| POWER INTEGRATIONS, INC. | ||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
|
Sept. 30, 2014 |
June 30, 2014 |
Sept. 30, 2013 |
Sept. 30, 2014 |
Sept. 30, 2013 |
||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
| Net income | $ | 16,111 | $ | 16,716 | $ | 16,654 | $ | 45,190 | $ | 41,229 | ||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||||||
| Depreciation | 4,002 | 3,876 | 4,094 | 11,849 | 12,062 | |||||||||||||||||||
| Amortization of intangible assets | 1,349 | 1,518 | 1,842 | 4,723 | 5,526 | |||||||||||||||||||
| Loss on disposal of property and equipment | 11 | - | - | 170 | 17 | |||||||||||||||||||
| Gain on sale of assets held for sale | - | - | - | - | (497 | ) | ||||||||||||||||||
| Stock-based compensation expense | 2,580 | 4,175 | 4,191 | 10,670 | 12,155 | |||||||||||||||||||
| Amortization of premium on marketable securities | 481 | 421 | 221 | 1,296 | 472 | |||||||||||||||||||
| Deferred income taxes | (917 | ) | (3,729 | ) | (2,418 | ) | (782 | ) | (4,806 | ) | ||||||||||||||
| Increase (decrease) in accounts receivable allowances | 90 | - | 26 | 75 | (127 | ) | ||||||||||||||||||
| Excess tax benefit from employee stock plans | (224 | ) | (213 | ) | - | (437 | ) | - | ||||||||||||||||
| Tax benefit associated with employee stock plans | 451 | 364 | - | 815 | - | |||||||||||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||||||||||
| Accounts receivable | 5,972 | (22 | ) | 646 | 1,933 | (7,648 | ) | |||||||||||||||||
| Inventories | (5,693 | ) | (3,294 | ) | 2,938 | (14,639 | ) | 4,359 | ||||||||||||||||
| Prepaid expenses and other assets | 4,655 | 3,475 | (3,603 | ) | 9,955 | 1,595 | ||||||||||||||||||
| Accounts payable | 639 | 782 | (505 | ) | 2,509 | 2,952 | ||||||||||||||||||
| Taxes payable and other accrued liabilities | 1,486 | 881 | 3,088 | (3,257 | ) | 2,608 | ||||||||||||||||||
| Deferred income on sales to distributors | (384 | ) | 1,285 | 1,827 | 3,017 | 5,311 | ||||||||||||||||||
| Net cash provided by operating activities | 30,609 | 26,235 | 29,001 | 73,087 | 75,208 | |||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
| Purchases of property and equipment | (7,509 | ) | (5,420 | ) | (4,358 | ) | (17,394 | ) | (11,250 | ) | ||||||||||||||
| Proceeds from sale of property and equipment | - | - | - | - | 36 | |||||||||||||||||||
| Proceeds from sale of assets held for sale | - | - | - | - | 959 | |||||||||||||||||||
| Other assets | (1,261 | ) | - | - | (1,261 | ) | - | |||||||||||||||||
| Purchases of marketable securities | (20,518 | ) | - | (51,048 | ) | (45,269 | ) | (96,271 | ) | |||||||||||||||
| Proceeds from maturities of marketable securities | - | - | 8,600 | - | 25,450 | |||||||||||||||||||
| Net cash used in investing activities | (29,288 | ) | (5,420 | ) | (46,806 | ) | (63,924 | ) | (81,076 | ) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
| Net proceeds from issuance of common stock | 3,237 | 2,822 | 12,889 | 13,104 | 27,638 | |||||||||||||||||||
| Repurchase of common stock | (19,527 | ) | (25,731 | ) | - | (45,258 | ) | - | ||||||||||||||||
| Payments of dividends to stockholders | (3,595 | ) | (3,026 | ) | (2,392 | ) | (9,654 | ) | (7,046 | ) | ||||||||||||||
| Excess tax benefit from employee stock plans | 224 | 213 | - | 437 | - | |||||||||||||||||||
| Net cash provided by (used in) financing activities | (19,661 | ) | (25,722 | ) | 10,497 | (41,371 | ) | 20,592 | ||||||||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (18,340 | ) | (4,907 | ) | (7,308 | ) | (32,208 | ) | 14,724 | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 79,060 | 83,967 | 85,426 | 92,928 | 63,394 | |||||||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 60,720 | $ | 79,060 | $ | 78,118 | $ | 60,720 | $ | 78,118 | ||||||||||||||
Power Integrations Reports Third-Quarter Financial Results
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