Power Integrations Reports Third-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
 
  Three Months Ended   Nine Months Ended
September 30, 2017   June 30, 2017   September 30, 2016 September 30, 2017   September 30, 2016
RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 55,713 $ 53,447 $ 49,842 $ 159,636 $ 142,115
GAAP gross margin 50.1 % 49.7 % 49.0 % 49.3 % 49.5 %
 
Stock-based compensation included in cost of revenues 391 351 348 885 731
Amortization of acquisition-related intangible assets   939     939     939     2,817     2,846  
 
Non-GAAP gross profit $ 57,043   $ 54,737   $ 51,129   $ 163,338   $ 145,692  
Non-GAAP gross margin 51.3 % 50.9 % 50.3 % 50.5 % 50.7 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 39,654 $ 39,250 $ 36,724 $ 116,464 $ 106,769
 

Less: Stock-based compensation expense included in operating expenses

Research and development 2,173 2,351 1,934 6,158 5,343
Sales and marketing 1,441 1,189 1,303 3,727 3,229
General and administrative   2,521     2,436     2,204     7,052     5,914  
Total   6,135     5,976     5,441     16,937     14,486  
 
Amortization of acquisition-related intangible assets   514     537     582     1,634     1,859  
 
Non-GAAP operating expenses $ 33,005   $ 32,737   $ 30,701   $ 97,893   $ 90,424  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 16,059 $ 14,197 $ 13,118 $ 43,172 $ 35,346
GAAP operating margin 14.4 % 13.2 % 12.9 % 13.3 % 12.3 %
 

Add: Total stock-based compensation

6,526 6,327 5,789 17,822 15,217
Amortization of acquisition-related intangible assets   1,453     1,476     1,521     4,451     4,705  
 
Non-GAAP income from operations $ 24,038   $ 22,000   $ 20,428   $ 65,445   $ 55,268  
Non-GAAP operating margin 21.6 % 20.5 % 20.1 % 20.2 % 19.2 %
 
 
RECONCILIATION OF PROVISION FOR INCOME TAXES
GAAP provision for income taxes $ 448 $ 760 $ 591 $ 531 $ 1,530
GAAP effective tax rate 2.6 % 5.2 % 4.4 % 1.2 % 4.2 %
 
Tax effect of adjustments to GAAP results   (751 )   (736 )   (328 )   (3,020 )   (854 )
 
Non-GAAP provision for income taxes $ 1,199   $ 1,496   $ 919   $ 3,551   $ 2,384  
Non-GAAP effective tax rate 4.8 % 6.6 % 4.4 % 5.3 % 4.2 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 16,506 $ 13,902 $ 12,809 $ 44,507 $ 34,595
 
Adjustments to GAAP net income
Stock-based compensation 6,526 6,327 5,789 17,822 15,217
Amortization of acquisition-related intangible assets 1,453 1,476 1,521 4,451 4,705
Amortization of in-place lease intangible assets - 90 90 180 270
Tax effect of items excluded from non-GAAP results   (751 )   (736 )   (328 )   (3,020 )   (854 )
 
Non-GAAP net income $ 23,734   $ 21,059   $ 19,881   $ 63,940   $ 53,933  

 

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

  30,614     30,454     29,625     30,472     29,480  
 
Non-GAAP net income per share (diluted) $ 0.78   $ 0.69   $ 0.67   $ 2.10   $ 1.83  
 
GAAP income per share $ 0.54   $ 0.46   $ 0.43   $ 1.46   $ 1.17  

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