þ | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation) | 77-0021975 (I.R.S. Employer Identification Number) | |
1 Ebix Way | ||
Johns Creek, Georgia | 30097 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Page | |
Reference | |
Exhibit 21.1 | |
Exhibit 23.1 | |
Exhibit 31.1 | |
Exhibit 31.2 | |
Exhibit 32.1 | |
Exhibit 32.2 | |
Exhibit 101 |
For the Year Ended December 31, | ||||||||||||
(dollar amounts in thousands) | 2015 | 2014 | 2013 | |||||||||
Exchanges | $ | 190,746 | $ | 169,437 | $ | 163,925 | ||||||
Broker Systems | 14,481 | 17,948 | 18,378 | |||||||||
Risk Compliance Solutions (“RCS”), fka Business Process Outsourcing (“BPO”) | 55,917 | 21,813 | 15,678 | |||||||||
Carrier Systems | 4,338 | 5,123 | 6,729 | |||||||||
Totals | $ | 265,482 | $ | 214,321 | $ | 204,710 |
Name | Age | Position | Officer Since | ||||
Robin Raina | 49 | Chairman, President, and Chief Executive Officer | 1998 | ||||
Robert F. Kerris | 62 | EVP, Chief Financial Officer & Corporate Secretary | 2007 | ||||
Graham Prior | 59 | Corporate Executive Vice President International Business & Intellectual Property | 2012 | ||||
Leon d'Apice | 59 | Corporate Executive Vice President & Managing Director - Ebix Australia Group | 2012 | ||||
James Senge Sr. | 55 | Senior Vice President EbixHealth | 2012 |
• | potential incompatibility of business cultures; |
• | potential delays in integrating diverse technology platforms; |
• | potential need for additional disclosure controls and internal controls over financial reporting; |
• | potential difficulties in coordinating geographically separated organizations; |
• | potential difficulties in re-training sales forces to market all of our products across all of our intended markets; |
• | potential difficulties implementing common internal business systems and processes; |
• | potential conflicts in third-party relationships; and |
• | potential loss of customers and key employees and the diversion of the attention of management from other ongoing business concerns. |
• | rapidly changing technology; |
• | evolving industry standards; |
• | frequent new product and service introductions; |
• | shifting distribution channels; and |
• | changing customer demands. |
• | undertake more extensive marketing campaigns for their brands and services; |
• | devote more resources to website and systems development; |
• | adopt more aggressive pricing policies; and |
• | make more attractive offers to potential employees, online companies and third-party service providers. |
• | the impact of recessions in foreign economies on the level of consumers' insurance shopping and purchasing behavior; |
• | greater difficulty in collecting accounts receivable; |
• | difficulties and costs of staffing and managing foreign operations; |
• | reduced protection for intellectual property rights in some countries; |
• | burdensome regulatory requirements; |
• | trade and financing barriers, and differing business practices; |
• | potentially adverse tax consequences; and |
• | economic instability or political unrest such as crime, strikes, riots, civil disturbances, terrorist attacks and wars. |
• | announcements of new services, products, or technological innovations, or strategic relationships by us or our competitors; |
• | announcements of business acquisitions or strategic relationships by us or our competitors; |
• | trends or conditions in the insurance, software, business process outsourcing and Internet markets; |
• | changes in market valuations of our competitors; and |
• | general political, economic, regulatory and market conditions. |
• | The transaction is approved by the board of directors prior to the date the interested stockholder obtained interested stockholder status; |
• | Upon consummation of the transaction that resulted in the stockholder's becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or |
• | On or subsequent to the date the business combination is approved by the board of directors, it is authorized at an annual or special meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder. |
Year Ended December 31, 2015 | High | Low | ||||||
First quarter | $ | 31.25 | $ | 16.28 | ||||
Second quarter | 37.66 | 27.29 | ||||||
Third quarter | 34.08 | 24.22 | ||||||
Fourth quarter | 37.81 | 24.93 |
Year Ended December 31, 2014 | High | Low | ||||||
First quarter | $ | 17.77 | $ | 13.01 | ||||
Second quarter | 17.61 | 12.73 | ||||||
Third quarter | 15.44 | 12.23 | ||||||
Fourth quarter | 17.22 | 13.01 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity | ||||||||
Plan Category | Warrants and Rights | Warrants and Rights | Compensation Plans | |||||||
Equity Compensation Plans Approved by Security Holders: | ||||||||||
—1996 Stock Incentive Plan, as amended and restated in 2006 | 27,000 | $ | 2.27 | 1,097,563 | ||||||
—2010 Stock Incentive Plan | 112,878 | $ | 18.25 | 4,427,689 | ||||||
Equity Compensation Plans Not Approved by Security Holders | — | N/A | N/A | |||||||
Total | 139,878 | $ | 15.17 | 5,525,252 |
Total Number of Shares (Units) Purchased | Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs | Average Price Paid Per Share (1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (4) | ||||||||||
Period | |||||||||||||
As of December 31, 2014 | 7,853,514 | 7,853,514 | $ | — | $ | 71,033,000 | |||||||
January 1, 2015 to March 31, 2015 (4) | 994,869 | 994,869 | $ | 24.35 | $ | 46,809,000 | |||||||
April 1, 2015 to June 30, 2015 | 349,365 | 349,365 | $ | 29.36 | $ | 36,551,000 | |||||||
July 1, 2015 to September 30, 2015 (5) | 1,169,458 | 1,169,458 | $ | 29.34 | $ | 102,239,000 | |||||||
October 1, 2015 to October 31, 2015 | 20,000 | 20,000 | $ | 24.98 | $ | 101,739,000 | |||||||
November 1, 2015 to November 30, 2015 | 76,254 | 76,254 | $ | 34.28 | $ | 99,125,000 | |||||||
December 1, 2015 to December 31, 2015 (6) | 314,360 | 314,360 | $ | 33.61 | $ | 88,558,000 | |||||||
Total | 10,777,820 | 10,777,820 | $ | 88,558,000 |
(1) | Average price paid per share for shares purchased as part of our publicly-announced plan. |
(2) | Effective June 21, 2013 the Company's Board of Directors unanimously approved a share repurchase plan of $100.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities, and be completed in the subsequent twenty-four months if possible. |
(3) | Effective August 19, 2015 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $100.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. Under certain circumstances the aggregate amount of repurchases of the Company's equity shares may be limited by the terms and underlying financial covenants regarding the Company's commercial bank financing facility. |
(4) | As of March 31, 2015 there were 64,893 shares totaling $1.94 million of share repurchases that were not settled until April 2015. |
(5) | As of September 30, 2015 there were 40,000 shares totaling $1.0 million of share repurchases that were not settled until October 2015. |
(6) | As of December 31, 2015 there were 25,000 shares totaling $820 thousand of share repurchases that were not settled until January 2016. |
12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||||||||
EBIX, INC. | $ | 100 | $ | 94 | $ | 69 | $ | 63 | $ | 75 | $ | 146 | |||||||||||
NASDAQ STOCK MARKET (U.S.) | $ | 100 | $ | 98 | $ | 114 | $ | 157 | $ | 179 | $ | 189 | |||||||||||
NASDAQ COMPUTER | $ | 100 | $ | 100 | $ | 113 | $ | 149 | $ | 179 | $ | 190 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Results of Operations: | ||||||||||||||||||||
Revenue | $ | 265,482 | $ | 214,321 | $ | 204,710 | $ | 199,370 | $ | 168,969 | ||||||||||
Operating income | 88,714 | 79,672 | 75,006 | 77,008 | 68,748 | |||||||||||||||
Net income from continuing operations | $ | 79,533 | $ | 63,558 | $ | 59,274 | $ | 70,569 | $ | 71,378 | ||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 2.29 | $ | 1.68 | $ | 1.58 | $ | 1.91 | $ | 1.89 | ||||||||||
Diluted | $ | 2.28 | $ | 1.67 | $ | 1.53 | $ | 1.80 | $ | 1.75 | ||||||||||
Shares used in computing per share data: | ||||||||||||||||||||
Basic | 34,668 | 37,809 | 37,588 | 36,948 | 37,742 | |||||||||||||||
Diluted | 34,901 | 38,040 | 38,642 | 39,100 | 40,889 | |||||||||||||||
Cash dividend per common share | $ | 0.30 | $ | 0.30 | $ | 0.075 | $ | 0.19 | $ | 0.04 | ||||||||||
Financial Position: | ||||||||||||||||||||
Total assets | $ | 675,989 | $ | 634,311 | $ | 553,864 | $ | 516,946 | $ | 411,182 | ||||||||||
Short-term debt | 600 | 943 | 13,711 | 11,995 | 6,667 | |||||||||||||||
Long-term debt | 206,465 | 121,065 | 42,958 | 69,278 | 40,083 | |||||||||||||||
Redeemable common stock | — | — | — | — | — | |||||||||||||||
Stockholders’ equity | $ | 408,971 | $ | 432,221 | $ | 413,225 | $ | 362,155 | $ | 316,115 |
Key Performance Indicators Twelve Months Ended December 31, | ||||||||||||
(Dollar amounts in thousands except per share data) | 2015 | 2014 | 2013 | |||||||||
Revenue | $ | 265,482 | $ | 214,321 | $ | 204,710 | ||||||
Revenue growth | 24 | % | 5 | % | 3 | % | ||||||
Operating income | $ | 88,714 | $ | 79,672 | $ | 75,006 | ||||||
Operating margin | 33 | % | 37 | % | 37 | % | ||||||
Net Income | $ | 79,533 | $ | 63,558 | $ | 59,274 | ||||||
Diluted earnings per share | $ | 2.28 | $ | 1.67 | $ | 1.53 | ||||||
Cash provided by operating activities | $ | 48,686 | $ | 58,510 | $ | 57,062 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
(In thousands) | ||||||||||||
Operating revenue: | $ | 265,482 | $ | 214,321 | $ | 204,710 | ||||||
Operating expenses: | ||||||||||||
Costs of services provided | 72,437 | 47,388 | 40,471 | |||||||||
Product development | 30,702 | 26,860 | 26,798 | |||||||||
Sales and marketing | 14,917 | 13,840 | 15,848 | |||||||||
General and administrative | 48,078 | 36,880 | 36,480 | |||||||||
Amortization and depreciation | 10,634 | 9,681 | 10,107 | |||||||||
Total operating expenses | 176,768 | 134,649 | 129,704 | |||||||||
Operating income | 88,714 | 79,672 | 75,006 | |||||||||
Interest income (expense), net | (4,080 | ) | (2,655 | ) | (708 | ) | ||||||
Other non-operating income - put options | — | 296 | 342 | |||||||||
Non-operating expense - securities litigation | — | (690 | ) | (4,226 | ) | |||||||
Foreign exchange gain (loss) | 2,005 | 829 | (262 | ) | ||||||||
Income before taxes | 86,639 | 77,452 | 70,152 | |||||||||
Income tax expense | (7,106 | ) | (13,894 | ) | (10,878 | ) | ||||||
Net income | $ | 79,533 | $ | 63,558 | $ | 59,274 |
For the Year Ended December 31, | ||||||||
(dollar amounts in thousands) | 2015 | 2014 | ||||||
Exchanges | $ | 190,746 | $ | 169,437 | ||||
Broker Systems | 14,481 | 17,948 | ||||||
Risk Compliance Solutions (“RCS”), fka Business Process Outsourcing (“BPO”) | 55,917 | 21,813 | ||||||
Carrier Systems | 4,338 | 5,123 | ||||||
Totals | $ | 265,482 | $ | 214,321 |
• | 2015 and 2014 pro forma revenue contains actual revenue of the acquired entities before acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition. Growth in revenues of the acquired entities after acquisition date are only reflected for the period after their acquisition. |
• | Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business. |
• | Any existing products sold to new customers acquired through the acquisition customer base, has also been assigned to the acquired section of our business. |
• | 2014 pro forma revenues include revenues from some product lines whose sale was discontinued after the acquisition date and revenues from some customers whose contracts were discontinued. This is typically done for efficiency and/or competitive reasons. |
(dollar amounts in thousands) | United States | Canada | Brazil | Australia | Singapore | New Zealand | India | Mauritius | United Kingdom | Sweden | Total | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 1,351 | $ | (1,287 | ) | $ | 1,323 | $ | 4,057 | $ | 13,177 | $ | 568 | $ | 58,670 | $ | (672 | ) | $ | 2,338 | $ | 7,114 | $ | 86,639 | |||||||||||||||||||
Statutory tax rate | 35.0 | % | 29.6 | % | 34.0 | % | 30.0 | % | 17.0 | % | 28.0 | % | 34.6 | % | 3.0 | % | 20.0 | % | 22.0 | % |
For the Year Ended December 31, | ||||||||
(dollar amounts in thousands) | 2014 | 2013 | ||||||
Exchanges | $ | 169,437 | $ | 163,925 | ||||
Broker Systems | 17,948 | 18,378 | ||||||
Business Process Outsourcing (“BPO”) | 21,813 | 15,678 | ||||||
Carrier Systems | 5,123 | 6,729 | ||||||
Totals | $ | 214,321 | $ | 204,710 |
(dollar amounts in thousands) | United States | Canada | Brazil | Australia | Singapore | New Zealand | India | Mauritius | United Kingdom | Sweden | Total | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 8,807 | $ | 115 | $ | 1,590 | $ | 5,091 | $ | 16,015 | $ | 1,000 | $ | 28,194 | $ | (370 | ) | $ | 9,940 | $ | 7,070 | $ | 77,452 | ||||||||||||||||||||
Statutory tax rate | 35.0 | % | 30.5 | % | 34.0 | % | 30.0 | % | 10.0 | % | 28.0 | % | 34.0 | % | 3.0 | % | 24.0 | % | 22.0 | % |
United States | Canada | Latin America | Australia | Singapore | New Zealand | India | Europe | Sweden | Total | |||||||||||||||||||||||||||||||
Cash and ST investments | $ | 7,264 | $ | 1,159 | $ | 1,526 | $ | 8,570 | $ | 6,509 | $ | 2,774 | $ | 20,537 | $ | 2,353 | $ | 13 | $ | 50,705 |
Payment Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revolving line of credit | $ | 206,465 | $ | — | $ | — | $ | 206,465 | $ | — | ||||||||||
Short and long-term debt | 600 | 600 | — | — | — | |||||||||||||||
Operating leases | 17,492 | 5,135 | 8,507 | 3,676 | 174 | |||||||||||||||
Future Purchase Agreements | 2,029 | 541 | 1,082 | 406 | — | |||||||||||||||
Capital leases | 53 | 12 | 24 | 17 | — | |||||||||||||||
Total | $ | 226,639 | $ | 6,288 | $ | 9,613 | $ | 210,564 | $ | 174 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||
Total revenues | $ | 63,753 | $ | 64,712 | $ | 66,813 | $ | 70,204 | ||||||||
Gross profit | 44,268 | 46,013 | 49,004 | 53,760 | ||||||||||||
Operating income | 20,499 | 20,423 | 21,968 | 25,824 | ||||||||||||
Net income | 18,336 | 19,036 | 20,232 | 21,929 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.51 | $ | 0.54 | $ | 0.59 | $ | 0.65 | ||||||||
Diluted | $ | 0.51 | $ | 0.54 | $ | 0.59 | $ | 0.65 | ||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Total revenues | $ | 51,404 | $ | 51,476 | $ | 50,808 | $ | 60,633 | ||||||||
Gross profit | 41,792 | 41,512 | 40,533 | 43,096 | ||||||||||||
Operating income | 19,405 | 17,461 | 21,738 | 21,068 | ||||||||||||
Net income | 15,417 | 13,579 | 18,015 | 16,547 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.35 | $ | 0.47 | $ | 0.45 | ||||||||
Diluted | $ | 0.40 | $ | 0.35 | $ | 0.47 | $ | 0.45 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Total revenues | $ | 52,566 | $ | 51,004 | $ | 50,293 | $ | 50,847 | ||||||||
Gross profit | 42,675 | 40,646 | 40,157 | 40,761 | ||||||||||||
Operating income | 19,305 | 19,294 | 18,601 | 17,806 | ||||||||||||
Net income | 17,344 | 13,542 | 13,143 | 15,245 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.47 | $ | 0.36 | $ | 0.35 | $ | 0.40 | ||||||||
Diluted | $ | 0.45 | $ | 0.35 | $ | 0.34 | $ | 0.40 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Operating revenue: | $ | 265,482 | $ | 214,321 | $ | 204,710 | |||||
Operating expenses: | |||||||||||
Costs of services provided | 72,437 | 47,388 | 40,471 | ||||||||
Product development | 30,702 | 26,860 | 26,798 | ||||||||
Sales and marketing | 14,917 | 13,840 | 15,848 | ||||||||
General and administrative (see Note 3) | 48,078 | 36,880 | 36,480 | ||||||||
Amortization and depreciation | 10,634 | 9,681 | 10,107 | ||||||||
Total operating expenses | 176,768 | 134,649 | 129,704 | ||||||||
Operating income | 88,714 | 79,672 | 75,006 | ||||||||
Interest income | 231 | 379 | 518 | ||||||||
Interest expense | (4,311 | ) | (3,034 | ) | (1,226 | ) | |||||
Non-operating income - put options | — | 296 | 342 | ||||||||
Non-operating expense - securities litigation | — | (690 | ) | (4,226 | ) | ||||||
Foreign exchange gain (loss) | 2,005 | 829 | (262 | ) | |||||||
Income before income taxes | 86,639 | 77,452 | 70,152 | ||||||||
Income tax provision | (7,106 | ) | (13,894 | ) | (10,878 | ) | |||||
Net income | $ | 79,533 | $ | 63,558 | $ | 59,274 | |||||
Basic earnings per common share | $ | 2.29 | $ | 1.68 | $ | 1.58 | |||||
Diluted earnings per common share | $ | 2.28 | $ | 1.67 | $ | 1.53 | |||||
Basic weighted average shares outstanding | 34,668 | 37,809 | 37,588 | ||||||||
Diluted weighted average shares outstanding | 34,901 | 38,040 | 38,642 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
(In thousands) | ||||||||||||
Net income | $ | 79,533 | $ | 63,558 | $ | 59,274 | ||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | (12,129 | ) | (5,855 | ) | (5,376 | ) | ||||||
Total other comprehensive income (loss) | (12,129 | ) | (5,855 | ) | (5,376 | ) | ||||||
Comprehensive income | $ | 67,404 | $ | 57,703 | $ | 53,898 |
December 31, 2015 | December 31, 2014 | ||||||
(In thousands, except share and per share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 57,179 | $ | 52,300 | |||
Short-term investments | 1,538 | 281 | |||||
Trade accounts receivable, less allowances of $3,388 and $1,619, respectively | 47,171 | 41,100 | |||||
Other current assets | 10,942 | 8,067 | |||||
Total current assets | 116,830 | 101,748 | |||||
Property and equipment, net | 34,088 | 24,661 | |||||
Goodwill | 402,259 | 402,220 | |||||
Intangibles, net | 51,848 | 49,371 | |||||
Indefinite-lived intangibles | 30,887 | 30,887 | |||||
Capitalized software development costs, net | 3,489 | — | |||||
Deferred tax asset, net | 23,732 | 20,871 | |||||
Other assets | 12,856 | 4,553 | |||||
Total assets | $ | 675,989 | $ | 634,311 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 23,043 | $ | 40,121 | |||
Accrued payroll and related benefits | 4,932 | 5,280 | |||||
Contingent liability for accrued earn-out acquisition consideration | 1,706 | 887 | |||||
Current portion of long term debt and capital lease obligation, net of discount of $3 and $7, respectively | 606 | 936 | |||||
Deferred revenue | 20,519 | 22,192 | |||||
Current deferred rent | 232 | 268 | |||||
Other current liabilities | 228 | 102 | |||||
Total current liabilities | 51,266 | 69,786 | |||||
Revolving line of credit | 206,465 | 120,465 | |||||
Other long term debt and capital lease obligation, less current portion, net of discount of $0 and $7, respectively | 35 | 593 | |||||
Contingent liability for accrued earn-out acquisition consideration | 2,571 | 4,480 | |||||
Deferred revenue | 1,968 | 2,496 | |||||
Long term deferred rent | 1,381 | 2,091 | |||||
Other liabilities | 3,332 | 2,179 | |||||
Total liabilities | 267,018 | 202,090 | |||||
Commitments and Contingencies, Note 6 | |||||||
Stockholders’ equity: | |||||||
Convertible Series D Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2015 and 2014 | — | — | |||||
Common stock, $.10 par value, 60,000,000 shares authorized, 33,416,110 issued and outstanding at December 31, 2015 and 36,232,074 issued and 36,191,565 outstanding at December 31, 2014 | 3,342 | 3,619 | |||||
Additional paid-in capital | 57,120 | 137,101 | |||||
Treasury stock (no shares as of December 31, 2015 and 40,509 shares December 31, 2014) | — | (76 | ) | ||||
Retained earnings | 378,787 | 309,726 | |||||
Accumulated other comprehensive loss | (30,278 | ) | (18,149 | ) | |||
Total stockholders’ equity | 408,971 | 432,221 | |||||
Total liabilities, temporary equity and stockholders’ equity | $ | 675,989 | $ | 634,311 |
Common Stock | |||||||||||||||||||||||||||||
Issued Shares | Amount | Treasury Stock Shares | Treasury Stock Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Balance, January 1, 2013 | 37,131,777 | $ | 3,709 | (40,509 | ) | $ | (76 | ) | $ | 164,346 | $ | 201,094 | $ | (6,918 | ) | $ | 362,155 | ||||||||||||
Net income | — | — | — | — | — | 59,274 | — | 59,274 | |||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | — | (5,376 | ) | (5,376 | ) | |||||||||||||||||||
Exercise of stock options | 1,251,633 | 125 | 2,036 | 2,161 | |||||||||||||||||||||||||
Deferred compensation and amortization related to options and restricted stock | — | — | — | — | 1,941 | — | — | 1,941 | |||||||||||||||||||||
Repurchase of common stock | (250,900 | ) | (25 | ) | — | — | (2,467 | ) | — | — | (2,492 | ) | |||||||||||||||||
APIC adjustment for stock options | — | — | — | 37 | — | — | 37 | ||||||||||||||||||||||
Vesting of restricted stock | 76,576 | 8 | — | — | (8 | ) | — | — | — | ||||||||||||||||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (120,695 | ) | (12 | ) | — | — | (1,669 | ) | — | — | (1,681 | ) | |||||||||||||||||
Dividends paid | — | — | — | — | — | (2,794 | ) | — | (2,794 | ) | |||||||||||||||||||
Balance, December 31, 2013 | 38,088,391 | $ | 3,805 | (40,509 | ) | $ | (76 | ) | $ | 164,216 | $ | 257,574 | $ | (12,294 | ) | $ | 413,225 | ||||||||||||
Net income | — | — | — | — | — | 63,558 | — | 63,558 | |||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | — | (5,855 | ) | (5,855 | ) | |||||||||||||||||||
Exercise of stock options | 450,000 | 45 | 743 | 788 | |||||||||||||||||||||||||
Repurchase of common stock | (2,146,488 | ) | (215 | ) | — | — | (31,639 | ) | — | — | (31,854 | ) | |||||||||||||||||
Deferred compensation and amortization related to options and restricted stock | — | — | — | — | 1,792 | — | — | 1,792 | |||||||||||||||||||||
Vesting of restricted stock | 52,384 | 5 | — | — | (5 | ) | — | — | — | ||||||||||||||||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (2,557 | ) | — | — | — | (41 | ) | — | — | (41 | ) | ||||||||||||||||||
Shares reacquired in connection with put option | (209,656 | ) | (21 | ) | — | — | (2,965 | ) | — | — | (2,986 | ) |
Reclassification of shares previously reported as temporary equity in connection with an acquisition | — | — | — | — | 5,000 | — | — | 5,000 | |||||||||||||||||||||
Dividends paid | — | — | — | — | — | (11,406 | ) | — | (11,406 | ) | |||||||||||||||||||
Balance, December 31, 2014 | 36,232,074 | $ | 3,619 | (40,509 | ) | $ | (76 | ) | $ | 137,101 | $ | 309,726 | $ | (18,149 | ) | $ | 432,221 | ||||||||||||
Net income | 79,533 | 79,533 | |||||||||||||||||||||||||||
Cumulative translation adjustment | (12,129 | ) | (12,129 | ) | |||||||||||||||||||||||||
Exercise of stock options | 109,122 | 11 | 2,198 | 2,209 | |||||||||||||||||||||||||
Repurchase of common stock | (2,924,306 | ) | (293 | ) | (82,180 | ) | (82,473 | ) | |||||||||||||||||||||
Deferred compensation and amortization related to options and restricted stock | 1,821 | 1,821 | |||||||||||||||||||||||||||
APIC adjustment for stock options | 463 | 463 | |||||||||||||||||||||||||||
Vesting of restricted stock | 108,797 | 12 | (12 | ) | — | ||||||||||||||||||||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (69,068 | ) | (7 | ) | (2,195 | ) | (2,202 | ) | |||||||||||||||||||||
Cancellation of treasury shares | (40,509 | ) | 40,509 | 76 | (76 | ) | — | ||||||||||||||||||||||
Dividends paid | (10,472 | ) | (10,472 | ) | |||||||||||||||||||||||||
Balance, December 31, 2015 | 33,416,110 | $ | 3,342 | — | $ | — | $ | 57,120 | $ | 378,787 | $ | (30,278 | ) | $ | 408,971 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 79,533 | $ | 63,558 | $ | 59,274 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 10,634 | 9,681 | 10,107 | ||||||||
Provision for doubtful accounts | 3,111 | 1,600 | 1,147 | ||||||||
Provision for deferred taxes, net of acquisitions and effects of currency translation | (10,143 | ) | (1,966 | ) | (10,368 | ) | |||||
Unrealized foreign exchange (gain)/losses | (1,743 | ) | (741 | ) | (237 | ) | |||||
Unrealized gain on put option | — | (296 | ) | (341 | ) | ||||||
Share-based compensation | 1,821 | 1,792 | 1,941 | ||||||||
Debt discount amortization on convertible debt | 17 | 35 | 42 | ||||||||
Reduction of acquisition earn-out contingent liability | (1,533 | ) | (10,237 | ) | (10,253 | ) | |||||
Changes in current assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (7,320 | ) | (1,530 | ) | (3,347 | ) | |||||
Other assets | (3,834 | ) | (4,765 | ) | 80 | ||||||
Accounts payable and accrued expenses | (19,895 | ) | 14,670 | 1,135 | |||||||
Accrued payroll and related benefits | (60 | ) | 1,811 | (1,866 | ) | ||||||
Deferred rent | (656 | ) | (324 | ) | (87 | ) | |||||
Reserve for potential uncertain income tax return positions | 95 | (9,723 | ) | 6,817 | |||||||
Liability – securities litigation settlement | (690 | ) | (3,528 | ) | 4,226 | ||||||
Other liabilities | 1,111 | (221 | ) | (225 | ) | ||||||
Deferred revenue | (1,762 | ) | (1,306 | ) | (983 | ) | |||||
Net cash provided by operating activities | 48,686 | 58,510 | 57,062 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in Via Media Health, net of cash acquired | (1,000 | ) | — | — | |||||||
Investment in P.B. Systems, net of cash acquired | (11,475 | ) | — | — | |||||||
Investment in Ebix Health Solutions, LLC Joint Venture | (6,000 | ) | — | — | |||||||
Investment in CurePet, net of cash acquired | — | 3 | — | ||||||||
Investment in Healthcare Magic, net of cash acquired | — | (5,856 | ) | — | |||||||
Investment in Vertex, net of cash acquired | — | (27,547 | ) | — | |||||||
Investment in Oakstone, net of cash acquired | — | (23,791 | ) | — | |||||||
Investment in I3, net of cash acquired | — | (2,000 | ) | — | |||||||
Investment in Qatarlyst, net of cash acquired | — | — | (4,740 | ) | |||||||
Payment of acquisition earn-out contingency, USIX | (727 | ) | |||||||||
Payment of acquisition earn-out contingency, Taimma | — | (2,250 | ) | (2,250 | ) | ||||||
Payment of acquisition earn-out contingency, Trisystems | — | (563 | ) | — | |||||||
Purchases of marketable securities | (1,435 | ) | — | — | |||||||
Maturities of marketable securities | — | 495 | 107 | ||||||||
Capitalized software development costs | (3,489 | ) | — | — | |||||||
Capital expenditures | (13,994 | ) | (16,277 | ) | (1,230 | ) |
Net cash used in investing activities | (37,393 | ) | (77,786 | ) | (8,840 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from / (Repayment) to line of credit, net | 86,000 | 97,625 | (15,000 | ) | |||||||
Principal payments on term loan obligation | (642 | ) | (31,938 | ) | (8,938 | ) | |||||
Repurchase of common stock | (81,653 | ) | (31,854 | ) | (2,492 | ) | |||||
Payments of long term debt | — | (345 | ) | (665 | ) | ||||||
Payments for capital lease obligations | (10 | ) | (231 | ) | (277 | ) | |||||
Excess tax benefit from share-based compensation | 463 | (3,200 | ) | 3,237 | |||||||
Proceeds from exercise of common stock options | 2,209 | 788 | 2,161 | ||||||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (2,202 | ) | (41 | ) | (1,681 | ) | |||||
Shares reacquired in connection with put option | — | (3,535 | ) | — | |||||||
Dividends paid | (10,472 | ) | (11,406 | ) | (2,794 | ) | |||||
Net cash provided (used) by financing activities | (6,307 | ) | 15,863 | (26,449 | ) | ||||||
Effect of foreign exchange rates on cash and cash equivalents | $ | (107 | ) | $ | (961 | ) | $ | (1,548 | ) | ||
Net change in cash and cash equivalents | 4,879 | (4,374 | ) | 20,225 | |||||||
Cash and cash equivalents at the beginning of the year | $ | 52,300 | $ | 56,674 | $ | 36,449 | |||||
Cash and cash equivalents at the end of the year | $ | 57,179 | $ | 52,300 | $ | 56,674 | |||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | 5,379 | 1,290 | 1,169 | ||||||||
Income taxes paid | 28,637 | 11,433 | 13,779 |
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
(dollar amounts in thousands) | 2015 | 2014 | 2013 | |||||||||
Exchanges | $ | 190,746 | $ | 169,437 | $ | 163,925 | ||||||
Broker Systems | 14,481 | 17,948 | 18,378 | |||||||||
Risk Compliance Solutions (“RCS”), fka Business Process Outsourcing (“BPO”) | 55,917 | 21,813 | 15,678 | |||||||||
Carrier Systems | 4,338 | 5,123 | 6,729 | |||||||||
Totals | $ | 265,482 | $ | 214,321 | $ | 204,710 |
• | Level 1 — Quoted prices available in active markets for identical investments as of the reporting date; |
• | Level 2 — Inputs other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date; and, |
• | Level 3 — Unobservable inputs, which are to be used in situations where there is little or no market activity for the asset or liability and wherein the reporting entity makes estimates and assumptions related to the pricing of the asset or liability including assumptions regarding risk. |
• | Short-term investments for which the fair values are measured as a Level 1 instrument. |
• | Contingent accrued earn-out business acquisition consideration liabilities for which fair values are measured as Level 3 instruments. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured periodically based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3. |
Fair Values at Reporting Date Using* | |||||||||||||
Descriptions | Balance at December 31, 2015 | 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 | |||||||||||||
Available-for-sale securities: | |||||||||||||
Commercial bank certificates of deposits | $ | 1,538 | $ | 1,538 | $ | — | $ | — | |||||
Total assets measured at fair value | $ | 1,538 | $ | 1,538 | $ | — | $ | — | |||||
Liabilities | |||||||||||||
Derivatives: | |||||||||||||
Contingent accrued earn-out acquisition consideration (a) | 4,277 | — | — | 4,277 | |||||||||
Total liabilities measured at fair value | $ | 4,277 | $ | — | $ | — | $ | 4,277 | |||||
(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, 2015 there were no transfers between fair value Levels 1, 2 or 3. |
Fair Values at Reporting Date Using* | |||||||||||||
Descriptions | Balance at December 31, 2014 | 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 | |||||||||||||
Available-for-sale securities: | |||||||||||||
Commercial bank certificates of deposits | $ | 281 | 281 | — | — | ||||||||
Total assets measured at fair value | $ | 281 | $ | 281 | $ | — | $ | — | |||||
Liabilities | |||||||||||||
Derivatives: | |||||||||||||
Contingent accrued earn-out acquisition consideration (a) | 5,367 | — | — | 5,367 | |||||||||
Total liabilities measured at fair value | $ | 5,367 | $ | — | $ | — | $ | 5,367 | |||||
(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, 2014 there were no transfers between fair value Levels 1, 2 or 3. |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||
Contingent Liability for Accrued Earn-out Acquisition Consideration | Balance at December 31, 2015 | Balance at December 31, 2014 | ||||||
(in thousands) | ||||||||
Beginning balance | $ | 5,367 | 14,420 | |||||
Total remeasurement adjustments: | ||||||||
(Gains) or losses included in earnings ** | (1,533 | ) | (10,237 | ) | ||||
Reductions recorded against goodwill | (2,000 | ) | — | |||||
Foreign currency translation adjustments *** | (73 | ) | (314 | ) | ||||
Acquisitions and settlements | ||||||||
Business acquisitions | 2,516 | 4,312 | ||||||
Settlements | — | (2,814 | ) | |||||
Ending balance | $ | 4,277 | $ | 5,367 | ||||
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. | $ | (1,533 | ) | $ | (8,911 | ) | ||
