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Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2022
ソース: Nasdaq GlobeNewswire / 27 10 2022 16:01:00 America/New_York
KIRKLAND, Wash., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended September 30, 2022.
The financial results for the quarter ended September 30, 2022 are as follows:
- Revenue was $495.4 million for the quarter ended September 30, 2022, a 7.5% increase from $461.0 million for the quarter ended June 30, 2022 and a 53.1% increase from $323.5 million for the quarter ended September 30, 2021.
- GAAP gross margin was 58.7% for the quarter ended September 30, 2022, compared with 57.6% for the quarter ended September 30, 2021.
- Non-GAAP gross margin (1) was 59.0% for the quarter ended September 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense, compared with 57.8% for the quarter ended September 30, 2021, excluding the impact of $0.9 million for stock-based compensation expense and $0.2 million for deferred compensation plan income.
- GAAP operating expenses were $139.0 million for the quarter ended September 30, 2022, compared with $109.2 million for the quarter ended September 30, 2021.
- Non-GAAP operating expenses (1) were $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, compared with $78.7 million for the quarter ended September 30, 2021, excluding $30.7 million for stock-based compensation expense and $0.1 million for deferred compensation plan income.
- GAAP operating income was $151.9 million for the quarter ended September 30, 2022, compared with $77.1 million for the quarter ended September 30, 2021.
- Non-GAAP operating income (1) was $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, compared with $108.4 million for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense and $0.3 million for deferred compensation plan income.
- GAAP other income, net, was $5,000 for the quarter ended September 30, 2022, compared with $0.8 million for the quarter ended September 30, 2021.
- Non-GAAP other income, net (1) was $1.3 million for the quarter ended September 30, 2022, excluding $1.3 million for deferred compensation plan expense, compared with $1.2 million for the quarter ended September 30, 2021, excluding $0.4 million for deferred compensation plan expense.
- GAAP income before income taxes was $151.9 million for the quarter ended September 30, 2022, compared with $77.9 million for the quarter ended September 30, 2021.
- Non-GAAP income before income taxes (1) was $195.0 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, compared with $109.6 million for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense.
- GAAP net income was $124.3 million and $2.57 per diluted share for the quarter ended September 30, 2022. Comparatively, GAAP net income was $68.8 million and $1.44 per diluted share for the quarter ended September 30, 2021.
- Non-GAAP net income (1) was $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, compared with $98.6 million and $2.06 per diluted share for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense, $0.1 million for net deferred compensation plan expense and $1.8 million for related tax effects.
The financial results for the nine months ended September 30, 2022 are as follows:
- Revenue was $1,334.1 million for the nine months ended September 30, 2022, a 53.1% increase from $871.3 million for the nine months ended September 30, 2021.
- GAAP gross margin was 58.5% for the nine months ended September 30, 2022, compared with 56.4% for the nine months ended September 30, 2021.
- Non-GAAP gross margin (1) was 58.8% for the nine months ended September 30, 2022, excluding the impact of $3.7 million for stock-based compensation expense, compared with 56.7% for the nine months ended September 30, 2021, excluding the impact of $2.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense.
- GAAP operating expenses were $390.9 million for the nine months ended September 30, 2022, compared with $307.7 million for the nine months ended September 30, 2021.
- Non-GAAP operating expenses (1) were $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, compared with $215.2 million for the nine months ended September 30, 2021, excluding $89.7 million for stock-based compensation expense and $2.8 million for deferred compensation plan expense.
- GAAP operating income was $389.9 million for the nine months ended September 30, 2022, compared with $183.8 million for the nine months ended September 30, 2021.
- Non-GAAP operating income (1) was $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, compared with $279.1 million for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense and $2.9 million for deferred compensation plan expense.
- GAAP other expense, net, was $5.7 million for the nine months ended September 30, 2022, compared with other income, net, of $6.4 million for the nine months ended September 30, 2021.
