Financial Statement
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine Months Ended | ||
| September 30, | ||
| 2008 | 2007 | |
| Cash flows from operating activities: Net income | $ 19,403 | $ 8,168 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,460 | 1,882 |
| Stock-based compensation | 102 | 161 |
| Restricted stock compensation | 423 | 102 |
| Provision for doubtful accounts | 225 | 469 |
| Changes in assets and liabilities: | -- | -- |
| Accounts receivable | (2,053) | (2,154) |
| Other assets | 329 | (238) |
| Accounts payable and accrued expenses | (1,175) | (62) |
| Accrued payroll and related benefits | 600 | (263) |
| Deferred revenue | (1,220) | 622 |
| Deferred taxes | 249 | -- |
| Deferred rent & Other Liabilities | (16) | 161 |
| Net cash provided by operating activities | 19,359 | 8,848 |
| Cash flows from investing activities: | ||
| Investment in Acclamation, net of cash acquired | (21,365) | -- |
| Investment in Periculum, net of cash acquired | (1,067) | -- |
| Investment in Telstra eBusiness Services, net of cash acquired | (42,968) | -- |
| Investment in Finetre | -- | (15) |
| Investment in Infinity | (500) | -- |
| Deferred Rent | -- | (17) |
| Capital expenditures | (549) | (502) |
| Net cash used in investing activities | (66,449) | (534) |
| 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 |
| Repurchase of Common Stock | (24,510) | -- |
| Proceeds from the exercise of the stock options | 1,225 | 237 |
| Proceeds from the issuance of convertible promissory notes | 15,000 | -- |
| Payments on capital lease obligations | (3) | (2) |
| Principal payments of debt obligations | (483) | (1,015) |
| Net cash provided/(used) in financing activities | 13,042 | 2,495 |
| Effect of foreign exchange rates on cash | (2,172) | 52 |
| Net change in cash and cash equivalents | 36,220 | 10,861 |
| Cash and cash equivalents at the beginning of the period | 49,466 | 5,013 |
| Cash and cash equivalents at the end of the period | $ 13,246 | $ 15,874 |
| Supplemental disclosures of cash flow information: Interest paid | $ 759 | $ 277 |
| Income taxes paid | $ 478 | $ 107 |
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