Power Integrations Reports First-Quarter Financial Results
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POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
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Three Months Ended
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March 31, 2017
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December 31, 2016
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March 31, 2016
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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14,099
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$
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14,303
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$
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10,379
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Adjustments to reconcile net income to cash provided by operating
activities
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Depreciation
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4,112
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4,142
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4,315
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Amortization of intangible assets
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1,612
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1,612
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1,792
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Loss on disposal of property and equipment
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38
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116
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78
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Stock-based compensation expense
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4,969
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5,668
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4,416
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Amortization of premium on marketable securities
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251
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71
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260
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Deferred income taxes
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(1,105
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)
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(1,144
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)
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(81
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)
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Increase (decrease) in accounts receivable allowances
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-
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(96
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)
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89
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Change in operating assets and liabilities:
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Accounts receivable
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(8,518
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)
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6,347
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(2,585
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)
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Inventories
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1,415
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(2,623
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)
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6,269
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Prepaid expenses and other assets
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(8,234
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)
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(448
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)
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(1,388
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Accounts payable
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(2,377
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)
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(1,323
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)
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(1,840
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)
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Taxes payable and other accrued liabilities
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(315
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)
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1,117
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(1,413
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Net cash provided by operating activities
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5,947
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27,742
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20,291
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of property and equipment
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(6,403
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)
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(4,124
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)
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(2,095
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Purchases of marketable securities
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(61,938
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)
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(66,256
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(45,227
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Proceeds from sales and maturities of marketable securities
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46,340
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8,295
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38,531
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Net cash used in investing activities
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(22,001
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)
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(62,085
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)
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(8,791
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)
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CASH FLOWS FROM FINANCING ACTIVITIES
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Net proceeds from issuance of common stock
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4,392
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4,387
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2,957
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Repurchase of common stock
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-
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-
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(6,085
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)
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Payments of dividends to stockholders
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(4,137
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)
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(3,800
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)
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(3,729
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)
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Net cash provided by (used in) financing activities
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255
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587
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(6,857
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)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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(15,799
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)
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(33,756
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)
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4,643
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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62,134
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95,890
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90,092
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CASH AND CASH EQUIVALENTS AT END OF PERIOD
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$
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46,335
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$
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62,134
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$
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94,735
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