0001157523-20-000127.txt : 20200130 0001157523-20-000127.hdr.sgml : 20200130 20200130160237 ACCESSION NUMBER: 0001157523-20-000127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200130 DATE AS OF CHANGE: 20200130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWER INTEGRATIONS INC CENTRAL INDEX KEY: 0000833640 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943065014 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23441 FILM NUMBER: 20561385 BUSINESS ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 BUSINESS PHONE: 4084149200 MAIL ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 8-K 1 a52166310.htm POWER INTEGRATIONS, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
______________
 
FORM 8-K


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securites Exchange Act of 1934

Date of Report (Date of earliest event reported): January 30, 2020
______________

Power Integrations, Inc.
(Exact name of Registrant as specified in its charter)
 
______________
 
Delaware
000-23441
94-3065014
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
 
5245 Hellyer Avenue
San Jose, California 95138-1002
(Address of principal executive offices)

 (408) 414-9200
 (Registrant’s telephone number, including area code)
______________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of each exchange on which registered
Common Stock, $0.001 Par Value
   POWI
  
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
Item 2.02. Results of Operations and Financial Condition.
 
On January 30, 2020 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.
 


SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Power Integrations, Inc.
     
     
 
By:
 /s/ Sandeep Nayyar
   
Name:
Sandeep Nayyar
   
Title:
Chief Financial Officer
 
Dated:  January 30, 2020
 EX-99.1 2 a52166310ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Power Integrations Reports Fourth-Quarter and Full-Year Financial Results

Fourth-quarter revenues increased 23 percent year-over-year to $114.5 million

Fourth-quarter GAAP earnings were $5.28/diluted share; non-GAAP earnings were $5.60/diluted share; GAAP and non-GAAP earnings include benefit of $4.78/share from litigation settlement

SAN JOSE, Calif.--(BUSINESS WIRE)--January 30, 2020--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2019. The results include the previously announced settlement of the company’s patent disputes with ON Semiconductor, which resulted in a payment to the company of $175 million in October 2019.

Net revenues for the fourth quarter were $114.5 million, flat compared to the prior quarter and up 23 percent from the fourth quarter of 2018. Net income for the fourth quarter was $158.3 million or $5.28 per diluted share compared to $0.57 per share in the prior quarter and $0.77 in the fourth quarter of 2018. Cash flow from operations was $182.2 million for the fourth quarter.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, the tax effects of these items, and a 2018 tax benefit stemming from U.S. tax-reform legislation. Non-GAAP net income for the fourth quarter of 2019 was $167.9 million or $5.60 per diluted share (including a benefit of $4.78 per share from the litigation settlement), compared with $0.78 per diluted share in the prior quarter and $0.54 per diluted share in the fourth quarter of 2018. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

For the full year, net revenues were $420.7 million, an increase of one percent compared to 2018. Net income for the year was $193.5 million or $6.49 per diluted share compared to $2.32 per diluted share in 2018. Non-GAAP net income for the full year was $219.9 million or $7.38 per diluted share (including a benefit of $4.81 per share from the settlement) compared to $2.71 per diluted share in 2018. Cash flow from operations for the full year 2019 was $224.5 million.

Power Integrations paid a dividend of $0.19 per share on December 31, 2019. The next dividend of $0.19 will be paid on March 31, 2020 to stockholders of record as of February 28, 2020.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Revenues grew 23 percent year-over-year in the fourth quarter driven by our continued success in rapid-charging for mobile devices and a return to growth in consumer appliances. While sales for the analog semiconductor industry fell in 2019, we delivered positive growth for the year, and we’re entering 2020 with momentum fueled by innovative products such as our InnoSwitch™3 ICs – including our latest devices incorporating GaN technology – and a broad set of opportunities including rapid charging, connected homes, renewable energy and smarter, more efficient appliances.”

Financial Outlook

The company issued the following forecast for the first quarter of 2020:

  • Revenues are expected to be $110 million plus or minus $3 million.
  • GAAP gross margin is expected to be between 50.5 percent and 51 percent. Non-GAAP gross margin is expected to be between 51.5 percent and 52 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.7 percentage points from amortization of acquisition-related intangible assets and 0.3 percentage points from stock-based compensation.)
  • GAAP operating expenses are expected to be approximately $41.5 million; non-GAAP operating expenses are expected to be approximately $35.5 million. (Non-GAAP expenses are expected to exclude approximately $5.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.)

