| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net income | ||||||||
556 | 19,601 | 20,300 | 14,576 | 11,592 | 11,803 | 5,958 | 6,170 | 4,201 |
Reconciliation of net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
15,871 | 10,021 | 9,625 | 8,717 | 7,887 | 7,393 | 6,748 | 6,649 | 5,098 |
Amortization and loss from convertible debt | ||||||||
- | - | - | - | - | - | - | - | 686 |
Stock-based compensation | ||||||||
2,035 | 1,955 | 1,349 | 1,067 | 933 | 690 | 336 | 417 | 259 |
Compensation associated with acquisition of subsidiary | ||||||||
- | - | - | - | - | 128 | - | - | - |
Amortization of premium and accrued interest on marketable securities | ||||||||
-509 | 516 | 453 | 225 | 0 | 0 | - | - | - |
Compensation associated with acquisition of subsidiary | ||||||||
- | - | - | - | - | - | -755 | -605 | - |
Net changes in operating assets and liabilities | ||||||||
Trade receivables, net | ||||||||
5,253 | 5,435 | -1,893 | 6,637 | 6,677 | 1,649 | 3,333 | -267 | -1,932 |
Other operating assets | ||||||||
-3,688 | 3,309 | 1,229 | -127 | 2,317 | -152 | 480 | 477 | -228 |
Deferred tax assets, net | ||||||||
8,840 | -1,664 | -2,169 | 1,020 | -1,133 | 194 | -222 | 304 | 34 |
Trade payables | ||||||||
-1,388 | 1,101 | 1,511 | -3,297 | 1,874 | 1,746 | -1,279 | 195 | -295 |
Other operating liabilities | ||||||||
92 | 2,223 | 4,134 | 8,469 | 383 | 333 | -804 | -635 | 164 |
Deferred revenues and customer advances | ||||||||
1,249 | -1,035 | 1,300 | -223 | 2,508 | -2,372 | -408 | -690 | 1,778 |
Accrued severance pay, net | ||||||||
37 | 231 | 159 | -7 | 50 | -762 | -698 | 172 | -479 |
Net cash provided by operating activities | ||||||||
- | - | - | 21,561 | 17,266 | 18,792 | - | - | - |
Net cash provided by operating activities | ||||||||
8,482 | 26,039 | 40,440 | - | - | - | 8,413 | 12,025 | 13,538 |
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | ||||||||
2,622 | 4,664 | 2,815 | 1,468 | 4,129 | 1,327 | 482 | 662 | 324 |
Capitalized software development costs | ||||||||
5,567 | 5,545 | 6,032 | 6,094 | 5,392 | 3,464 | 4,735 | 5,387 | 3,692 |
Issuance expenses relating to FIS and IDIT acquisition | ||||||||
- | - | - | - | - | - | 102 | 0 | - |
Earn-out payment with respect to Harcase acquisition | ||||||||
- | - | - | - | - | - | 952 | 0 | - |
Net cash paid for acquisitions (b) | ||||||||
100,381 | 4,382 | 2,934 | 2,064 | 0 | 0 | -3,741 | 1,416 | - |
Investment in marketable securities | ||||||||
0 | 9,017 | 7,678 | 34,906 | 0 | 0 | - | - | - |
Proceeds from sales of marketable securities | ||||||||
35,369 | 13,898 | 1,499 | 1,543 | 0 | 0 | - | - | - |
Restricted cash, net | ||||||||
0 | -1,393 | 893 | -239 | 210 | 68 | 0 | 0 | - |
Net cash used in investing activities | ||||||||
- | - | - | -42,750 | -9,731 | -4,859 | - | - | - |
Net cash used in investing activities | ||||||||
-73,201 | -8,317 | -18,853 | - | - | - | -2,530 | -7,465 | -4,016 |
Cash flows from financing activities: | ||||||||
Proceeds from employee stock options exercised | ||||||||
2,453 | 890 | 1,568 | 1,569 | 1,689 | 1,199 | 207 | 24 | - |
Distribution to ultimate parent for a business acquisition under common control (c) | ||||||||
0 | 1,440 | 8,482 | 0 | 0 | - | - | - | - |
Principal payments and repurchase of convertible debt | ||||||||
- | - | - | - | - | - | - | - | 5,824 |
Repayment of loan | ||||||||
56 | 824 | 0 | 0 | - | - | - | 15 | 627 |
Issuance of Series B Debentures, net | ||||||||
78,229 | 0 | 0 | - | - | - | - | - | - |
Repurchase of shares | ||||||||
- | - | - | - | - | 7,000 | 0 | - | - |
Issuance of shares upon public offering, net | ||||||||
- | - | - | - | 37,791 | 0 | 0 | - | - |
Distribution of dividend | ||||||||
9,851 | 9,786 | 7,186 | 0 | 5,802 | 0 | - | - | - |
Repurchase of shares | ||||||||
- | - | - | - | - | - | - | 0 | - |
Dividend to non-controlling interest | ||||||||
0 | 73 | 77 | 106 | 157 | 182 | 134 | 0 | - |
Net cash provided by (used in) financing activities | ||||||||
- | - | - | 1,463 | 33,521 | -5,983 | - | - | - |
Net cash provided by (used in) financing activities | ||||||||
70,775 | -11,233 | -14,177 | - | - | - | 73 | 9 | -6,451 |
Effect of exchange rate changes on cash | ||||||||
4,503 | 68 | -459 | -3,187 | 207 | -360 | -678 | 441 | 163 |
Increase in cash and cash equivalents | ||||||||
10,559 | 6,557 | 6,951 | -22,913 | 41,263 | 7,590 | 5,278 | 5,010 | 3,234 |
Supplemental cash flow activities: | ||||||||
Interest | ||||||||
713 | 48 | 6 | - | - | - | - | - | - |
Interest paid | ||||||||
- | - | - | 5 | 7 | 2 | 16 | 115 | 454 |
Interest received | ||||||||
- | - | - | 604 | 7 | 5 | - | - | - |
Income taxes | ||||||||
2,705 | 1,196 | 2,234 | 665 | 739 | 1,752 | 162 | 494 | 227 |
Fair value of assets acquired and liabilities assumed at the date of acquisition: | ||||||||
Working capital, net (excluding cash and cash equivalents) | ||||||||
-4,816 | -1,547 | 1,221 | 228 | 0 | 0 | - | - | - |
Other long term assets | ||||||||
1,336 | 2,089 | 183 | 0 | 0 | - | - | - | - |
Other long-term liabilities | ||||||||
16,599 | 1,420 | 1,424 | 0 | 0 | - | - | - | - |
Goodwill and other intangible assets | ||||||||
120,460 | 5,260 | 3,903 | 2,013 | 0 | - | - | - | - |
Contingent payments | ||||||||
0 | 0 | 949 | 0 | 0 | - | - | - | - |
Goodwill and other intangible assets | ||||||||
- | - | - | - | - | 0 | - | - | - |
Redeemable non-controlling interest | ||||||||
- | - | - | -177 | 0 | 0 | - | - | - |
Fair Value Of Net Assets Acquired | ||||||||
-100,381 | -4,382 | -2,934 | -2,064 | 0 | - | - | - | - |
Non-cash transactions: | ||||||||
Loan and contingent payments to ultimate parent | ||||||||
0 | 0 | -2,333 | 0 | 0 | - | - | - | - |
Fair Value Of Net Assets Acquired | ||||||||
- | - | - | - | - | 0 | - | - | - |