Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Nine Months Ended
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| September 30, | ||||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 54,048 | $ | 43,075 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization | 5,617 | 4,433 | ||||||
| Share based compensation | 1,737 | 1,376 | ||||||
| Provision for doubtful accounts | 747 | 341 | ||||||
| Benefit for deferred taxes | (5,870) | (89) | ||||||
| Debt discount amortization on convertible debt | 21 | 303 | ||||||
| Unrealized foreign exchange (gain) loss on forward contracts | 909 | (1,270) | ||||||
| Unrealized foreign exchange gain | (4,047) | (277) | ||||||
| (Gain) loss on put option | 893 | (5,416) | ||||||
| Reduction of acquisition earnout accruals | (3,048) | — | ||||||
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Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (2,985) | (5,020) | ||||||
| Other assets | 422 | (1,219) | ||||||
| Accounts payable and accrued expenses | 1,916 | (1,140) | ||||||
| Accrued payroll and related benefits | (959) | (369) | ||||||
| Deferred revenue | 1,024 | (859) | ||||||
| Deferred rent | (188) | (70) | ||||||
| Other current liabilities | 1,696 | 41 | ||||||
| Net cash provided by operating activities | 51,933 | 33,840 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisition of ADAM, net of cash acquired | 3,529 | — | ||||||
| Investment in MCN, net of cash acquired | (381 ) | (2,931) | ||||||
| Acquisition of Trades Monitor, net of cash acquired | — | (2,749) | ||||||
| Acquisition of Connective Technologies, net of cash acquired | — | (1,337) | ||||||
| Acquisition of E-Trek, net of cash acquired | — | (1,011) | ||||||
| Acquisition of USIX, net of cash acquired | — | (6,844) | ||||||
| Investment in ConfirmNet | (184) | (2,975) | ||||||
| Investment in Facts | (12) | (11) | ||||||
| Investment in Periculum | — | (4 ) | ||||||
| Maturities of marketable securities | 7,600 | — | ||||||
| Purchases of marketable securities | (2,963) | (4,952) | ||||||
| Capital expenditures | (1,863 ) | (1,325) | ||||||
| Net cash provided by/(used in) investing activities | 5,726 | (24,139 | ||||||
| Cash flows from financing activities: | ||||||||
| Repayments on revolving line of credit, (net of proceeds) | (14,750) | (2,100) | ||||||
| Proceeds from term loan | 16,250 | 10,000 | ||||||
| Principal payments of term loan obligation | (4,740) | (3,751) | ||||||
| Repurchases of common stock | (56,548) | (10,649) | ||||||
| Settlement on conversion of convertible debt | (6,761) | (12,021) | ||||||
| Proceeds from the exercise of stock options | 14 | 231 | ||||||
| Payments of capital lease obligations | (253) | (683 ) | ||||||
| Net cash used in financing activities | (66,788) | (18,973) | ||||||
| Effect of foreign exchange rates on cash | (327) | 1,308 | ||||||
| Net change in cash and cash equivalents | (9,456) | (7,964) | ||||||
| Cash and cash equivalents at the beginning of the period | 23,397 | 19,227 | ||||||
| Cash and cash equivalents at the end of the period | $ | 13,941 | $ | 11,263 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 579 | $ | 410 | ||||
| Income taxes paid | $ | 1,757 | $ | 1,589 | ||||
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