Power Integrations Reports Fourth-Quarter Financial Results


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

	Three Months Ended									Twelve Months Ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	22,736		$	17,667		$	(16,898	)	$	69,984		$	27,609
Adjustments to reconcile net income (loss) to cash provided by operating activities
Depreciation		4,549			4,678			5,051			18,918			18,374
Amortization of intangible assets		1,300			1,299			1,452			5,267			6,083
Loss on disposal of property and equipment		98			395			36			553			360
Stock-based compensation expense		5,442			4,398			6,855			21,580			24,677
Amortization of premium (accretion of discount) on marketable securities		(115	)		(34	)		297			227			1,100
Deferred income taxes		(3,070	)		(495	)		16,323			(4,465	)		15,838
Increase (decrease) in accounts receivable allowances		(198	)		153			-			(28	)		209
Change in operating assets and liabilities:
Accounts receivable		2,868			(7,052	)		394			5,754			(10,479	)
Inventories		(6,656	)		(5,377	)		(1,929	)		(23,770	)		(4,523	)
Prepaid expenses and other assets		1,226			(1,333	)		3,402			(1,495	)		(17,646	)
Accounts payable		(1,311	)		9,923			(4,903	)		1,336			396
Taxes payable and other accrued liabilities		(8,540	)		(1,013	)		17,362			(9,897	)		20,041
Net cash provided by operating activities		18,329			23,209			27,442			83,964			82,039

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(5,557	)		(8,607	)		(2,929	)		(24,677	)		(32,496	)
Acquisition of technology licenses		-			(400	)		-			(900	)		-
Purchases of marketable securities		(4,612	)		(58,221	)		(5,590	)		(62,833	)		(151,663	)
Proceeds from sales and maturities of marketable securities		10,050			57,148			28,748			157,551			149,443
Net cash provided by (used in) investing activities		(119	)		(10,080	)		20,229			69,141			(34,716	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock		803			2,915			1,909			9,353			10,020
Repurchase of common stock		(28,776	)		(10,988	)		(2,454	)		(103,153	)		(9,188	)
Payments of dividends to stockholders		(4,651	)		(4,692	)		(4,171	)		(18,823	)		(16,634	)
Proceeds from draw on line of credit		-			-			-			8,000			5,000
Payments on line of credit		-			-			-			(8,000	)		(5,000	)
Net cash used in financing activities		(32,624	)		(12,765	)		(4,716	)		(112,623	)		(15,802	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(14,414	)		364			42,955			40,482			31,521

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		148,551			148,187			50,700			93,655			62,134

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	134,137		$	148,551		$	93,655		$	134,137		$	93,655

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 Next Page »