XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Description of Business and Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statement of financial position to the amounts shown in the Condensed Consolidated Statements of Cash Flows:
As of
March 31,
2021
2020
(In thousands)
Cash and cash equivalents$99,578 $61,854 
Restricted cash8,114 24,756 
Restricted cash included in other long-term assets7,435 2,388 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows$115,127 $88,998 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Additional information regarding the Company's assets and liabilities that are measured at fair value on a recurring basis is presented in the following tables:
Fair Values at Reporting Date Using*
DescriptionsBalance, March 31, 2021Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets
Commercial bank certificates of deposits ($7.5 million is recorded in the long
term asset section of the Condensed Consolidated Balance Sheets in "Other Assets")
$30,184 $— $30,184 $— 
Mutual funds (recorded in
the long term asset section of the Condensed Consolidated Balance Sheets in "Other Assets")
176 176 — — 
Total assets measured at fair value$30,360 $176 $30,184 $— 
Liabilities
Contingent accrued earn-out acquisition consideration (a)$— $— $— $— 
Total liabilities measured at fair value$— $— $— $— 
(a) The income valuation approach is applied and the valuation inputs include the contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments.
* During the three months ended March 31, 2021, there were no transfers between fair value Levels 1, 2 or 3.
Fair Values at Reporting Date Using*
DescriptionsBalance, December 31, 2020Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets
Commercial bank certificates of deposits ($7.4 million is recorded in the long term asset section of the Condensed Consolidated Balance Sheets in "Other Assets")
$32,072 $— $32,072 $— 
Mutual funds381 381 — — 
Total assets measured at fair value$32,453 $381 $32,072 $— 
Liabilities
Contingent accrued earn-out acquisition consideration (a)$— $— $— $— 
Total liabilities measured at fair value$— $— $— $— 
(a) The income valuation approach is applied and the valuation inputs include the contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments.
* During the year ended December 31, 2020, there were no transfers between fair value Levels 1, 2 or 3.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation For the Company's assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein, and gains or losses recognized during the three months ended March 31, 2021 and during the year ended December 31, 2020:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent Liability for Accrued Earn-out Acquisition ConsiderationMarch 31, 2021December 31, 2020
(In thousands)
Beginning balance$— $10,095 
Total remeasurement adjustments:
       Gains included in earnings **— (3,105)
       Foreign currency translation adjustments ***— (537)
Acquisitions and settlements
       Business settlements— (6,453)
Ending balance$— $— 
The amount of total (gains) losses for the period included in earnings or changes to net assets, attributable to changes in unrealized gains relating to assets or liabilities still held at period-end.$— $(3,105)
** recorded as a reduction to general and administrative expenses
*** recorded as a component of other comprehensive income within stockholders' equity
Fair Value, Significant Unobservable Inputs Used in Measurement of Contingent Consideration Liabilities The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration liabilities designated as Level 3 are as follows:
        
(In thousands) Fair Value at March 31, 2021 
Valuation Technique
 Significant
Unobservable
Input
Contingent acquisition consideration: $—Discounted cash flowProjected revenue and
probability of achievement
        
(In thousands) Fair Value at December 31, 2020 
Valuation Technique
 Significant
Unobservable
Input
Contingent acquisition consideration: 
$—
Discounted cash flowProjected revenue and
probability of achievement
Schedule of Disaggregation of Revenue
Disaggregation of Revenue
    The following tables present revenue disaggregated by primary geographical regions and product/service channels for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
Revenue:20212020
(In thousands)
India*$231,541 $73,915 
United States38,066 41,912 
Australia9,684 8,186 
Latin America3,098 4,237 
Europe4,104 3,281 
Canada1,150 1,114 
Singapore*1,069 1,253 
Indonesia*405 2,142 
United Arab Emirates*— 125 
Philippines*444 1,276 
New Zealand492 435 
$290,053 $137,876 
*India led businesses for which total revenue was $232.6 million and $77.9 million for the three months ended March 31, 2021 and 2020, respectively.
Schedule of Revenue by Product/Service Groups Presented in the table below is the breakout of our revenue streams for each of those product/service channels for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31,
20212020
(In thousands)
EbixCash Exchanges232,552 77,855 
Insurance Exchanges43,235 44,001 
Risk Compliance Solutions14,266 16,020 
Totals$290,053 $137,876 
Contract with Customer, Asset and Liability
March 31, 2021December 31, 2020
(Unaudited)
(In thousands)
Balance, beginning of period$1,630 $1,897 
Costs recognized from the beginning balance(358)(743)
Additions, net of costs recognized324 476 
Balance, end of period$1,596 $1,630 
This portion is recognized over the expected useful life of the customizations.
March 31, 2021December 31, 2020
(Unaudited)
(In thousands)
Balance, beginning of period$40,931 $37,253 
Revenue recognized from beginning balance(14,025)(32,783)
Additions from business acquisitions— — 
Additions, net of revenue recognized and currency translation18,507 36,461 
Balance, end of period$45,413 $40,931 
Schedule of Finite-Lived Intangible Assets by Major Class, Estimated Useful Lives We amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows:
Category Life (yrs)
Airport contracts
9
Backlog
1-1.5
Brand
15
Customer relationships 
7–20
Database
10
Dealer networks
15-20
Developed technology 
3–12
Non-compete agreements 
5
Store networks
5
Trademarks 
3–15