Exhibit 99.1

ebixlogoa44.jpg

Ebix Q3 Revenues Rose 14% to a Record $147.2M with Operating Cash in Q3 of $40.8 Million


JOHNS CREEK, GA - November 12, 2019 - Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-learning and healthcare industries, today reported results for its third quarter ended September 30, 2019. Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).

Ebix delivered the following results for the third quarter of 2019:

Revenues: Q3 2019 revenue rose 14% to $147.2 million compared to $128.6 million in Q3 2018 and increased 2% over Q2 2019 revenue of $144.3 million. After excluding the revenues from the de-emphasized e-governance business, Q3 2019 revenues grew 17% in Q3 2019 as compared to Q3 2018.

On a constant currency basis, Ebix Q3 2019 revenue increased 15% to $148.4 million compared to $128.6 million in Q3 2018. Exchanges cumulatively including the insurance and EbixCash financial exchanges accounted for 88% of Q3 2019 revenues. Also, on a constant currency basis, year to date revenue increased 23% to $443.8 million as compared to $361.5 million during the same period in 2018.

The year over year revenue improvement reflected 36% growth in the Company’s EbixCash channel. After excluding the revenues from the de-emphasized e-governance business, EbixCash Q3 2019 revenues grew 42% in Q3 2019 as compared to Q3 2018.


(dollar amounts in thousands)
 
 
 
 
 
 
Channel
Q3 2019
Q3 2018
Change
YTD
2019
YTD 2018
Change
EbixCash Exchanges
$ 82,085
$ 60,341
+36%
$ 238,770
$ 151,605
+57%
Insurance Exchanges
51,191
48,075
+6%
155,111
144,393
+7%
RCS - Insurance
17,763
22,317
-20%
53,669
67,591
-21%
Overlapping Channel Revenues*
-3,805
-2,090
 
-13,118
-2,090
 
Total Revenue
$ 147,233
$ 128,643
+14%
$ 434,432
$ 361,499
+20%
 
 
 
 
 
 
 
Total Revenue on Constant Currency Basis
$ 148.4M
$ 128.6M
+15%
$ 443.8M
$ 361.5M
+23%

Note - Overlapping channel revenues represent insurance exchange revenues in India, that are an integral part of the EbixCash Exchange operations also.
 
Net Income and EPS:




Exhibit 99.1

In Q3 2019, the Company booked a $12.1 million-dollar bad debt reserve as a precautionary measure, against the receivables due from a public sector entity, BSNL in India. This reserve had a net impact to the Company’s net income of $6.6 million, when factoring in the $5.5 million portion attributable to noncontrolling interest. Payment of these receivables has been delayed due to a liquidity crunch at BSNL. The Government of India has recently approved funding to BSNL payment and the Company expects the accounts to be fully collectible once the Government funding reaches BSNL. Because of this bad debt reserve, Q3 2019 GAAP diluted earnings per share decreased 28% to $0.67 compared to $0.92 in Q3 2018. The Non-GAAP diluted earnings per share in Q3 2019 grew 12% to $1.03 as compared to Q3 2018.

GAAP net income decreased 30% to $20.5 million compared to $29.2 million in Q3 2018, in spite of increased revenue principally due to the net bad debt reserve impact of $6.6 million, increased non-operating short-term expenses associated with the Company’s recent investments and growth initiatives in India associated with servicing increased Gross Merchandise Value. The Q3 2019 Non-GAAP net income increased 8% to $31.7 million after excluding certain non-recurring items

Ebix’s weighted average diluted shares outstanding decreased to 30.63 million in Q3 2019 compared to 31.63 million in Q3 2018, and slightly decreased from 30.67 million in Q2 2019.

Operating Income and Margins: Q3 2019 GAAP operating margins were at 18% while the GAAP Operating income for Q3 2019 decreased 34% to $26.0 million, principally due to the bad debt reserve impact of $12.1 million. Non-GAAP operating margins for Q3 2019 were at 28% while non-GAAP operating income grew 4% to $40.7 million in Q3 2019 as compared to $39.2 million in Q3 2018.

Operating Cash: Cash generated from operations was $40.8 million in Q3 2019 compared to $34.3 million in Q3 2018 and $(253) thousand in Q2 2019. During Q3 2019, the Company also used $23 million to pay down its working capital facility in India.

