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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 provided by operating activities:      
Net income $ 144,957 $ 128,046 $ 84,172
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 17,261 11,426 7,011
Amortization of intangible assets 9,634 1,193 144
Amortization of premium and accretion of discount on available-for-sale marketable securities, net 92 1,242 2,061
Stock-based compensation expenses 60,353 30,618 17,564
Deferred income tax benefit, net (6,037) (7,093) (5,455)
Loss from sale of business 5,269
Other expenses (income), net 713 551 (994)
Changes in assets and liabilities:      
Inventories, net (22,544) (20,178) (15,690)
Prepaid expenses and other assets (67,323) (2,711) (20,943)
Trade receivables, net (124,071) (60,514) (38,139)
Operating lease right-of-use assets and liabilities, net and effect of exchange rate differences 2,192
Trade payables, net 47,837 31,482 35,455
Employees and payroll accruals 18,592 4,583 9,394
Warranty obligations 50,780 41,878 20,436
Deferred revenues 83,137 37,041 14,106
Other liabilities 38,158 (8,485) 27,543
Net cash provided by operating activities 259,000 189,079 136,665
Cash flows from investing activities:      
Business combinations, net of cash acquired (38,435) (94,737)
Purchase of property, plant and equipment (72,562) (38,608) (21,382)
Withdrawal from (investment in) bank deposits 4,860 (9,870)
Investment in restricted bank deposits (26,145) (112) (619)
Investment in available-for-sale marketable securities (160,054) (142,627) (143,675)
Proceed from sales and maturities of available-for-sale marketable securities 142,744 129,345 80,269
Other investing activities (3,261)
Net cash used in investing activities (152,853) (156,609) (85,407)
Cash flows from financing activities:      
Repayment of bank loans, net (9,265) (3,786)
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards 9,066 10,021 7,240
Change in non-controlling interests (71,468) (14,190)
Other financing activities (1,354)
Net cash provided (used in) by financing activities (73,021) (7,955) 7,240
Increase in cash and cash equivalents 33,126 24,515 58,498
Cash and cash equivalents at the beginning of the period 187,764 163,163 104,683
Effect of exchange rate differences on cash and cash equivalents 3,011 86 (18)
Cash and cash equivalents at the end of the period 223,901 187,764 163,163
Supplemental disclosure of non-cash activities:      
Operating lease, right of use assets 37,298
Issuance of common stock upon business combination 34,601
Goodwill 3,067
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 41,076 15,368 3,100
Cash paid for interest on bank loans $ 1,096 $ 143