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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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þ
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2017
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o
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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
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77-0021975
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(State or other jurisdiction of incorporation or
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(I.R.S. Employer Identification No.)
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organization)
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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
þ
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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Exhibit 101
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Three Months Ended
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Six Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Operating revenue
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$
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87,387
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$
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72,574
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$
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166,490
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$
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143,640
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||||||||
Operating expenses:
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||||||||
Cost of services provided
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30,932
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20,579
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56,119
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40,181
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||||
Product development
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8,417
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8,285
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16,767
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16,350
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||||
Sales and marketing
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4,142
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4,206
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8,479
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8,539
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||||
General and administrative, net (see Note 1)
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14,598
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13,310
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27,282
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24,893
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||||
Amortization and depreciation
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2,759
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2,630
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5,614
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5,350
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||||
Total operating expenses
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60,848
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49,010
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114,261
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95,313
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||||
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||||||||
Operating income
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26,539
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23,564
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52,229
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48,327
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||||
Interest income
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465
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441
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1,239
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584
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Interest expense
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(3,018
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)
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(2,185
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)
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(5,486
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)
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(3,459
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)
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||||
Foreign currency exchange gain (loss)
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(391
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)
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(195
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)
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3,105
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274
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Income before income taxes
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23,595
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21,625
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51,087
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45,726
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Income tax (expense) benefit
|
302
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1,418
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(567
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)
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(332
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)
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Net income including noncontrolling interest
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23,897
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23,043
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50,520
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45,394
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Net income attributable to noncontrolling interest (see Note 8)
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463
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51
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659
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243
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Net income attributable to Ebix, Inc.
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$
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23,434
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$
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22,992
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$
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49,861
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$
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45,151
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||||||||
Basic earnings per common share attributable to Ebix, Inc.
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$
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0.74
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$
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0.70
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$
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1.58
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$
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1.37
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Diluted earnings per common share attributable to Ebix, Inc.
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$
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0.74
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$
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0.70
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$
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1.57
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$
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1.36
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||||||||
Basic weighted average shares outstanding
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31,490
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32,688
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31,648
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32,866
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||||||||
Diluted weighted average shares outstanding
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31,637
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32,969
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31,805
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33,140
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Three Months Ended
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Six Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||
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Net income including noncontrolling interest
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$
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23,897
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$
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23,043
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$
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50,520
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$
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45,394
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Other comprehensive income:
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Foreign currency translation adjustments
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741
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(2,122
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)
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3,258
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(465
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)
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Total other comprehensive income (loss)
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741
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(2,122
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)
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3,258
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(465
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)
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||||
Comprehensive income
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24,638
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20,921
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53,778
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44,929
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||||
Comprehensive income attributable to noncontrolling interest (see Note 8)
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463
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51
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659
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243
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Comprehensive income attributable to Ebix, Inc.
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$
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24,175
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$
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20,870
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$
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53,119
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$
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44,686
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June 30,
2017 |
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December 31,
2016 |
||||
ASSETS
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(Unaudited)
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Current assets:
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Cash and cash equivalents
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$
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68,449
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$
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114,118
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Short-term investments
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12,861
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3,105
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Restricted cash
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14,266
