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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ebix Inc | NASDAQ:EBIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.16 | 1.18 | 1.20 | 0 | 01:00:00 |
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ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
(State or other jurisdiction of incorporation)
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77-0021975
(I.R.S. Employer Identification Number)
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1 Ebix Way
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Johns Creek, Georgia
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30097
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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Emerging growth company
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Page
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Reference
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Exhibit 101
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•
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the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties;
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•
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our ability to raise additional financing to support our capital requirements;
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our ability to make new business acquisitions and integrate such acquired businesses into our operations;
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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;
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our ability to develop new products and respond to rapid technological changes;
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disruptions in internet connections and the protection of information transmitted over the internet;
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changes in estimates in critical accounting judgments;
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the effective protection of our intellectual property;
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changes in or failure to comply with laws and regulations, including accounting standards,
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taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions;
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exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in Singapore, Australia and India wherein we have significant operations);
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volatility in equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and
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international conflict, including terrorist acts.
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For the Year Ended
December 31,
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||||||||||
(dollar amounts in thousands)
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2018
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2017
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2016
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||||||
Exchanges
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$
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396,457
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$
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259,470
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$
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206,427
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Broker P&C Systems
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14,379
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14,674
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14,105
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Risk Compliance Solutions (“RCS”)
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79,976
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86,832
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74,196
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Carrier P&C Systems
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7,014
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2,995
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3,566
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Totals
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$
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497,826
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$
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363,971
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$
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298,294
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Name
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Age
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Position
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Officer Since
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Robin Raina
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52
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Chairman, President, and Chief Executive Officer
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1998
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Sean T. Donaghy
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53
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Chief Financial Officer
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2017
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Graham Prior
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62
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Corporate Executive Vice President International Business & Intellectual Property
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2012
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Leon d'Apice
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62
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Corporate Executive Vice President & Managing Director - Ebix Australia Group
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2012
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James Senge Sr.
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58
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Senior Vice President EbixHealth
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2012
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•
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potential incompatibility of business cultures;
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•
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potential delays in integrating diverse technology platforms;
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potential need for additional disclosure controls and internal controls over financial reporting;
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potential difficulties in coordinating geographically separated organizations;
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potential difficulties in re-training sales forces to market all of our products across all of our intended markets;
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potential difficulties implementing common internal business systems and processes;
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potential conflicts in third-party relationships; and
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potential loss of customers and key employees and the diversion of the attention of management from other ongoing business concerns.
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rapidly changing technology;
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evolving industry standards;
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frequent new product and service introductions;
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shifting distribution channels; and
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changing customer demands.
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undertake more extensive marketing campaigns for their brands and services;
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devote more resources to website and systems development;
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adopt more aggressive pricing policies; and
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make more attractive offers to potential employees, online companies and third-party service providers.
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the impact of recessions in foreign economies on the level of consumers' insurance shopping and purchasing behavior;
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greater difficulty in collecting accounts receivable;
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difficulties and costs of staffing and managing foreign operations;
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reduced protection for intellectual property rights in some countries;
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burdensome regulatory requirements;
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trade and financing barriers, and differing business practices;
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potentially adverse tax consequences; and
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economic instability or political unrest such as crime, strikes, riots, civil disturbances, terrorist attacks and wars.
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Data protection and privacy regulations regarding access by government authorities to customer, partner, or employee data
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Data residency requirements (the requirement to store certain data only in and, in some cases, also to access such data only from within a certain jurisdiction)
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Conflict and overlap among tax regimes
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Possible tax constraints impeding business operations in certain countries
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Expenses associated with the localization of our products and compliance with local regulatory requirements
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Discriminatory or conflicting fiscal policies
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Operational difficulties in countries with a high corruption perception index
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Works councils, labor unions, and immigration laws in different countries
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Difficulties enforcing intellectual property and contractual rights in certain jurisdictions
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Country-specific software certification requirements
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Compliance with various industry standards
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Market volatilities or workforce restrictions due to changing laws and regulations resulting from political decisions (e.g. Brexit, government elections)
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The transaction is approved by the board of directors prior to the date the interested stockholder obtained interested stockholder status;
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Upon consummation of the transaction that resulted in the stockholder's becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or
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On or subsequent to the date the business combination is approved by the board of directors, it is authorized at an annual or special meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.
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announcements of new services, products, or technological innovations, or strategic relationships by us or our competitors;
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announcements of business acquisitions or strategic relationships by us or our competitors;
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trends or conditions in the insurance, software, business process outsourcing and Internet markets;
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changes in market valuations of our competitors; and
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general political, economic, regulatory and market conditions.
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(a)
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Mr. Raina will commit to continue to serve and not resign as the Company’s Chief Executive Officer for at least two years following Final Approval of the Litigation Settlement;
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(b)
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any shares paid, awarded or otherwise received by Mr. Raina as compensation after the effective date of the April SAR Agreement, including any shares received by Mr. Raina from the exercise of any options granted after the effective date of the April SAR Agreement or from the grant or vesting of any restricted shares or settlement of any restricted stock units granted after the effective date of the April SAR Agreement (but excluding any shares received as a result of the grant, vesting or settlement of any Share Grants), will be excluded from the outstanding shares for purposes of the Board’s annual shortfall determination;
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(c)
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if an Acquisition Event occurs more than 180 days after, but not later than the tenth anniversary of, the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause (as defined in the Amended SAR Agreement), 1,000,000 SARs will be deemed accrued and will be eligible to vest on the closing date of the Acquisition Event, which number will be increased by 750,000 SARs beginning on the first anniversary of Final Approval of the Litigation Settlement and each anniversary thereafter (subject in each case to Mr. Raina’s continued employment on each anniversary date), until 100% of the SARs (including any Shortfall Grants) have accrued and are eligible to vest on the closing date of an Acquisition Event that occurs more than 180 days after, but not later than the tenth anniversary of, the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause; provided, however, that, (i) no additional SARs will accrue following the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause, (ii) any accrued SARs will be forefeited if an Acquisition Event does not occur prior to the tenth anniversary of the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause, and (iii) all of the SARs will be forfeited if Mr. Raina’s employment terminates for any other reason prior to the closing date of an Acquisition Event; and
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(d)
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The obligation of the Company to make tax gross-up payments for excise taxes that would be imposed on Mr. Raina in respect of any payments made in connection with a change in control of the Company will be eliminated.
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Total Number of Shares (Units) Purchased
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Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs
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Average Price Paid Per Share (1)
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Maximum Number (or
Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3) |
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Period
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October 1, 2018 to October 31, 2018
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229,139
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229,139
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$
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57.72
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$
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118,408,930
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November 1, 2018 to November 30, 2018
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94,512
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94,512
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$
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53.72
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$
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113,331,841
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December 1, 2018 to December 31, 2018
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643,122
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643,122
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$
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45.23
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$
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84,240,837
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Total
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966,773
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966,773
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$
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84,240,837
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(1)
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Average price paid per share for shares purchased as part of our publicly-announced plan.
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(2)
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Effective February 6, 2017 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $150.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. Under certain circumstances the aggregate amount of repurchases of the Company's equity shares may be limited by the terms and underlying financial covenants regarding the Company's commercial bank financing facility.
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(3)
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As of December 31, 2018 there were 200,000 shares totaling $8.8 million of share repurchases that were not settled until January 2019.
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12/31/2013
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12/31/2014
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12/31/2015
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12/31/2016
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12/31/2017
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12/31/2018
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||||||||||||
EBIX, INC.
|
$
|
100
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|
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$
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118
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$
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230
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$
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402
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$
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561
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$
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303
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NASDAQ STOCK MARKET (U.S.)
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$
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100
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$
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113
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$
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120
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$
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129
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$
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165
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$
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159
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NASDAQ COMPUTER
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$
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100
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$
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120
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$
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127
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|
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$
|
143
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|
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$
|
198
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|
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$
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191
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|
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Year Ended December 31, 2018
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Year Ended December 31, 2017
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Year Ended December 31, 2016
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Year Ended December 31, 2015
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Year Ended December 31, 2014
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||||||||||
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(In thousands, except per share amounts)
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Results of Operations:
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||||||||||
Revenue
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$
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497,826
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$
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363,971
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|
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$
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298,294
|
|
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$
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265,482
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$
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214,321
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Operating income
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152,979
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113,221
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100,281
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88,714
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79,672
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|||||
Net income from continuing operations
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$
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93,139
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$
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100,618
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$
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93,847
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$
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79,533
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$
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63,558
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Net income per share:
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||||||||||
Basic
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$
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2.97
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$
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3.19
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$
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2.88
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$
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2.29
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$
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1.68
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Diluted
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$
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2.95
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$
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3.17
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$
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2.86
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$
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2.28
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$
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1.67
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Shares used in computing per share data:
|
|
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||||||||||
Basic
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|
31,393
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|
|
31,552
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32,603
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34,668
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37,809
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|||||
Diluted
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31,534
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31,719
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32,863
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|
34,901
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|
38,040
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|||||
Cash dividend per common share
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$
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0.30
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$
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0.30
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$
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0.30
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$
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0.30
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$
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0.30
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Financial Position:
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||||||||||
Total assets
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$
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1,610,947
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$
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1,113,013
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$
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803,755
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$
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675,989
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$
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634,311
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Short-term debt
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19,053
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14,500
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12,500
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|
600
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|
943
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|||||
Long-term debt
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700,709
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385,779
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260,279
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206,465
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121,065
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|||||
Redeemable common stock
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—
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—
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—
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—
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—
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|||||
Stockholders’ equity
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$
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544,437
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$
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533,759
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$
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438,636
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$
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408,971
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$
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432,221
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Key Performance Indicators
Twelve Months Ended December 31,
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||||||||||
(Dollar amounts in thousands except per share data)
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2018
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2017
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2016
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||||||
Revenue
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$
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497,826
|
|
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$
|
363,971
|
|
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$
|
298,294
|
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Revenue growth
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37
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%
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22
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%
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|
12
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%
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|||
Operating income
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$
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152,979
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$
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113,221
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|
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$
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100,281
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Operating margin
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31
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%
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31
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%
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|
34
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%
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|||
Net income attributable to Ebix, Inc.
