Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30,
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2008 2007
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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 --
Customer deposits
Deferred rent & Other Liabilities (20) 98
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Net cash provided by operating activities 10,659 3,806
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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)
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Net cash used in investing activities (44,417) (335)
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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)
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Net cash provided/(used) in financing activities (2,165) 2,887
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Effect of foreign exchange rates on cash (1,469) 269
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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
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Cash and cash equivalents at the end of the
period $ 12,074 $ 11,640
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Supplemental disclosures of cash flow information:
Interest paid $ 459 $ 320
Income taxes paid $ 431 $ 431 |