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14,394
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Trade accounts receivable, less allowances of $3,356 and $2,833, respectively
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83,345
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62,713
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Other current assets
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15,199
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12,716
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Total current assets
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194,120
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207,046
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Property and equipment, net
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40,939
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37,061
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Goodwill
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557,502
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441,404
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Intangibles, net
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49,076
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41,336
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Indefinite-lived intangibles
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30,887
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30,887
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Capitalized software development costs, net
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6,602
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5,955
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Deferred tax asset, net
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35,328
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31,345
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Other assets
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8,875
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8,721
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Total assets
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$
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923,329
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$
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803,755
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||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
Current liabilities:
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||||
Accounts payable and accrued liabilities
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$
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39,665
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$
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44,855
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Accrued payroll and related benefits
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6,123
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7,474
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Short term debt, net of deferred financing costs of $136, respectively
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12,364
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12,364
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Capital lease obligations
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9
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9
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Current deferred rent
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286
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281
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Contingent liability for accrued earn-out acquisition consideration
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6,022
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1,921
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Deferred revenue
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21,731
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22,564
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Other current liabilities
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244
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244
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Total current liabilities
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86,444
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89,712
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||||
Revolving line of credit
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214,029
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154,029
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Long term debt and capital lease obligations, less current portion, net of deferred financing costs of $401 and $452, respectively
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99,619
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105,824
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Other liabilities
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9,188
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6,070
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Contingent liability for accrued earn-out acquisition consideration
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33,438
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6,589
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Deferred revenue
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1,338
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1,886
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Long term deferred rent
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834
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1,009
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Total liabilities
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444,890
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365,119
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||||
Commitments and Contingencies (see Note 5)
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||||
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||||
Stockholders’ equity:
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|
||||
Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016
|
—
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—
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Common stock, $0.10 par value, 120,000,000 shares authorized, 31,443,622 issued and outstanding, at June 30, 2017 and 60,000,000 shares authorized, 32,093,294 issued and outstanding at December 31, 2016
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3,144
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|
|
3,209
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Retained earnings
|
464,963
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|
|
457,364
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Accumulated other comprehensive loss
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(30,419
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)
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(33,677
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)
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Total Ebix, Inc. stockholders’ equity
|
437,688
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|
426,896
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Noncontrolling interest (see Note 8)
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40,751
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|
11,740
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||
Total stockholders' equity
|
478,439
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|
438,636
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Total liabilities and stockholders’ equity
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$
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923,329
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$
|
803,755
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Common Stock
|
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|||||||||||||||
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Issued
Shares
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Amount
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Additional Paid-in
Capital
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Retained
Earnings
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Accumulated Other Comprehensive
Loss
|
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Noncontrolling interest
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Total
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|||||||||||||
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|||||||||||||
Balance, December 31, 2016
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32,093,294
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$
|
3,209
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|
$
|
—
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$
|
457,364
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|
$
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(33,677
|
)
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$
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11,740
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$
|
438,636
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|
|
Net income attributable to Ebix, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
49,861
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|
|
—
|
|
|
—
|
|
|
49,861
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|
|
||||||
Net income attributable to noncontrolling interest (see Note 8)
|
—
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|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
659
|
|
|
659
|
|
|
||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,258
|
|
|
—
|
|
|
3,258
|
|
|
||||||
Repurchase and retirement of common stock
|
(687,048
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)
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(68
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)
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(1,852
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)
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(37,462
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)
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|
|
—
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|
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(39,382
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)
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|
|||||||
Vesting of restricted stock
|
37,492
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|
3
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|
|
(3
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)
|
|
—
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|
|
—
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|
|
—
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|
|
—
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||||||
Exercise of stock options
|
3,500
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|
|
—
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|
|
52
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|
|
—
|
|
|
—
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|
|
—
|
|
|
52
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|
|
||||||
Share based compensation
|
—
|
|
|
—
|
|
|
1,243
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|
|
—
|
|
|
—
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|
|
—
|
|
|
1,243
|
|
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||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(3,616
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)
|
|
—
|
|
|
(237
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)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(237
|
)
|
|
||||||
Loans by non-controlling interest converted to capital contribution to joint venture
|
—
|
|
|
—
|
|
|
797
|
|
|
—
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|
|
—
|
|
|
766
|
|
|
1,563
|
|
|
||||||
Recognized noncontrolling ownership of Ebix-ItzCash joint venture
|
|
|
|
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|
|
|
|
|
|
27,586
|
|
|
27,586
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|
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|||||||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,800
|
)
|
|
—
|
|
|
—
|
|
|
(4,800
|
)
|
|
||||||
Balance, June 30, 2017
|
31,443,622
|
|
|
$
|
3,144
|
|
|
$
|
—
|
|
|
$
|
464,963
|
|
|
$
|
(30,419
|
)
|
|
$
|
40,751
|
|
|
$
|
478,439
|
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income attributable to Ebix, Inc.
