Monolithic Power Systems, Inc. (NASDAQ:MPWR) Q3 2023 Earnings Conference Call October 30, 2023 5:00 PM ET

Corporate Participants

Genevieve Cunningham - Senior Manager, Marketing Communications

Michael Hsing - Chief Executive Officer and Founder

Bernie Blegen - Vice President and Chief Financial Officer

Conference Call Participants

Quinn Bolton - Needham

Tore Svanberg - Stifel

Ross Seymore - Deutsche Bank

Rick Schafer - Oppenheimer

William Stein - Truist

Matt Ramsay - Cowen

Genevieve Cunningham

Welcome everyone to the MPS Third Quarter 2023 Earnings Webinar. My name is Genevieve Cunningham, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, EVP and CFO.

In the course of today's webinar, we will make forward-looking statements and projections that involve risk and uncertainty, which 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 published today.

Risks, uncertainties and other factors that could cause actual results to differ are identified in the Safe Harbor statements contained in the Q3 earnings release and in our latest SEC filings, including our Form 10-K and our Form 10-Q, which are accessible through our website. 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, income before income taxes, net income and earnings on both a GAAP and a 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. Tables that outline the reconciliation between the non-GAAP financial measures to GAAP financial measures are included in our Q3 2023 earnings release, which we have furnished to the SEC and is currently available 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.

Now I'd like to turn the call over to Bernie Blegen.

Bernie Blegen

Thanks, Gen.

MPS reported third quarter revenue of $474.9 million, 7.6% higher than the second quarter of 2023 and 4.1% lower than third quarter of 2022. Compared with Q2 2023, sales in enterprise data and storage and computing improved sequentially, while automotive, industrial and communications revenue was lower.