Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six Months Ended June 30, | |||||||
| 2009 | 2008 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 17,291 | $ | 12,006 | |||
|
Adjustments to reconcile net income to net
cash provided by operating activities: |
|||||||
| Depreciation and amortization | 1,573 | 1,651 | |||||
| Stock-based compensation | 100 | 64 | |||||
| Restricted stock compensation | 513 | 254 | |||||
| Unrealized foreign exchange gain on forward contracts | (144 | ||||||
| Provision for doubtful accounts | 90 | 179 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (2,617 ) | (2,738) | |||||
| Other assets | (404) | 44 | |||||
| Accounts payable and accrued expenses | (479) | (1,283) | |||||
| Accrued payroll and related benefits | (532) | 216 | |||||
| Deferred revenue | 1,092 | (368) | |||||
| Deferred taxes | (1,125) | 653 | |||||
| Deferred rent and other liabilities | 178 | (20 | |||||
| Net cash provided by operating activities | 15,536 | 10,659 | |||||
| Cash flows from investing activities: | |||||||
| Investment in Telstra eBusiness Services, net of cash acquired | — | (42,968) | |||||
| Investment in Periculum, net of cash acquired | (200) | (1,067) | |||||
| Investment in ConfirmNet, net of cash acquired | (3,094) | — | |||||
| Investment in IDS, net of cash acquired | (1,000) | — | |||||
| Investment in Acclamation, net of cash acquired | (85) | — | |||||
| Investment in Facts, net of cash acquired | (5,704) | — | |||||
| (Purchase) Maturities of marketable securities, net | (1,618) | (655) | |||||
| Capital expenditures | (1,200) | (382 | |||||
| Net cash used in investing activities | (12,901) | (45,072) | |||||
| Cash flows from financing activities: | |||||||
| Proceeds from (payments on) line of credit | — | 9,295 | |||||
| Proceeds from the issuance of common stock, net of issuance costs | — | 12,518 | |||||
| Proceeds from the exercise of the stock options | 1,422 | 514 | |||||
| Repurchase of Common Stock | (507) | (24,000) | |||||
| Payments on capital lease obligations | (105) | (2) | |||||
| Principal payments of debt obligations | (700) | (490) | |||||
| Net cash provided/(used) in financing activities | 110 | (2,165) | |||||
| Effect of foreign exchange rates on cash | (344) | (1,469) | |||||
| Net change in cash and cash equivalents | 2,401 | (38,047) | |||||
| Cash and cash equivalents at the beginning of the period | 9,475 | 48,437 | |||||
| Cash and cash equivalents at the end of the period | $ | 11,876 | $ | 10,390 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Interest paid | $ | 429 | $ | 459 | |||
| Income taxes paid | $ | $2,873 | $ | 560 | |||
Investor Home
