Powi investor-presentation-2015-02 v001-l1knq4
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Transcript of Powi investor-presentation-2015-02 v001-l1knq4
Forward-Looking Statements/Non-GAAP Metrics
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 reports on Form 10-K and 10-Q.
This presentation may also contain certain non-GAAP financial information. Reconciliations of non-GAAP financial metrics to GAAP results are available at the end of this presentation and/or on the investor page of the Power Integrations website, http://investors.power.com (see “Historical Financials” data file).
©2015 Power Integrations | www.power.com 2
Secular Growth Story in Analog Semis
Leader in energy-efficient high-voltage power conversion
Clean-tech enabler: efficient appliances, LED lighting, DC motor drives, renewable energy, electric transportation
Expanding market opportunity with higher-power products, rapid-charging for mobile devices
Double-digit revenue CAGR since 2001
©2015 Power Integrations | www.power.com 3
Comprehensive Expertise in High-Voltage
Systems & Applications Know-How
Integrated Process
Technology
High- Voltage
Technology
©2015 Power Integrations | www.power.com 4
Ultra-simple power converters Fewer components
Shorter design cycles
Easier to manufacture
Higher reliability
BOM cost similar to discrete
designs
Highly energy-efficient
Power Package
Innovations
Discrete power supply: 70 components
Equivalent power supply with POWI: 36 components, smaller board
Linear transformer: weighs 12 oz.
Adapter with POWI: weighs 2 oz.
Highly Integrated Power Converters Replacing Legacy Technologies
©2015 Power Integrations | www.power.com 5
0
100
200
300
400
500
600
700
800
U.S
. P
ate
nts
Gra
nte
d
Relentless Innovation
677 U.S. Patents at 12/31/2014
©2015 Power Integrations | www.power.com 6
Vast Addressable Market – Power Conversion Is Needed Everywhere
©2015 Power Integrations | www.power.com 7
Long-Term Secular Growth Drivers
Ongoing transition to IC-based power supplies Integration saves labor and materials, improves reliability
©2015 Power Integrations | www.power.com 8
Leading Transition to IC-Based Power Supplies
Linear Transformers
1970 1994
Discretes
1994 Today 1970
Integrated POWI
• iWatt/Dialog
• BCD/Diodes
• Active
• Leadtrend
• OnBright
• Fairchild
• Infineon
• ON Semi
• ST Micro
• NXP
Po
we
r Su
pp
ly U
nit
Vo
lum
e
Fairchild
Sanken
ST Micro
ON Semi
Infineon
©2015 Power Integrations | www.power.com 9
InnoSwitch™: A New Level of Integration
First IC to integrate primary and
secondary sides of power supply
across safety barrier
Enables drastic reduction in
component count, complexity
Highly energy-efficient
©2015 Power Integrations | www.power.com 10
Secondary Primary
Long-Term Secular Growth Drivers
Ongoing transition to IC-based power supplies Integration saves labor and materials, improves reliability
Energy-efficient electronics & appliances Driven by standards and consumer awareness
©2015 Power Integrations | www.power.com 11
Recognized Leader in Clean Technology
Member of clean-tech stock indices The Cleantech Index (CTIUS)
Nasdaq Clean Edge Green Energy (CELS)
Ardour Global Index (AGIGL)
Twice named a top 20 sustainable stock
by SustainableBusiness.com
ENERGY STAR® award recipient
Star of Energy Efficiency award recipient
©2015 Power Integrations | www.power.com 12
Energy Specs Continue to Tighten
U.S. Dept. of Energy tightening federal standards for external power supplies
ENERGY STAR® “Most Efficient” label rewards top performers
SEAD competition to recognize most efficient TVs
European standby power limitation tightened to 0.5 W in 2013
Traditional 40 W and 60 W bulbs banned in U.S.
