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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Power Integrations Inc | NASDAQ:POWI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.38 | 0.50% | 76.01 | 30.36 | 121.40 | 76.97 | 74.97 | 75.94 | 755,472 | 01:00:00 |
Quarterly revenues were $91.7 million; GAAP earnings were $0.07 per diluted share; non-GAAP earnings were $0.18 per diluted share
Power Integrations (NASDAQ: POWI) today announced financial results for the quarter ended March 31, 2024. Net revenues for the first quarter were $91.7 million, up two percent from the prior quarter and down 14 percent from the first quarter of 2023. GAAP net income for the first quarter was $4.0 million or $0.07 per diluted share compared to $0.25 per diluted share in the prior quarter and $0.12 per diluted share in the first quarter of 2023. Cash flow from operations for the first quarter was $15.9 million.
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 first quarter of 2024 was $10.5 million or $0.18 per diluted share compared to $0.22 per diluted share in the prior quarter and $0.25 per diluted share in the first quarter of 2023. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Orders have improved in recent months as supply-chain inventories continue to normalize. We expect sequentially higher revenues in the second quarter, accompanied by a further increase in gross margin driven by the dollar/yen exchange rate and higher manufacturing utilization.”
Mr. Balakrishnan continued: “We further advanced the state of the art in power-conversion technology in the first quarter with the introduction of InnoMux™-2. The new ICs provide multiple, independently regulated DC outputs, eliminating the need for separate DC-DC stages and greatly increasing efficiency. The efficiency of InnoMux-2 is further enhanced by our PowiGaN™ transistors, bringing total system efficiency to more than 90 percent. Meanwhile, our acquisition of the assets of Odyssey Semiconductor augments our efforts to develop high-current GaN and bring the benefits of GaN technology to much higher-power applications.”
Additional Highlights
Financial Outlook
The company issued the following forecast for the second quarter of 2024:
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. Members of the investment community can register for the call by visiting the following link: https://registrations.events/direct/Q4I245880. A live webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.
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 second-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, InnoMux, 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 March 31, 2024 December 31, 2023 March 31, 2023 NET REVENUES$
91,688
$
89,507
$
106,297
COST OF REVENUES
43,908
43,299
52,340
GROSS PROFIT
47,780
46,208
53,957
OPERATING EXPENSES: Research and development
23,225
23,505
23,981
Sales and marketing
15,722
15,472
15,885
General and administrative
8,363
8,282
8,334
Total operating expenses
47,310
47,259
48,200
INCOME (LOSS) FROM OPERATIONS
470
(1,051
)
5,757
OTHER INCOME
3,502
3,282
1,714
INCOME BEFORE INCOME TAXES
3,972
2,231
7,471
PROVISION (BENEFIT) FOR INCOME TAXES
18
(12,040
)
596
NET INCOME
$
3,954
$
14,271
$
6,875
EARNINGS PER SHARE: Basic
$
0.07
$
0.25
$
0.12
Diluted
$
0.07
$
0.25
$
0.12
SHARES USED IN PER-SHARE CALCULATION: Basic
56,833
56,937
57,105
Diluted
57,132
57,272
57,579
SUPPLEMENTAL INFORMATION: Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Stock-based compensation expenses included in: Cost of revenues
$
346
$
499
$
301
Research and development
2,425
2,947
2,668
Sales and marketing
1,604
1,827
1,653
General and administrative
2,039
2,230
2,746
Total stock-based compensation expense
$
6,414
$
7,503
$
7,368
Cost of revenues includes: Amortization of acquisition-related intangible assets
$
482
$
482
$
482
Three Months Ended REVENUE MIX BY END MARKET March 31, 2024 December 31, 2023 March 31, 2023 Communications
11
%
27
%
28
%
Computer
11
%
9
%
14
%
Consumer
41
%
29
%
24
%
Industrial
37
%
35
%
34
%
POWER INTEGRATIONS, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS (in thousands, except per-share amounts) Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 RECONCILIATION OF GROSS PROFIT GAAP gross profit$
47,780
$
46,208
$
53,957
GAAP gross margin
52.1
%
51.6
%
50.8
%
Stock-based compensation included in cost of revenues
346
499
301
Amortization of acquisition-related intangible assets
482
482
482
Non-GAAP gross profit
$
48,608
$
47,189
$
54,740
Non-GAAP gross margin
53.0
%
52.7
%
51.5
%
Three Months Ended RECONCILIATION OF OPERATING EXPENSES March 31, 2024 December 31, 2023 March 31, 2023 GAAP operating expenses$
47,310
$
47,259
$
48,200
