Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2012 | 2011 | |
| Cash flows from operating activities: | ||
| Net income | $ 15,685 | $ 15,164 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,941 | 1,877 |
| Share based compensation | 548 | 556 |
| Provision for doubtful accounts | 266 | 11 |
| Benefit (provision) for deferred taxes | (1,401) | 2,198 |
| Debt discount amortization on convertible debt | -- | 21 |
| Unrealized foreign exchange (gain) loss on forward contracts | -- | (152) |
| Unrealized foreign exchange (gain) loss | 661 | (1,890) |
| (Gain) loss on put option | -- | 354 |
| Changes in assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | 1,771 | (5,987) |
| Other assets | (302) | 1,278 |
| Accounts payable and accrued expenses | (861) | (2,357) |
| Accrued payroll and related benefits | (1,575) | (1,463) |
| Deferred revenue | (560) | 689 |
| Deferred rent | (75) | (55) |
| Other current liabilities | (2,336) | 69 |
| Net cash provided by operating activities | 13,762 | 10,313 |
| Cash flows from investing activities: | ||
| Acquisition of ADAM, net of cash acquired | -- | 3,529 |
| Maturities of marketable securities | 979 | 7,960 |
| Purchases of marketable securities | -- | (5,384) |
| Capital expenditures | (673) | (524) |
| Net cash provided by investing activities | 306 | 5,581 |
| Cash flows from financing activities: | ||
| Principal payments of term loan obligation | -- | (1,250) |
| Repurchases of common stock | -- | (2,395) |
| Proceeds from the exercise of stock options | 14 | 1 |
| Dividend payments | (1,464) | -- |
| Payments of capital lease obligations | (45) | (102) |
| Net cash used in financing activities | (1,495) | (3,903) |
| Effect of foreign exchange rates on cash | 871 | 201 |
| Net change in cash and cash equivalents | 13,444 | 12,192 |
| Cash and cash equivalents at the beginning of the period | 23,696 | 23,397 |
| Cash and cash equivalents at the end of the period | $ 37,140 | $ 35,589 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $ 312 | $ 204 |
| Income taxes paid | $ 3,030 | $ 558 |
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