Power Integrations (POWI) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-23441
Entity Registrant Name	POWER INTEGRATIONS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3065014
Entity Address, Address Line One	5245 Hellyer Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95138
City Area Code	408
Local Phone Number	414-9200
Title of 12(b) Security	Common Stock
Trading Symbol	POWI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.001
Entity Common Stock, Shares Outstanding		56,829,496
Entity Central Index Key	0000833640
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 50,493	$ 63,929
Short-term marketable securities	239,985	247,640
Accounts receivable, net	16,372	14,674
Inventories	169,884	163,164
Prepaid expenses and other current assets	23,102	22,193
Total current assets	499,836	511,600
PROPERTY AND EQUIPMENT, net	153,785	164,213
INTANGIBLE ASSETS, net	3,561	4,424
GOODWILL	91,849	91,849
DEFERRED TAX ASSETS	31,640	28,325
OTHER ASSETS	24,089	19,457
Total assets	804,760	819,868
CURRENT LIABILITIES:
Accounts payable	24,831	26,390
Accrued payroll and related expenses	13,596	13,551
Taxes payable	827	1,016
Other accrued liabilities	10,970	7,910
Total current liabilities	50,224	48,867
LONG-TERM INCOME TAXES PAYABLE	6,237	6,244
OTHER LIABILITIES	17,557	12,516
Total liabilities	74,018	67,627
COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13)
STOCKHOLDERS' EQUITY:
Common stock	22	23
Additional paid-in capital	0	0
Accumulated other comprehensive loss	(3,189)	(1,462)
Retained earnings	733,909	753,680
Total stockholders' equity	730,742	752,241
Total liabilities and stockholders' equity	$ 804,760	$ 819,868

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET REVENUES	$ 106,198	$ 123,223	$ 197,886	$ 229,520
COST OF REVENUES	49,665	60,377	93,573	112,717
GROSS PROFIT	56,533	62,846	104,313	116,803
OPERATING EXPENSES:
Research and development	26,047	24,517	49,272	48,498
Sales and marketing	18,053	17,017	33,775	32,902
General and administrative	10,475	8,671	18,838	17,005
Total operating expenses	54,575	50,205	101,885	98,405
INCOME FROM OPERATIONS	1,958	12,641	2,428	18,398
OTHER INCOME	3,189	2,714	6,691	4,428
INCOME BEFORE INCOME TAXES	5,147	15,355	9,119	22,826
PROVISION FOR INCOME TAXES	298	562	316	1,158
NET INCOME	$ 4,849	$ 14,793	$ 8,803	$ 21,668
EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.09	$ 0.26	$ 0.15	$ 0.38
Diluted (in dollars per share)	$ 0.09	$ 0.26	$ 0.15	$ 0.38
SHARES USED IN PER SHARE CALCULATION:
Basic (in shares)	56,780	57,355	56,807	57,231
Diluted (in shares)	56,984	57,669	57,104	57,654

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,849	$ 14,793	$ 8,803	$ 21,668
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of $0 tax in each of the three and six months ended June 30, 2024 and 2023	(271)	(548)	(637)	(400)
Unrealized gain (loss) on marketable securities, net of $0 tax in each of the three and six months ended June 30, 2024 and 2023	(317)	(144)	(1,005)	2,028
Amortization of defined benefit pension items, net of tax of ($7) and ($15) in the three and six months ended June 30, 2024, respectively, and ($4) and ($7) in the three and six months ended June 30, 2023, respectively	(42)	(21)	(85)	(41)
Total other comprehensive income (loss)	(630)	(713)	(1,727)	1,587
TOTAL COMPREHENSIVE INCOME	$ 4,219	$ 14,080	$ 7,076	$ 23,255

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized gain (loss) on marketable securities, tax	0	0	0	0
Amortization of defined benefit pension items, tax	$ (7)	$ (4)	$ (15)	$ (7)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Beginning balance at Dec. 31, 2022	$ 24	$ 0	$ (7,344)	$ 762,536
Net income				21,668	$ 21,668
Common stock issued under employee stock plans		3,098
Repurchase of common stock	(1)	(5,998)		0
Stock-based compensation		14,120
Other comprehensive income (loss)			1,587		1,587
Payment of dividends to stockholders				(21,761)
Ending balance at Jun. 30, 2023	23	11,220	(5,757)	762,443	767,929
Beginning balance at Mar. 31, 2023	23	8,780	(5,044)	758,543
Net income				14,793	14,793
Common stock issued under employee stock plans		0
Repurchase of common stock	0	(4,312)		0
Stock-based compensation		6,752
Other comprehensive income (loss)			(713)		(713)
Payment of dividends to stockholders				(10,893)
Ending balance at Jun. 30, 2023	23	11,220	(5,757)	762,443	767,929
Beginning balance at Dec. 31, 2023	23	0	(1,462)	753,680	752,241
Net income				8,803	8,803
Common stock issued under employee stock plans		2,691
Repurchase of common stock	(1)	(20,140)		(5,838)	(26,000)
Stock-based compensation		17,449
Other comprehensive income (loss)			(1,727)		(1,727)
Payment of dividends to stockholders				(22,736)
Ending balance at Jun. 30, 2024	22	0	(3,189)	733,909	730,742
Beginning balance at Mar. 31, 2024	22	0	(2,559)	740,715
Net income				4,849	4,849
Common stock issued under employee stock plans		0
Repurchase of common stock	0	(11,035)		(303)	(11,300)
Stock-based compensation		11,035
Other comprehensive income (loss)			(630)		(630)
Payment of dividends to stockholders				(11,352)
Ending balance at Jun. 30, 2024	$ 22	$ 0	$ (3,189)	$ 733,909	$ 730,742

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 8,803	$ 21,668
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,106	17,653
Amortization of intangibles	863	1,086
Loss on disposal of property and equipment	8	22
Stock-based compensation expense	17,449	14,120
Amortization of premium (accretion of discount) on marketable securities	(909)	419
Deferred income taxes	(3,482)	(2,782)
Increase (decrease) in accounts receivable allowance for credit losses	326	(454)
Change in operating assets and liabilities:
Accounts receivable	(2,024)	(10,787)
Inventories	(6,720)	(14,321)
Prepaid expenses and other assets	2,072	(7,241)
Accounts payable	(117)	8,813
Taxes payable and accrued liabilities	161	(5,430)
Net cash provided by operating activities	33,536	22,766
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(8,510)	(7,211)
Purchases of marketable securities	(77,830)	(110,810)
Proceeds from sales and maturities of marketable securities	85,392	98,641
Net cash used in investing activities	(948)	(19,380)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under employee stock plans	2,691	3,098
Repurchase of common stock	(25,979)	(5,999)
Payments of dividends to stockholders	(22,736)	(21,761)
Net cash used in financing activities	(46,024)	(24,662)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(13,436)	(21,276)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	63,929	105,372
CASH AND CASH EQUIVALENTS AT END OF PERIOD	50,493	84,096
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Unpaid property and equipment	1,306	2,713
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes, net	$ 4,498	$ 11,653

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION: The condensed consolidated financial statements include the accounts of Power Integrations, Inc., a Delaware corporation (the “Company”), and its wholly owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. While the financial information furnished is unaudited, the condensed consolidated financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair presentation of the results of operations for the interim periods covered and the financial condition of the Company at the date of the interim balance sheet in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The results for interim periods are not necessarily indicative of the results for the entire year. The condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the year ended December 31, 2023, included in its Form 10-K filed on February 12, 2024, with the Securities and Exchange Commission.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS: Significant Accounting Policies and Estimates No material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

