Company Quick10K Filing
Ebix
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 31 $1,486
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-10 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-17 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-18 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-16 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2020-01-02 Officers
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-09-26 Officers
8-K 2019-09-23 Other Events, Exhibits
8-K 2019-08-15 Shareholder Vote
8-K 2019-08-08 Earnings, Other Events, Exhibits
8-K 2019-07-22 Amend Bylaw, Other Events, Exhibits
8-K 2019-07-16 Enter Agreement, Other Events, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-05-07 Officers, Exhibits
8-K 2019-04-10 Other Events
8-K 2019-04-10 Officers
8-K 2019-03-11 Other Events, Exhibits
8-K 2019-03-01 Earnings, Exhibits
8-K 2019-02-11 Other Events, Exhibits
8-K 2019-01-07
8-K 2019-01-07 Officers
8-K 2019-01-02 Other Events, Exhibits
8-K 2018-12-28 Accountant, Exhibits
8-K 2018-12-21 Regulation FD, Exhibits
8-K 2018-12-12 Officers, Regulation FD, Exhibits
8-K 2018-11-28 Regulation FD, Exhibits
8-K 2018-11-16 Shareholder Vote
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-10-05 Accountant, Exhibits
8-K 2018-10-05 Accountant, Exhibits
8-K 2018-09-20 Other Events, Exhibits
8-K 2018-08-14 Shareholder Vote
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-11
8-K 2018-06-05 Enter Agreement, Exhibits
8-K 2018-04-10 Officers, Exhibits
8-K 2018-04-02 Enter Agreement, Exhibits
8-K 2018-03-01 Earnings, Exhibits
8-K 2018-02-21 Enter Agreement, Exhibits
EBIX 2019-09-30
Part I - Financial Information
Item 1: Condensed Consolidated Financial Statements
Note 1: Description of Business and Summary of Significant Accounting Policies
Note 2: Earnings per Share
Note 3: Business Combinations
Note 4: Debt with Commercial Bank
Note 5: Commitments and Contingencies
Note 6: Income Taxes
Note 7: Geographic Information
Note 8: Investment in Joint Ventures
Note 9: Capitalized Software Development Costs
Note 10: Other Current Assets
Note 11: Leases
Note 12: Concentrations of Credit Risk
Note 13: Other Current Liabilities
Note 14: Working Capital Facility
Note 15: Subsequent Events
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II - Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Repurchases of Equity Securities
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-10.1 active1218179641executed.htm
EX-31.1 ebix-ex311201910qxq3.htm
EX-31.2 ebix-ex312201910qxq3.htm
EX-32.1 ebix-ex321201910qxq3.htm
EX-32.2 ebix-ex322201910qxq3.htm

Ebix Earnings 2019-09-30

EBIX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SGMS 1,697 7,932 10,050 3,389 2,118 108 807 10,240 63% 12.7 1%
UPWK 1,669 449 191 275 191 -19 -14 1,649 69% -115.9 -4%
BITA 1,652 59,744 39,436 0 0 0 0 -3,089 0%
CSGS 1,606 1,180 805 951 451 76 148 1,833 47% 12.4 6%
RENN 1,545 437 256 0 0 0 0 1,523 0%
EBIX 1,486 1,623 1,035 552 370 92 153 1,352 67% 8.9 6%
SSTK 1,412 593 289 639 366 33 86 1,150 57% 13.4 6%
LXFT 1,404 604 134 0 0 0 0 1,300 0%
VRTU 1,333 1,183 658 1,267 364 29 97 1,505 29% 15.5 2%
CARS 1,332 2,527 958 636 536 10 126 1,999 84% 15.9 0%

