| |
Six Months Ended |
| |
June 30 |
| |
2018 |
2017 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$55,388 |
$49,861 |
| Net income attributable to noncontrolling interest |
139 |
659 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
5,341 |
5,614 |
| Benefit for deferred taxes |
(1,321) |
(5,877) |
| Share based compensation |
1,509 |
1,243 |
| Provision for doubtful accounts |
2,098 |
723 |
| Unrealized foreign exchange loss (gain) |
1,262 |
365 |
| Amortization of capitalized software development costs |
1,080 |
790 |
| Purchase accounting adjustment |
— |
(948 |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(22,907) |
(14,266) |
| Other assets |
(40) |
487 |
| Accounts payable and accrued expenses |
4,891 |
(7,254) |
| Accrued payroll and related benefits |
(327) |
(1,694) |
| Deferred revenue |
(5,544) |
(1,622) |
| Deferred rent |
(382) |
(195) |
| Reserve for potential uncertain income tax return positions |
59 |
3,280 |
| Other liabilities |
(1,353) |
66 |
| Net cash provided by operating activities |
39,893 |
31,232 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Acquisition of Transcorp |
(6,554) |
— |
| Cash received from Paul Merchants for 10% stake in MTSS combined business |
4,996 |
— |
| Acquisition of beBetter, net of cash acquired |
— |
(1,000) |
| Acquisition of ItzCash, net of cash acquired |
— |
(70,184) |
| Acquisition of Centrum, net of cash acquired |
(166,017) |
— |
| Acquisition of SmartClass, net of cash acquired |
(7,593) |
— |
| Capitalized software development costs |
(2,016) |
(1,345) |
| Maturities (Purchases) of marketable securities |
725 |
1,626 |
| Capital expenditures |
(1,472) |
(4,956) |
| Net cash used in investing activities |
(177,931) |
(75,859) |
| |
|
|
| Cash flows from financing activities: |
|
|
| (Repayments of) Proceeds from revolving line of credit, net |
84,165 |
60,000 |
| Proceeds from term loan |
124,250 |
— |
| Principal payments of term loan obligation |
(3,125) |
(6,250) |
| Repurchases of common stock |
(2,226) |
(45,732) |
| Proceeds from the exercise of stock options |
42 |
52 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(100) |
(237) |
| Dividend payments |
(4,737) |
(4,800) |
| Cash Overdraft |
(4,554) |
— |
| Payments of capital lease obligations |
(6) |
(6) |
| Net cash provided by financing activities |
193,709 |
3,027 |
| Effect of foreign exchange rates on cash |
(6,545) |
(39) |
| Net change in cash and cash equivalents, and restricted cash |
49,126 |
(41,639) |
| Cash and cash equivalents, and restricted cash at the beginning of the period |
70,867 |
116,941 |
| Cash and cash equivalents, and restricted cash at the end of the period |
$119,993 |
$75,302 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$9,714 |
$5,173 |
| Income taxes paid |
$8,357 |
$7,958 |
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