- Non-GAAP other income, net (1) was $2.9 million for the nine months ended September 30, 2022, excluding $8.6 million for deferred compensation plan expense, compared with $3.8 million for the nine months ended September 30, 2021, excluding $2.6 million for deferred compensation plan income.
- GAAP income before income taxes was $384.2 million for the nine months ended September 30, 2022, compared with $190.3 million for the nine months ended September 30, 2021.
- Non-GAAP income before income taxes (1) was $509.6 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $282.9 million for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.
- GAAP net income was $318.6 million and $6.60 per diluted share for the nine months ended September 30, 2022. Comparatively, GAAP net income was $169.4 million and $3.55 per diluted share for the nine months ended September 30, 2021.
- Non-GAAP net income (1) was $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, compared with $254.6 million and $5.33 per diluted share for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $7.4 million for related tax effects.
The following is a summary of revenue by end market (in thousands):
Three Months Ended
September 30,Nine Months
September 30,End Market 2022 2021 2022 2021 Storage and Computing $ 112,880 $ 68,857 $ 331,754 $ 177,964 Enterprise Data 75,274 29,744 182,982 75,855 Automotive 87,073 54,416 202,638 147,982 Industrial 58,713 52,185 163,116 135,296 Communications 72,296 44,687 187,169 118,215 Consumer 89,182 73,633 266,477 215,982 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 In the first quarter of 2022, the Company reorganized its end markets and broke out Computing and Storage into two new end markets: (i) Storage and Computing, and (ii) Enterprise Data. All prior-period amounts have been restated to reflect the changes in these end markets.
The following is a summary of revenue by product family (in thousands):
Three Months Ended
September 30,Nine Months Ended
September 30,Product Family 2022 2021 2022 2021 DC to DC $ 462,982 $ 307,368 $ 1,264,081 $ 827,605 Lighting Control 32,436 16,154 70,055 43,689 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 “Even though business conditions are softening, our market share continues to expand reflecting high customer engagement and our ability to secure design wins. We can now focus on growing our long-term business,” said Michael Hsing, CEO and founder of MPS.
Business Outlook
The following are MPS’s financial targets for the fourth quarter ending December 31, 2022:
- Revenue in the range of $450.0 million to $470.0 million.
- GAAP gross margin between 58.1% and 58.7%. Non-GAAP gross margin (1) between 58.3% and 58.9%, which excludes an estimated impact of stock-based compensation expenses of 0.2%.
- GAAP research and development (“R&D”) and selling, general and administrative (“SG&A”) expenses between $131.0 million and $135.0 million. Non-GAAP R&D and SG&A expenses (1) between $94.4 million and $96.4 million, which excludes estimated stock-based compensation expenses in the range of $36.6 million to $38.6 million.
- Total stock-based compensation expense of $37.7 million to $39.7 million.
- Litigation expense of $1.3 million to $1.7 million.
- Interest income of $1.1 million to $1.5 million.
