(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | |||||||||
Emerging Growth Company |
Class | Shares Outstanding at July 27, 2020 | ||||
Common Stock, $0.001 par value |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2 | ||||||||
Item 6. | ||||||||
(In thousands) | June 30, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term marketable securities | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
PROPERTY AND EQUIPMENT, net | |||||||||||
INTANGIBLE ASSETS, net | |||||||||||
GOODWILL | |||||||||||
DEFERRED TAX ASSETS | |||||||||||
OTHER ASSETS | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued payroll and related expenses | |||||||||||
Taxes payable | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM INCOME TAXES PAYABLE | |||||||||||
DEFERRED TAX LIABILITIES | |||||||||||
OTHER LIABILITIES | |||||||||||
Total liabilities | |||||||||||
COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13) | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
NET REVENUES | $ | $ | $ | $ | |||||||||||||||||||
COST OF REVENUES | |||||||||||||||||||||||
GROSS PROFIT | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
INCOME FROM OPERATIONS | |||||||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
EARNINGS PER SHARE: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
SHARES USED IN PER SHARE CALCULATION: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments, net of $ | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on marketable securities, net of $ | |||||||||||||||||||||||
Amortization of defined benefit pension items, net of tax of $ | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Common stock | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Common stock issued under employee stock plans | |||||||||||||||||||||||
Repurchase of common stock | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Common stock issued under employee stock plans | |||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Ending balance | ( | ( | ( | ( | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Payment of dividends to stockholders | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Total stockholders’ equity | $ | $ | $ | $ |
Six Months Ended | |||||||||||
June 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of intangibles | |||||||||||
Loss on disposal of property and equipment | |||||||||||
Stock-based compensation expense | |||||||||||
Amortization of premium (accretion of discount) on marketable securities | ( | ||||||||||
Deferred income taxes | |||||||||||
Increase (decrease) in accounts receivable allowance for credit losses | ( | ||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable | |||||||||||
Taxes payable and accrued liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Acquisition of technology licenses | ( | ||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Proceeds from sales and maturities of marketable securities | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of common stock under employee stock plans | |||||||||||
Repurchase of common stock | ( | ( | |||||||||
Payments of dividends to stockholders | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Unpaid property and equipment | $ | $ | |||||||||
Unpaid technology licenses | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Cash paid (received) for income taxes, net | $ | ( | $ |
(In thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Accounts receivable trade | $ | $ | |||||||||
Allowance for ship and debit | ( | ( | |||||||||
Allowance for stock rotation and rebate | ( | ( | |||||||||
Allowance for credit losses | ( | ( | |||||||||
Total | $ | $ |
Allowance for Credit Losses | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
(In thousands) | June 30, 2020 | June 30, 2020 | |||||||||
Beginning balance | $ | ( | $ | ( | |||||||
Provision for credit loss expense | |||||||||||
Receivables written off | |||||||||||
Recoveries collected | |||||||||||
Ending balance | $ | ( | $ | ( |
(In thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total | $ | $ |
(In thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Prepaid legal fees | $ | $ | |||||||||
Prepaid income tax | |||||||||||
Prepaid maintenance agreements | |||||||||||
Interest receivable | |||||||||||
Advance to suppliers | |||||||||||
Other | |||||||||||
Total | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
Domain name | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Technology licenses | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Fiscal Year | Estimated Amortization (In thousands) | ||||
2020 (remaining six months) | $ | ||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
Thereafter | |||||
Total | $ |
Unrealized Gains and Losses on Marketable Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||||
Net-current period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Unrealized Gains and Losses on Marketable Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||||
Net-current period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
June 30, 2020 | |||||||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||||||
Corporate securities | $ | $ | $ | ||||||||||||||
Commercial paper | |||||||||||||||||
Money market funds | |||||||||||||||||
Total | $ | $ | $ |
Fair Value Measurement at | |||||||||||||||||
December 31, 2019 | |||||||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||||||