COMPONENTS OF THE COMPANY'S CON

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS	6 Months Ended
	Jun. 30, 2024
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS	3. COMPONENTS OF THE COMPANY’S CONDENSED CONSOLIDATED BALANCE SHEETS: Accounts Receivable ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, (In thousands) ​ 2024 ​ 2023 Accounts receivable trade ​ $ 46,796 ​ $ 53,147 Allowance for ship and debit ​ (27,139) ​ (36,017) Allowance for stock rotation and rebate ​ (2,278) ​ (1,775) Allowance for credit losses ​ ​ (1,007) ​ ​ (681) Total ​ $ 16,372 ​ $ 14,674 ​ ​ The Company maintains an allowance for estimated credit losses resulting from the inability of customers to make required payments. This allowance is established using estimates formulated by the Company’s management based upon factors such as the composition of the accounts receivable aging, historical losses, changes in payment patterns, customer creditworthiness and current economic trends. Receivables determined to be uncollectible are written off and deducted from the allowance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) ​ 2024 2023 2024 2023 Beginning balance ​ $ (844) ​ $ (681) ​ $ (681) ​ $ (1,135) Provision for credit loss expense ​ (163) ​ (388) ​ (847) ​ (827) Receivables written off ​ — ​ — ​ — ​ — Recoveries collected ​ — ​ 388 ​ 521 ​ 1,281 Ending balance ​ $ (1,007) ​ $ (681) ​ $ (1,007) ​ $ (681) ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, (In thousands) ​ 2024 ​ 2023 Raw materials ​ $ 99,216 ​ $ 96,467 Work-in-process ​ 33,416 ​ 24,727 Finished goods ​ 37,252 ​ 41,970 Total ​ $ 169,884 ​ $ 163,164 ​ Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (In thousands) ​ Gross ​ Amortization ​ Net ​ Gross ​ Amortization ​ Net Domain name ​ $ 1,261 ​ $ — ​ $ 1,261 ​ $ 1,261 ​ $ — ​ $ 1,261 Developed technology ​ 37,960 ​ (36,199) ​ 1,761 ​ 37,960 ​ (35,459) ​ 2,501 Technology licenses ​ 1,926 ​ (1,387) ​ 539 ​ 1,926 ​ (1,264) ​ 662 Total intangible assets ​ $ 41,147 ​ $ (37,586) ​ $ 3,561 ​ $ 41,147 ​ $ (36,723) ​ $ 4,424 ​ ​ The estimated future amortization expense related to finite-lived intangible assets at June 30, 2024, is as follows: ​ ​ ​ ​ ​ ​ Estimated ​ ​ Amortization Fiscal Year ​ (In thousands) 2024 (remaining six months) ​ $ 416 2025 ​ 832 2026 ​ 687 2027 ​ 365 Total ​ $ 2,300 ​ Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Losses on ​ Defined Benefit ​ Foreign Currency ​ ​ ​ ​ Marketable Securities ​ Pension Items ​ Items ​ Total ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ June 30, ​ June 30, ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Beginning balance $ (432) ​ $ (3,151) ​ $ 1,542 ​ $ 842 ​ $ (3,669) ​ $ (2,735) ​ $ (2,559) ​ $ (5,044) Other comprehensive income (loss) before reclassifications (317) ​ (144) ​ — ​ — ​ (271) ​ (548) ​ (588) ​ (692) Amounts reclassified from accumulated other comprehensive loss — ​ — ​ (42) (1) (21) (1) — ​ — ​ (42) ​ (21) Net-current period other comprehensive income (loss) (317) ​ (144) ​ (42) ​ (21) ​ (271) ​ (548) ​ (630) ​ (713) Ending balance $ (749) ​ $ (3,295) ​ $ 1,500 ​ $ 821 ​ $ (3,940) ​ $ (3,283) ​ $ (3,189) ​ $ (5,757) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended June 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Losses on ​ Defined Benefit ​ Foreign Currency ​ ​ ​ ​ Marketable Securities ​ Pension Items ​ Items ​ Total ​ Six Months Ended ​ Six Months Ended ​ Six Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 ​ 2023 2024 2023 2024 2023 Beginning balance $ 256 ​ $ (5,323) ​ $ 1,585 ​ $ 862 ​ $ (3,303) ​ $ (2,883) ​ $ (1,462) ​ $ (7,344) Other comprehensive income (loss) before reclassifications (1,005) ​ 2,028 ​ — ​ — ​ (637) ​ (400) ​ (1,642) ​ 1,628 Amounts reclassified from accumulated other comprehensive loss — ​ — ​ (85) (1) (41) (1) — ​ — ​ (85) ​ (41) Net-current period other comprehensive income (loss) (1,005) ​ 2,028 ​ (85) ​ (41) ​ (637) ​ (400) ​ (1,727) ​ 1,587 Ending balance $ (749) ​ $ (3,295) ​ $ 1,500 ​ $ 821 ​ $ (3,940) ​ $ (3,283) ​ $ (3,189) ​ $ (5,757) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the six months ended June 30, 2024 and 2023. ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS: The FASB established a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s cash equivalents and short-term marketable securities are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The fair-value hierarchy of the Company’s cash equivalents and marketable securities at June 30, 2024 and December 31, 2023, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ June 30, 2024 ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ Significant Other ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs (In thousands) ​ Total Fair Value ​ (Level 1) ​ (Level 2) Commercial paper ​ $ 2,656 ​ $ — ​ $ 2,656 Corporate securities ​ ​ 239,247 ​ ​ — ​ ​ 239,247 Money market funds ​ 347 ​ 347 ​ — Total ​ $ 242,250 ​ $ 347 ​ $ 241,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ Significant Other ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs (In thousands) ​ Total Fair Value ​ (Level 1) ​ (Level 2) Commercial paper ​ $ 20,275 ​ $ — ​ $ 20,275 Corporate securities ​ ​ 246,922 ​ ​ — ​ ​ 246,922 Money market funds ​ 491 ​ 491 ​ — Total ​ $ 267,688 ​ $ 491 ​ $ 267,197 ​ The Company did not transfer any investments between Level 1 and Level 2 of the fair-value hierarchy in the six months ended June 30, 2024 and the twelve months ended December 31, 2023.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2024
MARKETABLE SECURITIES
MARKETABLE SECURITIES	5. MARKETABLE SECURITIES: Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at June 30, 2024, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: ​ ​ ​ ​ Corporate securities ​ $ 3,998 ​ $ — ​ $ (23) ​ $ 3,975 Total ​ 3,998 ​ — ​ (23) ​ 3,975 Investments due in 4-12 months: ​ ​ ​ ​ Commercial paper ​ ​ 738 ​ ​ — ​ ​ — ​ ​ 738 Corporate securities ​ 90,074 ​ 8 ​ (343) ​ 89,739 Total ​ 90,812 ​ 8 ​ (343) ​ 90,477 Investments due in 12 months or greater: ​ ​ ​ ​ Corporate securities ​ 145,924 ​ 112 ​ (503) ​ 145,533 Total ​ ​ 145,924 ​ 112 ​ ​ (503) ​ 145,533 Total marketable securities ​ $ 240,734 ​ $ 120 ​ $ (869) ​ $ 239,985 ​ Accrued interest receivable was $2.7 million at June 30, 2024 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: ​ ​ ​ ​ Corporate securities ​ $ 10,688 ​ $ — ​ $ (42) ​ $ 10,646 Total ​ 10,688 ​ — ​ (42) ​ 10,646 Investments due in 4-12 months: ​ ​ ​ ​ Commercial paper ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Corporate securities ​ 48,680 ​ 15 ​ (347) ​ 48,348 Total ​ 49,398 ​ 15 ​ (347) ​ 49,066 Investments due in 12 months or greater: ​ ​ ​ ​ Corporate securities ​ ​ 187,298 ​ 952 ​ (322) ​ 187,928 Total ​ 187,298 ​ 952 ​ (322) ​ 187,928 Total marketable securities ​ $ 247,384 ​ $ 967 ​ $ (711) ​ $ 247,640 ​ Accrued interest receivable was $2.3 million at December 31, 2023 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Longer ​ Total ​ Estimated Gross Estimated Gross Estimated Gross ​ ​ Fair Market ​ Unrealized ​ Fair Market ​ Unrealized ​ Fair Market ​ Unrealized (In thousands) ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses Corporate securities ​ $ 134,085 ​ $ (435) ​ $ 56,256 ​ $ (434) ​ $ 190,341 ​ $ (869) Total marketable securities ​ $ 134,085 ​ $ (435) ​ $ 56,256 ​ $ (434) ​ $ 190,341 ​ $ (869) ​ In the three and six months ended June 30, 2024 and 2023, no unrealized losses on marketable securities were recognized in income. ​ The Company does not intend to sell and it is unlikely that it will be required to sell the securities prior to their anticipated recovery. The issuers are high quality (investment grade) and the decline in fair value is largely due to changes in interest rates. Additionally, the issuers continue to make timely interest payments on the marketable securities with the fair value expected to recover as they reach maturity.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION: The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Cost of revenues ​ $ 707 ​ $ 446 ​ $ 1,053 ​ $ 747 Research and development ​ 3,885 ​ 2,429 ​ 6,310 ​ 5,097 Sales and marketing ​ 2,510 ​ 1,621 ​ 4,114 ​ 3,274 General and administrative ​ 3,933 ​ 2,256 ​ 5,972 ​ 5,002 Total stock-based compensation expense ​ $ 11,035 ​ $ 6,752 ​ $ 17,449 ​ $ 14,120 ​ Stock-based compensation expense in the three months ended June 30, 2024, was approximately $11.0 million, comprising approximately $6.3 million related to restricted stock unit (“RSU”) awards, $4.3 million related to performance-based (“PSU”) awards and long-term performance-based (“PRSU”) awards and $0.4 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the six months ended June 30, 2024, was approximately $17.4 million, comprising approximately $12.4 million related to RSUs, $4.3 million related to PSUs and PRSUs and $0.7 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the three months ended June 30, 2023, was approximately $6.8 million, comprising approximately $5.3 million related to RSUs, $1.0 million related to PSUs and PRSUs and $0.5 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the six months ended June 30, 2023, was approximately $14.1 million, comprising approximately $11.2 million related to RSUs, $1.9 million related to PSUs and PRSUs and $1.0 million related to the Company’s employee stock purchase plan. PSU Awards Under the performance-based awards program, the Company grants awards in the performance year in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The number of shares that are released at the end of the performance year can range from zero to 200% of the target number depending on the Company’s performance. The performance metrics of this program are annual targets consisting of a combination of net revenue, non-GAAP operating income and strategic goals. As the net revenue, non-GAAP operating income and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures, is recognized over the service period based on an assessment of the expected achievement of the performance targets. The fair value of these PSUs is determined using the fair value of the Company’s common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In February 2024, it was determined that approximately 38,000 shares subject to the PSUs granted in 2023 vested in aggregate; the shares were released to the Company’s employees and executives in the first quarter of 2024. A summary of PSUs outstanding as of June 30, 2024 and activity during the six months ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Aggregate ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Intrinsic Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 38 ​ $ 82.95 ​ ​ ​ Granted 183 ​ $ 70.11 ​ ​ Vested (38) ​ $ 82.94 ​ Forfeited (1) ​ $ 71.71 ​ Outstanding at June 30, 2024 182 ​ $ 70.10 0.50 ​ $ 12,787 Outstanding and expected to vest at June 30, 2024 149 ​ ​ ​ 0.50 ​ $ 10,482 ​ PRSU Awards The Company’s PRSU program provides for the issuance of PRSUs which will vest based on the Company’s performance measured against the PRSU program’s established performance targets. PRSUs are granted in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The actual number of shares the recipient receives is determined at the end of a three-year performance period based on results achieved versus the Company’s performance goals, and may range from zero to 200% of the target number. The performance goals for PRSUs granted in fiscal 2022, 2023 and 2024 were based on the Company’s compound annual growth rate (“CAGR”) of revenue as measured against the revenue CAGR of the analog semiconductor industry (“Relative Measure”), in each case over the respective three-year performance period. In addition, the PRSUs granted in 2023 (“2023 PRSUs”) and 2024 (“2024 PRSUs”) also include a performance goal related to the Company’s revenue growth over the respective three-year performance period as compared to defined targets (“Absolute Measure”) with the actual vesting of the 2023 PRSUs and 2024 PRSUs calculated based on higher achievement under the Relative Measure or the Absolute Measure. In February 2024, it was determined that no shares subject to the PRSUs granted in 2021 vested; thus no shares were released to the Company’s executives in the first quarter of 2024. A summary of PRSUs outstanding as of June 30, 2024 and activity during the six months ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 256 ​ $ 80.08 ​ ​ ​ Granted 182 ​ $ 68.52 ​ Vested — ​ ​ — ​ Forfeited — ​ ​ — ​ Outstanding at June 30, 2024 438 ​ $ 75.27 1.67 ​ $ 30,721 Outstanding and expected to vest at June 30, 2024 182 ​ ​ ​ ​ 2.50 ​ $ 12,780 ​ RSU Awards A summary of RSUs outstanding as of June 30, 2024 and activity during the six months ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 981 ​ $ 70.27 ​ ​ ​ ​ ​ Granted 389 ​ $ 67.65 ​ ​ ​ ​ Vested (330) ​ $ 63.19 ​ ​ ​ ​ Forfeited (13) ​ $ 75.96 ​ ​ ​ ​ Outstanding at June 30, 2024 1,027 ​ $ 71.48 ​ 1.84 ​ $ 72,075 Outstanding and expected to vest at June 30, 2024 944 ​ ​ ​ 1.77 ​ $ 66,274 ​