- Fully diluted shares outstanding between 48.2 million and 49.2 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 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, other income (expense), 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, deferred compensation plan income/expense, 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 income/expense. 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 income/expense. Non-GAAP operating income excludes the effect of stock-based compensation expense, amortization of purchased intangible assets and deferred compensation plan income/expense. Non-GAAP income before taxes excludes the effect of stock-based compensation expense, amortization of purchased 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'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 1:30 p.m. PT / 4:30 p.m. ET, October 27, 2022. You can access the webinar at: https://mpsic.zoom.us/j/91867514099. 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 revenues, GAAP and non-GAAP gross margin, GAAP and non-GAAP R&D and SG&A expenses, stock-based compensation expenses, litigation expenses, interest income, and fully diluted shares outstanding, (ii) our outlook for the remainder of 2022 and the medium to 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, our ability to attract new customers and retain existing customers; acceptance of, or demand for, MPS’s 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; 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; competition generally and the increasingly competitive nature of our industry; any market disruptions or interruptions in MPS’s schedule of new product development releases; adverse changes in production and testing efficiency of our products; our ability to manage our inventory levels; our ability to effectively manage our growth and attract and retain qualified personnel; 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 or regulations of governmental entities, including such orders or regulations that impact our customers, and adoption of new or amended accounting standards; the effect of epidemics and pandemics, such as the COVID-19 outbreak, on the global economy and on our business; 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’s financial performance if its tax and litigation provisions are inadequate; adverse changes to the global economy, including due to the Russia-Ukraine conflict and the global economic downturn; 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 (including as a result of the COVID-19 pandemic and the Russia-Ukraine conflict); 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 ongoing consolidation of companies in the semiconductor industry; and other important risk factors identified under the caption “Risk Factors” and elsewhere in MPS’s Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on February 25, 2022 and our Quarterly Reports on Form 10-Q filed with the SEC on May 10, 2022 and August 5, 2022. The forward-looking statements in this press release and statements made during the accompanying webinar represent MPS’s 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 webinar.About Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a global company that provides high-performance, semiconductor-based power electronics 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 design expertise, and innovative proprietary semiconductor process and system integration technologies. These combined advantages enable MPS to provide customers with reliable, compact and monolithic solutions that offer highly energy-efficient and cost-effective products, as well as 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.comMonolithic Power Systems, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)September 30, December 31, 2022 2021 ASSETS Current assets: Cash and cash equivalents $ 316,210 $ 189,265 Short-term investments 419,837 535,817 Accounts receivable, net 153,404 104,813 Inventories 397,435 259,417 Other current assets 36,571 35,540 Total current assets 1,323,457 1,124,852 Property and equipment, net 343,123 362,962 Goodwill 6,571 6,571 Deferred tax assets, net 23,905 21,917 Other long-term assets 234,165 69,523 Total assets $ 1,931,221 $ 1,585,825 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 78,673 $ 83,027 Accrued compensation and related benefits 103,253 62,635 Other accrued liabilities 109,062 81,282 Total current liabilities 290,988 226,944 Income tax liabilities 49,963 47,669 Other long-term liabilities 59,561 67,227 Total liabilities 400,512 341,840 Commitments and contingencies Stockholders’ equity: Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 46,941 and 46,256, respectively 938,993 803,226 Retained earnings 633,640 424,879 Accumulated other comprehensive income (loss) (41,924 ) 15,880 Total stockholders’ equity 1,530,709 1,243,985 Total liabilities and stockholders’ equity $ 1,931,221 $ 1,585,825 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 30,2022 2021 