Form 8-K EBIX INC For: Aug 09
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 | Results of Operations and Financial Condition. |
On May on August 9, 2022, Ebix, Inc. issued an earnings press release announcing its results of operations and financial condition for the most recent fiscal quarter ended June 30, 2022 A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
The information in this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01 | Financial Statements and Exhibits. |
Exhibits
99.1 | Press release, dated August 9, 2022 issued by Ebix, Inc. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EBIX, INC. | ||
By: | Steven M. Hamil | |
Name: | Steven M. Hamil | |
Title: | Chief Financial Officer |
Dated: August 9, 2022
Exhibit 99.1
With Worldwide Revenues (Excluding Pre-Paid Cards) in Q2 2022 Increasing 32% Year-over-Year, Ebix Announces Q2 2022 Results
| Q2 Revenues of $250.8 million, with 2% Year-over-Year (YOY) Growth |
| Q2 Diluted EPS of $0.63, with 23% YOY Growth |
| Q2 GAAP Operating Income of $30.1 million, with 10% YOY Growth |
| Q2 Operating Cash flow of $21.4 million |
JOHNS CREEK, GA August 9, 2022 Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries today announced the following results for the quarter ended June 30, 2022:
| Revenues of $250.8 million |
| GAAP operating income of $30.1 million and Non-GAAP operating income of $34.0 million |
| GAAP Diluted EPS of $0.63 and Non-GAAP diluted EPS of $0.75. |
Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).
Robin Raina, President & CEO, Ebix Inc. said, On a constant currency basis, our Q2 2022 revenues grew by 6% year-over-year (YOY) to $260.1 million. Our worldwide revenues, excluding pre-paid cards, grew 32% year-over-year in Q2 2022. The main contributors to this stellar growth were the Companys EbixCash travel and foreign exchange revenues that grew a combined 293% year-over-year, EbixCash BPO revenues that grew year-over-year by 70%, US Annuitynet and LifeSpeed combined revenues increased 21% year-over-year, e-learning revenues increased approximately 600% year-over-year and the Latin American revenues increased 62% year-over-year. These increases were offset, in part, by a year-over-year decline of $22.1 million or 14%, in the EbixCash prepaid card revenues.
Robin added, Excluding pre-paid cards, our EbixCash revenues increased by 56% year-over-year. The Companys RCS channel revenues grew 21% year-over-year, while the insurance channel revenues year-over-year increased by 1%. The Company generated GAAP operating income of $30.1 million and EBITDA plus stock based compensation of $36 million in Q2 2022. I am pleased with these results as they are in spite of the substantial negative effects of currency headwinds on both our revenues and operating income.
Ebix delivered the following results for the second quarter of 2022:
Revenue: Q2 2022 revenue increased 2% to $250.8 million compared to $246.3 million in Q2 2021. On a constant currency basis, Q2 2022 revenues increased 6% year-over-year in Q2 2022 and would have been $9.4 million higher in the quarter but for foreign currency rate changes.
Out of 10 major geographies worldwide, revenues grew year over year in eight regions, while declining in two regions. On a constant currency basis nine of ten geographies experienced year-over-year revenue growth in Q2 2022, with Australia having a 1% decline year-over-year. Insurance Exchanges revenues worldwide increased year-over-year by 1%, while Risk Compliance Solutions revenue increased 21% year-over-year in the second quarter of 2022.
Exchanges, including EbixCash and our worldwide insurance exchanges, continued to be Ebixs largest channel, accounting for 89% of Q2 2022 revenues.
(dollar amounts in thousands) | ||||||||||||
Channel |
Q2 2022 | Q2 2021 | Change | |||||||||
EbixCash Exchanges |
$ | 188,641 | $ | 187,957 | +0.4 | % | ||||||
Insurance Exchanges |
42,302 | 41,916 | +0.9 | % | ||||||||
RCS |
19,838 | 16,449 | +20.6 | % | ||||||||
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Total Revenue |
$ | 250,781 | $ | 246,322 | +1.8 | % | ||||||
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Total Revenue on Constant Currency Basis |
$ | 260,153 | $ | 246,322 | +5.6 | % | ||||||
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Operating Income and Operating Cash: GAAP Operating income for Q2 2022 of $30.1 million increased 10% year-over-year as compared to $27.3 million in Q2 2021, primarily due to solid revenue growth discussed above, a higher year-over-year gross margin in Q2 2022 versus Q2 2021, offset in part by increased general and administrative expenses in Q2 2022 as compared to Q2 2021.
