XML 29 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ 6,267 $ (819) $ 6,685
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,058 752 670
Amortization of intangible assets 1,298 649  
Equity-based compensation 4,015 5,011 5,920
Realized (gain) loss, net on sale of available-for-sale marketable securities 78 (6) (379)
Amortization of premiums on available-for-sale marketable securities 1,111 1,121 1,504
Unrealized foreign exchange (gain) loss 237 604 (49)
Loss on realization of investment in other company   404  
Changes in operating assets and liabilities:      
Trade receivables 4,279 (2,381) 603
Prepaid expenses and other current assets (136) 819 146
Accrued interest on bank deposits (318) 351 (245)
Deferred tax, net (1,213) 2,531 (1,191)
Trade payables (161) (655) (102)
Deferred revenues 1,082 950 (242)
Accrued expenses and other payables (158) (188) (394)
Accretion of contingent consideration 97 169  
Accrued payroll and related benefits 1,679 800 568
Income taxes payable 93 (1,057) 207
Excess tax benefit from equity-based compensation (112)    
Accrued severance pay, net 184 54 6
Net cash provided by operating activities 19,380 9,109 13,707
Cash flows from investing activities:      
Acquisition of subsidiary, net of cash acquired (Note 1)   (13,489)  
Purchase of property and equipment (2,184) (1,416) (894)
Investment in bank deposits (53,328) (51,511) (40,190)
Proceeds from bank deposits 47,451 45,306 51,850
Investment in available-for-sale marketable securities (29,800) (38,413) (64,760)
Proceeds from maturity of available-for-sale marketable securities 4,392 2,033 8,686
Proceeds from sale of available-for-sale marketable securities 23,713 55,566 55,514
Investments in other companies     (934)
Proceeds from realization of investment in other company 111 1,032  
Net cash provided by (used in) investing activities (9,645) (892) 9,272
Cash flows from financing activities:      
Payment of contingent consideration (Note 1) (3,700)    
Purchase of Treasury Stock (10,078) (18,657) (19,816)
Proceeds from exercise of stock-based awards 6,713 2,974 2,479
Excess tax benefit from equity-based compensation 112 0 0
Net cash used in financing activities (6,953) (15,683) (17,337)
Effect of exchange rate changes on cash and cash equivalents (39) (485) 53
Increase (decrease) in cash and cash equivalents 2,743 (7,951) 5,695
Cash and cash equivalents at the beginning of the year 16,166 24,117 18,422
Cash and cash equivalents at the end of the year 18,909 16,166 24,117
Cash paid during the year for:      
Income and withholding taxes, net of refunds $ 2,185 $ 1,276 $ 1,851