|
$
|
49,861
|
|
|
$
|
45,151
|
|
Net income attributable to noncontrolling interest
|
659
|
|
|
243
|
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Amortization and depreciation
|
5,614
|
|
|
5,350
|
|
||
Benefit for deferred taxes
|
(5,877
|
)
|
|
(6,635
|
)
|
||
Share based compensation
|
1,243
|
|
|
1,331
|
|
||
Provision for doubtful accounts
|
723
|
|
|
457
|
|
||
Unrealized foreign exchange (gain) loss
|
365
|
|
|
(187
|
)
|
||
Amortization of capitalized software development costs
|
790
|
|
|
654
|
|
||
Reduction of acquisition earnout accruals
|
—
|
|
|
(511
|
)
|
||
Purchase accounting adjustment
|
(948
|
)
|
|
—
|
|
||
Changes in assets and liabilities, net of effects from acquisitions:
|
|
|
|
||||
Accounts receivable
|
(14,266
|
)
|
|
(6,065
|
)
|
||
Other assets
|
455
|
|
|
(2,417
|
)
|
||
Accounts payable and accrued expenses
|
(7,254
|
)
|
|
(4,189
|
)
|
||
Accrued payroll and related benefits
|
(1,694
|
)
|
|
(931
|
)
|
||
Deferred revenue
|
(1,622
|
)
|
|
(1,136
|
)
|
||
Deferred rent
|
(195
|
)
|
|
(83
|
)
|
||
Reserve for potential uncertain income tax return positions
|
3,280
|
|
|
50
|
|
||
Other liabilities
|
66
|
|
|
(106
|
)
|
||
Net cash provided by operating activities
|
31,200
|
|
|
30,976
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Acquisition of beBetter, net of cash acquired
|
(1,000
|
)
|
|
—
|
|
||
Acquisition of ItzCash, net of cash acquired
|
(70,184
|
)
|
|
—
|
|
||
Funding of escrow account for possible future contingent earn-out payment related to business acquisition
|
(3,998
|
)
|
|
—
|
|
||
Maturities of marketable securities
|
1,626
|
|
|
—
|
|
||
Capitalized software development costs
|
(1,345
|
)
|
|
(694
|
)
|
||
Maturities (Purchases) of marketable securities
|
—
|
|
|
(994
|
)
|
||
Capital expenditures
|
(4,956
|
)
|
|
(2,190
|
)
|
||
Net cash used in investing activities
|
(79,857
|
)
|
|
(3,878
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from revolving line of credit, net
|
60,000
|
|
|
(87,427
|
)
|
||
Proceeds from term loan
|
—
|
|
|
125,000
|
|
||
Principal payments of term loan obligation
|
(6,250
|
)
|
|
—
|
|
||
Repurchases of common stock
|
(45,732
|
)
|
|
(37,657
|
)
|
||
Proceeds from the exercise of stock options
|
52
|
|
|
29
|
|
||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
|
(237
|
)
|
|
(77
|
)
|
||
Dividend payments
|
(4,800
|
)
|
|
(4,911
|
)
|
||
Principal payments of debt obligations
|
—
|
|
|
(600
|
)
|
||
Payments of capital lease obligations
|
(6
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
3,027
|
|
|
(5,643
|
)
|
||
Effect of foreign exchange rates on cash
|
(39
|
)
|
|
(620
|
)
|
||
Net change in cash and cash equivalents
|
(45,669
|
)
|
|
20,835
|
|
||
Cash and cash equivalents at the beginning of the period
|
114,118
|
|
|
57,179
|
|
||
Cash and cash equivalents at the end of the period
|
$
|
68,449
|
|
|
$
|
78,014
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
5,173
|
|
|
$
|
3,115
|
|
Income taxes paid
|
$
|
7,958
|
|
|
$
|
10,869
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
June 30,
|
||||||||||||
(dollar amounts in thousands)
|
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Exchanges
|
|
$
|
60,373
|
|
|
$
|
49,322
|
|
$
|
112,987
|
|
|
$
|
99,408
|
|
Broker Systems
|
|
3,595
|
|
|
3,885
|
|
7,383
|
|
|
7,097
|
|
||||
Risk Compliance Solutions (“RCS”)
|
|
22,663
|
|
|
18,662
|
|
44,515
|
|
|
35,413
|
|
||||
Carrier Systems
|
|
756
|
|
|
705
|
|
1,605
|
|
|
1,722
|
|
||||
Totals
|
|
$
|
87,387
|
|
|
$
|
72,574
|
|
$
|
166,490
|
|
|
$
|
143,640
|
|
•
|
Level 1 Inputs
- Unadjusted quoted prices available in active markets for identical investments to the reporting entity at the measurement date.
