Power Integrations (POWI) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - $ / shares	9 Months Ended
DOCUMENT AND ENTITY INFORMATION - $ / shares	Sep. 30, 2024	Nov. 04, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		56,864,621
Entity Central Index Key	0000833640
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 58,469	$ 63,929
Short-term marketable securities	245,282	247,640
Accounts receivable, net	16,634	14,674
Inventories	167,680	163,164
Prepaid expenses and other current assets	19,821	22,193
Total current assets	507,886	511,600
PROPERTY AND EQUIPMENT, net	153,313	164,213
INTANGIBLE ASSETS, net	8,283	4,424
GOODWILL	95,271	91,849
DEFERRED TAX ASSETS	36,393	28,325
OTHER ASSETS	23,845	19,457
Total assets	824,991	819,868
CURRENT LIABILITIES:
Accounts payable	27,091	26,390
Accrued payroll and related expenses	13,337	13,551
Taxes payable	1,063	1,016
Other accrued liabilities	9,267	7,910
Total current liabilities	50,758	48,867
LONG-TERM INCOME TAXES PAYABLE	6,351	6,244
OTHER LIABILITIES	18,669	12,516
Total liabilities	75,778	67,627
COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13)
STOCKHOLDERS' EQUITY:
Common stock	22	23
Additional paid-in capital	11,347	0
Accumulated other comprehensive income (loss)	1,008	(1,462)
Retained earnings	736,836	753,680
Total stockholders' equity	749,213	752,241
Total liabilities and stockholders' equity	$ 824,991	$ 819,868

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET REVENUES	$ 115,837	$ 125,511	$ 313,723	$ 355,031
COST OF REVENUES	52,666	59,566	146,239	172,283
GROSS PROFIT	63,171	65,945	167,484	182,748
OPERATING EXPENSES:
Research and development	25,829	24,064	75,101	72,562
Sales and marketing	17,119	16,224	50,894	49,126
General and administrative	8,641	7,945	27,479	24,950
Total operating expenses	51,589	48,233	153,474	146,638
INCOME FROM OPERATIONS	11,582	17,712	14,010	36,110
OTHER INCOME	2,750	3,138	9,441	7,566
INCOME BEFORE INCOME TAXES	14,332	20,850	23,451	43,676
PROVISION FOR INCOME TAXES	41	1,054	357	2,212
NET INCOME	$ 14,291	$ 19,796	$ 23,094	$ 41,464
EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.25	$ 0.34	$ 0.41	$ 0.72
Diluted (in dollars per share)	$ 0.25	$ 0.34	$ 0.40	$ 0.72
SHARES USED IN PER SHARE CALCULATION:
Basic (in shares)	56,817	57,383	56,810	57,282
Diluted (in shares)	57,004	57,741	57,106	57,711

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 14,291	$ 19,796	$ 23,094	$ 41,464
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net of $0 tax in each of the three and nine months ended September 30, 2024 and 2023	1,235	(407)	598	(807)
Unrealized gain on marketable securities, net of $615 tax in each of the three and nine months ended September 30, 2024 and net of $0 tax in each of the three and nine months ended September 30, 2023	3,005	455	2,000	2,483
Amortization of defined benefit pension items, net of tax of ($8) and ($23) in the three and nine months ended September 30, 2024, respectively, and ($4) and ($11) in the three and nine months ended September 30, 2023, respectively	(43)	(21)	(128)	(62)
Total other comprehensive income	4,197	27	2,470	1,614
TOTAL COMPREHENSIVE INCOME	$ 18,488	$ 19,823	$ 25,564	$ 43,078

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized gain on marketable securities, tax	615	0	615	0
Amortization of defined benefit pension items, tax	$ (8)	$ (4)	$ (23)	$ (11)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated other comprehensive income (loss)	Retained Earnings	Total
Beginning balance at Dec. 31, 2022	$ 24	$ 0	$ (7,344)	$ 762,536
Net income				41,464	$ 41,464
Common stock issued under employee stock plans		6,237
Repurchase of common stock	(1)	(7,833)		0
Stock-based compensation		21,025
Other comprehensive income			1,614		1,614
Payment of dividends to stockholders				(32,665)
Ending balance at Sep. 30, 2023	23	19,429	(5,730)	771,335	785,057
Beginning balance at Jun. 30, 2023	23	11,220	(5,757)	762,443
Net income				19,796	19,796
Common stock issued under employee stock plans		3,139
Repurchase of common stock	0	(1,835)		0
Stock-based compensation		6,905
Other comprehensive income			27		27
Payment of dividends to stockholders				(10,904)
Ending balance at Sep. 30, 2023	23	19,429	(5,730)	771,335	785,057
Beginning balance at Dec. 31, 2023	23	0	(1,462)	753,680	752,241
Net income				23,094	23,094
Common stock issued under employee stock plans		5,700
Repurchase of common stock	(1)	(20,140)		(5,838)	(26,000)
Stock-based compensation		25,787
Other comprehensive income			2,470		2,470
Payment of dividends to stockholders				(34,100)
Ending balance at Sep. 30, 2024	22	11,347	1,008	736,836	749,213
Beginning balance at Jun. 30, 2024	22	0	(3,189)	733,909
Net income				14,291	14,291
Common stock issued under employee stock plans		3,009
Repurchase of common stock	0	0		0
Stock-based compensation		8,338
Other comprehensive income			4,197		4,197
Payment of dividends to stockholders				(11,364)
Ending balance at Sep. 30, 2024	$ 22	$ 11,347	$ 1,008	$ 736,836	$ 749,213

