Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Six Months Ended
  June 30,
  2019 2018
Cash flows from operating activities:
Net income attributable to Ebix, Inc. $54,561 $55,388
Net income (loss) attributable to noncontrolling interest (1,172) 139
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation 7,340 5,341
Benefit for deferred taxes (5,374) (1,321)
Share based compensation 1,422 1,509
Provision for doubtful accounts (1,310) 2,098
Amortization of right-of-use assets 3,517 —
Unrealized foreign exchange loss 81 1,262
Amortization of capitalized software development costs 1,243 1,080
Reduction of acquisition accruals (17,124) —
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (2,166) (22,907)
Other assets (758) (40)
Accounts payable and accrued expenses 2,824 4,891
Accrued payroll and related benefits (1,808) (327)
Contract liabilities (6,192) (5,544)
Lease liabilities (3,460) (382)
Reserve for potential uncertain income tax return positions — 59
Other liabilities 6,618 (1,353)
Net cash provided by operating activities 38,242 39,893
     
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 (77,350) —
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) —
Cash paid for acquisition of Centrum, net of cash acquired — (166,017)
Cash paid for acquisition of Smartclass, net of cash acquired — (7,593)
Capitalized software development costs paid (2,588) (2,016)
Maturities of marketable securities 14,488 725
Capital expenditures (4,721) (1,472)
Net cash used in investing activities (100,830) (177,931)
 
Cash flows from financing activities:
Proceeds from revolving line of credit, net 13,500 84,165
Proceeds from term loan — 124,250
Principal payments of term loan obligation (7,532) (3,125)
Repurchases of common stock (10,972) (2,226)
Proceeds from the exercise of stock options — 42
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (27) (100)
Dividend payments (4,599) (4,737)
Other 5,081 —
Principal payments of debt obligations (846) —
Working capital facility 41,588 (4,554)
Payments of financing lease obligations (129) (6)
Net cash provided by financing activities 36,064 193,709
Effect of foreign exchange rates on cash 521 (6,545)
Net change in cash and cash equivalents, and restricted cash (26,003) 49,126
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 $133,586 $119,993
Supplemental disclosures of cash flow information:
Interest paid $20,984 $9,714
Income taxes paid $6,528 $8,357
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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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