Quarterly revenues increased 15 percent year-over-year to $172.7 million; GAAP earnings were $0.66 per diluted share; non-GAAP earnings were $0.83 per diluted share
Full-year revenues grew 44 percent to $703.3 million; full-year GAAP earnings were $2.67 per diluted share; non-GAAP earnings grew 92 percent to $3.26 per diluted share
Full-year cash flow from operations was $230.9 million; $100M added to repurchase authorization; quarterly dividend rises by 20 percent to $0.18 per share
SAN JOSE, Calif. — (BUSINESS WIRE) — February 3, 2022 — Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2021. Net revenues for the fourth quarter of 2021 were $172.7 million, down two percent compared to the prior quarter and up 15 percent from the fourth quarter of 2020. Net income for the fourth quarter was $40.7 million or $0.66 per diluted share compared to $0.69 per diluted share in the prior quarter and $0.45 per diluted share in the fourth quarter of 2020. Cash flow from operations for the fourth quarter was $47.2 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 fourth quarter of 2021 was $50.9 million or $0.83 per diluted share compared with $0.84 per diluted share in the prior quarter and $0.60 per diluted share in the fourth quarter of 2020. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
For the full year, net revenues were $703.3 million, an increase of 44 percent compared to the prior year. Net income was $164.4 million or $2.67 per diluted share, compared to $1.17 per diluted share in the prior year. Non-GAAP net income was $200.2 million or $3.26 per diluted share, up 92 percent compared to $1.70 per diluted share in the prior year. Cash flow from operations for the year was $230.9 million.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “We capped an outstanding year with another strong quarter, and we are excited about the opportunities ahead. The secular trends underpinning our 2021 results—including energy efficiency, electrification, smart homes and appliances, and advanced chargers—remain in full effect for 2022. Our highly integrated GaN products are driving a revolution in smartphone and notebook chargers, and we expect a wide range of impressive new designs to come to market in the year ahead. Our BridgeSwitch™ motor-drive ICs are ramping at top-tier appliance customers, adding a new revenue stream for 2022. Our manufacturing model and our investments in capacity have been competitive advantages for us in this supply-constrained environment, and we are well positioned in terms of inventory and capacity to support strong demand in 2022.”
Additional Highlights
- Power Integrations repurchased approximately 423,000 shares of its common stock during the fourth quarter and approximately 820,000 shares in January, exhausting the $105 million remaining on the company’s repurchase authorization. The company’s board of directors has subsequently allocated an additional $100 million for share repurchases.
- The company paid a cash dividend of $0.15 per share on December 31, 2021. The company’s board of directors has declared a dividend of $0.18 per share to be paid on March 31, 2022 to stockholders of record as of February 28, 2022.
Financial Outlook
The company issued the following forecast for the first quarter of 2022:
- Revenues are expected to be $180 million plus or minus $5 million.
- Gross margins are expected to be similar to the levels of the prior quarter.
- GAAP operating expenses are expected to be between $48.5 million and $49.5 million; non-GAAP operating expenses are expected to be between $40.5 million and $41.5 million. Non-GAAP expenses are expected to exclude approximately $7.8 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 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, 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, secular trends remaining in full effect, adoption of GaN products, new designs coming to market and its ability to support strong demand in 2022 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 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 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 5, 2021. 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 law.