SIGNIFICANT CUSTOMERS AND GEOGR

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES	6 Months Ended
	Jun. 30, 2024
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES	7. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power-conversion market. The Company’s chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Customer Concentration The Company’s top ten customers accounted for approximately 80% and 78% of net revenues for the three and six months ended June 30, 2024, respectively, and 82% and 79%, respectively, in the corresponding periods of 2023. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including original equipment manufacturers (“OEMs”) and merchant power-supply manufacturers. Similarly, merchant power-supply manufacturers sell power supplies incorporating the Company’s products to a broad range of OEMs. Sales to distributors were $73.5 million and $139.9 million in the three and six months ended June 30, 2024, respectively, and $78.8 million and $145.5 million, respectively, in the corresponding periods of 2023. Direct sales to OEMs and power-supply manufacturers accounted for the remainder. The following customers represented 10% or more of the Company’s net revenues for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, Customer ​ 2024 ​ 2023 ​ 2024 ​ 2023 Avnet 28 % ​ 25 % 29 % ​ 25 % Honestar Technologies Co., Ltd. ​ 12 % ​ 15 % ​ 12 % ​ 14 % Salcomp Group ​ * ​ ​ 14 % ​ * ​ ​ 13 % Flextronics Group * ​ ​ 12 % * ​ ​ 11 % ​ * Total customer revenue was less than 10% of net revenues. No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of June 30, 2024 and December 31, 2023, 84% and 86% of accounts receivable were concentrated with the Company’s top ten customers. The following customers represented 10% or more of accounts receivable at June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Customer 2024 ​ 2023 Avnet ​ 27 % ​ 39 % Powertech Distribution Ltd. ​ 11 % ​ * ​ Flextronics Group ​ 10 % ​ * ​ Honestar Technologies Co., Ltd. ​ * ​ ​ 20 % Salcomp Group ​ * ​ ​ 10 % * Total customer accounts receivable was less than 10% of accounts receivable. No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. Geographic Net Revenues The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues by region and country with 5% or more of the Company’s revenue during any of the periods presented, based on “bill to” customer locations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Americas: ​ $ 5,281 ​ $ 5,603 ​ $ 10,286 ​ $ 12,086 EMEA: ​ ​ ​ ​ ​ ​ ​ ​ Germany ​ ​ 5,059 ​ 6,075 ​ 10,948 ​ 13,549 Other EMEA ​ 5,946 ​ 5,498 ​ 12,260 ​ 12,414 APAC: ​ ​ ​ ​ ​ ​ ​ ​ Hong Kong/China ​ 63,124 ​ 76,496 ​ 112,804 ​ 136,094 India ​ 6,400 ​ 11,312 ​ 11,780 ​ 18,041 Korea ​ ​ 8,933 ​ ​ 6,316 ​ ​ 18,453 ​ ​ 13,117 Taiwan ​ ​ 5,294 ​ ​ 4,495 ​ ​ 10,052 ​ ​ 6,504 Other APAC ​ 6,161 ​ 7,428 ​ 11,303 ​ 17,715 Total net revenues ​ $ 106,198 ​ $ 123,223 ​ $ 197,886 ​ $ 229,520 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY: Common Stock Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Beginning balance ​ ​ 56,759 ​ ​ 57,206 ​ ​ 56,738 ​ ​ 56,961 Common stock issued under employee stock plans ​ 183 ​ 202 ​ 411 ​ 470 Repurchased ​ (164) ​ (57) ​ (371) ​ (80) Ending balance ​ ​ 56,778 ​ ​ 57,351 ​ ​ 56,778 ​ ​ 57,351 ​ Common Stock Repurchases As of December 31, 2023, the Company had $26.0 million remaining under its authorized stock-repurchase program. In the three and six months ended June 30, 2024 leaving no amount authorized for stock repurchases as of Cash Dividends In February 2023, In October 2023, the Company’s board of directors raised the quarterly cash dividend with the declaration of five cash dividends of $0.20 per share to be paid to stockholders of record at the end of the fourth quarter in 2023 (in lieu of the $0.19 per share announced in February 2023) and at the end of each quarter in 2024 . For the three and six months ended June 30, 2024 and 2023, cash dividends declared and paid were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Dividends declared and paid ​ $ 11,352 ​ $ 10,893 ​ $ 22,736 ​ $ 21,761 Dividends declared per common share ​ $ 0.20 ​ $ 0.19 ​ $ 0.40 ​ $ 0.38 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	9. EARNINGS PER SHARE: Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units, the assumed issuance of awards under the stock purchase plan and contingently issuable performance-based awards, as computed using the treasury stock method. A summary of the earnings per share calculation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings per share: ​ ​ ​ ​ Net income ​ $ 4,849 ​ $ 14,793 ​ $ 8,803 ​ $ 21,668 Weighted-average common shares ​ 56,780 ​ 57,355 ​ 56,807 ​ 57,231 Basic earnings per share ​ $ 0.09 ​ $ 0.26 ​ $ 0.15 ​ $ 0.38 Diluted earnings per share: (1) ​ ​ ​ ​ Net income ​ $ 4,849 ​ $ 14,793 ​ $ 8,803 ​ $ 21,668 Weighted-average common shares ​ 56,780 ​ 57,355 ​ 56,807 ​ 57,231 Effect of dilutive awards: ​ ​ ​ ​ Employee stock plans ​ 204 ​ 314 ​ 297 ​ 423 Diluted weighted-average common shares ​ 56,984 ​ 57,669 ​ 57,104 ​ 57,654 Diluted earnings per share ​ $ 0.09 ​ $ 0.26 ​ $ 0.15 ​ $ 0.38 ​ (1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2024 and 2023 calculations as the shares were not contingently issuable as of the end of the reporting periods. In the three and six months ended June 30, 2024 and 2023, no outstanding stock awards were determined to be anti-dilutive and therefore excluded from the computation of diluted earnings per share.

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES	6 Months Ended
	Jun. 30, 2024
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES	10. PROVISION FOR INCOME TAXES: Income-tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for certain discrete items which are fully recognized in the period they occur. Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate. The Company’s effective tax rate for the three and six months ended June 30, 2024 was 5.8% and 3.5%, respectively, as compared to 3.7% and 5.1%, respectively, in the corresponding periods of 2023. The effective tax rate in these periods were lower than the statutory federal income-tax rate of 21% due to the geographic distribution of the Company’s world-wide earnings in lower-tax jurisdictions and federal research tax credits. Additionally, in the three months ended June 30, 2024, the Company’s effective tax rate was favorably impacted by the recognition of excess tax benefits related to share-based payments. In the six months ended June 30, 2024, the Company’s effective tax rate was also favorably by discrete items associated with the release of unrecognized tax benefits. In the three and six months ended June 30, 2023, the Company’s effective tax rate was favorably impacted by a discrete item associated with recognition of excess tax benefits related to share-based payments. In the six months ended June 30, 2023, the Company’s effective tax rate was also favorably impacted by discrete items associated with the release of unrecognized tax benefits. As of June 30, 2024, the Company maintained a valuation allowance on its California deferred tax assets, New Jersey deferred tax assets and a valuation allowance with respect to its deferred tax assets relating to tax credits in Canada. Determining the consolidated provision for income-tax expense, income-tax liabilities and deferred tax assets and liabilities involves judgment. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure
COMMITMENTS	11. COMMITMENTS: Supplier Agreements Under the terms of the Company’s wafer-supply agreements with Seiko Epson Corporation ("Epson") and ROHM Lapis Semiconductor Co., Ltd. ("Lapis"), the wafers purchased from these suppliers are priced in U.S. dollars, with mutual sharing of the impact of fluctuations in the exchange rate between the Japanese yen and the U.S. dollar on future purchases. Each year, the Company’s management and these two suppliers review and negotiate future pricing; the negotiated pricing is denominated in U.S. dollars but is subject to contractual exchange-rate provisions. The fluctuation in the exchange rate is shared equally between the Company and each of these suppliers on future purchases.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure
LEGAL PROCEEDINGS AND CONTINGENCIES	12. LEGAL PROCEEDINGS AND CONTINGENCIES: From time to time in the ordinary course of business, the Company becomes involved in lawsuits, or customers and distributors may make claims against the Company. In accordance with ASC 450-10, Contingencies On December 18, 2019, CogniPower LLC filed a complaint against a customer of the Company in the United States District Court for the District of Delaware for infringement of two patents; the Company thereafter intervened and sought a declaration of non-infringement with respect to use of the Company’s products. The case was then stayed until February 26, 2024, when the Delaware Court then set a schedule for the remainder of the case, with further proceedings in the coming months, and a trial scheduled in August 2025. The Company believes it has strong claims and defenses with respect to all of CogniPower’s asserted patents and intends to vigorously defend itself against CogniPower’s claims against the Company’s technology, with appeals to follow if necessary. On October 31, 2022, Waverly Licensing LLC filed a complaint against the Company in the United States District Court for the Western District of Texas. In its complaint, Waverly alleged that the Company was infringing one patent pertaining to charging a battery-operated device. Because the Company believed that Waverly’s Texas complaint was improperly filed in the wrong court, the Company filed a motion to dismiss, and on November 30, 2022, the Company filed a complaint against Waverly Licensing LLC and related entities IP Edge LLC, Mavexar LLC, and Array IP LLC in the United States District Court for the District of Delaware seeking a declaration of non-infringement with respect to a patent that Waverly charged the Company with infringing. The Texas court thereafter dismissed Waverly’s Texas complaint. On March 12, 2024 the Delaware Court dismissed the remaining case in view of a series of covenants not to sue that the Delaware defendants filed with the Court. The Company is unable to predict the outcome of legal proceedings with certainty, and there can be no assurance that the Company will prevail in the above-mentioned unsettled litigations. These litigations, whether or not determined in the Company’s favor or settled, will be costly and will divert the efforts and attention of the Company’s management and technical personnel from normal business operations, potentially causing a material adverse effect on the business, financial condition and operating results. Currently, the Company is not able to estimate a loss or a range of loss for the ongoing litigations disclosed above, however adverse determinations in litigation could result in monetary losses, the loss of proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from third parties or prevent the Company from licensing the technology, any of which could have a material adverse effect on the Company’s business, financial condition and operating results.

