31/07/2019 21:01:00

Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2019

KIRKLAND, Wash., July 31, 2019 (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 June 30, 2019.

The financial results for the quarter ended June 30, 2019 are as follows:

  • Revenue was $151.0 million for the quarter ended June 30, 2019, a 6.8% increase from $141.4 million for the quarter ended March 31, 2019 and an 8.0% increase from $139.8 million for the quarter ended June 30, 2018.

  • GAAP gross margin was 55.1% for the quarter ended June 30, 2019, compared with 55.5% for the quarter ended June 30, 2018.

  • Non-GAAP (1) gross margin was 55.6% for the quarter ended June 30, 2019, excluding the impact of $0.7 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with 56.0% for the quarter ended June 30, 2018, excluding the impact of $0.5 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets.

  • GAAP operating expenses were $63.1 million for the quarter ended June 30, 2019, compared with $52.7 million for the quarter ended June 30, 2018.

  • Non-GAAP (1) operating expenses were $40.3 million for the quarter ended June 30, 2019, excluding $22.0 million for stock-based compensation expense and $0.8 million for deferred compensation plan expense, compared with $36.9 million for the quarter ended June 30, 2018, excluding $15.4 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense.

  • GAAP operating income was $20.1 million for the quarter ended June 30, 2019, compared with $24.9 million for the quarter ended June 30, 2018.

  • Non-GAAP (1) operating income was $43.7 million for the quarter ended June 30, 2019, excluding $22.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.8 million for deferred compensation plan expense, compared with $41.4 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense, $0.2 million for the amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense.

  • GAAP interest and other income, net was $2.2 million for the quarter ended June 30, 2019, compared with $2.2 million for the quarter ended June 30, 2018.

  • Non-GAAP (1) interest and other income, net was $1.6 million for the quarter ended June 30, 2019, excluding $0.6 million for deferred compensation plan income, compared with $1.8 million for the quarter ended June 30, 2018, excluding $0.4 million for deferred compensation plan income.

  • GAAP income before income taxes was $22.3 million for the quarter ended June 30, 2019, compared with $27.1 million for the quarter ended June 30, 2018.

  • Non-GAAP (1) income before income taxes was $45.3 million for the quarter ended June 30, 2019, excluding $22.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan expense, compared with $43.2 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets.

  • GAAP net income was $20.7 million and GAAP earnings per share were $0.45 per diluted share for the quarter ended June 30, 2019. Comparatively, GAAP net income was $24.2 million and GAAP earnings per share were $0.55 per diluted share for the quarter ended June 30, 2018.

  • Non-GAAP (1) net income was $41.9 million and non-GAAP earnings per share were $0.92 per diluted share for the quarter ended June 30, 2019, 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 $40.0 million and non-GAAP earnings per share of $0.90 per diluted share for the quarter ended June 30, 2018, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects.

The financial results for the six months ended June 30, 2019 are as follows:

  • Revenue was $292.4 million for the six months ended June 30, 2019, an 8.7% increase from $268.9 million for the six months ended June 30, 2018.

  • GAAP gross margin was 55.1% for the six months ended June 30, 2019, compared with 55.4% for the six months ended June 30, 2018.

  • Non-GAAP (1) gross margin was 55.6% for the six months ended June 30, 2019, excluding the impact of $1.2 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with 55.9% for the six months ended June 30, 2018, excluding the impact of $0.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.

  • GAAP operating expenses were $119.4 million for the six months ended June 30, 2019, compared with $102.1 million for the six months ended June 30, 2018.

  • Non-GAAP (1) operating expenses were $79.3 million for the six months ended June 30, 2019, excluding $37.5 million for stock-based compensation expense and $2.6 million for deferred compensation plan expense, compared with $71.9 million for the six months ended June 30, 2018, excluding $30.0 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.

  • GAAP operating income was $41.8 million for the six months ended June 30, 2019, compared with $46.9 million for the six months ended June 30, 2018.

  • Non-GAAP (1) operating income was $83.2 million for the six months ended June 30, 2019, excluding $38.7 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, compared with $78.6 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets and $0.3 million for deferred compensation plan expense.

  • GAAP interest and other income, net was $5.6 million for the six months ended June 30, 2019, compared with $2.7 million for the six months ended June 30, 2018.

  • Non-GAAP (1) interest and other income, net was $3.0 million for the six months ended June 30, 2019, excluding $2.6 million for deferred compensation plan income, compared with $2.4 million for the six months ended June 30, 2018, excluding $0.2 million for deferred compensation plan income.

