Power Integrations, Inc.

Power Integrations, Inc.

Power Integrations, Inc.

Overview
Date Founded

1988

Headquarters

5245 Hellyer Avenue, San Jose, CA, 95138-1002, USA

Type of Company

Public

Employees (Worldwide)

646

Industries

Electrical Products
Internet Software & Services
Other Business & Consulting Services
Industrial Machinery & Manufacturing
Semiconductors

Company Description

Power Integrations, Inc., founded in 1988, is the leading supplier of high-voltage analog integrated circuits (ICs) used in power conversion. Power Integrations ICs enable compact, lightweight power supplies that are simpler to design and manufacture, more reliable, and more energy-efficient than those made with competing technologies. Our ICs power a vast range of consumer and industrial electronics - computers, DVD players, TV set-top boxes, cell phone chargers, home appliances, telecom networking equipment, and many others.

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Executives & Employees

President & Chief Executive Officer

Vice President-Finance, Chief Financial & Accounting Officer

Vice President, Worldwide Sales

Vice President, Corporate Development

Vice President, Marketing

Vice President, Technology

Vice President, Product Development

Vice President, Operations

Vice President, High-Power Products

Co-Founder

Board of Directors

Partner Emeritus at Kleiner Perkins Caufield & Byers LLC

President & Chief Executive Officer at Power Integrations, Inc.

Former Senior Vice President & Managing Director, Geographic Operations at HP, Inc.

Co-Founder at Power Integrations, Inc.

Founding Partner at Riverwood Capital Management LP

Former Controller at Cypress Semiconductor Corporation

Executive Vice President & General Manager of Broad-Based Solution Business Unit at Renesas Electronics Corporation

Vice President, Operations at Fujifilm Dimatix, Inc.

Former Executive Vice President-Operations at ON Semiconductor Corp.

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Owners & Shareholders
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Disciplined Growth Investors (DGI) focuses on investing in companies that are expected to yield high returns. The firm's investment approach is based on the premise that stock returns can exceed a company's fundamental growth when purchased at a discount to intrinsic value. DGI's investment process is designed to capture the full benefit of a company's growth potential over time and limit the downside if the company fails to meet expectations. DGI seeks to invest in companies that are expected to yield high returns and can be purchased at a discount to intrinsic value. Their expected holding period is 7 years. DGI offers Mid-Cap Growth Equity, Small-Cap Growth Equity, and Fixed Income investment strategies.DGI's Mid-Cap Equity portfolio seeks new stock candidates with market caps of $1 billion to $10 billion. The goal is to find stocks that meet their strict criteria of superior return on capital coupled with a competitive advantage relative to industry peers and the financial ability to meet reasonable growth objectives. DGI's minimum expected return for a new mid cap position is 12%. Initial position size in the portfolio is 1%. Position sizes are increased to 2% and 3% upon confirming evidence of the firm's thesis. Stock sales are made through a Darwinian process of allocating capital to the highest expected returns or if individual security risks become unacceptably high.DGI's Small-Cap Equity portfolio seeks new stock candidates with market caps of $50 million to $1 billion. DGI seeks to find stocks that meet their strict criteria of superior return on capital coupled with a competitive advantage relative to industry peers and the financial ability to meet reasonable growth objectives. The minimum expected return for a new position in small-caps is 15%. Initial position size in the portfolio is 1%. Position sizes are increased to 2% and 3% upon confirming evidence of the firm's thesis. Stock sales are made through a Darwinian process of allocating capital to the highest expected returns or if individual security risks become unacceptably high.DGI's fixed income strategy seeks to identify fundamental growth opportunities in specific fixed-income securities that offer relative value within the fixed-income markets. The firm's decision-making approach has both top-down (duration/ maturity positioning, yield curve risk and sector/quality risk) and bottom-up (credit research, quantitative analysis and trading) components. DGI's sell discipline is managed through a combination of inputs from their maturity, sector and individual selection decisions.

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Impax is an active, long-only manager which aims to provide long-term risk-adjusted returns by specializing in opportunities created by the scarcity of natural resources and the demand for cleaner, more efficient products and services, through both listed and private equity strategies.The firm's listed equity funds seek to identify mispriced companies that are set to benefit from the long-term trends of changing demographics, urbanisation, rising consumption, and the resultant increases in resource scarcity. They invest in a small number of deeply researched global equity strategies across alternative energy, energy efficiency, water, waste, food and agriculture related markets. Their private equity infrastructure funds follow an operationally focused, value-add strategy, investing in renewable power generation and related assets throughout Europe.Impax identifies opportunities through a research intensive, bottom-up, stock picking process, seeking to invest in companies with high levels of corporate activity, low levels of sell-side coverage, rapid technological innovation and regulatory momentum.

