XML 71 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net income $ 63,558us-gaap_NetIncomeLoss $ 59,274us-gaap_NetIncomeLoss $ 70,569us-gaap_NetIncomeLoss
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 9,681us-gaap_DepreciationDepletionAndAmortization 10,107us-gaap_DepreciationDepletionAndAmortization 9,155us-gaap_DepreciationDepletionAndAmortization
Provision for doubtful accounts 1,600us-gaap_ProvisionForDoubtfulAccounts 1,147us-gaap_ProvisionForDoubtfulAccounts 442us-gaap_ProvisionForDoubtfulAccounts
Provision for deferred taxes (1,966)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (10,368)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (7,505)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Unrealized foreign exchange (gain)/losses (741)us-gaap_ForeignCurrencyTransactionGainLossUnrealized (237)us-gaap_ForeignCurrencyTransactionGainLossUnrealized 443us-gaap_ForeignCurrencyTransactionGainLossUnrealized
Unrealized gain on put option (296)us-gaap_GainLossOnSaleOfDerivatives (341)us-gaap_GainLossOnSaleOfDerivatives (191)us-gaap_GainLossOnSaleOfDerivatives
Share-based compensation 1,792us-gaap_ShareBasedCompensation 1,941us-gaap_ShareBasedCompensation 2,083us-gaap_ShareBasedCompensation
Debt discount amortization on convertible debt 35us-gaap_AmortizationOfDebtDiscountPremium 42us-gaap_AmortizationOfDebtDiscountPremium 39us-gaap_AmortizationOfDebtDiscountPremium
Reduction of acquisition earn-out contingent liability (10,237)ebix_BusinessAcquisitionEarnoutAccrualAdjustment (10,253)ebix_BusinessAcquisitionEarnoutAccrualAdjustment (699)ebix_BusinessAcquisitionEarnoutAccrualAdjustment
Changes in current assets and liabilities, net of acquisitions:      
Accounts receivable (1,530)us-gaap_IncreaseDecreaseInAccountsReceivable (3,347)us-gaap_IncreaseDecreaseInAccountsReceivable (2,023)us-gaap_IncreaseDecreaseInAccountsReceivable
Other assets (4,765)us-gaap_IncreaseDecreaseInOtherOperatingAssets 80us-gaap_IncreaseDecreaseInOtherOperatingAssets (371)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable and accrued expenses 14,670us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 1,135us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 730us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Accrued payroll and related benefits 1,811us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities (1,866)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities (594)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities
Deferred rent (324)us-gaap_IncreaseDecreaseInOtherDeferredLiability (87)us-gaap_IncreaseDecreaseInOtherDeferredLiability (132)us-gaap_IncreaseDecreaseInOtherDeferredLiability
Reserve for potential uncertain income tax return positions (9,723)us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease 6,817us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease 2,745us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease
Liability – securities litigation settlement (3,528)us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease 4,226us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease 0us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease
Other liabilities (221)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (225)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (2,384)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Deferred revenue (1,306)us-gaap_IncreaseDecreaseInDeferredRevenue (983)us-gaap_IncreaseDecreaseInDeferredRevenue (12)us-gaap_IncreaseDecreaseInDeferredRevenue
Net cash provided by operating activities 58,510us-gaap_NetCashProvidedByUsedInOperatingActivities 57,062us-gaap_NetCashProvidedByUsedInOperatingActivities 72,295us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:      
Purchases of marketable securities 0us-gaap_PaymentsToAcquireMarketableSecurities 0us-gaap_PaymentsToAcquireMarketableSecurities (785)us-gaap_PaymentsToAcquireMarketableSecurities
Maturities of marketable securities 495us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities 107us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities 1,466us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Capital expenditures (16,277)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,230)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,965)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (77,786)us-gaap_NetCashProvidedByUsedInInvestingActivities (8,840)us-gaap_NetCashProvidedByUsedInInvestingActivities (63,375)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:      
Proceeds from / (Repayment) to line of credit, net 97,625us-gaap_ProceedsFromRepaymentsOfLinesOfCredit (15,000)us-gaap_ProceedsFromRepaymentsOfLinesOfCredit 6,090us-gaap_ProceedsFromRepaymentsOfLinesOfCredit
Proceeds from term loan 0us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt 0us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt 45,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt
Proceeds from the issuance of note payable 0us-gaap_ProceedsFromNotesPayable 0us-gaap_ProceedsFromNotesPayable 161us-gaap_ProceedsFromNotesPayable
Principal payments on term loan obligation (31,938)us-gaap_RepaymentsOfOtherLongTermDebt (8,938)us-gaap_RepaymentsOfOtherLongTermDebt (19,125)us-gaap_RepaymentsOfOtherLongTermDebt
Repurchase of common stock (31,854)us-gaap_PaymentsForRepurchaseOfCommonStock (2,492)us-gaap_PaymentsForRepurchaseOfCommonStock (18,374)us-gaap_PaymentsForRepurchaseOfCommonStock
Payments of long term debt (345)us-gaap_RepaymentsOfLongTermDebt (665)us-gaap_RepaymentsOfLongTermDebt (600)us-gaap_RepaymentsOfLongTermDebt
Payments for capital lease obligations (231)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (277)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (284)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Excess tax benefit from share-based compensation (3,200)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 3,237us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 1,044us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Proceeds from exercise of common stock options 788us-gaap_ProceedsFromStockOptionsExercised 2,161us-gaap_ProceedsFromStockOptionsExercised 1,020us-gaap_ProceedsFromStockOptionsExercised
