Yahoo Movies Power Integrations Reports Fourth-Quarter and Full-Year Financial Results
Quarterly revenues were $124.8 million; GAAP earnings were $0.40 per diluted share; non-GAAP earnings were $0.48 per diluted share
$18.7 million used for share repurchases in the fourth quarter with $81.3 million remaining on authorization at quarter-end; quarterly dividend rising by six percent to $0.19 per share
SAN JOSE, Calif., February 06, 2023--(BUSINESS WIRE)--Power Integrations (NASDAQ: POWI) today announced financial results for the quarter and year ended December 31, 2022. Net revenues for the fourth quarter were $124.8 million, down 22 percent compared to the prior quarter and down 28 percent from the fourth quarter of 2021. Net income for the fourth quarter was $22.8 million or $0.40 per diluted share compared to $0.80 per diluted share in the prior quarter and $0.66 per diluted share in the fourth quarter of 2021. Cash flow from operations for the fourth quarter was $24.1 million.
For the full year, net revenues were $651.1 million dollars, down seven percent from the prior year. Net income for 2022 was $170.9 million or $2.93 per diluted share, compared to $2.67 per diluted share in the prior year. Cash flow from operations for the full year was $215.3 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, net other operating expenses of $1.1 million in the second quarter of 2022 stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. Non-GAAP net income for the fourth quarter of 2022 was $27.9 million or $0.48 per diluted share compared to $0.84 per diluted share in the prior quarter and $0.83 per diluted share in the fourth quarter of 2021. Full-year non-GAAP net income was $191.9 million or $3.29 per diluted share compared to $3.26 per diluted share in the prior year. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Our results and outlook reflect weaker demand across most end-markets, as well as excess inventory in the supply chain. However, distribution inventory decreased in the fourth quarter, with further improvement to come in the months ahead, and we expect revenues to bottom in the first quarter. While the demand environment remains uncertain, we are well positioned for a recovery with a strong pipeline of design activity and a broad range of growth drivers including our highly integrated GaN products, motor-drive, renewable energy, EVs and advanced charging for mobile devices."
Additional Highlights
Power Integrations repurchased approximately 266,000 shares of its common stock during the fourth quarter for $18.7 million. The company had $81.3 million remaining on its repurchase authorization at quarter-end.
The company paid a dividend of $0.18 per share on December 30, 2022. A dividend of $0.19 per share is to be paid on March 31, 2023, to stockholders of record as of February 28, 2023.
In December, Power Integrations received Great Place to Work Certification™ following an anonymous survey in which 82 percent of the company’s employees said that Power Integrations is a great place to work – 25 points higher than the average U.S. company.
Financial Outlook
The company issued the following forecast for the first quarter of 2023:
Revenues are expected to be $105 million plus or minus $5 million.
GAAP gross margin is expected to be approximately 53 percent, and non-GAAP gross margin is expected to be approximately 53.5 percent. The difference between GAAP and non-GAAP gross margins is approximately equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
GAAP operating expenses are expected to be between $49 million and $49.5 million; non-GAAP operating expenses are expected to be between $42 million and $42.5 million. Non-GAAP expenses are expected to exclude about $7 million of stock-based compensation.