  • GAAP income before income taxes was $47.4 million for the six months ended June 30, 2019, compared with $49.6 million for the six months ended June 30, 2018.

  • Non-GAAP (1) income before income taxes was $86.2 million for the six months ended June 30, 2019, excluding $38.7 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with $81.0 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.

  • GAAP net income was $46.9 million and GAAP earnings per share were $1.03 per diluted share for the six months ended June 30, 2019. Comparatively, GAAP net income was $46.1 million and GAAP earnings per share were $1.04 per diluted share for the six months ended June 30, 2018.

  • Non-GAAP (1) net income was $79.8 million and non-GAAP earnings per share were $1.76 per diluted share for the six months ended June 30, 2019, 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 $74.9 million and non-GAAP earnings per share of $1.69 per diluted share for the six months ended June 30, 2018, excluding stock-based compensation income, 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):

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

End Market

 

2019

  

2018

  

2019

  

2018

 
Computing and storage $41,590  $36,957  $80,778  $67,927 
Automotive  21,225   20,340   41,742   38,072 
Industrial  22,438   19,121   43,778   36,676 
Communications  21,968   15,534   44,150   31,283 
Consumer  43,786   47,809   81,922   94,953 
Total $151,007  $139,761  $292,370  $268,911 

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

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

Product Family

 

2019

  

2018

  

2019

  

2018

 
DC to DC $139,691  $127,496  $272,402  $246,765 
Lighting Control  11,316   12,265   19,968   22,146 
Total $151,007  $139,761  $292,370  $268,911 

“For the remainder of 2019, we remain cautious amidst the market uncertainty, but believe MPS is well positioned for long-term growth," said Michael Hsing, CEO and founder of MPS.

Business Outlook

The following are MPS’ financial targets for the third quarter ending September 30, 2019:

  • Revenue in the range of $162 million to $168 million.

  • GAAP gross margin between 54.9% and 55.5%. Non-GAAP (1) gross margin between 55.3% and 55.9%, which excludes an estimated impact of stock-based compensation expenses of 0.4%.
    • GAAP research and development (“R&D”) and selling, general and administrative (“SG&A”) expenses between $57.1 million and $61.1 million. Non-GAAP (1) R&D and SG&A expenses between $39.4 million and $41.4 million, which excludes an estimate of stock-based compensation expenses in the range of $17.7 million to $19.7 million.

    • Total stock-based compensation expense of $18.3 million to $20.3 million.

    • Litigation expenses ranging between $400,000 and $600,000.

    • Interest income of $1.4 million to $1.6 million.

    • Fully diluted shares outstanding between 45.3 million and 46.3 million.

    (1) Non-GAAP net income, non-GAAP earnings per share, non-GAAP gross margin, non-GAAP R&D and SG&A expenses, non-GAAP operating expenses, non-GAAP interest and other income, net, non-GAAP operating income and non-GAAP income before taxes differ from net income, earnings per share, gross margin, R&D and SG&A expenses, operating expenses, interest and other income, net, operating income and income before taxes determined in accordance with Generally Accepted Accounting Principles in the United States (GAAP). Non-GAAP net income and non-GAAP earnings per share exclude the effect of stock-based compensation expense, amortization of acquisition-related intangible assets, deferred compensation plan income/expense and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation expense and amortization of acquisition-related intangible assets. Non-GAAP operating expenses exclude the effect of stock-based compensation expense and deferred compensation plan income/expense. Non-GAAP interest and other income, net excludes the effect of deferred compensation plan income/expense. Non-GAAP operating income excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets and deferred compensation plan income/expense. Non-GAAP income before taxes excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets and deferred compensation plan income/expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation expense. Projected non-GAAP R&D and SG&A 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' 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.  

    Conference Call

    MPS plans to conduct an investor teleconference covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, July 31, 2019. To access the conference call and the following replay of the conference call, go to https://ir.monolithicpower.com and click on the webcast link. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. In addition to the webcast replay, which will be archived for all investors for one year on the MPS website, a phone replay will be available for seven days after the live call at (404) 537-3406, code number 5696076. This press release and any other information related to the call will also be posted on the website.

