Power Integrations, Inc. (NASDAQ:POWI) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET Company Participants Joe Shiffler - Director, Investor Relations Balu Balakrishnan - Chairman & Chief Executive Officer Sandeep Nayyar - Chief Financial Officer Conference Call Participants Christopher Rolland - Susquehanna Ross Seymore - Deutsche Bank David Williams - The Benchmark Company Tore Svanberg - Stifel Operator Thank you for standing by. My name is Maria and I will be your conference operator today. ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents unaudited condensed consolidated financial statements for Power Integrations, Inc. as of June 30, 2023, including Balance Sheets, Income, Comprehensive Income, Stockholders' Equity, and Cash Flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $859.5 million by June 30, 2023, driven by inventories and receivables, while cash decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $84,096 | $105,372 | | Inventories | $149,741 | $135,420 | | Total current assets | $550,987 | $525,073 | | Total assets | $859,457 | $840,096 | | **Liabilities & Equity** | | | | Total current liabilities | $64,819 | $58,376 | | Total liabilities | $91,528 | $84,880 | | Total stockholders' equity | $767,929 | $755,216 | | Total liabilities and stockholders' equity | $859,457 | $840,096 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net revenues, gross profit, and net income significantly declined for Q2 and H1 2023, reflecting challenging market conditions Condensed Consolidated Statements of Income (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | **$123,223** | **$183,986** | **$229,520** | **$366,135** | | Gross Profit | $62,846 | $106,843 | $116,803 | $207,518 | | Income from Operations | $12,641 | $60,102 | $18,398 | $111,149 | | **Net Income** | **$14,793** | **$55,824** | **$21,668** | **$102,072** | | Diluted EPS | $0.26 | $0.96 | $0.38 | $1.72 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly decreased to $22.8 million in H1 2023, driven by lower net income and increased inventories Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $22,766 | $141,419 | | Net cash provided by (used in) investing activities | ($19,380) | $78,075 | | Net cash used in financing activities | ($24,662) | ($310,228) | | **Net Decrease in Cash and Cash Equivalents** | **($21,276)** | **($90,734)** | | Cash and cash equivalents at end of period | $84,096 | $67,383 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, financial statement components, including revenue recognition, inventories, stock-based compensation, customer concentration, and legal contingencies - Inventories increased to **$149.7 million** as of June 30, 2023, from **$135.4 million** at the end of 2022, with notable increases in raw materials and work-in-process[29](index=29&type=chunk) - Total stock-based compensation expense was **$6.8 million** for Q2 2023 and **$14.1 million** for H1 2023, up from **$3.7 million** and **$12.7 million** in the respective prior-year periods[45](index=45&type=chunk) - The company is involved in ongoing patent litigation with CogniPower LLC and Waverly Licensing LLC, but is currently unable to estimate a potential loss or range of loss for these cases[82](index=82&type=chunk)[83](index=83&type=chunk)[87](index=87&type=chunk) Top Customer Revenue Concentration | Customer | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Avnet | 25% | 30% | 25% | 31% | | Honestar Technologies Co., Ltd. | 15% | 11% | 14% | 13% | | Salcomp Group | 14% | * | 13% | * | | Flextronics Group | 12% | * | 11% | * | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial performance, attributing revenue decline to macroeconomic headwinds and semiconductor downturn, covering revenue mix, gross margin, operating expenses, liquidity, and capital resources [Overview and Strategy](index=29&type=section&id=Overview%20and%20Strategy) Power Integrations designs high-voltage power-conversion ICs, with a growth strategy focused on penetrating existing markets and expanding SAM through new technologies like GaN and electric vehicles - The company's products are used in AC-DC power supplies, high-voltage LED drivers, motor-driver ICs, and high-voltage gate drivers for industrial and automotive applications[93](index=93&type=chunk)[94](index=94&type=chunk) - Growth strategy is twofold: increase penetration in current markets and expand the Served Available Market (SAM) from its current **~$4 billion** by targeting higher-power applications, new technologies (like GaN), and emerging markets like electric vehicles[96](index=96&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q2 2023 net revenues decreased 33% to $123.2 million, with gross margin contracting to 51.0% due to unfavorable product mix and lower volumes Financial Performance Comparison (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Net Revenues | $123.2M | $184.0M | | Gross Profit | $62.8M | $106.8M | | Gross Margin | 51.0% | 58.1% | | R&D Expenses | $24.5M | $23.5M | | S&M Expenses | $17.0M | $16.0M | | G&A Expenses | $8.7M | $6.1M | - The revenue decrease was primarily driven by reduced demand and elevated inventories in the consumer and industrial end-markets, attributed to macroeconomic factors like inflation, higher interest rates, and a post-pandemic shift in consumer spending[112](index=112&type=chunk) Revenue Mix by End Market | End Market | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Communications | 28% | 18% | | Computer | 14% | 9% | | Consumer | 29% | 38% | | Industrial | 29% | 35% | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$346.3 million** in cash and equivalents, with working capital at **$486.2 million**, and maintained an undrawn **$75.0 million** revolving credit line - The company has a **$75.0 million** revolving line of credit, amended in June 2023 to include SOFR as a benchmark rate and extending to June 7, 2026, with no advances outstanding as of June 30, 2023[129](index=129&type=chunk) - In H1 2023, the company paid **$21.8 million** in dividends and repurchased approximately **80,000 shares** of common stock for **$6.0 million**[134](index=134&type=chunk)[139](index=139&type=chunk) - The board declared a quarterly dividend of **$0.19 per share** for 2023, an increase from **$0.18 per share** in 2022[137](index=137&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No material changes occurred in the company's interest rate or foreign currency exchange risk during the first six months of 2023 - There were no material changes to the company's market risk exposures, including interest rate and foreign currency exchange risk, in the first half of 2023[145](index=145&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[147](index=147&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2023, that would have a material effect[148](index=148&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Refers to Note 12 of the financial statements for details on legal proceedings, including patent infringement lawsuits - The company refers to Note 12 of the financial statements for details on its legal proceedings[149](index=149&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=ITEM%201A.%20RISK%20FACTORS) No substantive changes occurred to the risk factors disclosed in the 2022 Annual Report on Form 10-K - Risk factors have not changed substantively from those disclosed in the 2022 Annual Report on Form 10-K[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q2 2023, the company repurchased approximately **57,000 shares** for **$4.3 million**, with **$75.3 million** remaining under the repurchase program Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining (in millions) | | :--- | :--- | :--- | :--- | | April 2023 | 32,061 | $75.10 | $77.1 | | May 2023 | 25,153 | $75.71 | $75.3 | | June 2023 | — | — | $75.3 | | **Total** | **57,214** | | **$75.3** | [Item 5. Other Information](index=45&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers adopted or terminated Rule 10b5-1 trading plans or other trading arrangements during Q2 2023 - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the second quarter of 2023[152](index=152&type=chunk) [Item 6. Exhibits](index=46&type=section&id=ITEM%206.%20EXHIBITS) Lists exhibits filed with Form 10-Q, including the Third Amendment to the Credit Agreement and CEO/CFO certifications - Key exhibits filed include the Third Amendment to the Credit Agreement and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[154](index=154&type=chunk)

Financial Data and Key Metrics - Q1 revenues were $106 million, in line with guidance and down 15% from the prior quarter [24] - Sell-through exceeded sell-in by $18 million, driving a significant reduction in channel inventories [19] - Bookings were the strongest since Q1 of last year, with March being particularly strong due to post-holiday activity and China's reopening [19] - Gross margin for Q1 was 51.5% on a non-GAAP basis, impacted by unfavorable revenue mix and lower production volumes [39] - Non-GAAP operating expenses were $41.1 million, slightly up from the prior quarter [40] - Non-GAAP earnings were $0.25 per diluted share, and cash flow from operations was $16.6 million [40] - Share repurchases totaled $1.7 million, with $80 million remaining on the authorization at quarter-end [25] Business Line Data and Key Metrics - Industrial and consumer markets declined by 25% and 20%, respectively, in Q1 [24] - High-Power business within the industrial category saw double-digit YoY growth in Q1, following 20% growth last year [9] - Communication category (primarily smartphone chargers) saw slight sequential growth, with channel inventories now slightly below normal levels [10] - Computer category was flat sequentially [10] - Design wins in motor drive, automotive, and GaN technologies are progressing well, with significant opportunities in the EV market [8][35] Market Data and Key Metrics - Smartphone market is leading the recovery, with inventories normalizing faster than other segments [14][20] - Automotive market is expected to be a $1 billion SAM by 2027, with design activity accelerating [35] - Renewable energy continues to drive growth in the High-Power business, with a major design win for utility-scale inverters in Europe [9] - China's reopening contributed to a surge in March bookings, but demand sustainability remains uncertain [72] Company Strategy and Industry Competition - The company is focused on long-term growth, particularly in GaN technology, which is a cornerstone of its strategy [33] - GaN products are differentiated by their integration and cost-performance advantages, with a roadmap to achieve cost parity with silicon within a couple of years [34] - The company is gaining market share during the downturn and expects to emerge stronger [52] - Automotive opportunities are growing rapidly, with a high conversion rate of opportunities into design wins [68] Management Commentary on Operating Environment and Future Outlook - Q1 was the bottom of the cycle, with recovery beginning in Q2, led by the smartphone market [14] - The company expects Q2 revenues of $122 million, plus or minus $5 million, with further reductions in channel inventory [15][41] - Gross margin is expected to improve in Q2 and more significantly in the second half, driven by favorable yen impact, higher production volumes, and improved revenue mix [39][41] - The second half of 2023 is expected to be significantly stronger than the first half, with revenue and margin improvements [23][44] Other Important Information - The company announced the launch of 900-volt GaN products, expanding its offerings for industrial, appliance, and EV markets [8] - Two board members will step down, and Ravi Vig, former CEO of Allegro Micro-Systems, will join the board [37] - Inventory levels are expected to decline steadily over the next several quarters, with a target range of $150-$170 million by year-end [58] Q&A Session Summary Question: Channel inventory burn and normalized revenue levels [27] - Answer: Sell-through exceeded sell-in by $18 million in Q1, and a similar trend is expected in Q2, bringing channel inventories close to normal levels [28] Question: True end demand and market recovery [51] - Answer: The company expects demand to improve, particularly in appliances, but the exact slope of recovery is uncertain [52] Question: Consumer and industrial segment recovery [55] - Answer: Consumer is expected to recover by Q3, while industrial will follow, with high-power business continuing to grow [85] Question: Gross margin improvement drivers [63] - Answer: Weaker yen, higher production volumes, and favorable revenue mix are expected to drive gross margin improvement in the second half [57] Question: Automotive market progress [74] - Answer: Design activity in automotive is accelerating, with a high conversion rate of opportunities into design wins, though significant revenue growth is expected in 2025-2026 [68][69] Question: Geographic trends, particularly in China [72] - Answer: March saw a surge in bookings due to China's reopening, but demand sustainability remains uncertain [72] Question: Normalized revenue range [78] - Answer: The company expects the second half of 2023 to be significantly stronger than the first half, but exact normalized revenue levels are unclear [79][83]

Financial Performance - Net revenues for the three months ended March 31, 2023, were $106.3 million, a decrease of 41.7% compared to $182.1 million for the same period in 2022[12] - Gross profit for the same period was $54.0 million, down 46.3% from $100.7 million year-over-year[12] - Net income for Q1 2023 was $6.9 million, a decline of 85.1% compared to $46.2 million in Q1 2022[12] - Earnings per share (EPS) for Q1 2023 were $0.12, down from $0.78 in Q1 2022[12] - Total operating expenses decreased to $48.2 million in Q1 2023 from $49.6 million in Q1 2022, mainly due to lower stock-based compensation and patent litigation expenses[105] - Gross margin decreased to 50.8% in Q1 2023 from 55.3% in Q1 2022, primarily due to an unfavorable end-market mix and lower manufacturing volume[104][113] Assets and Liabilities - Total current assets increased to $539.2 million as of March 31, 2023, compared to $525.1 million at the end of 2022[11] - Total liabilities rose to $89.1 million as of March 31, 2023, compared to $84.9 million at the end of 2022[11] - Cash and cash equivalents decreased to $94.2 million from $105.4 million at the end of 2022[20] - Total stockholders' equity increased to $762.3 million as of March 31, 2023, from $755.2 million at the end of 2022[11] - Working capital as of March 31, 2023 was $476.1 million, up approximately $9.4 million from $466.7 million as of December 31, 2022[120] Cash Flow - The company reported a net cash provided by operating activities of $16.6 million for Q1 2023, down from $74.6 million in Q1 2022[20] - Operating activities generated $16.6 million of cash in Q1 2023, with net income of $6.9 million[122] - Investing activities resulted in a cash outflow of $18.3 million in Q1 2023, primarily due to $14.2 million for marketable securities purchases[124] - Financing activities in Q1 2023 resulted in a