MPWR - Earnings call transcript Q1 2021 | Monolithic Power Systems, Inc.

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Genevieve Cunningham

Welcome everyone to the MPS First Quarter 2021 Earnings Webinar. Please note that this webinar is being recorded and will be archived for one year on our Investor Relations page at www.monolithicpower.com. My name is Genevieve 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 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. Safe contained the release the to today. published refer Harbor in statement earnings Please other could March statements factors to and Form our in uncertainties Risks, that website. including filings, which identified QX release our the is our the through SEC differ filed cause in Safe XXXX in Harbor on contained XX-K earnings and X, are results actual accessible today's obligation to update call. on no provided assumes MPS information the

GAAP income, interest earnings will call GAAP to conference the with the between have website measures our are our and SEC operating also the investors with We is superior XXXX QX These tables for being replay the discussing release A and measures filed XXXX like SG&A and are income for accordance with earnings as with and the you that on one would will XXXX, earlier substitute operating financial GAAP. be a to of remind earnings reconciling website. the to filed SEC. today's QX I on to gross webcast and measures over be prepared not release, that GAAP basis. that in with as QX refer well our in for the a as posted other R&D expense, and live we is releases, internet and outlines available earnings year, along I'd which the today. accordance be margin, non-GAAP non-GAAP non-GAAP to both table net financial should in income, financial reconciliation expense, or on a financial not considered included measures performance prepared

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

Bernie Blegen

last of revenue years. higher our market customer from record more represented revenue XXXX of XX% Thanks broad-based increase our importantly, and product resulted XXXX. first than the strength share year-over-year introduced The quarter new XX.X% from new acceptance gains revenue Genevieve. first of the first in market quarter quarter three products MPS overall of the introductions. million in $XXX.X posted resulting

on growth. product has scale the paved for accelerated New acceptance this way

Along quarter period increase Looking at our same demand. The initial ramp $XX.X with markets with from our revenue QX new represented first revenue of from of year-over-year IC. the device the consumer our million Consumer overall market, $XX.X a increased charging XX.X% XX.X% - ramp XXXX. or by broad the of from increase revenue contribution XX.X% of XXXX. million compared quarter revenue in mobile reflected revenue XXXX in revenue first

$XX.X reflected model same of the XX.X% first revenue In This previous quarter sales. $XX.X XXXX and period first growth XX.X% increased the and due growth XX.X% revenue application the products year. in computing million represented or quarter introduced quarter time storage of safety market, revenue for Automotive and the $XX.X represented MPS’ XXXX. XXXX XXXX and and revenue compared our first automotive XX.X% primarily in in grew first million with million XXXX. of year-over-year, XXXX with connectivity revenue higher over XX.X% notebook storage quarter first to revenue XXXX MPS’ quarter year. revenue products of storage primarily Computing of First compared continuing from of sales infotainment, XX.X%

revenue XX.X% XXXX primarily of total our from quarter and industrial quarter first quarter XXXX over of of million gains first broad-based of in major all quarter product $XX.X revenue XXXX groups. increase accounted XX.X% increased reflected First The for the of the our first revenue.

XX.X% gateway or XXXX. XX.X% compared first rose Communication first million reflected communications represented $X.X the the home with revenue networking First quarter higher XXXX. of quarter of $XX.X revenue sales. of revenue million of of first quarter primarily from wireless The quarter year-over-year in XX.X% XXXX MPS’ increase router XXXX and

one, are we following: Our chain. continuously and on of in sustainable expansion investing above market have diversification supply growth and the based our is

executed market release diversify on solutions our products solutions Two, advanced we with Four, of end continue leading customers based of edge applications. support of increased and globally. we first number Specifically, accelerated ahead have tier and a the to we our gained wider demand. acceptance product we technologies. Three, of

