Monolithic Power Systems, Inc. (MPWR) Q4 2022 Earnings Call Transcript

Monolithic Power Systems, Inc. (NASDAQ:MPWR) Q4 2022 Earnings Conference Call February 8, 2023 5:00 PM ET

Company Participants

Genevieve Cunningham – Marketing Communications Manager

Michael Hsing – Chief Executive Officer and Founder

Bernie Blegen – Vice President and Chief Financial Officer

Conference Call Participants

Quinn Bolton – Needham

Tore Svanberg – Stifel

Matt Ramsay – Cowen

Gary Mobley – Wells Fargo

Ross Seymore – Deutsche Bank

Rick Schafer – Oppenheimer

William Stein – Truist

Chris Caso – Credit Suisse

Genevieve Cunningham

Welcome, everyone, to the MPS Fourth Quarter 2022 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, VP and CFO.

In the course of today’s conference call, 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 Q4 2022 earnings release and in our latest 10-K and 10-Q filings that can be found on our website.

MPS assumes no obligation to update the information provided on today’s call. We will be discussing gross margin, operating expense, R&D and SG&A 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.

A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q4 and full year 2022 earnings release, which we have filed with 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. For the full year, 2022, MPS achieved record revenue of $1.79 billion, growing 48.5% from the prior year. This is despite industry-wide supply chain capacity constraints. This performance represented consistent execution against our strategies and having more Tier 1 customers recognize MPS for advanced technologies, product quality and excellent customer support.