| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
|
June 30,
|
March 31,
|
June 30,
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June 30,
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June 30,
|
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| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ | 13,902 | $ | 14,099 | $ | 11,407 | $ | 28,001 | $ | 21,786 | ||||||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation | 4,357 | 4,112 | 4,206 | 8,469 | 8,521 | |||||||||||||||
| Amortization of intangible assets | 1,566 | 1,612 | 1,647 | 3,178 | 3,439 | |||||||||||||||
| Loss on disposal of property and equipment | - | 38 | 70 | 38 | 148 | |||||||||||||||
| Stock-based compensation expense | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | |||||||||||||||
| Amortization of premium on marketable securities | 257 | 251 | 169 | 508 | 429 | |||||||||||||||
| Deferred income taxes | 457 | (1,105 | ) | 306 | (648 | ) | 225 | |||||||||||||
| Increase in accounts receivable allowances | 80 | - | 104 | 80 | 193 | |||||||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | (3,731 | ) | (8,518 | ) | (3,667 | ) | (12,249 | ) | (6,252 | ) | ||||||||||
| Inventories | (1,283 | ) | 1,415 | (1,084 | ) | 132 | 5,185 | |||||||||||||
| Prepaid expenses and other assets | (115 | ) | (8,234 | ) | 714 | (8,349 | ) | (674 | ) | |||||||||||
| Accounts payable | (1,252 | ) | (2,377 | ) | 4,879 | (3,629 | ) | 3,039 | ||||||||||||
| Taxes payable and other accrued liabilities | 3,523 | (315 | ) | (153 | ) | 3,208 | (1,566 | ) | ||||||||||||
| Net cash provided by operating activities | 24,088 | 5,947 | 23,610 | 30,035 | 43,901 | |||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment | (16,473 | ) | (6,403 | ) | (2,795 | ) | (22,876 | ) | (4,890 | ) | ||||||||||
| Purchases of marketable securities | (49,636 | ) | (61,938 | ) | (20,984 | ) | (111,574 | ) | (66,211 | ) | ||||||||||
| Proceeds from sales and maturities of marketable securities | 31,800 | 46,340 | 14,390 | 78,140 | 52,921 | |||||||||||||||
| Net cash used in investing activities | (34,309 | ) | (22,001 | ) | (9,389 | ) | (56,310 | ) | (18,180 | ) | ||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
| Net proceeds from issuance of common stock | 697 | 4,392 | 491 | 5,089 | 3,448 | |||||||||||||||
| Repurchase of common stock | - | - | (350 | ) | - | (6,435 | ) | |||||||||||||
| Payments of dividends to stockholders | (4,162 | ) | (4,137 | ) | (3,754 | ) | (8,299 | ) | (7,483 | ) | ||||||||||
| Net cash provided by (used in) financing activities | (3,465 | ) | 255 | (3,613 | ) | (3,210 | ) | (10,470 | ) | |||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (13,686 | ) | (15,799 | ) | 10,608 | (29,485 | ) | 15,251 | ||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 46,335 | 62,134 | 94,735 | 62,134 | 90,092 | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 32,649 | $ | 46,335 | $ | 105,343 | $ | 32,649 | $ | 105,343 | ||||||||||
Power Integrations Reports Second-Quarter Financial Results
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