©2015 Power Integrations | www.power.com 13
“Zero” Series Zeroes Out Standby Waste
CAPZero™ eliminates waste from
X-cap bleed resistors
SENZero™ disconnects sense
resistors in main power supply
LinkZero™ cuts waste to 0.00 W in
chargers and auxiliary power
supplies
©2015 Power Integrations | www.power.com 14
Long-Term Secular Growth Drivers
Ongoing transition to IC-based power supplies Integration saves labor and materials, improves reliability
Energy-efficient electronics & appliances Driven by standards and consumer awareness
LED lighting Requires low-cost, efficient, reliable power supplies
©2015 Power Integrations | www.power.com 16
Well-Positioned in LED Lighting
Traditional bulbs phasing out
LEDs need efficient, reliable drivers
Integration brings reliability, efficiency,
size advantage
LYTSwitch™ products offer highest level of
integration available
©2015 Power Integrations | www.power.com 17
Long-Term Secular Growth Drivers
Ongoing transition to IC-based power supplies Integration saves labor and materials, improves reliability
Energy-efficient electronics & appliances Driven by standards and consumer awareness
LED lighting Requires low-cost, efficient, reliable power supplies
Expanding market opportunity Rapid charging for mobile-device market
Higher-power products add ~$1B to addressable market
©2015 Power Integrations | www.power.com 18
Rapid Charging: Emerging Trend in Mobility
Larger batteries causing extended downtime for charging
Qualcomm Quick Charge 2.0 cuts charge time up to 75%
Requires greater integration and efficiency vs. standard
chargers; higher dollar content
Conventional Charging
Quick Charge 2.0
Quick Charge 2.0 PMIC
InnoSwitch™ + ChiPhy™
Interface Chip
©2015 Power Integrations | www.power.com 19
Expanding Reach to Higher Power Levels
0W 500W 5W 50W 2W 20W 200W
CAPZero™/SENZero™/Qspeed™
Hiper™ Family
TOPSwitch™
TinySwitch™
LinkSwitch™ / InnoSwitch™
LYTSwitch™ LED Products
©2015 Power Integrations | www.power.com 20
Radically Simplifying Power Supplies for PCs, TVs
HiperPFS™ and HiperTFS™ replace up to 100 components
HiperTFS + HiperPFS
©2015 Power Integrations | www.power.com 21
More Silicon Content at Higher Power Levels EMI Filter PFC Stage Main and Standby Stage
Main &
Standby
Controller
Boost Inductor
PFC
Controller
EMI Filter
Standby
Output
AC
Gate
Drive
SR
Main
Output
TNY
Before: Single IC for standby power supply
©2015 Power Integrations | www.power.com 22
More Silicon Content at Higher Power Levels EMI Filter PFC Stage Main and Standby Stage
Main &
Standby
Controller
Boost Inductor
PFC
Controller
EMI Filter
Standby
Output
AC
HiperPFS
HiperTFS
CpZ
Gate
Drive
SnZ
QSpeed
SR
Main
Output
HiperTFS™ main + standby CapZero™ HiperPFS™ SenZero™ Qspeed™
Now: Up to five components, potential dollar content >5x higher
©2015 Power Integrations | www.power.com 23
Acquisition Extends Power Range Further
Acquired CT-Concept in 2012
IGBT drivers for industrial
motors, renewable energy,
locomotives, DC transmission
Addressable market ~$500M;
now >10% of POWI revenue
Broadens POWI opportunity in
clean-power applications
SCALE™ drivers reduce component count, enhance efficiency, reliability
©2015 Power Integrations | www.power.com 24
Spanning the Clean-Power Ecosystem Energy Ecosystem
Energy
Generation
Energy Transmission
Energy Consumption
Wind Turbines Solar Power
HVDC Transmission
Motor Control Hybrid Vehicles
Locomotive Medical
End Markets
Power Semiconductors
IGBT module: Transistors arranged in parallel to increase switching capacity at very high
currents and high voltages
Driver optimizes efficiency, operating
performance and lifespan of the IGBT module
IGBT Module
Driver
©2015 Power Integrations | www.power.com 25
Higher-Power Products Expand SAM to $2.5B
Consumer
Comms Computer
Industrial
Mid-power applications in orange High-power applications in green
● Desktop/server standby
● Desktop main
● Notebook adapters
● LCD monitors
● Printers
● LED general lighting
● LED street lights
● Smart meters
● Industrial control
● UPS
● Industrial motor drives
● Wind/solar inverters
● Electric trains/cars
● DC transmission
● White goods
● Air conditioners
● TV standby / TV main
● Small appliances
● Set-top boxes
● DVD players
● Game consoles
● Mobile phone chargers
● Cordless phone adapters
● Broadband modems
● VoIP phones
● Wireless routers
©2015 Power Integrations | www.power.com 26
0
50
100
150
200
250
300
350
2001 2014
Rev
en
ues
($
M)
©2015 Power Integrations | www.power.com
Track Record of Growth
Well-Diversified Revenue Mix
23% Computer
43% Comms
2002 2014
18% Comms
37% Consumer
35% Industrial
10% Computer
Higher-margin industrial & consumer markets now >70% of revenues
24% Consumer
9% Industrial
©2015 Power Integrations | www.power.com 28
Strong Cash Generation
0102030405060708090
100
2008 2009 2010 2011 2012 2013 2014
Cash Flow from Operations ($M)
One-time tax payment
©2015 Power Integrations | www.power.com 29
Strong Balance Sheet
10
15
20
25
30
35
Q3'08 Q4'09 Q1'11 Q2'12 Q3'13 Q4'14
Diluted Shares Outstanding (M)
At December 31, 2014
$175M cash and investments Used $116M for Concept acquisition,
$23M for CamSemi acquisition
No debt
Quarterly dividend of $0.12/share
Diluted share count down 8% since
2008 on share repurchases
0
50
100
150
200
250
Q3'08 Q4'09 Q1'11 Q2'12 Q3'13 Q4'14
Cash and Investments ($M)