Power Integrations Reports First-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
     
Three Months Ended
March 31, 2014 December 31, 2013 March 31, 2013
RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 45,977 $ 48,391 $ 39,864
GAAP gross profit margin 55.3 % 53.5 % 51.7 %
 
Stock-based compensation included in cost of revenues 219 250 264
Amortization of acquisition-related intangible assets   645     645     645  
 
Non-GAAP gross profit $ 46,841   $ 49,286   $ 40,773  
Non-GAAP gross profit margin 56.4 % 54.5 % 52.9 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 33,246 $ 33,284 $ 30,787
 

Less: Stock-based compensation expense included in operating expenses

Research and development 1,212 1,515 1,106
Sales and marketing 935 1,054 829
General and administrative   1,549     1,511     1,437  
Total   3,696     4,080     3,372  
 
Amortization of acquisition-related intangible assets   1,135     1,158     1,122  
 
Non-GAAP operating expenses $ 28,415   $ 28,046   $ 26,293  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 12,731 $ 15,107 $ 9,077
GAAP operating margin 15.3 % 16.7 % 11.8 %
 

Add: Total stock-based compensation

3,915 4,330 3,636
Amortization of acquisition-related intangible assets   1,780     1,803     1,767  
 
Non-GAAP income from operations $ 18,426   $ 21,240   $ 14,480  
Non-GAAP operating margin 22.2 % 23.5 % 18.8 %
 
 
RECONCILIATION OF PROVISION FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 625 $ (433 ) $ (1,609 )
GAAP effective tax rate 4.8 % -2.8 % -17.3 %
 
Tax effect of other adjustments to GAAP results   (548 )   (1,751 )   (2,295 )
 
Non-GAAP provision for income taxes $ 1,173   $ 1,318   $ 686  
Non-GAAP effective tax rate 6.3 % 6.1 % 4.7 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 12,363 $ 16,037 $ 10,903
 
Adjustments to GAAP net income
Stock-based compensation 3,915 4,330 3,636
Amortization of acquisition-related intangible assets 1,780 1,803 1,767
Tax effect of items excluded from non-GAAP results   (548 )   (1,751 )   (2,295 )
 
Non-GAAP net income $ 17,510   $ 20,419   $ 14,011  
 

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

31,167 30,924 29,783
 
Non-GAAP net income per share (diluted) $ 0.56   $ 0.66   $ 0.47  
 
GAAP income per share $ 0.40   $ 0.52   $ 0.37  

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