Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-learning and healthcare industries, today reported
results for its third quarter ended September 30, 2019. Ebix will
host a conference call to review its results today at 11:00 a.m.
EST (details below).
Ebix delivered the following results for the
third quarter of 2019:
Revenues: Q3 2019 revenue rose
14% to $147.2 million compared to $128.6 million in Q3 2018 and
increased 2% over Q2 2019 revenue of $144.3 million. After
excluding the revenues from the de-emphasized e-governance
business, Q3 2019 revenues grew 17% in Q3 2019 as compared to Q3
2018.
On a constant currency basis, Ebix Q3 2019
revenue increased 15% to $148.4 million compared to $128.6 million
in Q3 2018. Exchanges cumulatively including the insurance and
EbixCash financial exchanges accounted for 88% of Q3 2019 revenues.
Also, on a constant currency basis, year to date revenue increased
23% to $443.8 million as compared to $361.5 million during the same
period in 2018.
The year over year revenue improvement reflected
36% growth in the Company’s EbixCash channel. After excluding the
revenues from the de-emphasized e-governance business, EbixCash Q3
2019 revenues grew 42% in Q3 2019 as compared to Q3 2018.
|
(dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel |
Q3 2019 |
Q3 2018 |
Change |
YTD2019 |
YTD 2018 |
Change |
| EbixCash Exchanges |
$
82,085 |
$
60,341 |
+36 |
% |
$
238,770 |
$
151,605 |
+57 |
% |
| Insurance Exchanges |
|
51,191 |
|
48,075 |
+6 |
% |
|
155,111 |
|
144,393 |
+7 |
% |
| RCS - Insurance |
|
17,763 |
|
22,317 |
-20 |
% |
|
53,669 |
|
67,591 |
-21 |
% |
| Overlapping Channel Revenues* |
|
-3,805 |
|
-2,090 |
|
|
-13,118 |
|
-2,090 |
|
| Total Revenue |
$ 147,233 |
$ 128,643 |
+14 |
% |
$ 434,432 |
$ 361,499 |
+20 |
% |
| |
|
|
|
|
|
|
| Total Revenue on Constant Currency Basis |
$ 148.4M |
|
$ 128.6M |
+15 |
% |
$ 443.8M |
$ 361.5M |
+23 |
% |
Note – Overlapping channel revenues represent
insurance exchange revenues in India, that are an integral part of
the EbixCash Exchange operations also.
Net Income and
EPS:
In Q3 2019, the Company booked a $12.1
million-dollar bad debt reserve as a precautionary measure, against
the receivables due from a public sector entity, BSNL in India.
This reserve had a net impact to the Company’s net income of $6.6
million, when factoring in the $5.5 million portion attributable to
noncontrolling interest. Payment of these receivables has been
delayed due to a liquidity crunch at BSNL. The Government of India
has recently approved funding to BSNL payment and the Company
expects the accounts to be fully collectible once the Government
funding reaches BSNL. Because of this bad debt reserve, Q3 2019
GAAP diluted earnings per share decreased 28% to $0.67 compared to
$0.92 in Q3 2018. The Non-GAAP diluted earnings per share in Q3
2019 grew 12% to $1.03 as compared to Q3 2018.
GAAP net income decreased 30% to $20.5 million
compared to $29.2 million in Q3 2018, in spite of increased revenue
principally due to the net bad debt reserve impact of $6.6 million,
increased non-operating short-term expenses associated with the
Company’s recent investments and growth initiatives in India
associated with servicing increased Gross Merchandise Value. The Q3
2019 Non-GAAP net income increased 8% to $31.7 million after
excluding certain non-recurring items.
Ebix’s weighted average diluted shares
outstanding decreased to 30.63 million in Q3 2019 compared to 31.63
million in Q3 2018, and slightly decreased from 30.67 million in Q2
2019.
Operating Income and Margins:
Q3 2019 GAAP operating margins were at 18% while the GAAP Operating
income for Q3 2019 decreased 34% to $26.0 million, principally due
to the bad debt reserve impact of $12.1 million. Non-GAAP operating
margins for Q3 2019 were at 28% while non-GAAP operating income
grew 4% to $40.7 million in Q3 2019 as compared to $39.2 million in
Q3 2018.
