Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
  Year Ended December 31,
  2020 2019 2018
  (In thousands)
Cash flows from operating activities:      
Net income attributable to Ebix, Inc. $92,377  $96,720  $93,139 
Net (loss) income attributable to noncontrolling interest (3,550) (6,149) (58)
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 13,738  14,468  11,292 
Provision for doubtful accounts 1,749  12,325  3,571 
Provision for deferred taxes, net of acquisitions and effects of currency translation 5,114  (15,525) (13,043)
Unrealized foreign exchange losses —  1,104  606 
Amortization of right-of-use assets 6,100  7,144  — 
Amortization of capitalized software development costs 3,367  2,696  2,233 
Share-based compensation 4,792  3,397  2,811 
Reduction of acquisition earn-out contingent liability (3,105) (16,543) (1,391)
Cash paid for acquisition earn-out (6,453) —  (3,831)
Intangible asset impairment 6,168  —  — 
Changes in current assets and liabilities, net of acquisitions:      
Accounts receivable 3,258  (22,977) 15,839 
Receivables from service providers 20,896  10,950  (36,557)
Payables to service agents (6,915) (13,455) 25,651 
Other assets (10,487) (8,351) (8,486)
Accounts payable and accrued expenses (14,569) (19,624) (11,787)
Accrued payroll and related benefits 2,100  (661) (788)
Lease liabilities (5,700) (6,878) (360)
Reserve for potential uncertain income tax return positions —  (95) 149 
Other liabilities (12,204) 30,396  13,205 
Contract liabilities 3,680  (8,149) (8,740)
Net cash provided by operating activities 100,356  60,793  83,455 
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (14,276) (105,466) (232,557)
Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment —  (5,348) 4,996 
Maturities (purchases) of marketable securities (20,964) 27,015  (4,087)
Capitalized software development costs (4,229) (7,989) (8,079)
Capital expenditures (5,337) (4,908) (8,032)
Net cash used in investing activities (44,806) (96,696) (247,759)
Cash flows from financing activities:      
Proceeds from / (payment) to revolving line of credit, net 1,364  13,500  150,008 
Proceeds from term loan —  —  175,500 
Principal payments on term loan obligation (20,711) (15,063) (10,016)
Payments on short-term notes, net —  6,450  (8,341)
Working capital facilities (10,927) 19,079  (8,094)
Repurchase of common stock —  (12,952) (40,820)
Payments of long term debt (271) (686) (80)
Payments for capital lease obligations (210) —  (6)
Proceeds from exercise of common stock options 636  —  439 
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (2,589) (230) (467)
Dividends paid (9,245) (9,193) (9,316)
Net cash (used) provided by financing activities (41,953) 905  248,807 
Effect of foreign exchange rates on cash and cash equivalents (4,753) (3,314) (5,689)
Net change in cash and cash equivalents, and restricted cash 8,844  (38,312) 78,814 
Cash and cash equivalents, and restricted cash at the beginning of the year 111,369  149,681  70,867 
Cash and cash equivalents, and restricted cash at the end of the year $120,213  $111,369  $149,681 
Supplemental disclosures of cash flow information:      
Interest paid 29,498  41,143  25,690 
Income taxes paid 21,321  24,041  10,149