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$
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93,139
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$
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100,618
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$
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93,847
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Diluted earnings per share
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$
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2.95
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$
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3.17
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$
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2.86
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Cash provided by operating activities
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$
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89,869
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$
|
76,807
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|
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$
|
86,571
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Year Ended December 31, 2018
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Year Ended December 31, 2017
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Year Ended December 31, 2016
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||||||
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(In thousands)
|
||||||||||
Operating revenue:
|
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$
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497,826
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|
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$
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363,971
|
|
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$
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298,294
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|
Operating expenses:
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||||||
Costs of services provided
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168,415
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129,494
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|
85,128
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|
|||
Product development
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39,078
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33,854
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|
|
32,981
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|
|||
Sales and marketing
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17,587
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|
16,303
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|
|
17,469
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|
|||
General and administrative, net (see Note 1)
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|
108,475
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|
59,976
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|
|
51,689
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|
|||
Amortization and depreciation
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11,292
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|
|
11,123
|
|
|
10,746
|
|
|||
Total operating expenses
|
|
344,847
|
|
|
250,750
|
|
|
198,013
|
|
|||
Operating income
|
|
152,979
|
|
|
113,221
|
|
|
100,281
|
|
|||
Interest income (expense), net
|
|
(26,665
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)
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|
(11,672
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)
|
|
(5,525
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)
|
|||
Other non-operating income
|
|
60
|
|
|
—
|
|
|
1,162
|
|
|||
Foreign exchange gain (loss), net
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(792
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)
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|
1,811
|
|
|
13
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|
|||
Income before taxes
|
|
125,582
|
|
|
103,360
|
|
|
95,931
|
|
|||
Income tax expense
|
|
(32,501
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)
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|
(777
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)
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|
(1,637
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)
|
|||
Net income including noncontrolling interest
|
|
$
|
93,081
|
|
|
$
|
102,583
|
|
|
$
|
94,294
|
|
Net income attributable to noncontrolling interest
|
|
(58
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)
|
|
$
|
1,965
|
|
|
$
|
447
|
|
|
Net income attributable to Ebix, Inc.
|
|
$
|
93,139
|
|
|
$
|
100,618
|
|
|
$
|
93,847
|
|
|
|
For the Year Ended
December 31,
|
||||||
(dollar amounts in thousands)
|
|
2018
|
|
2017
|
||||
Exchanges
|
|
$
|
396,457
|
|
|
$
|
259,470
|
|
Broker P&C Systems
|
|
14,379
|
|
|
14,674
|
|
||
RCS
|
|
79,976
|
|
|
86,832
|
|
||
Carrier P& C Systems
|
|
7,014
|
|
|
2,995
|
|
||
Totals
|
|
$
|
497,826
|
|
|
$
|
363,971
|
|
•
|
2018 and 2017 pro forma revenue contains actual revenue of the acquired entities before acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition. Growth in revenues of the acquired entities after acquisition date is only reflected for the period after their acquisition.
|
•
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Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business.
|
•
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Any existing products sold to new customers acquired through the acquisition customer base, has also been assigned to the acquired section of our business.
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•
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2017 pro forma revenues include revenues from some product lines whose sale was discontinued after the acquisition date and revenues from some customers whose contracts were discontinued. This is typically done for efficiency and/or competitive reasons.
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(dollar amounts in thousands)
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|
Pre-tax income
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|
Statutory tax rate
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||
United States
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|
(36,202
|
)
|
|
21.0
|
%
|
Canada
|
|
335
|
|
|
26.5
|
%
|
Brazil
|
|
5,403
|
|
|
34.0
|
%
|
Australia
|
|
2,852
|
|
|
30.0
|
%
|
Singapore
|
|
467
|
|
|
17.0
|
%
|
New Zealand
|
|
90
|
|
|
28.0
|
%
|
India
|
|
43,705
|
|
|
34.6
|
%
|
Mauritius
|
|
14,161
|
|
|
3.0
|
%
|
United Kingdom
|
|
1,480
|
|
|
19.0
|
%
|
Sweden
|
|
5,398
|
|
|
22.0
|
%
|
Thailand
|
|
62
|
|
|
20.0
|
%
|
Dubai
|
|
87,830
|
|
|
—
|
%
|
Total
|
|
125,581
|
|
|
|
|
|
For the Year Ended
December 31,
|
||||||
(dollar amounts in thousands)
|
|
2017
|
|
2016
|
||||
Exchanges
|
|
$
|
259,470
|
|
|
$
|
206,427
|
|
Broker P&C Systems
|
|
14,674
|
|
|
14,105
|
|
||
RCS
|
|
86,832
|
|
|
74,196
|
|
||
Carrier P&C Systems
|
|
2,995
|
|
|
3,566
|
|
||
Totals
|
|
$
|
363,971
|
|
|
$
|
298,294
|
|
•
|
2017 and 2016 pro forma revenue contains actual revenue of the acquired entities before acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition. Growth in revenues of the acquired entities after acquisition date is only reflected for the period after their acquisition.
|
•
|
Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business.
|
•
|
Any existing products sold to new customers acquired through the acquisition customer base, has also been assigned to the acquired section of our business.
|
•
|
2016 pro forma revenues include revenues from some product lines whose sale was discontinued after the acquisition date and revenues from some customers whose contracts were discontinued. This is typically done for efficiency and/or competitive reasons.
|
(dollar amounts in thousands)
|
|
Pre-tax income
|
|
Statutory tax rate
|
||
United States
|
|
(13,355
|
)
|
|
34.0
|
%
|
Canada
|
|
827
|
|
|
26.9
|
%
|
Brazil
|
|
3,548
|
|
|
34.0
|
%
|
Australia
|
|
2,695
|
|
|
30.0
|
%
|
Singapore
|
|
(2,770
|
)
|
|
17.0
|
%
|
New Zealand
|
|
(588
|
)
|
|
28.0
|
%
|
India
|
|
19,279
|
|
|
34.6
|
%
|
Mauritius
|
|
(25
|
)
|
|
3.0
|
%
|
United Kingdom
|
|
2,615
|
|
|
19.0
|
%
|
Sweden
|
|
6,485
|
|
|
22.0
|
%
|
Thailand
|
|
56
|
|
|
20.0
|
%
|
Dubai
|
|
84,593
|
|
|
0
|
%
|
Total
|
|
103,360
|
|
|
|
|
|
Payment Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less Than
1 Year
|
|
1 - 3 Years
|
|
3 - 5 Years
|
|
More than
5 years
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Revolving line of credit
|
|
$
|
424,537
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
424,537
|
|
|
$
|
—
|
|
Short and long-term debt
|
|
295,225
|
|
|
19,053
|
|
|
43,305
|
|
|
232,867
|
|
|
—
|
|
|||||
Operating leases
|
|
141,501
|
|
|
34,189
|
|
|
58,768
|
|
|
45,245
|
|
|
3,299
|
|
|||||
Future Purchase Agreements
|
|
406
|
|
|
406
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capital leases
|
|
533
|
|
|
266
|
|
|
185
|
|
|
82
|
|
|
—
|
|
|||||
Total
|
|
$
|
862,202
|
|
|
$
|
53,914
|
|
|
$
|
102,258
|
|
|
$
|
702,731
|
|
|
$
|
3,299
|
|
•
|
identification of the contract, or contracts, with a customer;
|
•
|
identification of the performance obligations in the contract;
|
•
|
determination of the transaction price;
|
•
|
allocation of the transaction price to the performance obligations in the contract; and
|
•
|
recognition of revenue when, or as, we satisfy a performance obligation.
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
108,230
|
|
|
$
|
124,626
|
|
|
$
|
128,643
|
|
|
$
|
136,327
|
|
Gross profit
|
|
68,639
|
|
|
81,067
|
|
|
85,680
|
|
|
94,025
|
|
||||
Operating income
|
|
33,896
|
|
|
38,315
|
|
|
39,238
|
|
|
41,530
|
|
||||
Net income attributable to Ebix, Inc.
|
|
$
|
26,208
|
|
|
$
|
29,180
|
|
|
$
|
29,242
|
|
|
$
|
8,509
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.83
|
|
|
$
|
0.93
|
|
|
$
|
0.93
|
|
|
$
|
0.27
|
|
Diluted
|
|
$
|
0.83
|
|
|
$
|
0.92
|
|
|
$
|
0.92
|
|
|
$
|
0.27
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
79,103
|
|
|
$
|
87,387
|
|
|
$
|
92,800
|
|
|
$
|
104,681
|
|
Gross profit
|
|
53,916
|
|
|
56,455
|
|
|
57,863
|
|
|
66,243
|
|
||||
Operating income
|
|
25,690
|
|
|
26,539
|
|
|
27,911
|
|
|
33,081
|
|
||||
Net income
|
|
26,427
|
|
|
23,434
|
|
|
24,184
|
|
|
26,573
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.83
|
|
|
$
|
0.74
|
|
|
$
|
0.77
|
|
|
$
|
0.84
|
|
Diluted
|
|
$
|
0.83
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
|
$
|
0.84
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
71,066
|
|
|
$
|
72,574
|
|
|
$
|
74,608
|
|
|
$
|
80,046
|
|
Gross profit
|
|
51,464
|
|
|
51,995
|
|
|
52,183
|
|
|
57,524
|
|
||||
Operating income
|
|
24,763
|
|
|
23,564
|
|
|
24,293
|
|
|
27,661
|
|
||||
Net income
|
|
22,159
|
|
|
22,992
|
|
|
24,067
|
|
|
24,629
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.67
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
Diluted
|
|
$
|
0.67
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands, except per share amounts)
|
||||||||||
Operating revenue:
|
$
|
497,826
|
|
|
$
|
363,971
|
|
|
$
|
298,294
|
|
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Costs of services provided
|
168,415
|
|
|
129,494
|
|
|
85,128
|
|
|||
Product development
|
39,078
|
|
|
33,854
|
|
|
32,981
|
|
|||
Sales and marketing
|
17,587
|
|
|
16,303
|
|
|
17,469
|
|
|||
General and administrative, net (see Note 3)
|
108,475
|
|
|
59,976
|
|
|
51,689
|
|
|||
Amortization and depreciation
|
11,292
|
|
|
11,123
|
|
|
10,746
|
|
|||
Total operating expenses
|
344,847
|
|
|
250,750
|
|
|
198,013
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
152,979
|
|
|
113,221
|
|
|
100,281
|
|
|||
Interest income
|
436
|
|
|
1,711
|
|
|
1,851
|
|
|||
Interest expense
|
(27,101
|
)
|
|
(13,383
|
)
|
|
(7,376
|
)
|
|||
Non-operating income (see Note 18)
|
60
|
|
|
—
|
|
|
1,162
|
|
|||
Foreign currency exchange gain (loss)
|
(792
|
)
|
|
1,811
|
|
|
13
|
|
|||
Income before income taxes
|
125,582
|
|
|
103,360
|
|
|
95,931
|
|
|||
Income tax provision
|
(32,501
|
)
|
|
(777
|
)
|
|
(1,637
|
)
|
|||
Net income including noncontrolling interest
|
$
|
93,081
|
|
|
$
|
102,583
|
|
|
$
|
94,294
|
|
Net income (loss) attributable to noncontrolling interest (see Note 18)
|
(58
|
)
|
|
1,965
|
|
|
447
|
|
|||
Net income attributable to Ebix, Inc.