Moving on higher a and than of was than XXXX. of comments quarter basis first fourth few the quarter XX.X% the basis points gross GAAP gross now points XX to margin. XXXX margin higher XX

fourth the income XXXX. Our compared GAAP million reported with was operating $XX.X $XX.X quarter million, in of

quarter non-GAAP points quarter the basis better gross XXXX, first than better basis of first points margin the XXXX. of was XX.X% than XXXX quarter the XX For fourth and XX of

the income $XX.X compared was Our XXXX. of non-GAAP $XX.X fourth to million, in operating quarter million reported

our review expenses. Let's operating

XXXX GAAP in the of compared million in with of XXXX. the $XX.X fourth Our operating $XX.X million expenses quarter quarter first were

discussed income Our and differences non-GAAP compensation the first for stock on million, an non-GAAP operating XXXX from were quarter in deferred XXXX. unfunded plan. $XX.X The between expenses $XX.X expense here expenses reported or of are quarters’ quarter the up compensation fourth and expenses GAAP million the loss operating operating

diluted quarter to the million or in line, share of to per per quarter $XX.X income $XXX,XXX first fourth first the sold quarter recorded the XXXX. cost including share the million compensation net stock total $XX.X For compared was was with in of million GAAP or fourth $X.XX of quarter $XX.X goods charged Switching of bottom million, expense XXXX XXXX. XXXX approximately fully compared $X.XX $XX.X with

were First the QX, compared fully quarter $XX.X non-GAAP or Fully of million per end diluted million per was $XX.X shares $X.XX XXXX quarter with of in at fully million. share share $XX.X or XXXX. net outstanding diluted fourth of diluted $X.XX XXXX income the

end look end first XXXX. and compared million $XXX.X $XXX.X were Cash, let's to the investments equivalents of of at at quarter at million the Now quarter fourth the XXXX cash of of balance the sheet. the

cash of with For of operating $XX.X the XXXX. the million, in quarter million fourth MPS compared flow generated operating about cash flow of $XX.X quarter

XX days the million of of outstanding XXXX XXXX. quarter the days XX of $XX.X ended Accounts receivable quarter up totaled spending sales XXXX fourth or First days capital of end quarter at four first at million. $XX the from

inventories the of of end inventory internal the million up of the XXXX Days the the days quarter of can believe of economic increased the of to from XXXX. on compared million, quarter of first is comparing quarter at Our end end at revenue. better levels increased of at were the our quarter’s first We slightly fourth days basis, following inventory to end see for of the quarter fourth revenue the the end end I at a XXX quarter $XXX.X quarter's calculated to the to current $XXX inventory On second current with XXXX, we've XXXX. at of days from the inventory days match. you the QX this of XXXX. fourth XXX days outlook function of of of with a XXX XXXX. days now at like hand of quarter XXX of turn Historically, XXXX the would provides

of forecasting the range million million. are in QX $XXX revenue We $XXX to

$X $XX.X to XX.X% paved ranging in income $X.X excludes million, expenses. R&D Interest goods We would of in charged million million exchange stock-based SG&A sold, the between other expenses million expense gross $X.X and be gains XX.X%, from to litigation approximately for million we million XX.X of the expected between fully GAAP Non-GAAP $X.X million have of the shares. to $XX.X range million compensation GAAP webinar and XX.X million. diluted to to and before and margin litigation to the way estimate the I margin R&D also in expect follow that and including stock to revenue. XX.X% open Non-GAAP or $XX.X of dollar range million Totals million, questions. losses, to SG&A and million. this the is $X.X be to compensation gross $XX.X in foreign costs range expenses be In million will range shares to conclusion, range of XX.X%. to expenses $XX.X multi-billion $XX.X of now

Genevieve Cunningham

Thank Instructions]. you, [Operator Bernie.

Buchalter Joshua Our now first line Joshua, your is question open. of Cowen. comes from

Joshua Buchalter

for my question I solid on inventory taking dynamics. results. of set was thanks could on and congrats you Yes, the elaborate hoping another

across to invested near XXX-day supply ahead industry, of but You're target. of companies you're proactively few the that not the XXX one your still issues the

thinking you. how versus, rebuilding your businesses of serve of wondering or the endorse taking balancing just So peers your can Thank gains? about you're channel some share

Michael Hsing

our we year. earlier as I capacity quarters. said expand, as - will that we the it last early be continue Well, expand at expected And it it next increase capacities, the - of the a rate with or we as we think said in of end to current year

So we achieved that type of inventories.

if increase demand not continued much. So is to this the

Bernie Blegen

both to QX, days, terms in which that from had And and to of the inventory that QX are some dollars it's of peer notable, think constraints the capacity companies did runs we I we counter increase experiencing. Josh, amount

Joshua Buchalter

Thanks next for granularity more in materially that the buckets end more sense. congrats provide you market the quarter, by makes any thank the again. it, and any Got than others? you moving guidance can of And