    Safe Harbor Statement

    This press release contains, and statements that will be made during the accompanying teleconference will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including, among other things, (i) projected revenues, GAAP and non-GAAP gross margin, GAAP and non-GAAP R&D and SG&A expenses, stock-based compensation expenses, litigation expenses, interest and other income, and diluted shares outstanding, (ii) our outlook for the long-term prospects of the company, including our performance against our business plan, revenue growth in certain of our market segments, our continued investment into R&D, expected revenue growth, customers' acceptance of our new product offerings, the prospects of our new product development, and our expectations regarding market and industry segment trends and prospects, (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, our ability to attract new customers and retain existing customers; acceptance of, or demand for, MPS' products, in particular the new products launched recently, being different than expected; our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to increase market share in our targeted markets; competition generally and the increasingly competitive nature of our industry; any market disruptions or interruptions in MPS' schedule of new product development releases; adverse changes in production and testing efficiency of our products; 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; our ability to manage our inventory levels; 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; 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; adverse events arising from orders of governmental entities, including such orders that impact our customers, and adopting of new or amended accounting standards; the effect of catastrophic events; adequate supply of our products from our third-party manufacturing partners; 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 MPS' financial performance if its tax and litigation provisions are inadequate; 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; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies; the ongoing consolidation of companies in the semiconductor industry; and other important risk factors identified in MPS' Securities and Exchange Commission (SEC) filings, including, but not limited to, our annual report on Form 10-K filed with the SEC on March 1, 2019, and our quarterly report on Form 10-Q filed with the SEC on May 10, 2019. The forward-looking statements in this press release and statements made during the accompanying teleconference represent MPS' projections and current expectations, as of the date hereof, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.

    About Monolithic Power Systems

    Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael Hsing in 1997 and is based in the United States. 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) 

      

    June 30,

      

    December 31,

     
      

    2019

      

    2018

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets:        
    Cash and cash equivalents $197,012  $172,704 
    Short-term investments  169,459   204,577 
    Accounts receivable, net  55,398   55,214 
    Inventories  143,622   136,384 
    Other current assets  19,645   11,931 
    Total current assets  585,136   580,810 
    Property and equipment, net  213,830   150,001 
    Long-term investments  3,215   3,241 
    Goodwill  6,571   6,571 
    Deferred tax assets, net  16,686   16,830 
    Other long-term assets  42,675   35,979 
    Total assets $868,113  $793,432 
             

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

     

     

     

     

     

    Current liabilities:        
    Accounts payable $26,544  $22,678 
    Accrued compensation and related benefits  22,960   18,799 
    Other accrued liabilities  38,616   38,962 
    Total current liabilities  88,120   80,439 
    Income tax liabilities  32,402   34,375 
    Other long-term liabilities  43,437   38,525 
    Total liabilities  163,959   153,339 
    Commitments and contingencies        
    Stockholders' equity:        
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 43,234 and 42,505, respectively  503,759   450,908 
    Retained earnings  204,533   194,728 
    Accumulated other comprehensive loss  (4,138)  (5,543)
    Total stockholders’ equity  704,154   640,093 
    Total liabilities and stockholders’ equity $868,113  $793,432 
             

    Monolithic Power Systems, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited, in thousands, except per share amounts) 

      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Revenue $151,007  $139,761  $292,370  $268,911 
    Cost of revenue  67,782   62,197   131,139   119,852 
       Gross profit  83,225   77,564   161,231   149,059 
    Operating expenses:                
    Research and development  27,545   23,481   53,003   45,091 
    Selling, general and administrative  35,058   28,561   65,611   55,879 
    Litigation expense  503   640   781   1,171 
       Total operating expenses  63,106   52,682   119,395   102,141 
    Income from operations  20,119   24,882   41,836   46,918 
    Interest and other income, net  2,229   2,232   5,569   2,673 
    Income before income taxes  22,348   27,114   47,405   49,591 
    Income tax expense  1,655   2,908   531   3,529 
    Net income $20,693  $24,206  $46,874  $46,062 
                     
    Net income per share:                
    Basic $0.48  $0.57  $1.09  $1.09 
    Diluted $0.45  $0.55  $1.03  $1.04 
    Weighted-average shares outstanding:                
    Basic  43,109   42,237   42,929   42,079 
    Diluted  45,483   44,400   45,358   44,341 
                     

      

    SUPPLEMENTAL FINANCIAL INFORMATION

    STOCK-BASED COMPENSATION EXPENSE

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Cost of revenue $663  $480  $1,193  $913 
    Research and development  5,412   4,194   9,841   8,188 
    Selling, general and administrative  16,634   11,218   27,685   21,820 
    Total stock-based compensation expense $22,709  $15,892  $38,719  $30,921 
                     

