December 31, | ||
2020 | 2019 | |
(In thousands, except share and per share amounts) | ||
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | 105,035 | 73,228 |
Receivables from service providers | 4,711 | 25,607 |
Short-term investments | 25,019 | 4,443 |
Restricted cash | 8,519 | 35,051 |
Fiduciary funds - restricted | 4,106 | 4,966 |
Trade accounts receivable, less allowances of 22,691 and 21,696, respectively | 142,847 | 153,565 |
Other current assets | 71,661 | 67,074 |
Total current assets | 361,898 | 363,934 |
Property and equipment, net | 52,521 | 48,421 |
Right-of-use assets | 12,372 | 19,544 |
Goodwill | 949,037 | 952,404 |
Intangibles, net | 50,880 | 46,955 |
Indefinite-lived intangibles | 21,647 | 42,055 |
Capitalized software development costs, net | 19,389 | 19,183 |
Deferred tax assets, net | 63,402 | 69,227 |
Other assets | 38,707 | 29,896 |
Total assets | $1,569,853 | $1,591,619 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current liabilities: | ||
Accounts payable and accrued liabilities | $64,764 | $84,735 |
Payables to service agents | 5,281 | 12,196 |
Accrued payroll and related benefits | 11,792 | 8,755 |
Working capital facilities | 16,643 | 28,352 |
Fiduciary funds - restricted | 4,106 | 4,966 |
Short-term debt | 894 | 1,167 |
Contingent liability for earn-out acquisition consideration | — | 8,621 |
Current portion of long-term debt, net of deferred financing costs of $920 and $575 thousand, respectively | 23,621 | 22,091 |
Contract liabilities | 32,898 | 28,712 |
Lease liability | 3,905 | 5,955 |
Other current liabilities | 27,486 | 29,335 |
Total current liabilities | 191,390 | 234,885 |
Revolving line of credit | 439,402 | 438,037 |
Long-term debt, less current portion, net of deferred financing costs of $1,062 and $1,534, respectively | 232,140 | 254,467 |
Contingent liability for earn-out acquisition consideration | — | 1,474 |
Contract liabilities | 8,033 | 8,541 |
Lease liability | 8,540 | 13,196 |
Deferred tax liability, net | 1,235 | 1,235 |
Other liabilities | 29,009 | 40,339 |
Total liabilities | 909,749 | 992,174 |
Commitments and Contingencies, Note 5 | ||
Stockholders’ equity: | ||
Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2020 and 2019 | — | — |
Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at December 31, 2020 and no shares authorized, issued and outstanding at December 31, 2019 | — | — |
Common stock, $.10 par value, 220,000,000 shares authorized, 30,515,334 issued and outstanding at December 31, 2020 and 30,492,044 issued and outstanding at December 31, 2019 | 3,052 | 3,049 |
Additional paid-in capital | 11,126 | 6,960 |
Retained earnings | 700,304 | 618,503 |
Accumulated other comprehensive loss | (101,503) | (78,398) |
Total Ebix, Inc. stockholders’ equity | 612,979 | 550,114 |
Noncontrolling interest (see Note 17) | 47,125 | 49,331 |
Total stockholders' equity | 660,104 | 599,445 |
Total liabilities and stockholders’ equity | $1,569,853 | $1,591,619 |
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