Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2017, and an Increase in Quarterly Cash Dividend
The results for the quarter ended
- Revenue was
$129.4 million , a 0.4% increase from$128.9 million for the quarter endedSeptember 30, 2017 and a 24.9% increase from$103.6 million for the quarter endedDecember 31, 2016 . - GAAP gross margin was 55.0%, compared with 54.5% for the quarter ended
December 31, 2016 . - Non-GAAP (1) gross margin was 55.7%, excluding the impact of
$0.4 million for stock-based compensation expense and$0.5 million for the amortization of acquisition-related intangible assets, compared with 55.4% for the quarter endedDecember 31, 2016 , excluding the impact of$0.4 million for stock-based compensation expense and$0.5 million for the amortization of acquisition-related intangible assets. - GAAP operating expenses were
$46.1 million , compared with$39.0 million for the quarter endedDecember 31, 2016 . - Non-GAAP (1) operating expenses were
$33.9 million , excluding$11.5 million for stock-based compensation expense and$0.8 million for deferred compensation plan expense, compared with$28.4 million , excluding$10.4 million for stock-based compensation expense and$0.2 million for deferred compensation plan expense, for the quarter endedDecember 31, 2016 . - GAAP operating income was
$25.1 million , compared with$17.5 million for the quarter endedDecember 31, 2016 . - Non-GAAP
(1) operating income was
$38.2 million , excluding$11.9 million for stock-based compensation expense,$0.5 million for the amortization of acquisition-related intangible assets and$0.8 million for deferred compensation plan expense, compared with$29.0 million , excluding$10.7 million for stock-based compensation expense,$0.5 million for the amortization of acquisition-related intangible assets and$0.2 million for deferred compensation plan expense, for the quarter endedDecember 31, 2016 . - GAAP interest and other income, net was
$1.6 million , compared with$0.9 million for the quarter endedDecember 31, 2016 . - Non-GAAP (1) interest and other income, net was
$1.0 million , excluding$0.6 million for deferred compensation plan income, compared with$0.7 million , excluding$0.2 million for deferred compensation plan income, for the quarter endedDecember 31, 2016 . - GAAP income before income taxes was
$26.7 million , compared with$18.4 million for the quarter endedDecember 31, 2016 . - Non-GAAP (1) income before income taxes was
$39.2 million , excluding$11.9 million for stock-based compensation expense,$0.5 million for the amortization of acquisition-related intangible assets and$0.1 million for deferred compensation plan expense, compared with$29.7 million , excluding$10.7 million for stock-based compensation expense and$0.5 million for the amortization of acquisition-related intangible assets, for the quarter endedDecember 31, 2016 . - GAAP net income was
$12.1 million and GAAP earnings per share were$0.27 per diluted share. Comparatively, GAAP net income was$16.6 million and GAAP earnings per share were$0.39 per diluted share for the quarter endedDecember 31, 2016 . - Non-GAAP (1) net income was
$36.3 million and non-GAAP earnings per share were$0.82 per diluted share, 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$27.5 million and non-GAAP earnings per share of$0.65 per diluted share, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, for the quarter endedDecember 31, 2016 .
The results for the year ended
- Revenue was
$470.9 million , a 21.2% increase from$388.7 million for the year endedDecember 31, 2016 . - GAAP gross margin was 54.8%, compared with 54.3% for the year ended
December 31, 2016 . - Non-GAAP (1) gross margin was 55.6%, excluding the impact of
$1.7 million for stock-based compensation expense and$2.1 million for the amortization of acquisition-related intangible assets, compared with 55.2% for the year endedDecember 31, 2016 , excluding the impact of$1.6 million for stock-based compensation expense and$2.1 million for the amortization of acquisition-related intangible assets. - GAAP operating expenses were
$180.9 million , compared with$156.4 million for the year endedDecember 31, 2016 . - Non-GAAP (1) operating expenses were
$127.1 million , excluding$51.0 million for stock-based compensation expense and$2.8 million for deferred compensation plan expense, compared with$111.9 million , excluding$43.4 million for stock-based compensation expense and$1.1 million for deferred compensation plan expense, for the year endedDecember 31, 2016 . - GAAP operating income was
$77.4 million , compared with$54.4 million for the year endedDecember 31, 2016 . - Non-GAAP (1) operating income was
$134.9 million , excluding$52.6 million for stock-based compensation expense,$2.1 million for the amortization of acquisition-related intangible assets and$2.8 million for deferred compensation plan expense, compared with$102.6 million , excluding$45.0 million for stock-based compensation expense,$2.1 million for the amortization of acquisition-related intangible assets and$1.1 million for deferred compensation plan expense, for the year endedDecember 31, 2016 . - GAAP interest and other income, net was
$5.5 million , compared with$2.8 million for the year endedDecember 31, 2016 . - Non-GAAP (1)
interest and other income, net was
$3.0 million , excluding$2.5 million for deferred compensation plan income, compared with$1.6 million , excluding$1.3 million for deferred compensation plan income, for the year endedDecember 31, 2016 . - GAAP income before income taxes was
$82.9 million , compared with$57.3 million for the year endedDecember 31, 2016 . - Non-GAAP (1) income before income taxes was
$137.9 million , excluding$52.6 million for stock-based compensation expense,$2.1 million for the amortization of acquisition-related intangible assets and$0.2 million for deferred compensation plan expense, compared with$104.1 million , excluding$45.0 million for stock-based compensation expense,$2.1 million for the amortization of acquisition-related intangible assets and$0.2 million for deferred compensation plan income, for the year endedDecember 31, 2016 . - GAAP net income was
$65.2 million and GAAP earnings per share were$1.50 per diluted share. Comparatively, GAAP net income was$52.7 million and GAAP earnings per share were$1.26 per diluted share for the year endedDecember 31, 2016 . - Non-GAAP (1) net income was
$127.5 million and non-GAAP earnings per share were$2.93 per diluted share, 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$96.3 million and non-GAAP earnings per share of$2.30 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects, for the year endedDecember 31, 2016 .
