CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ 13,100
|
$ 6,267
|
$ (819)
|
| Adjustments required to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation |
1,399
|
1,058
|
752
|
| Amortization of intangible assets |
1,236
|
1,298
|
649
|
| Equity-based compensation |
6,236
|
4,015
|
5,011
|
| Realized (gain) loss, net on sale of available-for-sale marketable securities |
9
|
78
|
(6)
|
| Amortization of premiums on available-for-sale marketable securities |
1,064
|
1,111
|
1,121
|
| Unrealized foreign exchange loss, net |
75
|
237
|
604
|
| Loss on realization of investment in other company |
|
|
404
|
| Changes in operating assets and liabilities: |
|
|
|
| Trade receivables |
(10,966)
|
4,279
|
(2,381)
|
| Prepaid expenses and other current assets |
(622)
|
(136)
|
819
|
| Accrued interest on bank deposits |
(195)
|
(318)
|
351
|
| Deferred tax, net |
(613)
|
(1,213)
|
2,531
|
| Trade payables |
(190)
|
(161)
|
(655)
|
| Deferred revenues |
3,495
|
1,082
|
950
|
| Accrued expenses and other payables |
(277)
|
(158)
|
(188)
|
| Accretion of contingent consideration |
|
97
|
169
|
| Accrued payroll and related benefits |
(94)
|
1,679
|
800
|
| Income taxes payable |
668
|
93
|
(1,057)
|
| Excess tax benefit from equity-based compensation |
|
(112)
|
|
| Accrued severance pay, net |
134
|
184
|
54
|
| Net cash provided by operating activities |
14,459
|
19,380
|
9,109
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of subsidiary, net of cash acquired (Note 2) |
|
|
(13,489)
|
| Purchase of property and equipment |
(2,387)
|
(2,184)
|
(1,416)
|
| Investment in bank deposits |
(41,476)
|
(53,328)
|
(51,511)
|
| Proceeds from bank deposits |
37,594
|
47,451
|
45,306
|
| Investment in available-for-sale marketable securities |
(43,537)
|
(29,800)
|
(38,413)
|
| Proceeds from maturity of available-for-sale marketable securities |
8,022
|
4,392
|
2,033
|
| Proceeds from sale of available-for-sale marketable securities |
20,754
|
23,713
|
55,566
|
| Proceeds from realization of investment in other company |
|
111
|
1,032
|
| Net cash used in investing activities |
(21,030)
|
(9,645)
|
(892)
|
| Cash flows from financing activities: |
|
|
|
| Payment of contingent consideration (Note 2) |
|
(3,700)
|
|
| Purchase of Treasury Stock |
(3,417)
|
(10,078)
|
(18,657)
|
| Proceeds from exercise of stock-based awards |
9,615
|
6,713
|
2,974
|
| Excess tax benefit from equity-based compensation |
0
|
112
|
0
|
| Net cash provided by (used in) financing activities |
6,198
|
(6,953)
|
(15,683)
|
| Effect of exchange rate changes on cash and cash equivalents |
(135)
|
(39)
|
(485)
|
| Increase (decrease) in cash and cash equivalents |
(508)
|
2,743
|
(7,951)
|
| Cash and cash equivalents at the beginning of the year |
18,909
|
16,166
|
24,117
|
| Cash and cash equivalents at the end of the year |
18,401
|
18,909
|
16,166
|
| Supplemental information of cash-flows activities: |
|
|
|
| Income and withholding taxes, net of refunds |
3,287
|
$ 2,185
|
$ 1,276
|
| Property and equipment purchases incurred but unpaid at period end |
$ 86
|
|
|