XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income attributable to Ebix, Inc. $ 7,381 $ 38,534
Net loss attributable to noncontrolling interest (1,323) (1,305)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 9,909 9,238
Provision (benefit) for deferred taxes (27,654) (24,354)
Share-based compensation 1,288 1,934
(Benefit) provision for doubtful accounts 1,832 1,702
Amortization of right-of-use assets 2,051 1,765
Amortization of capitalized software development costs 103 1,511
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (9,322) (16,223)
Receivables from service providers 3,681 (2,194)
Payables to service agents 7,438 1,174
Other assets (5,749) (9,826)
Accounts payable and accrued expenses 14,620 8,525
Accrued payroll and related benefits 2,617 1,004
Contract liabilities (786) 8,766
Lease liabilities (2,080) (1,670)
Reserve for potential uncertain income tax return positions 0 0
Other liabilities 4,433 2,863
Net cash provided by operating activities 8,439 21,444
Cash flows from investing activities:    
Capitalized software development costs (546) (4,170)
Maturities (purchases) of unrestricted marketable securities, net (870) (3,214)
Capital expenditures (7,921) (9,607)
Net cash (used in) provided by investing activities (9,337) (16,991)
Cash flows from financing activities:    
Prepayments related to Debt Refinancing (7,704) 0
Proceeds from term loan 0 0
Principal payments of term loan obligation (40,961) (15,933)
Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (42) (64)
Dividend payments 0 (4,636)
Payments of debt obligations, net (2,780) (1,672)
(Payments) of/Borrowings under working capital facility, net 1,660 (1,704)
Payments of financing lease obligations, net (86) (106)
Net cash used in financing activities (49,913) (24,115)
Effect of foreign exchange rates on cash 2,251 (11,767)
Net change in cash and cash equivalents, and restricted cash (48,560) (31,429)
Cash and cash equivalents, and restricted cash at the beginning of the period 124,959 114,764
Cash and cash equivalents, and restricted cash at the end of the period 76,399 83,335
Supplemental disclosures of cash flow information:    
Interest paid 36,283 19,088
Income taxes paid $ 25,055 $ 24,222