Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows

(In thousands)
(Unaudited)

Six Months Ended
September 30,

2015 2014
Cash flows from operating activities:

Net income $57,604 47,011
Adjustments to reconcile net income to net
cash provided by operating activities:


Depreciation and amortization 7,932 7,442
Benefit for deferred taxes (5,749)  
Stock-based compensation 1,244 1333
Restricted stock compensation

Share based compensation    
Provision for doubtful accounts 1,950 1083
Loss on put option    
Debt discount amortization on convertible debt 13 26
Unrealized foreign exchange gain on forward contracts    
Unrealized foreign exchange (gain) loss (2,008) (256)
(Gain) loss on put option    
Reduction of acquisition earnout accruals (1,533) (7,532)
Changes in assets and liabilities,
net of effects from acquisitions:


Accounts receivable (6,328) (1,901)
Other assets (3,606) (3,977)
Accounts payable and accrued expenses (21,448) (8,065)
Accrued payroll and related benefits 1,100 1,027
Deferred revenue (3,096) (704)
Deferred rent (125) (272)
Reserve for potential uncertain income tax return positions 594 9,337
Liability - securities litigation settlement payment (690) (3,868)
Other liabilities (205) (188)
Deferred Taxes (111)  
Customer Deposits    
Net cash provided by operating activities 25,663 38,390



Cash flows from investing activities:

Acquisition of Qatarlyst, net of cash acquired
Acquisition of Media Health, net of cash acquired (1,000)  
Acquisition of P.B Systems, net of cash acquired (11,475)  
Acquisition of Healthcare Magic, net of cash acquired   (5,856)
Investment in Joint Venture (6,000)  
Investment in Vertex, net of cash acquired    
Investment in Oakstone, net of cash acquired    
Investment in I3, net of cash acquired    
Acquisition of ADAM, net of cash acquired
Acquisition of MCN, net of cash acquired
Investment in MCN
Acquisition of BSI, net of cash acquired
Acquisition of Taimma, net of cash acquired (2,250)
Acquisition of Fintechnix, net of cash acquired
Acquisition of Planetsoft, net of cash acquired
Acquisition of Trisystems, net of cash acquired
Investment in Curepet, Inc 3
Acquisition of Trade Monitor, net of cash acquired    
Acquisition of Connective Technologies, net of cash acquired    
Acquisition of USIX, net of cash acquired    
Acquisition of Health Connect Systems, net of cash acquired    
Acquisition of E-Trek, net of cash acquired    
Acquisition of business, net of cash acquired    
Investment in Acclamations, net of cash acquired    
Investment in FACTS, net of cash acquired    
Investment in Taimma    
Investment in USIX    
Investment in Facts    
Investment in Telstra eBusiness Services, net of cash acquired    
Investment in Periculum, net of cash acquired    
Investment in ConfirmNET, net of cash acquired    
Investment in Infinity    
Investment in Finetre, net of cash acquired    
Investment in LifeLink, net of cash acquired    
Investment in Heart, net of cash acquired    
Investment in IDS, net of cash acquired    
Investment in Health Connect Solutions, net of cash acquired    
Investment in Peak Performance, net of cash acquired    
Investment in EZ-Data, net of cash acquired    
Payment of acquisition earn-out contingency, Trisystems    
(Purchases)/maturities of marketable securities, net (940) (595)
Capital expenditures (12,713) (15,922)
Advanced deposits on future acquisitions    
Net cash used in investing activities (32,128) (24,620)



Cash flows from financing activities:

Repayments on revolving line of credit, (net of proceeds) 66,000 40,625
Proceeds from term loan
Principal payments of term loan obligation   (31,938)
Proceeds from the issuance of note payable    
Payment of long term debt    
Proceeds from the issuance of common stock, net of issuance costs    
Repurchase of stock guarantee    
Proceeds from the line of credit    
Payments on line of credit    
Capital Leases (3) (144)
Repurchases of common stock (67,780) (16,482)
Payments to acquire treasury stock    
Increase current portion of long term debt    
Excess tax benefit from share-based compensation 63 (3,200)
Proceeds from the exercise of stock options 1,117 788
Proceeds from issuance of convertible debt    
Settlement on conversion of convertible debt    
Forfeiture of certain shares to satisfy exercise costs and the recipients
income tax obligations related to stock options exercised and restricted
stock vested
(1,141) (37)
Dividend payments (7,989) (8,652)
Principal payments of debt obligations (638) (321)
Shares reacquired in connection with put option   (3,535)
Net cash provided by/ (used in) financing activities $(10,371) $(22,911)
Effect of foreign exchange rates on cash (2,264) (183)
Net change in cash and cash equivalents $(19,100) $(9,324)
Cash and cash equivalents at the beginning of the period $52,300 $56,674
Cash and cash equivalents at the end of the period $33,200 $47,350
Supplemental disclosures of cash flow information:

Interest paid $4,002 $849
Income taxes paid $24,663 $10,782