Q2 2024 Power Integrations Inc Earnings Call Transcript
Key Points
- Q2 revenues increased by 16% sequentially, indicating the beginning of a recovery.
- Inventory levels have significantly improved, with channel inventory down to 7.8 weeks from a peak of 13.6 weeks in Q3 2022.
- Consumer category revenues surged by 70% over the past two quarters, showing strong recovery in this segment.
- Introduction of new products like BridgeSwitch-2 and InnoMux-2, which have received positive market reception and initial purchase orders.
- Strong design wins and market share gains in various segments, including appliances, industrial applications, and automotive.
- Near-term outlook remains uncertain due to limited visibility and challenging macroeconomic conditions.
- Appliance demand remains soft, with seasonally lower air conditioning sales expected in the September quarter.
- Cell phone market revenues have declined by more than 50% this year, particularly in China.
- High inventory levels are still a concern, with inventory days at 312, although down from the prior quarter.
- Input costs are expected to remain a challenge, potentially impacting margins despite favorable yen exchange rates.
Good afternoon, ladies and gentlemen. Welcome to the Power Integrations' Q2 2024 earnings conference call. (Operator Instructions)
Also, today's call is being recorded. (Operator Instructions)
And now, at this time, I would like to turn things over to Mr. Joe Shiffler, Director of Investor Relations. Please go ahead, sir.
Thank you, Bo. Good afternoon, everyone. Thanks for joining us. With me on the call today are Balu Balakrishnan, Chairman and CEO of Power Integrations; and Sandeep Nayyar, our Chief Financial Officer. During this call, we will refer to financial measures not calculated according to GAAP.
Non-GAAP measures exclude stock-based compensation expenses, amortization of acquisition-related intangible assets, and the tax effects of these items. A reconciliation of non-GAAP measures to our GAAP results is included in today's press release. Our discussion today, including the Q&A session, will include forward-looking
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