Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
  March 31,
  2020 2019
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $24,723 $25,710
Net loss attributable to noncontrolling interest (278) (667)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 3,641 4,057
Benefit for deferred taxes (44) (3,875)
Share based compensation 1,126 576
(Benefit) provision for doubtful accounts (618) 134
Amortization of right-of-use assets 1,797 1,671
Unrealized foreign exchange (gain) loss (419) 313
Amortization of capitalized software development costs 833 596
Reduction of acquisition accruals — (15,392)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 9,687 (5,639)
Receivables from service providers 12,184 11,488
Payables to service agents (3,476) (8,977)
Other assets (4,035) 3,142
Accounts payable and accrued expenses (9,755) (7,730)
Accrued payroll and related benefits 1,425 (1,208)
Contract liabilities 1,980 (2,920)
Lease liabilities (1,596) (1,643)
Reserve for potential uncertain income tax return positions 69 —
Liability - derivative litigation settlement — 19,652
Other liabilities (7,666) 1,754
Net cash provided by operating activities 29,578 21,042
 
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (1,858) (90,358)
Cash paid to from Paul Merchants for 10% stake in MTSS combined business — (4,925)
Capitalized software development costs paid (2,089) (1,740)
(Purchases) maturities of marketable securities (5,105) 11,775
Capital expenditures (557) (1,798)
Net cash used in investing activities (9,609) (87,046)
 
Cash flows from financing activities:    
Proceeds from revolving line of credit, net — 13,500
Principal payments of term loan obligation (3,765) (3,766)
Repurchases of common stock — (10,972)
Proceeds from the exercise of stock options 636 —
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (1,841) (21)
Dividend payments (2,301) (2,297)
Payments on short-term notes, net — 2,908
Principal payments of debt obligations (203) (834)
Payments of working capital facility, net (24,693) 15,621
Payments of financing lease obligations — (69)
Net cash (used) provided by financing activities (32,167) 14,070
Effect of foreign exchange rates on cash (10,173) 190
Net change in cash and cash equivalents, and restricted cash (22,371) (51,744)
Cash and cash equivalents, and restricted cash at the beginning of the period 111,369 149,681
Cash and cash equivalents, and restricted cash at the end of the period $88,998 $97,937
Supplemental disclosures of cash flow information:    
Interest paid $8,820 $9,573
Income taxes paid $1,086 $4,128
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EBIX Inc
1 Ebix Way, Johns Creek, Georgia 30097
Ph: 678-281-2027 Fax: 678-281-2019

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1 Ebix Way, Johns Creek,
GA 30097

Tel: +1 (678) 281-2020
Fax: +1 (678) 281-2019

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