Power Integrations Reports Second-Quarter Financial Results
Power Integrations (NASDAQ: POWI) reported its Q2 2024 financial results. Net revenues were $106.2 million, up 16% from the previous quarter but down 14% year-over-year. GAAP net income was $4.8 million or $0.09 per diluted share, while non-GAAP net income was $15.9 million or $0.28 per diluted share. The company expects Q3 2024 revenues of $115 million ±$5 million and improved gross margins.
Key highlights include the completion of Odyssey Semiconductor Technologies asset acquisition, stock repurchases of 164,000 shares for $11.3 million, and a dividend payment of $0.20 per share. Despite soft demand and visibility, POWI anticipates sequential growth in Q3 driven by lower distributor inventories and new design wins.
Power Integrations (NASDAQ: POWI) ha riportato i risultati finanziari del secondo trimestre 2024. I ricavi netti sono stati di 106,2 milioni di dollari, in aumento del 16% rispetto al trimestre precedente, ma in calo del 14% rispetto all'anno precedente. Il reddito netto GAAP è stato di 4,8 milioni di dollari, pari a 0,09 dollari per azione diluita, mentre il reddito netto non-GAAP è stato di 15,9 milioni di dollari, pari a 0,28 dollari per azione diluita. L'azienda prevede ricavi per il terzo trimestre 2024 di 115 milioni di dollari ± 5 milioni e margini lordi migliorati.
Tra i punti salienti vi sono il completamento dell'acquisizione degli attivi di Odyssey Semiconductor Technologies, il riacquisto di azioni per 164.000 azioni per un totale di 11,3 milioni di dollari e il pagamento di un dividendo di 0,20 dollari per azione. Nonostante la domanda debole e la visibilità limitata, POWI prevede una crescita sequenziale nel terzo trimestre grazie alla diminuzione delle scorte dei distributori e nuove vittorie nel design.
Power Integrations (NASDAQ: POWI) informó sobre sus resultados financieros del segundo trimestre de 2024. Los ingresos netos fueron de 106,2 millones de dólares, un aumento del 16% respecto al trimestre anterior, pero una disminución del 14% en comparación con el año anterior. La ganancia neta GAAP fue de 4,8 millones de dólares, o 0,09 dólares por acción diluida, mientras que la ganancia neta no-GAAP fue de 15,9 millones de dólares, o 0,28 dólares por acción diluida. La compañía espera ingresos de 115 millones de dólares ± 5 millones para el tercer trimestre de 2024 y márgenes brutos mejorados.
Entre los aspectos destacados se incluye la finalización de la adquisición de activos de Odyssey Semiconductor Technologies, la recompra de 164.000 acciones por 11,3 millones de dólares y el pago de un dividendo de 0,20 dólares por acción. A pesar de la débil demanda y la visibilidad reducida, POWI anticipa un crecimiento secuencial en el tercer trimestre impulsado por menores inventarios de distribuidores y nuevas victorias en diseño.
파워 인티그레이션스(Power Integrations, NASDAQ: POWI)는 2024년 2분기 재무 실적을 발표했습니다. 순매출은 1억 620만 달러로, 이전 분기 대비 16% 증가했으나 전년 동기 대비 14% 감소했습니다. GAAP 기준 순이익은 480만 달러로, 희석 주당 0.09달러였고, 비 GAAP 기준 순이익은 1590만 달러로, 희석 주당 0.28달러였습니다. 회사는 2024년 3분기 매출이 1억 1500만 달러 ± 500만 달러일 것으로 예상하며, 총 마진이 개선될 것으로 보입니다.
주요 사항으로는 오디세이 반도체 기술(ODYSSEY Semiconductor Technologies) 자산 인수 완료, 16만 4000주를 1130만 달러에 자사주 매입, 주당 0.20달러의 배당금 지급이 포함됩니다. 수요가 저조하고 가시성이 낮은 상황에서도 POWI는 재고 감소 및 새로운 디자인 수주에 힘입어 3분기 연속 성장을 예상하고 있습니다.
Power Integrations (NASDAQ: POWI) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les revenus nets se sont élevés à 106,2 millions de dollars, en hausse de 16 % par rapport au trimestre précédent, mais en baisse de 14 % par rapport à l'année précédente. Le résultat net GAAP était de 4,8 millions de dollars, soit 0,09 dollar par action diluée, tandis que le résultat net non-GAAP était de 15,9 millions de dollars, soit 0,28 dollar par action diluée. L'entreprise prévoit des revenus de 115 millions de dollars ± 5 millions pour le troisième trimestre 2024 et une amélioration des marges brutes.
