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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ 22,566 $ 11,735 $ (7,493)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 11,283 9,782 11,232
Stock based compensation 13,064 12,503 13,031
Gain from sale of marketable securities (18)
Other gain (537)
Amortization of premiums, accretion of discounts and accrued interest on marketable securities, net 618 1,395 1,546
Accrued interest on bank deposits 2,123 (2,391) 226
Increase (decrease) in accrued severance pay, net 888 323 (210)
Decrease (increase) in trade receivables, net (2,407) (1,169) 3,390
Changes in deferred income taxes, net (1,535) (2,308) 91
Decrease (increase) in other current assets and prepaid expenses (5,454) 5,035 (7,969)
Decrease (increase) in inventories 4,461 371 (1,658)
Increase (decrease) in trade payables 1,775 (884) (734)
Increase in deferred revenues (short-term and long-term) 2,260 14,440 28,781
Increase (decrease) in other payables and accrued expenses 2,784 419 (8,753)
Operating lease right-of-use assets 5,962
Operating lease liabilities (4,999)
Net cash provided by operating activities 52,852 49,251 31,462
Cash flows from investing activities:      
Purchase of property and equipment (8,155) (8,869) (7,210)
Proceeds from (investing in) other long-term assets 4 40 (6)
Proceeds from bank deposits 320,025 151,324 265,987
Investment in bank deposits (304,065) (222,326) (303,187)
Purchase of marketable securities (67,145) (47,455) (24,595)
Proceeds from maturity of marketable securities 17,005 41,783 20,075
Proceeds from sale of marketable securities 3,777 863
Payment for the acquisition of subsidiary, net of cash acquired (12,239) (8,269)
Net cash used in investing activities (50,793) (85,503) (56,342)
Cash flows from financing activities:      
Proceeds from exercise of stock options 17,998 21,803 10,891
Payment of contingent consideration (1,310)
Repurchase of ordinary shares (24,509) (4,275) (413)
Net cash provided by (used in) financing activities (6,511) 16,218 10,478
Decrease in cash and cash equivalents (4,452) (20,034) (14,402)
Cash and cash equivalents at the beginning of the year 45,203 65,237 79,639
Cash and cash equivalents at the end of the year 40,751 45,203 65,237
Supplemental disclosure of cash flow information:      
Cash paid during the year for income taxes 3,296 6,415 14,352
Non-cash investing activity      
Right-of-use asset recognized with corresponding lease liability 24,105
Deferred consideration related to acquisition 2,080
Cumulative-effect adjustment from adoption of ASC 606 $ 7,502