Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number 000-23441 POWER INTEGRATIONS, INC. (Exact name of registrant as specified in its charter) | Delaware | ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Power Integrations designs and markets high-voltage power conversion ICs, expanding market penetration and SAM through a fabless model - The company designs and sells ICs for high-voltage power conversion, used in applications like AC-DC power supplies, LED drivers, motor drivers, and high-voltage gate drivers for industrial and EV markets[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Growth strategy focuses on increasing penetration and expanding the Served Available Market (SAM) from **$1.5 billion** in 2010 to over **$4 billion**, driven by new products for higher-power applications and EVs[21](index=21&type=chunk)[23](index=23&type=chunk) - The company utilizes a fabless manufacturing model, contracting with foundries like Lapis, Epson, and X-FAB for wafer production and independent subcontractors for assembly and testing[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) Net Sales by End Market (2019-2021) | End Market | 2021 | 2020 | 2019 | | :------------- | :---- | :---- | :---- | | Communications | 30% | 30% | 26% | | Computer | 10% | 7% | 5% | | Consumer | 32% | 33% | 35% | | Industrial | 28% | 30% | 34% | - As of December 31, 2021, the company employed **773** full-time personnel, with **47%** in North America and **53%** offshore[74](index=74&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from supply chain dependence, customer concentration, foreign exchange, and costly IP litigation - The COVID-19 pandemic poses a significant risk, with potential to disrupt manufacturing, R&D, and sales activities, and to reduce end-customer demand[98](index=98&type=chunk) - The company depends on third-party suppliers (Epson, Lapis, X-FAB) for wafers, with disruptions potentially taking 12 to 24 months to qualify alternate sources[101](index=101&type=chunk) - A significant portion of revenue comes from a small number of customers, primarily distributors, with the top ten accounting for **78%** of net revenues in 2021[105](index=105&type=chunk)[106](index=106&type=chunk) - International sales represent a substantial portion of revenue (**98%** in 2021), exposing the company to risks such as tariffs, trade barriers, and foreign currency fluctuations[110](index=110&type=chunk) - The company is engaged in costly litigation to enforce its intellectual property rights, with expenses expected to remain material and adverse outcomes potentially causing substantial damages[129](index=129&type=chunk)[131](index=131&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[146](index=146&type=chunk) [Properties](index=36&type=section&id=Item%202.%20Properties) Power Integrations owns its principal executive offices and R&D facilities, and leases various administrative and sales offices globally - The company owns its main facilities in San Jose, CA, as well as facilities in New Jersey, Germany, and Switzerland[147](index=147&type=chunk) - Leased facilities include administrative offices in Singapore, R&D centers in Canada, the UK, the Philippines, and Malaysia, and various sales offices worldwide[147](index=147&type=chunk) [Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ongoing patent litigation, including cases with Opticurrent, LLC and CogniPower LLC - The company is engaged in multiple patent infringement lawsuits with Opticurrent, LLC, with one case resulting in a reduced damages award of **$1.2 million**, currently under appeal[363](index=363&type=chunk) - The company has filed a complaint against CogniPower LLC for patent infringement and intervened in a lawsuit CogniPower filed against its customers, currently stayed pending inter partes review[366](index=366&type=chunk) - The company states it cannot estimate a loss or range of loss for these ongoing litigations, but adverse outcomes could have a material adverse effect on its business[368](index=368&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[151](index=151&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq, with significant stock repurchase programs authorized by the board - Common stock trades on the Nasdaq Global Select Market under the symbol "POWI"[153](index=153&type=chunk) - As of December 31, 2021, **$67.3 million** was available for stock repurchases, fully utilized in January 2022, with an additional **$100.0 million** authorized for future repurchases[154](index=154&type=chunk) Stock Repurchases in Q4 2021 | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :------------------------------ | :------------------------------- | :--------------------------- | | Oct 1, 2021 to Oct 31, 2021 | - | - | | Nov 1, 2021 to Nov 30, 2021 | 12,314 | $99.63 | | Dec 1, 2021 to Dec 