Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities      
Net income $ 8,823 $ 20,626 $ 9,370
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 7,624 5,864 6,360
Amortization 11,873 4,484 2,982
Deferred income taxes (2,266) (113) (328)
Stock-based compensation 8,874 1,587 1,242
Excess tax benefit from stock options and warrant (15,192) (2,620) (2,515)
Fair value of warrant related to OEM agreement 0 0 4,988
Gain on disposal of property, plant and equipment (153) (156) 0
Gain on sale of investments (251) (1,831) 0
Gains on amounts funded in respect of employee rights upon termination (57) 0 0
Increase (decrease) in cash attributable to changes in operating assets and liabilities, net of the impact of acquisition:      
Accounts receivable, net (28,502) (5,739) (801)
Inventories (7,724) (5,846) (5,367)
Net investment in sales-type leases (4,216) (2,625) 932
Prepaid expenses 1,534 1,438 (1,137)
Other assets (1,072) 290 867
Accounts payable and other current liabilities 21,340 6,538 4,495
Non-current liabilities 637 0 0
Unearned revenues 222 615 883
Net cash provided by operating activities 1,494 22,512 21,971
Cash flows from investing activities      
Proceeds from the maturity of investments 14,300 19,927 27,728
Proceeds from the sale of investments 39,067 15,748 0
Purchase of investments (8,407) (18,755) (67,912)
Proceeds from sale of property and equipment 226 0 0
Redemption of short-term bank deposits 9,999 0 0
Increase in restricted deposits (84)    
Acquisition of property and equipment (12,057) (12,849) (7,822)
Amounts funded in respect of employee rights upon retirement (32) 0 0
Acquisition of intangible and other assets (3,018) (4,318) (1,288)
Cash acquired through merger with Objet Ltd. 41,524 0 0
Acquisition of Solidscape, Inc., net of cash acquired 0 (38,559) 0
Net cash provided by (used in) investing activities 81,518 (38,806) (49,294)
Cash flows from financing activities      
Proceeds from exercise of stock options and warrant 15,297 6,149 6,402
Cash paid for vested stock option repurchases 0 0 (2,137)
Excess tax benefit from stock options and warrant 15,192 2,620 2,515
Net cash provided by financing activities 30,489 8,769 6,780
Effect of exchange rate changes on cash 233 63 (218)
Net increase (decrease) in cash and cash equivalents 113,734 (7,462) (20,761)
Cash and cash equivalents, beginning of year 20,092 27,554 48,315
Cash and cash equivalents, end of year 133,826 20,092 27,554
Supplemental disclosures of cash flow information:      
Cash paid for taxes 8,169 6,043 5,027
Transfer of fixed assets to inventory 96 213 242
Transfer of inventory to fixed assets 2,787 2,747 2,336
net of cash acquired 0 38,559 0
Solidscape, Inc [Member]
      
Cash flows from investing activities      
Acquisition of Solidscape, Inc., net of cash acquired   (38,559)  
Supplemental disclosures of cash flow information:      
Fair value of assets acquired   48,191  
Less liabilities assumed   (9,092)  
Net acquired assets   39,099  
Less cash acquired   (540)  
net of cash acquired   38,559  
Objet Ltd [Member]
      
Cash flows from investing activities      
Acquisition of Solidscape, Inc., net of cash acquired (1,299,373)    
Supplemental disclosures of cash flow information:      
Fair value of assets acquired 1,456,924    
Less liabilities assumed (116,027)    
Net acquired assets 1,340,897    
Less cash acquired (41,524)    
net of cash acquired $ 1,299,373