Corporate securities | $ | $ | $ | ||||||||||||||
Commercial paper | |||||||||||||||||
Money market funds | |||||||||||||||||
Total | $ | $ | $ |
Amortized Cost | Gross Unrealized | Estimated Fair Market Value | |||||||||||||||||||||
(In thousands) | Gains | Losses | |||||||||||||||||||||
Investments due in 3 months or less: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Investments due in 4-12 months: | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Investments due in 12 months or greater: | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total marketable securities | $ | $ | $ | $ |
Amortized Cost | Gross Unrealized | Estimated Fair Market Value | |||||||||||||||||||||
(In thousands) | Gains | Losses | |||||||||||||||||||||
Investments due in 3 months or less: | |||||||||||||||||||||||
Corporate securities | $ | $ | $ | $ | |||||||||||||||||||
Total | |||||||||||||||||||||||
Investments due in 4-12 months: | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Investments due in 12 months or greater: | |||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||
Total | ( | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ( | $ |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Estimated Fair Market Value | Gross Unrealized Losses | Estimated Fair Market Value | Gross Unrealized Losses | Estimated Fair Market Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Corporate securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Total marketable securities | $ | $ | ( | $ | $ | $ | $ | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Cost of revenues | $ | $ | $ | $ | |||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Shares (In thousands) | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term (In years) | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Forfeited or expired | |||||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | |||||||||||||||||||||
Vested and exercisable at June 30, 2020 | $ |
Shares (In thousands) | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term (In years) | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Vested | ( | $ | |||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | |||||||||||||||||||||
Outstanding and expected to vest at June 30, 2020 | $ |
Shares (In thousands) | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term (In years) | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Vested | |||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | |||||||||||||||||||||
Outstanding and expected to vest at June 30, 2020 | $ |
Shares (In thousands) | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term (In years) | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Vested | ( | $ | |||||||||||||||||||||
Forfeited | ( | $ | |||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | |||||||||||||||||||||
Outstanding and expected to vest at June 30, 2020 | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Customer | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Avnet | % | % | % | % | |||||||||||||||||||
Customer | June 30, 2020 | December 31, 2019 | |||||||||
Avnet | % | * | |||||||||
Powertech Distribution Ltd. | * | % | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
United States of America | $ | $ | $ | $ | |||||||||||||||||||
Hong Kong/China | |||||||||||||||||||||||
Taiwan | |||||||||||||||||||||||
Korea | |||||||||||||||||||||||
Western Europe (excluding Germany) | |||||||||||||||||||||||
Japan | |||||||||||||||||||||||
Germany | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Common stock issued under employee stock plans | |||||||||||||||||||||||
Repurchased | ( | ( | ( | ||||||||||||||||||||
Ending balance |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands, except per share amounts) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Dividends declared and paid | $ | $ | $ | $ | |||||||||||||||||||
Dividends declared per common share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands, except per share amounts) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share: (1) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares | |||||||||||||||||||||||
Effect of dilutive awards: | |||||||||||||||||||||||
Employee stock plans | |||||||||||||||||||||||
Diluted weighted-average common shares | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands, except per share amounts) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of revenues | 49.9 | 49.9 | 49.2 | 49.5 | |||||||||||||||||||
Gross profit | 50.1 | 50.1 | 50.8 | 50.5 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 18.5 | 18.7 | 18.0 | 19.4 | |||||||||||||||||||
Sales and marketing | 12.2 | 12.8 | 12.2 | 13.7 | |||||||||||||||||||
General and administrative | 7.3 | 9.1 | 7.7 | 9.2 | |||||||||||||||||||
Total operating expenses | 38.0 | 40.6 | 37.9 | 42.3 | |||||||||||||||||||
Income from operations | 12.1 | 9.5 | 12.9 | 8.2 | |||||||||||||||||||
Other income | 1.4 | 1.3 | 1.5 | 1.3 | |||||||||||||||||||
Income before income taxes | 13.5 | 10.8 | 14.4 | 9.5 | |||||||||||||||||||
Provision for income taxes | 1.1 | 0.2 | 1.0 | 0.1 | |||||||||||||||||||
Net income | 12.4 | % | 10.6 | % | 13.4 | % | 9.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
End Market | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Communications | 28 | % | 24 | % | 25 | % | 21 | % | |||||||||||||||
