Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | |
(in thousands) |
||
| Cash flows from operating activities: | ||
| Net income | $15,417 | $59,274 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 2,552 | 10,107 |
| Stock-based compensation | 395 | 1,941 |
| Restricted stock compensation | ||
| Debt discount amortization on convertible debt | 10 | 42 |
| Provision for doubtful accounts | 353 | 1,147 |
| Unrealized gain on put option | (454) | (341) |
| Unrealized foreign exchange gain on forward contracts | 216 | |
| Unrealized foreign exchange (gain)loss | (237) | |
| Reduction of acquisition earnout | (1,762) | (10,253) |
| Provision for deferred taxes | (441) | (10,368) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (4,716) | (3,347) |
| Other assets | 576 | 80 |
| Accounts payable and accrued expenses | (65) | 1,135 |
| Accrued payroll and related benefits | 1,029 | (1,866) |
| Reserve for potential uncertain income tax return positions | 2,133 | 6,817 |
| Liability – securities litigation settlement | (4,218) | 4226 |
| Other Liabilities | (56) | (225) |
| Deferred revenue | (2) | (983) |
| Deferred rent and other liabilities | (163) | (87) |
| Deferred Taxes | ||
| Customer Deposits | ||
| Net cash provided by operating activities | 10,804 | 57,062 |
| Cash flows from investing activities: | ||
| Acquisition of Qatarlyst, net of cash acquired | (4,740) | |
| Acquisition of ADAM, net of cash acquired | ||
| Acquisition of MCN, net of cash acquired | ||
| Acquisition of BSI, net of cash acquired | ||
| Acquisition of Taimma, net of cash acquired | ||
| Acquisition of Fintechnix, net of cash acquired | ||
| Acquisition of Planetsoft, net of cash acquired | ||
| Acquisition of Trisystems, net of cash acquired | ||
| Investment in Curepet, Inc | 3 | |
| Acquisition of Trade Monitor, net of cash acquired | ||
| Acquisition of Connective Technologies, net of cash acquired | ||
| Acquisition of USIX, net of cash acquired | ||
| Acquisition of Health Connect Systems, net of cash acquired | ||
| Acquisition of E-Trek, net of cash acquired | ||
| Acquisition of business, net of cash acquired | ||
| Investment in Acclamations, net of cash acquired | ||
| Investment in FACTS, net of cash acquired | ||
| Investment in Taimma | (2,250) | |
| Investment in USIX | (727) | |
| Investment in Facts | ||
| Investment in Telstra eBusiness Services, net of cash acquired | ||
| Investment in Periculum, net of cash acquired | ||
| Investment in ConfirmNET, net of cash acquired | ||
| Investment in Infinity | ||
| Investment in Finetre, net of cash acquired | ||
| Investment in LifeLink, net of cash acquired | ||
| Investment in Heart, net of cash acquired | — | — |
| Investment in IDS, net of cash acquired | — | — |
| Investment in Health Connect Solutions, net of cash acquired | ||
| Investment in Peak Performance, net of cash acquired | — | — |
| Investment in EZ-Data, net of cash acquired | — | — |
| (Purchases)/maturities of marketable securities, net | (10) | 107 |
| Capital expenditures | (413) | (1,230) |
| Advanced deposits on future acquisitions | — | — |
| Net cash used in investing activities: | (420) | (8,840) |
| Cash flows from financing activities: | (15,000) | |
| Proceeds from term loan | ||
| Principal payments of term loan obligation | (2,406) | (8,938) |
| Proceeds from the issuance of note payable | — | — |
| Payment of long term debt | ||
| Proceeds from the issuance of common stock, net of issuance costs | ||
| Repurchase of stock guarantee | ||
| Proceeds from the line of credit | ||
| Payments on line of credit | ||
| Capital Leases | (56) | (277) |
| Repurchase of common stock | (2,234) | (2,492) |
| Payments to acquire treasury stock | ||
| Increase current portion of long term debt | ||
| Excess tax benefit from share-based compensation | (3,200) | 3,237 |
| Proceeds from the exercise of stock options | 788 | 2,161 |
| Proceeds from issuance of convertible debt | ||
| Settlement on conversion of convertible debt | ||
| Principal payments of debt obligations | (9) | (665) |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (25) | (1,681) |
| Dividends Paid | (2,896) | (2,794) |
| Net cash used in financing activities | $(10,038) | $(26,449) ) |
| Effect of foreign exchange rates on cash | 708 | 1,548 |
| Net change in cash and cash equivalents | $1,054 | $20,225 |
| Cash and cash equivalents at the beginning of the period | $56,674 | $36,449 |
| Cash and cash equivalents at the end of the period | $57,728 | $56,674 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $208 | $1,169 |
| Income taxes paid | $3,087 | $13,779 |
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