Document
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ebix:RegionsBankMember 2018-02-21 2018-02-21 0000814549 us-gaap:RevolvingCreditFacilityMember ebix:SecuredSyndicatedCreditFacilitySixthAmendmentMember ebix:RegionsBankMember 2018-02-21 0000814549 us-gaap:RevolvingCreditFacilityMember ebix:SecuredSyndicatedCreditFacilityMember ebix:RegionsBankMember 2018-12-31 0000814549 us-gaap:RevolvingCreditFacilityMember ebix:SecuredSyndicatedCreditFacilityNinthAmendmentMember ebix:RegionsBankMember 2019-01-01 2019-09-30 0000814549 ebix:SecuredTermLoanMember ebix:SecuredSyndicatedCreditFacilitySixthAmendmentMember ebix:RegionsBankMember 2019-07-01 2019-09-30 0000814549 ebix:SecuredTermLoanMember ebix:SecuredSyndicatedCreditFacilityEighthAmendmentMember ebix:RegionsBankMember 2018-11-27 0000814549 us-gaap:RevolvingCreditFacilityMember ebix:SecuredSyndicatedCreditFacilityMember ebix:RegionsBankMember 2019-09-30 0000814549 srt:MaximumMember ebix:SecuredTermLoanMember ebix:SecuredSyndicatedCreditFacilityEighthAmendmentMember ebix:RegionsBankMember 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Table of Contents

 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019

OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-15946
Ebix, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
77-0021975
(State or other jurisdiction of incorporation or
 
(I.R.S. Employer Identification No.)
organization)
 
 
 
 
 
1 Ebix Way
 
 
Johns Creek
Georgia
 
30097
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: 678-281-2020
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbols
Name of each exchange on which registered
Common stock, $0.10 par value per share
EBIX
Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Table of Contents

Large accelerated filer
 
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of November 8, 2019 the number of shares of common stock outstanding was 30,495,578.
 
 
 
 
 



FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Exhibit 101
 


Table of Contents

PART I — FINANCIAL INFORMATION

Item 1: CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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,
 
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 (see Note 1)
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


See accompanying notes to the condensed consolidated financial statements.


2

Table of Contents


Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)


 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income including noncontrolling interest
$
15,064

 
$
29,281

 
$
68,453

 
$
84,808

Other comprehensive loss:
 
 
 
 
 
 
 
                Foreign currency translation adjustments
(18,752
)
 
(30,873
)
 
(10,859
)
 
(61,810
)
                                Total other comprehensive loss
(18,752
)
 
(30,873
)
 
(10,859
)
 
(61,810
)
Comprehensive income
(3,688
)
 
(1,592
)
 
57,594

 
22,998

Comprehensive (loss) income attributable to noncontrolling interest
(5,445
)
 
39

 
(6,617
)
 
178

Comprehensive income attributable to Ebix, Inc.
$
1,757

 
$
(1,631
)
 
$
64,211

 
$
22,820




See accompanying notes to the condensed consolidated financial statements.


3

Table of Contents

Ebix, Inc. and Subsidiaries
Condensed 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, respectively
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 (see Note 5)

 

 
 
 
 

4

Table of Contents

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 (see Note 8)
49,147

 
66,242

Total stockholders’ equity
583,316

 
544,437

Total liabilities and stockholders’ equity
$
1,605,339

 
$
1,610,947


See accompanying notes to the condensed consolidated financial statements.

5

Table of Contents

Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(unaudited)
(In thousands except for share figures)


 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Issued
Shares
 
Amount
 
Additional Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive
Loss
 
Noncontrolling interest
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2019
30,529,840

 
$
3,053

 
$
5,189

 
$
582,913

 
$
(55,484
)
 
$
51,882

 
$
587,553

 
 Net income attributable to Ebix, Inc.

 

 

 
20,509

 

 

 
20,509

 
 Net loss attributable to noncontrolling interest

 

 

 

 

 
(5,445
)
 
(5,445
)
 
Cumulative translation adjustment

 

 

 

 
(18,752
)
 

 
(18,752
)
 
Repurchase and retirement of common stock
(45,000
)
 
(5
)
 

 
(1,975
)
 

 

 
(1,980
)
 
Vesting of restricted stock
6,558

 
1

 
(1
)
 

 

 

 

 
Share based compensation

 

 
1,029

 

 

 

 
1,029

 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
(191
)
 

 
(9
)
 

 

 

 
(9
)
 
Noncontrolling interest

 

 

 

 

 
2,710

 
2,710

 
Common stock dividends paid, $0.075 per share

 

 

 
(2,299
)
 

 

 
(2,299
)
 
Balance, September 30, 2019
30,491,207

 
$
3,049

 
$
6,208

 
$
599,148

 
$
(74,236
)
 
$
49,147

 
$
583,316

 



6

Table of Contents

 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Issued
Shares
 
Amount
 
Additional Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive
Loss
 
Noncontrolling interest
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
30,567,725

 
$
3,057

 
$
3,397

 
$
535,118

 
$
(63,377
)
 
$
66,242

 
$
544,437

 
 Net income attributable to Ebix, Inc.

