| |
Nine Months Ended |
| |
September 30 |
| |
2018 |
2017 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$84,630 |
$74,045 |
| Net income attributable to noncontrolling interest |
178 |
1,013 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
7,864 |
8,323 |
| Benefit for deferred taxes |
(3,077) |
(6,327) |
| Share based compensation |
2,240 |
1,994 |
| Provision for doubtful accounts |
2,622 |
1,107 |
| Unrealized foreign exchange loss |
1,337 |
432 |
| Amortization of capitalized software development costs |
1,608 |
1,304 |
| Reduction of acquisition earnout accruals |
(645) |
(164) |
| Purchase accounting adjustment |
— |
(948) |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(12,518) |
(30,250) |
| Other assets |
(655) |
212 |
| Accounts payable and accrued expenses |
6,811 |
838 |
| Accrued payroll and related benefits |
322 |
(1,009) |
| Deferred revenue |
(10,772) |
(3,160) |
| Deferred rent |
(458) |
(292) |
| Reserve for potential uncertain income tax return positions |
88 |
3,335 |
| Other liabilities |
(5,410) |
(255) |
| Net cash provided by operating activities |
74,165 |
50,198 |
| |
|
|
| 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 |
(176,137) |
— |
| Acquisition of SmartClass, net of cash acquired |
(7,593) |
— |
| Acquisition of YouFirst, net of cash acquired |
— |
(1,806) |
| Cash paid for acquisition of Indus, net of cash acquired |
(24,261) |
— |
| Cash paid for acquisition of Mercury, net of cash acquired |
(11,356) |
— |
| Cash paid for acquisition of Miles, net of cash acquired |
601 |
— |
| Cash paid for acquisition of Leisure, net of cash acquired |
(1,304) |
— |
| Additional Investment in ItzCash |
(3,831) |
— |
| Capitalized software development costs paid |
(3,574) |
(2,109) |
| Maturities of marketable securities |
4,444 |
7,517 |
| Capital expenditures |
(5,840) |
(6,370) |
| Net cash used in investing activities |
(230,409) |
(73,952) |
| |
|
|
| Cash flows from financing activities: |
|
|
| (Repayments of) Proceeds from revolving line of credit, net |
125,165 |
80,000 |
| Proceeds from term loan |
124,250 |
— |
| Principal payments of term loan obligation |
(6,250) |
(9,375) |
| 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 |
(147) |
(327) |
| Dividend payments |
(7,106) |
(7,176) |
| Cash Overdraft |
609 |
— |
| Payments of capital lease obligations |
(6) |
(7) |
| Net cash provided by financing activities |
234,331 |
17,435 |
| Effect of foreign exchange rates on cash |
(11,444) |
381 |
| Net change in cash and cash equivalents, and restricted cash |
66,643 |
(5,938) |
| 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 |
$137,510 |
$111,003 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$16,865 |
$8,474 |
| Income taxes paid |
$9,320 |
$8,536 |
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