Conference Call Today at 1:30 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can join the call by dialing 1-647-689-4187. The call will also be available on the investor section of the company's website, http://investors.power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

Note Regarding Use of Non-GAAP Financial Measures

In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, the tax effects of these items and, with respect to the prior-year results, a tax benefit related to the 2017 U.S. tax-reform legislation. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Notwithstanding these considerations, the company is including the impact of its litigation settlement in its non-GAAP results in order to be consistent with its historical practice of including litigation-related expenses in its non-GAAP results. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its first-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, including changing tariffs and uncertainty regarding trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 13, 2019. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.

Power Integrations, InnoSwitch and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.

POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)















 















 




Three Months Ended

Twelve Months Ended




December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
NET REVENUES

$

114,457

 



$

114,159

 



$

93,307

 



$

420,669

 


$

415,955

 
















 
COST OF REVENUES

 

56,232

 



 

56,028

 



 

45,302

 



 

207,267

 


 

201,167

 
















 
GROSS PROFIT

 

58,225

 



 

58,131

 



 

48,005

 



 

213,402

 


 

214,788

 
















 
OPERATING EXPENSES:












Research and development

 

18,298

 



 

17,957

 



 

17,965

 



 

73,470

 


 

70,580

 

Sales and marketing

 

14,241

 



 

13,074

 



 

12,746

 



 

52,720

 


 

51,165

 

General and administrative

 

10,634

 



 

9,224

 



 

8,796

 



 

37,582

 


 

35,496

 

Amortization of acquisition-related intangible assets

 

378

 



 

378

 



 

455

 



 

1,577

 


 

1,899

 

Litigation settlement

 

(168,969

)



 

-

 



 

-

 



 

(168,969

)


 

-

 


Total operating expenses

 

(125,418

)



 

40,633

 



 

39,962

 



 

(3,620

)


 

159,140

 
















 
INCOME FROM OPERATIONS

 

183,643

 



 

17,498

 



 

8,043

 



 

217,022

 


 

55,648

 
















 
OTHER INCOME

 

1,852

 



 

1,078

 



 

1,297

 



 

5,392

 


 

4,116

 
















 
INCOME BEFORE INCOME TAXES

 

185,495

 



 

18,576

 



 

9,340

 



 

222,414

 


 

59,764

 
















 
PROVISION (BENEFIT) FOR INCOME TAXES

 

27,204

 



 

1,477

 



 

(13,396

)



 

28,946

 


 

(10,220

)
















 
NET INCOME

$

158,291

 



$

17,099

 



$

22,736

 



$

193,468

 


$

69,984

 
















 
EARNINGS PER SHARE:













Basic

$

5.38

 



$

0.58

 



$

0.78

 



$

6.61

 


$

2.38

 


Diluted

$

5.28

 



$

0.57

 



$

0.77

 



$

6.49

 


$

2.32

 
















 
SHARES USED IN PER-SHARE CALCULATION:












Basic

 

29,427

 



 

29,385

 



 

29,164

 



 

29,267

 


 

29,456

 


Diluted

 

30,005

 



 

29,866

 



 

29,651

 



 

29,816

 


 

30,147

 
















 















 















 
SUPPLEMENTAL INFORMATION: Three Months Ended

Twelve Months Ended




December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
Stock-based compensation expenses included in:












Cost of revenues

$

413

 



$

280

 



$

313

 



$

1,237

 


$

1,097

 


Research and development

 

2,754

 



 

1,893

 



 

1,944

 



 

8,423

 


 

7,688

 


Sales and marketing

 

1,602

 



 

1,211

 



 

1,222

 



 

5,015

 


 

4,729

 


General and administrative

 

3,569

 



 

1,722

 



 

1,963

 



 

8,672

 


 

8,066

 


Total stock-based compensation expense

$

8,338

 



$

5,106

 



$

5,442

 



$

23,347

 


$

21,580

 
















 
Cost of revenues includes:













Amortization of acquisition-related intangible assets

$

955

 



$

940

 



$

813

 



$

3,483

 


$

3,253

 
















 
General & administrative expenses include:












Patent-litigation expenses

$

2,253

 



$

2,573

 



$

2,304

 



$

9,425

 


$

8,525

 
















 















 




Three Months Ended

Twelve Months Ended
REVENUE MIX BY END MARKET December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018

Communications

 

29

%



 

29

%



 

20

%



 

26

%


 