|
$
|
93,139
|
|
|
$
|
100,618
|
|
|
$
|
93,847
|
|
Basic earnings per common share
|
$
|
2.97
|
|
|
$
|
3.19
|
|
|
$
|
2.88
|
|
Diluted earnings per common share
|
$
|
2.95
|
|
|
$
|
3.17
|
|
|
$
|
2.86
|
|
Basic weighted average shares outstanding
|
31,393
|
|
|
31,552
|
|
|
32,603
|
|
|||
Diluted weighted average shares outstanding
|
31,534
|
|
|
31,719
|
|
|
32,863
|
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
|
(In thousands)
|
||||||||||
Net income including noncontrolling interest
|
|
$
|
93,081
|
|
|
$
|
102,583
|
|
|
$
|
94,294
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
(39,354
|
)
|
|
9,654
|
|
|
(3,399
|
)
|
|||
Total other comprehensive income (loss)
|
|
(39,354
|
)
|
|
9,654
|
|
|
(3,399
|
)
|
|||
Comprehensive income
|
|
$
|
53,727
|
|
|
$
|
112,237
|
|
|
$
|
90,895
|
|
Comprehensive income attributable to noncontrolling interest (see Note 18)
|
|
(58
|
)
|
|
1,965
|
|
|
447
|
|
|||
Comprehensive income attributable to Ebix, Inc.
|
|
$
|
53,785
|
|
|
$
|
110,272
|
|
|
$
|
90,448
|
|
|
December 31,
2018 |
|
December 31,
2017 |
||||
|
(In thousands, except share and per share amounts)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
147,766
|
|
|
$
|
63,895
|
|
Short-term investments
|
31,192
|
|
|
25,592
|
|
||
Restricted cash
|
8,317
|
|
|
4,040
|
|
||
Fiduciary funds- restricted
|
6,491
|
|
|
8,035
|
|
||
Trade accounts receivable, less allowances of $6,969 and $4,143, respectively
|
174,340
|
|
|
117,838
|
|
||
Other current assets
|
59,274
|
|
|
33,532
|
|
||
Total current assets
|
427,380
|
|
|
252,932
|
|
||
Property and equipment, net
|
50,294
|
|
|
41,704
|
|
||
Goodwill
|
946,685
|
|
|
666,863
|
|
||
Intangibles, net
|
51,448
|
|
|
45,711
|
|
||
Indefinite-lived intangibles
|
42,055
|
|
|
42,055
|
|
||
Capitalized software development costs, net
|
11,742
|
|
|
8,499
|
|
||
Deferred tax asset, net
|
54,629
|
|
|
43,529
|
|
||
Other assets
|
26,714
|
|
|
11,720
|
|
||
Total assets
|
$
|
1,610,947
|
|
|
$
|
1,113,013
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
130,221
|
|
|
$
|
75,073
|
|
Accrued payroll and related benefits
|
9,227
|
|
|
8,201
|
|
||
Cash overdraft
|
17,841
|
|
|
9,243
|
|
||
Fiduciary funds- restricted
|
6,491
|
|
|
8,035
|
|
||
Short term debt
|
3,990
|
|
|
—
|
|
||
Contingent liability for accrued earn-out acquisition consideration
|
13,767
|
|
|
4,000
|
|
||
Current portion of long term debt and capital lease obligation, net of deferred financing costs of $575 and $136, respectively
|
14,603
|
|
|
14,381
|
|
||
Deferred revenue
|
35,609
|
|
|
22,562
|
|
||
Current deferred rent
|
98
|
|
|
278
|
|
||
Other current liabilities
|
85,581
|
|
|
5,159
|
|
||
Total current liabilities
|
317,428
|
|
|
146,932
|
|
||
Revolving line of credit
|
424,537
|
|
|
274,529
|
|
||
Long term debt and capital lease obligation, less current portion, net of deferred financing costs of $1,811 and $298, respectively
|
274,716
|
|
|
110,978
|
|
||
Contingent liability for accrued earn-out acquisition consideration
|
11,209
|
|
|
33,096
|
|
||
Deferred revenue
|
9,051
|
|
|
1,423
|
|
||
Long term deferred rent
|
438
|
|
|
638
|
|
||
Deferred tax liability, net
|
1,282
|
|
|
—
|
|
||
Other liabilities
|
27,849
|
|
|
11,658
|
|
||
Total liabilities
|
1,066,510
|
|
|
579,254
|
|
||
Commitments and Contingencies, Note 6
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Convertible Series D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2018 and 2017
|
—
|
|
|
—
|
|
Common stock, $.10 par value, 120,000,000 shares authorized, 30,567,725 issued and outstanding at December 31, 2018 and 31,476,428 issued and outstanding at December 31, 2017
|
3,057
|
|
|
3,148
|
|
||
Additional paid-in capital
|
3,397
|
|
|
1,410
|
|
||
Retained earnings
|
535,118
|
|
|
510,975
|
|
||
Accumulated other comprehensive loss
|
(63,377
|
)
|
|
(24,023
|
)
|
||
Total Ebix, Inc. stockholders’ equity
|
478,195
|
|
|
491,510
|
|
||
Noncontrolling interest (see Note 18)
|
66,242
|
|
|
42,249
|
|
||
Total stockholders' equity
|
$
|
544,437
|
|
|
$
|
533,759
|
|
Total liabilities and stockholders’ equity
|
$
|
1,610,947
|
|
|
$
|
1,113,013
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Issued
Shares
|
|
Amount
|
|
Treasury Stock
Shares
|
|
Treasury
Stock Amount
|
|
Additional Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive
Loss
|
|
Noncontrol-ling interest
|
|
Total
|
||||||||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||||
Balance, January 1, 2016
|
33,416,110
|
|
|
$
|
3,342
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
57,120
|
|
|
$
|
378,787
|
|
|
$
|
(30,278
|
)
|
|
$
|
—
|
|
|
408,971
|
|
|
Net income attributable to Ebix, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,847
|
|
|
—
|
|
|
—
|
|
|
93,847
|
|
|||||||
Net income attributable to noncontrolling
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
447
|
|
|
447
|
|
|||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,399
|
)
|
|
—
|
|
|
(3,399
|
)
|
|||||||
Exercise of stock options
|
72,379
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
824
|
|
|||||||
Deferred compensation and amortization related to options and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,794
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,794
|
|
|||||||
Repurchase of common stock
|
(1,479,454
|
)
|
|
(148
|
)
|
|
—
|
|
|
—
|
|
|
(59,725
|
)
|
|
(5,441
|
)
|
|
—
|
|
|
—
|
|
|
(65,314
|
)
|
|||||||
Vesting of restricted stock
|
101,444
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(17,185
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(995
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(998
|
)
|
|||||||
Recognized controlling ownership of joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,293
|
|
|
11,293
|
|
|||||||
Cancellation of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,829
|
)
|
|
—
|
|
|
—
|
|
|
(9,829
|
)
|
|||||||
Balance, December 31, 2016
|
32,093,294
|
|
|
$
|
3,209
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
457,364
|
|
|
$
|
(33,677
|
)
|
|
$
|
11,740
|
|
|
$
|
438,636
|
|
Net income attributable to Ebix, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,618
|
|
|
—
|
|
|
|
|
100,618
|
|
||||||||
Net income attributable to noncontrolling
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,965
|
|
|
1,965
|
|
|||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,654
|
|
|
—
|
|
|
9,654
|
|
|||||||
Exercise of stock options
|
3,500
|
|
|
—
|
|
|
|
|
|
|
52
|
|
|
|
|
|
|
—
|
|
|
52
|
|
|||||||||||
Repurchase of common stock
|
(687,048
|
)
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
(1,852
|
)
|
|
(37,462
|
)
|
|
—
|
|
|
—
|
|
|
(39,382
|
)
|
|||||||
Deferred compensation and amortization related to options and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,818
|
|
|||||||
Vesting of restricted stock
|
72,816
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(6,134
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(398
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(398
|
)
|
Capital Contribution to joint venture, loans converted to capital contribution
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
797
|
|
|
—
|
|
|
—
|
|
|
766
|
|
|
1,563
|
|
|||||||
Recognized controlling ownership of joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,778
|
|
|
27,778
|
|
|||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,545
|
)
|
|
—
|
|
|
—
|
|
|
(9,545
|
)
|
|||||||
Balance, December 31, 2017
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,714
|
)
|
|
—
|
|
|
—
|
|
|
(8,714
|
)
|
|||||||
Cumulative effect of accounting change (adoption of ASC 340-40), net of tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,446
|
)
|
|
—
|
|
|
—
|
|
|
(1,446
|
)
|
|||||||
Net income attributable to Ebix, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,139
|
|
|
—
|
|
|
—
|
|
|
93,139
|
|
|||||||
Net loss attributable to noncontrolling
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|
(58
|
)
|
|||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,354
|
)
|
|
—
|
|
|
(39,354
|
)
|
|||||||
Exercise of stock options
|
27,999
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
436
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
439
|
|
|||||||
Repurchase of common stock
|
(996,773
|
)
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,520
|
)
|
|
—
|
|
|
—
|
|
|
(49,620
|
)
|
|||||||
Deferred compensation and amortization related to options and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,811
|
|
|||||||
Vesting of restricted stock
|
68,946
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(8,875
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(467
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(467
|
)
|
|||||||
Recognized controlling ownership of joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(787
|
)
|
|
—
|
|
|
—
|
|
|
24,051
|
|
|
23,264
|
|
|||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,316
|
)
|
|
—
|
|
|
|
|
(9,316
|
)
|
||||||||
Balance, December 31, 2018
|
30,567,725
|
|
|
$
|
3,057
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
3,397
|
|
|
$
|
535,118
|
|
|
$
|
(63,377
|
)
|
|
$
|
66,242
|
|
|
$
|
544,437
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(in thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income attributable to Ebix, Inc.
