| |
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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