|
•
|
Level 2 Inputs
- Other than quoted prices included in Level 1 inputs, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
|
•
|
Level 3 Inputs
- Unobservable inputs, which are used to the extent that observable inputs are not available, and 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 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 quarterly 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 and 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 June 30, 2017
|
|
Valuation Technique
|
|
Significant Unobservable
Input
|
Contingent acquisition consideration:
(Qatarlyst, Wdev, and ItzCash acquisition)
|
|
$39,460
|
|
Discounted cash flow
|
|
Projected revenue and probability of achievement
|
|
|
|
|
|
|
|
(in thousands)
|
|
Fair Value at December 31, 2016
|
|
Valuation Technique
|
|
Significant Unobservable
Input
|
Contingent acquisition consideration:
(Qatarlyst and Wdev acquisitions)
|
|
$8,510
|
|
Discounted cash flow
|
|
Projected revenue and probability of achievement
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Beginning Balance
|
$
|
441,404
|
|
|
$
|
402,259
|
|
Additions (see Note 3)
|
117,336
|
|
|
35,787
|
|
||
Purchase accounting adjustments
|
(1,632
|
)
|
|
4,298
|
|
||
Foreign currency translation adjustments
|
394
|
|
|
(940
|
)
|
||
Ending Balance
|
$
|
557,502
|
|
|
$
|
441,404
|
|
Category
|
|
Life (yrs)
|
Customer relationships
|
|
7–20
|
Developed technology
|
|
3–12
|
Trademarks
|
|
3–15
|
Non-compete agreements
|
|
5
|
Backlog
|
|
1.2
|
Database
|
|
10
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(In thousands)
|
||||||
Finite-lived intangible assets:
|
|
|
|
||||
Customer relationships
|
$
|
77,359
|
|
|
$
|
71,338
|
|
Developed technology
|
21,548
|
|
|
16,011
|
|
||
Trademarks
|
2,684
|
|
|
2,666
|
|
||
Non-compete agreements
|
764
|
|
|
764
|
|
||
Backlog
|
140
|
|
|
140
|
|
||
Database
|
212
|
|
|
212
|
|
||
Total intangibles
|
102,707
|
|
|
91,131
|
|
||
Accumulated amortization
|
(53,631
|
)
|
|
(49,795
|
)
|
||
Finite-lived intangibles, net
|
$
|
49,076
|
|
|
$
|
41,336
|
|
|
|
|
|
||||
Indefinite-lived intangibles:
|
|
|
|
||||
Customer/territorial relationships
|
$
|
30,887
|
|
|
$
|
30,887
|
|
•
|
For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period.
|
•
|
For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.
|
•
|
For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue.
|
•
|
The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change.
|
•
|
An explanation of the reasons for significant changes.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Net income attributable to Ebix, Inc.
|
$
|
23,434
|
|
|
$
|
22,992
|
|
|
$
|
49,861
|
|
|
$
|
45,151
|
|
Basic Weighted Average Shares Outstanding
|
31,490
|
|
|
32,688
|
|
|
31,648
|
|
|
32,866
|
|
||||
Dilutive effect of stock options and restricted stock awards
|
147
|
|
|
281
|
|
|
157
|
|
|
274
|
|
||||
Diluted weighted average shares outstanding
|
31,637
|
|
|
32,969
|
|
|
31,805
|
|
|
33,140
|
|
||||
Basic earnings per common share
|
$
|
0.74
|
|
|
$
|
0.70
|
|
|
$
|
1.58
|
|
|
$
|
1.37
|
|
Diluted earnings per common share
|
$
|
0.74
|
|
|
$
|
0.70
|
|
|
$
|
1.57
|
|
|
$
|
1.36
|
|
|
Three Months Ended June 30, 2017
|
|
Three Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||
|
As Reported
|
Pro Forma
|
|
As Reported
|
Pro Forma
|
|
As Reported
|
Pro Forma
|
|
As Reported
|
Pro Forma
|
||||||||||||||||
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
||||||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||||||||
Revenue
|
$
|
87,387
|
|
$
|
87,765
|
|
|
$
|
72,574
|
|
$
|
86,500
|
|
|
$
|
166,490
|
|
$
|
177,284
|
|
|
$
|
143,640
|
|
$
|
173,602
|
|
Net Income attributable to Ebix, Inc.
