Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months
Ended March
31,
---------------
2004 2003
------- -------
Cash flows from operating activities:
Net income $ 446 $ 516
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 201 97
Stock-based compensation 40 6
Provision for doubtful accounts 23 35
Changes in assets and liabilities:
Accounts receivable (1,035) (495)
Other assets (72) 126
Accounts payable and accrued expenses 72 111
Accrued payroll and related benefits (205) 38
Deferred revenue 298 459
------- -------
Net cash (used in) provided by operating activities (232) 893
------- -------
Cash flows from investing activities:
Investment in LifeLink (4,634) --
Capital expenditures (103) (120)
------- -------
Net cash used in investing activities (4,737) (120)
------- -------
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of
issuance costs 2,977 --
Principal payments under capital lease obligations (30) (27)
------- -------
Net cash provided by (used in) financing activities 2,947 (27)
------- -------
Effect of foreign exchange rates on cash 68 (36)
------- -------
Net change in cash and cash equivalents (1,954) 710
Cash and cash equivalents at the beginning of the
period 7,915 4,993
------- -------
Cash and cash equivalents at the end of the period $5,961 $5,703
------- -------
Supplemental disclosures of cash flow information:
Interest paid $ 2 $ 5
Income taxes paid $ 84 $ --
|
