Company Quick10K Filing
⚲
Ebix
Financials
Price41.60 EPS3
Shares31 P/E15
MCap1,274 P/FCF16
Net Debt-149 EBIT122
TEV1,125 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-10
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
Reports
8-K 2020-11-09
8-K 2020-09-14
8-K 2020-08-12
8-K 2020-08-07
8-K 2020-06-05
8-K 2020-05-14
8-K 2020-05-07
8-K 2020-04-27
8-K 2020-04-12
8-K 2020-04-08
8-K 2020-03-30
8-K 2020-03-02
8-K 2020-01-02
8-K 2019-11-12
8-K 2019-09-26
8-K 2019-09-23
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-07-22
8-K 2019-07-16
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-04-10
8-K 2019-04-10
8-K 2019-03-11
8-K 2019-03-01
8-K 2019-02-11
8-K 2019-01-07
8-K 2019-01-07
8-K 2019-01-02
8-K 2018-12-28
8-K 2018-12-21
8-K 2018-12-12
8-K 2018-11-28
8-K 2018-11-16
8-K 2018-11-08
8-K 2018-10-05
8-K 2018-10-05
8-K 2018-09-20
8-K 2018-08-14
8-K 2018-08-08
8-K 2018-06-11
8-K 2018-06-05
8-K 2018-04-10
8-K 2018-04-02
8-K 2018-03-01
8-K 2018-02-21

EBIX 10Q Quarterly Report

Content
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
Note 5: Commitments and Contingencies
Note 6: Income Taxes
Note 7: Geographic Information
Note 8: Investment in Joint Ventures
Note 9: Goodwill, Finite - Lived, and Indefinite - Lived Intangibles
Note 10: Capitalized Software Development Costs
Note 11: Other Current Assets
Note 12: Leases
Note 13: Concentrations of Credit Risk
Note 14: Other Current Liabilities
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
Exhibits
EX-31.1 ebix-ex311202010qxq3.htm
EX-31.2 ebix-ex312202010qxq3.htm
EX-32.1 ebix-ex321202010qxq3.htm
EX-32.2 ebix-ex322202010qxq3.htm

Ebix Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
 0.20.20.10.10.00.02012201420172020
Rev, G Profit, Net Income
 0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin
ebix-20200930
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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, 2020

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 CreekGeorgia 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 classTrading symbolsName of each exchange on which registered
Common stock, $0.10 par value per shareEBIXNasdaq 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.

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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 6, 2020 the number of shares of common stock outstanding was 30,962,559.


FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020
INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Exhibit 101

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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 EndedNine Months Ended
September 30,September 30,
 2020201920202019
Operating revenue$154,305 $147,233 $403,493 $434,432 
Operating expenses:  
Cost of services provided85,976 55,171 192,526 152,054 
Product development8,775 11,245 26,530 33,884 
Sales and marketing3,375 4,284 10,637 14,898 
General and administrative, net20,888 46,900 65,596 101,210 
Amortization and depreciation3,392 3,626 10,142 10,966 
Total operating expenses122,406 121,226 305,431 313,012 
Operating income31,899 26,007 98,062 121,420 
Interest income29 99 112 578 
Interest expense(7,495)(10,970)(23,879)(32,551)
Non-operating (loss) income(4)352 95 344 
Non-operating expense - litigation settlement— — — (21,140)
Foreign currency exchange (loss) gain(597)(641)112 (495)
Income before income taxes23,832 14,847 74,502 68,156 
Income tax (expense) benefit152 217 (2,809)297 
Net income including noncontrolling interest23,984 15,064 71,693 68,453 
Net loss attributable to noncontrolling interest(698)(5,445)(1,187)(6,617)
Net income attributable to Ebix, Inc.$24,682 $20,509 $72,880 $75,070 
Basic earnings per common share attributable to Ebix, Inc.$0.81 $0.67 $2.39 $2.46 
Diluted earnings per common share attributable to Ebix, Inc.$0.80 $0.67 $2.37 $2.45 
Basic weighted average shares outstanding30,525 30,501 30,502 30,517 
Diluted weighted average shares outstanding30,853 30,633 30,748 30,598 

See accompanying notes to the condensed consolidated financial statements.