Computer | 6 | % | 6 | % | 5 | % | 6 | % | |||||||||||||||
Consumer | 31 | % | 37 | % | 36 | % | 38 | % | |||||||||||||||
Industrial | 35 | % | 33 | % | 34 | % | 35 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Customer | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Avnet | 13 | % | 10 | % | 12 | % | 12 | % | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net revenues | $ | 106.8 | $ | 102.9 | $ | 216.5 | $ | 192.1 | |||||||||||||||
Gross profit | $ | 53.5 | $ | 51.6 | $ | 110.0 | $ | 97.0 | |||||||||||||||
Gross margin | 50.1 | % | 50.1 | % | 50.8 | % | 50.5 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net revenues | $ | 106.8 | $ | 102.9 | $ | 216.5 | $ | 192.1 | |||||||||||||||
R&D expenses | $ | 19.8 | $ | 19.3 | $ | 38.9 | $ | 37.2 | |||||||||||||||
R&D expenses as a % of net revenue | 18.5 | % | 18.7 | % | 18.0 | % | 19.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net revenues | $ | 106.8 | $ | 102.9 | $ | 216.5 | $ | 192.1 | |||||||||||||||
S&M expenses | $ | 13.0 | $ | 13.2 | $ | 26.5 | $ | 26.2 | |||||||||||||||
S&M expenses as a % of net revenue | 12.2 | % | 12.8 | % | 12.2 | % | 13.7 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net revenues | $ | 106.8 | $ | 102.9 | $ | 216.5 | $ | 192.1 | |||||||||||||||
G&A expenses | $ | 7.8 | $ | 9.3 | $ | 16.6 | $ | 17.7 | |||||||||||||||
G&A expenses as a % of net revenue | 7.3 | % | 9.1 | % | 7.7 | % | 9.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net revenues | $ | 106.8 | $ | 102.9 | $ | 216.5 | $ | 192.1 | |||||||||||||||
Other income | $ | 1.5 | $ | 1.3 | $ | 3.3 | $ | 2.5 | |||||||||||||||
Other income as a % of net revenue | 1.4 | % | 1.3 | % | 1.5 | % | 1.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Income before income taxes | $ | 14.4 | $ | 11.1 | $ | 31.3 | $ | 18.3 | |||||||||||||||
Provision for income taxes | $ | 1.2 | $ | 0.2 | $ | 2.2 | $ | 0.3 | |||||||||||||||
Effective tax rate | 8.4 | % | 2.0 | % | 7.0 | % | 1.4 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet be Repurchased Under the Plans or Programs (in millions) | |||||||||||||||||||
April 1, 2020, to April 30, 2020 | 7,525 | $ | 82.62 | 7,525 | $ | 41.3 | |||||||||||||||||
May 1, 2020, to May 31, 2020 | — | — | — | $ | 41.3 | ||||||||||||||||||
June 1, 2020, to June 30, 2020 | — | — | — | $ | 41.3 | ||||||||||||||||||
Total | 7,525 | 7,525 |
Incorporation by Reference | ||||||||||||||||||||||||||||||||||||||
EXHIBIT NUMBER | Exhibit Description | Form | File Number | Exhibit/Appendix Reference | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
3.1 | 10-K | 000-23441 | 3.1 | 2/29/2012 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 000-23441 | 3.1 | 4/26/2013 | ||||||||||||||||||||||||||||||||||
4.2 | Reference is made to Exhibits 3.1 to 3.2 | |||||||||||||||||||||||||||||||||||||
10.1 | 10-K | 000-23441 | Item 9B | 2/7/2020 | ||||||||||||||||||||||||||||||||||
10.2 | X | |||||||||||||||||||||||||||||||||||||
10.3 | X | |||||||||||||||||||||||||||||||||||||
10.4 | X | |||||||||||||||||||||||||||||||||||||
10.5 | X | |||||||||||||||||||||||||||||||||||||
10.6 | X | |||||||||||||||||||||||||||||||||||||
10.7 | X | |||||||||||||||||||||||||||||||||||||
10.8 | X | |||||||||||||||||||||||||||||||||||||
10.9 | X | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1** | X | |||||||||||||||||||||||||||||||||||||
32.2** | X | |||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
POWER INTEGRATIONS, INC. | |||||||||||
Dated: | July 30, 2020 | By: | /s/ SANDEEP NAYYAR | ||||||||
Sandeep Nayyar Chief Financial Officer (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer) |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ SANDEEP NAYYAR | By: | /s/ BALU BALAKRISHNAN | ||||||||
Print Name: | Sandeep Nayyar | Print Name: | Balu Balakrishnan | ||||||||
Title: | Chief Financial Officer |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ DOUG BAILEY | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Doug Bailey | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ RADU BARSAN | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Radu Barsan | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ BEN SUTHERLAND | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Ben Sutherland | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ MIKE MATTHEWS | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Mike Matthews | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ SANDEEP NAYYAR | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Sandeep Nayyar | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ RAJA GEORGES PETRAKIAN | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Raja Georges Petrakian | ||||||||
Title: | President and CEO |
POWER INTEGRATIONS, INC. | EXECUTIVE | ||||||||||
By: | /s/ BALU BALAKRISHNAN | By: | /s/ CLIFFORD J. WALKER | ||||||||
Print Name: | Balu Balakrishnan | Print Name: | Clifford J. Walker | ||||||||
Title: | President and CEO |
Dated: | July 30, 2020 | By: | /s/ BALU BALAKRISHNAN | ||||||||
Balu Balakrishnan Chief Executive Officer |
Dated: | July 30, 2020 | By: | /s/ SANDEEP NAYYAR | ||||||||
Sandeep Nayyar Chief Financial Officer |
Dated: | July 30, 2020 | By: | /s/ BALU BALAKRISHNAN | ||||||||
Balu Balakrishnan Chief Executive Officer |
Dated: | July 30, 2020 | By: | /s/ SANDEEP NAYYAR | ||||||||
Sandeep Nayyar Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Statement [Abstract] | ||||
