Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Year Ended December 31, 2018 (Unaudited) Year Ended December 31, 2017 (Audited) Year Ended December 31, 2016 (Audited)
  (in thousands)
Cash flows from operating activities:
Net income attributable to Ebix, Inc. $93,139 100,618 93,847
Net income (loss) attributable to noncontrolling interest (58) 1,965 447
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 11,292 11,123 10,746
Provision for doubtful accounts 3,571 1,713 1,515
Provision for deferred taxes, net of acquisitions and effects of currency translation (13,043) (13,667) (6,410)
Unrealized foreign exchange losses 606 1,387 32
Gain on investment interest in IHC/Ebix joint venture (1,162
Amortization of capitalized software development costs 2,233 2,175 1,116
Share-based compensation 2,811 2,818 2,794
Reduction of acquisition earn-out contingent liability (1,391) (164) (1,344)
Reduction of rent expense as a result of purchase accounting adjustment (948)
Changes in current assets and liabilities, net of acquisitions:      
Accounts receivable (10,810) (34,245) (12,659)
Other assets (8,486) (2,133) 1,789
Accounts payable and accrued expenses 6,539 8,906 (3,703)
Accrued payroll and related benefits (788) (3,979) 170
Deferred rent (360) (413) (234)
Reserve for potential uncertain income tax return positions 149 5,879 490
Other liabilities 13,205 252 (3,039)
Deferred revenue (8,740) (4,480) 2,176
Net cash provided by operating activities 89,869 76,807 86,571
Cash flows from investing activities:      
Investment in Transcorp, net of cash acquired (6,554)
Investment in Centrum, net of cash acquired (176,137)
Investment in SmartClass, net of cash acquired (7,593)
Cash received from Paul Merchants for 10% stake in MTSS 4,996
Investment in Indus, net of cash acquired (24,261)
Investment in Mercury, net of cash acquired (11,356)
Investment in Miles, net of cash acquired (17,721)
Investment in Leisure, net of cash acquired (1,304)
Investment in AHA Taxis, net of cash acquired (71)
Investment in Routier, net of cash acquired (413)
Investment in Weizmann, net of cash acquired 12,886
Investment in Lawson, net of cash acquired 381
Investment in Business Travels, net of cash acquired (414)
Payment of acquisition earn-out contingency, ItzCash (3,831)
Investment in Paul Merchants (37,398)
Investment in Via, net of cash acquired (67,835)
Investment in Wall Street (6,970)
Investment in YouFirst, net of cash acquired (9,657)
Investment in beBetter (1,000)
Investment in ItzCash, net of cash acquired (69,301)
Payment of acquisition earn-out contingency, Qatarlyst (1,921)
Investment in Hope Health (1,643)
Investment in Wdev, net of cash acquired (6,320)
Investment in EbixHealth JV, net of cash acquired (696)
Maturities (purchases) of marketable securities (4,087) 1,201 (2,115)
Capitalized software development costs (5,745) (2,805) (3,988)
Capital expenditures (10,366) (7,385) (5,977)
Net cash used in investing activities (251,590) (203,071) (20,739)
Cash flows from financing activities:      
Proceeds from / (Repayment) to line of credit, net 150,008 120,500 (52,436)
Proceeds from term loan 175,500 20,000 125,000
Principal payments on term loan obligation (10,016) (13,000) (6,250)
Short term loan to a third party (8,341)
Cash overdraft (769) 6,162
Repurchase of common stock (40,820) (45,732) (59,784)
Payments of long term debt (80) (600)
Payments for capital lease obligations (6) (11) (5)
Proceeds from exercise of common stock options 439 52 824
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (467) (398) (998)
Dividends paid (9,316) (9,545) (9,829)
Net cash provided (used) by financing activities 256,132 78,028 (4,078)
Effect of foreign exchange rates on cash and cash equivalents $(5,689) 2,162 (1,992)
Net change in cash and cash equivalents, and restricted cash 88,722 (46,074) 59,762
Cash and cash equivalents, and restricted cash at the beginning of the year $70,867 116,941 57,179
Cash and cash equivalents, and restricted cash at the end of the year $159,589 70,867 116,941
Supplemental disclosures of cash flow information:      
Interest paid 25,690 12,552 7,219
Income taxes paid 10,149 10,426 16,634

Investor Contacts

EBIX Inc
1 Ebix Way, Johns Creek, Georgia 30097
Ph: 678-281-2027 Fax: 678-281-2019

IR@ebix.com