| |
Year Ended December 31, 2018 (Unaudited) |
Year Ended December 31, 2017 (Audited) |
Year Ended December 31, 2016 (Audited) |
| |
(in thousands) |
| Cash flows from operating activities: |
| Net income attributable to Ebix, Inc. |
$93,139 |
100,618 |
93,847 |
| Net income (loss) attributable to noncontrolling interest |
(58) |
1,965 |
447 |
| Adjustments to reconcile net income to cash provided by operating activities: |
| Depreciation and amortization |
11,292 |
11,123 |
10,746 |
| Provision for doubtful accounts |
3,571 |
1,713 |
1,515 |
| Provision for deferred taxes, net of acquisitions and effects of currency translation |
(13,043) |
(13,667) |
(6,410) |
| Unrealized foreign exchange losses |
606 |
1,387 |
32 |
| Gain on investment interest in IHC/Ebix joint venture |
— |
— |
(1,162 |
| Amortization of capitalized software development costs |
2,233 |
2,175 |
1,116 |
| Share-based compensation |
2,811 |
2,818 |
2,794 |
| Reduction of acquisition earn-out contingent liability |
(1,391) |
(164) |
(1,344) |
| Reduction of rent expense as a result of purchase accounting adjustment |
— |
(948) |
— |
| Changes in current assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
(10,810) |
(34,245) |
(12,659) |
| Other assets |
(8,486) |
(2,133) |
1,789 |
| Accounts payable and accrued expenses |
6,539 |
8,906 |
(3,703) |
| Accrued payroll and related benefits |
(788) |
(3,979) |
170 |
| Deferred rent |
(360) |
(413) |
(234) |
| Reserve for potential uncertain income tax return positions |
149 |
5,879 |
490 |
| Other liabilities |
13,205 |
252 |
(3,039) |
| Deferred revenue |
(8,740) |
(4,480) |
2,176 |
| Net cash provided by operating activities |
89,869 |
76,807 |
86,571 |
| Cash flows from investing activities: |
|
|
|
| Investment in Transcorp, net of cash acquired |
(6,554) |
— |
— |
| Investment in Centrum, net of cash acquired |
(176,137) |
— |
— |
| Investment in SmartClass, net of cash acquired |
(7,593) |
— |
— |
| Cash received from Paul Merchants for 10% stake in MTSS |
4,996 |
— |
— |
| Investment in Indus, net of cash acquired |
(24,261) |
— |
— |
| Investment in Mercury, net of cash acquired |
(11,356) |
— |
— |
| Investment in Miles, net of cash acquired |
(17,721) |
— |
— |
| Investment in Leisure, net of cash acquired |
(1,304) |
— |
— |
| Investment in AHA Taxis, net of cash acquired |
(71) |
— |
— |
| Investment in Routier, net of cash acquired |
(413) |
— |
— |
| Investment in Weizmann, net of cash acquired |
12,886 |
— |
— |
| Investment in Lawson, net of cash acquired |
381 |
— |
— |
| Investment in Business Travels, net of cash acquired |
(414) |
— |
— |
| Payment of acquisition earn-out contingency, ItzCash |
(3,831) |
— |
— |
| Investment in Paul Merchants |
— |
(37,398) |
— |
| Investment in Via, net of cash acquired |
— |
(67,835) |
— |
| Investment in Wall Street |
— |
(6,970) |
— |
| Investment in YouFirst, net of cash acquired |
— |
(9,657) |
— |
| Investment in beBetter |
— |
(1,000) |
— |
| Investment in ItzCash, net of cash acquired |
— |
(69,301) |
— |
| Payment of acquisition earn-out contingency, Qatarlyst |
— |
(1,921) |
— |
| Investment in Hope Health |
— |
— |
(1,643) |
| Investment in Wdev, net of cash acquired |
— |
— |
(6,320) |
| Investment in EbixHealth JV, net of cash acquired |
— |
— |
(696) |
| Maturities (purchases) of marketable securities |
(4,087) |
1,201 |
(2,115) |
| Capitalized software development costs |
(5,745) |
(2,805) |
(3,988) |
| Capital expenditures |
(10,366) |
(7,385) |
(5,977) |
| Net cash used in investing activities |
(251,590) |
(203,071) |
(20,739) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from / (Repayment) to line of credit, net |
150,008 |
120,500 |
(52,436) |
| Proceeds from term loan |
175,500 |
20,000 |
125,000 |
| Principal payments on term loan obligation |
(10,016) |
(13,000) |
(6,250) |
| Short term loan to a third party |
(8,341) |
— |
— |
| Cash overdraft |
(769) |
6,162 |
— |
| Repurchase of common stock |
(40,820) |
(45,732) |
(59,784) |
| Payments of long term debt |
(80) |
— |
(600) |
| Payments for capital lease obligations |
(6) |
(11) |
(5) |
| Proceeds from exercise of common stock options |
439 |
52 |
824 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(467) |
(398) |
(998) |
| Dividends paid |
(9,316) |
(9,545) |
(9,829) |
| Net cash provided (used) by financing activities |
256,132 |
78,028 |
(4,078) |
| Effect of foreign exchange rates on cash and cash equivalents |
$(5,689) |
2,162 |
(1,992) |
| Net change in cash and cash equivalents, and restricted cash |
88,722 |
(46,074) |
59,762 |
| Cash and cash equivalents, and restricted cash at the beginning of the year |
$70,867 |
116,941 |
57,179 |
| Cash and cash equivalents, and restricted cash at the end of the year |
$159,589 |
70,867 |
116,941 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
25,690 |
12,552 |
7,219 |
| Income taxes paid |
10,149 |
10,426 |
16,634 |
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