GAAP earnings were $0.77 per diluted share including tax benefit; non-GAAP earnings were $0.54 per diluted share; revenues were $93.3 million
Repurchased 488K shares in the quarter; quarterly dividend rises to $0.17 per share
SAN JOSE, Calif. — (BUSINESS WIRE) — February 7, 2019 — Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2018. Net revenues for the fourth quarter were $93.3 million, down 15 percent from the prior quarter and down 14 percent from the fourth quarter of 2017. Net income was $22.7 million or $0.77 per diluted share, including a tax benefit reflecting the revision of prior estimates of the transition tax from the 2017 U.S. tax legislation. This compares to net income of $0.59 per diluted share in the prior quarter and a net loss of $0.57 per share in the fourth quarter of 2017, in which the company incurred a charge associated with the tax legislation. Cash flow from operations was $18.3 million for the fourth quarter.
For the full year, net revenues were $416.0 million, a decrease of four percent compared to 2017. GAAP net income for the full year was $70.0 million or $2.32 per diluted share, compared to $0.90 per diluted share in 2017. Cash flow from operations for the full year was $84.0 million.
In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, the tax effects of these items, and the above-mentioned tax benefit and charge associated with the 2017 tax legislation. Non-GAAP net income for the fourth quarter of 2018 was $15.9 million or $0.54 per diluted share, compared with $0.77 per diluted share in the prior quarter and $0.74 per diluted share in the fourth quarter of 2017. Non-GAAP net income for the full year was $81.7 million or $2.71 per diluted share, compared to $2.84 per diluted share in 2017.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Our fourth-quarter results and first-quarter outlook reflect the current slowdown in demand across the industry. Nevertheless, we are well positioned to capitalize on a range of secular opportunities in the year ahead, including faster charging for mobile devices, energy efficiency, smart homes and appliances, renewable energy, and battery-powered tools and transportation. Our new BridgeSwitch™ ICs expand our opportunity in appliances and other motor-drive applications, adding about half a billion dollars to our addressable market.”
Additional Highlights
- Power Integrations repurchased approximately 488,000 shares of its common stock during the fourth quarter, utilizing $28.8 million. At quarter end, $51.2 million remained available in the company’s repurchase authorization.
- The company paid a dividend of $0.16 per share on December 31, 2018. The company’s board has declared dividends of $0.17 per share for each quarter of 2019, the first of which is scheduled to be paid on March 29 to stockholders of record as of February 28.
Financial Outlook
The company issued the following forecast for the first quarter of 2019:
- Revenues are expected to be $90 million plus or minus $3 million.
- GAAP gross margin is expected to be approximately 51 percent. Non-GAAP gross margin is expected to be approximately 52 percent. (The difference between the expected GAAP and non-GAAP gross margins is composed of approximately 0.7 percentage points from amortization of acquisition-related intangible assets and 0.3 percentage points from stock-based compensation.)
- GAAP operating expenses are expected to be between $41 million and $41.5 million; non-GAAP operating expenses are expected to be between $35 million and $35.5 million. (Non-GAAP expenses are expected to exclude approximately $5.5 million of stock-based compensation and $0.5 million of amortization of acquisition-related intangible assets.)
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can join the call by dialing 1-647-689-4187. The call will also be available on the investor section of the company's website, http://investors.power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets (including in-place lease intangible assets), the tax effects of these items, and tax charges and benefits associated with the 2017 U.S. tax legislation. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. These non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.
Note Regarding Forward-Looking Statements
The above statements regarding the company’s forecast for its first-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, including changing tariffs and uncertainty regarding trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 14, 2018. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.
