Power Integrations Reports Fourth-Quarter and Full-Year Financial Results
Power Integrations (POWI) reported Q4 2024 financial results with net revenues of $105.2 million, showing an 18% year-over-year increase but a 9% decrease from the previous quarter. GAAP earnings were $0.16 per diluted share, compared to $0.25 in both the prior quarter and Q4 2023.
For the full year 2024, revenues reached $419.0 million, down from $444.5 million in 2023. Full-year GAAP earnings were $0.56 per diluted share, versus $0.97 in 2023. The company generated $81.2 million in operating cash flow for the year.
Looking ahead, POWI expects Q1 2025 revenues to remain flat compared to Q4 2024 (±5%), with GAAP gross margin projected between 55-55.5%. The company paid a $0.21 dividend and conducted $1.9 million in share repurchases during Q4, with $48.1 million remaining in its buyback authorization.
Power Integrations (POWI) ha riportato i risultati finanziari del quarto trimestre 2024 con ricavi netti di 105,2 milioni di dollari, mostrando un aumento del 18% rispetto all'anno precedente, ma una diminuzione del 9% rispetto al trimestre precedente. Gli utili GAAP sono stati di $0,16 per azione diluita, rispetto a $0,25 sia nel trimestre precedente che nel quarto trimestre del 2023.
Per l'intero anno 2024, i ricavi hanno raggiunto 419,0 milioni di dollari, in calo rispetto ai 444,5 milioni di dollari del 2023. Gli utili GAAP per l'intero anno sono stati di $0,56 per azione diluita, contro $0,97 nel 2023. L'azienda ha generato un flusso di cassa operativo di 81,2 milioni di dollari per l'anno.
Guardando avanti, POWI prevede che i ricavi del primo trimestre 2025 rimangano stabili rispetto al quarto trimestre 2024 (±5%), con un margine lordo GAAP previsto tra 55-55,5%. L'azienda ha distribuito un dividendo di $0,21 e ha effettuato riacquisti di azioni per 1,9 milioni di dollari durante il quarto trimestre, con 48,1 milioni di dollari ancora disponibili nella sua autorizzazione per il riacquisto.
Power Integrations (POWI) informó los resultados financieros del cuarto trimestre de 2024 con ingresos netos de 105,2 millones de dólares, mostrando un aumento del 18% año tras año, pero una disminución del 9% en comparación con el trimestre anterior. Las ganancias GAAP fueron de $0,16 por acción diluida, en comparación con $0,25 en el trimestre anterior y en el cuarto trimestre de 2023.
Para el año completo 2024, los ingresos alcanzaron 419,0 millones de dólares, en comparación con 444,5 millones de dólares en 2023. Las ganancias GAAP anuales fueron de $0,56 por acción diluida, frente a $0,97 en 2023. La compañía generó $81,2 millones en flujo de efectivo operativo para el año.
De cara al futuro, POWI espera que los ingresos del primer trimestre de 2025 se mantengan estables en comparación con el cuarto trimestre de 2024 (±5%), con un margen bruto GAAP proyectado entre el 55 y el 55,5%. La compañía pagó un dividendo de $0,21 y llevó a cabo recompras de acciones por un total de $1,9 millones durante el cuarto trimestre, quedando $48,1 millones disponibles en su autorización de recompra.
파워 인테그레이션즈 (POWI)는 2024년 4분기 재무 결과를 발표했습니다. 순매출은 1억 520만 달러로 전년 대비 18% 증가했지만, 이전 분기 대비 9% 감소했습니다. GAAP 기준 순이익은 희석주당 $0.16로, 이전 분기 및 2023년 4분기 각각 $0.25와 비교됩니다.
2024년 전체 연간 매출은 4억 1900만 달러로 2023년의 4억 4450만 달러에서 감소했습니다. 전체 연간 GAAP 순이익은 희석주당 $0.56로, 2023년의 $0.97에 비해 낮았습니다. 회사는 연간 운영 현금 흐름으로 $8120만을 창출했습니다.