Operating Cash: Cash generated
from operations was $40.8 million in Q3 2019 compared to $34.3
million in Q3 2018 and $(253) thousand in Q2 2019. During Q3 2019,
the Company also used $23 million to pay down its working capital
facility in India.
Share Repurchases: In Q3 2019,
Ebix repurchased 45,000 shares of its outstanding common stock for
aggregate cash consideration of $2.0 million.
Q4 2019 Diluted Share Count: As
of today, Ebix expects its diluted share count for Q4 2019 to be
approximately 30.8 million.
Dividend: Ebix paid its regular
quarterly dividend of $0.075 per share in Q3 2019 for a total cost
of $2.3 million.
Ebix Chairman, President and CEO Robin Raina
said, “Our revenue momentum continued to be strong in India with
EbixCash exchanges growing organically 5% on a constant currency
basis, as compared to Q2 2019 and 36% year over year in Q3 2019.
Amongst many other new agreements, the Company signed material new
agreements with international travel exchanges to deliver millions
of airline segments annually for a per segment fee, over a 5-year
period. As a part of this agreement, EbixCash collected a
cumulative advance of $25 million also.”
“The above revenue performance is in spite of
the Company deciding not to pursue any key opportunities in the
e-governance arena, due to the recent liquidity issues with BSNL -
a Govt. of India public sector unit. While the Government recently
decided to sanction a revival package for BSNL and to pay all the
BSNL vendors, we conservatively decided to book a bad debt reserve
for $12.1 million of our outstanding amount with BSNL. In the short
term the booking of the reserve, brought our GAAP operating income
down for the quarter. We have been assured that we will fully get
paid once BSNL receives the funds from the Government, and
accordingly expect to get back this income at that time.”
”We are overall pleased that the basics of our
EbixCash business are very strong with key business areas like
Remittance, lending technology, travel technology, wealth &
asset management technology and e-learning generating 40% plus
operating margins. Our B2B travel businesses in the quarter were at
27% margins. The good news is that we know that as we improve the
operating margins primarily from our forex, payment solutions and
Corporate travel businesses, leveraging our recent contracts and
the normal synergies in process, we will be able to convert
EbixCash into a strong recurring operating margin business at very
high levels like our insurance businesses worldwide.”
Robin added, “We are presently focused on our
EbixCash IPO efforts, working with our investment bankers. We will
be adding one more international banker soon to the list. We have a
number of material key initiatives that are expected to add
substantially to our EbixCash revenue and income streams – UAE
airport forex, Trimax bus exchange acquisition, recent material
wins in multiple areas, new realignments in remittance arena, Yatra
acquisition, business transfer of Cox & Kings, new travel
exchange deals etc. EbixCash performance is particularly noteworthy
when you compare it to its key competitors with high valuations,
who collectively lost a billion dollars last year in the Indian
markets and delivered much less top line growth than EbixCash.”
“In spite of our insurance exchange businesses
worldwide getting effected by Brexit, currency variations, and the
drops in our ADAM health content and the health TPA business, yet
our worldwide Insurance Exchange revenue grew 6% year over year in
Q3 2019 to $51.2 million,” Ash Sawhney, President North America,
Insurance operations said. “The US exchange revenue grew 4% in Q3
2019 as compared to Q3 2018. Our insurance business pipeline in the
US today, is the best that it has ever been We are encouraged by a
few material wins both in international markets and in the US,
that coupled with our pipeline is targeted to put us back on
the 8 to 10% growth path in 2020 as compared to 2019.”
Reconciliation of GAAP net income and
diluted earnings per share to non-GAAP net income and diluted
earnings per share. Non-GAAP information is provided to
enhance the understanding of the Company's financial performance
and is reconciled to the Company's GAAP information in the
accompanying tables.
