| |
Three Months Ended |
| |
March 31, |
| |
2019 |
2018 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$ 25,710 |
$ 26,208 |
| Net income (loss) attributable to noncontrolling interest |
(667) |
248 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
4,057 |
2,807 |
| Benefit for deferred taxes |
(3,875) |
(1,874) |
| Share based compensation |
576 |
753 |
| Provision for doubtful accounts |
134 |
1,045 |
| Amortization of right-of-use assets |
1,671 |
- |
| Unrealized foreign exchange loss |
313 |
419 |
| Amortization of capitalized software development costs |
596 |
525 |
| Reduction of acquisition accruals |
(15,392) |
- |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
8,751 |
(1,401) |
| Other assets |
3,142 |
(554 |
| Accounts payable and accrued expenses |
(2,156) |
1,438 |
| Accrued payroll and related benefits |
(1,208) |
(946) |
| Deferred revenue |
(2,920) |
(2,361) |
| Lease liabilities |
(1,643) |
(317) |
| Reserve for potential uncertain income tax return positions |
- |
30 |
| Liability - derivative litigation settlement |
19,652 |
- |
| Other liabilities |
1,754 |
(527) |
| Net cash provided by operating activities |
38,495 |
25,493 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Acquisition of Transcorp |
- |
(6,554) |
| Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business |
(4,925) |
4,996 |
| Acquisition of Weizmann, net of cash acquired |
(64,624) |
- |
| Acquisition of Pearl |
(3,372) |
- |
| Acquisition of Lawson |
(2,726) |
- |
| Acquisition of Miles |
(982) |
- |
| Acquisition of Business Travels |
(689) |
- |
| Cash paid for acquisition of Wahh taxis |
(214) |
- |
| Cash paid for acquisition of Zillious, net of cash acquired |
(9,816) |
- |
| Cash paid for acquisition of Essel Forex |
(7,935) |
- |
| Capitalized software development costs paid |
(1,740) |
(622) |
| Maturities of marketable securities |
11,775 |
5,198 |
| Capital expenditures |
(1,798) |
(531) |
| Net cash provided by (used in) investing activities |
(87,046) |
2,487 |
| |
|
|
| Cash flows from financing activities: |
|
|
| (Repayments of) proceeds from revolving line of credit, net |
13,500 |
(100,835) |
| Proceeds from term loan |
- |
124,250 |
| Principal payments of term loan obligation |
(3,766) |
- |
| Repurchases of common stock |
(10,972) |
- |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(21) |
(36) |
| Dividend payments |
(2,297) |
(2,369) |
| Other |
2,908 |
- |
| Principal payments of debt obligations |
(834) |
- |
| Cash overdraft |
1,070 |
745 |
| Payments of capital lease obligations |
(69) |
- |
| Net cash provided by (used in) financing activities |
(481) |
21,755 |
| Effect of foreign exchange rates on cash |
190 |
(1,723) |
| Net change in cash and cash equivalents, and restricted cash |
(48,842) |
48,012 |
| Cash and cash equivalents, and restricted cash at the beginning of the period |
159,589 |
70,867 |
| Cash and cash equivalents, and restricted cash at the end of the period |
$ 110,747 |
$ 118,879 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$ 9,573 |
$ 4,280 |
| Income taxes paid |
$ 4,128 |
$ 6,751 |
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