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 register for the call by visiting the following link: https://conferencingportals.com/event/iobnvsok. A live 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, net other operating expenses of $1.1 million in the second quarter of 2022 stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, 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 first-quarter financial performance, revenue bottoming in the first quarter and being well positioned for a recovery are forward-looking statements reflecting management's current expectations and beliefs. These 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 pandemic 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 economic and geopolitical conditions, including such factors as inflation, armed conflicts and 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, 2022. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by law.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
POWER INTEGRATIONS, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
NET REVENUES | $ | 124,770 | $ | 160,233 | $ | 172,654 | $ | 651,138 | $ | 703,277 | |||||||||
COST OF REVENUES | 57,416 | 68,198 | 79,478 | 284,231 | 342,638 | ||||||||||||||
GROSS PROFIT | 67,354 | 92,035 | 93,176 | 366,907 | 360,639 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Research and development | 23,504 | 23,205 | 22,028 | 93,894 | 84,933 | ||||||||||||||
Sales and marketing | 15,493 | 14,700 | 15,590 | 62,333 | 60,037 | ||||||||||||||
General and administrative | 7,465 | 5,759 | 11,073 | 28,897 | 39,840 | ||||||||||||||
Amortization of acquisition-related intangible assets | - | - | 181 | 241 | 771 | ||||||||||||||
Other operating expenses, net | - | - | - | 1,130 | - | ||||||||||||||
Total operating expenses | 46,462 | 43,664 | 48,872 | 186,495 | 185,581 | ||||||||||||||
INCOME FROM OPERATIONS | 20,892 | 48,371 | 44,304 | 180,412 | 175,058 | ||||||||||||||
OTHER INCOME | 785 | 1,001 | 101 | 3,014 | 1,077 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 21,677 | 49,372 | 44,405 | 183,426 | 176,135 | ||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | (1,138 | ) | 3,408 | 3,705 | 12,575 | 11,722 | |||||||||||||
NET INCOME | $ | 22,815 | $ | 45,964 | $ | 40,700 | $ | 170,851 | $ | 164,413 | |||||||||
EARNINGS PER SHARE: | |||||||||||||||||||
Basic | $ | 0.40 | $ | 0.80 | $ | 0.68 | $ | 2.96 | $ | 2.73 | |||||||||
Diluted | $ | 0.40 | $ | 0.80 | $ | 0.66 | $ | 2.93 | $ | 2.67 | |||||||||
SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||
Basic | 57,094 | 57,172 | 60,259 | 57,801 | 60,327 | ||||||||||||||
Diluted | 57,535 | 57,603 | 61,381 | 58,371 | 61,467 | ||||||||||||||
SUPPLEMENTAL INFORMATION: | Three Months Ended | Twelve Months Ended | |||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
Stock-based compensation expenses included in: | |||||||||||||||||||
Cost of revenues | $ | 405 | $ | 172 | $ | 424 | $ | 1,132 | $ | 2,359 | |||||||||
Research and development | 2,716 | 2,334 | 3,522 | 10,428 | 12,127 | ||||||||||||||
Sales and marketing | 1,643 | 1,267 | 2,090 | 6,035 | 7,630 | ||||||||||||||
General and administrative | 1,890 | (755 | ) | 4,248 | 4,769 | 15,493 | |||||||||||||
Total stock-based compensation expense | $ | 6,654 | $ | 3,018 | $ | 10,284 | $ | 22,364 | $ | 37,609 | |||||||||
Cost of revenues includes: | |||||||||||||||||||
Amortization of acquisition-related intangible assets | $ | 482 | $ | 482 | $ | 552 | $ | 1,928 | $ | 2,477 | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
REVENUE MIX BY END MARKET | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||
Communications | 23 | % | 16 | % | 23 | % | 21 | % | 30 | % | |||||||||
Computer | 12 | % | 11 | % | 10 | % | 10 | % | 10 | % | |||||||||
Consumer | 26 | % | 32 | % | 35 | % | 33 | % | 32 | % | |||||||||
Industrial | 39 | % | 41 | % | 32 | % | 36 | % | 28 | % | |||||||||
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, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||
RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||
GAAP gross profit | $ | 67,354 | $ | 92,035 | $ | 93,176 | $ | 366,907 | $ | 360,639 | ||||||||||
GAAP gross margin | 54.0 | % | 57.4 | % | 54.0 | % | 56.3 | % | 51.3 | % | ||||||||||
Stock-based compensation included in cost of revenues | 405 | 172 | 424 | 1,132 | 2,359 | |||||||||||||||
Amortization of acquisition-related intangible assets | 482 | 482 | 552 | 1,928 | 2,477 | |||||||||||||||
Non-GAAP gross profit | $ | 68,241 | $ | 92,689 | $ | 94,152 | $ | 369,967 | $ | 365,475 | ||||||||||
