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

12 Months Ended

Dec. 31, 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 consolidated balance sheets to the amounts shown in the consolidated statements of cash flows:

	As of December 31,
	2022		2021		2020
	(In thousands)
Cash and cash equivalents	$	110,637	$	99,625	105,035
Restricted cash	8,210		9,080		8,519
Restricted cash included in other long-term assets	6,112		6,059		6,659
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	124,959	$	114,764	$	120,213

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, 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 ($6.4 million is recorded in the long-term asset section of the consolidated balance sheets in "Other assets")	$	37,434	$	—	$	37,434	$	—
Mutual funds	98		98		—		—
Total assets measured at fair value	$	37,532	$	98	$	37,434	$	—
Liabilities
Contingent earn-out acquisition consideration (a)	2,299		—		—		2,299
Total liabilities measured at fair value	$	2,299	$	—	$	—	$	2,299
(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, 2022, there were no transfers between fair value Levels 1, 2 or 3.

	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 ($7.4 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	2,557		—		—		2,557
Total liabilities measured at fair value	$	2,557	$	—	$	—	$	2,557
* 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 year:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent Liability for Accrued Earn-out Acquisition Consideration	Balance at December 31, 2022		Balance at December 31, 2021
	(In thousands)
Beginning balance	$	2,557	—
Total remeasurement adjustments:
(Gains) or losses included in earnings *	—		—
Remeasurement against goodwill			2560
Foreign currency translation adjustments **	(258)		(3)
Acquisitions and settlements
Settlements	—		—
Ending balance	$	2,299	$	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.	$	—	$	—
* 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, 2022	Valuation Technique	Significant Unobservable Input
Contingent acquisition consideration	$2,299	Discounted cash flow	Expected future annual revenue streams 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	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, 2022, 2021 and 2020:

	Year Ended December 31,
	2022		2021		2020
	(In thousands)
India*	804,177		755,543		378,660
United States	154,341		155,346		166,320
Australia	32,287		37,820		33,846
Latin America	18,348		12,901		14,801
Europe	15,956		16,366		13,145
Indonesia*	7,159		1,981		3,206
Canada*	5,680		5,333		4,383
Singapore*	4,294		3,875		3,969
Philippines*	3,405		1,784		2,140
United Arab Emirates*	2,584		1,982		3,335
New Zealand	1,915		2,007		1,804
	$	1,050,146	$	994,938	$	625,609
*Includes India led businesses for which total revenue was $818.0 million, $762.3 million and $388.3 million for the years ended December 31, 2022, 2021, and 2020, 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, 2022, 2021, and 2020.

	For the Year Ended
	December 31,
(In thousands)		2022		2021		2020
EbixCash Exchanges		$	797,805	$	749,774	$	386,564
Insurance Exchanges		171,156		171,087		174,424
Risk Compliance Solutions		81,185		74,077		64,621
Totals		$	1,050,146	$	994,938	$	625,609

Contract with Customer, Asset and Liability

(In thousands)	December 31, 2022		December 31, 2021
Balance, beginning of period	$	1,822	$	1,630
Costs recognized from beginning balance	(968)		(534)
Additions, net of costs recognized	430		726
Balance, end of period	$	1,284	$	1,822

(In thousands)	December 31, 2022		December 31, 2021
Balance, beginning of period	$	41,357	$	40,930
Revenue recognized from beginning balance	(30,460)		(30,922)
Additions, net of revenue recognized and currency translation	35,229		31,349
Balance, end of period	$	46,126	$	41,357

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, 2022 that we will transfer from contract liabilities and recognize in future periods:

Estimated Revenue (In thousands):
For the year ending December 31, 2023	5,317
For the year ending December 31, 2024	3,167
For the year ending December 31, 2025	2,034
For the year ending December 31, 2026	1,167
For the year ending December 31, 2027	426
	$	12,111

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows:

	December 31, 2022		December 31, 2021
	(In thousands)
Beginning Balance	$	939,249	$	949,037
Additions for current year acquisitions	—		—
Adjustments for final purchase accounting	—		1,201
Foreign currency translation adjustments	(57,573)		(10,989)
Ending Balance	$	881,676	$	939,249

Schedule of Finite-Lived Intangible Assets by Major Class, Estimated Useful Lives

	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, 2022 and December 31, 2021, are as follows:

	December 31,
	2022		2021
	(In thousands)
Finite-lived intangible assets:
Customer relationships	$	101,401	$	102,446
Developed technology	34,427		33,187
Dealer networks	5,877		6,534
Airport Contract	3,992		4,441
Trademarks	2,651		2,696
Store Networks	2,153		2,396
Brand	791		880
Non-compete agreements	702		721
Database	212		212
Backlog	140		140
Total intangibles	152,346		153,653
Accumulated amortization	(101,446)		(93,905)
Finite-lived intangibles, net	$	50,900	$	59,748
Indefinite-lived intangibles:
Customer/territorial relationships	$	16,647	$	16,647

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	20 - 39
Building Improvements	15 - 20
Computer equipment	3 - 5
Furniture, fixtures and other	5 - 7
Software	3
Land Improvements	20
Land	Unlimited life
Leasehold improvements	Shorter of the expected life of the improvements or the remaining lease term