Les faits marquants incluent l'achèvement de l'acquisition d'actifs de Odyssey Semiconductor Technologies, le rachat de 164 000 actions pour 11,3 millions de dollars et un paiement de dividende de 0,20 dollar par action. Malgré une demande faible et une visibilité limitée, POWI anticipe une croissance séquentielle au troisième trimestre, soutenue par une réduction des stocks des distributeurs et de nouvelles victoires en matière de conception.
Power Integrations (NASDAQ: POWI) hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht. Die Nettoumsätze beliefen sich auf 106,2 Millionen Dollar, was einem Anstieg von 16 % gegenüber dem vorherigen Quartal, aber einem Rückgang von 14 % im Vergleich zum Vorjahr entspricht. Der GAAP-Nettoeinkommen betrug 4,8 Millionen Dollar oder 0,09 Dollar pro verwässerter Aktie, während das nicht-GAAP-Nettoeinkommen 15,9 Millionen Dollar oder 0,28 Dollar pro verwässerter Aktie betrug. Das Unternehmen erwartet für das dritte Quartal 2024 Umsätze von 115 Millionen Dollar ± 5 Millionen und verbesserte Bruttomargen.
Zu den wichtigsten Punkten gehören der Abschluss der Übernahme von Vermögenswerten der Odyssey Semiconductor Technologies, die Rückkäufe von 164.000 Aktien für 11,3 Millionen Dollar und eine Dividendenzahlung von 0,20 Dollar pro Aktie. Trotz schwacher Nachfrage und eingeschränkter Sichtbarkeit geht POWI von einem sequenziellen Wachstum im dritten Quartal aus, das durch niedrigere Lagerbestände der Vertriebsunternehmen und neue Designgewinne angetrieben wird.
- Q2 revenues increased 16% quarter-over-quarter to $106.2 million
- Non-GAAP earnings per diluted share rose to $0.28 from $0.18 in the previous quarter
- Q3 2024 revenue guidance of $115 million ±$5 million, indicating further growth
- Expected increase in gross margin for Q3 2024
- Completed acquisition of Odyssey Semiconductor Technologies assets to enhance GaN technology development
- Q2 revenues decreased 14% year-over-year
- GAAP net income declined to $0.09 per diluted share from $0.26 in Q2 2023
- Non-GAAP earnings per diluted share decreased from $0.36 in Q2 2023 to $0.28 in Q2 2024
- Soft demand and visibility in the market
Insights
Power Integrations' Q2 2024 results show a mixed performance. While revenues increased
The company's outlook for Q3 2024 suggests cautious optimism, with expected revenues of
However, the mention of soft demand and visibility raises concerns about the broader market conditions affecting the semiconductor industry. Investors should closely monitor the company's ability to capitalize on new design wins and manage inventory levels in the coming quarters.
The semiconductor industry is facing challenges, as evidenced by Power Integrations' year-over-year revenue decline. However, the sequential growth and positive Q3 outlook suggest a potential market stabilization. The company's focus on GaN technology through the Odyssey Semiconductor acquisition aligns with the industry trend towards more efficient power solutions.
The lower distributor inventories mentioned could indicate improving supply chain dynamics or increasing demand. This, coupled with new design wins, might lead to stronger performance in upcoming quarters. However, the soft demand and visibility highlight ongoing market uncertainties that could impact future growth.
Investors should consider the broader economic factors affecting the semiconductor industry, such as global trade tensions and potential shifts in consumer electronics demand, when evaluating Power Integrations' long-term prospects.
Quarterly revenues were
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 second quarter of 2024 was
Stated Balu Balakrishnan, chairman and CEO of Power Integrations: “Second-quarter revenues rebounded as expected, and while demand continues to be soft and visibility is limited, we expect another sequential increase in the third quarter driven by lower distributor inventories and new design wins. We also expect a further increase in our gross margin driven by the favorable dollar/yen exchange rate and higher manufacturing volumes.”
Additional Highlights
- On July 1, 2024, Power Integrations completed its acquisition of the assets of Odyssey Semiconductor Technologies. The transaction is intended to augment the company’s development of high-power gallium-nitride (GaN) switching technology.
