Power Integrations Files 2024 10-K

Ticker: POWI · Form: 10-K · Filed: Feb 7, 2025 · CIK: 833640

Power Integrations INC 10-K Filing Summary
FieldDetail
CompanyPower Integrations INC (POWI)
Form Type10-K
Filed DateFeb 7, 2025
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1.5 billion, $4 billion, $19 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, semiconductors

TL;DR

POWI 2024 10-K is in! Full financials and biz details for the year ending Dec 31, 2024.

AI Summary

Power Integrations Inc. filed its 2024 10-K on February 7, 2025, reporting on its fiscal year ending December 31, 2024. The company, based in San Jose, CA, operates in the semiconductors and related devices industry. The filing details financial performance and business operations for the period, with specific financial data and disclosures available within the extensive document.

Why It Matters

This 10-K filing provides a comprehensive overview of Power Integrations' financial health and strategic direction for the fiscal year 2024, crucial for investors and analysts assessing the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond those typical for a publicly traded company in the semiconductor industry.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Power Integrations Inc. as indicated by its SIC code?

Power Integrations Inc. is classified under SIC code 3674, which corresponds to Semiconductors & Related Devices.

Where is Power Integrations Inc. headquartered?

Power Integrations Inc. is headquartered in San Jose, CA, with its business address listed as 5245 Hellyer Ave, San Jose, CA 95138.

What is the filing date of this 10-K report?

This 10-K report was filed as of February 7, 2025.

What fiscal year does this 10-K report cover?

This 10-K report covers the fiscal year ending December 31, 2024.

What is the Central Index Key (CIK) for Power Integrations Inc.?

The Central Index Key for Power Integrations Inc. is 0000833640.

Filing Stats: 4,402 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2025-02-07 16:10:39

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 23 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 23 ITEM 4. MINE SAFETY DISCLOSURES 24 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25 ITEM 6. [RESERVED] 26 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 36 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 66 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 66 ITEM 9B. OTHER INFORMATION 68 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 68 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 69 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 69 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 69 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 69 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 70 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 71 ITEM 16. FORM 10-K SUMMARY 79

SIGNATURES

SIGNATURES 80 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K includes a number of forward-looking statements that involve many risks and uncertainties. Forward-looking statements are identified by the use of the words "would," "could," "will," "may," "expect," "believe," "should," "anticipate," "if," "future," "intend," "plan," "estimate," "potential," "target," "seek" or "continue" and similar words and phrases, including the negatives of these terms, or other variations of these terms, that denote future events. These statements reflect our current views with respect to future events and our potential financial performance and are subject to risks and uncertainties that could cause our actual results and financial position to differ materially and/or adversely from what is projected or implied in any forward-looking statements included in this Form 10-K. These factors include, but are not limited to: if demand for our products declines in our major end markets, our net revenues will decline; we do not have long-term contracts with any of our customers and if they fail to place orders for our products, or if they cancel or reschedule orders, our operating results and our business may suffer; our products are sold through distributors, which limits our direct interaction with our end customers, therefore reducing our ability to forecast sales and increasing the complexity of our business; if our products do not penetrate additional markets, our business will not grow as we expect; intense competition in the high-voltage power supply industry may lead to a decrease in our average selling price and reduced sales volume of our products; we depend on third-party suppliers to provide us with wafers for our products, and if they fail to provide us sufficient quantities of wafers, our business may suffer; if we are unable to adequately protect or enforce our intellectual property rights, we could lose market

Business

Item 1. Business. Overview We design, develop and market analog and mixed-signal integrated circuits ("ICs") and other electronic components and circuitry used in high-voltage power conversion. Our products are used in power converters that convert electricity from a high-voltage source to the type of power required for a specified downstream use. In most cases, this conversion entails, among other functions, converting alternating current ("AC") to direct current ("DC") or vice versa, reducing or increasing the voltage, and regulating the output voltage and/or current according to the customer's specifications. A large percentage of our products are ICs used in AC-DC power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices. Power supplies incorporating our products are used with all manner of electronic products including appliances, industrial controls, mobile devices such as smartphones, tablets and notebook computers, electronic utility meters, battery-powered tools, and "home-automation," or "internet of things" applications such as networked thermostats, power strips and security devices. Variations of our power-supply ICs are used for high-voltage power conversion in electric vehicles ("EVs"). We also supply high-voltage LED drivers, which are AC-DC ICs specifically designed for lighting applications that utilize light-emitting diodes, and motor-driver ICs for brushless DC ("BLDC") motors used in consumer appliances, HVAC systems, ceiling fans and a variety of industrial applications. We also offer high-voltage gate drivers—either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry—used to operate high-voltage switches such as insulated-gate bipolar transistors ("IGBTs") and silicon-carbide ("SiC") MOSFETs. These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing