Power Integrations Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Power Integrations Inc. filed its Q1 2024 10-Q, detailing financial performance and balance sheet information.</b>

AI Summary

POWER INTEGRATIONS INC (POWI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Filed a 10-Q report for the quarterly period ended March 31, 2024. The filing includes financial data for the periods January 1, 2024 to March 31, 2024, and January 1, 2023 to March 31, 2023. Key balance sheet accounts such as Common Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed as of March 31, 2024, and prior periods. Includes data on Restricted Stock Units, Performance Based Awards, and Long Term Performance Based Units as of December 31, 2023. Segment data for Revenue from Contract with Customer and Accounts Receivable are provided for Q1 2024 and Q1 2023 across various regions and distribution channels.

Why It Matters

For investors and stakeholders tracking POWER INTEGRATIONS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot, crucial for assessing the company's current performance and financial health. The detailed segment and regional data allows for a deeper understanding of revenue drivers and geographical performance trends.

Risk Assessment

Risk Level: low — POWER INTEGRATIONS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks beyond typical business operations.

Analyst Insight

Monitor future 10-Q filings for trends in revenue growth, profitability, and segment performance to inform investment decisions.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• Q1'24 — Quarterly Period (Form 10-Q)

Key Players & Entities

• POWER INTEGRATIONS INC (company) — Filer name
• 0000833640 (company) — Central Index Key
• 3674 (company) — Standard Industrial Classification
• CA (company) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed as of Date
• 4084149200 (company) — Business Phone
• POWI (company) — Ticker Symbol

FAQ

Industry Context

Power Integrations Inc. operates in the semiconductors industry, specifically focusing on power management integrated circuits.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue trends by segment and geography to understand business drivers.
3. Compare Q1 2024 performance against Q1 2023 to identify year-over-year changes.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported for this period.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• powi-20240331x10q.htm (10-Q) — 1468KB
• powi-20240331xex10d1.htm (EX-10.1) — 30KB
• powi-20240331xex31d1.htm (EX-31.1) — 14KB
• powi-20240331xex31d2.htm (EX-31.2) — 14KB
• powi-20240331xex32d1.htm (EX-32.1) — 9KB
• powi-20240331xex32d2.htm (EX-32.2) — 9KB
• 0000833640-24-000107.txt (&nbsp;) — 6991KB
• powi-20240331.xsd (EX-101.SCH) — 40KB
• powi-20240331_cal.xml (EX-101.CAL) — 52KB
• powi-20240331_def.xml (EX-101.DEF) — 125KB
• powi-20240331_lab.xml (EX-101.LAB) — 360KB
• powi-20240331_pre.xml (EX-101.PRE) — 257KB
• powi-20240331x10q_htm.xml (XML) — 1500KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 4 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 34 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q. These factors include, but are not limited to: if demand for our products continues to decline in our major end markets, our net revenues will decline further; we do not have long-term contracts with any of our customers and if they fail to place, or if they cancel or reschedule orders for our products, 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 p

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS POWER INTEGRATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (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 INCOME TAXES PAYABLE 6,193 6,244 OTHER LIABILITIES 11,870 12,516 Total liabilities 67,598 67,627 COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13) 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 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents POWER INTEGRATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (In thousands, except per share amounts) 2024 2023 NET REVENUES $ 91,688 $ 106,297 COST OF REVENUES 43,908 52,340 GROSS PROFIT 47,780 53,957 OPERATING EXPENSES: Research and development 23,225 23,981 Sales and marketing 15,722 15,885 General and administrative 8,3

View Full Filing

View this 10-Q filing on SEC EDGAR