Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
on-demand software and e-commerce services to the insurance,
financial services, travel, healthcare, and e-learning industries
today announced the following results for the quarter ended
September 30, 2022:
- Revenues of $257.9 million
- GAAP operating income of $30.4 million and Non-GAAP operating
income of $33.6 million
- GAAP Diluted EPS of $0.59 and Non-GAAP diluted EPS of
$0.70.
Ebix will host a conference call to review its
results today at 11:00 a.m. EDT (details below).
Robin Raina, President & CEO, Ebix Inc.
said, “On a constant currency basis, our Q3 2022 revenues grew by
43% year-over-year (“YoY”) to $274.8 million. We experienced the
largest negative quarterly impact on reported revenues in Q3 2022
that we have seen in more than five years. Despite that reality our
worldwide revenues increased 35% YoY and, excluding pre-paid cards,
grew 29% YoY in Q3 2022. The main contributors to this strong
growth were the Company's EbixCash travel and foreign
exchange/outward remittance revenues that grew a combined 145% YoY,
EbixCash payment solutions revenues (primarily prepaid gift cards)
growth of 39%, EbixCash BPO revenues YoY growth of 42%, Latin
American revenue YoY growth of 55%, US Annuitynet revenue growth of
16% YoY, and e-learning revenue YoY growth of 110%. Our EbixCash
exchange revenues, excluding our prepaid gift card business,
generated 82% YoY growth in revenues in Q3 2022”
Robin said, “The Company’s RCS channel revenues
grew 14% YoY in Q3 2022, while the insurance channel revenues
decreased YoY by 2%. However, on a constant currency basis the
insurance channel revenues were slightly higher in Q3 2022 YoY. The
Company generated GAAP operating income of $30.4 million and EBITDA
plus stock-based compensation of $35.8 million in Q3 2022.
Year-to-date the Company has generated $107.1 million of EBITDA
plus stock-based compensation. I am pleased with these results as
they are in spite of the substantial negative effects of currency
headwinds on both our revenues and operating income.”
Robin added, “We are confident of addressing the
debt maturity and are pursuing a number of avenues to that extent.
These avenues include the engagement of a reputed global investment
bank in the US to act as our advisor to refinance the debt (name to
be announced soon in a separate press release), securing pre-IPO
investments in EbixCash through our India investment bankers,
active engagement with a few international financial institutions
to seek financing in Ebix, active engagement with a few banks to
secure loans in India and of course the launch of the EbixCash IPO
at the earliest. We have reason to believe that we can succeed on
many of these fronts. We are expecting to report progress on a few
of these fronts soon. Our goal remains to seek a structure that is
in the best interests of all of our stakeholders and to carve a
future for Ebix which could require materially reduced debt once
the EbixCash IPO is launched and closed.”
Ebix delivered the following results for the
third quarter of 2022:
Revenue: Q3 2022 revenue
increased 35% to $257.9 million compared to $191.7 million in Q3
2021. On a constant currency basis, Q3 2022 revenues increased 43%
year-over-year and would have been $16.9 million higher in the
quarter but for foreign currency rate changes.
On a constant currency basis eight of the eleven
major geographies worldwide had year-over-year revenue growth in Q3
2022. Insurance Exchanges revenues worldwide decreased
year-over-year by 2%, but were slightly higher on a constant
currency basis, while Risk Compliance Solutions revenue increased
14% year-over-year in the third quarter of 2022.
Exchanges, including EbixCash and our worldwide
insurance exchanges, continued to be Ebix’s largest channel,
accounting for 92% of Q3 2022 revenues.
(dollar amounts in thousands) |
|
Channel |
Q3 2022 |
|
Q3 2021 |
|
Change |
EbixCash Exchanges |
$ |
196,113 |
|
$ |
131,571 |
|
+49.1 |
% |
|
|
|
|
|
|
|
|
|
Insurance Exchanges |
|
41,283 |
|
|
42,199 |
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
RCS |
|
20,508 |
|
|
17,966 |
|
+14.1 |
% |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
$ |
257,904 |
|
$ |
191,736 |
|
+34.5 |
% |
|
|
|
|
Total Revenue on Constant Currency Basis |
$ |
274,765 |
|
$ |
191,736 |
|
+43.3 |
% |
Operating Income and Operating
Cash: GAAP Operating income for Q3 2022 of $30.4 million
increased 8% year-over-year as compared to $28.1 million in Q3
2021, primarily due to solid revenue growth discussed above, offset
in part by lower gross margins (due to material increase in YoY
prepaid gift card revenues) and increased general and
administrative expenses in Q3 2022 as compared to Q3 2021.