NET REVENUES | $ 106,832 | $ 102,865 | $ 216,496 | $ 192,053 |
COST OF REVENUES | 53,296 | 51,293 | 106,480 | 95,007 |
GROSS PROFIT | 53,536 | 51,572 | 110,016 | 97,046 |
OPERATING EXPENSES: | ||||
Research and development | 19,770 | 19,269 | 38,922 | 37,215 |
Sales and marketing | 13,037 | 13,209 | 26,510 | 26,226 |
General and administrative | 7,804 | 9,334 | 16,565 | 17,724 |
Total operating expenses | 40,611 | 41,812 | 81,997 | 81,165 |
INCOME FROM OPERATIONS | 12,925 | 9,760 | 28,019 | 15,881 |
OTHER INCOME | 1,480 | 1,310 | 3,257 | 2,462 |
INCOME BEFORE INCOME TAXES | 14,405 | 11,070 | 31,276 | 18,343 |
PROVISION FOR INCOME TAXES | 1,213 | 225 | 2,198 | 265 |
NET INCOME | $ 13,192 | $ 10,845 | $ 29,078 | $ 18,078 |
EARNINGS PER SHARE: | ||||
Basic (in dollars per share) | $ 0.44 | $ 0.37 | $ 0.98 | $ 0.62 |
Diluted (in dollars per share) | $ 0.44 | $ 0.37 | $ 0.96 | $ 0.61 |
SHARES USED IN PER SHARE CALCULATION: | ||||
Basic (in shares) | 29,856 | 29,297 | 29,729 | 29,125 |
Diluted (in shares) | 30,312 | 29,702 | 30,232 | 29,597 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 13,192 | $ 10,845 | $ 29,078 | $ 18,078 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of $0 tax in each of the three and six months ended June 30, 2020 and 2019 | (30) | (250) | (313) | (272) |
Unrealized gain on marketable securities, net of $0 tax in each of the three and six months ended June 30, 2020 and 2019 | 2,566 | 257 | 1,614 | 591 |
Amortization of defined benefit pension items, net of tax of $24 and $55 in the three and six months ended June 30, 2020, respectively, and $5 and $9 in the three and six months ended June 30, 2019, respectively | 58 | 18 | 109 | 34 |
Total other comprehensive income | 2,594 | 25 | 1,410 | 353 |
TOTAL COMPREHENSIVE INCOME | $ 15,786 | $ 10,870 | $ 30,488 | $ 18,431 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Tax Effects - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized gain (loss) on marketable securities, tax | 0 | 0 | 0 | 0 |
Amortization of defined benefit pension items, tax | $ 24 | $ 5 | $ 55 | $ 9 |
BASIS OF PRESENTATION |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION:The condensed consolidated financial statements include the accounts of Power Integrations, Inc., a Delaware corporation (the “Company”), and its wholly owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.While the financial information furnished is unaudited, the condensed consolidated financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair presentation of the results of operations for the interim periods covered and the financial condition of the Company at the date of the interim balance sheet in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The results for interim periods are not necessarily indicative of the results for the entire year. The condensed consolidated financial statements should be read in conjunction with the Power Integrations, Inc. consolidated financial statements and the notes thereto for the year ended December 31, 2019, included in its Form 10-K filed on February 7, 2020, with the Securities and Exchange Commission. |
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant accounting policies and recent accounting pronouncements [Text Block] | SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS: Significant Accounting Policies and Estimates No material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements, in its Annual Report on Form 10-K, filed on February 7, 2020, for the year ended December 31, 2019. Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which modifies the measurement of expected credit losses on certain financial instruments. In addition, for available-for-sale debt securities, the standard eliminates the concept of other-than-temporary impairment and requires the recognition of an allowance for credit losses rather than reductions in the amortized cost of the securities. The Company adopted the new standard in the first quarter of 2020, effective January 1, 2020, using the modified-retrospective approach. For available-for-sale debt securities, the Company has made a policy election to present separately accrued interest receivable within prepaid expenses and other current assets on the condensed consolidated balance sheet. Upon adoption, there was no impact on the Company’s condensed consolidated financial statements. |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures | COMPONENTS OF THE COMPANY’S CONDENSED CONSOLIDATED BALANCE SHEETS: Accounts Receivable
The Company maintains an allowance for estimated credit losses resulting from the inability of customers to make required payments. This allowance is established using estimates formulated by the Company’s management based upon factors such as the composition of the accounts receivable aging, historical losses, changes in payments patterns, customer creditworthiness, and current economic trends. Receivables determined to be uncollectible are written off and deducted from the allowance.
Inventories
Prepaid Expenses and Other Current Assets
Intangible Assets
The estimated future amortization expense related to finite-lived intangible assets at June 30, 2020, is as follows:
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for three and six months ended June 30, 2020 and 2019, were as follows:
_______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended June 30, 2020 and 2019.
_______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the six months ended June 30, 2020 and 2019. |
FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS:The FASB established a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company's cash equivalents and short-term marketable securities are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The fair-value hierarchy of the Company's cash equivalents and marketable securities at June 30, 2020, and December 31, 2019, was as follows:
The Company did not transfer any investments between Level 1 and Level 2 of the fair-value hierarchy in the six months ended June 30, 2020, and the twelve months ended December 31, 2019. |
MARKETABLE SECURITITES |
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Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities Disclosure | MARKETABLE SECURITIES: Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at June 30, 2020, were as follows:
Accrued interest receivable was $1.1 million at June 30, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2019, were as follows:
Accrued interest receivable was $1.3 million at December 31, 2019 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. As of June 30, 2020 the Company had no marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded. The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at December 31, 2019:
In the three and six months ended June 30, 2020, no unrealized losses on marketable securities were recognized in income. |
STOCK-BASED COMPENSATION |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK PLANS AND SHARE-BASED COMPENSATION | STOCK-BASED COMPENSATION: The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and six months ended June 30, 2020, and June 30, 2019:
Stock-based compensation expense in the three months ended June 30, 2020, was approximately $6.0 million, comprising approximately $4.5 million related to restricted stock unit (RSU) awards, $1.1 million related to performance-based (PSU) awards and long-term performance-based (PRSU) awards and $0.4 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the six months ended June 30, 2020, was approximately $12.7 million, comprising approximately $9.5 million related to RSUs, $2.4 million related to PSUs and PRSUs and $0.8 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the three months ended June 30, 2019, was approximately $5.5 million, comprising approximately $4.2 million related to RSUs, $0.9 million related to PSUs and PRSUs and $0.4 million related to the Company’s employee stock purchase plan. In the six months ended June 30, 2019, stock-based compensation expense was approximately $9.9 million, comprising approximately $8.8 million related to RSUs, $0.3 million related to PSUs and PRSUs and $0.8 million related to the Company’s employee stock purchase plan. Stock Options A summary of stock options outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
PSU Awards Under the performance-based awards program, the Company grants awards in the performance year in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The number of shares that are released at the end of the performance year can range from zero to 200% of the target number depending on the Company’s performance. The performance metrics of this program are annual targets consisting of a combination of net revenue, non-GAAP operating income and strategic goals. As the net revenue, non-GAAP operating income and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures, is recognized over the service period based on an assessment of the achievement of the performance targets. The fair value of these PSUs is determined using the fair value of the Company’s common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In January 2020, it was determined that approximately 61,000 shares subject to the PSUs granted in 2019 vested in aggregate; the shares were released to the Company’s employees and executives in the first quarter of 2020. A summary of PSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
PRSU Awards The Company's PRSU program provides for the issuance of PRSUs which will vest based on the Company's performance measured against the PRSU program's established performance targets. PRSUs are granted in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The actual number of shares the recipient receives is determined at the end of a three-year performance period based on results achieved versus the Company's performance goals, and may range from zero to 200% of the target number. The performance goals for PRSUs granted in fiscal 2018, 2019 and 2020 were based on the Company’s annual revenue growth over the respective three-year performance period. Expense associated with these awards, net of estimated forfeitures, is recorded throughout the year based on an assessment of the expected achievement of the performance targets. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In January 2020 it was determined that no shares subject to the PRSUs granted in 2017 vested in aggregate; thus no shares were released to the Company’s executives in the first quarter of 2020. A summary of PRSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
RSU Awards A summary of RSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk Disclosure [Text Block] | SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power-conversion market. The Company’s chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Customer Concentration The Company's top ten customers accounted for approximately 59% and 56% of net revenues for the three and six months ended June 30, 2020, respectively, and approximately 56% and 54%, respectively, in the corresponding periods of the previous year. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including original equipment manufacturers, or OEMs, and merchant power supply manufacturers. Sales to distributors were $87.3 million and $170.8 million in the three and six months ended June 30, 2020, respectively and $74.8 million and $144.7 million, respectively, for the corresponding periods of 2019. Direct sales to OEMs and power-supply manufacturers accounted for the remainder. In each of three and six months ended June 30, 2020, one customer, a distributor of the Company's products, accounted for more than 10% of the Company’s net revenues. The following table discloses the customer’s percentage of revenues for the respective periods:
No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of June 30, 2020, and December 31, 2019, 65% and 63%, respectively, of accounts receivable were concentrated with the Company’s top ten customers. The following customers represented 10% or more of accounts receivable:
________________________ *Total customer accounts receivable was less than 10% of accounts receivable. No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. Geographic Net Revenues The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues, based on “bill to” customer locations, for the three and six months ended June 30, 2020, and June 30, 2019, were as follows:
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Text Block] | STOCKHOLDERS’ EQUITY: Common Stock Shares Outstanding
