Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
  March 31,
  2021 2020
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $21,591 $24,723
Net loss attributable to noncontrolling interest (304) (278)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 3,800 3,641
Benefit for deferred taxes (3,056) (44)
Share based compensation 1,358 1,126
Benefit for doubtful accounts (2,060) (618)
Amortization of right-of-use assets 1,295 1,797
Unrealized foreign exchange gain — (419)
Amortization of capitalized software development costs 813 833
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (2,339) 9,687
Receivables from service providers 2,275 12,184
Payables to service agents (1,615) (3,476)
Other assets (6,768) (4,035)
Accounts payable and accrued expenses (11,277) (9,755)
Accrued payroll and related benefits (1,076) 1,425
Contract liabilities 4,517 1,980
Lease liabilities (944) (1,596)
Reserve for potential uncertain income tax return positions — 69
Other liabilities 2,368 (7,666)
Net cash provided by operating activities 8,578 29,578
     
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired — (1,858)
Capitalized software development costs (1,683) (2,089)
Maturities (purchases) of marketable securities 2,335 (5,105)
Capital expenditures (270) (557)
Net cash provided by (used in) investing activities 382 (9,609)
     
Cash flows from financing activities:    
Principal payments of term loan obligation (5,648) (3,765)
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)
Dividend payments (2,321) (2,301)
Payments of debt obligations (62) (203)
Payments of working capital facility, net (4,589) (24,693)
Payments of financing lease obligations (47) _—
Net cash used in financing activities (12,667) (32,167)
Effect of foreign exchange rates on cash (1,379) (10,173)
Net change in cash and cash equivalents, and restricted cash (5,086) (22,371)
Cash and cash equivalents, and restricted cash at the beginning of the period 120,213 111,369
Cash and cash equivalents, and restricted cash at the end of the period $115,127 $88,998
Supplemental disclosures of cash flow information:    
Interest paid $7,505 $8,820
Income taxes paid $9,695 $1,086
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EBIX Inc
1 Ebix Way, Johns Creek, Georgia 30097
Ph: 678-281-2027 Fax: 678-281-2019

IR@ebix.com

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

Ebix Named in Fortune’s 2017 100 Fastest-Growing Companies

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