Michael Hsing

look Yes, couple I center should gap in would off begin to again. take probably center quarter a where was computing data that there to data

automotive think appears in seeing also same that continuation nicely and to year-over-year of terms consumer. be grow in we're to I both continuing sequentially. And performance

Genevieve Cunningham

Our Bank. Seymore line next question comes Ross, now open. your Deutsche Ross from of is

Ross Seymore

little half of changed and thanks year want you're in for and general activities? the know double those you'd season, if for in how it any I really second is the of from the all cyclical that of has ordering at numbers. specifics highlight of bit how off demand of sold the this visibility the you XQ, demand. Hi second trends market a peak general of the guiding And guys, to side earning but over any equation, like worried half clearly you or me takes about letting quarter kind be last to about like lot a sort would year? on talk company looks Recently have the the question. puts talk view only good helpful? I semi-stocks the about of Can ask sustainability a about your sorts

Michael Hsing

have grow believe lines, prevent we demand lot a a next in released course, same years. we okay, about demand procedures Bernie to said same your last our downs. for us will so minimal talking said products, years. - our like in quarters, I'm we with production questions a new and partial turn years, I last partial we're said, And months. what's of to product started six we And reason we is we To grow times And back past, the very have our Yes, - XX% okay their we grow. next we okay. in that from okay three are Greenfield These reason we - to about the The their the make we of at believe talking inventories. earlier and we products go Bernie practicing from rigorous to to market, said double line continue no that, Greenfield mean couple okay And hand times, two on a a two shipments the sure the and there to we years, and the the sustainable. okay into customers script okay even not revenues products and released and preventing concerning these six line downs the next not and and that, in months in and all and that as that will XX later. that years next continue last product is of

So growth sustainable. we believe is our

Ross Seymore

customers how at guess one very, the But admittedly up see very quarter? And fourth that bit side different much specific communications a there so driving the know for things than rather you market has volatile. off a of more more I this on you your about in and I then been quarter, a progresses, bans first little ship segments, in my do area that times. gateway at growth as year the is talk can Michael. points thanks weaker little networking on was what's that different follow-up sides? XG the of can sequential specifically Okay, of the

Michael Hsing

have non-Chinese top as We a XG that of I matter okay committee casing tiers the fact, see market makers with segment. to - a see talk a and and meetings we have

believe they next this on we're to. up and year, in we’ll the the delinquency and year So okay picking believe, they're

Bernie Blegen

positioned very there, said broad. believe as very well just new the we're solutions customers that the we're We because reach Michael addressing of XG is

market the very as that to positioned full think we advantage of we're well momentum, take it. gains So,

Ross Seymore

again. Great and congrats guys thanks,

Michael Hsing

you. Thank

Bernie Blegen

Thank you.

Genevieve Cunningham

of your from Our next line now Stifel. comes Svanberg open. is Tore, Tore question

Tore Svanberg

again Bernie, quarter. strong Yes, thank a and congrats Michael very you, on

gains share First when talk I you was especially little your question, tight. could a hoping about capacities times during bit really

solutions tend to of a So versus those integrated be discrete more your are discretes in lot especially and shortage.

during gains your wondering environment? just and you tight I'm seeing So semiconductor share if this acceleration are very in

Michael Hsing

I gaining scenarios - dual sources tend and in components, our lot - our it’s can a source. to a a And using we and source examples our and in customers give have you if be couple that of Well, why we’re market a triple because there fewer interpretation a if lately. of design is for - competitors dual scenario shippings, new to and example then And was couple those were a months. of is the or okay, more a for a competitor. and production I using up lot so just much putting we And demands recently, one six shares, - for because lot were are they the the demand. XX of gain And we new futures, another project next win -

Tore Svanberg

know information not those perhaps fair two? I and as my specific to say about considerably are talked products on new last the year follow-up, it or ASP is give products, is and pricing. now that than the Great from new to going of higher us contribution But you the you're the

Michael Hsing

sustainable? gross and like going for and protects course models mean is the that's the we a for price stay again not I and probably okay So and Yes we as margins probably okay same think Bernie. not I train on and hikes price our before, hiking, are looking

Bernie Blegen

Yes, does for to to the and yes, favor of integrated. that particularly just more introducing, higher business those products new new that that and certainly we're are those The heavily add products. mix ASP

Tore Svanberg

I what thought. that's Yes,

Okay again. thank you congrats

Michael Hsing

Thank you.

