Power Integrations(US:POWI)2020-09-01 21:00Company Overview - Power Integrations is a technology leader in ICs for energy-efficient AC-DC power supplies[7] - The company provides high-efficiency driver ICs for LED lighting and reliable gate drivers for vital systems[7] - They also offer highly efficient, reliable, and integrated motor drivers[7] Technology and Products - Power Integrations' technology simplifies power converter designs, reducing components and design cycles[10] - InnoSwitch™ integrates primary and secondary sides of power supplies, enabled by FluxLink™ technology, reducing component count[21] - GaN technology is used in InnoSwitch™ products for more efficient, cooler, and smaller power supplies[27] - The company's products span a wide power range, including AC-DC converters, LED drivers, gate drivers, and motor drivers[29] Market and Applications - Long-term secular growth is driven by the transition to IC-based power supplies and energy-efficient electronics[11] - Key applications include LED lighting, home/building automation, smart meters, and industrial controls[36] - Gate drivers address applications from 10 kW to 1 GW, including DC industrial motors, renewable energy, and electric transportation[58] - Electric vehicles utilize up to 10 high-voltage power supplies, with Power Integrations providing solutions for drivetrain, DC-DC, and charging[67] Financial Performance - The company targets low-double-digit revenue growth and a non-GAAP gross margin of 50-55%[76] - In 2019, the non-GAAP gross margin was 51.9%[76] - The company aims for a non-GAAP operating margin of 20%+[76] - In 2019, the non-GAAP operating margin was 58.3%, including a 40.1% benefit from a litigation settlement[76] - The company has a strong balance sheet with $446 million in cash and investments as of June 30, 2020[88]