An example power supply regulator includes an energy transfer element, a switch, and a controller. The controller includes a switch signal generator, a modulation circuit, and a multi-cycle modulator circuit. The modulation circuit modulates the period of a modulation switching signal when an equivalent switching frequency is greater than a reference frequency and fixes the switching period when the equivalent switching frequency is less than the reference frequency. The multi-cycle modulator circuit enables the switch signal generator to provide a switch signal uninterrupted if the equivalent switching frequency is greater than the reference frequency and disables the switch signal generator for a first time period and then enables the switch signal generator for a second time period when the equivalent frequency is less than the reference frequency. The multi-cycle modulator circuit varies the first time period to regulate the output.