Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| June 30, 2023 |
December 31, 2022 |
|
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $ 62,165 | $ 110,637 |
| Receivables from service providers | 542 | 4,223 |
| Short-term investments | 14,392 | 17,438 |
| Restricted cash | 8,282 | 8,210 |
| Fiduciary funds - restricted | 1,735 | 2,092 |
| Trade accounts receivable, less allowances of $18,885 and $18,167, respectively | 163,166 | 154,533 |
| Other current assets | 98,598 | 87,387 |
| Total current assets | 348,880 | 384,520 |
| Property and equipment, net | 53,695 | 52,448 |
| Right-of-use assets | 8,695 | 9,636 |
| Goodwill | 887,101 | 881,676 |
| Intangibles, net | 47,995 | 50,900 |
| Indefinite-lived intangibles | 16,647 | 16,647 |
| Capitalized software development costs, net | 15,886 | 15,342 |
| Deferred tax asset, net | 124,289 | 96,290 |
| Other assets | 37,320 | 30,096 |
| Total assets | $ 1,540,508 | $ 1,537,555 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 95,617 | $ 99,194 |
| Payables to service agents | 18,737 | 11,299 |
| Accrued payroll and related benefits | 13,367 | 10,652 |
| Working capital facility | 5,043 | 3,367 |
| Fiduciary funds – restricted | 1,735 | 2,092 |
| Revolving line of credit | 444,902 | 449,902 |
| Short-term debt | 608 | 3,000 |
| Current portion of long term debt and financing lease obligations, net of deferred financing costs of $934 and $469, respectively | 172,857 | 190,866 |
| Contract liabilities | 37,769 | 32,029 |
| Lease liability | 3,024 | 3,354 |
| Other current liabilities | 25,629 | 25,783 |
| Total current liabilities | 819,288 | 831,538 |
| Revolving line of credit | — | — |
| Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $0 and $0, respectively | 87 | 160 |
| Contingent liability for accrued earn-out acquisition consideration | 2,315 | 2,298 |
| Contract liabilities | 7,717 | 14,098 |
| Lease liability | 6,002 | 6,612 |
| Deferred tax liability, net | 1,150 | 1,150 |
| Other liabilities | 27,092 | 22,259 |
| Total liabilities | 863,651 | 878,115 |
| Stockholders’ equity: | ||
| Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 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 June 30, 2023 and December 31, 2022 | — | — |
| Common stock, $0.10 par value, 220,000,000 shares authorized, 30,877,258 issued and outstanding, at June 30, 2023, and 30,819,533 issued and outstanding at December 31, 2022 | 3,088 | 3,082 |
| Additional paid-in capital | 20,041 | 18,801 |
| Retained earnings | 822,162 | 814,781 |
| Accumulated other comprehensive loss | (209,326 ) | (219,439 ) |
| Total Ebix, Inc. stockholders’ equity | 635,965 | 617,225 |
| Noncontrolling interest | 40,892 | 42,215 |
| Total stockholders’ equity | 676,857 | 659,440 |
| Total liabilities and stockholders’ equity | $ 1,540,508 | $ 1,537,555 |
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