net cash outflow of $9.5 million, including $10.9 million paid in dividends[126] Market and Sales - The company anticipates continued challenges in demand for its products in major end markets, which may impact future revenues[9] - The Company's top ten customers accounted for approximately 78% of net revenues for the three months ended March 31, 2023, compared to 77% in the same period of 2022[56] - Sales to distributors were $66.8 million for the three months ended March 31, 2023, down from $135.7 million in the same period of 2022[56] - The Company's revenue from Hong Kong/China for the three months ended March 31, 2023, was $59.6 million, a decrease of 43.4% from $105.2 million in the same period of 2022[60] - The Company's revenue from Germany for the three months ended March 31, 2023, was $7.5 million, down from $11.5 million in the same period of 2022[60] Inventory and Receivables - Accounts receivable decreased from $78,914 thousand on December 31, 2022, to $68,860 thousand on March 31, 2023, reflecting a reduction of approximately 12.8%[26] - Total inventories increased from $135,420 thousand on December 31, 2022, to $142,444 thousand on March 31, 2023, representing an increase of approximately 5.5%[29] - The total allowance for credit losses decreased from $1,135 thousand at the beginning of the period to $681 thousand at the end of the period, indicating a reduction of approximately 40%[27] - The allowance for credit losses included recoveries collected of $893 thousand in the three months ended March 31, 2023, compared to $325 thousand in the same period of 2022, reflecting an increase of approximately 174%[27] Dividends and Stock Repurchase - The Company declared dividends of $0.19 per share for the three months ended March 31, 2023, compared to $0.18 per share in the same period of 2022[65] - As of March 31, 2023, the Company had $79.6 million remaining under its authorized stock-repurchase program after purchasing 23,000 shares for $1.7 million[64] - The company declared a dividend of $0.19 per share for 2023, with a payout of $10.9 million on March 31, 2023[128] - As of March 31, 2023, the company had $81.3 million remaining under its stock-repurchase program, having repurchased 23,000 shares for $1.7 million in Q1 2023[131] Research and Development - Research and development expenses increased to $24.0 million in Q1 2023 from $23.7 million in Q1 2022, driven by higher product development costs[114] - The company aims to increase market penetration in AC-DC applications with power outputs up to approximately 500 watts and gate-driver applications ranging from a few kilowatts to gigawatts[94] - The company launched PowerPros℠ in 2022, a live online video support service for power-supply designers, available 24/6 globally[96] - The company expects automotive applications to become a significant portion of its SAM over time, with plans to introduce additional EV-targeted products[97] Legal and Tax Matters - The company believes it has strong claims and defenses in ongoing legal proceedings, but the outcomes remain uncertain[82] - The company maintains a valuation allowance on its California and New Jersey deferred tax assets as of March 31, 2023[73] - Provision for income taxes for Q1 2023 was $0.6 million, down from $5.4 million in Q1 2022, with an effective tax rate of 8.0% compared to 10.4% in the prior year[118] - The effective tax rate for the three months ended March 31, 2023, was 8.0%, lower than the 10.4% effective tax rate in the same period of 2022, primarily due to earnings in lower-tax jurisdictions[72] Market Conditions - Net revenues for the three months ended March 31, 2023, were $106.3 million, a decrease from $182.1 million in the same period of 2022, reflecting a decline in demand due to macroeconomic factors and a cyclical downturn in the semiconductor industry[102][109] - Sales to distributors represented 63% of total sales in Q1 2023, down from 75% in Q1 2022[111] - The addressable market (SAM) has expanded from approximately $1.5 billion in 2010 to about $4 billion, driven by new product introductions and market entries[97] - The introduction of gallium-nitride (GaN) transistors in products began in 2019, enhancing energy efficiency and expanding application ranges[98]

Financial Performance - Net revenues for 2022 were $651,138, a decrease of 7.4% from $703,277 in 2021[240]. - Gross profit increased to $366,907 in 2022, compared to $360,639 in 2021, reflecting a gross margin of approximately 56.3%[240]. - Operating expenses totaled $186,495 in 2022, slightly up from $185,581 in 2021, with R&D expenses increasing to $93,894[240]. - Net income for 2022 was $170,851, representing a 3.4% increase from $164,413 in 2021[242]. - Basic earnings per share rose to $2.96 in 2022, compared to $2.73 in 2021, while diluted earnings per share were $2.93[240]. - Total comprehensive income for 2022 was $167,244, compared to $162,839 in 2021[242]. - Total income before income taxes for 2022 was $183.426 million, compared to $176.135 million in 2021, indicating a 4.0% rise[338]. - The