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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (21,590) $ (166) $ 7,811
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 12,244 11,692 10,196
Share-based compensation 34,022 27,353 17,574
Loss (gain) on sale of marketable securities 243 (68) (438)
Amortization of premiums, accretion of discounts and accrued interest on marketable securities, net 1,754 2,345 2,720
Changes in accrued interest on bank deposits (3,265) (2,480) 2,424
Increase (decrease) in accrued severance pay, net (299) 219 468
Decrease (increase) in trade receivables, net (2,515) (4,561) 3,657
Changes in deferred income taxes, net (551) (1,986) (3,466)
Decrease (increase) in other assets and prepaid expenses 246 (374) (4,625)
Decrease (increase) in inventories (4,116) 152 2,355
Increase (decrease) in trade payables (2,166) 2,154 428
Increase (decrease) in deferred revenues (14,951) 13,475 20,063
Increase (decrease) in other payables and accrued expenses (1,415) (14,054) 12,238
Operating lease right-of-use assets 3,934 6,033 5,532
Operating lease liabilities (5,075) (7,586) (5,163)
Net cash provided by (used in) operating activities (3,500) 32,148 71,774
Cash flows from investing activities:      
Purchase of property and equipment (5,429) (8,814) (5,603)
Proceeds from other long-term assets 66 35 49
Proceeds from (investing in) bank deposits 81,031 (13,377) 24,448
Purchase of marketable securities (33,274) (49,217) (88,300)
Proceeds from maturity of marketable securities 46,177 34,589 59,980
Proceeds from sale of marketable securities 4,208 10,766 17,275
Payment for the business acquisition of SecurityDAM Ltd. (“SecurityDAM”) 0 (30,000) 0
Net cash provided by (used in) investing activities 92,779 (56,018) 7,849
Cash flows from financing activities:      
Proceeds from exercise of share options 371 2,034 10,590
Payment of contingent consideration related to acquisition (2,063) 0 0
Proceeds from issuance of Preferred A shares in subsidiary 0 35,000 0
Repurchase of ordinary shares (63,234) (59,492) (52,471)
Net cash used in financing activities (64,926) (22,458) (41,881)
Increase (decrease) in cash and cash equivalents 24,353 (46,328) 37,742
Cash and cash equivalents at the beginning of the year 46,185 92,513 54,771
Cash and cash equivalents at the end of the year 70,538 46,185 92,513
Supplemental disclosure of cash flow information:      
Cash paid during the year for taxes on income 4,000 18,069 2,748
Non-cash investing activities:      
Right-of-use assets recognized with corresponding lease liabilities $ 1,633 $ 4,282 $ 2,538