Bernie Blegen

you. Thank

Genevieve Cunningham

William, William now Our next Stein question is open. Truist. line comes of from your

William Stein

protracted the accelerated should think in for we opening you we the time? for it done for Monolithic said We paved something of pretty XX% taking with Bernie, relative was regard to interpret questions. about remarks? to You way as more you all that industry. stay thanks above job growth? my amazing know a the meaning But Great, growth period perhaps

Michael Hsing

we announced that's ago. be that all we a and think And what I see could in year years see two announced. or

high mean can that like XX and we're grow very somethings sort again only far that, percentage. year of year X% and this So the a last so in

this so And continue. we're it kind look will of way

Bernie Blegen

I rely chain just it Yes, more with it and look last say if to And added both reason new this and does than share products market broader that's do our to tried the gains year, in has our much formal and the message the that to that, year developed comments. necessarily supply having upon market. at Michael think you the for we've growth,

we And in demand, expectations, certainly high were XX% normalized growth, XXXX, not that immune revenue of perhaps market. we accelerated excess the and can we of But so, we're I mark. had that more this a - if to in downturns the rate we perpetuate in have think

William Stein

hoping that solutions? questions along complex I the is of other then to think us at transition to where those about you I more to of to think these about lines, more module disclose for might the types regard of least And maybe Is piece? I'm in talked even you size selling ASP, of these big have reaching to of that that a talk growth revenue and of case higher think is couple a this rates from it business makes I integrated modules it the might past driver you've a offline with whether alluded that sense can your quantify

Michael Hsing

it's full a and doing to modules/e-commerce grow well. beginning - yet like announced to doing business two by in way a really is mean break mean start - I IC a revenue business be And again, years and Yes, business will really business significant think - a that we're difference And okay, to and ASP. that. this business the well I significant blown a like grow will but higher contribution much out. That no to out is And really it how and it module we haven't is that a find growth. the

Bernie Blegen

pick end want One and for markets, that is if they what other specific of demanding a our not automotive to IC, you example, have add to they're solution. an a system aspect Will much as more certain I'll look at of is,

driving ADAS has be example, for So autonomous or there if failsafe to built in you redundancy. look

I'm throughout that the You the processor. have example have the that sensors system here, and using to communications and the coordinate cameras,

buying, significantly so you're by the And natural just solution. have how consequence And solutions higher creating chipsets ASPs. dynamic you're you're of designing a that entire for those

Michael Hsing

Yes, automotive design in we'll And you providers. the the don't a semiconductor said MPS solution and like than are to two okay, past, we piece as but a but of now time, we’re that can solutions, is earlier, ASP. MPS don't semiconductor - elaborate on years these that, higher to much And we semiconductor anything, Bernie offer the or we produce and sell know MPS design three solutions. even later. solutions, And not that only design how design we a restricted entire other a a in we're we we're as at components. selling - including same single an specify semiconductor, higher, in we rather I and business, selling then silicon company, a and

William Stein

great. Thanks, that's Yes guys.

Michael Hsing

you. Thank

Genevieve Cunningham

question Our comes from Williams of now open. David David, line Loop next Capital. is your

David Williams

the and congrats on you, Thank quarter.

Michael Hsing

David. Thanks,

David Williams

of that that the moving tightness within maybe had the how capacity that as to and wanted maybe - you this at it surprising we're anything earlier. pace the have industry moving - But and or of expected you pricing some is your would I And that I given at the of on pace there? same kind you touch is seeing guess, the expansion progressing? expected mentioned just is the

Michael Hsing

mentioned expansions capacity about six - we ago. quarters Yes,

from to okay, of increase increase continuous I did we on the the extra years in capacity last an steadily okay. again increase pretty kind mean and okay probably work some now So - we and

okay. you can comment so And on Bernie, that

Bernie Blegen

fab. bringing brought XX-inch we've now the XXXX, We're in XXXX, parts. that midstream we're that continuing and an we been to on continuing qualify parts Yes, up I X-inch that. In capacity. up to qualify And clear we're think

the And our underreported we over capacity, here very have even back and handed long stories fab capacity years. is as relationships. relationships. as terms been of One excellent we And to of XX there's manage relationships XX where have with under that partners able in when that existing we date to both they're have

base, positive capacity So even or been they've foundation add existing as our and very been helping encouraged well. within contributors to that us

our point of here, anticipate. in important I a years increased it always earlier that is has the order to a and So demand we're It's the in that differentiator we expand MPS. being that several to investment as next been part we able as said think with continuous see the comments, keep up over