Non-GAAP operating income for Q2 2022 increased slightly from $34.0 million as compared to $33.9 million in Q2 2021.
Cash generated from operations in Q2 2022 was $21.4 million, as compared to $21.6 million in Q2 2021 and $5.6 million in Q1 2022.
Earnings per Share: Q2 2022 GAAP diluted earnings per share was $0.63 as compared to $0.51 in Q2 2021, a 23% increase year-over-year despite the Company incurring $1.2 million of incremental interest expense in Q2 2022 versus Q2 2021, which equates to $0.04 per diluted share. Non-GAAP diluted earnings per share for Q2 2022 was $0.75.
Net Income: Q2 2022 GAAP net income increased 23% to $19.3 million compared to $15.7 million in Q2 2021. Q2 2022 non-GAAP net income was $23.2 million.
Q3 2022 Diluted Share Count: As of today, Ebix expects its diluted share count for Q2 2022 to be approximately 30.8 million.
Dividend: Ebix paid its regular quarterly dividend of $0.075 per share in Q2 2022 for a total cost of $2.3 million.
Steve Hamil, EVP and Global CFO added, The Company has produced substantial Adjusted EBITDA (EBITDA plus non-cash stock compensation expense) of $71.4 million in the first half of fiscal 2022. That represents a year-over-year 3.5% increase during the second quarter of 2022. With continued improvement for the solutions and services most negatively impacted by COVID-19, Ebix management is optimistic that the full year 2022 results will continue to improve from the pandemic lows and demonstrate the strong market positions and diverse nature of our global company.
Reconciliation of GAAP operating income, net income and diluted earnings per share to non-GAAP operating income, net income and diluted earnings per share. Non-GAAP information is provided to enhance the understanding of the Companys financial performance and is reconciled to the Companys GAAP information in the accompanying tables.
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Q2 2022
Net Income | Diluted EPS | |||||||
Q2 2022 GAAP Net Income |
$ | 19,343 | $ | 0.63 | ||||
Q2 2022 GAAP Operating Income |
$ | 30,107 | ||||||
Non-GAAP Adjustments: |
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Amortization of Intangibles (1) |
$ | 2,477 | $ | 0.08 | ||||
Stock-Based Compensation (1) |
$ | 970 | $ | 0.03 | ||||
One-time Legal and Professional Services Costs (2) |
$ | 477 | $ | 0.02 | ||||
Non-operating expense (3) |
$ | 408 | $ | 0.01 | ||||
Income Tax Effects of NonGAAP Adjustments (4) |
($ | 503 | ) | ($ | 0.02 | ) | ||
Total Non-GAAP Adjustments (Operating Income) |
$ | 3,924 | ||||||
Total Non-GAAP Adjustments (Net Income) |
$ | 3,829 | $ | 0.12 | ||||
Second Quarter 2022 Non-GAAP Net Income |
$ | 23,172 | $ | 0.75 | ||||
Second Quarter 2022 Non-GAAP Operating Income |
$ | 34,031 |
(1) | Adjustments related to amortization of acquired intangibles and stock-based compensation recognized during the periods for GAAP purposes. |
(2) | Non-recurring legal and professional services costs recorded during the period for GAAP purposes. |
(3) | Non-recurring non-operating expense that is unrelated to any operating activities. |
(4) | Non-GAAP adjustment is based on the Q2 2022 effective tax rate, which reflects currently available information and could be subject to change. |
Non-GAAP Financial Measures and Other Metrics
This press release contains the following non-GAAP financial measures: non-GAAP net income, non-GAAP operating income and non-GAAP diluted earnings per share. Non-GAAP operating income , non-GAAP net income and non-GAAP diluted earnings per share from operations exclude amortization of intangibles, stock-based compensation, as well as certain non-recurring expenses that are not associated with our ongoing operating business activities.
