Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net income attributable to Ebix, Inc. |
$ 68,188,000
|
$ 92,377,000
|
$ 96,720,000
|
| Net loss attributable to noncontrolling interest |
(1,249,000)
|
(3,550,000)
|
(6,149,000)
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
15,178,000
|
13,738,000
|
14,468,000
|
| (Benefit) provision for doubtful accounts |
(2,334,000)
|
1,749,000
|
12,325,000
|
| (Benefit) provision for deferred taxes, net of acquisitions and effects of currency translation |
(11,104,000)
|
5,114,000
|
(15,525,000)
|
| Unrealized foreign exchange losses |
0
|
0
|
1,104,000
|
| Amortization of right-of-use assets |
4,294,000
|
6,100,000
|
7,144,000
|
| Amortization of capitalized software development costs |
3,317,000
|
3,367,000
|
2,696,000
|
| Share-based compensation |
5,360,000
|
4,792,000
|
3,397,000
|
| Reduction of acquisition earn-out contingent liability |
0
|
(3,105,000)
|
(16,543,000)
|
| Cash paid for acquisition earn-out |
0
|
(6,453,000)
|
0
|
| Intangible asset impairment |
0
|
6,168,000
|
0
|
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
|
| Accounts receivable |
(10,866,000)
|
3,258,000
|
(22,977,000)
|
| Receivables from service providers |
3,359,000
|
20,896,000
|
10,950,000
|
| Payables to service agents |
1,015,000
|
(6,915,000)
|
(13,455,000)
|
| Other assets |
(17,305,000)
|
(10,487,000)
|
(8,351,000)
|
| Accounts payable and accrued expenses |
18,545,000
|
(14,569,000)
|
(19,624,000)
|
| Accrued payroll and related benefits |
(143,000)
|
2,100,000
|
(661,000)
|
| Lease liabilities |
(3,951,000)
|
(5,700,000)
|
(6,878,000)
|
| Reserve for potential uncertain income tax return positions |
(2,071,000)
|
0
|
(95,000)
|
| Contract liabilities |
694,000
|
3,680,000
|
(8,149,000)
|
| Other liabilities |
(1,456,000)
|
(12,204,000)
|
30,396,000
|
| Net cash provided by operating activities |
69,471,000
|
100,356,000
|
60,793,000
|
| Cash flows from investing activities: |
|
|
|
| Investments in acquired businesses, net of cash acquired |
0
|
(14,276,000)
|
(105,466,000)
|
| Cash paid to Paul Merchants for 10% stake in MTSS combined business and other investment |
0
|
0
|
(5,348,000)
|
| Maturities (purchases) of unrestricted marketable securities, net |
8,567,000
|
(20,964,000)
|
27,015,000
|
| Capitalized software development costs |
(5,700,000)
|
(4,229,000)
|
(7,989,000)
|
| Capital expenditures |
(7,465,000)
|
(5,337,000)
|
(4,908,000)
|
| Net cash used in investing activities |
(4,598,000)
|
(44,806,000)
|
(96,696,000)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from revolving line of credit, net |
0
|
1,364,000
|
13,500,000
|
| Principal payments of term loan obligation |
(42,594,000)
|
(20,711,000)
|
(15,063,000)
|
| Payments of short-term notes, net |
0
|
0
|
6,450,000
|
| Working capital facilities |
(10,913,000)
|
(10,927,000)
|
19,079,000
|
| Repurchase of common stock |
0
|
0
|
(12,952,000)
|
| Proceeds (payments) of short-term debt, net |
1,075,000
|
(271,000)
|
(686,000)
|
| Payments of finance lease obligations, net |
(100,000)
|
(210,000)
|
0
|
| Proceeds from exercise of common stock options |
0
|
636,000
|
0
|
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(1,402,000)
|
(2,589,000)
|
(230,000)
|
| Dividend payments |
(9,284,000)
|
(9,245,000)
|
(9,193,000)
|
| Net cash (used in) provided by financing activities |
(63,218,000)
|
(41,953,000)
|
905,000
|
| Effect of foreign exchange rates on cash and cash equivalents |
(7,104,000)
|
(4,753,000)
|
(3,314,000)
|
| Net change in cash and cash equivalents, and restricted cash |
(5,449,000)
|
8,844,000
|
(38,312,000)
|
| Cash and cash equivalents, and restricted cash at the beginning of the year |
120,213,000
|
111,369,000
|
149,681,000
|
| Cash and cash equivalents, and restricted cash at the end of the year |
114,764,000
|
120,213,000
|
111,369,000
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
30,369,000
|
29,498,000
|
41,143,000
|
| Income taxes paid |
$ 17,675,000
|
$ 21,321,000
|
$ 24,041,000
|