Share Repurchases: In Q3 2019, Ebix repurchased 45,000 shares of its outstanding common stock for aggregate cash consideration of $2.0 million

Q4 2019 Diluted Share Count: As of today, Ebix expects its diluted share count for Q4 2019 to be approximately 30.8 million.

Dividend: Ebix paid its regular quarterly dividend of $0.075 per share in Q3 2019 for a total cost of $2.3 million.

Ebix Chairman, President and CEO Robin Raina said, “Our revenue momentum continued to be strong in India with EbixCash exchanges growing organically 5% on a constant currency basis, as compared to Q2 2019 and 36% year over year in Q3 2019. Amongst many other new agreements, the Company signed material new agreements with international travel exchanges to deliver millions of airline segments annually for a per segment fee, over a 5-year period. As a part of this agreement, EbixCash collected a cumulative advance of $25 million also.”

“The above revenue performance is in spite of the Company deciding not to pursue any key opportunities in the e-governance arena, due to the recent liquidity issues with BSNL - a Govt. of India public sector unit. While the Government recently decided to sanction a revival package for BSNL and to pay all the BSNL vendors, we conservatively decided to book a bad debt reserve for $12.1 million of our outstanding amount with BSNL. In the short term the booking of the reserve, brought our GAAP operating income down for the quarter. We have been assured that we will fully get paid once BSNL receives the funds from the Government, and accordingly expect to get back this income at that time.”

”We are overall pleased that the basics of our EbixCash business are very strong with key business areas like Remittance, lending technology, travel technology, wealth & asset management technology and e-learning generating 40% plus operating margins. Our B2B travel businesses in the quarter were at 27%



Exhibit 99.1

margins. The good news is that we know that as we improve the operating margins primarily from our forex, payment solutions and Corporate travel businesses, leveraging our recent contracts and the normal synergies in process, we will be able to convert EbixCash into a strong recurring operating margin business at very high levels like our insurance businesses worldwide.”

Robin added, “We are presently focused on our EbixCash IPO efforts, working with our investment bankers. We will be adding one more international banker soon to the list. We have a number of material key initiatives that are expected to add substantially to our EbixCash revenue and income streams - UAE airport forex, Trimax bus exchange acquisition, recent material wins in multiple areas, new realignments in remittance arena, Yatra acquisition, business transfer of Cox & Kings, new travel exchange deals etc. EbixCash performance is particularly noteworthy when you compare it to its key competitors with high valuations, who collectively lost a billion dollars last year in the Indian markets and delivered much less top line growth than EbixCash.”

“In spite of our insurance exchange businesses worldwide getting effected by Brexit, currency variations, and the drops in our ADAM health content and the health TPA business, yet our worldwide Insurance Exchange revenue grew 6% year over year in Q3 2019 to $51.2 million.” Ash Sawhney, President North America, Insurance operations said. “The US exchange revenue grew 4% in Q3 2019 as compared to Q3 2018. Our insurance business pipeline in the US today, is the best that it has ever been We are encouraged by a few material wins both in international markets and in the US, that coupled with our pipeline is targeted to put us back on the 8 to 10% growth path in 2020 as compared to 2019.”

Reconciliation of GAAP net income and diluted earnings per share to non-GAAP net income and diluted earnings per share. Non-GAAP information is provided to enhance the understanding of the Company's financial performance and is reconciled to the Company's GAAP information in the accompanying tables.

Net Income
Diluted EPS
Third Quarter 2019 GAAP Results
$20,509
$0.67
 
 
 
Non-GAAP Adjustments:
 
 
Nonrecurring Bad Debt Reserve for certain accounts receivable in the India e-government business sector (operating)
$12,100
$0.39
Portion attributable to noncontrolling interest for nonrecurring bad debt Reserve for certain accounts receivable in the India e-government business sector (non-operating)
($5,497)
($0.18)
 One-time quarterly expenses related to synergies and redundancies being implemented (operating)
$ 1,033
$0.03
 Stock based compensation (operating)
$ 1,029
$0.03
Non-recurring Legal Expenses (operating)
$ 897
$0.03
Short term Finance Fees for GMV Growth Funding (non-operating)
$ 1,627
$0.05
 
 
 
Total Non-GAAP Adjustments
$11,189
$0.37
Third Quarter 2019 Non-GAAP Results
$31,698
$1.03









Exhibit 99.1

Conference Call Details:

Call Date/Time:
Tuesday, November 12, 2019 at 11:00 a.m. EST
Call Dial-In:
+1-877-837-3909 or 1-973-409-9690; Call ID # 7368513
Live Audio Webcast:
www.ebix.com/webcast
Audio Replay URL:
www.ebix.com/result_19_Q3 after 2:00 p.m. EDT on November 12

About Ebix, Inc.

