| POWER INTEGRATIONS, INC. | ||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
| (in thousands) | ||||||||||||||
| Three Months Ended | ||||||||||||||
|
March 31, 2019 |
December 31, 2018 |
March 31, 2018 |
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| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
| Net income | $ | 7,233 | $ | 22,736 | $ | 14,200 | ||||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||
| Depreciation | 4,610 | 4,549 | 4,931 | |||||||||||
| Amortization of intangible assets | 1,255 | 1,300 | 1,348 | |||||||||||
| Loss on disposal of property and equipment | 96 | 98 | 38 | |||||||||||
| Stock-based compensation expense | 4,407 | 5,442 | 5,625 | |||||||||||
| Amortization of premium (accretion of discount) on marketable securities | (110 | ) | (115 | ) | 262 | |||||||||
| Deferred income taxes | 1,161 | (3,070 | ) | (140 | ) | |||||||||
| Increase (decrease) in accounts receivable allowances | (180 | ) | (198 | ) | 5 | |||||||||
| Change in operating assets and liabilities: | ||||||||||||||
| Accounts receivable | (9,293 | ) | 2,868 | (934 | ) | |||||||||
| Inventories | (4,223 | ) | (6,656 | ) | (6,121 | ) | ||||||||
| Prepaid expenses and other assets | (4,229 | ) | 1,226 | (3,141 | ) | |||||||||
| Accounts payable | 1,220 | (1,311 | ) | 233 | ||||||||||
| Taxes payable and other accrued liabilities | (871 | ) | (8,540 | ) | (577 | ) | ||||||||
| Net cash provided by operating activities | 1,076 | 18,329 | 15,729 | |||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
| Purchases of property and equipment | (3,459 | ) | (5,557 | ) | (6,491 | ) | ||||||||
| Acquisition of technology licenses | (214 | ) | - | (500 | ) | |||||||||
| Purchases of marketable securities | (4,793 | ) | (4,612 | ) | - | |||||||||
| Proceeds from sales and maturities of marketable securities | 6,787 | 10,050 | 52,366 | |||||||||||
| Net cash provided by (used in) investing activities | (1,679 | ) | (119 | ) | 45,375 | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
| Net proceeds from issuance of common stock | 4,500 | 803 | 4,657 | |||||||||||
| Repurchase of common stock | (7,302 | ) | (28,776 | ) | (33,314 | ) | ||||||||
| Payments of dividends to stockholders | (4,937 | ) | (4,651 | ) | (4,775 | ) | ||||||||
| Proceeds from draw on line of credit | - | - | 8,000 | |||||||||||
| Payments on line of credit | - | - | (8,000 | ) | ||||||||||
| Net cash used in financing activities | (7,739 | ) | (32,624 | ) | (33,432 | ) | ||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,342 | ) | (14,414 | ) | 27,672 | |||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 134,137 | 148,551 | 93,655 | |||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 125,795 | $ | 134,137 | $ | 121,327 | ||||||||
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Power Integrations Reports First-Quarter Financial Results
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