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POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS (in thousands, except per-share amounts) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
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June 30, 2015 |
March 31, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
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| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||
| GAAP gross profit | $ | 44,018 | $ | 42,292 | $ | 48,736 | $ | 86,310 | $ | 94,713 | ||||||||||
| GAAP gross margin | 51.6 | % | 51.2 | % | 54.8 | % | 51.4 | % | 55.0 | % | ||||||||||
| Stock-based compensation included in cost of revenues | 257 | 249 | 298 | 506 | 517 | |||||||||||||||
| Amortization of write-up of acquired inventory | - | 309 | - | 309 | - | |||||||||||||||
| Amortization of acquisition-related intangible assets | 961 | 961 | 645 | 1,922 | 1,290 | |||||||||||||||
| Non-GAAP gross profit | $ | 45,236 | $ | 43,811 | $ | 49,679 | $ | 89,047 | $ | 96,520 | ||||||||||
| Non-GAAP gross margin | 53.1 | % | 53.1 | % | 55.8 | % | 53.1 | % | 56.1 | % | ||||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||
| GAAP operating expenses | $ | 34,814 | $ | 35,335 | $ | 34,411 | $ | 70,149 | $ | 67,657 | ||||||||||
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Less: Stock-based compensation expense included in operating expenses |
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| Research and development | 1,306 | 1,391 | 1,339 | 2,697 | 2,551 | |||||||||||||||
| Sales and marketing | 878 | 1,012 | 864 | 1,890 | 1,799 | |||||||||||||||
| General and administrative | 1,309 | 1,739 | 1,674 | 3,048 | 3,223 | |||||||||||||||
| Total | 3,493 | 4,142 | 3,877 | 7,635 | 7,573 | |||||||||||||||
| Amortization of acquisition-related intangible assets | 693 | 750 | 798 | 1,443 | 1,933 | |||||||||||||||
| Acquisition expenses, severance and transition costs | 391 | 722 | - | 1,113 | - | |||||||||||||||
| Non-GAAP operating expenses | $ | 30,237 | $ | 29,721 | $ | 29,736 | $ | 59,958 | $ | 58,151 | ||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||||||||||
| GAAP income from operations | $ | 9,204 | $ | 6,957 | $ | 14,325 | $ | 16,161 | $ | 27,056 | ||||||||||
| GAAP operating margin | 10.8 | % | 8.4 | % | 16.1 | % | 9.6 | % | 15.7 | % | ||||||||||
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Add: Total stock-based compensation |
3,750 | 4,391 | 4,175 | 8,141 | 8,090 | |||||||||||||||
| Amortization of write-up of acquired inventory | - | 309 | - | 309 | - | |||||||||||||||
| Amortization of acquisition-related intangible assets | 1,654 | 1,711 | 1,443 | 3,365 | 3,223 | |||||||||||||||
| Acquisition expenses, severance and transition costs | 391 | 722 | - | 1,113 | - | |||||||||||||||
| Non-GAAP income from operations | $ | 14,999 | $ | 14,090 | $ | 19,943 | $ | 29,089 | $ | 38,369 | ||||||||||
| Non-GAAP operating margin | 17.6 | % | 17.1 | % | 22.4 | % | 17.3 | % | 22.3 | % | ||||||||||
| RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | ||||||||||||||||||||
| GAAP provision (benefit) for income taxes | $ | 628 | $ | 391 | $ | (2,193 | ) | $ | 1,019 | $ | (1,568 | ) | ||||||||
| GAAP effective tax rate | 6.8 | % | 5.8 | % | -15.1 | % | 6.4 | % | -5.7 | % | ||||||||||
| Benefit associated with tax settlement | - | - | (3,331 | ) | - | (3,331 | ) | |||||||||||||
| Tax effect of other adjustments to GAAP results | (197 | ) | (521 | ) | (115 | ) | (718 | ) | (663 | ) | ||||||||||
| Non-GAAP provision for income taxes | $ | 825 | $ | 912 | $ | 1,253 | $ | 1,737 | $ | 2,426 | ||||||||||
| Non-GAAP effective tax rate | 5.5 | % | 6.6 | % | 6.2 | % | 6.0 | % | 6.2 | % | ||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | ||||||||||||||||||||
| GAAP net income | $ | 8,590 | $ | 6,343 | $ | 16,716 | $ | 14,933 | $ | 29,079 | ||||||||||
| Adjustments to GAAP net income | ||||||||||||||||||||
| Stock-based compensation | 3,750 | 4,391 | 4,175 | 8,141 | 8,090 | |||||||||||||||
| Amortization of write-up of acquired inventory | - | 309 | - | 309 | - | |||||||||||||||
| Amortization of acquisition-related intangible assets | 1,654 | 1,711 | 1,443 | 3,365 | 3,223 | |||||||||||||||
| Benefit associated with tax settlement | - | - | (3,331 | ) | - | (3,331 | ) | |||||||||||||
| Acquisition expenses, severance and transition costs | 391 | 722 | - | 1,113 | - | |||||||||||||||
| Tax effect of items excluded from non-GAAP results | (197 | ) | (521 | ) | (115 | ) | (718 | ) | (663 | ) | ||||||||||
| Non-GAAP net income | $ | 14,188 | $ | 12,955 | $ | 18,888 | $ | 27,143 | $ | 36,398 | ||||||||||
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Average shares outstanding for calculation of non-GAAP income per share (diluted) |
30,034 | 30,058 | 31,110 | 30,075 | 31,150 | |||||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.47 | $ | 0.43 | $ | 0.61 | $ | 0.90 | $ | 1.17 | ||||||||||
| GAAP income per share | $ | 0.29 | $ | 0.21 | $ | 0.54 | $ | 0.50 | $ | 0.93 | ||||||||||
Power Integrations Reports Second-Quarter Financial Results
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