| |
Three Months Ended |
| |
March 31, |
| |
2020 |
2019 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$24,723 |
$25,710 |
| Net loss attributable to noncontrolling interest |
(278) |
(667) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
3,641 |
4,057 |
| Benefit for deferred taxes |
(44) |
(3,875) |
| Share based compensation |
1,126 |
576 |
| (Benefit) provision for doubtful accounts |
(618) |
134 |
| Amortization of right-of-use assets |
1,797 |
1,671 |
| Unrealized foreign exchange (gain) loss |
(419) |
313 |
| Amortization of capitalized software development costs |
833 |
596 |
| Reduction of acquisition accruals |
— |
(15,392) |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
9,687 |
(5,639) |
| Receivables from service providers |
12,184 |
11,488 |
| Payables to service agents |
(3,476) |
(8,977) |
| Other assets |
(4,035) |
3,142 |
| Accounts payable and accrued expenses |
(9,755) |
(7,730) |
| Accrued payroll and related benefits |
1,425 |
(1,208) |
| Contract liabilities |
1,980 |
(2,920) |
| Lease liabilities |
(1,596) |
(1,643) |
| Reserve for potential uncertain income tax return positions |
69 |
— |
| Liability - derivative litigation settlement |
— |
19,652 |
| Other liabilities |
(7,666) |
1,754 |
| Net cash provided by operating activities |
29,578 |
21,042 |
| |
| Cash flows from investing activities: |
|
|
| Cash paid for acquisitions, net of cash acquired |
(1,858) |
(90,358) |
| Cash paid to from Paul Merchants for 10% stake in MTSS combined business |
— |
(4,925) |
| Capitalized software development costs paid |
(2,089) |
(1,740) |
| (Purchases) maturities of marketable securities |
(5,105) |
11,775 |
| Capital expenditures |
(557) |
(1,798) |
| Net cash used in investing activities |
(9,609) |
(87,046) |
| |
| Cash flows from financing activities: |
|
|
| Proceeds from revolving line of credit, net |
— |
13,500 |
| Principal payments of term loan obligation |
(3,765) |
(3,766) |
| Repurchases of common stock |
— |
(10,972) |
| Proceeds from the exercise of stock options |
636 |
— |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(1,841) |
(21) |
| Dividend payments |
(2,301) |
(2,297) |
| Payments on short-term notes, net |
— |
2,908 |
| Principal payments of debt obligations |
(203) |
(834) |
| Payments of working capital facility, net |
(24,693) |
15,621 |
| Payments of financing lease obligations |
— |
(69) |
| Net cash (used) provided by financing activities |
(32,167) |
14,070 |
| Effect of foreign exchange rates on cash |
(10,173) |
190 |
| Net change in cash and cash equivalents, and restricted cash |
(22,371) |
(51,744) |
| Cash and cash equivalents, and restricted cash at the beginning of the period |
111,369 |
149,681 |
| Cash and cash equivalents, and restricted cash at the end of the period |
$88,998 |
$97,937 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$8,820 |
$9,573 |
| Income taxes paid |
$1,086 |
$4,128 |
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