Power Integrations Reports Second-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
Three Months Ended Six Months Ended

June 30, 2016

March 31, 2016

June 30, 2015

June 30, 2016

June 30, 2015

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 11,265 $ 8,843 $ 8,590 $ 20,108 $ 14,933
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,206 4,315 4,035 8,521 8,067
Amortization of intangible assets 1,647 1,792 1,729 3,439 3,515
Loss on disposal of property and equipment 70 78 - 148 -
Stock-based compensation expense 5,012 4,416 3,750 9,428 8,141
Amortization of premium on marketable securities 169 260 265 429 551
Deferred income taxes 300 (86 ) 9 214 86
Increase (decrease) in accounts receivable allowances 104 89 (80 ) 193 (85 )
Tax shortfall associated with employee stock plans - - - - (189 )
Change in operating assets and liabilities:
Accounts receivable (2,820 ) (3,565 ) (500 ) (6,385 ) (1,050 )
Inventories (1,084 ) 6,269 779 5,185 1,203
Prepaid expenses and other assets 229 (868 ) 2,077 (639 ) 1,850
Accounts payable 4,879 (1,840 ) 5,954 3,039 6,303
Taxes payable and other accrued liabilities (153 ) (1,413 ) (751 ) (1,566 ) (1,827 )
Deferred income on sales to distributors   (214 )   2,001     (796 )   1,787     1,235  

Net cash provided by operating activities

  23,610     20,291     25,061     43,901     42,733  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (2,795 ) (2,095 ) (1,822 ) (4,890 ) (5,144 )
Payment for acquisition, net of cash acquired - - (184 ) - (15,549 )
Purchases of marketable securities (20,984 ) (45,227 ) (9,993 ) (66,211 ) (9,993 )
Proceeds from sales and maturities of marketable securities   14,390     38,531     2,250     52,921     29,035  
Net cash used in investing activities   (9,389 )   (8,791 )   (9,749 )   (18,180 )   (1,651 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 491 2,957 856 3,448 4,375
Repurchase of common stock (350 ) (6,085 ) (22,335 ) (6,435 ) (23,176 )
Payments of dividends to stockholders   (3,754 )   (3,729 )   (3,529 )   (7,483 )   (7,048 )
Net cash used in financing activities   (3,613 )   (6,857 )   (25,008 )   (10,470 )   (25,849 )
 
NET INCREASE IN CASH AND CASH EQUIVALENTS 10,608 4,643 (9,696 ) 15,251 15,233
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   94,735     90,092     85,637     90,092     60,708  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 105,343   $ 94,735   $ 75,941   $ 105,343   $ 75,941  

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