Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
  March 31,
  2016 2015
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $22,159 $18,336
Net income attributable to non-controlling interest 192 -
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,720 2,597
Benefit for deferred taxes (165) (161)
Share based compensation 647 458
Provision for doubtful accounts (241) 9
Debt discount amortization on promissory note payable - 7
Unrealized foreign exchange gain (48) (672)
Reduction of acquisition earnout accruals (511) -
Amortization of capitalized software development costs 326 -
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (8,669) (4,689)
Other assets (220) (1,250)
Accounts payable and accrued expenses (7,563) (21,215)
Accrued payroll and related benefits 717 (564)
Deferred revenue 1,258 308
Deferred rent (80) (68)
Reserve for potential uncertain income tax return positions 50 87
Liability - securities litigation settlement payment - (690)
Other liabilities (38) 165
Net cash provided by operating activities 10,534 (7,342)
     
Cash flows from investing activities:    
Acquisition of Via Media Health, net of cash acquired - (1,000)
Capitalized software development costs (144) -
Purchases of marketable securities (596) -
Capital expenditures (1,028) (5,778)
Net cash used in investing activities (1,768) (6,778)
     
Cash flows from financing activities:    
Proceeds from revolving line of credit, net 20,000 15,000
Repurchases of common stock (14,787) (22,282)
Excess tax benefit from share-based compensation - 31
Proceeds from the exercise of stock options 29 1,117
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (66) (1,117)
Dividend payments (2,422) (2,729)
Principal payments of debt obligations - (12)
Net cash provided by (used in) financing activities 2,754 (9,992)
Effect of foreign exchange rates on cash 321 (991)
Net change in cash and cash equivalents 11,841 (25,103)
Cash and cash equivalents at the beginning of the period 57,179 52,300
Cash and cash equivalents at the end of the period $69,020 $27,197
Supplemental disclosures of cash flow information:    
Interest paid $1,987 $2,335
Income taxes paid $7,015 $20,163
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5 Concourse Parkway, Suite 3200, Atlanta, Georgia 30328
Ph: 678-281-2043 Fax: 678-281-2019
www.ebix.com
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