Power Integrations, BridgeSwitch 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, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||
| NET REVENUES | $ 172,654 |
$ 176,776 |
$ 150,693 |
$ 703,277 |
$ 488,318 |
||||||||||
| COST OF REVENUES | 79,478 |
85,037 |
76,688 |
342,638 |
244,728 |
||||||||||
| GROSS PROFIT | 93,176 |
91,739 |
74,005 |
360,639 |
243,590 |
||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development | 22,028 |
21,137 |
21,921 |
84,933 |
81,711 |
||||||||||
| Sales and marketing | 15,590 |
15,443 |
14,113 |
60,037 |
53,578 |
||||||||||
| General and administrative | 11,073 |
9,386 |
10,028 |
39,840 |
36,895 |
||||||||||
| Amortization of acquisition-related intangible assets | 181 |
181 |
216 |
771 |
919 |
||||||||||
| Total operating expenses | 48,872 |
46,147 |
46,278 |
185,581 |
173,103 |
||||||||||
| INCOME FROM OPERATIONS | 44,304 |
45,592 |
27,727 |
175,058 |
70,487 |
||||||||||
| OTHER INCOME | 101 |
206 |
630 |
1,077 |
4,764 |
||||||||||
| INCOME BEFORE INCOME TAXES | 44,405 |
45,798 |
28,357 |
176,135 |
75,251 |
||||||||||
| PROVISION FOR INCOME TAXES | 3,705 |
3,764 |
1,079 |
11,722 |
4,075 |
||||||||||
| NET INCOME | $ 40,700 |
$ 42,034 |
$ 27,278 |
$ 164,413 |
$ 71,176 |
||||||||||
| EARNINGS PER SHARE: | |||||||||||||||
| Basic | $ 0.68 |
$ 0.70 |
$ 0.46 |
$ 2.73 |
$ 1.19 |
||||||||||
| Diluted | $ 0.66 |
$ 0.69 |
$ 0.45 |
$ 2.67 |
$ 1.17 |
||||||||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||
| Basic | 60,259 |
60,319 |
59,879 |
60,327 |
59,657 |
||||||||||
| Diluted | 61,381 |
61,363 |
61,176 |
61,467 |
60,845 |
||||||||||
| SUPPLEMENTAL INFORMATION: | Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||
| Stock-based compensation expenses included in: | |||||||||||||||
| Cost of revenues | $ 424 |
$ 664 |
$ 713 |
$ 2,359 |
$ 1,963 |
||||||||||
| Research and development | 3,522 |
3,055 |
2,942 |
12,127 |
10,378 |
||||||||||
| Sales and marketing | 2,090 |
2,201 |
1,740 |
7,630 |
6,290 |
||||||||||
| General and administrative | 4,248 |
3,725 |
3,468 |
15,493 |
12,281 |
||||||||||
| Total stock-based compensation expense | $ 10,284 |
$ 9,645 |
$ 8,863 |
$ 37,609 |
$ 30,912 |
||||||||||
| Cost of revenues includes: | |||||||||||||||
| Amortization of acquisition-related intangible assets | $ 552 |
$ 552 |
$ 799 |
$ 2,477 |
$ 3,196 |
||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| REVENUE MIX BY END MARKET | December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||
| Communications | 23% |
25% |
34% |
30% |
30% |
||||||||||
| Computer | 10% |
11% |
9% |
10% |
7% |
||||||||||
| Consumer | 35% |
34% |
31% |
32% |
33% |
||||||||||
| Industrial | 32% |
30% |
26% |
28% |
30% |
||||||||||
| 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, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||
| RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||
| GAAP gross profit | $ 93,176 |
|
$ 91,739 |
|
$ 74,005 |
|
$ 360,639 |
|
$ 243,590 |
|
|||||||||
| GAAP gross margin | 54.0 |
% |
51.9 |
% |
49.1 |
% |
51.3 |
% |
49.9 |
% |
|||||||||
| Stock-based compensation included in cost of revenues | 424 |
|
664 |
|
713 |
|
2,359 |
|
1,963 |
|
|||||||||
| Amortization of acquisition-related intangible assets | 552 |
|
552 |
|
799 |
|
2,477 |
|
3,196 |
|
|||||||||
| Non-GAAP gross profit | $ 94,152 |
|
$ 92,955 |
|
$ 75,517 |
|
$ 365,475 |
|
$ 248,749 |
|
|||||||||
| Non-GAAP gross margin | 54.5 |
% |
52.6 |
% |
50.1 |
% |
52.0 |
% |
50.9 |
% |
|||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||
| GAAP operating expenses | $ 48,872 |
|
$ 46,147 |
|
$ 46,278 |
|
$ 185,581 |
|
$ 173,103 |
|
|||||||||
| Less: | Stock-based compensation expense included in operating expenses | ||||||||||||||||||
