Power Integrations, Inc. (NASDAQ:POWI) Q3 2023 Results Conference Call November 7, 2023 4:30 PM ET

Company Participants

Joe Shiffler - Director, Investor Relations

Balu Balakrishnan - Chairman & Chief Executive Officer

Sandeep Nayyar - Chief Financial Officer

Conference Call Participants

Tore Svanberg - Stifel

David Williams - the Benchmark Company

Christopher Rolland - Susquehanna

Matt Ramsey - TD Cohen

Ross Seymore - Deutsche Bank

Operator

Thank you for standing by. We do apologize for the delay in starting today. My name is Christina, and I will be your conference operator. At this time, I would like to welcome everyone to the Power Integrations Q3 Earnings Conference Call. All lines have been placed on mute to prevent any background noise, and after the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the floor over to Joe Shiffler, Director of Investor Relations. Joe, you may begin your conference.

Joe Shiffler

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

During the call, we will refer to financial measures not calculated according to GAAP. Non-GAAP measures for the third quarter exclude stock-based compensation expenses, amortization of acquisition-related intangible assets and the tax effects of these items. A reconciliation of non-GAAP measures to our GAAP results is included in today's press release.

Our discussion today, including the Q&A session, will include forward-looking statements denoted by words like will, would, believe, should, expect, outlook, vision, view, forecast, anticipate, prospects and similar expressions that look toward future events or performance. Such statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied. Such risks and uncertainties are discussed in today's press release and in our most recent Form 10-K filed with the SEC on February 7, 2023.

Finally, this call is the property of Power Integrations, and any recording or rebroadcast is expressly prohibited about the written consent of Power Integrations.

Now I'll turn it over to Balu.

Balu Balakrishnan

Thank you, Joe, and good afternoon. Third quarter revenues were up 2% from the prior quarter but came in at the low end of our guidance range at $125 million. And for the fourth quarter, we expect a sequential decrease to $90 million at the midpoint of the range.