan expense, $0.1 million for amortization of purchased intangible assets and $6.1 million for related tax effects, compared with $445.9 million and $9.23 per diluted share for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.9 million for related tax effects.
      

    The following is a summary of revenue by end market (in thousands):

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
    End Market 2023  2022  2023  2022 
    Storage and Computing $129,462  $112,880  $373,827  $331,754 
    Enterprise Data  98,938   75,274   194,083   182,982 
    Automotive  95,171   87,073   304,907   202,638 
    Industrial  42,141   58,713   139,339   163,116 
    Communications  46,786   72,296   163,985   187,169 
    Consumer  62,369   89,182   190,919   266,477 
    Total $474,867  $495,418  $1,367,060  $1,334,136 


    The following is a summary of revenue by product family (in thousands):

      Three Months Ended
    September 30,
      Nine Months
    Ended September 30,
     
    Product Family 2023  2022  2023  2022 
    DC to DC $447,394  $462,982  $1,290,750  $1,264,081 
    Lighting Control  27,473   32,436   76,310   70,055 
    Total $474,867  $495,418  $1,367,060  $1,334,136 


    “While we expect visibility to remain limited in the short term, which was the same as last quarter, we continue to execute on our long-term strategy,” said Michael Hsing, CEO and founder of MPS.

    Business Outlook

    The following are MPS’s financial targets for the fourth quarter ending December 31, 2023:

    Revenue in the range of $442.0 million to $462.0 million.
      
    GAAP gross margin between 55.2% and 55.8%. Non-GAAP gross margin (1) between 55.4% and 56.0%, which excludes an estimated impact of stock-based compensation expenses of 0.2%.
      
    GAAP operating expenses, between $127.1 million and $131.1 million. Non-GAAP operating expenses (1) between $95.9 million and $97.9 million, which excludes estimated stock-based compensation expenses in the range of $31.2 million to $33.2 million.
      
    Total stock-based compensation expenses of $32.2 million to $34.2 million.
      
    Interest and other income of $4.1 million to $4.5 million.
      
    Fully diluted shares outstanding between 48.7 million and 49.1 million.
      

    (1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income (expense), net, operating income and income before income taxes determined in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation expense, net deferred compensation plan expense (income), amortization of purchased intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation expense and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation expense, amortization of purchased intangible assets and deferred compensation plan income (expense). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP operating income excludes the effect of stock-based compensation expense, amortization of purchased intangible assets and deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation expense, amortization of purchased intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation expense. Projected non-GAAP operating expenses exclude the effect of stock-based compensation expense. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS.

    Earnings Webinar
    MPS plans to host a Zoom webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, October 30, 2023. You can access the webinar at: https://mpsic.zoom.us/j/92277996429. The webinar will be archived and available for replay for one year under the Investor Relations page on the MPS website.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the sections “Business Outlook” 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 expenses, interest and other income, and fully diluted shares outstanding, (ii) our outlook for the fourth quarter of fiscal year 2023 and the near-term, medium-term and long-term prospects of the company, including our performance against our business plan, our ability to grow despite the softening in our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment into 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 of the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued downturn in the global economy, including due to the Russia-Ukraine and Israel-Gaza conflicts, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Israel-Gaza conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that we acquire, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which we are involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy and geopolitical uncertainties, including the recent banking collapse and the Russia-Ukraine and Israel-Gaza conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on February 24, 2023 and our Quarterly Reports on Form 10-Q filed with the SEC on May 5, 2023 and August 4, 2023. The forward-looking statements in this press release and statements made during the accompanying webinar represent our projections and current expectations, as of the date hereof, not predictions of actual performance, and should not be unduly relied upon. We assume no obligation to update the information in this press release or in the accompanying webinar.

    About Monolithic Power Systems
    Monolithic Power Systems, Inc. (“MPS”) is a fabless company with a global footprint that provides high-performance, semiconductor-based power electronic solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient and cost-effective, while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

    Contact:
    Bernie Blegen
    Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    investors@monolithicpower.com 

     

     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in thousands, except par value)
     
      September 30,  December 31, 
      2023  2022 
    ASSETS        
    Current assets:        
    Cash and cash equivalents $421,178  $288,607 
    Short-term investments  621,123   449,266 
    Accounts receivable, net  185,820   182,714 
    Inventories  397,288   447,290 
    Other current assets  109,967   42,742 
    Total current assets  1,735,376   1,410,619 
    Property and equipment, net  358,226   357,157 
    Goodwill  6,571   6,571 
    Deferred tax assets, net  23,676   35,252 
    Other long-term assets  204,240   249,286 
    Total assets $2,328,089  $2,058,885 
             
    LIABILITIES AND STOCKHOLDERS EQUITY        
    Current liabilities:        
    Accounts payable $64,707  $61,461 
    Accrued compensation and related benefits  64,634   88,260 
    Other accrued liabilities  120,677   113,679 
    Total current liabilities  250,018   263,400 
    Income tax liabilities  55,806   53,509 
    Other long-term liabilities  77,401   73,374 
    Total liabilities  383,225   390,283 
    Commitments and contingencies        
    Stockholders’ equity:        
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,911 and 47,107, respectively  1,092,569   975,276 
    Retained earnings  899,398   716,403 
    Accumulated other comprehensive loss  (47,103)  (23,077)
    Total stockholders’ equity  1,944,864   1,668,602 
    Total liabilities and stockholders’ equity $2,328,089  $2,058,885 


