| |
Year Ended December 31, 2019 (Unaudited) |
Year Ended December 31, 2018 (Audited) |
Year Ended December 31, 2017 (Audited) |
| |
(in thousands) |
| Cash flows from operating activities: |
| Net income attributable to Ebix, Inc. |
$96,720 |
$93,139 |
$100,618 |
| Net income (loss) attributable to noncontrolling interest |
(6,149) |
(58) |
1,965 |
| Adjustments to reconcile net income to cash provided by operating activities: |
| Depreciation and amortization |
14,468 |
11,292 |
11,123 |
| Provision for doubtful accounts |
12,325 |
3,571 |
1,713 |
| Provision for deferred taxes, net of acquisitions and effects of currency translation |
(15,525) |
(13,043) |
(13,667) |
| Unrealized foreign exchange losses |
1,104 |
606 |
1,387 |
| Amortization of right-of-use assets |
7,144 |
- |
- |
| Amortization of capitalized software development costs |
2,696 |
2,233 |
2,175 |
| Share-based compensation |
3,397 |
2,811 |
2,818 |
| Reduction of acquisition earn-out contingent liability |
(16,543) |
(1,391) |
(164) |
| Reduction of rent expense as a result of purchase accounting adjustment |
— |
— |
(948) |
| Changes in current assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
(15,908) |
(10,810) |
(34,245) |
| Receivables from service providers |
7,832 |
(33,439) |
- |
| Payables to service agents |
(13,455) |
25,651 |
- |
| Other assets |
(8,351) |
(8,486) |
(2,133) |
| Accounts payable and accrued expenses |
19,624 |
6,539 |
8,906 |
| Accrued payroll and related benefits |
(661) |
(788) |
(3,979) |
| Lease liabilities |
(6,878) |
- |
- |
| Deferred rent |
- |
(360) |
(413) |
| Reserve for potential uncertain income tax return positions |
(95) |
149 |
5,879 |
| Other liabilities |
30,396 |
13,205 |
252 |
| Contract liabilities |
(8,149) |
(8,740) |
(4,480) |
| Net cash provided by operating activities |
64,744 |
83,335 |
76,807 |
| Cash flows from investing activities: |
|
|
|
| Cash paid for acquisitions, net of cash acquired |
(105,466) |
(232,557) |
(192,161) |
| 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 (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment |
(5,348) |
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 |
- |
(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) |
| Maturities (purchases) of marketable securities |
27,015 |
(4,087) |
1,201 |
| Capitalized software development costs |
(7,989) |
(5,745) |
(2,805) |
| Capital expenditures |
(4,908) |
(10,366) |
(7,385) |
| Net cash used in investing activities |
(96,696) |
(251,590) |
(203,071) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from / (Repayment) to line of credit, net |
13,500 |
150,008 |
120,500 |
| Proceeds from term loan |
- |
175,500 |
20,000 |
| Principal payments on term loan obligation |
(15,063) |
(10,016) |
(13,000) |
| Payments on short-term notes, net |
6,450 |
(8,341) |
- |
| Cash overdraft |
- |
(769) |
6,162 |
| Working capital facility |
19,079 |
(8,094) |
6,162 |
| Repurchase of common stock |
(12,952) |
(40,820) |
(45,732) |
| Payments of long term debt |
(686) |
(80) |
— |
| Payments for capital lease obligations |
- |
(6) |
(11) |
| Proceeds from exercise of common stock options |
- |
439 |
52 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(230) |
(467) |
(398) |
| Dividends paid |
(9,193) |
(9,316) |
(9,545) |
| Net cash provided (used) by financing activities |
905 |
248,807 |
78,028 |
| Effect of foreign exchange rates on cash and cash equivalents |
$(3,314) |
$(5,689) |
2,162 |
| Net change in cash and cash equivalents, and restricted cash |
(34,361) |
74,863 |
(46,074) |
| Cash and cash equivalents, and restricted cash at the beginning of the year |
145,730 |
$70,867 |
116,941 |
| Cash and cash equivalents, and restricted cash at the end of the year |
$111,369 |
$145,730 |
70,867 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
41,143 |
25,690 |
12,552 |
| Income taxes paid |
24,041 |
10,149 |
10,426 |
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