| Research and development | 3,522 |
|
3,055 |
|
2,942 |
|
12,127 |
|
10,378 |
|
|||||||||
| Sales and marketing | 2,090 |
|
2,201 |
|
1,740 |
|
7,630 |
|
6,290 |
|
|||||||||
| General and administrative | 4,248 |
|
3,725 |
|
3,468 |
|
15,493 |
|
12,281 |
|
|||||||||
| Total | 9,860 |
|
8,981 |
|
8,150 |
|
35,250 |
|
28,949 |
|
|||||||||
| Amortization of acquisition-related intangible assets | 181 |
|
181 |
|
216 |
|
771 |
|
919 |
|
|||||||||
| Non-GAAP operating expenses | $ 38,831 |
|
$ 36,985 |
|
$ 37,912 |
|
$ 149,560 |
|
$ 143,235 |
|
|||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||
| GAAP income from operations | $ 44,304 |
|
$ 45,592 |
|
$ 27,727 |
|
$ 175,058 |
|
$ 70,487 |
|
|||||||||
| GAAP operating margin | 25.7 |
% |
25.8 |
% |
18.4 |
% |
24.9 |
% |
14.4 |
% |
|||||||||
| Add: | Total stock-based compensation | 10,284 |
|
9,645 |
|
8,863 |
|
37,609 |
|
30,912 |
|
||||||||
| Amortization of acquisition-related intangible assets | 733 |
|
733 |
|
1,015 |
|
3,248 |
|
4,115 |
|
|||||||||
| Non-GAAP income from operations | $ 55,321 |
|
$ 55,970 |
|
$ 37,605 |
|
$ 215,915 |
|
$ 105,514 |
|
|||||||||
| Non-GAAP operating margin | 32.0 |
% |
31.7 |
% |
25.0 |
% |
30.7 |
% |
21.6 |
% |
|||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||
| GAAP provision for income taxes | $ 3,705 |
|
$ 3,764 |
|
$ 1,079 |
|
$ 11,722 |
|
$ 4,075 |
|
|||||||||
| GAAP effective tax rate | 8.3 |
% |
8.2 |
% |
3.8 |
% |
6.7 |
% |
5.4 |
% |
|||||||||
| Tax effect of adjustments to GAAP results | (800 |
) |
(565 |
) |
(725 |
) |
(5,044 |
) |
(2,719 |
) |
|||||||||
| Non-GAAP provision for income taxes | $ 4,505 |
|
$ 4,329 |
|
$ 1,804 |
|
$ 16,766 |
|
$ 6,794 |
|
|||||||||
| Non-GAAP effective tax rate | 8.1 |
% |
7.7 |
% |
4.7 |
% |
7.7 |
% |
6.2 |
% |
|||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||
| GAAP net income | $ 40,700 |
|
$ 42,034 |
|
$ 27,278 |
|
$ 164,413 |
|
$ 71,176 |
|
|||||||||
| Adjustments to GAAP net income | |||||||||||||||||||
| Stock-based compensation | 10,284 |
|
9,645 |
|
8,863 |
|
37,609 |
|
30,912 |
|
|||||||||
| Amortization of acquisition-related intangible assets | 733 |
|
733 |
|
1,015 |
|
3,248 |
|
4,115 |
|
|||||||||
| Tax effect of items excluded from non-GAAP results | (800 |
) |
(565 |
) |
(725 |
) |
(5,044 |
) |
(2,719 |
) |
|||||||||
| Non-GAAP net income | $ 50,917 |
|
$ 51,847 |
|
$ 36,431 |
|
$ 200,226 |
|
$ 103,484 |
|
|||||||||
| Average shares outstanding for calculation | |||||||||||||||||||
| of non-GAAP net income per share (diluted) | 61,381 |
|
61,363 |
|
61,176 |
|
61,467 |
|
60,845 |
|
|||||||||
| Non-GAAP net income per share (diluted) | $ 0.83 |
|
$ 0.84 |
|
$ 0.60 |
|
$ 3.26 |
|
$ 1.70 |
|
|||||||||
| GAAP net income per share (diluted) | $ 0.66 |
|
$ 0.69 |
|
$ 0.45 |
|
$ 2.67 |
|
$ 1.17 |
|
|||||||||
| POWER INTEGRATIONS, INC. | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (in thousands) | ||||||||||
| December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ 158,117 |
|
$ 262,435 |
|
$ 258,874 |
|
||||
| Short-term marketable securities | 372,235 |
|
286,506 |
|
190,318 |
|
||||
| Accounts receivable, net | 41,393 |
|
38,872 |
|
35,910 |
|
||||
| Inventories | 99,266 |
|
91,814 |
|
102,878 |
|
||||
| Prepaid expenses and other current assets | 15,804 |
|
23,720 |
|
13,252 |
|
||||
| Total current assets | 686,815 |
|
703,347 |
|
601,232 |
|
||||
| PROPERTY AND EQUIPMENT, net | 179,824 |
|
168,498 |
|
166,188 |
|
||||
| INTANGIBLE ASSETS, net | 9,012 |
|
9,807 |
|
12,506 |
|
||||
| GOODWILL | 91,849 |
|
91,849 |
|
91,849 |
|
||||
| DEFERRED TAX ASSETS | 16,433 |
|
3,266 |
|
3,339 |
|
||||
| OTHER ASSETS | 30,554 |
|
28,223 |
|
28,225 |
|
||||
| Total assets | $ 1,014,487 |
|
$ 1,004,990 |
|
$ 903,339 |
|
||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ 43,721 |
|
$ 40,390 |
|
$ 34,712 |
|
||||
| Accrued payroll and related expenses | 15,492 |
|
14,064 |
|
14,806 |
|
||||
