XML 55 R10.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 265,945 $ 199,223 $ 196,346
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 176,546 184,092 182,026
Stock-based compensation 182,704 153,030 101,667
Accrued severance pay, net 1,171 597 1,323
Amortization of premium and discount and accrued interest on marketable securities 8,322 11,867 (633)
Deferred taxes, net (52,618) (39,316) (33,241)
Changes in operating assets and liabilities:      
Trade receivables, net (129,712) (85,778) 22,245
Prepaid expenses and other current assets (31,673) (79,624) (80,665)
Trade payables 19,923 (389) 4,094
Accrued expenses and other liabilities 33,684 64,179 14,875
Operating lease right-of-use assets 20,393 15,075 18,167
Deferred revenues 6,417 30,770 63,202
Operating lease liabilities (26,191) (18,011) (19,569)
Amortization of discount on long-term debt 4,582 14,469 13,297
Loss in respect of debt extinguishment 1,206 13,969 0
Other (984) (2,337) (2,828)
Net cash provided by operating activities 479,715 461,816 480,306
Cash flows from investing activities:      
Purchase of property and equipment (31,893) (24,771) (24,186)
Purchase of investments (396,297) (322,129) (583,115)
Proceeds from investments 355,560 270,645 328,593
Payments for business acquisitions, net of cash acquired (29,724) (142,804) (147,261)
Capitalization of internal use software costs (49,997) (42,440) (39,098)
Net cash used in investing activities (152,351) (261,499) (465,067)
Cash flows from financing activities:      
Proceeds from issuance of shares upon exercise of options 953 4,426 8,865
Purchase of treasury shares (144,944) (73,180) (48,272)
Dividends paid to non-controlling interest (376) (1,754) 0
Capital lease payments 0 0 (177)
Purchase of subsidiaries shares from non-controlling interest 0 (14,000) 0
Proceeds from issuance of exchangeable senior notes, net 0 0 451,421
Repayment of debt (20,132) (177,308) (215,000)
Net cash provided by (used in) financing activities (164,499) (261,816) 196,837
Effect of exchange rate changes on cash (8,425) (2,112) 1,868
Net change in cash, cash equivalents and restricted cash 154,440 (63,611) 213,944
Cash, cash equivalents and restricted cash at the beginning of the year 378,656 442,267 228,323
Cash, cash equivalents and restricted cash at the end of the year 533,096 378,656 442,267
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:      
Cash and cash equivalents 529,596 378,656 442,267
Restricted cash included in other current assets 3,500 0 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 533,096 378,656 442,267
Cash paid during the year for:      
Income taxes 123,586 97,258 83,251
Interest 2,974 688 7,829
Non-cash activities:      
Increase in accrued expenses and other liabilities with respect to purchase of treasury shares $ 0 $ 4 $ 112