Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, except for share amounts)
(Unaudited)
Three Months
Ended March 31,
2007 2006
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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
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Net cash provided by operating activities 2,026 117
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Cash flows from investing activities:
Investment in Finetre, net of cash acquired (15) -
Capital expenditures (148) (17)
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Net cash used in investing activities (163) (17)
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Cash flows from financing activities:
Proceeds from the exercise of stock options - 31
Payments of long term debt (477) (499)
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Net cash used in financing activities (477) (468)
Effect of foreign exchange rates on cash 122 (119)
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Net change in cash and cash equivalents 1,508 (487)
Cash and cash equivalents at the beginning of
the period 5,013 6,733
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Cash and cash equivalents at the end of the
period $6,521 $6,246
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Supplemental disclosures of cash flow information:
Interest paid $172 $-
Income taxes paid $242 $40 |
