| Financial Statement |
 |
|
|
|
Ebix,
Inc. and Subsidiaries
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 |
|
|
| |
|
|
