Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
|
|
June 30,
2011 |
December 31,
2010 |
|||||||||
| ASSETS | (Unaudited) | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 23,627 | $ | 23,397 | |||||||
| Short-term investments | 1,780 | 6,300 | |||||||||
|
Trade accounts receivable,
less allowances of $1,766 as of June 30, 2011 and $1,126 as of December 31, 2010 |
32,829 | 26,028 | |||||||||
| Deferred tax asset, net | 3,174 | — | |||||||||
| Other current assets | 5,305 | 5,057 | |||||||||
| Total current assets | 66,715 | 60,782 | |||||||||
| Property and equipment, net | 9,171 | 7,806 | |||||||||
| Goodwill | 245,749 | 180,602 | |||||||||
| Intangibles, net | 40,187 | 22,574 | |||||||||
| Indefinite-lived intangibles | 31,278 | 30,552 | |||||||||
| Deferred tax asset, net | 7,110 | — | |||||||||
| Other assets | 1,084 | 984 | |||||||||
| Total assets | $ | 401,294 | $ | 303,300 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 13,076 | $ | 15,344 | |||||||
| Accrued payroll and related benefits | 4,907 | 4,536 | |||||||||
| Short term debt | 6,664 | 5,000 | |||||||||
|
Convertible debt, net of discount of $0 as
of June 30, 2011 and $56 as of December 31, 2010 |
— | 4,944 | |||||||||
| Current portion of long term debt and capital lease obligations | 186 | 426 | |||||||||
| Deferred revenue | 14,780 | 8,610 | |||||||||
| Current deferred rent | 235 | 207 | |||||||||
| Put option liability | 1,462 | — | |||||||||
| Other current liabilities | 184 | 18 | |||||||||
| Total current liabilities | 41,494 | 39,085 | |||||||||
| Revolving line of credit | 8,750 | 25,000 | |||||||||
| Long term debt and capital lease obligations, less current portion | 11,860 | 205 | |||||||||
| Other liabilities | 3,654 | 2,991 | |||||||||
| Deferred tax liability, net | — | 3,534 | |||||||||
| Put option liability | — | 537 | |||||||||
| Deferred revenue | 139 | 126 | |||||||||
| Long term deferred rent | 1,080 | 554 | |||||||||
| Total liabilities | 66,977 | 72,032 | |||||||||
| Stockholders' equity: | |||||||||||
|
Preferred stock, $0.10 par value, 500,000 shares authorized,
no shares issued and outstanding at June 30, 2011 and December 31, 2010 |
— | — | |||||||||
|
Common stock, $0.10 par value, 60,000,000 shares authorized,
38,525,004 issued and 38,484,495 outstanding at June 30, 2011 and 36,057,791 issued and 36,017,282 outstanding at December 31, 2010 |
3,843 | 3,602 | |||||||||
| Additional paid-in capital | 213,635 | 153,221 | |||||||||
|
Treasury stock (40,509 shares as of June 30, 2011
and December 31, 2010) |
(76) | (76) | |||||||||
| Retained earnings | 105,154 | 67,642 | |||||||||
| Accumulated other comprehensive income | 11,761 | 6,879 | |||||||||
| Total stockholders' equity | 334,317 | 231,268 | |||||||||
| Total liabilities and stockholders' equity | $ | 401,294 | $ | 303,300 | |||||||
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