미래를 바라보며, POWI는 2025년 1분기 매출이 2024년 4분기와 비슷할 것으로 예상하고 있으며(±5%), GAAP 총 이익률은 55-55.5%로 예상됩니다. 회사는 $0.21의 배당금을 지급하고, 4분기 동안 $190만의 자사주 매입을 실시했으며, 남아 있는 자사주 매입 권한은 $4810만입니다.
Power Integrations (POWI) a annoncé ses résultats financiers pour le quatrième trimestre 2024 avec des revenus nets de 105,2 millions de dollars, affichant une augmentation de 18 % par rapport à l'année précédente, mais une diminution de 9 % par rapport au trimestre précédent. Les résultats GAAP étaient de 0,16 $ par action diluée, contre 0,25 $ tant au trimestre précédent qu'au quatrième trimestre 2023.
Pour l'ensemble de l'année 2024, les revenus ont atteint 419,0 millions de dollars, en baisse par rapport à 444,5 millions de dollars en 2023. Les résultats GAAP pour l'année complète étaient de 0,56 $ par action diluée, contre 0,97 $ en 2023. L'entreprise a généré un flux de trésorerie d'exploitation de 81,2 millions de dollars pour l'année.
En regardant vers l'avenir, POWI s'attend à ce que les revenus du premier trimestre 2025 restent stables par rapport au quatrième trimestre 2024 (±5 %), avec une marge brute GAAP prévue entre 55 et 55,5 %. L'entreprise a versé un dividende de 0,21 $ et a réalisé des rachats d'actions pour 1,9 million de dollars au cours du quatrième trimestre, avec 48,1 millions de dollars restant dans son autorisation de rachat.
Power Integrations (POWI) berichtete über die Finanzergebnisse für das vierte Quartal 2024 mit Nettoumsätzen von 105,2 Millionen Dollar, was einem Anstieg von 18% im Jahresvergleich, aber einem Rückgang von 9% gegenüber dem vorherigen Quartal entspricht. Die GAAP-Gewinne betrugen $0,16 pro verwässerter Aktie, im Vergleich zu $0,25 sowohl im vorherigen Quartal als auch im vierten Quartal 2023.
Für das gesamte Jahr 2024 erreichten die Umsätze 419,0 Millionen Dollar, ein Rückgang von 444,5 Millionen Dollar im Jahr 2023. Die GAAP-Gewinne für das gesamte Jahr betrugen $0,56 pro verwässerter Aktie, im Vergleich zu $0,97 im Jahr 2023. Das Unternehmen erzielte im Jahr einen operativen Cashflow von 81,2 Millionen Dollar.
Für die Zukunft erwartet POWI, dass die Umsätze im ersten Quartal 2025 stabil im Vergleich zum vierten Quartal 2024 bleiben (±5%), während die GAAP-Bruttomarge zwischen 55 und 55,5% geschätzt wird. Das Unternehmen zahlte eine Dividende von $0,21 und führte im vierten Quartal Aktienrückkäufe in Höhe von $1,9 Millionen durch, wobei noch $48,1 Millionen in seiner Rückkaufgenehmigung verbleiben.
- 18% year-over-year revenue growth in Q4 2024
- Strong cash flow from operations at $14.7 million for Q4
- Maintained quarterly dividend at $0.21 per share
- Expects growth in multiple end-markets for 2025
- 9% quarter-over-quarter revenue decline in Q4 2024
- Full-year 2024 revenues decreased to $419.0M from $444.5M in 2023
- GAAP EPS declined to $0.56 from $0.97 year-over-year
- Flat revenue guidance for Q1 2025
Insights
Power Integrations' Q4 results reflect the complex dynamics in the power semiconductor market. The 18% YoY revenue growth to $105.2M demonstrates recovery signs, though the 9% sequential decline and full-year revenue contraction indicate persistent market challenges.
The company's operational metrics warrant attention: the GAAP gross margin guidance of 55-55.5% for Q1 2025 suggests stable pricing power despite industry pressures. The $14.7M quarterly operating cash flow generation maintains financial flexibility for strategic initiatives.
