Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 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 consolidated balance sheets to the amounts shown in the consolidated statements of cash flows:

	As of December 31,
	2021		2020		2019
	(In thousands)
Cash and cash equivalents	$	99,625	$	105,035	73,228
Restricted cash	9,080		8,519		35,051
Restricted cash included in other long-term assets	6,059		6,659		3,090
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	114,764	$	120,213	$	111,369

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*
Descriptions	Balance at December 31, 2021		Quoted 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 ($6.3 million is recorded in the long-term asset section of the consolidated balance sheets in "Other assets")	$	31,676	$	—	$	31,676	$	—
Mutual funds	167		167		—		—
Total assets measured at fair value	$	31,843	$	167	$	31,676	$	—
Liabilities
Contingent earn-out acquisition consideration (a)	2,557		—		—		2,557
Total liabilities measured at fair value	$	2,557	$	—	$	—	$	2,557
(a) The income valuation approach is applied and the valuation inputs include the contingent payment arrangement terms, projected cash flows, rate of return, and probability assessments.
* During the year ended December 31, 2021, there were no transfers between fair value Levels 1, 2 or 3.

	Fair Values at Reporting Date Using*
Descriptions	Balance at December 31, 2020		Quoted 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 consolidated balance sheets in "Other assets")	$	32,072	—		32,072		—
Mutual Funds	381		381		—		—
Total assets measured at fair value	$	32,453	$	381	$	32,072	$	—
Liabilities
Contingent earn-out acquisition consideration	—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—
* 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 year:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent Liability for Accrued Earn-out Acquisition Consideration	Balance at December 31, 2021		Balance at December 31, 2020
	(In thousands)
Beginning balance	$	—	$	10,095
Total remeasurement adjustments:
(Gains) or losses included in earnings *	—		(3,105)
Remeasurement against goodwill	2,560		—
Foreign currency translation adjustments **	(3)		(537)
Acquisitions and settlements
Settlements	—		(6,453)
Ending balance	$	2,557	$	—
The amount of total (gains) or losses for the year included in earnings or changes to net assets, attributable to changes in unrealized (gains) or losses relating to assets or liabilities still held at year-end.	$	—	$	(3,105)
* recorded as a component of 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  December 31, 2021	Valuation Technique	Significant Unobservable Input
Contingent acquisition consideration	$2,557	Discounted cash flow	Expected future annual revenue streams and probability of achievement

(In thousands)	Fair Value at  December 31, 2020	Valuation Technique	Significant Unobservable Input
Contingent acquisition consideration	$—	Discounted cash flow	Expected future annual revenue streams and probability of achievement

Disaggregation of Revenue

The following tables present revenue disaggregated by primary geographical regions and product channels for the years ended December 31, 2021, 2020 and 2019:

	Year Ended December 31,
	2021		2020		2019
	(In thousands)
India*	$	755,543	$	378,660	$	300,678
United States	155,346		166,320		182,530
Australia	37,820		33,846		33,268
Europe	16,366		13,145		14,695
Latin America	12,901		14,801		19,755
Canada*	5,333		4,383		4,805
Singapore*	3,875		3,969		6,549
New Zealand	2,007		1,804		1,955
United Arab Emirates*	1,982		3,335		683
Indonesia*	1,981		3,206		9,706
Philippines*	1,784		2,140		5,991
	$	994,938	$	625,609	$	580,615
*Includes India led businesses for which total revenue was $762.3 million, $388.3 million and $320.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The Company’s revenues are derived from three product/service groups. Presented in the table below is the breakout of our revenue streams for each of those product/service groups for the years ended December 31, 2021, 2020, and 2019.

	For the Year Ended
	December 31,
(In thousands)		2021		2020		2019
EbixCash Exchanges		$	749,774	$	386,564	$	319,953
Insurance Exchanges		174,193		178,111		190,067
Risk Compliance Solutions		70,971		60,934		70,595
Totals		$	994,938	$	625,609	$	580,615

Contract with Customer, Asset and Liability

(In thousands)	December 31, 2021		December 31, 2020
Balance, beginning of period	$	1,630	$	1,897
Costs recognized from beginning balance	(534)		(743)
Additions, net of costs recognized	726		476
Balance, end of period	$	1,822	$	1,630

(In thousands)	December 31, 2021		December 31, 2020
Balance, beginning of period	$	40,930	$	37,253
Revenue recognized from beginning balance	(30,922)		(32,783)
Additions, net of revenue recognized and currency translation	31,349		36,460
Balance, end of period	$	41,357	$	40,930

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of December 31, 2021 that we will transfer from contract liabilities and recognize in future periods:

Estimated Revenue (In thousands):
For the year ending December 31, 2022	$	4,977
For the year ending December 31, 2023	3,228
For the year ending December 31, 2024	2,067
For the year ending December 31, 2025	1,265
For the year ending December 31, 2026	417
	$	11,954

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:

	December 31, 2021		December 31, 2020
	(In thousands)
Beginning Balance	$	949,037	$	952,404
Additions for current year acquisitions	—		11,241
Adjustments for final purchase accounting	1,201		725
Foreign currency translation adjustments	(10,989)		(15,333)
Ending Balance	$	939,249	$	949,037

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:

	Life
Category	(years)
Customer relationships	4-20
Developed technology	3-15
Airport contract	9
Store networks	5
Dealer networks	15-20
Brand	3-15
Trademarks	3-15
Non-compete agreements	5-7
Database	10

Schedule of Intangible Assets, Excluding Goodwill

Intangible assets as of December 31, 2021 and December 31, 2020, are as follows:

	December 31,
	2021		2020
	(In thousands)
Finite-lived intangible assets:
Customer relationships	$	102,446	$	96,616
Developed technology	20,234		19,867
Dealer networks	6,534		6,653
Airport Contract	4,441		4,523
Trademarks	2,696		2,700
Store Networks	2,396		2,440
Brand	880		896
Non-compete agreements	721		759
Database	212		212
Backlog	140		140
Total intangibles	140,700		134,806
Accumulated amortization	(93,905)		(83,926)
Finite-lived intangibles, net	$	46,795	$	50,880
Indefinite-lived intangibles:
Customer/territorial relationships	$	16,647	$	21,647

Useful Lives of Property and Equipment Used in Computation of Depreciation

The estimated useful lives applied by the Company for property and equipment are as follows:

	Life
Asset Category	(years)
Buildings	39
Building Improvements	15
Computer equipment	5
Furniture, fixtures and other	7
Software	3
Land Improvements	20
Land	Unlimited life
Leasehold improvements	Shorter of the remaining lease period or 7 years