Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
                                                    March 31,
  2019 2018
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 25,710 $ 26,208
Net income (loss) attributable to noncontrolling interest (667) 248
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 4,057 2,807
Benefit for deferred taxes (3,875) (1,874)
Share based compensation 576 753
Provision for doubtful accounts 134 1,045
Amortization of right-of-use assets 1,671 -
Unrealized foreign exchange loss 313 419
Amortization of capitalized software development costs 596 525
Reduction of acquisition accruals (15,392) -
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 8,751 (1,401)
Other assets 3,142 (554
Accounts payable and accrued expenses (2,156) 1,438
Accrued payroll and related benefits (1,208) (946)
Deferred revenue (2,920) (2,361)
Lease liabilities (1,643) (317)
Reserve for potential uncertain income tax return positions - 30
Liability - derivative litigation settlement 19,652 -
Other liabilities 1,754 (527)
Net cash provided by operating activities 38,495 25,493
     
Cash flows from investing activities:    
Acquisition of Transcorp - (6,554)
Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business (4,925) 4,996
Acquisition of Weizmann, net of cash acquired (64,624) -
Acquisition of Pearl (3,372) -
Acquisition of Lawson (2,726) -
Acquisition of Miles (982) -
Acquisition of Business Travels (689) -
Cash paid for acquisition of Wahh taxis (214) -
Cash paid for acquisition of Zillious, net of cash acquired (9,816) -
Cash paid for acquisition of Essel Forex (7,935) -
Capitalized software development costs paid (1,740) (622)
Maturities of marketable securities 11,775 5,198
Capital expenditures (1,798) (531)
Net cash provided by (used in) investing activities (87,046) 2,487
     
Cash flows from financing activities:    
(Repayments of) proceeds from revolving line of credit, net 13,500 (100,835)
Proceeds from term loan - 124,250
Principal payments of term loan obligation (3,766) -
Repurchases of common stock (10,972) -
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (21) (36)
Dividend payments (2,297) (2,369)
Other 2,908 -
Principal payments of debt obligations (834) -
Cash overdraft 1,070 745
Payments of capital lease obligations (69) -
Net cash provided by (used in) financing activities (481) 21,755
Effect of foreign exchange rates on cash 190 (1,723)
Net change in cash and cash equivalents, and restricted cash (48,842) 48,012
Cash and cash equivalents, and restricted cash at the beginning of the period 159,589 70,867
Cash and cash equivalents, and restricted cash at the end of the period $ 110,747 $ 118,879
Supplemental disclosures of cash flow information:    
Interest paid $ 9,573 $ 4,280
Income taxes paid $ 4,128 $ 6,751
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Investor Contacts

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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