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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 138,304 $ 58,840 $ 103,885
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)
Depreciation 12,456 8,612 4,919
Amortization of intangibles 21,962 21,962 21,983
Change in excess inventory reserve 5,938 3,630 0
Amortization of premium and discount on investments, net (6,643) (6,131) (2,871)
Stock-based compensation to employees 16,148 12,432 12,284
Stock-based compensation to Board of Directors and Scientific Advisory Board 1,548 4,364 2,609
Change in earnout liability recorded for Adesis acquisition     519
Deferred income tax (benefit) expense (5,776) (12,814) 24,396
Retirement plan expense 5,818 4,466 4,351
Decrease (increase) in assets:      
Accounts receivable (17,323) 9,226 (27,361)
Inventory 109 (37,365) (18,951)
Other current assets (15,238) 4,860 (3,884)
Deferred income taxes   20,682  
Other assets (13,291) (63,922) (297)
Increase (decrease) in liabilities:      
Accounts payable and accrued expenses 15,516 1,563 16,420
Other current liabilities (5,183) 5,761 (1,917)
Deferred revenue 157,321 130,639 8,402
Other liabilities 17,614 23,896  
Net cash provided by operating activities 193,912 121,796 133,365
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (30,059) (25,391) (29,803)
Purchase of intangibles (401)    
Purchases of investments (931,854) (628,789) (594,283)
Proceeds from sale of investments 723,600 633,179 498,508
Net cash used in investing activities (238,714) (21,001) (125,578)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 889 798 734
Repurchase of common stock (649) (477)  
Proceeds from the exercise of common stock options     38
Payment of withholding taxes related to stock-based compensation to employees (15,980) (11,620) (9,432)
Cash dividends paid (18,853) (11,314) (5,652)
Net cash used in financing activities (34,593) (22,613) (14,312)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (79,395) 78,182 (6,525)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 211,022 132,840 139,365
CASH AND CASH EQUIVALENTS, END OF YEAR $ 131,627 $ 211,022 $ 132,840