| |
Nine Months Ended |
| |
September 30, |
| |
2017 |
2016 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$74,045 |
$69,218 |
| Net income attributable to noncontrolling interest |
1,013 |
133 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
8,323 |
8,088 |
| Benefit for deferred taxes |
(6,327) |
(6,250) |
| Share based compensation |
1,994 |
2,078 |
| Provision for doubtful accounts |
1,107 |
700 |
| Unrealized foreign exchange (gain) loss |
432 |
(328) |
| Gain on investment interest in IHC/Ebix joint venture |
— |
(1,162) |
| Amortization of capitalized software development costs |
1,304 |
1,040 |
| Reduction of acquisition earnout accruals |
(164) |
(1,726) |
| Purchase accounting adjustment |
(948) |
— |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(30,250) |
(11,205) |
| Other assets |
126 |
(3,402) |
| Accounts payable and accrued expenses |
838 |
(4,499) |
| Accrued payroll and related benefits |
(1,009) |
79 |
| Deferred revenue |
(3,160) |
(290) |
| Deferred rent |
(292) |
(168) |
| Reserve for potential uncertain income tax return positions |
3,335 |
700 |
| Other liabilities |
(255) |
44 |
| Net cash provided by operating activities |
50,112 |
53,050 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Acquisition of beBetter, net of cash acquired |
(1,000) |
— |
| Investment in the EbixHealth JV, net of cash acquired |
— |
(696) |
| Acquisition of ItzCash, net of cash acquired |
(70,184) |
— |
| Acquisition of YouFirst, net of cash acquired |
(1,806) |
— |
| Funding of escrow account for possible future contingent earn-out payment related to business acquisition |
(3,998) |
— |
| Funding of escrow account for acquisition pending shareholder approval |
(7,221) |
— |
| Maturities of marketable securities |
7,517 |
— |
| Capitalized software development costs |
(2,109) |
(1,034) |
| Maturities (Purchases) of marketable securities |
— |
(1,078) |
| Capital expenditures |
(6,370) |
(4,420) |
| Net cash used in investing activities |
(85,171) |
(7,228) |
| |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds from revolving line of credit, net |
80,000 |
(72,436) |
| Proceeds from term loan |
— |
125,000 |
| Principal payments of term loan obligation |
(9,375) |
(3,125) |
| Repurchases of common stock |
(45,732) |
(43,775) |
| Proceeds from the exercise of stock options |
52 |
29 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(327) |
(147) |
| Dividend payments |
(7,176) |
(7,401) |
| Principal payments of debt obligations |
— |
(600) |
| Payments of capital lease obligations |
(7) |
(4) |
| Net cash provided by (used in) financing activities |
17,435 |
(2,459) |
| Effect of foreign exchange rates on cash |
240 |
(736) |
| Net change in cash and cash equivalents |
(17,384) |
42,627 |
| Cash and cash equivalents at the beginning of the period |
114,118 |
57,179 |
| Cash and cash equivalents at the end of the period |
$96,734 |
$99,806 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$8,474 |
$5,318 |
| Income taxes paid |
$8,536 |
$14,068 |
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