| POWER INTEGRATIONS, INC. | |||||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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| RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||||||||
| GAAP gross profit | $ | 53,447 | $ | 50,476 | $ | 47,785 | $ | 103,923 | $ | 92,273 | |||||||||||||||||
| GAAP gross margin | 49.7 | % | 48.2 | % | 49.0 | % | 49.0 | % | 49.7 | % | |||||||||||||||||
| Stock-based compensation included in cost of revenues | 351 | 143 | 293 | 494 | 383 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 939 | 939 | 946 | 1,878 | 1,907 | ||||||||||||||||||||||
| Non-GAAP gross profit | $ | 54,737 | $ | 51,558 | $ | 49,024 | $ | 106,295 | $ | 94,563 | |||||||||||||||||
| Non-GAAP gross margin | 50.9 | % | 49.2 | % | 50.2 | % | 50.1 | % | 50.9 | % | |||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||||||||||||||
| GAAP operating expenses | $ | 39,250 | $ | 37,560 | $ | 36,010 | $ | 76,810 | $ | 70,045 | |||||||||||||||||
| Less: | Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||||||
| Research and development | 2,351 | 1,634 | 1,940 | 3,985 | 3,409 | ||||||||||||||||||||||
| Sales and marketing | 1,189 | 1,097 | 899 | 2,286 | 1,926 | ||||||||||||||||||||||
| General and administrative | 2,436 | 2,095 | 1,880 | 4,531 | 3,710 | ||||||||||||||||||||||
| Total | 5,976 | 4,826 | 4,719 | 10,802 | 9,045 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 537 | 583 | 611 | 1,120 | 1,277 | ||||||||||||||||||||||
| Non-GAAP operating expenses | $ | 32,737 | $ | 32,151 | $ | 30,680 | $ | 64,888 | $ | 59,723 | |||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | |||||||||||||||||||||||||||
| GAAP income from operations | $ | 14,197 | $ | 12,916 | $ | 11,775 | $ | 27,113 | $ | 22,228 | |||||||||||||||||
| GAAP operating margin | 13.2 | % | 12.3 | % | 12.1 | % | 12.8 | % | 12.0 | % | |||||||||||||||||
| Add: | Total stock-based compensation | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,476 | 1,522 | 1,557 | 2,998 | 3,184 | ||||||||||||||||||||||
| Non-GAAP income from operations | $ | 22,000 | $ | 19,407 | $ | 18,344 | $ | 41,407 | $ | 34,840 | |||||||||||||||||
| Non-GAAP operating margin | 20.5 | % | 18.5 | % | 18.8 | % | 19.5 | % | 18.8 | % | |||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | |||||||||||||||||||||||||||
| GAAP provision for income taxes | $ | 760 | $ | (677 | ) | $ | 604 | $ | 83 | $ | 939 | ||||||||||||||||
| GAAP effective tax rate | 5.2 | % | -5.0 | % | 5.0 | % | 0.3 | % | 4.1 | % | |||||||||||||||||
| Tax effect of adjustments to GAAP results | (736 | ) | (1,533 | ) | (225 | ) | (2,269 | ) | (526 | ) | |||||||||||||||||
| Non-GAAP provision for income taxes | $ | 1,496 | $ | 856 | $ | 829 | $ | 2,352 | $ | 1,465 | |||||||||||||||||
| Non-GAAP effective tax rate | 6.6 | % | 4.3 | % | 4.4 | % | 5.5 | % | 4.1 | % | |||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | |||||||||||||||||||||||||||
| GAAP net income | $ | 13,902 | $ | 14,099 | $ | 11,407 | $ | 28,001 | $ | 21,786 | |||||||||||||||||
| Adjustments to GAAP net income | |||||||||||||||||||||||||||
| Stock-based compensation | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,476 | 1,522 | 1,557 | 2,998 | 3,184 | ||||||||||||||||||||||
| Amortization of in-place lease intangible assets | 90 | 90 | 90 | 180 | 180 | ||||||||||||||||||||||
| Tax effect of items excluded from non-GAAP results | (736 | ) | (1,533 | ) | (225 | ) | (2,269 | ) | (526 | ) | |||||||||||||||||
| Non-GAAP net income | $ | 21,059 | $ | 19,147 | $ | 17,841 | $ | 40,206 | $ | 34,052 | |||||||||||||||||
| Average shares outstanding for calculation | |||||||||||||||||||||||||||
| of non-GAAP income per share (diluted) | 30,454 | 30,248 | 29,422 | 30,370 | 29,361 | ||||||||||||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.69 | $ | 0.63 | $ | 0.61 | $ | 1.32 | $ | 1.16 | |||||||||||||||||
| GAAP income per share | $ | 0.46 | $ | 0.47 | $ | 0.39 | $ | 0.92 | $ | 0.74 | |||||||||||||||||
Power Integrations Reports Second-Quarter Financial Results
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