Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| (In thousands) | ||
| (Unaudited) | ||
|
|
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| Nine Months Ended | ||
| September 30, | ||
| 2013 | 2012 | |
| Cash flows from operating activities: | ||
| Net income | $44,029 | $51,824 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
||
| Depreciation and amortization | 7,459 | 6,571 |
| Benefit for deferred taxes | (4,682) | (605) |
| Share based compensation | 1,481 | 1,567 |
| Provision for doubtful accounts | 1,361 | 416 |
| Debt discount amortization on convertible debt | 32 | 13 |
| Unrealized foreign exchange (gain) loss | (95) | 397 |
| (Gain) loss on put option | 1,251 | (677) |
| Reduction of acquisition earnout accruals | (10,253) | — |
|
Changes in assets and liabilities,
net of effects from acquisitions: |
||
| Accounts receivable | (4,562) | (1,859) |
| Other assets | 845 | (1,715) |
| Accounts payable and accrued expenses | (2,568) | 2,758 |
| Accrued payroll and related benefits | (1,205) | (1,415) |
| Deferred revenue | (2,802) | (811) |
| Deferred rent | (60) | (92) |
| Other liabilities | 7,545 | (2,370) |
| Net cash provided by operating activities | 37,776 | 54,002 |
| Cash flows from investing activities: | ||
| 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 | — | (34,078) |
| Acquisition of TriSystems, net of cash acquired | — | (9,277) |
| Investment in Curepet, Inc. | — | (2,000) |
| Investment in Taimma | (2,250) | — |
| Investment in USIX | (727) | — |
| Maturities of marketable securities | 104 | 931 |
| Purchases of marketable securities | — | (785) |
| Capital expenditures | (887) | (1,468) |
| Net cash used in investing activities | (8,500) | (58,922) |
| Cash flows from financing activities: | ||
| Repayments on revolving line of credit, (net of proceeds) | (15,000) | 6,090 |
| Proceeds from term loan | — | 45,000 |
| Principal payments of term loan obligation | (6,531) | (17,062) |
| Repurchases of common stock | (2,492) | (15,150) |
| Excess tax benefit from share-based compensation | — | 73 |
| Proceeds from the exercise of stock options | 1,425 | 739 |
|
Forfeiture of certain shares to satisfy exercise costs and
the recipients income tax obligations related to stock options exercised and restricted stock vested |
(916) | — |
| Dividend payments | (2,794) | (5,161) |
| Principal payments of debt obligations | (636) | (600) |
| Payments of capital lease obligations | (221) | (229) |
| Net cash provided by/ (used in) financing activities | (27,165) | 13,700 |
| Effect of foreign exchange rates on cash | (1,671) | (2,985) |
| Net change in cash and cash equivalents | 440 | 5,795 |
| Cash and cash equivalents at the beginning of the period | 36,449 | 23,696 |
| Cash and cash equivalents at the end of the period | $36,889 | $29,491 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $901 | $929 |
| Income taxes paid | $13,009 | $6,308 |
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