Power Integrations Reports Second-Quarter Financial Results

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

June 30, 2015

March 31, 2015

June 30, 2014

June 30, 2015

June 30, 2014

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 44,018 $ 42,292 $ 48,736 $ 86,310 $ 94,713
GAAP gross margin 51.6 % 51.2 % 54.8 % 51.4 % 55.0 %
 
Stock-based compensation included in cost of revenues 257 249 298 506 517
Amortization of write-up of acquired inventory - 309 - 309 -
Amortization of acquisition-related intangible assets   961     961     645     1,922     1,290  
 
Non-GAAP gross profit $ 45,236   $ 43,811   $ 49,679   $ 89,047   $ 96,520  
Non-GAAP gross margin 53.1 % 53.1 % 55.8 % 53.1 % 56.1 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 34,814 $ 35,335 $ 34,411 $ 70,149 $ 67,657
 

Less: Stock-based compensation expense included in operating expenses

Research and development 1,306 1,391 1,339 2,697 2,551
Sales and marketing 878 1,012 864 1,890 1,799
General and administrative   1,309     1,739     1,674     3,048     3,223  
Total   3,493     4,142     3,877     7,635     7,573  
 
Amortization of acquisition-related intangible assets   693     750     798     1,443     1,933  
 
Acquisition expenses, severance and transition costs   391     722     -     1,113     -  
 
Non-GAAP operating expenses $ 30,237   $ 29,721   $ 29,736   $ 59,958   $ 58,151  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 9,204 $ 6,957 $ 14,325 $ 16,161 $ 27,056
GAAP operating margin 10.8 % 8.4 % 16.1 % 9.6 % 15.7 %
 

Add: Total stock-based compensation

3,750 4,391 4,175 8,141 8,090
Amortization of write-up of acquired inventory - 309 - 309 -
Amortization of acquisition-related intangible assets 1,654 1,711 1,443 3,365 3,223
Acquisition expenses, severance and transition costs   391     722     -     1,113     -  
 
Non-GAAP income from operations $ 14,999   $ 14,090   $ 19,943   $ 29,089   $ 38,369  
Non-GAAP operating margin 17.6 % 17.1 % 22.4 % 17.3 % 22.3 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 628 $ 391 $ (2,193 ) $ 1,019 $ (1,568 )
GAAP effective tax rate 6.8 % 5.8 % -15.1 % 6.4 % -5.7 %
 
Benefit associated with tax settlement - - (3,331 ) - (3,331 )
Tax effect of other adjustments to GAAP results   (197 )   (521 )   (115 )   (718 )   (663 )
 
Non-GAAP provision for income taxes $ 825   $ 912   $ 1,253   $ 1,737   $ 2,426  
Non-GAAP effective tax rate 5.5 % 6.6 % 6.2 % 6.0 % 6.2 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 8,590 $ 6,343 $ 16,716 $ 14,933 $ 29,079
 
Adjustments to GAAP net income
Stock-based compensation 3,750 4,391 4,175 8,141 8,090
Amortization of write-up of acquired inventory - 309 - 309 -
Amortization of acquisition-related intangible assets 1,654 1,711 1,443 3,365 3,223
Benefit associated with tax settlement - - (3,331 ) - (3,331 )
Acquisition expenses, severance and transition costs 391 722 - 1,113 -
Tax effect of items excluded from non-GAAP results   (197 )   (521 )   (115 )   (718 )   (663 )
 
Non-GAAP net income $ 14,188   $ 12,955   $ 18,888   $ 27,143   $ 36,398  
 

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

  30,034     30,058     31,110     30,075     31,150  
 
Non-GAAP net income per share (diluted) $ 0.47   $ 0.43   $ 0.61   $ 0.90   $ 1.17  
 
GAAP income per share $ 0.29   $ 0.21   $ 0.54   $ 0.50   $ 0.93  

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