Power Integrations Q2'24 Financials Filed

TL;DR

POWI Q2'24 10-Q filed. Balance sheet details out.

AI Summary

Power Integrations Inc. reported its financial results for the quarter ending June 30, 2024. The company's filing details its balance sheet items, including common stock, retained earnings, and additional paid-in capital as of various dates in 2023 and 2024. Specific dollar amounts for these accounts are provided within the filing.

Why It Matters

This filing provides investors with the latest financial snapshot of Power Integrations, crucial for understanding the company's financial health and performance trends.

Risk Assessment

Risk Level: low — This is a routine financial filing (10-Q) that provides updated financial statements and disclosures.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided snippet, but the filing covers the period ending June 30, 2024.)
• N/A — Net Income (Specific net income figures are not detailed in the provided snippet, but the filing covers the period ending June 30, 2024.)

Key Players & Entities

• Power Integrations Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Filing Documents

• powi-20240630x10q.htm (10-Q) — 1899KB
• powi-20240630xex31d1.htm (EX-31.1) — 14KB
• powi-20240630xex31d2.htm (EX-31.2) — 14KB
• powi-20240630xex32d1.htm (EX-32.1) — 9KB
• powi-20240630xex32d2.htm (EX-32.2) — 9KB
• 0000833640-24-000147.txt ( ) — 8212KB
• powi-20240630.xsd (EX-101.SCH) — 41KB
• powi-20240630_cal.xml (EX-101.CAL) — 52KB
• powi-20240630_def.xml (EX-101.DEF) — 130KB
• powi-20240630_lab.xml (EX-101.LAB) — 366KB
• powi-20240630_pre.xml (EX-101.PRE) — 263KB
• powi-20240630x10q_htm.xml (XML) — 1937KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 4 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 35 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) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 50,493 $ 63,929 Short-term marketable securities 239,985 247,640 Accounts receivable, net 16,372 14,674 Inventories 169,884 163,164 Prepaid expenses and other current assets 23,102 22,193 Total current assets 499,836 511,600 PROPERTY AND EQUIPMENT, net 153,785 164,213 INTANGIBLE ASSETS, net 3,561 4,424 GOODWILL 91,849 91,849 DEFERRED TAX ASSETS 31,640 28,325 OTHER ASSETS 24,089 19,457 Total assets $ 804,760 $ 819,868 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 24,831 $ 26,390 Accrued payroll and related expenses 13,596 13,551 Taxes payable 827 1,016 Other accrued liabilities 10,970 7,910 Total current liabilities 50,224 48,867 LONG-TERM INCOME TAXES PAYABLE 6,237 6,244 OTHER LIABILITIES 17,557 12,516 Total liabilities 74,018 67,627 COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13) STOCKHOLDERS' EQUITY: Common stock 22 23 Additional paid-in capital — — Accumulated other comprehensive loss ( 3,189 ) ( 1,462 ) Retained earnings 733,909 753,680 Total stockholders' equity 730,742 752,241 Total liabilities and stockholders' equity $ 804,760 $ 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 Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 NET REVENUES $ 106,198 $ 123,223 $ 197,886 $ 229,520 COST OF REVENUES 49,665 60,377 93,573 112,717 GROSS PROFIT 56,533 62,846 104,313 116,803 OPERATING EXPENSES: Resea

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View this 10-Q filing on SEC EDGAR