 

 

 
75,070

 

 

 
75,070

 
 Net loss attributable to noncontrolling interest

 

 

 

 

 
(6,617
)
 
(6,617
)
 
Cumulative translation adjustment

 

 

 

 
(10,859
)
 

 
(10,859
)
 
Repurchase and retirement of common stock
(95,000
)
 
(10
)
 

 
(4,142
)
 

 

 
(4,152
)
 
Vesting of restricted stock
19,144

 
2

 
(2
)
 

 

 

 

 
Share based compensation

 

 
2,451

 

 

 

 
2,451

 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
(662
)
 

 
(36
)
 

 

 

 
(36
)
 
Noncontrolling interest

 

 
398

 

 

 
(10,478
)
 
(10,080
)
 
Common stock dividends paid, $0.225 per share

 

 

 
(6,898
)
 

 

 
(6,898
)
 
Balance, September 30, 2019
30,491,207

 
$
3,049

 
$
6,208

 
$
599,148

 
$
(74,236
)
 
$
49,147

 
$
583,316

 





7

Table of Contents

 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Issued
Shares
 
Amount
 
Additional Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive
Loss
 
Noncontrolling interest
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2018
31,473,654

 
$
3,146

 
$
734

 
$
550,480

 
$
(54,960
)
 
$
48,502

 
$
547,902

 
 Net income attributable to Ebix, Inc.

 

 

 
29,242

 

 

 
29,242

 
 Net income attributable to noncontrolling interest

 

 

 

 

 
39

 
39

 
Cumulative translation adjustment

 

 

 

 
(30,873
)
 

 
(30,873
)
 
Vesting of restricted stock
27,999

 
4

 
(4
)
 

 

 

 

 
Share based compensation

 

 
731

 

 

 

 
731

 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
(624
)
 

 
(47
)
 

 

 

 
(47
)
 
Noncontrolling interest

 

 

 

 

 
(3,035
)
 
(3,035
)
 
Common stock dividends paid, $0.075 per share

 

 

 
(2,369
)
 

 

 
(2,369
)
 
Balance, September 30, 2018
31,501,029

 
$
3,150

 
$
1,414

 
$
577,353

 
$
(85,833
)
 
$
45,506

 
$
541,590

 


8

Table of Contents

 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Issued
Shares
 
Amount
 
Additional Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive
Loss
 
Noncontrolling interest
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
31,476,428

 
$
3,148

 
$
1,410

 
$
510,975

 
$
(24,023
)
 
$
42,249

 
$
533,759

 
 Cumulative effect of accounting change (adoption of Topic 606), net of tax effect

 

 

 
(8,802
)
 

 

 
$
(8,802
)
 
 Cumulative effect of accounting change (adoption of ASC 340-40), net of tax effect

 

 

 
(1,460
)
 

 

 
(1,460
)
 
 Net income attributable to Ebix, Inc.

 

 

 
84,630

 

 

 
84,630

 
 Net income attributable to noncontrolling interest

 

 

 

 

 
178

 
178

 
Cumulative translation adjustment

 

 

 

 
(61,810
)
 

 
(61,810
)
 
Repurchase and retirement of common stock
(30,000
)
 
(3
)
 
(1,339
)
 
(884
)
 

 

 
(2,226
)
 
Vesting of restricted stock
53,956

 
5

 
(5
)
 

 

 

 

 
Exercise of stock options
2,283

 

 
42

 

 

 

 
42

 
Share based compensation

 

 
2,240

 

 

 

 
2,240

 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
(1,638
)
 

 
(147
)
 

 

 

 
(147
)
 
Noncontrolling interest

 

 
(787
)
 

 

 
3,079

 
2,292

 
Common stock dividends paid, $0.225 per share

 

 

 
(7,106
)
 

 

 
(7,106
)
 
Balance, September 30, 2018
31,501,029

 
$
3,150

 
$
1,414

 
$
577,353

 
$
(85,833
)
 
$
45,506

 
$
541,590

 

See accompanying notes to the condensed consolidated financial statements.


9

Table of Contents

Ebix, Inc. and Subsidiaries
Condensed 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
)