Power Integrations, BridgeSwitch and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
|
December 31, 2018 |
September 30, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
||||||||||||||||||
| NET REVENUES | $ | 93,307 | $ | 110,085 | $ | 108,249 | $ | 415,955 | 431,755 | |||||||||||||
| COST OF REVENUES | 45,302 | 53,080 | 54,221 | 201,167 | 218,091 | |||||||||||||||||
| GROSS PROFIT | 48,005 | 57,005 | 54,028 | 214,788 | 213,664 | |||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||
| Research and development | 17,965 | 17,236 | 17,180 | 70,580 | 68,501 | |||||||||||||||||
| Sales and marketing | 12,746 | 12,823 | 12,743 | 51,165 | 49,237 | |||||||||||||||||
| General and administrative | 8,796 | 8,466 | 9,127 | 35,496 | 36,142 | |||||||||||||||||
| Amortization of acquisition-related intangible assets | 455 | 455 | 513 | 1,899 | 2,147 | |||||||||||||||||
| Total operating expenses | 39,962 | 38,980 | 39,563 | 159,140 | 156,027 | |||||||||||||||||
| INCOME FROM OPERATIONS | 8,043 | 18,025 | 14,465 | 55,648 | 57,637 | |||||||||||||||||
| Other income, net | 1,297 | 1,098 | 796 | 4,116 | 2,662 | |||||||||||||||||
| INCOME BEFORE INCOME TAXES | 9,340 | 19,123 | 15,261 | 59,764 | 60,299 | |||||||||||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES | (13,396 | ) | 1,456 | 32,159 | (10,220 | ) | 32,690 | |||||||||||||||
| NET INCOME (LOSS) | $ | 22,736 | $ | 17,667 | $ | (16,898 | ) | $ | 69,984 | $ | 27,609 | |||||||||||
| EARNINGS PER SHARE: | ||||||||||||||||||||||
| Basic | $ | 0.78 | $ | 0.60 | $ | (0.57 | ) | $ | 2.38 | $ | 0.93 | |||||||||||
| Diluted | $ | 0.77 | $ | 0.59 | $ | (0.57 | ) | $ | 2.32 | $ | 0.90 | |||||||||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||||||||
| Basic | 29,164 | 29,365 | 29,759 | 29,456 | 29,674 | |||||||||||||||||
| Diluted | 29,651 | 29,998 | 29,759 | 30,147 | 30,545 | |||||||||||||||||
| SUPPLEMENTAL INFORMATION: | ||||||||||||||||||||||
| Stock-based compensation expenses included in: | ||||||||||||||||||||||
| Cost of revenues | $ | 313 | $ | 243 | $ | 436 | $ | 1,097 | $ | 1,321 | ||||||||||||
| Research and development | 1,944 | 1,634 | 2,338 | 7,688 | 8,496 | |||||||||||||||||
| Sales and marketing | 1,222 | 1,105 | 1,470 | 4,729 | 5,197 | |||||||||||||||||
| General and administrative | 1,963 | 1,416 | 2,611 | 8,066 | 9,663 | |||||||||||||||||
| Total stock-based compensation expense | $ | 5,442 | $ | 4,398 | $ | 6,855 | $ | 21,580 | $ | 24,677 | ||||||||||||
| Cost of revenues includes: | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 813 | $ | 814 | $ | 939 | $ | 3,253 | $ | 3,756 | ||||||||||||
| General & administrative expenses include: | ||||||||||||||||||||||
| Patent-litigation expenses | $ | 2,304 | $ | 2,305 | $ | 1,914 | $ | 8,525 | $ | 7,839 | ||||||||||||
| Other income, net includes: | ||||||||||||||||||||||
| Amortization of in-place lease intangible assets | $ | - | $ | - | $ | - | $ | - | $ | 180 | ||||||||||||
| REVENUE MIX BY END MARKET | ||||||||||||||||||||||
| Communications | 20 | % | 22 | % | 25 | % | 20 | % | 24 | % | ||||||||||||
| Computer | 6 | % | 6 | % | 5 | % | 5 | % | 5 | % | ||||||||||||
| Consumer | 34 | % | 35 | % | 37 | % | 38 | % | 38 | % | ||||||||||||
| Industrial | 40 | % | 37 | % | 33 | % | 37 | % | 33 | % | ||||||||||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | ||||||||||||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
