0001157523-20-000699.txt : 20200507 0001157523-20-000699.hdr.sgml : 20200507 20200507160248 ACCESSION NUMBER: 0001157523-20-000699 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200507 DATE AS OF CHANGE: 20200507 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: 20856211 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 a52216992.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): May 7, 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 May 7, 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:  May 7, 2020
EX-99.1 2 a52216992ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Power Integrations Reports First-Quarter Financial Results

Revenues increased 23 percent year-over-year to $109.7 million; GAAP earnings were $0.53 per diluted share; non-GAAP earnings were $0.76 per diluted share

Cash flow from operations was $26.4 million; quarterly dividend rises to $0.21 per share

SAN JOSE, Calif.--(BUSINESS WIRE)--May 7, 2020--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended March 31, 2020. Net revenues for the first quarter were $109.7 million, down four percent compared to the prior quarter and up 23 percent from the first quarter of 2019. Net income for the first quarter was $15.9 million or $0.53 per diluted share compared to $5.28 per share in the prior quarter and $0.25 in the first quarter of 2019. (Net income in the prior quarter included a benefit of $4.78 per share from the settlement of the company’s patent litigation with ON Semiconductor.) Cash flow from operations for the first quarter was $26.4 million.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the first quarter of 2020 was $22.9 million or $0.76 per diluted share compared with $5.60 per diluted share in the prior quarter (including a benefit of $4.78 per share from the litigation settlement), and $0.41 per diluted share in the first quarter of 2019. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Our first-quarter results were strong, and we continue to execute well in spite of the challenges presented by the coronavirus pandemic. While the near-term demand outlook is uncertain and a downturn is clearly underway, we remain confident in our long-term growth prospects and continue to invest accordingly. Reflecting the strength of our balance sheet and our confidence in the future of our company, we are also increasing our quarterly dividend by more than ten percent.”


Power Integrations paid a dividend of $0.19 per share on March 31, 2020. A dividend of $0.21 per share will be paid on June 30, 2020 to stockholders of record as of May 29, 2020. The company repurchased approximately 24,000 shares during the quarter for $2.0 million.

Financial Outlook

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

  • Revenues are expected to be $106 million plus or minus $5 million.
  • GAAP gross margin is expected to be between 50 percent and 50.5 percent. Non-GAAP gross margin is expected to be between 51 percent and 51.5 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 $43 million; non-GAAP operating expenses are expected to be approximately $35.5 million. (Non-GAAP expenses are expected to exclude approximately $7.3 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. A webcast of 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, and the tax effects of these items. 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. 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 second-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: the impact of the COVID-19 crisis on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; 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 7, 2020. 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 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

  March 31, 2020   December 31, 2019   March 31, 2019
NET REVENUES  

$

109,664

 

 

$

114,457

 

 

$

89,188

 


 
 
   
COST OF REVENUES  

 

53,184

 

 

 

56,232

 

 

 

43,714

 


 
 
   
GROSS PROFIT  

 

56,480

 

 

 

58,225

 

 

 

45,474

 


 
 
   
OPERATING EXPENSES:  
 
 
Research and development  

 

19,152

 

 

 

18,298

 

 

 

17,946

 

Sales and marketing  

 

13,216

 

 

 

14,241

 

 

 

12,590

 

General and administrative  

 

8,761

 

 

 

10,634

 

 

 

8,390

 

Amortization of acquisition-related intangible assets  

 

257

 

 

 

378

 

 

 

427

 

Litigation settlement  

 

-

 

 

 

(168,969

)

 

 

-

 

Total operating expenses  

 

41,386

 

 

 

(125,418

)

 

 

39,353

 


 
 
   
INCOME FROM OPERATIONS  

 

15,094

 

 

 

183,643

 

 

 

6,121

 


 
 
   
OTHER INCOME  

 

1,777

 

 

 

1,852

 

 

 

1,152

 


 
 
   
INCOME BEFORE INCOME TAXES  

 

16,871

 

 

 

185,495

 

 

 

7,273

 


 
 
   
PROVISION FOR INCOME TAXES  

 

985

 

 

 

27,204

 

 

 

40

 


 
 
   
NET INCOME  

$

15,886

 

 

$

158,291

 

 

$

7,233

 


 
 
   
EARNINGS PER SHARE:  
 
