Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30,
-------------------
2007 2006
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Cash flows from operating activities:
Net income $ 4,475 $ 2,633
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,250 731
Stock-based compensation 114 43
Restricted stock compensation 58 90
Provision for doubtful accounts 30 8
Changes in assets and liabilities:
Accounts receivable (1,737) (1,577)
Other assets (247) (3)
Accounts payable and accrued expenses (342) (126)
Accrued payroll and related benefits (599) (270)
Deferred revenue 766 35
Customer Deposits 98 -
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Net cash provided by operating activities 3,866 1,564
Cash flows from investing activities:
Investment in Ebix Advantage - (3,001)
Deferred Rent (5) 233
Capital expenditures (315) (326)
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Net cash used in investing activities (320) (3,094)
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Cash flows from financing activities:
Payments on line of credit (10,000) -
Proceeds from the issuance of common stock, net
issuance costs 13,275 -
Payments of long term debt (478) -
Increase current portion of long term debt 55 -
Proceeds from the exercise of the stock options 37 123
Repurchase of common stock - (20)
Capital leases (2) 14
Principal payments under debt obligations - (500)
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Net cash used in financing activities 2,887 (383)
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Effect of foreign exchange rates on cash 254 (388)
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Net change in cash and cash equivalents 6,687 (2,301)
Cash and cash equivalents at the beginning of
the period 5,013 6,733
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Cash and cash equivalents at the end of the
period $ 11,700 $ 4,432
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Supplemental disclosures of cash flow
information:
Interest paid $ 320 $ -
Income taxes paid $ 431 $ 228
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