Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, 2017 |
December 31, 2016 |
|
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $96,734 | $114,118 |
| Short-term investments | 5,524 | 3,105 |
| Restricted cash | 11,219 | — |
| Fiduciary funds- restricted | 7,953 | 14,394 |
| Trade accounts receivable, less allowances of $3,560 and $2,833, respectively | 102,813 | 62,713 |
| Other current assets | 16,531 | 12,716 |
| Total current assets | 240,774 | 207,046 |
| Property and equipment, net | 41,430 | 37,061 |
| Goodwill | 559,163 | 441,404 |
| Intangibles, net | 47,011 | 41,336 |
| Indefinite-lived intangibles | 38,694 | 30,887 |
| Capitalized software development costs, net | 8,744 | 5,955 |
| Deferred tax asset, net | 35,398 | 31,345 |
| Other assets | 54,718 | 8,721 |
| Total assets | $1,025,932 | $803,755 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $50,845 | $30,461 |
| Accrued payroll and related benefits | 7,006 | 7,474 |
| Fiduciary funds- restricted | 7,953 | 14,394 |
| Short term debt, net of deferred financing costs of $136 | 12,364 | 12,364 |
| Acquisition obligations | 43,824 | — |
| Capital lease obligations | 9 | 9 |
| Current deferred rent | 283 | 281 |
| Contingent liability for accrued earn-out acquisition consideration | 5,921 | 1,921 |
| Deferred revenue | 20,302 | 22,564 |
| Other current liabilities | 259 | 244 |
| Total current liabilities | 148,766 | 89,712 |
| Revolving line of credit | 234,029 | 154,029 |
| Long term debt and capital lease obligations, less current portion, net of deferred financing costs of $367 and $452, respectively | 96,580 | 105,824 |
| Other liabilities | 9,305 | 6,070 |
| Contingent liability for accrued earn-out acquisition consideration | 33,258 | 6,589 |
| Deferred revenue | 1,321 | 1,886 |
| Long term deferred rent | 752 | 1,009 |
| Total liabilities | 524,011 | 365,119 |
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2017 and December 31, 2016 | — | — |
| Common stock, $0.10 par value, 120,000,000 shares authorized, 31,463,603 issued and outstanding, at September 30, 2017 and 60,000,000 shares authorized, 32,093,294 issued and outstanding at December 31, 2016 | 3,146 | 3,209 |
| Additional paid-in capital | 659 | — |
| Retained earnings | 486,771 | 457,364 |
| Accumulated other comprehensive loss | (29,760) | (33,677) |
| Total Ebix, Inc. stockholders’ equity | 460,816 | 426,896 |
| Noncontrolling interest | 41,105 | 11,740 |
| Total stockholders' equity | 501,921 | 438,636 |
| Total liabilities and stockholders’ equity | $1,025,932 | $803,755 |
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