Monolithic Power Systems, Inc. (NASDAQ:MPWR) Q2 2024 Earnings Conference Call August 1, 2024 5:00 PM ET

Company Participants

Genevieve Cunningham - Senior Manager, Marketing Communications
Michael Hsing - CEO and Founder
Bernie Blegen - EVP and CFO
Tony Balow - VP of Finance

Conference Call Participants

Matt Ramsay - Cowen
Dustin Fowler - Oppenheimer
William Stein - Truist
Quinn Bolton - Needham
Chris Caso - Wolfe
Tore Svanberg - Stifel

Genevieve Cunningham

Welcome everyone to the MPS Second Quarter 2024 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; Bernie Blegen, EVP and CFO; and Tony Balow, VP of Finance.

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both of these documents can be found on our website.

Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainty. Risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q2 earnings release, and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

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

Bernie Blegen

Thanks, Gen. Good afternoon, and a big welcome to all of you. Let me open by saying MPS reported yet another record quarter with Q2, 2024 revenue of $507.4 million, exceeding the high end of our guidance. Our strong revenue growth was attributed to three factors, increased demand for AI power solutions, improving order trends in several of our end markets. And lastly, initial revenue ramps associated with design wins secured in past years.

Separately, we continue to expand and diversify our global supply chain, to ensure supply stability and capture future growth. As we have emphasized for many years, our results reflect continued success of our proven long-term growth strategy, and our transformation from being only a chip supplier, to a full solutions provider.

I will now open the webinar up for questions. Gen, could you please ask the first caller?