Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-governance and healthcare industries, today reported
fiscal 2017 fourth quarter (Q4 2017) and full year results for the
periods ended December 31, 2017. Ebix will host a conference call
to review its results tomorrow, Friday March 2nd at 11:00 a.m.
EST (details below).
Ebix delivered the following results for the
fourth quarter and full year of 2017:
Revenue: Total Q4 2017 revenue
rose 31% to $104.7 million, compared to $80.0 million in Q4 2016
and increased 13% over Q3 2017 revenue of $92.8 million.
Full year 2017 revenue rose 22% to $364.0
million, compared to $298.3 million in 2016. Exchanges including
the EbixCash operations in India, continued to be Ebix’s largest
channel, accounting for 79% of the Company's Q4 2017 and 71% of
full year 2017 Revenue.
(dollar amounts in thousands) |
|
|
|
|
Channel |
Q4 2017 |
Q4 2016 |
Change |
|
2017 |
|
2016 |
Change |
Exchanges |
$ |
82,353 |
$ |
55,003 |
+50 |
% |
$ |
259,470 |
$ |
206,427 |
+26 |
% |
Broker Systems |
|
3,576 |
|
3,451 |
+4 |
% |
|
14,674 |
|
14,105 |
4 |
% |
Risk Compliance
Solutions (RCS) |
|
18,052 |
|
20,707 |
-13 |
% |
|
86,832 |
|
74,196 |
17 |
% |
Carrier Systems |
|
700 |
|
885 |
-21 |
% |
|
2,995 |
|
3,566 |
-16 |
% |
Total
Revenue |
$ |
104,681 |
$ |
80,046 |
+31 |
% |
$ |
363,971 |
$ |
298,294 |
+22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
on Constant Currency Basis |
$ |
102.9M |
$ |
80.0M |
+29 |
% |
$ |
360.0M |
$ |
298.3M |
+21 |
% |
|
Earnings per Share: Q4
2017 diluted EPS increased 11% to $0.84 from $0.76 in Q4 2016. Full
year 2017 diluted EPS increased 11% to $3.17 from $2.86 in 2016.
The improvements reflect higher net income and the benefit of
previous share repurchase activity.
Operating Cash: Cash generated
from operations decreased 13% to $26.7 million in Q4 2017, compared
to $30.7 million in Q4 2016. Cash generated from operations
decreased 8% to $76.8 million in 2017, compared to $83.7 million in
2016.
Operating Income and Margins:
Q4 2017 operating margins were 32%, a decrease over Q4 2016 margins
of 35%. Operating income for Q4 2017 rose 20% to $33.1 million
compared to $27.7 million in Q4 2016.
Full year 2017 operating margins were at 31%.
Operating income for 2017 rose 13% to $113.2 million as compared to
$100.3 million in 2016.
Net Income: Q4
2017 net income rose 8% to $26.6 million, compared to $24.6 million
in Q4 2016. Net income increased 7% to $100.6 million in 2017,
compared to $93.8 million in 2016.
Share Outstanding and
Repurchases: Ebix made no repurchases of its common stock
in Q4 2017, and repurchased 687,048 shares of its common stock for
cash consideration of $39.4 million in the full year 2017.
Reflecting its repurchase activity, Ebix’s weighted average diluted
shares outstanding decreased to 31.7 million in Q4 2017 compared to
32.5 million in Q4 2016 and decreased to 31.7 million in 2017
compared to 32.9 million in 2016.
Q1 & Q2 2018 Diluted Share
Counts: Based on share repurchases completed to date, Ebix
expects its diluted share count to be approximately 31.7 million in
Q1 2018 and Q2 2018.
Dividend: Ebix paid its
regularly quarterly dividend of $0.075 per share in Q4 2017 for a
total cost of $2.4 million.
Ebix Chairman, and CEO Robin Raina said, “Our
record 2017 results mark Ebix’s 18th consecutive year of revenue
and EPS growth for the Company, supported by a strong finish to the
year especially from EbixCash with record revenue and EPS in Q4
2017. With an annualized revenue run rate of $418 million, Ebix has
a strong foundation from which to conquer new frontiers in terms of
revenues, operating margins and EPS.”
Robin added, “We started the year 2017 primarily
as an insurance exchange, and have finished the year with a strong
presence in the financial exchange sector also through our EbixCash
brand in India. Ebix’s Q4 2017 performance did not include full
quarter revenues from the recent acquisition of Paul merchant
remittance assets, or include any revenues from the recent
acquisition of Transcorp, and only a few hundred thousand of
revenues from our e-governance division which typically has a
quarterly run rate of $6 million. Notwithstanding these factors, Q4
2017 revenues from India operations and the EbixCash Financial
Exchange translate to an annualized run rate of $127 million and
$125 million respectively. Accordingly, we are encouraged by the
momentum we have generated in these businesses in a short time.
“We are also pleased to have achieved 32%
operating margins in Q4 2017, especially considering that the
quarter had many non-recurring acquisition related costs. Once we
have fully implemented all our acquisition integration and
efficiency related measures, we expect the margins to improve from
this level.”
Robin added, “We are in advance stages of review
on several acquisition opportunities that have the potential to
make material contributions to our 2018 results if we are able to
complete these transactions on the contemplated terms. Also, we
have executed a number of large new business contracts that are
expected to start contributing to our top line in 2018. As a result
of our strong business development activity and pipeline, combined
with expected organic growth across the business, we believe Ebix
is well positioned for another solid year in 2018.”
Sean Donaghy, Ebix’s CFO said “Ebix continues to
produce robust operating cash flows, generating $26.7 million
during Q4 of 2017 and $76.8 million during 2017. Our financial
position remains strong with $89.5 million in aggregate cash, cash
equivalents, and short-term cash deposit investments. Combined with
available borrowing of $246 million under our syndicated bank
facility, Ebix presently has access to approximately $331 million
of capital to support continued organic and acquisitive growth as
well as dividends and opportunistic share repurchases.”
Conference Call Details:
Call Date/Time: |
Friday, March 2, 2018 at 11:00 a.m. EST |
Call Dial-In: |
+1-877-837-3909 or 1-973-409-9690; Call ID #1064759 |
Live Audio Webcast: |
www.ebix.com/webcast |
Audio Replay URL: |
www.ebix.com/result_17_Q4 after 2:00 p.m. EST on Mar 2nd |
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix,
Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and
E-commerce services to the insurance, financial and healthcare
industries. In the Insurance sector, the Company’s main focus is to
develop and deploy a wide variety of insurance and reinsurance
exchanges on an on-demand basis, while also, providing
Software-as-a-Service ("SaaS") enterprise solutions in the area of
CRM, front-end & back-end systems, outsourced administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 231,500
physical distribution outlets in many Southeast Asian Nations
(“ASEAN”) countries to an Omni-channel online digital platform, the
Company’s EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, travel, pre-paid & gift cards, utility payments,
etc., in an emerging country like India. EbixCash, through
its travel portal Via.com, is also one of Southeast Asia’s leading
travel exchanges with over 110,000 distribution outlets and 8,000
corporate clients processing over 24.5 million transactions every
year
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. For more
information, visit the Company’s website at
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTS
As used herein, the terms “Ebix,” “the Company,”
“we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation,
and its consolidated subsidiaries as a combined entity, except
where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company’s products by the market, and
management’s plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission (“SEC”), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as “may,” “could,” “should,” “would,” “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,”
“project,” “continue,” “predict,” “will,” “should,” and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company’s ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason.
Readers should carefully review the disclosures
and the risk factors described in the documents we file from time
to time with the SEC, including future reports on Forms 10-Q and
8-K, and any amendments thereto.
You may obtain our SEC filings at our website,
www.ebix.com under the “Investor Information” section, or over the
Internet at the SEC’s web site, www.sec.gov.
|
|
Ebix, Inc. and Subsidiaries |
Consolidated Statements of
Income |
(In thousands, except per share data) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
|
|
Operating
revenue |
$ |
104,681 |
|
|
$ |
80,046 |
|
|
$ |
363,971 |
|
|
$ |
298,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of services
provided |
38,438 |
|
|
22,522 |
|
|
129,494 |
|
|
85,128 |
|
|
Product
development |
8,551 |
|
|
8,068 |
|
|
33,854 |
|
|
32,981 |
|
|
Sales and
marketing |
3,991 |
|
|
4,467 |
|
|
16,303 |
|
|
17,469 |
|
|
General and
administrative (net) |
17,820 |
|
|
14,670 |
|
|
59,976 |
|
|
51,689 |
|
|
Amortization and
depreciation |
2,800 |
|
|
2,658 |
|
|
11,123 |
|
|
10,746 |
|
|
Total operating expenses |
71,600 |
|
|
52,385 |
|
|
250,750 |
|
|
198,013 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
33,081 |
|
|
27,661 |
|
|
113,221 |
|
|
100,281 |
|
|
Interest income |
97 |
|
|
632 |
|
|
1,711 |
|
|
1,851 |
|
|
Interest expense |
(4,345 |
) |
|
(1,995 |
) |
|
(13,383 |
) |
|
(7,376 |
) |
|
Non-operating income –
(loss) |
— |
|
|
— |
|
|
— |
|
|
1,162 |
|
|
Foreign currency
exchange gain (loss) |
(894 |
) |
|
(839 |
) |
|
1,811 |
|
|
13 |
|
|
Income before
income taxes |
27,939 |
|
|
25,459 |
|
|
103,360 |
|
|
95,931 |
|
|
Income tax expense |
(414 |
) |
|
(516 |
) |
|
(777 |
) |
|
(1,637 |
) |
|
Net income including
noncontrolling interest |
27,525 |
|
|
24,943 |
|
|
102,583 |
|
|
94,294 |
|
|
Net income attributable
to noncontrolling interest |
952 |
|
|
314 |
|
|
1,965 |
|
|
447 |
|
|
Net income
attributable to Ebix, Inc. |
$ |
26,573 |
|
|
$ |
24,629 |
|
|
$ |
100,618 |
|
|
$ |
93,847 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
per common share |
$ |
0.84 |
|
|
$ |
0.76 |
|
|
$ |
3.19 |
|
|
$ |
2.88 |
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
$ |
0.84 |
|
|
$ |
0.76 |
|
|
$ |
3.17 |
|
|
$ |
2.86 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding |
31,470 |
|
|
32,279 |
|
|
31,552 |
|
|
32,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding |
31,656 |
|
|
32,483 |
|
|
31,719 |
|
|
32,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ebix, Inc. and Subsidiaries |
Consolidated Balance Sheets |
|
|
December 31, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share
amounts) |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash
equivalents |
$ |
63,895 |
|
|
$ |
114,118 |
|
Short-term
investments |
25,592 |
|
|
3,105 |
|
Restricted cash |
4,040 |
|
|
— |
|
Fiduciary funds-
restricted |
8,035 |
|
|
14,394 |
|
Trade accounts
receivable, less allowances of $4,143 and $2,833, respectively |
117,838 |
|
|
62,713 |
|
Other current
assets |
33,532 |
|
|
12,716 |
|
Total current assets |
252,932 |
|
|
207,046 |
|
Property and equipment,
net |
41,704 |
|
|
37,061 |
|
Goodwill |
666,863 |
|
|
441,404 |
|
Intangibles, net |
45,711 |
|
|
41,336 |
|
Indefinite-lived
intangibles |
42,055 |
|
|
30,887 |
|
Capitalized software
development costs, net |
8,499 |
|
|
5,955 |
|
Deferred tax asset,
net |
43,529 |
|
|
31,345 |
|
Other assets |
11,720 |
|
|
8,721 |
|
Total
assets |
$ |
1,113,013 |
|
|
$ |
803,755 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable and
accrued liabilities |
$ |
75,073 |
|
|
$ |
30,461 |
|
Accrued payroll and
related benefits |
8,201 |
|
|
7,474 |
|
Cash overdraft |
9,243 |
|
|
— |
|
Fiduciary funds-
restricted |
8,035 |
|
|
14,394 |
|
Short term debt, net of
deferred financing costs of $136 |
14,364 |
|
|
12,364 |
|
Contingent liability
for accrued earn-out acquisition consideration |
4,000 |
|
|
1,921 |
|
Current portion of long
term debt and capital lease obligation |
17 |
|
|
9 |
|
Deferred revenue |
22,562 |
|
|
22,564 |
|
Current deferred
rent |
278 |
|
|
281 |
|
Other current
liabilities |
5,159 |
|
|
244 |
|
Total current liabilities |
146,932 |
|
|
89,712 |
|
Revolving line of
credit |
274,529 |
|
|
154,029 |
|
Long term debt and
capital lease obligation, less current portion, net of deferred
financing costs of $298 and $452, respectively |
110,978 |
|
|
105,824 |
|
Contingent liability
for accrued earn-out acquisition consideration |
33,096 |
|
|
6,589 |
|
Deferred revenue |
1,423 |
|
|
1,886 |
|
Long term deferred
rent |
638 |
|
|
1,009 |
|
Other liabilities |
11,658 |
|
|
6,070 |
|
Total
liabilities |
579,254 |
|
|
365,119 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Convertible
Series D Preferred stock, $.10 par value, 500,000 shares
authorized, no shares issued and outstanding at December 31,
2017 and 2016 |
— |
|
|
— |
|
Common stock, $.10 par value, 60,000,000 shares authorized,
31,476,428 issued and outstanding at December 31, 2017 and
32,093,294 issued and outstanding at December 31, 2016 |
3,148 |
|
|
3,209 |
|
Additional paid-in
capital |
1,410 |
|
|
— |
|
Retained earnings |
510,975 |
|
|
457,364 |
|
Accumulated other
comprehensive loss |
(24,023 |
) |
|
(33,677 |
) |
Total Ebix,
Inc. stockholders’ equity |
491,510 |
|
|
426,896 |
|
Noncontrolling
interest) |
42,249 |
|
|
11,740 |
|
Total
stockholders' equity |
$ |
533,759 |
|
|
$ |
438,636 |
|
Total
liabilities and stockholders’ equity |
$ |
1,113,013 |
|
|
$ |
803,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ebix, Inc. and Subsidiaries |
Consolidated Statements of Cash
Flows |
|
|
Year Ended December 31, 2017 |
|
Year Ended December 31, 2016 |
|
Year Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Cash flows from
operating activities: |
|
|
|
|
|
Net income attributable
to Ebix, Inc. |
$ |
100,618 |
|
|
$ |
93,847 |
|
|
$ |
79,533 |
|
Net income attributable
to noncontrolling interest |
1,965 |
|
|
447 |
|
|
— |
|
Adjustments to
reconcile net income to cash provided by operating
activities: |
|
|
|
|
|
Depreciation and
amortization |
11,123 |
|
|
10,746 |
|
|
10,634 |
|
Provision for doubtful
accounts |
1,713 |
|
|
1,515 |
|
|
3,111 |
|
Provision for deferred
taxes, net of acquisitions and effects of currency translation |
(13,667 |
) |
|
(6,410 |
) |
|
(10,143 |
) |
Unrealized foreign
exchange (gain)/losses |
1,387 |
|
|
32 |
|
|
(1,743 |
) |
Gain on investment
interest in IHC/Ebix joint venture |
— |
|
|
(1,162 |
) |
|
— |
|
Amortization of
capitalized software development costs |
2,175 |
|
|
1,116 |
|
|
— |
|
Share-based
compensation |
2,818 |
|
|
2,794 |
|
|
1,821 |
|
Debt discount
amortization on convertible debt |
— |
|
|
— |
|
|
17 |
|
Reduction of
acquisition earn-out contingent liability |
(164 |
) |
|
(1,344 |
) |
|
(1,533 |
) |
Reduction of rent
expense as a result of purchase accounting adjustment |
(948 |
) |
|
— |
|
|
— |
|
Changes in
current assets and liabilities, net of acquisitions: |
|
|
|
|
|
Accounts
receivable |
(34,245 |
) |
|
(12,659 |
) |
|
(7,320 |
) |
Other assets |
(2,133 |
) |
|
(1,034 |
) |
|
(3,834 |
) |
Accounts payable and
accrued expenses |
8,906 |
|
|
(3,703 |
) |
|
(19,895 |
) |
Accrued payroll and
related benefits |
(3,979 |
) |
|
170 |
|
|
(60 |
) |
Deferred rent |
(413 |
) |
|
(234 |
) |
|
(656 |
) |
Reserve for potential
uncertain income tax return positions |
5,879 |
|
|
490 |
|
|
95 |
|
Liability – securities
litigation settlement |
— |
|
|
— |
|
|
(690 |
) |
Other liabilities |
252 |
|
|
(3,039 |
) |
|
1,111 |
|
Deferred revenue |
(4,480 |
) |
|
2,176 |
|
|
(1,762 |
) |
Net cash
provided by operating activities |
76,807 |
|
|
83,748 |
|
|
48,686 |
|
Cash flows from
investing activities: |
|
|
|
|
|
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 |
) |
|
— |
|
|
— |
|
Funding of escrow
account for possible future contingent earn-out payment related to
business acquisition |
(4,040 |
) |
|
— |
|
|
— |
|
Investment in Hope
Health |
— |
|
|
(1,643 |
) |
|
— |
|
Investment in Wdev, net
of cash acquired |
— |
|
|
(6,320 |
) |
|
— |
|
Investment in Via Media
Health, net of cash acquired |
— |
|
|
— |
|
|
(1,000 |
) |
Investment in P.B.