** recorded as a component of reported general and administrative expenses | ||||||||
*** recorded as a component of other comprehensive income within stockholders' equity |
(in thousands) | Fair Value at December 31, 2015 | Valuation Technique | Significant Unobservable Input | |||
Contingent acquisition consideration: (Qatarlyst, Vertex, PB Systems, and Via Media acquisitions) | $4,277 | Discounted cash flow | Expected future annual revenue streams and probability of achievement |
(in thousands) | Fair Value at December 31, 2014 | Valuation Technique | Significant Unobservable Input | |||
Contingent acquisition consideration: (Vertex, i3 Software, HealthCare Magic, and Qatarlyst acquisitions) | $5,367 | Discounted cash flow | Expected future annual revenue streams and probability of achievement |
Company acquired | Date acquired | (in thousands) | ||||
CurePet, Inc. ("CurePet"); see Note 21, "Investment in Joint Venture" | January 2014 | $ | (1,783 | ) | ||
DCM Group Inc. (d.b.a. i3 Software) ("i3"); final purchase allocation adjustments | December 2014 | (2,099 | ) | |||
Via Media Health Communications Private Limited ("Via Media Health") | March 2015 | 2,042 | ||||
PB Systems, Inc. and PB Systems Private Limited (together being "PB Systems") | June 2015 | 6,826 | ||||
Total changes to goodwill during 2015 | $ | 4,986 | ||||
CurePet, Inc. ("CurePet") | January 2014 | $ | 2,687 | |||
HealthCare Magic Private Limited ("HealthCare Magic") | May 2014 | 5,619 | ||||
Vertex, Incorporated ("Vertex") | October 2014 | 27,728 | ||||
Oakstone Publishing, LLC ("Oakstone") | December 2014 | 28,769 | ||||
DCM Group Inc. (d.b.a. i3 Software) ("i3") ; preliminary allocation | December 2014 | 3,700 | ||||
Total changes to goodwill during 2014 | $ | 68,503 |
December 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Beginning Balance | $ | 402,220 | $ | 337,068 | ||||
Additions for current year acquisitions | 8,868 | 68,503 | ||||||
Purchase accounting adjustments for prior year acquisitions | (2,099 | ) | — | — | ||||
Contributed portions of CurePet investment to Joint Venture, ; see Note 21, "Investment in Joint Venture" | (1,783 | ) | — | — | ||||
Foreign currency translation adjustments | (4,947 | ) | (3,351 | ) | ||||
Ending Balance | $ | 402,259 | $ | 402,220 |
Life | ||
Category | (yrs) | |
Customer relationships | 7-20 | |
Developed technology | 3-12 | |
Trademarks | 3-15 | |
Non-compete agreements | 5 | |
Database | 10 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Finite-lived intangible assets: | |||||||
Customer relationships | $ | 76,275 | $ | 66,783 | |||
Developed technology | 15,121 | 15,664 | |||||
Trademarks | 2,729 | 2,751 | |||||
Non-compete agreements | 743 | 751 | |||||
Backlog | 140 | 140 | |||||
Database | 212 | 212 | |||||
Total intangibles | 95,220 | 86,301 | |||||
Accumulated amortization | (43,372 | ) | (36,930 | ) | |||
Finite-lived intangibles, net | $ | 51,848 | $ | 49,371 | |||
Indefinite-lived intangibles: | |||||||
Customer/territorial relationships | $ | 30,887 | $ | 30,887 |
Life | |
Asset Category | (yrs) |
Buildings | 39 |
Building Improvements | 15 |
Computer equipment | 5 |
Furniture, fixtures and other | 7 |
Software | 3 |
Land | Unlimited life |
Leasehold improvements | Life of the lease |
For the year ended December 31, | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Earnings per share: | 2015 | 2014 | 2013 | |||||||||
Basic earnings per common share | $ | 2.29 | $ | 1.68 | $ | 1.58 | ||||||
Diluted earnings per common share | $ | 2.28 | $ | 1.67 | $ | 1.53 | ||||||
Basic weighted average shares outstanding | 34,668 | 37,809 | 37,588 | |||||||||
Diluted weighted average shares outstanding | 34,901 | 38,040 | 38,642 |
For the year ended December 31, | |||||||||
(in thousands) | |||||||||
2015 | 2014 | 2013 | |||||||
Basic weighted average shares outstanding | 34,668 | 37,809 | 37,588 | ||||||
Incremental shares for common stock equivalents | 233 | 231 | 1,054 | ||||||
Diluted shares outstanding | 34,901 | 38,040 | 38,642 |
December 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Fair value of total consideration transferred | ||||||||
Cash | $ | 13,380 | 59,514 | |||||
Equity instruments | — | — | ||||||
Contingent earn-out consideration arrangement (net) | 516 | 4,312 | ||||||
Previous cash consideration in investment of CurePet | — | 2,000 | ||||||
Cash consideration offset against open receivable balances due to Ebix, Inc. from CurePet | — | 1,350 | ||||||
Total | $ | 13,896 | $ | 67,176 | ||||
Fair value of assets acquired and liabilities assumed | ||||||||
Cash | $ | 905 | $ | 323 | ||||
Other current assets | 3,509 | 5,263 | ||||||
Property, plant, and equipment | 312 | 670 | ||||||
Other long term assets | 11 | 54 | ||||||
Intangible assets | 10,836 | 6,872 | ||||||
Deferred tax liability | (4,015 | ) | (1,040 | ) | ||||
Current and other liabilities | (4,431 | ) | (13,469 | ) | ||||
Net assets acquired, excludes goodwill | 7,127 | (1,327 | ) | |||||
Goodwill | 6,769 | 68,503 | ||||||
Total net assets acquired | $ | 13,896 | $ | 67,176 |
December 31, | ||||||||||||
2015 | 2014 | |||||||||||
Weighted Average | Weighted Average | |||||||||||
Intangible asset category | Fair Value | Useful Life | Fair Value | Useful Life | ||||||||
(in thousands) | (in years) | (in thousands) | (in years) | |||||||||
Customer relationships | $ | 10,762 | 8.9 | $ | 5,275 | 9.9 | ||||||
Developed technology | 74 | 2.3 | 1,236 | 4.2 | ||||||||
Non-compete agreements | — | 0.0 | 226 | 7.0 | ||||||||
Trademarks | — | 0.0 | 135 | 5.5 | ||||||||
Total acquired intangible assets | $ | 10,836 | 8.9 | $ | 6,872 | 8.8 |
Estimated Amortization Expenses (in thousands): | |||
For the year ending December 31, 2016 | $ | 7,853 | |
For the year ending December 31, 2017 | 7,368 | ||
For the year ending December 31, 2018 | 6,601 | ||
For the year ending December 31, 2019 | 6,458 | ||
For the year ending December 31, 2020 | 5,893 | ||
Thereafter | 17,675 | ||
$ | 51,848 | ||
As Reported 2015 | Pro Forma 2015 | As Reported 2014 | Pro Forma 2014 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Revenue | $ | 265,482 | $ | 272,235 | $ | 214,321 | $ | 280,454 | ||||||||
Net Income | $ | 79,533 | $ | 79,412 | $ | 63,558 | $ | 64,432 | ||||||||
Basic EPS | $ | 2.29 | $ | 2.29 | $ | 1.68 | $ | 1.70 | ||||||||
Diluted EPS | $ | 2.28 | $ | 2.28 | $ | 1.67 | $ | 1.69 |
• | 2015 and 2014 pro forma revenue contains actual revenue of the acquired entities before acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition. Growth in revenues of the acquired entities after acquisition date are only reflected for the period after their acquisition. |
• | Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business. |
• | Any existing products sold to new customers acquired through the acquisition customer base, has also been assigned to the acquired section of our business. |
• | 2014 pro forma revenues include revenues from some product lines whose sale was discontinued after the acquisition date and revenues from some customers whose contracts were discontinued. This is typically done for efficiency and/or competitive reasons. |
• | The impact from fluctuations of the exchange rates for the foreign currencies in the countries in which we conduct operations also partially affected reported revenues. During each of the years 2015, 2014, and 2013 the change in foreign currency exchange rates decreased reported consolidated operating revenues by $(10.7) million, $(3.2) million, and $(3.8) million, respectively. |
Year | Debt | Capital Leases | Operating Leases | Future Purchase Obligations | ||||||||||||
(in thousands) | ||||||||||||||||
2016 | $ | 600 | $ | 12 | $ | 5,135 | $ | 541 | ||||||||
2017 | — | 12 | 4,533 | 541 | ||||||||||||
2018 | — | 12 | 3,974 | 541 | ||||||||||||
2019 | 206,465 | 12 | 2,389 | 406 | ||||||||||||
2020 | — | 5 | 1,287 | — | ||||||||||||
Thereafter | — | — | 174 | — | ||||||||||||
Total | $ | 207,065 | $ | 53 | $ | 17,492 | $ | 2,029 | ||||||||
Less: sublease income | (3,373 | ) | ||||||||||||||
Net lease payments | $ | 14,119 | ||||||||||||||
Less: amount representing interest | (9 | ) | ||||||||||||||
Present value of obligations under capital leases | $ | 44 | ||||||||||||||
Less: current portion | (600 | ) | (9 | ) | ||||||||||||
Long-term obligations | $ | 206,465 | $ | 35 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
Weighted average fair values of stock options granted | $ | 7.90 | $ | — | $ | 5.70 | |||||
Expected volatility | 55.4 | % | — | % | 59.9 | % | |||||
Expected dividends | 1.42 | % | — | % | 2.01 | % | |||||
Weighted average risk-free interest rate | 1.03 | % | — | % | .65 | % | |||||
Expected life of stock options (in years) | 3.5 | 0.0 | 3.5 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Outstanding at January 1, 2013 | 1,998,633 | $ | 4.03 | 1.17 | $ | 24,171 | ||||||
Granted | 45,000 | $ | 14.89 | |||||||||
Exercised | (1,251,633 | ) | $ | 1.73 | ||||||||
Canceled | — | $ | — | |||||||||
Outstanding at December 31, 2013 | 792,000 | $ | 8.28 | 1.00 | $ | 5,093 | ||||||
Granted | — | $ | — | |||||||||
Exercised | (450,000 | ) | $ | 1.75 | ||||||||
Canceled | (135,000 | ) | $ | 17.58 | ||||||||
Outstanding at December 31, 2014 | 207,000 | $ | 16.41 | 1.88 | $ | 121 | ||||||
Granted | 42,000 | $ | 22.25 | |||||||||
Exercised | (109,122 | ) | $ | 20.25 | ||||||||
Canceled | — | |||||||||||
Outstanding at December 31, 2015 | 139,878 | $ | 15.17 | 2.32 | $ | 2,465 | ||||||
Exercisable at December 31, 2015 | 64,128 | $ | 10.31 | 1.18 | $ | 1,441 |
Non-Vested Number of Shares | Weighted Average Exercise Price | |||||
Non-vested balance at January 1, 2013 | 135,000 | $ | 18.80 | |||
Granted | 45,000 | $ | 14.89 | |||
Vested | (67,500 | ) | $ | 18.66 | ||
Canceled | — | $ | — | |||
Non-vested balance at December 31, 2013 | 112,500 | $ | 17.32 | |||
Granted | — | $ | — | |||
Vested | (45,000 | ) | $ | 18.53 | ||
Canceled | — | $ | — | |||
Non-vested balance at December 31, 2014 | 67,500 | $ | 16.52 | |||
Granted | 42,000 | $ | 22.25 | |||
Vested | (33,750 | ) | $ | 17.47 | ||
Canceled | — | $ | — | |||
Non-vested balance at December 31, 2015 | 75,750 | $ | 19.27 |
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life (Years) | Weighted-Average Exercise Price | Number of Shares | Weighted-Average Exercise Price | |||||||||||
$2.18-$2.36 | 27,000 | 0.41 | $ | 2.27 | 27,000 | $ | 2.27 | |||||||||
$14.89-$16.94 | 70,878 | 2.01 | $ | 15.88 | 37,128 | $ | 16.16 | |||||||||
$21.19-$28.59 | 42,000 | 4.07 | $ | 22.25 | — | $ | — | |||||||||
139,878 | 2.32 | $ | 15.17 | 64,128 | $ | 10.31 |
Shares | Weighted-Average Grant Date Fair Value | |||||
Non vested at January 1, 2013 | 121,156 | $ | 22.74 | |||
Granted | 32,842 | $ | 15.91 | |||
Vested | (76,576 | ) | $ | 22.56 | ||
Forfeited | (2,157 | ) | $ | 23.42 | ||
Non vested at December 31, 2013 | 75,265 | $ | 19.92 | |||
Granted | 171,781 | $ | 16.96 | |||
Vested | (52,388 | ) | $ | 20.35 | ||
Forfeited | (6,136 | ) | $ | 18.91 | ||
Non vested at December 31, 2014 | 188,522 | $ | 17.13 | |||
Granted | 132,069 | $ | 30.29 | |||
Vested | (108,798 | ) | $ | 17.35 | ||
Forfeited | (8,479 | ) | $ | 17.20 | ||
Non vested at December 31, 2015 | 203,314 | $ | 25.56 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
(In thousands) | |||||||||||
Current: | |||||||||||
US federal | $ | 1,267 | $ | 13,504 | $ | 7,083 | |||||
US state | 191 | 270 | 167 | ||||||||
Non US | 4,789 | 32 | 5,371 | ||||||||
6,247 | 13,806 | 12,621 | |||||||||
Deferred: | |||||||||||
US federal | 808 | 308 | (632 | ) | |||||||
US state | 720 | 43 | (351 | ) | |||||||
Non US | (669 | ) | (263 | ) | (760 | ) | |||||
859 | 88 | (1,743 | ) | ||||||||
Total | $ | 7,106 | $ | 13,894 | $ | 10,878 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
(In thousands) | |||||||||||
US | $ | 1,384 | $ | 8,807 | $ | 5,497 | |||||
Non US | 85,255 | 68,645 | 64,655 | ||||||||
Total | $ | 86,639 | $ | 77,452 | $ | 70,152 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||
Statutory US federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
US state income taxes, net of federal benefit | 1.0 | % | 0.3 | % | (0.3 | )% | ||
Non-US tax rate differential | (2.6 | )% | (4.0 | )% | (6.9 | )% | ||
Tax holidays | (23.5 | )% | (12.7 | )% | (15.2 | )% | ||
Passive income exemption | (2.9 | )% | (3.2 | )% | (3.5 | )% | ||
Acquisition contingent earnout liability adjustments | (0.6 | )% | (4.6 | )% | (5.0 | )% | ||
Foreign enhanced R&D deductions | (1.0 | )% | (1.1 | )% | (1.2 | )% | ||
Nondeductible items | 0.8 | % | — | % | — | % | ||
Effect of valuation allowance | (2.2 | )% | — | % | — | % | ||
Prior year true-ups | 3.2 | % | (4.3 | )% | 1.2 | % | ||
Uncertain tax positions | 0.1 | % | 12.7 | % | 9.7 | % | ||
Other | 0.8 | % | (0.2 | )% | 1.7 | % | ||
Effective income tax rate | 8.1 | % | 17.9 | % | 15.5 | % |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Deferred | Deferred | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
(In thousands) | |||||||||||||||
Depreciation and amortization | $ | 91 | $ | 254 | $ | — | |||||||||
Share-based compensation | 937 | 817 | — | ||||||||||||
Accruals and prepaids | 1,186 | 2,342 | 470 | ||||||||||||
Bad debts | 961 | 600 | — | ||||||||||||
Acquired intangible assets | 26,861 | — | 23,069 | ||||||||||||
Net operating loss carryforwards | 23,085 | 24,435 | — | ||||||||||||
Tax credit carryforwards (primarily MAT in India) | 30,835 | 24,937 | — | ||||||||||||
57,004 | 26,952 | 53,385 | 23,539 | ||||||||||||
Valuation allowance | (5,979 | ) | — | (7,840 | ) | — | |||||||||
Total deferred taxes | $ | 51,025 | $ | 26,952 | $ | 45,545 | $ | 23,539 |
2015 | 2014 | ||||
(In thousands) | |||||
Non-current deferred tax assets | 24,073 | 22,006 | |||
ASU 2013-11 reclass, described below | (341 | ) | (1,135 | ) | |
Net deferred tax assets | 23,732 | 20,871 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||
(In thousands) | ||||||||
US Federal loss carryforwards | $ | 41,405 | $ | 42,022 | ||||
US state loss carryforwards | 24,168 | 40,286 | ||||||
Foreign loss carryforwards | 38,152 | 39,905 | ||||||
US Federal credit carryforwards | 1,369 | 2,579 | ||||||
Foreign credit carryforwards | 29,462 | 22,463 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||
(in thousands) | |||||||||||
Beginning Balance | $ | 3,020 | $ | 12,742 | $ | 5,925 | |||||
Additions for tax positions related to current year | 41 | 451 | 6,546 | ||||||||
Additions for tax positions of prior years | 131 | 9,348 | 271 | ||||||||
Reductions for tax position of prior years | (77 | ) | (19,521 | ) | — | ||||||
Ending Balance | $ | 3,115 | $ | 3,020 | $ | 12,742 |
2015 | 2014 | ||||||
(In thousands) | |||||||
Trade accounts payable | $ | 5,800 | $ | 11,879 | |||
Accrued professional fees | 777 | 1,258 | |||||
Income taxes payable | 9,266 | 22,627 | |||||
Due to prior owners of PB Systems (acquired in June 2015) re: working capital settlements | 2,233 | — | |||||
Share repurchases accrued | 820 | — | |||||
Sales taxes payable | 3,435 | 2,601 | |||||
Interest payable pertaining to IRS settlement | — | 1,650 | |||||
Other accrued liabilities | 712 | 106 | |||||
Total | $ | 23,043 | $ | 40,121 |
2015 | 2014 | ||||||
(In thousands) | |||||||
Prepaid expenses | $ | 8,290 | $ | 5,618 | |||
Sales taxes receivable from customers | 120 | 121 | |||||
Due from prior owners of acquired businesses for working capital settlements | 1,021 | 938 | |||||
Research and development tax credits receivable | 898 | 1,152 | |||||
Other | 613 | 238 | |||||
Total | $ | 10,942 | $ | 8,067 |
2015 | 2014 | ||||||
(In thousands) | |||||||
Computer equipment | $ | 15,318 | $ | 13,830 | |||
Buildings | 20,741 | 3,912 | |||||
Land | 6,545 | 3,924 | |||||
Leasehold improvements | 1,239 | 1,448 | |||||
Furniture, fixtures and other | 6,299 | 4,279 | |||||
Construction in Progress (building for new global corporate headquarters in the Johns Creek, Georgia) | — | 10,441 | |||||
50,142 | 37,834 | ||||||
Less accumulated depreciation and amortization | (16,054 | ) | (13,173 | ) | |||
$ | 34,088 | $ | 24,661 |
2015 | 2014 | ||||||
(In thousands) | |||||||
Reserve for potential uncertain income tax return positions | $ | 3,115 | $ | 3,020 | |||
Unfavorable lease liability, long term portion | — | 294 | |||||
Portion of an unrecognized tax benefit netted against deferred tax asset for net operating loss carry forwards | (341 | ) | (1,135 | ) | |||
Sub-leased office liability (net of future sublease proceeds) | 558 | — | |||||
Total | $ | 3,332 | $ | 2,179 |
United States | Canada | Latin America | Australia | Singapore | New Zealand | India | Europe | Total | ||||||||||||||||||||||||||||
External Revenues | $ | 205,210 | $ | 4,490 | $ | 5,715 | $ | 30,634 | $ | 5,317 | $ | 2,153 | $ | 3,538 | $ | 8,425 | $ | 265,482 | ||||||||||||||||||
Long-lived assets | $ | 374,432 | $ | 6,632 | $ | 6,091 | $ | 199 | $ | 68,852 | $ | 221 | $ | 74,693 | $ | 28,039 | $ | 559,159 |
United States | Canada | Latin America | Australia | Singapore | New Zealand | India | Europe | Total | ||||||||||||||||||||||||||||
External Revenues | $ | 147,971 | $ | 5,239 | $ | 7,036 | $ | 36,319 | $ | 4,384 | $ | 2,578 | $ | 1,929 | $ | 8,865 | $ | 214,321 | ||||||||||||||||||
Long-lived assets | $ | 383,233 | $ | 7,835 | $ | 9,380 | $ | 583 | $ | 68,526 | $ | 334 | $ | 34,691 | $ | 25,868 | $ | 530,450 |
United States | Canada | Latin America | Australia | Singapore | New Zealand | India | Europe | Total | ||||||||||||||||||||||||||||
External Revenues | $ | 139,519 | $ | 7,431 | $ | 5,508 | $ | 38,260 | $ | 3,114 | $ | 2,311 | $ | 650 | $ | 7,917 | $ | 204,710 | ||||||||||||||||||
Long-lived assets | $ | 309,732 | $ | 8,784 | $ | 10,886 | $ | 803 | $ | 68,987 | $ | 97 | $ | 23,784 | $ | 28,442 | $ | 451,515 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(in thousands, except share data) | ||||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||
Total revenues | $ | 63,753 | $ | 64,712 | $ | 66,813 | $ | 70,204 | ||||||||
Gross Profit | 44,268 | 46,013 | 49,004 | 53,760 | ||||||||||||
Operating income | 20,499 | 20,423 | 21,968 | 25,824 | ||||||||||||
Net income from continuing operations | 18,336 | 19,036 | 20,232 | 21,929 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.51 | $ | 0.54 | $ | 0.59 | $ | 0.65 | ||||||||
Diluted | $ | 0.51 | $ | 0.54 | $ | 0.59 | $ | 0.65 | ||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Total revenues | $ | 51,404 | $ | 51,476 | $ | 50,808 | $ | 60,633 | ||||||||
Gross Profit | 41,792 | 41,512 | 40,533 | 43,096 | ||||||||||||
Operating income | 19,405 | 17,461 | 21,738 | 21,068 | ||||||||||||
Net income from continuing operations | 15,417 | 13,579 | 18,015 | 16,547 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.35 | $ | 0.47 | $ | 0.45 | ||||||||
Diluted | $ | 0.40 | $ | 0.35 | $ | 0.47 | $ | 0.45 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Total revenues | $ | 52,566 | $ | 51,004 | $ | 50,293 | $ | 50,847 | ||||||||
Gross Profit | 42,675 | 40,646 | 40,157 | 40,761 | ||||||||||||
Operating income | 19,305 | 19,294 | 18,601 | 17,806 | ||||||||||||
Net income from continuing operations | 17,344 | 13,542 | 13,143 | 15,245 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.47 | $ | 0.36 | $ | 0.35 | $ | 0.40 | ||||||||
Diluted | $ | 0.45 | $ | 0.35 | $ | 0.34 | $ | 0.40 |
(1) | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of assets; |
(2) | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and, |
(3) | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
• | Report of Independent Registered Public Accounting Firm. |
• | Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 . |
• | Consolidated Statements of Income for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. |
• | Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. |
• | Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. |
• | Consolidated Statements of Cash Flows for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. |
• | Notes to Consolidated Financial Statements |
• | Schedule II—Valuation and Qualifying Accounts for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. |
• | Schedules other than those listed above have been omitted because they are not applicable or the required information is included in the financial statements or notes thereto. |
EBIX, INC. (Registrant) | |||
By: | /s/ ROBIN RAINA | ||
Robin Raina | |||
Chairman of the Board, President and Chief Executive Officer | |||
Principal Executive Officer |
Signature | Title | Date | ||
/s/ ROBIN RAINA | Chairman of the Board, President, and Chief Executive Officer (principal executive officer) | February 29, 2016 | ||
(Robin Raina) | ||||
/s/ ROBERT F. KERRIS | Executive Vice President and Chief Financial Officer (principal financial and accounting officer) | February 29, 2016 | ||
(Robert F. Kerris) | ||||
/s/ HANS U. BENZ | Director | February 29, 2016 | ||
(Hans U. Benz) | ||||
/s/ PAVAN BHALLA | Director | February 29, 2016 | ||
(Pavan Bhalla) | ||||
/s/ NEIL D. ECKERT | Director | February 29, 2016 | ||
(Neil D. Eckert) | ||||
/s/ ROLF HERTER | Director | February 29, 2016 | ||
(Rolf Herter) | ||||
/s/ HANS UELI KELLER | Director | February 29, 2016 | ||
(Hans Ueli Keller) | ||||
/s/ GEORGE W. HEBARD III | Director | February 29, 2016 | ||
(George W. Hebard III) | ||||
/s/ JOSEPH R. WRIGHT, JR. | Director | February 29, 2016 | ||
(Joseph R. Wright, Jr.) |
Exhibits | |||
3.1 | Certificate of Incorporation, as amended, of Ebix, Inc. (filed as Exhibit 3.1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and incorporated herein by reference). | ||
3.2 | Bylaws of the Company (filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference). | ||
3.3 | Amended and Restated Bylaws of Ebix, Inc., effective immediately following the Company’s Annual Meeting of Stockholders, held on January 9, 2015 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated December 24, 2014). | ||
10.1 | Lease agreement effective October, 1998 between the Company and 485 Properties LLC relating to premises at Five Concourse Parkway, Atlanta, Georgia (filed as Exhibit 10.16 to the Company's Transition Report on Form 10-K for the transition period from April 1, 1998 to December 31, 1998 and incorporated herein by reference). | ||
10.2 | Second Amendment to the Lease Agreement dated June 3, 2003 between the Company and 485 Properties, LLC relating to the premises at Five Concourse Parkway, Atlanta, Georgia (filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 and incorporated herein by reference). | ||
10.3** | Ebix, Inc. 1996 Stock Incentive Plan as amended by the first, second, third and fourth amendments thereto (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2004). | ||
10.4** | Ebix, Inc. 2010 Stock Incentive Plan (incorporated by reference to Annex A to the Company’s Proxy Statement on Schedule 14A filed October 8, 2010). | ||
10.5** | Form of Restricted Stock Agreement under the Company's 1996 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated June 7, 2005). | ||
10.6 | Share Purchase Agreement made and extended into as of April 2, 2008 by and among Ebix, Inc. and Rennes Foundation (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 14, 2008). | ||
10.7** | Acquisition Bonus Agreement by and between Ebix, Inc., and Robin Raina dated as of July 15, 2009 (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K dated July 21, 2009). | ||
10.8 | Credit Agreement, dated as of April 26, 2012, by and among Ebix, Inc., as borrower, certain subsidiaries of Ebix, Inc., as guarantors, Citibank N.A. as administrative agent, and Citibank N.A., Wells Fargo Capital Finance, LLC, and RBS Citizens, N.A. as joint lenders (filed as Exhibit 10.46 to the Company's Current Report on Form 8-K dated May 1, 2012.) | ||
10.9 | Third Amendment to the Credit Agreement, dated April 26, 2012 (as previously amended), among the Company, Wells Fargo Capital Finance, LLC, as a lender, RBS Citizens, N.A. as a lender, and Citibank, N.A., as Administrative Agent and as a lender (incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014). | ||
10.10 | Credit Agreement, dated as of August 5, 2014, entered into by and among Ebix, Inc., as Borrower, certain subsidiaries of the Company from time to time party thereto, as Guarantors, Regions Bank, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed August 11, 2014). | ||
10.11 | Director Nomination Agreement, dated as of November 26, 2014, by and among Barington Companies Equity Partners, L.P., a Delaware limited partnership, Barington Companies Investors, LLC, as investment advisor to certain investment accounts, Ancora Advisors, LLC, James A. Mitarotonda, Joseph R. Wright, Jr. and Ebix, Inc. (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed December 1, 2014). | ||
10.12 | Amendment dated as of March 23, 2015 to the Director Nomination Agreement, dated as of November 26, 2014, by and among Barington Companies Equity Partners, L.P., a Delaware limited partnership, Barington Companies Investors, LLC, as investment advisor to certain investment accounts, Ancora Advisors, LLC, James A. Mitarotonda, Joseph R. Wright, Jr., George W. Hebard III and Ebix, Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 31, 2015). |
10.13 | Amendment No.1 and Waiver dated February 3, 2015 to the Credit Agreement dated as of August 5, 2014, entered into by and among Ebix, Inc., as Borrower, certain subsidiaries of the Company from time to time party thereto, as Guarantors, Regions Bank, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated February 5, 2015). | ||
14.1 | Ebix, Inc. Code of Ethics for Senior Financial Officers (incorporated by reference to Exhibit 14.1 to the Company's Registration Statement on Form S-1 dated November 4, 2008) and incorporated herein by reference. | ||
21.1* | Subsidiaries of the Company. | ||
23.1* | Consent of Cherry Bekaert LLP | ||
31.1* | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002). | ||
31.2* | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002). | ||
32.1* | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2* | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101* | XBRL (Extensible Business Reporting Language) - The following materials from Ebix, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss) (iv) the Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss), (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements which were tagged as blocks of text. |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
Beginning balance | $ | 1,619 | $ | 1,049 | $ | 1,157 | ||||||
Provision for doubtful accounts | 2,261 | 1,600 | 1,147 | |||||||||
Write-off of accounts receivable against allowance | (1,342 | ) | (1,022 | ) | (1,276 | ) | ||||||
Other | — | (8 | ) | 21 | ||||||||
Ending balance | $ | 2,538 | $ | 1,619 | $ | 1,049 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
Beginning balance | $ | — | $ | — | $ | — | ||||||
Decrease (increase) | (5,979 | ) | — | — | ||||||||
Ending balance | $ | (5,979 | ) | $ | — | $ | — |
Date: | By: | /s/ Robin Raina | ||
February 29, 2016 | Robin Raina | |||
Chief Executive Officer | ||||
(Principal Executive Officer) |
Date: | February 29, 2016 | By: | /s/ Robert F. Kerris | ||
Robert F. Kerris | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
(1) | I am the Chief Executive Officer of Ebix, Inc. (the “Registrant”). | |
(2) | I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge the Annual Report on Form 10-K of the Registrant for the year ended December 31, 2015 (the “periodic report”) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented. |
Name: | /s/ Robin Raina Title: Chief Executive Officer | |||
Date: February 29, 2016 |
(1) | I am the Chief Financial Officer of Ebix, Inc. (the “Registrant”). | |
(2) | I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge the Annual Report on Form 10-K of the Registrant for the year ended December 31, 2015 (the “periodic report”) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented. |
Name: | /s/ Robert F. Kerris Title: Chief Financial and Accounting Officer | |||
Date: February 29, 2016 |