In July 2020, the Company’s board of directors approved a two-for-one stock split in the form of a stock dividend, payable on August 18, 2020, to stockholders of record as of the close of business on August 14, 2020. The Company’s stockholders will receive one additional share of common stock for each share of common stock held on August 14, 2020. As the stock split is not effective as of the filing date of this Form 10-Q, the shares outstanding and basic and diluted earnings per share included this Form 10-Q have not been adjusted for the effect of the stock split. Common Stock Repurchases As of December 31, 2019, the Company had approximately $43.9 million remaining under its stock-repurchase program. In the six months ended June 30, 2020, the Company repurchased approximately 32,000 shares of its common stock for approximately $2.6 million. As of June 30, 2020, the Company had approximately $41.3 million remaining under its current repurchase program, which has no expiration date. Authorization of future repurchase programs is at the discretion of the board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors. Cash Dividends In January 2019, the Company’s board of directors declared four quarterly cash dividends of $0.17 per share to be paid to stockholders of record at the end of each quarter in 2019. In October 2019, the Company’s board of directors raised the cash dividends per share with the declaration of five cash dividends, consisting of (a) a dividend of $0.02 per share to be paid to stockholders of record at the end of the fourth quarter in 2019, which is in addition to the dividend of $0.17 per share to be paid to stockholders of record at the end of the fourth quarter in 2019 previously declared by the board in January 2019, and (b) a dividend of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2020. In April 2020, the Company’s board of directors raised the cash dividends with the declaration of three cash dividends of $0.21 per share (in lieu of the $0.19 per share previously announced in October 2019) to be paid to stockholders of record at the end of each of the second, third and fourth quarter in 2020. In July 2020, the Company’s board of directors raised the cash dividends further with the declaration of two cash dividends of $0.22 per share, equivalent to $0.11 on a post-split basis (in lieu of the $0.21 per share announced in April 2020) to be paid to stockholders of record at the end of each of the third and fourth quarter in 2020. For the three and six months ended June 30, 2020, and 2019, cash dividends declared and paid were as follows:
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE:Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units, the assumed issuance of awards under the stock purchase plan and contingently issuable performance-based awards, as computed using the treasury stock method. A summary of the earnings per share calculation is as follows:
_______________ (1)The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2020 and 2019 calculations as the shares were not contingently issuable as of the end of the reporting periods. In the three and six months ended June 30, 2020 and 2019, no outstanding stock awards were determined to be anti-dilutive and therefore excluded from the computation of diluted earnings per share. In July 2020, the Company’s board of directors approved a two-for-one stock split in the form of a stock dividend to stockholders of record as of the close of business on August 14, 2020. Refer to Note 8, Stockholders’ Equity, for additional information. The following table discloses unaudited pro forma weighted average shares outstanding and earnings per share information, as if the additional shares resulting from the stock split had been outstanding since the beginning of each period presented:
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PROVISION FOR INCOME TAXES |
6 Months Ended |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
PROVISION FOR INCOME TAXES | PROVISION FOR INCOME TAXES: Income-tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for certain discrete items which are fully recognized in the period they occur. Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate. The Company's effective tax rates for the three and six months ended June 30, 2020, were 8.4% and 7.0%, respectively and 2.0% and 1.4%, respectively, for the corresponding periods of 2019. In the three and six months ended June 30, 2020 and 2019, the effective tax rate was lower than the statutory federal income-tax rate of 21% due to the geographic distribution of the Company’s world-wide earnings in lower-tax jurisdictions, federal research tax credits and the recognition of excess tax benefits related to share-based payments. These benefits were partially offset by foreign income subject to U.S. tax, known as global intangible low-taxed income. The Company’s primary jurisdiction where foreign earnings are derived is the Cayman Islands, which is a non-taxing jurisdiction. Income earned in other foreign jurisdictions was not material. The Company has not been granted any incentivized tax rates and does not operate under any tax holidays in any jurisdiction. As of June 30, 2020, the Company maintained a valuation allowance on its California deferred tax assets, New Jersey deferred tax assets, and capital losses for federal purposes, and a valuation allowance with respect to its deferred tax assets relating to tax credits in Canada. Determining the consolidated provision for income-tax expense, income-tax liabilities and deferred tax assets and liabilities involves judgment. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods. |
COMMITMENTS |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS: Supplier Agreements Under the terms of the Company's wafer-supply agreements with Seiko Epson Corporation ("Epson"), and ROHM Lapis Semiconductor Co., Ltd. ("Lapis") the wafers purchased from these suppliers are priced in U.S. dollars, with mutual sharing of the impact of fluctuations in the exchange rate between the Japanese yen and the U.S. dollar on future purchases. Each year, the Company's management and these two suppliers review and negotiate future pricing; the negotiated pricing is denominated in U.S. dollars but is subject to contractual exchange rate provisions. The fluctuation in the exchange rate is shared equally between the Company and each of these suppliers on future purchases. |
