| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||
Net Income (loss) | ||||||||
-72,754 | 201 | -68,657 | 42,826 | 28,613 | 290,920 | 5,668 | 8,389 | 8,013 |
Loss from discontinued operations, net | ||||||||
0 | -2,647 | -26,999 | -6,484 | -33,795 | -23,798 | - | - | - |
Net income (loss) from continuing operations | ||||||||
-72,754 | 2,848 | -41,658 | 49,310 | 62,408 | 314,718 | - | - | - |
Adjustments required to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
16,591 | 25,977 | 11,422 | 21,321 | 2,110 | 1,871 | 1,388 | 739 | 715 |
Stock-based compensation expense | ||||||||
2,112 | 6,844 | 6,738 | 13,769 | 10,405 | - | - | - | - |
Issuance of ordinary shares related to employees' retention | ||||||||
0 | 0 | 63 | 0 | 0 | - | - | - | - |
Foreign currency translation | ||||||||
-83 | -980 | 347 | 0 | 0 | - | - | - | - |
Acquisition related expenses paid by shareholders | ||||||||
- | - | - | 3,060 | 0 | 0 | - | - | - |
Accretion of payment obligation related to acquisition | ||||||||
43 | 320 | 311 | 1,067 | 0 | - | - | - | - |
Impairment of intangible assets and goodwill | ||||||||
- | - | - | - | - | 0 | - | - | - |
Stock-based compensation expense | ||||||||
- | - | - | - | - | 1,633 | 1,183 | 761 | 672 |
Accrued interest, net | ||||||||
-475 | -406 | -37 | -655 | -1,170 | 1,307 | - | - | - |
Deferred taxes, net | ||||||||
-8,877 | -3,268 | -8,973 | - | - | - | - | - | - |
Accretion of payment obligation related to acquisitions | ||||||||
- | - | - | - | - | - | 100 | 0 | 0 |
Amortization of premium and accrued interest on marketable securities and deposits | ||||||||
- | - | - | - | - | - | -16 | - | - |
Excess tax benefit from share-based payment arrangements | ||||||||
- | - | - | - | - | - | - | 209 | 0 |
Amortization of premium and accrued interest on marketable securities | ||||||||
- | - | - | - | - | - | - | 42 | 105 |
Realized loss from marketable securities, net | ||||||||
- | - | - | - | - | - | -100 | 107 | -20 |
Deferred taxes, net | ||||||||
- | - | - | -13,851 | 0 | 102 | -1,140 | -385 | 1,515 |
Accrued severance pay, net | ||||||||
801 | 214 | 238 | 392 | 24 | -1 | -40 | 216 | -144 |
Change in payment obligation related to acquisition | ||||||||
0 | 983 | -5,937 | 713 | 0 | 0 | - | - | - |
Fair value revaluation - convertible debt | ||||||||
-3,785 | -1,350 | -175 | 2,566 | 0 | - | - | - | - |
Loss from sale of property and equipment | ||||||||
0 | -149 | -17 | -121 | 0 | 0 | - | - | - |
Fair value revaluation - convertible debt | ||||||||
- | - | - | - | - | 0 | - | - | - |
Impairment of intangible assets and goodwill | ||||||||
85,667 | 0 | 79,349 | 19,941 | 0 | - | - | - | - |
Restructuring costs related to impairment of property and equipment | ||||||||
0 | 254 | 124 | 632 | 0 | 0 | - | - | - |
Net changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | ||||||||
-8,888 | 5,333 | -3,362 | 23,568 | -18,032 | 7,714 | 383 | 475 | 126 |
Prepaid expenses and other | ||||||||
3,241 | -8,613 | 3,402 | 5,020 | 2,533 | -1,996 | 1,100 | -544 | -122 |