On December 22, 2017, the Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted into law. For the fourth quarter and full year of 2017, the Company's income tax provision included a net increase of $13.5 million as a result of the 2017 Tax Act.
The following is a summary of revenue by end market for the periods indicated, estimated based on MPS's assessment of available end market data (in thousands):
Three Months Ended | Year Ended | |||||||||||
End Market | 2017 | 2016 | 2017 | 2016 | ||||||||
Consumer | $ | 54,888 | $ | 37,970 | $ | 189,757 | $ | 153,732 | ||||
Computing and storage | 26,679 | 23,405 | 100,782 | 80,562 | ||||||||
Industrial | 16,160 | 15,142 | 62,896 | 55,685 | ||||||||
Automotive | 15,846 | 10,048 | 53,888 | 33,954 | ||||||||
Communications | 15,857 | 17,053 | 63,606 | 64,732 | ||||||||
Total | $ | 129,430 | $ | 103,618 | $ | 470,929 | $ | 388,665 | ||||
The following is a summary of revenue by product family for the periods indicated (in thousands):
Three Months Ended | Year Ended | |||||||||||
Product Family | 2017 | 2016 | 2017 | 2016 | ||||||||
DC to DC | $ | 119,161 | $ | 93,977 | $ | 431,861 | $ | 350,930 | ||||
Lighting Control | 10,269 | 9,641 | 39,068 | 37,735 | ||||||||
Total | $ | 129,430 | $ | 103,618 | $ | 470,929 | $ | 388,665 | ||||
"We continue to grow and continue to enhance shareholder value," said Michael Hsing, CEO and founder of MPS.
Business Outlook
The following are MPS' financial targets for the first quarter ending
- Revenue in the range of
$122 million to$128 million . - GAAP gross margin between 54.8% and 55.8%. Non-GAAP (1) gross margin between 55.3% and 56.3%,
which excludes an estimated impact of stock-based compensation expenses of 0.3% and amortization of acquisition-related intangible assets of 0.2%.
- GAAP research and development ("R&D") and selling, general and administrative ("SG&A") expenses between
$45.6 million and$50.6 million . Non-GAAP (1) R&D and SG&A expenses between$32.1 million and$35.1 million , which excludes an estimate of stock-based compensation expenses in the range of$13.5 million to$15.5 million . - Total stock-based compensation expense of
$13.9 million to$15.9 million . - Litigation expenses of
$250,000 to$350,000 . - Interest and other income, net, of
$600,000 to$700,000 before foreign exchange gains or losses. - Fully diluted shares outstanding between 43.9 million and 44.9 million.
- Tax rate between 5% and 10%.
