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 |