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, 2019

December 31, 2018

March 31, 2018

RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 45,474 $ 48,005 $ 53,544
GAAP gross margin 51.0 % 51.4 % 51.9 %
 
Stock-based compensation included in cost of revenues 271 313 249
Amortization of acquisition-related intangible assets   794     813     813  
 
Non-GAAP gross profit $ 46,539   $ 49,131   $ 54,606  
Non-GAAP gross margin 52.2 % 52.7 % 53.0 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 39,353 $ 39,962 $ 39,583
 
Less: Stock-based compensation expense included in operating expenses
Research and development 1,632 1,944 1,839
Sales and marketing 1,061 1,222 1,276
General and administrative   1,443     1,963     2,261  
Total   4,136     5,129     5,376  
 
Amortization of acquisition-related intangible assets   427     455     514  
 
Non-GAAP operating expenses $ 34,790   $ 34,378   $ 33,693  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 6,121 $ 8,043 $ 13,961
GAAP operating margin 6.9 % 8.6 % 13.5 %
 
Add: Total stock-based compensation 4,407 5,442 5,625
Amortization of acquisition-related intangible assets   1,221     1,268     1,327  
 
Non-GAAP income from operations $ 11,749   $ 14,753   $ 20,913  
Non-GAAP operating margin 13.2 % 15.8 % 20.3 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ 40 $ (13,396 ) $ 597
GAAP effective tax rate 0.5 % -143.4 % 4.0 %
 
Impact of U.S. tax legislation - (9,687 ) -
Tax effect of adjustments to GAAP results   (799 )   (3,846 )   (789 )
 
Non-GAAP provision for income taxes $ 839   $ 137   $ 1,386  
Non-GAAP effective tax rate 6.5 % 0.9 % 6.4 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 7,233 $ 22,736 $ 14,200
 
Adjustments to GAAP net income
Stock-based compensation 4,407 5,442 5,625
Amortization of acquisition-related intangible assets 1,221 1,268 1,327
Impact of U.S. tax legislation - (9,687 ) -
Tax effect of items excluded from non-GAAP results   (799 )   (3,846 )   (789 )
 
Non-GAAP net income $ 12,062   $ 15,913   $ 20,363  
 

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

  29,446     29,651     30,552  
 
Non-GAAP net income per share (diluted) $ 0.41   $ 0.54   $ 0.67  
 
GAAP net income per share $ 0.25   $ 0.77   $ 0.46  
 

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