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, 2017 December 31, 2016 March 31, 2016
RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 50,476 $ 50,076 $ 44,488
GAAP gross margin 48.2 % 48.9 % 50.5 %
 
Stock-based compensation included in cost of revenues 143 417 90
Amortization of acquisition-related intangible assets   939     939     961  
 
Non-GAAP gross profit $ 51,558   $ 51,432   $ 45,539  
Non-GAAP gross margin 49.2 % 50.2 % 51.7 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 37,560 $ 36,548 $ 34,035
 

Less: Stock-based compensation expense included in operating expenses

Research and development 1,634 1,966 1,469
Sales and marketing 1,097 1,260 1,027
General and administrative   2,095     2,025     1,830  
Total   4,826     5,251     4,326  
 
Amortization of acquisition-related intangible assets   583     584     666  
 
Non-GAAP operating expenses $ 32,151   $ 30,713   $ 29,043  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 12,916 $ 13,528 $ 10,453
GAAP operating margin 12.3 % 13.2 % 11.9 %
 

Add: Total stock-based compensation

4,969 5,668 4,416
Amortization of acquisition-related intangible assets   1,522     1,523     1,627  
 
Non-GAAP income from operations $ 19,407   $ 20,719   $ 16,496  
Non-GAAP operating margin 18.5 % 20.2 % 18.7 %
 
 
RECONCILIATION OF PROVISION FOR INCOME TAXES
GAAP provision for income taxes $ (677 ) $ (476 ) $ 335
GAAP effective tax rate -5.0 % -3.4 % 3.1 %
 
Tax effect of adjustments to GAAP results   (1,533 )   (724 )   (301 )
 
Non-GAAP provision for income taxes $ 856   $ 248   $ 636  
Non-GAAP effective tax rate 4.3 % 1.2 % 3.8 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 14,099 $ 14,303 $ 10,379
 
Adjustments to GAAP net income
Stock-based compensation 4,969 5,668 4,416
Amortization of acquisition-related intangible assets 1,522 1,523 1,627
Amortization of in-place lease intangible assets 90 90 90
Tax effect of items excluded from non-GAAP results   (1,533 )   (724 )   (301 )
 
Non-GAAP net income $ 19,147   $ 20,860   $ 16,211  
 

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

  30,248     29,914     29,244  
 
Non-GAAP net income per share (diluted) $ 0.63   $ 0.70   $ 0.55  
 
GAAP income per share $ 0.47   $ 0.48   $ 0.35  
 

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