Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - POWER INTEGRATIONS INC | exhibit_992xrecastasc606x2.htm |
| 8-K - 8-K - POWER INTEGRATIONS INC | form8k_2x1x2017.htm |
Exhibit 99.1
NEWS RELEASE
Power Integrations Reports Fourth-Quarter Financial Results
Quarterly revenues grew 16 percent year-over-year to $101.1 million; GAAP earnings were $0.46 per diluted share; non-GAAP earnings were $0.67 per diluted share
Full-year revenues were $387.4 million, up 13 percent from the prior year; company generated $97.9 million in cash flow from operations in 2016
SAN JOSE, CALIF. - February 1, 2017 - Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2016. Net revenues for the fourth quarter were $101.1 million, a decrease of three percent from the prior quarter, and an increase of 16 percent from the fourth quarter of 2015. Net income was $13.6 million or $0.46 per diluted share, compared to $0.48 per diluted share in the prior quarter and $0.44 per diluted share in the fourth quarter of 2015. Cash flow from operations for the quarter was $27.7 million.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, amortization of intangible assets, other acquisition-related expenses, and the tax effects of these items. Non-GAAP net income for the fourth quarter was $20.2 million or $0.67 per diluted share, compared with $0.72 per diluted share in the prior quarter and $0.58 per diluted share in the fourth quarter of 2015.
For the full year, net revenues were $387.4 million, an increase of 13 percent compared to the prior year. GAAP net income for the year was $1.62 per diluted share, compared with $1.32 per diluted share in the prior year. Non-GAAP net income was $2.49 per diluted share, compared with $2.03 per diluted share in the prior year. Cash flow from operations totaled $97.9 million for the full year.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “We ended 2016 with another strong quarter, and we’re entering 2017 with momentum fueled by innovative products, an expanding addressable market, and dynamic secular trends such as faster charging for mobile devices, smarter homes and appliances, and the continued global push for greater energy efficiency and cleaner energy.”
Additional Highlights
• | The company had $250.5 million in cash and short-term marketable securities at quarter-end, an increase of $23.9 million during the quarter. |
• | Power Integrations paid a dividend of $0.13 per share on December 30, 2016. A dividend of $0.14 per share is scheduled to be paid on March 31, 2017, to stockholders of record as of February 28, 2017. |
• | Power Integrations was issued 13 U.S. patents during the fourth quarter. |
Adoption of New Accounting Standard for 2017
Effective January 1, 2017, Power Integrations adopted the Financial Accounting Standards Board’s new standard for revenue recognition (ASC 606), under which the company is required to recognize revenues on sales to distributors upon shipment (the “sell-in” method) beginning with the first quarter of 2017. Prior to adopting ASC 606, the company utilized the “sell-through”
method for a high percentage of its distribution sales; under this method revenue was deferred until distributors reported that they had sold the company’s products to end customers.
In adopting the new standard, Power Integrations elected to use the full retrospective method; accordingly, the company has recast its results for 2015 and 2016 as if the new standard had been in effect during those years. The table below displays the company’s revenues, cost of revenues and GAAP earnings per share for 2015 and 2016 as originally reported and as recast under the new standard. Full recast income statements, balance sheets and cash-flow statements, including reconciliations of non-GAAP measures, are available on the company’s investor website. (See document entitled “Recast Financials.”)
FY 2015 | FY 2016 | ||||||||||||||
(in millions, except per-share data) | Originally Reported | New Standard | Originally Reported | New Standard | |||||||||||
Net Revenues | $344.0 | $344.6 | $387.4 | $389.7 | |||||||||||
Cost of Revenues (GAAP) | $170.6 | $171.3 | $196.2 | $197.5 | |||||||||||
Net income/diluted share (GAAP) | $1.32 | $1.32 | $1.62 | $1.65 | |||||||||||
For the fourth quarter of 2016, revenues would have been $102.4 million under the new standard as compared to the $101.1 million originally reported; GAAP net income would have been $0.48 per diluted share as compared to the $0.46 per diluted share originally reported.
Sandeep Nayyar, Power Integrations’ chief financial officer, commented: “We do not expect the adoption of the new accounting standard to have a material impact on our full-year results, though changing to the sell-in method may affect the quarter-to-quarter seasonality of revenues within a given year. For example, our revenue outlook for the first quarter of 2017 reflects the fact that shipments to distributors normally exceed sell-through in the first quarter, resulting in higher first-quarter revenues than we would have expected under the prior accounting rules. If the sell-through method were still in effect, our revenue forecast for the first quarter would be lower by approximately $3 million.”
