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POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
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| Three Months Ended | |||||||||||||
| March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
| Net income | $ | 14,099 | $ | 14,303 | $ | 10,379 | |||||||
| Adjustments to reconcile net income to cash provided by operating activities | |||||||||||||
| Depreciation | 4,112 | 4,142 | 4,315 | ||||||||||
| Amortization of intangible assets | 1,612 | 1,612 | 1,792 | ||||||||||
| Loss on disposal of property and equipment | 38 | 116 | 78 | ||||||||||
| Stock-based compensation expense | 4,969 | 5,668 | 4,416 | ||||||||||
| Amortization of premium on marketable securities | 251 | 71 | 260 | ||||||||||
| Deferred income taxes | (1,105 | ) | (1,144 | ) | (81 | ) | |||||||
| Increase (decrease) in accounts receivable allowances | - | (96 | ) | 89 | |||||||||
| Change in operating assets and liabilities: | |||||||||||||
| Accounts receivable | (8,518 | ) | 6,347 | (2,585 | ) | ||||||||
| Inventories | 1,415 | (2,623 | ) | 6,269 | |||||||||
| Prepaid expenses and other assets | (8,234 | ) | (448 | ) | (1,388 | ) | |||||||
| Accounts payable | (2,377 | ) | (1,323 | ) | (1,840 | ) | |||||||
| Taxes payable and other accrued liabilities | (315 | ) | 1,117 | (1,413 | ) | ||||||||
| Net cash provided by operating activities | 5,947 | 27,742 | 20,291 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
| Purchases of property and equipment | (6,403 | ) | (4,124 | ) | (2,095 | ) | |||||||
| Purchases of marketable securities | (61,938 | ) | (66,256 | ) | (45,227 | ) | |||||||
| Proceeds from sales and maturities of marketable securities | 46,340 | 8,295 | 38,531 | ||||||||||
| Net cash used in investing activities | (22,001 | ) | (62,085 | ) | (8,791 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
| Net proceeds from issuance of common stock | 4,392 | 4,387 | 2,957 | ||||||||||
| Repurchase of common stock | - | - | (6,085 | ) | |||||||||
| Payments of dividends to stockholders | (4,137 | ) | (3,800 | ) | (3,729 | ) | |||||||
| Net cash provided by (used in) financing activities | 255 | 587 | (6,857 | ) | |||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (15,799 | ) | (33,756 | ) | 4,643 | ||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 62,134 | 95,890 | 90,092 | ||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 46,335 | $ | 62,134 | $ | 94,735 | |||||||
Power Integrations Reports First-Quarter Financial Results
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