Other assets | ||||||||
- | - | - | - | - | 0 | -60 | -17 | 45 |
Accounts payable | ||||||||
1,106 | -1,702 | -3,725 | 2,228 | 8,681 | 10,408 | 108 | 374 | -909 |
Accrued expenses and other liabilities | ||||||||
1,429 | -2,486 | -13,250 | 9,261 | -8,756 | 13,004 | 112 | -25 | 1,198 |
Deferred revenues | ||||||||
-95 | -2,365 | -772 | -407 | -6,250 | -6,250 | 998 | -106 | -462 |
Net cash provided by continuing operating activities | ||||||||
36,013 | 33,784 | 23,772 | 77,058 | 85,291 | 328,460 | 7,038 | - | - |
Net cash used in discontinued operating activities | ||||||||
0 | -3,329 | -6,203 | -5,016 | -23,939 | -19,024 | - | - | - |
Other | ||||||||
- | - | - | - | - | - | - | 8 | 0 |
Net cash provided by operating activities | ||||||||
36,013 | 30,455 | 17,569 | 72,042 | 61,352 | 309,436 | - | 9,783 | 10,674 |
Investing activities: | ||||||||
Purchases of property and equipment | ||||||||
1,606 | 1,504 | 2,029 | 10,882 | 1,916 | 1,721 | 316 | 246 | 513 |
Proceeds from sale of property and equipment | ||||||||
10 | 151 | 24 | 58 | 0 | 0 | 0 | 12 | 0 |
Capitalization of development costs | ||||||||
5,756 | 4,591 | 4,005 | 0 | 0 | - | 829 | 180 | 75 |
Proceeds from short-term bank deposits | ||||||||
- | - | - | - | - | - | - | - | 1,042 |
Investment in short-term bank deposits | ||||||||
- | - | - | - | - | - | - | - | 974 |
Change in restricted cash, net | ||||||||
0 | -647 | -50 | 202 | 0 | 0 | -90 | 0 | -169 |
Short-term deposits, net | ||||||||
-2,501 | -34,028 | 27,442 | 15,000 | - | - | - | - | - |
Short-term deposits, net | ||||||||
- | - | - | - | - | 62,932 | - | - | - |
Cash paid by employees on previously exercised options of acquired company | ||||||||
- | - | - | - | - | - | 0 | 0 | - |
Cash paid for acquisition, net of cash acquired | ||||||||
0 | 0 | 87,044 | -19,042 | - | 0 | 21,712 | 0 | 0 |
Investments in short-term deposits, net | ||||||||
- | - | - | - | 75,957 | - | - | - | - |
Net cash acquired in (paid in) in connection with acquisition, net | ||||||||
- | - | - | - | 0 | - | - | - | - |
Cash acquired through the acquisition of Perion Network Ltd. | ||||||||
- | - | - | - | - | 0 | - | - | - |
Proceeds from sales of marketable securities | ||||||||
- | - | - | - | - | - | 26,704 | 10,745 | 23,277 |
Investment in marketable securities | ||||||||
- | - | - | - | - | - | 11,915 | 20,534 | 9,435 |
Net cash provided by (used in) continuing investing activities | ||||||||
-4,851 | 28,731 | -120,446 | -6,984 | -77,873 | 61,211 | -7,978 | - | - |
Net cash provided by discontinued investing activities | ||||||||
0 | 0 | 0 | 0 | 898 | -2,321 | - | - | - |
Net cash provided by investing activities | ||||||||
-4,851 | 28,731 | -120,446 | -6,984 | -76,975 | 58,890 | - | -10,203 | 13,491 |
Financing activities: | ||||||||
Issuance of shares in private placement, net | ||||||||
0 | 0 | 10,020 | 0 | 0 | - | - | - | - |
Dividend paid to shareholders | ||||||||
- | - | - | - | - | 338,676 | - | - | - |
Repurchase of Ordinary shares | ||||||||
- | - | - | - | - | - | - | - | 120 |