With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, travel technology in India; besides having grown its international expanse to Europe, Middle East, Africa and ASEAN countries.
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 Company’s 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 Company's products by the market, and management's 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, are forward-looking statements. Words such as "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "seeks," "plan," "project," "continue," "predict," "will," "should," and other words or expressions of similar meaning are intended by the Company to identify forward-looking



Exhibit 99.1

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 and subsequent reports filed with the SEC, as well as: the risk of an unfavorable outcome of the pending governmental investigations or shareholder class action lawsuits, reputational harm caused by such investigations and lawsuits, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; 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; 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 Australia, UK and India wherein we have significant operations); equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and international conflict, including terrorist acts.

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 SEC's web site, www.sec.gov.

CONTACT:

Darren Joseph
678 -281-2027 or IR@ebix.com

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com















Exhibit 99.1

Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Operating revenue
$
147,233

 
 
$
128,643

 
 
$
434,432

 
 
$
361,499

 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Cost of services provided
55,171
 
 
 
42,963
 
 
 
152,054
 
 
 
126,113
 
 
Product development
11,245
 
 
 
11,010
 
 
 
33,884
 
 
 
28,115
 
 
Sales and marketing
4,284
 
 
 
4,721
 
 
 
14,898
 
 
 
13,542
 
 
General and administrative, net
46,900
 
 
 
28,188
 
 
 
101,210
 
 
 
74,416
 
 
Amortization and depreciation
3,626
 
 
 
2,523
 
 
 
10,966
 
 
 
7,864
 
 
Total operating expenses
121,226
 
 
 
89,405
 
 
 
313,012
 
 
 
250,050
 
 
 
 
 
 
 
 
 
 
Operating income
26,007
 
 
 
39,238
 
 
 
121,420
 
 
 
111,449
 
 
Interest income
99
 
 
 
103
 
 
 
578
 
 
 
309
 
 
Interest expense
(10,970
)
 
 
(7,467
)
 
 
(32,551
)
 
 
(18,064
)
 
Non-operating income
352
 
 
 
7
 
 
 
344
 
 
 
60
 
 
Non-operating expense - litigation settlement
 
 
 
 
 
 
(21,140
)
 
 
 
 
Foreign currency exchange loss
(641
)
 
 
(921
)
 
 
(495
)
 
 
(2,919
)
 
Income before income taxes
14,847
 
 
 
30,960
 
 
 
68,156
 
 
 
90,835
 
 
Income tax benefit (expense)
217
 
 
 
(1,679
)
 
 
297
 
 
 
(6,027
)
 
Net income including noncontrolling interest
15,064
 
 
 
29,281
 
 
 
68,453
 
 
 
84,808
 
 
Net (loss) income attributable to noncontrolling interest
(5,445
)
 
 
39
 
 
 
(6,617
)
 
 
178
 
 
Net income attributable to Ebix, Inc.
$
20,509

 
 
$
29,242

 
 
$
75,070

 
 
$
84,630

 
 
 
 
 
 
 
 
 
Basic earnings per common share attributable to Ebix, Inc.
$
0.67

 
 
$
0.93

 
 
$
2.46

 
 
$
2.69

 
 
 
 
 
 
 
 
 
Diluted earnings per common share attributable to Ebix, Inc.
$
0.67

 
 
$
0.92

 
 
$
2.45

 
 
$
2.67

 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
30,501
 
 
 
31,492
 
 
 
30,517
 
 
 
31,480
 
 
 
 
 
 
 
 
 
 
Diluted weighted average shares outstanding
30,633
 
 
 
31,628
 
 
 
30,598
 
 
 
31,638
 
 