Systems, net of cash acquired |
— |
|
|
— |
|
|
(11,475 |
) |
Investment in
EbixHealth JV, net of cash acquired |
— |
|
|
(696 |
) |
|
(6,000 |
) |
Purchases of marketable
securities |
— |
|
|
(2,115 |
) |
|
(1,435 |
) |
Maturities of
marketable securities |
1,201 |
|
|
— |
|
|
— |
|
Capitalized software
development costs |
(2,805 |
) |
|
(3,988 |
) |
|
(3,489 |
) |
Capital
expenditures |
(7,385 |
) |
|
(5,977 |
) |
|
(13,994 |
) |
Net cash used
in investing activities |
(207,111 |
) |
|
(20,739 |
) |
|
(37,393 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from /
(Repayment) to line of credit, net |
120,500 |
|
|
(52,436 |
) |
|
86,000 |
|
Proceeds from term
loan |
20,000 |
|
|
125,000 |
|
|
— |
|
Principal payments on
term loan obligation |
(13,000 |
) |
|
(6,250 |
) |
|
(642 |
) |
Cash overdraft |
6,162 |
|
|
— |
|
|
— |
|
Repurchase of common
stock |
(45,732 |
) |
|
(59,784 |
) |
|
(81,653 |
) |
Payments of long term
debt |
— |
|
|
(600 |
) |
|
— |
|
Payments for capital
lease obligations |
(11 |
) |
|
(5 |
) |
|
(10 |
) |
Excess tax benefit from
share-based compensation |
— |
|
|
— |
|
|
463 |
|
Proceeds from exercise
of common stock options |
52 |
|
|
824 |
|
|
2,209 |
|
Forfeiture of certain
shares to satisfy exercise costs and the recipients income tax
obligations related to stock options exercised and restricted stock
vested |
(398 |
) |
|
(998 |
) |
|
(2,202 |
) |
Dividends paid |
(9,545 |
) |
|
(9,829 |
) |
|
(10,472 |
) |
Net cash
provided (used) by financing activities |
78,028 |
|
|
(4,078 |
) |
|
(6,307 |
) |
Effect of foreign
exchange rates on cash and cash equivalents |
$ |
2,053 |
|
|
$ |
(1,992 |
) |
|
$ |
(107 |
) |
Net change in
cash and cash equivalents |
(50,223 |
) |
|
56,939 |
|
|
4,879 |
|
Cash and cash
equivalents at the beginning of the year |
$ |
114,118 |
|
|
$ |
57,179 |
|
|
$ |
52,300 |
|
Cash and cash
equivalents at the end of the year |
$ |
63,895 |
|
|
$ |
114,118 |
|
|
$ |
57,179 |
|
Interest paid |
|
12,552 |
|
|
|
7,219 |
|
|
|
5,379 |
|
Income taxes paid |
|
10,426 |
|
|
|
16,634 |
|
|
|
28,637 |
|
CONTACT:
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins, Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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