David Williams

then the margin you the think here? - and just there's but we're do maybe at a Great, bit embedded leverage, remaining how on Obviously, that quite in that's thinking model gross that's brand start cylinders maybe could the Where even think revenue go hit and to get really acceleration you've that as to the margin. those the you on mentioned? you operating do all and

Michael Hsing

we acceleration, as invest. okay. thin long once years many of that we we in revenue to grow can out four as as And rate - times, continue obviously, the there, next as air in need growth four the rate growth And months. can't next to And will Well see see we invest. the so the we

David Williams

Thank you.

Genevieve Cunningham

Schafer Rick, your next of Our from comes now line is question open. Oppenheimer. Rick

Rick Schafer

one market automotive. Thanks. by I guess I'll couple first Hey congratulations well. questions Maybe is the end add my a as guys,

curved supplies, XX%, question SAR you could hurt of do by curious. that as I kind production as guys know was quarter risk I'm year. your XXX%? up I that didn't something, tight growth is, ongoing know too think business auto first auto auto I outgrew impact see a So your I seem you an think my I XX% guess to component last you almost or much. guys And

quarter components, getting been it food are this You mean, or - better auto almost yet that whether out I supply could have indirect for any constraints guess if it things there, direct chain? better in signs doubled or it past things I weren't they're

Michael Hsing

total but a shortage by of Yes, size, where MPS okay. customer small, market market hand, from whether other on the have we mean don't our growth as share is the so we I is is really okay restricted so addressable component know tiny. teeny our

and just okay will notice growth new okay And are we demand. I is these the products bat all taking off. so, And Greenfield it, right and product mean these and off these

Rick Schafer

Okay thanks sorry Bernie.

Bernie Blegen

one been point, slowdown at to this sorry, add there's to quick have and I'm necessarily indicate nothing just automotive. more in we that ordering comment a seen

limit strong said, whether continued we Michael on we as as of far you there know, as our a can't again But a So backlog. make guess numbers demand. is see

Rick Schafer

on Great, highlighted, as thanks. Bernie. a you hyperscale follow-up And maybe just

you've show to kind up picking or data of think I of center signs spend hyperscale life. mentioned starting

quarter, XX-volt do we what do kind? and So data see the is Lake curious, sense elsewhere this are QSMODs it I Is can I'm know, inertia? you build talk think with of center? curious, of bit. just second things relatively Thanks. I give XX-volt from contribution going mean, still talked you you of ramping getting are well, too small I'm out that break kind linear I inflection kind hearing up And but see much year? picking How or that is half that now? see of it better. is - Ice - we kind last about, you don't or little launch a some I of as to it is guess that hyperscale QSMOD Are How is to a a of some about also here?

Bernie Blegen

Sure.

significant opportunity for XX-volt in So I believe let question. start is growth me XX-volt. the there that us with

think the well and positioned down eventual. as the very I in we're both far GPUs as road

Michael Hsing

AI.

Bernie Blegen

Yes there positioned automotive and were applications there. applications are AI that even

Michael Hsing

these the revenue not are up. it’s months, months in - will be probably six that nine will significantly the And

Bernie Blegen

Yes.

uplift get to next where VR as much to really, goes the just market share processor. an CPU benefit refer see it's for point, year But expected That it dynamic for we of what that, management in we nanometer power everybody which inflection point else's our growth VR other when for might is turning QSMOD, that's of we gains. for XX.X. remember, more and good then seven that's So to your the XX,

Rick Schafer

guys. you, thank it Got

Operator

open. next line from Our of Needham. now Bolton is Quinn, question Quinn is your

Quinn Bolton

my Thanks, Bernie, think question and is I XXXX constrain be would will congratulations. said I my Michael offer your operating sort which margin. first investment would you've and of XXXX for years, I somewhat guess

over so looks Here with up like your revenues the margin is I'm in it will expanding, that stronger math up even is looks And come or think and your near-term, revenue XX% be investment, in margin coming further it think investment June. in expected? doing than going level to Will right, like my if we drive you should your continues about than operating How expected? better of as leverage invest you forward? continue do to you'll

Michael Hsing

I think years even three than than up - last higher opportunity we the from to now the - the growth ago. see is,

so And long as can keep until we’ll of okay growth regroup rate. invest okay we to - it see long as as that as up and And we we okay, will if and not we okay. continue slow that kind definitely down

much opportunities. too - see we far So

Bernie Blegen

good I a guess problem. that's

Michael Hsing

Yes.

