Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine months Ended | ||
| Sept. 30, | ||
| 2007 | 2006 | |
| Cash flows from operating activities: | ||
| Net income | $ 8,168 | $ 4,292 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,882 | 1,166 |
| Stock-based compensation | 161 | 65 |
| Restricted stock compensation | 102 | 112 |
| Provision for doubtful accounts | 469 | 10 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (2,154) | (1,741) |
| Other assets | (238) | (722) |
| Accounts payable and accrued expenses | (62) | (483) |
| Accrued payroll and related benefits | (263) | (138) |
| Deferred revenue | 622 | (284) |
| Customer Deposits | 161 | -- |
| Net cash provided by operating activities | 8,848 | 2,277 |
| Cash flows from investing activities: | ||
| Investment in Ebix Advantage | -- | (3,040) |
| Investment in Finetre | (15) | -- |
| Deferred Rent | (17) | 231 |
| Capital expenditures | (502) | (370) |
| Net cash used in investing activities | (534) | (3,179) |
| Cash flows from financing activities: | ||
| Payments on line of credit | (10,000) | -- |
| Principal payments under debt obligations | (1,015) | (966) |
| Capital leases | (2) | 13 |
| Proceeds from the issuance of common stock, net issuance costs | 13,275 | 322 |
| Proceeds from the exercise of the stock options | 237 | -- |
| Repurchase of common stock | -- | (148) |
| Net cash (used)/provided in financing activities | 2,495 | (779) |
| Effect of foreign exchange rates on cash | 52 | 282 |
| Net change in cash and cash equivalents | 10,861 | (1,399) |
| Cash and cash equivalents at the beginning of the period | 5,013 | 6,733 |
| Cash and cash equivalents at the end of the period | $ 15,874 | $ 5,334 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $ 277 | $ -- |
| Income taxes paid | $ 107 | $ 384 |
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