Non-GAAP gross margin | 54.7 | % | 57.8 | % | 54.5 | % | 56.8 | % | 52.0 | % | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
RECONCILIATION OF OPERATING EXPENSES | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
GAAP operating expenses | $ | 46,462 | $ | 43,664 | $ | 48,872 | $ | 186,495 | $ | 185,581 | ||||||||||
Less: | Stock-based compensation expense included in operating expenses | |||||||||||||||||||
Research and development | 2,716 | 2,334 | 3,522 | 10,428 | 12,127 | |||||||||||||||
Sales and marketing | 1,643 | 1,267 | 2,090 | 6,035 | 7,630 | |||||||||||||||
General and administrative | 1,890 | (755 | ) | 4,248 | 4,769 | 15,493 | ||||||||||||||
Total | 6,249 | 2,846 | 9,860 | 21,232 | 35,250 | |||||||||||||||
Amortization of acquisition-related intangible assets | - | - | 181 | 241 | 771 | |||||||||||||||
Other operating expenses, net | - | - | - | 1,130 | - | |||||||||||||||
Non-GAAP operating expenses | $ | 40,213 | $ | 40,818 | $ | 38,831 | $ | 163,892 | $ | 149,560 | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
RECONCILIATION OF INCOME FROM OPERATIONS | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
GAAP income from operations | $ | 20,892 | $ | 48,371 | $ | 44,304 | $ | 180,412 | $ | 175,058 | ||||||||||
GAAP operating margin | 16.7 | % | 30.2 | % | 25.7 | % | 27.7 | % | 24.9 | % | ||||||||||
Add: | Total stock-based compensation | 6,654 | 3,018 | 10,284 | 22,364 | 37,609 | ||||||||||||||
Amortization of acquisition-related intangible assets | 482 | 482 | 733 | 2,169 | 3,248 | |||||||||||||||
Other operating expenses, net | - | - | - | 1,130 | - | |||||||||||||||
Non-GAAP income from operations | $ | 28,028 | $ | 51,871 | $ | 55,321 | $ | 206,075 | $ | 215,915 | ||||||||||
Non-GAAP operating margin | 22.5 | % | 32.4 | % | 32.0 | % | 31.6 | % | 30.7 | % | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
GAAP provision (benefit) for income taxes | $ | (1,138 | ) | $ | 3,408 | $ | 3,705 | $ | 12,575 | $ | 11,722 | |||||||||
GAAP effective tax rate | -5.2 | % | 6.9 | % | 8.3 | % | 6.9 | % | 6.7 | % | ||||||||||
Tax effect of adjustments to GAAP results | (2,085 | ) | (1,116 | ) | (800 | ) | (4,582 | ) | (5,044 | ) | ||||||||||
Non-GAAP provision for income taxes | $ | 947 | $ | 4,524 | $ | 4,505 | $ | 17,157 | $ | 16,766 | ||||||||||
Non-GAAP effective tax rate | 3.3 | % | 8.6 | % | 8.1 | % | 8.2 | % | 7.7 | % | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
GAAP net income | $ | 22,815 | $ | 45,964 | $ | 40,700 | $ | 170,851 | $ | 164,413 | ||||||||||
Adjustments to GAAP net income | ||||||||||||||||||||
Stock-based compensation | 6,654 | 3,018 | 10,284 | 22,364 | 37,609 | |||||||||||||||
Amortization of acquisition-related intangible assets | 482 | 482 | 733 | 2,169 | 3,248 | |||||||||||||||
Other operating expenses, net | - | - | - | 1,130 | - | |||||||||||||||
Tax effect of items excluded from non-GAAP results | (2,085 | ) | (1,116 | ) | (800 | ) | (4,582 | ) | (5,044 | ) | ||||||||||
Non-GAAP net income | $ | 27,866 | $ | 48,348 | $ | 50,917 | $ | 191,932 | $ | 200,226 | ||||||||||
Average shares outstanding for calculation | ||||||||||||||||||||
of non-GAAP net income per share (diluted) | 57,535 | 57,603 | 61,381 | 58,371 | 61,467 | |||||||||||||||
Non-GAAP net income per share (diluted) | $ | 0.48 | $ | 0.84 | $ | 0.83 | $ | 3.29 | $ | 3.26 | ||||||||||
GAAP net income per share (diluted) | $ | 0.40 | $ | 0.80 | $ | 0.66 | $ | 2.93 | $ | 2.67 | ||||||||||
POWER INTEGRATIONS, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 105,372 | $ | 133,474 | $ | 158,117 | |||||
Short-term marketable securities | 248,441 | 229,754 | 372,235 | ||||||||
Accounts receivable, net | 20,836 | 16,075 | 41,393 | ||||||||
Inventories | 135,420 | 120,092 | 99,266 | ||||||||
Prepaid expenses and other current assets | 15,004 | 12,634 | 15,804 | ||||||||
Total current assets | 525,073 | 512,029 | 686,815 | ||||||||
PROPERTY AND EQUIPMENT, net | 176,681 | 181,224 | 179,824 | ||||||||
INTANGIBLE ASSETS, net | 6,597 | 7,141 | 9,012 | ||||||||
GOODWILL | 91,849 | 91,849 | 91,849 | ||||||||
DEFERRED TAX ASSETS | 19,034 | 23,935 | 16,433 | ||||||||