Three key strategic elements stand out:
- The PowiGaN™ technology rollout positions POWI strongly in the growing high-voltage power conversion market, particularly critical for EV charging and renewable energy applications
- Conservative capital deployment with a balanced approach: $0.21 quarterly dividend and $48.1M remaining in share repurchase authorization
- Operational discipline reflected in controlled operating expenses, with non-GAAP OpEx guidance of $45M for Q1 2025
The flat revenue guidance for Q1 2025 (±5%) suggests cautious optimism, balancing growth opportunities in renewable energy, automotive and appliance markets against trade policy uncertainties. The company's focus on high-growth segments while maintaining cost discipline positions it well for potential market recovery, though near-term volatility may persist.
Quarterly revenues increased 18 percent year-over-year to
In addition to its GAAP results, the company provided non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the fourth quarter of 2024 was
For the full year, net revenues were
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Fourth-quarter revenues were up 18 percent year-over-year, and we expect another double-digit increase in the first quarter. While the demand outlook is cloudy, especially in light of uncertainty around trade policy, we expect growth in a variety of end-markets in 2025, including renewable energy, high-voltage DC transmission, metering, automotive, appliances and more. Products featuring our proprietary PowiGaN™ technology should contribute significant growth this year as adoption accelerates across a broad set of high-voltage power-conversion applications.”
Additional Highlights
-
Power Integrations paid a dividend of
$0.21 $0.21 -
The company utilized
$1.9 million $48.1 million
Financial Outlook
The company issued the following forecast for the first quarter of 2025:
- Revenues are expected to be flat compared to the fourth quarter of 2024, plus or minus five percent.
- GAAP gross margin is expected to be between 55 percent and 55.5 percent, and non-GAAP gross margin is expected to be between 55.5 percent and 56 percent. The difference between GAAP and non-GAAP is primarily attributable to stock-based compensation, with a smaller impact from amortization of acquisition-related intangible assets.
-
GAAP operating expenses are expected to be approximately
$54 million $45 million $9 million
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. A live webcast of the call will be available on the investor section of the company's website, http://investors.power.com. Members of the investment community can register for the conference call by visiting https://emportal.ink/3C0h3y6.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.
Note Regarding Forward-Looking Statements
The above statements regarding the company’s forecast for its first-quarter financial performance and expectation of growth across a wide range of end-markets in 2025 are forward-looking statements reflecting management's current expectations and beliefs. These statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the company’s ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global economic and geopolitical conditions, including such factors as inflation, armed conflicts and trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2024. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by law.
