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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2015 | 2014 |
| Cash flows from operating activities: |
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| Net income | $37,372 | $28,996 |
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Adjustments to reconcile net income to net
cash provided by operating activities: |
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| Depreciation and amortization | 5,167 | 4,993 |
| Benefit for deferred taxes | (6,014) | (1,668) |
| Restricted stock compensation |
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| Share based compensation | 839 | 882 |
| Provision for doubtful accounts | 301 | 748 |
| Debt discount amortization on convertible debt | 8 | 18 |
| Unrealized foreign exchange gain on forward contracts | ||
| Unrealized foreign exchange (gain) loss | (920) | (517) |
| (Gain) loss on put option | (315) | |
| Reduction of acquisition earnout accruals | (1,762) | |
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Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (3,662) | (2,992) |
| Other assets | (2,606) | 917 |
| Accounts payable and accrued expenses | (18,802) | (1,914) |
| Accrued payroll and related benefits | 1,104 | 2,007 |
| Deferred revenue | (2,036) | (1,128) |
| Deferred rent | (125) | (195) |
| Reserve for potential uncertain income tax return positions | 108 | 3,866 |
| Liability - securities litigation settlement payment | (690) | (4,218) |
| Other liabilities | 111 | (128) |
| Deferred Taxes | ||
| Customer Deposits | ||
| Net cash provided by operating activities | 10,155 | 28,624 |
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| Cash flows from investing activities: |
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| Acquisition of Qatarlyst, net of cash acquired | — | — |
| Acquisition of Media Health, net of cash acquired | (1000) | |
| Acquisition of P.B Systems, net of cash acquired | (11,480) | |
| Acquisition of Healthcare Magic, net of cash acquired | (5,856) | |
| Investment in Vertex, net of cash acquired | ||
| Investment in Oakstone, net of cash acquired | ||
| Investment in I3, net of cash acquired | ||
| Acquisition of ADAM, net of cash acquired | — | — |
| Acquisition of MCN, net of cash acquired | — | — |
| Investment in MCN | — | — |
| Acquisition of BSI, net of cash acquired | — | — |
| Acquisition of Taimma, net of cash acquired | — | (2,250) |
| 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 | ||
| Payment of acquisition earn-out contingency, Trisystems | ||
| (Purchases)/maturities of marketable securities, net | (704) | (567) |
| Capital expenditures | (10,312) | (13,852) |
| Advanced deposits on future acquisitions | ||
| Net cash used in investing activities | (23,496) | (22,522) |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | (30,000) | (15,000) |
| Proceeds from term loan | — | — |
| Principal payments of term loan obligation | (4,813) | |
| 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 | ||
| Capital Leases | (1) | (103) |
| Repurchases of common stock | (34,481) | (2,234) |
| Payments to acquire treasury stock | ||
| Increase current portion of long term debt | ||
| Excess tax benefit from share-based compensation | 63 | (3,200) |
| Proceeds from the exercise of stock options | 1,117 | 788 |
| Proceeds from issuance of convertible debt | ||
| Settlement on conversion of convertible debt | ||
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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 |
(1,141) | (30) |
| Dividend payments | (5,389) | (5,793) |
| Principal payments of debt obligations | (623) | (321) |
| Shares reacquired in connection with put option | ||
| Net cash provided by/ (used in) financing activities | (10,455) | (30,706) |
| Effect of foreign exchange rates on cash | (1,081) | 833 |
| Net change in cash and cash equivalents | (24,877) | (23,771) |
| Cash and cash equivalents at the beginning of the period | 52,300 | 56,674 |
| Cash and cash equivalents at the end of the period | $27,423 | $32,903 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $2,964 | $436 |
| Income taxes paid | $20,926 | $6,774 |
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