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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 | ||||||||||||
| March 31, 2014 | December 31, 2013 | March 31, 2013 | ||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||
| GAAP gross profit | $ | 45,977 | $ | 48,391 | $ | 39,864 | ||||||
| GAAP gross profit margin | 55.3 | % | 53.5 | % | 51.7 | % | ||||||
| Stock-based compensation included in cost of revenues | 219 | 250 | 264 | |||||||||
| Amortization of acquisition-related intangible assets | 645 | 645 | 645 | |||||||||
| Non-GAAP gross profit | $ | 46,841 | $ | 49,286 | $ | 40,773 | ||||||
| Non-GAAP gross profit margin | 56.4 | % | 54.5 | % | 52.9 | % | ||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||
| GAAP operating expenses | $ | 33,246 | $ | 33,284 | $ | 30,787 | ||||||
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Less: Stock-based compensation expense included in operating expenses |
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| Research and development | 1,212 | 1,515 | 1,106 | |||||||||
| Sales and marketing | 935 | 1,054 | 829 | |||||||||
| General and administrative | 1,549 | 1,511 | 1,437 | |||||||||
| Total | 3,696 | 4,080 | 3,372 | |||||||||
| Amortization of acquisition-related intangible assets | 1,135 | 1,158 | 1,122 | |||||||||
| Non-GAAP operating expenses | $ | 28,415 | $ | 28,046 | $ | 26,293 | ||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||
| GAAP income from operations | $ | 12,731 | $ | 15,107 | $ | 9,077 | ||||||
| GAAP operating margin | 15.3 | % | 16.7 | % | 11.8 | % | ||||||
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Add: Total stock-based compensation |
3,915 | 4,330 | 3,636 | |||||||||
| Amortization of acquisition-related intangible assets | 1,780 | 1,803 | 1,767 | |||||||||
| Non-GAAP income from operations | $ | 18,426 | $ | 21,240 | $ | 14,480 | ||||||
| Non-GAAP operating margin | 22.2 | % | 23.5 | % | 18.8 | % | ||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | ||||||||||||
| GAAP provision (benefit) for income taxes | $ | 625 | $ | (433 | ) | $ | (1,609 | ) | ||||
| GAAP effective tax rate | 4.8 | % | -2.8 | % | -17.3 | % | ||||||
| Tax effect of other adjustments to GAAP results | (548 | ) | (1,751 | ) | (2,295 | ) | ||||||
| Non-GAAP provision for income taxes | $ | 1,173 | $ | 1,318 | $ | 686 | ||||||
| Non-GAAP effective tax rate | 6.3 | % | 6.1 | % | 4.7 | % | ||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | ||||||||||||
| GAAP net income | $ | 12,363 | $ | 16,037 | $ | 10,903 | ||||||
| Adjustments to GAAP net income | ||||||||||||
| Stock-based compensation | 3,915 | 4,330 | 3,636 | |||||||||
| Amortization of acquisition-related intangible assets | 1,780 | 1,803 | 1,767 | |||||||||
| Tax effect of items excluded from non-GAAP results | (548 | ) | (1,751 | ) | (2,295 | ) | ||||||
| Non-GAAP net income | $ | 17,510 | $ | 20,419 | $ | 14,011 | ||||||
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Average shares outstanding for calculation of non-GAAP income per share (diluted) |
31,167 | 30,924 | 29,783 | |||||||||
| Non-GAAP net income per share (diluted) | $ | 0.56 | $ | 0.66 | $ | 0.47 | ||||||
| GAAP income per share | $ | 0.40 | $ | 0.52 | $ | 0.37 | ||||||
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Power Integrations Reports First-Quarter Financial Results
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