Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
Six Months Ended
June 30, |
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| 2011 | 2010 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 37,512 | $ | 26,394 | |||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization | 3,868 | 2,880 | |||||||||
| Share based compensation | 1,143 | 905 | |||||||||
| Provision for doubtful accounts | 337 | 203 | |||||||||
| Provision (benefit) for deferred taxes | (2,827) | (369) | |||||||||
| Debt discount amortization on convertible debt | 21 | 211 | |||||||||
| Unrealized foreign exchange gain/(loss) on forward contracts | (238) | (49) | |||||||||
| Unrealized foreign exchange (gain), loss | (1,769) | (530) | |||||||||
| (Gain) loss on put option | 925 | (1,499) | |||||||||
| Reduction of acquisition earnout accruals | (1,868) | — | |||||||||
|
Changes in assets and liabilities, net of
effects from acquisitions: |
|||||||||||
| Accounts receivable | (3,693) | (1,795) | |||||||||
| Other assets | 825 | 387 | |||||||||
| Accounts payable and accrued expenses | (3,482 ) | (1,926 ) | |||||||||
| Accrued payroll and related benefits | (850) | (709) | |||||||||
| Deferred revenue | (781) | (303) | |||||||||
| Deferred rent | (120 ) | (31) | |||||||||
| Other current liabilities | 867 | 33 | |||||||||
| Net cash provided by operating activities | 29,870 | 23,802 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of ADAM, net of cash acquired | 3,529 | — | |||||||||
| Investment in MCN, net of cash acquired | (381) | (2,931) | |||||||||
| Acquisition of Trades Monitor, net of cash acquired | — | (2,749) | |||||||||
| Acquisition of Connective Technologies, net of cash acquired | — | (1,337) | |||||||||
| Investment in ConfirmNet | (184) | (2,975) | |||||||||
| Purchases of marketable securities | (3,080) | (5,701) | |||||||||
| Maturities of marketable securities | 7,600 | — | |||||||||
| Capital expenditures | (1,335) | (899) | |||||||||
| Net cash provided by/(used in) investing activities | 6,149 | (16,592) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repayments on revolving line of credit, (net of proceeds) | (16,250) | (7,500) | |||||||||
| Proceeds from term loan | 16,250 | 10,000 | |||||||||
| Principal payments of term loan obligation | (3,074) | (2,344) | |||||||||
| Repurchases of common stock | (26,198) | (4,999) | |||||||||
| Settlement on conversion of convertible debt | (6,761) | — | |||||||||
| Proceeds from the exercise of stock options | 14 | 178 | |||||||||
| Payments of capital lease obligations | (186) | (552) | |||||||||
| Net cash used in financing activities | (36,205) | (5,217) | |||||||||
| Effect of foreign exchange rates on cash | 416 | (329 | |||||||||
| Net change in cash and cash equivalents | 230 | 1,664 | |||||||||
| Cash and cash equivalents at the beginning of the period | 23,397 | 19,227 | |||||||||
| Cash and cash equivalents at the end of the period | $ | 23,627 | $ | 20,891 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Interest paid | $ | 361 | $ | 276 | |||||||
| Income taxes paid | $ | 1,505 | $ | 1,275 | |||||||
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