OTHER ASSETS | 20,862 | 21,785 | 30,554 | ||||||||
Total assets | $ | 840,096 | $ | 837,963 | $ | 1,014,487 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 30,088 | $ | 29,521 | $ | 43,721 | |||||
Accrued payroll and related expenses | 14,778 | 13,765 | 15,492 | ||||||||
Taxes payable | 938 | 2,960 | 1,210 | ||||||||
Other accrued liabilities | 12,572 | 12,613 | 11,898 | ||||||||
Total current liabilities | 58,376 | 58,859 | 72,321 | ||||||||
LONG-TERM LIABILITIES: | |||||||||||
Income taxes payable | 15,757 | 16,398 | 15,280 | ||||||||
Other liabilities | 10,747 | 12,424 | 14,854 | ||||||||
Total liabilities | 84,880 | 87,681 | 102,455 | ||||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Common stock | 24 | 24 | 28 | ||||||||
Additional paid-in capital | - | 6,123 | 162,301 | ||||||||
Accumulated other comprehensive loss | (7,344 | ) | (11,817 | ) | (3,737 | ) | |||||
Retained earnings | 762,536 | 755,952 | 753,440 | ||||||||
Total stockholders' equity | 755,216 | 750,282 | 912,032 | ||||||||
Total liabilities and stockholders' equity | $ | 840,096 | $ | 837,963 | $ | 1,014,487 | |||||
POWER INTEGRATIONS, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net income | $ | 22,815 | $ | 45,964 | $ | 40,700 | $ | 170,851 | $ | 164,413 | |||||||||
Adjustments to reconcile net income to cash provided by operating activities | |||||||||||||||||||
Depreciation | 8,875 | 8,881 | 8,054 | 34,930 | 31,454 | ||||||||||||||
Amortization of intangible assets | 544 | 543 | 795 | 2,415 | 3,494 | ||||||||||||||
Loss on disposal of property and equipment | 209 | 128 | 905 | 1,371 | 3,105 | ||||||||||||||
Stock-based compensation expense | 6,654 | 3,018 | 10,284 | 22,364 | 37,609 | ||||||||||||||
Amortization of premium on marketable securities | 654 | 771 | 815 | 3,292 | 1,590 | ||||||||||||||
Deferred income taxes | 4,824 | (4,108 | ) | (13,228 | ) | (2,566 | ) | (13,240 | ) | ||||||||||
Increase in accounts receivable allowance for credit losses | - | 431 | 1 | 690 | 18 | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | (4,761 | ) | 11,474 | (2,522 | ) | 19,867 | (5,501 | ) | |||||||||||
Inventories | (15,328 | ) | (8,834 | ) | (7,452 | ) | (36,154 | ) | 3,612 | ||||||||||
Prepaid expenses and other assets | (1,085 | ) | 4,353 | 9,299 | 7,343 | 4,326 | |||||||||||||
Accounts payable | 2,038 | (11,451 | ) | (2,566 | ) | (3,836 | ) | 4,067 | |||||||||||
Taxes payable and other accrued liabilities | (1,341 | ) | (1,344 | ) | 2,078 | (5,224 | ) | (4,079 | ) | ||||||||||
Net cash provided by operating activities | 24,098 | 49,826 | 47,163 | 215,343 | 230,868 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Purchases of property and equipment | (5,767 | ) | (5,500 | ) | (16,967 | ) | (39,211 | ) | (47,272 | ) | |||||||||
Proceeds from sale of property and equipment | - | - | - | 1,202 | 35 | ||||||||||||||
Purchases of marketable securities | (28,576 | ) | (6,534 | ) | (172,115 | ) | (55,820 | ) | (554,018 | ) | |||||||||
Proceeds from sales and maturities of marketable securities | 11,151 | 35,487 | 84,421 | 172,165 | 368,457 | ||||||||||||||
Net cash provided by (used in) investing activities | (23,192 | ) | 23,453 | (104,661 | ) | 78,336 | (232,798 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Net proceeds from issuance of common stock | - | 3,105 | - | 6,162 | 7,710 | ||||||||||||||
Repurchase of common stock | (18,745 | ) | - | (37,773 | ) | (311,094 | ) | (73,938 | ) | ||||||||||
Payments of dividends to stockholders | (10,263 | ) | (10,293 | ) | (9,047 | ) | (41,492 | ) | (32,599 | ) | |||||||||
Net cash used in financing activities | (29,008 | ) | (7,188 | ) | (46,820 | ) | (346,424 | ) | (98,827 | ) | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (28,102 | ) | 66,091 | (104,318 | ) | (52,745 | ) | (100,757 | ) | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 133,474 | 67,383 | 262,435 | 158,117 | 258,874 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 105,372 | $ | 133,474 | $ | 158,117 | $ | 105,372 | $ | 158,117 | |||||||||
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Contacts
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