31, 2021 | 410,991 | $88.92 | | **Total** | **423,305** | | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, net revenues grew **44%** to **$703.3 million**, driven by strong demand and market share gains, with increased gross margin and cash from operations Financial Performance (2019-2021) | Metric (in millions) | 2021 | 2020 | 2019 | | :------------------- | :------- | :------- | :------- | | Net Revenues | $703.3 | $488.3 | $420.7 | | Gross Profit | $360.6 | $243.6 | $213.4 | | Gross Margin | 51.3% | 49.9% | 50.7% | | Income from Operations | $175.1 | $70.5 | $217.0 | | Net Income | $164.4 | $71.2 | $193.5 | - The 2021 revenue increase of **$215.0 million** was attributed to strong industry demand and market share gains, partly due to superior product availability and designs requiring fewer external components during widespread shortages[163](index=163&type=chunk) - The company's revenue recognition policy for distributors involves estimating variable consideration for 'ship and debit' price adjustments and stock rotation rights, with the reserve for ship and debit claims increasing by **$15.2 million** in 2021 due to higher distributor inventory levels[177](index=177&type=chunk) - The company ended 2021 with **$530.4 million** in cash, cash equivalents, and short-term marketable securities and working capital of **$614.5 million**, with an unused **$75.0 million** revolving line of credit[192](index=192&type=chunk)[193](index=193&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate risk on investments and foreign currency exchange risk, particularly USD/JPY fluctuations impacting gross margin - Interest rate risk is related to the company's investment portfolio, with a hypothetical **10%** change in interest rates from December 31, 2021, levels not having a material impact on the portfolio's fair market value[224](index=224&type=chunk) - Foreign currency risk exists from cash held in Swiss francs and euros, where a **5%** change in the USD exchange rate against these currencies would impact pretax income by approximately **$104,000** as of year-end 2021[225](index=225&type=chunk)[226](index=226&type=chunk) - A significant risk comes from wafer supply agreements with Japanese suppliers, where a **10%** change in the USD/JPY exchange rate is estimated to change the company's gross margin by about **1.0%**[229](index=229&type=chunk) [Financial Statements and Supplementary Data](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2021, with an unqualified opinion from Deloitte & Touche LLP - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the consolidated financial statements and on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[232](index=232&type=chunk)[233](index=233&type=chunk) Consolidated Balance Sheet Highlights (December 31, 2021 vs 2020) | (In thousands) | Dec 31, 2021 | Dec 31, 2020 | | :----------------------------- | :----------- | :----------- | | **Total Assets** | **$1,014,487** | **$903,339** | | Cash and cash equivalents | $158,117 | $258,874 | | Short-term marketable securities | $372,235 | $190,318 | | Inventories | $99,266 | $102,878 | | **Total Liabilities** | **$102,455** | **$92,928** | | **Total Stockholders' Equity** | **$912,032** | **$810,411** | Consolidated Statement of Income Highlights (Year Ended Dec 31) | (In thousands, except per share) | 2021 | 2020 | 2019 | | :------------------------------- | :--------- | :-------- | :--------- | | Net Revenues | $703,277 | $488,318 | $420,669 | | Gross Profit | $360,639 | $243,590 | $213,402 | | Income from Operations | $175,058 | $70,487 | $217,022 | | Net Income | $164,413 | $71,176 | $193,468 | | Diluted EPS | $2.67 | $1.17 | $3.24 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=106&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports that this item is not applicable - Not applicable[376](index=376&type=chunk) [Controls and Procedures](index=106&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, a finding concurred by the independent auditor - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[376](index=376&type=chunk) - Based on the COSO 2013 framework, management assessed internal control over financial reporting and concluded it was effective as of December 31, 2021[379](index=379&type=chunk) - The independent registered public accounting firm, Deloitte & Touche LLP, audited and issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[380](index=380&type=chunk)[384](index=384&type=chunk) [Other Information](index=110&type=section&id=Item%209B.