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 announced
the following results for the quarter ended June 30, 2021:
- Revenues of $246.3 million
- GAAP operating income of $27.3 million and Non-GAAP operating
income of $33.9 million
- GAAP Diluted EPS of $0.51 and Non-GAAP diluted EPS of
$0.76
Ebix will host a conference call to review its
results today at 11:00 a.m. EDT (details below).
“Q2 2021 was severely impacted by the second
wave of COVID-19, with most of Brazil and India coming to almost a
standstill for two months. This impacted our revenues not only in
these two countries but the United States too, as we experienced an
acute shortage of personnel to execute business in hand. Our bank
interest costs sequentially were higher by $3.3 million in Q2 2021
on lower bank debt than in Q1 2021. We had to restore software
developer salaries back from the cuts we had put in place last
year, while COVID-19 continued to impact our business.” Robin
Raina, President & CEO, Ebix Inc. said, “Considering that, I am
pleased that we still delivered a quarter with $246.3 million of
revenues and $27.3 million of operating income. This speaks to the
fundamental resilience of our business.”
Ebix delivered the following results for the
second quarter of 2021:
Revenue: Q2 2021 revenue
increased 121% to $246.3 million compared to $111.3 million in Q2
2020. Excluding revenues from the foreign exchange, travel,
e-learning, and remittance businesses that have been impacted the
most by COVID-19, Q2 2021 revenues grew 125% as compared to Q2
2020.
Out of 11 P&L geographies worldwide,
revenues grew in nine regions by double digits or more, while
declining in two regions. Despite COVID-19, insurance revenues
outside the U.S. grew by a healthy 16% year over year to $19.1
million in the quarter, offset by a 10% year-over-year decline in
the U.S. Sequentially, U.S. insurance revenues were essentially
flat as compared to Q1 2021. International revenues increased 200%
year over year.
Exchanges, including the EbixCash and our
worldwide insurance exchanges, continued to be Ebix’s largest
channel, accounting for 94% of Q2 2021 revenues.
(dollar amounts in thousands) |
|
Channel |
Q2 2021 |
Q2 2020 |
Change |
EbixCash Exchanges |
$189,947 |
$53,240 |
+257 |
% |
Insurance Exchanges |
41,916 |
42,959 |
-2 |
% |
RCS |
14,459 |
15,113 |
-4 |
% |
Total Revenue |
$246,322 |
$111,312 |
+121 |
% |
|
|
|
|
Total Revenue on Constant Currency Basis |
$240,003 |
$111,312 |
+116 |
% |
Operating Income and Operating
Cash: GAAP Operating income for Q2 2021 of $27.3 million
decreased 13% sequentially from $31.2 million in Q1 2021 and
decreased 14% year-over-year as compared to $31.9 million in Q2
2020, primarily due to the severe impact of the second wave of
COVID-19 in April and May 2021. During Q2 2020, the Company reduced
compensation levels for many of its employees in the most
negatively COVID-19 impacted business areas. The Company reversed
the vast majority of 2020’s salary adjustments in Q2 2021 and
offered salary increases to all software development staff,
resulting in an year-over-year increase of approximately $4.1MM in
personnel-related costs. These steps were taken to retain and
motivate our employee base to support the expected growth in
business as the effects of COVID-19 subside over the next few
months.
Non-GAAP operating income for Q2 2021 was $33.9
million.
Cash generated from operations in Q2 2021 was
$13.1 million, as compared to $28.8 million in Q2 2020 and $8.6
million in Q1 2021. The cash flows reflected the impact of the
second wave of COVID-19 on receivable collections, as the majority
of India and Brazil were in a complete shut down mode during the
months of April and May 2021.
Earnings per Share: Q2 2021 GAAP
diluted earnings per share was at $0.51 as compared to $0.76 in Q2
2020. The drop was due to a number of extra-ordinary items detailed
out in the GAAP to Non-GAAP reconciliation table below.
Additionally, in Q2 2020 the Company decreased its contingent
acquisition earn out accrual by $3.3 million, which served to
reduce general and administrative expenses in Q2 2020. No such
adjustment was made in Q2 2021.
Non-GAAP diluted earnings per share for Q2 2021
was $0.76.
Net Income: Q2
2021 GAAP net income decreased 33% to $15.7 million compared to
$23.5 million in Q2 2020. The Q2 2021 non-GAAP net income was $23.5
million.