effective tax rate for 2022 was 6.9%, slightly higher than 6.7% in 2021, influenced by the geographic distribution of earnings[338]. Assets and Liabilities - Total current assets decreased from $686,815,000 in 2021 to $525,073,000 in 2022, a decline of approximately 23.5%[237]. - Total liabilities decreased from $102,455,000 in 2021 to $84,880,000 in 2022, a reduction of approximately 17.1%[237]. - Total stockholders' equity decreased from $912,032,000 in 2021 to $755,216,000 in 2022, a decline of about 17.2%[237]. - The total fair value of cash equivalents and marketable securities decreased from $484,570 thousand in 2021 to $307,487 thousand in 2022[289]. - The allowance for credit losses increased from $445 thousand in 2021 to $1,135 thousand in 2022, with a provision for credit loss expense of $1,859 thousand[283]. - Total inventory rose significantly from $99,266 thousand in 2021 to $135,420 thousand in 2022, driven by an increase in raw materials from $24,131 thousand to $75,355 thousand[282]. Cash Flow and Investments - Cash flows from operating activities amounted to $215,343 in 2022, down from $230,868 in 2021[246]. - The company reported a net cash decrease of $52,745 in cash and cash equivalents, ending the year with $105,372[246]. - The company held primarily cash equivalents and short-term investments with fixed interest rates as of December 31, 2022[220]. - The weighted average interest rate of investments increased from 0.45% in 2021 to 2.08% in 2022[293]. - The Company repurchased $311,094 worth of common stock in 2022, significantly higher than $73,938 in 2021[246]. - The Company repurchased approximately 3.8 million shares for approximately $311.1 million in 2022, compared to 0.9 million shares for $73.9 million in 2021[325]. Research and Development - Research and development costs are expensed as incurred, reflecting the company's commitment to innovation[276]. - The company introduced a new family of motor-driver ICs in 2018, targeting brushless DC motors for consumer appliances and light commercial applications[1]. Tax and Legal Matters - The provision for income taxes in 2022 was $12,575, compared to $11,722 in 2021[240]. - Total unrecognized tax benefits rose to $23.386 million in 2022, up from $21.363 million in 2021, marking a 9.5% increase[344]. - The Company entered into a binding settlement agreement with Opticurrent, LLC, agreeing to pay $2.9 million to resolve all outstanding legal disputes[354]. - The Company filed a motion to dismiss a complaint from Waverly Licensing LLC, alleging patent infringement, and expects a resolution in the coming months[358]. Stock and Compensation - Total stock-based compensation expense for the year ended December 31, 2022, was approximately $22.36 million, a decrease from $37.61 million in 2021[303]. - The total unrecognized compensation expense related to unvested awards as of December 31, 2022, was $46.91 million[305]. - The fair value of employees' stock purchase rights under the Purchase Plan was estimated at $21.63 for 2022, down from $23.92 in 2021[308]. - Approximately 104,000 shares subject to PSUs granted in 2021 vested in Q1 2022, with a grant-date fair value of $8.8 million, $6.9 million, and $4.2 million for the years ended December 31, 2022, 2021, and 2020, respectively[312]. Market and Customer Information - The Company's top ten customers accounted for approximately 76%, 78%, and 62% of revenues in 2022, 2021, and 2020, respectively[320]. - Sales to distributors in 2022, 2021, and 2020 were $457.7 million, $525.7 million, and $367.7 million, respectively[320]. - Total net revenues for the Company were $651.1 million in 2022, down from $703.3 million in 2021 and up from $488.3 million in 2020[324].

Power Integrations, Inc. (NASDAQ:POWI) Q4 2022 Earnings Conference Call February 6, 2023 4:30 PM ET Company Participants Joe Shiffler - Director, Investor Relations & Corporate Communications Balu Balakrishnan - President and Chief Executive Officer Sandeep Nayyar - Vice President of Finance and Chief Financial Officer Conference Call Participants Ross Seymore - Deutsche Bank Tore Svanberg - Stifel David Williams - The Benchmark Company Christopher Rolland - Susquehanna Ethan Potasnick - Cowen and Company G ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Table of Contents 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 September 30, 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) | Delawa ...

wer ations™ Power Integrations, Inc. Nasdaq: POWI Qj April 2022 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 su ...

Power Integrations, Inc. (NASDAQ:POWI) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Joe Shiffler - Director, Investor Relations & Corporate Communications Balu Balakrishnan - President and Chief Executive Officer Sandeep Nayyar - Vice President of Finance and Chief Financial Officer Conference Call Participants Christopher Rolland - Susquehanna Tore Svanberg - Stifel Ross Seymore - Deutsche Bank Matthew Ramsay - Cowen and Company David Williams - The Benchmark Company Augu ...