Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
 
March 31
  2018 2017
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 26,208 $ 26,427
Net income attributable to noncontrolling interest 248 196
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 2,807 2,855
Benefit for deferred taxes (1,874) (850)
Share based compensation 753 686
Provision for doubtful accounts 1,045 407
Unrealized foreign exchange loss (gain) 419 (860)
Amortization of capitalized software development costs 525 410
Purchase accounting adjustment 0 (948)
     
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (1,401) (5,661)
Other assets (554) 198
Accounts payable and accrued expenses 1,438 (7,118)
Accrued payroll and related benefits (946) (1,021)
Deferred revenue (2,361) 382
Deferred rent (317) (102)
Reserve for potential uncertain income tax return positions 30 518
Other liabilities (527) 268
Net cash provided by operating activities 25,493 15,787
     
Cash flows from investing activities:    
Acquisition of Transcorp (6,554) 0
Cash received from Paul Merchants for 10% stake in MTSS combined business 4,996 0
Capitalized software development costs (622) (514)
Maturities (Purchases) of marketable securities 5,198 (1,005)
Capital expenditures (531) (2,705)
Net cash provided by (used in) investing activities 2,487 (4,224)
     
Cash flows from financing activities:    
(Repayments of) Proceeds from revolving line of credit, net (100,835) 40,000
Proceeds from term loan 124,250 0
Principal payments of term loan obligation 0 (3,125)
Repurchases of common stock 0 (40,517)
Proceeds from the exercise of stock options 0 52
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (36) (167)
Dividend payments (2,369) (2,428)
Cash Overdraft 745 0
Payments of capital lease obligations 0 (1)
Net cash provided by (used in) financing activities 21,755 (6,186)
Effect of foreign exchange rates on cash (1,723) 786
Net change in cash and cash equivalents 48,012 6,163
Cash and cash equivalents, and restricted cash at the beginning of the period 70,867 116,941
Cash and cash equivalents, and restricted cash at the end of the period $ 118,879 $ 123,104
     
Supplemental disclosures of cash flow information:    
Interest paid $ 4,280 $ 2,289
Income taxes paid $ 6,751 $ 6,663
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