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


Three Months EndedNine Months Ended
September 30,September 30,
 2020201920202019
Net income including noncontrolling interest$23,984 $15,064 $71,693 $68,453 
Other comprehensive income (loss):
                Foreign currency translation adjustments18,174 (18,752)(35,897)(10,859)
                                Total other comprehensive income (loss)18,174 (18,752)(35,897)(10,859)
Comprehensive income (loss)42,158 (3,688)35,796 57,594
Comprehensive loss attributable to noncontrolling interest(698)(5,445)(1,187)(6,617)
Comprehensive income attributable to Ebix, Inc.$42,856 $1,757 $36,983 $64,211 



See accompanying notes to the condensed consolidated financial statements.
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Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
September 30,
2020		December 31,
2019
ASSETS(Unaudited)
Current assets:  
Cash and cash equivalents$88,023 $73,228 
Receivables from service providers19,758 25,607 
Short-term investments24,522 4,443 
Restricted cash 7,902 35,051 
Fiduciary funds - restricted4,757 4,966 
Trade accounts receivable, less allowances of $21,908 and $21,696, respectively
132,089 153,565 
Other current assets69,917 67,074 
Total current assets346,968 363,934 
Property and equipment, net48,525 48,421 
Right-of-use assets13,604 19,544 
Goodwill938,680 952,404 
Intangibles, net52,864 46,955 
Indefinite-lived intangibles27,815 42,055 
Capitalized software development costs, net20,420 19,183 
Deferred tax asset, net66,992 69,227 
Other assets34,682 29,896 
Total assets$1,550,550 $1,591,619 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities: 
Accounts payable and accrued liabilities$68,941 $84,735 
Payables to service agents8,224 12,196 
Accrued payroll and related benefits12,079 8,755 
Working capital facility7,546 28,352 
Fiduciary funds - restricted4,757 4,966 
Short-term debt8,349 1,167 
Contingent liability for accrued earn-out acquisition consideration3,352 8,621 
Current portion of long term debt and financing lease obligations, net of deferred financing costs of $920 and $575 , respectively
23,620 22,091 
Contract liabilities27,807 28,712 
Lease liability4,392 5,955 
Other current liabilities29,341 29,335 
Total current liabilities198,408 234,885 
Revolving line of credit439,402 438,037 
Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $1,293 and $1,534, respectively
237,608 254,467 
Contingent liability for accrued earn-out acquisition consideration— 1,474 
Contract liabilities7,474 8,541 
Lease liability9,128 13,196 
Deferred tax liability, net1,235 1,235 
Other liabilities26,725 40,339 
Total liabilities919,980 992,174 
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Stockholders’ equity: 
Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2020 and December 31, 2019
— — 
Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at September 30, 2020 and no shares authorized, issue and outstanding at December 31, 2019
— — 
Common stock, $0.10 par value, 220,000,000 shares authorized, 30,526,793 issued and outstanding, at September 30, 2020, and 30,492,044 issued and outstanding at December 31, 2019
3,053 3,049 
Additional paid-in capital10,537 6,960 
Retained earnings683,131 618,503 
Accumulated other comprehensive loss(114,295)(78,398)
Total Ebix, Inc. stockholders’ equity582,426 550,114 
Noncontrolling interest48,144 49,331 
Total stockholders’ equity630,570 599,445 
Total liabilities and stockholders’ equity$1,550,550 $1,591,619 

See accompanying notes to the condensed consolidated financial statements.
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Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(unaudited)
(In thousands except for share figures)


