Power Integrations Reports Fourth-Quarter Financial Results

                                                 
 
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
   
Three Months Ended Twelve Months Ended
 
December 31, 2015   September 30, 2015 December 31, 2014 December 31, 2015 December 31, 2014
RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 42,916 $ 44,161 $ 45,805 $ 173,387 $ 189,570
GAAP gross margin 49.2 % 49.7 % 52.9 % 50.4 % 54.3 %
 
Stock-based compensation included in cost of revenues 208 219 231 933 879
Amortization of write-up of acquired inventory - - - 309 -
Amortization of acquisition-related intangible assets   961     961     646     3,844     2,581  
 
Non-GAAP gross profit $ 44,085   $ 45,341   $ 46,682   $ 178,473   $ 193,030  
Non-GAAP gross margin 50.5 % 51.0 % 53.9 % 51.9 % 55.3 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 31,867 $ 32,378 $ 33,940 $ 134,394 $ 133,774
 
Less: Stock-based compensation expense included in operating expenses
Research and development 1,281 1,277 1,262 5,255 4,784
Sales and marketing 877 877 962 3,644 3,540
General and administrative   899     988     1,157     4,935     5,079  
Total   3,057     3,142     3,381     13,834     13,403  
 
Amortization of acquisition-related intangible assets   666     666     628     2,775     3,190  
 
Acquisition expenses, severance and transition costs   -     -     809     1,113     809  
 
Non-GAAP operating expenses $ 28,144   $ 28,570   $ 29,122   $ 116,672   $ 116,372  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
GAAP income from operations $ 11,049 $ 11,783 $ 11,865 $ 38,993 $ 55,796
GAAP operating margin 12.7 % 13.3 % 13.7 % 11.3 % 16.0 %
 
Add: Total 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
Acquisition expenses, severance and transition costs   -     -     809     1,113     809  
 
Non-GAAP income from operations $ 15,941   $ 16,771   $ 17,560   $ 61,801   $ 76,658  
Non-GAAP operating margin 18.3 % 18.9 % 20.3 % 18.0 % 22.0 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ (1,446 ) $ 698 $ (2,307 ) $ 271 $ (2,730 )
GAAP effective tax rate -12.8 % 5.7 % -19.1 % 0.7 % -4.8 %
 
Benefit associated with tax settlement - - - - (3,331 )
Tax effect of other adjustments to GAAP results   (796 )   (310 )   (2,251 )   (1,824 )   (3,034 )
 
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 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 12,701 $ 11,513 $ 14,354 $ 39,147 $ 59,544
 
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  

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