2020-08 powi investor presentation … · title: microsoft powerpoint - 2020-08 powi investor...
TRANSCRIPT
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Power Integrations, Inc.Nasdaq: POWI
August 2020
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Forward-Looking Statements/Non-GAAP Metrics
©2020 Power Integrations | www.power.com 2
These slides accompany an oral presentation by Power Integrations, Inc., which contains forward-looking statements. Each statement relating to events that will or may occur in the future is a forward-looking statement. The Company’s actual results may differ materially from those suggested in the presentation. Information concerning factors that could cause such a difference is contained in the Company’s most recent report on Form 10-K.
This presentation may also contain certain non-GAAP financial information. Reconciliations of non-GAAP financial metrics to GAAP results are available on the investor page of the Power Integrations website, http://investors.power.com.
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ICs for Energy Production, Transmission & Consumption
©2020 Power Integrations | www.power.com 3
Technology leader in ICs for energy-efficient AC-DC power supplies
High-efficiency driver ICs energizingthe LED-lighting revolution
Reliable gate drivers for vital systems when safety is paramount
Highly efficient, reliable and integrated motor drivers
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Comprehensive Expertise in High Voltage
©2020 Power Integrations | www.power.com 4
Ultra-simple power convertersFewer componentsShorter design cyclesEasier to manufactureHigher reliability
BOM cost similar to discrete designs
Highly energy-efficient
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Long-Term Secular Growth Drivers
©2020 Power Integrations | www.power.com 5
Ongoing transition to IC-based power suppliesIntegration saves labor and materials, improves reliability
Energy-efficient electronics & appliancesDriven by standards and consumer awareness
Expanding market opportunity – SAM up nearly 3x since 2010Faster charging for mobile devicesHome & building automation / smart lighting and appliances / IoTBattery-powered tools, e-bikes, electric transportationBridgeSwitch™ motor-drive ICs expand appliance SAMLED lightingAutomotive: extensive high-voltage content in EVs
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The Power Integrations Advantage
©2020 Power Integrations | www.power.com 6
Conventional Phone Charger - More than 60 Components
EMI filter and bridge rectifier Isolation transformer Synchronous rectification
Output current and voltage control
Opto-coupler feedback
Switching MOSFET and current sense
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The Power Integrations Advantage
©2020 Power Integrations | www.power.com 7
Phone-charger Power Supply Using InnoSwitch-CH – only 24 parts
InnoSwitch™ • Switching MOSFET• Current sense• FluxLink™ replaces opto-coupler• Synchronous rectification driver• Output current and voltage control
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Simplifying Power for PCs, TVs, eBike Chargers
©2020 Power Integrations | www.power.com 8
Hiper™ products replace up to 100 components
HiperPFS, HiperLCS / HiperTFS
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InnoSwitch™: A Higher Level of Integration
©2020 Power Integrations | www.power.com 9
First IC to integrate primary and secondary sides of power supply across safety barrier
Enabled by FluxLink™ technology
Drastic reduction in component count, complexityHighly energy-efficient
Very high efficiencyVery low standby consumption
SecondaryPrimary
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Highly Integrated Converters Replace Discretes
©2020 Power Integrations | www.power.com 10
65 W adapter with discretes: 72 components, two heatsinks, 144 cm3
65 W adapter with POWI InnoSwitch™3 39 components, no heatsinks, 59 cm3
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InnoSwitch Now with GaN Technology
©2020 Power Integrations | www.power.com 11
Gallium-nitride (GaN) transistors are better than siliconMore efficient, cooler, smaller power suppliesLeading the way to “no-heatsink” designs at high power levels
