Monolithic Power Systems, Inc. Q1 FY2024 results: revenue $458 million, up 1.5% on the year

Monolithic Power Systems, Inc. (MPWR) reported revenue of $458 million for Q1 FY2024, the quarter ended 31 March 2024, up 1.5% on the same quarter a year earlier. Net income was $93 million, down 15.7% on the year, and diluted earnings per share $1.89. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$458 millionup 1.5%

Net income$93 milliondown 15.7%

Diluted EPS$1.89

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	458	454	n/a	n/a
Cost of revenue	205	203	n/a	n/a
Gross profit	252	251	n/a	n/a
Gross margin	55.1%	55.3%	n/a
Research and development	76.0	71.5	n/a	n/a
Selling, general and administrative	81.0	70.1	n/a	n/a
Operating income	95.5	110	n/a	n/a
Operating margin	20.9%	24.1%	n/a
Pre-tax income	105	120	n/a	n/a
Income tax	12.5	22.6	n/a	n/a
Effective tax rate	11.9%	18.9%	n/a
Net income	92.5	96.9	n/a	n/a
Net margin	20.2%	21.3%	n/a
Diluted EPS	$1.89	$1.98	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	248	153	n/a	n/a
Capital expenditure	16.0	13.8	n/a	n/a
Free cash flow	232	140	n/a	n/a
Free cash flow margin	50.7%	30.7%	n/a
Depreciation and amortisation	8.3	10.2	n/a	n/a
Share-based compensation	45.9	41.1	n/a	n/a
Buybacks	4.1	3.7	n/a	n/a
Dividends paid	49.6	50.6	n/a	n/a
Dividend per share	$1.25	$1.00	n/a	n/a
Diluted shares, weighted	49m	49m	n/a	n/a
Shares outstanding at period end	49m	48m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	2,579	2,434	n/a	n/a
Cash and equivalents	488	528	n/a	n/a
Receivables	194	180	n/a	n/a
Inventory	396	384	n/a	n/a
Goodwill	27.3	6.6	n/a	n/a
Operating lease liabilities	5.9	5.6	n/a	n/a
Shareholders' equity	2,114	2,050	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	475	454	458	507	620	622	638	665	737	751	804	981
Cost of revenue	211	203	205	227	277	277	284	299	331	337	359	440
Gross profit	264	251	252	281	343	344	353	366	406	414	445	541
Gross margin	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%
R&D	64.8	71.5	76.0	77.9	85.1	85.8	92.2	96.3	98.2	95.6	101	119
SG&A	63.2	70.1	81.0	86.1	94.4	95.3	92.2	105	113	119	103	119
Operating income	136	110	95.5	117	164	163	169	165	195	200	241	304
Operating margin	29%	24%	21%	23%	26%	26%	26%	25%	26%	27%	30%	31%
Pre-tax income	138	120	105	124	174	170	174	177	206	210	247	322
Tax rate	12%	19%	12%	19%	17%	-755%	23%	24%	13%	n/a	22%	20%
Net income	121	96.9	92.5	100	144	1,449	134	134	178	n/a	193	257
Net margin	26%	21%	20%	20%	23%	233%	21%	20%	24%	n/a	24%	26%
Diluted EPS	$2.48	$1.98	$1.89	$2.05	$2.95	$29.70	$2.79	$2.78	$3.71	n/a	$3.92	$5.22
Operating cash flow	176	153	248	141	232	168	256	238	239	105	250	228
Capital expenditure	27.1	13.8	16.0	31.5	33.8	64.8	40.3	48.1	42.5	41.0	70.8	82.4
Free cash flow	149	140	232	109	198	103	216	189	197	63.9	179	145
Buybacks	0.0	3.7	4.1	4.5	5.5	622	0.0	2.6	2.1	1.9	n/a	n/a
Dividends paid	49.4	50.6	49.6	68.1	61.2	61.9	60.0	75.1	74.9	74.8	78.4	101
Shares outstanding	48m	48m	49m	49m	49m	48m	48m	48m	48m	49m	49m	49m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001437749-24-014648: the filing on EDGAR. All of Monolithic Power Systems, Inc.'s filings: EDGAR company page.

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