Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Six Months Ended September 30, |
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2015 | 2014 |
| Cash flows from operating activities: |
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| Net income | $57,604 | 47,011 |
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Adjustments to reconcile net income to net
cash provided by operating activities: |
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| Depreciation and amortization | 7,932 | 7,442 |
| Benefit for deferred taxes | (5,749) | |
| Stock-based compensation | 1,244 | 1333 |
| Restricted stock compensation |
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| Share based compensation | ||
| Provision for doubtful accounts | 1,950 | 1083 |
| Loss on put option | ||
| Debt discount amortization on convertible debt | 13 | 26 |
| Unrealized foreign exchange gain on forward contracts | ||
| Unrealized foreign exchange (gain) loss | (2,008) | (256) |
| (Gain) loss on put option | ||
| Reduction of acquisition earnout accruals | (1,533) | (7,532) |
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Changes in assets and liabilities,
net of effects from acquisitions: |
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| Accounts receivable | (6,328) | (1,901) |
| Other assets | (3,606) | (3,977) |
| Accounts payable and accrued expenses | (21,448) | (8,065) |
| Accrued payroll and related benefits | 1,100 | 1,027 |
| Deferred revenue | (3,096) | (704) |
| Deferred rent | (125) | (272) |
| Reserve for potential uncertain income tax return positions | 594 | 9,337 |
| Liability - securities litigation settlement payment | (690) | (3,868) |
| Other liabilities | (205) | (188) |
| Deferred Taxes | (111) | |
| Customer Deposits | ||
| Net cash provided by operating activities | 25,663 | 38,390 |
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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 | (1,000) | |
| Acquisition of P.B Systems, net of cash acquired | (11,475) | |
| Acquisition of Healthcare Magic, net of cash acquired | (5,856) | |
| Investment in Joint Venture | (6,000) | |
| 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 | (940) | (595) |
| Capital expenditures | (12,713) | (15,922) |
| Advanced deposits on future acquisitions | ||
| Net cash used in investing activities | (32,128) | (24,620) |
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| Cash flows from financing activities: |
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| Repayments on revolving line of credit, (net of proceeds) | 66,000 | 40,625 |
| Proceeds from term loan | — | — |
| Principal payments of term loan obligation | (31,938) | |
| 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 | (3) | (144) |
| Repurchases of common stock | (67,780) | (16,482) |
| 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) | (37) |
| Dividend payments | (7,989) | (8,652) |
| Principal payments of debt obligations | (638) | (321) |
| Shares reacquired in connection with put option | (3,535) | |
| Net cash provided by/ (used in) financing activities | $(10,371) | $(22,911) |
| Effect of foreign exchange rates on cash | (2,264) | (183) |
| Net change in cash and cash equivalents | $(19,100) | $(9,324) |
| Cash and cash equivalents at the beginning of the period | $52,300 | $56,674 |
| Cash and cash equivalents at the end of the period | $33,200 | $47,350 |
| Supplemental disclosures of cash flow information: |
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| Interest paid | $4,002 | $849 |
| Income taxes paid | $24,663 | $10,782 |
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