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 March
31, 2023:
- Revenues including pre-paid cards declined 4.9%
year-over-year(YOY) while Revenues excluding pre-paid cards grew
17.6% YOY.
- Revenues including pre-paid cards in Q1 2023 were at $242.8
million vs. Q4 2022 Revenues of $255.2 million, on account of lower
pre-paid card sales and the traditional Continuing Medical
Education business decrease in Q1 after the preceding Q4
upsurge.
- GAAP operating income of $30.5 million, a sequential increase
of 2.4% over Q4 2022 operating income of $29.8 million
- Non-GAAP operating income of $34.8 million, a sequential
increase of 1.5% over Q4 2022 Non-GAAP operating income of $34.3
million
- GAAP Diluted EPS of $0.23 vs. $0.26 in Q4 2022 on account of
higher interest costs of $4.6 million in Q1 2023, associated with
our lending facilities.
- Non-GAAP diluted EPS of $0.49 vs. $0.36 in Q4 2022
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. “Our operating results in Q1 2023 are encouraging and in line
with our expectations. Our worldwide revenues excluding pre-paid
cards grew 17.6% year-over-year in Q1 2023. Excluding pre-paid
cards, the Company showed YOY growth in 9 of the 11 geographies.
Our GAAP operating income, excluding the low margin pre-paid cards
business was a healthy 28% - quite close to the Company’s operating
income goal of 30% or above.”
“We are fully aware that non-operating costs
like the costs of debt and the advisory costs associated with it,
continue to hamper our overall financial results. We are
accordingly committed to the aspirational goal of a debt-free Ebix
in the year 2023 itself. Towards that, we are looking forward to
the EbixCash IPO besides having advanced forward on a number of
strategic carve-out alternatives with the stated goal of not having
a debt overhang beyond 2023.”
Ebix delivered the following results for the
first quarter of 2023:
Revenue: Q1 2023 revenue
decreased 4.9% to $242.8 million compared to $286.3 million in Q1
2022. Excluding the pre-paid cards business, Q1 2023 revenues
increased 17.6% as compared to Q1 2022 revenues. Total revenues on
a constant currency basis would have been $19 million higher in Q1
2023 at $261.7 million
EbixCash total revenues decreased 20.0%
year-over-year in Q1 2023. Excluding the prepaid gift card
revenues, EbixCash revenues increased year-over-year by 32%.
Insurance revenues worldwide decreased 3% year-over-year in Q1 2023
primarily on account of the US$ strengthening considerably as
compared to a year back, and a record Q1 2022 for Ebix Australia.
RCS revenues increased 13.9% year-over-year during Q1 2023.
Exchanges, including EbixCash and our worldwide
insurance exchanges, continued to be Ebix’s largest channel,
accounting for 94% of Q1 2023 revenues.
|
(dollar amounts in thousands) |
|
|
|
Channel |
Q1 2023 |
Q1 2022 |
Change |
|
EbixCash Exchanges |
$179,430 |
$224,152 |
-20.0 |
% |
|
Insurance Exchanges |
|
42,436 |
|
43,764 |
-3.0 |
% |
| RCS |
|
20,895 |
|
18,337 |
+13.9 |
% |
|
Total Revenue |
$242,736 |
$286,253 |
-15.2 |
% |
| |
|
|
|
|
Total Revenue without Pre-paid cards |
$117,348 |
$99,764 |
+17.6 |
% |
Operating Income and Operating
Cash: GAAP operating income for Q1 2023 of $30.5 million
increased 1.2% year-over-year from $30.1 million in Q1 2022,
primarily due to decreased services and other costs year-over-year.
Sequentially, operating income increased 2.4% from $29.8 million in
Q4 2022, primarily as a result of a reduction in services and other
costs, as well as a decreased general and administrative expenses
in Q1 2023 versus Q4 2022.
Non-GAAP operating income for Q1 2023 increased
by 3% to $34.8 million as compared to $33.8 million in Q1 2022.
Cash generated from operations in Q1 2023 was
$7.2 million, an increase of 28.6% as compared to $ 5.6 million in
Q1 2022.
Earnings per Share and Net
Income: Q1 2023 GAAP diluted earnings per share was at
$0.23 as compared to $0.62 in Q1 2022. The decrease was primarily
due to increased non-operating costs of $ 14.1 million including a
year-over-year increase in interest expense of $12.0 million, and a
foreign exchange differential loss of $2.1 million as compared to
Q1 2022 – a cumulative effect of $0.46 in diluted earnings per
share.
Despite higher operating income in Q1 2023 vs.
Q1 2022, Q1 2023 GAAP net income decreased to $7.1 million compared
to $19.2 million in Q1 2022, on account of the above increased
non-operating costs. Q1 2023 non-GAAP net income was $15.1
million.
