POWI - Earnings call transcript Q1 2020 | Power Integrations, Inc.

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Operator

Thank you for standing by, and welcome to the Power Integrations First Quarter Earnings Call. [Operator Instructions]

I'd now to hand the conference over to your speaker today, Joe Shiffler, Director of Investor Relations.

Joe Shiffler

Thank you. Good afternoon, and thanks, everyone, for joining us. call Integrations; Balu Chief and the CEO President Financial on Power of Sandeep me today Balakrishnan, are and Officer. With Nayyar, our

forward-looking or like today, denoted similar expect, expressions discussion including toward Q&A and will Our future look events the outlook, forecast by would, will, include words that believe, performance. should, session, statements

our or SEC cause press filed are differ materially to Forward-looking subject risks to results our uncertainties in statements and with X, and and those release actual implied. projected most are discussed XX-K risks in uncertainties on that may Form XXXX. Such from recent February the

assets we During the these of A Non-GAAP call, release. according exclude included tax to reconciliation financial accepted items. measures to press our of will is this intangible measures results measures not amortization calculated our and refer to in expenses, GAAP stock-based effects principles. accounting compensation non-GAAP generally acquisition-related of

call is any of is Power Finally, without property of Integrations. and consent prohibited written expressly Integrations, the Power this rebroadcast or recording the

turn call Balu. to the over I'll Now

Balu Balakrishnan

also from the Thanks, year $X.XX more Industrial Integrations $XX XX% completing the million appliances. and strong quarters, consumer and communications cyclical categories, first XX% last revenues from by a year quarter to with we our growth EPS of chargers time year's decline. reflecting Non-GAAP million. for had under equally up line up and the cash flow in five Power Joe, driven $XXX from revenue operations. year-over-year good The first recovery was in growth just smartphone guidance That's and growth year-over-year turned ago, generated from a per in and share, was ago. afternoon. with a than

through think growth obviously the of stay demonstrate shock are focused long-term our by since while economic caused on prudently we changed results, We well downturn. pandemic, of strength the While will the and nevertheless, quarter, our to positioned the managing end business. have weather conditions the fundamental QX the we

left from well our We $XXX in in sheet, wake million benefit us with strong a balance investments. especially the which over and of also settlement, litigation recent cash

our than payout. both healthy our more with Reflecting Board cash quarterly XX%, the by in confidence future and has business beginning our increased dividend June position, of our our the

the As at is I our headquarters Jose been say in though around to office also day-to-day least affecting which other to until to China in engineering pandemic place San not of company force of that found forward employees during pandemic. times, presence the including lab employees equipment, have enormously And these have seamlessly it's valuable online our at we challenging center other ways have clever key reopened. support our The power.com also how time world the May. pleased our is so Philippines Innovation now. function subject customer the the will during our been in to business, have hallmark made investments has Since our keep the and many am sales expanded back in our has and remain a remotely, operations sales work mid-March, our applications training that to order, partially in shelter Most to effectively. some in remote online examples. effect end proven surprising continued has moving of us continue for operation

we and our opening its support driven Power the views just over Applied the Overall scheduled show technology booth has XX%.Our And days of PI jumped including Design trade forums risen and online Conference, which virtual our of has produced. XX,XXX notably. web web has sessions of before nearly software usage was X,XXX Expert traffic, Electronics videos usage product canceled for

been wafers, chain, and from to pandemic. U.S., Japan a lesser has supply With our not to supply the comes extent, by from the which of respect primarily the affected

vendors affected to test mid-February. New essentially and shutdown assembly speed full Year been have the since Our back the by extended holiday, Chinese following but Lunar were

and in other closed our and One April, now capacity to through is test two needs. operated for subcontracts due capacity assembly government-mandated Malaysia at of most to weeks was reduced a of shutdown our late fully but in March supporting mid

The high-power QX. EMS also resume expected We've for in subcontractor capacity driver closed period enable which second followed to two our also that should operations assembled supplier, gate weeks a but board high-power shortly. up demand is March, reduced in a us ramped by satisfy to was of normal

by key our mitigated chain extent created While short-term customers multi-sourcing challenges, supply of and we bank. such our lead and a supply diversification have disruptions, projections impact disruptions our our adequate to base, have for of supplier on date June Barring stocks the the believe have we been the any an safety products, the large to dye further meet high as quarter. results maintaining frames volume to inputs of ample revenue

