Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six Months Ended | June 30, | |
| 2007 | 2006 | |
| Cash flows from operating activities: | ||
| Net income | $ 4,475 | $ 2,633 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,250 | 731 |
| Stock-based compensation | 114 | 43 |
| Restricted stock compensation | 58 | 90 |
| Provision for doubtful accounts | 30 | 8 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (1,737) | (1,577) |
| Other assets | (247) | (3) |
| Accounts payable and accrued expenses | (342) | (126) |
| Accrued payroll and related benefits | (599) | (270) |
| Deferred revenue | 766 | 35 |
| Customer Deposits | 98 | -- |
| Net cash provided by operating activities | 3,866 | 1,564 |
| Cash flows from investing activities: | ||
| Investment in Ebix Advantage | -- | (3,001) |
| Deferred Rent | (5) | 233 |
| Capital expenditures | (315) | (326) |
| Net cash used in investing activities | (320) | (3,094) |
| Cash flows from financing activities: | ||
| Payments on line of credit | (10,000) | -- |
| Proceeds from the issuance of common stock, net issuance costs | 13,275 | -- |
| Payments of long term debt | (478) | -- |
| Increase current portion of long term debt | 55 | -- |
| Proceeds from the exercise of the stock options | 37 | 123 |
| Repurchase of common stock | -- | (20) |
| Capital leases | (2) | 14 |
| Principal payments under debt obligations | -- | (500) |
| Net cash used in financing activities | 2,887 | (383) |
| Effect of foreign exchange rates on cash | 254 | (388) |
| Net change in cash and cash equivalents | 6,687 | (2,301) |
| Cash and cash equivalents at the beginning of the period | 5,013 | 6,733 |
| Cash and cash equivalents at the end of the period | $ 11,700 | $ 4,432 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $ 320 | $ - |
| Income taxes paid | $ 431 | $ 228 |
Investor Home