Financial Outlook
The company issued the following forecast for the first quarter of 2017:
• | Revenues (as calculated under the new revenue-recognition standard) are expected to be flat plus or minus three percent compared to the recast fourth-quarter revenues of $102.4 million. |
• | GAAP gross margin is expected to be between 47.9 percent and 48.4 percent; non-GAAP gross margin is expected to be between 49 percent and 49.5 percent. (The difference between the expected GAAP and non-GAAP gross margins is composed of approximately 0.9 percentage points from amortization of acquisition-related intangible assets and 0.2 percentage points from stock-based compensation.) |
• | GAAP operating expenses are expected to be between $35.6 million and $36.6 million; non-GAAP operating expenses are expected to be between $31 million and $32 million. (Non-GAAP expenses exclude approximately $4.0 million of stock-based compensation expenses and $0.6 million of amortization of acquisition-related intangible assets.) |
Conference Call Tomorrow at 8:00 a.m. Pacific Time
Power Integrations management will hold a conference call tomorrow, February 2, at 8:00 a.m. PT. Members of the investment community can join the call by dialing 1-647-788-4901. The call will also be available on the investor section of the company's website, http://investors.power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets and the write-up of acquired inventory, acquisition expenses, severance and transition expenses, amortization of in-place lease intangible assets, and the tax effects of these items. The company uses these measures in its own financial and operational decision-making and, with respect to one measure, in setting performance targets for employee-compensation purposes. Further, the company believes that these non-GAAP measures offer an important analytical tool to help investors understand the company’s core operating results and trends, and to facilitate comparability with the operating results of other companies that provide similar measures. These non-GAAP measures have certain limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures.
Note Regarding Forward-Looking Statements
The statements in this press release regarding the company’s forecast for its first-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company to decrease its selling prices for its products; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 11, 2016. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.
Contact:
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||||
NET REVENUES | $ | 101,108 | $ | 103,790 | $ | 87,289 | $ | 387,393 | $ | 343,989 | |||||||||
COST OF REVENUES | 51,724 | 52,597 | 44,373 | 196,232 | 170,602 | ||||||||||||||
GROSS PROFIT | 49,384 | 51,193 | 42,916 | 191,161 | 173,387 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Research and development | 15,766 | 15,906 | 13,856 | 62,310 | 57,000 | ||||||||||||||
Sales and marketing | 11,941 | 11,447 | 10,449 | 45,535 | 43,786 | ||||||||||||||
General and administrative | 8,257 | 8,789 | 6,896 | 33,029 | 29,720 | ||||||||||||||
Amortization of acquisition-related intangible assets | 584 | 582 | 666 | 2,443 | 2,775 | ||||||||||||||
Acquisition expenses, severance and transition costs | — | — | — | — | 1,113 | ||||||||||||||
Total operating expenses | 36,548 | 36,724 | 31,867 | 143,317 | 134,394 | ||||||||||||||
INCOME FROM OPERATIONS | 12,836 | 14,469 | 11,049 | 47,844 | 38,993 | ||||||||||||||
Other income, net | 299 | 282 | 206 | 1,078 | 425 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 13,135 | 14,751 | 11,255 | 48,922 | 39,418 | ||||||||||||||
PROVISION FOR INCOME TAXES | (482 | ) | 586 | (1,446 | ) | 1,032 | 271 | ||||||||||||