to the Turning environment. demand

We peers. March experience bookings by in April bookings the across Our similar monthly is in That with our that been quarter, shutdown by extended in average the slowdown saw June the some China. was described followed implied March run consistent which of $XXX has after a plus million, rate million. April, minus of by February strong our in was though $X and or the for guidance to

the up X% midpoint. year-over-year That be would at

growth adoption markets, will the end slowdown, in QX, driven likely of economic chargers. category, and faster Communications by of while sequential expect we applications reflecting smartphone terms exhibit in industrial appliance In softness further

market growth rapid chargers and which to faster the continue our by in roll form achieving pace. primarily crucial where we efficiency to driven to attractive sequential factors. We Chinese out be integration expanding an OEMs, aggressive believe are are at the expect charging We lead

power widens direction heading. the and is levels advantage which as market is functionality clearly competitive rise increases, Our

of designs the thanks PD USB charges believe before, power of and growing a by these higher amount important like and a GaN of going technologies the power to emergence levels, needs We part high-power OEMs switches are of ecosystem the advanced are with We charging programmable deliver factors XG, about exceptionally whatever increasingly form that numbers high and mobile become never aftermarket strategically seeing OEM demanded multiport device. of thinking an end and will forward. is differentiated can like now mobile charging. charges innovative

But a market, to a the expect a days of significant over over, clearly variety see as the and charger commodity we of disposable new portion of the are approaches time. emerge

of mobile part charging are standard including not offices of we letting announced Some fixed and our since technology multiple of in-box GaN-based Fast homes OEMs differentiate particular a will products, begun This couple higher multiple power past for on ports shipping handsets hotels content. is especially cost has becoming buzz sell of had fast true several would Since in but are their others chargers our and in while last also The output. win consumer significant charges ports ports ecosystem. from with require mobile two we that increase chargers share, brings volume. each higher to ICs higher months. a summer featuring only new charges, charges offer we in have announced industry dollar may devices. electronics content. performance or GaN, choose InnoSwitch products one exploded the as the own typically just of charges options USB range market we for or offer multiport lower reliability then, high use and who highly in since consumers the a GaN and GaN dollar also IC only charging in bring of an Fixed important advantage integrated than also The accessories, the

to display GaN InnoSwitch which monitors displays. by range of use, switches silicon with expanded March, watts. of as Also ICs step for InnoMux iDriver higher is announced effectiveness we power move little automotive our driver for extended appliances as traditional cost power supplies AEC-QXXX In the introduced increasing be of year we for a devices toward IC silicon we in announced EV down an incorporating for IGBTs. third GaN April, chipset In the LED to achieved This GaN market XX with March, particularly have MOSFETs, devices, the automotive scale power carbide our to qualification. TVs, and as we smaller-sized range last ICs important our qualified place continues gate that in of carbide

EV addressable with carmakers closely from we to the years a potential our in few believe has this to away, drive investing market are applications in market. largest the infrastructure revenues and work material continue support While still while future, be automotive train products we and to

of Texas for She at and Technology analog highlight strong several worked as at has Global as at having in technology to the has Directors recently of like as most I'd of Board Senior space, Finally, Services experience Engineering Wipro also on experience our previously Instruments. VP in Ganti a General X. Manager to VP April semiconductors, of extensive addition Anita years Anita Flex.

We to are Board. Anita to excited welcome the

Sandeep. I'll over turn it now And to

Sandeep Nayyar

and Balu, Thanks, good afternoon.

the XX%, air On strong across were were sequential with basis, year-over-year compared of quarter Consumer; growth seasonal for revenue XX% the increases computer XX%, Industrial; with and single Consumer categories, on appliances. of non-GAAP conditioning XX% applications. results XX% and quarter. revenues declined higher growth up Computer. increased mix was increase to EPS. in low about and XX% a sequentially Communication; X%, major QX communications X% the revenues falling roughly from Our and Revenue XX%, Industrial range revenues fourth a with digits each broad revenues in