|
$
|
93,139
|
|
|
$
|
100,618
|
|
|
$
|
93,847
|
|
Net income (loss) attributable to noncontrolling interest
|
(58
|
)
|
|
1,965
|
|
|
447
|
|
|||
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
11,292
|
|
|
11,123
|
|
|
10,746
|
|
|||
Provision for doubtful accounts
|
3,571
|
|
|
1,713
|
|
|
1,515
|
|
|||
Provision for deferred taxes, net of acquisitions and effects of currency translation
|
(13,043
|
)
|
|
(13,667
|
)
|
|
(6,410
|
)
|
|||
Unrealized foreign exchange losses
|
606
|
|
|
1,387
|
|
|
32
|
|
|||
Gain on investment interest in IHC/Ebix joint venture
|
—
|
|
|
—
|
|
|
(1,162
|
)
|
|||
Amortization of capitalized software development costs
|
2,233
|
|
|
2,175
|
|
|
1,116
|
|
|||
Share-based compensation
|
2,811
|
|
|
2,818
|
|
|
2,794
|
|
|||
Reduction of acquisition earn-out contingent liability
|
(1,391
|
)
|
|
(164
|
)
|
|
(1,344
|
)
|
|||
Reduction of rent expense as a result of purchase accounting adjustment
|
—
|
|
|
(948
|
)
|
|
—
|
|
|||
Changes in current assets and liabilities, net of acquisitions:
|
|
|
|
|
|
||||||
Accounts receivable
|
(10,810
|
)
|
|
(34,245
|
)
|
|
(12,659
|
)
|
|||
Other assets
|
(8,486
|
)
|
|
(2,133
|
)
|
|
1,789
|
|
|||
Accounts payable and accrued expenses
|
6,539
|
|
|
8,906
|
|
|
(3,703
|
)
|
|||
Accrued payroll and related benefits
|
(788
|
)
|
|
(3,979
|
)
|
|
170
|
|
|||
Deferred rent
|
(360
|
)
|
|
(413
|
)
|
|
(234
|
)
|
|||
Reserve for potential uncertain income tax return positions
|
149
|
|
|
5,879
|
|
|
490
|
|
|||
Other liabilities
|
13,205
|
|
|
252
|
|
|
(3,039
|
)
|
|||
Deferred revenue
|
(8,740
|
)
|
|
(4,480
|
)
|
|
2,176
|
|
|||
Net cash provided by operating activities
|
89,869
|
|
|
76,807
|
|
|
86,571
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investment in Transcorp, net of cash acquired
|
(6,554
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Centrum, net of cash acquired
|
(176,137
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in SmartClass, net of cash acquired
|
(7,593
|
)
|
|
—
|
|
|
—
|
|
|||
Cash received from Paul Merchants for 10% stake in MTSS
|
4,996
|
|
|
—
|
|
|
—
|
|
|||
Investment in Indus, net of cash acquired
|
(24,261
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Mercury, net of cash acquired
|
(11,356
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Miles, net of cash acquired
|
(17,721
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Leisure, net of cash acquired
|
(1,304
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in AHA Taxis, net of cash acquired
|
(71
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Routier, net of cash acquired
|
(413
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Weizmann, net of cash acquired
|
12,886
|
|
|
—
|
|
|
—
|
|
|||
Investment in Lawson, net of cash acquired
|
381
|
|
|
—
|
|
|
—
|
|
|||
Investment in Business Travels, net of cash acquired
|
(414
|
)
|
|
—
|
|
|
—
|
|
|||
Payment of acquisition earn-out contingency, ItzCash
|
(3,831
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in Paul Merchants
|
—
|
|
|
(37,398
|
)
|
|
—
|
|
Investment in Via, net of cash acquired
|
—
|
|
|
(67,835
|
)
|
|
—
|
|
|||
Investment in Wall Street
|
—
|
|
|
(6,970
|
)
|
|
—
|
|
|||
Investment in YouFirst, net of cash acquired
|
—
|
|
|
(9,657
|
)
|
|
—
|
|
|||
Investment in beBetter
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|||
Investment in ItzCash, net of cash acquired
|
—
|
|
|
(69,301
|
)
|
|
—
|
|
|||
Payment of acquisition earn-out contingency, Qatarlyst
|
—
|
|
|
(1,921
|
)
|
|
—
|
|
|||
Investment in Hope Health
|
—
|
|
|
—
|
|
|
(1,643
|
)
|
|||
Investment in Wdev, net of cash acquired
|
—
|
|
|
—
|
|
|
(6,320
|
)
|
|||
Investment in EbixHealth JV, net of cash acquired
|
—
|
|
|
—
|
|
|
(696
|
)
|
|||
Maturities (purchases) of marketable securities
|
(4,087
|
)
|
|
1,201
|
|
|
(2,115
|
)
|
|||
Capitalized software development costs
|
(5,745
|
)
|
|
(2,805
|
)
|
|
(3,988
|
)
|
|||
Capital expenditures
|
(10,366
|
)
|
|
(7,385
|
)
|
|
(5,977
|
)
|
|||
Net cash used in investing activities
|
(251,590
|
)
|
|
(203,071
|
)
|
|
(20,739
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from / (Repayment) to line of credit, net
|
150,008
|
|
|
120,500
|
|
|
(52,436
|
)
|
|||
Proceeds from term loan
|
175,500
|
|
|
20,000
|
|
|
125,000
|
|
|||
Principal payments on term loan obligation
|
(10,016
|
)
|
|
(13,000
|
)
|
|
(6,250
|
)
|
|||
Short term loan to a third party
|
(8,341
|
)
|
|
—
|
|
|
—
|
|
|||
Cash overdraft
|
(769
|
)
|
|
6,162
|
|
|
—
|
|
|||
Repurchase of common stock
|
(40,820
|
)
|
|
(45,732
|
)
|
|
(59,784
|
)
|
|||
Payments of long term debt
|
(80
|
)
|
|
—
|
|
|
(600
|
)
|
|||
Payments for capital lease obligations
|
(6
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|||
Proceeds from exercise of common stock options
|
439
|
|
|
52
|
|
|
824
|
|
|||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(467
|
)
|
|
(398
|
)
|
|
(998
|
)
|
|||
Dividends paid
|
(9,316
|
)
|
|
(9,545
|
)
|
|
(9,829
|
)
|
|||
Net cash provided (used) by financing activities
|
256,132
|
|
|
78,028
|
|
|
(4,078
|
)
|
|||
Effect of foreign exchange rates on cash and cash equivalents
|
$
|
(5,689
|
)
|
|
$
|
2,162
|
|
|
$
|
(1,992
|
)
|
Net change in cash and cash equivalents, and restricted cash
|
88,722
|
|
|
(46,074
|
)
|
|
59,762
|
|
|||
Cash and cash equivalents, and restricted cash at the beginning of the year
|
$
|
70,867
|
|
|
$
|
116,941
|
|
|
$
|
57,179
|
|
Cash and cash equivalents, and restricted cash at the end of the year
|
$
|
159,589
|
|
|
$
|
70,867
|
|
|
$
|
116,941
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Interest paid
|
25,690
|
|
|
12,552
|
|
|
7,219
|
|
|||
Income taxes paid
|
10,149
|
|
|
10,426
|
|
|
16,634
|
|
|
For the Year Ended
|
|||||||||||
|
December 31,
|
|||||||||||
(dollar amounts in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Exchanges
|
|
$
|
396,457
|
|
|
$
|
259,470
|
|
|
$
|
206,427
|
|
Broker P&C Systems
|
|
14,379
|
|
|
14,674
|
|
|
14,105
|
|
|||
RCS
|
|
79,976
|
|
|
86,832
|
|
|
74,196
|
|
|||
Carrier P&C Systems
|
|
7,014
|
|
|
2,995
|
|
|
3,566
|
|
|||
Totals
|
|
$
|
497,826
|
|
|
$
|
363,971
|
|
|
$
|
298,294
|
|
|
For the Year Ended
|
||||||||||
|
December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Cash and cash equivalents
|
147,766
|
|
|
63,895
|
|
|
114,118
|
|
|||
Restricted cash
|
8,317
|
|
|
4,040
|
|
|
—
|
|
|||
Restricted cash included in other long-term assets
|
3,506
|
|
|
2,932
|
|
|
2,823
|
|
|||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
$
|
159,589
|
|
|
$
|
70,867
|
|
|
$
|
116,941
|
|
•
|
Level 1
— Quoted prices available in active markets for identical investments as of the reporting date;
|
•
|
Level 2
— Inputs other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date; and,
|
•
|
Level 3
— Unobservable inputs, which are to be used in situations where there is little or no market activity for the asset or liability and wherein the reporting entity makes estimates and assumptions related to the pricing of the asset or liability including assumptions regarding risk.
|
•
|
Short-term investments (commercial bank certificates of deposits and mutual funds), for which the fair values are measured as a Level 1 instrument.
|
•
|
Contingent accrued earn-out business acquisition consideration liabilities for which fair values are measured as Level 3 instruments. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured periodically based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels or changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3.
|
|
|
|
|
|
|
|
(in thousands)
|
|
Fair Value at December 31, 2018
|
|
Valuation Technique
|
|
Significant Unobservable
Input
|
Contingent acquisition consideration:
(Wdev, ItzCash, Indus and Miles acquisitions)
|
|
$24,976
|
|
Discounted cash flow
|
|
Expected future annual revenue streams and probability of achievement
|
|
|
|
|
|
|
|
(in thousands)
|
|
Fair Value at December 31, 2017
|
|
Valuation Technique
|
|
Significant Unobservable
Input
|
Contingent acquisition consideration:
(Wdev and ItzCash acquisitions)
|
|
$37,096
|
|
Discounted cash flow
|
|
Expected future annual revenue streams and probability of achievement
|
•
|
identification of the contract, or contracts, with a customer;
|
•
|
identification of the performance obligations in the contract;
|
•
|
determination of the transaction price;
|
•
|
allocation of the transaction price to the performance obligations in the contract; and
|
•
|
recognition of revenue when, or as, we satisfy a performance obligation.