Exhibit 99.1


Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
 
September 30,
 2019
 
December 31,
 2018
ASSETS
(Unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
124,242

 
 
$
147,766

 
Short-term investments
4,795
 
 
 
31,192
 
 
Restricted cash
18,240
 
 
 
8,317
 
 
Fiduciary funds- restricted
4,200
 
 
 
6,491
 
 
Trade accounts receivable, less allowances of $21,011 and $6,969, respectively
165,397
 
 
 
174,340
 
 
Other current assets
63,615
 
 
 
59,274
 
 
Total current assets
380,489
 
 
 
427,380
 
 
 
 
 
 
Property and equipment, net
52,597
 
 
 
50,294
 
 
Right-of-use assets
17,008
 
 
 
 
 
Goodwill
958,813
 
 
 
946,685
 
 
Intangibles, net
46,298
 
 
 
51,448
 
 
Indefinite-lived intangibles
42,055
 
 
 
42,055
 
 
Capitalized software development costs, net
13,748
 
 
 
11,742
 
 
Deferred tax asset, net
59,906
 
 
 
54,629
 
 
Other assets
34,425
 
 
 
26,714
 
 
Total assets
$
1,605,339

 
 
$
1,610,947

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
117,520

 
 
$
130,221

 
Accrued payroll and related benefits
8,683
 
 
 
9,227
 
 
Working capital facility
35,829
 
 
 
17,841
 
 
Fiduciary funds- restricted
4,200
 
 
 
6,491
 
 
Short-term debt
1,253
 
 
 
3,990
 
 
Current portion of long term debt and financing lease obligation, net of deferred financing
costs of $575
20,203
 
 
 
14,603
 
 
Lease liability
5,578
 
 
 
 
 
Contingent liability for accrued earn-out acquisition consideration
1,254
 
 
 
13,767
 
 
Contract liabilities
27,665
 
 
 
35,609
 
 
Other current liabilities
31,647
 
 
 
85,679
 
 
Total current liabilities
253,832
 
 
 
317,428
 
 
 
 
 
 
Revolving line of credit
438,037
 
 
 
424,537
 
 
Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $1,703 and $1,811, respectively
259,992
 
 
 
274,716
 
 
Other liabilities
41,126
 
 
 
28,287
 
 
Contingent liability for accrued earn-out acquisition consideration
9,290
 
 
 
11,209
 
 
Contract liabilities
7,662
 
 
 
9,051
 
 
Deferred tax liability, net
1,282
 
 
 
1,282
 
 
Lease liability
10,802
 
 
 
 
 



Exhibit 99.1

Total liabilities
1,022,023
 
 
 
1,066,510
 
 
 
 
 
 
Commitments and Contingencies
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018
 
 
 
 
 
Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at September 30, 2019 and no shares authorized, issue and outstanding at December 31, 2018
 
 
 
 
 
Common stock, $0.10 par value, 220,000,000 shares authorized, 30,491,207 issued and outstanding, at September 30, 2019, and 30,567,725 issued and outstanding at December 31, 2018
3,049
 
 
 
3,057
 
 
Additional paid-in capital
6,208
 
 
 
3,397
 
 
Retained earnings
599,148
 
 
 
535,118
 
 
Accumulated other comprehensive loss
(74,236
)
 
 
(63,377
)
 
Total Ebix, Inc. stockholders’ equity
534,169
 
 
 
478,195
 
 
Noncontrolling interest
49,147
 
 
 
66,242
 
 
Total stockholders’ equity
583,316
 
 
 
544,437
 
 
Total liabilities and stockholders’ equity
$
1,605,339

 
 
$
1,610,947

 





























Exhibit 99.1

Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Nine Months Ended
 
September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income attributable to Ebix, Inc.
$
75,070

 
 
$
84,630

 
Net (loss) income attributable to noncontrolling interest
(6,617
)
 
 
178
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization and depreciation
10,966
 
 
 
7,864
 
 
Benefit for deferred taxes
(5,880
)
 
 
(3,077
)
 
Share based compensation
2,451
 
 
 
2,240
 
 
Provision for doubtful accounts
10,580
 
 
 
2,622
 
 
Amortization of right-of-use assets
5,167
 
 
 
 
 
Unrealized foreign exchange loss
321
 
 
 
