The Cheesecake Factory Incorporated (NASDAQ:CAKE) Q1 2015 Earnings Conference Call - Final Transcript
Apr 22, 2016 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the Monolithic Power Systems Q1 2015 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Meera Rao, CFO of Monolithic Power Systems. Ma'am, please go ahead.
Thank you. Good afternoon, and welcome to the first quarter 2015 Monolithic Power Systems conference call. Michael Hsing, CEO and Founder of MPS is with me on today's call.
In the course of today's conference call, we will make forward-looking statements and projections that involve risk and uncertainty that could cause results to differ materially from management's current views and expectations. Please refer to the safe harbor statement contained in the earnings release public today. Risks, uncertainties and other factors that could cause actual results to differ identified in the safe harbor statements contained in the Q1 earnings release and in our SEC filings, including a Form 10-K filed on March 2nd, 2015, which is accessible through our website www.monolithic.power.com.
MPS assumes no obligation to update the information provided on today's call. We will be discussing gross margin, operating expense, operating income, other income, net income and earnings on both the GAAP and non-GAAP basis. 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 table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our earnings release, which we have filed with the SEC.
I would refer investors to the Q1 2014, Q4 2014 and Q1 2015 releases, as well as to the reconciling tables that are posted on our website. I'd also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for one year, along with the earnings release filed with the SEC earlier today.
MPS is pleased to announce record first quarter revenue of $73.5 million, representing a 22% increase from the first quarter of 2014. This year-over-year increase, which was well above the industry average was fueled by diversified growth in revenue from all four segments. MPS's non-GAAP gross margins also expanded 100 basis points year-over-year to 54.8%. Excluding the one time payment of $9.5 million from O2 Micro in Q1 last year our non-GAAP operating income of $15.6 million grew 117% and non-GAAP EPS of $0.37 increased $0.20 over the first quarter of 2014.
Looking at year-over-year revenue growth by market segment, industrial was up a record 36%, communications revenue grew 27.4%, consumer revenue was higher by 20.8%, and computing also increased by 7.5% over 2014. Let me speak to the results of each end market.
In the industrial market, sales rose to $13.3 million, fuelled by-product sales for applications in automotive, smart meters and power sources. Communications revenue grew to $17.3 million, largely attributable to growth in networking and telecom opportunities. Gateway revenue also increased year-over-year on market share gains.