Ebix believes that these non-GAAP financial measures and other metrics provide useful information to management and investors regarding certain financial and business trends relating to Ebixs financial condition and results of operations. The Companys management uses these non-GAAP measures and other metrics to compare the Companys performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation, and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures and other metrics provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Companys financial measures with other software companies, many of which present similar non-GAAP financial measures and other metrics to investors.
Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Companys financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Ebix urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including the financial tables at the end of this press release, and not to rely on any single financial measure to evaluate the Companys business.
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Conference Call Details:
Call Date/Time: | Tuesday, August 9, 2022 at 11:00 a.m. EST | |
Conference Call Registration | https://register.vevent.com/register/BI49e0fbba95de454aa42c5d4a0bad821a; must register at least 30 minutes in advance of the call | |
Live Listen-Only Webcast: | https://edge.media-server.com/mmc/p/i2k76h8y | |
Audio Replay URL: | www.ebix.com/investorhome within one day of the call |
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebixs main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis using Software-as-a-Service (SaaS) enterprise solutions in the area of customer relationship management (CRM), front-end and back-end systems, and outsourced administration and risk compliance services.
With a Phygital strategy that combines over 650,000 physical distribution outlets in many Association of Southeast Asian Nations (ASEAN) countries, to an Omni-channel online digital platform, the Companys EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management in India and other countries primarily in Asia and the Middle East. EbixCashs Forex operations is a leader in Indias airport Forex business, with operations in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, combined having conducted over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCashs inward remittance business in India processed approximately $5 billion in gross annual remittance volume (pre-COVID-19) and is the clear market leader. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asias leading travel exchanges with over 500,000 agents and approximately 18,000 registered corporate clients, combined having processed an estimated $2.5 billion in gross merchandise value per annum (pre-COVID-19). EbixCashs financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. The EbixCashs e-learning solutions are provided to schools across the breadth of India via high quality 2-D and 3-D animation and multimedia learning. EbixCashs business process outsourcing services provide information technology and call center services to a variety of industries.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Companys website at www.ebix.com
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As used herein, the terms Ebix, the Company, we, our and us refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains forward-looking statements and information within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Companys products by the market, and managements plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (SEC), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact,
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are forward-looking statements. Words such as may, could, should, would, believe, expect, anticipate, estimate, intend, seeks, plan, project, continue, predict, will, and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent reports filed with the SEC, as well as: the ongoing effects of the Covid-19 global pandemic, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Companys ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in India, Australia and Asia, Latin America and Europe wherein we have significant and/or growing operations); fluctuations in the equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; ability to secure additional financing to support capital requirements; credit facility provisions that could materially restrict our business; costs and effects of litigation, investigations or similar matters that could affect our business, operating results and financial condition; and international conflict, including terrorist acts and wars.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com under the Investor Information section, or over the Internet at the SECs web site, www.sec.gov