 
Basic  

$

0.54

 

 

$

5.38

 

 

$

0.25

 

Diluted  

$

0.53

 

 

$

5.28

 

 

$

0.25

 


 
 
   
SHARES USED IN PER-SHARE CALCULATION:  
 
 
Basic  

 

29,602

 

 

 

29,427

 

 

 

28,951

 

Diluted  

 

30,134

 

 

 

30,005

 

 

 

29,446

 


 
 
   

 
 
   

 
 
   
SUPPLEMENTAL INFORMATION:   Three Months Ended

  March 31, 2020   December 31, 2019   March 31, 2019
Stock-based compensation expenses included in:  
 
 
Cost of revenues  

$

396

 

 

$

413

 

 

$

271

 

Research and development  

 

2,109

 

 

 

2,754

 

 

 

1,632

 

Sales and marketing  

 

1,392

 

 

 

1,602

 

 

 

1,061

 

General and administrative  

 

2,813

 

 

 

3,569

 

 

 

1,443

 

Total stock-based compensation expense  

$

6,710

 

 

$

8,338

 

 

$

4,407

 


 
 
   
Cost of revenues includes:  
 
 
Amortization of acquisition-related intangible assets  

$

799

 

 

$

955

 

 

$

794

 


 
 
   

 
 
   

  Three Months Ended
REVENUE MIX BY END MARKET   March 31, 2020   December 31, 2019   March 31, 2019
Communications  

 

22

%

 

 

29

%

 

 

18

%

Computer  

 

4

%

 

 

6

%

 

 

5

%

Consumer  

 

41

%

 

 

35

%

 

 

39

%

Industrial  

 

33

%

 

 

30

%

 

 

38

%


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

 
 
   

  Three Months Ended

  March 31, 2020   December 31, 2019   March 31, 2019
RECONCILIATION OF GROSS PROFIT  
 
 
GAAP gross profit  

$

56,480

 

 

$

58,225

 

 

$

45,474

 

GAAP gross margin  

 

51.5

%

 

 

50.9

%

 

 

51.0

%


 
 
   
Stock-based compensation included in cost of revenues  

 

396

 

 

 

413

 

 

 

271

 

Amortization of acquisition-related intangible assets  

 

799

 

 

 

955

 

 

 

794

 


 
 
   
Non-GAAP gross profit  

$

57,675

 

 

$

59,593

 

 

$

46,539

 

Non-GAAP gross margin  

 

52.6

%

 

 

52.1

%

 

 

52.2

%


 
 
   

 
 
   

  Three Months Ended
RECONCILIATION OF OPERATING EXPENSES   March 31, 2020   December 31, 2019   March 31, 2019
GAAP operating expenses  

$

41,386

 

 

$

(125,418

)

 

$

39,353

 


 
 
   
Less: Stock-based compensation expense included in operating expenses  
 
 
Research and development  

 

2,109

 

 

 

2,754

 

 

 

1,632

 

Sales and marketing  

 

1,392

 

 

 

1,602

 

 

 

1,061

 

General and administrative  

 

2,813

 

 

 

3,569

 

 

 

1,443

 

Total  

 

6,314

 

 

 

7,925

 

 

 

4,136

 


 
 
   
Amortization of acquisition-related intangible assets  

 

257

 

 

 

378

 

 

 

427

 


 
 
   
Non-GAAP operating expenses  

$

34,815

 

 

$

(133,721

)

 

$

34,790

 


 
 
   

 
 
   

  Three Months Ended
RECONCILIATION OF INCOME FROM OPERATIONS   March 31, 2020   December 31, 2019   March 31, 2019
GAAP income from operations  

$

15,094

 

 

$

183,643

 

 

$

6,121

 

GAAP operating margin  

 

13.8

%

 

 

160.4

%

 

 

6.9

%


 
 
   
Add: Total stock-based compensation  

 

6,710

 

 

 

8,338

 

 

 

4,407

 

Amortization of acquisition-related intangible assets  

 

1,056

 

 

 

1,333

 

 

 

1,221

 


 
 
   
Non-GAAP income from operations  

$

22,860

 

 

$

193,314

 

 

$

11,749

 

Non-GAAP operating margin  

 

20.8

%

 

 

168.9

%

 

 

13.2

%


 
 
   

 
 
   