| Taxes payable | 1,210 |
|
970 |
|
902 |
|
||||
| Other accrued liabilities | 11,898 |
|
10,638 |
|
12,106 |
|
||||
| Total current liabilities | 72,321 |
|
66,062 |
|
62,526 |
|
||||
| LONG-TERM LIABILITIES: | ||||||||||
| Income taxes payable | 15,280 |
|
14,644 |
|
15,588 |
|
||||
| Other liabilities | 14,854 |
|
15,928 |
|
14,814 |
|
||||
| Total liabilities | 102,455 |
|
96,634 |
|
92,928 |
|
||||
| STOCKHOLDERS' EQUITY: | ||||||||||
| Common stock | 28 |
|
28 |
|
28 |
|
||||
| Additional paid-in capital | 162,301 |
|
189,790 |
|
190,920 |
|
||||
| Accumulated other comprehensive loss | (3,737 |
) |
(3,249 |
) |
(2,163 |
) |
||||
| Retained earnings | 753,440 |
|
721,787 |
|
621,626 |
|
||||
| Total stockholders' equity | 912,032 |
|
908,356 |
|
810,411 |
|
||||
| Total liabilities and stockholders' equity | $ 1,014,487 |
|
$ 1,004,990 |
|
$ 903,339 |
|
||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
| Net income | $ 40,700 |
|
$ 42,034 |
|
$ 27,278 |
|
$ 164,413 |
|
$ 71,176 |
|
||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||
| Depreciation | 8,054 |
|
8,126 |
|
6,672 |
|
31,454 |
|
23,743 |
|
||||||
| Amortization of intangible assets | 795 |
|
794 |
|
1,076 |
|
3,494 |
|
4,359 |
|
||||||
| Loss on disposal of property and equipment | 905 |
|
2,162 |
|
214 |
|
3,105 |
|
525 |
|
||||||
| Stock-based compensation expense | 10,284 |
|
9,645 |
|
8,863 |
|
37,609 |
|
30,912 |
|
||||||
| Amortization of premium on marketable securities | 815 |
|
475 |
|
180 |
|
1,590 |
|
705 |
|
||||||
| Deferred income taxes | (13,228 |
) |
(1,194 |
) |
(692 |
) |
(13,240 |
) |
(592 |
) |
||||||
| Increase (decrease) in accounts receivable allowance for credit losses | 1 |
|
(74 |
) |
(491 |
) |
18 |
|
(336 |
) |
||||||
| Change in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | (2,522 |
) |
2,554 |
|
(5,972 |
) |
(5,501 |
) |
(11,300 |
) |
||||||
| Inventories | (7,452 |
) |
(2,171 |
) |
1,927 |
|
3,612 |
|
(12,498 |
) |
||||||
| Prepaid expenses and other assets | 9,299 |
|
(472 |
) |
3,020 |
|
4,326 |
|
9,153 |
|
||||||
| Accounts payable | (2,566 |
) |
(1,420 |
) |
(668 |
) |
4,067 |
|
5,697 |
|
||||||
| Taxes payable and other accrued liabilities | 2,078 |
|
(1,724 |
) |
4,959 |
|
(4,079 |
) |
4,095 |
|
||||||
| Net cash provided by operating activities | 47,163 |
|
58,735 |
|
46,366 |
|
230,868 |
|
125,639 |
|
||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
| Purchases of property and equipment | (16,967 |
) |
(11,011 |
) |
(34,860 |
) |
(47,272 |
) |
(70,598 |
) |
||||||
| Proceeds from sale of property and equipment | - |
|
- |
|
320 |
|
35 |
|
651 |
|
||||||
| Purchases of marketable securities | (172,115 |
) |
(193,150 |
) |
(43,637 |
) |
(554,018 |
) |
(109,703 |
) |
||||||
| Proceeds from sales and maturities of marketable securities | 84,421 |
|
123,953 |
|
64,390 |
|
368,457 |
|
151,385 |
|
||||||
| Net cash used in investing activities | (104,661 |
) |
(80,208 |
) |
(13,787 |
) |
(232,798 |
) |
(28,265 |
) |
||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
| Net proceeds from issuance of common stock | - |
|
4,058 |
|
865 |
|
7,710 |
|
10,527 |
|
||||||
| Repurchase of common stock | (37,773 |
) |
(9,791 |
) |
- |
|
(73,938 |
) |
(2,636 |
) |
||||||
| Payments of dividends to stockholders | (9,047 |
) |
(7,840 |
) |
(6,584 |
) |
(32,599 |
) |
(25,081 |
) |
||||||
| Net cash used in financing activities | (46,820 |
) |
(13,573 |
) |
(5,719 |
) |
(98,827 |
) |
(17,190 |
) |
||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (104,318 |
) |
(35,046 |
) |
26,860 |
|
(100,757 |
) |
80,184 |
|
||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 262,435 |
|
297,481 |
|
232,014 |
|
258,874 |
|
178,690 |
|
||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 158,117 |
|
$ 262,435 |
|
$ 258,874 |
|
$ 158,117 |
|
$ 258,874 |
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005910/en/
Contact:
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com