Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Nine Months Ended
  September 30,
   
  2020 2019
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $72,880 $75,070
Net loss attributable to noncontrolling interest (1,187) (6,617)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 10,142 10,966
Provision (benefit) for deferred taxes 987 (5,880)
Share based compensation 3,457 2,451
Benefit for doubtful accounts 424 10,580
Amortization of right-of-use assets 4,644 5,167
Unrealized foreign exchange loss — 321
Amortization of capitalized software development costs 2,493 1,931
Reduction of acquisition accruals (3,308) (17,124)
Cash paid for acquisition earn-out (2,881) —
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 13,999 (22,052)
Receivables from service providers 5,849 9,012
Payables to service agents (3,972) (12,688)
Other assets (7,988) (5,947)
Accounts payable and accrued expenses (10,620) (4,062)
Accrued payroll and related benefits 3,316 (607)
Contract liabilities (1,591) (9,126)
Lease liabilities (4,317) (5,056)
Other liabilities (10,563) 33,844
Net cash provided by operating activities 71,764 60,183
     
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (12,480) (104,026)
Cash paid to from Paul Merchants for 10% stake in MTSS combined business — (4,925)
Capitalized software development costs (4,617) (4,126)
(Purchases) maturities of marketable securities (20,609) 25,686
Capital expenditures (1,464) (5,869)
Net cash used in investing activities (39,170) (93,260)
     
Cash flows from financing activities:    
Proceeds from revolving line of credit, net 1,364 13,500
Principal payments of term loan obligation (15,063) (11,298)
Repurchases of common stock — (12,952)
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) (36)
Dividend payments (6,923) (6,898)
Payments on short-term notes, net — 6,023
of debt obligations 7,187 (962)
(Payments) proceeds of working capital facility, net (19,945) 31,120
Payments of financing lease obligations (158) (200)
Net cash (used) provided by financing activities (34,743) 18,297
Effect of foreign exchange rates on cash (7,222) (2,397)
Net change in cash and cash equivalents, and restricted cash (9,371) (17,177)
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 $101,998 $132,504
Supplemental disclosures of cash flow information:    
Interest paid $22,237 $31,787
Income taxes paid $8,019 $7,406
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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

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Fax: +1 (678) 281-2019

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