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POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS (in thousands, except per-share amounts) |
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| Three Months Ended | ||||||||||||
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March 31, 2015 |
December 31, 2014 |
March 31, 2014 |
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| RECONCILIATION OF GROSS PROFIT | ||||||||||||
| GAAP gross profit | $ | 42,292 | $ | 45,805 | $ | 45,977 | ||||||
| GAAP gross margin | 51.2 | % | 52.9 | % | 55.3 | % | ||||||
| Stock-based compensation included in cost of revenues | 249 | 231 | 219 | |||||||||
| Amortization of write-up of acquired inventory | 309 | - | - | |||||||||
| Amortization of acquisition-related intangible assets | 961 | 646 | 645 | |||||||||
| Non-GAAP gross profit | $ | 43,811 | $ | 46,682 | $ | 46,841 | ||||||
| Non-GAAP gross margin | 53.1 | % | 53.9 | % | 56.4 | % | ||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||
| GAAP operating expenses | $ | 35,335 | $ | 33,940 | $ | 33,246 | ||||||
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Less: Stock-based compensation expense included in operating expenses |
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| Research and development | 1,391 | 1,262 | 1,212 | |||||||||
| Sales and marketing | 1,012 | 962 | 935 | |||||||||
| General and administrative | 1,739 | 1,157 | 1,549 | |||||||||
| Total | 4,142 | 3,381 | 3,696 | |||||||||
| Amortization of acquisition-related intangible assets | 750 | 628 | 1,135 | |||||||||
| Acquisition expenses and related transition costs | 722 | 809 | - | |||||||||
| Non-GAAP operating expenses | $ | 29,721 | $ | 29,122 | $ | 28,415 | ||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||
| GAAP income from operations | $ | 6,957 | $ | 11,865 | $ | 12,731 | ||||||
| GAAP operating margin | 8.4 | % | 13.7 | % | 15.3 | % | ||||||
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Add: Total stock-based compensation |
4,391 | 3,612 | 3,915 | |||||||||
| Amortization of write-up of acquired inventory | 309 | - | - | |||||||||
| Amortization of acquisition-related intangible assets | 1,711 | 1,274 | 1,780 | |||||||||
| Acquisition expenses and related transition costs | 722 | 809 | - | |||||||||
| Non-GAAP income from operations | $ | 14,090 | $ | 17,560 | $ | 18,426 | ||||||
| Non-GAAP operating margin | 17.1 | % | 20.3 | % | 22.2 | % | ||||||
| RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | ||||||||||||
| GAAP provision (benefit) for income taxes | $ | 391 | $ | (2,307 | ) | $ | 625 | |||||
| GAAP effective tax rate | 5.8 | % | -19.1 | % | 4.8 | % | ||||||
| Tax effect of other adjustments to GAAP results | (521 | ) | (2,251 | ) | (548 | ) | ||||||
| Non-GAAP provision (benefit) for income taxes | $ | 912 | $ | (56 | ) | $ | 1,173 | |||||
| Non-GAAP effective tax rate | 6.6 | % | -0.3 | % | 6.3 | % | ||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | ||||||||||||
| GAAP net income | $ | 6,343 | $ | 14,354 | $ | 12,363 | ||||||
| Adjustments to GAAP net income | ||||||||||||
| Stock-based compensation | 4,391 | 3,612 | 3,915 | |||||||||
| Amortization of write-up of acquired inventory | 309 | - | - | |||||||||
| Amortization of acquisition-related intangible assets | 1,711 | 1,274 | 1,780 | |||||||||
| Acquisition expenses and related transition costs | 722 | 809 | - | |||||||||
| Tax effect of items excluded from non-GAAP results | (521 | ) | (2,251 | ) | (548 | ) | ||||||
| Non-GAAP net income | $ | 12,955 | $ | 17,798 | $ | 17,510 | ||||||
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Average shares outstanding for calculation of non-GAAP income per share (diluted) |
30,058 | 30,051 | 31,167 | |||||||||
| Non-GAAP net income per share (diluted) | $ | 0.43 | $ | 0.59 | $ | 0.56 | ||||||
| GAAP income per share | $ | 0.21 | $ | 0.48 | $ | 0.40 | ||||||
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Power Integrations Reports First-Quarter Financial Results
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