|
|
Net Income |
Diluted EPS |
|
Third Quarter 2019 GAAP Results |
$20,509 |
|
$0.67 |
|
|
|
|
|
|
Non-GAAP Adjustments: |
|
|
|
Nonrecurring Bad Debt Reserve for certain accounts receivable in
the India e-government business sector (operating) |
$12,100 |
|
$0.39 |
|
|
Portion attributable to noncontrolling interest for nonrecurring
bad debt Reserve for certain accounts receivable in the India
e-government business sector (non-operating) |
($5,497 |
) |
($0.18 |
) |
|
One-time quarterly expenses related to synergies and
redundancies being implemented (operating) |
$1,033 |
|
$0.03 |
|
|
Stock based compensation (operating) |
$1,029 |
|
$0.03 |
|
|
Non-recurring Legal Expenses (operating) |
$897 |
|
$0.03 |
|
|
Short term Finance Fees for GMV Growth Funding (non-operating) |
$1,627 |
|
$0.05 |
|
|
|
|
|
|
Total Non-GAAP Adjustments |
$11,189 |
|
$0.37 |
|
|
Third Quarter 2019 Non-GAAP Results |
$31,698 |
|
$1.03 |
|
Conference Call Details:
|
Call Date/Time: |
Tuesday, November 12, 2019 at 11:00 a.m. EST |
|
Call Dial-In: |
+1-877-837-3909 or 1-973-409-9690; Call ID # 7368513 |
|
Live Audio Webcast: |
www.ebix.com/webcast |
|
Audio Replay URL: |
www.ebix.com/result_19_Q3 after 2:00 p.m. EST on November 12 |
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix,
Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and
E-commerce services to the insurance, financial, healthcare and
e-learning industries. In the Insurance sector, Ebix’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 administration
and risk compliance services, around the world.
With a "Phygital” strategy that combines 320,000
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, foreign exchange (Forex), travel, pre-paid & gift
cards, utility payments, lending, wealth management etc. in India
and other markets. EbixCash’s Forex operations have emerged as a
leader in India’s airport Foreign Exchange business with operations
in 32 international airports including Delhi, Mumbai, Bangalore,
Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in
gross transaction value per year. EbixCash’s inward remittance
business in India conducts approx. $5 billion gross annual
remittance business, confirming its undisputed leadership position
in India. EbixCash, through its travel portfolio of Via and
Mercury, is also one of Southeast Asia’s leading travel exchanges
with over 2,200+ employees, 212,450+ agent network, 25 branches and
over 9,800 corporate clients; processing an estimated $2.5 billion
in gross merchandise value per year. EbixCash’s technology services
Division has emerged as a leader in the areas of lending
technology, asset & wealth management technology, travel
technology in India; besides having grown its international expanse
to Europe, Middle East, Africa and ASEAN countries.
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 www.ebix.com
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, UK 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.
CONTACT:
Darren Joseph678 -281-2027 or IR@ebix.com
David Collins or Chris EddyCatalyst Global - 212-924-9800 or
ebix@catalyst-ir.com
| |
|
Ebix, Inc. and SubsidiariesCondensed
Consolidated Statements of Income(In thousands, except per
share data)(Unaudited) |
| |
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Operating revenue |
$ |
147,233 |
|
|
$ |
128,643 |
|
|
$ |
434,432 |
|
|
$ |
361,499 |
|
| |
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
| Cost of services provided |