Dividend paid upon consummation of spin-off | ||||||||
- | - | - | - | 65,009 | 0 | 3,885 | 8,477 | 8,496 |
Exercise of stock options and restricted share units | ||||||||
1 | 2 | 13 | 1,584 | 850 | 3,073 | 30 | 375 | 984 |
Payments made in connection with acquisition | ||||||||
2,551 | 29,537 | 1,534 | - | - | - | - | - | - |
Repayment of convertible debt | ||||||||
7,901 | 7,620 | 0 | 0 | - | - | - | - | - |
Repayment of short-term loans | ||||||||
7,000 | 46,000 | 0 | 0 | - | - | - | - | - |
Contribution by shareholders | ||||||||
- | - | - | 585 | 0 | 0 | - | - | - |
Payments made in connection with acquisition | ||||||||
- | - | - | 2,545 | 0 | - | - | - | - |
Proceeds from the issuance of convertible debt | ||||||||
- | - | - | 37,852 | 0 | 0 | - | - | - |
Excess tax benefit from share-based payment arrangements | ||||||||
- | - | - | - | - | - | - | 209 | 0 |
Payments made in connection with acquisition | ||||||||
- | - | - | - | - | 0 | 0 | 0 | - |
Proceeds from short-term loans | ||||||||
0 | 40,000 | 13,000 | 0 | 0 | - | - | - | - |
Proceed from long-term loans | ||||||||
5,000 | 0 | 0 | - | - | - | - | - | - |
Proceeds from long-term loans | ||||||||
- | - | - | - | - | - | 0 | 0 | - |
Repayment of long-term loans | ||||||||
11,389 | 9,452 | 2,300 | 2,300 | 0 | 0 | 0 | 0 | - |
Net cash used in financing activities | ||||||||
-23,840 | -52,607 | 19,199 | - | - | -335,603 | - | -7,893 | -7,632 |
Net cash provided by (used in) continuing financing activities | ||||||||
- | - | - | 35,176 | -64,159 | - | -3,855 | - | - |
Effect of exchange rate changes on cash and cash equivalents | ||||||||
283 | -136 | 14 | 0 | 0 | - | - | - | - |
Net increase (decrease) in cash and cash equivalents | ||||||||
7,605 | 9,772 | -77,461 | 105,250 | -79,782 | 32,723 | -4,795 | -8,313 | 16,533 |
Decrease in cash and cash equivalents - discontinued activities | ||||||||
0 | 3,329 | 6,203 | -5,016 | 2,336 | 4,433 | - | - | - |
Supplemental Disclosure of Cash Flow Activities: | ||||||||
Income taxes | ||||||||
8,391 | 3,976 | 21,340 | 20,855 | 40,694 | 55,696 | 3,200 | 2,719 | 1,790 |
Interest | ||||||||
4,619 | 5,678 | 2,260 | - | - | - | - | - | - |
Interest | ||||||||
- | - | - | 260 | 0 | 0 | 0 | 0 | - |
Issuance of shares in connection with acquisitions | ||||||||
0 | 673 | 5,579 | 171,552 | 0 | 0 | 750 | 0 | 0 |
Issuance of shares in private placement | ||||||||
0 | 2 | 0 | 0 | - | - | - | - | - |
Contribution by shareholders | ||||||||
- | - | - | -1,218 | 0 | 0 | - | - | - |
Acquisition related expenses paid by shareholders | ||||||||
- | - | - | 3,060 | 0 | 0 | - | - | - |
Dividend in kind upon consummation of spin-off | ||||||||
- | - | - | - | 211,668 | - | - | - | - |
Stock-based compensation capitalized as part of capitalization of software development costs | ||||||||
31 | 14 | 187 | 0 | 0 | - | 17 | 0 | - |
Purchase of property and equipment on credit | ||||||||
0 | 322 | 312 | 1,205 | - | - | - | 418 | 0 |
Purchase of property and equipment on credit | ||||||||
- | - | - | - | 0 | 0 | - | - | - |