INDEMNIFICATIONS

INDEMNIFICATIONS	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure
INDEMNIFICATIONS	13. INDEMNIFICATIONS: The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSA”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company’s products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (“Customer Indemnification”). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees’ development work to the Company. To date, the Company has not had to reimburse any of its distributors or customers for any losses related to these indemnifications and no material claims were outstanding as of June 30, 2024. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications.

ACQUISITION

ACQUISITION	6 Months Ended
	Jun. 30, 2024
ACQUISITION
ACQUISITION	14. ACQUISITION: Odyssey Semiconductor Technologies On March 12, 2024, the Company entered into an agreement with Odyssey Semiconductor Technologies ("Odyssey"), a U.S. company and a developer of vertical gallium-nitride (“GaN”) transistor technology. The transaction closed on July 1, 2024; at that time all key Odyssey employees joined Power Integrations’ technology organization. P ursuant to the asset purchase agreement, Odyssey sold, transferred and assigned substantially all of its assets to the Company for $9.52 million in cash consideration. It is expected that intangible assets and goodwill arising from the acquisition will be recorded on the Company’s consolidated balance sheets. However, as the initial accounting for the acquisition had not yet been completed at the time of the issuance of these unaudited condensed consolidated financial statements, further details have not yet been disclosed. The Company does not expect the acquisition to have a material impact on its consolidated financial statements. ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,849	$ 14,793	$ 8,803	$ 21,668

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS
Significant Accounting Policies and Estimates	Significant Accounting Policies and Estimates No material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

COMPONENTS OF THE COMPANY'S C_2

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS (Tables)	6 Months Ended
	Jun. 30, 2024
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Schedule of Accounts Receivable	Accounts Receivable ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, (In thousands) ​ 2024 ​ 2023 Accounts receivable trade ​ $ 46,796 ​ $ 53,147 Allowance for ship and debit ​ (27,139) ​ (36,017) Allowance for stock rotation and rebate ​ (2,278) ​ (1,775) Allowance for credit losses ​ ​ (1,007) ​ ​ (681) Total ​ $ 16,372 ​ $ 14,674
Schedule of Allowance for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) ​ 2024 2023 2024 2023 Beginning balance ​ $ (844) ​ $ (681) ​ $ (681) ​ $ (1,135) Provision for credit loss expense ​ (163) ​ (388) ​ (847) ​ (827) Receivables written off ​ — ​ — ​ — ​ — Recoveries collected ​ — ​ 388 ​ 521 ​ 1,281 Ending balance ​ $ (1,007) ​ $ (681) ​ $ (1,007) ​ $ (681)
Schedule of Inventories	Inventories ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, (In thousands) ​ 2024 ​ 2023 Raw materials ​ $ 99,216 ​ $ 96,467 Work-in-process ​ 33,416 ​ 24,727 Finished goods ​ 37,252 ​ 41,970 Total ​ $ 169,884 ​ $ 163,164
Schedule Of Intangible Assets	Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (In thousands) ​ Gross ​ Amortization ​ Net ​ Gross ​ Amortization ​ Net Domain name ​ $ 1,261 ​ $ — ​ $ 1,261 ​ $ 1,261 ​ $ — ​ $ 1,261 Developed technology ​ 37,960 ​ (36,199) ​ 1,761 ​ 37,960 ​ (35,459) ​ 2,501 Technology licenses ​ 1,926 ​ (1,387) ​ 539 ​ 1,926 ​ (1,264) ​ 662 Total intangible assets ​ $ 41,147 ​ $ (37,586) ​ $ 3,561 ​ $ 41,147 ​ $ (36,723) ​ $ 4,424
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	​ ​ ​ ​ ​ ​ Estimated ​ ​ Amortization Fiscal Year ​ (In thousands) 2024 (remaining six months) ​ $ 416 2025 ​ 832 2026 ​ 687 2027 ​ 365 Total ​ $ 2,300
Schedule of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Losses on ​ Defined Benefit ​ Foreign Currency ​ ​ ​ ​ Marketable Securities ​ Pension Items ​ Items ​ Total ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ June 30, ​ June 30, ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Beginning balance $ (432) ​ $ (3,151) ​ $ 1,542 ​ $ 842 ​ $ (3,669) ​ $ (2,735) ​ $ (2,559) ​ $ (5,044) Other comprehensive income (loss) before reclassifications (317) ​ (144) ​ — ​ — ​ (271) ​ (548) ​ (588) ​ (692) Amounts reclassified from accumulated other comprehensive loss — ​ — ​ (42) (1) (21) (1) — ​ — ​ (42) ​ (21) Net-current period other comprehensive income (loss) (317) ​ (144) ​ (42) ​ (21) ​ (271) ​ (548) ​ (630) ​ (713) Ending balance $ (749) ​ $ (3,295) ​ $ 1,500 ​ $ 821 ​ $ (3,940) ​ $ (3,283) ​ $ (3,189) ​ $ (5,757) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended June 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Losses on ​ Defined Benefit ​ Foreign Currency ​ ​ ​ ​ Marketable Securities ​ Pension Items ​ Items ​ Total ​ Six Months Ended ​ Six Months Ended ​ Six Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 ​ 2023 2024 2023 2024 2023 Beginning balance $ 256 ​ $ (5,323) ​ $ 1,585 ​ $ 862 ​ $ (3,303) ​ $ (2,883) ​ $ (1,462) ​ $ (7,344) Other comprehensive income (loss) before reclassifications (1,005) ​ 2,028 ​ — ​ — ​ (637) ​ (400) ​ (1,642) ​ 1,628 Amounts reclassified from accumulated other comprehensive loss — ​ — ​ (85) (1) (41) (1) — ​ — ​ (85) ​ (41) Net-current period other comprehensive income (loss) (1,005) ​ 2,028 ​ (85) ​ (41) ​ (637) ​ (400) ​ (1,727) ​ 1,587 Ending balance $ (749) ​ $ (3,295) ​ $ 1,500 ​ $ 821 ​ $ (3,940) ​ $ (3,283) ​ $ (3,189) ​ $ (5,757) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the six months ended June 30, 2024 and 2023.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of Fair value of cash equivalents and marketable securities	The fair-value hierarchy of the Company’s cash equivalents and marketable securities at June 30, 2024 and December 31, 2023, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ June 30, 2024 ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ Significant Other ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs (In thousands) ​ Total Fair Value ​ (Level 1) ​ (Level 2) Commercial paper ​ $ 2,656 ​ $ — ​ $ 2,656 Corporate securities ​ ​ 239,247 ​ ​ — ​ ​ 239,247 Money market funds ​ 347 ​ 347 ​ — Total ​ $ 242,250 ​ $ 347 ​ $ 241,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ Significant Other ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs (In thousands) ​ Total Fair Value ​ (Level 1) ​ (Level 2) Commercial paper ​ $ 20,275 ​ $ — ​ $ 20,275 Corporate securities ​ ​ 246,922 ​ ​ — ​ ​ 246,922 Money market funds ​ 491 ​ 491 ​ — Total ​ $ 267,688 ​ $ 491 ​ $ 267,197