X%, XX mix, had basis $X our non-GAAP the non-GAAP of travel of earnings gross increasing rose quarter The non-GAAP from by points a the we million, end. was per both Non-GAAP below sheet the Industrial expenses prior of during on XXX and pace quarter, from and up expectations the reflecting million Inventories margin hiring pandemic. tax the stemming in share. rate the improved about operating Consumer of With days resulting mainly and balance inventory for were percentage XX.X%, $XXX,XXX about quarter $X.XX effective as $XX.X at slower quarter. to on hand reduced diluted revenue a

the above it to we uncertainty the and While is demand life our advantageous of is the our given product. shelf have supply and range, inventory, of current long-term believe environment ample target long this

response recovery the above normal to coming but be a and the the levels to we slowed to through as downturn in starts strong the of wafer out XXXX saw have in intend supply We against demand disruptions environment, crisis. to any guard weaker of carry financial inventory event further we of ready

during on capital week the operations in saw coming $XX.X $XX.X the one quarter off by while quarter. out the is for channel the rose low flow for $X.X quarter balance quarter March increased sheet XX. and million. was March repurchases. by change. million paid the average million typical repurchases used per of share about Cash we the Cash were multiyear during $XX weeks, $X during As prior on $XX million was expenditures on X.X about to the The in inventory the stood the and stock from quarter, We quarter million investments dividends price at and and $XXX million

with As has $X.XX, June. in our payout Balu raised Board quarterly the by the noted, next effective dividend

revenues level to of in the wider range million, minus ahead be plus second environment. quarter, the than we reflecting normal high expect to of $X range, in $XXX Looking million, a with or uncertainty this the

We with and softer demand June from of reflecting expect seasonality XX.X%. margin revenues to contribute non-GAAP lower ramp category the should design XX% new in cell in the of Consumer quarter, this the Combined Communication and Industrial, phone to higher a gross both wins.

in are tightening our our as to plan long-term in belt continue On growth, we especially investing indicated, expenses, but people. Balu our

merit we of slowed gave not and While pace in hiring have April. increases we we considerably, annual salaries, the headcount reduced our normal have or

increase As June the million. result, approximately should in $XX.X expenses to quarter a operating modestly

in expect million, For reduction from year on for X% expenditures, expect X%.Regarding needs. X.X% We expectation to rate between spent the and with from on spend in with million the from X%. and now we other we half year, facilities our expect previous balance coming capacity reduced from reflecting $XX our should to facilities non-GAAP lower around Other plan $XX remain the the about additions. slightly capital the this interest to operating and to a reduction QX, of grow XXXX capacity million of half decrease income rate to I environment. down have expenses now X%, and tax $XX

instructions give for kindly Operator, the Q&A.

Operator

Instructions]. [Operator

question first Your Seymore from Bank. from comes Ross Deutsche

Your is open. line

Ross Seymore

providing and ask the everybody You I us question, seen healthy. hope is

in And Consumer were this our and modeled what question, looks it in in communications Was declined first well. that surprises big with that had not, lot pretty quarter, more in than line were XQ you So your dynamics we my like saw by a quarter? what expectations the beat end these sequentially market? first expectations the the if

Balu Balakrishnan

it We'll in we QX in usually Well, primarily but than world. than around because China and But is turned other stronger only do the downturn that seasonality. of obviously, thought. It's better slightly, down. we pandemic we impacts out the market to seasonally, be a is thought down would be

Sandeep Nayyar

cellphone Plus, we little also supply business. related of bit impact the had to a

a of So the was combination on a it side. the supply little pandemic and bit

Ross Seymore

And will to maybe higher we your you picture, of in mainly got I volatility your in business? is at XG and adoption faster Coronavirus of difference? guess, phones will story terms think a How speeds. guys some you should then energy growth? think then, units don't units of threaten the can there need XG that no. might XG XG slow Okay. phones. power infrastructure? the XG fears phones affecting on require crisis and build-out and the the Are because chargers we phones do of huge really more a that while that it. make by To yes lot Or of expect I so XG, much extent, of phones consumers a Well, content downloading are adoption the bigger the there high could like of adoption that you for use adoption they very a be The about

charges the the phone. XG be faster the on of will higher So penetration

phones So that's are charger subdued. our extent be XG somewhat to the penetration may fast delayed,

extremely even end of that, but medium penetration I phones, have wider aggressive end, the low that OEMs phones. on been in high not range would only expanding charger also said some faster Having starting into end, Chinese the in say in a

to hard have But it levels will varying of really are would. penetration impact. it range depending it wider on the into an whether seeing is a principle, models say In So phone we of OEM.

