Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2010 | 2009 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 12,384 | $ | 8,335 | ||||
|
Adjustments to reconcile net income to
net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 1,432 | 743 | ||||||
| Stock-based compensation | 110 | 52 | ||||||
| Restricted stock compensation | 315 | 191 | ||||||
| Debt discount amortization on convertible debt | 105 | — | ||||||
| Unrealized foreign exchange (gain)loss on forward contracts | (849) | — | ||||||
| Unrealized foreign exchange (gain)loss | 568 | — | ||||||
| Gain on sale of building | (262) | — | ||||||
| Gain on put option | (55) | — | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (2,457) | (2,356) | ||||||
| Other assets | (461) | (72) | ||||||
| Accounts payable and accrued expenses | (3,632) | 244 | ||||||
| Accrued payroll and related benefits | 332 | 672 | ||||||
| Deferred revenue | 705 | 773 | ||||||
| Deferred rent | 23 | (36) | ||||||
| Deferred taxes | (495) | (766 ) | ||||||
| Other current liabilities | (1) | 36 | ||||||
| Net cash provided by operating activities | 7,762 | 7,816 | ||||||
|
Cash flows from investing activities:
|
||||||||
| Acquisition of business, net of cash acquired | (2,828) | — | ||||||
| Investment in ConfirmNet | (2,975) | (3,094) | ||||||
| Investment in IDS | — | (1,000) | ||||||
| (Purchases)maturities of marketable securities, net | (933) | 1,059 | ||||||
| Capital expenditures | (343) | (727) | ||||||
| Net cash used in investing activities | (7,079) | (3,762) | ||||||
|
Cash flows from financing activities:
|
||||||||
| Repayments on line of credit | (7,500) | — | ||||||
| Proceeds from term loan | 10,000 | — | ||||||
| Principal payments of term loan obligation | (1,250) | — | ||||||
| Repurchases of common stock | (1,002) | (505) | ||||||
| Proceeds from the exercise of stock options | 176 | — | ||||||
| Payments of capital lease obligations | (372) | (38) | ||||||
| Principal payments of debt obligations | — | (587) | ||||||
| Net cash provided/(used) in financing activities | 52 | (1,130) | ||||||
| Effect of foreign exchange rates on cash | 456 | (627) | ||||||
| Net change in cash and cash equivalents | 1,191 | 2,297 | ||||||
| Cash and cash equivalents at the beginning of the period | 19,227 | 9,475 | ||||||
| Cash and cash equivalents at the end of the period | $ | 20,418 | $ | 11,772 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 125 | $ | 226 | ||||
| Income taxes paid | $ | 999 | $ | 1,125 | ||||
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