Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended | ||
|---|---|---|
| March 31, | December 31, | |
| 2013 | 2012 | |
| Cash flows from operating activities: | ||
| Net income | $ 17,344 | $ 15,685 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,452 | 1,941 |
| Benefit for deferred taxes | (7,538) | (1,428) |
| Share based compensation | 511 | 548 |
| Provision for doubtful accounts | -- | 266 |
| Debt discount amortization on convertible debt | 13 | -- |
| Unrealized foreign exchange loss | 9 | 661 |
| Gain on put option | (81) | -- |
| Reduction of acquisition earnout accruals | (229) | -- |
| Changes in assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | (2,234) | 1,771 |
| Other assets | 357 | (302) |
| Accounts payable and accrued expenses | 4,719 | (861) |
| Accrued payroll and related benefits | (643) | (1,575) |
| Deferred revenue | (350) | (560) |
| Deferred rent | 44 | (75) |
| Other current liabilities | (39) | (2,336) |
| Net cash provided by operating activities | 14,265 | 13,735 |
| Cash flows from investing activities: | ||
| Investment in USIX | (570) | -- |
| Maturities of marketable securities (net of purchases) | 208 | 979 |
| Capital expenditures | (345) | (673) |
| Net cash provided by/(used in) investing activities | (707) | 306 |
| Cash flows from financing activities: | ||
| Principal payments of term loan obligation | (4,125) | -- |
| Excess tax benefit from share-based compensation | -- | 27 |
| Proceeds from the exercise of stock options | 553 | 14 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (564) | -- |
| Dividend payments | (2,794) | (1,464) |
| Principal payments of debt obligations | (12) | -- |
| Payments of capital lease obligations | (80) | (45) |
| Net cash provided used in financing activities | (7,022) | (1,468) |
| Effect of foreign exchange rates on cash | 20 | 871 |
| Net change in cash and cash equivalents | 6,556 | 13,444 |
| Cash and cash equivalents at the beginning of the period | 36,449 | 23,696 |
| Cash and cash equivalents at the end of the period | $ 43,005 | $ 37,140 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $ 352 | $ 312 |
| Income taxes paid | $ 3,548 | $ 3,030 |
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