Ross Seymore

me. one Got Okay. it. for one last then And

demand paused it trends say supply to were was more the Just demand respect the when effects. trends with you're first the on you where back and recovery China then to in different you have But the the in stuff quarter? would it I can know normal? coming saw of demand. geographic V-shaped can and a that would could a at first in that for other And quarter, about you second specifically, implications you started the have looking China, talk to geographies what bit, now Or what slowly quarter? in little like for say

Balu Balakrishnan

which and end of the China where of And up products a China. our ship us of end countries. in are that, general, various Well, then Having they said it's in weak, in tell percent a appliances are We very consumer. really our lot in products there is couple that it is China. the one QX, for XX-plus areas hard to we XX% of The go. especially into into Asia is, weak know

pandemic the economic So that's the and downturn. because of

in top share to They the The fast China. are to other on that, end of that that the charging significant China, we But fast thing penetration OEMs the low Chinese pushing quite charging know relative phones. meaning cellphone well are the doing our they gaining is even is other business, of OEMs. from are

seeing you in though market we weak the the are we that grow worldwide, I answered hope is overall QX, expect know. growth I and question. even to as So communications a

Ross Seymore

Yeah. Thank guys. you,

Operator

question next Loop Capital. comes from David with Your Williams

Your line is open.

David Williams

much into well? of you if book is do guidance about much a or thanks to taking see that risk give and potential how the takes And in for on quarter. the to that is upside think maybe could and the order the you baked risk of Yes, see? you that good How think of if bit puts question your wanted I we as in today? baked little the think congrats you terms do

Balu Balakrishnan

average the meet pushouts backlog very the of it Year in with the to take because strong is have starting I we March, starting Well, with April and rate had QX. was in we although New like the early. because need but March, because in just between Lunar guidance meaningful bookings entirely QX say, of bookings consistent April, bookings backlog, in was given. would we've the had strong and those that two cancellations you was backlog bookings in strong we if average months QX not of net a terms very some that's

we have calculated how That's the guidance.

Normally, we minus million. range. think we will of additional time. Now most our you change just rest Absolutely. know a fluid. do areas, or we uncertain wider I the pointed forecast very can are that we than fast surprises see during the to all many peers of fundamentally, chargers. very growing customers it's their information we is be the have for we most But world or And share minus plus there that Simply $X up the date, are this We number all But quarter? better in best taking out, Sandeep especially did there a could come the million, given the do as things because in our because we plus $X with.

David Williams

Okay. there and talked Great. optimistic there? growth about there upside push-outs demand you're maybe areas cancellations. that any you little the Is bit potential a more about for specific or Is

Balu Balakrishnan

I would the Simply say expect said the fast than that chargers script. market. in areas do QX. because the other that cellphone communications of better we in penetration our will into of that We

that Chinese their everything on have in we QX. now, be We Based appliances in appliance will cancellations. And know been also we've bookings. know weak also manufacturers very had the slow some

are So the we two know. those things

a all feeling. place. have don't the over is we Industrial that, Beyond good

weak. fracking fracking doing We is, China. like have like course, well But of which some very installing Nobody are equipment. infrastructure in things programs, is

into X/X the It's a hard going predict will we're quarter. those in up things things on. quarter. of mixture end there to already So where is But really the

to with So we we up come a can number. have done the best

David Williams

just one me. And for great. Okay, more

know a Can you've you design talk design there? that wins I maybe about wins currently could have products. maybe within win any talk if about automotive traction you you several in seeing could then new bit announced little that you're you the GaN. And any your If design quantify hand?

Balu Balakrishnan

Okay.

design the terms In of chargers are GaN, date. most wins end on our cellphone of to the of high

and in do wins it's to some high-power date, outside end GaN or expect have charges cellphone fast like of high mostly, introducing into designs appliances, chargers we But to the there. we have the products very charges design Now we that charges. either now in of displays aftermarket are

wins have We design of charges. on a number aftermarket

strategy. an could important long-term is we chargers in some Because accessory think term, aftermarket the a As offer as rather potentially box. over longer part of OEMs of the our mentioned, the than we

And are And so to GaN reliability. the GaN focus charger on they're the And if would really on the to providing and if focusing performance, going they size, phones. I highest and into we offers size. of the generations think highest that the picture has smaller size the consumer liability multiple over fits smallest use looks really choose, because same

David Williams

you well. and much Thanks so stay

Balu Balakrishnan

you. Thank

You too.

Operator

with Your next from comes question Stifel, Jeremy Kwan Nicolaus.

line Your is open.

