Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Six Months Ended
  June 30,
  2023 2022
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 7,381 $ 38,534
Net loss attributable to noncontrolling interest (1,323 ) (1,305 )
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 9,909 9,238
Provision (benefit) for deferred taxes (27,654 ) (24,354 )
Share-based compensation 1,288 1,934
(Benefit) provision for doubtful accounts 1,832 1,702
Amortization of right-of-use assets 2,051 1,765
Amortization of capitalized software development costs 103 1,511
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (9,322 ) (16,223 )
Receivables from service providers 3,681 (2,194
Payables to service agents 7,438 1,174
Other assets (5,749 ) (9,826 )
Accounts payable and accrued expenses 14,620 8,525
Accrued payroll and related benefits 2,617 1,004
Contract liabilities (786 ) 8,766
Lease liabilities (2,080 ) (1,670 )
Reserve for potential uncertain income tax return positions — —
Other liabilities 4,433 2,863
Net cash provided by operating activities 8,439 21,444
     
Cash flows from investing activities:    
Capitalized software development costs (546 ) (4,170 )
Maturities (purchases) of unrestricted marketable securities, net (870 ) (3,214 )
Capital expenditures (7,921 ) (9,607 )
Net cash (used in) provided by investing activities (9,337 ) (16,991 )
     
Cash flows from financing activities:    
Prepayments related to Debt Refinancing (7,704 ) —
Proceeds from term loan — —
Principal payments of term loan obligation (40,961 ) (15,933 )
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (42 ) (64 )
Dividend payments — (4,636
Payments of debt obligations, net (2,780 ) (1,672 )
(Payments) of/Borrowings under working capital facility, net 1,660 (1,704
Payments of financing lease obligations, net (86 ) (106 )
Net cash used in financing activities (49,913 ) (24,115 )
Effect of foreign exchange rates on cash 2,251 (11,767
Net change in cash and cash equivalents, and restricted cash (48,560 ) (31,429 )
Cash and cash equivalents, and restricted cash at the beginning of the period 124,959 114,764
Cash and cash equivalents, and restricted cash at the end of the period $ 76,399 $ 83,335
Supplemental disclosures of cash flow information:    
Interest paid $ 36,283 $ 19,088
Income taxes paid $ 25,055 $ 24,222
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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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