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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2014 | 2013 |
| Cash flows from operating activities: |
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| Net income | $28,996 | $30,886 |
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Adjustments to reconcile net income to net
cash provided by operating activities: |
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| Depreciation and amortization | 4,993 | 5,000 |
| Benefit for deferred taxes | (1,668) | (14,119) |
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| Share based compensation | 882 | 996 |
| Provision for doubtful accounts | 748 | 527 |
| Debt discount amortization on convertible debt | 18 | 23 |
| Unrealized foreign exchange (gain) loss | 517 | 339 |
| (Gain) loss on put option | (315) | 1,344 |
| Reduction of acquisition earnout accruals | (1,762) | (6,114) |
|
Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (2,992) | (2,101) |
| Other assets | 917 | 182 |
| Accounts payable and accrued expenses | (1,914) | 7,303 |
| Accrued payroll and related benefits | 2,007 | 1,296 |
| Deferred revenue | (1,128) | (3,051) |
| Deferred rent | (195) | 11 |
| Reserve for potential uncertain income tax return positions | 3,866 | 2,349 |
| Liability - securities litigation settlement payment | (4,218) | |
| Other liabilities | (128) | (32) |
| Net cash provided by operating activities | 28,624 | 24,839 |
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| Cash flows from investing activities: |
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| Acquisition of Qatarlyst, net of cash acquired | — | (4,740) |
| Acquisition of Healthcare Magic, net of cash acquired | (5,856) | — |
| Investment in MCN | — | — |
| 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 CurePet, Inc., net of cash acquired | 3 | — |
| Payment of acquisition earn-out contingency, Taimma | (2,250) | (2,250) |
| Payment of acquisition earn-out contingency, USIX | — | (727) |
| Maturities of marketable securities | — | 225 |
| Purchases of marketable securities | (567) | — |
| Capital expenditures | (13,852) | (652) |
| Net cash used in investing activities | (22,522) | (8,144) |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | (15,000) | (5,000) |
| Proceeds from term loan | — | — |
| Principal payments of term loan obligation | (4,813) | (4,125) |
| Repurchases of common stock | (2,234) | (2,492) |
| Excess tax benefit from share-based compensation | (3,200) | — |
| Proceeds from the exercise of stock options | 788 | 662 |
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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 |
(30) | (728) |
| Dividend payments | (5,793) | (2,794) |
| Principal payments of debt obligations | (321) | (624) |
| Payments of capital lease obligations | (103) | (155) |
| Net cash provided by/ (used in) financing activities | (30,706) | (15,256) |
| Effect of foreign exchange rates on cash | 833 | (2,494) |
| Net change in cash and cash equivalents | (23,771) | (1,055) |
| Cash and cash equivalents at the beginning of the period | 56,674 | 36,449 |
| Cash and cash equivalents at the end of the period | $32,903 | $35,394 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $436 | $635 |
| Income taxes paid | $6,774 | $11,830 |
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