Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Nine Months Ended
  September 30,
  2023 2022
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $(2,915) $56,784
Net loss attributable to noncontrolling interest (1,756) (2,029)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 16,061 13,660
Provision (benefit) for deferred taxes (28,130) (25,361)
Share-based compensation 1,604 2,905
(Benefit) provision for doubtful accounts 3,104 1,687
Amortization of right-of-use assets 2,894 2,633
Amortization of capitalized software development costs 131 2,246
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (16,473) (15,994)
Receivables from service providers (4,300) (104)
Payables to service agents 20,180 7,330
Other assets (23,155) 1,577
Accounts payable and accrued expenses 25,901 (3,195)
Accrued payroll and related benefits 6,005 (736)
Contract liabilities 2,023 2,415
Lease liabilities (2,944) (2,532)
Reserve for potential uncertain income tax return positions — —
Other liabilities 5,200 3,807
Net cash provided by operating activities 3,430 45,093
     
Cash flows from investing activities:    
Capitalized software development costs (1,057) (5,676)
Maturities (purchases) of unrestricted marketable securities, net (507) (4,518)
Capital expenditures (11,076) (12,671)
Net cash (used in) provided by investing activities (12,640) (22,865)
     
Cash flows from financing activities:    
Prepayments related to Debt Refinancing (6,341) —
Proceeds from term loan — —
Principal payments of term loan obligation (30,527) (23,464)
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (42) (107)
Dividend payments — (6,954)
Payments of debt obligations, net (1,997) (1,953)
(Payments) of/Borrowings under working capital facility, net 12,018 868
Payments of financing lease obligations, net (120) (147)
Net cash used in financing activities (27,009) (31,757)
Effect of foreign exchange rates on cash (1,644) (21,252)
Net change in cash and cash equivalents, and restricted cash (37,863) (30,781)
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 $87,096 $83,983
Supplemental disclosures of cash flow information:    
Interest paid $58,861 $32,989
Income taxes paid $31,123 $28,875
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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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Fax: +1 (678) 281-2019

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