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
MARKETABLE SECURITIES
Schedule of Available-for-sale Securities	Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at June 30, 2024, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: ​ ​ ​ ​ Corporate securities ​ $ 3,998 ​ $ — ​ $ (23) ​ $ 3,975 Total ​ 3,998 ​ — ​ (23) ​ 3,975 Investments due in 4-12 months: ​ ​ ​ ​ Commercial paper ​ ​ 738 ​ ​ — ​ ​ — ​ ​ 738 Corporate securities ​ 90,074 ​ 8 ​ (343) ​ 89,739 Total ​ 90,812 ​ 8 ​ (343) ​ 90,477 Investments due in 12 months or greater: ​ ​ ​ ​ Corporate securities ​ 145,924 ​ 112 ​ (503) ​ 145,533 Total ​ ​ 145,924 ​ 112 ​ ​ (503) ​ 145,533 Total marketable securities ​ $ 240,734 ​ $ 120 ​ $ (869) ​ $ 239,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: ​ ​ ​ ​ Corporate securities ​ $ 10,688 ​ $ — ​ $ (42) ​ $ 10,646 Total ​ 10,688 ​ — ​ (42) ​ 10,646 Investments due in 4-12 months: ​ ​ ​ ​ Commercial paper ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Corporate securities ​ 48,680 ​ 15 ​ (347) ​ 48,348 Total ​ 49,398 ​ 15 ​ (347) ​ 49,066 Investments due in 12 months or greater: ​ ​ ​ ​ Corporate securities ​ ​ 187,298 ​ 952 ​ (322) ​ 187,928 Total ​ 187,298 ​ 952 ​ (322) ​ 187,928 Total marketable securities ​ $ 247,384 ​ $ 967 ​ $ (711) ​ $ 247,640
Schedule of Available-for-sale Securities in an Unrealized Loss Position	The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Longer ​ Total ​ Estimated Gross Estimated Gross Estimated Gross ​ ​ Fair Market ​ Unrealized ​ Fair Market ​ Unrealized ​ Fair Market ​ Unrealized (In thousands) ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses Corporate securities ​ $ 134,085 ​ $ (435) ​ $ 56,256 ​ $ (434) ​ $ 190,341 ​ $ (869) Total marketable securities ​ $ 134,085 ​ $ (435) ​ $ 56,256 ​ $ (434) ​ $ 190,341 ​ $ (869)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Stock-based Compensation Expense	The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Cost of revenues ​ $ 707 ​ $ 446 ​ $ 1,053 ​ $ 747 Research and development ​ 3,885 ​ 2,429 ​ 6,310 ​ 5,097 Sales and marketing ​ 2,510 ​ 1,621 ​ 4,114 ​ 3,274 General and administrative ​ 3,933 ​ 2,256 ​ 5,972 ​ 5,002 Total stock-based compensation expense ​ $ 11,035 ​ $ 6,752 ​ $ 17,449 ​ $ 14,120
Performance Based Awards (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Aggregate ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Intrinsic Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 38 ​ $ 82.95 ​ ​ ​ Granted 183 ​ $ 70.11 ​ ​ Vested (38) ​ $ 82.94 ​ Forfeited (1) ​ $ 71.71 ​ Outstanding at June 30, 2024 182 ​ $ 70.10 0.50 ​ $ 12,787 Outstanding and expected to vest at June 30, 2024 149 ​ ​ ​ 0.50 ​ $ 10,482
Long-Term Performance-Based Awards (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 256 ​ $ 80.08 ​ ​ ​ Granted 182 ​ $ 68.52 ​ Vested — ​ ​ — ​ Forfeited — ​ ​ — ​ Outstanding at June 30, 2024 438 ​ $ 75.27 1.67 ​ $ 30,721 Outstanding and expected to vest at June 30, 2024 182 ​ ​ ​ ​ 2.50 ​ $ 12,780
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date Fair ​ Contractual Term ​ Value ​ (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2024 981 ​ $ 70.27 ​ ​ ​ ​ ​ Granted 389 ​ $ 67.65 ​ ​ ​ ​ Vested (330) ​ $ 63.19 ​ ​ ​ ​ Forfeited (13) ​ $ 75.96 ​ ​ ​ ​ Outstanding at June 30, 2024 1,027 ​ $ 71.48 ​ 1.84 ​ $ 72,075 Outstanding and expected to vest at June 30, 2024 944 ​ ​ ​ 1.77 ​ $ 66,274

SIGNIFICANT CUSTOMERS AND GEO_2

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
Concentration Risk [Line Items]
Schedules of Geographic Net Revenues	The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues by region and country with 5% or more of the Company’s revenue during any of the periods presented, based on “bill to” customer locations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Americas: ​ $ 5,281 ​ $ 5,603 ​ $ 10,286 ​ $ 12,086 EMEA: ​ ​ ​ ​ ​ ​ ​ ​ Germany ​ ​ 5,059 ​ 6,075 ​ 10,948 ​ 13,549 Other EMEA ​ 5,946 ​ 5,498 ​ 12,260 ​ 12,414 APAC: ​ ​ ​ ​ ​ ​ ​ ​ Hong Kong/China ​ 63,124 ​ 76,496 ​ 112,804 ​ 136,094 India ​ 6,400 ​ 11,312 ​ 11,780 ​ 18,041 Korea ​ ​ 8,933 ​ ​ 6,316 ​ ​ 18,453 ​ ​ 13,117 Taiwan ​ ​ 5,294 ​ ​ 4,495 ​ ​ 10,052 ​ ​ 6,504 Other APAC ​ 6,161 ​ 7,428 ​ 11,303 ​ 17,715 Total net revenues ​ $ 106,198 ​ $ 123,223 ​ $ 197,886 ​ $ 229,520 ​
Net revenue
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The following customers represented 10% or more of the Company’s net revenues for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, Customer ​ 2024 ​ 2023 ​ 2024 ​ 2023 Avnet 28 % ​ 25 % 29 % ​ 25 % Honestar Technologies Co., Ltd. ​ 12 % ​ 15 % ​ 12 % ​ 14 % Salcomp Group ​ * ​ ​ 14 % ​ * ​ ​ 13 % Flextronics Group * ​ ​ 12 % * ​ ​ 11 % ​ * Total customer revenue was less than 10% of net revenues.
Accounts receivable
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The following customers represented 10% or more of accounts receivable at June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Customer 2024 ​ 2023 Avnet ​ 27 % ​ 39 % Powertech Distribution Ltd. ​ 11 % ​ * ​ Flextronics Group ​ 10 % ​ * ​ Honestar Technologies Co., Ltd. ​ * ​ ​ 20 % Salcomp Group ​ * ​ ​ 10 % * Total customer accounts receivable was less than 10% of accounts receivable.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS' EQUITY
Schedule of Common Stock Shares Outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands) 2024 2023 2024 2023 Beginning balance ​ ​ 56,759 ​ ​ 57,206 ​ ​ 56,738 ​ ​ 56,961 Common stock issued under employee stock plans ​ 183 ​ 202 ​ 411 ​ 470 Repurchased ​ (164) ​ (57) ​ (371) ​ (80) Ending balance ​ ​ 56,778 ​ ​ 57,351 ​ ​ 56,778 ​ ​ 57,351
Schedule of Dividends Declared and Paid	For the three and six months ended June 30, 2024 and 2023, cash dividends declared and paid were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Dividends declared and paid ​ $ 11,352 ​ $ 10,893 ​ $ 22,736 ​ $ 21,761 Dividends declared per common share ​ $ 0.20 ​ $ 0.19 ​ $ 0.40 ​ $ 0.38 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE
Schedule of Earnings per share calculation	A summary of the earnings per share calculation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings per share: ​ ​ ​ ​ Net income ​ $ 4,849 ​ $ 14,793 ​ $ 8,803 ​ $ 21,668 Weighted-average common shares ​ 56,780 ​ 57,355 ​ 56,807 ​ 57,231 Basic earnings per share ​ $ 0.09 ​ $ 0.26 ​ $ 0.15 ​ $ 0.38 Diluted earnings per share: (1) ​ ​ ​ ​ Net income ​ $ 4,849 ​ $ 14,793 ​ $ 8,803 ​ $ 21,668 Weighted-average common shares ​ 56,780 ​ 57,355 ​ 56,807 ​ 57,231 Effect of dilutive awards: ​ ​ ​ ​ Employee stock plans ​ 204 ​ 314 ​ 297 ​ 423 Diluted weighted-average common shares ​ 56,984 ​ 57,669 ​ 57,104 ​ 57,654 Diluted earnings per share ​ $ 0.09 ​ $ 0.26 ​ $ 0.15 ​ $ 0.38 ​ (1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2024 and 2023 calculations as the shares were not contingently issuable as of the end of the reporting periods.

