Power Integrations Reports Fourth-Quarter Financial Results
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POWER INTEGRATIONS, INC.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
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(in thousands, except per-share amounts)
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Three Months Ended
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Twelve Months Ended
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December 31, 2015
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September 30, 2015
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December 31, 2014
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December 31, 2015
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December 31, 2014
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RECONCILIATION OF GROSS PROFIT
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GAAP gross profit
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$
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42,916
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$
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44,161
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$
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45,805
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$
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173,387
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$
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189,570
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GAAP gross margin
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49.2
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%
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49.7
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%
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52.9
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%
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50.4
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%
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54.3
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%
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Stock-based compensation included in cost of revenues
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208
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219
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231
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933
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879
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Amortization of write-up of acquired inventory
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-
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-
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-
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309
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-
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Amortization of acquisition-related intangible assets
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961
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961
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646
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3,844
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2,581
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Non-GAAP gross profit
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$
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44,085
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$
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45,341
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$
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46,682
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$
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178,473
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$
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193,030
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Non-GAAP gross margin
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50.5
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%
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51.0
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%
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53.9
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%
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51.9
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%
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55.3
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%
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RECONCILIATION OF OPERATING EXPENSES
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GAAP operating expenses
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$
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31,867
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$
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32,378
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$
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33,940
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$
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134,394
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$
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133,774
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Less:
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Stock-based compensation expense included in operating expenses
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Research and development
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1,281
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1,277
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1,262
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5,255
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4,784
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Sales and marketing
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877
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877
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962
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3,644
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3,540
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General and administrative
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899
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988
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1,157
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4,935
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5,079
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Total
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3,057
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3,142
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3,381
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13,834
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13,403
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Amortization of acquisition-related intangible assets
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666
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666
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628
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2,775
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3,190
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Acquisition expenses, severance and transition costs
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-
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-
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809
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1,113
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809
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Non-GAAP operating expenses
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$
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28,144
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$
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28,570
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$
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29,122
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$
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116,672
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$
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116,372
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RECONCILIATION OF INCOME FROM OPERATIONS
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GAAP income from operations
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$
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11,049
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$
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11,783
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$
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11,865
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$
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38,993
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$
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55,796
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GAAP operating margin
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12.7
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%
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13.3
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%
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13.7
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%
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11.3
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%
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16.0
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%
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Add:
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Total stock-based compensation
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3,265
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3,361
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3,612
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14,767
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14,282
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Amortization of write-up of acquired inventory
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-
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-
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-
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309
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-
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Amortization of acquisition-related intangible assets
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1,627
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1,627
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1,274
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6,619
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5,771
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Acquisition expenses, severance and transition costs
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-
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-
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809
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1,113
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809
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Non-GAAP income from operations
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$
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15,941
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$
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16,771
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$
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17,560
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$
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61,801
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$
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76,658
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Non-GAAP operating margin
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18.3
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%
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18.9
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%
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20.3
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%
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18.0
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%
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22.0
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%
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RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
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GAAP provision (benefit) for income taxes
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$
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(1,446
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)
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$
|
698
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$
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(2,307
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)
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$
|
271
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$
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(2,730
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)
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GAAP effective tax rate
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-12.8
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%
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5.7
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%
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-19.1
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%
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|
|
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0.7
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%
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|
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|
-4.8
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%
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Benefit associated with tax settlement
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|
-
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|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(3,331
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)
|
Tax effect of other adjustments to GAAP results
|
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|
|
|
|
|
(796
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)
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|
|
(310
|
)
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|
|
|
(2,251
|
)
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|
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|
|
|
|
|
|
(1,824
|
)
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|
|
|
|
|
(3,034
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)
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP provision (benefit) for income taxes
|
|
|
|
|
|
$
|
(650
|
)
|
|
|
|
|
$
|
1,008
|
|
|
|
|
|
$
|
(56
|
)
|
|
|
|
|
|
|
|
|
$
|
2,095
|
|
|
|
|
|
$
|
3,635
|
|
|
Non-GAAP effective tax rate
|
|
|
|
|
|
|
-4.0
|
%
|
|
|
|
|
|
5.9
|
%
|
|
|
|
|
|
-0.3
|
%
|
|
|
|
|
|
|
|
|
|
3.4
|
%
|
|
|
|
|
|
4.7
|
%
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|
|
|
|
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|
|
|
|
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|
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
GAAP net income
|
|
|
|
|
|
$
|
12,701
|
|
|
|
|
|
$
|
11,513
|
|
|
|
|
|
$
|
14,354
|
|
|
|
|
|
|
|
|
|
$
|
39,147
|
|
|
|
|
|
$
|
59,544
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
|
3,265
|
|
|
|
|
|
|
3,361
|
|
|
|
|
|
|
3,612
|
|
|
|
|
|
|
|
|
|
|
14,767
|
|
|
|
|
|
|
14,282
|
|
|
Amortization of write-up of acquired inventory
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
309
|
|
|
|
|
|
|
-
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
|
|
|
|
1,627
|
|
|
|
|
|
|
1,627
|
|
|
|
|
|
|
1,274
|
|
|
|
|
|
|
|
|
|
|
6,619
|
|
|
|
|
|
|
5,771
|
|
|
Benefit associated with tax settlement
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(3,331
|
)
|
|
Acquisition expenses, severance and transition costs
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
809
|
|
|
|
|
|
|
|
|
|
|
1,113
|
|
|
|
|
|
|
809
|
|
|
Amortization of in-place lease intangible assets
|
|
|
|
|
|
|
90
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
120
|
|
|
|
|
|
|
-
|
|
|
Tax effect of items excluded from non-GAAP results
|
|
|
|
|
|
|
(796
|
)
|
|
|
|
|
|
(310
|
)
|
|
|
|
|
|
(2,251
|
)
|
|
|
|
|
|
|
|
|
|
(1,824
|
)
|
|
|
|
|
|
(3,034
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
|
$
|
16,887
|
|
|
|
|
|
$
|
16,221
|
|
|
|
|
|
$
|
17,798
|
|
|
|
|
|
|
|
|
|
$
|
60,251
|
|
|
|
|
|
$
|
74,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding for calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of non-GAAP income per share (diluted)
|
|
|
|
|
|
|
29,126
|
|
|
|
|
|
|
29,298
|
|
|
|
|
|
|
30,051
|
|
|
|
|
|
|
|
|
|
|
29,696
|
|
|
|
|
|
|
30,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share (diluted)
|
|
|
|
|
|
$
|
0.58
|
|
|
|
|
|
$
|
0.55
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
$
|
2.03
|
|
|
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income per share
|
|
|
|
|
|
$
|
0.44
|
|
|
|
|
|
$
|
0.39
|
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
$
|
1.32
|
|
|
|
|
|
$
|
1.93
|
|
|