  Three Months Ended
RECONCILIATION OF PROVISION FOR INCOME TAXES   March 31, 2020   December 31, 2019   March 31, 2019
GAAP provision for income taxes  

$

985

 

 

$

27,204

 

 

$

40

 

GAAP effective tax rate  

 

5.8

%

 

 

14.7

%

 

 

0.5

%


 
 
   
Tax effect of adjustments to GAAP results  

 

(751

)

 

 

(53

)

 

 

(799

)


 
 
   
Non-GAAP provision for income taxes  

$

1,736

 

 

$

27,257

 

 

$

839

 

Non-GAAP effective tax rate  

 

7.0

%

 

 

14.0

%

 

 

6.5

%


 
 
   

 
 
   

  Three Months Ended
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)   March 31, 2020   December 31, 2019   March 31, 2019
GAAP net income  

$

15,886

 

 

$

158,291

 

 

$

7,233

 


 
 
   
Adjustments to GAAP net income  
 
 
Stock-based compensation  

 

6,710

 

 

 

8,338

 

 

 

4,407

 

Amortization of acquisition-related intangible assets  

 

1,056

 

 

 

1,333

 

 

 

1,221

 

Tax effect of items excluded from non-GAAP results  

 

(751

)

 

 

(53

)

 

 

(799

)


 
 
   
Non-GAAP net income  

$

22,901

 

 

$

167,909

 

 

$

12,062

 


 
 
   
Average shares outstanding for calculation of non-GAAP net income per share (diluted)  

 

30,134

 

 

 

30,005

 

 

 

29,446

 


 
 
   
Non-GAAP net income per share (diluted)  

$

0.76

 

 

$

5.60

 

 

$

0.41

 


 
 
   
GAAP net income per share  

$

0.53

 

 

$

5.28

 

 

$

0.25

 


 
 
   

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

 
 
   

  Three Months Ended

  March 31, 2020   December 31, 2019   March 31, 2019
Gain from litigation settlement  

$

-

 

 

$

168,969

 

 

$

-

 

Tax expense attributed to settlement  

 

-

 

 

 

25,543

 

 

 

-

 

Litigation settlement net of tax  

$

-

 

 

$

143,426

 

 

$

-

 


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

$

-

 

 

$

4.78

 

 

$

-

 


 
 
   
Diluted average shares outstanding  

 

30,134

 

 

 

30,005

 

 

 

29,446

 


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

 
   

 
   

  March 31, 2020   December 31, 2019
ASSETS  
 
CURRENT ASSETS:  
 
Cash and cash equivalents  

$

190,459

 

 

$

178,690

 

Short-term marketable securities  

 

232,183

 

 

 

232,398

 

Accounts receivable, net  

 

20,597

 

 

 

24,274

 

Inventories  

 

96,633

 

 

 

90,380

 

Prepaid expenses and other current assets  

 

20,570

 

 

 

15,597

 

Total current assets  

 

560,442

 

 

 

541,339

 


 
   
PROPERTY AND EQUIPMENT, net  

 

123,430

 

 

 

116,619

 

INTANGIBLE ASSETS, net  

 

15,748

 

 

 

16,865

 

GOODWILL  

 

91,849

 

 

 

91,849

 

DEFERRED TAX ASSETS  

 

1,739

 

 

 

2,836

 

OTHER ASSETS  

 

34,231

 

 

 

34,388

 

Total assets  

$

827,439

 

 

$

803,896

 


 
   
LIABILITIES AND STOCKHOLDERS’ EQUITY  
 
CURRENT LIABILITIES:  
 
Accounts payable  

$

37,156

 

 

$

27,433

 

Accrued payroll and related expenses  

 

10,921

 

 

 

13,408

 

Taxes payable  

 

567

 

 

 

584

 

Other accrued liabilities  

 

5,826

 

 

 

9,051

 

Total current liabilities  

 

54,470

 

 

 

50,476

 


 
   
LONG-TERM LIABILITIES:  
 
Income taxes payable  

 

14,840

 

 

 

14,617

 

Deferred tax liabilities  

 

162

 

 

 

164

 

Other liabilities  

 

14,137

 

 

 

14,093

 

Total liabilities  

 

83,609

 

 

 

79,350

 


 
   
STOCKHOLDERS' EQUITY:  
 
Common stock  

 

28

 

 

 

28

 

