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, 2015

 

December 31, 2014

 

March 31, 2014

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 42,292 $ 45,805 $ 45,977
GAAP gross margin 51.2 % 52.9 % 55.3 %
 
Stock-based compensation included in cost of revenues 249 231 219
Amortization of write-up of acquired inventory 309 - -
Amortization of acquisition-related intangible assets   961     646     645  
 
Non-GAAP gross profit $ 43,811   $ 46,682   $ 46,841  
Non-GAAP gross margin 53.1 % 53.9 % 56.4 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 35,335 $ 33,940 $ 33,246
 

Less: Stock-based compensation expense included in operating expenses

Research and development 1,391 1,262 1,212
Sales and marketing 1,012 962 935
General and administrative   1,739     1,157     1,549  
Total   4,142     3,381     3,696  
 
Amortization of acquisition-related intangible assets   750     628     1,135  
 
Acquisition expenses and related transition costs   722     809     -  
 
Non-GAAP operating expenses $ 29,721   $ 29,122   $ 28,415  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 6,957 $ 11,865 $ 12,731
GAAP operating margin 8.4 % 13.7 % 15.3 %
 

Add: Total stock-based compensation

4,391 3,612 3,915
Amortization of write-up of acquired inventory 309 - -
Amortization of acquisition-related intangible assets 1,711 1,274 1,780
Acquisition expenses and related transition costs   722     809     -  
 
Non-GAAP income from operations $ 14,090   $ 17,560   $ 18,426  
Non-GAAP operating margin 17.1 % 20.3 % 22.2 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 391 $ (2,307 ) $ 625
GAAP effective tax rate 5.8 % -19.1 % 4.8 %
 
Tax effect of other adjustments to GAAP results   (521 )   (2,251 )   (548 )
 
Non-GAAP provision (benefit) for income taxes $ 912   $ (56 ) $ 1,173  
Non-GAAP effective tax rate 6.6 % -0.3 % 6.3 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 6,343 $ 14,354 $ 12,363
 
Adjustments to GAAP net income
Stock-based compensation 4,391 3,612 3,915
Amortization of write-up of acquired inventory 309 - -
Amortization of acquisition-related intangible assets 1,711 1,274 1,780
Acquisition expenses and related transition costs 722 809 -
Tax effect of items excluded from non-GAAP results   (521 )   (2,251 )   (548 )
 
Non-GAAP net income $ 12,955   $ 17,798   $ 17,510  
 

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

  30,058     30,051     31,167  
 
Non-GAAP net income per share (diluted) $ 0.43   $ 0.59   $ 0.56  
 
GAAP income per share $ 0.21   $ 0.48   $ 0.40  

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