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, 2017
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June 30, 2017
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September 30, 2016
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September 30, 2017
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September 30, 2016
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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16,506
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$
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13,902
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$
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12,809
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$
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44,507
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$
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34,595
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Adjustments to reconcile net income to cash provided by operating
activities
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Depreciation
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4,854
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4,357
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4,149
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13,323
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12,670
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Amortization of intangible assets
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1,453
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1,566
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1,612
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4,631
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5,051
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Loss on disposal of property and equipment
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286
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-
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68
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324
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216
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Stock-based compensation expense
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6,526
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6,327
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5,789
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17,822
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15,217
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Amortization of premium on marketable securities
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295
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257
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55
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803
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484
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Deferred income taxes
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163
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457
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281
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(485
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)
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506
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Increase in accounts receivable allowances
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129
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80
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110
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209
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303
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Change in operating assets and liabilities:
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Accounts receivable
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1,376
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(3,731
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)
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656
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(10,873
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(5,596
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)
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Inventories
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(2,726
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(1,283
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(3,192
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(2,594
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)
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1,993
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Prepaid expenses and other assets
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(12,699
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(115
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(1,402
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)
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(21,048
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)
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(2,076
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Accounts payable
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8,928
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(1,252
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)
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5,998
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5,299
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9,037
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Taxes payable and other accrued liabilities
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(529
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)
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3,523
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(675
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)
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2,679
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(2,241
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)
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Net cash provided by operating activities
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24,562
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24,088
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26,258
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54,597
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70,159
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of property and equipment
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(6,691
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)
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(16,473
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(3,184
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)
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(29,567
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(8,074
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Purchases of marketable securities
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(34,499
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(49,636
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(56,187
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(146,073
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(122,398
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)
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Proceeds from sales and maturities of marketable securities
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42,555
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31,800
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22,207
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120,695
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75,128
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Net cash provided by (used in) investing activities
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1,365
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(34,309
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)
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(37,164
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)
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(54,945
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)
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(55,344
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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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3,022
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697
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5,224
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8,111
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8,672
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Repurchase of common stock
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(6,734
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)
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-
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-
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(6,734
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)
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(6,435
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)
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Payments of dividends to stockholders
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(4,164
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)
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(4,162
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)
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(3,771
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)
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(12,463
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)
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(11,254
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)
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Proceeds from draw on line of credit
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5,000
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-
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-
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5,000
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-
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Payments on line of credit
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(5,000
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-
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-
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(5,000
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-
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Net cash provided by (used in) financing activities
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(7,876
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)
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(3,465
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)
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1,453
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(11,086
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(9,017
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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18,051
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(13,686
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)
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(9,453
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)
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(11,434
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)
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5,798
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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32,649
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46,335
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105,343
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62,134
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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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50,700
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$
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32,649
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$
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95,890
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$
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50,700
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$
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95,890
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