Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months Ended
Sept. 30,
-------------------
2007 2006
-------------------------------------------------- --------- ---------
Cash flows from operating activities:
Net income $ 8,168 $ 4,292
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,882 1,166
Stock-based compensation 161 65
Restricted stock compensation 102 112
Provision for doubtful accounts 469 10
Changes in assets and liabilities:
Accounts receivable (2,154) (1,741)
Other assets (238) (722)
Accounts payable and accrued expenses (62) (483)
Accrued payroll and related benefits (263) (138)
Deferred revenue 622 (284)
Customer Deposits 161 --
--------- ---------
Net cash provided by operating activities 8,848 2,277
Cash flows from investing activities:
Investment in Ebix Advantage -- (3,040)
Investment in Finetre (15) --
Deferred Rent (17) 231
Capital expenditures (502) (370)
--------- ---------
Net cash used in investing activities (534) (3,179)
--------- ---------
Cash flows from financing activities:
Payments on line of credit (10,000) --
Principal payments under debt obligations (1,015) (966)
Capital leases (2) 13
Proceeds from the issuance of common stock, net
issuance costs 13,275 322
Proceeds from the exercise of the stock options 237 --
Repurchase of common stock -- (148)
--------- ---------
Net cash (used)/provided in financing activities 2,495 (779)
--------- ---------
Effect of foreign exchange rates on cash 52 282
--------- ---------
Net change in cash and cash equivalents 10,861 (1,399)
Cash and cash equivalents at the beginning of
the period 5,013 6,733
--------- ---------
Cash and cash equivalents at the end of the
period $ 15,874 $ 5,334
--------- ---------
Supplemental disclosures of cash flow information:
Interest paid $ 277 $ --
Income taxes paid $ 107 $ 384
|