Power Integrations, PowiGaN and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| NET REVENUES | $ |
105,250 |
|
$ |
115,837 |
|
$ |
89,507 |
|
$ |
418,973 |
|
$ |
444,538 |
|
|||||
| COST OF REVENUES |
|
47,983 |
|
|
52,666 |
|
|
43,299 |
|
|
194,222 |
|
|
215,582 |
|
|||||
| GROSS PROFIT |
|
57,267 |
|
|
63,171 |
|
|
46,208 |
|
|
224,751 |
|
|
228,956 |
|
|||||
| OPERATING EXPENSES: | ||||||||||||||||||||
| Research and development |
|
25,689 |
|
|
25,829 |
|
|
23,505 |
|
|
100,790 |
|
|
96,067 |
|
|||||
| Sales and marketing |
|
16,931 |
|
|
17,119 |
|
|
15,472 |
|
|
67,825 |
|
|
64,598 |
|
|||||
| General and administrative |
|
10,728 |
|
|
8,641 |
|
|
8,282 |
|
|
38,207 |
|
|
33,232 |
|
|||||
| Total operating expenses |
|
53,348 |
|
|
51,589 |
|
|
47,259 |
|
|
206,822 |
|
|
193,897 |
|
|||||
| INCOME (LOSS) FROM OPERATIONS |
|
3,919 |
|
|
11,582 |
|
|
(1,051 |
) |
|
17,929 |
|
|
35,059 |
|
|||||
| OTHER INCOME |
|
3,384 |
|
|
2,750 |
|
|
3,282 |
|
|
12,825 |
|
|
10,848 |
|
|||||
| INCOME BEFORE INCOME TAXES |
|
7,303 |
|
|
14,332 |
|
|
2,231 |
|
|
30,754 |
|
|
45,907 |
|
|||||
| PROVISION (BENEFIT) FOR INCOME TAXES |
|
(1,837 |
) |
|
41 |
|
|
(12,040 |
) |
|
(1,480 |
) |
|
(9,828 |
) |
|||||
| NET INCOME | $ |
9,140 |
|
$ |
14,291 |
|
$ |
14,271 |
|
$ |
32,234 |
|
$ |
55,735 |
|
|||||
| EARNINGS PER SHARE: | ||||||||||||||||||||
| Basic | $ |
0.16 |
|
$ |
0.25 |
|
$ |
0.25 |
|
$ |
0.57 |
|
$ |
0.97 |
|
|||||
| Diluted | $ |
0.16 |
|
$ |
0.25 |
|
$ |
0.25 |
|
$ |
0.56 |
|
$ |
0.97 |
|
|||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||||||
| Basic |
|
56,848 |
|
|
56,817 |
|
|
56,937 |
|
|
56,820 |
|
|
57,195 |
|
|||||
| Diluted |
|
57,097 |
|
|
57,004 |
|
|
57,272 |
|
|
57,130 |
|
|
57,622 |
|
|||||
| SUPPLEMENTAL INFORMATION: | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Stock-based compensation expenses included in: | ||||||||||||||||||||
| Cost of revenues | $ |
541 |
|
$ |
496 |
|
$ |
499 |
|
$ |
2,090 |
|
$ |
1,692 |
|
|||||
| Research and development |
|
3,280 |
|
|
2,997 |
|
|
2,947 |
|
|
12,587 |
|
|
10,939 |
|
|||||
| Sales and marketing |
|
2,074 |
|
|
1,876 |
|
|
1,827 |
|
|
8,064 |
|
|
6,888 |
|
|||||
| General and administrative |
|
3,394 |
|
|
2,969 |
|
|
2,230 |
|
|
12,335 |
|
|
9,009 |
|
|||||
| Total stock-based compensation expense | $ |
9,289 |
|
$ |
8,338 |
|
$ |
7,503 |
|
$ |
35,076 |
|
$ |
28,528 |
|
|||||
| Cost of revenues includes: | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ |
147 |
|
$ |
147 |
|
$ |
482 |
|
$ |
1,034 |
|
$ |
1,928 |
|
|||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| REVENUE MIX BY END MARKET | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Communications |
|
13 |
% |
|
12 |
% |
|
27 |
% |
|
12 |
% |
|
29 |
% |
|||||
| Computer |
|
15 |
% |
|
14 |
% |
|
9 |
% |
|
14 |
% |
|
12 |
% |
|||||
| Consumer |
|
37 |
% |
|
38 |
% |
|
29 |
% |
|
