Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| March 31, 2020 |
December 31, 2019 |
|||
| ASSETS | (Unaudited) | |||
| Current assets: | ||||
| Cash and cash equivalents | $61,854 | $73,228 | ||
| Receivables from service providers | 13,423 | 25,607 | ||
| Short-term investments | 9,236 | 4,443 | ||
| Restricted cash | 24,756 | 35,051 | ||
| Fiduciary funds - restricted | 5,293 | 4,966 | ||
| Trade accounts receivable, less allowances of $20,179 and $21,696, respectively | 135,889 | 153,565 | ||
| Other current assets | 68,667 | 67,074 | ||
| Total current assets | 319,118 | 363,934 | ||
| Property and equipment, net | 46,831 | 48,421 | ||
| Right-of-use assets | 16,639 | 19,544 | ||
| Goodwill | 921,367 | 952,404 | ||
| Intangibles, net | 42,749 | 46,955 | ||
| Indefinite-lived intangibles | 42,055 | 42,055 | ||
| Capitalized software development costs, net | 19,536 | 19,183 | ||
| Deferred tax asset, net | 66,842 | 69,227 | ||
| Other assets | 28,473 | 29,896 | ||
| Total assets | $1,503,610 | $1,591,619 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable and accrued liabilities | $70,102 | $84,735 | ||
| Payables to service agents | 8,720 | 12,196 | ||
| Accrued payroll and related benefits | 9,356 | 8,755 | ||
| Working capital facility | 2,746 | 28,352 | ||
| Fiduciary funds - restricted | 5,293 | 4,966 | ||
| Short-term debt | 1,050 | 1,167 | ||
| Contingent liability for accrued earn-out acquisition consideration | 8,111 | 8,621 | ||
| Current portion of long term debt and financing lease obligations, net of deferred financing costs of $734 and $575, respectively |
23,809 | 22,091 | ||
| Contract liabilities | 29,814 | 28,712 | ||
| Lease liability | 5,268 | 5,955 | ||
| Other current liabilities | 22,892 | 29,335 | ||
| Total current liabilities | 187,161 | 234,885 | ||
| Revolving line of credit | 438,037 | 438,037 | ||
| Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $1,392 and $1,534, respectively | 248,912 | 254,467 | ||
| Contingent liability for accrued earn-out acquisition consideration | 1,405 | 1,474 | ||
| Contract liabilities | 8,649 | 8,541 | ||
| Lease liability | 11,169 | 13,196 | ||
| Deferred tax liability, net | 1,235 | 1,235 | ||
| Other liabilities | 35,326 | 40,339 | ||
| Total liabilities | 931,894 | 992,174 | ||
| Commitments and Contingencies | ||||
| Stockholders’ equity: | ||||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019 | — | — | ||
| Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at March 31, 2020 and no shares authorized, issue and outstanding at December 31, 2019 | — | — | ||
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,475,994 issued and outstanding, at March 31, 2020, and 30,492,044 issued and outstanding at December 31, 2019 | 3,048 | 3,049 | ||
| Additional paid-in capital | 8,211 | 6,960 | ||
| Retained earnings | 639,596 | 618,503 | ||
| Accumulated other comprehensive loss | (128,192 | (78,398 | ||
| Total Ebix, Inc. stockholders’ equity | 522,663 | 550,114 | ||
| Noncontrolling interest | 49,053 | 49,331 | ||
| Total stockholders’ equity | 571,716 | 599,445 | ||
| Total liabilities and stockholders’ equity | $ | 1,503,610 | $ | 1,591,619 |
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