Monolithic Power Systems, Inc. (MPWR) Earnings Call Transcript & Summary

Good day, and welcome to the 2022 Annual Meeting of Stockholders of Monolithic Power Systems. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Ms. Saria Tseng, Vice President, Strategic Corporate Development and General Counsel. Ms. Tseng, the floor is yours.

Thank you. Good morning, ladies and gentlemen. It's a pleasure to welcome you to the MPS Annual Meeting of Stockholders. The meeting is now called to order. Before proceeding to the formal business, I would like to introduce the following participants. Bernie Blegen, Chief Financial Officer; [ Evan Kash ], who is a partner with our independent audit firm, Ernst & Young. I have proof by affidavit signed by Computershare that annual meeting mailing was completed on May 2, 2022 to all registered stockholders of record at the close of business on April 21, 2022. Additionally, I have an affidavit signed by Broadridge Financial Solutions that the annual meeting material mailing to the beneficial stockholders was completed on May 4, 2022. These affidavits, together with copies of the Annual Meeting Notice, Proxy Statement and Proxy Card, will be filed with the minutes of the meeting. The Board of Directors has designated me as the inspector of election. I have executed an oath to carry out the duties impartially and to the best of my ability. The oath of inspector of election will be filed with the minutes of this meeting. We have present by proxy a sufficient number of shares to constitute a quorum, so I declare the meeting to be duly convened for purpose of transaction -- for purpose of transacting such business as may properly come before it. If you have already cast your vote, we have counted your vote. Those of you who have not yet voted and have registered with Computershare to attend this virtual meeting, you may vote during this webcast, and your votes will be counted. The first item of business is the nomination and election of 3 directors to serve until the Annual Meeting in 2025 and until their successors are duly elected and qualified. The following 3 directors are nominated by the Board of Directors: Michael Hsing, Herbert Chang and Carintia Martinez. The second item of business is ratification of the independent auditors. The Board of Directors have appointed Ernst & Young, independent auditors, to audit the company's financial statements for the fiscal year ending December 31, 2022. The stockholders are voting on whether to ratify this appointment. The third item of business is an advisory vote on the 2021 compensation of the company's executive officers as disclosed in the compensation discussion and analysis in the proxy statement. This item is commonly referred to as a say-on-pay vote. I now declare the polls closed. As inspector of election, I would like to report on the preliminary results of votes cast. I hereby report that there were 43.2 million shares of common stock entitled to vote represented at this meeting, either in person or by proxy, comprising 92.6% of the outstanding common stock of the company as of the record date of April 21, 2022. In voting for directors, I hereby report that 39.6 million shares were in favor of the appointment of Michael Hsing; 22.1 million shares were in favor of the appointment of Herbert Chang; 39.7 million shares were in favor of the appointment of Carintia Martinez. All 3 directors are therefore reelected. In voting for the ratification of Ernst & Young as auditors of the company, I hereby report that 43.1 million shares were in favor of the appointment. The appointment of Ernst & Young as the company's independent auditors is thereby ratified. In voting for the say-on-pay proposal, I hereby report that 29.8 million shares were in favor of the proposal. The executive compensation is therefore approved. The final number of votes will be included in the minutes of the meeting and in an 8-K that will be filed with the SEC within 4 business days. This concludes the formal proceedings. The meeting is now open for questions. Operator, are there any questions?

There are no questions.

Great. The meeting is now adjourned. Thank you.

Ladies and gentlemen, this concludes the meeting. You may now disconnect.