Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| March 31, 2019 |
December 31, 2018 |
|
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $ 76,999 | $ 147,766 |
| Short-term investments | 19,417 | 31,192 |
| Restricted cash | 29,743 | 8,317 |
| Fiduciary funds- restricted | 3,395 | 6,491 |
| Trade accounts receivable, less allowances of $6,619 and $6,969, respectively | 162,155 | 174,340 |
| Other current assets | 60,838 | 59,274 |
| Total current assets | 352,547 | 427,380 |
| Property and equipment, net | 50,012 | 50,294 |
| Right-of-use assets | 19,005 | - |
| Goodwill | 965,640 | 946,685 |
| Intangibles, net | 48,559 | 51,448 |
| Indefinite-lived intangibles | 42,055 | 42,055 |
| Capitalized software development costs, net | 12,905 | 11,742 |
| Deferred tax asset, net | 58,686 | 54,629 |
| Other assets | 31,583 | 26,714 |
| Total assets | $ 1,580,992 | $ 1,610,947 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 121,180 | $130,221 |
| Accrued payroll and related benefits | 8,334 | 9,227 |
| Cash overdraft | 18,925 | 17,841 |
| Fiduciary funds- restricted | 3,395 | 6,491 |
| Short-term debt | 1,441 | 3,990 |
| Current portion of long-term debt and financing lease obligation, net of deferred financing costs of $575 |
16,368 | 14,603 |
| Lease liability | 6,046 | - |
| Contingent liability for accrued earn-out acquisition consideration | 2,291 | 13,767 |
| Accrued litigation settlement | 19,652 | - |
| Deferred revenue | 33,173 | 35,609 |
| Other current liabilities | 11,349 | 85,679 |
| Total current liabilities | 242,154 | 317,428 |
| Revolving line of credit | 438,037 | 424,537 |
| Long term debt and capital lease obligations, less current portion, net of deferred financing costs of $1,666 and $1,811, respectively | 271,075 | 274,716 |
| Other liabilities | 27,848 | 28,287 |
| Contingent liability for accrued earn-out acquisition consideration | 10,175 | 11,209 |
| Deferred revenue | 8,649 | 9,051 |
| Deferred tax liability, net | 1,282 | 1,282 |
| Lease liability | 12,724 | - |
| Total liabilities | 1,011,944 | 1,066,510 |
| Commitments and Contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018 | - | - |
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,523,756 issued and outstanding, at March 31, 2019, and 30,567,725 issued and outstanding at December 31, 2018 | 3,052 | 3,057 |
| Additional paid-in capital | 4,350 | 3,397 |
| Retained earnings | 556,364 | 535,118 |
| Accumulated other comprehensive loss | (59,895) | (63,377) |
| Total Ebix, Inc. stockholders’ equity | 503,871 | 478,195 |
| Noncontrolling interest | 65,177 | 66,242 |
| Total stockholders’ equity | 569,048 | 544,437 |
| Total liabilities and stockholders’ equity | $ 1,580,992 | $ 1,610,947 |
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