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 23,094	$ 41,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,560	26,316
Amortization of intangibles	1,071	1,630
Loss on disposal of property and equipment	216	86
Stock-based compensation expense	25,787	21,025
Amortization of premium (accretion of discount) on marketable securities	(1,252)	146
Deferred income taxes	(8,688)	(9,952)
Decrease in accounts receivable allowance for credit losses	(459)	(454)
Change in operating assets and liabilities:
Accounts receivable	(1,501)	(7,249)
Inventories	(4,516)	(14,826)
Prepaid expenses and other assets	5,614	(837)
Accounts payable	1,914	(2,882)
Taxes payable and accrued liabilities	(385)	(4,975)
Net cash provided by operating activities	66,455	49,492
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(14,241)	(14,741)
Purchases of marketable securities	(97,581)	(173,015)
Proceeds from sales and maturities of marketable securities	103,806	161,897
Acquisition (Note 15)	(9,520)	0
Net cash used in investing activities	(17,536)	(25,859)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under employee stock plans	5,700	6,237
Repurchase of common stock	(25,979)	(7,834)
Payments of dividends to stockholders	(34,100)	(32,665)
Net cash used in financing activities	(54,379)	(34,262)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(5,460)	(10,629)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	63,929	105,372
CASH AND CASH EQUIVALENTS AT END OF PERIOD	58,469	94,743
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Unpaid property and equipment	1,535	2,429
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes, net	$ 4,400	$ 13,683

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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	9 Months Ended
	Sep. 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 Except for the additional policy presented below, no material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements Business Combinations The Company applies the provisions of ASC 805, Business Combinations 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 (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the amendment to have a material impact on its consolidated financial statements upon adoption.

COMPONENTS OF THE COMPANY'S CON

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS	9 Months Ended
	Sep. 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 September 30, December 31, (In thousands) 2024 2023 Accounts receivable trade $ 50,090 $ 53,147 Allowance for ship and debit (30,445) (36,017) Allowance for stock rotation and rebate (2,789) (1,775) Allowance for credit losses (222) (681) Total $ 16,634 $ 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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning balance $ (1,007) $ (681) $ (681) $ (1,135) Provision for credit loss expense (202) (671) (1,050) (1,498) Receivables written off — — — — Recoveries collected 987 671 1,509 1,952 Ending balance $ (222) $ (681) $ (222) $ (681) Inventories September 30, December 31, (In thousands) 2024 2023 Raw materials $ 104,084 $ 96,467 Work-in-process 28,775 24,727 Finished goods 34,821 41,970 Total $ 167,680 $ 163,164 Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) for the three and nine months ended September 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 September 30, September 30, September 30, September 30, (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Beginning balance $ (749) $ (3,295) $ 1,500 $ 821 $ (3,940) $ (3,283) $ (3,189) $ (5,757) Other comprehensive income (loss) before reclassifications 3,005 455 — — 1,235 (407) 4,240 48 Amounts reclassified from accumulated other comprehensive income (loss) — — (43) (1) (21) (1) — — (43) (21) Net-current period other comprehensive income (loss) 3,005 455 (43) (21) 1,235 (407) 4,197 27 Ending balance $ 2,256 $ (2,840) $ 1,457 $ 800 $ (2,705) $ (3,690) $ 1,008 $ (5,730) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended September 30, 2024 and 2023. Unrealized Gains and Losses on Defined Benefit Foreign Currency Marketable Securities Pension Items Items Total Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 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 2,000 2,483 — — 598 (807) 2,598 1,676 Amounts reclassified from accumulated other comprehensive income (loss) — — (128) (1) (62) (1) — — (128) (62) Net-current period other comprehensive income (loss) 2,000 2,483 (128) (62) 598 (807) 2,470 1,614 Ending balance $ 2,256 $ (2,840) $ 1,457 $ 800 $ (2,705) $ (3,690) $ 1,008 $ (5,730) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the nine months ended September 30, 2024 and 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 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 September 30, 2024 and December 31, 2023, was as follows: Fair Value Measurement at September 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 $ 13,808 $ — $ 13,808 Corporate securities 244,534 — 244,534 Money market funds 371 371 — U.S. government securities 1,000 — 1,000 Total $ 259,713 $ 371 $ 259,342 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 nine months ended September 30, 2024 and the twelve months ended December 31, 2023.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
MARKETABLE SECURITIES	Sep. 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 September 30, 2024, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Commercial paper $ 748 $ — $ — $ 748 Total 748 — — 748 Investments due in 4-12 months: Corporate securities 92,943 269 (26) 93,186 Total 92,943 269 (26) 93,186 Investments due in 12 months or greater: Corporate securities 148,720 2,634 (6) 151,348 Total 148,720 2,634 (6) 151,348 Total marketable securities $ 242,411 $ 2,903 $ (32) $ 245,282 Accrued interest receivable was $2.6 million at September 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 September 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 $ 10,790 $ (9) $ 13,222 $ (23) $ 24,012 $ (32) Total marketable securities $ 10,790 $ (9) $ 13,222 $ (23) $ 24,012 $ (32) In the three and nine months ended September 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 2024
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	6. GOODWILL AND INTANGIBLE ASSETS: Changes in the carrying amount of goodwill during the nine months ended September 30, 2024 are as follows: (in thousands) Goodwill Balance at December 31, 2023 $ 91,849 Goodwill acquired during the period 3,422 Ending balance at September 30, 2024 $ 95,271 The $3.4 million of goodwill acquired during the nine months ended September 30, 2024 resulted from the purchase of the assets of Odyssey Semiconductor Technologies (“Odyssey”) see Note 15, Acquisition , for further details. Intangible Assets Intangible assets consist primarily of developed technology, in-process research and development, acquired licenses and domain name and are reported net of accumulated amortization. In July 2024, the Company acquired the assets of Odyssey, a U.S. company and developer of vertical gallium-nitride (“GaN”) transistor technology, resulting in the addition of in-process research and development of $4.9 million. Amortization of the in-process research and development will commence once development is completed and products are available for sale; the Company does not expect the amortization of its in-process research and development to begin in 2024. September 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 In-process research and development 4,930 — 4,930 — — — Developed technology 37,960 (36,346) 1,614 37,960 (35,459) 2,501 Technology licenses 1,926 (1,448) 478 1,926 (1,264) 662 Total intangible assets $ 46,077 $ (37,794) $ 8,283 $ 41,147 $ (36,723) $ 4,424 The estimated future amortization expense related to finite-lived intangible assets at September 30, 2024, is as follows: Estimated Amortization Fiscal Year (In thousands) 2024 (remaining three months) $ 208 2025 832 2026 687 2027 365 Total* $ 2,092 * Total excludes $4.9 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION: The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Cost of revenues $ 496 $ 446 $ 1,549 $ 1,193 Research and development 2,997 2,895 9,307 7,992 Sales and marketing 1,876 1,787 5,990 5,061 General and administrative 2,969 1,777 8,941 6,779 Total stock-based compensation expense $ 8,338 $ 6,905 $ 25,787 $ 21,025 Stock-based compensation expense in the three months ended September 30, 2024, was approximately $8.3 million, comprising approximately $6.6 million related to restricted stock unit (“RSU”) awards, $1.3 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 nine months ended September 30, 2024, was approximately $25.8 million, comprising approximately $19.0 million related to RSUs, $5.6 million related to PSUs and PRSUs and $1.2 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the three months ended September 30, 2023, was approximately $6.9 million, comprising approximately $6.1 million related to RSUs, $0.3 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 nine months ended September 30, 2023, was approximately $21.0 million, comprising approximately $17.3 million related to RSUs, $2.3 million related to PSUs and PRSUs and $1.4 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 September 30, 2024 and activity during the nine 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 185 $ 69.97 Vested (38) $ 82.94 Forfeited (12) $ 70.16 Outstanding at September 30, 2024 173 $ 69.96 0.25 $ 11,121 Outstanding and expected to vest at September 30, 2024 75 0.25 $ 4,828 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 and no shares were released to the Company’s executives. A summary of PRSUs outstanding as of September 30, 2024 and activity during the nine 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 186 $ 68.30 Vested — — Forfeited (21) $ 75.24 Outstanding at September 30, 2024 421 $ 75.11 1.42 $ 26,982 Outstanding and expected to vest at September 30, 2024 177 2.25 $ 11,375 RSU Awards A summary of RSUs outstanding as of September 30, 2024 and activity during the nine 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 424 $ 67.34 Vested (344) $ 63.42 Forfeited (73) $ 73.15 Outstanding at September 30, 2024 988 $ 71.18 1.64 $ 63,360 Outstanding and expected to vest at September 30, 2024 917 1.56 $ 58,824