      

    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

    (Unaudited, in thousands, except per share amounts)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Net income $20,693  $24,206  $46,874  $46,062 
    Net income as a percentage of revenue  13.7%  17.3%  16.0%  17.1%
                     
    Adjustments to reconcile net income to non-GAAP net income:                
    Stock-based compensation expense  22,709   15,892   38,719   30,921 
    Amortization of acquisition-related intangible assets  51   197   102   447 
    Deferred compensation plan expense (income)  151   (9)  15   40 
    Tax effect  (1,739)  (332)  (5,937)  (2,546)
    Non-GAAP net income $41,865  $39,954  $79,773  $74,924 
    Non-GAAP net income as a percentage of revenue  27.7%  28.6%  27.3%  27.9%
                     
    Non-GAAP net income per share:                
    Basic $0.97  $0.95  $1.86  $1.78 
    Diluted $0.92  $0.90  $1.76  $1.69 
                     
    Shares used in the calculation of non-GAAP net income per share:                
    Basic  43,109   42,237   42,929   42,079 
    Diluted  45,483   44,400   45,358   44,341 
                     

      

    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Gross profit $83,225  $77,564  $161,231  $149,059 
    Gross margin  55.1%  55.5%  55.1%  55.4%
                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                
    Stock-based compensation expense  663   480   1,193   913 
    Amortization of acquisition-related intangible assets  51   197   102   447 
    Non-GAAP gross profit $83,939  $78,241  $162,526  $150,419 
    Non-GAAP gross margin  55.6%  56.0%  55.6%  55.9%
                     

      

    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Total operating expenses $63,106  $52,682  $119,395  $102,141 
                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                
    Stock-based compensation expense  (22,046)  (15,412)  (37,526)  (30,008)
    Deferred compensation plan expense  (772)  (410)  (2,571)  (273)
    Non-GAAP operating expenses $40,288  $36,860  $79,298  $71,860 
                     

      

    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Total operating income $20,119  $24,882  $41,836  $46,918 
                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                
    Stock-based compensation expense  22,709   15,892   38,719   30,921 
    Amortization of acquisition-related intangible assets  51   197   102   447 
    Deferred compensation plan expense  772   410   2,571   273 
    Non-GAAP operating income $43,651  $41,381  $83,228  $78,559 
                     

      

    RECONCILIATION OF INTEREST AND OTHER INCOME, NET, TO NON-GAAP INTEREST AND OTHER INCOME, NET

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Total interest and other income, net $2,229  $2,232  $5,569  $2,673 
                     
    Adjustments to reconcile interest and other income to non-GAAP interest and other income:                
    Deferred compensation plan income  (620)  (419)  (2,556)  (233)
    Non-GAAP interest and other income, net $1,609  $1,813  $3,013  $2,440 
                     

      

    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES

    (Unaudited, in thousands)

     
      
      

    Three Months Ended June 30,

      

    Six Months Ended June 30,

     
      

    2019

      

    2018

      

    2019

      

    2018

     
    Total income before income taxes $22,348  $27,114  $47,405  $49,591 
                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                
    Stock-based compensation expense  22,709   15,892   38,719   30,921 
    Amortization of acquisition-related intangible assets  51   197   102   447 
    Deferred compensation plan expense (income)  151   (9)  15   40 
    Non-GAAP income before income taxes $45,259  $43,194  $86,241  $80,999 
                     

      

    2019 THIRD QUARTER OUTLOOK

    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

    (Unaudited)

     
        
      

    Three Months Ending

     
      

    September 30, 2019

     
      

    Low

      

    High

     
    Gross margin  54.9%  55.5%
    Adjustments to reconcile gross margin to non-GAAP gross margin:        
    Stock-based compensation expense  0.4%  0.4%
    Non-GAAP gross margin  55.3%  55.9%
             

      

    RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP R&D AND SG&A EXPENSES

    (Unaudited, in thousands)

     
      
      

    Three Months Ending

     
      

    September 30, 2019

     
      

    Low

      

    High

     
    R&D and SG&A expense $57,100  $61,100 
    Adjustments to reconcile R&D and SG&A expense to non-GAAP R&D and SG&A expense:        
    Stock-based compensation expense  (17,700)  (19,700)
    Non-GAAP R&D and SG&A expense $39,400  $41,400 

     

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