Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended
  March 31,
  2023 2022
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $7,073 $19,191
Net loss attributable to noncontrolling interest (944) (814)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 5,016 4,364
Provision (benefit) for deferred taxes (9,195) (17,583)
Share-based compensation 644 964
(Benefit) provision for doubtful accounts 435 (360)
Amortization of right-of-use assets 1,120 892
Amortization of capitalized software development costs — 755
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (5,923) 901
Receivables from service providers 3,916 (629)
Payables to service agents (279) (1,307)
Other assets (12,544) 3,114
Accounts payable and accrued expenses 6,746 (9,357)
Accrued payroll and related benefits (633) (1,159)
Contract liabilities 9,033 8,370
Lease liabilities (1,129) (813)
Reserve for potential uncertain income tax return positions — —
Other liabilities 3,834 (962)
Net cash provided by operating activities 7,170 5,567
     
Cash flows from investing activities:    
Capitalized software development costs (900) (2,666)
Maturities (purchases) of unrestricted marketable securities, net (100) 457
Capital expenditures (2,445) (9,303)
Net cash (used in) provided by investing activities (3,445) (11,512)
     
Cash flows from financing activities:    
Prepayments for Debt Refinancing (8,471) —
Proceeds from term loan — —
Principal payments of term loan obligation (25,059) (8,402)
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (24) (34)
Dividend payments — (2,318)
Payments of debt obligations, net (1,548) (832)
(Payments) of/Borrowings under working capital facility, net (3,105) (3,707)
Payments of financing lease obligations, net (47) (53)
Net cash used in financing activities (38,254) (15,346)
Effect of foreign exchange rates on cash 1,333 (1,088)
Net change in cash and cash equivalents, and restricted cash (33,196) (22,379)
Cash and cash equivalents, and restricted cash at the beginning of the period 124,959 114,764
Cash and cash equivalents, and restricted cash at the end of the period $91,763 $92,385
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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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