|
|
|
Impact of Change in Accounting Policy
|
|||||||||
(In thousands)
|
|
As Reported December 31, 2017
|
|
Adjustments
|
|
Adjusted January 1, 2018
|
|||||
Other Current Assets
|
|
33,532
|
|
|
$
|
898
|
|
|
$
|
34,430
|
|
Current Assets
|
|
252,932
|
|
|
898
|
|
|
253,830
|
|
||
Deferred tax asset, net
|
|
43,529
|
|
|
2,843
|
|
|
46,372
|
|
||
Other Assets
|
|
11,720
|
|
|
1,502
|
|
|
13,222
|
|
||
Total Assets
|
|
1,113,013
|
|
|
5,243
|
|
|
1,118,256
|
|
||
Current Deferred Revenue
|
|
22,562
|
|
|
5,124
|
|
|
27,686
|
|
||
Current Liabilities
|
|
146,932
|
|
|
5,124
|
|
|
152,056
|
|
||
Long Term Deferred Revenue
|
|
1,423
|
|
|
8,921
|
|
|
10,344
|
|
||
Total Liabilities
|
|
579,254
|
|
|
14,045
|
|
|
593,299
|
|
||
Retained Earnings
|
|
510,975
|
|
|
(8,802
|
)
|
|
502,173
|
|
|
Impact of Change in Accounting Policy
|
||||||||||
|
As Reported For the Year Ended December 31, 2018
|
|
Adjustments
|
|
Balances without adoption of Topic 606
|
||||||
Condensed Consolidated Statement of Income
|
(In thousands)
|
||||||||||
Operating Revenue
|
$
|
497,826
|
|
|
$
|
(538
|
)
|
|
$
|
497,288
|
|
Costs of Services Provided
|
168,415
|
|
|
(134
|
)
|
|
168,281
|
|
|||
Total Operating Expenses
|
344,847
|
|
|
(134
|
)
|
|
344,713
|
|
|||
Operating Income
|
152,979
|
|
|
(404
|
)
|
|
152,575
|
|
|||
Income before income taxes
|
125,582
|
|
|
(404
|
)
|
|
125,178
|
|
|||
Income tax (expense) benefit
|
(32,501
|
)
|
|
99
|
|
|
(32,402
|
)
|
|||
Net income including non-controlling interest
|
93,081
|
|
|
(305
|
)
|
|
92,776
|
|
|||
Net income attributable to Ebix, Inc.
|
93,139
|
|
|
(305
|
)
|
|
92,834
|
|
|||
Basic earnings per common share attributable to Ebix, Inc.
|
2.97
|
|
|
(0.01
|
)
|
|
2.96
|
|
|||
Diluted Earnings per common share attributable to Ebix, Inc.
|
2.95
|
|
|
(0.01
|
)
|
|
2.94
|
|
|||
|
|
|
|
|
|
||||||
|
As Reported December 31, 2018
|
|
Adjustments
|
|
Balances
without
adoption of
Topic 606
|
||||||
Condensed Consolidated Balance Sheet
|
(In thousands)
|
||||||||||
Other current assets
|
$
|
59,274
|
|
|
$
|
(862
|
)
|
|
$
|
58,412
|
|
Total current assets
|
427,380
|
|
|
(862
|
)
|
|
426,518
|
|
|||
Deferred tax asset, net
|
54,629
|
|
|
(1,811
|
)
|
|
52,818
|
|
|||
Other assets
|
26,714
|
|
|
(1,376
|
)
|
|
25,338
|
|
|||
Total assets
|
1,610,947
|
|
|
(4,049
|
)
|
|
1,606,898
|
|
|||
Current Deferred Revenue
|
35,609
|
|
|
(4,792
|
)
|
|
30,817
|
|
|||
Total current liabilities
|
317,428
|
|
|
(4,792
|
)
|
|
312,636
|
|
|||
Long Term Deferred Revenue
|
9,051
|
|
|
(7,530
|
)
|
|
1,521
|
|
|||
Total liabilities
|
1,066,510
|
|
|
(12,322
|
)
|
|
1,054,188
|
|
|||
Retained earnings
|
535,118
|
|
|
8,273
|
|
|
543,391
|
|
|||
|
|
|
|
|
|
||||||
|
As Reported for the Year Ended December 31, 2018
|
|
Adjustments
|
|
Balances without adoption of Topic 606
|
||||||
Condensed Consolidated Statement of Cash Flows
|
(In thousands)
|
||||||||||
Net income attributable to Ebix, Inc.
|
$
|
93,139
|
|
|
$
|
(305
|
)
|
|
$
|
92,834
|
|
Other assets
|
(8,486
|
)
|
|
(134
|
)
|
|
(8,620
|
)
|
|||
Deferred Revenue
|
(8,740
|
)
|
|
1,723
|
|
|
(7,017
|
)
|
|||
Net cash provided by operating activities
|
89,869
|
|
|
1,284
|
|
|
91,153
|
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
|
in thousands
|
||||||||||
United States
|
|
$
|
196,984
|
|
|
$
|
211,895
|
|
|
$
|
213,516
|
|
Canada
|
|
5,611
|
|
|
7,522
|
|
|
6,328
|
|
|||
Latin America
|
|
19,866
|
|
|
21,128
|
|
|
8,179
|
|
|||
Australia
|
|
35,770
|
|
|
34,366
|
|
|
31,156
|
|
|||
Singapore*
|
|
7,674
|
|
|
6,330
|
|
|
5,848
|
|
|||
New Zealand
|
|
2,015
|
|
|
1,933
|
|
|
1,903
|
|
|||
India*
|
|
196,372
|
|
|
61,857
|
|
|
14,153
|
|
|||
Europe
|
|
15,387
|
|
|
17,062
|
|
|
17,211
|
|
|||
Indonesia*
|
|
7,482
|
|
|
1,055
|
|
|
—
|
|
|||
Philippines*
|
|
6,483
|
|
|
623
|
|
|
—
|
|
|||
United Arab Emirates*
|
|
1,042
|
|
|
200
|
|
|
—
|
|
|||
Mauritius*
|
|
3,140
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
497,826
|
|
|
$
|
363,971
|
|
|
$
|
298,294
|
|
|
|
|
|
|
|
|
||||||
*India led businesses, except for portion of Singapore which is not part of EbixCash and United Arab Emirate long-lived assets pertain to intellectual property research and development activities located in Dubai which is not part of EbixCash either. Total revenue in the fourth quarter of 2018 for India led businesses was $65.9 million.
|
|
For the Year Ended
|
|||||||||||
|
December 31,
|
|||||||||||
(dollar amounts in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Exchanges
|
|
396,457
|
|
|
259,470
|
|
|
206,427
|
|
|||
Broker P&C Systems
|
|
14,379
|
|
|
14,674
|
|
|
14,105
|
|
|||
RCS
|
|
79,976
|
|
|
86,832
|
|
|
74,196
|
|
|||
Carrier P&C Systems
|
|
7,014
|
|
|
2,995
|
|
|
3,566
|
|
|||
Totals
|
|
$
|
497,826
|
|
|
$
|
363,971
|
|
|
$
|
298,294
|
|
(In thousands)
|
|
December 31, 2018
|
||
Balance, beginning of period
|
|
$
|
—
|
|
Topic 606 adjustment
|
|
2,401
|
|
|
Adjusted beginning balance
|
|
$
|
2,401
|
|
Costs recognized from adjusted beginning balance
|
|
(898
|
)
|
|
Additions, net of costs recognized
|
|
735
|
|
|
Balance, end of period
|
|
$
|
2,238
|
|
(In thousands)
|
|
December 31, 2018
|
||
Balance, beginning of period
|
|
$
|
23,985
|
|
Topic 606 adjustment
|
|
14,045
|
|
|
Adjusted beginning balance
|
|
$
|
38,030
|
|
Revenue recognized from adjusted beginning balance
|
|
(21,697
|
)
|
|
Additions from business acquisitions
|
|
16,273
|
|
|
Additions, net of revenue recognized and currency translation
|
|
12,054
|
|
|
Balance, end of period
|
|
$
|
44,660
|
|
Company acquired
|
|
Date acquired
|
|
(in thousands)
|
||
ItzCash; final purchase allocation adjustments
|
|
April 2017
|
|
$
|
(15,678
|
)
|
EbixMoney (combination of YouFirst, WallStreet, Paul Merchants); final purchase allocation adjustments
|
|
September 2017-November 2017
|
|
4,736
|
|
|
Via; final purchase allocation adjustments
|
|
November 2017
|
|
(4,612
|
)
|
|
Transcorp
|
|
February 2018
|
|
7,254
|
|
|
Centrum
|
|
April 2018
|
|
159,647
|
|
|
SmartClass
|
|
April 2018
|
|
16,568
|
|
|
Indus
|
|
July 2018
|
|
21,501
|
|
|
Mercury
|
|
July 2018
|
|
16,215
|
|
|
Leisure
|
|
July 2018
|
|
1,707
|
|
|
Miles
|
|
August 2018
|
|
19,075
|
|
|
Business Travels
|
|
October 2018
|
|
1,102
|
|
|
AHA Taxis
|
|
October 2018
|
|
281
|
|
|
Routier
|
|
October 2018
|
|
455
|
|
|
Lawson
|
|
December 2018
|
|
2,379
|
|
|
Pearl
|
|
December 2018
|
|
3,372
|
|
|
Weizmann
|
|
December 2018
|
|
72,328
|
|
|
Total changes to goodwill during 2018
|
|
|
|
$
|
306,330
|
|
Company acquired
|
|
Date acquired
|
|
(in thousands)
|
||
Oakstone; final purchase allocation adjustments
|
|
December 2014
|
|
$
|
948
|
|
EbixHealth JV; final purchase allocation adjustments
|
|
July 2016
|
|
(7,500
|
)
|
|
Hope Health; final purchase allocation adjustments
|
|
November 2016
|
|
(289
|
)
|
|
Wdev; final purchase allocation adjustments
|
|
November 2016
|
|
(5,317
|
)
|
|
ItzCash
|
|
April 2017
|
|
119,766
|
|
|
beBetter
|
|
June 2017
|
|
447
|
|
|
YouFirst
|
|
September 2017
|
|
7,395
|
|
|
Wall Street
|
|
October 2017
|
|
6,113
|
|
|
Paul Merchants
|
|
November 2017
|
|
38,589
|
|
|
Via
|
|
November 2017
|
|
60,785
|
|
|
Total changes to goodwill during 2017
|
|
|
|
$
|
220,937
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Beginning Balance
|
$
|
666,863
|
|
|
$
|
441,404
|
|
Additions for current year acquisitions
|
317,410
|
|
|
233,095
|
|
||
Purchase accounting adjustments for prior year acquisitions
|
(11,080
|
)
|
|
(12,158
|
)
|
||
Foreign currency translation adjustments
|
(26,508
|
)
|
|
4,522
|
|
||
Ending Balance
|
$
|
946,685
|
|
|
$
|
666,863
|
|
|
Life
|
|
Category
|
(yrs)
|
|
Customer relationships
|
7-20
|
|
Developed technology
|
3-12
|
|
Airport Contract
|
9
|
|
Store Networks
|
5
|
|
Dealer networks
|
15-20
|
|
Brand
|
15
|
|
Trademarks
|
3-15
|
|
Non-compete agreements
|
5
|
|
Database
|
10
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Finite-lived intangible assets:
|
|
|
|
||||
Customer relationships
|
$
|
80,070
|
|
|
$
|
73,725
|
|
Developed technology
|
19,176
|
|
|
15,076
