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Power Integrations(POWI) - 2024 Q4 - Annual Results
POWIPower Integrations(POWI)2025-02-06 21:08

Financial Performance - Fourth-quarter revenues increased 18% year-over-year to 105.2million,butdecreased9105.2 million, but decreased 9% from the prior quarter[1] - GAAP net income for the fourth quarter was 9.1 million, or 0.16perdilutedshare,downfrom0.16 per diluted share, down from 0.25 per diluted share in the prior quarter[1][2] - Non-GAAP net income for the fourth quarter was 17.2million,or17.2 million, or 0.30 per diluted share, compared to 0.40perdilutedshareinthepriorquarter[2]−Full−yearnetrevenueswere0.40 per diluted share in the prior quarter[2] - Full-year net revenues were 419.0 million, down from 444.5millionintheprioryear[3]−Full−yearGAAPnetincomewas444.5 million in the prior year[3] - Full-year GAAP net income was 32.2 million, or 0.56perdilutedshare,comparedto0.56 per diluted share, compared to 0.97 per diluted share in the prior year[3] Future Outlook - The company expects another double-digit revenue increase in the first quarter of 2025 despite a cloudy demand outlook[4] - Revenues for the first quarter of 2025 are expected to be flat compared to the fourth quarter of 2024, plus or minus 5%[9] - GAAP gross margin for the first quarter of 2025 is expected to be between 55% and 55.5%[9] Cash Flow and Dividends - Cash flow from operations for the fourth quarter was 14.7million,andforthefullyearwas14.7 million, and for the full year was 81.2 million[1][3] - The company plans to maintain a dividend of 0.21pershare,withthenextpaymentscheduledforMarch31,2025[5]GrossProfitandMargins−GAAPgrossprofitforQ42024was0.21 per share, with the next payment scheduled for March 31, 2025[5] Gross Profit and Margins - GAAP gross profit for Q4 2024 was 57,267,000, up from 46,208,000inQ42023,representinga23.546,208,000 in Q4 2023, representing a 23.5% increase[14] - Non-GAAP gross profit for Q4 2024 was 57,955,000, compared to 47,189,000inQ42023,reflectinga22.747,189,000 in Q4 2023, reflecting a 22.7% growth[14] - Non-GAAP operating margin for Q4 2024 was 12.7%, down from 17.3% in Q3 2024[14] Year-End Financial Position - Total current assets as of December 31, 2024, were 514,039,000, slightly up from 511,600,000ayearearlier[18]−Cashandcashequivalentsdecreasedto511,600,000 a year earlier[18] - Cash and cash equivalents decreased to 50,972,000 from 63,929,000year−over−year,adeclineof20.363,929,000 year-over-year, a decline of 20.3%[18] - Total liabilities increased to 79,054,000 as of December 31, 2024, compared to 67,627,000inthepreviousyear,markinga16.967,627,000 in the previous year, marking a 16.9% rise[18] Comparative Performance - GAAP net income for Q4 2024 was 9,140,000, a decrease from 14,271,000inQ42023,indicatinga35.514,271,000 in Q4 2023, indicating a 35.5% decline[16] - Non-GAAP net income for Q4 2024 was 17,210,000, up from 12,700,000inQ42023,showinga35.512,700,000 in Q4 2023, showing a 35.5% increase[16] - The company reported a net cash provided by operating activities of 14,726,000 for Q4 2024, compared to $16,267,000 in Q4 2023[20] - The average shares outstanding for diluted non-GAAP net income per share was 57,097,000 for Q4 2024, compared to 57,272,000 in Q4 2023[16]