Additional paid-in capital  

 

162,343

 

 

 

152,117

 

Accumulated other comprehensive loss  

 

(4,314

)

 

 

(3,130

)

Retained earnings  

 

585,773

 

 

 

575,531

 

Total stockholders' equity  

 

743,830

 

 

 

724,546

 

Total liabilities and stockholders' equity  

$

827,439

 

 

$

803,896

 


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

 
 
   

  Three Months Ended

  March 31, 2020   December 31, 2019   March 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:  
 
 
Net income  

$

15,886

 

 

$

158,291

 

 

$

7,233

 

Adjustments to reconcile net income to cash provided by operating activities  
 
 
Depreciation  

 

5,488

 

 

 

4,928

 

 

 

4,610

 

Amortization of intangible assets  

 

1,117

 

 

 

1,373

 

 

 

1,255

 

Loss on disposal of property and equipment  

 

30

 

 

 

35

 

 

 

96

 

Stock-based compensation expense  

 

6,710

 

 

 

8,338

 

 

 

4,407

 

Amortization of premium (accretion of discount) on marketable securities  

 

154

 

 

 

104

 

 

 

(110

)

Deferred income taxes  

 

1,095

 

 

 

2,741

 

 

 

1,161

 

Decrease in accounts receivable allowances for credit losses  

 

(154

)

 

 

-

 

 

 

(180

)

Change in operating assets and liabilities:  
 
 
Accounts receivable  

 

3,831

 

 

 

1,545

 

 

 

(9,293

)

Inventories  

 

(6,253

)

 

 

(1,670

)

 

 

(4,223

)

Prepaid expenses and other assets  

 

(3,992

)

 

 

902

 

 

 

(4,229

)

Accounts payable  

 

8,828

 

 

 

(3,920

)

 

 

1,220

 

Taxes payable and other accrued liabilities  

 

(6,349

)

 

 

9,492

 

 

 

(871

)

Net cash provided by operating activities  

 

26,391

 

 

 

182,159

 

 

 

1,076

 


 
 
   
CASH FLOWS FROM INVESTING ACTIVITIES:  
 
 
Purchases of property and equipment  

 

(11,603

)

 

 

(9,789

)

 

 

(3,459

)

Acquisition of technology licenses  

 

-

 

 

 

(675

)

 

 

(214

)

Purchases of marketable securities  

 

(16,838

)

 

 

(71,952

)

 

 

(4,793

)

Proceeds from sales and maturities of marketable securities  

 

15,947

 

 

 

4,150

 

 

 

6,787

 

Net cash used in investing activities  

 

(12,494

)

 

 

(78,266

)

 

 

(1,679

)


 
 
   
CASH FLOWS FROM FINANCING ACTIVITIES:  
 
 
Net proceeds from issuance of common stock  

 

5,529

 

 

 

225

 

 

 

4,500

 

Repurchase of common stock  

 

(2,013

)

 

 

-

 

 

 

(7,302

)

Payments of dividends to stockholders  

 

(5,644

)

 

 

(5,590

)

 

 

(4,937

)

Net cash used in financing activities  

 

(2,128

)

 

 

(5,365

)

 

 

(7,739

)


 
 
   
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  

 

11,769

 

 

 

98,528

 

 

 

(8,342

)


 
 
   
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD  

 

178,690

 

 

 

80,162

 

 

 

134,137

 


 
 
   
CASH AND CASH EQUIVALENTS AT END OF PERIOD  

$

190,459

 

 

$

178,690

 

 

$

125,795

 

 

Contacts

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



EX-101.SCH 3 powi-20200507.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 powi-20200507_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Amendment Flag City Area Code Entity Address, City or Town Entity Address, Country Document Period End Date Entity Incorporation, State or Country Code Entity Information, Former Legal or Registered Name Local Phone Number Entity Address, Postal Zip Code Entity Address, State or Province Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Entity Registrant Name Entity Central Index Key Entity Tax Identification Number Document Fiscal Year Focus Document Fiscal Period Focus Document Type Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Entity File Number Entity Emerging Growth Company EX-101.PRE 5 powi-20200507_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 6 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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Entity Registrant Name Power Integrations, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-23441
Entity Tax Identification Number 94-3065014
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Entity Central Index Key 0000833640
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol POWI
Security Exchange Name NASDAQ

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