%20Other%20Information) The Compensation Committee approved 2022 performance-based incentive plans (PSU and PRSU) and new base salaries for executive officers - The 2022 Performance-based Incentive Plan (PSU Plan) was approved, with payouts based on achieving targets for net revenue (**40%** weighting), non-GAAP operating income (**30%**), and strategic goals (**30%**)[392](index=392&type=chunk)[394](index=394&type=chunk) - The 2022 Long-term Performance-Based Incentive Plan (PRSU Plan) was approved, with vesting based on the company's three-year (2022-2024) compound annual revenue growth rate relative to a specified analog semiconductor industry index[402](index=402&type=chunk) 2022 Executive Officer Salaries | Executive Officer | Title | 2022 Salary | | :------------------ | :-------------------------------- | :---------- | | Balu Balakrishnan | President and Chief Executive Officer | $695,000 | | Sandeep Nayyar | Chief Financial Officer | $430,000 | | Radu Barsan | Vice President, Technology | $400,000 | | David "Mike" Matthews | Vice President, Product Development | $365,000 | Part III [Directors, Executive Officers and Corporate Governance](index=115&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, audit committee, and code of ethics is incorporated by reference from the forthcoming 2022 proxy statement - Biographical information for executive officers is provided in Part I, Item 1 of this report[410](index=410&type=chunk) - All other information required by this item, including details on directors, the audit committee, and the code of ethics, is incorporated by reference from the forthcoming 2022 Proxy Statement[410](index=410&type=chunk) [Executive Compensation](index=115&type=section&id=Item%2011.%20Executive%20Compensation) All information related to executive and director compensation is incorporated by reference from the company's definitive 2022 proxy statement - Details regarding the compensation of named executive officers and directors are incorporated by reference from the 2022 Proxy Statement[411](index=411&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=115&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership and equity compensation plans is incorporated by reference from the company's definitive 2022 proxy statement - Information on security ownership and equity compensation plans is incorporated by reference from the 2022 Proxy Statement[414](index=414&type=chunk)[415](index=415&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=115&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning certain relationships, related party transactions, and director independence is incorporated by reference from the company's definitive 2022 proxy statement - Details on related transactions and director independence are incorporated by reference from the 2022 Proxy Statement[416](index=416&type=chunk) [Principal Accounting Fees and Services](index=115&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding the fees paid to and services provided by the principal independent registered public accounting firm is incorporated by reference from the company's definitive 2022 proxy statement - Information on principal auditor fees and services is incorporated by reference from the 2022 Proxy Statement[417](index=417&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=117&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed as part of the Form 10-K report, including corporate governance documents, compensation plans, material contracts, and certifications - The financial statements are included in Item 8, and Schedule II (Valuation and Qualifying Accounts) is also included in Item 8[421](index=421&type=chunk) - Exhibits filed include corporate governance documents, management compensation plans, material contracts (including wafer supply agreements with Lapis, Epson, and X-FAB), and required CEO/CFO certifications[420](index=420&type=chunk)[423](index=423&type=chunk) [Form 10-K Summary](index=131&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that a Form 10-K summary is not provided - Not provided[437](index=437&type=chunk)

Power Integrations Inc. (NASDAQ:POWI) Q4 2021 Earnings Conference Call February 3, 2022 4:30 PM ET Company Participants Joe Shiffler – Director-Investor Relations Balu Balakrishnan – President and Chief Executive Officer Sandeep Nayyar – VP of Finance & Chief Financial Officer Conference Call Participants Karl Ackerman - Cowen & Company Ross Seymore - Deutsche Bank David Williams - The Benchmark Company Tore Svanberg - Stifel Gus Richard - Northland Christopher Rolland - Susquehanna Disclaimer*: This transc ...

wer ations™ Power Integrations, Inc. Nasdaq: POWI Qj October 2021 ac-dc converters led drivers gate driver: Forward-Looking Statements/Non-GAAP Metrics These slides accompany an oral presentation by Power Integrations, Inc., which contains forward-looking statements. Each statement relating to events that will or may occur in the future is a forward-looking statement. The Company's actual results may differ materially from those suggested in the presentation. Information concerning factors that could cause ...