SIGNIFICANT CUSTOMERS AND GEOGR

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES	9 Months Ended
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES	Sep. 30, 2024
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES	8. 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 78% of net revenues for both the three and nine months ended September 30, 2024, and 83% and 81% 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 $80.5 million and $220.4 million in the three and nine months ended September 30, 2024, respectively, and $93.2 million and $238.7 million 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 Nine Months Ended September 30, September 30, Customer 2024 2023 2024 2023 Avnet 31 % 28 % 30 % 26 % Honestar Technologies Co., Ltd. 10 % 23 % 11 % 17 % Salcomp Group * * * 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 September 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 September 30, 2024 and December 31, 2023: September 30, December 31, Customer 2024 2023 Avnet 33 % 39 % Salcomp Group 12 % 10 % Flextronics Group 10 % * Honestar Technologies Co., Ltd. * 20 % * 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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Americas: $ 5,507 $ 5,557 $ 15,793 $ 17,643 EMEA: Germany 5,321 5,741 16,269 19,290 Other EMEA 6,190 8,498 18,450 20,912 APAC: Hong Kong/China 65,425 79,735 178,229 215,829 India 8,571 9,697 20,351 27,738 Korea 9,762 4,308 28,215 17,425 Taiwan 7,471 4,949 17,523 11,453 Other APAC 7,590 7,026 18,893 24,741 Total net revenues $ 115,837 $ 125,511 $ 313,723 $ 355,031

