Ebix, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2006 2005
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Cash flows from operating activities:
Net income 4,292 3,378
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 1,166 965
Stock-based compensation 65 (13)
Restricted stock compensation 112 48
Provision for doubtful accounts 10 6
Changes in assets and liabilities:
Accounts receivable (1,636) 9
Other assets (722) (21)
Accounts payable and accrued expenses 340 (84)
Accrued payroll and related benefits (138) (352)
Deferred revenue (284) 170
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Net cash provided by operating activities 3,205 4,106
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Cash flows from investing activities:
Investment in Ebix Advantage (3,040) -
Deferred rent 231 -
Capital expenditures (370) (382)
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Net cash used in investing activities (3,179) (382)
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Cash flows from financing activities:
Repurchase of stock guarantee - (2,700)
Payments on line of credit - (91)
Repurchase of common stock (148) -
Capital leases 13 -
Proceeds from the exercise of stock options 322 65
Principal payments under debt obligations (966) (949)
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Net cash used in financing activities (779) (3,675)
Effect of foreign exchange rates on cash (646) (75)
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Net change in cash and cash equivalents (1,399) (26)
Cash and cash equivalents at the beginning of the
period 6,733 5,843
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Cash and cash equivalents at the end of the period $5,334 $5,817
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Supplemental disclosures of cash flow information:
Interest paid $- $155
Income taxes paid $384 $260
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