Q2 2021 Diluted Share Count: As
of today, Ebix expects its diluted share count for Q3 2021 to be
approximately 30.8 million.
Dividend: Ebix paid its regular
quarterly dividend of $0.075 per share in Q2 2021 for a total cost
of $2.3 million.
“We feel good about the pace at which we are
moving towards a prospective EbixCash IPO. We recently announced
the addition of a number of independent leading luminaries from the
field of Economics, Education, Regulatory and Banking sectors to
the EbixCash Board. The 3-year audit by two audit firms, leading to
the Draft Red Herring Prospectus (DRHP) are in process at present.”
Ebix Chairman, President and CEO Robin Raina said. “We are
targeting the IPO in January or February of 2022, with a DRHP being
filed in October or November of 2021.”
“Ebix continues to weather the COVID-19 storm,
but has a very positive view of how this company will perform
whenever global life normalizes for businesses and individuals. We
intend to focus on maximizing cash flows in the coming quarters and
will use those cash flows to both invest in our businesses and
reduce our total debt over time. We are also actively engaged in
addressing the strategic goal of refinancing our current primary
corporate debt capital to a structure that aligns Ebix’s strategic
goals with both a structure and investor base that will enable us
to optimize the growth and performance of Ebix over time.” Steve
Hamil, EVP and CFO said. “We look forward to sharing more details
with our stakeholders in the coming months.”
Reconciliation of GAAP operating income,
net income and diluted earnings per share to non-GAAP operating
income, 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.
Q2 2021
|
Net Income |
Diluted EPS |
Q2 2021 GAAP Net Income |
$15,721 |
$0.51 |
Q2 2021 GAAP Operating Income |
$27,265 |
|
|
|
|
Non-GAAP Adjustments: |
|
|
Amortization of Intangibles (1) |
$2,757 |
$0.09 |
Stock-Based Compensation (1) |
$1,359 |
$0.04 |
One-time Legal and Professional Services Costs (2) |
$1,260 |
$0.04 |
Employee related one-time costs (3) |
$1,250 |
$0.04 |
Non-recurring non-operating expense (4) |
$1,253 |
$0.04 |
Income Tax Effects of Non–GAAP Adjustments (5) |
($136) |
($0.0) |
|
|
|
Total Non-GAAP Adjustments (Operating Income) |
$6,626 |
|
Total Non-GAAP Adjustments (Net Income) |
$7,743 |
$0.25 |
|
|
|
Second Quarter 2021 Non-GAAP Net Income |
$23,464 |
$0.76 |
Second Quarter 2021 Non-GAAP Operating Income |
$33,891 |
|
(1) Adjustments related to amortization of
acquired intangibles and stock-based compensation recognized during
the periods for GAAP purposes. (2) Non-recurring legal and
professional services costs recorded during the period for GAAP
purposes.(3) Non-recurring employee related costs in Q2 2021.(4)
Non-recurring non-operating expense that is unrelated to any
operating activities.(5) Non-GAAP adjustment is based on the Q2
2021 effective tax rate, which reflects currently available
information and could be subject to change.
Non-GAAP Financial Measures and Other
Metrics
This press release contains the following
non-GAAP financial measures: non-GAAP net income, non-GAAP
operating income and non-GAAP diluted earnings per share. Non-GAAP
operating income , non-GAAP net income and non-GAAP diluted
earnings per share from operations exclude amortization of
intangibles, stock-based compensation, as well as certain
non-recurring expenses that are not associated with our ongoing
operating business activities.
Ebix believes that these non-GAAP financial
measures and other metrics provide useful information to management
and investors regarding certain financial and business trends
relating to Ebix’s financial condition and results of operations.
The Company’s management uses these non-GAAP measures and other
metrics to compare the Company’s performance to that of prior
periods for trend analysis, for purposes of determining executive
and senior management incentive compensation, and for budgeting and
planning purposes. The Company believes that the use of these
non-GAAP financial measures and other metrics provides an
additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing the Company’s
financial measures with other software companies, many of which
present similar non-GAAP financial measures and other metrics to
investors.
