| 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 | |||||||||
143,291 | 116,920 | 258,831 | 103,075 | 55,275 | 67,894 | 57,263 | 48,707 | 42,756 | 39,107 |
Adjustments required to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
156,301 | 77,801 | 57,964 | 73,349 | 91,355 | 95,477 | 66,958 | 57,110 | 47,217 | 42,740 |
Stock-based compensation | |||||||||
56,980 | 40,547 | 28,451 | 29,814 | 26,307 | 23,612 | 21,159 | 21,054 | 18,237 | 25,321 |
Equity in losses of affiliated company | |||||||||
0 | 0 | -537 | -565 | 0 | 0 | - | - | - | - |
Revaluation of earn out liability | |||||||||
- | - | - | -4,002 | 0 | 0 | - | - | - | - |
Excess tax benefit from share-based payment arrangements | |||||||||
- | - | - | 1,205 | 1,172 | 104 | 372 | -18 | -969 | -638 |
Accrued severance pay, net | |||||||||
-788 | 3 | 104 | -207 | -43 | -126 | 533 | -1,015 | -1,534 | 1,506 |
Amortization of premium and discount and accrued interest on marketable securities | |||||||||
-646 | -2,441 | -2,799 | -2,071 | -4,234 | -1,178 | -3,238 | -328 | 1,656 | 1,504 |
Gain on marketable securities, net | |||||||||
- | - | - | - | - | 1,600 | 791 | 1,197 | -823 | 4,924 |
Realized gain on sale of intangible assets | |||||||||
- | - | - | - | - | 1,125 | 0 | - | - | - |
Deferred taxes, net | |||||||||
-70,805 | -25,905 | 10,576 | -27,785 | -17,275 | -24,168 | -8,775 | -4,862 | -6,984 | -5,554 |
Changes in operating assets and liabilities: | |||||||||
Trade receivables, net | |||||||||
-37,735 | 31,784 | 56,363 | -4,807 | 34,569 | 11,863 | 20,621 | -6,344 | -8,898 | 232 |
Prepaid expenses and other current assets | |||||||||
6,839 | -2,078 | 1,482 | -1,956 | 1,612 | -3,815 | -5,812 | 4,200 | 2,265 | -80 |
Inventories | |||||||||
- | - | - | - | - | -500 | 2,048 | -3,546 | 531 | 935 |
Trade payables | |||||||||
2,665 | 4,392 | 2,166 | -13,781 | 5,057 | 295 | -3,743 | -7,136 | 1,536 | 189 |
Accrued expenses and other liabilities | |||||||||
25,541 | 17,994 | 38,488 | 13,285 | 1,782 | 9,160 | 22,852 | 25,913 | 12,039 | 28,057 |
Deferred revenues | |||||||||
41,624 | 9,379 | 54,914 | 3,424 | -4,551 | -27,100 | 12,782 | - | - | - |
Long term liabilities | |||||||||
5,169 | -7,529 | -2,453 | 2,966 | - | - | - | - | - | - |
Loss (gain) on disposal of discontinued operations | |||||||||
0 | -9,148 | 147,334 | 0 | 0 | - | - | - | - | - |
Realized gain on marketable securities | |||||||||
0 | 3,388 | 32 | 16 | - | - | - | - | - | - |
Amortization of discount on long-term debt | |||||||||
13,547 | 379 | 0 | - | - | - | - | - | - | - |
Other | |||||||||
67 | -678 | -256 | 115 | 513 | 206 | -127 | -410 | 453 | -359 |
Net cash provided by operating activities | |||||||||
394,662 | 228,212 | 252,328 | 182,269 | 124,275 | 135,639 | 154,374 | 145,020 | 119,686 | 135,710 |
Cash flows from investing activities: | |||||||||
Purchase of property and equipment | |||||||||
39,889 | 27,278 | 16,596 | 16,722 | 20,226 | 28,690 | 17,307 | 11,704 | 8,851 | 15,454 |
Purchase of investments | |||||||||
133,423 | 47,221 | 287,593 | 143,688 | - | - | - | - | - | - |
Proceeds from investments | |||||||||
64,295 | 449,880 | 92,542 | 153,141 | - | - | - | - | - | - |
Payments for business acquisitions, net of cash acquired | |||||||||
76,027 | 1,156,249 | 0 | 0 | - | 164,545 | 143,377 | 52,267 | 84,926 | - |
Investments in affiliates and other purchases | |||||||||
0 | 1,500 | 1,500 | 748 | - | - | - | - | - | - |
Proceeds from sale of property and equipment | |||||||||
- | - | - | - | - | 1,006 | 84 | 13 | 70 | 20 |
Investment in marketable securities | |||||||||
- | - | - | - | 145,885 | 136,897 | 202,768 | 387,988 | 197,499 | 231,057 |