Less: Stock-based compensation expense included in operating expenses Research and development
2,425
2,947
2,668
Sales and marketing
1,604
1,827
1,653
General and administrative
2,039
2,230
2,746
Total
6,068
7,004
7,067
Non-GAAP operating expenses
$
41,242
$
40,255
$
41,133
Three Months Ended RECONCILIATION OF INCOME FROM OPERATIONS March 31, 2024 December 31, 2023 March 31, 2023 GAAP income (loss) from operations
$
470
$
(1,051
)
$
5,757
GAAP operating margin
0.5
%
-1.2
%
5.4
%
Add: Stock-based compensation
6,414
7,503
7,368
Amortization of acquisition-related intangible assets
482
482
482
Non-GAAP income from operations
$
7,366
$
6,934
$
13,607
Non-GAAP operating margin
8.0
%
7.7
%
12.8
%
Three Months Ended RECONCILIATION OF PROVISION FOR INCOME TAXES March 31, 2024 December 31, 2023 March 31, 2023 GAAP provision (benefit) for income taxes$
18
$
(12,040
)
$
596
GAAP effective tax rate
0.5
%
-539.7
%
8.0
%
Tax effect of adjustments to GAAP results
(358
)
(9,556
)
(501
)
Non-GAAP provision (benefit) for income taxes$
376
$
(2,484
)
$
1,097
Non-GAAP effective tax rate
3.5
%
-24.3
%
7.2
%
Three Months Ended RECONCILIATION OF NET INCOME PER SHARE (DILUTED) March 31, 2024 December 31, 2023 March 31, 2023 GAAP net income$
3,954
$
14,271
$
6,875
Adjustments to GAAP net income Stock-based compensation
6,414
7,503
7,368
Amortization of acquisition-related intangible assets
482
482
482
Tax effect of items excluded from non-GAAP results
(358
)
(9,556
)
(501
)
Non-GAAP net income$
10,492
$
12,700
$
14,224
Average shares outstanding for calculation of non-GAAP net income per share (diluted)
57,132
57,272
57,579
Non-GAAP net income per share (diluted)
$
0.18
$
0.22
$
0.25
GAAP net income per share (diluted)
$
0.07
$
0.25
$
0.12
POWER INTEGRATIONS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents
$
56,443
$
63,929
Short-term marketable securities
243,163
247,640
Accounts receivable, net
12,279
14,674
Inventories
167,865
163,164
Prepaid expenses and other current assets
22,714
22,193
Total current assets
502,464
511,600
PROPERTY AND EQUIPMENT, net
159,945
164,213
INTANGIBLE ASSETS, net
3,881
4,424
GOODWILL
91,849
91,849
DEFERRED TAX ASSETS
29,654
28,325
OTHER ASSETS
17,983
19,457
Total assets
$
805,776
$
819,868
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable
$
27,361
$
26,390
Accrued payroll and related expenses
11,822
13,551
Taxes payable
878
1,016
Other accrued liabilities
9,474
7,910
Total current liabilities
49,535
48,867
LONG-TERM LIABILITIES: Income taxes payable
6,193
6,244
Other liabilities
11,870
12,516
Total liabilities
67,598
67,627
STOCKHOLDERS' EQUITY: Common stock
22
23
Additional paid-in capital
-
-
Accumulated other comprehensive loss
(2,559
)
(1,462
)
Retained earnings
740,715
753,680
Total stockholders' equity
738,178
752,241
Total liabilities and stockholders' equity
$
805,776
$
819,868
POWER INTEGRATIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$
3,954
$
14,271
$
6,875
Adjustments to reconcile net income to cash provided by operating activities Depreciation
8,715
8,887
8,961
Amortization of intangible assets
543
543
543
Loss on disposal of property and equipment
8
14
7
Stock-based compensation expense
6,414
7,503
7,368
Amortization of premium (accretion of discount) on marketable securities
(496
)
(497
)
404
Deferred income taxes
(1,330
)
705
(738
)
Increase (decrease) in accounts receivable allowance for credit losses
163
-
(454
)
Change in operating assets and liabilities: Accounts receivable
2,232
13,865
705
Inventories
(4,701
)
(12,918
)
(7,024
)
Prepaid expenses and other assets
846
(346
)
(2,302
)
Accounts payable
1,294
(2,553
)
2,926
Taxes payable and other accrued liabilities
(1,737
)
(13,207
)
(686
)
Net cash provided by operating activities
15,905
16,267
16,585
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment
(4,343
)
(6,143
)
(4,082
)
Purchases of marketable securities
(49,912
)
(18,196
)
(36,922
)
Proceeds from sales and maturities of marketable securities
54,198
36,045
22,693
Net cash provided by (used in) investing activities
(57
)
11,706
(18,311
)
CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from issuance of common stock
2,691
-
3,098
Repurchase of common stock
(14,641
)
(47,444
)
(1,687
)
Payments of dividends to stockholders
(11,384
)
(11,343
)
(10,868
)
Net cash used in financing activities
(23,334
)
(58,787
)
(9,457
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(7,486
)
(30,814
)
(11,183
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
63,929
94,743
105,372
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
56,443
$
63,929
$
94,189
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507489900/en/
Joe Shiffler Power Integrations, Inc. (408) 414-8528 joe@power.com
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