Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, 2019 | December 31, 2018 | |
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $124,242 | $147,766 |
| Short-term investments | 4,795 | 31,192 |
| Restricted cash | 18,240 | 8,317 |
| Fiduciary funds- restricted | 4,200 | 6,491 |
| Trade accounts receivable, less allowances of $21,011 and $6,969, respectively | 165,397 | 174,340 |
| Other current assets | 63,615 | 59,274 |
| Total current assets | 380,489 | 427,380 |
| Property and equipment, net | 52,597 | 50,294 |
| Right-of-use assets | 17,008 | — |
| Goodwill | 958,813 | 946,685 |
| Intangibles, net | 46,298 | 51,448 |
| Indefinite-lived intangibles | 42,055 | 42,055 |
| Capitalized software development costs, net | 13,748 | 11,742 |
| Deferred tax asset, net | 59,906 | 54,629 |
| Other assets | 34,425 | 26,714 |
| Total assets | $1,605,339 | $1,610,947 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $117,520 | $130,221 |
| Accrued payroll and related benefits | 8,683 | 9,227 |
| Working capital facility | 35,829 | 17,841 |
| Fiduciary funds- restricted | 4,200 | 6,491 |
| Short-term debt | 1,253 | 3,990 |
| Current portion of long term debt and financing lease obligation, net of deferred financing costs of $575 |
20,203 | 14,603 |
| Lease liability | 5,578 | — |
| Contingent liability for accrued earn-out acquisition consideration | 1,254 | 13,767 |
| Contract liabilities | 27,665 | 35,609 |
| Other current liabilities | 31,647 | 85,679 |
| Total current liabilities | 253,832 | 317,428 |
| Revolving line of credit | 438,037 | 424,537 |
| Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $1,703 and $1,811, respectively | 259,992 | 274,716 |
| Other liabilities | 41,126 | 28,287 |
| Contingent liability for accrued earn-out acquisition consideration | 9,290 | 11,209 |
| Contract liabilities | 7,662 | 9,051 |
| Deferred tax liability, net | 1,282 | 1,282 |
| Lease liability | 10,802 | — |
| Total liabilities | 1,022,023 | 1,066,510 |
| Commitments and Contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018 | — | — |
| Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at September 30, 2019 and no shares authorized, issue and outstanding at December 31, 2018 | — | — |
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,491,207 issued and outstanding, at September 30, 2019, and 30,567,725 issued and outstanding at December 31, 2018 | 3,049 | 3,057 |
| Additional paid-in capital | 6,208 | 3,397 |
| Retained earnings | 599,148 | 535,118 |
| Accumulated other comprehensive loss | (74,236) | (63,377) |
| Total Ebix, Inc. stockholders’ equity | 534,169 | 478,195 |
| Noncontrolling interest | 49,147 | 66,242 |
| Total stockholders’ equity | 583,316 | 544,437 |
| Total liabilities and stockholders’ equity | $1,605,339 | $1,610,947 |
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