Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months | Ended March 31 | |
| 2008 | 2007 | |
| Cash flows from operating activities: Net income | $ 5,670 | $ 1,962 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 819 | 627 |
| Stock-based compensation | 13 | 62 |
| Restricted stock compensation | 87 | 22 |
| Provision for doubtful accounts | 30 | -- |
| Changes in assets and liabilities: Accounts receivable | (4,559) | (718) |
| Other assets | (64) | 152 |
| Accounts payable and accrued expenses | 583 | (32) |
| Accrued payroll and related benefits | 572 | (496) |
| Deferred revenue | 494 | 447 |
| Net cash provided by operating activities | 3,645 | 2,026 |
| Cash flows from investing activities: | ||
| Investment in Telstra eBusiness Services, net of cash acquired | (42,956) | -- |
| Investment in Finetre, net of cash acquired | -- | (15) |
| Deferred rent | (29) | -- |
| Capital expenditures | (181) | (148) |
| Net cash used in investing activities | (43,166) | (163) |
| Cash flows from financing activities: Proceeds from line of credit | 4,295 | -- |
| Proceeds from the exercise of the stock options | 271 | -- |
| Payments for capital lease obligations | (2) | -- |
| Principal payments of debt obligations | (493) | (477) |
| Net cash provided/(used) in financing activities | 4,071 | (477) |
| Effect of foreign exchange rates on cash | (451) | 122 |
| Net change in cash and cash equivalents | (35,901) | 1,508 |
| Cash and cash equivalents at the beginning of the period | 49,466 | 5,013 |
| Cash and cash equivalents at the end of the period | $ 13,565 | $ 6,521 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $ 221 | $ 172 |
| Income taxes paid | $ 410 | $ 242 |
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