Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| December 31, 2013 | December 31, 2012 | |
(In thousands, except share and per share amounts) |
||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $56,674 | $36,449 |
| Short-term investments | 801 | 971 |
| Trade accounts receivable, less allowances of $1,049 and $1,157, respectively | 39,070 | 37,298 |
| Deferred tax asset, net | 256 | 1,835 |
| Other current assets | 5,548 | 5,116 |
| Total current assets | 102,349 | 81,669 |
| Property and equipment, net | 8,528 | 10,082 |
| Goodwill | 337,068 | 326,748 |
| Intangibles, net | 50,734 | 52,591 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 20,616 | 11,245 |
| Other assets | 3,682 | 3,724 |
| Total assets | $553,864 | $516,946 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $17,818 | $15,497 |
| Accrued payroll and related benefits | 6,482 | 5,431 |
| Short term debt | 13,062 | 11,344 |
| Liability – securities litigation settlement | 4,226 | — |
| Contingent liability for accrued earn-out acquisition consideration | 4,137 | 3,265 |
| Current portion of long term debt and capital lease obligation, net of discount of $10 and $13, respectively | 827 | 915 |
| Put option liability | 845 | — |
| Deferred revenue | 18,918 | 19,888 |
| Current deferred rent | 254 | 237 |
| Other current liabilities | 106 | 113 |
| Total current liabilities | 66,675 | 56,690 |
| Revolving line of credit | 22,840 | 37,840 |
| Other long term debt and capital lease obligation, less current portion, net of discount of $38 and $78, respectively | 20,124 | 31,592 |
| Contingent liability for accrued earn-out acquisition consideration | 10,283 | 14,230 |
| Put option liability | — | 1,186 |
| Deferred revenue | 391 | 375 |
| Long term deferred rent | 2,185 | 1,449 |
| Other liabilities | 13,141 | 6,429 |
| Total liabilities | 135,639 | 149,791 |
| Temporary equity | 5,000 | 5,000 |
| Stockholders’ equity: | ||
| Convertible Series D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2013 and 2012 | — | — |
| Common stock, $.10 par value, 60,000,000 shares authorized, 38,088,391 issued and 38,047,882 outstanding at December 31, 2013 and 37,131,777 issued and 37,091,268 outstanding at December 31, 2012 | 3,805 | 3,709 |
| Additional paid-in capital | 164,216 | 164,346 |
| Treasury stock (40,509 shares as of December 31, 2013 and December 31, 2012) | (76) | (76) |
| Retained earnings | 257,574 | 201,094 |
| Accumulated other comprehensive loss | (12,294) | (6,918) |
| Total stockholders’ equity | 413,225 | 362,155 |
| Total liabilities, temporary equity and stockholders’ equity | $553,864 | $516,946 |
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