| Financial Statement |
 |
| |
|
Ebix, Inc. and Subsidiaries
Consolidated Statements
of Cash Flows
(In thousands)
(Unaudited) |
| |
|
| |
Six Months Ended June 30, |
|
|
2009 |
|
2008 |
| |
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ |
17,291 |
|
|
$ |
12,006 |
|
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
1,573 |
|
|
|
1,651 |
|
|
Stock-based compensation |
|
100 |
|
|
|
64 |
|
|
Restricted stock compensation |
|
513 |
|
|
|
254 |
|
|
Unrealized foreign exchange gain on forward contracts
|
|
(144 |
) |
|
|
|
Provision for doubtful accounts |
|
90 |
|
|
|
179 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
(2,617 |
) |
|
|
(2,738 |
) |
|
Other assets |
|
(404 |
) |
|
|
44 |
|
|
Accounts payable and accrued expenses |
|
(479 |
) |
|
|
(1,283 |
) |
|
Accrued payroll and related benefits |
|
(532 |
) |
|
|
216 |
|
|
Deferred revenue |
|
1,092 |
|
|
|
(368 |
) |
|
Deferred taxes |
|
(1,125 |
) |
|
|
653 |
|
|
Deferred rent and other liabilities |
|
178 |
|
|
|
(20 |
) |
|
Net cash provided by operating activities |
|
15,536 |
|
|
|
10,659 |
|
| |
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Investment in Telstra eBusiness Services, net of cash
acquired |
|
— |
|
|
|
(42,968 |
) |
|
Investment in Periculum, net of cash acquired |
|
(200 |
) |
|
|
(1,067 |
) |
|
Investment in ConfirmNet, net of cash acquired |
|
(3,094 |
) |
|
|
— |
|
|
Investment in IDS, net of cash acquired |
|
(1,000 |
) |
|
|
— |
|
|
Investment in Acclamation, net of cash acquired |
|
(85 |
) |
|
|
— |
|
|
Investment in Facts, net of cash acquired |
|
(5,704 |
) |
|
|
— |
|
|
(Purchase) Maturities of marketable securities, net |
|
(1,618 |
) |
|
|
(655 |
) |
|
Capital expenditures |
|
(1,200 |
) |
|
|
(382 |
) |
|
Net cash used in investing activities |
|
(12,901 |
) |
|
|
(45,072 |
) |
| |
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from (payments on) line of credit |
|
— |
|
|
|
9,295 |
|
|
Proceeds from the issuance of common stock, net of issuance
costs |
|
— |
|
|
|
12,518 |
|
|
Proceeds from the exercise of the stock options |
|
1,422 |
|
|
|
514 |
|
|
Repurchase of Common Stock |
|
(507 |
) |
|
|
(24,000 |
) |
|
Payments on capital lease obligations |
|
(105 |
) |
|
|
(2 |
) |
|
Principal payments of debt obligations |
|
(700 |
) |
|
|
(490 |
) |
|
Net cash provided/(used) in financing activities
|
|
110 |
|
|
|
(2,165 |
) |
| |
|
|
|
|
Effect of foreign exchange rates on cash |
|
(344 |
) |
|
|
(1,469 |
) |
| |
|
|
|
|
Net change in cash and cash equivalents |
|
2,401 |
|
|
|
(38,047 |
) |
|
Cash and cash equivalents at the beginning of the period
|
|
9,475 |
|
|
|
48,437 |
|
|
Cash and cash equivalents at the end of the period
|
$ |
11,876 |
|
|
$ |
10,390 |
|
| |
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
Interest paid |
$ |
429 |
|
|
$ |
459 |
|
|
Income taxes paid |
$ |
$2,873 |
|
|
$ |
560 |
|
| |
|
|
|
|
| |
|
|