Q2 2023 Diluted Share Count: As
of today, Ebix expects its diluted share count for Q2 2023 to be
approximately 30.9 million.
Amit Kumar Garg, Chief Financial Officer, Ebix,
Inc. said, “In Q1 2023, EBITDA plus noncash stock compensation
added to $36.1 million, which translates to approximately 30.8% of
our worldwide revenues excluding pre-paid cards. During Q1 2023,
amongst other payments, we made cumulative payments of $41 million
- for principal and interest payments to our lenders, taxes and
Cap-ex ($17.5 million of principal payments, $17.5 million of
interest payments, $3.4 million of cash taxes, and $2.6 million in
Cap-Ex). In spite of that, as of March 31, 2023, the Company had
strong liquidity on hand with cash, cash equivalents, short-term
investments and restricted cash of $108.9 million.”
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.
| Q1
2023 |
|
|
|
Net Income |
Diluted EPS |
|
Q1 2023 GAAP Net Income |
|
$7,073 |
|
$0.23 |
|
|
Q1 2023 GAAP Operating Income |
|
$30,485 |
|
|
|
|
|
|
|
|
Non-GAAP Adjustments: |
|
|
|
|
Amortization of Intangibles (1) |
|
$3,526 |
|
$0.11 |
|
|
Stock-Based Compensation (1) |
|
$644 |
|
$0.02 |
|
|
One-time Legal and Professional Services Costs (2) |
|
$169 |
|
$0.01 |
|
|
Non-operating expense (3) |
|
$4,210 |
|
$0.14 |
|
|
Income Tax Effects of Non–GAAP Adjustments (4) |
|
($551 |
) |
($0.02 |
) |
|
|
|
|
|
|
Total Non-GAAP Adjustments (Operating Income) |
|
$4,339 |
|
|
|
Total Non-GAAP Adjustments (Net Income) |
|
$7,998 |
|
$0.26 |
|
|
|
|
|
|
|
First Quarter 2023 Non-GAAP Net Income |
|
$15,071 |
|
$0.49 |
|
|
First Quarter 2023 Non-GAAP Operating Income |
|
$34,824 |
|
|
- Adjustments related to amortization of acquired intangibles and
stock-based compensation recognized during the periods for GAAP
purposes.
- Non-recurring legal and professional services costs recorded
during the period for GAAP purposes.
- Non-recurring non-operating expense that is unrelated to any
operating activities.
- Non-GAAP adjustment is based on the Q1 2023 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, May 10, 2023 at 11 a.m. EST |
|
Call Dial-In: |
+1-800-751-9871 or 1-973-409-9690; Call ID # 9302301 |
|
Live Audio Webcast: |
https://edge.media-server.com/mmc/p/twsgddxs |
|
Audio Replay URL: |
https://www.ebix.com/investorhome after 2:00 p.m. EDT on May
10th |
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
managementin 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, 2022 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 SubsidiariesCondensed Consolidated Statements
of Income(In thousands, except per share
data)(Unaudited) |
| |
Three Months
Ended |
| |
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Operating revenue |
$ |
242,761 |
|
|
$ |
286,253 |
|
| |
|
|
|
|
Operating expenses: |
|
|
|
| Cost of
services provided |
|
156,479 |
|
|
|
210,843 |
|
| Product
development |
|
9,983 |
|
|
|
10,258 |
|
| Sales and
marketing |
|
3,331 |
|
|
|
3,765 |
|
| General and
administrative, net |
|
37,467 |
|
|
|
26,913 |
|
| Amortization
and depreciation |
|
5,016 |
|
|
|
4,364 |
|
|
Total operating expenses |
|
212,276 |
|
|
|
256,143 |
|
| |
|
|
|
|
Operating income |
|
30,485 |
|
|
|
30,110 |
|
| Interest
income |
|
81 |
|
|
|
62 |
|
| Interest
expense |
|
(22,264 |
) |
|
|
(10,251 |
) |
|
Non-operating (loss) income |
|
(330 |
) |
|
|
(734 |
) |
| Foreign
currency exchange gain (loss) |
|
(1,220 |
) |
|
|
894 |
|
| Income
before income taxes |
|
6,752 |
|
|
|
20,081 |
|
| Income tax
(expense) benefit |
|
(623 |
) |
|
|
(1,704 |
) |
| Net
income including noncontrolling interest |
|
6,129 |
|
|
|
18,377 |
|
| Net loss
attributable to noncontrolling interest |
|
(944 |
) |
|
|
(814 |
) |
| Net
income attributable to Ebix, Inc. |
$ |
7,073 |
|
|
$ |
19,191 |
|
| |
|
|
|
|
Basic earnings per common share attributable to Ebix,
Inc. |
$ |
0.23 |
|
|
$ |
0.62 |
|
| |
|
|
|
|
Diluted earnings per common share attributable to Ebix,
Inc. |
$ |
0.23 |
|
|
$ |
0.62 |
|
| |
|
|
|
| Basic
weighted average shares outstanding |
|
30,841 |
|
|
|
30,712 |
|
| |
|
|
|
| Diluted
weighted average shares outstanding |
|
30,842 |
|
|
|
30,762 |
|
| Ebix, Inc.
