Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Six Months Ended
  June 30,
  2020 2019
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $48,198 $54,561
Net loss attributable to noncontrolling interest (489) (1,172)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 6,750 7,340
Provision (benefit) for deferred taxes 225 (5,374)
Share based compensation 2,253 1,422
Benefit for doubtful accounts (50) (1,310)
Amortization of right-of-use assets 3,257 3,517
Unrealized foreign exchange (gain) loss - 81
Amortization of capitalized software development costs 1,670 1,243
Reduction of acquisition accruals (3,308) (17,124)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 14,190 (13,331)
Receivables from service providers 12,381 1,385
Payables to service agents (7,802) (5,588)
Other assets (1,260) (758)
Accounts payable and accrued expenses (8,004) (6,891)
Accrued payroll and related benefits 2,130 (1,808)
Contract liabilities (306) (6,192)
Lease liabilities (3,008) (3,460)
Reserve for potential uncertain income tax return positions 206 —
Liability - derivative litigation settlement — -
Other liabilities (8,634) 6,618
Net cash provided by operating activities 58,399 13,159
 
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (1,858) (90,358)
Cash paid to from Paul Merchants for 10% stake in MTSS combined business — (4,925)
Capitalized software development costs paid (2,089) (1,740)
(Purchases) maturities of marketable securities (5,105) 11,775
Capital expenditures (557) (1,798)
Net cash used in investing activities (36,485) (100,830)
 
Cash flows from financing activities:    
Proceeds from revolving line of credit, net 1,364 13,500
Principal payments of term loan obligation (9,414) (7,532)
Repurchases of common stock — (10,972)
Proceeds from the exercise of stock options 636 —
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (1,841) (27)
Dividend payments (4,605) (4,599)
Payments on short-term notes, net — 5,081
Principal payments of debt obligations (119) (846)
Payments of working capital facility, net (19,763) 56,891
Payments of financing lease obligations (113) (129)
Net cash (used) provided by financing activities (33,855) 51,367
Effect of foreign exchange rates on cash (10,030) 521
Net change in cash and cash equivalents, and restricted cash (21,971) (35,783)
Cash and cash equivalents, and restricted cash at the beginning of the period 111,369 149,681
Cash and cash equivalents, and restricted cash at the end of the period $89,398 $113,898
Supplemental disclosures of cash flow information:    
Interest paid $15,434 $20,984
Income taxes paid $2,096 $6,528
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EBIX Inc
1 Ebix Way, Johns Creek, Georgia 30097
Ph: 678-281-2027 Fax: 678-281-2019

IR@ebix.com

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1 Ebix Way, Johns Creek,
GA 30097

Tel: +1 (678) 281-2020
Fax: +1 (678) 281-2019

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