Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Six Months Ended September 30, |
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2014 | 2013 |
| Cash flows from operating activities: |
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| Net income | $47,011 | $44,029 |
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Adjustments to reconcile net income to net
cash provided by operating activities: |
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| Depreciation and amortization | 7,442 | 7,459 |
| Benefit for deferred taxes | (1,810) | (4,682) |
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| Share based compensation | 1,333 | 1,481 |
| Provision for doubtful accounts | 1,083 | 1,361 |
| Debt discount amortization on convertible debt | 26 | 32 |
| Unrealized foreign exchange (gain) loss | (256) | (94) |
| (Gain) loss on put option | (296) | 1,250 |
| Reduction of acquisition earnout accruals | (7,533) | (10,253) |
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Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (1,901) | (4,562) |
| Other assets | 3,977 | 845 |
| Accounts payable and accrued expenses | (8,064) | (2,568) |
| Accrued payroll and related benefits | 1,027 | (1,205) |
| Deferred revenue | (704) | (2,802) |
| Deferred rent | (272) | (60) |
| Reserve for potential uncertain income tax return positions | 9,337 | 3,405 |
| Liability - securities litigation settlement payment | (3,868) | 4,226 |
| Other liabilities | (188) | (86) |
| Net cash provided by operating activities | 38,390 | 37,776 |
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| Cash flows from investing activities: |
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| Acquisition of Qatarlyst, net of cash acquired | — | (4,740) |
| Acquisition of Healthcare Magic, net of cash acquired | (5,856) | — |
| Investment in MCN | — | — |
| 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 CurePet, Inc., net of cash acquired | 3 | — |
| Payment of acquisition earn-out contingency, Taimma | (2,250) | (2,250) |
| Payment of acquisition earn-out contingency, USIX | — | (727) |
| Maturities of marketable securities | — | 104 |
| Purchases of marketable securities | (595) | — |
| Capital expenditures | (15,922) | (887) |
| Net cash used in investing activities | (24,620) | (8,500) |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | 40,625 | (15,000) |
| Proceeds from term loan | — | — |
| Principal payments of term loan obligation | (31,938) | (6,531) |
| Repurchases of common stock | (16,482) | (2,492) |
| Excess tax benefit from share-based compensation | (3,200) | — |
| Proceeds from the exercise of stock options | 788 | 1,425 |
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Forfeiture of certain shares to satisfy exercise costs
and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(37) | (916) |
| Dividend payments | (8,652) | (2,794) |
| Shares reacquired in connection with put option | (3,535) | |
| Principal payments of debt obligations | (336) | (636) |
| Payments of capital lease obligations | (144) | (221) |
| Net cash provided by/ (used in) financing activities | (22,911) | (27,165) |
| Effect of foreign exchange rates on cash | (183) | (1,671) |
| Net change in cash and cash equivalents | (9,324) | 440 |
| Cash and cash equivalents at the beginning of the period | 56,674 | 36,449 |
| Cash and cash equivalents at the end of the period | $47,350 | $36,889 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $849 | $901 |
| Income taxes paid | $10,782 | $13,009 |
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