Jeremy Kwan

my good on let And add me Yes, progress. GaN congrats the afternoon.

itself. Just some more questions about the GaN

the seen I think XX update premium difference you watts low versus talked past. a there? watts in spot mainstream levels? the is power you've And about you there the something an maybe to us a going trend Have the versus XX in the being give the the end? Can in up sweet keeping

Balu Balakrishnan

about the bigger. expensive the will sell, less where system charges GaN XX we as heat. And of see without GaN, cost though So above, it will XX fits, meaningful is in that's it's watts. the GaN device of about GaN we It most And so the makes will a becomes generate efficient, more XX be Because watts. lot designs. more where and if terms be even sense. of really watts roughly

way up We the to have watts. all XX designs

the talked last I call. in we mean about that

a really that for have when a a a watts much cellphone, you XX putting about charger which think at is for mind-boggling power into cellphone. design We win

becomes So the InnoMux, most to power is products using last as is XX to is, go point it start much watts to we for power into latest are expand for as have goes we you which also crossover Because XX where I we GaN we higher meaningful. where watts. introduced, applications, But InnoSwitch the higher applications. think the levels, power levels. we display The said, product announced actually at

displays up Our is to on GaN, watts. first-generation forth. went we to of large required televisions power go products which XX, higher can With screen and so for and appliances like about things levels, and and XX, XX so

we concerned, are see So continuum. we as as far GaN a as

power up level. It switch system beyond use just We silicon we cost-effective GaN gives level. will that, to a technology. We for us at over product. our think And very, ASP a high will to very is viable It certain GaN. very is

use think I easy made we traction our very, in integration strong are to have with solution we marketplace. And the so getting it a that very

companies have far as we shipping the there the as who past. volume, fact, one many years GaN about we are only in many, even In high for know, talked though in are many

Jeremy Kwan

what That's guys materially in it that third-party in can advantage? the that And that only very are like doing And competitive speaking of research seems half are that had one Do that this you things year, the extend you you to which, see given helpful. high-volume? seems you're suggest the year. last shifting market you

Balu Balakrishnan

question. sure I understood repeat again? not Can you question the I'm the

Jeremy Kwan

Yes.

Can that in XXXX third-party looks only given the that it volume? based maybe you where market about high So like are like shipping last half year. the some research, a in talk one you market, half you you had on sounds GaN guys had

Balu Balakrishnan

that Yes, now. seeing GaN. continuous in wins we I design understand are

can I is year. millions But demand, gain uncertainties given But The share. hard don't be is it. mark continue know don't demand. The Our of predict say what were expecting we to double-digit we'll a it's we question the will me thing to impact We the expectation this last for side year. the will this this year of be to only it have demand on the year. the be we in that of over All that is pandemic GaN economy. nice growth

Jeremy Kwan

we side. one give then timing for Is can I future. us could largest the might just on last some believe you you cars Great. And comment in be that for transition? market the this to be? inflection you when there for a maybe now points see automotive the over that to And should question look is, made switching the

Balu Balakrishnan

sockets in So through one testing, longest drivetrain. for just Electric that rigorous revenue in very not is that's year the but electrical also because almost will it But cycle us the And before go simply road there many car. has takes testing, car. highest the they go into are the to for a testing the production. design

to drivetrain, on are until the revenue we even can Having So the any don't expect depending we get we upon customers see though already, that, with that said there significant other engaged XXXX, sockets functionality. 'XX time frame. many earlier are

is applications, XXXX late from chargers, the things supplies. other convert we XXXX. there many off-board introduced supplies main or hockey we happen have are more stick power And year. say, the are we either I voltages will only should we drivertrain. of So when increase That a the years. get a And qualification. would like But a onboard over this power we battery But qualifying power or various be start revenue that meaningful increase gradually see AC/DC in application. emergency plan subsystems, down the into require XXXX bit supplies, in and kind increase chargers will generating little voltage, those which of volts products expect introduce or XXX already will year, lower to that for that three all and and our automotive for and XXX to with We revenue products to this the,

Jeremy Kwan

current replace how And what them? can might are us really you quickly the and you solutions remind just

Balu Balakrishnan

XX-volt operating new reason So for XX are the the powers architecture designed car, be. for only your the that lead a XX the Everything else driving operated the main the electric the in volts, future is is quite subsystems what at Actually, except is system, lead be of the a acid motor, motor, needs main you'll XXX it cars I and current Tesla XX-volts, volts, Currently, which is of from the car all have motor. architecture XX-volt for that most battery the Everything car computer high-end electronics, This acid And the XXX-volt all at in viper. will has the your different using shocked. battery. is operates at the volts. battery. battery

you're it change. going simply efficient use you future because more the going high-voltage that's less much are is operate has it currents operate to Everything because from much to cables high Now lower. high-voltage voltage, to from the weight if in

and fact, XXX So higher in XXX which subsystems. higher over currently next expected the battery years. even And volts using to volts, operate the trend to the voltages voltages is to is is voltage, four toward to go five

working So on existing platform. we are not the

are next-generation different platform, is altogether. architecture a We the on working which

Jeremy Kwan

helpful. That's Thank very much. so you

Balu Balakrishnan

You're welcome.