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GW&K Investment Management is a discretionary asset manager that specializes in actively-managed domestic municipal bond, taxable bond and equity strategies. The firm uses primarily fundamental analysis for the evaluation of investment opportunities and the construction of investment portfolios.GW&K offers a range of equity investment options to accommodate varied investment objectives and risk tolerances. Their strategies include Equity Dividend Plus, Diversified Equity, Small/Mid-Cap Core, Small-Cap Core and Small-Cap Growth.The firm manages taxable bond portfolios across multiple bond market sectors. Their approach emphasizes diversification and combines both macro economic analysis and comprehensive bottom-up credit research. These strategies include; Short-Term Taxable, Core, Enhanced Core and Total Return.GW&K's municipal bond strategies seek to take advantage of opportunities across the yield curve to reduce risk and maximize after-tax returns. The firm's strategies include Short-Term, Intermediate, 5-Year and Enhanced Yield.In addition to their separately managed account offerings, GW&K serves as the sub-advisor for four mutual funds which are distributed by AMG Distributors, Inc. These funds include AMG GW&K Small-Cap Core Fund, AMG GW&K Enhanced Small-Cap Core Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K Municipal Enhanced Yield Fund.

Recent Transactions
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Power Integrations, Inc. purchases Power Integrations U.K. Ltd. from Tempo Capital Partners LLP, Draper Esprit (Private Equity), Scottish Equity Partners LLP, Carbon Trust Investments Ltd., New Energy Solutions Management ApS

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Power Integrations, Inc. purchases CT-Concept Technologie AG

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Power Integrations, Inc. purchases Qspeed Semiconductor, Inc.

Insider Transactions
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Transaction Advisors
Auditor

Advised onPower Integrations, Inc. issued Common Stock

Underwriter

Advised onPower Integrations, Inc. issued Common Stock

Selling Group Member

Advised onPower Integrations, Inc. issued Common Stock

Legal Advisor

Advised onPower Integrations, Inc. purchases CT-Concept Technologie AG

Legal Advisor

Advised onPower Integrations, Inc. purchases CT-Concept Technologie AG

Legal Advisor

Advised onPower Integrations, Inc. purchases CT-Concept Technologie AG

Advisors & Consultants
Legal Advisor

Partner-in-Charge at Cooley LLP

Legal Advisor

Partner at Dechert LLP

Clients

Berkshire Hathaway, Inc. engages in the provision of property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing, and services. It operates through following segments: GEICO, General Re, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, Burlington Northern Santa Fe, LLC, Berkshire Hathaway Energy, McLane Company, Manufacturing, Service and Retailing, and Finance and Financial products. The GEICO segments involves in underwriting private passenger automobile insurance mainly by direct response methods. The General Re offers underwriting excess-of-loss, quota-share, and facultative reinsurance. The Berkshire Hathaway Reinsurance Group segment consists of underwriting excess-of-loss and quota-share reinsurance for insurers and reinsurers. The Berkshire Hathaway Primary Group segment comprises of underwriting multiple lines of property and casualty insurance policies. The BNSF segment operates railroad systems in North America. The Berkshire Hathaway Energy segments deals with regulated electric and gas utility, including power generation and distribution activities, and domestic real estate brokerage and brokerage franchisor. The McLane Company segment offers wholesale distribution of groceries and non-food items. The Manufacturing segment includes industrial and end-user products, building products, and apparel. The Service and Retailing segment involves providing fractional aircraft ownership programs, aviation pilot training, electronic components distribution, and retailing. The Finance and Financial Products segment includes manufactured housing and consumer financing; transportation equipment, manufacturing and leasing; and furniture leasing. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.

One of the world's largest trans-national electronics distributors of electronic parts, enterprise computing and storage products and embedded subsystems, Avnet provides a vital link in the technology supply chain. Market needs and trends drive Avnet's product and services strategy, supported by a global infrastructure. Avnet brings a breadth and depth of service capabilities, such as supply-chain and design-chain services, logistics solutions, product assembly, device programming, computer system configuration and integration, and technical seminars - all in addition to its core distribution services. Through its innovative and entrepreneurial spirit, and its passion for customer service, Avnet assures customers and suppliers that they have chosen the right partner to accelerate their success

Arrow Electronics is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions, with 2011 sales of $21.4 billion. Arrow serves as a supply channel partner for more than 120,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 390 locations in 53 countries. A Fortune 200 company with 15,700 employees worldwide, Arrow brings technology solutions to a breadth of markets, including telecommunications, information systems, transportation, medical, industrial and consumer electronics.