|
December 31, 2018 |
September 30, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||||
| GAAP gross profit | $ | 48,005 | $ | 57,005 | $ | 54,028 | $ | 214,788 | $ | 213,664 | ||||||||||||
| GAAP gross margin | 51.4 | % | 51.8 | % | 49.9 | % | 51.6 | % | 49.5 | % | ||||||||||||
| Stock-based compensation included in cost of revenues | 313 | 243 | 436 | 1,097 | 1,321 | |||||||||||||||||
| Amortization of acquisition-related intangible assets | 813 | 814 | 939 | 3,253 | 3,756 | |||||||||||||||||
| Non-GAAP gross profit | $ | 49,131 | $ | 58,062 | $ | 55,403 | $ | 219,138 | $ | 218,741 | ||||||||||||
| Non-GAAP gross margin | 52.7 | % | 52.7 | % | 51.2 | % | 52.7 | % | 50.7 | % | ||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||||
| GAAP operating expenses | $ | 39,962 | $ | 38,980 | $ | 39,563 | $ | 159,140 | $ | 156,027 | ||||||||||||
| Less:Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||
| Research and development | 1,944 | 1,634 | 2,338 | 7,688 | 8,496 | |||||||||||||||||
| Sales and marketing | 1,222 | 1,105 | 1,470 | 4,729 | 5,197 | |||||||||||||||||
| General and administrative | 1,963 | 1,416 | 2,611 | 8,066 | 9,663 | |||||||||||||||||
| Total | 5,129 | 4,155 | 6,419 | 20,483 | 23,356 | |||||||||||||||||
| Amortization of acquisition-related intangible assets | 455 | 455 | 513 | 1,899 | 2,147 | |||||||||||||||||
| Non-GAAP operating expenses | $ | 34,378 | $ | 34,370 | $ | 32,631 | $ | 136,758 | $ | 130,524 | ||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||||||||||||
| GAAP income from operations | $ | 8,043 | $ | 18,025 | $ | 14,465 | $ | 55,648 | $ | 57,637 | ||||||||||||
| GAAP operating margin | 8.6 | % | 16.4 | % | 13.4 | % | 13.4 | % | 13.3 | % | ||||||||||||
| Add:Total stock-based compensation | 5,442 | 4,398 | 6,855 | 21,580 | 24,677 | |||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,268 | 1,269 | 1,452 | 5,152 | 5,903 | |||||||||||||||||
| Non-GAAP income from operations | $ | 14,753 | $ | 23,692 | $ | 22,772 | $ | 82,380 | $ | 88,217 | ||||||||||||
| Non-GAAP operating margin | 15.8 | % | 21.5 | % | 21.0 | % | 19.8 | % | 20.4 | % | ||||||||||||
| RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | ||||||||||||||||||||||
| GAAP provision (benefit) for income taxes | $ | (13,396 | ) | $ | 1,456 | $ | 32,159 | $ | (10,220 | ) | $ | 32,690 | ||||||||||
| GAAP effective tax rate | -143.4 | % | 7.6 | % | 210.7 | % | -17.1 | % | 54.2 | % | ||||||||||||
| Impact of U.S. tax legislation | (9,687 | ) | - | 37,524 | (9,687 | ) | 37,524 | |||||||||||||||
| Tax effect of adjustments to GAAP results | (3,846 | ) | (167 | ) | (6,267 | ) | (5,361 | ) | (9,287 | ) | ||||||||||||
| Non-GAAP provision (benefit) for income taxes | $ | 137 | $ | 1,623 | $ | 902 | $ | 4,828 | $ | 4,453 | ||||||||||||
| Non-GAAP effective tax rate | 0.9 | % | 6.5 | % | 3.8 | % | 5.6 | % | 4.9 | % | ||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) PER SHARE (DILUTED) | ||||||||||||||||||||||
| GAAP net income (loss) | $ | 22,736 | $ | 17,667 | $ | (16,898 | ) | $ | 69,984 | $ | 27,609 | |||||||||||
| Adjustments to GAAP net income (loss) | ||||||||||||||||||||||