Management of the Company does not consider
these non-GAAP measures in isolation or as an alternative to
financial measures determined in accordance with GAAP. The
principal limitation of these non-GAAP financial measures is that
they exclude significant expenses and income that are required by
GAAP to be recorded in the Company’s financial statements. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgment by management about which expenses and
income are excluded or included in determining these non-GAAP
financial measures. Ebix urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which it includes in press releases
announcing quarterly financial results, including the financial
tables at the end of this press release, and not to rely on any
single financial measure to evaluate the Company’s business.
Conference Call Details:
Call Date/Time: |
Monday, August 9, 2021 at 11:00 a.m. EDT |
Call Dial-In: |
+1-877-837-3909 or 1-973-409-9690; Call ID # 6093467 |
Live Audio Webcast: |
www.ebix.com/webcast |
Audio Replay URL: |
www.ebix.com/result_21_Q2 after 2:00 p.m. EDT on August
9th |
About Ebix, Inc.
With 150+ 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 over
320,000 physical distribution outlets in India and Association of
Southeast Asian Nations (“ASEAN”) countries, to an omni-channel
online digital platform, the Company’s EbixCash Financial exchange
portfolio encompasses leadership in the areas of domestic and
international money remittance, foreign exchange (Forex), travel,
pre-paid & gift cards, utility payments, software solutions for
lending, wealth management, travel, bus exchanges and insurance in
India and other markets. EbixCash’s Forex operations have emerged
as a leader in India’s airport Foreign Exchange business with
operations in 13 international airports, combined conducting over
$4.8 billion in gross transaction value per year (pre-COVID-19).
EbixCash’s inward remittance business in India processes
approximately $5 billion in gross annual remittance volume
(pre-COVID-19) and is the clear market leader. EbixCash Travel is
also one of Southeast Asia’s leading travel exchanges with over
200,000 agents, 25 branches and over 9,800 corporate clients,
combined processing an estimated $2.5 billion in gross merchandise
value per year (pre-COVID-19).
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,” 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 ongoing
effects of the COVID-19 global pandemic, 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 India, Australia and Asia, Latin America
and Europe wherein we have significant and/or growing operations);
fluctuations in the equity markets, including market disruptions
and significant interest rate fluctuations, which may impede our
access to, or increase the cost of, external financing; ability to
secure additional financing to support capital requirements; credit
facility provisions that could materially restrict our business;
costs and effects of litigation, investigations or similar matters
that could affect our business, operating results and financial
condition; 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 Joseph 678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy Catalyst Global -
212-924-9800 or ebix@catalyst-ir.com
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (In
thousands, except per share data) (Unaudited)
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating revenue |
$ |
246,322 |
|
|
$ |
111,312 |
|
|
$ |
536,375 |
|
|
$ |
249,188 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of
services provided |
178,203 |
|
|
49,093 |
|
|
398,561 |
|
|
106,550 |
|
Product
development |
10,142 |
|
|
8,338 |
|
|
19,687 |
|
|
17,755 |
|
Sales and
marketing |
3,392 |
|
|
3,458 |
|
|
7,219 |
|
|
7,262 |
|
General and
administrative, net |
23,335 |
|
|
15,464 |
|
|
44,672 |
|
|
44,708 |
|
Amortization
and depreciation |
3,985 |
|
|
3,109 |