 Common Stock   
Issued
Shares		AmountAdditional Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive
Loss		Noncontrolling interestTotal
Balance, July 1, 202030,507,903 $3,051 $9,335 $660,767 $(132,469)$48,842 $589,526 
Net income attributable to Ebix, Inc.— — — 24,682 — — 24,682 
Net loss attributable to noncontrolling interest— — — — — (698)(698)
Cumulative translation adjustment— — — — 18,174 — 18,174 
Vesting of restricted stock18,890 2 (2)— — — — 
Share based compensation— — 1,204 — — — 1,204 
Common stock dividends paid, $0.075 per share
— — — (2,318)— — (2,318)
Balance, September 30, 202030,526,793 $3,053 $10,537 $683,131 $(114,295)$48,144 $630,570 
 Common Stock   
Issued
Shares		AmountAdditional Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive
Loss		Noncontrolling interestTotal
Balance, January 1, 202030,492,044 $3,049 $6,960 $618,503 $(78,398)$49,331 $599,445 
Net income attributable to Ebix, Inc.— — — 72,880 — — 72,880 
Net loss attributable to noncontrolling interest— — — — — (1,187)(1,187)
Cumulative translation adjustment— — — — (35,897)— (35,897)
Vesting of restricted stock60,275 6 (6)— — — — 
Exercise of stock options30,000 3 633 — — — 636 
Share based compensation— — 3,457 — — — 3,457 
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested(55,526)(5)(507)(1,329)— — (1,841)
Common stock dividends paid, $0.225 per share
— — — (6,923)— — (6,923)
Balance, September 30, 202030,526,793 $3,053 $10,537 $683,131 $(114,295)$48,144 $630,570 

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


 Common Stock   
Issued
Shares		AmountAdditional Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive
Loss		Noncontrolling interestTotal
Balance, July 1, 201930,529,840 $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 commons stock (45,000)(5)— (1,975)— — (1,980)
Vesting of restricted stock6,558 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, 201930,491,207 $3,049 $6,208 $599,148 $(74,236)$49,147 $583,316 
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 Common Stock   
Issued
Shares		AmountAdditional Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive
Loss		Noncontrolling interestTotal
Balance, January 1, 201930,567,725 $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 stock19,144 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, 201930,491,207 $3,049 $6,208 $599,148 $(74,236)$49,147 $583,316 

See accompanying notes to the condensed consolidated financial statements.

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Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
 September 30,
 20202019
Cash flows from operating activities:  
Net income attributable to Ebix, Inc.$72,880 $75,070 
Net loss attributable to noncontrolling interest(1,187)(6,617)
Adjustments to reconcile net income to net cash provided by operating activities: 
Amortization and depreciation10,142 10,966 
Provision (benefit) for deferred taxes
987 (5,880)
Share based compensation3,457 2,451 
Benefit for doubtful accounts424 10,580 
Amortization of right-of-use assets4,644 5,167 
Unrealized foreign exchange loss— 321 
Amortization of capitalized software development costs2,493 1,931 
Reduction of acquisition accruals(3,308)(17,124)
Cash paid for acquisition earn-out(2,881)— 
Changes in assets and liabilities, net of effects from acquisitions: 
Accounts receivable13,999 (22,052)
Receivables from service providers5,849 9,012 
Payables to service agents(3,972)(12,688)
Other assets(7,988)(5,947)
Accounts payable and accrued expenses(10,620)(4,062)
Accrued payroll and related benefits3,316 (607)
Contract liabilities(1,591)(9,126)
Lease liabilities(4,317)(5,056)
Other liabilities(10,563)33,844 
Net cash provided by operating activities71,764 60,183 
Cash flows from investing activities:  
Cash paid for acquisitions, net of cash acquired(12,480)(104,026)
Cash paid to from Paul Merchants for 10% stake in MTSS combined business
— (4,925)
Capitalized software development costs(4,617)(4,126)
(Purchases) maturities of marketable securities(20,609)25,686 
Capital expenditures(1,464)(5,869)
Net cash used in investing activities(39,170)(93,260)
Cash flows from financing activities: 
Proceeds from revolving line of credit, net1,364 13,500 
Principal payments of term loan obligation(15,063)(11,298)
Repurchases of common stock— (12,952)
Proceeds from the exercise of stock options636 — 
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested(1,841)(36)
Dividend payments(6,923)(6,898)
Payments on short-term notes, net— 6,023 
Proceeds (payments) of debt obligations7,187 (962)
(Payments) proceeds of working capital facility, net(19,945)31,120 
Payments of financing lease obligations(158)(200)
Net cash (used) provided by financing activities(34,743)18,297 
Effect of foreign exchange rates on cash(7,222)(2,397)
Net change in cash and cash equivalents, and restricted cash(9,371)(17,177)
Cash and cash equivalents, and restricted cash at the beginning of the period111,369 149,681 
Cash and cash equivalents, and restricted cash at the end of the period$101,998 $132,504 
Supplemental disclosures of cash flow information:  
Interest paid$22,237 $31,787 
Income taxes paid$8,019 $7,406 
See accompanying notes to the condensed consolidated financial statements.