Bernie Blegen

months, think to I I shareholders that where there's opportunities rate we that most are this that tried In the emphasis more further revenue margin Quinn. the clear value to to Yes been our putting growth. But of on XX on. really we've being And of do last see that in we've operating that's able our accelerate Quinn, think expansion. there for particular be

Quinn Bolton

of given where, I trying are but Because on is and/or going guess products might products? the you worries ordering older of guys obviously, sourced, question second what how sole be could guess source? out, percentage double on investment products would ordering percent your I have be maybe the community that revenue were your the of And And a dual us figure it? on, sales, Got of figure this from I that products the with overall disclosure, wondering, either some think that older can that much may have threat be of you I'm know, you do you touched alternative products, to XX% industry today I your sources? tightness? about for are the new think new that double give so is, I'm

Michael Hsing

way okay. me let Yes, it put that

okay, We have X,XXX, XX% we products, of a products. our X,XXX have

again, these into ramping XX% and course, still And they source. okay, mean we we them keep ordering for okay clearly, volume in somewhere our some okay. said double you okay just them a minimal, And that and urgency revenue very - all experienced try products the very, of and we we prevent as to I So - as even it and I from lying say prevent portion to the stabilizer if and your don't have we down questions at of same stage think prevent Bernie a single in second answer of still - can. have And relatively these to - them I about know much inventory. are of And times revenue and maybe are too carry once January the those production our and small. that legacy they these and are a will mostly source. the and as products ramps product you

Quinn Bolton

I on expect quick absolute Bernie, hand that's in inventory guess do you last quarter? my Yes to dollars increase helpful. for your June you. one the

Bernie Blegen

what that's we're currently, Yes, yes. modeling

visibility we the pretty the Now add good careful to is chain, on that, demand. again, Michael this is have supply

that. We to sure and try understand make continually test have we to

the anything that in horizon over next the quarter time our XX two. next the demand opposed concerned we dollar supply value about to front, the continuing inventory on of So as quarters. XX the as to have chain on to do to Michael we're But at to or to increase are And reassess. sequentially looking continue has just demand, in also said, we more months

Quinn Bolton

Thank Got it. you.

Operator

Kevin question is next now from open. line Kevin, of Our is Rosenblatt. your Garrigan

Kevin Garrigan

Hi guys, let me echo my congratulations on the quarter.

And business business was it just last Just e-commerce before, MPS kind I of a little open did a do service quarter, now I strong little quick to a and growth, how up, from further back had alluded some looking you out, will things a as wondering take compares that one that start kind of also to think how which you to me, just pretty this pause? your and quarter. believe

Michael Hsing

take revenues pause a that us, started a And and okay. okay just just that very don't be they in five think taking I and and we're in we’re four, okay going okay much place, creating upsetting and and mean taking would were they so And the demand interacting for we place business won't. revenues. that's think taking quarters demand pause far turning value is bigger a - we I - orders increasing. At okay keep haven't may keep are the something mean, measurements is - our up to mean. and still and this last okay pause were we’re index the But for mean time, as pause, to I I to the creation learning a the and really turning figured and that okay putting probably it's and a I if simply I and we

Bernie Blegen

Kevin, I to is of in of story designs legs markets. of much array solutions a or broad also add how bit and solutions MPS end just our are and of that reference providing a two larger if a the e-commerce we little the could company all transition now Yes an complete That fully from to two IC aspects the includes provider. different

on encouraging sustainable. of still while relatively learning So this. right the the we still very are something that we're the really and Everything the are very small, and that longer-term numbers headed we're in proving is in early direction this innings is model. is And to

Kevin Garrigan

Got it, that's guys. very helpful. Thanks,

Michael Hsing

you. Thank

Genevieve Cunningham

webinar to Bernie. there turn further no I [Operator are questions, would to the over now Instructions] back As like

Bernie Blegen

which joining to you. for talking us XXXX will to Thanks, webinar. the quarter QX our all July. Thank I during thank day. again you likely in be Genevieve. to a you conference call Have second forward earnings look I'd for nice like

Monolithic Power Systems (MPWR) 5 May 212021 Q1 Earnings call transcript