POWI

Question 1

When did we buy Power Integrations?

Answer 1

November 2021

Question 2

Explain the investment thesis behind Power Integrations

Answer 2

Growing demand for energy efficient products, supported by increasingly stringent efficiency regulations, should drive revenue growth in excess of the semiconductor market

Strong positions in a diverse range of end markets, particularly consumer appliances, with growing positions in renewable energy and EVs

Question 3

Competitive position of Power Integrations

Answer 3

Patented EcoSmart technology

At least 50% market share in GaN

Fewer electronic components and a plug-and-play solution

Has proven itself able to manage supply disruption better than most - Fab relationships, not switching off, closely monitoring sell-through

Question 4

Who conducted the study on the Impact of POWI’s No Load tech?

Answer 4

Stanford and the Natural Resources Defence Council

Question 5

Describe the findings of the study supporting the Impact of EcoSmart (2 points)

Answer 5

23% of household electricity consumption in Californian homes resulted from idle load electricity

This figure increased from 20% in 2010, likely because of electrification and digitisation of household applicances

Question 6

What is BridgeSwitch?

Answer 6

Motor Driver IC

Question 7

How many fewer components are in a POWI phone charger versus a conventional charger using discrete chips?

Answer 7

About half the number of components and 60% less board space

Also eliminates two heat sinks due to improved energy efficiency

Question 8

What is the energy efficiency improvement and difference in power loss for POWIGAN vs silicon transistors?

Answer 8

3% improvement in energy efficiency

Equals a 30% reduction in power loss

Question 9

What is the market cap of POWI (Jan 2022)

Answer 9

$5bn

Question 10

What applications are BridgeSwitch motor drivers used for?

Answer 10

Large consumer appliances (ceiling fans, air purifiers, components within dishwashers and washing machines)

Small industrial/light commercial (HVAC fan)

Question 11

What is the wattage range of POWI motor drivers?

Answer 11

1-200W

Question 12

What are gate drivers used for?

Answer 12

Industrial (electrical grid, renewable energy, automotive)

IGBT and SiC MOSFETS

Question 13

What is the wattage range of gate drivers?

Answer 13

> 1kw

Question 14

What has POWI’s SAM evolved between 2010 and 2020?

Answer 14

$1.5bn in 2010 to $4bn in 2020 through the introduction of new products, mainly aimed at high power applications, LED, and auto qualifications

Question 15

What does POWI say their TAM is?

Answer 15

$20bn