| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
802,923 | 724,847 | 685,866 | 659,571 | 652,800 | 620,000 | 543,966 | 452,826 | 357,523 | 323,966 |
Adjustments required to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation of property and equipment | |||||||||
12,876 | 10,883 | 10,358 | 9,178 | 8,545 | 7,861 | 7,620 | 6,890 | 8,885 | 8,648 |
Amortization of premium and accretion of discount on marketable securities, net | |||||||||
20,012 | 23,388 | 29,611 | 33,021 | 22,389 | 33,784 | 28,092 | 14,428 | 8,414 | 3,099 |
Net gain on sale of marketable securities previously impaired | |||||||||
- | - | - | - | - | - | 2,017 | -785 | - | - |
Net gain (impairment net of gains) on sale of marketable securities previously impaired | |||||||||
- | - | - | - | - | - | - | - | 1,277 | - |
Other than temporary impairment net of gain on sale of marketable securities previously impaired | |||||||||
- | - | - | - | - | - | - | - | - | 11,221 |
Realized loss (gain) on sale of marketable securities, net | |||||||||
-176 | 2,993 | 16 | 288 | 2,311 | 1,436 | 672 | 974 | -1,896 | -1,494 |
Amortization of intangible assets | |||||||||
3,760 | 3,853 | 3,612 | 2,106 | 3,020 | 7,028 | 43,925 | 51,876 | 50,653 | 36,982 |
Stock-based compensation | |||||||||
87,459 | 82,732 | 76,302 | 63,169 | 51,112 | 45,287 | 39,835 | 35,180 | 30,907 | 32,327 |
Foreign currency on amount due to Protect Data shareholders | |||||||||
- | - | - | - | - | - | - | - | - | 463 |
Deferred income tax expense (benefit) | |||||||||
64,630 | -32,594 | -15,847 | -12,292 | 28 | -1,453 | -11,552 | -11,674 | -11,386 | -14,034 |
Excess tax benefit from stock-based compensation | |||||||||
- | 17,380 | 19,376 | 11,669 | 35,345 | 11,128 | 7,956 | 4,763 | 7,502 | 13,019 |
Decrease in accrued severance pay, net | |||||||||
711 | 147 | 197 | -407 | 158 | 57 | -546 | -55 | -379 | - |
Decrease (increase) in trade receivables, net | |||||||||
-6,284 | 67,744 | 43,384 | -12,948 | 5,893 | 16,337 | 73,674 | -536 | 11,256 | 50,256 |
Decrease (increase) in prepaid expenses and other current assets and other assets | |||||||||
-5,615 | -11,234 | 21,404 | 8,613 | 816 | -4,592 | 4,917 | 5,742 | -1,285 | 3,521 |
Increase (decrease) in trade payables | |||||||||
-7,795 | 2,184 | 5,183 | 1,879 | 1,287 | 5,445 | -5,999 | 789 | -2,405 | 744 |
Increase (decrease) in employees and payroll accruals | |||||||||
-4,546 | 19,345 | 13,835 | 2,698 | 22,404 | 958 | 8,988 | 13,647 | 20,163 | 1,289 |
Increase (decrease) in income tax accrual and accrued expenses and other current liabilities | |||||||||
-3,486 | 31,565 | 104,006 | -77,809 | 11,975 | 117,371 | 90,384 | 97,178 | 63,026 | 38,423 |
Increase in deferred revenues | |||||||||
120,989 | 159,801 | 120,559 | 112,390 | 81,933 | 37,512 | 87,487 | 37,649 | 46,006 | 57,104 |
Net cash provided by operating activities | |||||||||
1,109,608 | 949,268 | 949,503 | 785,882 | 811,286 | 849,541 | 742,964 | 688,576 | 557,107 | 434,029 |
Cash flows from investing activities: | |||||||||
Payments made in connection with prior years acquisitions | |||||||||
- | - | - | - | - | - | - | - | - | 8,579 |
Proceeds from maturity of marketable securities | |||||||||
1,363,698 | 1,525,929 | 1,479,241 | 1,233,866 | 1,110,176 | 991,578 | 820,365 | 605,725 | 427,660 | 311,134 |
Proceeds from sale of marketable securities | |||||||||
66,101 | 235,252 | 109,735 | 75,910 | 21,716 | 242,074 | 23,655 | 44,096 | 27,006 | 259,803 |
Proceeds from short-term bank deposits | |||||||||
106,609 | - | 321 | - | 248,571 | - | - | - | - | - |
Investment in marketable securities | |||||||||
1,686,445 | 1,746,931 | 1,628,287 | 1,535,800 | 1,916,832 | 1,589,115 | 1,173,398 | 1,090,416 | 1,002,305 | 736,781 |
Investment in short-term bank deposits | |||||||||
- | 100,000 | - | 7,343 | - | 10,602 | 222,455 | - | -26,302 | 26,302 |
Increase (decrease) in accrued severance pay, net | |||||||||
- | - | - | - | - | - | - | - | - | 25 |
Cash paid in conjunction with acquisitions, net of acquired cash | |||||||||
- | - | 96,544 | - | - | - | 15,060 | 13,957 | 58,787 | - |
Purchase of property and equipment | |||||||||
28,784 | 24,050 | 17,348 | 12,736 | 9,563 | 8,195 | 7,195 | 4,910 | 4,283 | 8,301 |
Net cash used in investing activities | |||||||||
-178,821 | -109,800 | -152,882 | -246,103 | -545,932 | -374,260 | -574,088 | -459,462 | -584,407 | -209,026 |
Proceeds from issuance of treasury shares upon exercise of options | |||||||||
127,518 | 129,196 | 102,852 | 70,266 | 67,127 | 61,011 | 71,493 | 103,815 | 92,978 | 35,046 |
Acquisition of non-controlling interest in Software | |||||||||
- | - | - | - | - | - | 6,556 | - | - | - |
Purchase of treasury shares at cost | |||||||||
995,322 | 987,897 | 985,735 | 768,176 | 534,196 | 466,164 | 300,000 | 200,000 | 202,285 | 239,542 |
Payments related to shares withheld for taxes | |||||||||
5,397 | 3,031 | 2,771 | - | - | - | - | - | - | - |
Excess tax benefit from stock-based compensation | |||||||||
- | 17,380 | 19,376 | 11,669 | 35,345 | 11,128 | 7,956 | 4,763 | 7,502 | 13,019 |
Net cash used in financing activities | |||||||||
-873,201 | -844,352 | -866,278 | -686,241 | -431,724 | -394,025 | -227,107 | -91,422 | -101,805 | -191,477 |
Increase (decrease) in cash and cash equivalents | |||||||||
57,586 | -4,884 | -69,658 | -146,462 | -166,370 | 81,256 | -58,231 | 137,692 | -129,105 | 33,526 |
Supplemental disclosure of cash flow information: | |||||||||
Cash paid during the year for taxes on income | |||||||||
143,036 | 180,071 | 123,944 | 239,245 | 173,234 | 85,897 | 63,593 | 59,945 | 55,440 | 63,251 |
Supplemental disclosure of non-cash activities: | |||||||||
Replacement of restricted share units upon acquisitions | |||||||||
- | - | 1,123 | - | - | - | - | - | - | - |
Accrued liability with respect to treasury shares | |||||||||
- | - | - | - | 3,633 | - | - | - | - | - |
Net change in unrealized gain (loss) on marketable securities | |||||||||
- | - | - | - | - | - | - | - | 22,521 | -7,535 |