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With Worldwide Revenues (Excluding Pre-Paid Cards) in Q2 2022 Increasing 32% Year-over-Year, Ebix Announces Q2 2022 Results

·19 min read
Ebix, Inc.
Ebix, Inc.
  • 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., Aug. 09, 2022 (GLOBE NEWSWIRE) -- 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 Company's 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 Company’s 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 Ebix’s 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

%

 

 

 

 

Total Revenue

$250,781

$246,322

+1.8

%

 

 

 

 

Total Revenue on Constant Currency Basis

$260,153

$246,322

+5.6

%

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 Company's financial performance and is reconciled to the Company's GAAP information in the accompanying tables.

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:

 

 

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 Non–GAAP 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 Ebix’s financial condition and results of operations. The Company’s management uses these non-GAAP measures and other metrics to compare the Company’s 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 Company’s 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 Company’s 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 Company’s business.

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, Ebix’s 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 Company’s 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. EbixCash’s Forex operations is a leader in India’s 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). EbixCash’s 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 Asia’s 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).   EbixCash's 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 EbixCash's e-learning solutions are provided to schools across the breadth of India via high quality 2-D and 3-D animation and multimedia learning. EbixCash's 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 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,” 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 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 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 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


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

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Operating revenue

$

250,781

 

 

$

246,322

 

 

$

537,034

 

 

$

536,375

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

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

 

Total operating expenses

 

220,674

 

 

 

219,057

 

 

 

476,817

 

 

 

477,924

 

 

 

 

 

 

 

 

 

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

)

Income before income taxes

 

21,330

 

 

 

15,576

 

 

 

41,411

 

 

 

38,065

 

Income tax (expense) benefit

 

(2,478

)

 

 

(627

)

 

 

(4,182

)

 

 

(1,829

)

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

)

Net income attributable to Ebix, Inc.

$

19,343

 

 

$

15,721

 

 

$

38,534

 

 

$

37,312

 

 

 

 

 

 

 

 

 

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

 



Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)

 

June 30,
2022

 

December 31,
2021

ASSETS

(Unaudited)

 

 

Current assets:

 

 

 

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 funds - restricted

 

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

 

Total current assets

 

354,647

 

 

 

366,564

 

 

 

 

 

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

 

Total assets

$

1,547,444

 

 

$

1,573,249

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

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 funds - restricted

 

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

 

Total current liabilities

 

827,703

 

 

 

205,195

 

 

 

 

 

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

 

Total liabilities

 

868,054

 

 

 

873,695

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021

 

 

 

 

 

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

 

 

 

 

 

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

)

Total Ebix, Inc. stockholders’ equity

 

636,463

 

 

 

655,322

 

Noncontrolling interest

 

42,927

 

 

 

44,232

 

Total stockholders’ equity

 

679,390

 

 

 

699,554

 

Total liabilities and stockholders’ equity

$

1,547,444

 

 

$

1,573,249

 



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:

 

 

 

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:

 

 

 

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:

 

 

 

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

 

Net cash provided by operating activities

 

21,444

 

 

 

21,660

 

 

 

 

 

Cash flows from investing activities:

 

 

 

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