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY: Common Stock Shares Outstanding Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning balance 56,778 57,351 56,738 56,961 Common stock issued under employee stock plans 62 59 473 529 Repurchased — (24) (371) (104) Ending balance 56,840 57,386 56,840 57,386 Common Stock Repurchases As of December 31, 2023, the Company had $26.0 million remaining under its authorized stock-repurchase program. The Company exhausted this authorization in the nine months ended September 30, 2024, purchasing approximately 371,000 shares of the Company’s common stock for $26.0 million. In October 2024, the Company’s board of directors authorized the use of $50.0 million for the repurchase of the Company’s common stock, with repurchases to be executed according to pre-defined price/volume guidelines. The program has no expiration date. Authorization of future repurchase programs is at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors. 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 at the end of the fourth quarter of 2023 (in lieu of the previously declared dividend of $0.19 per share) and at the end of each quarter in 2024 . In October 2024, the Company’s board of directors raised the quarterly cash dividend again with the declaration of five cash dividends of $0.21 per share to be paid at the end of the fourth quarter of 2024 (in lieu of the previously declared dividend of $0.20 per share) and at the end of each quarter in 2025 . For the three and nine months ended September 30, 2024 and 2023, cash dividends declared and paid were as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Dividends declared and paid $ 11,364 $ 10,904 $ 34,100 $ 32,665 Dividends declared per common share $ 0.20 $ 0.19 $ 0.60 $ 0.57

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	10. 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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings per share: Net income $ 14,291 $ 19,796 $ 23,094 $ 41,464 Weighted-average common shares 56,817 57,383 56,810 57,282 Basic earnings per share $ 0.25 $ 0.34 $ 0.41 $ 0.72 Diluted earnings per share: (1) Net income $ 14,291 $ 19,796 $ 23,094 $ 41,464 Weighted-average common shares 56,817 57,383 56,810 57,282 Effect of dilutive awards: Employee stock plans 187 358 296 429 Diluted weighted-average common shares 57,004 57,741 57,106 57,711 Diluted earnings per share $ 0.25 $ 0.34 $ 0.40 $ 0.72 (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 nine months ended September 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	9 Months Ended
PROVISION FOR INCOME TAXES	Sep. 30, 2024
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES	11. 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 nine months ended September 30, 2024 was 0.3% and 1.5%, respectively, as compared to 5.1% in both 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, i n the nine months ended September 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 nine months ended September 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 nine months ended September 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 September 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	9 Months Ended
COMMITMENTS	Sep. 30, 2024
Commitments and Contingencies Disclosure
COMMITMENTS	12. 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	9 Months Ended
LEGAL PROCEEDINGS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure
LEGAL PROCEEDINGS AND CONTINGENCIES	13. 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	9 Months Ended
INDEMNIFICATIONS	Sep. 30, 2024
Commitments and Contingencies Disclosure
INDEMNIFICATIONS	14. 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 September 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	9 Months Ended
ACQUISITION	Sep. 30, 2024
ACQUISITION
ACQUISITION	15. ACQUISITION: Odyssey Semiconductor Technologies On March 12, 2024, the Company agreed to acquire the assets of Odyssey, a U.S. company and a developer of vertical gallium-nitride (“GaN”) transistor technology. The transaction closed on July 1, 2024, at which time all key Odyssey employees joined the Company. 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. The purchase is intended to augment the Company’s development of high-power GaN switching technology. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805 - Business Combinations. Under the acquisition method of accounting, the total purchase consideration of the acquisition is allocated to the tangible assets and identifiable intangible assets acquired based on their relative fair values. The excess of the purchase consideration over the net tangible and identifiable intangible assets is recorded as goodwill, the amount of which represents the expected benefits to the Company of future technology and the knowledgeable and experienced employees who joined the Company. Goodwill is expected to be deductible over 15 years for tax purposes. The following table summarizes the purchase price and estimated fair values of the assets acquired as of July 1, 2024, the completion of the Odyssey acquisition: (In thousands) Total Amount Assets Acquired Property and equipment, net $ 1,168 In-process research and development 4,930 Goodwill 3,422 Total purchase price $ 9,520 The fair value of in-process research and development was determined based on the cost approach using the Company’s estimate of the costs that would be incurred if a market participant were to create the acquired technology from scratch. The Company considered the number of engineers required, salaries and related benefits, allocated overhead and the development time required to recreate the technology. The Company will record the in-process research and development as an intangible asset with an indefinite life until completion or abandonment of the associated research and development efforts, and will begin amortizing the value over the estimated life of the technology upon completion of development. Consistent with the treatment of other intangible assets with indefinite lives, the Company will test the in-process research and development for impairment on an annual basis or when impairment indicators are present. Pro forma results of operations for this acquisition have not been presented because they are not material to the Company’s consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,291	$ 19,796	$ 23,094	$ 41,464

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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)	9 Months Ended
	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS
Significant Accounting Policies and Estimates	Significant Accounting Policies and Estimates Except for the additional policy presented below, no material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements
Business Combinations	Business Combinations The Company applies the provisions of ASC 805, Business Combinations
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 (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the amendment to have a material impact on its consolidated financial statements upon adoption.

