| 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 | ||||||||||
Power Integrations Reports Third-Quarter Financial Results
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