|
|
7,785 |
|
|
6,750 |
|
Total operating expenses |
219,057 |
|
|
79,462 |
|
|
477,924 |
|
|
183,025 |
|
|
|
|
|
|
|
|
|
Operating income |
27,265 |
|
|
31,850 |
|
|
58,451 |
|
|
66,163 |
|
Interest
income |
17 |
|
|
29 |
|
|
25 |
|
|
83 |
|
Interest
expense |
(10,462 |
) |
|
(7,147 |
) |
|
(18,541 |
) |
|
(16,384 |
) |
Non-operating (loss) income |
(1,253 |
) |
|
118 |
|
|
(1,254 |
) |
|
99 |
|
Foreign
currency exchange gain (loss) |
9 |
|
|
91 |
|
|
(616 |
) |
|
709 |
|
Income
before income taxes |
15,576 |
|
|
24,941 |
|
|
38,065 |
|
|
50,670 |
|
Income tax
expense |
(627 |
) |
|
(1,677 |
) |
|
(1,829 |
) |
|
(2,961 |
) |
|
Net
income including noncontrolling interest |
14,949 |
|
|
23,264 |
|
|
36,236 |
|
|
47,709 |
|
Net loss
attributable to noncontrolling interest |
(772 |
) |
|
(211 |
) |
|
(1,076 |
) |
|
(489 |
) |
Net
income attributable to Ebix, Inc. |
$ |
15,721 |
|
|
$ |
23,475 |
|
|
$ |
37,312 |
|
|
$ |
48,198 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share attributable to Ebix,
Inc. |
$ |
0.51 |
|
|
$ |
0.77 |
|
|
$ |
1.22 |
|
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share attributable to Ebix,
Inc. |
$ |
0.51 |
|
|
$ |
0.76 |
|
|
$ |
1.21 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
Basic
weighted average shares outstanding |
30,581 |
|
|
30,504 |
|
|
30,570 |
|
|
30,490 |
|
|
|
|
|
|
|
|
|
Diluted
weighted average shares outstanding |
30,713 |
|
|
30,708 |
|
|
30,712 |
|
|
30,696 |
|
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (In
thousands, except share amounts)
|
June 30, 2021 |
|
December 31, 2020 |
ASSETS |
(Unaudited) |
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
85,069 |
|
|
$ |
105,035 |
|
Receivables
from service providers |
13,303 |
|
|
4,711 |
|
Short-term
investments |
13,866 |
|
|
25,019 |
|
Restricted
cash |
8,440 |
|
|
8,519 |
|
Fiduciary
funds - restricted |
2,580 |
|
|
4,106 |
|
Trade
accounts receivable, less allowances of $19,439 and $22,691,
respectively |
142,360 |
|
|
142,847 |
|
Other
current assets |
81,386 |
|
|
71,661 |
|
Total current assets |
347,004 |
|
|
361,898 |
|
|
|
|
|
Property and
equipment, net |
53,171 |
|
|
52,521 |
|
Right-of-use
assets |
11,954 |
|
|
12,372 |
|
Goodwill |
942,062 |
|
|
949,037 |
|
Intangibles,
net |
51,310 |
|
|
50,880 |
|
Indefinite-lived intangibles |
16,647 |
|
|
21,647 |
|
Capitalized
software development costs, net |
20,657 |
|
|
19,389 |
|
Deferred tax
asset, net |
65,943 |
|
|
63,402 |
|
Other
assets |
37,476 |
|
|
38,707 |
|
Total assets |
$ |
1,546,224 |
|
|
$ |
1,569,853 |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
54,677 |
|
|
$ |
64,764 |
|
Payables to
service agents |
4,127 |
|
|
5,281 |
|
Accrued
payroll and related benefits |
10,401 |
|
|
11,792 |
|
Working
capital facility |
9,704 |
|
|
16,643 |
|
Fiduciary
funds - restricted |
2,580 |
|
|
4,106 |
|
Short-term
debt |
729 |
|
|
894 |
|
Current
portion of long term debt and financing lease obligations, net of
deferred financing costs of $1,493 and $920, respectively |
24,969 |
|
|
23,621 |
|
Contract
liabilities |
35,399 |
|
|
32,898 |
|
Lease
liability |
3,249 |
|
|
3,905 |
|
Other
current liabilities |
30,868 |
|
|
27,486 |
|
Total current liabilities |
176,703 |
|
|
191,390 |
|
|
|
|
|
Revolving
line of credit |
439,402 |
|
|
439,402 |
|
Long term
debt and financing lease obligations, less current portion, net of
deferred financing costs of $881 and $1,062, respectively |
199,052 |
|
|
232,140 |
|
Contingent
liability for accrued earn-out acquisition consideration |
2,560 |
|
|
— |
|
Contract
liabilities |
7,647 |
|
|
8,033 |
|
Lease
liability |
8,790 |
|
|
8,540 |
|
Deferred tax
liability, net |
1,358 |
|
|
1,235 |
|
Other
liabilities |
28,909 |
|
|
29,009 |
|
Total liabilities |
864,421 |
|
|
909,749 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred
stock, $0.10 par value, 500,000 shares authorized, no shares issued
