Monolithic Power Systems, Inc. (MPWR) CEO Michael Hsing on Q2 2022 Results - Earnings Call Transcript

Monolithic Power Systems, Inc. (NASDAQ:MPWR) Q2 2022 Earnings Conference Call August 1, 2022 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

Rick Schafer - Oppenheimer

Matt Ramsay - Cowen

William Stein - Truist

Quinn Bolton - Needham

Tore Svanberg - Stifel

Ross Seymore - Deutsche Bank

Melissa Fairbanks - Raymond James

Alessandra Vecchi - William Blair

Genevieve Cunningham

Welcome everyone to the MPS Second Quarter 2022 Earnings Webinar. Please note that this webinar is being recorded and will be archived for 1 year on our Investor Relations page at www.monolithicpower.com. 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 webinar, we will be making 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 Q2 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 Q2 2022 earnings release, which we have furnished to the SEC and is currently available on our website.

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

Bernie Blegen

Thanks, Gen. MPS achieved record second quarter revenue of $461.0 million, 22.1% higher than the first quarter of 2022, and 57.2% higher than the second quarter of 2021. This broad-based year-over-year revenue growth was a result of consistent execution against our strategies.