Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2005 2004 2003
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Cash flows from operating
activities:
Net income $4,322 $2,240 $1,669
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 1,321 1,185 442
Stock based compensation (7) 71 50
Restricted stock compensation 57 - -
Provision for doubtful accounts 9 108 14
Changes in current assets and
liabilities, net of
acquisitions:
Accounts receivable (255) (841) 1,062
Other assets 122 (99) (46)
Accounts payable and accrued
expenses 181 (49) (55)
Accrued payroll and related
benefits (72) 25 945
Deferred revenue (195) 170 (738)
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Net cash provided by
operating activities 5,483 2,810 3,343
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Cash flows from investing
activities:
Acquisition of LifeLink, net of
cash acquired - (4,763) -
Acquisition of Heart, net of
cash acquired - (3,393) -
Capital expenditures (484) (366) (555)
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Net cash used in investing
activities (484) (8,522) (555)
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Cash flows from financing
activities:
Proceeds from the issuance of
common stock, net of issuance
costs - 2,977 -
Repurchase of stock guarantee (2,700) - -
Proceeds borrowing related to
line of credit - 3,500 -
Payments on line of credit (3,500) - -
Restricted cash 3,000 (3,000) -
Proceeds from exercise of stock
options 131 82 148
Payments for capital lease
obligations - (73) (114)
Payments of long term debt (960) - -
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Net cash provided by (used in)
financing activities (4,029) 3,486 34
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Effect of foreign exchange
rates on cash and cash
equivalents (80) 154 100
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Net change in cash and cash
equivalents 890 (2,072) 2,922
Cash and cash equivalents at
the beginning of the year 5,843 7,915 4,993
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Cash and cash equivalents at
the end of the year $6,733 $5,843 $7,915
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Supplemental disclosures of
cash flow information:
Interest paid $177 $86 $17
Income taxes paid 281 386 341
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