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v3.25.1

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Cash flows from operating activities: |  |  |
Net income | $ 43,291 | $ 42,502 | $ 46,279
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 20,762 | 20,553 | 19,795
Cost of share-based payment | 1,607 | 3,798 | 2,079
Changes in value of short-term and long-term loans from banks and others and deposits, net | (676) | 1,533 | (1,686)
Changes in deferred taxes, net | (1,564) | (3,238) | (3,904)
Payments of contingent consideration related to acquisitions | (922) | (6,572) | (3,919)
Capital loss (gain) on sale of property and equipment | 7 | (42) |
Effect of exchange rate on of cash and cash equivalents held in currencies other than the functional currency | (82) | 285 | 3,747
Change in value of financial assets measured at fair value through profit or loss | (27) | (114) | 76
Working capital adjustments: |  |  |
Trade receivables | (4,583) | 18,426 | (2,569)
Accrued expenses and other accounts payable | 13,647 | (7,190) | (975)
Other current and long-term accounts receivable | (4,746) | (5,586) | (1,934)
Trade payables | 510 | 858 | 139
Deferred revenues | 7,609 | 3,779 | (513)
Net cash provided by operating activities | 74,833 | 68,992 | 56,615
Cash flows from investing activities: |  |  |
Payments for business acquisitions, net of cash acquired (Appendix A) | (12,489) | (14,244) | (21,670)
Loans to related party |  | 909 | (2,250)
Proceeds from sale of property, plant and equipment | 45 | 54 |
Payments to former shareholders of consolidated company |  | (583) |
Proceeds from sale (purchase) of financial assets, net | 585 | (1,243) | 309
Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations | (6,852) | (11,320) | (4,870)
Purchase of intangible assets |  |  | (219)
Purchase of property and equipment | (1,535) | (1,618) | (4,381)
Investment in a company accounted for at equity | (198) | (498) |
Change in short-term and long-term deposits | 482 | 4,110 | 1,682
Capitalization of software development | (2,650) | (3,183) | (3,059)
Net cash used in investing activities | (22,612) | (27,616) | (34,458)
Cash flows from financing activities: |  |  |
Exercise of employees’ stock options |  | 22 | 1
Dividend paid to non-controlling interests | (7,870) | (4,055) | (4,170)
Dividend paid to Magic’s shareholders | (10,016) | (30,798) | (24,841)
Repayment of long-term loans from banks and others | (33,695) | (20,994) | (14,323)
Receipt of long-term loans from banks and others | 12,603 | 49,465 | 30,703
Repayment of lease liabilities | (6,029) | (5,690) | (4,792)
Purchase of non-controlling interest | (314) |  |
Cash paid due to exercise of put option by non-controlling interests | 176 | (5,243) | (854)
Net cash used in financing activities | (45,145) | (17,293) | (18,276)
Effect of exchange rate changes on cash and cash equivalents | (240) | (1,202) | (8,909)
Increase (decrease) in cash and cash equivalents | 6,836 | 22,881 | (5,028)
Cash and cash equivalents at beginning of year | 105,943 | 83,062 | 88,090
Cash and cash equivalents at end of year | 112,779 | 105,943 | 83,062
Fair value of assets acquired and liabilities assumed at the date of acquisition: |  |  |
Net assets, excluding acquired cash | (2,566) | (197) | (1,168)
Intangible assets, net of deferred taxes | (6,272) | (8,281) | (13,552)
Goodwill | (6,885) | (9,410) | (22,370)
Deferred and contingent liabilities assumed in current year business combinations | 3,234 |  | 15,420
Non-controlling interests |  | 3,644 |
Cash paid in conjunction with acquisitions, net of acquired cash total | (12,489) | (14,244) | (21,670)
Non-cash activities: |  |  |
Dividends declared but not yet paid to Magic’s shareholders | 11,587 |  |
Dividends declared but not yet paid to non-controlling interests | 2,574 |  |
Right-of-use asset recognized with corresponding lease liability | 4,450 | 2,787 | 6,349
Supplemental disclosure of cash flow activities: |  |  |
Income taxes | 10,446 | 15,886 | 14,457
Interest | $ 5,550 | $ 3,208 | $ 1,306

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