Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Year Ended December 31, 2013 | Year Ended December 31, 2012 | |
(in thousands) |
||
| Cash flows from operating activities: | ||
| Net income | $59,274 | $70,569 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 10,107 | 9,155 |
| Provision for doubtful accounts | 1,147 | 442 |
| Provision for deferred taxes | (10,368) | (4,760) |
| Unrealized foreign exchange (gain)/losses | (237) | 443 |
| Unrealized gain on put option | (341) | (191) |
| Share-based compensation | 1,941 | 2,083 |
| Debt discount amortization on convertible debt | 42 | 39 |
| Reduction of acquisition earn-out contingent liability | (10,253) | (699) |
| Changes in current assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (3,347) | (2,023) |
| Other assets | 80 | (371) |
| Accounts payable and accrued expenses | 1,135 | 730 |
| Accrued payroll and related benefits | (1,866) | (594) |
| Deferred rent | (87) | (132) |
| Reserve for potential uncertain income tax return positions | 6,817 | — |
| Liability – securities litigation settlement | 4,226 | — |
| Other liabilities | (225) | (2,384) |
| Deferred revenue | (983) | (12) |
| Net cash provided by operating activities | 57,062 | 72,295 |
| Cash flows from investing activities: | ||
| Investment in BSI, net of cash acquired | — | (992) |
| Investment in Taimma, net of cash acquired | — | (5,003) |
| Investment in Fintechnix, net of cash acquired | — | (4,713) |
| Investment in PlanetSoft, net of cash acquired | — | (35,078) |
| Investment in TriSystems, net of cash acquired | — | (9,277) |
| Investment in CurePet, Inc. | — | (2,000) |
| Payment of acquisition earn-out contingency, MCN | — | (1,537) |
| Investment in Qatarlyst, net of cash acquired | 4,740 | — |
| Payment of acquisition earn-out contingency, USIX | (727) | (1,466) |
| Payment of acquisition earn-out contingency, Taimma | (2,250) | — |
| Payment of acquisition earn-out contingency, Health Connect Systems | — | (2,000) |
| Purchases of marketable securities | — | (785) |
| Maturities of marketable securities | 107 | 1,466 |
| Investment in Facts | — | (25) |
| Capital expenditures | (1,230) | (1,965) |
| Net cash used in investing activities | (8,840) | (63,375) |
| Cash flows from financing activities: | ||
| Proceeds from / (Repayment) to line of credit, net | (15,000) | 6,090 |
| Proceeds from term loan | — | 45,000 |
| Proceeds from the issuance of note payable | — | 161 |
| Principal payments on term loan obligation | (8,938) | (19,125) |
| Repurchase of common stock | (2,492) | (18,374) |
| Payments of long term debt | (665) | (600) |
| Payments for capital lease obligations | (277) | (284) |
| Excess tax benefit from share-based compensation | 3,237 | 1,044 |
| Proceeds from exercise of common stock options | 2,161 | 1,020 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (1,681) | (992) |
| Dividends paid | (2,794) | (7,034) |
| Net cash provided (used) by financing activities | (26,449) | 6,906 |
| Effect of foreign exchange rates on cash and cash equivalents | $1,548 | $3,073 |
| Net change in cash and cash equivalents | 20,225 | 12,753 |
| Cash and cash equivalents at the beginning of the year | $36,449 | $23,696 |
| Cash and cash equivalents at the end of the year | $56,674 | $36,449 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | 1,169 | 1,350 |
| Income taxes paid | 13,779 | 8,590 |
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