|
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 |