|
|
||
Dealer networks
|
6,315
|
|
|
10,581
|
|
||
Airport Contract
|
4,752
|
|
|
—
|
|
||
Store Networks
|
821
|
|
|
—
|
|
||
Trademarks
|
2,677
|
|
|
2,698
|
|
||
Brand
|
864
|
|
|
—
|
|
||
Non-compete agreements
|
764
|
|
|
764
|
|
||
Backlog
|
140
|
|
|
140
|
|
||
Database
|
212
|
|
|
212
|
|
||
Total intangibles
|
115,791
|
|
|
103,196
|
|
||
Accumulated amortization
|
(64,343
|
)
|
|
(57,485
|
)
|
||
Finite-lived intangibles, net
|
$
|
51,448
|
|
|
$
|
45,711
|
|
|
|
|
|
||||
Indefinite-lived intangibles:
|
|
|
|
||||
Customer/territorial relationships
|
$
|
42,055
|
|
|
$
|
42,055
|
|
|
Life
|
Asset Category
|
(yrs)
|
Buildings
|
39
|
Building Improvements
|
15
|
Computer equipment
|
5
|
Furniture, fixtures and other
|
7
|
Software
|
3
|
Land Improvements
|
20
|
Land
|
Unlimited life
|
Leasehold improvements
|
Life of the lease
|
|
|
For the year ended
December 31,
|
||||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||
Earnings per share:
|
|
2018
|
|
2017
|
|
2016
|
||||||
Basic earnings per common share
|
|
$
|
2.97
|
|
|
$
|
3.19
|
|
|
$
|
2.88
|
|
Diluted earnings per common share
|
|
$
|
2.95
|
|
|
$
|
3.17
|
|
|
$
|
2.86
|
|
Basic weighted average shares outstanding
|
|
31,393
|
|
|
31,552
|
|
|
32,603
|
|
|||
Diluted weighted average shares outstanding
|
|
31,534
|
|
|
31,719
|
|
|
32,863
|
|
|
|
For the year ended
December 31,
|
|||||||
|
|
(in thousands)
|
|||||||
|
|
2018
|
|
2017
|
|
2016
|
|||
Basic weighted average shares outstanding
|
|
31,393
|
|
|
31,552
|
|
|
32,603
|
|
Incremental shares for common stock equivalents
|
|
141
|
|
|
167
|
|
|
260
|
|
Diluted shares outstanding
|
|
31,534
|
|
|
31,719
|
|
|
32,863
|
|
|
|
December 31,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
||||
Fair value of total consideration transferred
|
|
|
|
|
||||
Cash
|
|
$
|
250,769
|
|
|
$
|
211,143
|
|
Upfront cash consideration payable upon certain conditions being met
|
|
72,933
|
|
|
—
|
|
||
Contingent earn-out consideration arrangement (net)
|
|
(5,137
|
)
|
|
30,149
|
|
||
Upfront cash consideration being held in an escrow account
|
|
—
|
|
|
4,040
|
|
||
Total consideration transferred
|
|
318,565
|
|
|
245,332
|
|
||
|
|
|
|
|
||||
Fair value of equity components recorded (not part of consideration)
|
|
|
|
|
||||
Recognition of noncontrolling interest of joint ventures
|
|
23,500
|
|
|
27,625
|
|
||
Total equity components recorded
|
|
23,500
|
|
|
27,625
|
|
||
|
|
|
|
|
||||
Total consideration transferred and equity components recorded
|
|
$
|
342,065
|
|
|
$
|
272,957
|
|
|
|
|
|
|
||||
Fair value of assets acquired and liabilities assumed
|
|
|
|
|
||||
Cash
|
|
$
|
18,212
|
|
|
$
|
18,982
|
|
Short term investments
|
|
—
|
|
|
24,206
|
|
||
Restricted cash
|
|
—
|
|
|
4,040
|
|
||
Other current assets
|
|
68,317
|
|
|
39,680
|
|
||
Property, plant, and equipment
|
|
2,176
|
|
|
1,018
|
|
||
Other long term assets
|
|
14,574
|
|
|
1,683
|
|
||
Intangible assets, definite lived
|
|
14,577
|
|
|
11,267
|
|
||
Intangible assets, indefinite lived
|
|
—
|
|
|
11,168
|
|
||
Capitalized software development costs
|
|
46
|
|
|
1,705
|
|
||
Deferred tax liability
|
|
854
|
|
|
(3,405
|
)
|
||
Current and other liabilities
|
|
(83,021
|
)
|
|
(58,324
|
)
|
||
Net assets acquired, excludes goodwill
|
|
35,735
|
|
|
52,020
|
|
||
|
|
|
|
|
||||
Goodwill
|
|
306,330
|
|
|
220,937
|
|
||
|
|
|
|
|
||||
Total net assets acquired
|
|
$
|
342,065
|
|
|
$
|
272,957
|
|
|
|
December 31,
|
||||||||||
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
Weighted
Average
|
|
|
|
Weighted
Average
|
||||
Intangible asset category
|
|
Fair Value
|
|
Useful Life
|
|
Fair Value
|
|
Useful Life
|
||||
|
|
(in thousands)
|
|
(in years)
|
|
(in thousands)
|
|
(in years)
|
||||
Customer relationships
|
|
$
|
7,342
|
|
|
11.7
|
|
$
|
518
|
|
|
10.0
|
Developed technology
|
|
3,726
|
|
|
5.0
|
|
—
|
|
|
0.0
|
||
Dealer's network
|
|
—
|
|
|
0.0
|
|
10,499
|
|
|
17.9
|
||
Airport contracts
|
|
4,896
|
|
|
9.0
|
|
—
|
|
|
0.0
|
||
Store networks
|
|
846
|
|
|
9.0
|
|
—
|
|
|
0.0
|
||
Brand
|
|
369
|
|
|
4.0
|
|
—
|
|
|
0.0
|
||
Purchase accounting adjustments for prior year acquisitions
|
|
(2,602
|
)
|
|
0.0
|
|
250
|
|
|
0.0
|
||
Total acquired intangible assets
|
|
$
|
14,577
|
|
|
9.2
|
|
$
|
11,267
|
|
|
17.6
|
|
|
As Reported
2018
|
|
Pro Forma
2018
|
|
As Reported
2017
|
|
Pro Forma
2017
|
||||||||
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenue
|
|
$
|
497,826
|
|
|
$
|
584,105
|
|
|
$
|
363,971
|
|
|
$
|
605,649
|
|
Net income attributable to Ebix, Inc.
|
|
$
|
93,139
|
|
|
$
|
97,935
|
|
|
$
|
100,618
|
|
|
$
|
122,269
|
|
Basic EPS
|
|
$
|
2.97
|
|
|
$
|
3.12
|
|
|
$
|
3.19
|
|
|
$
|
3.88
|
|
Diluted EPS
|
|
$
|
2.95
|
|
|
$
|
3.11
|
|
|
$
|
3.17
|
|
|
$
|
3.85
|
|
•
|
2018 and 2017 pro forma revenue contains actual revenue of the acquired entities before acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition. Growth in revenues of the acquired entities after acquisition date is only reflected for the period after their acquisition.
|
•
|
Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business.
|
•
|
Any existing products sold to new customers acquired through the acquisition customer base, has also been assigned to the acquired section of our business.
|
•
|
The impact from fluctuations of the exchange rates for the foreign currencies in the countries in which we conduct operations also partially affected reported revenues. During each of the years
2018
and
2017
the change in foreign currency exchange rates increased (decreased) reported consolidated operating revenues by
$(6.9) million
and
$2.1 million
, respectively.
|
(a)
|
Mr. Raina will commit to continue to serve and not resign as the Company’s Chief Executive Officer for at least two years following Final Approval of the Litigation Settlement;
|
(b)
|
any shares paid, awarded or otherwise received by Mr. Raina as compensation after the effective date of the April SAR Agreement, including any shares received by Mr. Raina from the exercise of any options granted after the effective date of the April SAR Agreement or from the grant or vesting of any restricted shares or settlement of any restricted stock units granted after the effective date of the April SAR Agreement (but excluding any shares received as a result of the grant, vesting or settlement of any Share Grants), will be excluded from the outstanding shares for purposes of the Board’s annual shortfall determination;
|
(c)
|
if an Acquisition Event occurs more than 180 days after, but not later than the tenth anniversary of, the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause (as defined in the Amended SAR Agreement),
1,000,000
SARs will be deemed accrued and will be eligible to vest on the closing date of the Acquisition Event, which number will be increased by
750,000
SARs beginning on the first anniversary of Final Approval of the Litigation Settlement and each anniversary thereafter (subject in each case to Mr. Raina’s continued employment on each anniversary date), until
100%
of the SARs (including any Shortfall Grants) have accrued and are eligible to vest on the closing date of an Acquisition Event that occurs more than 180 days after, but not later than the tenth anniversary of, the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause; provided, however, that, (i) no additional SARs will accrue following the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause, (ii) any accrued SARs will be forefeited if an Acquisition Event does not occur prior to the tenth anniversary of the date that Mr. Raina’s employment is involuntarily terminated by the Company without Cause, and (iii) all of the SARs will be forfeited if Mr. Raina’s employment terminates for any other reason prior to the closing date of an Acquisition Event; and
|
(d)
|
The obligation of the Company to make tax gross-up payments for excise taxes that would be imposed on Mr. Raina in respect of any payments made in connection with a change in control of the Company will be eliminated.