CONTACT:
Darren Joseph
678 -281-2027 or [email protected]
David Collins or Chris Eddy
Catalyst Global212-924-9800 or [email protected]
5
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating revenue |
$ | 250,781 | $ | 246,322 | $ | 537,034 | $ | 536,375 | ||||||||
Operating expenses: |
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Cost of services provided |
169,330 | 178,203 | 380,173 | 398,561 | ||||||||||||
Product development |
10,223 | 10,142 | 20,481 | 19,687 | ||||||||||||
Sales and marketing |
4,511 | 3,392 | 8,276 | 7,219 | ||||||||||||
General and administrative, net |
31,736 | 23,335 | 58,649 | 44,672 | ||||||||||||
Amortization and depreciation |
4,874 | 3,985 | 9,238 | 7,785 | ||||||||||||
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Total operating expenses |
220,674 | 219,057 | 476,817 | 477,924 | ||||||||||||
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Operating income |
30,107 | 27,265 | 60,217 | 58,451 | ||||||||||||
Interest income |
66 | 17 | 128 | 25 | ||||||||||||
Interest expense |
(11,664 | ) | (10,462 | ) | (21,915 | ) | (18,541 | ) | ||||||||
Non-operating (loss) income |
(408 | ) | (1,253 | ) | (1,142 | ) | (1,254 | ) | ||||||||
Foreign currency exchange gain (loss) |
3,229 | 9 | 4,123 | (616 | ) | |||||||||||
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Income before income taxes |
21,330 | 15,576 | 41,411 | 38,065 | ||||||||||||
Income tax (expense) benefit |
(2,478 | ) | (627 | ) | (4,182 | ) | (1,829 | ) | ||||||||
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Net income including noncontrolling interest |
18,852 | 14,949 | 37,229 | 36,236 | ||||||||||||
Net loss attributable to noncontrolling interest |
(491 | ) | (772 | ) | (1,305 | ) | (1,076 | ) | ||||||||
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Net income attributable to Ebix, Inc. |
$ | 19,343 | $ | 15,721 | $ | 38,534 | $ | 37,312 | ||||||||
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Basic earnings per common share attributable to Ebix, Inc. |
$ | 0.63 | $ | 0.51 | $ | 1.25 | $ | 1.22 | ||||||||
Diluted earnings per common share attributable to Ebix, Inc. |
$ | 0.63 | $ | 0.51 | $ | 1.25 | $ | 1.21 | ||||||||
Basic weighted average shares outstanding |
30,745 | 30,581 | 30,729 | 30,570 | ||||||||||||
Diluted weighted average shares outstanding |
30,756 | 30,713 | 30,756 | 30,712 |
6
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
June 30, 2022 |
December 31, 2021 |
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(Unaudited) | ||||||||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 67,511 | $ | 99,625 | ||||
Receivables from service providers |
3,546 | 1,352 | ||||||
Short-term investments |
19,767 | 16,463 | ||||||
Restricted cash |
9,415 | 9,080 | ||||||
Fiduciary fundsrestricted |
1,782 | 2,046 | ||||||
Trade accounts receivable, less allowances of $20,312 and $19,874, respectively |
161,099 | 153,609 | ||||||
Other current assets |
91,527 | 84,389 | ||||||
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Total current assets |
354,647 | 366,564 | ||||||
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Property and equipment, net |
58,405 | 54,359 | ||||||
Right-of-use assets |
9,753 | 10,051 | ||||||
Goodwill |
906,807 | 939,249 | ||||||
Intangibles, net |
40,873 | 46,795 | ||||||
Indefinite-lived intangibles |
16,647 | 16,647 | ||||||
Capitalized software development costs, net |
23,404 | 21,565 | ||||||
Deferred tax asset, net |
105,389 | 84,514 | ||||||
Other assets |
31,519 | 33,505 | ||||||
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Total assets |
$ | 1,547,444 | $ | 1,573,249 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable and accrued liabilities |
$ | 90,551 | $ | 86,181 | ||||
Payables to service agents |
7,470 | 6,296 | ||||||
Accrued payroll and related benefits |
11,991 | 11,360 | ||||||
Working capital facility |
3,696 | 5,607 | ||||||
Fiduciary fundsrestricted |
1,782 | 2,046 | ||||||
Revolving line of credit |
439,402 | | ||||||
Short-term debt |
281 | 1,954 | ||||||
Current portion of long term debt and financing lease obligations, net of deferred financing costs of $1,910 and $1,635, respectively |
196,975 | 28,577 | ||||||
Contract liabilities |
39,918 | 33,164 | ||||||
Lease liability |
3,361 | 3,173 | ||||||
Other current liabilities |
32,276 | 26,837 | ||||||
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Total current liabilities |
827,703 | 205,195 | ||||||
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Revolving line of credit |
| 439,402 | ||||||
Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $0 and $261, respectively |
227 | 184,676 | ||||||
