v3.22.4
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 $ 93,779 $ 169,170 $ 140,322
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 40,580 29,359 22,355
Amortization of intangible assets 9,096 10,176 9,479
Amortization of debt discount and debt issuance costs 2,916 2,903 3,185
Amortization of premium and accretion of discount on available-for-sale marketable securities, net 9,310 9,462 1,168
Impairment of goodwill and intangible assets 118,492 0 0
Stock-based compensation expenses 145,539 102,593 67,309
Gain from sale of privately held company (7,719) 0 0
Deferred income taxes, net (11,055) (12,045) (2,738)
Exchange rate fluctuations and other items, net 10,052 20,697 3,860
Changes in assets and liabilities:      
Inventories, net (341,085) (43,051) (149,661)
Prepaid expenses and other assets (64,991) (39,444) (3,276)
Trade receivables, net (457,610) (247,723) 86,538
Trade payables, net 194,524 91,709 3,333
Employees and payroll accruals 26,238 26,519 18,315
Warranty obligations 120,169 60,524 32,274
Deferred revenues and customers advances 44,376 29,936 (21,438)
Accrued expenses and other liabilities, net 98,673 3,344 11,630
Net cash provided by operating activities 31,284 214,129 222,655
Cash flows from investing activities:      
Proceed from sales and maturities of available-for-sale marketable securities 231,210 202,188 141,839
Purchase of property, plant and equipment (169,341) (149,251) (126,790)
Investment in available-for-sale marketable securities (507,171) (579,377) (223,705)
Investment in a privately-held company 0 (16,643) 0
Proceeds from sale of a privately-held company 24,362 0 0
Withdrawal from (investment in) bank deposits, net 0 60,096 (54,752)
Withdrawal from (investment in) restricted bank Deposits, net (242) 798 25,267
Other investing activities 4,138 (2,022) 1,504
Net cash used in investing activities (417,044) (484,211) (236,637)
Cash flows from financing activities:      
Proceeds from secondary public offering, net of issuance costs 650,526 0 0
Repayment of bank loans (138) (16,073) (15,595)
Proceeds from exercise of stock-based award 4,030 6,486 16,671
Tax withholding in connection with stock-based awards, net 3,023 (4,283) 4,829
Proceeds from issuance of convertible senior notes, net 0 0 617,869
Proceeds from bank loans 0 0 16,944
Other financing activities (2,834) (1,308) (234)
Net cash provided by (used in) financing activities 654,607 (15,178) 640,484
Increase (decrease) in cash and cash equivalents 268,847 (285,260) 626,502
Cash and cash equivalents at the beginning of the period 530,089 827,146 223,901
Effect of exchange rate differences on cash and cash equivalents (15,824) (11,797) (23,257)
Cash and cash equivalents at the end of the period 783,112 530,089 827,146
Supplemental disclosure of non-cash activities:      
Right-of-use asset recognized with corresponding lease liability 46,004 20,526 29,623
Purchase of property, plant and equipment 16,016 10,781 5,612
Supplemental disclosure of cash flow information:      
Cash paid for income taxes $ 74,689 $ 45,977 $ 38,990