Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, | December 31, | |
| 2013 | 2012 | |
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $36,889 | $36,449 |
| Short-term investments | 829 | 971 |
|
Trade accounts receivable, less allowances
of $1,793 and $1,157, respectively |
40,374 | 37,298 |
| Deferred tax asset, net | 1,442 | 1,835 |
| Other current assets | 4,941 | 5,116 |
| Total current assets | 84,475 | 81,669 |
| Property and equipment, net | 8,819 | 10,082 |
| Goodwill | 337,403 | 326,748 |
| Intangibles, net | 52,668 | 52,591 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 15,375 | 11,245 |
| Other assets | 3,733 | 3,724 |
| Total assets | $533,360 | $516,946 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $13,698 | $15,497 |
| Accrued payroll and related benefits | 4,029 | 5,431 |
| Short term debt | 12,719 | 11,344 |
|
Current portion of long term debt and capital lease
obligations, net of discount of $20 and $13, respectively |
828 | 915 |
| Current deferred rent | 237 | 237 |
| Contingent liability for accrued earn-out acquisition consideration | 4,168 | 3,265 |
| Contingent liability -- securities litigation | 4,226 | — |
| Put option liability | 2,437 | — |
| Deferred revenue | 17,365 | 19,888 |
| Other current liabilities | 118 | 113 |
| Total current liabilities | 59,825 | 56,690 |
| Revolving line of credit | 22,840 | 37,840 |
|
Long term debt and capital lease obligations,
less current portion, net of discount of $38 and $78, respectively |
22,948 | 31,592 |
| Other liabilities | 9,755 | 6,429 |
| Contingent liability for accrued earn-out acquisition consideration | 10,067 | 14,230 |
| Put option liability | — | 1,186 |
| Deferred revenue | 224 | 375 |
| Long term deferred rent | 2,239 | 1,449 |
| Total liabilities | 127,898 | 149,791 |
| Temporary equity | 5,000 | 5,000 |
| Stockholders' equity: | ||
|
Preferred stock, $0.10 par value, 500,000 shares authorized,
no shares issued and outstanding at September 30, 2013 and December 31, 2012 |
— | — |
|
Common stock, $0.10 par value, 60,000,000 shares
authorized, 38,029,530 issued and 37,989,021 outstanding at September 30, 2013 and 37,131,777 issued and 37,091,268 outstanding at December 31, 2012 |
3,799 | 3,709 |
| Additional paid-in capital | 163,754 | 164,346 |
|
Treasury stock (40,509 shares as of September 30, 2013
and December 31, 2012) |
(76) | (76) |
| Retained earnings | 242,329 | 201,094 |
| Accumulated other comprehensive loss | (9,344) | (6,918) |
| Total stockholders' equity | 400,462 | 362,155 |
| Total liabilities and stockholders' equity | $533,360 | $516,946 |
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