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