(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
Conference Call
MPS plans to conduct an investor teleconference covering its quarter and year ended
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, amortization of acquisition-related intangible assets, litigation expenses, interest and other income, diluted shares outstanding and tax rate, (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, (vi) the impact of the 2017 Tax Act on our tax rate and provision; and (vii) statements of the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), (v), or (vi). 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; 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; adverse changes in government regulations in foreign countries where MPS has
offices or operations; 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; 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'
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
Contact:
Chief Financial Officer
408-826-0777
investors@monolithicpower.com
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
2017 | 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 82,759 | $ | 112,703 | |||
Short-term investments | 216,331 | 155,521 | |||||
Accounts receivable, net | 38,037 | 34,248 | |||||
Inventories | 99,281 | 71,469 | |||||
Other current assets | 12,762 | 9,043 | |||||
Total current assets | 449,170 | 382,984 | |||||
Property and equipment, net | 143,514 | 85,171 | |||||
Long-term investments | 5,256 | 5,354 | |||||
6,571 | 6,571 | ||||||
Acquisition-related intangible assets, net | 951 | 3,002 | |||||
Deferred tax assets, net | 15,917 | 633 | |||||
Other long-term assets | 30,068 | 27,411 | |||||
Total assets | $ | 651,447 | $ | 511,126 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,691 | $ | 17,427 | |||
Accrued compensation and related benefits | 15,597 | 12,578 | |||||
Accrued liabilities | 27,507 | 22,916 | |||||
Total current liabilities | 64,795 | 52,921 | |||||
Income tax liabilities | 31,621 | 3,870 | |||||
Other long-term liabilities | 33,024 | 23,219 | |||||
Total liabilities | 129,440 | 80,010 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock and additional paid-in capital, | |||||||
150,000; shares issued and outstanding: 41,614 and 40,793 | |||||||
as of | 376,586 | 315,969 | |||||
Retained earnings | 143,608 | 119,362 | |||||
Accumulated other comprehensive income (loss) | 1,813 | (4,215 | ) | ||||
Total stockholders' equity | 522,007 | 431,116 | |||||
Total liabilities and stockholders' equity | $ | 651,447 | $ | 511,126 | |||
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 129,430 | $ | 103,618 | $ | 470,929 | $ | 388,665 | |||||||
Cost of revenue | 58,269 | 47,107 | 212,646 | 177,792 | |||||||||||
Gross profit | 71,161 | 56,511 | 258,283 | 210,873 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 21,730 | 17,974 | 82,359 | 73,643 | |||||||||||
Selling, general and administrative | 24,038 | 21,316 | 97,257 | 83,012 | |||||||||||
Litigation expense (benefit), net | 340 | (321 | ) | 1,243 | (229 | ) | |||||||||
Total operating expenses | 46,108 | 38,969 | 180,859 | 156,426 | |||||||||||
Income from operations | 25,053 | 17,542 | 77,424 | 54,447 | |||||||||||
Interest and other income, net | 1,647 | 897 | 5,520 | 2,817 | |||||||||||
Income before income taxes | 26,700 | 18,439 | 82,944 | 57,264 | |||||||||||
Income tax provision | 14,629 | 1,866 | 17,741 | 4,544 | |||||||||||
Net income | $ | 12,071 | $ | 16,573 | $ | 65,203 | $ | 52,720 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.29 | $ | 0.41 | $ | 1.58 | $ | 1.30 | |||||||
Diluted | $ | 0.27 | $ | 0.39 | $ | 1.50 | $ | 1.26 | |||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 41,574 | 40,739 | 41,350 | 40,436 | |||||||||||
Diluted | 44,160 | 42,404 | 43,578 | 41,915 | |||||||||||
Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.80 | $ | 0.80 | |||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
STOCK-BASED COMPENSATION EXPENSE | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cost of revenue | $ | 391 | $ | 358 | $ | 1,654 | $ | 1,575 | |||||||
Research and development | 3,519 | 3,039 | 14,816 | 14,041 | |||||||||||
Selling, general and administrative | 7,948 | 7,350 | 36,147 | 29,373 | |||||||||||
Total stock-based compensation expense | $ | 11,858 | $ | 10,747 | $ | 52,617 | $ | 44,989 | |||||||
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME | |||||||||||||||
(Unaudited, in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 12,071 | $ | 16,573 | $ | 65,203 | $ | 52,720 | |||||||
Net income as a percentage of revenue | 9.3 | % | 16.0 | % | 13.8 | % | 13.6 | % | |||||||
Adjustments to reconcile net income to non-GAAP net income: | |||||||||||||||
Stock-based compensation expense | 11,858 | 10,747 | 52,617 | 44,989 | |||||||||||
