Power Integrations Reports Record Quarterly Revenues and Earnings

 
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
               
Three Months Ended Nine Months Ended

September 30,
2013

June 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 48,774 $ 46,207 $ 38,751 $ 134,845 $ 111,099
GAAP gross profit margin 53.2 % 52.6 % 49.7 % 52.5 % 49.1 %
 
Stock-based compensation included in cost of revenues 296 264 271 824 772
Amortization of write-up of acquired inventory - - 1,597 - 2,813
Amortization of acquisition-related intangible assets   645     645     645     1,935     1,189  
 
Non-GAAP gross profit $ 49,715   $ 47,116   $ 41,264   $ 137,604   $ 115,873  
Non-GAAP gross profit margin 54.2 % 53.6 % 52.9 % 53.6 % 51.2 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 32,180 $ 32,919 $ 54,998 $ 95,886 $ 109,212
 
Less: Stock-based compensation expense included in operating expenses
Research and development 1,485 1,640 1,467 4,231 4,154
Sales and marketing 964 795 940 2,588 2,433
General and administrative   1,446     1,629     1,169     4,512     3,161  
Total   3,895     4,064     3,576     11,331     9,748  
 
Acquisition expenses   -     -     29     -     931  
 
Amortization of acquisition-related intangible assets   1,121     1,122     1,123     3,365     1,908  
 
Charge related to SemiSouth   -     -     25,300     -     25,300  
 
Non-GAAP operating expenses $ 27,164   $ 27,733   $ 24,970   $ 81,190   $ 71,325  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income (loss) from operations $ 16,594 $ 13,288 $ (16,247 ) $ 38,959 $ 1,887
GAAP operating margin 18.1 % 15.1 % -20.8 % 15.2 % 0.8 %
 
Add: Total stock-based compensation 4,191 4,328 3,847 12,155 10,520
Amortization of write-up of acquired inventory - - 1,597 - 2,813
Amortization of acquisition-related intangible assets 1,766 1,767 1,768 5,300 3,097
Charge related to SemiSouth - - 25,300 - 25,300
Acquisition expenses   -     -     29     -     931  
 
Non-GAAP income from operations $ 22,551   $ 19,383   $ 16,294   $ 56,414   $ 44,548  
Non-GAAP operating margin 24.6 % 22.0 % 20.9 % 22.0 % 19.7 %
 
 
RECONCILIATION OF PROVISION FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 22 $ 181 $ (4,941 ) $ (1,406 ) $ 13,718
GAAP effective tax rate 0.1 % 1.3 % 10.0 % -3.5 % -45.1 %
 
One-time charge associated with tax settlement - - - - 15,749
Tax effect of other adjustments to GAAP results   (776 )   (802 )   (6,873 )   (3,873 )   (7,582 )
 
Non-GAAP provision for income taxes $ 798   $ 983   $ 1,932   $ 2,467   $ 5,551  
Non-GAAP effective tax rate 3.5 % 5.1 % 11.7 % 4.3 % 12.2 %
 
 
RECONCILIATION OF NET INCOME (LOSS) PER SHARE (DILUTED)
GAAP net income (loss) $ 16,654 $ 13,672 $ (44,406 ) $ 41,229 $ (44,121 )
 
Adjustments to GAAP net income (loss)
Stock-based compensation 4,191 4,328 3,847 12,155 10,520
Amortization of write-up of acquired inventory - - 1,597 - 2,813
Amortization of acquisition-related intangible assets 1,766 1,767 1,768 5,300 3,097
Acquisition expenses - - 29 - 931
Non-cash interest income - - (665 ) - (1,445 )
Cost of acquisition-related currency option - - - - 635
One-time charge associated with tax settlement - - - - 15,749
Charge (gain) related to SemiSouth - (497 ) 59,237 (497 ) 59,237
Tax effect of items excluded from non-GAAP results   (776 )   (802 )   (6,873 )   (3,873 )   (7,582 )
 
Non-GAAP net income $ 21,835   $ 18,468   $ 14,534   $ 54,314   $ 39,834  
 

Average shares outstanding for calculation of non-GAAP income per share (diluted)

  30,652     30,158     29,809     30,237     29,740  
 
Non-GAAP net income per share (diluted) $ 0.71   $ 0.61   $ 0.49   $ 1.80   $ 1.34  
 
GAAP income (loss) per share $ 0.54   $ 0.45   $ (1.54 ) $ 1.36   $ (1.54 )
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise