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Power Integrations(POWI) - 2024 Q3 - Quarterly Results
POWIPower Integrations(POWI)2024-11-06 21:07

Revenue and Growth - Q3 2024 revenues were 115.8million,up9115.8 million, up 9% from the prior quarter but down 8% year-over-year[1] - The company expects Q4 2024 revenues to be 105 million ± 5million,withdouble−digityear−over−yeargrowth[3]−Q32024revenuemixbyendmarket:Communications125 million, with double-digit year-over-year growth[3] - Q3 2024 revenue mix by end market: Communications 12%, Computer 14%, Consumer 38%, Industrial 36%[15] Net Income and Earnings Per Share - GAAP net income for Q3 2024 was 14.3 million, or 0.25perdilutedshare,comparedto0.25 per diluted share, compared to 0.34 per diluted share in Q3 2023[1] - Non-GAAP net income for Q3 2024 was 22.6million,or22.6 million, or 0.40 per diluted share, compared to 0.46perdilutedshareinQ32023[2]−Non−GAAPnetincomeforQ32024was0.46 per diluted share in Q3 2023[2] - Non-GAAP net income for Q3 2024 was 22,616 thousand, a decrease from 26,603thousandinQ32023[21]−Non−GAAPnetincomepershare(diluted)forQ32024was26,603 thousand in Q3 2023[21] - Non-GAAP net income per share (diluted) for Q3 2024 was 0.40, compared to 0.46inQ32023[21]−NetincomeforthethreemonthsendedSeptember30,2024was0.46 in Q3 2023[21] - Net income for the three months ended September 30, 2024 was 14.291 million, compared to 19.796millionforthesameperiodin2023[23]GrossMargin−GAAPgrossmarginforQ42024isexpectedtobebetween5419.796 million for the same period in 2023[23] Gross Margin - GAAP gross margin for Q4 2024 is expected to be between 54% and 54.5%, while non-GAAP gross margin is expected to be between 55% and 55.5%[6] - Q3 2024 GAAP gross margin was 54.5%, while non-GAAP gross margin was 55.1%[16] Operating Expenses and Income - GAAP operating expenses for Q3 2024 were 51,589 thousand, compared to 48,233thousandinQ32023,representinga748,233 thousand in Q3 2023, representing a 7% increase[18] - Non-GAAP income from operations for Q3 2024 was 20,067 thousand, with a non-GAAP operating margin of 17.3%, compared to 25,099thousandand20.025,099 thousand and 20.0% in Q3 2023[19] Cash Flow and Liquidity - Q3 2024 cash flow from operations was 32.9 million[1] - Net cash provided by operating activities for the nine months ended September 30, 2024 was 66.455million,upfrom66.455 million, up from 49.492 million in the same period in 2023[23] - Cash and cash equivalents increased to 58,469thousandasofSeptember30,2024,from58,469 thousand as of September 30, 2024, from 50,493 thousand as of June 30, 2024[22] - Cash and cash equivalents at the end of the period September 30, 2024 were 58.469million,comparedto58.469 million, compared to 94.743 million at the end of the same period in 2023[23] Share Repurchase and Dividends - The board authorized a 50millionsharerepurchaseprogramandincreasedthequarterlydividendby550 million share repurchase program and increased the quarterly dividend by 5% to 0.21 per share[5] - Repurchase of common stock for the nine months ended September 30, 2024 was 25.979million,comparedto25.979 million, compared to 7.834 million in the same period in 2023[23] - Payments of dividends to stockholders for the nine months ended September 30, 2024 totaled 34.100million,upfrom34.100 million, up from 32.665 million in the same period in 2023[23] Assets and Liabilities - Total current assets as of September 30, 2024, were 507,886thousand,slightlyhigherthan507,886 thousand, slightly higher than 499,836 thousand as of June 30, 2024[22] - Total liabilities as of September 30, 2024, were 75,778thousand,upfrom75,778 thousand, up from 74,018 thousand as of June 30, 2024[22] - Retained earnings as of September 30, 2024, were 736,836thousand,comparedto736,836 thousand, compared to 733,909 thousand as of June 30, 2024[22] - Total stockholders' equity increased to 749,213thousandasofSeptember30,2024,from749,213 thousand as of September 30, 2024, from 730,742 thousand as of June 30, 2024[22] Marketable Securities - Purchases of marketable securities for the nine months ended September 30, 2024 totaled 97.581million,comparedto97.581 million, compared to 173.015 million in the same period in 2023[23] - Proceeds from sales and maturities of marketable securities for the nine months ended September 30, 2024 were 103.806million,downfrom103.806 million, down from 161.897 million in the same period in 2023[23] Tax Rate - GAAP effective tax rate for Q3 2024 was 0.3%, significantly lower than the 5.1% in Q3 2023[20] Technology and Innovation - PowiGaN™ technology introduced the world's first 1700-volt gallium-nitride transistors in the InnoMux™-2 product family[4]