Contingent liability for accrued earn-out acquisition consideration |
2,412 | 2,557 | ||||||
Contract liabilities |
9,033 | 8,193 | ||||||
Lease liability |
6,720 | 7,139 | ||||||
Deferred tax liability, net |
1,150 | 1,150 | ||||||
Other liabilities |
20,809 | 25,383 | ||||||
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Total liabilities |
868,054 | 873,695 | ||||||
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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, 2022 and December 31, 2021 |
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Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021 |
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Common stock, $0.10 par value, 220,000,000 shares authorized, 30,755,500 issued and outstanding, at June 30, 2022, and 30,683,393 issued and outstanding at December 31, 2021 |
3,075 | 3,068 | ||||||
Additional paid-in capital |
16,931 | 15,068 | ||||||
Retained earnings |
793,106 | 759,208 | ||||||
Accumulated other comprehensive loss |
(176,649 | ) | (122,022 | ) | ||||
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Total Ebix, Inc. stockholders equity |
636,463 | 655,322 | ||||||
Noncontrolling interest |
42,927 | 44,232 | ||||||
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Total stockholders equity |
679,390 | 699,554 | ||||||
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Total liabilities and stockholders equity |
$ | 1,547,444 | $ | 1,573,249 | ||||
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7
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended | ||||||||
June 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: |
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Net income attributable to Ebix, Inc. |
$ | 38,534 | $ | 37,312 | ||||
Net loss attributable to noncontrolling interest |
(1,305 | ) | (1,076 | ) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization and depreciation |
9,238 | 7,785 | ||||||
Provision (benefit) for deferred taxes |
(24,354 | ) | (3,175 | ) | ||||
Share-based compensation |
1,934 | 2,717 | ||||||
(Benefit) provision for doubtful accounts |
1,702 | (2,815 | ) | |||||
Amortization of right-of-use assets |
1,765 | 2,507 | ||||||
Amortization of capitalized software development costs |
1,511 | 1,647 | ||||||
Changes in assets and liabilities, net of effects from acquisitions: |
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Accounts receivable |
(16,223 | ) | 2,025 | |||||
Receivables from service providers |
(2,194 | ) | (8,592 | ) | ||||
Payables to service agents |
1,174 | (1,154 | ) | |||||
Other assets |
(9,826 | ) | (10,489 | ) | ||||
Accounts payable and accrued expenses |
8,525 | (9,469 | ) | |||||
Accrued payroll and related benefits |
1,004 | (1,318 | ) | |||||
Contract liabilities |
8,766 | 2,182 | ||||||
Lease liabilities |
(1,670 | ) | (264 | ) | ||||
Reserve for potential uncertain income tax return positions |
| 334 | ||||||
Other liabilities |
2,863 | 3,503 | ||||||
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Net cash provided by operating activities |
21,444 | 21,660 | ||||||
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Cash flows from investing activities: |
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Capitalized software development costs |
(4,170 | ) | (3,106 | ) | ||||
Maturities (purchases) of unrestricted marketable securities, net |
(3,214 | ) | 11,250 | |||||
Capital expenditures |
(9,607 | ) | (1,705 | ) | ||||
|
|
|
|
|||||
Net cash (used in) provided by investing activities |
(16,991 | ) | 6,439 | |||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Principal payments of term loan obligation |
(15,933 | ) | (31,297 | ) | ||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(64 | ) | (119 | ) | ||||
Dividend payments |
(4,636 | ) | (4,642 | ) | ||||
Payments of debt obligations, net |
(1,672 | ) | (149 | ) | ||||
Payments of working capital facility, net |
(1,704 | ) | (6,886 | ) | ||||
Payments of financing lease obligations, net |
(106 | ) | (48 | ) | ||||
|
|
|
|
|||||
Net cash used in financing activities |
(24,115 | ) | (43,141 | ) | ||||
|
|
|
|
|||||
Effect of foreign exchange rates on cash |
(11,767 | ) | (4,806 | ) | ||||
|
|
|
|
|||||
Net change in cash and cash equivalents, and restricted cash |
(31,429 | ) | (19,848 | ) | ||||
Cash and cash equivalents, and restricted cash at the beginning of the period |
114,764 | 120,213 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, and restricted cash at the end of the period |
$ | 83,335 | $ | 100,365 | ||||
|
|
|
|
|||||
Supplemental disclosures of cash flow information: |
||||||||
Interest paid |
$ | 19,088 | $ | 14,065 | ||||
Income taxes paid |
$ | 24,222 | $ | 12,073 |
8
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