| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income | ||||||||||
138,304 | 58,840 | 103,885 | 48,070 | 14,678 | 41,854 | 74,052 | 9,660 | 3,155 | -19,917 | -20,505 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Amortization of deferred revenue and recognition of unbilled receivables | ||||||||||
135,368 | 68,905 | 11,122 | 7,406 | 8,994 | 4,274 | 5,880 | 5,284 | 3,275 | 4,891 | 3,986 |
Depreciation | ||||||||||
12,500 | 8,600 | 4,900 | 4,270 | 3,086 | 2,077 | 2,044 | 1,978 | 1,451 | 1,707 | 2,069 |
Amortization of intangibles | ||||||||||
21,962 | 21,962 | 21,983 | 16,492 | 10,999 | 10,997 | 10,973 | 4,869 | 49 | 1,234 | 1,695 |
Change in excess inventory reserve | ||||||||||
5,900 | 3,600 | 0 | 0 | 33,000 | 3,900 | 0 | - | - | - | - |
Amortization of premium and discount on investments, net | ||||||||||
-6,643 | -6,131 | -2,871 | -1,830 | -697 | -531 | -458 | -778 | -775 | -173 | -426 |
Stock-based compensation to employees | ||||||||||
16,148 | 12,432 | 12,284 | 11,374 | 9,173 | 7,278 | 6,077 | 4,263 | 4,373 | 4,554 | 3,156 |
Stock-based non-employee compensation | ||||||||||
- | - | - | - | - | - | - | - | 6 | 47 | 7 |
Non-cash expense under materials and license agreements | ||||||||||
- | - | - | - | - | - | - | - | 9 | 1,173 | 1,170 |
Stock-based compensation to Board of Directors and Scientific Advisory Board | ||||||||||
1,548 | 4,364 | 2,609 | 1,715 | 1,291 | 995 | 809 | 781 | 1,377 | 1,333 | 755 |
Change in earnout liability recorded for Adesis acquisition | ||||||||||
- | - | 519 | - | - | - | - | - | - | - | - |
Loss on stock warrant liability | ||||||||||
- | - | - | - | - | - | - | - | -4,190 | -10,077 | -1,031 |
Deferred income tax expense (benefit) | ||||||||||
-5,776 | -12,814 | 24,396 | 3,094 | 7,137 | 9,108 | -41,418 | -11 | 0 | - | - |
Excess tax benefits from share-based payment arrangements | ||||||||||
- | - | - | 4,232 | - | - | - | - | - | - | - |
Retirement plan expense | ||||||||||
5,818 | 4,466 | 4,351 | 3,965 | 3,354 | 1,679 | 1,665 | 1,600 | 1,527 | 1,026 | 0 |
Decrease (increase) in assets: | ||||||||||
Accounts receivable | ||||||||||
17,323 | -9,226 | 27,361 | -1,205 | 2,654 | 6,418 | 7,000 | -2,070 | 3,479 | 3,903 | 893 |
Inventory | ||||||||||
-109 | 37,365 | 18,951 | 4,460 | 8,639 | 30,414 | -424 | 7,175 | 3,841 | 2 | -1 |
Other current assets | ||||||||||
15,238 | -4,860 | 3,884 | 3,870 | -1,969 | -2,267 | 2,706 | 2,284 | -341 | 1,575 | -52 |
Deferred income taxes | ||||||||||
- | -20,682 | - | - | - | - | - | - | - | - | - |
Other assets | ||||||||||
13,291 | 63,922 | 297 | 133 | -251 | 183 | -35 | -33 | 82 | -11 | 157 |
Increase (decrease) in liabilities: | ||||||||||
Accounts payable and accrued expenses | ||||||||||
15,516 | 1,563 | 16,420 | 4,362 | 790 | 3,055 | 3,614 | 4,718 | 6,775 | 2,388 | -210 |
Other current liabilities | ||||||||||
-5,183 | 5,761 | -1,917 | 4,362 | 56 | 87 | -11 | 11 | 23 | 0 | 0 |
Deferred revenue | ||||||||||
157,321 | 130,639 | 8,402 | 3,360 | 48,812 | 5,793 | 2,767 | 3,303 | 4,585 | 2,711 | 1,631 |
Other liabilities | ||||||||||
17,614 | 23,896 | - | - | - | - | - | - | - | - | - |
Net cash provided by operating activities | ||||||||||
193,912 | 121,796 | 133,365 | 80,338 | 113,612 | 47,270 | 44,987 | 17,754 | 16,409 | -4,200 | -14,610 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Purchases of property and equipment | ||||||||||
30,059 | 25,391 | 29,803 | 7,300 | 5,103 | 6,153 | 4,710 | 2,737 | 2,624 | 369 | 258 |
Purchases of intangibles | ||||||||||
401 | - | - | 95,989 | - | - | 359 | 109,102 | 440 | 0 | 0 |
Purchase of business, net of cash acquired | ||||||||||
- | - | - | 33,380 | - | - | - | - | - | - | - |
Purchases of investments | ||||||||||
931,854 | 628,789 | 594,283 | 450,277 | 691,876 | 408,974 | 362,838 | 304,500 | 337,442 | 91,394 | 61,345 |
Proceeds from sale of investments | ||||||||||
723,600 | 633,179 | 498,508 | 548,474 | 638,411 | 372,818 | 313,132 | 380,253 | 156,717 | 79,933 | 69,630 |
Net cash provided by (used in) investing activities | ||||||||||
-238,714 | -21,001 | -125,578 | -38,472 | -58,568 | -42,309 | -54,775 | -36,086 | -183,789 | -11,830 | 8,025 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from issuance of common stock | ||||||||||
889 | 798 | 734 | 439 | 354 | 328 | 343 | 321 | 249,936 | 246 | 130 |
Repurchase of common stock | ||||||||||
649 | 477 | - | - | - | 29,500 | 5,456 | 5,202 | 0 | 0 | - |
Proceeds from the exercise of common stock options | ||||||||||
- | - | 38 | 185 | 2,034 | 1,887 | 2,832 | 1,483 | 13,343 | 14,619 | 1,702 |
Payment of withholding taxes related to stock-based compensation to employees | ||||||||||
15,980 | 11,620 | 9,432 | 4,870 | 5,337 | 2,844 | 3,268 | 4,142 | 4,473 | 1,167 | 868 |
Excess tax benefits from share-based payment arrangements | ||||||||||
- | - | - | 4,232 | - | - | - | - | - | - | - |
Cash dividends paid | ||||||||||
18,853 | 11,314 | 5,652 | - | - | - | - | - | - | - | - |
Net cash used in financing activities | ||||||||||
-34,593 | -22,613 | -14,312 | -14 | -2,949 | -30,129 | -5,549 | -7,540 | 258,806 | 13,698 | 963 |
INCREASE IN CASH AND CASH EQUIVALENTS | ||||||||||
-79,395 | 78,182 | -6,525 | 41,852 | 52,095 | -25,168 | -15,337 | -25,872 | 91,426 | -2,332 | -5,620 |