Key Stats and Financials As of 2017
Market Capitalization
$1.6B
Total Enterprise Value
$1.96B
Earnings Per Share
$0.9
Revenue
$432M
Net Profit
$27.6M
EBITDAMargin
19.01%
EBITDA
$82.1M
Total Equity
$548M
Total Debt
$0
Enterprise Value Sales
4.55x
Enterprise Value EBITDAOperating
23.92x
TEVNet Income
71.13x
Debt TEV
0x
Three Year Compounded Annual Growth Rate Of Revenue
7.37%
Five Year Compounded Annual Growth Rate Of Revenue
7.17%
Investments
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SemiSouth Laboratories, Inc. designs, develops and manufactures silicon carbide materials and electronic components. It develops components for high-power, high-efficiency, harsh-environment power management and conversion applications. The firm also performs research and development for the government in the areas of SiC epitaxial growth and device design and fabrication. The company was founded in July 2000 by Jeffrey B. Casady and is headquartered in Starkville, MS.

Suppliers
Cohu, Inc. Semiconductors | Poway, CA

Cohu, Inc. engages in the manufacture and marketing of semiconductor test and inspection handlers. Its products include pick-and-place and thermal subsystems, gravitity, test-in-strip and mems, turret and vision solutions, and contractors. The company was founded in 1972 and is headquartered in Poway, CA.

Seiko Epson Corp. Electrical Products | Suwa, NA

Seiko Epson Corp. engages in the development, manufacture, and sale of information equipment. It operates through the following business segments: Printing Solutions, Visual Communications, and Wearable & Industrial Products. The Printing Solutions segment offers Inkjet printers, serial impact dot matrix printers, page printers, color image scanners, large-format inkjet printers, industrial inkjet printing systems, printers for use in POS systems, label printers and related consumables, office papermaking systems, personal computers and others. The Visual Communications segment offers 3LCD projectors, HTPS-TFT panels for 3LCD projectors, smart eyewear and others. The Wearable & Industrial Products segment offers watches, watch movements, sensing equipment, industrial robots, IC handlers, crystal units, crystal oscillators, quartz sensors, CMOS LSIs, metal powders, surface finishing and others. The company was founded on May 18, 1942 and is headquartered in Suwa, Japan.

ROHM Co., Ltd. Semiconductors | Kyoto, KY

ROHM Co., Ltd. engages in the design and manufacture of integrated circuits and other electronic components. It also develops Large Scale Integrated (LSI) scanner engines designed specifically for cordless hand-held scanners. It operates through the following segments: LSI Integrated Circuits, Discrete Semiconductor Devices, Module and Others. The LSI Integrated Circuits segment includes analog ICs, logic ICs, memory ICs, ASICs, and foundry business operations. The Discrete Semiconductor Devices segment covers diodes, transistors, light-emitting diodes, and laser diodes. The Module segment produces power modules that include printe head and optical modules. The Others segment deals with resistors, tantalum capacitor, power modules, and lighting products. The company was founded by Kenichiro Sato in December 1954 and is headquartered in Kyoto, Japan.

Competitors
Broadcom, Inc. Semiconductors - Wilmington, DE

Broadcom, Inc., is a holding company, which engages in the design, development and supply of analog and digital semiconductor connectivity solutions. It serves four primary end markets: wired infrastructure, wireless communications, enterprise storage and industrial & other. Its products include data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays. In April, 2018, Broadcom redomiciled from Singapore to the United States. The company was founded in 1961 and is headquartered in San Jose, CA.

ON Semiconductor Corp. Semiconductors - Phoenix, Arizona

ON Semiconductor (Nasdaq: ONNN) is driving innovation in energy efficient electronics, empowering design engineers to reduce global energy use. The company offers a comprehensive portfolio of energy efficient power and signal management, logic, discrete and custom solutions to help customers solve their unique design challenges in automotive, communications, computing, consumer, industrial, LED lighting, medical, military/aerospace and power supply applications. ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe, and the Asia Pacific regions. Global corporate headquarters are in Phoenix, Arizona. The company operates a network of manufacturing facilities, sales offices, and design centers in key markets throughout North America, Europe, and the Asia Pacific regions. Revenue totaled $3.442 billion in 2011

STMicroelectronics NV Semiconductors - Plan-Les-Ouates, GE

STMicroelectronics NV designs, develops, manufactures and markets products, which offers discrete and standard commodity components, application-specific integrated circuits, full custom devices and semi-custom devices for analog, digital and mixed-signal applications. It operates through the following segments: Automotive and Discrete Group, Analog and MEMS Group, and Microcontrollers and Digital ICs Group. The Automotive and Discrete Group segment comprises of all dedicated automotive ICs, and discrete and power transistor products. The Analog and MEMS Group segment comprises of low-power high-end analog ICs, smart power products for industrial, computer and consumer markets, touch screen controllers, low power connectivity solutions and metering solutions for smart grid and all MEMS products. The Microcontrollers and Digital ICs Group segment comprises of general purpose and secure microcontrollers, EEPROM memories, and digital ASICs. The company was founded in June 1987 and is headquartered in Plan-Les-Ouates, Switzerland.