NET INCOME | $ | 13,617 | $ | 14,165 | $ | 12,701 | $ | 47,890 | $ | 39,147 | |||||||||
EARNINGS PER SHARE: | |||||||||||||||||||
Basic | $ | 0.47 | $ | 0.49 | $ | 0.45 | $ | 1.66 | $ | 1.35 | |||||||||
Diluted | $ | 0.46 | $ | 0.48 | $ | 0.44 | $ | 1.62 | $ | 1.32 | |||||||||
SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||
Basic | 29,196 | 28,972 | 28,483 | 28,925 | 29,001 | ||||||||||||||
Diluted | 29,914 | 29,625 | 29,126 | 29,619 | 29,696 | ||||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||
Stock-based compensation expenses included in: | |||||||||||||||||||
Cost of revenues | $ | 417 | $ | 348 | $ | 208 | $ | 1,148 | $ | 933 | |||||||||
Research and development | 1,966 | 1,934 | 1,281 | 7,309 | 5,255 | ||||||||||||||
Sales and marketing | 1,260 | 1,303 | 877 | 4,489 | 3,644 | ||||||||||||||
General and administrative | 2,025 | 2,204 | 899 | 7,939 | 4,935 | ||||||||||||||
Total stock-based compensation expense | $ | 5,668 | $ | 5,789 | $ | 3,265 | $ | 20,885 | $ | 14,767 | |||||||||
Cost of revenues includes: | |||||||||||||||||||
Amortization of write-up of acquired inventory | — | — | — | — | 309 | ||||||||||||||
Amortization of acquisition-related intangible assets | $ | 939 | $ | 939 | $ | 961 | $ | 3,785 | $ | 3,844 | |||||||||
General & administrative expenses include: | |||||||||||||||||||
Patent-litigation expenses | $ | 2,150 | $ | 1,894 | $ | 1,517 | $ | 6,861 | $ | 5,975 | |||||||||
Other income, net includes: | |||||||||||||||||||
Amortization of in-place lease intangible assets | $ | 90 | $ | 90 | $ | 90 | $ | 360 | $ | 120 | |||||||||
REVENUE MIX BY END MARKET | |||||||||||||||||||
Communications | 30 | % | 28 | % | 26 | % | 27 | % | 24 | % | |||||||||
Computer | 6 | % | 5 | % | 7 | % | 6 | % | 7 | % | |||||||||
Consumer | 35 | % | 37 | % | 34 | % | 36 | % | 36 | % | |||||||||
Industrial | 29 | % | 30 | % | 33 | % | 31 | % | 33 | % | |||||||||
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||||||
RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||
GAAP gross profit | $ | 49,384 | $ | 51,193 | $ | 42,916 | $ | 191,161 | $ | 173,387 | ||||||||||
GAAP gross margin | 48.8 | % | 49.3 | % | 49.2 | % | 49.3 | % | 50.4 | % | ||||||||||
Stock-based compensation included in cost of revenues | 417 | 348 | 208 | 1,148 | 933 | |||||||||||||||
Amortization of write-up of acquired inventory | — | — | — | — | 309 | |||||||||||||||
Amortization of acquisition-related intangible assets | 939 | 939 | 961 | 3,785 | 3,844 | |||||||||||||||
Non-GAAP gross profit | $ | 50,740 | $ | 52,480 | $ | 44,085 | $ | 196,094 | $ | 178,473 | ||||||||||
Non-GAAP gross margin | 50.2 | % | 50.6 | % | 50.5 | % | 50.6 | % | 51.9 | % | ||||||||||
RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||
GAAP operating expenses | $ | 36,548 | $ | 36,724 | $ | 31,867 | $ | 143,317 | $ | 134,394 | ||||||||||
Less: | Stock-based compensation expense included in operating expenses | |||||||||||||||||||
Research and development | 1,966 | 1,934 | 1,281 | 7,309 | 5,255 | |||||||||||||||
Sales and marketing | 1,260 | 1,303 | 877 | 4,489 | 3,644 | |||||||||||||||
General and administrative | 2,025 | 2,204 | 899 | 7,939 | 4,935 | |||||||||||||||
Total | 5,251 | 5,441 | 3,057 | 19,737 | 13,834 | |||||||||||||||
Amortization of acquisition-related intangible assets | 584 | 582 | 666 | 2,443 | 2,775 | |||||||||||||||
Acquisition expenses, severance and transition costs | — | — | — | — | 1,113 | |||||||||||||||
Non-GAAP operating expenses | $ | 30,713 | $ | 30,701 | $ | 28,144 | $ | 121,137 | $ | 116,672 | ||||||||||
RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||||||||||
GAAP income from operations | $ | 12,836 | $ | 14,469 | $ | 11,049 | $ | 47,844 | $ | 38,993 | ||||||||||
GAAP operating margin | 12.7 | % | 13.9 | % | 12.7 | % | 12.4 | % | 11.3 | % | ||||||||||