     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in thousands, except per share amounts)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Revenue $474,867  $495,418  $1,367,060  $1,334,136 
    Cost of revenue  211,326   204,516   597,064   553,393 
    Gross profit  263,541   290,902   769,996   780,743 
    Operating expenses:                
    Research and development  64,787   67,263   192,184   178,497 
    Selling, general and administrative  63,188   71,768   205,645   212,353 
    Total operating expenses  127,975   139,031   397,829   390,850 
    Operating income  135,566   151,871   372,167   389,893 
    Other income (expense), net  2,289   5   14,129   (5,720)
    Income before income taxes  137,855   151,876   386,296   384,173 
    Income tax expense  16,692   27,539   55,827   65,591 
    Net income $121,163  $124,337  $330,469  $318,582 
                     
    Net income per share:                
    Basic $2.54  $2.66  $6.96  $6.83 
    Diluted $2.48  $2.57  $6.78  $6.60 
    Weighted-average shares outstanding:                
    Basic  47,780   46,829   47,501   46,643 
    Diluted  48,792   48,349   48,734   48,295 


     
    SUPPLEMENTAL FINANCIAL INFORMATION
    STOCK-BASED COMPENSATION EXPENSE
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Cost of revenue $1,020  $1,186  $3,317  $3,691 
    Research and development  8,480   9,287   26,407   26,875 
    Selling, general and administrative  24,103   32,524   78,880   95,157 
    Total stock-based compensation expense $33,603  $42,997  $108,604  $125,723 


     
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Net income $121,163  $124,337  $330,469  $318,582 
                     
    Adjustments to reconcile net income to non-GAAP net income:             
    Stock-based compensation expense  33,603   42,997   108,604   125,723 
    Amortization of purchased intangible assets  33   33   99   99 
    Deferred compensation plan expense (income), net  256   125   767   (350)
    Tax effect  (4,777)  3,161   (6,144)  1,885 
    Non-GAAP net income $150,278  $170,653  $433,795  $445,939 
                     
    Non-GAAP net income per share:                
    Basic $3.15  $3.64  $9.13  $9.56 
    Diluted $3.08  $3.53  $8.90  $9.23 
                     
    Shares used in the calculation of non-GAAP net income per share:             
    Basic  47,780   46,829   47,501   46,643 
    Diluted  48,792   48,349   48,734   48,295 


     
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Gross profit $263,541  $290,902  $769,996  $780,743 
    Gross margin  55.5%  58.7%  56.3%  58.5%
                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:             
    Stock-based compensation expense  1,020   1,186   3,317   3,691 
    Deferred compensation plan expense (income)  (75)  5   385   (46)
    Non-GAAP gross profit $264,486  $292,093  $773,698  $784,388 
    Non-GAAP gross margin  55.7%  59.0%  56.6%  58.8%


     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Total operating expenses $127,975  $139,031  $397,829  $390,850 
                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:             
    Stock-based compensation expense  (32,583)  (41,811)  (105,287)  (122,032)
    Amortization of purchased intangible assets  (33)  (33)  (99)  (99)
    Deferred compensation plan income (expense)  1,280   1,210   (3,793)  8,911 
    Non-GAAP operating expenses $96,639  $98,397  $288,650  $277,630 


     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Total operating income $135,566  $151,871  $372,167  $389,893 
                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:             
    Stock-based compensation expense  33,603   42,997   108,604   125,723 
    Amortization of purchased intangible assets  33   33   99   99 
    Deferred compensation plan expense (income)  (1,355)  (1,205)  4,178   (8,957)
    Non-GAAP operating income $167,847  $193,696  $485,048  $506,758 


     
    RECONCILIATION OF OTHER INCOME (EXPENSE), NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Total other income (expense), net $2,289  $5  $14,129  $(5,720)
                     
    Adjustments to reconcile other income (expense), net to non-GAAP other income, net:                
    Deferred compensation plan expense (income)  1,611   1,330   (3,411)  8,607 
    Non-GAAP other income, net $3,900  $1,335  $10,718  $2,887 


     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
      2023  2022  2023  2022 
    Total income before income taxes $137,855  $151,876  $386,296  $384,173 
                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:             
    Stock-based compensation expense  33,603   42,997   108,604   125,723 
    Amortization of purchased intangible assets  33   33   99   99 
    Deferred compensation plan expense (income), net  256   125   767   (350)
    Non-GAAP income before income taxes $171,747  $195,031  $495,766  $509,645 


     
    2023 FOURTH QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
     
      Three Months Ending
    December 31, 2023
     
      Low  High 
    Gross margin  55.2%  55.8%
    Adjustment to reconcile gross margin to non-GAAP gross margin:        
    Stock-based compensation expense  0.2%  0.2%
    Non-GAAP gross margin  55.4%  56.0%


     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
      Three Months Ending
    December 31, 2023
     
      Low  High 
    Operating expenses $127,100  $131,100 
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:        
    Stock-based compensation expense  (31,200)  (33,200)
    Non-GAAP operating expenses $95,900  $97,900 

     


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