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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 338,301 $ 265,945 $ 199,223
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 167,360 176,546 184,092
Share-based compensation 176,658 182,704 153,030
Accrued severance pay, net 789 1,171 597
Amortization of premium, discount and accrued interest on marketable securities 2,480 8,322 11,867
Deferred taxes, net (66,620) (52,618) (39,316)
Changes in operating assets and liabilities:      
Trade receivables, net (34,292) (129,712) (85,778)
Prepaid expenses and other current assets 73,052 (31,673) (79,624)
Trade payables 3,426 19,923 (389)
Accrued expenses and other current liabilities (55,703) 33,684 64,179
Operating lease right-of-use assets 12,518 20,393 15,075
Deferred revenue (45,947) 6,417 30,770
Realized loss on marketable securities, net 12,271 0 0
Operating lease liabilities (11,100) (26,191) (18,011)
Amortization of discount on long-term debt 4,615 4,582 14,469
Loss from extinguishment of debt 53 1,206 13,969
Change in fair value of contingent consideration (18,258) 0 0
Other 1,827 (984) (2,337)
Net cash provided by operating activities 561,430 479,715 461,816
Cash flows from investing activities:      
Purchase of property and equipment (29,205) (31,893) (24,771)
Purchase of investments (230,263) (396,297) (322,129)
Proceeds from sales of marketable investments 436,044 355,560 270,645
Payments for business acquisitions, net of cash acquired (415,185) (29,724) (142,804)
Capitalization of internal use software costs (54,974) (49,997) (42,440)
Net cash used in investing activities (293,583) (152,351) (261,499)
Cash flows from financing activities:      
Proceeds from issuance of shares upon exercise of options 2,570 953 4,426
Purchase of treasury shares (288,443) (144,944) (73,180)
Dividends paid to non-controlling interest (1,771) (376) (1,754)
Purchase of subsidiaries shares from non-controlling interest 0 0 (14,000)
Repayment of debt (2,628) (20,132) (177,308)
Net cash used in financing activities (290,272) (164,499) (261,816)
Effect of exchange rate changes on cash 2,643 (8,425) (2,112)
Net change in cash, cash equivalents and restricted cash (19,782) 154,440 (63,611)
Cash, cash equivalents and restricted cash at the beginning of the year 533,096 378,656 442,267
Cash, cash equivalents and restricted cash at the end of the year 513,314 533,096 378,656
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:      
Cash and cash equivalents 511,795 529,596 378,656
Restricted cash included in other current assets 1,519 3,500 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 513,314 533,096 378,656
Cash paid during the year for:      
Income taxes 210,445 123,586 97,258
Interest 1,221 2,974 688
Non-cash activities:      
Change in fair value of contingent consideration (18,258) 0 0
Increase in accrued expenses and other liabilities with respect to purchase of treasury shares $ 103 $ 0 $ 4