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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash from operating activities    
Net income $ 21,278 $ 23,450
Non-cash and non-operating items 34,726 30,017
- Amortization and provisions 26,611 17,225
- Net gain or (loss) on disposal of non-current assets 9 3,945
- Equity awards compensation expense [1] 9,489 7,215
- Change in deferred taxes 2,868 4,998
- Change in income taxes (432) (3,379)
- Other (3,819) 13
Changes in working capital related to operating activities 18,926 23,895
- (Increase) / Decrease in trade receivables 92,738 47,226
- Increase / (Decrease) in trade payables (49,672) (10,640)
- (Increase) / Decrease in other current assets (18,947) (5,050)
- Increase/ (Decrease) in other current liabilities (3,182) (4,527)
- Change in operating lease liabilities and right of use assets (2,011) (3,114)
Cash from operating activities 74,930 77,362
Cash (used for) from investing activities    
Acquisition of intangible assets, property, plant and equipment (10,857) (11,953)
Change in accounts payable related to intangible assets, property, plant and equipment 5,293 (1,827)
Change in other non-current financial assets 22,489 (3,252)
Cash (used for) from investing activities 16,925 (17,032)
Cash (used for) from financing activities    
Proceeds from borrowings under line-of-credit agreement 78,513 0
Repayment of borrowings (78,513) (182)
Proceeds from exercise of stock options 271 2,074
Repurchase of treasury stocks (8,304) (4,930)
Change in other financial liabilities 6,666 (378)
Cash (used for) from financing activities (1,367) (3,416)
Effect of exchange rates changes on cash and cash equivalents (16,672) (24,865)
Net increase in cash and cash equivalents 73,816 32,049
Net cash and cash equivalents at beginning of period 515,527 488,011
Net cash and cash equivalents at end of period 589,343 520,060
Supplemental disclosures of cash flow information    
Cash paid for taxes, net of refunds (7,978) (8,432)
Cash paid for interest $ (365) $ (367)
[1] Of which $9.0 million and $6.8 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, 2022 and 2021, respectively.