20

%


Computer

 

6

%



 

5

%



 

6

%



 

5

%


 

5

%


Consumer

 

35

%



 

32

%



 

34

%



 

35

%


 

38

%


Industrial

 

30

%



 

34

%



 

40

%



 

34

%


 

37

%
















 

POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
















 





Three Months Ended

Twelve Months Ended





December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
RECONCILIATION OF GROSS PROFIT











GAAP gross profit

$

58,225

 



$

58,131

 



$

48,005

 



$

213,402

 


$

214,788

 


GAAP gross margin

 

50.9

%



 

50.9

%



 

51.4

%



 

50.7

%


 

51.6

%

















 
Stock-based compensation included in cost of revenues

 

413

 



 

280

 



 

313

 



 

1,237

 


 

1,097

 

Amortization of acquisition-related intangible assets

 

955

 



 

940

 



 

813

 



 

3,483

 


 

3,253

 

















 
Non-GAAP gross profit

$

59,593

 



$

59,351

 



$

49,131

 



$

218,122

 


$

219,138

 


Non-GAAP gross margin

 

52.1

%



 

52.0

%



 

52.7

%



 

51.9

%


 

52.7

%

















 
















 





Three Months Ended

Twelve Months Ended
RECONCILIATION OF OPERATING EXPENSES December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
GAAP operating expenses

$

(125,418

)



$

40,633

 



$

39,962

 



$

(3,620

)


$

159,140

 

















 
Less: Stock-based compensation expense included in operating expenses













Research and development

 

2,754

 



 

1,893

 



 

1,944

 



 

8,423

 


 

7,688

 



Sales and marketing

 

1,602

 



 

1,211

 



 

1,222

 



 

5,015

 


 

4,729

 



General and administrative

 

3,569

 



 

1,722

 



 

1,963

 



 

8,672

 


 

8,066

 



Total

 

7,925

 



 

4,826

 



 

5,129

 



 

22,110

 


 

20,483

 

















 

Amortization of acquisition-related intangible assets

 

378

 



 

378

 



 

455

 



 

1,577

 


 

1,899

 

















 
Non-GAAP operating expenses

$

(133,721

)



$

35,429

 



$

34,378

 



$

(27,307

)


$

136,758

 

















 
















 





Three Months Ended

Twelve Months Ended
RECONCILIATION OF INCOME FROM OPERATIONS December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
GAAP income from operations

$

183,643

 



$

17,498

 



$

8,043

 



$

217,022

 


$

55,648

 


GAAP operating margin

 

160.4

%



 

15.3

%



 

8.6

%



 

51.6

%


 

13.4

%

















 
Add: Total stock-based compensation

 

8,338

 



 

5,106

 



 

5,442

 



 

23,347

 


 

21,580

 


Amortization of acquisition-related intangible assets

 

1,333

 



 

1,318

 



 

1,268

 



 

5,060

 


 

5,152

 

















 
Non-GAAP income from operations

$

193,314

 



$

23,922

 



$

14,753

 



$

245,429

 


$

82,380

 


Non-GAAP operating margin

 

168.9

%



 

21.0

%



 

15.8

%



 

58.3

%


 

19.8

%

















 
















 





Three Months Ended

Twelve Months Ended
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
GAAP provision (benefit) for income taxes

$

27,204

 



$

1,477

 



$

(13,396

)



$

28,946

 


$

(10,220

)


GAAP effective tax rate

 

14.7

%



 

8.0

%



 

-143.4

%



 

13.0

%


 

-17.1

%

















 
Impact of U.S. tax legislation

 

-

 



 

-

 



 

(9,687

)



 

-

 


 

(9,687

)

Tax effect of adjustments to GAAP results

 

(53

)



 

(266

)



 

(3,846

)



 

(1,955

)


 

(5,361

)

















 
Non-GAAP provision for income taxes

$

27,257

 



$

1,743

 



$

137

 



$

30,901

 


$

4,828

 


Non-GAAP effective tax rate

 

14.0

%



 

7.0

%



 

0.9

%



 

12.3

%


 

5.6

%

















 
















 





Three Months Ended

Twelve Months Ended
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
GAAP net income

$

158,291

 



$

17,099

 



$

22,736

 



$

193,468

 


$

69,984

 

















 
Adjustments to GAAP net income












Stock-based compensation

 

8,338

 



 

5,106

 



 

5,442

 



 

23,347

 


 

21,580

 


