Financial Statement

Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Nine Months Ended
  September 30,
  2021 2020
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 52,763 $ 72,880
Net loss attributable to noncontrolling interest (1,504) (1,187)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 11,619 10,142
(Benefit) provision for deferred taxes (3,698) 987
Share based compensation 4,034 3,457
(Provision) benefit for doubtful accounts (2,742) 424
Amortization of right-of-use assets 3,462 4,644
Amortization of capitalized software development costs 2,487 2,493
Reduction of acquisition accruals — (3,308)
Cash paid for acquisition earn-out — (2,881)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (3,078) 13,999
Receivables from service providers (11,371) 5,849
Payables to service agents 2,640 (3,972)
Other assets (6,658) (7,988)
Accounts payable and accrued expenses (1,711) (10,620)
Accrued payroll and related benefits (2,929) 3,316
Contract liabilities (316) (1,591)
Lease liabilities (3,179) (4,317)
Reserve for potential uncertain income tax return positions 789 —
Other liabilities (782) (10,563)
Net cash provided by operating activities 39,826 71,764
     
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired — (12,480)
Capitalized software development costs (4,552) (4,617)
Maturities (purchases) of unrestricted marketable securities, net 11,856 (20,609
Capital expenditures (5,325) (1,464)
Net cash provided by (used in) investing activities 1,979 (39,170)
     
Cash flows from financing activities:    
Proceeds from revolving line of credit, net — 1,364
Principal payments of term loan obligation (36,945) (15,063)
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 (150) (1,841)
Dividend payments (6,963) (6,923)
(Payments) proceeds of debt obligations (205) 7,187
Payments of working capital facility, net (8,581) (19,945)
Payments of financing lease obligations (102) (158)
Net cash used in financing activities (52,946) (34,743)
Effect of foreign exchange rates on cash (5,222) (7,222)
Net change in cash and cash equivalents, and restricted cash (16,363) (9,371)
Cash and cash equivalents, and restricted cash at the beginning of the period 120,213 111,369
Cash and cash equivalents, and restricted cash at the end of the period $ 103,850 $ 101,998
Supplemental disclosures of cash flow information:
Interest paid $ 24,118 $ 22,237
Income taxes paid $ 14,430 $ 8,019
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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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