Operator

Rolland comes from Instructions] [Operator Your next question Christopher with Susquehanna.

is line Your open.

Christopher Rolland

right, Hey me? guys, you quarter If that my that you that I correctly, trade was I Sandeep, heard you IRA on who and for in can the that. your purchases said If stock wondering, got $XX average. I Sandeep, think at common were did I was

Sandeep Nayyar

Chris, And does opportunistic said. know, stock have what market you look approach will historically, the we're we does. as I've discipline always continue here, rapidly. had up and to at quite And been very, as moved opportunistic, and down you the opportunistic, we've always it Well, be if as and our now

Balu Balakrishnan

of Just of It's we down. down will enough a matrix the up, very more. us went purchased that, would Unfortunately, add lot it back very, it to that more purchase it. even have didn't a otherwise, the came to to price a our stay was down volatile, stock stock buy long goes Because have stock and so strong for as function price.

Christopher Rolland

I first my nice, guess anyway, question. fantastic truly real that's guys. but for That's

half guess, of this year But of in of interested and back I think magnitude I'm the revenue second would talk have comms, to of For year? more this September of suggested you December. particularly then bounce year we're September And others the last perhaps easily up revenue second half to be some the for in should June. expect from your this December the for about comms going have to year? versus a And we as push secondly,

Balu Balakrishnan

Okay.

hard first meaningfully. will be very tell. to is will much how on about it daily are go basis. talk QX. really Exactly We think be down up and a me communication They up bookings volatile. let So The up

comfortable and hard we is number think it. up, meaningfully to QX But tell. QX So it's but are we be really, on can't we to put that predict. hard a we'll really

predict. If QX. given to you is. normal the be it take hard really stronger But it how I is would pandemic, usually expect That's than uncertainties of our to the seasonality, just QX

that You second turn to had is how there the going issue. an major the prevent chain disruptions also to other out half. components could but understand, phones just don't demand charges. impact. know people demand could even is It's on be demand. in components Well, a or in the But supply not components, We from have other if could is there also our making

is and that can the some the is outperform that, of we our that in, will with especially and most in So I predict. peers, areas because of say. are continuing to in hard gain I them. And Appliances reason Industrial. we're very the in And confidence share cellphones will of outperform should we our it peers, we is most What say for to

our can go we a the The other carry to afford obsolete. of We products that don't advantage lot is have inventory. inventory because

disruptions if a supply in we the it demand, the we'll when carry. there position inventory better back, because some be even of to So address much comes are

we inventory, And I think to outgrew X% year. this the So outdo did and analog again mean, because last outgrow industry that the to industry. much better industry gains share we we we think of are year, X%. will I our we think by analog I positioned analog

Christopher Rolland

disruptions. the because perhaps as And about you the might lead seems if And Okay. then there's there guys intermittent they ordering extended bit can supply little be Great. people ordering think chain times? about place? this you you supply talk of comfortable around? are chain confident some of isn't Are taking for also, Or ultimately because you're of that you do that a worried that double then guys? it double some Have

Balu Balakrishnan

pushed see April. March our Actually, ordering. to got in in cancellations April then we was we and is and the that I to real is. of QX meet am and averaging bookings average need April in some guidance. and and pushouts of that some know that and Because it, confident of we demand of average midpoint Because out the March our That's to what why what with taking ordering double it always consistent March those the we are adding canceled net

way So at look it. that's the I

was. to the remember I'm question? the Do the first remember trying So question what question, you other

Christopher Rolland

Yes, lead times.

Balu Balakrishnan

times. times, pretty of most Lead times on lead products, normal. our our Lead are still

which longer, But That are impacted We in There by of of is certain very goal catch but X- up had Malaysia. times. a the were on we we products, those X-week over are to in bit shutdown lead right months. quickly. will are a we the we there, to now, little and that our next times lead the couple up have catch shortage are

Christopher Rolland

guys. much That's so thanks great,

Balu Balakrishnan

You're welcome.

Operator

further this no time. There questions are at

Balu Balakrishnan

of it wrap we'll replay Then again is be afternoon. this will available call Thanks investors.power.com. on a Thanks, Okay. up and good our There here. for which listening. everyone, for website, listening,

Operator

concludes This call. conference today's

may disconnect. You now

Power Integrations (POWI) 10 May 202020 Q1 Earnings call transcript