GaN transistor technology is the future for power conversion
POWI approach is to enclose and protect the GaN device in our ICsEngineers see significant performance benefitsBut won’t otherwise notice a change
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GaN for Size and Efficiency
©2020 Power Integrations | www.power.com 12
Aftermarket USB PD adaptersHigh-end cellphone/tablet chargersNotebook adapters
Products with size OR efficiency needsAppliances, TVs, server standby, AIO PCs, video games
Applications requiring feature benefits of InnoSwitch, but with more power
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Spanning the Power Range
©2020 Power Integrations | www.power.com 13
0 W 500 W5 W 50 W2 W 20 W 200 W
LinkSwitch™
AC-DCLED DriversGate Drivers
100 kW100 W
SCALE-iDriver™+ SCALE™-2
Up to 120 W
Up to 75 W
Hiper Family / CAPZero™
SENZero™ / Qspeed ™
1 GW
LED Driver Products – LYTSwitch™
Up to 65 WInnoSwitch3™
TinySwitch™
TOPSwitch™
BridgeSwitch™
Motor Drivers
10 kW
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Power Everywhere
©2020 Power Integrations | www.power.com 14
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Addressable Market Now $4+ Billion
©2020 Power Integrations | www.power.com 15
Consumer
Comms
Computer
Industrial
High-power applications in red
● Desktop/server standby● Desktop main● Notebook/tablet adapters● LCD monitors● Printers
● LED lighting● Home/building automation● Smart meters ● Industrial controls● Battery-powered tools● UPS● Industrial motor drives● Wind/solar inverters● Electric trains/buses● DC transmission● Medical
● White goods● Air conditioners● TV standby / TV main● Small appliances● Set-top boxes● DVD players● Game consoles
● Mobile phone chargers● Cordless phone adapters● Broadband modems● VoIP phones● Wireless routers
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Recognized Leader in Energy Efficiency
©2020 Power Integrations | www.power.com 16
Member of clean-tech stock indicesThe Cleantech Index (CTIUS)Nasdaq Clean Edge Green Energy (CELS)Ardour Global Index (AGIGL)ECPI Global Clean Energy Index (GALPHCLN)
Twice named a top 20 sustainable stockby SustainableBusiness.com
ENERGY STAR® award recipient
Star of Energy Efficiency award recipient
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EcoSmart™ Technology Saves Energy
©2020 Power Integrations | www.power.com 17
>15 billion EcoSmartchips sold since 1998
Over 125B kWh of standby energy saved
>$12B saved by end users
Millions of tons of CO2
emissions averted 0
2
4
6
8
10
12
14
16
0
20
40
60
80
100
120
140
Cum
ulat
ive
Sale
s of
Eco
Smar
t Dev
ices
(B)
Cum
ulat
ive
kWh
save
d (B
illio
ns)
Estimated Energy Savings from EcoSmart Devices
kWh saved (B) Units Sold (B)
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Energy Vampire vs. LinkZero™
©2020 Power Integrations | www.power.com 18
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“Zero” Series Eliminates Waste
©2020 Power Integrations | www.power.com 19
LinkZero™ cuts waste to 0.00 W in chargers and auxiliary power supplies
CAPZero™ removes waste from X-cap bleed resistors
SENZero™ disconnects sense resistors in main power supply
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Energy-Efficiency Specs Drive Innovation
©2020 Power Integrations | www.power.com 20
External power supply requirements in Europe tightening for 2020
ENERGY STAR® “Most Efficient” label rewards top performers
SEAD awards for connected efficiency
In 2020, light bulbs in U.S. required to be 60-70% more efficient than standard incandescent bulbs
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Technology Trends Bring SAM Expansion
©2020 Power Integrations | www.power.com 21
Rapid charging for mobile-device marketFaster chargers = greater dollar content, higher efficiency
Home & building automation / smart lighting and appliances / IoTSmarter homes and appliances = more power needed = greater POWI dollar content
Electrification creating new opportunities in tools, transportationLithium-ion batteries replacing gas and plug-in electric for lawn equipment, vacuumsElectric cars, locomotives, buses, delivery vehicles, etc.
