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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 | $ 42,502 | $ 46,279 | $ 35,339
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 20,553 | 19,795 | 19,837
Cost of share-based payment | 3,798 | 2,079 | 956
Changes in value of short-term and long-term loans from banks and others and deposits, net | 1,533 | (1,686) | 71
Changes in deferred taxes, net | (3,238) | (3,904) | (3,080)
Payments of deferred and contingent consideration related to acquisitions | (6,572) | (3,919) | (556)
Capital gain from sale of property, plant and equipment | (42) |  |
Effect of exchange rate on of cash and cash equivalents held in currencies other than the functional currency | 285 | 3,747 |
Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income | (114) | 76 | 96
Working capital adjustments: |  |  |
Trade receivables | 18,426 | (2,569) | (27,539)
Accrued expenses and other accounts payable | (7,190) | (975) | 5,415
Other current and long-term accounts receivable | (5,586) | (1,934) | 263
Trade payables | 858 | 139 | 8,792
Deferred revenues | 3,779 | (513) | 4,080
Net cash provided by operating activities | 68,992 | 56,615 | 43,674
Cash flows from investing activities: |  |  |
Payments for business acquisitions, net of cash acquired (Appendix A) | (14,244) | (21,670) | (6,833)
Loans to related party | 909 | (2,250) |
Proceeds from sale of property, plant and equipment | 54 |  |
Payments to former shareholders of consolidated company | (583) |  |
Purchase of financial assets measured at fair value through other comprehensive income | (1,243) |  |
Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations | (11,320) | (4,870) | (5,342)
Purchase of intangible assets |  | (219) |
Purchase of property and equipment | (1,618) | (4,381) | (1,439)
Redemption of marketable securities |  | 309 |
Investment in a company accounted for at equity | (498) |  |
Change in short-term and long-term deposits | 4,110 | 1,682 | (5,390)
Capitalization of software development | (3,183) | (3,059) | (3,193)
Net cash used in investing activities | (27,616) | (34,458) | (22,197)
Cash flows from financing activities: |  |  |
Exercise of employees’ stock options | 22 | 1 | 41
Dividend paid to non-controlling interests | (4,055) | (4,170) | (4,233)
Dividend to Magic’s shareholders | (30,798) | (24,841) | (21,780)
Repayment of long-term loans from banks and others | (20,994) | (14,323) | (14,467)
Receipt of long-term loans from banks and others | 49,465 | 30,703 | 25,558
Repayment of lease liabilities | (5,690) | (4,792) | (5,874)
Cash paid due to exercise of put option by non-controlling interests | (5,243) | (854) | (511)
Net cash used in financing activities | (17,293) | (18,276) | (21,266)
Effect of exchange rate changes on cash and cash equivalents | (1,202) | (8,909) | (248)
Increase (decrease) in cash and cash equivalents | 22,881 | (5,028) | (37)
Cash and cash equivalents at beginning of year | 83,062 | 88,090 | 88,127
Cash and cash equivalents at end of year | 105,943 | 83,062 | 88,090
Fair value of assets acquired and liabilities assumed at the date of acquisition: |  |  |
Net assets, excluding acquired cash | (197) | (1,168) | 506
Intangible assets, net of deferred taxes | (8,281) | (13,552) | (4,817)
Goodwill | (9,410) | (22,370) | (8,544)
Deferred and contingent liabilities assumed in current year business combinations |  | 15,420 | 5,303
Non-controlling interests | 3,644 |  | 719
Cash paid in conjunction with acquisitions, net of acquired cash total | (14,244) | (21,670) | (6,833)
Non-cash activities: |  |  |
Right-of-use asset recognized with corresponding lease liability | 2,787 | 6,349 | 2,801
Supplemental disclosure of cash flow activities: |  |  |
Income taxes | 15,886 | 14,457 | 13,050
Interest | $ 3,208 | $ 1,306 | $ 1,264

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