55,171 |
|
|
42,963 |
|
|
152,054 |
|
|
126,113 |
|
| Product development |
11,245 |
|
|
11,010 |
|
|
33,884 |
|
|
28,115 |
|
| Sales and marketing |
4,284 |
|
|
4,721 |
|
|
14,898 |
|
|
13,542 |
|
| General and administrative,
net |
46,900 |
|
|
28,188 |
|
|
101,210 |
|
|
74,416 |
|
| Amortization and
depreciation |
3,626 |
|
|
2,523 |
|
|
10,966 |
|
|
7,864 |
|
|
Total operating expenses |
121,226 |
|
|
89,405 |
|
|
313,012 |
|
|
250,050 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
26,007 |
|
|
39,238 |
|
|
121,420 |
|
|
111,449 |
|
| Interest income |
99 |
|
|
103 |
|
|
578 |
|
|
309 |
|
| Interest expense |
(10,970 |
) |
|
(7,467 |
) |
|
(32,551 |
) |
|
(18,064 |
) |
| Non-operating income |
352 |
|
|
7 |
|
|
344 |
|
|
60 |
|
| Non-operating expense -
litigation settlement |
— |
|
|
— |
|
|
(21,140 |
) |
|
— |
|
| Foreign currency exchange
loss |
(641 |
) |
|
(921 |
) |
|
(495 |
) |
|
(2,919 |
) |
| Income before income
taxes |
14,847 |
|
|
30,960 |
|
|
68,156 |
|
|
90,835 |
|
| Income tax benefit
(expense) |
217 |
|
|
(1,679 |
) |
|
297 |
|
|
(6,027 |
) |
| Net income including
noncontrolling interest |
15,064 |
|
|
29,281 |
|
|
68,453 |
|
|
84,808 |
|
| Net (loss) income attributable
to noncontrolling interest |
(5,445 |
) |
|
39 |
|
|
(6,617 |
) |
|
178 |
|
| Net income
attributable to Ebix, Inc. |
$ |
20,509 |
|
|
$ |
29,242 |
|
|
$ |
75,070 |
|
|
$ |
84,630 |
|
| |
|
|
|
|
|
|
|
| Basic earnings per
common share attributable to Ebix, Inc. |
$ |
0.67 |
|
|
$ |
0.93 |
|
|
$ |
2.46 |
|
|
$ |
2.69 |
|
| |
|
|
|
|
|
|
|
| Diluted earnings per
common share attributable to Ebix, Inc. |
$ |
0.67 |
|
|
$ |
0.92 |
|
|
$ |
2.45 |
|
|
$ |
2.67 |
|
| |
|
|
|
|
|
|
|
| Basic weighted average shares
outstanding |
30,501 |
|
|
31,492 |
|
|
30,517 |
|
|
31,480 |
|
| |
|
|
|
|
|
|
|
| Diluted weighted average
shares outstanding |
30,633 |
|
|
31,628 |
|
|
30,598 |
|
|
31,638 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ebix, Inc. and SubsidiariesCondensed
Consolidated Balance Sheets(In thousands, except share
amounts) |
| |
|
|
|
| |
September 30, 2019 |
|
December 31, 2018 |
| ASSETS |
(Unaudited) |
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
124,242 |
|
|
$ |
147,766 |
|
| Short-term investments |
4,795 |
|
|
31,192 |
|
| Restricted cash |
18,240 |
|
|
8,317 |
|
| Fiduciary funds-
restricted |
4,200 |
|
|
6,491 |
|
| Trade accounts receivable,
less allowances of $21,011 and $6,969, respectively |
165,397 |
|
|
174,340 |
|
| Other current assets |
63,615 |
|
|
59,274 |
|
|
Total current assets |
380,489 |
|
|
427,380 |
|
| |
|
|
|
| Property and equipment,
net |
52,597 |
|
|
50,294 |
|
| Right-of-use assets |
17,008 |
|
|
— |
|
| Goodwill |
958,813 |
|
|
946,685 |
|
| Intangibles, net |
46,298 |
|
|
51,448 |
|
| Indefinite-lived
intangibles |
42,055 |
|
|
42,055 |
|
| Capitalized software
development costs, net |
13,748 |
|
|
11,742 |
|
| Deferred tax asset, net |
59,906 |
|
|
54,629 |
|
| Other assets |
34,425 |
|
|
26,714 |
|
| Total
assets |
$ |
1,605,339 |
|
|
$ |
1,610,947 |
|
| |
|
|
|
| LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
| Current liabilities: |
|
|
|
| Accounts payable and accrued
liabilities |
$ |
117,520 |
|
|
$ |
130,221 |
|
| Accrued payroll and related
benefits |
8,683 |
|
|
9,227 |
|
| Working capital facility |
35,829 |
|
|
17,841 |
|
| Fiduciary funds-
restricted |
4,200 |
|
|
6,491 |
|
| Short-term debt |
1,253 |
|
|
3,990 |
|
| Current portion of long term
