Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
  Year Ended December 31, 2019 (Unaudited) Year Ended December 31, 2018 (Audited) Year Ended December 31, 2017 (Audited)
  (in thousands)
Cash flows from operating activities:
Net income attributable to Ebix, Inc. $96,720 $93,139 $100,618
Net income (loss) attributable to noncontrolling interest (6,149) (58) 1,965
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 14,468 11,292 11,123
Provision for doubtful accounts 12,325 3,571 1,713
Provision for deferred taxes, net of acquisitions and effects of currency translation (15,525) (13,043) (13,667)
Unrealized foreign exchange losses 1,104 606 1,387
Amortization of right-of-use assets 7,144 - -
Amortization of capitalized software development costs 2,696 2,233 2,175
Share-based compensation 3,397 2,811 2,818
Reduction of acquisition earn-out contingent liability (16,543) (1,391) (164)
Reduction of rent expense as a result of purchase accounting adjustment (948)
Changes in current assets and liabilities, net of acquisitions:      
Accounts receivable (15,908) (10,810) (34,245)
Receivables from service providers 7,832 (33,439) -
Payables to service agents (13,455) 25,651 -
Other assets (8,351) (8,486) (2,133)
Accounts payable and accrued expenses 19,624 6,539 8,906
Accrued payroll and related benefits (661) (788) (3,979)
Lease liabilities (6,878) - -
Deferred rent - (360) (413)
Reserve for potential uncertain income tax return positions (95) 149 5,879
Other liabilities 30,396 13,205 252
Contract liabilities (8,149) (8,740) (4,480)
Net cash provided by operating activities 64,744 83,335 76,807
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (105,466) (232,557) (192,161)
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 (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment (5,348) 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 - (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)
Maturities (purchases) of marketable securities 27,015 (4,087) 1,201
Capitalized software development costs (7,989) (5,745) (2,805)
Capital expenditures (4,908) (10,366) (7,385)
Net cash used in investing activities (96,696) (251,590) (203,071)
Cash flows from financing activities:      
Proceeds from / (Repayment) to line of credit, net 13,500 150,008 120,500
Proceeds from term loan - 175,500 20,000
Principal payments on term loan obligation (15,063) (10,016) (13,000)
Payments on short-term notes, net 6,450 (8,341) -
Cash overdraft - (769) 6,162
Working capital facility 19,079 (8,094) 6,162
Repurchase of common stock (12,952) (40,820) (45,732)
Payments of long term debt (686) (80)
Payments for capital lease obligations - (6) (11)
Proceeds from exercise of common stock options - 439 52
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (230) (467) (398)
Dividends paid (9,193) (9,316) (9,545)
Net cash provided (used) by financing activities 905 248,807 78,028
Effect of foreign exchange rates on cash and cash equivalents $(3,314) $(5,689) 2,162
Net change in cash and cash equivalents, and restricted cash (34,361) 74,863 (46,074)
Cash and cash equivalents, and restricted cash at the beginning of the year 145,730 $70,867 116,941
Cash and cash equivalents, and restricted cash at the end of the year $111,369 $145,730 70,867
Supplemental disclosures of cash flow information:      
Interest paid 41,143 25,690 12,552
Income taxes paid 24,041 10,149 10,426