| |
Year Ended December 31, |
| |
2022 |
2021 |
2020 |
| |
(In thousands) |
| Cash flows from operating activities: |
|
|
|
| Net income attributable to Ebix, Inc. |
$ 64,645 |
$ 68,188 |
$ 92,377 |
| Net loss attributable to noncontrolling interest |
(2,017) |
(1,249) |
(3,550) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
18,531 |
15,178 |
13,738 |
| (Benefit) provision for doubtful accounts |
1,433 |
(2,334 |
1,749 |
| (Benefit) provision for deferred taxes, net of acquisitions and effects of currency translation |
(17,972) |
(11,104) |
5,114 |
| Amortization of right-of-use assets |
3,557 |
4,294 |
6,100 |
| Amortization of capitalized software development costs |
2,983 |
3,317 |
3,367 |
| Share-based compensation |
3,875 |
5,360 |
4,792 |
| Reduction of acquisition earn-out contingent liability |
— |
— |
(3,105) |
| 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 |
(15,049) |
(10,866) |
3,258 |
| Receivables from service providers |
(2,871) |
3,359 |
20,896 |
| Payables to service agents |
5,003 |
1,015 |
(6,915) |
| Other assets |
(8,409) |
(17,305) |
(10,487) |
| Accounts payable and accrued expenses |
21,183 |
18,545 |
(14,569) |
| Accrued payroll and related benefits |
(56) |
(143) |
2,100) |
| Lease liabilities |
(3,460) |
(3,951) |
(5,700) |
| Reserve for potential uncertain income tax return positions |
— |
(2,071) |
— |
| Contract liabilities |
6,722 |
694 |
3,680 |
| Other liabilities |
(531) |
(1,456) |
(12,204) |
| Net cash provided by operating activities |
77,567 |
69,471 |
100,356 |
| Cash flows from investing activities: |
|
|
|
| Cash paid for acquisitions, net of cash acquired |
— |
— |
(14,276) |
| Maturities (purchases) of unrestricted marketable securities, net |
(968) |
8,567 |
(20,964) |
| Capitalized software development costs |
(7,051) |
(5,700) |
(4,229) |
| Capital expenditures |
(14,476) |
(7,465) |
(5,337) |
| Net cash used in investing activities |
(22,495) |
(4,598) |
(44,806) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from revolving line of credit, net |
10,500 |
— |
1,364 |
| Principal payments of term loan obligation |
(23,464) |
(42,594) |
(20,711) |
| Working capital facilities |
(1,765) |
(10,913) |
(10,927) |
| Proceeds (payments) of short-term debt, net |
1,147 |
1,075 |
(271) |
| Payments of finance lease obligations, net |
(190) |
(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 |
(128) |
(1,402) |
(2,589) |
| Dividend payments |
(9,271) |
(9,284) |
(9,245) |
| Net cash (used in) provided by financing activities |
(23,171) |
(63,218) |
(41,953) |
| Effect of foreign exchange rates on cash and cash equivalents |
(21,706) |
(7,104) |
(4,753) |
| Net change in cash and cash equivalents, and restricted cash |
10,195 |
(5,449) |
8,844 |
| Cash and cash equivalents, and restricted cash at the beginning of the year |
114,764 |
120,213 |
111,369 |
| Cash and cash equivalents, and restricted cash at the end of the year |
$ 124,959 |
$ 114,764 |
$ 120,213 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
$ 33,244 |
$ 30,369 |
$ 29,498 |
| Income taxes paid |
$ 24,201 |
$ 17,675 |
$ 21,321 |
| |
|
|
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