Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| December 31, 2014 |
December 31, 2013 |
|
| (In thousands, except share and per share amounts) | ||
|
Unaudited | Audited |
| ASSETS |
|
|
| Current assets: |
|
|
| Cash and cash equivalents | $ 52,300 | $ 56,674 |
| Short-term investments | 281 | 801 |
| Trade accounts receivable, less allowances of $1,619 and $1,049, respectively | 41,100 | 39,070 |
| Deferred tax asset, net | 2,113 | 256 |
| Other current assets | 8,067 | 5,548 |
| Total current assets | 103,861 | 102,349 |
| Property and equipment, net | 24,661 | 8,528 |
| Goodwill | 402,220 | 337,068 |
| Intangibles, net | 49,371 | 50,734 |
| Indefinite-lived intangibles | 30,887 | 30,887 |
| Deferred tax asset, net | 18,758 | 12,194 |
| Other assets | 4,553 | 3,682 |
| Total assets | $ 634,311 | $ 545,442 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 40,121 | $ 17,818 |
| Accrued payroll and related benefits | 5,280 | 6,482 |
| Short term debt | - | 13,062 |
| Liability - securities litigation settlement | - | 4,226 |
| Contingent liability for accrued earn-out acquisition consideration | - | 4,137 |
| Current portion of long term debt and capital lease obligation, net of discount of $7 and $10, respectively | 636 | 827 |
| Put option liability | - | 845 |
| Deferred revenue | 22,192 | 18,918 |
| Current deferred rent | 268 | 254 |
| Other current liabilities | 102 | 106 |
| Total current liabilities | 68,599 | 66,675 |
| Revolving line of credit | 120,465 | 22,840 |
| Other long term debt and capital lease obligation, less current portion, net of discount of $7 and $38, respectively | 893 | 20,124 |
| Contingent liability for accrued earn-out acquisition consideration | 5,367 | 10,283 |
| Deferred revenue | 2,496 | 391 |
| Long term deferred rent | 2,091 | 2,185 |
| Other liabilities | 2,179 | 4,719 |
| Total liabilities | 202,090 | 127,217 |
| Temporary equity | - | 5,000 |
| Stockholders’ equity: | ||
| Convertible Series D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013 | - | - |
| Common stock, $.10 par value, 60,000,000 shares authorized, 36,232,074 issued and 36,191,565 outstanding at December 31, 2014 and 38,088,391 issued and 38,047,882 outstanding at December 31, 2013 | 3,619 | 3,805 |
| Additional paid-in capital | 137,101 | 164,216 |
| Treasury stock (40,509 shares as of December 31, 2014 and December 31, 2013) | (76 ) | (76 ) |
| Retained earnings | 309,726 | 257,574 |
| Accumulated other comprehensive loss | (18,149 ) | (12,294 ) |
| Total stockholders’ equity | 432,221 | 413,225 |
| Total liabilities, temporary equity and stockholders’ equity | $ 634,311 | $ 545,442 |
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