Investment in Joint Ventures

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

Investment in Joint Ventures

Effective February 7, 2016, Ebix and Vayam Vayam formed a joint venture named Ebix Vayam Limited JV. This joint venture was established to carry out IT projects in the government sector of the country of India, particularly in regards to the implementation of e-governance projects in the areas of education and healthcare. Ebix has a 51% equity interest in the joint venture, and Vayam has a 49% equity interest in the joint venture. Ebix is fully consolidating the operations of Ebix Vayam Limited JV into the Company's consolidated financial statements and separately reporting the Vayam minority, non-controlling interest in the joint venture's net income and equity. Vayam is also a customer of Ebix Vayam Limited JV, and during the twelve months ending December 31, 2022 and 2021, Ebix Vayam Limited JV recognized $0.9 million and $0.8 million, respectively, of revenue from Vayam. As of December 31, 2022, Ebix Vayam Limited JV had $11.6 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $5.7 million. As of December 31, 2021, Ebix Vayam Limited JV had $17.0 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $7.0 million.

Effective September 1, 2015, Ebix and IHC formed a joint venture named EbixHealth JV. This joint venture was established to promote and market a best practices administration data exchange for health and pet insurance lines of business nationally. Ebix has a 51% equity interest in the joint venture and IHC has a 49% equity interest in the joint venture. IHC is also a customer of EbixHealth JV, and during the twelve months ending December 31, 2022 and 2021, EbixHealth JV recognized $1.2 million and $1.5 million, respectively, of revenue from IHC. As of December 31, 2022 and 2021, IHC had $0.1 million

and $0.2 million, respectively, of accounts receivable with EbixHealth JV. Furthermore, as a related party, IHC also has been a customer of Ebix, and during the twelve months ending December 31, 2022 and 2021, the Company recognized $0.1 million and $0.1 million, respectively, of revenue from IHC. As of December 31, 2022 and 2021, Ebix had $44 thousand and $83 thousand, respectively, of outstanding accounts receivable from IHC. EbixHealth JV has a $1.8 million note due to IHC.