Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

 

Six Months Ended

 

June 30,

 

2017 2016

Cash flows from operating activities:

 

 

Net income attributable to Ebix, Inc.

$ 49,861 $ 45,151

Net income attributable to noncontrolling interest

659

243

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation and amortization

5,614

5,350

Benefit for deferred taxes

(5,877)

(6,635)

Share based compensation

1,243

1,331

Provision for doubtful accounts

723

457

Unrealized foreign exchange gain (loss)

365

(187)

Amortization of capitalized software development costs

790

654

Reduction of acquisition earnout accruals

(511)

Purchase accounting adjustment

(948)

Changes in assets and liabilities, net of effects from acquisitions:

 

 

Accounts receivable

(14,266)

(6,065)

Other assets

455

(2,417)

Accounts payable and accrued expenses

(7,254)

(4,189)

Accrued payroll and related benefits

(1,694)

(931)

Deferred revenue

(1,622)

(1,136)

Deferred rent

(195)

(83)

Reserve for potential uncertain income tax return positions

3,280

50

Other liabilities

66

(106)

Net cash provided by operating activities

31,200

30,976

 

 

 

Cash flows from investing activities:

 

 

Acquisition of beBetter, net of cash acquired

(1,000)

-

Acquisition of ItzCash, net of cash acquired

(70,184)

-

Funding of escrow account for possible future contingent earn-out payment related to business acquisition

(3,998)

-

Maturities of marketable securities

1,626

-

Capitalized software development costs

(1,345)

(694)

Maturities (Purchases) of marketable securities

-

(994)

Capital expenditures

(4,956)

(2,190)

Net cash used in investing activities

(79,857)

(3,878)

 

 

 

Cash flows from financing activities:

 

 

Proceeds (repayments) from revolving line of credit, net

60,000

(87,427)

Proceeds from term loan

-

125,000

Principal payments of term loan obligation

(6,250)

-

Repurchases of common stock

(45,732)

(37,657)

Proceeds from the exercise of stock options

52

29

Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested

(237)

(77)

Dividend payments

(4,800)

(4,911)

Principal payments of debt obligations

-

(600)

Payments of capital lease obligations

(6)

-

Net cash provided by (used in) financing activities

3,027

(5,643)

Effect of foreign exchange rates on cash

(39)

(620)

Net change in cash and cash equivalents

(45,669)

20,835

Cash and cash equivalents at the beginning of the period

114,118

57,179

Cash and cash equivalents at the end of the period

$ 68,449

$ 78,014

Supplemental disclosures of cash flow information:

 

 

Interest paid

$ 5,173

$ 3,115

Income taxes paid

$ 7,958

$ 10,869