1,337
 
 
Amortization of capitalized software development costs
1,931
 
 
 
1,608
 
 
Reduction of acquisition accruals
(17,124
)
 
 
(645
)
 
Changes in assets and liabilities, net of effects from acquisitions:
 
 
 
Accounts receivable
(6,403
)
 
 
(12,518
)
 
Other assets
(5,947
)
 
 
(655
)
 
Accounts payable and accrued expenses
(4,529
)
 
 
6,811
 
 
Accrued payroll and related benefits
(607
)
 
 
322
 
 
Contract liabilities
(9,126
)
 
 
(10,772
)
 
Lease liabilities
(5,056
)
 
 
(458
)
 
Reserve for potential uncertain income tax return positions
 
 
 
88
 
 
Other liabilities
33,844
 
 
 
(5,410
)
 
Net cash provided by operating activities
79,041
 
 
 
74,165
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
Acquisition of Transcorp
 
 
 
(6,554
)
 
Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business
(4,925
)
 
 
4,996
 
 
Acquisition of Weizmann, net of $11.3 million cash acquired
(77,350
)
 
 
 
 
Acquisition of Pearl
(3,372
)
 
 
 
 
Acquisition of Lawson
(2,726
)
 
 
 
 
Acquisition of Miles
(982
)
 
 
 
 
Acquisition of Business Travels
(689
)
 
 
 
 
Cash paid for acquisition of AHA taxis, net of $25 thousand cash acquired
(214
)
 
 
 
 
Cash paid for acquisition of Zillious, net of $279 thousand cash acquired
(9,816
)
 
 
 
 
Cash paid for acquisition of Essel Forex
(7,935
)
 
 
 
 
Cash paid for acquisition of Wallstreet Canada, net of $1.17 million cash acquired
(942
)
 
 
 
 
Cash paid for acquisition of Centrum, net of $13.4 million cash acquired
 
 
 
(176,137
)
 
Cash paid for acquisition of Smartclass, net of $982 thousand cash acquired
 
 
 
(7,593
)
 
Cash paid for acquisition of Indus, net of $1.3 million of cash acquired
 
 
 
(24,261
)
 
Cash paid for acquisition of Mercury, net of $1.1 million of cash acquired
 
 
 
(11,356
)
 
Cash paid for acquisition of Miles, net of $606 thousand cash acquired
 
 
 
601
 
 
Cash paid for acquisition of Leisure, net of $269 thousand cash acquired
 
 
 
(1,304
)
 
Additional Investment in ItzCash
 
 
 
(3,831
)
 
Capitalized software development costs paid
(4,126
)
 
 
(3,574
)
 
Maturities of marketable securities
25,686
 
 
 
4,444
 
 
Capital expenditures
(5,869
)
 
 
(5,840
)
 
Net cash used in investing activities
(93,260
)
 
 
(230,409
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
Proceeds from revolving line of credit, net
13,500
 
 
 
125,165
 
 



Exhibit 99.1

Proceeds from term loan
 
 
 
124,250
 
 
Principal payments of term loan obligation
(11,298
)
 
 
(6,250
)
 
Repurchases of common stock
(12,952
)
 
 
(2,226
)
 
Proceeds from the exercise of stock options
 
 
 
42
 
 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested
(36
)
 
 
(147
)
 
Dividend payments
(6,898
)
 
 
(7,106
)
 
Other
6,023
 
 
 
 
 
Principal payments of debt obligations
(962
)
 
 
 
 
Proceeds from working capital facility, net
18,900
 
 
 
609
 
 
Payments of financing lease obligations
(200
)
 
 
(6
)
 
Net cash provided by financing activities
6,077
 
 
 
234,331
 
 
Effect of foreign exchange rates on cash
(2,397
)
 
 
(11,444
)
 
Net change in cash and cash equivalents, and restricted cash
(10,539
)
 
 
66,643
 
 
Cash and cash equivalents, and restricted cash at the beginning of the period
159,589
 
 
 
70,867
 
 
Cash and cash equivalents, and restricted cash at the end of the period
$
149,050

 
 
$
137,510

 
Supplemental disclosures of cash flow information:
 
 
 
Interest paid
$
31,787

 
 
$
16,865

 
Income taxes paid
$
7,406

 
 
$
9,320