Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Nine Months Ended
 
September 30,
  2019 2018
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $75,070 $84,630
Net (loss) income attributable to noncontrolling interest (6,617) 178
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 10,966 7,864
Benefit for deferred taxes (5,880) (3,077)
Share based compensation 2,451 2,240
Provision for doubtful accounts 10,580 2,622
Amortization of right-of-use assets 5,167
Unrealized foreign exchange loss 321 1,337
Amortization of capitalized software development costs 1,931 1,608
Reduction of acquisition accruals (17,124) (645)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (6,403) (12,518)
Other assets (5,947) (655)
Accounts payable and accrued expenses (4,529) 6,811
Accrued payroll and related benefits (607) 322
Contract liabilities (9,126) (10,772)
Lease liabilities (5,056) (458)
Reserve for potential uncertain income tax return positions 88
Other liabilities 33,844 (5,410)
Net cash provided by operating activities 79,041 74,165
     
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 $11.3 million 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 AHA taxis, net of $25 thousand cash acquired (214)
Cash paid for acquisition of Zillious, net of $279 thousand cash acquired (9,816)
Cash paid for acquisition of Essel Forex (7,935)
Cash paid for acquisition of Wallstreet Canada, net of $1.17 million cash acquired (942)
Cash paid for acquisition of Centrum, net of $13.4 million cash acquired (176,137)
Cash paid for acquisition of Smartclass, net of $982 thousand cash acquired (7,593)
Cash paid for acquisition of Indus, net of $1.3 million of cash acquired (24,261)
Cash paid for acquisition of Mercury, net of $1.1 million of cash acquired (11,356)
Cash paid for acquisition of Miles, net of $606 thousand cash acquired 601
Cash paid for acquisition of Leisure, net of $269 thousand cash acquired (1,304)
Additional Investment in ItzCash (3,831)
Capitalized software development costs paid (4,126) (3,574)
Maturities of marketable securities 25,686 4,444
Capital expenditures (5,869) (5,840)
Net cash used in investing activities (93,260) (230,409)
     
Cash flows from financing activities:    
Proceeds from revolving line of credit, net 13,500 125,165
Proceeds from term loan 124,250
Principal payments of term loan obligation (11,298) (6,250)
Repurchases of common stock (12,952) (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 (36) (147)
Dividend payments (6,898) (7,106)
Other 6,023
Principal payments of debt obligations (962)
Proceeds from working capital facility, net 18,900 609
Payments of financing lease obligations (200) (6)
Net cash provided by financing activities 6,077 234,331
Effect of foreign exchange rates on cash (2,397) (11,444)
Net change in cash and cash equivalents, and restricted cash (10,539) 66,643
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 $149,050 $137,510
Supplemental disclosures of cash flow information:    
Interest paid $31,787 $16,865
Income taxes paid $7,406 $9,320