Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
Nine Months Ended
 
September 30
 
2018
2017
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $84,630 $74,045
Net income attributable to noncontrolling interest 178 1,013
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 7,864 8,323
Benefit for deferred taxes (3,077) (6,327)
Share based compensation 2,240 1,994
Provision for doubtful accounts 2,622 1,107
Unrealized foreign exchange loss 1,337 432
Amortization of capitalized software development costs 1,608 1,304
Reduction of acquisition earnout accruals (645) (164)
Purchase accounting adjustment — (948)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (12,518) (30,250)
Other assets (655) 212
Accounts payable and accrued expenses 6,811 838
Accrued payroll and related benefits 322 (1,009)
Deferred revenue (10,772) (3,160)
Deferred rent (458) (292)
Reserve for potential uncertain income tax return positions 88 3,335
Other liabilities (5,410) (255)
Net cash provided by operating activities 74,165 50,198
     
Cash flows from investing activities:    
Acquisition of Transcorp (6,554) —
Cash received from Paul Merchants for 10% stake in MTSS combined business 4,996 —
Acquisition of beBetter, net of cash acquired — (1,000)
Acquisition of ItzCash, net of cash acquired — (70,184)
Acquisition of Centrum, net of cash acquired (176,137) —
Acquisition of SmartClass, net of cash acquired (7,593) —
Acquisition of YouFirst, net of cash acquired — (1,806)
Cash paid for acquisition of Indus, net of cash acquired (24,261) —
Cash paid for acquisition of Mercury, net of cash acquired (11,356) —
Cash paid for acquisition of Miles, net of cash acquired 601 —
Cash paid for acquisition of Leisure, net of cash acquired (1,304) —
Additional Investment in ItzCash (3,831) —
Capitalized software development costs paid (3,574) (2,109)
Maturities of marketable securities 4,444 7,517
Capital expenditures (5,840) (6,370)
Net cash used in investing activities (230,409) (73,952)
     
Cash flows from financing activities:    
(Repayments of) Proceeds from revolving line of credit, net 125,165 80,000
Proceeds from term loan 124,250 —
Principal payments of term loan obligation (6,250) (9,375)
Repurchases of common stock (2,226) (45,732)
Proceeds from the exercise of stock options 42 52
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (147) (327)
Dividend payments (7,106) (7,176)
Cash Overdraft 609 —
Payments of capital lease obligations (6) (7)
Net cash provided by financing activities 234,331 17,435
Effect of foreign exchange rates on cash (11,444) 381
Net change in cash and cash equivalents, and restricted cash 66,643 (5,938)
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 $137,510 $111,003
Supplemental disclosures of cash flow information:    
Interest paid $16,865 $8,474
Income taxes paid $9,320 $8,536
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1 Ebix Way, Johns Creek, Georgia 30097
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Fax: +1 (678) 281-2019

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