COMPONENTS OF THE COMPANY'S C_2

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS (Tables)	9 Months Ended
	Sep. 30, 2024
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Schedule of Accounts Receivable	Accounts Receivable September 30, December 31, (In thousands) 2024 2023 Accounts receivable trade $ 50,090 $ 53,147 Allowance for ship and debit (30,445) (36,017) Allowance for stock rotation and rebate (2,789) (1,775) Allowance for credit losses (222) (681) Total $ 16,634 $ 14,674
Schedule of Allowance for Credit Losses	Allowance for Credit Losses Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning balance $ (1,007) $ (681) $ (681) $ (1,135) Provision for credit loss expense (202) (671) (1,050) (1,498) Receivables written off — — — — Recoveries collected 987 671 1,509 1,952 Ending balance $ (222) $ (681) $ (222) $ (681)
Schedule of Inventories	Inventories September 30, December 31, (In thousands) 2024 2023 Raw materials $ 104,084 $ 96,467 Work-in-process 28,775 24,727 Finished goods 34,821 41,970 Total $ 167,680 $ 163,164
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) for the three and nine months ended September 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 September 30, September 30, September 30, September 30, (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Beginning balance $ (749) $ (3,295) $ 1,500 $ 821 $ (3,940) $ (3,283) $ (3,189) $ (5,757) Other comprehensive income (loss) before reclassifications 3,005 455 — — 1,235 (407) 4,240 48 Amounts reclassified from accumulated other comprehensive income (loss) — — (43) (1) (21) (1) — — (43) (21) Net-current period other comprehensive income (loss) 3,005 455 (43) (21) 1,235 (407) 4,197 27 Ending balance $ 2,256 $ (2,840) $ 1,457 $ 800 $ (2,705) $ (3,690) $ 1,008 $ (5,730) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended September 30, 2024 and 2023. Unrealized Gains and Losses on Defined Benefit Foreign Currency Marketable Securities Pension Items Items Total Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 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 2,000 2,483 — — 598 (807) 2,598 1,676 Amounts reclassified from accumulated other comprehensive income (loss) — — (128) (1) (62) (1) — — (128) (62) Net-current period other comprehensive income (loss) 2,000 2,483 (128) (62) 598 (807) 2,470 1,614 Ending balance $ 2,256 $ (2,840) $ 1,457 $ 800 $ (2,705) $ (3,690) $ 1,008 $ (5,730) (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the nine months ended September 30, 2024 and 2023.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 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 September 30, 2024 and December 31, 2023, was as follows: Fair Value Measurement at September 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 $ 13,808 $ — $ 13,808 Corporate securities 244,534 — 244,534 Money market funds 371 371 — U.S. government securities 1,000 — 1,000 Total $ 259,713 $ 371 $ 259,342 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)	9 Months Ended
MARKETABLE SECURITIES (Tables)	Sep. 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 September 30, 2024, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Commercial paper $ 748 $ — $ — $ 748 Total 748 — — 748 Investments due in 4-12 months: Corporate securities 92,943 269 (26) 93,186 Total 92,943 269 (26) 93,186 Investments due in 12 months or greater: Corporate securities 148,720 2,634 (6) 151,348 Total 148,720 2,634 (6) 151,348 Total marketable securities $ 242,411 $ 2,903 $ (32) $ 245,282 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 September 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 $ 10,790 $ (9) $ 13,222 $ (23) $ 24,012 $ (32) Total marketable securities $ 10,790 $ (9) $ 13,222 $ (23) $ 24,012 $ (32)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 2024
GOODWILL AND INTANGIBLE ASSETS
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill during the nine months ended September 30, 2024 are as follows: (in thousands) Goodwill Balance at December 31, 2023 $ 91,849 Goodwill acquired during the period 3,422 Ending balance at September 30, 2024 $ 95,271
Schedule of Intangible Assets	September 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 In-process research and development 4,930 — 4,930 — — — Developed technology 37,960 (36,346) 1,614 37,960 (35,459) 2,501 Technology licenses 1,926 (1,448) 478 1,926 (1,264) 662 Total intangible assets $ 46,077 $ (37,794) $ 8,283 $ 41,147 $ (36,723) $ 4,424
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense related to finite-lived intangible assets at September 30, 2024, is as follows: Estimated Amortization Fiscal Year (In thousands) 2024 (remaining three months) $ 208 2025 832 2026 687 2027 365 Total* $ 2,092 * Total excludes $4.9 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 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 nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Cost of revenues $ 496 $ 446 $ 1,549 $ 1,193 Research and development 2,997 2,895 9,307 7,992 Sales and marketing 1,876 1,787 5,990 5,061 General and administrative 2,969 1,777 8,941 6,779 Total stock-based compensation expense $ 8,338 $ 6,905 $ 25,787 $ 21,025
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 185 $ 69.97 Vested (38) $ 82.94 Forfeited (12) $ 70.16 Outstanding at September 30, 2024 173 $ 69.96 0.25 $ 11,121 Outstanding and expected to vest at September 30, 2024 75 0.25 $ 4,828
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 186 $ 68.30 Vested — — Forfeited (21) $ 75.24 Outstanding at September 30, 2024 421 $ 75.11 1.42 $ 26,982 Outstanding and expected to vest at September 30, 2024 177 2.25 $ 11,375
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 424 $ 67.34 Vested (344) $ 63.42 Forfeited (73) $ 73.15 Outstanding at September 30, 2024 988 $ 71.18 1.64 $ 63,360 Outstanding and expected to vest at September 30, 2024 917 1.56 $ 58,824

