Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Six Months Ended | |
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June 30, | |
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2012 | 2011 |
| Cash flows from operating activities: |
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| Net income | $ 33,752 | $ 37,512 |
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Adjustments to reconcile net income to net cash
provided by operating activities: |
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| Depreciation and amortization | 4,102 | 3,868 |
| Benefit for deferred taxes | (956) | (2,954) |
| Share based compensation | 1,059 | 1,143 |
| Provision for doubtful accounts | 316 | 337 |
| Debt discount amortization on convertible debt | 13 | 21 |
| Unrealized foreign exchange gain on forward contracts | -- | (238) |
| Unrealized foreign exchange gain | (593) | (1,769) |
| (Gain) loss on put option | (263) | 925 |
| Reduction of acquisition earnout accruals | -- | (1,868) |
| Changes in assets and liabilities, net of effects from acquisitions: |
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| Accounts receivable | 2,163 | (3,693) |
| Other assets | (1,009) | 825 |
| Accounts payable and accrued expenses | (858) | (3,482) |
| Accrued payroll and related benefits | (384) | (850) |
| Deferred revenue | (225) | (781) |
| Deferred rent | (56) | (120) |
| Other current liabilities | (2,338) | 867 |
| Net cash provided by operating activities | 34,723 | 29,743 |
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| Cash flows from investing activities: |
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| Acquisition of ADAM, net of cash acquired | -- | 3,529 |
| Investment in MCN, net of cash acquired | (1,537) | (381) |
| Acquisition of BSI, net of cash acquired | (992) | -- |
| Acquisition of Taimma, net of cash acquired | (5,003) | -- |
| Acquisition of Fintechnix, net of cash acquired | (4,713) | -- |
| Acquisition of Planetsoft, net of cash acquired | (33,967) | -- |
| Investment in Curepet, Inc. | (2,000) | -- |
| Investment in ConfirmNet | -- | (184) |
| Maturities of marketable securities | 979 | 7,600 |
| Purchases of marketable securities | (785) | (3,080) |
| Capital expenditures | (1,079) | (1,335) |
| Net cash provided by/(used in) investing activities | (49,097) | 6,149 |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | 1,090 | (16,250) |
| Proceeds from term loan | 45,000 | 16,250 |
| Principal payments of term loan obligation | (15,000) | (3,074) |
| Repurchases of common stock | (9,396) | (26,198) |
| Settlement on conversion of convertible debt | -- | (6,761) |
| Excess tax benefit from share-based compensation | 50 | 127 |
| Proceeds from the exercise of stock options | 714 | 14 |
| Dividend payments | (3,296) | -- |
| Principal payments of debt obligations | (600) | -- |
| Payments of capital lease obligations | (165) | (186) |
| Net cash provided by/ (used in) financing activities | 18,397 | (36,078) |
| Effect of foreign exchange rates on cash | (2,406) | 416 |
| Net change in cash and cash equivalents | 1,617 | 230 |
| Cash and cash equivalents at the beginning of the period | 23,696 | 23,397 |
| Cash and cash equivalents at the end of the period | $ 25,313 | $ 23,627 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $ 567 | $ 361 |
| Income taxes paid | $ 4,842 | $ 1,505 |
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