COMPONENTS OF THE COMPANY'S C_3

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable trade	$ 46,796		$ 53,147
Allowance for ship and debit	(27,139)		(36,017)
Allowance for stock rotation and rebate	(2,278)		(1,775)
Allowance for credit losses	(1,007)	$ (844)	(681)	$ (681)	$ (681)	$ (1,135)
Total	$ 16,372		$ 14,674

COMPONENTS OF THE COMPANY'S C_4

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Beginning Balance	$ (844)	$ (681)	$ (681)	$ (1,135)
Provision for credit loss expense	(163)	(388)	(847)	(827)
Receivables written off	0	0	0	0
Recoveries collected	0	388	521	1,281
Ending Balance	$ (1,007)	$ (681)	$ (1,007)	$ (681)

COMPONENTS OF THE COMPANY'S C_5

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Raw materials	$ 99,216	$ 96,467
Work-in-process	33,416	24,727
Finished goods	37,252	41,970
Total	$ 169,884	$ 163,164

COMPONENTS OF THE COMPANY'S C_6

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Intangible Assets Table [Line Items]
Intangible Assets, Gross	$ 41,147	$ 41,147
Accumulated Amortization	(37,586)	(36,723)
Total	2,300
Total Intangible Assets, Net	3,561	4,424
Developed technology
Schedule of Intangible Assets Table [Line Items]
Finite-Lived Intangible Assets, Gross	37,960	37,960
Accumulated Amortization	(36,199)	(35,459)
Total	1,761	2,501
Technology licenses
Schedule of Intangible Assets Table [Line Items]
Finite-Lived Intangible Assets, Gross	1,926	1,926
Accumulated Amortization	(1,387)	(1,264)
Total	539	662
Domain name
Schedule of Intangible Assets Table [Line Items]
Indefinite-Lived Intangible Assets	1,261	1,261
Accumulated Amortization	$ 0	$ 0

COMPONENTS OF THE COMPANY'S C_7

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024 (remaining six months)	$ 416
2025	832
2026	687
2027	365
Total	$ 2,300

COMPONENTS OF THE COMPANY'S C_8

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (2,559)	$ (5,044)	$ (1,462)	$ (7,344)
Other comprehensive income (loss) before reclassifications	(588)	(692)	(1,642)	1,628
Amounts reclassified from accumulated other comprehensive loss	(42)	(21)	(85)	(41)
Net-current period other comprehensive income (loss)	(630)	(713)	(1,727)	1,587
Ending balance	(3,189)	(5,757)	(3,189)	(5,757)
Unrealized Gains and Losses on Marketable Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(432)	(3,151)	256	(5,323)
Other comprehensive income (loss) before reclassifications	(317)	(144)	(1,005)	2,028
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net-current period other comprehensive income (loss)	(317)	(144)	(1,005)	2,028
Ending balance	(749)	(3,295)	(749)	(3,295)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,542	842	1,585	862
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	(42)	(21)	(85)	(41)
Net-current period other comprehensive income (loss)	(42)	(21)	(85)	(41)
Ending balance	1,500	821	1,500	821
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,669)	(2,735)	(3,303)	(2,883)
Other comprehensive income (loss) before reclassifications	(271)	(548)	(637)	(400)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net-current period other comprehensive income (loss)	(271)	(548)	(637)	(400)
Ending balance	$ (3,940)	$ (3,283)	$ (3,940)	$ (3,283)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments at Fair Value	$ 242,250	$ 267,688
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	2,656	20,275
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	239,247	246,922
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	347	491
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments at Fair Value	347	491
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	347	491
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments at Fair Value	241,903	267,197
Significant Other Observable Inputs (Level 2) | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	2,656	20,275
Significant Other Observable Inputs (Level 2) | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	239,247	246,922
Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 0	$ 0

MARKETABLE SECURITIES - Marketa

MARKETABLE SECURITIES - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 2,700	$ 2,300
Amortized Cost	240,734	247,384
Gross Unrealized Gains	120	967
Gross Unrealized Losses	(869)	(711)
Estimated Fair Market Value	239,985	247,640
Investments due in 3 months or less:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,998	10,688
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23)	(42)
Estimated Fair Market Value	3,975	10,646
Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	90,812	49,398
Gross Unrealized Gains	8	15
Gross Unrealized Losses	(343)	(347)
Estimated Fair Market Value	90,477	49,066
Investments due in 12 months or greater:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,924	187,298
Gross Unrealized Gains	112	952
Gross Unrealized Losses	(503)	(322)
Estimated Fair Market Value	145,533	187,928
Commercial paper | Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	738	718
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Market Value	738	718
Corporate securities | Investments due in 3 months or less:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,998	10,688
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23)	(42)
Estimated Fair Market Value	3,975	10,646
Corporate securities | Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	90,074	48,680
Gross Unrealized Gains	8	15
Gross Unrealized Losses	(343)	(347)
Estimated Fair Market Value	89,739	48,348
Corporate securities | Investments due in 12 months or greater:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,924	187,298
Gross Unrealized Gains	112	952
Gross Unrealized Losses	(503)	(322)
Estimated Fair Market Value	$ 145,533	$ 187,928

MARKETABLE SECURITIES - Continu

MARKETABLE SECURITIES - Continuous Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months Estimated Fair Market Value, Total marketable securities	$ 134,085
Less Than 12 Months Gross Unrealized Losses, Total marketable securities	(435)
12 Months or Longer Estimated Fair Market Value, Total marketable securities	56,256
12 Months or Longer Gross Unrealized Losses, Total marketable securities	(434)
Total Estimated Fair Market Value, Total marketable securities	190,341
Total Gross Unrealized Losses, Total marketable securities	(869)
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months Estimated Fair Market Value, Total marketable securities	134,085
Less Than 12 Months Gross Unrealized Losses, Total marketable securities	(435)
12 Months or Longer Estimated Fair Market Value, Total marketable securities	56,256
12 Months or Longer Gross Unrealized Losses, Total marketable securities	(434)
Total Estimated Fair Market Value, Total marketable securities	190,341
Total Gross Unrealized Losses, Total marketable securities	$ (869)

MARKETABLE SECURITIES - Unreali

MARKETABLE SECURITIES - Unrealized Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
MARKETABLE SECURITIES
Unrealized losses on marketable securities	$ 0	$ 0	$ 0	$ 0

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	$ 11,035	$ 6,752	$ 17,449	$ 14,120
Restricted Stock Units (RSUs)
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	6,300	5,300	12,400	11,200
Performance Based Awards and Long Term Performance based Units
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	4,300	1,000	4,300	1,900
Employee Stock Purchase Plan
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	400	500	700	1,000
Cost of revenues
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	707	446	1,053	747
Research and development
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	3,885	2,429	6,310	5,097
Sales and marketing
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	2,510	1,621	4,114	3,274
General and administrative
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	$ 3,933	$ 2,256	$ 5,972	$ 5,002

