Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| June 30, 2014 | December 31, 2013 | |
(In thousands, except share and per share amounts) |
||
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $32,903 | $56,674 |
| Short-term investments | 1,427 | 801 |
| Trade accounts receivable, less allowances of $1,049 and $1,157, respectively | 40,416 | 39,070 |
| Deferred tax asset, net | 1,400 | 256 |
| Other current assets | 4,951 | 5,548 |
| Total current assets | 81,097 | 102,349 |
| Property and equipment, net | 21,148 | 8,528 |
| Goodwill | 352,833 | 337,068 |
| Intangibles, net | 49,091 | 50,734 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 14,880 | 20,616 |
| Other assets | 1,518 | 3,682 |
| Total assets | $551,454 | $553,864 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Line of credit | ||
| Accounts payable and accrued liabilities | $16,258 | $17,818 |
| Accrued payroll and related benefits | 5,410 | 6,482 |
| Short term debt | 18,750 | 13,062 |
| Revolving line of credit | 7,840 | |
| Liability – securities litigation settlement | 4,226 | |
| Contingent liability for accrued earn-out acquisition consideration | 137 | 4,137 |
| Current portion of long term debt and capital lease obligation, net of discount of $10 and $13, respectively | 761 | 827 |
| Convertible Debt, short term position | ||
| Put option liability | 530 | 845 |
| Deferred revenue | 18,494 | 18,918 |
| Current deferred rent | 246 | 254 |
| Deferred tax liability, net | ||
| Other current liabilities | 89 | 106 |
| Total current liabilities | 68,515 | 66,675 |
| Revolving line of credit | 22,840 | |
| Long term debt and capital lease obligations, less current portion, net of discount of $10 and $38, respectively | 9,284 | 20,124 |
| Contingent liability for accrued earn-out acquisition consideration | 17,072 | 10,283 |
| Put option liability | — | — |
| Deferred revenue | 148 | 391 |
| Long term deferred rent | 1,971 | 2,185 |
| Other liabilities | 11,031 | 4,719 |
| Total liabilities | 108,021 | 127,217 |
| Temporary equity | 5,000 | 5,000 |
| Stockholders' equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 30, 2014 and December 31, 2013 | — | — |
| Common stock, $0.10 par value, 60,000,000 shares authorized, 38,435,320 issued and 38,394,811 outstanding at June 30, 2014 and 38,088,391 issued and 38,047,882 outstanding at December 31, 2013 | 3,839 | 3,805 |
| Additional paid-in capital | 163,588 | 164,216 |
| Treasury stock (40,509 shares as of June 30, 2014 and December 31, 2013) | (76) | (76) |
| Retained earnings (Accumulated deficit) | 280,777 | 257,574 |
| Accumulated other comprehensive income (loss) | (9,695) | (12,294) |
| Total stockholders' equity | 438,433 | 413,225 |
| Total liabilities, temporary equity and stockholders' equity | $551,454 | $545,442 |
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