Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |
(in thousands) |
||
| Cash flows from operating activities: | ||
| Net income | $18,336 | $15,417 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 2,597 | 2,552 |
| Stock-based compensation | 458 | 395 |
| Restricted stock compensation | ||
| Debt discount amortization on convertible debt | 7 | 10 |
| Provision for doubtful accounts | 9 | 353 |
| Unrealized gain on put option | (454) | |
| Unrealized foreign exchange gain on forward contracts | 216 | |
| Unrealized foreign exchange (gain)loss | (672) | |
| Reduction of acquisition earnout | (1,762) | |
| Provision for deferred taxes | (161) | (441) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (4,689) | (4,716) |
| Other assets | (1,250) | 576 |
| Accounts payable and accrued expenses | (21,215) | (65) |
| Accrued payroll and related benefits | (564) | 1,029 |
| Reserve for potential uncertain income tax return positions | 87 | 2,133 |
| Liability – securities litigation settlement | (690) | (4,218) |
| Other Liabilities | 165 | (56) |
| Deferred revenue | 308 | (2) |
| Deferred rent and other liabilities | (68) | (163) |
| Deferred Taxes | ||
| Customer Deposits | ||
| Net cash provided by operating activities | (7,342) | 10,804 |
| Cash flows from investing activities: | ||
| Acquisition of Qatarlyst, net of cash acquired | ||
| Acquisition of Media Health, net of cash acquired | (1,000) | |
| Acquisition of ADAM, net of cash acquired | ||
| Acquisition of MCN, net of cash acquired | ||
| 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 Trisystems, net of cash acquired | ||
| Investment in Curepet, Inc | 3 | |
| Acquisition of Trade Monitor, net of cash acquired | ||
| Acquisition of Connective Technologies, net of cash acquired | ||
| Acquisition of USIX, net of cash acquired | ||
| Acquisition of Health Connect Systems, net of cash acquired | ||
| Acquisition of E-Trek, net of cash acquired | ||
| Acquisition of business, net of cash acquired | ||
| Investment in Acclamations, net of cash acquired | ||
| Investment in FACTS, net of cash acquired | ||
| Investment in Taimma | ||
| Investment in USIX | ||
| Investment in Facts | ||
| Investment in Telstra eBusiness Services, net of cash acquired | ||
| Investment in Periculum, net of cash acquired | ||
| Investment in ConfirmNET, net of cash acquired | ||
| Investment in Infinity | ||
| Investment in Finetre, net of cash acquired | ||
| Investment in LifeLink, net of cash acquired | ||
| Investment in Heart, net of cash acquired | — | |
| Investment in IDS, net of cash acquired | — | |
| Investment in Health Connect Solutions, net of cash acquired | ||
| Investment in Peak Performance, net of cash acquired | — | |
| Investment in EZ-Data, net of cash acquired | — | |
| (Purchases)/maturities of marketable securities, net | (10) | |
| Capital expenditures | (5,778) | (413) |
| Advanced deposits on future acquisitions | — | |
| Net cash used in investing activities: | (6,778) | (420) |
| Cash flows from financing activities: | ||
| Proceeds from term loan | ||
| Principal payments of term loan obligation | (2,406) | |
| Proceeds from the issuance of note payable | — | |
| Payment of long term debt | ||
| Proceeds from the issuance of common stock, net of issuance costs | ||
| Repurchase of stock guarantee | ||
| Proceeds from the line of credit | ||
| Payments on line of credit | 15,000 | |
| Capital Leases | (56) | |
| Repurchase of common stock | (22,282) | (2,234) |
| Payments to acquire treasury stock | ||
| Increase current portion of long term debt | ||
| Excess tax benefit from share-based compensation | 31 | (3,200) |
| Proceeds from the exercise of stock options | 1,117 | 788 |
| Proceeds from issuance of convertible debt | ||
| Settlement on conversion of convertible debt | ||
| Principal payments of debt obligations | (12) | (9) |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (1,117) | (25) |
| Dividends Paid | (2,729) | (2,896) |
| Net cash used in financing activities | $(9,992) | $(10,038) |
| Effect of foreign exchange rates on cash | (991) | 708 |
| Net change in cash and cash equivalents | $(25,103) | $1,054 |
| Cash and cash equivalents at the beginning of the period | $52,300 | $56,674 |
| Cash and cash equivalents at the end of the period | $27,197 | $57,728 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $2,335 | $208 |
| Income taxes paid | $20,163 | $3,087 |
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