debt and financing lease obligation, net of deferred financing
costs of $575 |
20,203 |
|
|
14,603 |
|
| Lease liability |
5,578 |
|
|
— |
|
| Contingent liability for
accrued earn-out acquisition consideration |
1,254 |
|
|
13,767 |
|
| Contract liabilities |
27,665 |
|
|
35,609 |
|
| Other current liabilities |
31,647 |
|
|
85,679 |
|
|
Total current liabilities |
253,832 |
|
|
317,428 |
|
| |
|
|
|
| Revolving line of credit |
438,037 |
|
|
424,537 |
|
| Long term debt and financing
lease obligations, less current portion, net of deferred financing
costs of $1,703 and $1,811, respectively |
259,992 |
|
|
274,716 |
|
| Other liabilities |
41,126 |
|
|
28,287 |
|
| Contingent liability for
accrued earn-out acquisition consideration |
9,290 |
|
|
11,209 |
|
| Contract liabilities |
7,662 |
|
|
9,051 |
|
| Deferred tax liability,
net |
1,282 |
|
|
1,282 |
|
| Lease liability |
10,802 |
|
|
— |
|
| Total
liabilities |
1,022,023 |
|
|
1,066,510 |
|
| |
|
|
|
| Commitments and
Contingencies |
|
|
|
| |
|
|
|
| Stockholders’ equity: |
|
|
|
| Preferred stock, $0.10 par
value, 500,000 shares authorized, no shares issued and outstanding
at September 30, 2019 and December 31, 2018 |
— |
|
|
— |
|
| Series Y Convertible preferred
stock, $0.10 par value, 350,000 shares authorized, no shares issued
and outstanding at September 30, 2019 and no shares authorized,
issue and outstanding at December 31, 2018 |
— |
|
|
— |
|
| Common stock, $0.10 par value,
220,000,000 shares authorized, 30,491,207 issued and outstanding,
at September 30, 2019, and 30,567,725 issued and outstanding at
December 31, 2018 |
3,049 |
|
|
3,057 |
|
| Additional paid-in
capital |
6,208 |
|
|
3,397 |
|
| Retained earnings |
599,148 |
|
|
535,118 |
|
| Accumulated other
comprehensive loss |
(74,236 |
) |
|
(63,377 |
) |
| Total Ebix, Inc.
stockholders’ equity |
534,169 |
|
|
478,195 |
|
| Noncontrolling interest |
49,147 |
|
|
66,242 |
|
| Total stockholders’
equity |
583,316 |
|
|
544,437 |
|
| Total liabilities and
stockholders’ equity |
$ |
1,605,339 |
|
|
$ |
1,610,947 |
|
| |
|
|
|
|
|
|
|
| |
|
Ebix, Inc. and
SubsidiariesCondensed
Consolidated Statements of Cash Flows(In
thousands)(Unaudited) |
| |
|
| |
Nine Months Ended |
| |
September 30, |
| |
2019 |
|
2018 |
| Cash flows from operating
activities: |
|
|
|
|
Net income attributable to Ebix, Inc. |
$ |
75,070 |
|
|
$ |
84,630 |
|
| Net (loss) income attributable
to noncontrolling interest |
(6,617 |
) |
|
178 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
| Amortization and
depreciation |
10,966 |
|
|
7,864 |
|
| Benefit for deferred
taxes |
(5,880 |
) |
|
(3,077 |
) |
| Share based compensation |
2,451 |
|
|
2,240 |
|
| Provision for doubtful
accounts |
10,580 |
|
|
2,622 |
|
| Amortization of right-of-use
assets |
5,167 |
|
|
— |
|
| Unrealized foreign exchange
loss |
321 |
|
|
1,337 |
|
| Amortization of capitalized
software development costs |
1,931 |
|
|
1,608 |
|
| Reduction of acquisition
accruals |
(17,124 |
) |
|
(645 |
) |
| Changes in assets and
liabilities, net of effects from acquisitions: |
|
|
|
| Accounts receivable |
(6,403 |
) |
|
(12,518 |
) |
| Other assets |
(5,947 |
) |
|
(655 |
) |
| Accounts payable and accrued
expenses |
(4,529 |
) |
|
6,811 |
|
| Accrued payroll and related
benefits |
(607 |
) |
|
322 |
|
| Contract liabilities |
(9,126 |
) |
|
(10,772 |
) |
| Lease liabilities |
(5,056 |
) |
|
(458 |
) |
| Reserve for potential
uncertain income tax return positions |
