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Ebix, Inc. and Subsidiaries
Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Six Months Ended June 30, |
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2013 | 2012 |
| Cash flows from operating activities: |
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| Net income | $30,886 | $33,752 |
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Adjustments to reconcile net income to net
cash provided by operating activities: |
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| Depreciation and amortization | 5,000 | 4,102 |
| Benefit for deferred taxes | (14,119) | (956) |
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| Share based compensation | 996 | 1,059 |
| Provision for doubtful accounts | 527 | 316 |
| Debt discount amortization on convertible debt | 23 | 13 |
| Unrealized foreign exchange (gain) loss | 339 | (593) |
| (Gain) loss on put option | 1,344 | (263) |
| Reduction of acquisition earnout accruals | (6,114) | — |
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Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (2,101) | 2,163 |
| Other assets | 182 | (1,009) |
| Accounts payable and accrued expenses | 7,303 | (858) |
| Accrued payroll and related benefits | 1,296 | (384) |
| Deferred revenue | (3,051) | (225) |
| Deferred rent | 11 | (56) |
| Other liabilities | 2,317 | (2,338) |
| Net cash provided by operating activities | 24,839 | 34,723 |
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| Cash flows from investing activities: |
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| Acquisition of Qatarlyst, net of cash acquired | (4,740) | — |
| Investment in MCN | — | (1,537) |
| Acquisition of BSI, net of cash acquired | — | (992) |
| Acquisition of Taimma, net of cash acquired | — | (5,003) |
| Acquisition of Fintechnix, net of cash acquired | — | (4,713) |
| Acquisition of Planetsoft, net of cash acquired | — | (33,967) |
| Investment in Curepet, Inc. | — | (2,000) |
| Investment in Taimma | (2,250) | — |
| Investment in USIX | (727) | — |
| Maturities of marketable securities (net of purchases) | 225 | 979 |
| Purchases of marketable securities | — | (785) |
| Capital expenditures | (652) | (1,079) |
| Net cash used in investing activities | (8,144) | (49,097) |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | (5,000) | 1,090 |
| Proceeds from term loan | — | 45,000 |
| Principal payments of term loan obligation | (4,125) | (15,000) |
| Repurchases of common stock | (2,492) | (9,396) |
| Excess tax benefit from share-based compensation | — | 50 |
| Proceeds from the exercise of stock options | 662 | 714 |
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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 |
(728) |
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| Dividend payments | (2,794) | (3,296) |
| Principal payments of debt obligations | (624) | (600) |
| Payments of capital lease obligations | (155) | (165) |
| Net cash provided by/ (used in) financing activities | (15,256) | 18,397 |
| Effect of foreign exchange rates on cash | (2,494) | (2,406) |
| Net change in cash and cash equivalents | (1,055) | 1,617 |
| Cash and cash equivalents at the beginning of the period | 36,449 | 23,696 |
| Cash and cash equivalents at the end of the period | $35,394 | $25,313 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $635 | $567 |
| Income taxes paid | $11,830 | $4,842 |
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