Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, 2023 |
December 31, 2022 |
|
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $71,162 | $110,637 |
| Receivables from service providers | 8,523 | 4,223 |
| Short-term investments | 17,526 | 17,438 |
| Restricted cash | 10,465 | 8,210 |
| Fiduciary funds - restricted | 1,835 | 2,092 |
| Trade accounts receivable, less allowances of $13,971 and $18,167, respectively | 156,302 | 154,533 |
| Other current assets | 93,068 | 87,387 |
| Total current assets | 358,881 | 384,520 |
| Property and equipment, net | 53,154 | 52,448 |
| Right-of-use assets | 7,720 | 9,636 |
| Goodwill | 879,254 | 881,676 |
| Intangibles, net | 45,085 | 50,900 |
| Indefinite-lived intangibles | 16,647 | 16,647 |
| Capitalized software development costs, net | 16,184 | 15,342 |
| Non Current Accounts receivable, less allowance | 10,512 | — |
| Deferred tax asset, net | 123,887 | 96,290 |
| Other assets | 50,667 | 30,096 |
| Total assets | $1,561,991 | $1,537,555 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $116,080 | $99,194 |
| Payables to service agents | 31,479 | 11,299 |
| Accrued payroll and related benefits | 16,537 | 10,651 |
| Working capital facility | 15,341 | 3,367 |
| Fiduciary funds - restricted | 1,835 | 2,092 |
| Revolving line of credit | 444,902 | 449,902 |
| Short-term debt | 991 | 3,000 |
| Current portion of long term debt and financing lease obligations, net of deferred financing costs of $3,287 and $469, respectively | 170,502 | 190,866 |
| Contract liabilities | 40,832 | 32,028 |
| Lease liability | 2,739 | 3,354 |
| Other current liabilities | 24,113 | 25,784 |
| Total current liabilities | 865,351 | 831,537 |
| Revolving line of credit | — | — |
| Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $0 and $0, respectively | 47 | 160 |
| Contingent liability for accrued earn-out acquisition consideration | 2,285 | 2,299 |
| Contract liabilities | 7,261 | 14,098 |
| Lease liability | 5,287 | 6,612 |
| Deferred tax liability, net | 1,150 | 1,150 |
| Other liabilities | 29,066 | 22,259 |
| Total liabilities | 910,447 | 878,115 |
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2023 and December 31, 2022 | — | — |
| Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at September 30, 2023 and December 31, 2022 | — | — |
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,899,335 issued and outstanding, at September 30, 2023, and 30,819,533 issued and outstanding at December 31, 2022 | 3,090 | 3,082 |
| Additional paid-in capital | 20,355 | 18,800 |
| Retained earnings | 811,866 | 814,780 |
| Accumulated other comprehensive loss | (224,226) | (219,437) |
| Total Ebix, Inc. stockholders’ equity | 611,085 | 617,225 |
| Noncontrolling interest | 40,459 | 42,215 |
| Total stockholders’ equity | 651,544 | 659,440 |
| Total liabilities and stockholders’ equity | $1,561,991 | $1,537,555 |
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