SIGNIFICANT CUSTOMERS AND GEO_2

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables)	9 Months Ended
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables)	Sep. 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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Americas: $ 5,507 $ 5,557 $ 15,793 $ 17,643 EMEA: Germany 5,321 5,741 16,269 19,290 Other EMEA 6,190 8,498 18,450 20,912 APAC: Hong Kong/China 65,425 79,735 178,229 215,829 India 8,571 9,697 20,351 27,738 Korea 9,762 4,308 28,215 17,425 Taiwan 7,471 4,949 17,523 11,453 Other APAC 7,590 7,026 18,893 24,741 Total net revenues $ 115,837 $ 125,511 $ 313,723 $ 355,031
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 Nine Months Ended September 30, September 30, Customer 2024 2023 2024 2023 Avnet 31 % 28 % 30 % 26 % Honestar Technologies Co., Ltd. 10 % 23 % 11 % 17 % Salcomp Group * * * 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 September 30, 2024 and December 31, 2023: September 30, December 31, Customer 2024 2023 Avnet 33 % 39 % Salcomp Group 12 % 10 % Flextronics Group 10 % * Honestar Technologies Co., Ltd. * 20 % * Total customer accounts receivable was less than 10% of accounts receivable.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Sep. 30, 2024
STOCKHOLDERS' EQUITY
Schedule of Common Stock Shares Outstanding	Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning balance 56,778 57,351 56,738 56,961 Common stock issued under employee stock plans 62 59 473 529 Repurchased — (24) (371) (104) Ending balance 56,840 57,386 56,840 57,386
Schedule of Dividends Declared and Paid	For the three and nine months ended September 30, 2024 and 2023, cash dividends declared and paid were as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Dividends declared and paid $ 11,364 $ 10,904 $ 34,100 $ 32,665 Dividends declared per common share $ 0.20 $ 0.19 $ 0.60 $ 0.57

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings per share: Net income $ 14,291 $ 19,796 $ 23,094 $ 41,464 Weighted-average common shares 56,817 57,383 56,810 57,282 Basic earnings per share $ 0.25 $ 0.34 $ 0.41 $ 0.72 Diluted earnings per share: (1) Net income $ 14,291 $ 19,796 $ 23,094 $ 41,464 Weighted-average common shares 56,817 57,383 56,810 57,282 Effect of dilutive awards: Employee stock plans 187 358 296 429 Diluted weighted-average common shares 57,004 57,741 57,106 57,711 Diluted earnings per share $ 0.25 $ 0.34 $ 0.40 $ 0.72 (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.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
ACQUISITION (Tables)	Sep. 30, 2024
ACQUISITION
Summary of Purchase Price and Estimated Fair Values of Assets Acquired	The following table summarizes the purchase price and estimated fair values of the assets acquired as of July 1, 2024, the completion of the Odyssey acquisition: (In thousands) Total Amount Assets Acquired Property and equipment, net $ 1,168 In-process research and development 4,930 Goodwill 3,422 Total purchase price $ 9,520

COMPONENTS OF THE COMPANY'S C_3

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable trade	$ 50,090		$ 53,147
Allowance for ship and debit	(30,445)		(36,017)
Allowance for stock rotation and rebate	(2,789)		(1,775)
Allowance for credit losses	(222)	$ (1,007)	(681)	$ (681)	$ (681)	$ (1,135)
Total	$ 16,634		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Beginning Balance	$ (1,007)	$ (681)	$ (681)	$ (1,135)
Provision for credit loss expense	(202)	(671)	(1,050)	(1,498)
Receivables written off	0	0	0	0
Recoveries collected	987	671	1,509	1,952
Ending Balance	$ (222)	$ (681)	$ (222)	$ (681)

COMPONENTS OF THE COMPANY'S C_5

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS
Raw materials	$ 104,084	$ 96,467
Work-in-process	28,775	24,727
Finished goods	34,821	41,970
Total	$ 167,680	$ 163,164

COMPONENTS OF THE COMPANY'S C_6

COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (3,189)	$ (5,757)	$ (1,462)	$ (7,344)
Other comprehensive income (loss) before reclassifications	4,240	48	2,598	1,676
Amounts reclassified from accumulated other comprehensive income (loss)	(43)	(21)	(128)	(62)
Net-current period other comprehensive income (loss)	4,197	27	2,470	1,614
Ending balance	1,008	(5,730)	1,008	(5,730)
Unrealized Gains and Losses on Marketable Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(749)	(3,295)	256	(5,323)
Other comprehensive income (loss) before reclassifications	3,005	455	2,000	2,483
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Net-current period other comprehensive income (loss)	3,005	455	2,000	2,483
Ending balance	2,256	(2,840)	2,256	(2,840)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,500	821	1,585	862
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(43)	(21)	(128)	(62)
Net-current period other comprehensive income (loss)	(43)	(21)	(128)	(62)
Ending balance	1,457	800	1,457	800
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,940)	(3,283)	(3,303)	(2,883)
Other comprehensive income (loss) before reclassifications	1,235	(407)	598	(807)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Net-current period other comprehensive income (loss)	1,235	(407)	598	(807)
Ending balance	$ (2,705)	$ (3,690)	$ (2,705)	$ (3,690)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments at Fair Value	$ 259,713	$ 267,688
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	13,808	20,275
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	244,534	246,922
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	371	491
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	1,000
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	371	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	371	491
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments at Fair Value	259,342	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	13,808	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	244,534	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
Significant Other Observable Inputs (Level 2) \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 1,000

