Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2011 | 2010 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 15,164 | $ | 12,384 | |||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
| Depreciation and amortization | 1,877 | 1,432 | |||||||||
| Share based compensation | 556 | 425 | |||||||||
| Provision for doubtful accounts | 11 | — | |||||||||
| Provision for deferred taxes | 2,198 | (495) | |||||||||
| Debt discount amortization on convertible debt | 21 | 105 | |||||||||
|
Unrealized foreign exchange
gain/(loss) on forward contracts |
(152) | (849) | |||||||||
| Unrealized foreign exchange gain | (1,890) | 568 | |||||||||
| Gain on sale of building | — | (262) | |||||||||
| (Gain) loss on put option | 354 | (55) | |||||||||
|
Changes in assets and liabilities, net of effects from acquisitions: |
|||||||||||
| Accounts receivable | (5,987) | (2,457) | |||||||||
| Other assets | 1,278 | (461) | |||||||||
| Accounts payable and accrued expenses | (2,357) | (3,632) | |||||||||
| Accrued payroll and related benefits | (1,463) | 332 | |||||||||
| Deferred revenue | 689 | 705 | |||||||||
| Deferred rent | (55 ) | 23 | |||||||||
| Other current liabilities | 69 | (1) | |||||||||
| Net cash provided by operating activities | 10,313 | 7,762 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of ADAM, net of cash acquired | 3,529 | — | |||||||||
| Acquisition of MCN, net of cash acquired | — | (2,828) | |||||||||
| Investment in ConfirmNet | — | (2,975) | |||||||||
| Purchases of marketable securities, net | (5,384) | (933) | |||||||||
| Maturities of marketable securities, net | 7,960 | — | |||||||||
| Capital expenditures | (524) | (343) | |||||||||
|
Net cash provided by/(used in) investing activities |
5,581 | (7,079) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repayments on revolving line of credit, (net of proceeds) | — | (7,500 ) | |||||||||
| Proceeds from term loan | — | 10,000 | |||||||||
| Principal payments of term loan obligation | (1,250) | (1,250) | |||||||||
| Repurchases of common stock | (2,395) | (1,002) | |||||||||
| Proceeds from the exercise of stock options | — | 176 | |||||||||
| Payments of capital lease obligations | (101) | (372 ) | |||||||||
| Principal payments of debt obligations | (157) | — | |||||||||
| Net cash provided by/(used in) financing activities | (3,903) | 52 | |||||||||
| Effect of foreign exchange rates on cash | 201 | 456 | |||||||||
| Net change in cash and cash equivalents | 12,192 | 1,191 | |||||||||
| Cash and cash equivalents at the beginning of the period | 23,397 | 19,227 | |||||||||
| Cash and cash equivalents at the end of the period | $ | 35,589 | $ | 20,418 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Interest paid | $ | 204 | $ | 125 | |||||||
| Income taxes paid | $ | 558 | $ | 999 | |||||||
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