Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| June 30, 2020 |
December 31, 2019 |
|||
| ASSETS | (Unaudited) | |||
| Current assets: | ||||
| Cash and cash equivalents | $77,315 | $73,228 | ||
| Receivables from service providers | 13,226 | 25,607 | ||
| Short-term investments | 31,357 | 4,443 | ||
| Restricted cash | 7,883 | 35,051 | ||
| Fiduciary funds - restricted | 4,500 | 4,966 | ||
| Trade accounts receivable, less allowances of $20,634 and $21,696, respectively | 129,768 | 153,565 | ||
| Other current assets | 63,880 | 67,074 | ||
| Total current assets | 327,929 | 363,934 | ||
| Property and equipment, net | 48,310 | 48,421 | ||
| Right-of-use assets | 14,747 | 19,544 | ||
| Goodwill | 925,355 | 952,404 | ||
| Intangibles, net | 40,560 | 46,955 | ||
| Indefinite-lived intangibles | 42,055 | 42,055 | ||
| Capitalized software development costs, net | 19,732 | 19,183 | ||
| Deferred tax asset, net | 66,605 | 69,227 | ||
| Other assets | 30,683 | 29,896 | ||
| Total assets | $1,515,976 | $1,591,619 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable and accrued liabilities | $69,903 | $84,735 | ||
| Payables to service agents | 4,394 | 12,196 | ||
| Accrued payroll and related benefits | 10,789 | 8,755 | ||
| Working capital facility | 7,615 | 28,352 | ||
| Fiduciary funds - restricted | 4,500 | 4,966 | ||
| Short-term debt | 984 | 1,167 | ||
| Contingent liability for accrued earn-out acquisition consideration | 6,122 | 8,621 | ||
| Current portion of long term debt and financing lease obligations, net of deferred financing costs of $920 and $575, respectively | 23,620 | 22,091 | ||
| Contract liabilities | 29,013 | 28,712 | ||
| Lease liability | 4,739 | 5,955 | ||
| Other current liabilities | 36,308 | 29,335 | ||
| Total current liabilities | 197,987 | 234,885 | ||
| Revolving line of credit | 439,402 | 438,037 | ||
| Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $1,524 and $1,534, respectively | 243,074 | 254,467 | ||
| Contingent liability for accrued earn-out acquisition consideration | - | 1,474 | ||
| Contract liabilities | 7,334 | 8,541 | ||
| Lease liability | 9,829 | 13,196 | ||
| Deferred tax liability, net | 1,235 | 1,235 | ||
| Other liabilities | 27,589 | 40,339 | ||
| Total liabilities | 926,450 | 992,174 | ||
| Commitments and Contingencies | ||||
| Stockholders’ equity: | ||||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 30, 2020 and December 31, 2019 | — | — | ||
| Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at June 30, 2020 and no shares authorized, issue and outstanding at December 31, 2019 | — | — | ||
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,507,903 issued and outstanding, at June 30, 2020, and 30,492,044 issued and outstanding at December 31, 2019 | 3,051 | 3,049 | ||
| Additional paid-in capital | 9,335 | 6,960 | ||
| Retained earnings | 660,767 | 618,503 | ||
| Accumulated other comprehensive loss | (132,469) | (78,398) | ||
| Total Ebix, Inc. stockholders’ equity | 540,684 | 550,114 | ||
| Noncontrolling interest | 48,842 | 49,331 | ||
| Total stockholders’ equity | 589,526 | 599,445 | ||
| Total liabilities and stockholders’ equity | $ | 1,515,976 | $ | 1,591,619 |
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