Amortization of acquisition-related intangible assets

 

1,333

 



 

1,318

 



 

1,268

 



 

5,060

 


 

5,152

 


Impact of U.S. tax legislation

 

-

 



 

-

 



 

(9,687

)



 

-

 


 

(9,687

)


Tax effect of items excluded from non-GAAP results

 

(53

)



 

(266

)



 

(3,846

)



 

(1,955

)


 

(5,361

)

















 
Non-GAAP net income

$

167,909

 



$

23,257

 



$

15,913

 



$

219,920

 


$

81,668

 

















 
Average shares outstanding for calculation












of non-GAAP net income per share (diluted)

 

30,005

 



 

29,866

 



 

29,651

 



 

29,816

 


 

30,147

 

















 
Non-GAAP net income per share (diluted)

$

5.60

 



$

0.78

 



$

0.54

 



$

7.38

 


$

2.71

 

















 
GAAP net income per share

$

5.28

 



$

0.57

 



$

0.77

 



$

6.49

 


$

2.32

 

















 
















 
















 
POWER INTEGRATIONS, INC.
CALCULATION OF EARNINGS PER SHARE BENEFIT OF SETTLEMENT
(in thousands, except per-share amounts)
















 





Three Months Ended

Twelve Months Ended





December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
Gain from litigation settlement

$

168,969

 



$

-

 



$

-

 



$

168,969

 


$

-

 

Tax expense attributed to settlement

 

25,543

 



 

-

 



 

-

 



 

25,543

 


 

-

 

Litigation settlement net of tax

$

143,426

 



$

-

 



$

-

 



$

143,426

 


$

-

 

















 
Earnings per share benefit of settlement (GAAP and non-GAAP)

$

4.78

 



$

-

 



$

-

 



$

4.81

 


$

-

 

















 
Diluted average shares outstanding

 

30,005

 



 

29,866

 



 

29,651

 



 

29,816

 


 

30,147

 

















 
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)









 









 



December 31, 2019

September 30, 2019

December 31, 2018
ASSETS








CURRENT ASSETS:








Cash and cash equivalents

$

178,690

 



$

80,162

 



$

134,137

 


Short-term marketable securities

 

232,398

 



 

164,649

 



 

94,451

 


Accounts receivable, net

 

24,274

 



 

25,819

 



 

11,072

 


Inventories

 

90,380

 



 

88,710

 



 

80,857

 


Prepaid expenses and other current assets

 

15,597

 



 

15,316

 



 

11,915

 


Total current assets

 

541,339

 



 

374,656

 



 

332,432

 










 

PROPERTY AND EQUIPMENT, net

 

116,619

 



 

114,930

 



 

114,117

 


INTANGIBLE ASSETS, net

 

16,865

 



 

18,238

 



 

21,152

 


GOODWILL

 

91,849

 



 

91,849

 



 

91,849

 


DEFERRED TAX ASSETS

 

2,836

 



 

5,564

 



 

6,906

 


OTHER ASSETS

 

34,388

 



 

31,173

 



 

22,241

 


Total assets

$

803,896

 



$

636,410

 



$

588,697

 










 
LIABILITIES AND STOCKHOLDERS’ EQUITY








CURRENT LIABILITIES:








Accounts payable

$

27,433

 



$

30,542

 



$

31,552

 


Accrued payroll and related expenses

 

13,408

 



 

10,796

 



 

12,131

 


Taxes payable

 

584

 



 

597

 



 

933

 


Other accrued liabilities

 

9,051

 



 

7,717

 



 

3,750

 


Total current liabilities

 

50,476

 



 

49,652

 



 

48,366

 










 

LONG-TERM LIABILITIES:








Income taxes payable

 

14,617

 



 

9,309

 



 

8,652

 


Deferred tax liabilities

 

164

 



 

152

 



 

216

 


Other liabilities

 

14,093

 



 

11,969

 



 

4,391

 


Total liabilities

 

79,350

 



 

71,082

 



 

61,625

 










 
STOCKHOLDERS' EQUITY:








Common stock

 

28

 



 

28

 



 

28

 


Additional paid-in capital

 

152,117

 



 

143,554

 



 

126,164

 


Accumulated other comprehensive loss

 

(3,130

)



 

(1,084

)



 

(1,689

)


Retained earnings

 

575,531

 



 

422,830

 



 

402,569

 


Total stockholders' equity

 

724,546

 



 

