Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, except for share amounts)
(Unaudited)
| Three Months Ended | ||
| March 31, | ||
| 2007 | 2006 | |
| Cash flows from operating activities: | ||
| Net income | 1,962 | 1,135 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 627 | 314 |
| Stock-based compensation | 62 | 21 |
| Restricted stock compensation | 22 | 68 |
| Provision for doubtful accounts | -- | 7 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (718) | (390) |
| Other assets | 152 | (44) |
| Accounts payable and accrued expenses | (32) | (444) |
| Accrued payroll and related benefits | (496) | (773) |
| Deferred revenue | 447 | 223 |
| Net cash provided by operating activities | 2,026 | 117 |
| Cash flows from investing activities: | ||
| Investment in Finetre, net of cash acquired | (15) | -- |
| Capital expenditures | (148) | (17) |
| Net cash used in investing activities | (163) | (17) |
| Cash flows from financing activities: | ||
| Proceeds from the exercise of stock options | -- | 31 |
| Payments of long term debt | (477) | (499) |
| Net cash used in financing activities | (477) | (468) |
| Net change in cash and cash equivalents | 1,508 | (487) |
| Cash and cash equivalents at the beginning of the period | 5,013 | 6,733 |
| Cash and cash equivalents at the end of the period | $6,521 | $6,246 |
| Supplemental disclosures of cash flow information: Interest paid | $172 | -- |
| Income taxes paid | $242 | $40 |
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