|
$
|
23,434
|
|
$
|
23,595
|
|
|
$
|
22,992
|
|
$
|
22,015
|
|
|
$
|
49,861
|
|
$
|
50,741
|
|
|
$
|
45,151
|
|
$
|
44,078
|
|
Basic EPS
|
$
|
0.74
|
|
$
|
0.75
|
|
|
$
|
0.70
|
|
$
|
0.67
|
|
|
$
|
1.58
|
|
$
|
1.60
|
|
|
$
|
1.37
|
|
$
|
1.34
|
|
Diluted EPS
|
$
|
0.74
|
|
$
|
0.75
|
|
|
$
|
0.70
|
|
$
|
0.67
|
|
|
$
|
1.57
|
|
$
|
1.60
|
|
|
$
|
1.36
|
|
$
|
1.33
|
|
|
United States
|
|
Canada
|
|
Latin America
|
|
Australia
|
|
Singapore
|
|
New Zealand
|
|
India
|
|
Europe
|
|
Dubai
|
|
Total
|
||||||||||||||||||||
External Revenues
|
$
|
105,079
|
|
|
$
|
4,142
|
|
|
$
|
8,218
|
|
|
$
|
16,516
|
|
|
$
|
3,125
|
|
|
$
|
1,023
|
|
|
$
|
19,999
|
|
|
$
|
8,388
|
|
|
$
|
—
|
|
|
$
|
166,490
|
|
Long-lived assets
|
$
|
391,308
|
|
|
$
|
6,484
|
|
|
$
|
23,283
|
|
|
$
|
1,261
|
|
|
$
|
17,441
|
|
|
$
|
257
|
|
|
$
|
213,135
|
|
|
$
|
22,254
|
|
|
$
|
53,786
|
|
|
$
|
729,209
|
|
|
United States
|
|
Canada
|
|
Latin America
|
|
Australia
|
|
Singapore
|
|
New Zealand
|
|
India
|
|
Europe
|
|
Dubai
|
|
Total
|
||||||||||||||||||||
External Revenues
|
$
|
103,171
|
|
|
$
|
2,950
|
|
|
$
|
2,425
|
|
|
$
|
15,550
|
|
|
$
|
2,957
|
|
|
$
|
876
|
|
|
$
|
6,307
|
|
|
$
|
9,404
|
|
|
$
|
—
|
|
|
$
|
143,640
|
|
Long-lived assets
|
$
|
371,507
|
|
|
$
|
6,941
|
|
|
$
|
7,429
|
|
|
$
|
627
|
|
|
$
|
34,008
|
|
|
$
|
224
|
|
|
$
|
79,524
|
|
|
$
|
24,334
|
|
|
$
|
37,943
|
|
|
$
|
562,537
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Prepaid expenses
|
$
|
11,826
|
|
|
$
|
10,276
|
|
Due from prior owners of acquired businesses for working capital settlements
|
607
|
|
|
916
|
|
||
Research and development tax credits receivable
|
388
|
|
|
375
|
|
||
Accrued interest receivable
|
12
|
|
|
372
|
|
||
Tax refunds receivable
|
1,225
|
|
|
—
|
|
||
Credit card merchant account balance receivable
|
616
|
|
|
—
|
|
||
Other
|
525
|
|
|
777
|
|
||
Total
|
$
|
15,199
|
|
|
$
|
12,716
|
|
•
|
Our ability to efficiently and effectively integrate acquired business operations, as discussed in Note 3 of the Condensed Notes to the Condensed Consolidated Financial Statements pertaining to the business acquisitions we have made;
|
•
|
Note 4 of the Notes to the Condensed Consolidated Financial Statements, "Debt with Commercial Bank" and our future liquidity needs discussed under “Liquidity and Financial Condition” regarding our ability to generate cash from operating activities and any declines in our credit ratings or financial condition which could restrict our access to the capital markets or materially increase our financing costs;
|
•
|
Note 5 of the Notes to the Condensed Consolidated Financial Statements, “Commitments and Contingencies”, and “Contractual Obligations and Commercial Commitments” in Management's Discussion and Analysis of Financial Condition and Results of Operation ("MD&A") regarding uncertainties pertaining to the actual ultimate cost of our legal contingencies;
|
•
|
MD&A and the analysis of the three and six month revenue trends regarding actual realized level of demand for our products during the immediately foreseeable future, and fluctuations thereof.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
(dollar amounts in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Exchanges
|
|
$
|
60,373
|
|
|
$
|
49,322
|
|
|
$
|
112,987
|
|
|
$
|
99,408
|
|
Broker Systems
|
|
3,595
|
|
|
3,885
|
|
|
7,383
|
|
|
7,097
|
|
||||
Risk Compliance Solutions
|
|
