Power Integrations Reports Fourth-Quarter Financial Results

             
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
 
Three Months Ended Twelve Months Ended

December 31, 2018

September 30, 2018

December 31, 2017

December 31, 2018

December 31, 2017

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 48,005 $ 57,005 $ 54,028 $ 214,788 $ 213,664
GAAP gross margin 51.4 % 51.8 % 49.9 % 51.6 % 49.5 %
 
Stock-based compensation included in cost of revenues 313 243 436 1,097 1,321
Amortization of acquisition-related intangible assets   813     814     939     3,253     3,756  
 
Non-GAAP gross profit $ 49,131   $ 58,062   $ 55,403   $ 219,138   $ 218,741  
Non-GAAP gross margin 52.7 % 52.7 % 51.2 % 52.7 % 50.7 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 39,962 $ 38,980 $ 39,563 $ 159,140 $ 156,027
 
Less:Stock-based compensation expense included in operating expenses
Research and development 1,944 1,634 2,338 7,688 8,496
Sales and marketing 1,222 1,105 1,470 4,729 5,197
General and administrative   1,963     1,416     2,611     8,066     9,663  
Total   5,129     4,155     6,419     20,483     23,356  
 
Amortization of acquisition-related intangible assets   455     455     513     1,899     2,147  
 
Non-GAAP operating expenses $ 34,378   $ 34,370   $ 32,631   $ 136,758   $ 130,524  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 8,043 $ 18,025 $ 14,465 $ 55,648 $ 57,637
GAAP operating margin 8.6 % 16.4 % 13.4 % 13.4 % 13.3 %
 
Add:Total stock-based compensation 5,442 4,398 6,855 21,580 24,677
Amortization of acquisition-related intangible assets   1,268     1,269     1,452     5,152     5,903  
 
Non-GAAP income from operations $ 14,753   $ 23,692   $ 22,772   $ 82,380   $ 88,217  
Non-GAAP operating margin 15.8 % 21.5 % 21.0 % 19.8 % 20.4 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ (13,396 ) $ 1,456 $ 32,159 $ (10,220 ) $ 32,690
GAAP effective tax rate -143.4 % 7.6 % 210.7 % -17.1 % 54.2 %
 
Impact of U.S. tax legislation (9,687 ) - 37,524 (9,687 ) 37,524
Tax effect of adjustments to GAAP results   (3,846 )   (167 )   (6,267 )   (5,361 )   (9,287 )
 
Non-GAAP provision (benefit) for income taxes $ 137   $ 1,623   $ 902   $ 4,828   $ 4,453  
Non-GAAP effective tax rate 0.9 % 6.5 % 3.8 % 5.6 % 4.9 %
 
 
RECONCILIATION OF NET INCOME (LOSS) PER SHARE (DILUTED)
GAAP net income (loss) $ 22,736 $ 17,667 $ (16,898 ) $ 69,984 $ 27,609
 
Adjustments to GAAP net income (loss)
Stock-based compensation 5,442 4,398 6,855 21,580 24,677
Amortization of acquisition-related intangible assets 1,268 1,269 1,452 5,152 5,903
Amortization of in-place lease intangible assets - - - - 180
Impact of U.S. tax legislation (9,687 ) - 37,524 (9,687 ) 37,524
Tax effect of items excluded from non-GAAP results   (3,846 )   (167 )   (6,267 )   (5,361 )   (9,287 )
 
Non-GAAP net income $ 15,913   $ 23,167   $ 22,666   $ 81,668   $ 86,606  
 

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

  29,651     29,998     30,692     30,147     30,545  
 
Non-GAAP net income per share (diluted) $ 0.54   $ 0.77   $ 0.74   $ 2.71   $ 2.84  
 
GAAP net income (loss) per share $ 0.77   $ 0.59   $ (0.57 ) $ 2.32   $ 0.90  
 

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