Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| March 31, 2015 | March 31, 2014 | |
(In thousands, except share and per share amounts) |
||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $27,197 | $57,728 |
| Short-term investments | 265 | 845 |
| Trade accounts receivable, less allowances of $1,049 and $1,157, respectively | 44,869 | 42,210 |
| Deferred tax asset, net | 2,021 | |
| Other current assets | 8,643 | 5,032 |
| Total current assets | 82,995 | 105,815 |
| Property and equipment, net | 28,121 | 8,309 |
| Goodwill | 399,408 | 341,744 |
| Intangibles, net | 46,875 | 49,744 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 19,203 | 14,237 |
| Other assets | 5739 | 1626 |
| Total assets | $613,228 | $552,362 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Line of credit | ||
| Accounts payable and accrued liabilities | 18,471 | $17,827 |
| Accrued payroll and related benefits | 4,554 | 4,390 |
| Short term debt | 13,406 | |
| Liability – securities litigation settlement | ||
| Contingent liability for accrued earn-out acquisition consideration | 887 | 2,384 |
| Current portion of long term debt and capital lease obligation, net of discount of $10 and $13, respectively | 631 | 827 |
| Convertible Debt, short term position | ||
| Put option liability | 391 | |
| Deferred revenue | 22,858 | 19,173 |
| Current deferred rent | 282 | 227 |
| Deferred tax liability, net | 64 | |
| Other current liabilities | 102 | 110 |
| Total current liabilities | 47,785 | 58,799 |
| Revolving line of credit | 135,465 | 22,840 |
| Other long term debt and capital lease obligation, less current portion, net of discount of $38 and $78, respectively | 593 | 17,319 |
| Contingent liability for accrued earn-out acquisition consideration | 4,443 | 11,992 |
| Put option liability | — | |
| Deferred revenue | 1,837 | 468 |
| Long term deferred rent | 1,962 | 2,030 |
| Other liabilities | 2,449 | 8,116 |
| Total liabilities | 194,534 | 121,564 |
| Temporary equity | 5,000 | |
| Stockholders’ equity: | ||
| Convertible D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014 | — | |
| Common stock, $.10 par value, 60,000,000 shares authorized, 35,271,413 issued and outstanding, respectively at December 31, 2015 and 36,232,074 issued and 36,191,565 outstanding at December 31, 2014 | 3,527 | 3,838 |
| Additional paid-in capital | 113,383 | 163,107 |
| Treasury stock* (40,509 shares as of December 31, 2013 and December 31, 2012 respectively) | (76) | |
| Retained earnings (Accumulated deficit) | 325,333 | 270,095 |
| Accumulated other comprehensive income (loss) | (23,549) | (11,166) |
| Total stockholders’ equity | 418,694 | 425,798 |
| Total liabilities, temporary equity and stockholders’ equity | $613,228 | $552,362 |
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