XML 23 R7.htm IDEA: XBRL DOCUMENT v3.24.1
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 $ 78,632 $ 79,949 $ 60,277
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,784 4,094 2,811
Deferred tax (benefit) expense (1,254) (777) 255
Amortization of debt issuance costs 1,094 1,094 113
Share based compensation expense 12,598 10,523 5,815
Change in provision for doubtful debts 100 (7) (32)
Loss on disposal of fixed assets 6 0 4
Changes in operating assets and liabilities:      
Trade accounts receivable, gross (1,890) (21,984) (17,338)
Inventories (13,692) (9,518) (21,702)
Due from related parties (3) 0 (12)
Other assets (6,766) (6,337) (2,380)
Trade accounts payable 10,121 (2,113) 6,190
Other current liabilities (5,406) 2,875 26,956
Net cash provided by operating activities 79,324 57,799 60,957
Cash flows from investing activities:      
Acquisition of subsidiary consolidated for the first time (101,781) 0 0
Proceeds from (investment in) short-term deposits 36,250 (95,500) (84,000)
Proceeds from (investment in) long-term deposits 58,000 (47,000) (32,000)
Purchase of fixed assets (8,097) (8,197) (4,065)
Purchase of intangible assets (173) (97) (111)
Purchase of marketable securities (103,528) 0 0
Redemption of marketable securities 11,876    
Net cash used in investing activities (107,453) (150,794) (120,176)
Cash flows from financing activities:      
Proceeds from exercise of share options 182 3 271
Issuance of convertible notes, net 0 0 194,530
Net cash provided by financing activities 182 3 194,801
Effect of exchange rate changes on cash (241) (795) 546
Net increase (decrease) in cash and cash equivalents (28,188) (93,787) 136,128
Cash and cash equivalents at beginning of the year 148,156 241,943 105,815
Cash and cash equivalents at end of the year 119,968 148,156 241,943
Acquisition of subsidiary, consolidated for the first time:      
Working capital (excluding cash and cash equivalents) (15,288)    
Fixed assets, net (1,615)    
Intangible assets (16,900)    
Goodwill (74,345)    
Deferred taxes liabilities, net 7,157    
Working capital adjustments (1,295)    
Capitalized share-based compensation adjustment (102,286)    
Increase in goodwill against share-based compensation 505    
Acquisition of subsidiary consolidated for the first time (101,781) 0 0
A. Cash paid and received during the year for:      
Income taxes paid 13,807 11,836 558
Interest received 18,685 4,293 1,057
Lease payments 1,854 1,480 1,060
B. Non-cash transactions:      
Fixed assets purchased with supplier credit $ 267 $ 569 $ 339