-
During the second quarter Power Integrations repurchased 164 thousand shares of its common stock for
$11.3 million -
Power Integrations paid a dividend of
$0.20 $0.20
Financial Outlook
The company issued the following forecast for the third quarter of 2024:
-
Revenues are expected to be
$115 million $5 million - GAAP gross margin is expected to be between 53.5 percent and 54.0 percent; non-GAAP gross margin is expected to be between 54.5 percent and 55.0 percent. The difference between GAAP and non-GAAP gross margins is approximately equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
-
GAAP operating expenses are expected to be between
$53.5 million $54 million $44.5 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 access the telephonic conference call by clicking here.
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 third-quarter financial performance 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 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 | Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| NET REVENUES | $ |
106,198 |
|
$ |
91,688 |
|
$ |
123,223 |
|
$ |
197,886 |
|
$ |
229,520 |
|
|||||
| COST OF REVENUES |
|
49,665 |
|
|
43,908 |
|
|
60,377 |
|
|
93,573 |
|
|
112,717 |
|
|||||
| GROSS PROFIT |
|
56,533 |
|
|
47,780 |
|
|
62,846 |
|
|
104,313 |
|
|
116,803 |
|
|||||
| OPERATING EXPENSES: | ||||||||||||||||||||
| Research and development |
|
26,047 |
|
|
23,225 |
|
|
24,517 |
|
|
49,272 |
|
|
48,498 |
|
|||||
| Sales and marketing |
|
18,053 |
|
|
15,722 |
|
|
17,017 |
|
|
33,775 |
|
|
32,902 |
|
|||||
| General and administrative |
|
10,475 |
|
|
8,363 |
|
|
8,671 |
|
|
18,838 |
|
|
17,005 |
|
|||||
| Total operating expenses |
|
54,575 |
|
|
47,310 |
|
|
50,205 |
|
|
101,885 |
|
|
98,405 |
|
|||||
| INCOME FROM OPERATIONS |
|
1,958 |
|
|
470 |
|
|
12,641 |
|
|
2,428 |
|
|
18,398 |
|
|||||
| OTHER INCOME |
|
3,189 |
|
|
3,502 |
|
|
2,714 |
|
|
6,691 |
|
|
4,428 |
|
|||||
| INCOME BEFORE INCOME TAXES |
|
5,147 |
|
|
3,972 |
|
|
15,355 |
|
|
9,119 |
|
|
22,826 |
|
|||||
| PROVISION FOR INCOME TAXES |
|
298 |
|
|
18 |
|
|
562 |
|
|
316 |
|
|
1,158 |
|
|||||
| NET INCOME | $ |
4,849 |
|
$ |
3,954 |
|
$ |
14,793 |
|
$ |
8,803 |
|
$ |
21,668 |
|
|||||
| EARNINGS PER SHARE: | ||||||||||||||||||||
| Basic | $ |
0.09 |
|
$ |
0.07 |
|
$ |
0.26 |
|
$ |
0.15 |
|
$ |
0.38 |
|
|||||
| Diluted | $ |
0.09 |
|
$ |
0.07 |
|
$ |
0.26 |
|
$ |
0.15 |
|
$ |
0.38 |
|
|||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||||||
| Basic |
|
56,780 |
|
|
56,833 |
|
|
57,355 |
|
|
56,807 |
|
|
57,231 |
|
|||||
| Diluted |
|
56,984 |
|
|
57,132 |
|
|
57,669 |
|
|
57,104 |
|
|
57,654 |
|
|||||
| SUPPLEMENTAL INFORMATION: | Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Stock-based compensation expenses included in: | ||||||||||||||||||||
| Cost of revenues | $ |
707 |
|
$ |
346 |
|
$ |
446 |
|
$ |
1,053 |
|
$ |
747 |
|
|||||
| Research and development |
|
3,885 |
|
|
2,425 |
|
|
2,429 |
|
|
6,310 |
|
|
5,097 |
|
|||||
| Sales and marketing |
|
2,510 |
|
|
1,604 |
|
|
1,621 |
|
|
4,114 |
|
|
3,274 |
|
|||||
| General and administrative |
|
3,933 |
|
|
2,039 |
|
|
2,256 |
|
|
5,972 |
|
|
5,002 |
|
|||||
| Total stock-based compensation expense | $ |