|
Year
|
|
Debt
|
|
Capital Leases
|
|
Operating Leases
|
|
Future Purchase Obligations
|
||||||||
|
|
(in thousands)
|
|
|
||||||||||||
2019
|
|
$
|
19,053
|
|
|
$
|
266
|
|
|
$
|
34,189
|
|
|
$
|
406
|
|
2020
|
|
20,711
|
|
|
96
|
|
|
32,093
|
|
|
—
|
|
||||
2021
|
|
22,594
|
|
|
89
|
|
|
26,675
|
|
|
—
|
|
||||
2022
|
|
28,242
|
|
|
67
|
|
|
23,355
|
|
|
—
|
|
||||
2023
|
|
629,162
|
|
|
15
|
|
|
21,890
|
|
|
—
|
|
||||
Thereafter
|
|
—
|
|
|
—
|
|
|
3,299
|
|
|
—
|
|
||||
Total
|
|
$
|
719,762
|
|
|
$
|
533
|
|
|
$
|
141,501
|
|
|
$
|
406
|
|
Less: sublease income
|
|
|
|
|
|
(1,091
|
)
|
|
|
|||||||
Net lease payments
|
|
|
|
|
|
$
|
140,410
|
|
|
|
|
|||||
Less: amount representing interest
|
|
|
|
(63
|
)
|
|
|
|
|
|||||||
Present value of obligations under capital leases
|
|
|
|
$
|
470
|
|
|
|
|
|
||||||
Less: current portion
|
|
(19,053
|
)
|
|
(239
|
)
|
|
|
|
|
||||||
Long-term obligations
|
|
$
|
700,709
|
|
|
$
|
231
|
|
|
|
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
Weighted average fair values of stock options granted
|
$
|
11.80
|
|
|
$
|
15.38
|
|
|
$
|
19.50
|
|
Expected volatility
|
35.7
|
%
|
|
37.9
|
%
|
|
55.5
|
%
|
|||
Expected dividends
|
.70
|
%
|
|
.56
|
%
|
|
.61
|
%
|
|||
Weighted average risk-free interest rate
|
2.47
|
%
|
|
1.64
|
%
|
|
1.40
|
%
|
|||
Expected life of stock options (in years)
|
3.5
|
|
|
3.5
|
|
|
3.5
|
|
|
Shares
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate Intrinsic
Value
|
|||||
|
|
|
|
|
|
|
(in thousands)
|
|||||
Outstanding at January 1, 2016
|
139,878
|
|
|
$
|
15.17
|
|
|
2.32
|
|
$
|
2,465
|
|
Granted
|
42,000
|
|
|
$
|
49.22
|
|
|
|
|
|
||
Exercised
|
(72,379
|
)
|
|
$
|
11.38
|
|
|
|
|
|
||
Canceled
|
—
|
|
|
|
|
|
|
|
|
|||
Outstanding at December 31, 2016
|
109,499
|
|
|
$
|
30.73
|
|
|
3.28
|
|
$
|
2,882
|
|
Granted
|
42,000
|
|
|
$
|
53.90
|
|
|
|
|
|
||
Exercised
|
(3,500
|
)
|
|
$
|
14.90
|
|
|
|
|
|
||
Canceled
|
—
|
|
|
|
|
|
|
|
|
|||
Outstanding at December 31, 2017
|
147,999
|
|
|
$
|
37.68
|
|
|
2.94
|
|
$
|
6,152
|
|
Granted
|
42,000
|
|
|
$
|
42.56
|
|
|
|
|
|
||
Exercised
|
(27,999
|
)
|
|
$
|
15.65
|
|
|
|
|
|
||
Canceled
|
—
|
|
|
|
|
|
|
|
|
|||
Outstanding at December 31, 2018
|
162,000
|
|
|
$
|
42.75
|
|
|
3.05
|
|
$
|
—
|
|
Exercisable at December 31, 2018
|
80,250
|
|
|
$
|
38.21
|
|
|
2.00
|
|
$
|
49
|
|
|
Non-Vested Number of Shares
|
|
Weighted
Average
Exercise Price
|
|||
|
|
|
|
|||
Non-vested balance at January 1, 2016
|
75,750
|
|
|
$
|
19.27
|
|
Granted
|
42,000
|
|
|
$
|
49.22
|
|
Vested
|
(43,125
|
)
|
|
$
|
18.89
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Non-vested balance at December 31, 2016
|
74,625
|
|
|
$
|
36.35
|
|
Granted
|
42,000
|
|
|
$
|
53.90
|
|
Vested
|
(40,125
|
)
|
|
$
|
32.54
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Non-vested balance at December 31, 2017
|
76,500
|
|
|
$
|
47.99
|
|
Granted
|
42,000
|
|
|
$
|
42.56
|
|
Vested
|
(36,750
|
)
|
|
$
|
43.52
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Non-vested balance at December 31, 2018
|
81,750
|
|
|
$
|
47.21
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Exercise Prices
|
|
Number Outstanding
|
|
Weighted-Average Remaining Contractual Life (Years)
|
|
Weighted-Average Exercise Price
|
|
Number of Shares
|
|
Weighted-Average Exercise Price
|
||||||
$21.19
|
|
30,000
|
|
|
0.19
|
|
$
|
3.93
|
|
|
30,000
|
|
|
$
|
7.92
|
|
$28.59
|
|
6,000
|
|
|
0.05
|
|
$
|
1.06
|
|
|
5,625
|
|
|
$
|
2.00
|
|
$42.56
|
|
42,000
|
|
|
1.30
|
|
$
|
11.03
|
|
|
—
|
|
|
$
|
—
|
|
$49.22
|
|
42,000
|
|
|
0.61
|
|
$
|
12.76
|
|
|
28,875
|
|
|
$
|
17.71
|
|
$53.90
|
|
42,000
|
|
|
0.91
|
|
$
|
13.97
|
|
|
15,750
|
|
|
$
|
10.58
|
|
|
|
162,000
|
|
|
3.05
|
|
$
|
42.75
|
|
|
80,250
|
|
|
$
|
38.21
|
|
|
Shares
|
|
Weighted-Average Grant Date
Fair Value
|
|||
Non vested at January 1, 2016
|
203,314
|
|
|
$
|
25.56
|
|
Granted
|
26,119
|
|
|
$
|
44.79
|
|
Vested
|
(101,441
|
)
|
|
$
|
23.25
|
|
Forfeited
|
(4,338
|
)
|
|
$
|
35.54
|
|
Non vested at December 31, 2016
|
123,654
|
|
|
$
|
31.17
|
|
Granted
|
56,251
|
|
|
$
|
56.75
|
|
Vested
|
(72,810
|
)
|
|
$
|
29.50
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
Non vested at December 31, 2017
|
107,095
|
|
|
$
|
45.74
|
|
Granted
|
5,623
|
|
|
$
|
76.47
|
|
Vested
|
(68,788
|
)
|
|
$
|
40.67
|
|
Forfeited
|
(3,514
|
)
|
|
$
|
46.24
|
|
Non vested at December 31, 2018
|
40,416
|
|
|
$
|
58.60
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
US federal
|
$
|
22,353
|
|
|
$
|
2,390
|
|
|
$
|
1,259
|
|
US state
|
847
|
|
|
1,153
|
|
|
310
|
|
|||
Non US
|
15,212
|
|
|
8,266
|
|
|
3,266
|
|
|||
|
38,412
|
|
|
11,809
|
|
|
4,835
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
US federal
|
5,617
|
|
|
(5,558
|
)
|
|
78
|
|
|||
US state
|
(1,031
|
)
|
|
(976
|
)
|
|
295
|
|
|||
Non US
|
(10,497
|
)
|
|
(4,498
|
)
|
|
(3,571
|
)
|
|||
|
(5,911
|
)
|
|
(11,032
|
)
|
|
(3,198
|
)
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
32,501
|
|
|
$
|
777
|
|
|
$
|
1,637
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands)
|
||||||||||
US
|
$
|
(36,202
|
)
|
|
$
|
(13,355
|
)
|
|
$
|
(80
|
)
|
Non US
|
161,783
|
|
|
116,715
|
|
|
96,011
|
|
|||
Total
|
$
|
125,581
|
|
|
$
|
103,360
|
|
|
$
|
95,931
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|||
Statutory US federal income tax rate
|
21.0
|
%
|
|
34.0
|
%
|
|
35.0
|
%
|
US state income taxes, net of federal benefit
|
(0.3
|
)%
|
|
(0.8
|
)%
|
|
0.4
|
%
|
Non-US tax rate differential
|
(15.2
|
)%
|
|
(28.7
|
)%
|
|
(22.8
|
)%
|
GILTI Related
|
15.1
|
%
|
|
—
|
%
|
|
—
|
%
|
SubPart F
|
0.7
|
%
|
|
—
|
%
|
|
—
|
%
|
Tax holidays
|
(3.4
|
)%
|
|
(3.5
|
)%
|
|
(14.0
|
)%
|
Tax Credits
|
(10.6
|
)%
|
|
(1.4
|
)%
|
|
—
|
%
|
Passive income exemption
|
(0.9
|
)%
|
|
(2.1
|
)%
|
|
(1.4
|
)%
|
Acquisition contingent earnout liability adjustments
|
(0.2
|
)%
|
|
—
|
%
|
|
(0.9
|
)%
|
Foreign enhanced R&D deductions
|
—
|
%
|
|
—
|
%
|
|
(0.9
|
)%
|
Nondeductible items
|
(0.1
|
)%
|
|
2.5
|
%
|
|
9.1
|
%
|
Effect of valuation allowance
|
(0.1
|
)%
|
|
(3.6
|
)%
|
|
(2.3
|
)%
|
Release of deferred tax liability on intangibles transferred
|
—
|
%
|
|
—
|
%
|
|
(3.5
|
)%
|
Prior year Transition Tax and related true-ups
|
19.5
|
%
|
|
1.1
|
%
|
|
2.8
|
%
|
Uncertain tax positions
|
0.1
|
%
|
|
5.8
|
%
|
|
0.1
|
%
|
Rate change on deferred taxes primarily due to tax reform
|
—
|
%
|
|
(2.4
|
)%
|
|
—
|
%
|
Other
|
0.1
|
%
|
|
(0.1
|
)%
|
|
0.1
|
%
|
Effective income tax rate
|
25.9
|
%
|
|
0.8
|
%
|
|
1.7
|
%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Deferred
|
|
Deferred
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In thousands)
|
||||||||||||||
Depreciation and amortization
|
$
|
—
|
|
|
$
|
2,315
|
|
|
$
|
683
|
|
|
$
|
—
|
|
Share-based compensation
|
521
|
|
|
|
|
590
|
|
|
|
||||||
Accruals and prepaids
|
8,143
|
|
|
|
|
|
2,700
|
|
|
|
|||||
Bad debts
|
3,215
|
|
|
|
|
1,076
|
|
|
|
||||||
Acquired intangible assets
|
—
|
|
|
17,800
|
|
|
—
|
|
|
19,421
|
|
||||
Net operating loss carryforwards
|
19,958
|
|
|
|
|
15,233
|
|
|
|
||||||
Tax credit carryforwards (primarily Minimum Alternative Tax ("MAT") in India)
|
43,656
|
|
|
|
|
43,044
|
|
|
|
||||||
|
75,493
|
|
|
20,115
|
|
|
63,326
|
|
|
19,421
|
|
||||
Valuation allowance
|
(2,031
|
)
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
||||
Total deferred taxes
|
$
|
73,462
|
|
|
$
|
20,115
|
|
|
$
|
63,291
|
|
|
$
|
19,421
|
|
|
2018
|
|
2017
|
||
|
(In thousands)
|
||||
Non-current deferred tax assets
|
54,629
|
|
|
43,870
|
|
ASU 2013-11 reclass, described below
|
—
|
|
|
(341
|
)
|
Net deferred tax assets
|
54,629
|
|
|
43,529
|
|
|
|
|
|
||
Non-current deferred tax liabilities
|
1,282
|
|
|
—
|
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||
|
|
(In thousands)
|
||||||
US Federal loss carryforwards
|
|
$
|
43,116
|
|
|
$
|
42,981
|
|
US state loss carryforwards
|
|
38,307
|
|
|
25,186
|
|
||
Foreign loss carryforwards
|
|
40,349
|
|
|
29,852
|
|
||
|
|
|
|
|
||||
US Federal credit carryforwards
|
|
901
|
|
|
4,679
|
|
||
Foreign credit carryforwards
|
|
42,755
|
|
|
38,364
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||
|
(in thousands)
|
||||||||||
Beginning Balance
|
$
|
9,144
|
|
|
$
|
3,265
|
|
|
$
|
3,115
|
|
Additions for tax positions related to current year
|
150
|
|
|
—
|
|
|
43
|
|
|||
Additions for tax positions of prior years
|
—
|
|
|
5,879
|
|
|
107
|
|
|||
Reductions for tax position of prior years
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ending Balance
|
$
|
9,294
|
|
|
$
|
9,144
|
|
|
$
|
3,265
|
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Trade accounts payable
|
$
|
103,250
|
|
|
$
|
69,101
|
|
Accrued professional fees
|
1,152
|
|
|
420
|
|
||
Income taxes payable*
|
13,901
|
|
|
1,598
|
|
||
Share repurchases accrued
|
8,800
|
|
|
—
|
|
||
Sales taxes payable
|
2,749
|
|
|
3,615
|
|
||
Other accrued liabilities
|
369
|
|
|
339
|
|
||
Total
|
$
|
130,221
|
|
|
$
|
75,073
|
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Prepaid expenses
|
$
|
41,271
|
|
|
$
|
29,347
|
|
Third party loan receivable
|
8,341
|
|
|
—
|
|
||
Sales taxes receivable from customers
|
6,409
|
|
|
2,218
|
|
||
Credit card merchant account balance receivable
|
939
|
|
|
1,008
|
|
||
Due from prior owners of acquired businesses for working capital settlements
|
973
|
|
|
284
|
|
||
Accrued interest receivable
|
233
|
|
|
515
|
|
||
Other
|
1,108
|
|
|
160
|
|
||
Total
|
$
|
59,274
|
|
|
$
|
33,532
|
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Weizmann upfront purchase consideration for 74.84% stake
|
$
|
63,325
|
|
|
$
|
—
|
|
Redemption liability for irrevocable option to reacquire 10% equity stake from PML
|
4,925
|
|
|
—
|
|
||
Pearl upfront purchase consideration
|
3,384
|
|
|
—
|
|
||
Lawson upfront purchase consideration
|
2,736
|
|
|
—
|
|
||
WDEV contingent liability (upfront cash consideration held in escrow account contingent upon acquired business' achieving the minimum specified annual net revenue thresholds)
|
2,367
|
|
|
—
|
|
||
Miles working capital liability
|
2,219
|
|
|
—
|
|
||
Via contingent additional consideration (based on any potential claims made by tax authorities and the receipt of refunds pertaining to certain advance tax payments and withholding taxes)
|
1,899
|
|
|
4,422
|
|
||
Mercury contingent consideration (based on customer retention)
|
720
|
|
|
—
|
|
||
Business Travels upfront purchase consideration
|
720
|
|
|
—
|
|
||
AHA Taxis upfront purchase consideration
|
224
|
|
|
—
|
|
||
Client deposits
|
2,980
|
|
|
71
|
|
||
Other
|
82
|
|
|
666
|
|
||
Total
|
$
|
85,581
|
|
|
$
|
5,159
