Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
Year Ended December 31, 2016 |
|
Year Ended December 31, 2015 |
|
Year Ended December 31, 2014 |
||||||
|
(in thousands) |
||||||||||
Cash flows from operating activities: |
|
|
|
|
|
||||||
Net income attributable to Ebix, Inc. |
$ |
93,847 |
|
|
$ |
79,533 |
|
|
$ |
63,558 |
|
Net income attributable to noncontrolling interest |
447 |
|
|
— |
|
|
— |
|
|||
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
||||||
Depreciation and amortization |
10,746 |
|
|
10,634 |
|
|
9,681 |
|
|||
Provision for doubtful accounts |
1,515 |
|
|
3,111 |
|
|
1,600 |
|
|||
Provision for deferred taxes, net of acquisitions and effects of currency translation |
(6,410 |
) |
|
(10,143 |
) |
|
(1,966 |
) |
|||
Unrealized foreign exchange (gain)/losses |
32 |
|
|
(1,743 |
) |
|
(741 |
) |
|||
Gain on investment interest in IHC/Ebix joint venture |
(1,162 |
) |
|
— |
|
|
— |
|
|||
Amortization of capitalized software development costs |
1,116 |
|
|
— |
|
|
— |
|
|||
Unrealized gain on put option |
— |
|
|
— |
|
|
(296 |
) |
|||
Share-based compensation |
2,794 |
|
|
1,821 |
|
|
1,792 |
|
|||
Debt discount amortization on convertible debt |
— |
|
|
17 |
|
|
35 |
|
|||
Reduction of acquisition earn-out contingent liability |
(1,344 |
) |
|
(1,533 |
) |
|
(10,237 |
) |
|||
Changes in current assets and liabilities, net of acquisitions: |
|
|
|
|
|
||||||
Accounts receivable |
(12,659 |
) |
|
(7,320 |
) |
|
(1,530 |
) |
|||
Other assets |
(1,034 |
) |
|
(3,834 |
) |
|
(4,765 |
) |
|||
Accounts payable and accrued expenses |
(3,703 |
) |
|
(19,895 |
) |
|
14,670 |
|
|||
Accrued payroll and related benefits |
170 |
|
|
(60 |
) |
|
1,811 |
|
|||
Deferred rent |
(234 |
) |
|
(656 |
) |
|
(324 |
) |
|||
Reserve for potential uncertain income tax return positions |
490 |
|
|
95 |
|
|
(9,723 |
) |
|||
Liability – securities litigation settlement |
— |
|
|
(690 |
) |
|
(3,528 |
) |
|||
Other liabilities |
(3,039 |
) |
|
1,111 |
|
|
(221 |
) |
|||
Deferred revenue |
2,176 |
|
|
(1,762 |
) |
|
(1,306 |
) |
|||
Net cash provided by operating activities |
83,748 |
|
|
48,686 |
|
|
58,510 |
|
|||
Cash flows from investing activities: |
|
|
|
|
|
||||||
Investment in IHAC, Inc., d.b.a Hope Health ("Hope") |
(1,643 |
) |
|
— |
|
|
— |
|
|||
Investment in Wdev Solucoes em Technologia SA, net of cash acquired |
(6,320 |
) |
|
— |
|
|
— |
|
|||
Investment in Via Media Health, net of cash acquired |
— |
|
|
(1,000 |
) |
|
— |
|
|||
Investment in P.B. Systems, net of cash acquired |
— |
|
|
(11,475 |
) |
|
— |
|
|||
Investment in Ebix Health Solutions, LLC Joint Venture, net of cash acquired |
(696 |
) |
|
(6,000 |
) |
|
— |
|
|||
Investment in CurePet, net of cash acquired |
— |
|
|
— |
|
|
3 |
|
|||
Investment in Healthcare Magic, net of cash acquired |
— |
|
|
— |
|
|
(5,856 |
) |
|||
Investment in Vertex, net of cash acquired |
— |
|
|
— |
|
|
(27,547 |
) |
|||
Investment in Oakstone, net of cash acquired |
— |
|
|
— |
|
|
(23,791 |
) |
|||
Investment in I3, net of cash acquired |
— |
|
|
— |
|
|
(2,000 |
) |
|||
Payment of acquisition earn-out contingency, Taimma |
— |
|
|
— |
|
|
(2,250 |
) |
|||
Payment of acquisition earn-out contingency, Trisystems |
— |
|
|
— |
|
|
(563 |
) |
|||
Purchases of marketable securities |
(2,115 |
) |
|
(1,435 |
) |
|
— |
|
|||
Maturities of marketable securities |
— |
|
|
— |
|
|
495 |
|
|||
Capitalized software development costs |
(3,988 |
) |
|
(3,489 |
) |
|
— |
|
|||
Capital expenditures |
(5,977 |
) |
|
(13,994 |
) |
|
(16,277 |
) |
|||
Net cash used in investing activities |
(20,739 |
) |
|
(37,393 |
) |
|
(77,786 |
) |
|||
Cash flows from financing activities: |
|
|
|
|
|
||||||
Proceeds from / (Repayment) to line of credit, net |
(52,436 |
) |
|
86,000 |
|
|
97,625 |
|
|||
Proceeds from term loan |
125,000 |
|
|
— |
|
|
— |
|
|||
Principal payments on term loan obligation |
(6,250 |
) |
|
(642 |
) |
|
(31,938 |
) |
|||
Repurchase of common stock |
(59,784 |
) |
|
(81,653 |
) |
|
(31,854 |
) |
|||
Payments of long term debt |
(600 |
) |
|
— |
|
|
(345 |
) |
|||
Payments for capital lease obligations |
(5 |
) |
|
(10 |
) |
|
(231 |
) |
|||
Excess tax benefit from share-based compensation |
— |
|
|
463 |
|
|
(3,200 |
) |
|||
Proceeds from exercise of common stock options |
824 |
|
|
2,209 |
|
|
788 |
|
|||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(998 |
) |
|
(2,202 |
) |
|
(41 |
) |
|||
Shares reacquired in connection with put option |
— |
|
|
— |
|
|
(3,535 |
) |
|||
Dividends paid |
(9,829 |
) |
|
(10,472 |
) |
|
(11,406 |
) |
|||
Net cash provided (used) by financing activities |
(4,078 |
) |
|
(6,307 |
) |
|
15,863 |
|
|||
Effect of foreign exchange rates on cash and cash equivalents |
$ |
(1,992 |
) |
|
$ |
(107 |
) |
|
$ |
(961 |
) |
Net change in cash and cash equivalents |
56,939 |
|
|
4,879 |
|
|
(4,374 |
) |
|||
Cash and cash equivalents at the beginning of the year |
$ |
57,179 |
|
|
$ |
52,300 |
|
|
$ |
56,674 |
|
Cash and cash equivalents at the end of the year |
$ |
114,118 |
|
|
$ |
57,179 |
|
|
$ |
52,300 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
||||||
Interest paid |
7,219 |
|
|
5,379 |
|
|
1,290 |
|
|||
Income taxes paid |
16,634 |
|
|
28,637 |
|
|
11,433 |
|
|||
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