Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six Months Ended | ||
| June 30, | ||
| 2008 | 2007 | |
| Cash flows from operating activities: Net income | $ 12,006 | $ 4,475 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,651 | 1,250 |
| Stock-based compensation | 64 | 114 |
| Restricted stock compensation | 255 | 58 |
| Provision for doubtful accounts | 179 | 30 |
| Changes in assets and liabilities: | -- | -- |
| Accounts receivable | (2,936) | (1761) |
| Other assets | 44 | (247) |
| Accounts payable and accrued expenses | (1,085) | (378) |
| Accrued payroll and related benefits | 216 | (599) |
| Deferred revenue | (368) | 766 |
| Deferred taxes | 653 | -- |
| Deferred rent & Other Liabilities | (20) | 98 |
| Net cash provided by operating activities | 10,659 | 3,806 |
| Cash flows from investing activities: | ||
| Investment in Telstra eBusiness Services, net of cash acquired | (42,968) | -- |
| Investment in Finetre, net of cash acquired | -- | (15) |
| Investment in Periculum, net of cash acquired | (1,067) | -- |
| Deferred Rent | -- | (5) |
| Capital expenditures | (382) | (315) |
| Net cash used in investing activities | (44,417) | (335) |
| Cash flows from financing activities: | ||
| Proceeds from (payments on) line of credit | 9,295 | (10,000) |
| Proceeds from the issuance of common stock, net of issuance costs | 12,518 | 13,275 |
| Increase current portion of long term debt | -- | 55 |
| Proceeds from the exercise of the stock options | 514 | 37 |
| Repurchase of Common Stock | (24,000) | -- |
| Payments on capital lease obligations | (2) | (2) |
| Principal payments of debt obligations | (490) | (478) |
| Net cash provided/(used) in financing activities | (2,165) | 2,887 |
| Effect of foreign exchange rates on cash | (1,469) | 269 |
| Net change in cash and cash equivalents | (37,392) | 6,627 |
| Cash and cash equivalents at the beginning of the period | 49,466 | 5,013 |
| Cash and cash equivalents at the end of the period | $ 12,074 | $ 11,640 |
| Supplemental disclosures of cash flow information: Interest paid | $ 459 | $ 320 |
| Income taxes paid | $ 431 | $ 431 |
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