Power Integrations Reports Fourth-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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Twelve Months Ended
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December 31, 2015
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September 30, 2015
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December 31, 2014
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December 31, 2015
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December 31, 2014
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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12,701
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$
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11,513
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$
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14,354
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$
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39,147
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$
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59,544
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Adjustments to reconcile net income to cash provided by operating
activities
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Depreciation
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4,229
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4,168
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4,035
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16,464
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15,884
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Amortization of intangible assets
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1,792
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1,732
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1,349
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7,039
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6,072
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Loss on disposal of property and equipment
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91
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270
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80
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361
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250
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Stock-based compensation expense
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3,265
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3,361
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3,612
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14,767
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14,282
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Amortization of premium on marketable securities
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254
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258
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398
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1,063
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1,694
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Deferred income taxes
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(5,568
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66
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939
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(5,416
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157
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Increase (decrease) in accounts receivable allowances
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(1
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213
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(5
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127
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70
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Excess tax benefit from employee stock plans
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-
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-
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-
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-
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(437
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Tax benefit (deficiency) associated with employee stock plans
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-
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-
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-
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(189
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815
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Change in operating assets and liabilities:
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Accounts receivable
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3,243
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1,938
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200
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4,131
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2,133
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Inventories
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3,505
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8,792
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(7,064
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13,500
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(21,703
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Prepaid expenses and other assets
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(887
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2,428
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(1,744
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3,391
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8,211
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Accounts payable
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35
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(8,338
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(172
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(2,000
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2,337
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Taxes payable and other accrued liabilities
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3,503
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(1,752
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15
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(76
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(3,242
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Deferred income on sales to distributors
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(1,363
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6
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(3,522
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(122
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(505
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Net cash provided by operating activities
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24,799
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24,655
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12,475
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92,187
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85,562
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of property and equipment
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(3,740
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(2,475
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(5,677
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(11,359
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(23,071
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Payment for purchase of building
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-
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(10,389
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-
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(10,389
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-
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Payment for acquisition, net of cash acquired
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-
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-
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-
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(15,549
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-
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Loan to third party
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-
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-
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(6,600
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-
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(6,600
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Other assets
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-
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-
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-
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-
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(1,261
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Purchases of marketable securities
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(14,815
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(4,940
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-
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(29,748
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(45,269
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Proceeds from sales and maturities of marketable securities
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21,850
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8,424
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38,052
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59,309
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38,052
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Net cash provided by (used in) investing activities
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3,295
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(9,380
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25,775
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(7,736
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(38,149
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CASH FLOWS FROM FINANCING ACTIVITIES
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Net proceeds from issuance of common stock
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5,678
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2,527
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751
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12,580
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13,855
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Repurchase of common stock
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-
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(30,555
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(35,502
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(53,731
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(80,760
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Payments of dividends to stockholders
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(3,415
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(3,453
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(3,511
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(13,916
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(13,165
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Excess tax benefit from employee stock plans
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-
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-
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-
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-
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437
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Net cash provided by (used in) financing activities
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2,263
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(31,481
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(38,262
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(55,067
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(79,633
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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30,357
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(16,206
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(12
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29,384
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(32,220
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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59,735
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75,941
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60,720
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60,708
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92,928
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CASH AND CASH EQUIVALENTS AT END OF PERIOD
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$
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90,092
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$
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59,735
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$
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60,708
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$
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90,092
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$
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60,708
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