565,328

 



 

527,072

 


Total liabilities and stockholders' equity

$

803,896

 



$

636,410

 



$

588,697

 










 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)













 


Three Months Ended

Twelve Months Ended


December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019
December 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:












Net income

$

158,291

 



$

17,099

 



$

22,736

 



$

193,468

 


$

69,984

 


Adjustments to reconcile net income to cash provided by operating activities












Depreciation

 

4,928

 



 

4,831

 



 

4,549

 



 

19,190

 


 

18,918

 


Amortization of intangible assets

 

1,373

 



 

1,357

 



 

1,300

 



 

5,213

 


 

5,267

 


Loss on disposal of property and equipment

 

35

 



 

62

 



 

98

 



 

249

 


 

553

 


Stock-based compensation expense

 

8,338

 



 

5,106

 



 

5,442

 



 

23,347

 


 

21,580

 


Amortization of premium (accretion of discount) on marketable securities

 

104

 



 

(66

)



 

(115

)



 

(192

)


 

227

 


Deferred income taxes

 

2,741

 



 

(381

)



 

(3,070

)



 

4,019

 


 

(4,465

)


Increase (decrease) in accounts receivable allowances

 

-

 



 

-

 



 

(198

)



 

57

 


 

(28

)


Change in operating assets and liabilities:












Accounts receivable

 

1,545

 



 

(351

)



 

2,868

 



 

(13,259

)


 

5,754

 


Inventories

 

(1,670

)



 

487

 



 

(6,656

)



 

(9,523

)


 

(23,770

)


Prepaid expenses and other assets

 

902

 



 

580

 



 

1,226

 



 

(2,132

)


 

(1,495

)


Accounts payable

 

(3,920

)



 

(6,789

)



 

(1,311

)



 

(6,556

)


 

1,336

 


Taxes payable and other accrued liabilities

 

9,492

 



 

(91

)



 

(8,540

)



 

10,618

 


 

(9,897

)


Net cash provided by operating activities

 

182,159

 



 

21,844

 



 

18,329

 



 

224,499

 


 

83,964

 














 
CASH FLOWS FROM INVESTING ACTIVITIES:












Purchases of property and equipment

 

(9,789

)



 

(5,977

)



 

(5,557

)



 

(24,114

)


 

(24,677

)


Acquisition of technology licenses

 

(675

)



 

(100

)



 

-

 



 

(1,026

)


 

(900

)


Purchases of marketable securities

 

(71,952

)



 

(80,864

)



 

(4,612

)



 

(207,240

)


 

(62,833

)


Proceeds from sales and maturities of marketable securities

 

4,150

 



 

46,762

 



 

10,050

 



 

70,334

 


 

157,551

 


Net cash provided by (used in) investing activities

 

(78,266

)



 

(40,179

)



 

(119

)



 

(162,046

)


 

69,141

 














 
CASH FLOWS FROM FINANCING ACTIVITIES:












Net proceeds from issuance of common stock

 

225

 



 

4,005

 



 

803

 



 

9,908

 


 

9,353

 


Repurchase of common stock

 

-

 



 

-

 



 

(28,776

)



 

(7,302

)


 

(103,153

)


Payments of dividends to stockholders

 

(5,590

)



 

(4,999

)



 

(4,651

)



 

(20,506

)


 

(18,823

)


Proceeds from draw on line of credit

 

-

 



 

-

 



 

-

 



 

-

 


 

8,000

 


Payments on line of credit

 

-

 



 

-

 



 

-

 



 

-

 


 

(8,000

)


Net cash used in financing activities

 

(5,365

)



 

(994

)



 

(32,624

)



 

(17,900

)


 

(112,623

)














 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

98,528

 



 

(19,329

)



 

(14,414

)



 

44,553

 


 

40,482

 














 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

80,162

 



 

99,491

 



 

148,551

 



 

134,137

 


 

93,655

 














 
CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

178,690

 



$

80,162

 



$

134,137

 



$

178,690

 


$

134,137

 














 

 

Contacts

Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com

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Document and Entity Information
Jan. 30, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 30, 2020
Entity Registrant Name Power Integrations, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-23441
Entity Tax Identification Number 94-3065014
Entity Address, Address Line One 5245 Hellyer Avenue
Entity Address, City or Town San Jose
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95138-1002
City Area Code 408
Local Phone Number 414-9200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000833640
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol POWI
Security Exchange Name NASDAQ