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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 11-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Fiscal Year Ended December 31, 1999
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
ebix.com, Inc.
(f/k/a Delphi Information Systems, Inc.)
Cash Option Profit Sharing Plan
ebix.com, Inc.
The principal executive offices of ebix.com, Inc. are located at
1900 E. Golf Road, Schaumburg, Illinois 60173
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 the
Committee has duly caused this annual Report to be signed by the undersigned
thereunto duly authorized.
ebix.com, Inc.
Cash Option Profit Sharing Plan
Date: June 28, 2000 Signature /s/ Richard J. Baum
------------------------ ------------------------------
Richard J. Baum
Senior Vice President Finance and
Administration, Chief Financial Officer
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ebix.com, Inc. (f/k/a Delphi Information Systems, Inc.)
Cash Option Profit Sharing Plan
TABLE OF CONTENTS
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Page(s)
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Independent Auditors' Report ........................................................ 1
Statements of Net Assets Available for Plan Benefits, December 31, 1999 and 1998..... 2
Statements of Changes in Net Assets Available for Plan Benefits, years ended
December 31, 1999 and 1998........................................................... 3
Notes to Financial Statements........................................................ 4-7
SCHEDULE
Schedule of Assets Held for Investment
Purposes December 31, 1999........................................................... 8
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INDEPENDENT AUDITORS' REPORT
To the Trustees of
ebix.com, Inc. (f/k/a Delphi Information Systems, Inc.)
Cash Option Profit Sharing Plan:
We have audited the accompanying statements of net assets available for plan
benefits of ebix.com, Inc. (f/k/a Delphi Information Systems, Inc.) Cash Option
Profit Sharing Plan (the Plan) as of December 31, 1999 and 1998, and the related
statements of changes in net assets available for plan benefits for the years
then ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based upon our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 1999 and 1998, and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of December 31, 1999 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplementary schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ KPMG LLP
Chicago, Illinois
June 26, 2000
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ebix.com, inc. (F/K/A DELPHI INFORMATION SYSTEMS, INC.)
CASH OPTION PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
(EMPLOYER IDENTIFICATION NUMBER 77-0021975, PLAN NUMBER 001)
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<CAPTION>
ASSETS: 1999 1998
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<S> <C> <C>
Investments, at fair value:
Mutual Funds $ 6,328,951 5,396,353
Participant loans 65,019 126,214
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Net assets available for plan benefits $ 6,393,970 5,522,567
================ ===============
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See accompanying notes to financial statements.
2
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ebix.com, inc. (F/K/A DELPHI INFORMATION SYSTEMS, INC.)
CASH OPTION PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1999 AND 1998
(EMPLOYER IDENTIFICATION NUMBER 77-0021975, PLAN NUMBER 001)
<TABLE>
<CAPTION>
1999 1998
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<S> <C> <C>
ADDITIONS:
Contributions:
Employee 483,946 393,366
Employer 87,234 --
Employee rollover 172,698 10,753
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Total contributions 743,878 404,119
Investment Income:
Net appreciation in fair value of investments 950,890 509,333
Interest and dividend income 206,592 352,880
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Total investment income 1,157,482 862,213
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Total additions 1,901,360 1,266,332
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DEDUCTIONS:
Benefits paid to participants (1,029,757) (730,830)
Other expenses (200) (444)
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Total deductions (1,029,957) (731,274)
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NET INCREASE 871,403 535,058
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 5,522,567 4,987,509
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End of year 6,393,970 5,522,567
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</TABLE>
See accompanying notes to financial statements.
3
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ebix.com, inc. (f/k/a Delphi Information Systems, Inc.)
Cash Option Profit Sharing Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
(Employer Identification Number 77-0021975, Plan Number 001)
1. PLAN DESCRIPTION
The following is a general description of the ebix.com, Inc. (f/k/a
Delphi Information Systems, Inc.) Cash Option Profit Sharing Plan (the
"Plan"). Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
GENERAL
The Plan, which commenced January 1, 1988, is a qualified cash option
profit sharing plan offered to all eligible employees of ebix.com, Inc.
