| |
Six Months Ended |
| |
June 30, |
| |
2019 |
2018 |
| Cash flows from operating activities: |
| Net income attributable to Ebix, Inc. |
$54,561 |
$55,388 |
| Net income (loss) attributable to noncontrolling interest |
(1,172) |
139 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
| Amortization and depreciation |
7,340 |
5,341 |
| Benefit for deferred taxes |
(5,374) |
(1,321) |
| Share based compensation |
1,422 |
1,509 |
| Provision for doubtful accounts |
(1,310) |
2,098 |
| Amortization of right-of-use assets |
3,517 |
— |
| Unrealized foreign exchange loss |
81 |
1,262 |
| Amortization of capitalized software development costs |
1,243 |
1,080 |
| Reduction of acquisition accruals |
(17,124) |
— |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(2,166) |
(22,907) |
| Other assets |
(758) |
(40) |
| Accounts payable and accrued expenses |
2,824 |
4,891 |
| Accrued payroll and related benefits |
(1,808) |
(327) |
| Contract liabilities |
(6,192) |
(5,544) |
| Lease liabilities |
(3,460) |
(382) |
| Reserve for potential uncertain income tax return positions |
— |
59 |
| Other liabilities |
6,618 |
(1,353) |
| Net cash provided by operating activities |
38,242 |
39,893 |
| |
|
|
| 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 |
(77,350) |
— |
| 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) |
— |
| Cash paid for acquisition of Centrum, net of cash acquired |
— |
(166,017) |
| Cash paid for acquisition of Smartclass, net of cash acquired |
— |
(7,593) |
| Capitalized software development costs paid |
(2,588) |
(2,016) |
| Maturities of marketable securities |
14,488 |
725 |
| Capital expenditures |
(4,721) |
(1,472) |
| Net cash used in investing activities |
(100,830) |
(177,931) |
| |
| Cash flows from financing activities: |
| Proceeds from revolving line of credit, net |
13,500 |
84,165 |
| Proceeds from term loan |
— |
124,250 |
| Principal payments of term loan obligation |
(7,532) |
(3,125) |
| Repurchases of common stock |
(10,972) |
(2,226) |
| Proceeds from the exercise of stock options |
— |
42 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(27) |
(100) |
| Dividend payments |
(4,599) |
(4,737) |
| Other |
5,081 |
— |
| Principal payments of debt obligations |
(846) |
— |
| Working capital facility |
41,588 |
(4,554) |
| Payments of financing lease obligations |
(129) |
(6) |
| Net cash provided by financing activities |
36,064 |
193,709 |
| Effect of foreign exchange rates on cash |
521 |
(6,545) |
| Net change in cash and cash equivalents, and restricted cash |
(26,003) |
49,126 |
| 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 |
$133,586 |
$119,993 |
| Supplemental disclosures of cash flow information: |
| Interest paid |
$20,984 |
$9,714 |
| Income taxes paid |
$6,528 |
$8,357 |
Investor Home