2022 2021 Revenue $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 Cost of revenue 204,516 137,211 553,393 379,709 Gross profit 290,902 186,311 780,743 491,585 Operating expenses: Research and development 67,263 49,468 178,497 136,113 Selling, general and administrative 69,717 56,291 207,538 164,982 Litigation expense 2,051 3,421 4,815 6,645 Total operating expenses 139,031 109,180 390,850 307,740 Operating income 151,871 77,131 389,893 183,845 Other income (expense), net 5 793 (5,720 ) 6,411 Income before income taxes 151,876 77,924 384,173 190,256 Income tax expense 27,539 9,154 65,591 20,904 Net income $ 124,337 $ 68,770 $ 318,582 $ 169,352 Net income per share: Basic $ 2.66 $ 1.50 $ 6.83 $ 3.70 Diluted $ 2.57 $ 1.44 $ 6.60 $ 3.55 Weighted-average shares outstanding: Basic 46,829 45,970 46,643 45,754 Diluted 48,349 47,852 48,295 47,772 SUPPLEMENTAL FINANCIAL INFORMATION
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Cost of revenue $ 1,186 $ 922 $ 3,691 $ 2,622 Research and development 9,287 6,646 26,875 19,564 Selling, general and administrative 32,524 24,004 95,157 70,096 Total stock-based compensation expense $ 42,997 $ 31,572 $ 125,723 $ 92,282 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 30,2022 2021 2022 2021 Net income $ 124,337 $ 68,770 $ 318,582 $ 169,352 Adjustments to reconcile net income to non-GAAP net income: Stock-based compensation expense 42,997 31,572 125,723 92,282 Amortization of purchased intangible assets 33 11 99 11 Deferred compensation plan expense (income) 125 76 (350 ) 309 Tax effect 3,161 (1,804 ) 1,885 (7,382 ) Non-GAAP net income $ 170,653 $ 98,625 $ 445,939 $ 254,572 Non-GAAP net income per share: Basic $ 3.64 $ 2.15 $ 9.56 $ 5.56 Diluted $ 3.53 $ 2.06 $ 9.23 $ 5.33 Shares used in the calculation of non-GAAP net income per share: Basic 46,829 45,970 46,643 45,754 Diluted 48,349 47,852 48,295 47,772 RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Gross profit $ 290,902 $ 186,311 $ 780,743 $ 491,585 Gross margin 58.7 % 57.6 % 58.5 % 56.4 % Adjustments to reconcile gross profit to non-GAAP gross profit: Stock-based compensation expense 1,186 922 3,691 2,622 Deferred compensation plan expense (income) 5 (190 ) (46 ) 100 Non-GAAP gross profit $ 292,093 $ 187,043 $ 784,388 $ 494,307 Non-GAAP gross margin 59.0 % 57.8 % 58.8 % 56.7 % RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Total operating expenses $ 139,031 $ 109,180 $ 390,850 $ 307,740 Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: Stock-based compensation expense (41,811 ) (30,650 ) (122,032 ) (89,660 ) Amortization of purchased intangible assets (33 ) (11 ) (99 ) (11 ) Deferred compensation plan income (expense) 1,210 134 8,911 (2,847 ) Non-GAAP operating expenses $ 98,397 $ 78,653 $ 277,630 $ 215,222 RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Total operating income $ 151,871 $ 77,131 $ 389,893 $ 183,845 Adjustments to reconcile total operating income to non-GAAP total operating income: Stock-based compensation expense 42,997 31,572 125,723 92,282 Amortization of purchased intangible assets 33 11 99 11 Deferred compensation plan expense (income) (1,205 ) (324 ) (8,957 ) 2,948 Non-GAAP operating income $ 193,696 $ 108,390 $ 506,758 $ 279,086 RECONCILIATION OF OTHER INCOME (EXPENSE), NET, TO NON-GAAP OTHER INCOME, NET
(Unaudited, in thousands)Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Total other income (expense), net $ 5 $ 793 $ (5,720 ) $ 6,411 Adjustments to reconcile other income (expense), net to non-GAAP other income, net: Deferred compensation plan expense (income) 1,330 399 8,607 (2,639 ) Non-GAAP other income, net $ 1,335 $ 1,192 $ 2,887 $ 3,772 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 30,2022 2021 2022 2021 Total income before income taxes $ 151,876 $ 77,924 $ 384,173 $ 190,256 Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: Stock-based compensation expense 42,997 31,572 125,723 92,282 Amortization of purchased intangible assets 33 11 99 11 Deferred compensation plan expense (income) 125 76 (350 ) 309 Non-GAAP income before income taxes $ 195,031 $ 109,583 $ 509,645 $ 282,858 2022 FOURTH QUARTER OUTLOOK
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited)Three Months Ending December 31, 2022 Low High Gross margin 58.1 % 58.7 % Adjustment to reconcile gross margin to non-GAAP gross margin: Stock-based compensation expense 0.2 0.2 Non-GAAP gross margin 58.3 % 58.9 % RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP R&D AND SG&A EXPENSES
(Unaudited, in thousands)Three Months Ending December 31, 2022 Low High R&D and SG&A expenses $ 131,000 $ 135,000 Adjustments to reconcile R&D and SG&A expenses to non-GAAP R&D and SG&A expenses: Stock-based compensation expense (36,600 ) (38,600 ) Non-GAAP R&D and SG&A expenses $ 94,400 $ 96,400
- Revenue was $495.4 million for the quarter ended September 30, 2022, a 7.5% increase from $461.0 million for the quarter ended June 30, 2022 and a 53.1% increase from $323.5 million for the quarter ended September 30, 2021.