Amortization of acquisition-related intangible assets | 513 | 512 | 2,051 | 2,051 | |||||||||||
Deferred compensation plan expense (income) | 148 | 29 | 238 | (188 | ) | ||||||||||
Tax effect (1) | 11,688 | (364 | ) | 7,402 | (3,265 | ) | |||||||||
Non-GAAP net income | $ | 36,278 | $ | 27,497 | $ | 127,511 | $ | 96,307 | |||||||
Non-GAAP net income as a percentage of revenue | 28.0 | % | 26.5 | % | 27.1 | % | 24.8 | % | |||||||
Non-GAAP net income per share: | |||||||||||||||
Basic | $ | 0.87 | $ | 0.67 | $ | 3.08 | $ | 2.38 | |||||||
Diluted | $ | 0.82 | $ | 0.65 | $ | 2.93 | $ | 2.30 | |||||||
Shares used in the calculation of non-GAAP net income per share: | |||||||||||||||
Basic | 41,574 | 40,739 | 41,350 | 40,436 | |||||||||||
Diluted | 44,160 | 42,404 | 43,578 | 41,915 | |||||||||||
(1) Tax effect for the quarter and year ended | |||||||||||||||
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gross profit | $ | 71,161 | $ | 56,511 | $ | 258,283 | $ | 210,873 | |||||||
Gross margin | 55.0 | % | 54.5 | % | 54.8 | % | 54.3 | % | |||||||
Adjustments to reconcile gross profit to non-GAAP gross profit: | |||||||||||||||
Stock-based compensation expense | 391 | 358 | 1,654 | 1,575 | |||||||||||
Amortization of acquisition-related intangible assets | 513 | 512 | 2,051 | 2,051 | |||||||||||
Non-GAAP gross profit | $ | 72,065 | $ | 57,381 | $ | 261,988 | $ | 214,499 | |||||||
Non-GAAP gross margin | 55.7 | % | 55.4 | % | 55.6 | % | 55.2 | % | |||||||
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total operating expenses | $ | 46,108 | $ | 38,969 | $ | 180,859 | $ | 156,426 | |||||||
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: | |||||||||||||||
Stock-based compensation expense | (11,467 | ) | (10,389 | ) | (50,963 | ) | (43,414 | ) | |||||||
Deferred compensation plan expense | (776 | ) | (189 | ) | (2,769 | ) | (1,069 | ) | |||||||
Non-GAAP operating expenses | $ | 33,865 | $ | 28,391 | $ | 127,127 | $ | 111,943 | |||||||
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total operating income | $ | 25,053 | $ | 17,542 | $ | 77,424 | $ | 54,447 | |||||||
Operating income as a percentage of revenue | 19.4 | % | 16.9 | % | 16.4 | % | 14.0 | % | |||||||
Adjustments to reconcile total operating income to non-GAAP total operating income: | |||||||||||||||
Stock-based compensation expense | 11,858 | 10,747 | 52,617 | 44,989 | |||||||||||
Amortization of acquisition-related intangible assets | 513 | 512 | 2,051 | 2,051 | |||||||||||
Deferred compensation plan expense | 776 | 189 | 2,769 | 1,069 | |||||||||||
Non-GAAP operating income | $ | 38,200 | $ | 28,990 | $ | 134,861 | $ | 102,556 | |||||||
Non-GAAP operating income as a percentage of revenue | 29.5 | % | 28.0 | % | 28.6 | % | 26.4 | % | |||||||
RECONCILIATION OF INTEREST AND OTHER INCOME, NET, TO NON-GAAP INTEREST AND OTHER INCOME, NET | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total interest and other income, net | $ | 1,647 | $ | 897 | $ | 5,520 | $ | 2,817 | |||||||
Adjustments to reconcile interest and other income to non-GAAP interest and other income: | |||||||||||||||
Deferred compensation plan income | (628 | ) | (160 | ) | (2,531 | ) | (1,257 | ) | |||||||
Non-GAAP interest and other income, net | $ | 1,019 | $ | 737 | $ | 2,989 | $ | 1,560 | |||||||
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total income before income taxes | $ | 26,700 | $ | 18,439 | $ | 82,944 | $ | 57,264 | |||||||
Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | |||||||||||||||
Stock-based compensation expense | 11,858 | 10,747 | 52,617 | 44,989 | |||||||||||
Amortization of acquisition-related intangible assets | 513 | 512 | 2,051 | 2,051 | |||||||||||
Deferred compensation plan expense (income) | 148 | 29 | 238 | (188 | ) | ||||||||||
Non-GAAP income before income taxes | $ | 39,219 | $ | 29,727 | $ | 137,850 | $ | 104,116 | |||||||
2018 FIRST QUARTER OUTLOOK | ||||||||
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN | ||||||||
(Unaudited) | ||||||||
Three Months Ending | ||||||||
Low | High | |||||||
Gross margin | 54.8 | % | 55.8 | % | ||||
Adjustments to reconcile gross margin to non-GAAP gross margin: | ||||||||
Stock-based compensation expense | 0.3 | % | 0.3 | % | ||||
Amortization of acquisition-related intangible assets | 0.2 | % | 0.2 | % | ||||
Non-GAAP gross margin | 55.3 | % | 56.3 | % | ||||
RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP R&D AND SG&A EXPENSES | ||||||||
(Unaudited, in thousands) | ||||||||
Three Months Ending | ||||||||
Low | High | |||||||
R&D and SG&A expense | $ | 45,600 | $ | 50,600 | ||||
Adjustments to reconcile R&D and SG&A expense to non-GAAP R&D and SG&A expense: | ||||||||
Stock-based compensation expense | (13,500 | ) | (15,500 | ) | ||||
Non-GAAP R&D and SG&A expense | $ | 32,100 | $ | 35,100 | ||||
Source:
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