and
Subsidiaries |
| Condensed
Consolidated Balance
Sheets |
| (In thousands,
except share
amounts) |
| |
March
31, |
|
December
31, |
|
2023 |
2022 |
| ASSETS |
(Unaudited) |
|
|
|
Current assets: |
|
|
|
| Cash and
cash equivalents |
$ |
77,559 |
|
$ |
110,637 |
| Receivables
from service providers |
|
307 |
|
|
4,223 |
| Short-term
investments |
|
17,111 |
|
|
17,438 |
| Restricted
cash |
|
8,453 |
|
|
8,210 |
| Fiduciary
funds - restricted |
|
2,157 |
|
|
2,092 |
| Trade
accounts receivable, less allowances of $18,078 and $18,167,
respectively |
|
160,707 |
|
|
154,533 |
| Other
current assets |
|
107,578 |
|
|
87,387 |
|
Total current assets |
|
373,872 |
|
|
384,520 |
| |
|
|
|
| Property and
equipment, net |
|
53,540 |
|
|
52,448 |
| Right-of-use
assets |
|
9,509 |
|
|
9,636 |
|
Goodwill |
|
885,470 |
|
|
881,676 |
| Intangibles,
net |
|
49,241 |
|
|
50,900 |
|
Indefinite-lived intangibles |
|
16,647 |
|
|
16,647 |
| Capitalized
software development costs, net |
|
16,324 |
|
|
15,342 |
| Deferred tax
asset, net |
|
105,822 |
|
|
96,290 |
| Other
assets |
|
31,125 |
|
|
30,096 |
|
Total assets |
$ |
1,541,550 |
|
$ |
1,537,555 |
| |
|
|
|
| LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
| Accounts
payable and accrued liabilities |
$ |
106,924 |
|
$ |
99,194 |
| Payables to
service agents |
|
11,020 |
|
|
11,299 |
| Accrued
payroll and related benefits |
|
10,053 |
|
|
10,652 |
| Working
capital facility |
|
277 |
|
|
3,367 |
| Fiduciary
funds - restricted |
|
2,157 |
|
|
2,092 |
| Revolving
line of credit |
|
444,902 |
|
|
449,902 |
| Short-term
debt |
|
1,039 |
|
|
3,000 |
| Current
portion of long term debt and financing lease obligations, net of
deferred financing costs of $1,189 and $1,635, respectively |
|
170,514 |
|
|
190,866 |
| Contract
liabilities |
|
47,440 |
|
|
32,028 |
| Lease
liability |
|
3,307 |
|
|
3,354 |
| Other
current liabilities |
|
26,023 |
|
|
25,783 |
|
Total current liabilities |
|
823,656 |
|
|
831,537 |
| |
|
|
|
|
|
|
Revolving line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long term
debt and financing lease obligations, less current portion, net of
deferred financing costs of $0 and $261, respectively |
|
122 |
|
|
160 |
| Contingent
liability for accrued earn-out acquisition consideration |
|
2,313 |
|
|
2,298 |
| Contract
liabilities |
|
7,805 |
|
|
14,098 |
| Lease
liability |
|
6,545 |
|
|
6,612 |
| Deferred tax
liability, net |
|
1,150 |
|
|
1,150 |
| Other
liabilities |
|
26,053 |
|
|
22,259 |
|
Total liabilities |
|
867,644 |
|
|
878,114 |
| |
|
|
|
| |
|
|
|
|
Stockholders’ equity: |
|
|
|
| Preferred
stock, $0.10 par value, 500,000 shares authorized, no shares issued
and outstanding at March 31, 2023 and December 31,
2022 |
|
— |
|
|
— |
| Series Y
Convertible preferred stock, $0.10 par value, 350,000 shares
authorized, no shares issued and outstanding at March 31, 2023
and December 31, 2022 |
|
— |
|
|
— |
| Common
stock, $0.10 par value, 220,000,000 shares authorized, 30,851,314
issued and outstanding, at March 31, 2023, and 30,683,393
issued and outstanding at December 31, 2022 |
|
3,085 |
|
|
3,082 |
| Additional
paid-in capital |
|
19,417 |
|
|
18,801 |
| Retained
earnings |
|
821,854 |
|
|
814,781 |
| Accumulated
other comprehensive loss |
|
(211,719) |
|
|
(219,439) |
|
Total Ebix, Inc. stockholders’ equity |
|
632,637 |
|
|
617,225 |
|
Noncontrolling interest |
|
41,269 |
|
|
42,215 |
|
Total stockholders’ equity |
|
673,906 |
|
|
659,440 |
|
Total liabilities and stockholders’ equity |
$ |
1,541,550 |
|
$ |
1,537,554 |
| |
|
|
|
|
|
|
|
| Ebix, Inc.
