Ebix, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months
Ended June 30,
2006 2005
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Cash flows from operating activities:
Net income $2,633 $2,152
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 731 648
Stock-based compensation 43 (17)
Restricted stock compensation 90 48
Provision for doubtful accounts 8 4
Changes in assets and liabilities:
Accounts receivable (1,577) (431)
Other assets (3) (7)
Accounts payable and accrued expenses (126) 154
Accrued payroll and related benefits (270) (307)
Deferred revenue 35 403
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Net cash provided by operating activities 1,564 2,647
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Cash flows from investing activities:
Investment in Ebix Advantage (3,001) -
Deferred rent (341) -
Capital expenditures (326) (330)
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Net cash used in investing activities (3,668) (330)
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Cash flows from financing activities:
Proceeds from the exercise of stock options 123 57
Payments on the line of credit - (91)
Repurchase of stock guarantee - (2,700)
Repurchase of common stock (20) -
Capital leases 14 -
Principal payments under debt obligations (461) (500)
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Net cash used in financing activities (344) (3,234)
Effect of foreign exchange rates on cash 147 (11)
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Net change in cash and cash equivalents (2,301) (928)
Cash and cash equivalents at the beginning of the
period 6,733 5,843
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Cash and cash equivalents at the end of the
period $4,432 $4,915
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Supplemental disclosures of cash flow information:
Interest paid $- $99
Income taxes paid $228 $183
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