CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ (83,946)
|
$ (5,758)
|
$ 63,064
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
14,228
|
15,475
|
10,646
|
| Share-based compensation |
95,436
|
71,849
|
55,517
|
| Amortization of premium and accretion of discount on marketable securities, net |
7,532
|
3,068
|
(47)
|
| Deferred income taxes, net |
(11,972)
|
(1,988)
|
(6,974)
|
| Amortization of debt discount and issuance costs |
17,792
|
17,183
|
1,966
|
| Increase in trade receivables |
(20,083)
|
(17,315)
|
(24,522)
|
| Increase in prepaid expenses, other current and long-term assets |
(38,219)
|
(20,487)
|
(14,321)
|
| Increase in trade payables |
1,499
|
558
|
1,571
|
| Increase in short-term and long-term deferred revenue |
74,767
|
45,397
|
40,821
|
| Increase in employees and payroll accruals |
23,821
|
7,846
|
7,337
|
| Increase (decrease) in accrued expenses and other current and long-term liabilities |
(6,115)
|
(9,059)
|
6,652
|
| Net cash provided by operating activities |
74,740
|
106,769
|
141,710
|
| Cash flows from investing activities: |
|
|
|
| Investment in short-term and long-term deposits |
(105,069)
|
(123,054)
|
(33,961)
|
| Investment in marketable securities |
(357,210)
|
(405,193)
|
(165,714)
|
| Proceeds from sales and maturities of marketable securities |
243,013
|
191,637
|
63,489
|
| Purchase of property and equipment |
(8,928)
|
(7,174)
|
(7,036)
|
| Business acquisitions, net of cash acquired (Schedule A) |
0
|
(68,603)
|
0
|
| Net cash used in investing activities |
(228,194)
|
(412,387)
|
(143,222)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from (payment of) withholding tax related to employee stock plans |
(789)
|
1,069
|
1,155
|
| Proceeds from exercise of stock options |
11,738
|
12,180
|
24,428
|
| Proceeds from the issuance of convertible senior notes, net of issuance costs |
0
|
0
|
560,107
|
| Purchase of capped calls |
0
|
0
|
(53,648)
|
| Net cash provided by financing activities |
10,949
|
13,249
|
532,042
|
| Increase (decrease) in cash, cash equivalents and restricted cash |
(142,505)
|
(292,369)
|
530,530
|
| Effect of exchange rate differences on cash, cash equivalents and restricted cash |
(689)
|
0
|
0
|
| Cash, cash equivalents and restricted cash at the beginning of the year |
500,044
|
792,413
|
261,883
|
| Cash, cash equivalents and restricted cash at the end of the year |
356,850
|
500,044
|
792,413
|
| Non-cash activities: |
|
|
|
| Lease liabilities arising from obtaining right-of-use-assets |
0
|
3,237
|
27,926
|
| Non-cash purchase of property and equipment |
2,165
|
1,639
|
960
|
| Exercise of stock options |
127
|
916
|
119
|
| Supplemental disclosure of cash flow activities: |
|
|
|
| Cash paid during the year for taxes, net |
8,404
|
11,424
|
10,548
|
| Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
| Cash and cash equivalents |
356,850
|
499,992
|
792,363
|
| Restricted cash included in other long-term assets |
0
|
52
|
50
|
| Total cash, cash equivalents and restricted cash |
356,850
|
500,044
|
792,413
|
| Fair value of assets acquired and liabilities assumed at the date of acquisition: |
|
|
|
| Goodwill |
123,717
|
123,717
|
$ 82,400
|
| Other long- term assets |
121,743
|
99,992
|
|
| Other long- term liabilities |
$ (20,227)
|
(24,920)
|
|
| Idaptive [Member] |
|
|
|
| Fair value of assets acquired and liabilities assumed at the date of acquisition: |
|
|
|
| Working capital, net (excluding $1,934 of cash and cash equivalents acquired) $ (6,965) |
|
(6,965)
|
|
| Property and equipment |
|
654
|
|
| Goodwill |
|
41,317
|
|
| Technology |
|
18,908
|
|
| Customer relationships |
|
4,466
|
|
| Other long- term assets |
|
1,076
|
|
| Deferred taxes, net |
|
10,845
|
|
| Other long- term liabilities |
|
(1,698)
|
|
| Total |
|
$ 68,603
|
|