and Subsidiaries |
| Condensed
Consolidated Statements of Cash Flows |
| (In thousands) |
|
(Unaudited) |
|
|
Three Months
Ended |
| |
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
| Cash
flows from operating activities: |
|
|
|
| Net income
attributable to Ebix, Inc. |
$ |
7,073 |
|
|
$ |
19,191 |
|
| Net loss
attributable to noncontrolling interest |
|
(944 |
) |
|
|
(814 |
) |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
| Amortization
and depreciation |
|
5,016 |
|
|
|
4,364 |
|
| Provision
(benefit) for deferred taxes |
|
(9,195 |
) |
|
|
(17,583 |
) |
| Share-based
compensation |
|
644 |
|
|
|
964 |
|
| (Benefit)
provision for doubtful accounts |
|
435 |
|
|
|
(360 |
) |
| Amortization
of right-of-use assets |
|
1,120 |
|
|
|
892 |
|
| Amortization
of capitalized software development costs |
|
— |
|
|
|
755 |
|
|
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
| Accounts
receivable |
|
(5,923 |
) |
|
|
901 |
|
| Receivables
from service providers |
|
3,916 |
|
|
|
(629 |
) |
| Payables to
service agents |
|
(279 |
) |
|
|
(1,307 |
) |
| Other
assets |
|
(12,544 |
) |
|
|
3,114 |
|
| Accounts
payable and accrued expenses |
|
6,746 |
|
|
|
(9,357 |
) |
| Accrued
payroll and related benefits |
|
(633 |
) |
|
|
(1,159 |
) |
| Contract
liabilities |
|
9,033 |
|
|
|
8,370 |
|
| Lease
liabilities |
|
(1,129 |
) |
|
|
(813 |
) |
| Reserve for
potential uncertain income tax return positions |
|
— |
|
|
|
— |
|
| Other
liabilities |
|
3,834 |
|
|
|
(962 |
) |
|
Net cash provided by operating activities |
|
7,170 |
|
|
|
5,567 |
|
| |
|
|
|
| Cash
flows from investing activities: |
|
|
|
| Capitalized
software development costs |
|
(900 |
) |
|
|
(2,666 |
) |
| Maturities
(purchases) of unrestricted marketable securities, net |
|
(100 |
) |
|
|
457 |
|
| Capital
expenditures |
|
(2,445 |
) |
|
|
(9,303 |
) |
|
Net cash (used in) provided by investing
activities |
|
(3,445 |
) |
|
|
(11,512 |
) |
| |
|
|
|
| Cash
flows from financing activities: |
|
|
|
| Prepayments
for Debt Refinancing |
|
(8,471 |
) |
|
|
— |
|
| Proceeds
from term loan |
|
— |
|
|
|
— |
|
| Principal
payments of term loan obligation |
|
(25,059 |
) |
|
|
(8,402 |
) |
| Forfeiture
of certain shares to satisfy exercise costs and the recipients'
income tax obligations related to stock options exercised and
restricted stock vested |
|
(24 |
) |
|
|
(34 |
) |
| Dividend
payments |
|
— |
|
|
|
(2,318 |
) |
| Payments of
debt obligations, net |
|
(1,548 |
) |
|
|
(832 |
) |
| (Payments)
of/Borrowings under working capital facility, net |
|
(3,105 |
) |
|
|
(3,707 |
) |
| Payments of
financing lease obligations, net |
|
(47 |
) |
|
|
(53 |
) |
|
Net cash used in financing activities |
|
(38,254 |
) |
|
|
(15,346 |
) |
| Effect of
foreign exchange rates on cash |
|
1,333 |
|
|
|
(1,088 |
) |
|
Net change in cash and cash equivalents, and restricted
cash |
|
(33,196 |
) |
|
|
(22,379 |
) |
|
Cash and cash equivalents, and restricted cash at the beginning of
the period |
|
124,959 |
|
|
|
114,764 |
|
|
Cash and cash equivalents, and restricted cash at the end
of the period |
$ |
91,763 |
|
|
$ |
92,385 |
|
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