11,035 |
|
$ |
6,414 |
|
$ |
6,752 |
|
$ |
17,449 |
|
$ |
14,120 |
|
|||||
| Cost of revenues includes: | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ |
258 |
|
$ |
482 |
|
$ |
482 |
|
$ |
740 |
|
$ |
964 |
|
|||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| REVENUE MIX BY END MARKET | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| Communications |
|
11 |
% |
|
11 |
% |
|
28 |
% |
|
11 |
% |
|
28 |
% |
|||||
| Computer |
|
14 |
% |
|
11 |
% |
|
14 |
% |
|
13 |
% |
|
14 |
% |
|||||
| Consumer |
|
42 |
% |
|
41 |
% |
|
29 |
% |
|
41 |
% |
|
27 |
% |
|||||
| Industrial |
|
33 |
% |
|
37 |
% |
|
29 |
% |
|
35 |
% |
|
31 |
% |
|||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | ||||||||||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||
| GAAP gross profit | $ |
56,533 |
|
$ |
47,780 |
|
$ |
62,846 |
|
$ |
104,313 |
|
$ |
116,803 |
|
|||||
| GAAP gross margin |
|
53.2 |
% |
|
52.1 |
% |
|
51.0 |
% |
|
52.7 |
% |
|
50.9 |
% |
|||||
| Stock-based compensation included in cost of revenues |
|
707 |
|
|
346 |
|
|
446 |
|
|
1,053 |
|
|
747 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
258 |
|
|
482 |
|
|
482 |
|
|
740 |
|
|
964 |
|
|||||
| Non-GAAP gross profit | $ |
57,498 |
|
$ |
48,608 |
|
$ |
63,774 |
|
$ |
106,106 |
|
$ |
118,514 |
|
|||||
| Non-GAAP gross margin |
|
54.1 |
% |
|
53.0 |
% |
|
51.8 |
% |
|
53.6 |
% |
|
51.6 |
% |
|||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| GAAP operating expenses | $ |
54,575 |
|
$ |
47,310 |
|
$ |
50,205 |
|
$ |
101,885 |
|
$ |
98,405 |
|
|||||
| Less: Stock-based compensation expense included in operating expenses | ||||||||||||||||||||
| Research and development |
|
3,885 |
|
|
2,425 |
|
|
2,429 |
|
|
6,310 |
|
|
5,097 |
|
|||||
| Sales and marketing |
|
2,510 |
|
|
1,604 |
|
|
1,621 |
|
|
4,114 |
|
|
3,274 |
|
|||||
| General and administrative |
|
3,933 |
|
|
2,039 |
|
|
2,256 |
|
|
5,972 |
|
|
5,002 |
|
|||||
| Total |
|
10,328 |
|
|
6,068 |
|
|
6,306 |
|
|
16,396 |
|
|
13,373 |
|
|||||
| Non-GAAP operating expenses | $ |
44,247 |
|
$ |
41,242 |
|
$ |
43,899 |
|
$ |
85,489 |
|
$ |
85,032 |
|
|||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| GAAP income from operations | $ |
1,958 |
|
$ |
470 |
|
$ |
12,641 |
|
$ |
2,428 |
|
$ |
18,398 |
|
|||||
| GAAP operating margin |
|
1.8 |
% |
|
0.5 |
% |
|
10.3 |
% |
|
1.2 |
% |
|
8.0 |
% |
|||||
| Add: Stock-based compensation |
|
11,035 |
|
|
6,414 |
|
|
6,752 |
|
|
17,449 |
|
|
14,120 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
258 |
|
|
482 |
|
|
482 |
|
|
740 |
|
|
964 |
|
|||||
| Non-GAAP income from operations | $ |
13,251 |
|
$ |
7,366 |
|
$ |
19,875 |
|
$ |
20,617 |
|
$ |
33,482 |
|
|||||
| Non-GAAP operating margin |
|
12.5 |
% |
|
8.0 |
% |
|
16.1 |
% |
|
10.4 |
% |
|
14.6 |
% |
|||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| GAAP provision for income taxes | $ |
298 |
|
$ |
18 |
|
$ |
562 |
|
$ |
316 |
|
$ |
1,158 |
|
|||||
| GAAP effective tax rate |
|
5.8 |
% |
|
0.5 |
% |
|
3.7 |
% |
|
3.5 |
% |
|
5.1 |
% |
|||||
| Tax effect of adjustments to GAAP results |
|
(269 |
) |
|
(358 |
) |
|
(1,016 |
) |
|
(627 |
) |
|
(1,517 |
) |
|||||
| Non-GAAP provision for income taxes | $ |
