Monolithic Power Systems, Inc.

Welcome everyone to the MPS first quarter 2024 earnings webinar. My name is Genevieve Cunningham and I will be the moderator for this webinar. Joining me today are Michael Singh, CEO and founder of MPS, Bernie Blagen, EVP and CFO, and Tony Bailo, VP of Finance. Earlier today, along with our earnings announcement, MPS released 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 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 Q1 earnings relief and in our latest FCC 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.

Thanks, Jen. We're doing something a little different with today's earnings call. As a detailed recital of performance metrics is included in the company's earnings commentary, accompanying the earnings release, I'll use this time to provide just a few comments on our Q1 2024 performance and our outlook before opening the call up to Q&A. Our financial performance improved in the first quarter of 2024 with revenue up both sequentially from Q4 23 and year over year from Q1 23. Ordering patterns consistently trended upward through the quarter. Visibility into the second half of 2024, however, is limited, and many of our customers remain cautious. Despite this uncertainty around the second half of 2024, customer engagement across all of our end markets remains high, and our design wind pipeline continues to grow stronger. Additionally, we are continuing to expand our product portfolio and diversify our supply chain globally. We believe both actions position our company for further growth as the market improves. In summary, we saw consistent improvement through the first quarter, but we continue to be cautious about the second half of 2024 business conditions. Overall, our proven long-term growth strategy remains intact, and we can swiftly adapt to market changes as they occur. I'll now open the webinar up for questions.

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. As a reminder, if you'd like to ask a question, please click on the participants icon on the menu bar and then click the raise hand button. Our first question is from Tori Svanberg of Stifel. Tori, your line is now open.