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (41)ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedValue (1,681)ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedValue (992)ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedValue
Cash consideration for shares reacquired in connection with put option (3,535)ebix_Cashconsiderationforsharesreacquiredinconnectionwithputoption 0ebix_Cashconsiderationforsharesreacquiredinconnectionwithputoption 0ebix_Cashconsiderationforsharesreacquiredinconnectionwithputoption
Dividends paid (11,406)us-gaap_PaymentsOfDividends (2,794)us-gaap_PaymentsOfDividends (7,034)us-gaap_PaymentsOfDividends
Net cash provided (used) by financing activities 15,863us-gaap_NetCashProvidedByUsedInFinancingActivities (26,449)us-gaap_NetCashProvidedByUsedInFinancingActivities 6,906us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of foreign exchange rates on cash and cash equivalents (961)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (1,548)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (3,073)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net change in cash and cash equivalents (4,374)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 20,225us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 12,753us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at the beginning of the year 56,674us-gaap_CashAndCashEquivalentsAtCarryingValue 36,449us-gaap_CashAndCashEquivalentsAtCarryingValue 23,696us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at the end of the year 52,300us-gaap_CashAndCashEquivalentsAtCarryingValue 56,674us-gaap_CashAndCashEquivalentsAtCarryingValue 36,449us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:      
Interest paid 1,290us-gaap_InterestPaidNet 1,169us-gaap_InterestPaidNet 1,350us-gaap_InterestPaidNet
Income taxes paid 11,433us-gaap_IncomeTaxesPaidNet 13,779us-gaap_IncomeTaxesPaidNet 8,590us-gaap_IncomeTaxesPaidNet
BSI      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_BsiMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_BsiMember
(992)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_BsiMember
Taimma      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
(5,003)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
Payments of acquisition earn-out contingencies (2,250)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
(2,250)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TaimmaMember
Fintechnix      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_FintechnixMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_FintechnixMember
(4,713)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_FintechnixMember
Planetsoft      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_PlanetsoftMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_PlanetsoftMember
(35,078)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_PlanetsoftMember
TriSystems      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
(9,277)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
Payments of acquisition earn-out contingencies (563)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_TrisystemsMember
Curepet, Inc.      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 3us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
Investment in CurePet, Inc. 0us-gaap_PaymentsToAcquireInvestments
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
0us-gaap_PaymentsToAcquireInvestments
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
(2,000)us-gaap_PaymentsToAcquireInvestments
/ us-gaap_BusinessAcquisitionAxis
= ebix_CurepetIncMember
ADAM      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired (5,856)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthcareMagicMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthcareMagicMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthcareMagicMember
Vertex      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired (27,547)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_VertexMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_VertexMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_VertexMember
Oakstone      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired (23,791)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_OakstoneMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_OakstoneMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_OakstoneMember
I3      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired (2,000)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_I3Member
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_I3Member
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_I3Member
MCN      
Cash flows from investing activities:      
Payments of acquisition earn-out contingencies 0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_McnMember
0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_McnMember
(1,537)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_McnMember
Qatarlyst      
Cash flows from investing activities:      
Investments in acquired businesses, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_QatarlystMember
(4,740)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_QatarlystMember
0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
/ us-gaap_BusinessAcquisitionAxis
= ebix_QatarlystMember
USIX      
Cash flows from investing activities:      
Payments of acquisition earn-out contingencies    (727)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_USIXMember
(1,466)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_USIXMember
Health Connect Systems      
Cash flows from investing activities:      
Payments of acquisition earn-out contingencies 0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthConnectSystemsMember
0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthConnectSystemsMember
(2,000)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ us-gaap_BusinessAcquisitionAxis
= ebix_HealthConnectSystemsMember
Facts      
Cash flows from investing activities:      
Payments of acquisition earn-out contingencies $ 0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ invest_InvestmentAxis
= ebix_FactsMember
$ 0us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ invest_InvestmentAxis
= ebix_FactsMember
$ (25)us-gaap_PaymentsForProceedsFromPreviousAcquisition
/ invest_InvestmentAxis
= ebix_FactsMember