| Ebix,
Inc. and Subsidiaries |
| Condensed
Consolidated Statements of Cash Flows |
|
(In thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2010 |
|
|
|
2009 |
|
| |
|
|
|
|
| Cash flows
from operating activities: |
|
|
|
|
| Net income
|
|
$ |
12,384 |
|
|
$ |
8,335 |
|
Adjustments
to reconcile net income to
net cash provided by operating activities: |
|
|
|
|
| Depreciation
and amortization |
|
|
1,432 |
|
|
|
743 |
|
| Stock-based
compensation |
|
|
110 |
|
|
|
52 |
|
| Restricted
stock compensation |
|
|
315 |
|
|
|
191 |
|
| Debt discount
amortization on convertible debt |
|
|
105 |
|
|
|
— |
|
| Unrealized
foreign exchange (gain)loss on forward contracts |
|
|
(849 |
) |
|
|
— |
|
| Unrealized
foreign exchange (gain)loss |
|
|
568 |
|
|
|
— |
|
| Gain on sale
of building |
|
|
(262 |
) |
|
|
— |
|
| Gain on put
option |
|
|
(55 |
) |
|
|
— |
|
|
Changes in assets and liabilities:
|
|
|
|
|
| Accounts receivable
|
|
|
(2,457 |
) |
|
|
(2,356 |
) |
| Other assets
|
|
|
(461 |
) |
|
|
(72 |
) |
| Accounts payable
and accrued expenses |
|
|
(3,632 |
) |
|
|
244 |
|
| Accrued payroll
and related benefits |
|
|
332 |
|
|
|
672 |
|
| Deferred revenue
|
|
|
705 |
|
|
|
773 |
|
| Deferred rent
|
|
|
23 |
|
|
|
(36 |
) |
| Deferred taxes
|
|
|
(495 |
) |
|
|
(766 |
) |
| Other current
liabilities |
|
|
(1 |
) |
|
|
36 |
|
|
Net cash provided by operating
activities |
|
|
7,762 |
|
|
|
7,816 |
|
| |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
| Acquisition
of business, net of cash acquired |
|
|
(2,828 |
) |
|
|
— |
|
| Investment
in ConfirmNet |
|
|
(2,975 |
) |
|
|
(3,094 |
) |
| Investment
in IDS |
|
|
— |
|
|
|
(1,000 |
) |
| (Purchases)maturities
of marketable securities, net |
|
|
(933 |
) |
|
|
1,059 |
|
| Capital expenditures
|
|
|
(343 |
) |
|
|
(727 |
) |
|
Net cash used in investing activities
|
|
|
(7,079 |
) |
|
|
(3,762 |
) |
| |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
| Repayments
on line of credit |
|
|
(7,500 |
) |
|
|
— |
|
| Proceeds from
term loan |
|
|
10,000 |
|
|
|
— |
|
| Principal
payments of term loan obligation |
|
|
(1,250 |
) |
|
|
— |
|
| Repurchases
of common stock |
|
|
(1,002 |
) |
|
|
(505 |
) |
| Proceeds from
the exercise of stock options |
|
|
176 |
|
|
|
— |
|
| Payments of
capital lease obligations |
|
|
(372 |
) |
|
|
(38 |
) |
| Principal
payments of debt obligations |
|
|
— |
|
|
|
(587 |
) |
|
Net cash provided/(used) in
financing activities |
|
|
52 |
|
|
|
(1,130 |
) |
| Effect of
foreign exchange rates on cash |
|
|
456 |
|
|
|
(627 |
) |
|
Net change in cash and cash
equivalents |
|
|
1,191 |
|
|
|
2,297 |
|
| Cash and cash
equivalents at the beginning of the period |
|
|
19,227 |
|
|
|
9,475 |
|
|
Cash and cash equivalents at
the end of the period |
|
$ |
20,418 |
|
|
$ |
11,772 |
|
| |
|
|
|
|
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
| Interest paid
|
|
$ |
125 |
|
|
$ |
226 |
|
| Income taxes
paid |
|
$ |
999 |
|
|
$ |
1,125 |
|