Non-GAAP operating income for Q3 2022 decreased
5% from $33.6 million as compared to $35.3 million in Q3 2021.
Cash generated from operations in Q3 2022 was
$23.6 million, as compared to $18.2 million in Q3 2021 and $15.9
million in Q2 2022.
Earnings per Share: Q3 2022
GAAP diluted earnings per share was $0.59 as compared to $0.50 in
Q3 2021, an 18% increase year-over-year despite the Company
incurring $4.5 million of incremental interest expense in Q3 2022
versus Q3 2021, which equates to $0.15 per diluted share. Non-GAAP
diluted earnings per share for Q3 2022 was $0.73.
Net Income: Q3
2022 GAAP net income increased 18% to $18.3 million compared to
$15.5 million in Q3 2021. Q3 2022 non-GAAP net income was $22.5
million.
Q3 2022 Diluted Share Count: As
of today, Ebix expects its diluted share count at December 31, 2022
to be approximately 30.8 million shares.
Dividend: Ebix paid its regular
quarterly dividend of $0.075 per share in Q3 2022 for a total cost
of $2.3 million.
Steve Hamil, EVP and Global CFO added, “Despite
the highest negative impact from foreign exchange movements we have
seen in at least five years, the Company delivered significant
growth in revenue and EPS in Q3 2022 and has produced Adjusted
EBITDA (EBITDA plus non-cash stock compensation expense) of $107.1
million in the nine months of fiscal 2022. That represents a
year-over-year 5% increase year-to-date in 2022. With continued
improvement for the solutions and services most negatively impacted
by COVID-19 and the stability of our insurance exchanges revenues
and growth in our risk compliance solutions revenues, Ebix
management is optimistic about the future of the Company and our
strong market positions and the diverse nature of our global
revenues.”
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.
Q3 2022
|
Net Income |
Diluted EPS |
Q3 2022 GAAP Net Income |
$ |
18,250 |
|
$ |
0.59 |
|
Q3 2022 GAAP Operating Income |
$ |
30,361 |
|
|
|
|
|
Non-GAAP Adjustments: |
|
|
Amortization of Intangibles (1) |
$ |
2,285 |
|
$ |
0.07 |
|
Stock-Based Compensation (1) |
$ |
971 |
|
$ |
0.03 |
|
Non-operating expense (2) |
$ |
438 |
|
$ |
0.01 |
|
Income Tax Effects of Non–GAAP Adjustments (3) |
$ |
(218 |
) |
$ |
(0.01 |
) |
|
|
|
Total Non-GAAP Adjustments (Operating Income) |
$ |
3,256 |
|
|
Total Non-GAAP Adjustments (Net Income) |
$ |
3,476 |
|
$ |
0.11 |
|
|
|
|
Third Quarter 2022 Non-GAAP Net Income |
$ |
21,726 |
|
$ |
0.71 |
|
Third Quarter 2022 Non-GAAP Operating Income |
$ |
33,617 |
|
|
(1) Adjustments related to amortization of acquired intangibles
and stock-based compensation recognized during the periods for GAAP
purposes.(2) Non-recurring non-operating expense that is unrelated
to any operating activities.(3) Non-GAAP adjustment is based on the
Q3 2022 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: |
Wednesday, November 9, 2022 at 11:00 a.m. EST |
US & Canada Toll Free |
+800 715-9871; Call ID # 1635556 |
Live Listen-Only Webcast: |
https://edge.media-server.com/mmc/p/p6b4bvbq |
Audio Replay URL: |
www.ebix.com/investorhome within one day of the call |
About Ebix, Inc.
With approximately 200 offices across 6
continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide
on-demand software and e-commerce services to the insurance,
financial services, travel, 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 using Software-as-a-Service ("SaaS") enterprise
solutions in the area of customer relationship management (CRM),
front-end and back-end systems, and outsourced administration and
risk compliance services.
