| |
|
|
|
|
| Ebix,
Inc. and Subsidiaries |
| Consolidated
Statements of Cash Flows |
|
(In thousands) |
|
(Unaudited) |
| |
|
|
|
|
| |
|
Twelve
Months Ended
December 31, |
| |
|
2008
|
|
2007
|
| |
|
|
|
|
| Cash flows from operating
activities: |
|
|
|
|
| Net income |
|
$ |
27,313 |
|
|
$ |
12,666 |
|
| Cumulative effect of
adoption of FIN 48 |
|
|
|
|
(455 |
) |
| Adjustments to reconcile
net income to net cash provided by operating activities:
|
|
|
|
|
| Depreciation and amortization
|
|
|
3,306 |
|
|
|
2,599 |
|
| Stock-based compensation
|
|
|
107 |
|
|
|
168 |
|
| Restricted stock compensation
|
|
|
596 |
|
|
|
149 |
|
| Provision for doubtful
accounts |
|
|
298 |
|
|
|
121 |
|
| Changes in assets
and liabilities: |
|
|
|
|
| Accounts receivable
|
|
|
(163 |
) |
|
|
(803 |
|
| Other assets |
|
|
737 |
|
|
|
(1,952 |
) |
| Accounts payable and
accrued expenses |
|
|
(1,335 |
) |
|
|
377 |
|
| Accrued payroll and
related benefits |
|
|
84 |
|
|
|
(32 |
) |
| Deferred revenue |
|
|
(2,270 |
) |
|
|
142 |
|
| Deferred taxes |
|
|
(1,835 |
) |
|
|
— |
|
| Deferred rent & Other
Liabilities |
|
|
(49 |
) |
|
|
2,059 |
|
| Net cash provided
by operating activities |
|
|
26,789 |
|
|
|
15,039 |
|
| |
|
|
|
|
| Cash flows from
investing activities: |
|
|
|
|
| Investment in Acclamation,
net of cash acquired |
|
|
(21,388 |
) |
|
|
— |
|
| Investment in Periculum,
net of cash acquired |
|
|
(1,067 |
) |
|
|
— |
|
| Investment in Telstra
eBusiness Services, net of cash acquired |
|
|
(42,968 |
) |
|
|
— |
|
| Investment in Confirmnet,
net of cash acquired |
|
|
(7,294 |
) |
|
|
— |
|
| Investment in Finetre
|
|
|
— |
|
|
|
(15 |
) |
| Investment in Ebix Advantage
|
|
|
(500 |
) |
|
|
(2,870 |
) |
| Investment in IDS, net
of cash acquired |
|
|
— |
|
|
|
(11,253 |
) |
| Capital expenditures
|
|
|
(615 |
) |
|
|
(1,754 |
) |
| Net cash used in investing
activities |
|
|
(73,832 |
) |
|
|
(15,892 |
) |
| |
|
|
|
|
| Cash flows from
financing activities: |
|
|
|
|
| Proceeds from line of
credit |
|
|
9,295 |
|
|
|
16,400 |
|
| Payments on line of
credit |
|
|
— |
|
|
|
(10,750 |
) |
| Proceeds from the issuance
of common stock, net of issuance costs |
|
|
12,518 |
|
|
|
18,945 |
|
| Repurchase of common
stock |
|
|
(24,248 |
) |
|
|
— |
|
| Payments to acquire
treasury stock |
|
|
(1,029 |
) |
|
|
— |
|
| Proceeds from the exercise
of the stock options |
|
|
1,239 |
|
|
|
646 |
|
| Proceeds from issuance
of convertible promissory notes |
|
|
15,000 |
|
|
|
20,000 |
|
| Payments on capital
lease obligations |
|
|
(3 |
) |
|
|
(3 |
) |
| Principal payments under
debt obligations |
|
|
(500 |
) |
|
|
(966 |
) |
| Net cash provided/(used)
in financing activities |
|
|
12,272 |
|
|
|
44,272 |
|
| |
|
|
|
|
| Effect of foreign
exchange rates on cash |
|
|
(3,684 |
) |
|
|
1,034 |
|
| |
|
|
|
|
| Net change in
cash and cash equivalents |
|
|
(38,455 |
) |
|
|
44,453 |
|
| Cash and cash equivalents
at the beginning of the period |
|
|
49,466 |
|
|
|
5,013 |
|
| Cash and cash equivalents
at the end of the period |
|
$ |
11,011 |
|
|
$ |
49,466 |
|
| |
|
|
|
|
| Supplemental disclosures
of cash flow information: |
|
|
|
|
| Interest paid |
|
$ |
1,321 |
|
|
$ |
386 |
|
| Income taxes paid |
|
$ |
806 |
|
|
$ |
7 |
|
| |
|
|
|
|
