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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows provided by operating activities:    
Net income $ 122,667 $ 92,612
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 16,376 12,532
Amortization of intangible assets 7,081 7,514
Amortization of debt discount and debt issuance costs 168
Amortization of premium and accretion of discount on available-for-sale marketable securities, net 602
Stock-based compensation expenses 42,993 38,685
Deferred income tax benefit, net (5,263) (4,923)
Other adjustments, net 224 657
Changes in assets and liabilities:    
Inventories, net (121,999) 15,746
Prepaid expenses and other assets 37,871 (19,795)
Trade receivables, net 118,044 (114,572)
Operating lease right-of-use assets and liabilities, net and effect of exchange rate differences (459) 2,138
Trade payables, net (35,499) 21,301
Employees and payroll accruals 3,132 15,329
Warranty obligations 23,155 49,633
Deferred revenues and customers advances (24,283) 19,516
Other liabilities 10,619 39,561
Net cash provided by operating activities 195,429 175,934
Cash flows from investing activities:    
Proceeds from sales and maturities of available-for-sale marketable securities 116,419 119,570
Purchase of property, plant and equipment (90,553) (39,679)
Investment in available-for-sale marketable securities (36,781) (103,711)
Withdrawal from (investment in) restricted bank deposits 25,538 (243)
Business combination, net of cash acquired (38,435)
Withdrawal from (investment in) bank deposits (14,667) 4,101
Other investing activities 743
Net cash provided by (used in) in investing activities 699 (58,397)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes, net 618,269
Repayment of bank loans (15,194) (5,142)
Proceeds from bank loans 15,185 232
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards 19,205 4,940
Change in non-controlling interests (67,089)
Other financing activities (152) (1,248)
Net cash provided by (used in) financing activities 637,313 (68,307)
Increase in cash and cash equivalents 833,441 49,230
Cash and cash equivalents at the beginning of the period 223,901 187,764
Effect of exchange rate differences on cash and cash equivalents (9,233) 10,348
Cash and cash equivalents at the end of the period 1,048,109 247,342
Supplemental disclosure of non-cash activities:    
Purchase of property, plant and equipment 10,438
Operating lease, right of use asset $ 796 $ 36,174