39 |
% |
|
27 |
% |
|||||
| Industrial |
|
35 |
% |
|
36 |
% |
|
35 |
% |
|
35 |
% |
|
32 |
% |
|||||
| POWER INTEGRATIONS, INC. | |||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||
| GAAP gross profit | $ |
57,267 |
|
$ |
63,171 |
|
$ |
46,208 |
|
$ |
224,751 |
|
$ |
228,956 |
|
||||||
| GAAP gross margin |
|
54.4 |
% |
|
54.5 |
% |
|
51.6 |
% |
|
53.6 |
% |
|
51.5 |
% |
||||||
| Stock-based compensation included in cost of revenues |
|
541 |
|
|
496 |
|
|
499 |
|
|
2,090 |
|
|
1,692 |
|
||||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
147 |
|
|
482 |
|
|
1,034 |
|
|
1,928 |
|
||||||
| Non-GAAP gross profit | $ |
57,955 |
|
$ |
63,814 |
|
$ |
47,189 |
|
$ |
227,875 |
|
$ |
232,576 |
|
||||||
| Non-GAAP gross margin |
|
55.1 |
% |
|
55.1 |
% |
|
52.7 |
% |
|
54.4 |
% |
|
52.3 |
% |
||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| GAAP operating expenses | $ |
53,348 |
|
$ |
51,589 |
|
$ |
47,259 |
|
$ |
206,822 |
|
$ |
193,897 |
|
||||||
| Less:Stock-based compensation expense included in operating expenses | |||||||||||||||||||||
| Research and development |
|
3,280 |
|
|
2,997 |
|
|
2,947 |
|
|
12,587 |
|
|
10,939 |
|
||||||
| Sales and marketing |
|
2,074 |
|
|
1,876 |
|
|
1,827 |
|
|
8,064 |
|
|
6,888 |
|
||||||
| General and administrative |
|
3,394 |
|
|
2,969 |
|
|
2,230 |
|
|
12,335 |
|
|
9,009 |
|
||||||
| Total |
|
8,748 |
|
|
7,842 |
|
|
7,004 |
|
|
32,986 |
|
|
26,836 |
|
||||||
| Non-GAAP operating expenses | $ |
44,600 |
|
$ |
43,747 |
|
$ |
40,255 |
|
$ |
173,836 |
|
$ |
167,061 |
|
||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| GAAP income (loss) from operations | $ |
3,919 |
|
$ |
11,582 |
|
$ |
(1,051 |
) |
$ |
17,929 |
|
$ |
35,059 |
|
||||||
| GAAP operating margin |
|
3.7 |
% |
|
10.0 |
% |
|
-1.2 |
% |
|
4.3 |
% |
|
7.9 |
% |
||||||
| Add:Total stock-based compensation |
|
9,289 |
|
|
8,338 |
|
|
7,503 |
|
|
35,076 |
|
|
28,528 |
|
||||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
147 |
|
|
482 |
|
|
1,034 |
|
|
1,928 |
|
||||||
| Non-GAAP income from operations | $ |
13,355 |
|
$ |
20,067 |
|
$ |
6,934 |
|
$ |
54,039 |
|
$ |
65,515 |
|
||||||
| Non-GAAP operating margin |
|
12.7 |
% |
|
17.3 |
% |
|
7.7 |
% |
|
12.9 |
% |
|
14.7 |
% |
||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| GAAP provision (benefit) for income taxes | $ |
(1,837 |
) |
$ |
41 |
|
$ |
(12,040 |
) |
$ |
(1,480 |
) |
$ |
(9,828 |
) |
||||||
| GAAP effective tax rate |
|
-25.2 |
% |
|
0.3 |
% |
|
-539.7 |
% |
|
-4.8 |
% |
|
-21.4 |
% |
||||||
| Tax effect of adjustments to GAAP results |
|
(1,366 |
) |
|
(160 |
) |
|
(9,556 |
) |
|
(2,153 |
) |
|
(11,653 |
) |
||||||
| Non-GAAP provision (benefit) for income taxes | $ |
(471 |
) |
$ |
201 |
|
$ |
(2,484 |
) |
$ |
673 |
|
$ |
1,825 |
|
||||||
| Non-GAAP effective tax rate |
|
-2.8 |
% |
|
0.9 |
% |
|
-24.3 |
% |
|
1.0 |
% |
|
2.4 |
% |
||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| GAAP net income | $ |
9,140 |
|
$ |
14,291 |
|
$ |
14,271 |
|
$ |
32,234 |
|
$ |
55,735 |
|
||||||
| Adjustments to GAAP net income | |||||||||||||||||||||
| Stock-based compensation |
|
9,289 |
|
|
8,338 |
|
|
7,503 |
|
|
