Power Integrations Reports Third-Quarter Financial Results
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POWER INTEGRATIONS, INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
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Three Months Ended
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Nine Months Ended
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September 30, 2016
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June 30, 2016
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September 30, 2015
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September 30, 2016
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September 30, 2015
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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14,165
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$
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11,265
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$
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11,513
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$
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34,273
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$
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26,446
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Adjustments to reconcile net income to cash provided by operating
activities
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Depreciation
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4,149
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4,206
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4,168
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12,670
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12,235
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Amortization of intangible assets
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1,612
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1,647
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1,732
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5,051
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5,247
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Loss on disposal of property and equipment
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68
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70
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270
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216
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270
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Stock-based compensation expense
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5,789
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5,012
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3,361
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15,217
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11,502
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Amortization of premium on marketable securities
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55
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169
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258
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484
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809
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Deferred income taxes
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276
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300
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66
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490
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152
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Increase (decrease) in accounts receivable allowances
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110
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104
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213
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303
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128
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Tax shortfall associated with employee stock plans
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-
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-
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-
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-
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(189
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)
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Change in operating assets and liabilities:
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Accounts receivable
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(779
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)
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(2,820
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)
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1,938
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(7,164
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)
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888
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Inventories
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(3,192
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)
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(1,084
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)
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8,792
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1,993
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9,995
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Prepaid expenses and other assets
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(764
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)
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229
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2,428
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(1,403
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)
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4,278
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Accounts payable
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5,998
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4,879
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(8,338
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9,037
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(2,035
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Taxes payable and other accrued liabilities
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(675
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(153
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(1,752
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(2,241
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)
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(3,579
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Deferred income on sales to distributors
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(554
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)
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(214
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)
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6
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1,233
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1,241
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Net cash provided by operating activities
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26,258
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23,610
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24,655
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70,159
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67,388
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of property and equipment
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(3,184
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(2,795
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(2,475
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(8,074
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(7,619
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Payment for purchase of building
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-
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-
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(10,389
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-
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(10,389
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Payment for acquisition, net of cash acquired
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-
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-
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-
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-
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(15,549
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Purchases of marketable securities
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(56,187
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(20,984
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(4,940
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(122,398
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(14,933
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Proceeds from sales and maturities of marketable securities
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22,207
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14,390
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8,424
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75,128
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37,459
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Net cash used in investing activities
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(37,164
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(9,389
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(9,380
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(55,344
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(11,031
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CASH FLOWS FROM FINANCING ACTIVITIES
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Net proceeds from issuance of common stock
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5,224
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491
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2,527
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8,672
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6,902
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Repurchase of common stock
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-
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(350
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)
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(30,555
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)
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(6,435
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)
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(53,731
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Payments of dividends to stockholders
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(3,771
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)
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(3,754
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(3,453
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)
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(11,254
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(10,501
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Net cash provided by (used in) financing activities
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1,453
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(3,613
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)
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(31,481
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)
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(9,017
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)
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(57,330
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)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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(9,453
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)
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10,608
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(16,206
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)
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5,798
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(973
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)
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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105,343
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94,735
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75,941
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90,092
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60,708
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CASH AND CASH EQUIVALENTS AT END OF PERIOD
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$
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95,890
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$
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105,343
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$
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59,735
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$
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95,890
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$
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59,735
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