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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 34,911 $ 36,538 $ 18,409
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 10,291 10,978 13,149
Capital loss from disposal of property and equipment 181 461 275
Stock-based compensation of options 1,282 2,135 1,006
Accrued severance pay, net 242 361 57
Exchange rate differences on long-term loans (12) (34)
Deferred income taxes, net (867) (14,883) (3,672)
Decrease (increase) in trade receivables, net 19,332 (1,323) 2,061
Decrease (increase) in contract assets (17,875) 24,062 11,029
Decrease (increase) in other assets and receivables 8,941 1,511 (4,917)
Decrease (increase) in inventories (5,050) (8,076) 5,743
Decrease in trade payables (157) (3,884) (8,926)
Decrease in accrued expenses (7,549) (11,671) (7,206)
Increase (decrease) in advances from customers and deferred revenues (1,898) 1,112 12,433
Decrease in advances from customers held by trustees (1,478)
Increase (decrease) in other liabilities 1,376 (2,527) (5,912)
Net cash provided by operating activities 43,160 34,782 32,017
Cash flows from investing activities:      
Purchase of property and equipment (4,716) (7,982) (10,759)
Net cash used in investing activities (4,716) (7,982) (10,759)
Cash flows from financing activities:      
Proceeds from exercise of stock options 375 2,148
Repayment of long-term loans (4,096) (4,447) (4,469)
Dividend payment (19,999) (24,864)
Net cash used in financing activities (24,095) (28,936) (2,321)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (360) (99) (1,490)
Increase (decrease) in cash, cash equivalents and restricted cash 13,989 (2,235) 17,447
Cash, cash equivalents and restricted cash at the beginning of the year 101,969 104,204 86,757
Cash, cash equivalents and restricted cash at the end of the year 115,958 101,969 104,204
Cash paid during the year for:      
Interest 293 509 303
Income taxes 1,084 1,580 3,900
Non-cash transactions:      
Purchases of property and equipment that were not paid for and reclassification from inventories to property and equipment 285 1,449 2,307
Reclassification from property and equipment to inventories 155 680 343
New operating lease assets obtained in exchange for operating lease liabilities 3,175 1,469
Cash dividends declared but unpaid $ 35,003