Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| March 31, 2014 | December 31, 2013 | |
(In thousands, except share and per share amounts) |
||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $57,728 | $56,674 |
| Short-term investments | 845 | 801 |
| Trade accounts receivable, less allowances of $1,049 and $1,157, respectively | 42,210 | 39,070 |
| Deferred tax asset, net | 256 | |
| Other current assets | 5,032 | 5,548 |
| Total current assets | 105,815 | 102,349 |
| Property and equipment, net | 8,309 | 8,528 |
| Goodwill | 341,744 | 337,068 |
| Intangibles, net | 49,744 | 50,734 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 14,237 | 20,616 |
| Other assets | 1626 | 3,682 |
| Total assets | $552,362 | $553,864 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Line of credit | ||
| Accounts payable and accrued liabilities | $17,827 | $17,818 |
| Accrued payroll and related benefits | 4,390 | 6,482 |
| Short term debt | 13,406 | 13,062 |
| Liability – securities litigation settlement | 4,226 | |
| Contingent liability for accrued earn-out acquisition consideration | 2,384 | 4,137 |
| Current portion of long term debt and capital lease obligation, net of discount of $10 and $13, respectively | 827 | 827 |
| Convertible Debt, short term position | ||
| Put option liability | 391 | 845 |
| Deferred revenue | 19,173 | 18,918 |
| Current deferred rent | 227 | 254 |
| Deferred tax liability, net | 64 | |
| Other current liabilities | 110 | 106 |
| Total current liabilities | 58,799 | 66,675 |
| Revolving line of credit | 22,840 | 22,840 |
| Other long term debt and capital lease obligation, less current portion, net of discount of $38 and $78, respectively | 17,319 | 20,124 |
| Contingent liability for accrued earn-out acquisition consideration | 11,992 | 10,283 |
| Put option liability | — | — |
| Deferred revenue | 468 | 391 |
| Long term deferred rent | 2,030 | 2,185 |
| Other liabilities | 8,116 | 13,141 |
| Total liabilities | 121,564 | 135,639 |
| Temporary equity | 5,000 | 5,000 |
| Stockholders’ equity: | ||
| Convertible D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2014 and December 31, 2013 | — | — |
| Common stock*, $.10 par value, 60,000,000 shares authorized, 38,424,596 issued and 38,384,087 outstanding at December 31, 2014 and 38,088,391 issued and 38,047,882 outstanding at December 31, 2013 | 3,838 | 3,805 |
| Additional paid-in capital | 163,107 | 164,216 |
| Treasury stock* (40,509 shares as of December 31, 2013 and December 31, 2012 respectively) | (76) | (76) |
| Retained earnings (Accumulated deficit) | 270,095 | 257,574 |
| Accumulated other comprehensive income (loss) | (11,166) | (12,294) |
| Total stockholders’ equity | 425,798 | 413,225 |
| Total liabilities, temporary equity and stockholders’ equity | $552,362 | $553,864 |
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