Power Integrations, Inc. (NASDAQ:POWI) Q3 2021 Earnings Conference Call October 28, 2021 4:30 PM ET Company Participants Joe Shiffler – Director-Investor Relations Balu Balakrishnan – President and Chief Executive Officer Sandeep Nayyar – Chief Financial Officer Conference Call Participants Karl Ackerman – Cowen Ross Seymore – Deutsche Bank Christopher Rolland – Susquehanna Tore Svanberg – Stifel Gus Richard – Northland David Williams – The Benchmark Company Operator Good afternoon. My name is Brent and I w ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited condensed consolidated financial statements for the period ended September 30, 2021, demonstrate significant growth in revenues, profitability, and total assets, reflecting a robust financial position [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets increased to **$1.005 billion** from **$903.3 million** at year-end 2020, with stockholders' equity rising to **$908.4 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $703,347 | $601,232 | | **Total assets** | $1,004,990 | $903,339 | | **Total current liabilities** | $66,062 | $62,526 | | **Total liabilities** | $96,634 | $92,928 | | **Total stockholders' equity** | $908,356 | $810,411 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The company reported significant year-over-year growth in Q3 2021, with net revenues increasing **46.0%** to **$176.8 million** and net income surging **183.6%** to **$42.0 million** Q3 Financial Performance (in thousands, except EPS) | Metric | Q3 2021 | Q3 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $176,776 | $121,129 | +46.0% | | Gross Profit | $91,739 | $59,569 | +54.0% | | Income from Operations | $45,592 | $14,741 | +209.3% | | Net Income | $42,034 | $14,820 | +183.6% | | Diluted EPS | $0.69 | $0.24 | +187.5% | Nine Months Financial Performance (in thousands, except EPS) | Metric | Nine Months 2021 | Nine Months 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $530,623 | $337,625 | +57.2% | | Gross Profit | $267,463 | $169,585 | +57.7% | | Income from Operations | $130,754 | $42,760 | +205.8% | | Net Income | $123,713 | $43,898 | +181.8% | | Diluted EPS | $2.01 | $0.72 | +179.2% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash from operating activities more than doubled to **$183.7 million**, while investing and financing activities used **$128.1 million** and **$52.0 million**, respectively Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $183,705 | $79,273 | | Net cash used in investing activities | ($128,137) | ($14,478) | | Net cash used in financing activities | ($52,007) | ($11,471) | | **Net increase in cash and cash equivalents** | **$3,561** | **$53,324** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, financial components, high customer concentration, ongoing legal proceedings, and capital return programs including increased dividends and stock repurchases - The top ten customers accounted for approximately **79%** of net revenues for the nine months ended September 30, 2021, up from **56%** in the same period of 2020[58](index=58&type=chunk) Customers Representing >10% of Net Revenues | Customer | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Avnet | 27% | 18% | 29% | 14% | | Honestar Technologies Co., Ltd. | 15% | 14% | 17% | * | Geographic Net Revenues for Nine Months Ended Sep 30 (in thousands) | Region | 2021 | 2020 | | :--- | :--- | :--- | | Hong Kong/China | $344,790 | $202,642 | | Korea | $43,702 | $29,762 | | Western Europe (excl. Germany) | $27,268 | $25,565 | | Germany | $24,064 | $17,169 | | Taiwan | $20,432 | $17,811 | | Other | $70,167 | $52,715 | | **Total** | **$530,623** | **$337,625** | - The company repurchased approximately **455,000 shares** for **$36.2 million** in the first nine months of 2021, with an additional **$50.0 million** authorized for repurchases in October 2021[71](index=71&type=chunk) - The quarterly cash dividend was raised to **$0.13 per share** for 2021 and further increased to **$0.15 per share** for Q4 2021 and all of 2022[73](index=73&type=chunk) - The company is involved in ongoing patent infringement lawsuits with Opticurrent, LLC and CogniPower LLC, but is currently unable to estimate a loss or range of loss[88](index=88&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q3 2021 revenue growth to robust demand and market-share gains, with improved gross margin and a strong liquidity position, while continuing R&D investments and capital returns despite minor COVID-19 supply chain disruptions [Overview and Strategy](index=28&type=section&id=Overview%20and%20Strategy) The company designs and markets high-voltage power conversion ICs, pursuing a growth strategy focused on increasing penetration in existing markets and expanding its total addressable market into new applications like automotive EVs and GaN technologies - The company's growth strategy focuses on increasing penetration of its served markets and expanding its addressable market[104](index=104&type=chunk) - The company has expanded its served available market (SAM) from approximately **$1.5 billion** to over **$4 billion** through new product introductions, acquisitions, and targeting new applications like electric vehicles (EVs)[107](index=107&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Net revenues grew **46%** year-over-year in Q3 2021, driven by strong demand and market share gains, with gross margin improving to **51.9%** due to favorable end-market mix and manufacturing efficiencies Revenue Mix by End Market | End Market | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Communications | 25% | 32% | 33% | 28% | | Computer | 11% | 9% | 9% | 6% | | Consumer | 34% | 