Power Integrations(POWI) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 were $105.5 million, a 15% increase year-over-year from $91.7 million in Q1 2024[1] - GAAP net income for Q1 2025 was $8.8 million, or $0.15 per diluted share, compared to $0.07 per diluted share in Q1 2024[1][2] - Non-GAAP net income for Q1 2025 was $17.9 million, or $0.31 per diluted share, up from $0.18 per diluted share in Q1 2024[2] - GAAP net income for Q1 2025 was $8,790,000, compared to $9,140,000 in Q4 2024 and $3,954,000 in Q1 2024[15] - Non-GAAP net income for Q1 2025 increased to $17,859,000, up from $17,210,000 in Q4 2024 and $10,492,000 in Q1 2024[15] - Non-GAAP net income per share (diluted) for Q1 2025 was $0.31, compared to $0.30 in Q4 2024 and $0.18 in Q1 2024[15] Cash Flow and Assets - Cash flow from operations for Q1 2025 was $26.4 million[1] - Net cash provided by operating activities for Q1 2025 was $26,386,000, significantly higher than $14,726,000 in Q4 2024[19] - Cash and cash equivalents at the end of Q1 2025 were $49,614,000, down from $50,972,000 at the end of Q4 2024[19] - Total current assets decreased to $499,815,000 in Q1 2025 from $514,039,000 in Q4 2024[17] - Total assets decreased to $814,400,000 in Q1 2025 from $828,826,000 in Q4 2024[17] - Total stockholders' equity decreased to $735,815,000 in Q1 2025 from $749,772,000 in Q4 2024[17] Shareholder Actions - The company repurchased 404 thousand shares for $23.1 million during the quarter, with an additional $50 million share-repurchase authorization announced[4] - The company repurchased common stock worth $23,098,000 in Q1 2025, compared to $1,902,000 in Q4 2024[19] - The company plans to pay a dividend of $0.21 per share on June 30, 2025[4] Future Outlook - The forecast for Q2 2025 anticipates revenues of $115 million, plus or minus $5 million, with a GAAP gross margin of approximately 55%[8] - GAAP operating expenses for Q2 2025 are expected to be around $56 million, while non-GAAP operating expenses are projected at approximately $46 million[8] Operational Insights - The company is focused on trends driving demand for high-voltage semiconductor technologies, including energy efficiency and electrification[3] - Stock-based compensation expenses for Q1 2025 totaled $8.7 million, impacting both GAAP and non-GAAP results[13][14]