| |
Six Months Ended |
| |
June 30, |
| |
2020 |
2019 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$48,198 |
$54,561 |
| Net loss attributable to noncontrolling interest |
(489) |
(1,172) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
6,750 |
7,340 |
| Provision (benefit) for deferred taxes |
225 |
(5,374) |
| Share based compensation |
2,253 |
1,422 |
| Benefit for doubtful accounts |
(50) |
(1,310) |
| Amortization of right-of-use assets |
3,257 |
3,517 |
| Unrealized foreign exchange (gain) loss |
- |
81 |
| Amortization of capitalized software development costs |
1,670 |
1,243 |
| Reduction of acquisition accruals |
(3,308) |
(17,124) |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
14,190 |
(13,331) |
| Receivables from service providers |
12,381 |
1,385 |
| Payables to service agents |
(7,802) |
(5,588) |
| Other assets |
(1,260) |
(758) |
| Accounts payable and accrued expenses |
(8,004) |
(6,891) |
| Accrued payroll and related benefits |
2,130 |
(1,808) |
| Contract liabilities |
(306) |
(6,192) |
| Lease liabilities |
(3,008) |
(3,460) |
| Reserve for potential uncertain income tax return positions |
206 |
— |
| Liability - derivative litigation settlement |
— |
- |
| Other liabilities |
(8,634) |
6,618 |
| Net cash provided by operating activities |
58,399 |
13,159 |
| |
| 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 |
(36,485) |
(100,830) |
| |
| Cash flows from financing activities: |
|
|
| Proceeds from revolving line of credit, net |
1,364 |
13,500 |
| Principal payments of term loan obligation |
(9,414) |
(7,532) |
| 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) |
(27) |
| Dividend payments |
(4,605) |
(4,599) |
| Payments on short-term notes, net |
— |
5,081 |
| Principal payments of debt obligations |
(119) |
(846) |
| Payments of working capital facility, net |
(19,763) |
56,891 |
| Payments of financing lease obligations |
(113) |
(129) |
| Net cash (used) provided by financing activities |
(33,855) |
51,367 |
| Effect of foreign exchange rates on cash |
(10,030) |
521 |
| Net change in cash and cash equivalents, and restricted cash |
(21,971) |
(35,783) |
| 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 |
$89,398 |
$113,898 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$15,434 |
$20,984 |
| Income taxes paid |
$2,096 |
$6,528 |
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