31% | 31% | 34% | | Industrial | 30% | 28% | 27% | 32% | - Gross margin increased in Q3 2021 to **51.9%** from **49.2%** in Q3 2020, primarily due to a favorable end-market mix and manufacturing efficiencies[129](index=129&type=chunk) - R&D expenses increased slightly in Q3 2021 due to higher salary expenses from increased headcount and higher stock-based compensation[130](index=130&type=chunk) - Sales & Marketing expenses increased in Q3 2021 primarily due to higher commission expenses driven by increased sales[131](index=131&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$548.9 million** in cash and marketable securities, generating **$183.7 million** from operations and utilizing **$36.2 million** for stock repurchases and **$23.5 million** for dividends in the first nine months of 2021 - As of September 30, 2021, the company had **$548.9 million** in cash, cash equivalents, and short-term marketable securities[136](index=136&type=chunk) - The company has an undrawn **$75.0 million** revolving line of credit, extended to June 7, 2026[137](index=137&type=chunk)[144](index=144&type=chunk) - In the first nine months of 2021, the company used **$36.2 million** to repurchase common stock and **$23.5 million** to pay dividends[142](index=142&type=chunk) - As of September 30, 2021, **$55.1 million** remained under the stock repurchase program, with an additional **$50.0 million** authorized in October 2021[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include interest rate fluctuations affecting its investment portfolio and foreign currency exchange risk, particularly concerning the Japanese yen due to wafer supply agreements - The company's investment portfolio is subject to interest rate risk, but a **10%** change in rates would not have a material impact on the portfolio's fair market value[159](index=159&type=chunk) - The company's gross margin is influenced by the U.S. dollar to Japanese yen exchange rate, with a **10%** change in the exchange rate resulting in an approximate **1.0%** change in gross margin[162](index=162&type=chunk)[164](index=164&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[166](index=166&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[167](index=167&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing patent infringement litigation, including multiple lawsuits by Opticurrent, LLC and a case with CogniPower LLC, vigorously defending itself without current ability to estimate potential loss - The company is defending against several patent infringement lawsuits filed by Opticurrent, LLC in various U.S. District Courts[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The company is also involved in litigation with CogniPower LLC regarding patent infringement claims, currently stayed pending inter partes review (IPR) proceedings at the U.S. Patent and Trademark Office[91](index=91&type=chunk)[94](index=94&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) Risk factors have not changed substantively from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020 - Risk factors have not changed substantively from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[169](index=169&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2021, the company repurchased **120,002 shares** for **$81.54 per share**, with **$55.1 million** remaining under the repurchase program as of September 30, 2021, and an additional **$50.0 million** authorized in October 2021 Issuer Purchases of Equity Securities (Q3 2021) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining (In millions) | | :--- | :--- | :--- | :--- | | July 1-31, 2021 | 120,002 | $81.54 | $55.1 | | August 1-31, 2021 | — | — | $55.1 | | Sept 1-30, 2021 | — | — | $55.1 | | **Total** | **120,002** | | | - In the nine months ended September 30, 2021, the company repurchased a total of approximately **455,000 shares** for **$36.2 million**[171](index=171&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files

Power Integrations, Inc. (NASDAQ:POWI) Q2 2021 Earnings Conference Call July 29, 2021 4:30 AM ET Company Participants Joe Shiffler - Director-Investor Relations Balu Balakrishnan - President & Chief Executive Officer Sandeep Nayyar - Chief Financial Officer Conference Call Participants Ross Seymore - Deutsche Bank Christopher Rolland - SIG Tore Svanberg - Stifel Gus Richard - Northland Capital Karl Ackerman – Cowen Operator Welcome to the Power Integrations Second Quarter Earnings Call. At this time, all pa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number 000-23441 POWER INTEGRATIONS, INC. (Exact name of registrant as specified in its charter) | Delaware | ...

Power Integrations, Inc. (NASDAQ:POWI) Q1 2021 Earnings Conference Call April 29, 2021 4:30 PM ET Company Participants Joe Shiffler – Director-Investor Relations Balu Balakrishnan – President and Chief Executive Officer Sandeep Nayyar – Chief Financial Officer Conference Call Participants Karl Ackerman – Cowen Tore Svanberg – Stifel Ross Seymore – Deutsche Bank David Williams – Loop Capital Gus Richard – Northland Capital Joe Shiffler All right. Good afternoon, everyone. Sorry for the delay. There were some ...

IS™ g Magic Strip Power Integrations, Inc. Nasdaq: POWI o ු 0 (3) April 2021 ac-dc converters led drivers Forward-Looking Statements/Non-GAAP Metrics These slides accompany an oral presentation by Power Integrations, Inc., which contains forward-looking statements. Each statement relating to events that will or may occur in the future is a forward-looking statement. The Company's actual 2 results may differ materially from those suggested in the presentation. Information concerning factors that could cause ...