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Supplemental schedule of noncash financing activities:
    
    As of December 31, 2018 there were 200,000 shares totaling $8.8 million of share repurchases that were not settled until January 2019.

     During the nine months ended September 30, 2020, there were 55,526 shares, totaling $1.8 million, used to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vesting.

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Ebix, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


Note 1: Description of Business and Summary of Significant Accounting Policies
    Description of Business— Ebix, Inc., and its subsidiaries, (“Ebix” or the “Company”) is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial, travel, payment remittances, and healthcare industries. In the insurance sector, the Company’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 areas of customer relationship management ("CRM"), front-end and back-end systems, and outsourced administrative and risk compliance. The Company's products feature fully customizable and scalable software solutions designed to streamline the way insurance and financial industry professionals manage distribution, marketing, sales, customer service, and accounting activities. With a "Phygital” strategy that combines 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 Southeast Asian markets. The Company has its headquarters in Johns Creek, Georgia and also conducts operating activities in Australia, Canada, India, New Zealand, Singapore, the United Kingdom, Brazil, Philippines, Indonesia, Thailand and United Arab Emirates. International revenue accounted for 69.3% and 68.7% of the Company’s total revenue for the nine months ended September 30, 2020 and 2019, respectively.

Summary of Significant Accounting Policies
    Basis of Presentation—The accompanying unaudited condensed consolidated financial statements and these notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") with the effect of inter-company balances and transactions eliminated. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP and SEC rules have been condensed or omitted as permitted by and pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements contain adjustments (consisting only of normal recurring items) necessary to fairly present the consolidated financial position of the Company and its consolidated results of operations and cash flows. Operating results for the three and nine months ended September 30, 2020 and 2019 are not necessarily indicative of the results that may be expected for future quarters or the full year of 2020. The condensed consolidated December 31, 2019 balance sheet included in this interim period filing has been derived from the audited financial statements at that date, but does not necessarily include all of the information and related notes required by GAAP for complete financial statements. These condensed interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

    Reclassification - There were certain prior year amounts that have been reclassified to be consistent with current year presentation within our financial statements, specifically with respect to the presentation of receivables from service providers and payables to service agents.

    Restricted Cash - The carrying value of our restricted cash in current assets was $7.9 million and $35.1 million at September 30, 2020 and December 31, 2019, respectively. The September 30, 2020 balance consists of fixed deposits (many in the form of certificates of deposit) pledged with banks for issuance of bank guarantees and letters of credit related to its India operations.

    The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statement of financial position to the amounts shown in the Condensed Consolidated Statement of Cash Flows:
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Nine Months Ended
September 30,
20202019
(In thousands)
Cash and cash equivalents$88,023 $107,698 
Restricted cash7,902