Proceeds from maturity of marketable securities | |||||||||
- | - | - | - | 162,521 | 151,750 | 229,482 | 66,635 | 140,396 | 64,725 |
Proceeds from sale and call of marketable securities | |||||||||
- | - | - | - | 791 | 43,997 | 147,480 | 69,933 | 57,394 | 111,826 |
Proceeds from short-term bank deposits | |||||||||
- | - | - | - | 54,422 | 8 | 0 | 40,029 | 134,473 | 39,095 |
Investment in short-term bank deposits | |||||||||
- | - | - | - | 60,500 | 31,007 | 0 | - | -110,021 | -64,448 |
Payments for business acquisitions, net of cash acquired and investments in affiliates | |||||||||
- | - | - | - | 23,911 | - | - | - | - | - |
Capitalization of internal use software costs | |||||||||
27,936 | 8,502 | 1,380 | 908 | 1,038 | 1,110 | 1,150 | - | - | - |
Proceeds upon the realization of investment in affiliate | |||||||||
- | - | - | - | 683 | 0 | 0 | - | - | - |
Proceeds (repayment) from sale of discontinued operations | |||||||||
0 | -9,148 | 186,134 | 0 | 0 | - | - | - | - | - |
Receipt upon the realization of investment in an affiliate | |||||||||
- | - | - | - | - | - | - | - | - | -964 |
Net cash used in investing activities | |||||||||
-212,980 | -800,018 | -28,393 | -8,925 | -33,143 | -164,363 | 9,444 | -276,660 | -71,279 | -120,819 |
Capitalization of software development costs | |||||||||
- | - | - | - | - | - | - | -1,311 | -1,315 | -1,278 |
Proceeds from sale of intangible assets, net | |||||||||
- | - | - | - | - | 1,125 | 0 | - | - | - |
Purchase of intangible assets | |||||||||
- | - | - | - | - | - | 3,000 | - | 1,000 | 3,533 |
Cash flows from financing activities: | |||||||||
Proceeds from issuance of shares upon exercise of options | |||||||||
19,240 | 23,525 | 27,532 | 29,526 | 38,381 | 30,380 | 26,751 | 25,984 | 19,948 | 15,282 |
Purchase of treasury shares | |||||||||
24,428 | 43,630 | 68,384 | 94,267 | 79,447 | 107,038 | 95,886 | - | - | - |
Dividends paid | |||||||||
9,637 | 38,202 | 38,239 | 38,142 | 29,010 | 0 | 0 | - | - | - |
Capital lease payments | |||||||||
137 | 1,087 | 0 | 0 | - | - | - | - | - | - |
Proceeds from issuance of debt, net of costs | |||||||||
0 | 464,841 | 0 | 0 | - | - | - | - | - | - |
Proceeds from issuance of exchangeable senior notes, net | |||||||||
260,135 | 0 | 0 | - | - | - | - | - | - | - |
Repayment of long-term debt | |||||||||
260,000 | 0 | 0 | - | - | - | - | - | - | - |
Excess tax benefit from share-based payment arrangements | |||||||||
- | - | - | 1,205 | 1,172 | 104 | 372 | -18 | 969 | 638 |
Earn out payments related to acquisitions | |||||||||
0 | 0 | 297 | 158 | 280 | - | - | - | - | - |
Net cash provided by (used in) financing activities | |||||||||
-14,827 | 405,447 | -79,388 | -101,836 | -69,184 | -76,554 | -68,763 | 25,966 | 20,917 | 15,920 |
Effect of exchange rate changes on cash | |||||||||
4,421 | -2,546 | -6,113 | -3,556 | -999 | -563 | -144 | 389 | 1,111 | -3,054 |
Net change in cash and cash equivalents | |||||||||
171,276 | -168,905 | 138,434 | 67,952 | 20,949 | -105,841 | 94,911 | -105,285 | 70,435 | 27,757 |
Supplemental disclosure of cash flows activities: | |||||||||
Income taxes | |||||||||
33,029 | 28,396 | 53,646 | 32,854 | 43,862 | 10,711 | 17,560 | 9,988 | 5,554 | 2,499 |
Interest | |||||||||
7,910 | 2,201 | 107 | 116 | 336 | 63 | 78 | 28 | 36 | 52 |
Non-cash activities: | |||||||||
Net change in accrued liability with respect to treasury shares | |||||||||
- | - | - | -1,481 | 497 | 551 | 432 | - | - | - |
Net change in other receivables with respect to exercise of share options | |||||||||
138 | -99 | 434 | 1,085 | -1,320 | -191 | - | - | - | - |