| Financial Statement |
 |
| |
|
|
|
|
|
Ebix,
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows |
| |
|
|
|
|
| |
|
Year
Ended
December
31, 2009
|
|
Year
Ended
December
31, 2008
|
| |
|
(Unaudited) |
|
(Audited) |
| |
|
(In thousands) |
|
Cash flows from operating
activities: |
|
|
|
|
| Net income
|
|
$ |
38,822 |
|
|
$ |
27,314 |
|
| |
|
|
|
|
|
Adjustments to reconcile net
income: |
|
|
|
|
| Depreciation
and amortization |
|
|
3,955 |
|
|
|
3,306 |
|
| Provision
for doubtful accounts |
|
|
321 |
|
|
|
298 |
|
| Provision
for deferred taxes |
|
|
(2,615 |
) |
|
|
(1,846 |
) |
| Unrealized
foreign exchange gain on forward contracts |
|
|
(500 |
) |
|
|
— |
|
| Unrealized
gain on put option |
|
|
(89 |
) |
|
|
— |
|
| Share-based
compensation |
|
|
1,369 |
|
|
|
698 |
|
Changes in current assets
and liabilities, net of acquisitions: |
|
|
|
|
| Accounts
receivable |
|
|
(8,619 |
) |
|
|
(163 |
) |
| Other assets
|
|
|
(577 |
) |
|
|
737 |
|
| Accounts
payable and accrued expenses |
|
|
1,127 |
|
|
|
(1,284 |
) |
| Accrued
payroll and related benefits |
|
|
587 |
|
|
|
84 |
|
| Deferred
rent |
|
|
27 |
|
|
|
(109 |
) |
| Other liabilities
|
|
|
109 |
|
|
|
60 |
|
| Deferred
revenue |
|
|
(40 |
) |
|
|
(2,270 |
) |
| Net cash
provided by operating activities |
|
|
33,877 |
|
|
|
26,825 |
|
|
Cash flows from investing
activities: |
|
|
|
|
| Investment
in Finetre, net of cash acquired |
|
|
— |
|
|
|
— |
|
| Investment
in Ebix Advantage, net of cash acquired |
|
|
— |
|
|
|
(500 |
) |
| Investment
in IDS, net of cash acquired |
|
|
(1,000 |
) |
|
|
— |
|
| Investment
in Telstra, net of cash acquired |
|
|
— |
|
|
|
(42,942
|
) |
| Investment
in Periculum, net of cash acquired |
|
|
(200 |
) |
|
|
(1,067 |
) |
| Investment
in Acclamation, net of cash acquired |
|
|
(85 |
) |
|
|
(21,388
|
) |
| Investment
in Confirmnet, net of cash acquired |
|
|
(3,279 |
) |
|
|
(7,294 |
) |
| (Purchases)/maturities
of marketable securities, net |
|
|
(263 |
) |
|
|
(507 |
) |
| Investment
in Facts, net of cash acquired |
|
|
(6,215 |
) |
|
|
— |
|
| Investment
in Peak Performance, net of cash acquired |
|
|
(7,894 |
) |
|
|
— |
|
| Investment
in EZ Data, net of cash acquired |
|
|
(25,362
|
) |
|
|
— |
|
| Capital
expenditures |
|
|
(3,129 |
) |
|
|
(615 |
) |
| Net cash
used in investing activities |
|
|
(47,427 |
) |
|
|
(74,313 |
) |
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds
from the issuance of
common stock, net of issuance costs |
|
|
— |
|
|
|
12,519 |
|
| Proceeds
from / Repayment to line of credit, net |
|
|
(1,845 |
) |
|
|
9,295 |
|
| Proceeds
from the issuance of convertible debt |
|
|
25,000 |
|
|
|
15,000 |
|
| Payments
to acquire treasury stock |
|
|
— |
|
|
|
(1,029 |
) |
| Payments
on line of credit |
|
|
— |
|
|
|
— |
|
| Repurchase
of common stock |
|
|
(507 |
) |
|
|
(24,246
|
) |
| Payments
of long term debt |
|
|
(742 |
) |
|
|
(500 |
) |
| Payments
for capital lease obligations |
|
|
(293 |
) |
|
|
(3 |
) |
| Proceeds
from exercise of common stock options |
|
|
1,566 |
|
|
|
1,239 |
|
| Net cash
provided by financing activities |
|
|
23,179 |
|
|
|
12,275 |
|
| Effect of
foreign exchange rates on cash and cash equivalents |
|
|
123 |
|
|
|
(3,749 |
) |
| Net change
in cash and cash equivalents |
|
|
9,752 |
|
|
|
(38,962
|
) |
| Cash and
cash equivalents at the beginning of the year |
|
|
9,475 |
|
|
|
48,437 |
|
| Cash and
cash equivalents at the end of the year |
|
$ |
19,227 |
|
|
$ |
9,475 |
|
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
| Interest
paid |
|
$ |
1,125 |
|
|
$ |
1,370 |
|
|
| |
|
|