'> NLOP%;&S7VJ]94H)_]>Z'O?)U MO\C\ZKJP_P""AW[3-M--?:A\//@+H9C+2A7A,YAZEMP^V2HX').^'&T_=Z5G M_"O_ ((F^%?VJ+=?$WQ&_:2\7?'1;:X:#S](U6*:SMYT/[R RR271^7.TJAB M(R.%Z5%_PY'^-'[7FH_:OVHOVDM>\2Z>9-S>'O"B^1I[;3\DBB2-+>,],@69 M8?\ /0]:^Y/V1?V-/A]^PW\*Y/!OPWT:31]'N+QM2N_.NY;J:]NVCCB>>1Y& M)+%(8EP,* @"J ,5V8CA7+80_?5I8B?FVX+Y>ZG\HG+1\:N(Z3<, M[B/5[GP_*IC\EXHK^8A"V7.^**8<%?*3@MT7[-O_ 2*^+MW\:_"7Q+^//[1 M7BOQ9KGA'4(=5L?#WAR>2ST:VFC(^0$A(_(=1L>.&U@#IE22I(K]"**]?!XB M.$H?5\)3A36J;C%)N_GT^5C\[SK'X_.,5];S?$U<1/I[2I*=O2[?XW"BBBN8 MYPHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K\ ?\ @^<_YM=_[FO_ -PM M?O\ 5^ /_!\Y_P VN_\ @#IJ*** "BBB@ HHHH M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B MBB@ HHHH **** "BBB@ HHHH _(S_@LE^S=\5/V7-$\9_&E?VP/BEIMCXDU] M+;PUX)L[J]TV'SKABR6,<\6HQ01QPPI+(9# /W<#%M[Y9L;XR^(O@9^RA^QC M\&=>^$OQH^%GBCXT?LZZG_PD3K9^)[:2?QFUZP&NVH._>RW(=RF0T@CA2->3 M7ZW?$'X9>&_BOHL>F^*/#^A^)--BF%PEKJMA%>0)* RAPDBLH8!F&<9PQ'>N M._X8L^#>?^22_#/_ ,):Q_\ C5?0X?.H^RA3KIOE?112:M:SLM=+KOJSQ:N5 M-U)3I->\NMVT[WNM>]ON1D?%#XM:%\=?V O%'C;PW>"\\/\ BGP'>ZK83D;2 MT,MA(Z[A_"P!PRGE2"#R#7PGIO[.?BKQM_P1)_9 ^,_PKT\ZC\:OV!^B>, M/"]IYFOV9TZ&+5M%^5'?;>V6] J+O:6*%05R37Z@Z+X8T[P[X?MM)T^QL; M'2;.!;6WLK>W2*W@A4;5C2-0%5 N % P!Q4N@:!8^%=%M--TRSM=.TW3X4M[ M6TM85A@MHD 541% 554 5X$K7?+L>S&]M=S\A/V+?\ @H]-\(O^"0/[ M2G[17PVT^UU"#7_CSX@U;29==MY/LNEV>JZS:*M[>Q1.)/+@ANA*Z(X/R8W* M,N)+;XE-X\_X+8_L6VDG[4GA_P#:4N]-E\67-U_8.C:5;V/AP77AFZ:$^=8; MP# "_B!HOQ(^*,0\0_ M K49K;4M2O\ 6=5U2WM]1_LAXWCO["X!=YC;3K+ K,[A5!$;>M>%?CKX+_8U M_P""X/[1EW\9/%'AWP%:?%+P/X4U/P+K/B2_@T^PO+'34O(-2MH;N9EC61+B M:*1K?<'*_O=I50U? PM;7Q1X=T'Q):V-PMY;0ZKI\5Y';SKG;*BR*P5 MQDX88(R>: /RB^&G_!0:'X/:3_P4J_:'^#GA.3Q5#I5_X TT#P;X3T.UM-0;5X(=/TBWM8X;UHVB:Z540!9C&S(9!\Q5BN<$B@#X.^ M G[3/PV_8Q_X+ _MF67Q?\7^$_AIJOCY_"?B7P_J7BC4+?2(?$>DPZ-]DS;3 M3,@F%O<0W$;*#PV_&<.1TW_!!/QUI/Q0T7]K+Q+H-EJ%CHOB#]H?Q#J5FE]I M V(M4=396UU:6,"P2[A_K%:U *H9H?@[X@\%7_P */%VOK TMOX/EFOH;ZPN;G9DI#/<*(?,(V)@[ MB"R;OH2P_P""DWP3^/?CZS^&/PN^,?@GQA\0_%NFZA+I1\*W:>(X=)\B!F-U M=O:%XK>-6,8'GR1^8[*BY)KZ$U"PAU2RFMKB**XM[B-HI8I4#I*C#!5E/!!& M00>M8O@#X3^%_A/I\]IX5\-Z!X9M+J3S9H-*TZ&SCE?&-S+&JAC@ 9/.!0!^ M9G_!)_\ X*)?L]?L>?\ !&?P[X+^*7B_P;X&\3?"G2]4T'QEX"UB\M[;7DU" M*YNVN;;^SG82S27#;W4(K>89#_$'"\=^R7\"/$GP3/\ P27\%_$739[?Q-I2 M>+[JZT[4[ '[RZMX98I &CF@5X5*L T;Q8X*U^K>L? _P9XA\?V?BS M4/"7AB^\5: L:;J%YIUC=:AH[ MO+87,UNDDUB[H8W:)R-T99&9"5()5B#P: /B6UL[>;_@YU(5T-YA$G"AW\% N^WIN8 MC)/4D%-3T*34Y+8(LES '_AS !#X M@M-9M[FS1[>?3L>;:+:M;.YDD18=L<91V$L)?Z._:4^.7@_]E#_@O)\-/%GQ M,\3Z+X'\*^,?@AK/A72= CZW>:G:Z; MI]MJ6HQ0P75W%;(D]S'#N\I'<# T[1 M?#^@WNM,+K6=1MK.&UEOV3<1)<2J 9"NYCN WG@C"( MA,F8D(+@AC]<^']-M9O^#B/Q9=O;V[7MO^SQI$,,Y0&6*-_$>HEU5NH5BD9( M'!*+GH*WOB_^W9^R#\!?B3)XPU;Q#\,;KQT P;5-#TR+5]8W!#&4:XM8Y'C8 MKE/WCKP<' ->'ZA_P74TSXI>-KJ?X&_L\^._B5XD:V73I]4:Q6"5(5=F1&-L MEQ(T*M(7VR-& 78_+DFO)Q&>X"C+DG57-V7O/[HW?X'Z%D_A3Q;F=+ZQAL!4 MC2_Y^5$J5/\ \&57"'XGZ457U'4(=*L)KJZFAM[>W4R2RRN$2-0.26/ ]37 MYT&Z_P""B7[4J_N[?X?? G29EX9_*>YEB/K_ ,?DJR 'TA.5_AZU)IW_ 0. MOOC#?PWWQU^/GQ&^(]Q'B5;6WE,4-NV Y>X^3.X?(D7!XVUS_ -L8FK_N MN&D_.=H+\;R_\E/8_P"(=Y+@-<^SNA!_R4%+$S]+P4:2?_<7\=#Z+^,O_!6S M]G;X&&2/5OBAX>U"\0'_ $70V?6)=PS\C&V618VR,8D9<=\5\ZZE_P %]YOB M[J$NG_ WX#?$CXE7<9,3SRPF&*W;H'9+9+@[.5/SM%P>2M?0_P &_P#@D7^S MI\#O+DTOX7^']4O$"YN=>#ZQ(6&,.! PH^KYM6_B58TUVC%R?_@4M/_)0_MCP]R[_ '/ M5\;+^;$552A_X+H)R^3K?Y'YT?\ &Q3]J0_\T_\ @3I$R_\ 3%[B6(_^!DJR M '_IB M?87[5_[;OPO_ &)/"=GK'Q,\5VGAVWU1WBL(/*ENKS4'0*7$,$*O M(X7 _'7CCPS)JL-GJ_B34IA M86MA"9 LKYC26%"$+.OG3HQ"8\O)PO=A^#/K,'6K<]6*ZSE[OW7C'Y6..OXY M9I@I>QR6G0P%^F'HQ53YU)*I6^?.ON/H;X,_\$E/V=_@88Y-(^%_A[4+Q0O^ ME:XKZQ+N&/G7[4TBQMD9_=JOMBI/VC_^"H/[/_[%UO-I?BGQ]X?M=4TL_A M']&']H:A;E1Q&UO;AC!Z R^6H]17T8:^4?V?O^")W[-/[.&J-J&C_#/3=:U! M93+#<>(YI-:^R_,6011W#/&A3H'">8< L['FO3RW"9?ATU.+BNB@HJ_J^GW, M_/\ B#B#.\VJJMC<1*M/K*K.4VO2[;_%';_L _M^>&/^"B?PGU3QEX2T#Q=H M>CZ=JLFE(=>LXH3?%(XW\V%HI)$>/]YM.&RKHP(X!/.?\%%O^"<"_P#!1.U\ M):3JGQ,\;>"_"NAO=?VOH^A2*L/B%)A%M\T/E-\?EML:2.50)9/DRTI>RK^]WZ7_$ M^9OV6/\ @D+^S_\ L?W=AJ'A;P#I]]XBTUEDAUS7&.J:A#*O(EB:7*6\@];= M(^_J<_3-%%9UL15K2YZTG)]V[FE&C3I1Y*<4EY!1116)H%%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 5^ /_!\Y_P VN_\ Z MN(XA9W#ZA:FZB2!ED9V9(PN_>B8+KMW D@ ])HJKJVLVNA6BW%[=6]G TL<( MDGE$:&21UCC3+<;F=E4#J68 9) J2]OH=.MVFGDCAB099Y&"JOU)X% $U%4+ M'Q1IVJ3^5:W]C +?B!H/@%+-M '5U#XA M>+-/T22:,R6FG*3/J-_U'[JV3,C+NX+X"*3\S*.:^(+[_@HA^TM_P4IOIM)_ M9J\ 3> ?!$KM!+XX\1!5?:#M)60AX8R#E6C@6ZE7*L&3MY>,SC#8>?LG>51[ M1BKR^Y;+S;2/ON&?#;.LZP[S!1C0PD?BKUI>SHKR4GK-_P!VFI2\C;^$/['. MA?MR?MB_M)W?CCQ+\0@_A3QA%IVFQZ9XCN+.*"W-N"$"*2,#: , "N+_:V^ M%EU_P2J_:Y^ ^M?!W3OB;\1]6\3Q^(HKKPO<^(;R^.L^5:0)$-BHY*1&Y>X8 M;"#Y )*;=Z]Y^S!^PM^U]^Q+J?C%?!GB_P"!7CA?&5]#J>HZMXTFUN34KJX$ M05RWE _Q%QN9W9@ QVYVCT+PC^S)^TM\4OVU/@_\2/B_>? N'1/A3_;7E0># MI=56ZN3J%@;9MRW2%&VNL1!#I@;_ +Q( ^;^JSJ4%%490K.:?-9/E_>)MWU3 MM'Y/8_9?[ *_1JBO:_U= MP\]<5*=7_%)V_P# 5:/X'YJ_&3.<-[N0T*& 7>A1BI_^#9^TJ_-37W:'S3\& M/^"0G[.GP.$4FF_#'0=6O(U&;K7P^L2,PQAPMP7C1L@ '_ ( ^&+.\AO#H7AR"*XO6$;AMI1&E#*Z@@B:[=1GF$\J?THKOQ6%5 M!J//&3Z\KO;YVL_E<\+#XAU4WR.*Z7TO\M_O/S:^(/\ P7KUSXP>-M7\'_LT M_ OQM\4M:TNZET^?5K^VDM].LID .(,XC)'_+Q):L,\XX!^H?^">=_P#M M&:S\/==O_P!HRS\%Z3KFH:@)M(TS0@"^FVQ0;H9F222,X)MDD;!.YVXQ] MP6ZVRE8U55)+8 QR223]2223ZFGUK7Q=&5/V5&DH^;; JI^TJU M'+RLDONW?WG"_&?]FCX=_M$MH[>/O _A7QI_PC\SW&G#6M+AOA9NX EV^B:=#9V<%O:VEK&(H8(8Q''"@& JJH 4 < "K-%<+E M)QY6]%T.KE2?,EJ%%%%24%%%% !1110 4444 %%%% !1110 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 5^ /_!\Y_P VN_\ V\$Q!$ E MSRVMWH-A;V=U<7,L=Y<(8YI&>* ?8AD3': 9?\ P<9?LJ:;/\-/#_Q4USQ) MXM\1ZHOQ)\(:?X>T>\U QZ'X3@^UHEP;6TB"))/<,7:2XN?.E"L(XVCC78?I M#_@O1\.M4^*__!++X@:%H_A/7O'%W \3-XB MTS3-/DT+4+:VECNID@E:\$QE4%H]KPH/,1AG;AS]577[;'BZZ_9TM?B%I?[. MOQHN9EU5[2_\(W:Z39^)K:S2.0M?16[7QAF7S%1%B$ZRL'+!2 P!X3^POXU M_8MMOVIM,T'P%\%=+^!?QNO-/NKS1M+\2?"^7P7KNI60!6>2R:>WC$RE1)N2 M%R^R.4E0B,1R7["G[*OPX_X*1?'C]JSXH?''P'X6^)FN:9\6-9^&&@Q>)+1- M6MO#V@Z*L5O!#9Q3J4M'DFDN9W:'!9YMV[<6)V=2TWXB_P#!3G]OC]GSQXOP M9^(WP9^&_P ]0U;7;_5_'(M-+UK6[V>T^S0V-G:03SRBW; H93P1[&O/_BA\'O"5IX:M6B\+>&XV.KZ8A*Z9""5:_MPP^[T()!^M M 'I%% /5\&6.H/%YUMHUMID%SJEZ.= MNRW5=P5BI D?;U<5\7R_';X\?\%,YVL_V?_A!X:^$_PZN6:,^--=TRW6XN M(_G4M'(8V5<@8(M8YG1P/WR=1Y.,SC#T)^Q5YU/Y8J\OGV7FVD?H'#?AKG.; M8;^TIJ.&PBWKUY>SI>D6]:DO[M.,Y7Z'WY^U-^W/\+?V,M ^V?$#Q98:3=31 M>;:Z7$3<:G?#G'E6Z9D*EE*^8P$:D_,R]:^*+W]O3]I[_@I=<2Z9^SGX$D^& M?@*=C$_C?Q#M6:9,LI, [UN+_B7"4DDNMH682,<\M<-+D@, IKZ_?X-^$6*[O"OAMMH" MC.EP< =/X:X_JN8XS7$R]C#^6#O)^L^G_;J^9]%_;7!G#7NY-0_M'$K_ )?8 MB/+0B^]/#WO/R=:5K_\ +L^/OV7O^"%/PZ^&_B)O%WQ8U+4OC9X\O)/M-W=^ M("TFGO+_ 'C [.UPV/E+7+R!L A$-?<%AI\.EV4-M;PQV]O;HL444:!$B51A M551P , #@ 5S\OP;\&PH6;PIX755!+,=+@ '_ :\_^$WQ%^ ?QX\8:]X?\ M$WWPO\6:QX9$;:I;:2MG=M9AR0-Q0$'YE93@G:P*G!XKV,#EM'"TVL+"RW;7 MYM[OU;/S_BCC+..(,3'$9SB959+2*;2C%?RP@K1@O**2\CH?VM_VDM%_8_\ MV;O&'Q*\0*9M-\)Z>UT+
* .T^#GQ]\#?M$>%O[<\ >,O"?CC1=YB^W^']7M]3M0XZJ9(69G8SDH'>.\W' MCG[8 ,=*Y"+X&_\ !6K_ ()[ICP?\0/AS^U9X3L=\5KIWB%E&JF(#_73O<-: MW#/UPHOISD=#G! /V3HK\>O#/_!UC??L[:S:Z'^U=^RY\7O@KJ=P1##?VEFU MS9WSAMKRI'=K;,(1ACF)[@D+QNS7W%^RW_P6I_99_;(>VM_ ?QK\$W6J7DJP M0Z3JMT=%U.>4@G9':W@BEE(P>8U8<=< ZC?.0B =$15!>65S\J11JTDC$* MBLQ (!UNL:Q:^']+N;Z^N+>SL;.)Y[BXGD$<4$: LSNS8"J "220 !DU^-W[ M:G_!8[XQ?\%3OCOK'[-7[ <$L]O;J+/Q=\7O,>UL-)BDRLC6=R%)@B #J+I0 M9I620VJ'9',_!Z_\2OV@O^#J;XBR>&?!\.O? G]BC1;XMJVLSH%U3QLT386# M"G;,^1GR%9K:!@9)GGE2WC/Z_?L5_L1?#7_@GU\!M-^'/PL\.6WA[P[8,9YF M'[R[U2Z8*)+NZF/S33N%4%FZ*B(H5$1% /$_^"2W_!%CX4?\$E_AY+%X7A;Q M-\0]9M5M_$'C74;=5O\ 4QE7:*%,L+:U,BJWDHS$E$,CRLBL/L2BB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K M\ ?^#YS_ )M=_P"YK_\ <+7[_5^ /_!\Y_S:[_W-?_N%H ^__P#@UQ_Y04? MS_N/_P#J0:G7W_7P!_P:X_\ *"CX&?\ \ _4@U.OO^@ HHHH **** "BBB M@ HHHH **** "N9^+'_(K6O_ &&=*_\ 3A;UTU ,M"NM+U:PL=4TR^C,-S9WD"SV] MPAZJZ,"K*?0@BOAW]JC_ (-K/V._VJX+J6X^%-CX!UBXB$4>I^!Y3H;6V!]Y M+6,&S+>[V[$_B:^\** /QMD_X-YOVI/V'I$F_9#_ &RO$^D:/9RG[!X1\<&2 M32[:-L;BVQ+BUD? _P"?!.G49XC'_!5G_@I!^P.$A^/G[)=G\7O#MK&4/B'P M"S_:)53)>ZN&L_M<4:[1G#VUL..<9K]EJ* /S0_9D_X.P_V1_CU=1Z?XDUSQ M5\(]<,BV[6OB[1V6 RX&\"XM3-$B*V1NG,73D#.*_0/X0?'CP1^T)X7_ +<\ M ^,?"OCC1=YC_M#P_J]OJ=KN'5?,A9ER,'C-\ M.?\$\_@?^V=:S)\4OA7 MX'\;7$L'V8:AJ.DQ-J4$?'RQ7B@7$70?ZN13Q7Y__%[_ (-'O@]IWC,^+O@! M\4/BO^SSXPA8&PN-(U634+33@.28]SQWFX\<_;,#:.* /UDHK\;(?@M_P5L_ MX)[(!X1\=_#C]JSPG8AHK6PU]E751$%SYTSSM:W#2=<*+V98[I;9Q",,08GN,A>" MV: /V$HKY?\ V6O^"T7[+?[99MH? /QJ\$WFJ7DH@ATC4[LZ-JD\A!.R.UO! M%-+C!YC5EXZX(-?4 .: "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH ***_/7_@L!_P7M\+?\$^-83X5_#C16^+G[2.O+%;:/X.TV.6\ M33+BX4?9VOEA_>,S;D=+2,B:563F))$EH ]S_P""G'_!5KX4_P#!*?X'_P#" M6?$;5#-JVIEX?#_AJQ97U3Q!.HR1$A/R0ID&2=\1Q[E!)=XXW_-K]G?_ ()O M_&[_ (.$?B[IGQ^_;%?5O GP.M9Q/X%^$EE/+9M=V8Z33'Y9(HY1]ZX;; )_"VF^-M NM*UC3['5M+ MOHS% ZG:T^UQ(NT9"O;VPX&<9S7M/[,G_!V!^R+\?+J M/3_$7B#Q1\)=;:1; )$5LC=.T73D#I7Z65XS^T]_P $ M[_@;^VA;3+\4OA3X'\:74L'V8:A?Z5'_ &E#'QQ%>*!<1=!_JY%Z4 =Y\(OC MGX)_:!\+#7/ ?C#PKXVT4N8QJ&@:M!J5J6'5?-A9ES[9KJJ_)GXN_P#!H_\ M"'3/&C>+OV?_ (I?%C]GGQ?"P-C<:1JDFHVFGC.3Y>YX[S)XY-Y_"..] 7!R!P< MX(!^R=%?CYX5_P"#KB;X :Y;Z#^U9^S#\7O@EJTY$4-[;V;W5I>,&VO,L=TM MLXB'S',37&0!@MFON;]EG_@LW^R[^V:UM!X ^-7@F^U2\E$$.DZE=G1]4GD. M?ECM+P1328P>8U8>_(R ?3M%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 444V1Q&I9N%7DD]A0 Z MBO'?B9_P4-^ ?P7O9+7Q?\;/A+X8O(P2;;5/%^GVLYQR0(WE#$^P!-?.?Q(_ MX.8/V)?AC )-)5FOM)T;Q)9W]]9!6VL9(8I&=,-P=PQ7XX_ MMS?\'!'PC_X*V^)?AG^R_P#"WQ%\2_ _A_XL>.M,T'QQXEFLK?3%OM!F=DGL M+:7S9)8Y+B1H8RS1*I0LK[T=XV^B_P#@L+_P11_99^'?_!*GXD:MX9^'WA'X M4ZU\+?!]]J/A_P 1Z.HL-2DF@MR$M+JZ+"2^^UX^RL+II7 _8'ME\;?$74C(GB+XAVQ5]'\+V:$)-);3D&,X9E# M7C9C7*) LTTT9C^D/^"/_P#P0V\#?\$R=$NO%FN7K?$KX]>*&ENO$GCK4U:: M<2S$M+!9^82\<99F+RL3-.S,TC!=D476?\$.?V0/A[^RE_P3;^$TW@GP?;^% M=4\>>#]%\1^)9I%+ZAJ6H7%C%-(US*P#L4>60*A 2,$A50<5]?4 %%%% !11 M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %?@#_P 'SG_-KO\ W-?_ +A:_?ZOP!_X/G/^;7?^YK_]PM ' MW_\ \&N/_*"CX&?]Q_\ ]2#4Z^_Z^ /^#7'_ )04? S_ +C_ /ZD&IU]_P! M!1110 4444 %%%% !1110 4444 % U% 'XU_P#$/C^U=^PVJS?LC_MF>)-/TBR=A8^$O&XD;2[2,XSP M%N;220@8S]BCZ#D=@_\ !6?_ (*+?L$1)#^T%^R/!\5O#]JA4^(_ $K^:R*2 M7NK@VGVN)!M!(5X+8<#.,YK]E** /S4_9D_X.OOV1?C_ ',6GZ_XB\3?";6I M)%@^R>+](>.$R8^;%S;&>%$!R-TS1=.@Z5^@/PC^./@OX_>%EUSP)XO\+^-= M$9S&NH:!JL&I6I8=O-A9ES[9K@?VH/\ @G7\#/VT;>9?BE\*? _C2ZFA^SC4 M;_2H_P"TH8^/ECO$"W$70?^' MOQ%\-Z'>:CI/A[0]6EOH=2\J)I&LH./MQDF"^6H\^3 )B20N8RX#':2 M"K ?9G@OQKH_Q'\)Z;KWA_5=-UW0M8MH[S3]2TZZ2ZM+Z"10R2Q2H2DB,I!# M*2"""#7Q]_P22\=_L\S?\$ -WX0OO!-E\)=-\(QVWBP:C);16=E=?94_M1 M-5\S$:REWD,QE^5Q(&RT;*3^;'_!./\ :)_;L^"7P<\4C]DGX ^$_B5^RGJ7 MCSQ#J7PWN?$FH"WOK31Y-1E2*WMXYM2@G6 ,K/\ O(&;S)9R7.?E /W\HK\@ M5_X+7?M]_#<9\7?\$]_$6M+'RX\/7UVQ;H3CRH;KMGUY(],$_P"(EGX_>&2T MOBK_ ()R_M :#9C_ );AM1D_]&:3$.N/XJ /U^HK\@W_ .#POX6>" M' M Z<_N+R4]_T^E 'ZQ45^=OAK_@ZL_8>UVU\RZ^+&IZ*^ ?*O?"&L,QZ_\\;: M0<8]>X]\=YX-_P"#BO\ 8K\=E/L/Q^\*P;\8_M&SOM.QD@<_:((\=1UZ<^AH M ^UJ*^==&_X*]?LJ:]9K/;_M)? I4;H+CQSIMO)_WQ),K#\J]$\'?M@?"7XB M,H\/_%#X PZA;K-!)'-#( R/&P96!Y M!!'!J6@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M **** "BBN9^)/QI\'_!K3/MOC#Q7X:\*6>"WGZSJD%C%@=3NE910!TU%?)O MQ4_X+K?L?_!RT,VK_M$?#"[0+NQH>K#77_[YL1,V?;&:^=?BU_P=V_L:_#A6 M.CZ]X\\?8&<:#X7FAS]/MYM: /T\HK\?3_P=>:E\9Y-WP)_8W^/OQ8MVR4D$ M#6Q91R3BSM[X=.>OXT@_X*E?\%/_ (\M]H^&G[$/AOPC9-\VSQM?/'.J_P#; MQ=V!W#/]S\* /V#HK\?!\&_^"QOQYW75Q\5/@/\ !NWE&V33XK6UN)%5NNUE ML;T[@#QB8=.O>@?\&_W[8?QE4W'Q,_X*(?$RSDN/EN]-\-PWZ6 M9K-MLUK#XKL[N[C/H8(9'E_\=KX4\/\ _!F_\ -5U2/5 MO'WQ0^.7CW6B S VSS#G)XF[U[W\-_P#@V(_8D^&LEM-'\&8= M:O+<8\_6/$&J7HE]WA:X\@_]^Q0!B?$O_@ZK_8E^'UG,UG\3M6\674+%3:Z- MX6U(NQ']UYX8HF![$2$5XM=?\'@WPU^(\S67PA_9^^/?Q*UA25%J-.MK=6/; M!MI;I\'WC!YZ5^B'PW_X)I?L[?!ZZAN/"OP)^#^@7ENH5+NR\'Z?'=<=,S"+ MS&/N6)KVNWMX[2!(HD6..-0J(HVJ@' Z 4 ?C^?^"V?[?GQ[Q;_#'_ ()] M^(?"MTPVK+XWN[Q(2WKF>+3QM_X'CWI1J'_!9/\ :.D,?V'X!? $-\N_=:7@ M3'&[[^IGGKT/TK]@J* /Q]7_ ((U_P#!1']H1_-^*G[?=[X/D;YF7P%:7,:@ M]0 +;^S1CIVZ=NU+'_P:%^$/BQ(MS\;/VE_CY\4=2'S?:/MT-OE_7_2Q>-_X M]GWK]@:* /S>^&/_ :??L4^ +)8]2^'WB+QE.F"+C6O%6H(^1W*VDL$9SZ% M<>U?1GPT_P""-_[*?PCM(8M%_9Y^$*M;L'CN+[PQ:ZC ._M+_L#?"?\ :S_9EUGX0^,/!^F-X%UD(S6.FQC3S9S1L'BG@:$*8Y$9 M001P1E6#(S*?EW3?^"!=CXY\2:!9_&7]H;X\?';X:^$[H7FF>!_%NKQ-IEZZ M$F$ZFT2*]_Y9VL-^W++@Y1GC;]!** $"X/UI:** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"OP!_P"#YS_FUW_N:_\ W"U^_P!7X _\'SG_ #:[_P!S7_[A: /O_P#X-^ M4%'P,_[C_P#ZD&IU]_U\ ?\ !KC_ ,H*/@9_W'__ %(-3K[_ * "BBB@ HHH MH **** "BBB@ HHHH *YGXL?\BM:_P#89TK_ -.%O735S/Q8_P"16M?^PSI7 M_IPMZ .FHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ MHHHH **** "BBB@ HHHH **** /COXN_\$!/V/OCI\<+GXB^)O@=X;O/%5]= MK?7 7UC9WDX;<9);.WG2UD9VRTA>(^:2Q?<2<_6WAGPUI_@SP[8:/H]C9 M:7I.E6T=G965G L%O9P1J$CBCC4!415 554 "KU% !1110 5A^+?AKX= M\?0^7KN@Z+K4>-NV_L8KD8Y&,.I]3^9K $GTK@_&/\ P0^_9#\=!A??LZ_">'>,'^SM!BT[MCC[.$Q^ M'UZU]444 ?!>M_\ !L7^PWX@O&GG^!5I'(V>+;Q1K=L@R2>$CO%7OZ>W05Y[ MXQ_X-&OV,?$^[[#X9\<>'=W3^S_%-Q)MZ=/M'F^AZYZGVQ^FU% 'Y#7G_!E[ M^S'% %/[O_ $MY=G/_ $PG@]6Z8^]]<_KY10!^0"?\&]'[77A?_2M%_P"" MEGQIO+I/N1:E;ZHT''(R&U>4=0/X.F?H7'_@F/\ \%1OAQQX1_;<\'ZTL>0A M\0Z7N+#D#/F6-UVQZ\^N,G]?:* /R!7]GG_@LAX"_??\+V_9]\;=S;G3[:'I M[_V3;]<_WNWYC?'?_@LA\.4\O_A2_P"S[X]Q\OF_;K:'/'WO^0I;>F>G\73T M_7ZB@#\@5_X*2?\ !53X=C/BS]BOP#K.W&[_ (1_55;/)''EZC<^J^O0_@?\ M1!7[8'A+;;Z]_P $U_C%?7'>72;C4VC['^#2IA_X]_*OU^HH _(,_P#!U#XJ M\#Y'Q _8D_:"\'M'Q(/L\TFPC((_?VL'\0(YQT/IBG1?\'H'[--A.MOK'PW^ M/VDWF[$D;Z)IC+%Z$YU!6Z$'[O?O7Z]4R>!;F)HY%5XV&&5AD-]10!^8G@W_ M (.\/V-?$X3[=KGC[PYNQD:CX7EDV=.OV=I?7'&>A]L^B:-_P<_?L,ZW-''' M\ /YGUKSO5O\ @DK^RSKD 7CKW]_0UWV@?\%-_P!F MWQ9<^3I7[07P/U.;_GG:>.]+F;UZ+.3Z_E7D'C'_ (-X_P!B[QTK"^_9_P#! MT&\8/]GS7>G8XQQ]GFCQ^%,-:+#\);M MU_2@#[N\(_%CPOX_&="\2>']:!Z?8-1AN<]1_ Q[@_E705^4?C#_ (,WOV1O M$Q;[%J'Q>\.Y_P"@?XBMWQT_Y^+67T/_ 'T?;'/?\0 )/V@_C MK>Z?_;-YX8T34(--L?#ECQMGU/49@T5F9,C8KJ2=T>XIYT'FZG[#/_!4J/\ M:?\ C+KWPA^(OPS\6? OXY^&=-&M7?A#79H[R'4=/,IB^VZ??1 17ENLF$9U M"_-D ,%8CX:_84OO#O\ P;M?MO\ Q<\ _'[Q=XCO/!_QHBT;5_!_Q?\ $%E/ M-;ZU):02PR:5?W2^8(KB NYC5FV^4I9C'YD:&I^UW\(/AO\ \'/G[?/@#2/ M]UXFD^!'P+TK6H?%_P 2M%B^PKK>H7@M1!H^GS7%NZR/"8UF=BCQ^5/)C:7C M:4 _5;XM_ME?"'X!7+0^.OBI\-_!4RMM,>O>)K+36!],32*%;Z7)4?V':7NN(2/]NS@E3\2<>]>._"3_@T7_8S^&\076/#O MCKQ^P7&[7O%$\))]?] %J,_ABOHKX5_\$,OV0?@Y:+#H_P"SO\+[I5 ;6M' M37)!CH=][YS9]\YH ^3OB-_P>/?LG^$=3-GH.D_%[QM(Y*PRZ5X?MX897Z*/ M]*N89.3Z1D^U ",_\MQ]:_5[X=?!OPC\']+^P^$?"_ASPK98"_9]'TR&QBP.@VQ*HKI* /Q[ M'[:7_!73XVKN\,_LO_"/X?Z3?';%=ZU?Q&\L_=DEU,,>W_+MVZ4?\,0_\% MC=\OBG]J;X3^ =)O?FDM="L(OMEG[*T.FHQ_\"3]:_82B@#\?3_P;,?&SXN* M(OBY^W[\ "&?4)8\?]L1]*Z;X\ !G+^R7X.U/[5 MK>I?%SQLS$-+%J_B&"&*1NY_T2VADY.3RY//6OU :XI/^Y>S3+^&,>U?1?PC_ &//A+\ )1)X#^%WPY\$ MNK;@V@>&K+32#W.88UYKT>B@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ K\ ?^#YS_FUW_N:_P#W"U^_U?@# M_P 'SG_-KO\ W-?_ +A: /O_ /X-\ E!1\#/\ N/\ _J0:G7W_ %\ ?\&N M/_*"CX&?]Q__ -2#4Z^_Z "BBB@ HHHH **Q?B'\1_#_ ,)/!]YXB\5:[HWA MGP_IH5KS4]6O8K*SM S!%,DLC*B LRJ-Q&2P'4BMJ@ HHHH **** "N9^+'_ M "*UK_V&=*_].%O735S/Q8_Y%:U_[#.E?^G"WH Z:BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** ,_Q1X4TOQOH4^EZUINGZOIMT )K2]MTN()L,&&Y'!4X8 C(X(!IW MASPUI_@_1;?3=)L++2]-LUV6]I:0+!! N2<*B@*HY/ %7J* "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH *_ '_ (/G/^;7?^YK_P#<+7[_ %?@#_P?.?\ M-KO_ '-?_N%H ^__ /@UQ_Y04? S_N/_ /J0:G7W_7P!_P &N/\ R@H^!G_< M?_\ 4@U.OO\ H **** "BBB@#\W/CY+K7_!3C_@H?\ /4\/V&FW!M[WQ+96S,UIMDM%D2RN M3"SA K%3($0G H?MM?%+]@?]K/QMXA\"_'SQ1\);?QE\+[Y;*X3Q9J1\*Z_H M\I1+E?L5U*UM=-$RO'('M9&B?*G+'%>:_P#!-GX]>#[K_@F?KZ_M3>*[#Q5\ M"_$'Q.U/0?AIXB^,4< %TD6ZT>[U%[Z-59G:">2.2ZCBXABVJO[O(!]4 M_LK_ 'US2O& M<9!&0?"?AC%+_@J;\??CKJ>F?''Q_\&OAO\'/'5S\.O#&D^#;&P@NM2U/3 M(HS?ZCJ$]Y;3M
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end
Document and Entity Information Document - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 26, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EBIX INC | ||
Entity Central Index Key | 0000814549 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 32,950,855 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 865,266,321 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 79,533 | $ 63,558 | $ 59,274 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (12,129) | (5,855) | (5,376) |
Total other comprehensive income (loss) | (12,129) | (5,855) | (5,376) |
Comprehensive income | $ 67,404 | $ 57,703 | $ 53,898 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current Assets: | ||
Allowance for doubtful accounts | $ 3,388 | $ 1,619 |
Unamortized debt discount, current | 3 | 7 |
Unamortized debt discount, noncurrent | $ 0 | $ 7 |
Stockholders' Equity: | ||
Preferred stock, par value (per share) | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 33,416,110 | 36,232,074 |
Common stock, shares outstanding | 33,416,110 | 36,191,565 |
Treasury stock, shares | 0 | 40,509 |
Supplemental Schedule of Noncash Financing Activities |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Schedule of Noncash Financing Activities | Supplemental schedule of noncash financing activities: During 2015 there were 69,068 shares, totaling $2.2 million, used to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vesting. As of December 31, 2015 there were 25,000 shares totaling $820 thousand of share repurchases that were not settled until January 2016. Effective January 27, 2014 Ebix acquired the entire business of CurePet, Inc. ("CurePet") in an asset purchase agreement with the total purchase consideration being in the amount of $6.35 million of which included a possible future one time contingent earnout payment of up to $5.0 million based on earned revenues over the subsequent thirty-six month period following the date of the acquisition. This contingent earnout liability is currently estimated to have a fair value of zero. Additional required cash consideration of $1.35 million was offset against open receivable balances due to Ebix, Inc. from CurePet, and thus no actual cash outlay was made by Ebix, Inc. Previously during 2012, Ebix acquired a minority19.8% interest in CurePet for cash consideration in the amount of $2.0 million. |
Description of Business and Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business— Ebix, Inc. and its subsidiaries (“Ebix” or the “Company”) is an international supplier of on-demand software and e-commerce solutions for the insurance industry. Ebix provides various software solutions and products for the insurance industry including data exchanges, carrier systems, and agency systems, as well as custom software development. The Company's products feature fully customizable and scalable on-demand software designed to streamline the way insurance professionals manage distribution, marketing, sales, customer service, and accounting activities. The Company has its headquarters in Johns Creek, Georgia and also conducts operating activities in Australia, Canada, India, New Zealand, Singapore, United Kingdom and Brazil. International revenue accounted for 22.7%, 31.0%, and 31.8% of the Company’s total revenue in 2015, 2014, and 2013, respectively. The Company’s revenues are derived from four 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, 2015 , 2014 and 2013.
Summary of Significant Accounting Policies Basis of Presentation— The consolidated financial statements include the accounts of Ebix and its wholly owned subsidiaries. The effect of inter-company balances and transactions has been eliminated. Use of Estimates—The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenue and expenses during those reporting periods. Management has made material estimates primarily with respect to revenue recognition and deferred revenue, accounts receivable, acquired intangible assets, annual impairment reviews of goodwill, indefinite-lived intangible assets, and investments. contingent earnout liabilities in connection with business acquisitions, and the provision for income taxes. Actual results may be materially different from those estimates. Reclassification—Certain of the reported balances and results for prior year or prior quarters, including the notes thereto, have been reclassified to conform to the current year presentation. The change in reserve for potential uncertain income tax return positions had been previously netted against the provision for deferred taxes line in the consolidated statements of cash flows, it is now shown separately. Also, beginning in 2014 the Company has applied the new provisions under Financial Accounting Standard ("FAS") update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists", as more fully described in Note 8 "Income Taxes". A portion of potential uncertain income tax return positions previously reported in "Other Liabilities" on the consolidated balance sheets are now netted against the "Deferred tax asset, net" line in the long term asset section of the consolidated balance sheets. Segment Reporting—Since the Company, from the perspective of its chief operating decision maker, allocates resources and evaluates business performance as a single entity that provides software and related services to a single industry on a worldwide basis, the Company reports as a single segment. The applicable enterprise-wide disclosures are included in Note 16. Cash and Cash Equivalents—The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Such investments are stated at cost, which approximates fair value. The Company does maintain cash balances in banking institutions in excess of federally insured amounts and therefore is exposed to the related potential credit risk associated with such cash deposits. Short-term Investments—The Company’s short-term investments consist of certificates of deposits with established commercial banking institutions with readily determinable fair values. Ebix accounts for such investments that are reasonably expected to be realized in cash, sold or consumed during the year as short-term investments that are available-for-sale. The carrying amount of investments in marketable securities approximates their fair value. The carrying value of our short-term investments was $1.5 million and $281 thousand at December 31, 2015 and 2014, respectively. Fair Value of Financial Instruments—The Company follows the relevant GAAP guidance regarding the determination and measurement of the fair value of financial instruments in which fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction valuation hierarchy which requires an entity to maximize the use of observable inputs when measuring fair value. The guidance describes the following three levels of inputs that may be used in the methodology to measure fair value:
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2015 and 2014 the Company has the following financial instruments to which it had to consider fair values and had to make fair assessments:
Other financial instruments not measured at fair value on the Company's consolidated balance sheets at December 31, 2015 and 2014 but which require disclosure of their fair values include: cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, accrued payroll and related benefits, capital lease obligations, and debt under the revolving line of credit with Regions Bank. The estimated fair value of such instruments at December 31, 2015 and 2014 reasonably approximates their carrying value as reported on the consolidated balance sheets. 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:
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.
Quantitative Information about Level 3 Fair Value Measurements The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration liabilities designated as Level 3 are as follows:
Sensitivity to Changes in Significant Unobservable Inputs As presented in the table above, the significant unobservable inputs used in the fair value measurement of contingent consideration related to business acquisitions are forecasts of expected future annual revenues as developed by the Company's management and the probability of achievement of those revenue forecasts. The discount rate used in these calculations is 1.75%. Significant increases (decreases) in these unobservable inputs in isolation would likely result in a significantly (lower) higher fair value measurement. Revenue Recognition and Deferred Revenue—The Company derives its revenues primarily from professional and support services, which includes revenue generated from subscription and transaction fees pertaining to services delivered over our exchanges or from our application service provider (“ASP”) platforms, software development projects and associated fees for consulting, implementation, training, and project management provided to customers using our systems, and risk compliance solutions ("RCS"). Sales and value-added taxes are not included in revenues, but rather are recorded as a liability until the taxes assessed are remitted to the respective taxing authorities. The Company follows the relevant technical accounting guidance regarding revenue recognition as issued by the Financial Accounting Standards Board ("FASB") and the Securities and Exchange Commission's ("SEC"). The Company considers revenue earned and realizable when: (a) persuasive evidence of the sales arrangement exists, (b) the arrangement fee is fixed or determinable, (c) service delivery or performance has occurred, (d) customer acceptance has been received or is reasonably assured, if contractually required, and (e) collectability of the arrangement fee is probable. The Company typically uses signed contractual agreements as persuasive evidence of a sales arrangement. We apply the provisions of the relevant FASB accounting pronouncements related to all transactions involving the license of software where the software deliverables are considered more than inconsequential to the other elements in the arrangement. For contracts that contain multiple deliverables, we analyze the revenue arrangements in accordance with the appropriate authoritative guidance, which provides criteria governing how to determine whether goods or services that are delivered separately in a bundled sales arrangement should be considered as separate units of accounting for the purpose of revenue recognition. Deliverables are accounted for separately if they meet all of the following criteria: a) the delivered item has value to the customer on a stand-alone basis; b) there is objective and reliable evidence of the fair value for all arrangement deliverables; and c) if the arrangement includes a general right of return relative to the delivered items, the delivery or performance of the undelivered items is probable and substantially controlled by the Company. Under the relevant accounting guidance, when multiple-deliverables included in an arrangement are to be separated into different units of accounting, the arrangement consideration is allocated to the identified separate units of accounting based on their relative fair values. We determine the relative selling price for a deliverable based on vendor-specific objective evidence of selling price (“VSOE”), if available, or third-party evidence ("TPE") in the alternative if available, or finally our best estimate of selling price (“BESP”), if VSOE or TPE is not available. The Company begins to recognize revenue from license fees for its exchange (SAAS) and ASP products upon granting customer access to the respective processing platform. Transaction services fee revenue for this use of our exchanges or ASP platforms is recognized as the transactions occur and are generally billed in arrears. Revenues from RCS arrangements, which include data entry and call center services, and insurance certificate creation and tracking services, are recognized as the services are performed. Revenues from RCS consulting arrangements are recognized as the services are delivered on a time and materials basis. Service fees for hosting arrangements are recognized over the requisite service period. Revenue derived from the licensing of third party software products in connection with sales of the Company’s software licenses is recognized upon delivery together with the Company’s licensed software products. Fees for training, data conversion, installation, and consulting services fees are recognized as revenue when the services are performed. Revenue for maintenance and support services are recognized ratably over the term of the support agreement. Software development arrangements involving significant customization, modification or production are accounted for in accordance with the appropriate technical accounting guidance issued by the FASB using the percentage-of-completion method. The Company recognizes revenue using periodic reported actual hours worked as a percentage of total expected hours required to complete the project arrangement and applies the percentage to the total arrangement fee. Deferred revenue includes payments or billings that have been received or made prior to performance and, in certain cases, cash collections and primarily pertain to maintenance and support fees, initial setup or registration fees under hosting agreements, software license fees received in advance of delivery and acceptance, and software development fees paid in advance of completion and delivery. Approximately $6.9 million and $5.8 million of deferred revenue were included in billed accounts receivable at December 31, 2015 and 2014, respectively. Accounts Receivable and the Allowance for Doubtful Accounts Receivable—Reported accounts receivable as of December 31, 2015 include $36.7 million of trade receivables stated at invoice billed amounts and $10.5 million of unbilled receivables (net of a $3.39 million estimated allowance for doubtful accounts receivable). Reported accounts receivable at December 31, 2014 include $32.6 million of trade receivables stated at invoice billed amounts and $8.5 million of unbilled receivables (net of a $1.62 million estimated allowance for doubtful accounts receivable). The unbilled receivables pertain to certain professional service engagements and system development projects for which the timing of billing is tied to contractual milestones. The Company adheres to such contractually stated performance milestones and accordingly issues invoices to customers as per contract billing schedules. Accounts receivable are written off against the allowance for doubtful accounts receivable when the Company has exhausted all reasonable collection efforts. Management specifically analyzes the aging of accounts receivable and historical bad debts, write-offs, customer concentrations, customer credit-worthiness, current economic trends, and changes in our customer payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. Bad debt expense was $3.1 million, $1.6 million, and $1.1 million for the year ended December 31, 2015, 2014, and 2013, respectively. Costs of Services Provided—Costs of services provided consist of data processing costs, customer support costs including personnel costs to maintain our proprietary databases, costs to provide customer call center support, hardware and software expense associated with transaction processing systems and exchanges, telecommunication and computer network expense, and occupancy costs associated with facilities where these functions are performed. Depreciation expense is not included in costs of services provided. Capitalized Software Development Costs—In accordance with the relevant FASB accounting guidance regarding the development of software to be sold, leased, or marketed, the Company expenses such costs as they are incurred until technological feasibility has been established, at and after which time those costs are capitalized until the product is available for general release to customers. Costs incurred to enhance our software products, after general market release of the services using the products, is expensed in the period they are incurred. Goodwill and Indefinite-Lived Intangible Assets - Goodwill represents the cost in excess of the fair value of the identifiable net assets from the businesses that we acquire. In accordance with the relevant FASB accounting guidance, goodwill is tested for impairment at the reporting unit level on an annual basis or on an interim basis if an event occurred or circumstances change that would indicate that fair value of a reporting unit decreased below its carrying value. Potential impairment indicators include a significant change in the business climate, legal factors, operating performance indicators, competition, customer retention and the sale or disposition of a significant portion of the business. The Company applies the technical accounting guidance concerning goodwill impairment evaluation whereby the Company first assesses certain qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of any of our reporting units was less than its carrying amount. If after assessing the totality of events or circumstances, we were to determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then we would not perform the two-step quantitative impairment testing described further below. The aforementioned two-step quantitative testing process involves comparing the reporting unit carrying values to their respective fair values; we determine fair value of our reporting units by applying the discounted cash flow method using the present value of future estimated net cash flows. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its implied value. We perform our annual goodwill impairment evaluation and testing as of September 30 each year. In 2015 the goodwill residing in the Broker Systems reporting unit and the Carrier Systems reporting unit, were evaluated for impairment based on an assessment of certain qualitative factors, and were determined not to have been impaired. In 2015 the goodwill residing in the Exchange reporting unit and the Risk Compliance Solutions ("RCS") reporting unit were evaluated for impairment using step-one of the quantitative testing process described above. The fair value of both of these reporting units were found to be greater than their carrying value, and thusly there was no need to proceed to step-two, as there was no impairment indicated. In specific regards to the Risk Compliance Solutions reporting unit, its assessed fair value was $102.0 million which was $13.5 million or 15% in excess of its $88.5 million carrying value. Key assumptions used in the fair value determination were annual revenue growth of 2% to 3% and discount rate of 16%. As of December 31, 2015 there was $64.0 million of goodwill assigned to the RCS reporting unit. A significant reduction in future revenues for the RCS reporting unit would negatively effect the fair value determination for this unit and may result in an impairment to goodwill and a corresponding charge against earnings. During the years ended December 31, 2015, 2014, and 2013, we had no impairment of any our reporting unit goodwill balances. Projections of cash flows are based on our views of revenue growth rates, operating costs, anticipated future economic conditions, the appropriate discount rates relative to risk, and estimates of residual values and terminal values. We believe that our estimates are consistent with assumptions that marketplace participants would use in their estimates of fair value. The use of different estimates or assumptions for our projected discounted cash flows (e.g., revenue growth rates, future economic conditions, discount rates, and estimates of terminal values) when determining the fair value of our reporting units could result in different values and may result in a goodwill impairment charge. As a practice, the Company closely monitors any reporting units that do not have a significantly higher fair value in excess of their carrying value. The following table summarizes the goodwill recorded in connection with the acquisitions that occurred during 2015 and 2014:
Changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows:
The Company’s indefinite-lived assets are associated with the estimated fair value of the contractual customer relationships existing with the property and casualty insurance carriers in Australia using our property and casualty ("P&C") data exchange and with certain large corporate customers using our client relationship management (“CRM”) platform in the United States. Prior to these underlying business acquisitions Ebix had pre-existing contractual relationships with these carriers and corporate clients. The contracts are renewable at little or no cost, and Ebix intends to continue to renew these contracts indefinitely and has the ability to do so. The proprietary technology supporting the P&C data exchange and CRM platform that is used to deliver services to these carriers and corporate clients, cannot feasibly be effectively replaced in the foreseeable future, and accordingly the cash flows forthcoming from these customers are expected to continue indefinitely. With respect to the determination of the indefinite life, the Company considered the expected use of these intangible assets, historical experience in renewing or extending similar arrangements, and the effects of competition, and concluded that there were no indications from these factors to suggest that the expected useful life of these customer relationships would be finite. The Company concluded that no legal, regulatory, contractual, or competitive factors limited the useful life of these intangible assets and therefore their life was considered to be indefinite, and accordingly the Company expects these customer relationships to remain the same for the foreseeable future. The fair values of these indefinite-lived intangible assets were based on the analysis of discounted cash flow (“DCF”) models extended out fifteen to twenty years. In that indefinite-lived does not imply an infinite life, but rather means that the subject customer relationships are expected to extend beyond the foreseeable time horizon, we utilized fifteen to twenty year DCF projections, as the valuation models that were applied consider a fifteen to twenty year time frame to be an indefinite period. Indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually. We perform our annual impairment testing of indefinite-lived intangible assets as of September 30th of each year. During the years ended December 31, 2015, 2014, and 2013, we had no impairments to the recorded balances of our indefinite-lived intangible assets. We perform the impairment test for our indefinite-lived intangible assets by comparing the asset’s fair value to its carrying value. An impairment charge is recognized if the asset’s estimated fair value is less than its carrying value. Purchased Intangible Assets—Purchased intangible assets represent the estimated fair value of acquired intangible assets from the businesses that we acquire in the U.S. and foreign countries in which we operate. These purchased intangible assets include customer relationships, developed technology, informational databases, and trademarks. We amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows:
Intangible assets as of December 31, 2015 and December 31, 2014, are as follows:
Income Taxes— The Company follows the asset and liability method of accounting for income taxes pursuant to the pertinent guidance issued by the FASB. Deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities, and operating loss and tax credit carry forwards, and their financial reporting amounts at each period end using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded, if necessary, for the portion of the deferred tax assets that are not expected to be realized based on the levels of historical taxable income and projections for future taxable income over the periods in which the temporary differences will be deductible. The Company follows the provisions of FASB accounting guidance on accounting for uncertain income tax positions. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (“Step 1”) occurs when an enterprise concludes that a tax position, based solely on its technical merits is more likely than not to be sustained upon examination. Measurement (“Step 2”) is only addressed if Step 1 has been satisfied. Under Step 2, the tax benefit is measured at the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon final settlement. As used in this context, the term “more likely than not” is interpreted to mean that the likelihood of occurrence is greater than 50%. Foreign Currency Translation—The functional currency for the Company's foreign subsidiaries in India and Singapore is the U.S. dollar because the intellectual property research and development activities provided by its Singapore subsidiary, and the product development and information technology enabled services activities for the insurance industry provided by its India subsidiary, both in support of Ebix's operating divisions across the world, are transacted in U.S. dollars. The functional currency of the Company's other foreign subsidiaries is the local currency of the country in which the subsidiary operates. The assets and liabilities of these foreign subsidiaries are translated into U.S. dollars at the rates of exchange at the balance sheet dates. Income and expense accounts are translated at the average exchange rates in effect during the period. Gains and losses resulting from translation adjustments are included as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets. Foreign exchange transaction gains and losses that are derived from transactions denominated in a currency other than the subsidiary's functional currency are included in the determination of net income. Advertising—With the exception of certain direct-response costs in connection with our business services of providing medical continuing education to physicians, dentists and healthcare professionals, advertising costs are expensed as incurred. Advertising costs amounted to $4.0 million, $1.7 million, and $1.0 million in 2015, 2014, and 2013, respectively, and are included in sales and marketing expenses in the accompanying Consolidated Statements of Income. Sales and marketing expenses have been reduced in the twelve months of 2015 as a result of the deferment of (net of amortization) $2.9 million of certain direct-response advertising costs associated with our recent acquisition of Oakstone, which have been capitalized in accordance with Accounting Standards Codification ("ASC") Topic 340. These costs are being amortized to expense over periods ranging from twelve to twenty-four months based on the type of product the customer purchases. Deferred advertising costs amounted to $2.9 million, and zero at December 31, 2015 and 2014, respectively, and are included in Other current assets and Other assets on the consolidated balance sheet. Sales Commissions —Certain sales commission paid with respect to subscription-based revenues are deferred and subsequently amortized into operating expenses ratably over the term of the related customer subscription contracts. As of December 31, 2015 and 2014, $564 thousand and $398 thousand, respectively, of sales commissions were deferred and included in other current assets on the accompanying Consolidated Balance Sheets. During the years ended December 31, 2015 and 2014 the Company amortized $840 thousand and $913 thousand, respectively, of previously deferred sales commissions and included this expense in sales and marketing costs on the accompanying Consolidated Statements of Income. Property and Equipment—Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets estimated useful lives. Leasehold improvements are amortized over the shorter of the expected life of the improvements or the remaining lease term. Repairs and maintenance are charged to expense as incurred and major improvements that extend the life of the asset are capitalized and depreciated over the expected remaining life of the related asset. Gains and losses resulting from sales or retirements are recorded as incurred, at which time related costs and accumulated depreciation are removed from the Company’s accounts. Fixed assets acquired in acquisitions are recorded at fair value. The estimated useful lives applied by the Company for property and equipment are as follows:
Recent Accounting Pronouncements The following is a summary brief discussion of recently released accounting pronouncements that are pertinent to the Company’s business: The FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 6 for the Company’s current lease commitments. The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, or ASU 2015-17. This amendment requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Prior to the issuance of ASU 2015-17, deferred taxes were required to be presented as a net current asset or liability and a net noncurrent asset or liability. We adopted the provisions of ASU 2015-17 upon issuance and prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2014, the previously reported balance of our net current deferred tax assets of $2.11 million was reclassified in the consolidated balance sheet and netted against the net long-term deferred tax liabilities. The adoption of ASU 2015-17 did not impact our consolidated financial position, results of operations or cash flows. In September 2015 the FASB issued Accounting Standards Update 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Those adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The acquirer also must revise comparative information for prior periods presented in financial statements as needed, including revising depreciation, amortization, or other income effects as a result of changes made to provisional amounts. The amendments require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The only disclosures required at transition should be the nature of and reason for the change in accounting principle. An entity should disclose that information in the first annual period of adoption and in the interim periods within the first annual period if there is a measurement-period adjustment during the first annual period in which the changes are effective. The Company has adopted this ASU currently, and has disclosed the changes as appropriate in the table included in Note 1 to the consolidated financial statements in this Form 10-K . In November 2014 the FASB issued Accounting Standards Update No. 2014-17 "Business Combinations: Pushdown Accounting - a consensus of the Emerging Issues Task Force". This accounting standard applies to the separate financial statements of an acquired entity and its subsidiaries that are a business upon the occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this accounting standards update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. The amendments in this accounting standards update were effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The Company will apply this accounting standards update to any separately issued or filed 2015 financial statement for its acquired subsidiaries and is still evaluating the impact of its adoption. In May 2014 the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers". ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue)in this ASU. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients: • For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period. • For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods. • For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue. 2. Retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of: • The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change. • An explanation of the reasons for significant changes. The Company had planned to adopt this new accounting standard effective January 1, 2017 and it has not presently determined the impact that the adoption of ASU No. 2014-09 will have on its income statement, balance sheet, or statement of cash flows. Furthermore, the Company has not yet determined the method of retrospective adoption it will use as described in paragraphs 1 and 2 immediately above. Subsequently in August 2015 the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers: Deferral of Effective Date", to defer the effective date of ASU No. 2014-09 for all entities by one year. Accordingly public business entities should apply the guidance of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that annual reporting period. Although early adoption is allowed, the Company plans to adopt this new accounting standard on its newly revised effective date of January 1, 2018, but it has not presently determined the impact that the adoption of ASU No. 2014-09 will have on its income statement, balance sheet, or statement of cash flows. Furthermore, the Company has not yet determined the method of retrospective adoption it will use. |
Earnings per Share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The basic and diluted earnings per share (“EPS”), and the basic and diluted weighted average shares outstanding for all periods as presented in the accompanying Consolidated Statements of Income are shown below :
Basic EPS is equal to net income divided by the weighted average number of shares of common stock outstanding for the period. Diluted EPS takes into consideration common stock equivalents which for the Company consist of stock options and restricted stock. With respect to stock options, diluted EPS is calculated as if the Company had additional common stock outstanding from the beginning of the year or the date of grant or issuance, net of assumed repurchased shares using the treasury stock method. Diluted EPS is equal to net income divided by the combined sum of the weighted average number of shares outstanding and common stock equivalents. At December 31, 2015, 2014, and 2013 there were zero, 135,000, and 315,000 potentially issuable shares with respect to stock options which could dilute EPS in the future but which were excluded from the diluted EPS calculation because presently their effect is anti-dilutive. Diluted shares outstanding are determined as follows for each years ending December 31, 2015, 2014, and 2013:
|
Business Acquisitions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions | Business Acquisitions The Company’s business acquisitions are accounted for under the purchase method of accounting in accordance with the FASB’s accounting guidance on the accounting for business combinations. Accordingly, the consideration paid by the Company for the businesses it purchases is allocated to the tangible and intangible assets and liabilities acquired based upon their estimated fair values as of the date of the acquisition. The excess of the purchase price over the estimated fair values of assets acquired and liabilities assumed is recorded as goodwill. Recognized goodwill pertains in part to the value of the expected synergies to be derived from combining the operations of the businesses we acquire including the value of the acquired workforce. The Company's practice is that, immediately after a business acquisition is consummated, all functions are tightly integrated including infrastructure, sales and marketing, administration, product development, so as to ensure that efficiencies are maximized and redundancies eliminated. Furthermore the Company centralizes certain key functions such as product development, information technology, marketing, sales, human resources, finance, and other general administrative functions after an acquisition, in order to rapidly leverage cross-selling opportunities and to quickly realize cost efficiencies. By executing this integration strategy it becomes neither practical nor feasible to accurately and separately track and disclose the earnings from the business combinations we have executed after they have been acquired. A significant component of the purchase price consideration for many of the Company's business acquisitions is a potential future cash earnout based on reaching certain specified future revenue targets. The Company recognizes these potential obligations as contingent liabilities as reported on its Consolidated Balance Sheets. As discussed in more detail in Note 1, these contingent consideration liabilities are recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. During each of the years ending December 31, 2015, 2014 and 2013, respectively, these aggregate contingent accrued earn-out business acquisition consideration liabilities, were reduced by $1.5 million, $10.2 million and $10.3 million, respectively, due to remeasurements as based on the then assessed fair value and changes in the amount and timing of anticipated future revenue levels. These reductions to the contingent accrued earn-out liabilities resulted in corresponding reduction to general and administrative expenses as reported on the Consolidated Statements of Income. As of December 31, 2015, the total of these contingent liabilities was $4.3 million, of which $2.6 million is reported in long-term liabilities, and $1.7 million is included in current liabilities in the Company's Consolidated Balance Sheet. As of December 31, 2014 the total of these contingent liabilities was $5.4 million of which $4.5 million is reported in long-term liabilities, and $887 thousand is included in current liabilities in the Company's Consolidated Balance Sheet. 2015 Acquisitions Via Media - The Company acquired Via Media Health Communications Private Limited ("Via Media Health"), effective March 1, 2015. Via Media Health is one of India’s leading health content and communication companies. Ebix acquired Via Media Health for upfront cash consideration in the amount of $1.0 million, plus a possible future one time contingent earn out payment of up to $372 thousand based on earned revenues over the subsequent twelve month period following the effective date of the acquisition, and an additional possible one time future performance bonus of up to $1.0 million depending upon revenue growth realized in the business over the subsequent twenty-four month period following the effective date of the acquisition. The Company has determined that the fair value of the contingent earn out consideration is $1.4 million as of December 31, 2015. The Company accounted for this acquisition by recording $2.0 million of goodwill, $383 thousand of intangible assets pertaining to customer relationships, and $101 thousand of intangible assets pertaining to acquired technology. PB Systems - The Company acquired PB Systems, Inc. and PB Systems Private Limited (together being "PB Systems"), effective June 1, 2015. PB Systems develops and implements software solutions for insurance clients. Ebix acquired PB Systems for upfront cash consideration in the amount of $12.4 million, plus possible future contingent earn out payments of up to $8.0 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition. The Company accounted for this acquisition by recording $6.8 million of goodwill, and $10.3 million of intangible assets pertaining to customer relationships. The Company has determined that the fair value of the contingent earn out consideration is $990 thousand as of December 31, 2015. The valuation and purchase price allocation for the PB Systems acquisition remains preliminary and will be finalized prior to March 31, 2016. 2014 Acquisitions CurePet - On January 27, 2014, Ebix acquired CurePet. CurePet was a developmental-stage enterprise that developed an insurance exchange that connects pet owners, referring veterinarians, animal hospitals, academic institutes, and suppliers of medical and general pet supplies, while providing a wide variety of services related to pet insurance to each constituent including practice management, electronic medical records, and billing. Previously Ebix had a $2.0 million minority investment in CurePet. Ebix acquired the entire business of CurePet in an asset purchase agreement with total purchase consideration being $6.35 million which included a possible future one time contingent earnout payment of up to $5.0 million based on earned revenues over the subsequent thirty-six month period following the effective date of the acquisition. This contingent earnout liability is currently estimated to have a fair value of zero. Additional required cash consideration of $1.35 million was offset against open accounts receivable balances due to the Company from CurePet, and no actual cash outlay was made by the Ebix for full acquisition of CurePet. Ebix contributed certain portions of its CurePet investment, valued by the EbixHealth JV at $2.0 million; see Note 21, "Investment in Joint Venture". HealthCare Magic - On May 21, 2014, Ebix acquired HealthCare Magic Private Limited ("HealthCare Magic"), a medical advisory service with an online network of approximately fifteen thousand General Physicians and Surgeons spread across fifty specialties including alternative medicine. The Company acquired HealthCare Magic for aggregate cash consideration in the amount of $6.0 million plus a possible future one time contingent earnout payment of up to $12.36 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition. This contingent earnout liability is currently estimated to have a zero fair value. The Company funded the HealthCare Magic acquisition from available cash reserves on hand. The Company accounted for this acquisition by recording $5.6 million of goodwill, $452 thousand of intangible assets pertaining to customer relationships, $100 thousand of intangible assets pertaining to acquired technology, $59 thousand on intangible assets pertaining to trademarks and tradenames, and $226 thousand of intangible assets pertaining to non-compete agreements. Vertex - On November 3, 2014, Ebix acquired Vertex, Incorporated ("Vertex"), with an effective date of October 1, 2014, in a share purchase agreement for total cash purchase consideration in the amount of $27.25 million and a possible contingent earnout of $2 million based on earned revenues over the subsequent twenty-four month period following the date of the acquisition. Vertex is a specialized software and services firm focused primarily on the life and annuity insurance marketplace since 1991. Ebix acquired all of the outstanding capital stock of Vertex and funded the purchase using a mix of internal cash reserves and the bank credit line available to Ebix. The Company accounted for this acquisition by recording $27.7 million of goodwill, $2.5 million of intangible assets pertaining to customer relationships, and $235 thousand of intangible assets pertaining to acquired technology. The Company has determined that the fair value of the contingent earn out consideration is $720 thousand as of December 31, 2015. Oakstone - Effective December 1, 2014, Ebix acquired Oakstone Publishing, LLC ("Oakstone") in a membership interest purchase agreement for total net cash consideration in the amount of $23.72 million ($31.37 million less a closing net working capital adjustment of $7.65 million). Oakstone is leading provider of continuing education, certification materials for physicians, dentists and allied healthcare professionals, as well as wellness resources for various organizations. Ebix acquired all of the outstanding membership interests of Oakstone and funded the purchase using a mix of internal cash reserves and the bank credit line available to Ebix. The Company accounted for this acquisition by recording $28.8 million of goodwill, $1.7 million of intangible assets pertaining to customer relationships, $501 thousand of intangible assets pertaining to acquired technology, and a $6.5 million deferred revenue liability. i3 - On December 1, 2014, Ebix acquired the DCM Group Inc. (d.b.a. i3 Software) ("i3") in an asset purchase agreement for total cash consideration in the amount of $2 million and a possible contingent earnout of up to $4 million based on earned revenues over the subsequent twenty-four month period following the date of the acquisition. i3 is a provider of software services and solutions to the insurance industry. Ebix acquired all of the assets of i3 and funded the purchase using internal cash reserves. The Company accounted for this acquisition by recording $1.6 million of goodwill, $310 thousand of intangible assets pertaining to customer relationships, and $48 thousand of intangible assets pertaining to acquired technology. The Company has determined that the fair value of the contingent earn out consideration is zero as of December 31, 2015. The following table summarizes the fair value of the consideration transferred, net assets acquired and liabilities assumed as a result of the acquisitions that occurred during 2015 and 2014:
The following table summarizes the separately identified intangible assets acquired as a result of the acquisitions that occurred during 2015 and 2014:
Estimated aggregate future amortization expense for the intangible assets recorded as part of the business acquisitions described above and other prior acquisitions is as follows:
The Company recorded $7.2 million, $7.4 million, and $7.3 million of amortization expense related to acquired intangible assets for the years ended December 31, 2015, 2014, and 2013, respectively. |
Pro Forma Financial Information (re: 2015 and 2014 acquisitions) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Financial Information (re: 2014 and 2013 acquisitions) | Pro Forma Financial Information (re: 2015 and 2014 acquisitions) This unaudited pro forma financial information is provided for informational purposes only and does not project the Company’s results of operations for any future period. The aggregated unaudited pro forma financial information pertains to all of the Company's acquisitions made during 2015 and 2014, which includes the acquisitions of PB Systems, Via Media, CurePet, HealthCare Magic, Vertex, Oakstone, and i3, as presented in the table below, and is provided for informational purposes only and does not project the Company's expected results of operations for any future period. No effect has been given in this pro forma information for future synergistic benefits that may still be realized as a result of combining these companies or costs that may yet be incurred in integrating their operations. The 2015 and 2014 pro forma financial information below assumes that all such business acquisitions were made on January 1, 2014, whereas the Company's reported financial statements for 2015 only includes the operating results from the businesses since the effective date that they were acquired by Ebix, and thusly includes only ten months of Via Media, and seven months of PB Systems Similarly, the 2014 pro forma financial information below includes a full year of results for HealthCare Magic, Vertex, Oakstone, and i3 as if they had been acquired on January 1, 2014, whereas the Company's reported financial statements for the 2014 includes eight months of financial results for HealthCare Magic, eleven months for CurePet, three months Vertex, and one month each for Oakstone and i3.
In the above table, the unaudited pro forma revenue for the year ended December 31, 2015 decreased by $8.2 million from the unaudited pro forma revenue for 2014 of $280.5 million to $272.2 million , representing a 2.9% decrease, with the change in exchange rates adversely effecting reported revenues by ($10.7) million. The reported revenue in the amount of $265.5 million for the year ended December 31, 2015 increased by $51.2 million or 23.9% from the $214.3 million of reported revenue for the year ended December 31, 2014. The cause for the difference between the 23.9% increase in reported 2015 revenue versus 2014 revenue, as compared to the 2.9% decrease in 2015 pro forma versus 2014 pro forma revenue is due to the effect of combining the additional revenue derived from those businesses acquired during the years 2015 and 2014, specifically Via Media Health, PB Systems, Curepet, HealthCare Magic, Vertex, Oakstone, and i3, with the Company's pre-existing operations. The 2015 and 2014 pro forma financial information assumes that all such business acquisitions were made on January 1, 2014, whereas the Company's reported financial statements for 2015 only includes the operating results from the businesses since the effective date that they were acquired by Ebix, and thus includes only nine months of Via Media, and seven months of PB Systems. The above pro forma analysis is based on the following premises:
|
