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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 $ 47,322 $ 34,157 $ 26,491
Reconciliation of net income to net cash provided by operating activities:      
Depreciation and amortization 28,669 23,383 19,138
Stock-based compensation 4,711 3,987 1,405
Accretion of discount on Series B Debentures 106 134 171
Impairment of right of use asset 1,439 351
Capital loss (gain) from sale of property and equipment (60) 44 (40)
Net changes in operating assets and liabilities      
Trade receivables, net, unbilled receivables and contract assets (13,937) (5,168) 10,514
Other operating assets 17,743 (2,049) 6,726
Deferred tax liabilities, net (1,902) (16) (6,441)
Trade payables (529) (1,344) (1,476)
Other operating liabilities (8,325) 1,435 6,667
Deferred revenues 4,930 2,992 2,747
Accrued severance pay, net 375 349 255
Net cash provided by operating activities 80,542 58,255 66,157
Cash flows from investing activities:      
Purchase of property and equipment (3,786) (2,633) (11,474)
Proceeds from sale of property and equipment 1,111 12 834
Capitalized software development costs (7,911) (5,798) (5,665)
Net cash received from (paid for) acquisitions (b) 831 (109,052) (1,554)
Proceeds from (investment in) short-term bank deposits, net 10,031 (30,397) (1,119)
Proceeds from (investment in) restricted deposit on account of future acquisition 22,890 (22,890)
Acquisition of other intangible asset (151) (2,810)
Net cash provided by (used in) investing activities 125 (127,788) (41,868)
Cash flows from financing activities:      
Proceeds from employee stock options exercised 2,038 5,050 780
Receipt of short-term loan 20,000
Repayment of loans (20,000) (4)
Proceeds from issuance of Series B Debentures, net of issuance expenses 60,346
Repayment of Series B Debentures (19,796) (9,898) (9,898)
Distribution of dividend (20,255) (7,044) (11,009)
Payments of contingent consideration (926) (538) (374)
Acquisition of non-controlling interests (990) (147)
Dividend to non-controlling interest (31) (149)
Proceeds from issuance of ordinary shares, net of issuance expenses 108,737
Net cash provided by (used in) financing activities (39,960) 156,506 (20,654)
Effect of exchange rate changes on cash (3,025) (707) (1,968)
Increase in cash, and cash equivalents 37,682 86,266 1,667
Cash, cash equivalents at beginning of year 152,561 66,295 64,628
Cash and cash equivalents at end of year 190,243 152,561 66,295
Supplemental cash flow activities:      
Interest, net 3,218 5,439 2,481
Income taxes, net 6,654 16,330 6,397
Working capital, net (excluding cash and cash equivalents) 238 10,839 317
Other long-term assets (9,577) (412)
Other long-term liabilities 24,572 200
Redeemable non-controlling interests 450
Goodwill and other intangible assets 593 (135,336) (1,659)
Net cash paid for acquisitions, total 831 (109,052) (1,554)
Net lease liabilities arising from obtaining right-of-use assets 5,526 1,861 19,125
Property and equipment purchase incurred but unpaid at period end $ 262 $ 490 $ 315