567 |
|
$ |
376 |
|
$ |
1,578 |
|
$ |
943 |
|
$ |
2,675 |
|
|||||
| Non-GAAP effective tax rate |
|
3.4 |
% |
|
3.5 |
% |
|
7.0 |
% |
|
3.5 |
% |
|
7.1 |
% |
|||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| GAAP net income | $ |
4,849 |
|
$ |
3,954 |
|
$ |
14,793 |
|
$ |
8,803 |
|
$ |
21,668 |
|
|||||
| Adjustments to GAAP net income | ||||||||||||||||||||
| Stock-based compensation |
|
11,035 |
|
|
6,414 |
|
|
6,752 |
|
|
17,449 |
|
|
14,120 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
258 |
|
|
482 |
|
|
482 |
|
|
740 |
|
|
964 |
|
|||||
| Tax effect of items excluded from non-GAAP results |
|
(269 |
) |
|
(358 |
) |
|
(1,016 |
) |
|
(627 |
) |
|
(1,517 |
) |
|||||
| Non-GAAP net income | $ |
15,873 |
|
$ |
10,492 |
|
$ |
21,011 |
|
$ |
26,365 |
|
$ |
35,235 |
|
|||||
| Average shares outstanding for calculation of non-GAAP net income per share (diluted) |
|
56,984 |
|
|
57,132 |
|
|
57,669 |
|
|
57,104 |
|
|
57,654 |
|
|||||
| Non-GAAP net income per share (diluted) | $ |
0.28 |
|
$ |
0.18 |
|
$ |
0.36 |
|
$ |
0.46 |
|
$ |
0.61 |
|
|||||
| GAAP net income per share (diluted) | $ |
0.09 |
|
$ |
0.07 |
|
$ |
0.26 |
|
$ |
0.15 |
|
$ |
0.38 |
|
|||||
| POWER INTEGRATIONS, INC. | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | $ |
50,493 |
|
$ |
56,443 |
|
$ |
63,929 |
|
|||
| Short-term marketable securities |
|
239,985 |
|
|
243,163 |
|
|
247,640 |
|
|||
| Accounts receivable, net |
|
16,372 |
|
|
12,279 |
|
|
14,674 |
|
|||
| Inventories |
|
169,884 |
|
|
167,865 |
|
|
163,164 |
|
|||
| Prepaid expenses and other current assets |
|
23,102 |
|
|
22,714 |
|
|
22,193 |
|
|||
| Total current assets |
|
499,836 |
|
|
502,464 |
|
|
511,600 |
|
|||
| PROPERTY AND EQUIPMENT, net |
|
153,785 |
|
|
159,945 |
|
|
164,213 |
|
|||
| INTANGIBLE ASSETS, net |
|
3,561 |
|
|
3,881 |
|
|
4,424 |
|
|||
| GOODWILL |
|
91,849 |
|
|
91,849 |
|
|
91,849 |
|
|||
| DEFERRED TAX ASSETS |
|
31,640 |
|
|
29,654 |
|
|
28,325 |
|
|||
| OTHER ASSETS |
|
24,089 |
|
|
17,983 |
|
|
19,457 |
|
|||
| Total assets | $ |
804,760 |
|
$ |
805,776 |
|
$ |
819,868 |
|
|||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Accounts payable | $ |
24,831 |
|
$ |
27,361 |
|
$ |
26,390 |
|
|||
| Accrued payroll and related expenses |
|
13,596 |
|
|
11,822 |
|
|
13,551 |
|
|||
| Taxes payable |
|
827 |
|
|
878 |
|
|
1,016 |
|
|||
| Other accrued liabilities |
|
10,970 |
|
|
9,474 |
|
|
7,910 |
|
|||
| Total current liabilities |
|
50,224 |
|
|
49,535 |
|
|
48,867 |
|
|||
| LONG-TERM LIABILITIES: | ||||||||||||
| Income taxes payable |
|
6,237 |
|
|
6,193 |
|
|
6,244 |
|
|||
| Other liabilities |
|
17,557 |
|
|
11,870 |
|
|
12,516 |
|
|||
| Total liabilities |
|
74,018 |
|
|
67,598 |
|
|
67,627 |
|
|||
| STOCKHOLDERS' EQUITY: | ||||||||||||
| Common stock |
|
22 |
|
|
22 |
|
|
23 |
|
|||
| Additional paid-in capital |
|
- |
|
|
- |
|
|
- |
|
|||
| Accumulated other comprehensive loss |
|
(3,189 |
) |
|
(2,559 |
) |
|
(1,462 |
) |
|||
| Retained earnings |
|
733,909 |
|
|
740,715 |
|
|
753,680 |
|
|||
| Total stockholders' equity |
|
730,742 |
|
|
738,178 |
|
|
752,241 |
|
|||
| Total liabilities and stockholders' equity | $ |
804,760 |
|
$ |
805,776 |
|
$ |
819,868 |
|