Commercial Bank Financing Facility |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Commercial Bank Financing Facility | Commercial Bank Financing Facility Effective October 14, 2015 the Company, in coordination with Regions Financial Corporation ("Regions") as administrative agent and a joint lender, exercised the $50 million accordion feature in the existing Regions Secured Syndicated Credit Facility thereby expanding the total credit facility to $240 million. As part of this credit facility expansion, TD Bank, NA ("TD") was added to the syndication group along with five other bank participants, which include Regions, MUFG Union Bank N.A., Fifth Third Bank, and Silicon Valley Bank as joint lenders. TD commitment level is $25 million. The expanded credit facility will continue to be used to fund the Company's future growth and share repurchase initiatives. On February 3, 2015, Ebix, Inc. and certain of its subsidiaries entered into the First Amendment (the “First Amendment”) to the Regions, dated August 5, 2014, among the Company, Regions, MUFG Union Bank N.A., and Silicon Valley Bank as joint lenders. The First Amendment amends the Regions Credit Facility by increasing the maximum amount by which the Aggregate Revolving Commitments may be increased by $90 million from the pre-existing limit of $50 million, increases the amount of base facility to $190 million from the pre-existing amount of $150 million, which together with the $50 million accordion feature increases the total Credit Agreement capacity amount to $240 million from the prior amount of $200 million, and expands the syndicated bank group to four participants by adding Fifth Third Bank. On August 5, 2014, Ebix entered into a credit agreement providing for a $150 million secured syndicated credit facility (the “Regions Secured Syndicated Credit Facility”) with Regions as administrative agent and Regions with MUFG Union Bank N.A., and Silicon Valley Bank as joint lenders. The financing was comprised of a five-year, $150 million secured revolving credit facility, with an option to expand to $200 million upon request and with additional lender commitments. This $150 million credit facility with Regions, as administrative agent, replaced the former syndicated $100 million facility that the Company had in place with Citi Bank, N.A. which was paid in full upon the undertaking of this new loan facility with Regions. The initial interest rate applicable to the Secured Syndicated Credit Facility is LIBOR plus 1.75% or currently 1.94%. Under the Regions Secured Syndicated Credit Facility the maximum interest rate that could be charged depending upon the Company's leverage ratio is LIBOR plus 2.25%. The underlying financing agreement contains financial covenants regarding the Company's fixed charge coverage ratio and leverage ratio, as well as certain restrictive covenants pertaining to such matters as the incurrence of new debt and the consummation of new business acquisitions. The Company currently is in compliance with all such financial and restrictive covenants. As of December 31, 2015 the Company's consolidated balance sheet includes $1.6 million of remaining deferred financing costs which are being amortized over the remaining life of the underlying credit facility. This debt is collateralized by essentially all assets of the Company On May 19, 2014, Ebix and certain of its subsidiaries entered into a Third Amendment (the “Third Amendment”) to the Credit Agreement, dated April 26, 2012 (as previously amended), among the Company, Wells Fargo Capital Finance, LLC, as a lender, RBS Citizens, N.A. as a lender, and Citibank, N.A., ("CitiBank") as Administrative Agent and as a lender (the “Credit Agreement”). The Third Amendment amended the Company’s obligations with respect to certain covenants under the Credit Agreement, to provide flexibility to the Company to make certain specified business acquisitions, while allowing the Company to make early payments towards reduction of its bank debt. Furthermore, the Third Amendment amended the Credit Agreement by reducing the revolving commitments of the lenders to $7.84 million as of May 19, 2014, for which the Company made a principal payment in the amount of $15.0 million, and was paid in full on August 5, 2014 upon the undertaking of the aforementioned new loan facility with Regions. At December 31, 2015, the outstanding balance on the revolving line of credit with Regions was $206.46 million and the facility carried an interest rate of 2.25%. This balance is included in the long-term liabilities section of the Consolidated Balance Sheets. During 2015, the average and maximum outstanding balances on the revolving line of credit were $156.23 million and $206.46 million, respectively, and the weighted average interest rate was 2.00%. At December 31, 2014 the outstanding balance on the revolving line of credit was $120.5 million and the facility carried an interest rate of 1.94%. In August 2014 the outstanding balance on the term loan with Citibank was zero as it was paid in full upon the undertaking of the aforementioned new loan facility with Regions. During the twelve months ended December 31, 2014, $7.6 million of scheduled payments were made against this pre-existing term loan. |
Commitments and Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Contingencies- On December 3, 2012, the Company received a subpoena and letter from the Securities and Exchange Commission (“SEC”) dated November 30, 2012, stating that the SEC is conducting a formal, non-public investigation styled In the Matter of Ebix, Inc. (A-3318) and seeking documents primarily related to the issues raised in the In re: Ebix, Inc. Securities Litigation. On April 16, 2013, the Company received a second subpoena from the SEC seeking additional documents. The Company has cooperated with the SEC to provide the requested documents. On June 6, 2013, the Company was notified that the U.S. Attorney for the Northern District of Georgia had opened an investigation into allegations of intentional misconduct that had been brought to its attention from the pending shareholder class action lawsuit against the Company's directors and officers, the media and other sources. The Company is cooperating with the U.S. Attorney's office. Following the announcement on May 1, 2013 of the Company's execution of a merger agreement with affiliates of Goldman Sachs & Co., twelve putative class action complaints challenging the proposed merger were filed in the Delaware Court of Chancery. These complaints name as Defendants some combination of the Company, its directors, Goldman Sachs & Co. and affiliated entities. On June 10, 2013, the twelve complaints were consolidated by the Delaware Court of Chancery, now captioned In re Ebix, Inc. Stockholder Litigation, CA No. 8526-VCN. On June 19, 2013, the Company announced that the merger agreement had been terminated pursuant to a Termination and Settlement Agreement dated June 19, 2013. After Defendants moved to dismiss the consolidated proceeding, Lead Plaintiffs amended their operative complaint to drop their claims against Goldman Sachs & Co. and focus their allegations on an Acquisition Bonus Agreement (“ABA”) between the Company and Robin Raina. On September 26, 2013, Defendants moved to dismiss the Amended Consolidated Complaint. On July 24, 2014, the Court issued its Memorandum Opinion that granted in large part the Company’s Motion to Dismiss and narrowed the remaining claims. On September 15, 2014, the Court entered an Order implementing its Memorandum Opinion. On January 16, 2015, the Court entered an Order permitting Plaintiffs to file a Second Amended and Supplemented Complaint. On February 10, 2015, Defendants filed a Motion to Dismiss the Second Amended and Supplemented Complaint, which was granted in part and denied in part in a January 15, 2016 Memorandum Opinion and Order. The remaining claims are as follows: (i) a purported class and derivative claim for breach of fiduciary duty by the individual Defendants for improperly maintaining the ABA as an unreasonable anti-takeover device; (ii) a purported class claim against the individual Defendants for breach of the fiduciary duty of disclosure to the stockholders with respect to the Company’s 2010 Proxy Statement and 2010 Stock Incentive Plan, (iii) a purported derivative claim against the individual Defendants for breach of fiduciary duty to the Company in causing incentive compensation to be awarded to themselves and others under the 2010 Stock Incentive Plan, (iv) a purported class and derivative claim for breach of fiduciary duty by the individual Defendants in adopting certain bylaw amendments on December 19, 2014, and (v) a purported class and derivative claim seeking invalidation of the December 19, 2014 bylaw amendments under Delaware law. Lead Plaintiffs seek declaratory relief with respect to the 2010 Stock Incentive Plan, the 2010 Proxy Statement, and the bylaw amendments. Lead Plaintiffs also seek compensatory damages, interest, and attorneys’ fees and costs. The Company denies any liability and intends to defend the action vigorously. The Company is involved in various other claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate likely disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. Lease Commitments—The Company leases office space under non-cancelable operating leases with expiration dates ranging through 2021, with various renewal options. Capital leases range from three to five years and are primarily for computer equipment. There were multiple assets under various individual capital leases at December 31, 2015 and 2014. Commitments for minimum rentals under non-cancellable leases, debt obligations, and future purchase obligations as of December 31, 2015 were as follows:
Rental expense for office facilities and certain equipment subject to operating leases for 2015, 2014, and 2013 was $6.5 million, $6.3 million and $6.5 million, respectively. Sublease income for 2015, 2014 and 2013 was $580 thousand, $381 thousand, and $55 thousand, respectively. Self Insurance—For most of the Company’s U.S. employees the Company is currently self-insured for its health insurance program and has a stop loss policy that limits the individual liability to $120 thousand per person and the aggregate liability to 125% of the expected claims based upon the number of participants and historical claims. As of December 31, 2015 and 2014, the amount accrued on the Company’s consolidated balance sheet for the self-insured component of the Company’s employee health insurance was $276 thousand and $250 thousand, respectively. The maximum potential estimated cumulative liability for the annual contract period, which ends in September 2016, is $2.9 million. |
Share-based Compensation |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | Share-based Compensation Stock Options—The Company accounts for compensation expense associated with stock options issued to employees, Directors, and non-employees based on their fair value, which is calculated using an option pricing model, and is recognized over the service period, which is usually the vesting period. At December 31, 2015, the Company had one equity based compensation plan. No stock options were granted to employees or non-employees during 2015, 2014 and 2013; however, options were granted to Directors in 2015 and 2013. Stock compensation expense of $294 thousand, $305 thousand and $474 thousand was recognized during the years ending December 31, 2015, 2014 and 2013, respectively, on outstanding and unvested options. The fair value of options granted during 2015 is estimated on the date of grant using the Black-Scholes option pricing model. The following table includes the weighted- average assumptions used in estimating the fair values and the resulting weighted-average fair value of stock options granted in the periods presented:
A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows:
The aggregate intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s stock as of the end of the period and the exercise price of the stock options. The total intrinsic value of stock options exercised during 2015, 2014 and 2013 was $1.3 million, $5.3 million, $11.4 million, respectively. Cash received or the value of stocks canceled from option exercises under all share-based payment arrangements for the years ended December 31, 2015, 2014 and 2013, was $2.2 million, $788 thousand and $2.2 million, respectively. A summary of non-vested options and changes for the years ended December 31, 2015, 2014 and 2013 is as follows:
The following table summarizes information about stock options outstanding by price range as of December 31, 2015:
Restricted Stock—Pursuant to the Company’s restricted stock agreements, the restricted stock granted generally vests as follows: one third after one year, and the remaining in eight equal quarterly installments. The restricted stock also vests with respect to any unvested shares upon the applicable employee’s death, disability or retirement, the Company’s termination of the employee other than for cause, or for a change in control of the Company. A summary of the status of the Company’s non-vested restricted stock grant shares is presented in the following table:
As of December 31, 2015 there was $4.9 million of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the 2006 and 2010 Incentive Compensation Program. That cost is expected to be recognized over a weighted-average period of 2.41 years. The total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013 was $1.9 million, $1.1 million, and $1.7 million, respectively. In the aggregate the total compensation expense recognized in connection with the restricted grants was $1.5 million, $1.5 million and $1.5 million during each of the years ending December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 the Company has 5.5 million shares of common stock reserved for possible future stock option and restricted stock grants. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The income tax expense (benefit) consists of the following:
Income before income taxes includes the following components:
A reconciliation of the statutory federal income tax rate to the effective income tax rate consists of the following:
Our effective tax rate decreased to 8.1% in 2015, compared with 17.9% in 2014, largely due to favorable changes in the proportion of our taxable income in certain US and non-US jurisdictions relative to total pretax income, as well as the decrease in the amount of liability the Company recorded for uncertain tax positions in 2015 versus 2014. Beginning in 2009, we were granted a 100% tax holiday for certain of our Indian operations, which was in effect until March 31, 2014 and March 31, 2015 for some of our locations and continues until March 31, 2020 for other locations. When these tax holidays expire, these locations become 50% taxable for an additional five years. The impact of this tax holiday decreased our non-US income tax expense by $20.5 million and $9.9 million for 2015 and 2014, respectively. The Company’s consolidated worldwide effective tax rate is relatively low because of the effect of conducting significant operations in certain foreign jurisdictions, specifically India and Singapore, where we have tax holidays or tax concessions. Our operations in Singapore before 2015 were taxed at a 10% tax rate as a result of concessions granted by the Singapore Economic Development Board for the benefit of in-country intellectual property owners. The concessionary 10% rate expired January 1, 2015, at which time our operations are now taxed at the 17% statutory rate. Deferred tax assets and liabilities are comprised of the following:
Amounts recognized in the consolidated balance sheets:
The valuation allowance changed by ($1.9) million and $(408) thousand during the years ended December 31, 2015 and 2014, respectively. The Company recorded a valuation allowance and offsetting NOL carryforwards for certain foreign acquired losses during 2015, where an implied valuation allowance had been previously recognized in prior years. The presentation above has been modified to correctly show the valuation allowances that should have been recorded and to gross up the Company’s deferred tax assets for implied valuation allowances that were inherited through acquisitions. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, or ASU 2015-17. This amendment requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Prior to the issuance of ASU 2015-17, deferred taxes were required to be presented as a net current asset or liability and a net noncurrent asset or liability. We adopted the provisions of ASU 2015-17 upon issuance and prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2014, the previously reported balance of our net current deferred tax assets of $2.11 million was reclassified in the consolidated balance sheet and netted against the net long-term deferred tax liabilities. The adoption of ASU 2015-17 did not impact our consolidated financial position, results of operations or cash flows. We have US Federal, state and foreign operating losses and credit carryforwards as follows:
The US federal and state operating loss carryforwards expire at varying dates through 2035. The federal credits begin to expire in 2018. We also have non-US loss carryforwards of approximately $38.2 million as of December 31, 2015, the majority of which may be carried forward indefinitely. As indicated in the table above, we have established valuation allowances for certain non US operating loss carryforwards due to the uncertainty resulting from a lack of previous substantial taxable income within the applicable tax jurisdictions. We may possibly release these valuation allowances, particularly in our UK entity, in the future. The Company has not recognized a deferred U.S. tax liability and associated income tax expense for the undistributed earnings of its foreign subsidiaries which we consider indefinitely invested because those foreign earnings will remain permanently reinvested in those subsidiaries to fund ongoing operations and growth. Upon distribution of those earnings in the form of dividends or otherwise, we would be subject to income taxes and withholding taxes payable in various jurisdictions, which could be potentially offset by foreign tax credits. Determination of the amount of unrecognized deferred income tax liability is not practical because of the complexities associated with its hypothetical calculation. The following table summarizes the activity related to our unrecognized tax benefits:
The Company recognizes interest accrued and penalties related to unrecognized tax benefits as part of income tax expense. Interest assessed upon settlement of a tax return position is classified as interest expense. As of December 31, 2015 approximately $738 thousand of estimated interest and penalties, which is part of the $3.1 million in the preceding table, is included in other long term liabilities in the accompanying Consolidated Balance Sheet. We file income tax returns in the US federal, many US state and local jurisdictions, and certain foreign jurisdictions. We have substantially resolved all US federal income tax matters for tax years prior to 2014. Our state and foreign tax matters may remain open from 2008 forward. On January 6, 2015, the Company reached a resolution with the Internal Revenue Service with respect to the previously disclosed audit of Ebix’s federal income tax returns for the taxable years 2008 through 2012. The assessment resulted in a cash payment of $20.5 million, including interest of $1.6 million. This resolution includes all issues for the years 2008 through 2012. In December 2015, the Company reached a resolution with the IRS in regards to its 2013 federal tax return, which resulted in an additional cash payment of $320 thousand. The Company has applied the new provisions under Accounting Standards Update 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists, or ASU 2013-11. Under these provisions, an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. The Company has applied this provision and $341 thousand and $1.1 million of unrecognized tax benefits have been applied against the deferred tax assets for net operating loss carryforwards, as of December 31, 2015 and 2014 respectively. |
Stock Repurchases |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Stock Repurchases [Abstract] | |
Stock Repurchases | Stock Repurchases Effective August 19, 2015 the Company's Board of Directors unanimously approved an additional authorized share repurchase plan of $100 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. Under certain circumstances the aggregate amount of repurchases of the Company's equity shares may be limited by the terms and underlying financial covenants regarding the Company's commercial bank financing facility. Effective June 21, 2013 the Company's Board of Directors unanimously approved and authorized a share repurchase plan of $100 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities, and be completed in the subsequent twenty-four months if possible. The Company's share repurchase plan’s terms have been structured to comply with the SEC’s Rule 10b-18, and are subject to market conditions and applicable legal requirements. The program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. All purchases are made in the open market. Treasury stock is recorded at its acquired cost. During 2015 the Company repurchased 2,924,306 shares of its common stock under these plans for total consideration of $82.5 million. During 2014 the Company repurchased 2,146,488 shares of its common stock under this plan for total consideration of $31.9 million. During 2013 the Company repurchased 250,900 shares of its common stock under this plan for total consideration of $2.5 million. As of December 31, 2015 the Company had $88.6 million remaining in its share repurchase authorization. |
Derivative Instruments |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In connection with the acquisition of PlanetSoft effective June 1, 2012, Ebix issued a put option to PlanetSoft's three shareholders. The put option, which expired in June 2014, was exercisable during the 30-day period immediately following the two-year anniversary date of the business acquisition, which if exercised would have enabled them to sell the underlying 296,560 shares of Ebix common stock they received as part of the purchase consideration, back to the Company at a price of $16.86 per share, which represented the per-share value established on the effective date of the closing of Ebix's acquisition of PlanetSoft. In accordance with the relevant authoritative accounting literature a portion of the total purchase consideration was allocated to this put liability based on its initial fair value, which was determined to be $1.4 million using a Black-Scholes model. During the month of July 2014 the former shareholders of PlanetSoft elected to exercise their put option rights with respect to the then remaining 209,656 shares of Ebix common stock they still held. Accordingly the shareholders put those shares back to the Company at $16.86 per share plus interest at the rate of 20% as per the PlanetSoft acquisition agreement. The total consideration, which included one month of interest, paid by the Company in connection with the exercise of these put options was $3.6 million. |
Accounts Payable and Accrued Expenses |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at December 31, 2015 and December 31, 2014, consisted of the following:
|
Other Current Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Other Current Assets Other current assets at December 31, 2015 and December 31, 2014 consisted of the following:
|
Property and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment at December 31, 2015 and 2014 consisted of the following:
Depreciation expense was $3.5 million, $2.3 million and $2.8 million, for the years ended December 31, 2015, 2014 and 2013, respectively. |
Other Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | Other Liabilities Other liabilities at December 31, 2015 and December 31, 2014 consisted of the following:
|
Cash Option Profit Sharing Plan and Trust |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Cash Option Profit Sharing Plan and Trust [Abstract] | |
Cash Option Profit Sharing Plan and Trust | Cash Option Profit Sharing Plan and Trust The Company maintains a 401(k) Cash Option Profit Sharing Plan, which allows participants to contribute a percentage of their compensation to the Profit Sharing Plan and Trust up to the Federal maximum. The Company matches 100% of an employee’s 1% contributed and 50% on the 2% contributed by an employee. Accordingly, the Company’s contributions to the Plan were $676 thousand, $473 thousand and $368 thousand for the years ending December 31, 2015, 2014 and 2013, respectively. |
Geographic Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Information | Geographic Information The Company operates with one reportable segment whose results are regularly reviewed by the Company's CEO, it's chief operating decision maker as to operating performance and the allocation of resources. External customer revenues in the tables below were attributed to a particular country based on whether the customer had a direct contract with the Company which was executed in that particular country for the sale of the Company's products/services with an Ebix subsidiary located in that country. The impact from fluctuations of the exchange rates for the foreign currencies in the countries in which we conduct operations partially affected reported revenues, and were the primary cause for the drop in 2015 revenues in Australia and Brazil. Specifically, during 2015 the change in foreign currency exchange rates decreased reported Australian operating revenues by $(6.0) million and Brazilian operating revenues by$(2.3) million. India's 2015 operating revenues increased $1.7 million or 46% due to a full year impact of the 2014 acquisition of HealthCare Magic and the 2015 acquisition of Via Media. The following enterprise wide information relates to the Company's geographic locations (all amounts in thousands): Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
|
Related Party Transactions |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We consider Regions Bank ("Regions") to be a related party because Regions provides financing to the Company via a syndicated commercial banking facility (refer to Note 5 to these Consolidated Financial Statements), and because Regions is also a customer to whom the Company sells products and services. Revenues recognized from Regions were $300 thousand, $281 thousand, and $292 thousand for each of the years ending December 31, 2015, 2014, and 2013, respectively. Accounts receivable due from Regions were $210 thousand and $50 thousand at December 31, 2015 and 2014, respectively. |
Quarterly Financial Information (unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following is the unaudited quarterly financial information for 2015, 2014 and 2013:
In some instances the sum of the quarterly basic and diluted net income per share amounts may not agree to the full year basic and diluted net income per share amounts reported on the Consolidated Statements of Income because of rounding. |
Minority Business Investment |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Minority Business Investment | Minority Business Investment During 2012, Ebix acquired a minority 19.8% interest in CurePet, Inc. ("CurePet") for cash consideration in the amount of $2.0 million. CurePet was a developmental-stage enterprise that completed an insurance exchange that connects pet owners, referring veterinarians, animal hospitals, academic institutes, and suppliers of medical and general pet supplies, while providing a wide variety of services related to pet insurance to each constituent including practice management, electronic medical records, and billing. CurePet had previously been a customer of Ebix, and as such during 2014 the Company recognized $1.2 million of revenue from CurePet. The Company accounted for its minority investment in CurePet using the cost method. Based on this independent evaluation it was concluded that the fair value of this minority business investment was greater than the Company's carrying value of the investment, and therefore the investment was not impaired as of December 31, 2013. As disclosed in Note 3 "Business Acquisitions", effective January 27, 2014, Ebix acquired the entire business of CurePet in an asset purchase agreement with the total purchase consideration being in the amount of $6.35 million of which $5.0 million pertains to a contingent earnout liability based on earned revenues over the subsequent thirty-six month period following the date of the acquisition. This contingent earnout liability is estimated to have a fair value of zero at December 31, 2015. During the twelve months ended December 31, 2014 the CurePet business generated $324 thousand of revenue, which is included in the Company’s consolidated revenues reported for that the same period. As is disclosed in Note 21 "Investment in Joint Venture", Ebix contributed certain portions of its CurePet investment, valued by the Ebix Health Solutions, LLC joint venture at $2.0 million, for its 40% membership interest in the Ebix Health Solutions, LLC joint venture. |
Temporary Equity |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | Temporary Equity The $5.0 million of temporary equity reported on the Company's consolidated balance sheet as of December 31, 2013 is in connection with the June 1, 2012 acquisition of PlanetSoft. As part of the consideration paid for PlanetSoft in accordance with terms of the merger agreement the former PlanetSoft shareholders received 296,560 shares of Ebix common stock valued at $16.86 per share or $5.0 million in the aggregate. In regards to these shares of Ebix common stock, and as discussed in Note 10 "Derivative Instruments," the Company issued a put option to PlanetSoft's three shareholders. The put option, which expired in June 2014, was exercisable during the thirty-day period immediately following the two-year anniversary date of the business acquisition, which if exercised would have enabled them to sell the underlying 296,560 shares of Ebix common stock they received as part of the purchase consideration, back to the Company at a price of $16.86 per share. Accordingly and in compliance with Accounting Standards Codification ("ASC") 480 "Accounting for Redeemable Equity Instruments," in that the common stock is redeemable for cash at the option of the holders, and not within control of the Company, it is presented outside of the stockholders equity section of the consolidated balance sheet, and shown as a separate line referred to as "temporary equity" on the consolidated balance sheet appearing after liabilities, and before the stockholders' equity section. In July 2014 the former shareholders of PlanetSoft elected to exercise their put option rights with respect to the remaining 209,656 shares of Ebix common stock they still held. Accordingly the shareholders have since put those shares back to the Company at $16.86 per share plus interest at the rate of 20% for the period after the exercise until the cash consideration was paid by the Company, as per the PlanetSoft acquisition agreement. The total consideration, which included interest, paid by the Company in connection with the exercise of these put options was $3.6 million. |
