Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
  March 31,
  2022 2021
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $19,191 $21,591
Net loss attributable to noncontrolling interest (814) (304)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 4,364 3,800
Provision (benefit) for deferred taxes (17,583) (3,056)
Share-based compensation 964 1,358
(Benefit) provision for doubtful accounts (360) (2,060)
Amortization of right-of-use assets 892 1,295
Amortization of capitalized software development costs 755 813
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 901 (2,339)
Receivables from service providers (629) 2,275
Payables to service agents (1,307) (1,615)
Other assets 3,114 (6,768)
Accounts payable and accrued expenses (9,357) (11,277)
Accrued payroll and related benefits (1,159) (1,076)
Contract liabilities 8,370 4,517
Lease liabilities (813) (944)
Other liabilities (962) 2,368
Net cash provided by operating activities 5,567 8,578
     
Cash flows from investing activities:    
Capitalized software development costs (2,666) (1,683)
Maturities (purchases) of unrestricted marketable securities, net 457 2,335
Capital expenditures (9,303) (270)
Net cash (used in) provided by investing activities (11,512) 382
     
Cash flows from financing activities:    
Principal payments of term loan obligation (8,402) (5,648)
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (34) —
Dividend payments (2,318) (2,321)
Payments of debt obligations, net (832) (62)
Payments of working capital facility, net (3,707) (4,589)
Payments of financing lease obligations, net (53) (47)
Net cash used in financing activities (15,346) (12,667)
Effect of foreign exchange rates on cash (1,088) (1,379)
Net change in cash and cash equivalents, and restricted cash (22,379) (5,086)
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 $92,385 $115,127
Supplemental disclosures of cash flow information:    
Interest paid $11,006 $7,505
Income taxes paid $15,379 $9,695
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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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