35,076 |
|
|
28,528 |
|
||||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
147 |
|
|
482 |
|
|
1,034 |
|
|
1,928 |
|
||||||
| Tax effect of items excluded from non-GAAP results |
|
(1,366 |
) |
|
(160 |
) |
|
(9,556 |
) |
|
(2,153 |
) |
|
(11,653 |
) |
||||||
| Non-GAAP net income | $ |
17,210 |
|
$ |
22,616 |
|
$ |
12,700 |
|
$ |
66,191 |
|
$ |
74,538 |
|
||||||
| Average shares outstanding for calculation | |||||||||||||||||||||
| of non-GAAP net income per share (diluted) |
|
57,097 |
|
|
57,004 |
|
|
57,272 |
|
|
57,130 |
|
|
57,622 |
|
||||||
| Non-GAAP net income per share (diluted) | $ |
0.30 |
|
$ |
0.40 |
|
$ |
0.22 |
|
$ |
1.16 |
|
$ |
1.29 |
|
||||||
| GAAP net income per share (diluted) | $ |
0.16 |
|
$ |
0.25 |
|
$ |
0.25 |
|
$ |
0.56 |
|
$ |
0.97 |
|
||||||
| POWER INTEGRATIONS, INC. | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | $ |
50,972 |
|
$ |
58,469 |
$ |
63,929 |
|
||||
| Short-term marketable securities |
|
249,023 |
|
|
245,282 |
|
247,640 |
|
||||
| Accounts receivable, net |
|
27,172 |
|
|
16,634 |
|
14,674 |
|
||||
| Inventories |
|
165,612 |
|
|
167,680 |
|
163,164 |
|
||||
| Prepaid expenses and other current assets |
|
21,260 |
|
|
19,821 |
|
22,193 |
|
||||
| Total current assets |
|
514,039 |
|
|
507,886 |
|
511,600 |
|
||||
| PROPERTY AND EQUIPMENT, net |
|
149,562 |
|
|
153,313 |
|
164,213 |
|
||||
| INTANGIBLE ASSETS, net |
|
8,075 |
|
|
8,283 |
|
4,424 |
|
||||
| GOODWILL |
|
95,271 |
|
|
95,271 |
|
91,849 |
|
||||
| DEFERRED TAX ASSETS |
|
36,485 |
|
|
36,393 |
|
28,325 |
|
||||
| OTHER ASSETS |
|
25,394 |
|
|
23,845 |
|
19,457 |
|
||||
| Total assets | $ |
828,826 |
|
$ |
824,991 |
$ |
819,868 |
|
||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Accounts payable | $ |
29,789 |
|
$ |
27,091 |
$ |
26,390 |
|
||||
| Accrued payroll and related expenses |
|
13,987 |
|
|
13,337 |
|
13,551 |
|
||||
| Taxes payable |
|
961 |
|
|
1,063 |
|
1,016 |
|
||||
| Other accrued liabilities |
|
10,580 |
|
|
9,267 |
|
7,910 |
|
||||
| Total current liabilities |
|
55,317 |
|
|
50,758 |
|
48,867 |
|
||||
| LONG-TERM LIABILITIES: | ||||||||||||
| Income taxes payable |
|
3,871 |
|
|
6,351 |
|
6,244 |
|
||||
| Other liabilities |
|
19,866 |
|
|
18,669 |
|
12,516 |
|
||||
| Total liabilities |
|
79,054 |
|
|
75,778 |
|
67,627 |
|
||||
| STOCKHOLDERS' EQUITY: | ||||||||||||
| Common stock |
|
22 |
|
|
22 |
|
23 |
|
||||
| Additional paid-in capital |
|
18,734 |
|
|
11,347 |
|
- |
|
||||
| Accumulated other comprehensive income (loss) |
|
(3,023 |
) |
|
1,008 |
|
(1,462 |
) |
||||
| Retained earnings |
|
734,039 |
|
|
736,836 |
|
753,680 |
|
||||
| Total stockholders' equity |
|
749,772 |
|
|
749,213 |
|
752,241 |
|
||||
| Total liabilities and stockholders' equity | $ |
828,826 |
|
$ |
824,991 |
$ |
819,868 |
|
||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ |
9,140 |
|
$ |
14,291 |
|
$ |
14,271 |
|
$ |
32,234 |
|
$ |
55,735 |
|
|||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation |
|
7,743 |
|
|
8,454 |
|
|
8,887 |
|
|
33,303 |
|
|
35,203 |
|
|||||
| Amortization of intangible assets |
|
208 |
|
|
208 |
|
|
543 |
|
|
1,279 |
|
|
2,173 |
|
|||||