MARKETABLE SECURITIES - Marketa

MARKETABLE SECURITIES - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 2,600	$ 2,300
Amortized Cost	242,411	247,384
Gross Unrealized Gains	2,903	967
Gross Unrealized Losses	(32)	(711)
Estimated Fair Market Value	245,282	247,640
Investments due in 3 months or less:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	748	10,688
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(42)
Estimated Fair Market Value	748	10,646
Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	92,943	49,398
Gross Unrealized Gains	269	15
Gross Unrealized Losses	(26)	(347)
Estimated Fair Market Value	93,186	49,066
Investments due in 12 months or greater:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	148,720	187,298
Gross Unrealized Gains	2,634	952
Gross Unrealized Losses	(6)	(322)
Estimated Fair Market Value	151,348	187,928
Commercial paper \| Investments due in 3 months or less:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	748
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Market Value	748
Commercial paper \| Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		718
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Market Value		718
Corporate securities \| Investments due in 3 months or less:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		10,688
Gross Unrealized Gains		0
Gross Unrealized Losses		(42)
Estimated Fair Market Value		10,646
Corporate securities \| Investments due in 4-12 months:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	92,943	48,680
Gross Unrealized Gains	269	15
Gross Unrealized Losses	(26)	(347)
Estimated Fair Market Value	93,186	48,348
Corporate securities \| Investments due in 12 months or greater:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	148,720	187,298
Gross Unrealized Gains	2,634	952
Gross Unrealized Losses	(6)	(322)
Estimated Fair Market Value	$ 151,348	$ 187,928

MARKETABLE SECURITIES - Continu

MARKETABLE SECURITIES - Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months Estimated Fair Market Value, Total marketable securities	$ 10,790
Less Than 12 Months Gross Unrealized Losses, Total marketable securities	(9)
12 Months or Longer Estimated Fair Market Value, Total marketable securities	13,222
12 Months or Longer Gross Unrealized Losses, Total marketable securities	(23)
Total Estimated Fair Market Value, Total marketable securities	24,012
Total Gross Unrealized Losses, Total marketable securities	(32)
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months Estimated Fair Market Value, Total marketable securities	10,790
Less Than 12 Months Gross Unrealized Losses, Total marketable securities	(9)
12 Months or Longer Estimated Fair Market Value, Total marketable securities	13,222
12 Months or Longer Gross Unrealized Losses, Total marketable securities	(23)
Total Estimated Fair Market Value, Total marketable securities	24,012
Total Gross Unrealized Losses, Total marketable securities	$ (32)

MARKETABLE SECURITIES - Unreali

MARKETABLE SECURITIES - Unrealized Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
MARKETABLE SECURITIES
Unrealized losses on marketable securities	$ 0	$ 0	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
GOODWILL AND INTANGIBLE ASSETS
Goodwill, Beginning balance	$ 91,849
Goodwill acquired during the period	3,422
Goodwill, Ending balance	$ 95,271

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets, Net[Abstract]
Intangible Assets, Gross	$ 46,077	$ 41,147
Accumulated amortization	(37,794)	(36,723)
Total	2,092
Total Intangible Assets, Net	8,283	4,424
Developed technology
Intangible Assets, Net[Abstract]
Finite-Lived Intangible Assets, Gross	37,960	37,960
Accumulated amortization	(36,346)	(35,459)
Total	1,614	2,501
Technology licenses
Intangible Assets, Net[Abstract]
Finite-Lived Intangible Assets, Gross	1,926	1,926
Accumulated amortization	(1,448)	(1,264)
Total	478	662
Domain name
Intangible Assets, Net[Abstract]
Indefinite-Lived Intangible Assets	1,261	1,261
Accumulated amortization	0	0
In-process research and development
Intangible Assets, Net[Abstract]
Indefinite-Lived Intangible Assets	4,930	0
Accumulated amortization	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS (Future Amortization Expense) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024 (remaining three months)	$ 208
2025	832
2026	687
2027	365
Total	$ 2,092

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	$ 8,338	$ 6,905	$ 25,787	$ 21,025
Restricted Stock Units (RSUs)
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	6,600	6,100	19,000	17,300
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	1,300	300	5,600	2,300
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	1,200	1,400
Cost of revenues
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	496	446	1,549	1,193
Research and development
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	2,997	2,895	9,307	7,992
Sales and marketing
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	1,876	1,787	5,990	5,061
General and administrative
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations:
Stock-based compensation expense	$ 2,969	$ 1,777	$ 8,941	$ 6,779

