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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 $ 34,904 $ 30,117 $ 25,598
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,852 13,939 14,025
Stock-based compensation 956 74
Change in deferred taxes, net (2,999) (1,650) (1,893)
Amortization of marketable securities premium and accretion of discount 96 (70) 117
Exchange rate of loans 71 1,362 1,895
Net change in operating assets and liabilities:      
Trade receivables, net (27,539) (3,939) 6,550
Other long-term and short-term accounts receivable and prepaid expenses 263 3,399 9,594
Trade payables 8,771 1,899 (5,273)
Accrued expenses and other accounts payable 6,395 8,175 (7,673)
Deferred revenues 2,040 (936) 2,934
Net cash provided by operating activities 37,810 52,296 45,948
Cash flows from investing activities:      
Capitalized software development costs (3,193) (3,302) (4,143)
Purchase of property and equipment (1,439) (2,772) (1,379)
Cash paid in conjunction with acquisitions, net of acquired cash (a) (6,832) (16,534) (22,603)
Proceeds from maturity and sale of marketable securities 5,429 3,356
Investment in long-term bank deposits (93) (714)
Proceeds from (investment in) short-term bank deposits (5,297) 7,575 10,043
Net cash used in investing activities (16,854) (9,604) (15,440)
Cash flows from financing activities:      
Proceeds from exercise of options by employees 41 256 69
Issuance of ordinary shares, net 104
Dividend paid (21,780) (12,503) (14,963)
Dividend paid to non-controlling interests (569) (931) (457)
Dividend paid to redeemable non-controlling interests (3,664) (4,174) (3,395)
Purchase of redeemable non-controlling interest (511) (18,016) (5,592)
Payments of deferred and contingent consideration related to acquisitions (5,343) (4,596)
Short-term and long-term loans received 25,558 9,686 878
Repayment of short-term and long-term loans (14,467) (9,369) (13,624)
Net cash provided used in financing activities (20,735) (39,647) (36,980)
Effect of exchange rate changes on cash and cash equivalents (258) 3,167 1,261
Increase (decrease) in cash and cash equivalents (37) 6,212 (5,211)
Cash and cash equivalents at the beginning of the year 88,127 81,915 87,126
Cash and cash equivalents at end of the year 88,090 88,127 81,915
Fair value of assets acquired and liabilities assumed at the date of acquisition:      
Net assets, excluding acquired cash 506 (740) (6,501)
Intangible assets, net of deferred taxes (4,816) (10,231) (14,411)
Goodwill (8,544) (12,168) (19,051)
Deferred and contingent liabilities assumed in current year business combinations 5,303 3,459 17,002
Non-controlling interests and redeemable non-controlling interests 719 3,146 358
Cash paid in conjunction with acquisitions, net of acquired cash total (6,832) (16,534) (22,603)
Non-cash activities:      
Operating lease, right of use assets 2,801 1,652 5,949
Cash paid (received), net during the year for:      
Income taxes 13,050 7,835 6,736
Interest $ 544 $ 371 $ (152)