| |
Year Ended December 31, 2015 |
Year Ended December 31, 2014 |
| |
Unaudited |
Audited |
| Cash flows from operating activities: |
|
|
| Net income |
$79,533 |
$63,558 |
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
| Depreciation and amortization |
10,634 |
9,681 |
| Provision for doubtful accounts |
3,111 |
1,600 |
| Provision for deferred taxes, net of acquisitions and effects of currency translation |
(10,143) |
(1,966) |
| Unrealized foreign exchange gain |
(1,743) |
(741) |
| Unrealized gain on put option |
- |
(296) |
| Share-based compensation |
1,821 |
1,792 |
| Debt discount amortization on convertible debt |
17 |
35 |
| Reduction of acquisition earn-out contingent liability |
(1,533) |
(10,237) |
| Changes in current assets and liabilities, net of acquisitions: |
|
|
| Accounts receivable |
(7,320) |
(1,530) |
| Other assets |
(3,834) |
(4,765) |
| Accounts payable and accrued expenses |
(19,895) |
14,670 |
| Accrued payroll and related benefits |
(60) |
1,811 |
| Deferred rent |
(656) |
(324) |
| Reserve for potential uncertain income tax return positions |
95 |
(9,723) |
| Liability – securities litigation settlement |
(690) |
(3,528) |
| Other liabilities |
1,111 |
(221) |
| Deferred revenue |
(1,762) |
(1,306) |
| Net cash provided by operating activities |
48,686 |
58,510 |
| Cash flows from investing activities: |
|
|
| Investment in Via Media Health, net of cash acquired |
(1,000) |
- |
| Investment in P.B. Systems, net of cash acquired |
(11,475) |
- |
| Investment in Ebix Health Solutions, LLC Joint Venture |
(6,000) |
- |
| Investment in CurePet, net of cash acquired |
- |
3 |
| Investment in Healthcare Magic, net of cash acquired |
- |
(5,856) |
| Investment in Vertex, net of cash acquired |
- |
(27,547) |
| Investment in Oakstone, net of cash acquired |
- |
(23,791) |
| Investment in I3, net of cash acquired |
- |
(2,000) |
| Payment of acquisition earn-out contingency, Taimma |
- |
(2,250) |
| Payment of acquisition earn-out contingency, Trisystems |
- |
(563) |
| Purchases of marketable securities |
(1,435) |
- |
| Maturities of marketable securities |
- |
495 |
| Capitalized software development costs |
(3,489) |
- |
| Capital expenditures |
(13,994) |
(16,277) |
| Net cash used in investing activities |
(37,393) |
(77,786) |
| Cash flows from financing activities: |
|
|
| Proceeds from line of credit, net |
86,000 |
97,625 |
| Principal payments on term loan obligation |
(642) |
(31,938) |
| Repurchase of common stock |
(81,653) |
(31,854) |
| Payments of long term debt |
- |
(345) |
| Payments for capital lease obligations |
(10) |
(231) |
| Excess tax benefit from share-based compensation |
463 |
(3,200) |
| Proceeds from exercise of common stock options |
2,209 |
788 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(2,202) |
(41) |
| Shares reacquired in connection with put option |
- |
(3,535) |
| Dividends paid |
(10,472) |
(11,406) |
| Net cash provided (used) by financing activities |
(6,307) |
15,863 |
| Effect of foreign exchange rates on cash and cash equivalents |
$(107) |
$(961) |
| Net change in cash and cash equivalents |
4,879 |
(4,374) |
| Cash and cash equivalents at the beginning of the year |
$52,300 |
$56,674 |
| Cash and cash equivalents at the end of the year |
$57,179 |
$52,300 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
5,379 |
1,290 |
| Income taxes paid |
28,637 |
11,433 |
Investor Home
