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

9 Months Ended

Sep. 30, 2022

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

	As of
	September 30,
	2022		2021
	(In thousands)
Cash and cash equivalents	$	70,977	$	87,671
Restricted cash	7,990		8,817
Restricted cash included in other long-term assets	5,016		7,362
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$	83,983	$	103,850

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, September 30, 2022		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 ($6.6 million is recorded in the long term asset section of the condensed consolidated balance sheets in "Other assets")	$	26,306	$	—	$	26,306	$	—
Mutual funds (recorded in the long term asset section of the condensed consolidated balance sheets in "Other assets")	98		98		—		—
Total assets measured at fair value	$	26,404	$	98	$	26,306	$	—
Liabilities
Contingent accrued earn-out acquisition consideration (a)	$	2,332	$	—	$	—	$	2,332
Total liabilities measured at fair value	$	2,332	$	—	$	—	$	2,332
(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 nine months ended September 30, 2022, there were no transfers between fair value Levels 1, 2, or 3.

	Fair Values at Reporting Date Using*
Descriptions	Balance, 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 condensed 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 accrued 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 revenues and 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 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 nine months ended September 30, 2022 and during the year ended December 31, 2021:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent Liability for Accrued Earn-out Acquisition Consideration	September 30, 2022		December 31, 2021
	(In thousands)
Beginning balance	$	2,557	$	—
Total remeasurement adjustments:
Remeasurement against goodwill	—		2,560
Foreign currency translation adjustments **	(225)		(3)
Acquisitions and settlements
Business settlements	—		—
Ending balance	$	2,332	$	2,557
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.	$	—	$	—
** 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 September 30, 2022	Valuation Technique	Significant Unobservable Input
Contingent acquisition consideration:	$2,332	Discounted cash flow	Projected revenue and probability of achievement

(In thousands)	Fair Value at December 31, 2021	Valuation Technique	Significant Unobservable Input
Contingent acquisition consideration:	$2,557	Discounted cash flow	Projected 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 and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue:	2022		2021		2022		2021
	(In thousands)
India*	$	196,863	$	132,919	$	611,560	$	553,072
United States	37,596		38,286		114,392		114,073
Australia	7,865		8,625		24,813		26,997
Europe	3,883		4,087		11,990		12,255
Latin America	4,686		3,021		13,639		9,215
Canada*	1,338		1,371		4,213		4,117
Singapore*	1,153		756		3,338		2,950
Indonesia*	1,861		335		5,135		1,199
Philippines*	1,110		395		2,610		1,222
New Zealand	484		474		1,493		1,516
United Arab Emirates*	1,065		1,467		1,755		1,495
	$	257,904	$	191,736	$	794,938	$	728,111
*Includes India led businesses for which total revenue was $201.1 million and $621.7 million for the three and nine months ended September 30, 2022, respectively, and $135.3 million and $557.8 million for the three and nine months ended September 30, 2021, respectively.

Schedule of Revenue by Product/Service Groups

Presented in the table below is the breakout of our revenue groups for each of those product/service channels for the three and nine months ended September 30, 2022 and 2021.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)
EbixCash Exchanges	$196,113		$131,571		$608,906		$549,876
Insurance Exchanges	41,283		42,199		127,349		126,885
Risk Compliance Solutions	20,508		17,966		58,683		51,350
Totals	$	257,904	$	191,736	$	794,938	$	728,111

Contract with Customer, Asset and Liability

	September 30, 2022		December 31, 2021
	(Unaudited)
	(In thousands)
Balance, beginning of period	$	1,822	$	1,630
Costs recognized from the beginning balance	(852)		(534)
Additions, net of costs recognized	280		726
Balance, end of period	$	1,250	$	1,822

This portion is recognized over the expected useful life of the customizations.

	September 30, 2022		December 31, 2021
	(Unaudited)
	(In thousands)
Balance, beginning of period	$	41,357	$	40,930
Revenue recognized from beginning balance	(59,110)		(30,922)
Additions, net of revenue recognized and currency translation	59,385		31,349
Balance, end of period	$	41,632	$	41,357

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	3 - 15
Customer relationships	4 - 20
Database	10
Dealer networks	15 - 20
Developed technology	3 - 15
Non-compete agreements	5 - 7
Store networks	5
Trademarks	3 - 15