(the "Company" or "ebix.com") when hired. Enrollment to participate and
election changes occur quarterly. The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974, as amended
("ERISA") and Section 401 (a) and Section 401 (k) of the Internal Revenue
Code ("IRC") of 1986, as amended.
CONTRIBUTIONS
Participants may elect to contribute an amount equaling from 1% to 20% of
their basic compensation up to a maximum of $10,000 for 1999 and 1998
(salary reduction contributions). This maximum allowable contribution is
adjusted each year for increases in the cost of living as provided in
applicable regulations. This annual amount is an aggregate limitation
that applies to all of an individual's salary reduction contributions and
similar contributions under other plans.
The Company may make an annual discretionary contribution to the Plan.
Each plan year, the Company will decide what portion of its profits, if
any, it will contribute to the Plan. The Company contributed $87,234 to
the Plan during 1999. The Company did not make any contribution to the
Plan during 1998.
All contributions are deposited to the investment funds as directed by
the participant.
PARTICIPANT ACCOUNTS
Each participant's account is adjusted with the participant's
contributions and allocations of (1) the related Company discretionary
contributions, if any, (2) fund earnings or losses, (3) administrative
expenses, if applicable and (4) forfeitures. Allocations are based on
participant's earnings or account balances, as defined. The benefit to
which a participant is entitled is the benefit that can be provided from
the participant's vested account.
VESTING
Each participant has an immediate, fully vested right to receive all
salary reduction contributions and earnings thereon, upon termination
from the Company, or upon separation caused by death of the participant
or under other special circumstances.
Subsequent to the first quarter of 1999, the Company contributions to the
Plan, if any, and the earnings on such contributions have immediate 100%
vesting.
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Prior to the first quarter of 1999 the Company's contributions to the
Plan, if any, and the earnings on such contributions, became vested in
accordance with the following schedule:
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Years Vested
of Service Percentage
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1 but less than 2 25%
2 but less than 3 50%
3 but less than 4 75%
4 or more 100%
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FORFEITURES
Prior to the first quarter of 1999, if a participant was terminated or
resigned from the Company before their account was 100% vested, they
forfeited the nonvested portion of their account. All amounts that were
forfeited by terminated Participants were added to the Company's
contributions to the Plan and divided up among the accounts of eligible
Participants.
INVESTMENT OPTIONS
Participants may direct their salary reduction contributions and any
earnings thereon may be invested in one or more of the following funds:
a. Scudder Stable Value Fund
b. Scudder Income Fund
c. Scudder Balanced
d. Scudder Pathway Series - Balanced
e. Scudder Pathway Series - Conservative
f. Scudder Growth and Income Fund
g. Scudder Value Fund
h. Scudder Small Co. Value Fund
i. Scudder Global Fund
j. Scudder Large Company Growth Fund
k. Scudder International Fund
l. Scudder Development Fund
m. ebix.com (f/k/a Delphi Information Systems) Common Stock - This
account was frozen July 1, 1997 and no contributions are being
allocated to this investment. All stock was transferred out in
December 1999 to another fund.
LOANS TO PARTICIPANTS
Participants may borrow from their fund accounts from a minimum of $1,000
up to a maximum of the lessor of $50,000 or 50% of their vested account
balance. Participant loans are secured by the balance in the participant's
account and bear interest at a rate commensurate with local prevailing
rates as determined by the Plan Administrator. Principal and interest are
paid ratably through payroll deductions.
PAYMENT OF BENEFITS
For any event which may result in a distribution of benefits, a
participant's benefit is distributed in a single, lump sum payment. The
distribution is made in the form of cash, unless the participant elects to
receive the portion of his account that was invested in the Company's
stock in the form of whole shares of such Company stock.
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EXPENSES
Expenses in connection with the purchase or sale of stock or other
securities are charged to the fund for which such purchase or sale is
made. Administrative expenses are paid for by the Company.
TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become fully vested in any Company
contributions to their accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements are prepared on the accrual basis of
accounting. The preparation of the financial statements in conformity with
generally accepted accounting principles requires the Plan management to
use estimates and assumptions that affect the reported amount of assets
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of additions and deductions
during the reporting period. Actual results could differ from these
estimates.
INVESTMENT VALUATION
Investments, other than fully-benefit-responsive investment contracts, are
stated at fair value as determined by quoted market prices. Approximately
91% and 93% of the Scudder Stable Value Fund was invested in
fully-benefit-responsive investment contracts at December 31, 1999 and
December 31, 1998, respectively. These contracts are valued at contract
value, which has been determined by the fund's Trustee, Scudder
Investments, to approximate fair value. The crediting interest rate at
December 31, 1999 and December 31, 1998 for the investment contracts range
from 5.69% to 8.25% and 4.63% to 7.77%, respectively. The crediting
interest rates are reset upon the maturity of the contracts.
Purchases and sales of securities are reflected on a trade date basis.
Interest and dividend income from other investments is accrued as earned.
3. INVESTMENTS EXCEEDING 5% OF NET ASSETS
The fair value of investments which exceeded 5% of the Plan's net assets
as of December 31, 1999 and 1998 are as follows:
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1999 1998
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SCUDDER:
Stable Value Fund $ 1,076,270 $ 1,095,265
Balanced Fund 485,633 --
Pathway Series - Balanced -- 374,649
Growth and Income Fund 978,227 991,104
Large Company Growth Fund 3,256,159 2,541,152
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Total $ 5,796,289 $ 5,002,170
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</TABLE>
4. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated August 4, 1995, that the Plan and related Trust are designed
in accordance with applicable sections of the IRC. The Plan
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administrator believes the Plan is currently designed and being operated
in compliance with the applicable requirements of the IRC and that,
therefore, the Plan was qualified and the related Trust was tax-exempt as
of the financial statement dates.
5. SUBSEQUENT EVENT
On January 3, 2000, the Company changed the Plan Adminstrator and Trustee.
Accordingly, all Plan assets were transferred from Scudder Investments to
Manulife Financial.
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ebix.com, inc. (F/K/A DELPHI INFORMATION SYSTEMS, INC.)
CASH OPTION PROFIT SHARING PLAN
SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
(EMPLOYER IDENTIFICATION NUMBER 77-0021975, PLAN NUMBER 001)
<TABLE>
<CAPTION>
(a) (b) ( c) (d)
Description of investments,
including maturity date, rate of
Indentity of issuer / borrower, interest, collateral, par or
Notes lessor or similar party maturity value Current Value
------------- --------------------------------- ---------------------------------- -------------
<S> <C> <C> <C>
Scudder Investments Stable Value Fund
1,076,269.53 units, $1.00 per unit $ 1,076,270
Scudder Investments Income Fund
8,613.516 units, $12.24 per unit 105,429
Scudder Investments Balanced Fund
22,961.393 units, $21.15 per unit 485,633
Scudder Investments Growth and Income Fund
36,651.44 units, $26.69 per unit 978,227
Scudder Investments Value Fund
151.771 units, $23.59 per unit 3,580
Scudder Investments Small Co. Value Fund
4,100.640 units, $17.16 per unit 70,367
Scudder Investments Global Fund
6,038.348 units, $31.22 per unit 188,517
Scudder Investments Large Company Growth Fund
77,032.399 units, $42.27 per unit 3,256,159
Scudder Investments International Fund
1,195.312 units, $70.74 per unit 84,556
Scudder Investments Development Fund
1,827.169 units, $43.90 per unit 80,213
(1) Plan participants Participant loans
7.25% to 9.50% interest
rate, maturing 4/00 to 65,019
7/04 --------------
$ 6,393,970
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(1) Represents party in interest
See accompanying independent auditors' report.
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