Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
----------------------------
2008 2007
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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
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Net cash provided by operating
activities 3,645 2,026
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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)
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Net cash used in investing activities (43,166) (163)
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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)
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Net cash provided/(used) in financing
activities 4,071 (477)
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Effect of foreign exchange rates on cash (451) 122
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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
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Cash and cash equivalents at the end
of the period $ 13,565 $ 6,521
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Supplemental disclosures of cash flow
information:
Interest paid $ 221 $ 172
Income taxes paid $ 410 $ 242 |
