Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

  Six Months Ended
  June 30,
  2016 2015
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $45,151 $37,372
Net income attributable to noncontrolling interest 243 -
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,350 5,167
Benefit for deferred taxes (6,635) (6,014 )
Share based compensation 1,332 839
Provision for doubtful accounts 457 301
Debt discount amortization on promissory note payable - 8
Unrealized foreign exchange gain (187) (920)
Amortization of capitalized software development costs 654  
Reduction of acquisition earnout accruals (511) -
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (6,065) (3,662)
Other assets (2,417) (2,606)
Accounts payable and accrued expenses (4,189) (18,802)
Accrued payroll and related benefits (931) 1,104
Deferred revenue (1,136) (2,036)
Deferred rent (83) (125)
Reserve for potential uncertain income tax return positions 50 108
Liability - securities litigation settlement payment - (690)
Other liabilities (106) 111
Net cash provided (used) by operating activities 30,977 10,155
     
Cash flows from investing activities:    
Acquisition of Via Media Health, net of cash acquired - (1,000)
Acquisition of P.B. Systems, net of cash acquired - (11,480)
Capitalized software development costs (694) -
Purchases of marketable securities (994) (704)
Capital expenditures (2,190) (10,312)
Net cash used in investing activities (3,878) (23,496)
     
Cash flows from financing activities:    
Proceeds (repayments) from revolving line of credit, net (87,427) 30,000
Proceeds from term loan 125,000 -
Repurchases of common stock (37,657) (34,481)
Excess tax benefit from share-based compensation - 63
Proceeds from the exercise of stock options 29 1,117
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (76) (1,141)
Dividend payments (4,911) (5,389)
Principal payments of debt obligations (600) (623)
Payments of capital lease obligations - (1)
Net cash provided by (used in) financing activities (5,642) (10,455)
Effect of foreign exchange rates on cash (622) (1,081)
Net change in cash and cash equivalents 20,835 (24,877)
Cash and cash equivalents at the beginning of the period 57,179 52,300
Cash and cash equivalents at the end of the period $78,014 $27,423
Supplemental disclosures of cash flow information:    
Interest paid $3,115 $2,964
Income taxes paid $10,869 $20,926