| POWER INTEGRATIONS, INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
|
March 31, 2016 |
December 31, 2015 |
March 31, 2015 |
||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | $ | 8,843 | $ | 12,701 | $ | 6,343 | ||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||
| Depreciation | 4,315 | 4,229 | 4,032 | |||||||||
| Amortization of intangible assets | 1,792 | 1,792 | 1,786 | |||||||||
| Loss on disposal of property and equipment | 78 | 91 | - | |||||||||
| Stock-based compensation expense | 4,416 | 3,265 | 4,391 | |||||||||
| Amortization of premium on marketable securities | 260 | 254 | 286 | |||||||||
| Deferred income taxes | (86 | ) | (5,568 | ) | 77 | |||||||
| Increase (decrease) in accounts receivable allowances | 89 | (1 | ) | (5 | ) | |||||||
| Tax shortfall associated with employee stock plans | - | - | (189 | ) | ||||||||
| Change in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (3,565 | ) | 3,243 | (550 | ) | |||||||
| Inventories | 6,269 | 3,505 | 424 | |||||||||
| Prepaid expenses and other assets | (868 | ) | (887 | ) | (227 | ) | ||||||
| Accounts payable | (1,840 | ) | 35 | 349 | ||||||||
| Taxes payable and other accrued liabilities | (1,413 | ) | 3,503 | (1,076 | ) | |||||||
| Deferred income on sales to distributors | 2,001 | (1,363 | ) | 2,031 | ||||||||
| Net cash provided by operating activities | 20,291 | 24,799 | 17,672 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchases of property and equipment | (2,095 | ) | (3,740 | ) | (3,322 | ) | ||||||
| Payment for acquisition, net of cash acquired | - | - | (15,365 | ) | ||||||||
| Purchases of marketable securities | (45,227 | ) | (14,815 | ) | - | |||||||
| Proceeds from sales and maturities of marketable securities | 38,531 | 21,850 | 26,785 | |||||||||
| Net cash provided by (used in) investing activities | (8,791 | ) | 3,295 | 8,098 | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
| Net proceeds from issuance of common stock | 2,957 | 5,678 | 3,519 | |||||||||
| Repurchase of common stock | (6,085 | ) | - | (841 | ) | |||||||
| Payments of dividends to stockholders | (3,729 | ) | (3,415 | ) | (3,519 | ) | ||||||
| Net cash provided by (used in) financing activities | (6,857 | ) | 2,263 | (841 | ) | |||||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,643 | 30,357 | 24,929 | |||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 90,092 | 59,735 | 60,708 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 94,735 | $ | 90,092 | $ | 85,637 | ||||||
Power Integrations Reports First-Quarter Financial Results
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