Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited )
| Six months Ended June 30, | ||||||||
| 2010 | 2009 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 26,394 | $ | 17,291 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 2,880 | 1,573 | ||||||
| Stock-based compensation | 217 | 100 | ||||||
| Restricted stock compensation | 688 | 513 | ||||||
| Provision for doubtful accounts | 203 | 90 | ||||||
| Debt discount amortization on convertible debt | 211 | — | ||||||
| Unrealized foreign exchange (gain)loss on forward contracts | (49) | (144) | ||||||
| Unrealized foreign exchange (gain)loss | (530) | — | ||||||
| Gain on put option | (1,499) | — | ||||||
|
Changes in assets and liabilities, net of effects from acquisitions: |
||||||||
| Accounts receivable | (1,795) | (2,617?) | ||||||
| Other assets | 387 | (387) | ||||||
| Accounts payable and accrued expenses | (1,926) | (483) | ||||||
| Accrued payroll and related benefits | (709) | (532) | ||||||
| Deferred revenue | (303) | 1,092 | ||||||
| Deferred rent | (31) | — | ||||||
| Deferred taxes | (369) | (1,125) | ||||||
| Other current liabilities | 33 | 178 | ||||||
| Net cash provided by operating activities | 23,802 | 15,549 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisition of MCN, net of cash acquired | ) | (2,931 | — | |||||
| Acquisition of Trade Monitor, net of cash acquired | (2,749 ) | — | ||||||
| Acquisition of Connective Technologies, net of cash acquired | (1,337) | — | ||||||
| Investment in ConfirmNet | (2,975) | (3,094) | ||||||
| Investment in IDS | — | (1,000) | ||||||
| Investment in Acclamation, net of cash acquired | — | (85) | ||||||
| Investment in Facts, net of cash acquired | — | (5,704 ) | ||||||
| Investment in Periculum, net of cash acquired | — | (200) | ||||||
| (Purchases)maturities of marketable securities, net | (5,701 ) | (1,618) | ||||||
| Capital expenditures | (899) | (1,200) | ||||||
| Net cash used in investing activities | (16,592) | (12,901) | ||||||
| Cash flows from financing activities: | ||||||||
| Repayments on line of credit, (net) | (7,500) | — | ||||||
| Proceeds from term loan | 10,000 | — | ||||||
| Principal payments of term loan obligation | (2,344) | — | ||||||
| Repurchases of common stock | (4,999) | (505) | ||||||
| Proceeds from the exercise of stock options | 178 | 1,422 | ||||||
| Payments of capital lease obligations | (552) | (78) | ||||||
| Principal payments of debt obligations | — | (742) | ||||||
| Net cash provided by/(used in) financing activities | (5,217) | 97 | ||||||
| Effect of foreign exchange rates on cash | (329) | (344) | ||||||
| Net change in cash and cash equivalents | 1,664 | 2,401 | ||||||
| Cash and cash equivalents at the beginning of the period | 19,227 | 9,475 | ||||||
| Cash and cash equivalents at the end of the period | $ | 20,891 | $ | 11,876 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 276 | $ | 429 | ||||
| Income taxes paid | $ | 1,275 | $ | 2,873 | ||||
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