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance-based Awards and Restricted Stock Units (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Shares
Outstanding, shares at beginning of the period	981,000
Granted, shares	389,000
Vested, shares	(330,000)
Forfeited, shares	(13,000)
Outstanding, shares at ending of the period	1,027,000
Outstanding and expected to vest at ending of the period	944,000
Weighted- Average Grant Date Fair Value Per Share (in dollars per share)
Outstanding, weighted-average grant date fair value per share, beginning of period | $ / shares	$ 70.27
Granted | $ / shares	67.65
Vested | $ / shares	63.19
Forfeited | $ / shares	75.96
Outstanding, weighted-average grant date fair value per share, end of period | $ / shares	$ 71.48
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	1 year 10 months 2 days
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	1 year 9 months 7 days
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value | $	$ 72,075
Outstanding and expected to vest, aggregate intrinsic value | $	$ 66,274
Long-Term Performance-Based Awards (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Shares
Outstanding, shares at beginning of the period	256,000
Granted, shares	182,000
Vested, shares	0
Forfeited, shares	0
Outstanding, shares at ending of the period	438,000
Outstanding and expected to vest at ending of the period	182,000
Weighted- Average Grant Date Fair Value Per Share (in dollars per share)
Outstanding, weighted-average grant date fair value per share, beginning of period | $ / shares	$ 80.08
Granted | $ / shares	68.52
Vested | $ / shares	0
Forfeited | $ / shares	0
Outstanding, weighted-average grant date fair value per share, end of period | $ / shares	$ 75.27
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	1 year 8 months 1 day
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	2 years 6 months
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value | $	$ 30,721
Outstanding and expected to vest, aggregate intrinsic value | $	$ 12,780
Performance Based Awards (PSUs)
Shares
Outstanding, shares at beginning of the period	38,000
Granted, shares	183,000
Vested, shares	(38,000)
Forfeited, shares	(1,000)
Outstanding, shares at ending of the period	182,000
Outstanding and expected to vest at ending of the period	149,000
Weighted- Average Grant Date Fair Value Per Share (in dollars per share)
Outstanding, weighted-average grant date fair value per share, beginning of period | $ / shares	$ 82.95
Granted | $ / shares	70.11
Vested | $ / shares	82.94
Forfeited | $ / shares	71.71
Outstanding, weighted-average grant date fair value per share, end of period | $ / shares	$ 70.10
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	6 months
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	6 months
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value | $	$ 12,787
Outstanding and expected to vest, aggregate intrinsic value | $	$ 10,482
Minimum | Long-Term Performance-Based Awards (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based award shares released as a percentage of target number	0%
Minimum | Performance Based Awards (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based award shares released as a percentage of target number	0%
Maximum | Long-Term Performance-Based Awards (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based award shares released as a percentage of target number	200%
Maximum | Performance Based Awards (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based award shares released as a percentage of target number	200%

SIGNIFICANT CUSTOMERS AND GEO_3

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES - Customer and Credit Risk Concentration (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment customer	Jun. 30, 2023 USD ($)	Dec. 31, 2023 customer
Concentration Risk [Line Items]
Number of reportable segments | segment			1
NET REVENUES | $	$ 106,198	$ 123,223	$ 197,886	$ 229,520
Distributors
Concentration Risk [Line Items]
NET REVENUES | $	$ 73,500	$ 78,800	$ 139,900	$ 145,500
Net revenue | Customer concentration risk
Concentration Risk [Line Items]
Number of major customers | customer	10		10
Net revenue | Customer concentration risk | Avnet
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues	28%	25%	29%	25%
Net revenue | Customer concentration risk | Honestar Technologies Co., Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues	12%	15%	12%	14%
Net revenue | Customer concentration risk | Salcomp Group
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues		14%		13%
Net revenue | Customer concentration risk | Flextronics Group
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues		12%		11%
Net revenue | Customer concentration risk | Ten Customers
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues	80%	82%	78%	79%
Accounts receivable | Credit concentration risk
Concentration Risk [Line Items]
Number of major customers | customer			10		10
Accounts receivable | Credit concentration risk | Avnet
Concentration Risk [Line Items]
Concentration risk percentage			27%		39%
Accounts receivable | Credit concentration risk | Honestar Technologies Co., Ltd.
Concentration Risk [Line Items]
Concentration risk percentage					20%
Accounts receivable | Credit concentration risk | Salcomp Group
Concentration Risk [Line Items]
Concentration risk percentage					10%
Accounts receivable | Credit concentration risk | Flextronics Group
Concentration Risk [Line Items]
Concentration risk percentage			10%
Accounts receivable | Credit concentration risk | Powertech Distribution Ltd.
Concentration Risk [Line Items]
Concentration risk percentage			11%
Accounts receivable | Credit concentration risk | Ten Customers
Concentration Risk [Line Items]
Concentration risk percentage			84%		86%

SIGNIFICANT CUSTOMERS AND GEO_4

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES - Geographic Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue by Geography
Total net revenues	$ 106,198	$ 123,223	$ 197,886	$ 229,520
Americas
Revenue by Geography
Total net revenues	5,281	5,603	10,286	12,086
Germany
Revenue by Geography
Total net revenues	5,059	6,075	10,948	13,549
Other EMEA
Revenue by Geography
Total net revenues	5,946	5,498	12,260	12,414
Hong Kong/China
Revenue by Geography
Total net revenues	63,124	76,496	112,804	136,094
India
Revenue by Geography
Total net revenues	6,400	11,312	11,780	18,041
Korea
Revenue by Geography
Total net revenues	8,933	6,316	18,453	13,117
Taiwan
Revenue by Geography
Total net revenues	5,294	4,495	10,052	6,504
Other APAC
Revenue by Geography
Total net revenues	$ 6,161	$ 7,428	$ 11,303	$ 17,715

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock Shares Outstanding [Abstract]
Beginning balance	56,759,000	57,206,000	56,738,000	56,961,000
Common stock issued under employee stock plans	183,000	202,000	411,000	470,000
Repurchased	(164,000)	(57,000)	(371,000)	(80,000)
Ending balance	56,778,000	57,351,000	56,778,000	57,351,000

STOCKHOLDERS' EQUITY - Common_2

STOCKHOLDERS' EQUITY - Common Stock Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Stockholders' Equity Attributable to Parent [Abstract]
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 26
Repurchase of common stock (shares)	164,000	57,000	371,000	80,000
Repurchase of common stock	$ 11.3		$ 26

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Oct. 31, 2023 dividend $ / shares	Feb. 28, 2023 $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares
Stockholders' Equity Attributable to Parent [Abstract]
Dividends declared and paid | $			$ 11,352	$ 10,893	$ 22,736	$ 21,761
Dividends declared per common share			$ 0.20	$ 0.19	$ 0.40	$ 0.38
Common Stock, Dividends, Number of Quarterly Distributions Declared | dividend	5
Common Stock, Dividends, Per Share, Declared, Prior Fiscal Year, Each Quarter		$ 0.19
Common Stock, Dividends Per Share Declared, Prior Fiscal Year, Fourth Quarter	$ 0.20
Common Stock, Dividends, Per Share, Declared, Current Fiscal Year, Each Quarter	$ 0.20

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share:
Net income	$ 4,849	$ 14,793	$ 8,803	$ 21,668
Weighted-average common shares	56,780,000	57,355,000	56,807,000	57,231,000
Basic earnings per share	$ 0.09	$ 0.26	$ 0.15	$ 0.38
Diluted earnings per share:
Net income	$ 4,849	$ 14,793	$ 8,803	$ 21,668
Weighted-average common shares	56,780,000	57,355,000	56,807,000	57,231,000
Effect of dilutive awards:
Employee stock plans	204,000	314,000	297,000	423,000
Diluted weighted-average common shares	56,984,000	57,669,000	57,104,000	57,654,000
Diluted earnings per share	$ 0.09	$ 0.26	$ 0.15	$ 0.38
Stock awards excluded in the computation of diluted earnings per share	0	0	0	0

PROVISION FOR INCOME TAXES (Det

PROVISION FOR INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
PROVISION FOR INCOME TAXES
Effective income tax rate	5.80%	3.70%	3.50%	5.10%
Provision (benefit) computed at Federal statutory rate	21%	21%	21%	21%

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Pending Litigation - patent	Oct. 31, 2022	Dec. 18, 2019
Patent Infringement Claim One
Gain and Loss Contingencies [Line Items]
Loss Contingency, Patents Allegedly Infringed, Number		2
Patent Infringement Claim Two
Gain and Loss Contingencies [Line Items]
Loss Contingency, Patents Allegedly Infringed, Number	1

ACQUISITION (Details)

ACQUISITION (Details) $ in Thousands	Jul. 01, 2024 USD ($)
Odyssey Semiconductor Technologies | Subsequent Event
Asset Acquisition [Line Items]
Cash consideration	$ 9,520