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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, 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 | |||||||||||
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Less: Stock-based compensation expense included in operating expenses |
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| 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 | % | |||||||||||
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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 | |||||||||||
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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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Power Integrations Reports First-Quarter Financial Results
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