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, 2016

December 31, 2015

March 31, 2015

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 42,947 $ 42,916 $ 42,292
GAAP gross margin 50.3 % 49.2 % 51.2 %
 
Stock-based compensation included in cost of revenues 90 208 249
Amortization of write-up of acquired inventory - - 309
Amortization of acquisition-related intangible assets   961     961     961  
 
Non-GAAP gross profit $ 43,998   $ 44,085   $ 43,811  
Non-GAAP gross margin 51.6 % 50.5 % 53.1 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 34,035 $ 31,867 $ 35,335
 
Less:Stock-based compensation expense included in operating expenses
Research and development 1,469 1,281 1,391
Sales and marketing 1,027 877 1,012
General and administrative   1,830     899     1,739  
Total   4,326     3,057     4,142  
 
Amortization of acquisition-related intangible assets   666     666     750  
 
Acquisition expenses, severance and transition costs   -     -     722  
 
Non-GAAP operating expenses $ 29,043   $ 28,144   $ 29,721  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 8,912 $ 11,049 $ 6,957
GAAP operating margin 10.4 % 12.7 % 8.4 %
 
Add:Total stock-based compensation 4,416 3,265 4,391
Amortization of write-up of acquired inventory - - 309
Amortization of acquisition-related intangible assets 1,627 1,627 1,711
Acquisition expenses, severance and transition costs   -     -     722  
 
Non-GAAP income from operations $ 14,955   $ 15,941   $ 14,090  
Non-GAAP operating margin 17.5 % 18.3 % 17.1 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 330 $ (1,446 ) $ 391
GAAP effective tax rate 3.6 % -12.8 % 5.8 %
 
Tax effect of adjustments to GAAP results   (301 )   (796 )   (521 )
 
Non-GAAP provision (benefit) for income taxes $ 631   $ (650 ) $ 912  
Non-GAAP effective tax rate 4.1 % -4.0 % 6.6 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 8,843 $ 12,701 $ 6,343
 
Adjustments to GAAP net income
Stock-based compensation 4,416 3,265 4,391
Amortization of write-up of acquired inventory - - 309
Amortization of acquisition-related intangible assets 1,627 1,627 1,711
Acquisition expenses, severance and transition costs - - 722
Amortization of in-place lease intangible assets 90 90 -
Tax effect of items excluded from non-GAAP results   (301 )   (796 )   (521 )
 
Non-GAAP net income $ 14,675   $ 16,887   $ 12,955  
 

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

  29,244     29,126     30,058  
 
Non-GAAP net income per share (diluted) $ 0.50   $ 0.58   $ 0.43  
 
GAAP income per share $ 0.30   $ 0.44   $ 0.21  
 

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