Power Integrations Reports Third-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Three Months Ended   Nine Months Ended
September 30, 2017   June 30, 2017   September 30, 2016 September 30, 2017   September 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 16,506 $ 13,902 $ 12,809 $ 44,507 $ 34,595
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,854 4,357 4,149 13,323 12,670
Amortization of intangible assets 1,453 1,566 1,612 4,631 5,051
Loss on disposal of property and equipment 286 - 68 324 216
Stock-based compensation expense 6,526 6,327 5,789 17,822 15,217
Amortization of premium on marketable securities 295 257 55 803 484
Deferred income taxes 163 457 281 (485 ) 506
Increase in accounts receivable allowances 129 80 110 209 303
Change in operating assets and liabilities:
Accounts receivable 1,376 (3,731 ) 656 (10,873 ) (5,596 )
Inventories (2,726 ) (1,283 ) (3,192 ) (2,594 ) 1,993
Prepaid expenses and other assets (12,699 ) (115 ) (1,402 ) (21,048 ) (2,076 )
Accounts payable 8,928 (1,252 ) 5,998 5,299 9,037
Taxes payable and other accrued liabilities   (529 )   3,523     (675 )   2,679     (2,241 )
Net cash provided by operating activities   24,562     24,088     26,258     54,597     70,159  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (6,691 ) (16,473 ) (3,184 ) (29,567 ) (8,074 )
Purchases of marketable securities (34,499 ) (49,636 ) (56,187 ) (146,073 ) (122,398 )
Proceeds from sales and maturities of marketable securities   42,555     31,800     22,207     120,695     75,128  
Net cash provided by (used in) investing activities   1,365     (34,309 )   (37,164 )   (54,945 )   (55,344 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 3,022 697 5,224 8,111 8,672
Repurchase of common stock (6,734 ) - - (6,734 ) (6,435 )
Payments of dividends to stockholders (4,164 ) (4,162 ) (3,771 ) (12,463 ) (11,254 )
Proceeds from draw on line of credit 5,000 - - 5,000 -
Payments on line of credit   (5,000 )   -     -     (5,000 )   -  
Net cash provided by (used in) financing activities   (7,876 )   (3,465 )   1,453     (11,086 )   (9,017 )
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,051 (13,686 ) (9,453 ) (11,434 ) 5,798
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   32,649     46,335     105,343     62,134     90,092  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 50,700   $ 32,649   $ 95,890   $ 50,700   $ 95,890  

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