— |
|
|
88 |
|
| Other liabilities |
33,844 |
|
|
(5,410 |
) |
|
Net cash provided by operating activities |
79,041 |
|
|
74,165 |
|
| |
|
|
|
| Cash flows from
investing activities: |
|
|
|
| Acquisition of Transcorp |
— |
|
|
(6,554 |
) |
| Cash (paid to) received from
Paul Merchants for 10% stake in MTSS combined business |
(4,925 |
) |
|
4,996 |
|
| Acquisition of Weizmann, net
of $11.3 million cash acquired |
(77,350 |
) |
|
— |
|
| Acquisition of Pearl |
(3,372 |
) |
|
— |
|
| Acquisition of Lawson |
(2,726 |
) |
|
— |
|
| Acquisition of Miles |
(982 |
) |
|
— |
|
| Acquisition of Business
Travels |
(689 |
) |
|
— |
|
| Cash paid for acquisition of
AHA taxis, net of $25 thousand cash acquired |
(214 |
) |
|
— |
|
| Cash paid for acquisition of
Zillious, net of $279 thousand cash acquired |
(9,816 |
) |
|
— |
|
| Cash paid for acquisition of
Essel Forex |
(7,935 |
) |
|
— |
|
| Cash paid for acquisition of
Wallstreet Canada, net of $1.17 million cash acquired |
(942 |
) |
|
— |
|
| Cash paid for acquisition of
Centrum, net of $13.4 million cash acquired |
— |
|
|
(176,137 |
) |
| Cash paid for acquisition of
Smartclass, net of $982 thousand cash acquired |
— |
|
|
(7,593 |
) |
| Cash paid for acquisition of
Indus, net of $1.3 million of cash acquired |
— |
|
|
(24,261 |
) |
| Cash paid for acquisition of
Mercury, net of $1.1 million of cash acquired |
— |
|
|
(11,356 |
) |
| Cash paid for acquisition of
Miles, net of $606 thousand cash acquired |
— |
|
|
601 |
|
| Cash paid for acquisition of
Leisure, net of $269 thousand cash acquired |
— |
|
|
(1,304 |
) |
| Additional Investment in
ItzCash |
— |
|
|
(3,831 |
) |
| Capitalized software
development costs paid |
(4,126 |
) |
|
(3,574 |
) |
| Maturities of marketable
securities |
25,686 |
|
|
4,444 |
|
| Capital expenditures |
(5,869 |
) |
|
(5,840 |
) |
|
Net cash used in investing activities |
(93,260 |
) |
|
(230,409 |
) |
| |
|
|
|
| Cash flows from
financing activities: |
|
|
|
| Proceeds from revolving line
of credit, net |
13,500 |
|
|
125,165 |
|
| Proceeds from term loan |
— |
|
|
124,250 |
|
| Principal payments of term
loan obligation |
(11,298 |
) |
|
(6,250 |
) |
| Repurchases of common
stock |
(12,952 |
) |
|
(2,226 |
) |
| Proceeds from the exercise of
stock options |
— |
|
|
42 |
|
| Forfeiture of certain shares
to satisfy exercise costs and the recipients income tax obligations
related to stock options exercised and restricted stock vested |
(36 |
) |
|
(147 |
) |
| Dividend payments |
(6,898 |
) |
|
(7,106 |
) |
| Other |
6,023 |
|
|
— |
|
| Principal payments of debt
obligations |
(962 |
) |
|
— |
|
| Proceeds from working capital
facility, net |
18,900 |
|
|
609 |
|
| Payments of financing lease
obligations |
(200 |
) |
|
(6 |
) |
|
Net cash provided by financing activities |
6,077 |
|
|
234,331 |
|
| Effect of foreign exchange
rates on cash |
(2,397 |
) |
|
(11,444 |
) |
|
Net change in cash and cash equivalents, and restricted
cash |
(10,539 |
) |
|
66,643 |
|
|
Cash and cash equivalents, and restricted cash at the beginning of
the period |
159,589 |
|
|
70,867 |
|
|
Cash and cash equivalents, and restricted cash at the end
of the period |
$ |
149,050 |
|
|
$ |
137,510 |
|
| Supplemental
disclosures of cash flow information: |
|
|
|
| Interest paid |
$ |
31,787 |
|
|
$ |
16,865 |
|
| Income taxes paid |
$ |
7,406 |
|
|
$ |
9,320 |
|
| |
|
|
|
|
|
|
|
Ebix (NASDAQ:EBIX)
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