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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
NET INCOME $ 161,520 $ 165,074 $ 75,025
Adjustments required to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 680 517 416
Share-based compensation expenses 24,452 11,962 12,845
Change in allowance for credit losses of trade receivable 449 516 442
Loss on marketable securities, net 71 175 5
Finance expense (income), net (1,210) 1,223 (625)
Deferred income tax assets, net 84 (770) 1,729
Changes in operating assets and liabilities:      
Increase in accounts receivable (10,415) (10,544) (4,416)
Increase in other receivables (1,787) (6,400) (2,647)
Increase in inventories (18,871) (6,043) (5,575)
Increase in accounts payable 7,463 2,369 2,708
Increase in other liabilities 17,941 14,138 4,830
Increase (decrease) in contract liabilities 1,201 2,668 (5,512)
Net cash provided by operating activities 181,578 174,885 79,225
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in short-term deposit (93,701) (73,090) (55,699)
Proceeds from short-term deposit 73,090 69,180 34,810
Purchase of fixed assets (1,575) (939) (463)
Purchase of marketable securities (168,680) (273,834) (169,689)
Proceeds from sale of marketable securities 2,303 93,652 110,536
Proceeds from maturity of marketable securities 79,089 24,925 37,200
Net cash used in investing activities (109,474) (160,106) (43,305)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repurchase of ordinary shares (42,637) (35,365) (17,218)
Exercise of options 1,552 20,343 4,776
Net cash used in financing activities (41,085) (15,022) (12,442)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,615) (559) 733
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 29,404 (802) 24,211
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 68,136 68,938 44,727
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 97,540 68,136 68,938
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:      
Income taxes paid [1] 25,843 1,658 217
Interest received 4,856 3,358 2,771
NON-CASH ACTIVITIES      
Recognition of operating lease right-of-use assets and liabilities 2,342 4,315 566
Acquisition of non-controlling interest in exchange of ordinary shares $ 0 $ 12,780 $ 0
[1] Including, for 2022, payments amounting $12 million for Amendment to the Investments Law and settlements with the Israeli tax authority. See note 14a(2)(b).