Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, 2020 |
December 31, 2019 |
|
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $88,023 | $73,228 |
| Receivables from service providers | 19,758 | 25,607 |
| Short-term investments | 24,522 | 4,443 |
| Restricted cash | 7,902 | 35,051 |
| Fiduciary funds - restricted | 4,757 | 4,966 |
| Trade accounts receivable, less allowances of $21,908 and $21,696, respectively | 132,089 | 153,565 |
| Other current assets | 69,917 | 67,074 |
| Total current assets | 346,968 | 363,934 |
| Property and equipment, net | 48,525 | 48,421 |
| Right-of-use assets | 13,604 | 19,544 |
| Goodwill | 938,680 | 952,404 |
| Intangibles, net | 52,864 | 46,955 |
| Indefinite-lived intangibles | 27,815 | 42,055 |
| Capitalized software development costs, net | 20,420 | 19,183 |
| Deferred tax asset, net | 66,992 | 69,227 |
| Other assets | 34,682 | 29,896 |
| Total assets | $1,550,550 | $1,591,619 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $68,941 | $84,735 |
| Payables to service agents | 8,224 | 12,196 |
| Accrued payroll and related benefits | 12,079 | 8,755 |
| Working capital facility | 7,546 | 28,352 |
| Fiduciary funds - restricted | 4,757 | 4,966 |
| Short-term debt | 8,349 | 1,167 |
| Contingent liability for accrued earn-out acquisition consideration | 3,352 | 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 | 27,807 | 28,712 |
| Lease liability | 4,392 | 5,955 |
| Other current liabilities | 29,341 | 29,335 |
| Total current liabilities | 198,408 | 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 $1,293 and $1,534, respectively | 237,608 | 254,467 |
| Contingent liability for accrued earn-out acquisition consideration | — | 1,474 |
| Contract liabilities | 7,474 | 8,541 |
| Lease liability | 9,128 | 13,196 |
| Deferred tax liability, net | 1,235 | 1,235 |
| Other liabilities | 26,725 | 40,339 |
| Total liabilities | 919,980 | 992,174 |
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June September 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 September 30, 2020 and no shares authorized, issue and outstanding at December 31, 2019 | — | — |
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,526,793 issued and outstanding, at September 30, 2020, and 30,492,044 issued and outstanding at December 31, 2019 | 3,053 | 3,049 |
| Additional paid-in capital | 10,537 | 6,960 |
| Retained earnings | 683,131 | 618,503 |
| Accumulated other comprehensive loss | (114,295 | (78,398 |
| Total Ebix, Inc. stockholders’ equity | 582,426 | 550,114 |
| Noncontrolling interest | 48,144 | 49,331 |
| Total stockholders’ equity | 630,570 | 599,445 |
| Total liabilities and stockholders’ equity | $1,550,550 | $1,591,619 |
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