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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FROM OPERATING ACTIVITIES    
Net income $ 21,090 $ 14,518
Non-cash and non-operating items 53,966 41,473
- Amortization and provisions 26,050 22,316
- Equity awards compensation expense [1] 18,829 14,940
- Interest accrued and non-cash financial income and expenses 23 16
- Change in deferred taxes (3,146) (6,870)
- Income tax for the period 15,532 11,071
- Other [2] (3,322) 0
Changes in working capital related to operating activities 23,687 (70)
- Decrease in trade receivables 91,292 59,569
- Decrease in trade payables (62,945) (75,030)
- Decrease in other current assets 7,958 8,253
- Increase/(decrease) in other current liabilities [2] (12,618) 7,138
Income taxes paid (14,216) (11,683)
CASH FROM OPERATING ACTIVITIES 84,527 44,238
CASH USED FOR INVESTING ACTIVITIES    
Acquisition of intangible assets, property, plant and equipment (7,413) (23,267)
Change in accounts payable related to intangible assets, property, plant and equipment (25,154) (4,939)
Disposal of assets, net of cash disposed (10,811) 0
Change in other non-current financial assets (112) (431)
CASH USED FOR INVESTING ACTIVITIES (43,490) (28,637)
CASH FROM FINANCING ACTIVITIES    
Issuance of long-term borrowings 0 0
Repayment of borrowings (238) (2,053)
Proceeds from capital increase 166 12,937
Change in other financial liabilities [2] 16,845 119
CASH FROM FINANCING ACTIVITIES 16,773 11,003
CHANGE IN NET CASH AND CASH EQUIVALENTS 57,810 26,604
Net cash and cash equivalents at beginning of period 414,111 270,317
Effect of exchange rates changes on cash and cash equivalents [2] 11,953 6,892
Net cash and cash equivalents at end of period $ 483,874 $ 303,813
[1] Of which $14.6 million and $18.4 million of equity awards compensation expense consisted of share-based compensation expense according to ASC 718 Compensation - stock compensation for the three months ended March 31, 2017 and 2018, respectively
[2] During the three months ended March 31, 2018, the Company reported the cash impact of the settlement of hedging derivatives related to financing activities in cash from (used for) financing activities in the unaudited consolidated statements of cash flows.