| POWER INTEGRATIONS, INC. | |||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
| September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||
| Net income | $ | 14,165 | $ | 11,265 | $ | 11,513 | $ | 34,273 | $ | 26,446 | |||||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities | |||||||||||||||||||||||||||
| Depreciation | 4,149 | 4,206 | 4,168 | 12,670 | 12,235 | ||||||||||||||||||||||
| Amortization of intangible assets | 1,612 | 1,647 | 1,732 | 5,051 | 5,247 | ||||||||||||||||||||||
| Loss on disposal of property and equipment | 68 | 70 | 270 | 216 | 270 | ||||||||||||||||||||||
| Stock-based compensation expense | 5,789 | 5,012 | 3,361 | 15,217 | 11,502 | ||||||||||||||||||||||
| Amortization of premium on marketable securities | 55 | 169 | 258 | 484 | 809 | ||||||||||||||||||||||
| Deferred income taxes | 276 | 300 | 66 | 490 | 152 | ||||||||||||||||||||||
| Increase (decrease) in accounts receivable allowances | 110 | 104 | 213 | 303 | 128 | ||||||||||||||||||||||
| Tax shortfall associated with employee stock plans | - | - | - | - | (189 | ) | |||||||||||||||||||||
| Change in operating assets and liabilities: | |||||||||||||||||||||||||||
| Accounts receivable | (779 | ) | (2,820 | ) | 1,938 | (7,164 | ) | 888 | |||||||||||||||||||
| Inventories | (3,192 | ) | (1,084 | ) | 8,792 | 1,993 | 9,995 | ||||||||||||||||||||
| Prepaid expenses and other assets | (764 | ) | 229 | 2,428 | (1,403 | ) | 4,278 | ||||||||||||||||||||
| Accounts payable | 5,998 | 4,879 | (8,338 | ) | 9,037 | (2,035 | ) | ||||||||||||||||||||
| Taxes payable and other accrued liabilities | (675 | ) | (153 | ) | (1,752 | ) | (2,241 | ) | (3,579 | ) | |||||||||||||||||
| Deferred income on sales to distributors | (554 | ) | (214 | ) | 6 | 1,233 | 1,241 | ||||||||||||||||||||
| Net cash provided by operating activities | 26,258 | 23,610 | 24,655 | 70,159 | 67,388 | ||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||
| Purchases of property and equipment | (3,184 | ) | (2,795 | ) | (2,475 | ) | (8,074 | ) | (7,619 | ) | |||||||||||||||||
| Payment for purchase of building | - | - | (10,389 | ) | - | (10,389 | ) | ||||||||||||||||||||
| Payment for acquisition, net of cash acquired | - | - | - | - | (15,549 | ) | |||||||||||||||||||||
| Purchases of marketable securities | (56,187 | ) | (20,984 | ) | (4,940 | ) | (122,398 | ) | (14,933 | ) | |||||||||||||||||
| Proceeds from sales and maturities of marketable securities | 22,207 | 14,390 | 8,424 | 75,128 | 37,459 | ||||||||||||||||||||||
| Net cash used in investing activities | (37,164 | ) | (9,389 | ) | (9,380 | ) | (55,344 | ) | (11,031 | ) | |||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||
| Net proceeds from issuance of common stock | 5,224 | 491 | 2,527 | 8,672 | 6,902 | ||||||||||||||||||||||
| Repurchase of common stock | - | (350 | ) | (30,555 | ) | (6,435 | ) | (53,731 | ) | ||||||||||||||||||
| Payments of dividends to stockholders | (3,771 | ) | (3,754 | ) | (3,453 | ) | (11,254 | ) | (10,501 | ) | |||||||||||||||||
| Net cash provided by (used in) financing activities | 1,453 | (3,613 | ) | (31,481 | ) | (9,017 | ) | (57,330 | ) | ||||||||||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9,453 | ) | 10,608 | (16,206 | ) | 5,798 | (973 | ) | |||||||||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 105,343 | 94,735 | 75,941 | 90,092 | 60,708 | ||||||||||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 95,890 | $ | 105,343 | $ | 59,735 | $ | 95,890 | $ | 59,735 | |||||||||||||||||
Power Integrations Reports Third-Quarter Financial Results
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