With a "Phygital” strategy that combines over
650,000 physical distribution outlets in many Association of
Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel
online digital platform, the Company’s EbixCash Financial exchange
portfolio of software and services encompasses domestic and
international money remittance, foreign exchange (Forex), travel,
pre-paid gift cards, utility payments, lending and wealth
management in India and other countries primarily in Asia and the
Middle East. EbixCash’s Forex operations is a leader in India’s
airport Forex business, with operations in 16 international
airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata,
combined having conducted over $4.8 billion in gross transaction
value per year (pre-COVID-19). EbixCash’s inward remittance
business in India processed approximately $5 billion in gross
annual remittance volume (pre-COVID-19) and is the clear market
leader. EbixCash, through its travel portfolio of Via and Mercury,
is also one of Southeast Asia’s leading travel exchanges with over
500,000 agents and approximately 18,000 registered corporate
clients, combined having processed an estimated $2.5 billion in
gross merchandise value per annum (pre-COVID-19). EbixCash's
financial technologies business offers software solutions at the
enterprise level for banks, asset and wealth management companies
and trust companies within India, Southeast Asia, the Middle East
and Africa. The EbixCash's e-learning solutions are provided to
schools across the breadth of India via high quality 2-D and 3-D
animation and multimedia learning. EbixCash's business process
outsourcing services provide information technology and call center
services to a variety of industries.
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 for
the year ended December 31, 2021 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 and wars.
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating revenue |
$ |
257,904 |
|
|
$ |
191,736 |
|
|
$ |
794,938 |
|
|
$ |
728,111 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of services provided |
|
174,265 |
|
|
|
120,799 |
|
|
|
554,438 |
|
|
|
519,360 |
|
Product development |
|
10,483 |
|
|
|
10,151 |
|
|
|
30,964 |
|
|
|
29,838 |
|
Sales and marketing |
|
3,973 |
|
|
|
3,417 |
|
|
|
12,249 |
|
|
|
10,636 |
|
General and administrative, net |
|
34,400 |
|
|
|
25,399 |
|
|
|
93,049 |
|
|
|
70,071 |
|
Amortization and depreciation |
|
4,422 |
|
|
|
3,834 |
|
|
|
13,660 |
|
|
|
11,619 |
|
Total operating expenses |
|
227,543 |
|
|
|
163,600 |
|
|
|
704,360 |
|
|
|
641,524 |
|
|
|
|
|
|
|
|
|
Operating income |
|
30,361 |
|
|
|
28,136 |
|
|
|
90,578 |
|
|
|
86,587 |
|
Interest income |
|
68 |
|
|
|
24 |
|
|
|
196 |
|
|
|
49 |
|
Interest expense |
|
(15,467 |
) |
|
|
(10,985 |
) |
|
|
(37,382 |
) |
|
|
(29,526 |
) |
Non-operating (loss) income |
|
(438 |
) |
|
|
(1,262 |
) |
|
|
(1,580 |
) |
|
|
(2,516 |
) |
Foreign currency exchange gain (loss) |
|
4,928 |
|
|
|
(160 |
) |
|
|
9,051 |
|
|
|
(776 |
) |
Income before income taxes |
|
19,452 |
|
|
|
15,753 |
|
|
|
60,863 |
|
|
|
53,818 |
|
Income tax (expense) benefit |
|
(1,926 |
) |
|
|
(730 |
) |
|
|
(6,108 |
) |
|
|
(2,559 |
) |
Net income including noncontrolling interest |
|
17,526 |
|
|
|
15,023 |
|
|
|
54,755 |
|
|
|
51,259 |
|
Net loss attributable to noncontrolling interest |
|
(724 |
) |
|
|
(428 |
) |
|
|
(2,029 |
) |
|
|
(1,504 |
) |
Net income attributable to Ebix, Inc. |
$ |
18,250 |
|
|
$ |
15,451 |
|
|
$ |
56,784 |
|
|
$ |
52,763 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share attributable to Ebix,
Inc. |
$ |
0.59 |
|
|
$ |
0.50 |
|
|
$ |
1.85 |
|
|
$ |
1.72 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share attributable to Ebix,
Inc. |
$ |
0.59 |
|
|
$ |
0.50 |
|
|
$ |
1.85 |
|
|
$ |
1.72 |
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
30,777 |
|
|
|
30,646 |
|
|
|
30,745 |
|
|
|
30,595 |
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
30,783 |
|
|
|
30,701 |
|
|
|
30,748 |
|
|
|
30,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ebix, Inc.
