Power Integrations, Inc.

Good afternoon, ladies and gentlemen. Welcome to the Power Integrations Corporated Q2 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If, at any time during this call, you require an immediate assistance, please press star zero for the operator. I would now like to turn the conference over to Joe Schiffler, Director of Investor Relations. Please go ahead.

Thanks, Aubrey. Good afternoon, everyone. Thanks for joining us. With me on the call today are Executive Chairman Balu Balakrishnan, our CFO Sandeep Nair, and for the first time, Jen Lloyd, who joined Power Integrations last month as President and CEO. After prepared remarks from Balu, Jen, and Sandeep, we'll take your questions. But first, during this call, we will refer to financial measures not calculated according to GAAP. Non-GAAP measures exclude stock-based compensation expenses, amortization of acquisition-related intangible assets, other operating expenses stemming from an employment litigation matter, 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, could, should, expect, outlook, forecast, estimate, anticipate, and similar expressions that look toward future events or performance. Such statements are subject to risks and uncertainties that may cause actual results that differ materially from those projected or implied. Such risks are discussed in today's press release and in our most recent Form 10-K filed with the SEC on February 7, 2025. This calls the property of power integrations And any recording or rebroadcast is expressly prohibited without the written consent of Power Integrations. Now I'll turn it over to Balu.

Thanks, Joe, and good afternoon. My role on today's call is simply to introduce Jen Lloyd, who took over as CEO just a couple of weeks ago. Jen came to us after a distinguished run of 28 years at Analog Devices, where she ran multiple businesses with a billion-plus in revenues. Most recently, she ran Analog's multi-market power business, responsible for strategy, products, P&L, and a large global team. She also previously served on our board of directors, stepping down in 2022 when she was assigned to run the power business at ADI. When the time came to search for a new CEO, Jen's name came to mind immediately. While we considered a number of excellent candidates, Jen was the clear choice, and I'm delighted that she has joined us. She has an outstanding track record of delivering innovative products to the market, attracting and motivating talented engineers, and driving profitable growth. She obviously knows the PowerSemi space, and from her time on our board, she's already well acquainted with our business model and our culture. I have agreed to serve as the executive chairman of the board until February 2026, working alongside Jen to ensure a seamless transition. After this transition period, I will assume a non-executive board seat and take on a consulting role assisting Jen and the board in any way they ask me to. In particular, I expect to focus on innovation initiatives as well as IP matters, including any patent litigation that might arise, reflecting my history with the company and my patent holdings. But while I plan to remain involved with the company for as long as I'm needed, this will be my final earnings call. So before I turn the call over to Jen, I would like to thank all of you in the investment community who have followed and supported power integrations over the years. Thank you to our stockholders for putting your trust in us. As a fellow owner, it was of utmost importance to me to leave our company in good hands, and I'm confident we have achieved that. To the analysts who have covered our stock for so many years, and some of you since our IPO all the way back in 1997, I have learned a great deal from you about our industry and your industry too, and I will certainly miss working with all of you. With that, I'll turn it over to Jess.