Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited )
|
Nine months Ended September 30
|
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| 2010 | 2009 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 43,075 | $ | 26,725 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 4,434 | 2,517 | ||||||
| Stock option compensation | 324 | 148 | ||||||
| Restricted stock compensation | 1,050 | 833 | ||||||
| Provision for doubtful accounts | 342 | 90 | ||||||
| Debt discount amortization on convertible debt | 303 | |||||||
| Unrealized foreign exchange gain on forward contracts | (1,270) | (141) | ||||||
| Unrealized foreign exchange gain | (277 ) | |||||||
| Gain on put option | (5,416) | |||||||
|
Changes in assets and liabilities,
net of effects from acquisitions: |
||||||||
| Accounts receivable | (5,020) | (4,644) | ||||||
| Other assets | (1,219) | (622) | ||||||
| Accounts payable and accrued expenses | (1,140) | (214) | ||||||
| Accrued payroll and related benefits | (369) | (591) | ||||||
| Deferred revenue | (859) | (29) | ||||||
| Deferred rent | (70) | |||||||
| Deferred taxes | (89) | (2,197) | ||||||
| Other current liabilities | 41 | 252 | ||||||
| Net cash provided by operating activities | 33,840 | 22,127 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisition of MCN, net of cash acquired | (2,931) | |||||||
| Acquisition of Trades Monitor, net of cash acquired | (2,749) | |||||||
|
Acquisition of Connective Technologies,
net of cash acquired |
(1,337) | |||||||
| Acquisition of E-Trek, net of cash acquired | (1,011) | |||||||
| Acquisition of USIX, net of cash acquired | (6,844) | |||||||
| Investment in ConfirmNet | (2,975 ) | (3,279) | ||||||
| Investment in IDS | (1,000) | |||||||
| Investment in Acclamation | (85) | |||||||
| Acquisition of Facts, net of cash acquired | (6,215) | |||||||
| Investment in Facts | (11) | |||||||
| Investment in Periculum, | (4 ) | (200 | ||||||
| Advance deposit on acquisition of Peak | (3,800) | |||||||
| Advance deposit on acquisitions of E-Z Data | (8,080) | |||||||
| (Purchases)maturities of marketable securities, net | (4,952) | 167 | ||||||
| Capital expenditures | (1,325) | (1,941) | ||||||
| Net cash used in investing activities | (24,139) | (24,433) | ||||||
| Cash flows from financing activities: | ||||||||
| Repayments on revolving line of credit, (net of proceeds) | (2,100) | (1,095) | ||||||
| Proceeds from term loan | 10,000 | |||||||
| Principal payments of term loan obligation | (3,750) | |||||||
| Repurchases of common stock | (10,650) | (505 ) | ||||||
| Proceeds from the exercise of stock options | 231 | 1,457 | ||||||
|
Proceeds from the issuance of convertible debt, including equity component |
25,000 | |||||||
| Payments of capital lease obligations | (683) | (99 ) | ||||||
| Principal payments of debt obligations | (773) | |||||||
| Settlement on conversion of convertible debt | (12,021) | — | ||||||
| Net cash provided by/(used in) financing activities | (18,973) | 23,985 | ||||||
| Effect of foreign exchange rates on cash | 1,308 | (297) | ||||||
| Net change in cash and cash equivalents | (7,964) | 21,382 | ||||||
| Cash and cash equivalents at the beginning of the period | 19,227 | 9,475 | ||||||
| Cash and cash equivalents at the end of the period | $ | 11,263 | $ | 30,857 | ||||
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