Conversion to brushless DC motors in appliancesNew BridgeSwitch™ ICs target motors up to 300W
LED lighting – requires AC-DC drivers
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InnoSwitch3 for Rapid Charging
©2020 Power Integrations | www.power.com 22
Faster chargers for bigger batteries, shorter charge timesDemands ICs with high integration and maximum efficiency
ConventionalCharging
With PI Chipset
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IoT / Home Automation
©2020 Power Integrations | www.power.com 23
USB-C power receptacle with InnoSwitch3
Reliability, low standby power critical for IoT devices and USB receptacles
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Gate Drivers for High-Power Market
©2020 Power Integrations | www.power.com 24
Acquired CT-Concept in 2012 Addressing applications 10 kW to 1 GW
DC industrial motors, renewable energy, electric transportation, DC transmission
SCALE-iDriver™ doubles addressable marketDrivers IGBTs and SiC switches
SCALE™ drivers reduce component count, enhance efficiency, reliability
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SCALE-iDriver Applications
©2020 Power Integrations | www.power.com 25
Solar
Motor Drives MedicalUPS
Welding / Cutting Commercial Vehicles, Automotive
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SCALE-iDriver for Electric Vehicles
©2020 Power Integrations | www.power.com 26
For drivetrain, DC-DC, chargingReliability, safety, efficiency critical for auto marketTens of $ of content/carCan drive IGBTs or SiC MOSFETs
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Traction InverterSiC MOSFET or IGBT gate drivers
SCALE-iDriver
Emergency power supply
InnoSwitch3-AQ
Up to 10 High-Voltage Power Supplies in Electric Vehicles
27©2020 Power Integrations | www.power.com
InnoSwitch3 and LinkSwitch-TN2 now automotive-qualified
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BridgeSwitch™ Motor-Driver ICs for BLDC Motors
©2020 Power Integrations | www.power.com 28
98.5% efficiency
Integrated Half-Bridge (IHB) architecture eliminates heatsinks
Built-in protectionSimplifies and shortens regulatory approvalHardware fault management simplifies software
Ideal for appliances – white goods and industrialCeiling fans, water pumps, air-conditioning, motors
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LYTSwitch™ Drivers for LED Lighting
©2020 Power Integrations | www.power.com 29
Traditional light sources phasing outLEDs need efficient, reliable AC-DC driversIntegration brings reliability, efficiency, size advantage
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Global Presence
©2020 Power Integrations | www.power.com 30
Headquarters in San José, CaliforniaDesign centers: U.S., Canada, Switzerland, UK, Germany, Malaysia, Philippines19 field labs worldwide
Assembly Subcontractor Wafer Foundry (Lapis, EPSON, X-FAB, Toshiba)
PI Locations
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Target Financial Model
©2020 Power Integrations | www.power.com 31
Low-double-digit revenue growth9% CAGR since 2001
Non-GAAP gross margin 50-55% 51.9% in 2019
Non-GAAP operating margin 20%+58.3% in 2019 (including 40.1% benefit of litigation settlement)
Non-GAAP tax rate 7-8%
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Track Record of Growth
©2020 Power Integrations | www.power.com 32
Note: Revenues prior to 2017 do not reflect ASC 606 recast; see company website for recast financial data for 2015-2016
0
50
100
150
200
250
300
350
400
450
2001 2010 2019
Reve
nues
($M
)
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Well-Diversified Revenue Mix
©2020 Power Integrations | www.power.com 33
23%Computer
43%Comms
2002 2019
26%Comms
35%Consumer
34%Industrial
5%Computer
Higher-margin industrial & consumer markets now >2/3 of revenues
24%Consumer
9%Industrial
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Strong Cash Flow
©2020 Power Integrations | www.power.com 34
13% 14%10%
16%
12%
24%
18%20%
22%
11%
14%
12%
0
10
20
30
40
50
60
70
80
90
100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash flow from operations CAPEX FCF (with FCF Margin)$M
FCF = Cash flow from operations less capital expenditures 2019 GAAP Cash from Operations = $224.5M; above excludes impact of litigation settlement
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Four-Prong Approach to Capital Management
©2020 Power Integrations | www.power.com 35
Cash-rich Business Model
Effective Tax Strategy
Healthy Balance Sheet, Domestic Cash Resources
Accelerated Internal Investment
Targeted M&A
Opportunistic Buybacks
Dividends
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Strong Balance Sheet
©2020 Power Integrations | www.power.com 36
3540455055606570
Q3'08 Q2'20
Diluted Shares Outstanding (M)*
At June 30, 2020
$446M cash and investments$175M litigation settlement received in Oct. 2019
No debt
Quarterly dividend of $0.11/share (post August 2020 2:1 stock split)
Share count down 7% since 2008 on stock buybacks
050
100150200250300350400450
Q3'08 Q2'20
Cash and Investments ($M)
*Adjusted for August 2020 2:1 stock split
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