|||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ |
4,849 |
|
$ |
3,954 |
|
$ |
14,793 |
|
$ |
8,803 |
|
$ |
21,668 |
|
|||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation |
|
8,391 |
|
|
8,715 |
|
|
8,692 |
|
|
17,106 |
|
|
17,653 |
|
|||||
| Amortization of intangible assets |
|
320 |
|
|
543 |
|
|
543 |
|
|
863 |
|
|
1,086 |
|
|||||
| Loss on disposal of property and equipment |
|
- |
|
|
8 |
|
|
15 |
|
|
8 |
|
|
22 |
|
|||||
| Stock-based compensation expense |
|
11,035 |
|
|
6,414 |
|
|
6,752 |
|
|
17,449 |
|
|
14,120 |
|
|||||
| Amortization of premium (accretion of discount) on marketable securities |
|
(413 |
) |
|
(496 |
) |
|
15 |
|
|
(909 |
) |
|
419 |
|
|||||
| Deferred income taxes |
|
(2,152 |
) |
|
(1,330 |
) |
|
(2,044 |
) |
|
(3,482 |
) |
|
(2,782 |
) |
|||||
| Increase (decrease) in accounts receivable allowance for credit losses |
|
163 |
|
|
163 |
|
|
- |
|
|
326 |
|
|
(454 |
) |
|||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable |
|
(4,256 |
) |
|
2,232 |
|
|
(11,492 |
) |
|
(2,024 |
) |
|
(10,787 |
) |
|||||
| Inventories |
|
(2,019 |
) |
|
(4,701 |
) |
|
(7,297 |
) |
|
(6,720 |
) |
|
(14,321 |
) |
|||||
| Prepaid expenses and other assets |
|
1,226 |
|
|
846 |
|
|
(4,939 |
) |
|
2,072 |
|
|
(7,241 |
) |
|||||
| Accounts payable |
|
(1,411 |
) |
|
1,294 |
|
|
5,887 |
|
|
(117 |
) |
|
8,813 |
|
|||||
| Taxes payable and other accrued liabilities |
|
1,898 |
|
|
(1,737 |
) |
|
(4,744 |
) |
|
161 |
|
|
(5,430 |
) |
|||||
| Net cash provided by operating activities |
|
17,631 |
|
|
15,905 |
|
|
6,181 |
|
|
33,536 |
|
|
22,766 |
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment |
|
(4,167 |
) |
|
(4,343 |
) |
|
(3,129 |
) |
|
(8,510 |
) |
|
(7,211 |
) |
|||||
| Purchases of marketable securities |
|
(27,918 |
) |
|
(49,912 |
) |
|
(73,888 |
) |
|
(77,830 |
) |
|
(110,810 |
) |
|||||
| Proceeds from sales and maturities of marketable securities |
|
31,194 |
|
|
54,198 |
|
|
75,948 |
|
|
85,392 |
|
|
98,641 |
|
|||||
| Net cash used in investing activities |
|
(891 |
) |
|
(57 |
) |
|
(1,069 |
) |
|
(948 |
) |
|
(19,380 |
) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Net proceeds from issuance of common stock |
|
- |
|
|
2,691 |
|
|
- |
|
|
2,691 |
|
|
3,098 |
|
|||||
| Repurchase of common stock |
|
(11,338 |
) |
|
(14,641 |
) |
|
(4,312 |
) |
|
(25,979 |
) |
|
(5,999 |
) |
|||||
| Payments of dividends to stockholders |
|
(11,352 |
) |
|
(11,384 |
) |
|
(10,893 |
) |
|
(22,736 |
) |
|
(21,761 |
) |
|||||
| Net cash used in financing activities |
|
(22,690 |
) |
|
(23,334 |
) |
|
(15,205 |
) |
|
(46,024 |
) |
|
(24,662 |
) |
|||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
(5,950 |
) |
|
(7,486 |
) |
|
(10,093 |
) |
|
(13,436 |
) |
|
(21,276 |
) |
|||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
56,443 |
|
|
63,929 |
|
|
94,189 |
|
|
63,929 |
|
|
105,372 |
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ |
50,493 |
|
$ |
56,443 |
|
$ |
84,096 |
|
$ |
50,493 |
|
$ |
84,096 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806486746/en/
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
Source: Power Integrations, Inc.
FAQ
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