Power Integrations Reports First-Quarter Financial Results

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

March 31, 2019

December 31, 2018

March 31, 2018

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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