Monolithic Power Systems Inc., adjustment to net income

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (as reported)	1,786,700)	427,374)	437,672)	242,023)	164,375)
Add: Change in unrealized gains and losses on available-for-sale securities, net of tax	1,394)	5,543)	(6,664)	(2,664)	1,466)
Net income (adjusted)	1,788,094)	432,917)	431,008)	239,359)	165,841)

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Monolithic Power Systems Inc., adjusted profitability ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	80.95%	23.47%	24.39%	20.04%	19.47%
Adjusted net profit margin	81.02%	23.77%	24.02%	19.82%	19.64%
Return on Equity (ROE)
Reported ROE	56.80%	20.85%	26.23%	19.46%	17.01%
Adjusted ROE	56.84%	21.12%	25.83%	19.24%	17.16%
Return on Assets (ROA)
Reported ROA	49.40%	17.56%	21.26%	15.26%	13.60%
Adjusted ROA	49.43%	17.78%	20.93%	15.09%	13.72%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Monolithic Power Systems Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Monolithic Power Systems Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Monolithic Power Systems Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,786,700)	427,374)	437,672)	242,023)	164,375)
Revenue	2,207,100)	1,821,072)	1,794,148)	1,207,798)	844,452)
Profitability Ratio
Net profit margin¹	80.95%	23.47%	24.39%	20.04%	19.47%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,788,094)	432,917)	431,008)	239,359)	165,841)
Revenue	2,207,100)	1,821,072)	1,794,148)	1,207,798)	844,452)
Profitability Ratio
Adjusted net profit margin²	81.02%	23.77%	24.02%	19.82%	19.64%

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,786,700 ÷ 2,207,100 = 80.95%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 1,788,094 ÷ 2,207,100 = 81.02%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Monolithic Power Systems Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,786,700)	427,374)	437,672)	242,023)	164,375)
Stockholders’ equity	3,145,767)	2,049,939)	1,668,602)	1,243,985)	966,587)
Profitability Ratio
ROE¹	56.80%	20.85%	26.23%	19.46%	17.01%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,788,094)	432,917)	431,008)	239,359)	165,841)
Stockholders’ equity	3,145,767)	2,049,939)	1,668,602)	1,243,985)	966,587)
Profitability Ratio
Adjusted ROE²	56.84%	21.12%	25.83%	19.24%	17.16%

2024 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 1,786,700 ÷ 3,145,767 = 56.80%

² Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × 1,788,094 ÷ 3,145,767 = 56.84%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Monolithic Power Systems Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,786,700)	427,374)	437,672)	242,023)	164,375)
Total assets	3,617,097)	2,434,353)	2,058,885)	1,585,825)	1,208,491)
Profitability Ratio
ROA¹	49.40%	17.56%	21.26%	15.26%	13.60%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,788,094)	432,917)	431,008)	239,359)	165,841)
Total assets	3,617,097)	2,434,353)	2,058,885)	1,585,825)	1,208,491)
Profitability Ratio
Adjusted ROA²	49.43%	17.78%	20.93%	15.09%	13.72%

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 1,786,700 ÷ 3,617,097 = 49.40%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 1,788,094 ÷ 3,617,097 = 49.43%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Monolithic Power Systems Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Monolithic Power Systems Inc. (NASDAQ:MPWR)

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