and SubsidiariesCondensed Consolidated Balance
Sheets(In thousands, except share amounts) |
|
|
|
|
|
September 30,2022 |
|
December 31,2021 |
ASSETS |
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
70,977 |
|
|
$ |
99,625 |
|
Receivables
from service providers |
|
1,456 |
|
|
|
1,352 |
|
Short-term
investments |
|
19,705 |
|
|
|
16,463 |
|
Restricted
cash |
|
7,990 |
|
|
|
9,080 |
|
Fiduciary
funds - restricted |
|
2,031 |
|
|
|
2,046 |
|
Trade
accounts receivable, less allowances of $18,772 and $19,874,
respectively |
|
156,110 |
|
|
|
153,609 |
|
Other
current assets |
|
78,007 |
|
|
|
84,389 |
|
Total current assets |
|
336,276 |
|
|
|
366,564 |
|
|
|
|
|
Property and
equipment, net |
|
58,439 |
|
|
|
54,359 |
|
Right-of-use
assets |
|
9,583 |
|
|
|
10,051 |
|
Goodwill |
|
887,302 |
|
|
|
939,249 |
|
Intangibles,
net |
|
38,025 |
|
|
|
46,795 |
|
Indefinite-lived intangibles |
|
16,647 |
|
|
|
16,647 |
|
Capitalized
software development costs, net |
|
23,690 |
|
|
|
21,565 |
|
Deferred tax
asset, net |
|
104,299 |
|
|
|
84,514 |
|
Other
assets |
|
30,677 |
|
|
|
33,505 |
|
Total assets |
$ |
1,504,938 |
|
|
$ |
1,573,249 |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
75,691 |
|
|
$ |
86,181 |
|
Payables to
service agents |
|
13,626 |
|
|
|
6,296 |
|
Accrued
payroll and related benefits |
|
9,864 |
|
|
|
11,360 |
|
Working
capital facility |
|
6,052 |
|
|
|
5,607 |
|
Fiduciary
funds - restricted |
|
2,031 |
|
|
|
2,046 |
|
Revolving
line of credit |
|
439,401 |
|
|
|
— |
|
Short-term
debt |
|
— |
|
|
|
1,954 |
|
Current
portion of long term debt and financing lease obligations, net of
deferred financing costs of $1,189 and $1,635, respectively |
|
190,155 |
|
|
|
28,577 |
|
Contract
liabilities |
|
33,134 |
|
|
|
33,164 |
|
Lease
liability |
|
3,313 |
|
|
|
3,173 |
|
Other
current liabilities |
|
32,060 |
|
|
|
26,837 |
|
Total current liabilities |
|
805,327 |
|
|
|
205,195 |
|
|
|
|
|
Revolving
line of credit |
|
— |
|
|
|
439,402 |
|
Long term
debt and financing lease obligations, less current portion, net of
deferred financing costs of $0 and $261, respectively |
|
194 |
|
|
|
184,676 |
|
Contingent
liability for accrued earn-out acquisition consideration |
|
2,332 |
|
|
|
2,557 |
|
Contract
liabilities |
|
8,498 |
|
|
|
8,193 |
|
Lease
liability |
|
6,571 |
|
|
|
7,139 |
|
Deferred tax
liability, net |
|
1,150 |
|
|
|
1,150 |
|
Other
liabilities |
|
20,840 |
|
|
|
25,383 |
|
Total liabilities |
|
844,912 |
|
|
|
873,695 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred
stock, $0.10 par value, 500,000 shares authorized, no shares issued
and outstanding at September 30, 2022 and December 31,
2021 |
|
— |
|
|
|
— |
|
Series Y
Convertible preferred stock, $0.10 par value, 350,000 shares
authorized, no shares issued and outstanding at September 30,
2022 and December 31, 2021 |
|
— |
|
|
|
— |
|
Common
stock, $0.10 par value, 220,000,000 shares authorized, 30,787,595
issued and outstanding, at September 30, 2022, and 30,683,393
issued and outstanding at December 31, 2021 |
|
3,079 |
|
|
|
3,068 |
|
Additional
paid-in capital |
|
17,855 |
|
|
|
15,068 |
|
Retained
earnings |
|
809,037 |
|
|
|
759,208 |
|
Accumulated
other comprehensive loss |
|
(212,148 |
) |
|
|
(122,022 |
) |
Total Ebix, Inc. stockholders’ equity |
|
617,823 |
|
|
|
655,322 |
|
