SMPS (switching mode power supply) converts unregulated AC or DC input to regulated DC output. It first rectifies and filters the input using a capacitor, then feeds the unregulated DC to a high frequency DC-DC converter using a transformer. SMPS are more efficient than linear power supplies due to using switching components instead of dissipative components. Common SMPS topologies include flyback, forward, half-bridge, and full-bridge converters, with flyback being commonly used for power levels below 100W. SMPS provide benefits like multiple isolated outputs, high efficiency, small size, and low cost.