Investment in Joint Venture |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | Investment in Joint Venture Effective September 1, 2015 Ebix and Independence Holdings Corporation ("IHC") formed a joint venture named Ebix Health Solutions, LLC ("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 paid $6.0 million and contributed certain portions of its CurePet investment, valued by the EbixHealth JV at $2.0 million, for its 40% membership interest in the EbixHealth JV. IHC contributed all if its shares in its existing third party administrator operations (IHC Health Solutions, Inc.), valued by the EbixHealth JV at $12.0 million for its 60% membership interest in the EbixHealth JV. As per the joint venture agreement, any and all losses of the EbixHealth JV, (excluding certain severance payments to former employees of IHC Health Solutions, Inc.) through the period ending December 31, 2016 will be allocated to IHC, and IHC is obligated to fund any negative cash flow during this period as a loan to the EbixHealth JV, with any remaining the balance of said loan as of December 31, 2016 being then converted to contributed capital. Also, as per the joint venture agreement, Ebix has a call right during the three-year period following September 1, 2015 to purchase an additional 10% membership interest in the EbixHealth JV for a cash amount equal to the lesser of 10% of the then trailing twelve months of revenue of the EbixHealth JV, or $5.0 million. Furthermore IHC also has been and continues to be a customer of Ebix, and during the twelve months ending December 31, 2015 the Company recognized $1.5 million of revenue from IHC and as of December 31, 2015 IHC had $620 thousand of accounts receivables due to Ebix. In addition, Ebix will be rendering services to the EbixHealth JV as a customer, and in this regard during the twelve months ending December 31, 2015 the Company recognized no revenue from the EbixHealth JV. Ebix is accounting for the investment in the EbixHealth JV using the equity method whereby 40% of the EbixHealth JV periodic profits or losses will be recognized in Ebix's financial statements, after December 16, 2016. During the four-month period ending December 31, 2015 the EbixHealth JV had a net loss of $1.0 million, and as of December 31, 2015 the EbixHealth JV had net equity balance of $17.8 million. |
Capitalized Software Development Costs |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Capitalized Software Development Costs [Abstract] | |
Capitalized Software Development Costs | Capitalized Software Development Costs In accordance with the relevant authoritative accounting literature the Company has capitalized certain software and product related development costs associated with both the Company’s continuing medical education service offerings, and the Company’s recent development of its property and casualty underwriting insurance data exchange platform. During the year ended December 31, 2015 the Company capitalized $3.8 million of such development costs. As of December 31, 2015 a total of $3.5 million of remaining unamortized development costs are reported on the Company’s consolidated balance sheet. During the year ended December 31, 2015 the Company recognized $357 thousand of amortization expense with regards to these capitalized software development costs, which is included in costs of services provided in the Company’s consolidated income statement. The useful life over which these capitalized software development costs are being amortized is eighteen months for the continuing medical education products, and six years for the property and casualty underwriting insurance data exchange platform. |
Subsequent Events |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividends The Company plans to continue with its quarterly cash dividend to the holders of its common stock, whereby a dividend in the amount of $0.075 per common share will be paid on March 15, 2016 to shareholders of record on February 29, 2016. Repurchases of Common Stock Since December 31, 2015 and through February 29, 2016 the Company has purchased an additional 465,560 shares of its outstanding common stock for aggregate consideration in the amount of $13.97 million. All share repurchases were done in accordance with Rule 10b-18 of the Securities Act of 1934 as to the timing, pricing, and volume of such transactions, and were completed using available cash resources and cash generated from the Company's operating activities. |
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II Ebix, Inc. Schedule II—Valuation and Qualifying Accounts for the Years ended December 31, 2015, December 31, 2014 and December 31, 2013 Allowance for doubtful accounts receivable (in thousands)
Valuation allowance for deferred tax assets (in thousands)
|
Description of Business and Summary of Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation— The consolidated financial statements include the accounts of Ebix and its wholly owned subsidiaries. The effect of inter-company balances and transactions has been eliminated. |
|||||||||||||||||||||||||||
Use of Estimates | Use of Estimates—The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenue and expenses during those reporting periods. Management has made material estimates primarily with respect to revenue recognition and deferred revenue, accounts receivable, acquired intangible assets, annual impairment reviews of goodwill, indefinite-lived intangible assets, and investments. contingent earnout liabilities in connection with business acquisitions, and the provision for income taxes. Actual results may be materially different from those estimates. |
|||||||||||||||||||||||||||
Reclassification | Reclassification—Certain of the reported balances and results for prior year or prior quarters, including the notes thereto, have been reclassified to conform to the current year presentation. The change in reserve for potential uncertain income tax return positions had been previously netted against the provision for deferred taxes line in the consolidated statements of cash flows, it is now shown separately. Also, beginning in 2014 the Company has applied the new provisions under Financial Accounting Standard ("FAS") update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists", as more fully described in Note 8 "Income Taxes". A portion of potential uncertain income tax return positions previously reported in "Other Liabilities" on the consolidated balance sheets are now netted against the "Deferred tax asset, net" line in the long term asset section of the consolidated balance sheets. |
|||||||||||||||||||||||||||
Segment Reporting | Segment Reporting—Since the Company, from the perspective of its chief operating decision maker, allocates resources and evaluates business performance as a single entity that provides software and related services to a single industry on a worldwide basis, the Company reports as a single segment. |
|||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents—The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Such investments are stated at cost, which approximates fair value. The Company does maintain cash balances in banking institutions in excess of federally insured amounts and therefore is exposed to the related potential credit risk associated with such cash deposits. |
|||||||||||||||||||||||||||
Short-term Investments | Short-term Investments—The Company’s short-term investments consist of certificates of deposits with established commercial banking institutions with readily determinable fair values. Ebix accounts for such investments that are reasonably expected to be realized in cash, sold or consumed during the year as short-term investments that are available-for-sale. The carrying amount of investments in marketable securities approximates their fair value. |
|||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments—The Company follows the relevant GAAP guidance regarding the determination and measurement of the fair value of financial instruments in which fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction valuation hierarchy which requires an entity to maximize the use of observable inputs when measuring fair value. The guidance describes the following three levels of inputs that may be used in the methodology to measure fair value:
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2015 and 2014 the Company has the following financial instruments to which it had to consider fair values and had to make fair assessments:
Other financial instruments not measured at fair value on the Company's consolidated balance sheets at December 31, 2015 and 2014 but which require disclosure of their fair values include: cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, accrued payroll and related benefits, capital lease obligations, and debt under the revolving line of credit with Regions Bank. The estimated fair value of such instruments at December 31, 2015 and 2014 reasonably approximates their carrying value as reported on the consolidated balance sheets. |
|||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue—The Company derives its revenues primarily from professional and support services, which includes revenue generated from subscription and transaction fees pertaining to services delivered over our exchanges or from our application service provider (“ASP”) platforms, software development projects and associated fees for consulting, implementation, training, and project management provided to customers using our systems, and risk compliance solutions ("RCS"). Sales and value-added taxes are not included in revenues, but rather are recorded as a liability until the taxes assessed are remitted to the respective taxing authorities. The Company follows the relevant technical accounting guidance regarding revenue recognition as issued by the Financial Accounting Standards Board ("FASB") and the Securities and Exchange Commission's ("SEC"). The Company considers revenue earned and realizable when: (a) persuasive evidence of the sales arrangement exists, (b) the arrangement fee is fixed or determinable, (c) service delivery or performance has occurred, (d) customer acceptance has been received or is reasonably assured, if contractually required, and (e) collectability of the arrangement fee is probable. The Company typically uses signed contractual agreements as persuasive evidence of a sales arrangement. We apply the provisions of the relevant FASB accounting pronouncements related to all transactions involving the license of software where the software deliverables are considered more than inconsequential to the other elements in the arrangement. For contracts that contain multiple deliverables, we analyze the revenue arrangements in accordance with the appropriate authoritative guidance, which provides criteria governing how to determine whether goods or services that are delivered separately in a bundled sales arrangement should be considered as separate units of accounting for the purpose of revenue recognition. Deliverables are accounted for separately if they meet all of the following criteria: a) the delivered item has value to the customer on a stand-alone basis; b) there is objective and reliable evidence of the fair value for all arrangement deliverables; and c) if the arrangement includes a general right of return relative to the delivered items, the delivery or performance of the undelivered items is probable and substantially controlled by the Company. Under the relevant accounting guidance, when multiple-deliverables included in an arrangement are to be separated into different units of accounting, the arrangement consideration is allocated to the identified separate units of accounting based on their relative fair values. We determine the relative selling price for a deliverable based on vendor-specific objective evidence of selling price (“VSOE”), if available, or third-party evidence ("TPE") in the alternative if available, or finally our best estimate of selling price (“BESP”), if VSOE or TPE is not available. The Company begins to recognize revenue from license fees for its exchange (SAAS) and ASP products upon granting customer access to the respective processing platform. Transaction services fee revenue for this use of our exchanges or ASP platforms is recognized as the transactions occur and are generally billed in arrears. Revenues from RCS arrangements, which include data entry and call center services, and insurance certificate creation and tracking services, are recognized as the services are performed. Revenues from RCS consulting arrangements are recognized as the services are delivered on a time and materials basis. Service fees for hosting arrangements are recognized over the requisite service period. Revenue derived from the licensing of third party software products in connection with sales of the Company’s software licenses is recognized upon delivery together with the Company’s licensed software products. Fees for training, data conversion, installation, and consulting services fees are recognized as revenue when the services are performed. Revenue for maintenance and support services are recognized ratably over the term of the support agreement. Software development arrangements involving significant customization, modification or production are accounted for in accordance with the appropriate technical accounting guidance issued by the FASB using the percentage-of-completion method. The Company recognizes revenue using periodic reported actual hours worked as a percentage of total expected hours required to complete the project arrangement and applies the percentage to the total arrangement fee. Deferred revenue includes payments or billings that have been received or made prior to performance and, in certain cases, cash collections and primarily pertain to maintenance and support fees, initial setup or registration fees under hosting agreements, software license fees received in advance of delivery and acceptance, and software development fees paid in advance of completion and delivery. |
|||||||||||||||||||||||||||
Accounts Receivable and the Allowance for Doubtful Accounts Receivable | The unbilled receivables pertain to certain professional service engagements and system development projects for which the timing of billing is tied to contractual milestones. The Company adheres to such contractually stated performance milestones and accordingly issues invoices to customers as per contract billing schedules. Accounts receivable are written off against the allowance for doubtful accounts receivable when the Company has exhausted all reasonable collection efforts. Management specifically analyzes the aging of accounts receivable and historical bad debts, write-offs, customer concentrations, customer credit-worthiness, current economic trends, and changes in our customer payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. Accounts Receivable and the Allowance for Doubtful Accounts Receivable— |
|||||||||||||||||||||||||||
Costs of Services Provided | Costs of Services Provided—Costs of services provided consist of data processing costs, customer support costs including personnel costs to maintain our proprietary databases, costs to provide customer call center support, hardware and software expense associated with transaction processing systems and exchanges, telecommunication and computer network expense, and occupancy costs associated with facilities where these functions are performed. Depreciation expense is not included in costs of services provided. |
|||||||||||||||||||||||||||
Capitalized Software Development Costs | Capitalized Software Development Costs—In accordance with the relevant FASB accounting guidance regarding the development of software to be sold, leased, or marketed, the Company expenses such costs as they are incurred until technological feasibility has been established, at and after which time those costs are capitalized until the product is available for general release to customers. Costs incurred to enhance our software products, after general market release of the services using the products, is expensed in the period they are incurred. |
|||||||||||||||||||||||||||
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets - Goodwill represents the cost in excess of the fair value of the identifiable net assets from the businesses that we acquire. In accordance with the relevant FASB accounting guidance, goodwill is tested for impairment at the reporting unit level on an annual basis or on an interim basis if an event occurred or circumstances change that would indicate that fair value of a reporting unit decreased below its carrying value. Potential impairment indicators include a significant change in the business climate, legal factors, operating performance indicators, competition, customer retention and the sale or disposition of a significant portion of the business. The Company applies the technical accounting guidance concerning goodwill impairment evaluation whereby the Company first assesses certain qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of any of our reporting units was less than its carrying amount. If after assessing the totality of events or circumstances, we were to determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then we would not perform the two-step quantitative impairment testing described further below. The aforementioned two-step quantitative testing process involves comparing the reporting unit carrying values to their respective fair values; we determine fair value of our reporting units by applying the discounted cash flow method using the present value of future estimated net cash flows. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its implied value. We perform our annual goodwill impairment evaluation and testing as of September 30 each year. In 2015 the goodwill residing in the Broker Systems reporting unit and the Carrier Systems reporting unit, were evaluated for impairment based on an assessment of certain qualitative factors, and were determined not to have been impaired. In 2015 the goodwill residing in the Exchange reporting unit and the Risk Compliance Solutions ("RCS") reporting unit were evaluated for impairment using step-one of the quantitative testing process described above. The fair value of both of these reporting units were found to be greater than their carrying value, and thusly there was no need to proceed to step-two, as there was no impairment indicated. Projections of cash flows are based on our views of revenue growth rates, operating costs, anticipated future economic conditions, the appropriate discount rates relative to risk, and estimates of residual values and terminal values. We believe that our estimates are consistent with assumptions that marketplace participants would use in their estimates of fair value. The use of different estimates or assumptions for our projected discounted cash flows (e.g., revenue growth rates, future economic conditions, discount rates, and estimates of terminal values) when determining the fair value of our reporting units could result in different values and may result in a goodwill impairment charge. As a practice, the Company closely monitors any reporting units that do not have a significantly higher fair value in excess of their carrying value. The Company’s indefinite-lived assets are associated with the estimated fair value of the contractual customer relationships existing with the property and casualty insurance carriers in Australia using our property and casualty ("P&C") data exchange and with certain large corporate customers using our client relationship management (“CRM”) platform in the United States. Prior to these underlying business acquisitions Ebix had pre-existing contractual relationships with these carriers and corporate clients. The contracts are renewable at little or no cost, and Ebix intends to continue to renew these contracts indefinitely and has the ability to do so. The proprietary technology supporting the P&C data exchange and CRM platform that is used to deliver services to these carriers and corporate clients, cannot feasibly be effectively replaced in the foreseeable future, and accordingly the cash flows forthcoming from these customers are expected to continue indefinitely. With respect to the determination of the indefinite life, the Company considered the expected use of these intangible assets, historical experience in renewing or extending similar arrangements, and the effects of competition, and concluded that there were no indications from these factors to suggest that the expected useful life of these customer relationships would be finite. The Company concluded that no legal, regulatory, contractual, or competitive factors limited the useful life of these intangible assets and therefore their life was considered to be indefinite, and accordingly the Company expects these customer relationships to remain the same for the foreseeable future. The fair values of these indefinite-lived intangible assets were based on the analysis of discounted cash flow (“DCF”) models extended out fifteen to twenty years. In that indefinite-lived does not imply an infinite life, but rather means that the subject customer relationships are expected to extend beyond the foreseeable time horizon, we utilized fifteen to twenty year DCF projections, as the valuation models that were applied consider a fifteen to twenty year time frame to be an indefinite period. Indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually. We perform our annual impairment testing of indefinite-lived intangible assets as of September 30th of each year. During the years ended December 31, 2015, 2014, and 2013, we had no impairments to the recorded balances of our indefinite-lived intangible assets. We perform the impairment test for our indefinite-lived intangible assets by comparing the asset’s fair value to its carrying value. An impairment charge is recognized if the asset’s estimated fair value is less than its carrying value. |
|||||||||||||||||||||||||||
Purchased Intangible Assets | Purchased Intangible Assets—Purchased intangible assets represent the estimated fair value of acquired intangible assets from the businesses that we acquire in the U.S. and foreign countries in which we operate. These purchased intangible assets include customer relationships, developed technology, informational databases, and trademarks. We amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows:
|
|||||||||||||||||||||||||||
Income Taxes | Income Taxes— The Company follows the asset and liability method of accounting for income taxes pursuant to the pertinent guidance issued by the FASB. Deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities, and operating loss and tax credit carry forwards, and their financial reporting amounts at each period end using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded, if necessary, for the portion of the deferred tax assets that are not expected to be realized based on the levels of historical taxable income and projections for future taxable income over the periods in which the temporary differences will be deductible. The Company follows the provisions of FASB accounting guidance on accounting for uncertain income tax positions. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (“Step 1”) occurs when an enterprise concludes that a tax position, based solely on its technical merits is more likely than not to be sustained upon examination. Measurement (“Step 2”) is only addressed if Step 1 has been satisfied. Under Step 2, the tax benefit is measured at the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon final settlement. As used in this context, the term “more likely than not” is interpreted to mean that the likelihood of occurrence is greater than 50%. |
|||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation—The functional currency for the Company's foreign subsidiaries in India and Singapore is the U.S. dollar because the intellectual property research and development activities provided by its Singapore subsidiary, and the product development and information technology enabled services activities for the insurance industry provided by its India subsidiary, both in support of Ebix's operating divisions across the world, are transacted in U.S. dollars. The functional currency of the Company's other foreign subsidiaries is the local currency of the country in which the subsidiary operates. The assets and liabilities of these foreign subsidiaries are translated into U.S. dollars at the rates of exchange at the balance sheet dates. Income and expense accounts are translated at the average exchange rates in effect during the period. Gains and losses resulting from translation adjustments are included as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets. Foreign exchange transaction gains and losses that are derived from transactions denominated in a currency other than the subsidiary's functional currency are included in the determination of net income. |
|||||||||||||||||||||||||||
Advertising | Advertising—With the exception of certain direct-response costs in connection with our business services of providing medical continuing education to physicians, dentists and healthcare professionals, advertising costs are expensed as incurred. Advertising costs amounted to $4.0 million, $1.7 million, and $1.0 million in 2015, 2014, and 2013, respectively, and are included in sales and marketing expenses in the accompanying Consolidated Statements of Income. Sales and marketing expenses have been reduced in the twelve months of 2015 as a result of the deferment of (net of amortization) $2.9 million of certain direct-response advertising costs associated with our recent acquisition of Oakstone, which have been capitalized in accordance with Accounting Standards Codification ("ASC") Topic 340. These costs are being amortized to expense over periods ranging from twelve to twenty-four months based on the type of product the customer purchases. Deferred advertising costs amounted to $2.9 million, and zero at December 31, 2015 and 2014, respectively, and are included in Other current assets and Other assets on the consolidated balance sheet. |
|||||||||||||||||||||||||||
Sales Commissions | Sales Commissions —Certain sales commission paid with respect to subscription-based revenues are deferred and subsequently amortized into operating expenses ratably over the term of the related customer subscription contracts. As of December 31, 2015 and 2014, $564 thousand and $398 thousand, respectively, of sales commissions were deferred and included in other current assets on the accompanying Consolidated Balance Sheets. During the years ended December 31, 2015 and 2014 the Company amortized $840 thousand and $913 thousand, respectively, of previously deferred sales commissions and included this expense in sales and marketing costs on the accompanying Consolidated Statements of Income. |
|||||||||||||||||||||||||||
Property and Equipment | Property and Equipment—Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets estimated useful lives. Leasehold improvements are amortized over the shorter of the expected life of the improvements or the remaining lease term. Repairs and maintenance are charged to expense as incurred and major improvements that extend the life of the asset are capitalized and depreciated over the expected remaining life of the related asset. Gains and losses resulting from sales or retirements are recorded as incurred, at which time related costs and accumulated depreciation are removed from the Company’s accounts. Fixed assets acquired in acquisitions are recorded at fair value. The estimated useful lives applied by the Company for property and equipment are as follows:
|
|||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following is a summary brief discussion of recently released accounting pronouncements that are pertinent to the Company’s business: The FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 6 for the Company’s current lease commitments. The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, or ASU 2015-17. This amendment requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Prior to the issuance of ASU 2015-17, deferred taxes were required to be presented as a net current asset or liability and a net noncurrent asset or liability. We adopted the provisions of ASU 2015-17 upon issuance and prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2014, the previously reported balance of our net current deferred tax assets of $2.11 million was reclassified in the consolidated balance sheet and netted against the net long-term deferred tax liabilities. The adoption of ASU 2015-17 did not impact our consolidated financial position, results of operations or cash flows. In September 2015 the FASB issued Accounting Standards Update 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Those adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The acquirer also must revise comparative information for prior periods presented in financial statements as needed, including revising depreciation, amortization, or other income effects as a result of changes made to provisional amounts. The amendments require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The only disclosures required at transition should be the nature of and reason for the change in accounting principle. An entity should disclose that information in the first annual period of adoption and in the interim periods within the first annual period if there is a measurement-period adjustment during the first annual period in which the changes are effective. The Company has adopted this ASU currently, and has disclosed the changes as appropriate in the table included in Note 1 to the consolidated financial statements in this Form 10-K . In November 2014 the FASB issued Accounting Standards Update No. 2014-17 "Business Combinations: Pushdown Accounting - a consensus of the Emerging Issues Task Force". This accounting standard applies to the separate financial statements of an acquired entity and its subsidiaries that are a business upon the occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this accounting standards update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. The amendments in this accounting standards update were effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The Company will apply this accounting standards update to any separately issued or filed 2015 financial statement for its acquired subsidiaries and is still evaluating the impact of its adoption. In May 2014 the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers". ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue)in this ASU. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients: • For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period. • For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods. • For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue. 2. Retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of: • The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change. • An explanation of the reasons for significant changes. The Company had planned to adopt this new accounting standard effective January 1, 2017 and it has not presently determined the impact that the adoption of ASU No. 2014-09 will have on its income statement, balance sheet, or statement of cash flows. Furthermore, the Company has not yet determined the method of retrospective adoption it will use as described in paragraphs 1 and 2 immediately above. Subsequently in August 2015 the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers: Deferral of Effective Date", to defer the effective date of ASU No. 2014-09 for all entities by one year. Accordingly public business entities should apply the guidance of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that annual reporting period. Although early adoption is allowed, the Company plans to adopt this new accounting standard on its newly revised effective date of January 1, 2018, but it has not presently determined the impact that the adoption of ASU No. 2014-09 will have on its income statement, balance sheet, or statement of cash flows. Furthermore, the Company has not yet determined the method of retrospective adoption it will use. |
