Power Integrations Reports Fourth-Quarter Financial Results

           
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Three Months Ended Twelve Months Ended

December 31, 2018

September 30, 2018

December 31, 2017

December 31, 2018

December 31, 2017

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 22,736 $ 17,667 $ (16,898 ) $ 69,984 $ 27,609
Adjustments to reconcile net income (loss) to cash provided by operating activities
Depreciation 4,549 4,678 5,051 18,918 18,374
Amortization of intangible assets 1,300 1,299 1,452 5,267 6,083
Loss on disposal of property and equipment 98 395 36 553 360
Stock-based compensation expense 5,442 4,398 6,855 21,580 24,677
Amortization of premium (accretion of discount) on marketable securities (115 ) (34 ) 297 227 1,100
Deferred income taxes (3,070 ) (495 ) 16,323 (4,465 ) 15,838
Increase (decrease) in accounts receivable allowances (198 ) 153 - (28 ) 209
Change in operating assets and liabilities:
Accounts receivable 2,868 (7,052 ) 394 5,754 (10,479 )
Inventories (6,656 ) (5,377 ) (1,929 ) (23,770 ) (4,523 )
Prepaid expenses and other assets 1,226 (1,333 ) 3,402 (1,495 ) (17,646 )
Accounts payable (1,311 ) 9,923 (4,903 ) 1,336 396
Taxes payable and other accrued liabilities   (8,540 )   (1,013 )   17,362     (9,897 )   20,041  
Net cash provided by operating activities   18,329     23,209     27,442     83,964     82,039  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (5,557 ) (8,607 ) (2,929 ) (24,677 ) (32,496 )
Acquisition of technology licenses - (400 ) - (900 ) -
Purchases of marketable securities (4,612 ) (58,221 ) (5,590 ) (62,833 ) (151,663 )
Proceeds from sales and maturities of marketable securities   10,050     57,148     28,748     157,551     149,443  
Net cash provided by (used in) investing activities   (119 )   (10,080 )   20,229     69,141     (34,716 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 803 2,915 1,909 9,353 10,020
Repurchase of common stock (28,776 ) (10,988 ) (2,454 ) (103,153 ) (9,188 )
Payments of dividends to stockholders (4,651 ) (4,692 ) (4,171 ) (18,823 ) (16,634 )
Proceeds from draw on line of credit - - - 8,000 5,000
Payments on line of credit   -     -     -     (8,000 )   (5,000 )
Net cash used in financing activities   (32,624 )   (12,765 )   (4,716 )   (112,623 )   (15,802 )
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,414 ) 364 42,955 40,482 31,521
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   148,551     148,187     50,700     93,655     62,134  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 134,137   $ 148,551   $ 93,655   $ 134,137   $ 93,655  

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