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance-based Awards and Restricted Stock Units (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Shares
Outstanding, shares at beginning of the period	981,000
Granted, shares	424,000
Vested, shares	(344,000)
Forfeited, shares	(73,000)
Outstanding, shares at ending of the period	988,000
Outstanding and expected to vest at ending of the period	917,000
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	67.34
Vested \| $ / shares	63.42
Forfeited \| $ / shares	73.15
Outstanding, weighted-average grant date fair value per share, end of period \| $ / shares	$ 71.18
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	1 year 7 months 20 days
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	1 year 6 months 21 days
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value \| $	$ 63,360
Outstanding and expected to vest, aggregate intrinsic value \| $	$ 58,824
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	186,000
Vested, shares	0
Forfeited, shares	(21,000)
Outstanding, shares at ending of the period	421,000
Outstanding and expected to vest at ending of the period	177,000
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	68.30
Vested \| $ / shares	0
Forfeited \| $ / shares	75.24
Outstanding, weighted-average grant date fair value per share, end of period \| $ / shares	$ 75.11
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	1 year 5 months 1 day
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	2 years 3 months
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value \| $	$ 26,982
Outstanding and expected to vest, aggregate intrinsic value \| $	$ 11,375
Performance Based Awards (PSUs)
Shares
Outstanding, shares at beginning of the period	38,000
Granted, shares	185,000
Vested, shares	(38,000)
Forfeited, shares	(12,000)
Outstanding, shares at ending of the period	173,000
Outstanding and expected to vest at ending of the period	75,000
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	69.97
Vested \| $ / shares	82.94
Forfeited \| $ / shares	70.16
Outstanding, weighted-average grant date fair value per share, end of period \| $ / shares	$ 69.96
Weighted-Average Remaining Contractual Term (In years)
Outstanding, weighted-average remaining contractual term (in years)	3 months
Outstanding and expected to vest, weighted-average remaining contractual term (in years)	3 months
Aggregate Intrinsic Value (In thousands)
Outstanding, Aggregate Intrinsic Value \| $	$ 11,121
Outstanding and expected to vest, aggregate intrinsic value \| $	$ 4,828
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		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment customer	Sep. 30, 2023 USD ($)	Dec. 31, 2023 customer
Concentration Risk [Line Items]
Number of reportable segments \| segment			1
NET REVENUES \| $	$ 115,837	$ 125,511	$ 313,723	$ 355,031
Distributors
Concentration Risk [Line Items]
NET REVENUES \| $	$ 80,500	$ 93,200	$ 220,400	$ 238,700
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	31%	28%	30%	26%
Net revenue \| Customer concentration risk \| Honestar Technologies Co., Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues	10%	23%	11%	17%
Net revenue \| Customer concentration risk \| Salcomp Group
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues				11%
Net revenue \| Customer concentration risk \| Ten Customers
Concentration Risk [Line Items]
Concentration risk, percentage of total net revenues	78%	83%	78%	81%
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			33%		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			12%		10%
Accounts receivable \| Credit concentration risk \| Flextronics Group
Concentration Risk [Line Items]
Concentration risk percentage			10%
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue by Geography
Total net revenues	$ 115,837	$ 125,511	$ 313,723	$ 355,031
Americas
Revenue by Geography
Total net revenues	5,507	5,557	15,793	17,643
Germany
Revenue by Geography
Total net revenues	5,321	5,741	16,269	19,290
Other EMEA
Revenue by Geography
Total net revenues	6,190	8,498	18,450	20,912
Hong Kong/China
Revenue by Geography
Total net revenues	65,425	79,735	178,229	215,829
India
Revenue by Geography
Total net revenues	8,571	9,697	20,351	27,738
Korea
Revenue by Geography
Total net revenues	9,762	4,308	28,215	17,425
Taiwan
Revenue by Geography
Total net revenues	7,471	4,949	17,523	11,453
Other APAC
Revenue by Geography
Total net revenues	$ 7,590	$ 7,026	$ 18,893	$ 24,741

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock Shares Outstanding [Abstract]
Beginning balance	56,778,000	57,351,000	56,738,000	56,961,000
Common stock issued under employee stock plans	62,000	59,000	473,000	529,000
Repurchased	0	(24,000)	(371,000)	(104,000)
Ending balance	56,840,000	57,386,000	56,840,000	57,386,000

STOCKHOLDERS' EQUITY - Common_2

STOCKHOLDERS' EQUITY - Common Stock Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 22, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount						$ 26
Repurchase of common stock (shares)	0	24,000	371,000	104,000
Repurchase of common stock			$ 26
Subsequent Event
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 50

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 22, 2024 dividend $ / shares	Oct. 31, 2023 dividend $ / shares	Feb. 28, 2023 $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares
Class of Stock [Line Items]
Dividends declared and paid \| $				$ 11,364	$ 10,904	$ 34,100	$ 32,665
Dividends declared per common share				$ 0.20	$ 0.19	$ 0.60	$ 0.57
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
Subsequent Event
Class of Stock [Line Items]
Common Stock, Dividends, Number of Quarterly Distributions Declared \| dividend	5
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Fourth Quarter	$ 0.21
Common Stock, Dividends, Per Share, Declared, Next Fiscal Year, Each Quarter	$ 0.21

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share:
Net income	$ 14,291	$ 19,796	$ 23,094	$ 41,464
Weighted-average common shares	56,817,000	57,383,000	56,810,000	57,282,000
Basic earnings per share	$ 0.25	$ 0.34	$ 0.41	$ 0.72
Diluted earnings per share:
Net income	$ 14,291	$ 19,796	$ 23,094	$ 41,464
Weighted-average common shares	56,817,000	57,383,000	56,810,000	57,282,000
Effect of dilutive awards:
Employee stock plans	187,000	358,000	296,000	429,000
Diluted weighted-average common shares	57,004,000	57,741,000	57,106,000	57,711,000
Diluted earnings per share	$ 0.25	$ 0.34	$ 0.40	$ 0.72
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		9 Months Ended
PROVISION FOR INCOME TAXES (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
PROVISION FOR INCOME TAXES
Effective income tax rate	0.30%	5.10%	1.50%	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) - USD ($) $ in Thousands		9 Months Ended
ACQUISITION (Details) - USD ($) $ in Thousands	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payment for asset acquisition		$ 9,520	$ 0
Odyssey Semiconductor Technologies
Business Acquisition [Line Items]
Payment for asset acquisition	$ 9,520

ACQUISITION - Summary of purcha

ACQUISITION - Summary of purchase consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 01, 2024	Dec. 31, 2023
Assets Acquired
Goodwill	$ 95,271		$ 91,849
Odyssey Semiconductor Technologies
Assets Acquired
Property and equipment, net		$ 1,168
In-process research and development		4,930
Goodwill		3,422
Total purchase price		$ 9,520