Add: | Total stock-based compensation | 5,668 | 5,789 | 3,265 | 20,885 | 14,767 | ||||||||||||||
Amortization of write-up of acquired inventory | — | — | — | — | 309 | |||||||||||||||
Amortization of acquisition-related intangible assets | 1,523 | 1,521 | 1,627 | 6,228 | 6,619 | |||||||||||||||
Acquisition expenses, severance and transition costs | — | — | — | — | 1,113 | |||||||||||||||
Non-GAAP income from operations | $ | 20,027 | $ | 21,779 | $ | 15,941 | $ | 74,957 | $ | 61,801 | ||||||||||
Non-GAAP operating margin | 19.8 | % | 21.0 | % | 18.3 | % | 19.3 | % | 18.0 | % | ||||||||||
RECONCILIATION OF PROVISION FOR INCOME TAXES | ||||||||||||||||||||
GAAP provision for income taxes | $ | (482 | ) | $ | 586 | $ | (1,446 | ) | $ | 1,032 | $ | 271 | ||||||||
GAAP effective tax rate | -3.7 | % | 4.0 | % | -12.8 | % | 2.1 | % | 0.7 | % | ||||||||||
Tax effect of adjustments to GAAP results | (724 | ) | (328 | ) | (796 | ) | (1,578 | ) | (1,824 | ) | ||||||||||
Non-GAAP provision for income taxes | $ | 242 | $ | 914 | $ | (650 | ) | $ | 2,610 | $ | 2,095 | |||||||||
Non-GAAP effective tax rate | 1.2 | % | 4.1 | % | -4.0 | % | 3.4 | % | 3.4 | % | ||||||||||
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | ||||||||||||||||||||
GAAP net income | $ | 13,617 | $ | 14,165 | $ | 12,701 | $ | 47,890 | $ | 39,147 | ||||||||||
Adjustments to GAAP net income | ||||||||||||||||||||
Stock-based compensation | 5,668 | 5,789 | 3,265 | 20,885 | 14,767 | |||||||||||||||
Amortization of write-up of acquired inventory | — | — | — | — | 309 | |||||||||||||||
Amortization of acquisition-related intangible assets | 1,523 | 1,521 | 1,627 | 6,228 | 6,619 | |||||||||||||||
Acquisition expenses, severance and transition costs | — | — | — | — | 1,113 | |||||||||||||||
Amortization of in-place lease intangible assets | 90 | 90 | 90 | 360 | 120 | |||||||||||||||
Tax effect of items excluded from non-GAAP results | (724 | ) | (328 | ) | (796 | ) | (1,578 | ) | (1,824 | ) | ||||||||||
Non-GAAP net income | $ | 20,174 | $ | 21,237 | $ | 16,887 | $ | 73,785 | $ | 60,251 | ||||||||||
Average shares outstanding for calculation | ||||||||||||||||||||
of non-GAAP income per share (diluted) | 29,914 | 29,625 | 29,126 | 29,619 | 29,696 | |||||||||||||||
Non-GAAP net income per share (diluted) | $ | 0.67 | $ | 0.72 | $ | 0.58 | $ | 2.49 | $ | 2.03 | ||||||||||
GAAP income per share | $ | 0.46 | $ | 0.48 | $ | 0.44 | $ | 1.62 | $ | 1.32 | ||||||||||
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 62,134 | $ | 95,890 | $ | 90,092 | ||||||
Short-term marketable securities | 188,323 | 130,673 | 83,769 | |||||||||
Accounts receivable | 6,961 | 14,679 | 7,818 | |||||||||
Inventories | 52,564 | 49,941 | 51,934 | |||||||||
Prepaid expenses and other current assets | 8,520 | 7,372 | 6,790 | |||||||||
Total current assets | 318,502 | 298,555 | 240,403 | |||||||||
PROPERTY AND EQUIPMENT, net | 95,296 | 94,433 | 99,381 | |||||||||
INTANGIBLE ASSETS, net | 31,502 | 33,114 | 38,165 | |||||||||
GOODWILL | 91,849 | 91,849 | 91,849 | |||||||||
DEFERRED TAX ASSETS | 12,032 | 11,064 | 11,843 | |||||||||
OTHER ASSETS | 6,157 | 6,273 | 5,896 | |||||||||
Total assets | $ | 555,338 | $ | 535,288 | $ | 487,537 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 29,727 | $ | 30,117 | $ | 21,660 | ||||||
Accrued payroll and related expenses | 10,756 | 9,011 | 9,327 | |||||||||
Taxes payable | 729 | 251 | 3,620 | |||||||||
Deferred income on sales to distributors | 16,207 | 16,334 | 15,101 | |||||||||
Other accrued liabilities | 2,434 | 3,427 | 2,285 | |||||||||
Total current liabilities | 59,853 | 59,140 | 51,993 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Income taxes payable | 2,639 | 2,666 | 2,511 | |||||||||
