| |
Year Ended December 31, |
| |
2020 |
2019 |
2018 |
| |
(In thousands) |
| Cash flows from operating activities: |
|
|
|
| Net income attributable to Ebix, Inc. |
$92,377 |
$96,720 |
$93,139 |
| Net (loss) income attributable to noncontrolling interest |
(3,550) |
(6,149) |
(58) |
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
13,738 |
14,468 |
11,292 |
| Provision for doubtful accounts |
1,749 |
12,325 |
3,571 |
| Provision for deferred taxes, net of acquisitions and effects of currency translation |
5,114 |
(15,525) |
(13,043) |
| Unrealized foreign exchange losses |
— |
1,104 |
606 |
| Amortization of right-of-use assets |
6,100 |
7,144 |
— |
| Amortization of capitalized software development costs |
3,367 |
2,696 |
2,233 |
| Share-based compensation |
4,792 |
3,397 |
2,811 |
| Reduction of acquisition earn-out contingent liability |
(3,105) |
(16,543) |
(1,391) |
| Cash paid for acquisition earn-out |
(6,453) |
— |
(3,831) |
| Intangible asset impairment |
6,168 |
— |
— |
| Changes in current assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
3,258 |
(22,977) |
15,839 |
| Receivables from service providers |
20,896 |
10,950 |
(36,557) |
| Payables to service agents |
(6,915) |
(13,455) |
25,651 |
| Other assets |
(10,487) |
(8,351) |
(8,486) |
| Accounts payable and accrued expenses |
(14,569) |
(19,624) |
(11,787) |
| Accrued payroll and related benefits |
2,100 |
(661) |
(788) |
| Lease liabilities |
(5,700) |
(6,878) |
(360) |
| Reserve for potential uncertain income tax return positions |
— |
(95) |
149 |
| Other liabilities |
(12,204) |
30,396 |
13,205 |
| Contract liabilities |
3,680 |
(8,149) |
(8,740) |
| Net cash provided by operating activities |
100,356 |
60,793 |
83,455 |
| Cash flows from investing activities: |
|
|
|
| Cash paid for acquisitions, net of cash acquired |
(14,276) |
(105,466) |
(232,557) |
| Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment |
— |
(5,348) |
4,996 |
| Maturities (purchases) of marketable securities |
(20,964) |
27,015 |
(4,087) |
| Capitalized software development costs |
(4,229) |
(7,989) |
(8,079) |
| Capital expenditures |
(5,337) |
(4,908) |
(8,032) |
| Net cash used in investing activities |
(44,806) |
(96,696) |
(247,759) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from / (payment) to revolving line of credit, net |
1,364 |
13,500 |
150,008 |
| Proceeds from term loan |
— |
— |
175,500 |
| Principal payments on term loan obligation |
(20,711) |
(15,063) |
(10,016) |
| Payments on short-term notes, net |
— |
6,450 |
(8,341) |
| Working capital facilities |
(10,927) |
19,079 |
(8,094) |
| Repurchase of common stock |
— |
(12,952) |
(40,820) |
| Payments of long term debt |
(271) |
(686) |
(80) |
| Payments for capital lease obligations |
(210) |
— |
(6) |
| Proceeds from exercise of common stock options |
636 |
— |
439 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(2,589) |
(230) |
(467) |
| Dividends paid |
(9,245) |
(9,193) |
(9,316) |
| Net cash (used) provided by financing activities |
(41,953) |
905 |
248,807 |
| Effect of foreign exchange rates on cash and cash equivalents |
(4,753) |
(3,314) |
(5,689) |
| Net change in cash and cash equivalents, and restricted cash |
8,844 |
(38,312) |
78,814 |
| Cash and cash equivalents, and restricted cash at the beginning of the year |
111,369 |
149,681 |
70,867 |
| Cash and cash equivalents, and restricted cash at the end of the year |
$120,213 |
$111,369 |
$149,681 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
29,498 |
41,143 |
25,690 |
| Income taxes paid |
21,321 |
24,041 |
10,149 |
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