| |
Six Months Ended |
| |
June 30, |
| |
2016 |
2015 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$45,151 |
$37,372 |
| Net income attributable to noncontrolling interest |
243 |
- |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
5,350 |
5,167 |
| Benefit for deferred taxes |
(6,635) |
(6,014 ) |
| Share based compensation |
1,332 |
839 |
| Provision for doubtful accounts |
457 |
301 |
| Debt discount amortization on promissory note payable |
- |
8 |
| Unrealized foreign exchange gain |
(187) |
(920) |
| Amortization of capitalized software development costs |
654 |
|
| Reduction of acquisition earnout accruals |
(511) |
- |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(6,065) |
(3,662) |
| Other assets |
(2,417) |
(2,606) |
| Accounts payable and accrued expenses |
(4,189) |
(18,802) |
| Accrued payroll and related benefits |
(931) |
1,104 |
| Deferred revenue |
(1,136) |
(2,036) |
| Deferred rent |
(83) |
(125) |
| Reserve for potential uncertain income tax return positions |
50 |
108 |
| Liability - securities litigation settlement payment |
- |
(690) |
| Other liabilities |
(106) |
111 |
| Net cash provided (used) by operating activities |
30,977 |
10,155 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Acquisition of Via Media Health, net of cash acquired |
- |
(1,000) |
| Acquisition of P.B. Systems, net of cash acquired |
- |
(11,480) |
| Capitalized software development costs |
(694) |
- |
| Purchases of marketable securities |
(994) |
(704) |
| Capital expenditures |
(2,190) |
(10,312) |
| Net cash used in investing activities |
(3,878) |
(23,496) |
| |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds (repayments) from revolving line of credit, net |
(87,427) |
30,000 |
| Proceeds from term loan |
125,000 |
- |
| Repurchases of common stock |
(37,657) |
(34,481) |
| Excess tax benefit from share-based compensation |
- |
63 |
| Proceeds from the exercise of stock options |
29 |
1,117 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(76) |
(1,141) |
| Dividend payments |
(4,911) |
(5,389) |
| Principal payments of debt obligations |
(600) |
(623) |
| Payments of capital lease obligations |
- |
(1) |
| Net cash provided by (used in) financing activities |
(5,642) |
(10,455) |
| Effect of foreign exchange rates on cash |
(622) |
(1,081) |
| Net change in cash and cash equivalents |
20,835 |
(24,877) |
| Cash and cash equivalents at the beginning of the period |
57,179 |
52,300 |
| Cash and cash equivalents at the end of the period |
$78,014 |
$27,423 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$3,115 |
$2,964 |
| Income taxes paid |
$10,869 |
$20,926 |
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