Earnings per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class | The basic and diluted earnings per share (“EPS”), and the basic and diluted weighted average shares outstanding for all periods as presented in the accompanying Consolidated Statements of Income are shown below :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | Diluted shares outstanding are determined as follows for each years ending December 31, 2015, 2014, and 2013:
|
Description of Business and Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Segment Allocation | The following table summarizes the goodwill recorded in connection with the acquisitions that occurred during 2015 and 2014:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 groups for the years ended December 31, 2015 , 2014 and 2013.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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, 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Excluding Goodwill | Intangible assets as of December 31, 2015 and December 31, 2014, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Business Acquisitions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Assets Acquired in Business Acquisitions | The following table summarizes the fair value of the consideration transferred, net assets acquired and liabilities assumed as a result of the acquisitions that occurred during 2015 and 2014:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Identified Intangible Assets Acquired as Part of Business Acquisitions | The following table summarizes the separately identified intangible assets acquired as a result of the acquisitions that occurred during 2015 and 2014:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Future Amortization Expense | Estimated aggregate future amortization expense for the intangible assets recorded as part of the business acquisitions described above and other prior acquisitions is as follows:
|
Pro Forma Financial Information (re: 2015 and 2014 acquisitions) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Pro Forma Financial Information |
|
Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Future Principal Debt Payments and Minimum Lease Payments Under Non-Cancelable Operating And Capital Leases | Commitments for minimum rentals under non-cancellable leases, debt obligations, and future purchase obligations as of December 31, 2015 were as follows:
|
Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Valuation Assumptions | The following table includes the weighted- average assumptions used in estimating the fair values and the resulting weighted-average fair value of stock options granted in the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Options Activity | A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | A summary of non-vested options and changes for the years ended December 31, 2015, 2014 and 2013 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding by price range as of December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Activity | A summary of the status of the Company’s non-vested restricted stock grant shares is presented in the following table:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Income before income taxes includes the following components:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense (benefit) consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax rate to the effective income tax rate consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Amounts recognized in the consolidated balance sheets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | We have US Federal, state and foreign operating losses and credit carryforwards as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income Tax, Temporary Differences Between Amounts of Assets and Liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Before Income Tax and Applicable Tax Rates, Domestic and Foreign |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward |
|
Accounts Payable and Accrued Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses at December 31, 2015 and December 31, 2014, consisted of the following:
|
Other Current Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets at December 31, 2015 and December 31, 2014 consisted of the following:
|
Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment at December 31, 2015 and 2014 consisted of the following:
|
Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | Other liabilities at December 31, 2015 and December 31, 2014 consisted of the following:
|
Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information by Geographic Locations | The Company operates with one reportable segment whose results are regularly reviewed by the Company's CEO, it's chief operating decision maker as to operating performance and the allocation of resources. External customer revenues in the tables below were attributed to a particular country based on whether the customer had a direct contract with the Company which was executed in that particular country for the sale of the Company's products/services with an Ebix subsidiary located in that country. The impact from fluctuations of the exchange rates for the foreign currencies in the countries in which we conduct operations partially affected reported revenues, and were the primary cause for the drop in 2015 revenues in Australia and Brazil. Specifically, during 2015 the change in foreign currency exchange rates decreased reported Australian operating revenues by $(6.0) million and Brazilian operating revenues by$(2.3) million. India's 2015 operating revenues increased $1.7 million or 46% due to a full year impact of the 2014 acquisition of HealthCare Magic and the 2015 acquisition of Via Media. The following enterprise wide information relates to the Company's geographic locations (all amounts in thousands): Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
|
Quarterly Financial Information (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following is the unaudited quarterly financial information for 2015, 2014 and 2013:
In some instances the sum of the quarterly basic and diluted net income per share amounts may not agree to the full year basic and diluted net income per share amounts reported on the Consolidated Statements of Income because of rounding. |
Earnings per Share (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.35 | $ 0.36 | $ 0.47 | $ 2.29 | $ 1.68 | $ 1.58 |
Diluted earnings per common share (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.34 | $ 0.35 | $ 0.45 | $ 2.28 | $ 1.67 | $ 1.53 |
Basic weighted average shares outstanding (in shares) | 34,668,000 | 37,809,000 | 37,588,000 | ||||||||||||
Diluted weighted average shares outstanding (in shares) | 34,901,000 | 38,040,000 | 38,642,000 | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 135,000 | 315,000 | ||||||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||||
Basic weighted average shares outstanding (in shares) | 34,668,000 | 37,809,000 | 37,588,000 | ||||||||||||
Incremental shares for common stock equivalents (in shares) | 233,000 | 231,000 | 1,054,000 | ||||||||||||
Diluted shares outstanding (in shares) | 34,901,000 | 38,040,000 | 38,642,000 |
Description of Business and Summary of Significant Accounting Policies (Segment Reporting) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Sep. 30, 2013
USD ($)
|
Jun. 30, 2013
USD ($)
|
Mar. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
ProductService_Groups
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenue, international percentage | 22.70% | 31.00% | 31.80% | ||||||||||||
Number of product/service groups | ProductService_Groups | 4 | ||||||||||||||
Operating revenue | $ 70,204 | $ 66,813 | $ 64,712 | $ 63,753 | $ 60,633 | $ 50,808 | $ 51,476 | $ 51,404 | $ 50,847 | $ 50,293 | $ 51,004 | $ 52,566 | $ 265,482 | $ 214,321 | $ 204,710 |
Exchanges | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 190,746 | 169,437 | 163,925 | ||||||||||||
Broker Systems | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 14,481 | 17,948 | 18,378 | ||||||||||||
RCS | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 55,917 | 21,813 | 15,678 | ||||||||||||
Carrier Systems | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | $ 4,338 | $ 5,123 | $ 6,729 |
Description of Business and Summary of Significant Accounting Policies (Short-term Investments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Short-term investments | $ 1,538 | $ 281 |
Description of Business and Summary of Significant Accounting Policies (Accounts Receivables and Allowances) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Net, Current | $ 47,171 | $ 41,100 | |
Allowance for doubtful accounts | 3,388 | 1,619 | |
Deferred revenue included in accounts receivables | 6,900 | 5,800 | |
Bad debt expense | 3,111 | 1,600 | $ 1,147 |
Billed Revenues | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Net, Current | 36,700 | 32,600 | |
Unbilled Revenues | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Net, Current | $ 10,500 | $ 8,500 |
Description of Business and Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Sep. 01, 2015 |
Jun. 01, 2015 |
Mar. 03, 2015 |
Dec. 02, 2014 |
Dec. 01, 2014 |
Nov. 03, 2014 |
May. 21, 2014 |
Jan. 27, 2014 |
|
Goodwill [Line Items] | ||||||||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |||||||||
Business acquisition, purchase price allocation, goodwill | 402,220,000 | 337,068,000 | 337,068,000 | $ 402,259,000 | ||||||||
Goodwill [Roll Forward] | ||||||||||||
Goodwill, beginning balance | 402,220,000 | 337,068,000 | ||||||||||
Additions, net | 8,868,000 | 68,503,000 | ||||||||||
Goodwill, Purchase Accounting Adjustments | (2,099,000) | 0 | ||||||||||
Goodwill, Transfers | (1,783,000) | 0 | ||||||||||
Foreign currency translation adjustments | (4,947,000) | (3,351,000) | ||||||||||
Goodwill, ending balance | $ 402,259,000 | 402,220,000 | $ 337,068,000 | |||||||||
Fair Value Inputs, Discount Rate | 1.75% | |||||||||||
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Additions, net | 68,503,000 | |||||||||||
Final Allocation | Via Media Health [Member] | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 2,042,000 | |||||||||||
Final Allocation | PB Systems [Member] | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 6,826,000 | |||||||||||
Final Allocation | Via Media Health, PB Systems, Curepet, and I3 [Member] | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 4,986,000 | 4,986,000 | ||||||||||
Goodwill [Roll Forward] | ||||||||||||
Goodwill, ending balance | 4,986,000 | |||||||||||
Final Allocation | Curepet, Inc. | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ (1,783,000) | $ 2,687,000 | ||||||||||
Final Allocation | Healthcare Magic | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 5,619,000 | |||||||||||
Final Allocation | Qatarlyst | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 27,728,000 | |||||||||||
Final Allocation | Oakstone | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 28,769,000 | |||||||||||
Final Allocation | I3 | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 1,602,000 | |||||||||||
Final Allocation | Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | 68,503,000 | 68,503,000 | ||||||||||
Goodwill [Roll Forward] | ||||||||||||
Goodwill, beginning balance | 68,503,000 | |||||||||||
Goodwill, ending balance | $ 68,503,000 | |||||||||||
Final Allocation Adjustment [Member] | I3 | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | (2,099,000) | |||||||||||
Preliminary Allocation [Member] | I3 | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Business acquisition, purchase price allocation, goodwill | $ 3,700,000 | |||||||||||
RCS | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Reporting Unit, Assessed Fair Value | 102,000,000 | |||||||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 13,500,000 | |||||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 15.00% | |||||||||||
Reporting Unit, Excess Carrying Value of Assessed Fair Value | $ 88,500,000 | |||||||||||
Business acquisition, purchase price allocation, goodwill | 64,000,000 | $ 64,000,000 | ||||||||||
Goodwill [Roll Forward] | ||||||||||||
Goodwill, ending balance | $ 64,000,000 | |||||||||||
Fair Value Inputs, Discount Rate | 16.00% | |||||||||||
Minimum [Member] | RCS | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.00% | |||||||||||
Maximum [Member] | RCS | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% |
Description of Business and Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | $ 0 |
Finite-Lived Intangible Assets, Gross | 95,220,000 | 86,301,000 | |
Finite-lived intangible assets, accumulated amortization | (43,372,000) | (36,930,000) | |
Estimated future amortization expense | 51,848,000 | 49,371,000 | |
Goodwill, Impairment Loss | 0 | 0 | $ 0 |
Customer Relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 76,275,000 | 66,783,000 | |
Customer Relationships | Minimum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 7 years | ||
Customer Relationships | Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 20 years | ||
Developed Technology | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 15,121,000 | 15,664,000 | |
Developed Technology | Minimum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 3 years | ||
Developed Technology | Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 12 years | ||
Trademarks | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 2,729,000 | 2,751,000 | |
Trademarks | Minimum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 3 years | ||
Trademarks | Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 15 years | ||
Noncompete Agreements | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 743,000 | 751,000 | |
Noncompete Agreements | Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 5 years | ||
Backlog | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 140,000 | 140,000 | |
Database | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-Lived Intangible Assets, Gross | $ 212,000 | 212,000 | |
Database | Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Finite-lived intangible asset, useful life | 10 years | ||
Customer Relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | |||
Indefinite-lived intangible assets | $ 30,887,000 | $ 30,887,000 |
Description of Business and Summary of Significant Accounting Policies (Advertising and Sales Commission) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Capitalized Direct Response Advertising Costs [Line Items] | |||
Advertising Expense | $ 4,000 | $ 1,700 | $ 1,000 |
Deferred Sales Commission | 564 | 398 | |
Amortization of Deferred Sales Commissions | 840 | 913 | |
Capitalized Direct Response Advertising Costs (net of amortization) | 2,900 | ||
Capitalized Direct Response Advertising Costs, net | $ 2,900 | $ 0 | |
Minimum [Member] | |||
Capitalized Direct Response Advertising Costs [Line Items] | |||
Capitalized Direct Response Advertising Costs, Amortization Period | 12 months | ||
Maximum [Member] | |||
Capitalized Direct Response Advertising Costs [Line Items] | |||
Capitalized Direct Response Advertising Costs, Amortization Period | 24 months |
Description of Business and Summary of Significant Accounting Policies (Fixed Assets) (Details) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 39 years |
Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 15 years |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Furniture, fixtures and other | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 7 years |
Software and Software Development Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) $ in Thousands |
Dec. 31, 2014
USD ($)
|
---|---|
New Accounting Pronouncement, Early Adoption, Effect [Member] | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
Current deferred tax assets reclassified | $ 2,110 |
Description of Business and Summary of Significant Accounting Policies Income Taxes (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Examination, Likelihood of Unfavorable Settlement | 0.5 |
Business Acquisitions (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 02, 2015 |
Jun. 02, 2015 |
Mar. 02, 2015 |
Dec. 02, 2014 |
Nov. 03, 2014 |
May. 22, 2014 |
Jan. 27, 2014 |
Jun. 02, 2012 |
May. 04, 2012 |
Jun. 30, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Sep. 01, 2015 |
Jun. 01, 2015 |
Mar. 03, 2015 |
Dec. 01, 2014 |
May. 21, 2014 |
|
Business Acquisition [Line Items] | |||||||||||||||||||
Business Acquisition, Earnout Accrual Adjustment | $ 1,533 | $ 10,237 | $ 10,253 | ||||||||||||||||
Derivative Liability | 4,277 | 5,367 | 14,420 | ||||||||||||||||
Contingent liability for accrued earn-out acquisition consideration | 2,571 | 4,480 | |||||||||||||||||
Contingent liability for accrued earn-out acquisition consideration | 1,706 | 887 | |||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 402,259 | 402,220 | 337,068 | ||||||||||||||||
Goodwill | 402,259 | 402,220 | $ 337,068 | ||||||||||||||||
Planetsoft [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity instruments | $ 5,000 | ||||||||||||||||||
Put option, exercise period | 30 days | ||||||||||||||||||
Put option, vesting period required prior to exercise | 2 years | ||||||||||||||||||
Put option, price to repurchase shares, discount | 10.00% | ||||||||||||||||||
Via Media Health [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 1,000 | ||||||||||||||||||
Via Media Health [Member] | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 383 | ||||||||||||||||||
Via Media Health [Member] | Technology | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 101 | ||||||||||||||||||
Via Media Health [Member] | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 2,042 | ||||||||||||||||||
Goodwill | $ 2,042 | ||||||||||||||||||
PB Systems [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 990 | ||||||||||||||||||
Derivative, Term of Contract | 24 months | ||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 12,400 | ||||||||||||||||||
PB Systems [Member] | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 10,300 | ||||||||||||||||||
PB Systems [Member] | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 6,826 | ||||||||||||||||||
Goodwill | 6,826 | ||||||||||||||||||
Curepet, Inc. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 5,000 | 0 | |||||||||||||||||
Payments to acquire cost method investment | $ 2,000 | ||||||||||||||||||
Cash consideration offset against open receivable balances due to Ebix, Inc. from CurePet | $ 1,350 | ||||||||||||||||||
Derivative, Term of Contract | 36 months | ||||||||||||||||||
Purchase Price of Business Acquisition, Cost of Acquired Entity | $ 6,350 | ||||||||||||||||||
Curepet, Inc. | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 2,687 | $ (1,783) | |||||||||||||||||
Goodwill | 2,687 | $ (1,783) | |||||||||||||||||
Healthcare Magic | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 0 | ||||||||||||||||||
Derivative, Term of Contract | 24 months | ||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 6,000 | ||||||||||||||||||
Healthcare Magic | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 452 | ||||||||||||||||||
Healthcare Magic | Technology | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 100 | ||||||||||||||||||
Healthcare Magic | Trademarks and Trade Names | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 59 | ||||||||||||||||||
Healthcare Magic | Noncompete Agreements | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 226 | ||||||||||||||||||
Healthcare Magic | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 5,619 | ||||||||||||||||||
Goodwill | 5,619 | ||||||||||||||||||
Vertex | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 720 | ||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 27,250 | ||||||||||||||||||
Vertex | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 2,500 | ||||||||||||||||||
Vertex | Technology | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 235 | ||||||||||||||||||
Vertex | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 27,700 | ||||||||||||||||||
Goodwill | 27,700 | ||||||||||||||||||
Oakstone | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 31,370 | ||||||||||||||||||
Deferred Revenue | 6,500 | ||||||||||||||||||
Payments to Acquire Businesses, Net | 23,720 | ||||||||||||||||||
Net working capital adjustment | 7,650 | ||||||||||||||||||
Oakstone | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 1,700 | ||||||||||||||||||
Oakstone | Technology | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 501 | ||||||||||||||||||
Oakstone | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 28,769 | ||||||||||||||||||
Goodwill | 28,769 | ||||||||||||||||||
I3 | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 0 | ||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 2,000 | ||||||||||||||||||
I3 | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 310 | ||||||||||||||||||
I3 | Technology | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 48 | ||||||||||||||||||
I3 | Final Allocation | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition, purchase price allocation, goodwill | 1,602 | ||||||||||||||||||
Goodwill | 1,602 | ||||||||||||||||||
Contingent Accrued Earn-out Acquisition Consideration | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 4,300 | 5,400 | |||||||||||||||||
Minimum [Member] | Via Media Health [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 370 | ||||||||||||||||||
Maximum [Member] | Via Media Health [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 1,430 | ||||||||||||||||||
Maximum [Member] | PB Systems [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | 8,000 | ||||||||||||||||||
Maximum [Member] | Curepet, Inc. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 5,000 | ||||||||||||||||||
Maximum [Member] | Healthcare Magic | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 12,360 | ||||||||||||||||||
Maximum [Member] | Vertex | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 2,000 | ||||||||||||||||||
Maximum [Member] | I3 | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 4,000 | ||||||||||||||||||
Curepet, Inc. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to acquire cost method investment | $ 2,000 | $ 2,000 | |||||||||||||||||
EbixHealth JV [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Non-cash Payments To Acquire Interest In Joint Venture | $ 2,000 | $ 2,000 | |||||||||||||||||
Performance Bonus [Member] | Via Media Health [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Derivative Liability | $ 1,000 |
Business Acquisitions (Net Assets Acquired) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 27, 2014 |
|
Business Acquisition [Line Items] | |||
Goodwill | $ 8,868 | $ 68,503 | |
Curepet, Inc. | |||
Business Acquisition [Line Items] | |||
Cash consideration offset against open receivable balances due to Ebix, Inc. from CurePet | $ 1,350 | ||
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 59,514 | ||
Equity instruments | 0 | ||
Contingent earn-out consideration arrangement (net) | 4,312 | ||
Previous cash consideration in investment of CurePet | 2,000 | ||
Cash consideration offset against open receivable balances due to Ebix, Inc. from CurePet | 1,350 | ||
Total | 67,176 | ||
Cash | 323 | ||
Current assets | 5,263 | ||
Property and equipment | 670 | ||
Other assets | 54 | ||
Intangible assets | 6,872 | ||
Deferred tax liability | (1,040) | ||
Current and other liabilities | (13,469) | ||
Net assets acquired | (1,327) | ||
Goodwill | 68,503 | ||
Total net assets acquired | $ 67,176 | ||
Via Media Health, PB Systems, Curepet, and I3 [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 13,380 | ||
Equity instruments | 0 | ||
Contingent earn-out consideration arrangement (net) | 516 | ||
Previous cash consideration in investment of CurePet | 0 | ||
Cash consideration offset against open receivable balances due to Ebix, Inc. from CurePet | 0 | ||
Total | 13,896 | ||
Cash | 905 | ||
Current assets | 3,509 | ||
Property and equipment | 312 | ||
Other assets | 11 | ||
Intangible assets | 10,836 | ||
Deferred tax liability | (4,015) | ||
Current and other liabilities | (4,431) | ||
Net assets acquired | 7,127 | ||
Goodwill | 6,769 | ||
Total net assets acquired | $ 13,896 |
Business Acquisitions (Intangible Assets Acquired) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 6,872 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 8 years 9 months | |
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 5,275 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 9 years 11 months 10 days | |
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | Developed Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 1,236 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 4 years 1 month 30 days | |
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | Noncompete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 226 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 7 years | |
Curepet, Healthcare Magic, Vertex, Oakstone, I3 [Member] | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 135 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 5 years 6 months 3 days | |
Via Media Health, PB Systems, Curepet, and I3 [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 10,836 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 8 years 10 months 20 days | |
Via Media Health, PB Systems, Curepet, and I3 [Member] | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 10,762 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 8 years 11 months 9 days | |
Via Media Health, PB Systems, Curepet, and I3 [Member] | Developed Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 74 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 2 years 3 months 15 days | |
Via Media Health, PB Systems, Curepet, and I3 [Member] | Noncompete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 0 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 0 days | |
Via Media Health, PB Systems, Curepet, and I3 [Member] | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Fair Value | $ 0 | |
Acquired intangible assets, Weighted Average Useful Life (in years) | 0 days |
Business Acquisitions (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Acquired Intangible Assets, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
For the year ending December 31, 2016 | $ 7,853 | ||
For the year ending December 31, 2017 | 7,368 | ||
For the year ending December 31, 2018 | 6,601 | ||
For the year ending December 31, 2019 | 6,458 | ||
For the year ending December 31, 2020 | 5,893 | ||
Thereafter | 17,675 | ||
Estimated future amortization expense | 51,848 | $ 49,371 | |
Amortization expense, acquired intangible assets | $ 7,200 | $ 7,400 | $ 7,300 |
Pro Forma Financial Information (re: 2015 and 2014 acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||||
Total revenues | $ 70,204 | $ 66,813 | $ 64,712 | $ 63,753 | $ 60,633 | $ 50,808 | $ 51,476 | $ 51,404 | $ 50,847 | $ 50,293 | $ 51,004 | $ 52,566 | $ 265,482 | $ 214,321 | $ 204,710 |
Net Income, As Reported | $ 21,929 | $ 20,232 | $ 19,036 | $ 18,336 | $ 16,547 | $ 18,015 | $ 13,579 | $ 15,417 | $ 15,245 | $ 13,143 | $ 13,542 | $ 17,344 | $ 79,533 | $ 63,558 | $ 59,274 |
Basic EPS, As Reported (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.35 | $ 0.36 | $ 0.47 | $ 2.29 | $ 1.68 | $ 1.58 |
Diluted EPS, As Reported (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.34 | $ 0.35 | $ 0.45 | $ 2.28 | $ 1.67 | $ 1.53 |
Increase (decrease) in reported revenue | $ 51,200 | ||||||||||||||
Increase (decrease) in reported revenue, percentage | 23.90% | ||||||||||||||
Effect of Exchange Rate on Revenue | $ (10,700) | $ (3,200) | $ (3,800) | ||||||||||||
Parent, Curepet, Healthcare Magic, Vertex, Oakstone, I3, Qatarlyst | |||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||||
Revenue, Pro forma | 272,235 | 280,454 | |||||||||||||
Net Income, Pro Forma | $ 79,412 | $ 64,432 | |||||||||||||
Basic EPS, Pro Forma (in dollars per share) | $ 2.29 | $ 1.70 | |||||||||||||
Diluted EPS, Pro Forma (in dollars per share) | $ 2.28 | $ 1.69 | |||||||||||||
Increase (decrease) in unaudited pro forma revenue | $ (8,200) | ||||||||||||||
Increase (decrease) in unaudited pro forma revenue, percentage | 2.90% | ||||||||||||||
Exchange rate effect on reported revenues | $ (10,700) |
Commercial Bank Financing Facility (Details) - USD ($) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Aug. 05, 2014 |
May. 20, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Oct. 14, 2015 |
Feb. 03, 2015 |
Aug. 31, 2014 |
May. 19, 2014 |
|
Secured Syndicated Credit Facility | Regions Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||
Deferred Costs, Credit Card Origination Costs, Amount | $ 1,600,000 | |||||||
Secured Syndicated Credit Facility | Revolving Credit Facility | Regions Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Expansion | 50,000,000 | |||||||
Line of Credit, Accordion | $ 50,000,000 | $ 50,000,000 | ||||||
Debt Instrument, Term | 5 years | |||||||
Current Borrowing Capacity | $ 150,000,000 | |||||||
Credit agreement, maximum borrowing capacity | $ 200,000,000 | |||||||
Line of credit, interest rate at period end | 1.94% | |||||||
Secured Syndicated Credit Facility | Revolving Credit Facility | Citi Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Credit agreement, amount outstanding | $ 206,460,000 | $ 120,500,000 | $ 7,840,000 | |||||
