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POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
|
June 30, 2015 |
March 31, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
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| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ | 8,590 | $ | 6,343 | $ | 16,716 | $ | 14,933 | $ | 29,079 | ||||||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation | 4,035 | 4,032 | 3,876 | 8,067 | 7,847 | |||||||||||||||
| Amortization of intangible assets | 1,729 | 1,786 | 1,518 | 3,515 | 3,374 | |||||||||||||||
| Loss on disposal of property and equipment | - | - | - | - | 159 | |||||||||||||||
| Stock-based compensation expense | 3,750 | 4,391 | 4,175 | 8,141 | 8,090 | |||||||||||||||
| Amortization of premium on marketable securities | 265 | 286 | 421 | 551 | 815 | |||||||||||||||
| Deferred income taxes | 9 | 77 | (3,729 | ) | 86 | 135 | ||||||||||||||
| Decrease in accounts receivable allowances | (80 | ) | (5 | ) | - | (85 | ) | (15 | ) | |||||||||||
| Excess tax benefit from employee stock plans | - | - | (213 | ) | - | (213 | ) | |||||||||||||
| Tax benefit (deficiency) associated with employee stock plans | - | (189 | ) | 364 | (189 | ) | 364 | |||||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | (500 | ) | (550 | ) | (22 | ) | (1,050 | ) | (4,039 | ) | ||||||||||
| Inventories | 779 | 424 | (3,294 | ) | 1,203 | (8,946 | ) | |||||||||||||
| Prepaid expenses and other assets | 2,077 | (227 | ) | 3,475 | 1,850 | 5,300 | ||||||||||||||
| Accounts payable | 5,954 | 349 | 782 | 6,303 | 1,870 | |||||||||||||||
| Taxes payable and other accrued liabilities | (751 | ) | (1,076 | ) | 881 | (1,827 | ) | (4,743 | ) | |||||||||||
| Deferred income on sales to distributors | (796 | ) | 2,031 | 1,285 | 1,235 | 3,401 | ||||||||||||||
| Net cash provided by operating activities | 25,061 | 17,672 | 26,235 | 42,733 | 42,478 | |||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment | (1,822 | ) | (3,322 | ) | (5,420 | ) | (5,144 | ) | (9,885 | ) | ||||||||||
| Acquisition, net of cash acquired | (184 | ) | (15,365 | ) | - | (15,549 | ) | - | ||||||||||||
| Purchases of marketable securities | (9,993 | ) | - | - | (9,993 | ) | (24,751 | ) | ||||||||||||
| Proceeds from sales and maturities of marketable securities | 2,250 | 26,785 | - | 29,035 | - | |||||||||||||||
| Net cash provided by (used in) investing activities | (9,749 | ) | 8,098 | (5,420 | ) | (1,651 | ) | (34,636 | ) | |||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
| Net proceeds from issuance of common stock | 856 | 3,519 | 2,822 | 4,375 | 9,867 | |||||||||||||||
| Repurchase of common stock | (22,335 | ) | (841 | ) | (25,731 | ) | (23,176 | ) | (25,731 | ) | ||||||||||
| Payments of dividends to stockholders | (3,529 | ) | (3,519 | ) | (3,026 | ) | (7,048 | ) | (6,059 | ) | ||||||||||
| Excess tax benefit from employee stock plans | - | - | 213 | - | 213 | |||||||||||||||
| Net cash used in financing activities | (25,008 | ) | (841 | ) | (25,722 | ) | (25,849 | ) | (21,710 | ) | ||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9,696 | ) | 24,929 | (4,907 | ) | 15,233 | (13,868 | ) | ||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 85,637 | 60,708 | 83,967 | 60,708 | 92,928 | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 75,941 | $ | 85,637 | $ | 79,060 | $ | 75,941 | $ | 79,060 | ||||||||||
Power Integrations Reports Second-Quarter Financial Results
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