LEGAL PROCEEDINGS AND CONTINGENCIES |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS AND CONTINGENCIES | LEGAL PROCEEDINGS AND CONTINGENCIES: From time to time in the ordinary course of business, the Company becomes involved in lawsuits, or customers and distributors may make claims against the Company. In accordance with ASC 450-10, Contingencies, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. On April 1, 2016, Opticurrent, LLC filed a complaint against the Company in the United States District Court for the Eastern District of Texas. In its complaint, Opticurrent alleges that the Company has infringed and is infringing one patent pertaining to transistor switch devices. The Company filed a motion to transfer the case to California, which the Court granted, and the case was assigned to a new judge in San Francisco following the transfer. On December 21, 2018, the Court granted the Company’s challenge to Opticurrent’s damages expert but denied the Company’s motion for summary judgment. Following a trial in February 2019, a jury issued a finding of direct infringement by the Company but found that the Company did not induce infringement, and awarded Opticurrent damages of $6.7 million. The Company challenged those findings in post-trial proceedings, and the Court granted one of the Company’s post-trial motions, reducing the damages award to $1.2 million. The Company believes it has strong defenses, and intends to vigorously defend itself against Opticurrent’s claims through appeals, which are currently under way, with briefing and oral argument completed, and rulings expected in the coming months. On June 19, 2019, Opticurrent, LLC filed a follow-on lawsuit accusing more of the Company’s products of infringing the same claim of the same patent asserted in the parties’ prior litigation, as described above. Limited discovery is currently under way, but no schedule has yet been set for expert discovery, dispositive motions, or trial. The Company believes it has strong defenses, and intends to vigorously defend itself against Opticurrent’s claims, with appeals to follow if necessary. On January 6, 2020, the Company filed a complaint against CogniPower LLC for infringement of two of the Company’s patents and seeking a declaration of non-infringement with respect to patents that CogniPower had charged the Company’s customers with infringing, based on customer use of the Company’s products. In response, CogniPower filed a motion to dismiss the Company’s declaratory judgment claims on the basis that CogniPower had not threatened the Company directly with suit. That motion was granted, therefore CogniPower’s claims for infringement will go forward separately in their lawsuit against the Company’s customers, and the Company’s infringement claims against CogniPower likewise will proceed in a separate action. These cases are in their preliminary stages, and no schedules have been set for the cases at this time, but the Company believes it has strong claims and defenses, and intends to vigorously defend itself against CogniPower’s claims against the Company’s technology, with appeals to follow if necessary. The Company is unable to predict the outcome of legal proceedings with certainty, and there can be no assurance that Power Integrations will prevail in the above-mentioned unsettled litigations. These litigations, whether or not determined in Power Integrations’ favor or settled, will be costly and will divert the efforts and attention of the Company’s management and technical personnel from normal business operations, potentially causing a material adverse effect on the business, financial condition and operating results. Currently, the Company is not able to estimate a loss or a range of loss for the ongoing litigation disclosed above, however adverse determinations in litigation could result in monetary losses, the loss of proprietary rights, subject the Company to significant liabilities, require Power Integrations to seek licenses from third parties or prevent the Company from licensing the technology, any of which could have a material adverse effect on the Company’s business, financial condition and operating results. |
INDEMNIFICATIONS |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
INDEMNIFICATIONS | INDEMNIFICATIONS: The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSA”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company's products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (“Customer Indemnification”). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees' development work to the Company. To date, the Company has not had to reimburse any of its distributors or customers for any losses related to these indemnifications and no material claims were outstanding as of June 30, 2020. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS (Tables) |
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Schedule of Accounts Receivable | Accounts Receivable
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Accounts Receivable, Allowance for Credit Loss [Table Text Block] |
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Schedule of Inventory, Current | Inventories
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Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets
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Schedule Of Intangible Assets | Intangible Assets
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense related to finite-lived intangible assets at June 30, 2020, is as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss for three and six months ended June 30, 2020 and 2019, were as follows:
_______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended June 30, 2020 and 2019.
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FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of marketable securities and investments | The fair-value hierarchy of the Company's cash equivalents and marketable securities at June 30, 2020, and December 31, 2019, was as follows:
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MARKETABLE SECURITITES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at June 30, 2020, were as follows:
Accrued interest receivable was $1.1 million at June 30, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2019, were as follows:
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Available-for-sale Securities in an Unrealized Loss Position | The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at December 31, 2019:
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STOCK-BASED COMPENSATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense | The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and six months ended June 30, 2020, and June 30, 2019:
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Summary of Option Activity Under the Plans | A summary of stock options outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
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Performance Based Awards (PSUs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of PSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
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Long-Term Performance-Based Awards (PRSUs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of PRSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
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Restricted Stock Units (RSUs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of RSUs outstanding as of June 30, 2020, and activity during the six months then ended, is presented below:
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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Concentration Risk [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | The following customers represented 10% or more of accounts receivable:
________________________ *Total customer accounts receivable was less than 10% of accounts receivable. |
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Geographic Net Revenues | The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues, based on “bill to” customer locations, for the three and six months ended June 30, 2020, and June 30, 2019, were as follows:
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Revenue from Contract with Customer Benchmark [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | The following table discloses the customer’s percentage of revenues for the respective periods:
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STOCKHOLDERS' EQUITY (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock [Table Text Block] |
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Dividends Declared and Paid [Table Text Block] |
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share calculation | A summary of the earnings per share calculation is as follows:
_______________ (1)The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2020 and 2019 calculations as the shares were not contingently issuable as of the end of the reporting periods. |
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Post-split Pro Forma Earnings Per Share | The following table discloses unaudited pro forma weighted average shares outstanding and earnings per share information, as if the additional shares resulting from the stock split had been outstanding since the beginning of each period presented:
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COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable trade | $ 53,118 | $ 61,036 |
Allowance for ship and debit | (37,143) | (33,475) |
Allowance for stock rotation and rebate | (2,494) | (2,524) |
Total | $ 12,872 | $ 24,274 |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Balance Sheet Related Disclosures [Abstract] | ||||
Beginning balance | $ 609 | $ 609 | $ 609 | $ 763 |
Provision for credit loss expense | 0 | 0 | ||
Receivables written off | 0 | 154 | ||
Recoveries collected | 0 | 0 | ||
Ending balance | $ 609 | $ 609 |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 43,795 | $ 39,058 |
Work-in-process | 33,588 | 25,982 |
Finished goods | 26,580 | 25,340 |
Total | $ 103,963 | $ 90,380 |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Balance Sheet Related Disclosures [Abstract] | ||
Prepaid legal fees | $ 172 | $ 16 |
Prepaid income tax | 3,014 | 5,615 |
Prepaid maintenance agreements | 2,017 | 819 |
Interest receivable | 1,065 | 1,279 |
Advance to suppliers | 3,877 | 3,579 |
Other | 4,367 | 4,289 |
Total | $ 14,512 | $ 15,597 |
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Future Amortization Expense (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
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Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 (remaining six months) | $ 2,152 |
2021 | 3,494 |
2022 | 2,415 |
2023 | 2,173 |
2024 | 1,279 |
Thereafter | 1,884 |
Total | $ 13,397 |
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES Geograpic Net Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Revenue by Geography | ||||
Total net revenues | $ 106,832 | $ 102,865 | $ 216,496 | $ 192,053 |
United States of America | ||||
Revenue by Geography | ||||
Total net revenues | 2,935 | 2,612 | 5,648 | 5,284 |
Hong Kong/China | ||||
Revenue by Geography | ||||
Total net revenues | 65,680 | 59,355 | 126,093 | 106,584 |
Taiwan | ||||
Revenue by Geography | ||||
Total net revenues | 7,199 | 10,164 | 13,678 | 16,836 |
Korea | ||||
Revenue by Geography | ||||
Total net revenues | 7,284 | 6,902 | 17,641 | 15,444 |
Western Europe (excluding Germany) | ||||
Revenue by Geography | ||||
Total net revenues | 7,995 | 8,625 | 18,030 | 19,526 |
Japan | ||||
Revenue by Geography | ||||
Total net revenues | 4,398 | 2,909 | 8,303 | 6,559 |
Germany | ||||
Revenue by Geography | ||||
Total net revenues | 5,847 | 3,813 | 11,414 | 8,740 |
Other | ||||
Revenue by Geography | ||||
Total net revenues | $ 5,494 | $ 8,485 | $ 15,689 | $ 13,080 |
STOCKHOLDERS' EQUITY Common Stock Shares Outstanding (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Common Stock Shares Outstanding [Abstract] | ||||
Beginning balance | 29,691 | 29,110 | 29,431 | 28,889 |
Common stock issued under employee stock plans | 193 | 220 | 477 | 562 |
Repurchased | (8) | 0 | (32) | (121) |
Ending balance | 29,876 | 29,330 | 29,876 | 29,330 |
STOCKHOLDERS' EQUITY Common Stock Repurchases (Details) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
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Stockholders' Equity Attributable to Parent [Abstract] | |||||
Repurchase of common stock | $ 2.6 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 41.3 | $ 41.3 | $ 43.9 | ||
Stock Repurchased During Period, Shares | 8 | 0 | 32 | 121 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Basic earnings per share: | ||||
NET INCOME | $ 13,192 | $ 10,845 | $ 29,078 | $ 18,078 |
Weighted-average common shares | 29,856,000 | 29,297,000 | 29,729,000 | 29,125,000 |
Basic earnings per share | $ 0.44 | $ 0.37 | $ 0.98 | $ 0.62 |
Diluted earnings per share: | ||||
NET INCOME | $ 13,192 | $ 10,845 | $ 29,078 | $ 18,078 |
Weighted-average common shares | 29,856,000 | 29,297,000 | 29,729,000 | 29,125,000 |
Effect of dilutive awards: | ||||
Employee stock plans | 456,000 | 405,000 | 503,000 | 472,000 |
Diluted weighted-average common shares | 30,312,000 | 29,702,000 | 30,232,000 | 29,597,000 |
Diluted earnings per share | $ 0.44 | $ 0.37 | $ 0.96 | $ 0.61 |
Stock awards excluded in the computation of diluted earnings per share | 0 | 0 | 0 | 0 |
POST-SPLIT PRO FORMA EARNINGS PER SHARE (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Post-split Pro Forma Earnings Per Share | ||||
Pro Forma Shares Outstanding, Basic | 59,712 | 58,594 | 59,458 | 58,250 |
Pro Forma Shares Outstanding, Diluted | 60,624 | 59,404 | 60,464 | 59,194 |
Pro Forma Earnings Per Share, Basic | $ 0.22 | $ 0.19 | $ 0.49 | $ 0.31 |
Pro Forma Earnings Per Share, Diluted | $ 0.22 | $ 0.18 | $ 0.48 | $ 0.31 |
PROVISION FOR INCOME TAXES (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effective income tax rate | 8.40% | 2.00% | 7.00% | 1.40% |
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Pending Litigation [Member] $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Jan. 06, 2020
patent
|
Apr. 01, 2016
patent
|
Feb. 28, 2019
USD ($)
|
Mar. 31, 2020
USD ($)
|
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Patent Infringement Claim One | ||||
Gain and Loss Contingencies [Line Items] | ||||
Loss Contingency, Patents Allegedly Infringed, Number | 1 | |||
Loss Contingency, Damages Awarded, Value | $ | $ 6.7 | $ 1.2 | ||
Patent Infringement Claim Two | ||||
Gain and Loss Contingencies [Line Items] | ||||
Gain Contingency, Patents Allegedly Infringed upon, Number | 2 |
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