Deferred tax liabilities | 820 | 1,002 | 1,291 | |||||||||
Other liabilities | 3,921 | 3,422 | 3,123 | |||||||||
Total liabilities | 67,233 | 66,230 | 58,918 | |||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Common stock | 28 | 28 | 28 | |||||||||
Additional paid-in capital | 172,875 | 162,820 | 145,366 | |||||||||
Accumulated other comprehensive loss | (2,710 | ) | (1,885 | ) | (1,851 | ) | ||||||
Retained earnings | 317,912 | 308,095 | 285,076 | |||||||||
Total stockholders' equity | 488,105 | 469,058 | 428,619 | |||||||||
Total liabilities and stockholders' equity | $ | 555,338 | $ | 535,288 | $ | 487,537 | ||||||
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended | Twelve Months Ended | |||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net income | $ | 13,617 | $ | 14,165 | $ | 12,701 | $ | 47,890 | $ | 39,147 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||
Depreciation | 4,142 | 4,149 | 4,229 | 16,812 | 16,464 | |||||||||||||
Amortization of intangible assets | 1,612 | 1,612 | 1,792 | 6,663 | 7,039 | |||||||||||||
Loss on disposal of property and equipment | 116 | 68 | 91 | 332 | 361 | |||||||||||||
Stock-based compensation expense | 5,668 | 5,789 | 3,265 | 20,885 | 14,767 | |||||||||||||
Amortization of premium on marketable securities | 71 | 55 | 254 | 555 | 1,063 | |||||||||||||
Deferred income taxes | (1,150 | ) | 276 | (5,568 | ) | (660 | ) | (5,416 | ) | |||||||||
Increase (decrease) in accounts receivable allowances | (96 | ) | 110 | (1 | ) | 207 | 127 | |||||||||||
Tax shortfall associated with employee stock plans | — | — | — | — | (189 | ) | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||
Accounts receivable | 7,814 | (779 | ) | 3,243 | 650 | 4,131 | ||||||||||||
Inventories | (2,623 | ) | (3,192 | ) | 3,505 | (630 | ) | 13,500 | ||||||||||
Prepaid expenses and other assets | (1,096 | ) | (764 | ) | (887 | ) | (2,499 | ) | 3,391 | |||||||||
Accounts payable | (1,323 | ) | 5,998 | 35 | 7,714 | (2,000 | ) | |||||||||||
Taxes payable and other accrued liabilities | 1,117 | (675 | ) | 3,503 | (1,124 | ) | (76 | ) | ||||||||||
Deferred income on sales to distributors | (127 | ) | (554 | ) | (1,363 | ) | 1,106 | (122 | ) | |||||||||
Net cash provided by operating activities | 27,742 | 26,258 | 24,799 | 97,901 | 92,187 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Purchases of property and equipment | (4,124 | ) | (3,184 | ) | (3,740 | ) | (12,198 | ) | (11,359 | ) | ||||||||
Payment for purchase of building | — | — | — | — | (10,389 | ) | ||||||||||||
Payment for acquisition, net of cash acquired | — | — | — | — | (15,549 | ) | ||||||||||||
Purchases of marketable securities | (66,256 | ) | (56,187 | ) | (14,815 | ) | (188,654 | ) | (29,748 | ) | ||||||||
Proceeds from sales and maturities of marketable securities | 8,295 | 22,207 | 21,850 | 83,423 | 59,309 | |||||||||||||
Net cash provided by (used in) investing activities | (62,085 | ) | (37,164 | ) | 3,295 | (117,429 | ) | (7,736 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||
Net proceeds from issuance of common stock | 4,387 | 5,224 | 5,678 | 13,059 | 12,580 | |||||||||||||
Repurchase of common stock | — | — | — | (6,435 | ) | (53,731 | ) | |||||||||||
Payments of dividends to stockholders | (3,800 | ) | (3,771 | ) | (3,415 | ) | (15,054 | ) | (13,916 | ) | ||||||||
Net cash provided by (used in) financing activities | 587 | 1,453 | 2,263 | (8,430 | ) | (55,067 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (33,756 | ) | (9,453 | ) | 30,357 | (27,958 | ) | 29,384 | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 95,890 | 105,343 | 59,735 | 90,092 | 60,708 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 62,134 | $ | 95,890 | $ | 90,092 | $ | 62,134 | $ | 90,092 | ||||||||