|
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Computer equipment
|
$
|
15,734
|
|
|
$
|
11,051
|
|
Buildings
|
25,283
|
|
|
23,749
|
|
||
Land
|
10,479
|
|
|
5,930
|
|
||
Land improvements
|
7,195
|
|
|
6,906
|
|
||
Leasehold improvements
|
1,341
|
|
|
1,435
|
|
||
Furniture, fixtures and other
|
8,664
|
|
|
8,451
|
|
||
|
68,696
|
|
|
57,522
|
|
||
Less accumulated depreciation and amortization
|
(18,402
|
)
|
|
(15,818
|
)
|
||
|
$
|
50,294
|
|
|
$
|
41,704
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
|
(in thousands, except share data)
|
||||||||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
108,230
|
|
|
$
|
124,626
|
|
|
$
|
128,643
|
|
|
$
|
136,327
|
|
Gross Profit
|
|
68,639
|
|
|
81,067
|
|
|
85,680
|
|
|
94,025
|
|
||||
Operating income
|
|
33,896
|
|
|
38,315
|
|
|
39,238
|
|
|
41,530
|
|
||||
Net income from continuing operations
|
|
$
|
26,208
|
|
|
$
|
29,180
|
|
|
$
|
29,242
|
|
|
$
|
8,509
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.83
|
|
|
$
|
0.93
|
|
|
$
|
0.93
|
|
|
$
|
0.27
|
|
Diluted
|
|
$
|
0.83
|
|
|
$
|
0.92
|
|
|
$
|
0.92
|
|
|
$
|
0.27
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
79,103
|
|
|
$
|
87,387
|
|
|
$
|
92,800
|
|
|
$
|
104,681
|
|
Gross Profit
|
|
53,916
|
|
|
56,455
|
|
|
57,863
|
|
|
66,243
|
|
||||
Operating income
|
|
25,690
|
|
|
26,539
|
|
|
27,911
|
|
|
33,081
|
|
||||
Net income from continuing operations
|
|
26,427
|
|
|
23,434
|
|
|
24,184
|
|
|
26,573
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.83
|
|
|
$
|
0.74
|
|
|
$
|
0.77
|
|
|
$
|
0.84
|
|
Diluted
|
|
$
|
0.83
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
|
$
|
0.84
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
71,066
|
|
|
$
|
72,574
|
|
|
$
|
74,608
|
|
|
$
|
80,046
|
|
Gross Profit
|
|
51,464
|
|
|
51,995
|
|
|
52,183
|
|
|
57,524
|
|
||||
Operating income
|
|
24,763
|
|
|
23,564
|
|
|
24,293
|
|
|
27,661
|
|
||||
Net income from continuing operations
|
|
22,159
|
|
|
22,992
|
|
|
24,067
|
|
|
24,629
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.67
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
Diluted
|
|
$
|
0.67
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
(1)
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of assets;
|
(2)
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and,
|
(3)
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
|
•
|
Report of Independent Registered Public Accounting Firm.
|
•
|
Consolidated Balance Sheets as of
December 31, 2018
and
December 31, 2017
.
|
•
|
Consolidated Statements of Income for the years ended
December 31, 2018
,
December 31, 2017
, and
December 31, 2016
.
|
•
|
Consolidated Statements of Comprehensive Income for the years ended
December 31, 2018
,
December 31, 2017
, and
December 31, 2016
.
|
•
|
Consolidated Statements of Stockholders’ Equity for the years ended
December 31, 2018
,
December 31, 2017
, and
December 31, 2016
.
|
•
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2018
,
December 31, 2017
, and
December 31, 2016
.
|
•
|
Notes to Consolidated Financial Statements
|
•
|
Schedule II—Valuation and Qualifying Accounts for the years ended
December 31, 2018
,
December 31, 2017
, and
December 31, 2016
.
|
•
|
Schedules other than those listed above have been omitted because they are not applicable or the required information is included in the financial statements or notes thereto.
|
|
|||
10.17
*
|
|||
10.18
**
|
|
||
|
|||
21.1
*
|
|||
23.1
*
|
|||
23.2
*
|
|||
31.1
*
|
|||
31.2
*
|
|||
32.1
*
|
|||
32.2
*
|
|||
101*
|
XBRL (Extensible Business Reporting Language) - The following materials from Ebix, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss) (iv) the Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss), (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements which were tagged as blocks of text.
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EBIX, INC.
(Registrant)
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By:
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/s/ ROBIN RAINA
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Robin Raina
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Chairman of the Board, President and
Chief Executive Officer
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Principal Executive Officer
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Signature
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Title
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Date
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/s/ ROBIN RAINA
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Chairman of the Board, President, and
Chief Executive Officer
(principal executive officer)
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March 1, 2019
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(Robin Raina)
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/s/ SEAN T. DONAGHY
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Chief Financial Officer
(principal financial and accounting officer)
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March 1, 2019
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(Sean T. Donaghy)
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/s/ HANS U. BENZ
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Director
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March 1, 2019
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(Hans U. Benz)
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/s/ PAVAN BHALLA
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Director
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March 1, 2019
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(Pavan Bhalla)
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/s/ NEIL D. ECKERT
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Director
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March 1, 2019
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(Neil D. Eckert)
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/s/ ROLF HERTER
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Director
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March 1, 2019
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(Rolf Herter)
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/s/ HANS UELI KELLER
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Director
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March 1, 2019
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(Hans Ueli Keller)
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/s/ GEORGE W. HEBARD III
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Director
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March 1, 2019
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(George W. Hebard III)
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/s/ JOSEPH R. WRIGHT, JR.
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Director
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March 1, 2019
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(Joseph R. Wright, Jr.)
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Year Ended December 31, 2018
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Year Ended December 31, 2017
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Year Ended December 31, 2016
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||||||
Beginning balance
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$
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4,143
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$
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2,833
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$
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3,388
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Provision for doubtful accounts
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3,571
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1,713
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1,515
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Write-off of accounts receivable against allowance/Other
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(745
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)
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(403
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)
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(2,070
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)
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Ending balance
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$
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6,969
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$
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4,143
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$
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2,833
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Year Ended December 31, 2018
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Year Ended December 31, 2017
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Year Ended December 31, 2016
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||||||
Beginning balance
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$
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(35
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)
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$
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(3,747
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)
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$
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(5,979
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)
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Decrease (increase)
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(1,996
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)
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3,712
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2,232
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Ending balance
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$
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(2,031
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)
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$
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(35
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)
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$
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(3,747
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)
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