Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited )
| Nine Months Ended September 30, | ||||||||
| 2009 | 2008 | |||||||
| Cash flows from operating activities: |
|
|||||||
| Net income | $ | 26,725 | $ | 19,403 | ||||
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
| Depreciation and amortization | 2,517 | 2,460 | ||||||
| Stock-based compensation | 148 | 102 | ||||||
| Restricted stock compensation | 833 | 423 | ||||||
| Unrealized foreign exchange gain on forward contracts | (141) | — | ||||||
| Provision for doubtful accounts | 90 | 225 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (4,644) | (2,053) | ||||||
| Other assets | (622) | 324 | ||||||
| Accounts payable and accrued expenses | (214) | (392) | ||||||
| Accrued payroll and related benefits | (591) | 600 | ||||||
| Deferred revenue | (29 ) | (1,220) | ||||||
| Deferred taxes | (2,197) | (529) | ||||||
| Deferred rent and other liabilities | 252 | 16 | ||||||
| Net cash provided by operating activities | 22,127 | 19,359 | ||||||
| Cash flows from investing activities: | ||||||||
| Investment in Acclamation, net of cash acquired | (85) | (21,365) | ||||||
| Investment in Telstra eBusiness Services, net of cash acquired | — | (42,968) | ||||||
| Investment in Periculum, net of cash acquired | (200 ) | (1,067 ) | ||||||
| Investment in ConfirmNet, net of cash acquired | (3,279) | — | ||||||
| Investment in IDS, net of cash acquired | (1,000) | — | ||||||
| Investment in Facts, net of cash acquired | (6,215) | — | ||||||
| Investment in Ebix Advantage, net of cash acquired | — | (500) | ||||||
| Advanced deposits on future acquisitions | (11,880) | — | ||||||
| (Purchase) Maturities of marketable securities, net | 167 | (1,496) | ||||||
| Capital expenditures | (1,941) | (549) | ||||||
| Net cash used in investing activities | (24,433) | (67,945) | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from line of credit | 23,850 | 9,295 | ||||||
| Payments on line of credit | (24,945) | — | ||||||
| Proceeds from the issuance of common stock, net of issuance costs | — | 12,518 | ||||||
| Proceeds from the exercise of the stock options | 1,458 | 1,225 | ||||||
| Proceeds from the issuance of convertible debt | 25,000 | 15,000 | ||||||
| Repurchase of Common Stock | (507) | (24,510) | ||||||
| Payments on capital lease obligations | (98 ) | (3 ) | ||||||
| Principal payments of debt obligations | (773) | (483) | ||||||
| Net cash provided/(used) in financing activities | 23,985 | 13,042 | ||||||
| Effect of foreign exchange rates on cash | (297) | (2,172) | ||||||
| Net change in cash and cash equivalents | 21,382 | (37,716) | ||||||
| Cash and cash equivalents at the beginning of the period | 9,475 | 48,437 | ||||||
| Cash and cash equivalents at the end of the period | $ | 30,857 | $ | 10,721 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 910 | $ | 759 | ||||
| Income taxes paid | $ | 3,706 | $ | 478 | ||||
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