Noncontrolling interest |
|
42,203 |
|
|
|
44,232 |
|
Total stockholders’ equity |
|
660,026 |
|
|
|
699,554 |
|
Total liabilities and stockholders’ equity |
$ |
1,504,938 |
|
|
$ |
1,573,249 |
|
Ebix, Inc. and
SubsidiariesCondensedConsolidated
Statements of Cash Flows(In thousands)(Unaudited) |
|
|
|
Nine Months Ended |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
Net income attributable to Ebix, Inc. |
$ |
56,784 |
|
|
$ |
52,763 |
|
Net loss attributable to noncontrolling interest |
|
(2,029 |
) |
|
|
(1,504 |
) |
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Amortization and depreciation |
|
13,660 |
|
|
|
11,619 |
|
Provision (benefit) for deferred taxes |
|
(25,361 |
) |
|
|
(3,698 |
) |
Share-based compensation |
|
2,905 |
|
|
|
4,034 |
|
(Benefit) provision for doubtful accounts |
|
1,687 |
|
|
|
(2,742 |
) |
Amortization of right-of-use assets |
|
2,633 |
|
|
|
3,462 |
|
Amortization of capitalized software development costs |
|
2,246 |
|
|
|
2,487 |
|
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
Accounts receivable |
|
(15,994 |
) |
|
|
(3,078 |
) |
Receivables from service providers |
|
(104 |
) |
|
|
(11,371 |
) |
Payables to service agents |
|
7,330 |
|
|
|
2,640 |
|
Other assets |
|
1,577 |
|
|
|
(6,658 |
) |
Accounts payable and accrued expenses |
|
(3,195 |
) |
|
|
(1,711 |
) |
Accrued payroll and related benefits |
|
(736 |
) |
|
|
(2,929 |
) |
Contract liabilities |
|
2,415 |
|
|
|
(316 |
) |
Lease liabilities |
|
(2,532 |
) |
|
|
(3,179 |
) |
Reserve for potential uncertain income tax return positions |
|
— |
|
|
|
789 |
|
Other liabilities |
|
3,807 |
|
|
|
(782 |
) |
Net cash provided by operating activities |
|
45,093 |
|
|
|
39,826 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capitalized software development costs |
|
(5,676 |
) |
|
|
(4,552 |
) |
Maturities (purchases) of unrestricted marketable securities,
net |
|
(4,518 |
) |
|
|
11,856 |
|
Capital expenditures |
|
(12,671 |
) |
|
|
(5,325 |
) |
Net cash (used in) provided by investing
activities |
|
(22,865 |
) |
|
|
1,979 |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
Principal payments of term loan obligation |
|
(23,464 |
) |
|
|
(36,945 |
) |
Forfeiture of certain shares to satisfy exercise costs and the
recipients' income tax obligations related tostock options
exercised and restricted stock vested |
|
(107 |
) |
|
|
(150 |
) |
Dividend payments |
|
(6,954 |
) |
|
|
(6,963 |
) |
Payments of debt obligations, net |
|
(1,953 |
) |
|
|
(205 |
) |
(Payments) of/Borrowing under working capital facility, net |
|
868 |
|
|
|
(8,581 |
) |
Payments of financing lease obligations, net |
|
(147 |
) |
|
|
(102 |
) |
Net cash used in financing activities |
|
(31,757 |
) |
|
|
(52,946 |
) |
Effect of foreign exchange rates on cash |
|
(21,252 |
) |
|
|
(5,222 |
) |
Net change in cash and cash equivalents, and restricted
cash |
|
(30,781 |
) |
|
|
(16,363 |
) |
Cash and cash equivalents, and restricted cash at the beginning of
the period |
|
114,764 |
|
|
|
120,213 |
|
Cash and cash equivalents, and restricted cash at the end
of the period |
$ |
83,983 |
|
|
$ |
103,850 |
|
Supplemental disclosures of cash flow
information: |
|
|
|
Interest paid |
$ |
32,989 |
|
|
$ |
24,118 |
|
Income taxes paid |
$ |
28,875 |
|
|
$ |
14,430 |
|
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