and outstanding at June 30, 2021 and December 31, 2020 |
— |
|
|
— |
|
Series Y
Convertible preferred stock, $0.10 par value, 350,000 shares
authorized, no shares issued and outstanding at June 30, 2021 and
December 31, 2020 |
— |
|
|
— |
|
Common
stock, $0.10 par value, 220,000,000 shares authorized, 30,558,061
issued and outstanding, at June 30, 2021, and 30,515,334 issued and
outstanding at December 31, 2020 |
3,058 |
|
|
3,052 |
|
Additional
paid-in capital |
13,718 |
|
|
11,126 |
|
Retained
earnings |
732,974 |
|
|
700,304 |
|
Accumulated
other comprehensive loss |
(113,996 |
) |
|
(101,503 |
) |
Total Ebix, Inc. stockholders’ equity |
635,754 |
|
|
612,979 |
|
Noncontrolling interest |
46,049 |
|
|
47,125 |
|
Total stockholders’ equity |
681,803 |
|
|
660,104 |
|
Total liabilities and stockholders’ equity |
$ |
1,546,224 |
|
|
$ |
1,569,853 |
|
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
|
Six Months
Ended |
|
June
30, |
|
2021 |
|
2020 |
Cash flows
from operating activities: |
|
|
|
Net income attributable to Ebix, Inc. |
$ |
37,312 |
|
|
$ |
48,198 |
|
Net loss
attributable to noncontrolling interest |
(1.076 |
) |
|
(489 |
) |
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
Amortization
and depreciation |
7,785 |
|
|
6,750 |
|
(Benefit)
provision for deferred taxes |
(3,175 |
) |
|
225 |
|
Share based
compensation |
2,717 |
|
|
2,253 |
|
Benefit for
doubtful accounts |
(2,815 |
) |
|
(50 |
) |
Amortization
of right-of-use assets |
2,507 |
|
|
3,257 |
|
Amortization
of capitalized software development costs |
1,647 |
|
|
1,670 |
|
Reduction of
acquisition accruals |
— |
|
|
(3,308 |
) |
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
Accounts
receivable |
2,025 |
|
|
14,190 |
|
Receivables
from service providers |
(8,592 |
) |
|
12,381 |
|
Payables to
service agents |
(1,154 |
) |
|
(7,802 |
) |
Other
assets |
(10,489 |
) |
|
(1,260 |
) |
Accounts
payable and accrued expenses |
(9,469 |
) |
|
(8,004 |
) |
Accrued
payroll and related benefits |
(1,318 |
) |
|
2,130 |
|
Contract
liabilities |
2,182 |
|
|
(306 |
) |
Lease
liabilities |
(264 |
) |
|
(3,008 |
) |
Reserve for
potential uncertain income tax return positions |
334 |
|
|
206 |
|
Other
liabilities |
3,503 |
|
|
(8,634 |
) |
Net cash provided by operating activities |
21,660 |
|
|
58,399 |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Cash paid
for acquisitions, net of cash acquired |
— |
|
|
(5,170 |
) |
Capitalized
software development costs |
(3,106 |
) |
|
(3,257 |
) |
Maturities
(purchases) of unrestricted marketable securities, net |
11,250 |
|
|
(27,301 |
) |
Capital
expenditures |
(1,705 |
) |
|
(757 |
) |
Net cash provided by (used in) investing
activities |
6,439 |
|
|
(36,485 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Proceeds
from revolving line of credit, net |
— |
|
|
1,364 |
|
Principal
payments of term loan obligation |
(31,297 |
) |
|
(9,414 |
) |
Proceeds
from the exercise of 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 |
(119 |
) |
|
(1,841 |
) |
Dividend
payments |
(4,642 |
) |
|
(4,605 |
) |
Payments of
debt obligations |
(149 |
) |
|
(119 |
) |
Payments of
working capital facility, net |
(6,886 |
) |
|
(19,763 |
) |
Payments of
financing lease obligations |
(48 |
) |
|
(113 |
) |
|
Net cash used in financing activities |
(43,141 |
) |
|
(33,855 |
) |
Effect of
foreign exchange rates on cash |
(4,806 |
) |
|
(10,030 |
) |
Net change in cash and cash equivalents, and restricted
cash |
(19,848 |
) |
|
(21,971 |
) |
Cash and cash equivalents, and restricted cash at the beginning of
the period |
120,213 |
|
|
111,369 |
|
Cash and cash equivalents, and restricted cash at the end
of the period |
$ |
100,365 |
|
|
$ |
89,398 |
|
Supplemental disclosures of cash flow
information: |
|
|
|
Interest
paid |
$ |
14,065 |
|
|
$ |
15,434 |
|
Income taxes
paid |
$ |
12,073 |
|
|
$ |
2,096 |
|
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