| |
Year Ended December 31, |
| |
2021 |
2020 |
2019 |
| |
(In thousands) |
| Cash flows from operating activities: |
|
|
|
| Net income attributable to Ebix, Inc. |
$ 68,188 |
$ 92,377 |
$ 96,720 |
| Net loss attributable to noncontrolling interest |
(1,249 ) |
(3,550 |
(6,149 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
15,178 |
13,738 |
14,468 |
| (Benefit) provision for doubtful accounts |
(2,334 ) |
1,749 |
12,325 |
| (Benefit) provision for deferred taxes, net of acquisitions and effects of currency translation |
(11,104 ) |
5,114 |
(15,525 ) |
| Unrealized foreign exchange losses |
— |
— |
1,104 |
| Amortization of right-of-use assets |
4,294 |
6,100 |
7,144 |
| Amortization of capitalized software development costs |
3,317 |
3,367 |
2,696 |
| Share-based compensation |
5,360 |
4,792 |
3,397 |
| Reduction of acquisition earn-out contingent liability |
— |
(3,105 ) |
(16,543 ) |
| Cash paid for acquisition earn-out |
— |
(6,453 ) |
— |
| Intangible asset impairment |
— |
6,168 |
— |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
|
| Accounts receivable |
(10,866 ) |
3,258 |
(22,977 ) |
| Receivables from service providers |
3,359 |
20,896 |
10,950 |
| Payables to service agents |
1,015 |
(6,915 ) |
(13,455 ) |
| Other assets |
(17,305 ) |
(10,487 ) |
(8,351 ) |
| Accounts payable and accrued expenses |
18,545 |
(14,569 ) |
(19,624 ) |
| Accrued payroll and related benefits |
(143 ) |
2,100 |
(661 ) |
| Lease liabilities |
(3,951 ) |
(5,700 ) |
(6,878 ) |
| Reserve for potential uncertain income tax return positions |
(2,071 ) |
— |
(95 ) |
| Contract liabilities |
694 |
3,680 |
(8,149 ) |
| Other liabilities |
(1,456 ) |
(12,204 ) |
30,396 |
| Net cash provided by operating activities |
69,471 |
100,356 |
60,793 |
| Cash flows from investing activities: |
|
|
|
| Cash paid for acquisitions, net of cash acquired |
— |
(14,276 ) |
(105,466 ) |
| Cash paid to Paul Merchants for 10% stake in MTSS combined business and other investment |
— |
— |
(5,348 ) |
| Maturities (purchases) of unrestricted marketable securities, net |
8,567 |
(20,964 ) |
27,015 |
| Capitalized software development costs |
(5,700 ) |
(4,229 ) |
(7,989 ) |
| Capital expenditures |
(7,465 ) |
(5,337 ) |
(4,908 ) |
| Net cash used in investing activities |
(4,598 ) |
(44,806 ) |
(96,696 ) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from revolving line of credit, net |
— |
1,364 |
13,500 |
| Principal payments of term loan obligation |
(42,594 ) |
(20,711 ) |
(15,063 ) |
| Payments of short-term notes, net |
— |
— |
6,450 |
| Working capital facilities |
(10,913 ) |
(10,927 ) |
19,079 |
| Repurchase of common stock |
— |
— |
(12,952 ) |
| Proceeds (payments) of short-term debt, net |
1,075 |
(271 ) |
(686 ) |
| Payments of finance lease obligations, net |
(100 ) |
(210 ) |
— |
| Proceeds from exercise of common 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 |
(1,402 ) |
(2,589 ) |
(230 ) |
| Dividend payments |
(9,284 ) |
(9,245 ) |
(9,193 ) |
| Net cash (used in) provided by financing activities |
(63,218 ) |
(41,953 ) |
905 |
| Effect of foreign exchange rates on cash and cash equivalents |
(7,104 ) |
(4,753 ) |
(3,314 ) |
| Net change in cash and cash equivalents, and restricted cash |
(5,449 ) |
8,844 |
(38,312 ) |
| Cash and cash equivalents, and restricted cash at the beginning of the year |
120,213 |
111,369 |
149,681 |
| Cash and cash equivalents, and restricted cash at the end of the year |
$ 114,764 |
$ 120,213 |
$ 111,369 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
$ 30,369 |
$ 29,498 |
$ 41,143 |
| Income taxes paid |
$ 17,675 |
$ 21,321 |
$ 24,041 |
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