| |
Nine Months Ended |
| |
September 30, |
| |
|
| |
2020 |
2019 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$72,880 |
$75,070 |
| Net loss attributable to noncontrolling interest |
(1,187) |
(6,617) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
10,142 |
10,966 |
| Provision (benefit) for deferred taxes |
987 |
(5,880) |
| Share based compensation |
3,457 |
2,451 |
| Benefit for doubtful accounts |
424 |
10,580 |
| Amortization of right-of-use assets |
4,644 |
5,167 |
| Unrealized foreign exchange loss |
— |
321 |
| Amortization of capitalized software development costs |
2,493 |
1,931 |
| Reduction of acquisition accruals |
(3,308) |
(17,124) |
| Cash paid for acquisition earn-out |
(2,881) |
— |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
13,999 |
(22,052) |
| Receivables from service providers |
5,849 |
9,012 |
| Payables to service agents |
(3,972) |
(12,688) |
| Other assets |
(7,988) |
(5,947) |
| Accounts payable and accrued expenses |
(10,620) |
(4,062) |
| Accrued payroll and related benefits |
3,316 |
(607) |
| Contract liabilities |
(1,591) |
(9,126) |
| Lease liabilities |
(4,317) |
(5,056) |
| Other liabilities |
(10,563) |
33,844 |
| Net cash provided by operating activities |
71,764 |
60,183 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Cash paid for acquisitions, net of cash acquired |
(12,480) |
(104,026) |
| Cash paid to from Paul Merchants for 10% stake in MTSS combined business |
— |
(4,925) |
| Capitalized software development costs |
(4,617) |
(4,126) |
| (Purchases) maturities of marketable securities |
(20,609) |
25,686 |
| Capital expenditures |
(1,464) |
(5,869) |
| Net cash used in investing activities |
(39,170) |
(93,260) |
| |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds from revolving line of credit, net |
1,364 |
13,500 |
| Principal payments of term loan obligation |
(15,063) |
(11,298) |
| Repurchases of common stock |
— |
(12,952) |
| 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) |
(36) |
| Dividend payments |
(6,923) |
(6,898) |
| Payments on short-term notes, net |
— |
6,023 |
| of debt obligations |
7,187 |
(962) |
| (Payments) proceeds of working capital facility, net |
(19,945) |
31,120 |
| Payments of financing lease obligations |
(158) |
(200) |
| Net cash (used) provided by financing activities |
(34,743) |
18,297 |
| Effect of foreign exchange rates on cash |
(7,222) |
(2,397) |
| Net change in cash and cash equivalents, and restricted cash |
(9,371) |
(17,177) |
| 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 |
$101,998 |
$132,504 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$22,237 |
$31,787 |
| Income taxes paid |
$8,019 |
$7,406 |
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