22,663
|
|
|
18,662
|
|
|
44,515
|
|
|
35,413
|
|
||||
Carrier Systems
|
|
756
|
|
|
705
|
|
|
1,605
|
|
|
1,722
|
|
||||
Totals
|
|
$
|
87,387
|
|
|
$
|
72,574
|
|
|
$
|
166,490
|
|
|
$
|
143,640
|
|
•
|
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, whereas the reported growth in revenues of the acquired entities after acquisition date are 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 obtained through a newly acquired customer base, are assigned to the acquired section of our business.
|
•
|
Pro formas do not include post acquisition revenue reductions as a result of discontinuation of any product lines and/or customer projects by Ebix in line with the Company initiatives to maximize profitability.
|
•
|
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, whereas the reported growth in revenues of the acquired entities after acquisition date are 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 obtained through a newly acquired customer base, are assigned to the acquired section of our business.
|
•
|
Pro formas do not include post acquisition revenue reductions as a result of discontinuation of any product lines and/or customer projects by Ebix in line with the Company initiatives to maximize profitability.
|
Country/Region
|
|
Cash and ST investments
|
||
United States
|
|
$
|
18,852
|
|
Canada
|
|
4,383
|
|
|
Latin America
|
|
1,948
|
|
|
Australia
|
|
3,409
|
|
|
Singapore
|
|
7,419
|
|
|
New Zealand
|
|
3,423
|
|
|
India
|
|
33,183
|
|
|
Europe
|
|
10,031
|
|
|
Mauritius
|
|
145
|
|
|
Dubai
|
|
17,886
|
|
|
Sweden
|
|
6
|
|
|
Total
|
|
$
|
100,685
|
|
|
Total Number of Shares (Units) Purchased
|
|
Total Number of Shares Purchased as Part of
Publicly-Announced Plans or Programs |
|
Average Price Paid Per Share (1)
|
|
Maximum Number (or
Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3) |
||||||
Period
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||
April 1, 2017 to April 30, 2017
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
139,076,000
|
|
May 1, 2017 to May 31, 2017
|
93,000
|
|
|
93,000
|
|
|
$
|
56.07
|
|
|
$
|
133,861,000
|
|
June 1, 2017 to June 30, 2017
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
133,861,000
|
|
Total
|
93,000
|
|
|
93,000
|
|
|
|
|
$
|
133,861,000
|
|
(1)
|
Average price paid per share for shares purchased as part of our publicly-announced plan.
|
(2)
|
Effective August 19, 2015 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $100.0 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.
|
(3)
|
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.
|
|
|
|
|
|
|
|
|
Ebix, Inc.
|
|
||
Date:
|
August 9, 2017
|
By:
|
/s/ Robin Raina
|
|
|
|
|
|
Robin Raina
|
|
|
|
|
|
Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
||
Date:
|
August 9, 2017
|
By:
|
/s/ Sean T. Donaghy
|
|
|
|
|
|
Sean T. Donaghy
|
|
|
|
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
Exhibits
|
|
|
31.1
*
|
||
31.2
*
|
||
32.1
*
|
||
32.2
*
|
||
101*
|
XBRL (Extensible Business Reporting Language) - The following materials from Ebix, Inc.'s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2017
, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statement of Stockholders' Equity and Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements which were tagged as blocks of text.
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* Filed herewith
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