Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows

(In thousands)
(Unaudited)
  Three Months Ended
  March 31,
  2012 2011
Cash flows from operating activities:
Net income $ 15,685 $ 15,164
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,941 1,877
Share based compensation 548 556
Provision for doubtful accounts 266 11
Benefit (provision) for deferred taxes (1,401) 2,198
Debt discount amortization on convertible debt -- 21
Unrealized foreign exchange (gain) loss on forward contracts -- (152)
Unrealized foreign exchange (gain) loss 661 (1,890)
(Gain) loss on put option -- 354
     
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable 1,771 (5,987)
Other assets (302) 1,278
Accounts payable and accrued expenses (861) (2,357)
Accrued payroll and related benefits (1,575) (1,463)
Deferred revenue (560) 689
Deferred rent (75) (55)
Other current liabilities (2,336) 69
Net cash provided by operating activities 13,762 10,313
     
Cash flows from investing activities:
Acquisition of ADAM, net of cash acquired -- 3,529
Maturities of marketable securities 979 7,960
Purchases of marketable securities -- (5,384)
Capital expenditures (673) (524)
Net cash provided by investing activities 306 5,581
     
Cash flows from financing activities:
Principal payments of term loan obligation -- (1,250)
Repurchases of common stock -- (2,395)
Proceeds from the exercise of stock options 14 1
Dividend payments (1,464) --
Payments of capital lease obligations (45) (102)
Net cash used in financing activities (1,495) (3,903)
Effect of foreign exchange rates on cash 871 201
Net change in cash and cash equivalents 13,444 12,192
Cash and cash equivalents at the beginning of the period 23,696 23,397
Cash and cash equivalents at the end of the period $ 37,140 $ 35,589
Supplemental disclosures of cash flow information:
Interest paid $ 312 $ 204
Income taxes paid $ 3,030 $ 558