Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Nine Months Ended
  September 30,
  2022 2021
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 56,784 $ 52,763
Net loss attributable to noncontrolling interest (2,029) (1,504)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 13,660 11,619
Provision (benefit) for deferred taxes (25,361) (3,698)
Share-based compensation 2,905 4,034
(Benefit) provision for doubtful accounts 1,687 (2,742)
Amortization of right-of-use assets 2,633 3,462
Amortization of capitalized software development costs 2,246 2,487
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (15,994) (3,078)
Receivables from service providers (104) (11,371)
Payables to service agents 7,330 2,640
Other assets 1,577 (6,658)
Accounts payable and accrued expenses (3,195) (1,711)
Accrued payroll and related benefits (736) (2,929)
Contract liabilities 2,415 (316)
Lease liabilities (2,532) (3,179)
Reserve for potential uncertain income tax return positions — 789
Other liabilities 3,807 (782)
Net cash provided by operating activities 45,093 39,826
     
Cash flows from investing activities:    
Capitalized software development costs (5,676) (4,552)
Maturities (purchases) of unrestricted marketable securities, net (4,518) 11,856
Capital expenditures (12,671) (5,325)
Net cash (used in) provided by investing activities (22,865) 1,979
     
Cash flows from financing activities:    
Principal payments of term loan obligation (23,464) (36,945)
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (107) (150)
Dividend payments (6,954) (6,963)
Payments of debt obligations, net (1,953) (205)
(Payments) of/Borrowing under working capital facility, net 868 (8,581)
Payments of financing lease obligations, net (147) (102)
Net cash used in financing activities (31,757) (52,946)
Effect of foreign exchange rates on cash (21,252) (5,222)
Net change in cash and cash equivalents, and restricted cash (30,781) (16,363)
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 $ 83,983 $ 103,850
Supplemental disclosures of cash flow information:    
Interest paid $ 32,989 $ 24,118
Income taxes paid $ 28,875 $ 14,430
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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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