| Stock-based compensation | 5,442 | 4,398 | 6,855 | 21,580 | 24,677 | |||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,268 | 1,269 | 1,452 | 5,152 | 5,903 | |||||||||||||||||
| Amortization of in-place lease intangible assets | - | - | - | - | 180 | |||||||||||||||||
| Impact of U.S. tax legislation | (9,687 | ) | - | 37,524 | (9,687 | ) | 37,524 | |||||||||||||||
| Tax effect of items excluded from non-GAAP results | (3,846 | ) | (167 | ) | (6,267 | ) | (5,361 | ) | (9,287 | ) | ||||||||||||
| Non-GAAP net income | $ | 15,913 | $ | 23,167 | $ | 22,666 | $ | 81,668 | $ | 86,606 | ||||||||||||
|
Average shares outstanding for calculation of non-GAAP net income per share (diluted) |
29,651 | 29,998 | 30,692 | 30,147 | 30,545 | |||||||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.54 | $ | 0.77 | $ | 0.74 | $ | 2.71 | $ | 2.84 | ||||||||||||
| GAAP net income (loss) per share | $ | 0.77 | $ | 0.59 | $ | (0.57 | ) | $ | 2.32 | $ | 0.90 | |||||||||||
| POWER INTEGRATIONS, INC. | |||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||
| (in thousands) | |||||||||||||
|
December 31, 2018 |
September 30, 2018 |
December 31, 2017 |
|||||||||||
| ASSETS | |||||||||||||
| CURRENT ASSETS: | |||||||||||||
| Cash and cash equivalents | $ | 134,137 | $ | 148,551 | $ | 93,655 | |||||||
| Short-term marketable securities | 94,451 | 99,766 | 189,236 | ||||||||||
| Accounts receivable, net | 11,072 | 13,742 | 16,798 | ||||||||||
| Inventories | 80,857 | 74,201 | 57,087 | ||||||||||
| Prepaid expenses and other current assets | 11,915 | 12,573 | 7,758 | ||||||||||
| Total current assets | 332,432 | 348,833 | 364,534 | ||||||||||
| PROPERTY AND EQUIPMENT, net | 114,117 | 113,841 | 111,705 | ||||||||||
| INTANGIBLE ASSETS, net | 21,152 | 22,452 | 25,419 | ||||||||||
| GOODWILL | 91,849 | 91,849 | 91,849 | ||||||||||
| DEFERRED TAX ASSETS | 6,906 | 3,673 | 2,364 | ||||||||||
| OTHER ASSETS | 22,241 | 23,779 | 25,203 | ||||||||||
| Total assets | $ | 588,697 | $ | 604,427 | $ | 621,074 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
| CURRENT LIABILITIES: | |||||||||||||
| Accounts payable | $ | 31,552 | $ | 34,469 | $ | 33,211 | |||||||
| Accrued payroll and related expenses | 12,131 | 9,706 | 12,064 | ||||||||||
| Taxes payable | 933 | 1,311 | 1,767 | ||||||||||
| Other accrued liabilities | 3,750 | 5,019 | 4,009 | ||||||||||
| Total current liabilities | 48,366 | 50,505 | 51,051 | ||||||||||
| LONG-TERM LIABILITIES: | |||||||||||||
| Income taxes payable | 8,652 | 17,952 | 18,259 | ||||||||||
| Deferred tax liabilities | 216 | 52 | 138 | ||||||||||
| Other liabilities | 4,391 | 4,786 | 3,944 | ||||||||||
| Total liabilities | 61,625 | 73,295 | 73,392 | ||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||||
| Common stock | 28 | 28 | 29 | ||||||||||
| Additional paid-in capital | 126,164 | 148,696 | 198,384 | ||||||||||
| Accumulated other comprehensive loss | (1,689 | ) | (2,076 | ) | (2,139 | ) | |||||||
| Retained earnings | 402,569 | 384,484 | 351,408 | ||||||||||
| Total stockholders' equity | 527,072 | 531,132 | 547,682 | ||||||||||
| Total liabilities and stockholders' equity | $ | 588,697 | $ | 604,427 | $ | 621,074 | |||||||
| 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 | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190207005831/en/
Contact:
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
Email Contact