| Loss on disposal of property and equipment |
|
24 |
|
|
208 |
|
|
14 |
|
|
240 |
|
|
100 |
|
|||||
| Stock-based compensation expense |
|
9,289 |
|
|
8,338 |
|
|
7,503 |
|
|
35,076 |
|
|
28,528 |
|
|||||
| Accretion of discount on marketable securities |
|
(385 |
) |
|
(343 |
) |
|
(497 |
) |
|
(1,637 |
) |
|
(351 |
) |
|||||
| Deferred income taxes |
|
336 |
|
|
(5,206 |
) |
|
705 |
|
|
(8,352 |
) |
|
(9,247 |
) |
|||||
| Increase (decrease) in accounts receivable allowance for credit losses |
|
214 |
|
|
(785 |
) |
|
- |
|
|
(245 |
) |
|
(454 |
) |
|||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable |
|
(10,752 |
) |
|
523 |
|
|
13,865 |
|
|
(12,253 |
) |
|
6,616 |
|
|||||
| Inventories |
|
2,068 |
|
|
2,204 |
|
|
(12,918 |
) |
|
(2,448 |
) |
|
(27,744 |
) |
|||||
| Prepaid expenses and other assets |
|
(1,613 |
) |
|
3,542 |
|
|
(346 |
) |
|
4,001 |
|
|
(1,183 |
) |
|||||
| Accounts payable |
|
1,540 |
|
|
2,031 |
|
|
(2,553 |
) |
|
3,454 |
|
|
(5,435 |
) |
|||||
| Taxes payable and other accrued liabilities |
|
(3,086 |
) |
|
(546 |
) |
|
(13,207 |
) |
|
(3,471 |
) |
|
(18,182 |
) |
|||||
| Net cash provided by operating activities |
|
14,726 |
|
|
32,919 |
|
|
16,267 |
|
|
81,181 |
|
|
65,759 |
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment |
|
(3,045 |
) |
|
(5,731 |
) |
|
(6,143 |
) |
|
(17,286 |
) |
|
(20,884 |
) |
|||||
| Purchases of marketable securities |
|
(8,135 |
) |
|
(19,751 |
) |
|
(18,196 |
) |
|
(105,716 |
) |
|
(191,211 |
) |
|||||
| Proceeds from sales and maturities of marketable securities |
|
2,796 |
|
|
18,414 |
|
|
36,045 |
|
|
106,602 |
|
|
197,942 |
|
|||||
| Acquisition |
|
- |
|
|
(9,520 |
) |
|
- |
|
|
(9,520 |
) |
|
- |
|
|||||
| Net cash provided by (used in) investing activities |
|
(8,384 |
) |
|
(16,588 |
) |
|
11,706 |
|
|
(25,920 |
) |
|
(14,153 |
) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Net proceeds from issuance of common stock |
|
- |
|
|
3,009 |
|
|
- |
|
|
5,700 |
|
|
6,237 |
|
|||||
| Repurchase of common stock |
|
(1,902 |
) |
|
- |
|
|
(47,444 |
) |
|
(27,881 |
) |
|
(55,278 |
) |
|||||
| Payments of dividends to stockholders |
|
(11,937 |
) |
|
(11,364 |
) |
|
(11,343 |
) |
|
(46,037 |
) |
|
(44,008 |
) |
|||||
| Net cash used in financing activities |
|
(13,839 |
) |
|
(8,355 |
) |
|
(58,787 |
) |
|
(68,218 |
) |
|
(93,049 |
) |
|||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(7,497 |
) |
|
7,976 |
|
|
(30,814 |
) |
|
(12,957 |
) |
|
(41,443 |
) |
|||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
58,469 |
|
|
50,493 |
|
|
94,743 |
|
|
63,929 |
|
|
105,372 |
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ |
50,972 |
|
$ |
58,469 |
|
$ |
63,929 |
|
$ |
50,972 |
|
$ |
63,929 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250206282925/en/
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
Source: Power Integrations, Inc.
FAQ
What were Power Integrations (POWI) Q4 2024 earnings per share?
How much did POWI's revenue grow in Q4 2024 compared to Q4 2023?
What is POWI's revenue guidance for Q1 2025?
How much cash did POWI generate from operations in 2024?
What is POWI's current quarterly dividend payment?