Repayments of Lines of Credit | $ 15,000,000 | |||||||
Line of credit, interest rate at period end | 2.25% | |||||||
Credit agreement, average amount outstanding during period | $ 156,200,000 | |||||||
Credit agreement, maximum amount outstanding during period | $ 206,460,000 | |||||||
Weighted average interest rate | 2.00% | 1.94% | ||||||
Secured Syndicated Credit Facility, First Amendment [Member] | Revolving Credit Facility | Regions Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Expansion | $ 90,000,000 | |||||||
Debt instrument, face amount | 190,000,000 | |||||||
Credit agreement, maximum borrowing capacity | 240,000,000 | $ 240,000,000 | ||||||
Secured Syndicated Credit Facility, First Amendment [Member] | Revolving Credit Facility | TD Bank [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit agreement, maximum borrowing capacity | $ 25,000,000 | |||||||
Secured Term Loan | Secured Syndicated Credit Facility | Citi Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayments of term loan | $ 7,600,000 | |||||||
Other Long-term Debt | $ 0 | |||||||
Minimum [Member] | Secured Syndicated Credit Facility | Regions Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable interest rate | 1.75% | |||||||
Maximum [Member] | Secured Syndicated Credit Facility | Regions Bank | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable interest rate | 2.25% |
Commitments and Contingencies (Minimum Rentals) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term debt maturities, 2016 | $ 600 |
Long-term debt maturities, 2017 | 0 |
Long-term debt maturities, 2018 | 0 |
Long-term debt maturities, 2019 | 206,465 |
Long-term debt maturities, 2020 | 0 |
Long-term debt maturities, Thereafter | 0 |
Total Debt | 207,065 |
Less: current portion | (600) |
Long-term obligations, Debt | 206,465 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital Leases, future minimum payments due, 2016 | 12 |
Capital Leases, future minimum payments due, 2017 | 12 |
Capital Leases, future minimum payments due, 2018 | 12 |
Capital Leases, future minimum payments due, 2019 | 12 |
Capital Leases, future minimum payments due, 2020 | 5 |
Capital Leases, future minimum payments due, Thereafter | 0 |
Total capital lease obligations | 53 |
Less: amount representing interest | (9) |
Present value of obligations under capital leases | 44 |
Less: current portion | (9) |
Long-term obligations, Capital Leases | 35 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, future minimum payments due, 2016 | 5,135 |
Operating Leases, future minimum payments due, 2017 | 4,533 |
Operating Leases, future minimum payments due, 2018 | 3,974 |
Operating Leases, future minimum payments due, 2019 | 2,389 |
Operating Leases, future minimum payments due, 2020 | 1,287 |
Operating Leases, future minimum payments due, Thereafter | 174 |
Total operating lease obligations | 17,492 |
Less: sublease income | (3,373) |
Net lease payments | 14,119 |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Purchase Obligation,future minimum payments due, 2016 | 541 |
Purchase Obligation,future minimum payments due, 2017 | 541 |
Purchase Obligation, future minimum payments due, 2018 | 541 |
Purchase Obligation, future minimum payments due, 2019 | 406 |
Purchase Obligation, future minimum payments due, 2020 | 0 |
Purchase Obligation, future minimum payments due, Thereafter | 0 |
Total Purchase Obligation | $ 2,029 |
Commitments and Contingencies (Narrative) (Details) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jun. 10, 2013
Complaint
|
May. 01, 2013
Complaint
|
Dec. 31, 2015
USD ($)
$ / Person
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Commitments and Contingencies [Line Items] | |||||
Class action complaints filed and consolidated | Complaint | 12 | 12 | |||
Rent expense, operating leases | $ 6,500 | $ 6,300 | $ 6,500 | ||
Operating Leases, Rent Expense, Sublease Rentals | 580 | 381 | $ 55 | ||
Self-insured health insurance, liability | $ 276 | $ 250 | |||
Maximum [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Self-insured health insurance limit, per person | $ / Person | 120,000 | ||||
Self-insured health Insurance, aggregate liability based on participants and claims (percentage) | 125.00% | ||||
Self-insured health insurance, estimated cumulative liability for annual contract | $ 2,900 | ||||
Computer equipment | Minimum [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Term of Lease | 3 years | ||||
Computer equipment | Maximum [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Term of Lease | 5 years |
Share-based Compensation (Valuation Assumptions) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation, Fair Value Assumptions [Abstract] | |||
Weighted average fair values of stock options granted (in dollars per share) | $ 7.90 | $ 0.00 | $ 5.70 |
Expected volatility | 55.40% | 0.00% | 59.90% |
Expected dividends | 1.42% | 0.00% | 2.01% |
Weighted average risk-free interest rate | 1.03% | 0.00% | 0.65% |
Expected life of stock options (in years) | 3 years 6 months | 0 years | 3 years 6 months |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 294 | $ 305 | $ 474 |
Share-based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Stock Options, Outstanding [Roll Forward] | ||||
Stock options outstanding, ending balance | 139,878 | |||
Stock options, Exercisable | 64,128 | |||
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock options, Weighted Average Exercise Price, beginning balance (in dollars per share) | $ 16.41 | $ 8.28 | $ 4.03 | |
Stock options, Granted, Weighted Average Exercise Price (in dollars per share) | 22.25 | 0.00 | 14.89 | |
Stock options, Exercised, Weighted Average Exercise Price (in dollars per share) | $ 20.25 | 1.75 | 1.73 | |
Stock options, Canceled, Weighted Average Exercise Price (in dollars per share) | 17.58 | 0 | ||
Stock options, Weighted Average Exercise Price, ending balance (in dollars per share) | $ 15.17 | $ 16.41 | $ 8.28 | $ 4.03 |
Stock options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.31 | |||
Stock Options, Additional Disclosures [Abstract] | ||||
Stock options outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 3 months 25 days | 1 year 10 months 17 days | 1 year | 1 year 2 months 1 day |
Stock options, Exercisable, Weighted Average Remaining Contractual Term (in years) | 1 year 2 months 5 days | |||
Stock options outstanding, Aggregate Intrinsic Value | $ 2,465 | $ 121 | $ 5,093 | $ 24,171 |
Stock options, Exercisable, Aggregate Intrinsic Value | 1,441 | |||
Proceeds from stock options exercised | 2,209 | 788 | 2,161 | |
Stock Options | ||||
Stock Options, Additional Disclosures [Abstract] | ||||
Stock options exercised in period, intrinsic value | $ 1,300 | $ 5,300 | $ 11,400 | |
Within Plans | ||||
Stock Options, Outstanding [Roll Forward] | ||||
Stock options outstanding, beginning balance | 207,000 | 792,000 | 1,998,633 | |
Stock options, Granted | 42,000 | 0 | 45,000 | |
Stock options, Exercised | (109,122) | (450,000) | (1,251,633) | |
Stock options, Canceled | 0 | (135,000) | 0 | |
Stock options outstanding, ending balance | 139,878 | 207,000 | 792,000 | 1,998,633 |
Stock options, Exercisable | 64,128 |
Share-based Compensation (Nonvested Options) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Nonvested Option Shares | |||
Nonvested Awards, Number of Shares [Roll Forward] | |||
Nonvested awards, Shares, beginning balance | 67,500 | 112,500 | 135,000 |
Nonvested options, Granted | 42,000 | 0 | 45,000 |
Nonvested options, Vested | (33,750) | (45,000) | (67,500) |
Nonvested options, Canceled | 0 | 0 | 0 |
Nonvested awards, Shares, ending balance | 75,750 | 67,500 | 112,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price [Roll Forward] | |||
Nonvested options, Weighted Average Exercise Price, beginning balance (in dollars per share) | $ 16.52 | $ 17.32 | $ 18.80 |
Nonvested options, Granted, Weighted Average Exercise Price (in dollars per share) | 22.25 | 0.00 | 14.89 |
Nonvested options, Vested, Weighted Average Exercise Price (in dollars per share) | 17.47 | 18.53 | 18.66 |
Nonvested options, Canceled, Weighted Average Exercise Price (in dollars per share) | 0.00 | 0.00 | 0.00 |
Nonvested options, Weighted Average Exercise Price, ending balance (in dollars per share) | $ 19.27 | $ 16.52 | $ 17.32 |
Employee and Non-employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, Granted | 0 | 0 | 0 |
Share-based Compensation (Option Price Ranges) (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options outstanding | 139,878 | |||
Stock options outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 3 months 25 days | 1 year 10 months 17 days | 1 year | 1 year 2 months 1 day |
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.17 | $ 16.41 | $ 8.28 | $ 4.03 |
Stock options exercisable | 64,128 | |||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.31 | |||
$2.18-$2.36 Exercise Price Range | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Shares authorized under stock option plans, exercise price range, lower range limit | 2.18 | |||
Shares authorized under stock option plans, exercise price range, upper range limit | $ 2.36 | |||
Stock options outstanding, by exercise price range | 27,000 | |||
Stock options outstanding, Weighted Average Remaining Contractual Term (in years) | 4 months 28 days | |||
Stock options outstanding, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 2.27 | |||
Stock options exercisable, by exercise price range | 27,000 | |||
Stock options exercisable, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 2.27 | |||
$14.89-$16.94 Exercise Price Range | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Shares authorized under stock option plans, exercise price range, lower range limit | 14.89 | |||
Shares authorized under stock option plans, exercise price range, upper range limit | $ 16.94 | |||
Stock options outstanding, by exercise price range | 70,878 | |||
Stock options outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 5 days | |||
Stock options outstanding, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 15.88 | |||
Stock options exercisable, by exercise price range | 37,128 | |||
Stock options exercisable, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 16.16 | |||
$21.19-$28.59 Exercise Price Range | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Shares authorized under stock option plans, exercise price range, lower range limit | 21.19 | |||
Shares authorized under stock option plans, exercise price range, upper range limit | $ 28.59 | |||
Stock options outstanding, by exercise price range | 42,000 | |||
Stock options outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 25 days | |||
Stock options outstanding, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 22.25 | |||
Stock options exercisable, by exercise price range | 0 | |||
Stock options exercisable, Weighted Average Exercise Price, by exercise price range (in dollars per share) | $ 0.00 |
Share-based Compensation (Nonvested Restricted Stock) (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Installment
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2013
USD ($)
$ / shares
shares
|
|
Nonvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common shares reserved for stock option and restricted stock grants | 5,500,000.0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rate, initial year (percent) | 33.33% | ||
Quarterly award vesting installments after initial year | Installment | 8 | ||
Nonvested Awards, Number of Shares [Roll Forward] | |||
Nonvested awards, Shares, beginning balance | 188,522 | 75,265 | 121,156 |
Nonvested awards, Shares Granted | 132,069 | 171,781 | 32,842 |
Nonvested awards, Shares Vested | (108,798) | (52,388) | (76,576) |
Nonvested awards, Shares Forfeited | (8,479) | (6,136) | (2,157) |
Nonvested awards, Shares, ending balance | 203,314 | 188,522 | 75,265 |
Nonvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested awards outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ / shares | $ 17.13 | $ 19.92 | $ 22.74 |
Nonvested awards, Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 30.29 | 16.96 | 15.91 |
Nonvested awards, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 17.35 | 20.35 | 22.56 |
Nonvested awards, Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 17.20 | 18.91 | 23.42 |
Nonvested awards outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares | $ 25.56 | $ 17.13 | $ 19.92 |
Unrecognized compensation cost, share-based compensation arrangements | $ | $ 4.9 | ||
Weighted average period to recognize nonvested awards (in years) | 2 years 4 months 27 days | ||
Fair value of shares vested during period | $ | $ 1.9 | $ 1.1 | $ 1.7 |
Stock compensation expense recognized on restricted grants | $ | $ 1.5 | $ 1.5 | $ 1.5 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jan. 06, 2015 |
Dec. 31, 2012 |
|
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Expense (Benefit) | $ 7,106 | $ 13,894 | $ 10,878 | ||
Foreign | 4,789 | 32 | 5,371 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 738 | ||||
Reserve for potential uncertain income tax return positions | 3,115 | 3,020 | $ 12,742 | $ 5,925 | |
Portion of an unrecognized tax benefit netted against deferred tax asset for net operating loss carry forwards | $ (341) | (1,135) | |||
India | |||||
Operating Loss Carryforwards [Line Items] | |||||
Foreign income tax holiday, term | 5 years | ||||
Income Tax Holiday, Aggregate Dollar Amount | $ 20,500 | 9,900 | |||
India | Minimum Alternative Tax (“MAT”) | |||||
Operating Loss Carryforwards [Line Items] | |||||
Foreign income tax holiday, term | 10 years | ||||
Singapore | |||||
Operating Loss Carryforwards [Line Items] | |||||
Foreign statutory income tax rate | 17.00% | ||||
Foreign effective income tax rate | 10.00% | ||||
Tax Year 2008-2012 [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Audit, Cash Settlement | $ 20,500 | ||||
Income Tax Examination, Penalties Expense | $ 1,600 | ||||
Tax Year 2013 [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Audit, Cash Settlement | $ 300 |
Income Taxes (Pre-Tax Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
US | $ 1,384 | $ 8,807 | $ 5,497 |
Non US | 85,255 | 68,645 | 64,655 |
Total | $ 86,639 | $ 77,452 | $ 70,152 |
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ 1,267 | $ 13,504 | $ 7,083 |
State | 191 | 270 | 167 |
Foreign | 4,789 | 32 | 5,371 |
Current income tax provision | 6,247 | 13,806 | 12,621 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 808 | 308 | (632) |
State | 720 | 43 | (351) |
Foreign | (669) | (263) | (760) |
Deferred income tax provision | 859 | 88 | (1,743) |
Total provision for income taxes | $ 7,106 | $ 13,894 | $ 10,878 |
Income Taxes (Effective Income Tax Rates Reconciliation) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Effective Income Tax Rates Reconciliation [Line Items] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.00% | 0.30% | (0.30%) |
Tax impact of foreign subsidiaries | (2.60%) | (4.00%) | (6.90%) |
Tax holiday | (23.50%) | (12.70%) | (15.20%) |
Passive income exemption | (2.90%) | (3.20%) | (3.50%) |
Acquisition contingent earnout liability adjustments | (0.60%) | (4.60%) | (5.00%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | (1.00%) | (1.10%) | (1.20%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 0.80% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (2.20%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Prior Year True-ups, Percent | 3.20% | (4.30%) | 1.20% |
Effective Income Tax Rate Reconciliation, Uncertain Tax Positions, Percent | 0.10% | 12.70% | 9.70% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.80% | (0.20%) | 1.70% |
Effective tax rate from ongoing operations | 8.10% | 17.90% | 15.50% |
Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Long-term deferred income tax assets | $ 23,732 | $ 20,871 |
Portion of an unrecognized tax benefit netted against deferred tax asset for net operating loss carry forwards | (341) | (1,135) |
Net deferred income tax asset | $ 24,073 | $ 22,006 |
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 57,004 | $ 53,385 |
Valuation allowance | (5,979) | (7,840) |
Deferred tax assets, net of valuation allowance | 51,025 | 45,545 |
Deferred tax liabilities, gross | 26,952 | 23,539 |
Deferred tax liabilities, net | $ 26,952 | 23,539 |
Depreciation and amortization | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | 254 | |
Deferred tax liabilities, gross | $ 91 | 0 |
Share-based compensation | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 937 | 817 |
Deferred tax liabilities, gross | 0 | |
Accruals and prepaids | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 1,186 | 2,342 |
Deferred tax liabilities, gross | 470 | |
Bad Debts | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 961 | 600 |
Deferred tax liabilities, gross | 0 | |
Acquired intangible assets | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | 0 | |
Deferred tax liabilities, gross | $ 26,861 | 23,069 |
Net operating loss carryforwards (NOL) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 23,085 | 24,435 |
Deferred tax liabilities, gross | 0 | |
Tax credit carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Total deferred income tax assets | $ 30,835 | 24,937 |
Deferred tax liabilities, gross | 0 | |
Deferred Tax Asset [Domain] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income Tax Assets, Net | $ 2,114 |
Income Taxes (Pre-Tax Income and Applicable Tax Rates) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pre-Tax Income and Applicable Tax Rates [Line Items] | |||
Income Tax Expense (Benefit) | $ 7,106 | $ 13,894 | $ 10,878 |
US | 1,384 | 8,807 | 5,497 |
Pre-tax income, Foreign | 85,255 | 68,645 | 64,655 |
Total | $ 86,639 | $ 77,452 | $ 70,152 |
Effective Income Tax Rate Reconciliation, Percent | 8.10% | 17.90% | 15.50% |
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Portion of an unrecognized tax benefit netted against deferred tax asset for net operating loss carry forwards | $ (341) | $ (1,135) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 3,020 | 12,742 | $ 5,925 |
Additions for tax positions related to current year | 41 | 451 | 6,546 |
Additions for tax positions of prior years | 131 | 9,348 | 271 |
Reductions for tax position of prior years | (77) | (19,521) | 0 |
Ending Balance | $ 3,115 | $ 3,020 | $ 12,742 |
Income Taxes Operating losses and credit carryforwards (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,861) | $ (400) |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 41,405 | 42,022 |
Tax Credit Carryforward, Amount | 1,369 | 2,579 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 24,168 | 40,286 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 38,152 | 39,905 |
Tax Credit Carryforward, Amount | $ 29,462 | $ 22,463 |
Maximum [Member] | India | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign tax holiday (percentage) | 100.00% | |
Minimum [Member] | India | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign tax holiday (percentage) | 50.00% |
Stock Repurchases (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Aug. 19, 2015 |
Jun. 21, 2013 |
|
Stock Repurchases [Abstract] | |||||
Stock Repurchase Program, Authorized Repurchase Amount | $ 100,000,000 | $ 100,000,000 | |||
Repurchase of common stock, Shares | (2,924,306) | ||||
Stock Repurchased During Period, Shares | 2,146,488 | 250,900 | |||
Stock Repurchased and Retired During Period, Value | $ 82,473,000 | $ 31,854,000 | $ 2,492,000 | ||
Payments for Repurchase of Common Stock | (81,653,000) | $ (31,854,000) | $ (2,492,000) | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 88,600,000 |
Derivative Instruments (Details) $ / shares in Units, $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Jun. 02, 2012
$ / shares
|
Jul. 31, 2014
USD ($)
$ / shares
shares
|
Jun. 30, 2012
shares
|
Dec. 31, 2015
$ / shares
|
May. 31, 2012
USD ($)
Stockholders
|
|
Derivative [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | shares | 209,656 | ||||
Temporary Equity, Redemption Price Per Share | $ / shares | $ 16.86 | $ 16.86 | |||
Derivative, Fixed Interest Rate | 20.00% | 20.00% | |||
Shares reaquired in connection with put option plus interest, Value | $ | $ 3.6 | ||||
Planetsoft [Member] | |||||
Derivative [Line Items] | |||||
Number of shareholders | Stockholders | 3 | ||||
Put option, exercise period | 30 days | ||||
Put option, vesting period required prior to exercise | 2 years | ||||
Shares that may be repurchased under put option | shares | 296,560 | ||||
Put option, price to repurchase shares | $ / shares | $ 16.86 | ||||
Planetsoft [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||||
Derivative [Line Items] | |||||
Put option liability | $ | $ 1.4 |
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 5,800 | $ 11,879 |
Accrued professional fees | 777 | 1,258 |
Income taxes payable | 9,266 | 22,627 |
Due to prior owners of PB Systems (acquired in June 2015) re: working capital settlements | 2,233 | 0 |
Share repurchases accrued | 820 | 0 |
Sales taxes payable | 3,435 | 2,601 |
Interest payable pertaining to IRS settlement | 0 | 1,650 |
Other accrued liabilities | 712 | 106 |
Accounts payable and accrued liabilities | $ 23,043 | $ 40,121 |
Other Current Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 8,290 | $ 5,618 |
Sales taxes receivable from customers | 120 | 121 |
Due from prior owners of acquired businesses for working capital settlements | 1,021 | 938 |
Research and development tax credits receivable | 898 | 1,152 |
Other | 613 | 238 |
Total | $ 10,942 | $ 8,067 |
Property and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 50,142 | $ 37,834 | |
Less accumulated depreciation and amortization | (16,054) | (13,173) | |
Property and equipment, net | 34,088 | 24,661 | |
Depreciation expense | 3,500 | 2,300 | $ 2,800 |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 15,318 | 13,830 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 20,741 | 3,912 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 6,545 | 3,924 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,239 | 1,448 | |
Furniture, fixtures and other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 6,299 | 4,279 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 0 | $ 10,441 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | ||||
Reserve for potential uncertain income tax return positions | $ 3,115 | $ 3,020 | $ 12,742 | $ 5,925 |
Unfavorable lease liability, long term portion | 0 | 294 | ||
Portion of an unrecognized tax benefit netted against deferred tax asset for net operating loss carry forwards | (341) | (1,135) | ||
Sub-leased office liability (net of future sublease proceeds) | 558 | 0 | ||
Total | $ 3,332 | $ 2,179 |
Cash Option Profit Sharing Plan and Trust (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions to 401(k) Cash Option Profit Sharing Plan | $ 676 | $ 473 | $ 368 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||
Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 2.00% |
Geographic Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Sep. 30, 2013
USD ($)
|
Jun. 30, 2013
USD ($)
|
Mar. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
Reportable_Segments
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Number of reportable segments | Reportable_Segments | 1 | ||||||||||||||
External Revenues | $ 70,204 | $ 66,813 | $ 64,712 | $ 63,753 | $ 60,633 | $ 50,808 | $ 51,476 | $ 51,404 | $ 50,847 | $ 50,293 | $ 51,004 | $ 52,566 | $ 265,482 | $ 214,321 | $ 204,710 |
Long-lived assets | 559,159 | 530,450 | 451,515 | 559,159 | 530,450 | 451,515 | |||||||||
Effect of Exchange Rate on Revenue | (10,700) | (3,200) | (3,800) | ||||||||||||
Increase (decrease) in reported revenue | $ 51,200 | ||||||||||||||
Increase (decrease) in reported revenue, percentage | 23.90% | ||||||||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | $ 205,210 | 147,971 | 139,519 | ||||||||||||
Long-lived assets | 374,432 | 383,233 | 309,732 | 374,432 | 383,233 | 309,732 | |||||||||
Canada | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 4,490 | 5,239 | 7,431 | ||||||||||||
Long-lived assets | 6,632 | 7,835 | 8,784 | 6,632 | 7,835 | 8,784 | |||||||||
Latin America | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 5,715 | 7,036 | 5,508 | ||||||||||||
Long-lived assets | 6,091 | 9,380 | 10,886 | 6,091 | 9,380 | 10,886 | |||||||||
Australia | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 30,634 | 36,319 | 38,260 | ||||||||||||
Long-lived assets | 199 | 583 | 803 | 199 | 583 | 803 | |||||||||
Effect of Exchange Rate on Revenue | (6,000) | ||||||||||||||
Singapore | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 5,317 | 4,384 | 3,114 | ||||||||||||
Long-lived assets | 68,852 | 68,526 | 68,987 | 68,852 | 68,526 | 68,987 | |||||||||
New Zealand | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 2,153 | 2,578 | 2,311 | ||||||||||||
Long-lived assets | 221 | 334 | 97 | 221 | 334 | 97 | |||||||||
India | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | 3,538 | 1,929 | 650 | ||||||||||||
Long-lived assets | 74,693 | 34,691 | 23,784 | 74,693 | 34,691 | 23,784 | |||||||||
Increase (decrease) in reported revenue | $ 1,700 | ||||||||||||||
Increase (decrease) in reported revenue, percentage | 46.00% | ||||||||||||||
Europe | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
External Revenues | $ 8,425 | 8,865 | 7,917 | ||||||||||||
Long-lived assets | $ 28,039 | $ 25,868 | $ 28,442 | 28,039 | $ 25,868 | $ 28,442 | |||||||||
BRAZIL | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Effect of Exchange Rate on Revenue | $ (2,300) |
Related Party Transactions (Details) - Regions Bank - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 300 | $ 281 | $ 292 |
Receivable due from related party | $ 210 | $ 50 |
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 70,204 | $ 66,813 | $ 64,712 | $ 63,753 | $ 60,633 | $ 50,808 | $ 51,476 | $ 51,404 | $ 50,847 | $ 50,293 | $ 51,004 | $ 52,566 | $ 265,482 | $ 214,321 | $ 204,710 |
Gross Profit | 53,760 | 49,004 | 46,013 | 44,268 | 43,096 | 40,533 | 41,512 | 41,792 | 40,761 | 40,157 | 40,646 | 42,675 | |||
Operating income | 25,824 | 21,968 | 20,423 | 20,499 | 21,068 | 21,738 | 17,461 | 19,405 | 17,806 | 18,601 | 19,294 | 19,305 | 88,714 | 79,672 | 75,006 |
Net income | $ 21,929 | $ 20,232 | $ 19,036 | $ 18,336 | $ 16,547 | $ 18,015 | $ 13,579 | $ 15,417 | $ 15,245 | $ 13,143 | $ 13,542 | $ 17,344 | $ 79,533 | $ 63,558 | $ 59,274 |
Basic (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.35 | $ 0.36 | $ 0.47 | $ 2.29 | $ 1.68 | $ 1.58 |
Diluted (in dollars per share) | $ 0.65 | $ 0.59 | $ 0.54 | $ 0.51 | $ 0.45 | $ 0.47 | $ 0.35 | $ 0.40 | $ 0.40 | $ 0.34 | $ 0.35 | $ 0.45 | $ 2.28 | $ 1.67 | $ 1.53 |
Minority Business Investment (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 02, 2015 |
Jan. 27, 2014 |
May. 04, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2012 |
Sep. 01, 2015 |
Dec. 31, 2013 |
|
Schedule of Cost-method Investments [Line Items] | ||||||||
Derivative Liability | $ 4,277 | $ 5,367 | $ 14,420 | |||||
Curepet, Inc. | ||||||||
Schedule of Cost-method Investments [Line Items] | ||||||||
Cost Method Investment, Ownership Percentage | 19.80% | |||||||
Payments to acquire cost method investment | $ 2,000 | $ 2,000 | ||||||
Revenue from related party | 1,200 | |||||||
Revenues | 324 | |||||||
Curepet, Inc. | ||||||||
Schedule of Cost-method Investments [Line Items] | ||||||||
Cost Method Investment, Ownership Percentage | 19.80% | |||||||
Payments to acquire cost method investment | $ 2,000 | |||||||
Purchase Price of Business Acquisition, Cost of Acquired Entity | $ 6,350 | |||||||
Derivative Liability | $ 5,000 | 0 | ||||||
Derivative, Term of Contract | 36 months | |||||||
EbixHealth JV [Member] | ||||||||
Schedule of Cost-method Investments [Line Items] | ||||||||
Revenue from related party | $ 0 | |||||||
Non-cash Payments To Acquire Interest In Joint Venture | $ 2,000 | $ 2,000 | ||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% |
Temporary Equity Temporary Equity (Details) $ / shares in Units, $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Jun. 02, 2012
USD ($)
$ / shares
shares
|
Jul. 31, 2014
USD ($)
$ / shares
shares
|
Jun. 30, 2012
shares
|
Dec. 31, 2015
$ / shares
|
May. 31, 2012
Stockholders
|
|
Temporary Equity [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | shares | 209,656 | ||||
Temporary Equity, Redemption Price Per Share | $ / shares | $ 16.86 | $ 16.86 | |||
Derivative, Fixed Interest Rate | 20.00% | 20.00% | |||
Shares reaquired in connection with put option plus interest, Value | $ | $ 3.6 | ||||
Planetsoft [Member] | |||||
Temporary Equity [Line Items] | |||||
Equity instruments | $ | $ 5.0 | ||||
Business acquisition, number of common shares issued | shares | 296,560 | ||||
Business acquisition, price per share | $ / shares | $ 16.86 | ||||
Number of shareholders | Stockholders | 3 | ||||
Put option, exercise period | 30 days | ||||
Put option, vesting period required prior to exercise | 2 years | ||||
Shares that may be repurchased under put option | shares | 296,560 | ||||
Put option, price to repurchase shares | $ / shares | $ 16.86 |
Investment in Joint Venture (Details) - USD ($) $ in Thousands |
4 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 02, 2015 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Sep. 01, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 6,000 | $ 0 | $ 0 | |||
EbixHealth JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 6,000 | |||||
Non-cash Payments To Acquire Interest In Joint Venture | 2,000 | $ 2,000 | ||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | 40.00% | ||
Contribution to Joint Venture by Other Party, Value | $ 12,000 | |||||
Percentage of Membership Interest in Joint Venture by Other Party | 60.00% | |||||
Additional Equity Investment Arrangement, period | 3 years | |||||
Additional Equity Investment Arrangement | 10.00% | |||||
Additional Equity Investment Arrangement, Cash Value Calculation | 10.00% | |||||
Additional Equity Investment Arrangement, TTM Revenue, period | 12 months | |||||
Additional Equity Investment, Amount | $ 5,000 | |||||
Revenue from related party | $ 0 | |||||
Net loss of equity method investment | $ 1,000 | |||||
Net equity balance | 17,800 | 17,800 | ||||
IHC [Member] | EbixHealth JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related party | 1,500 | |||||
Accounts Receivable, Related Parties | $ 620 | $ 620 |
Capitalized Software Development Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Capitalized Software Development Costs [Line Items] | ||
Capitalized Software Development Costs for Software Sold to Customers | $ 3,800 | |
Capitalized software development costs, net | 3,489 | $ 0 |
Capitalized Computer Software, Amortization | $ 357 | |
Continuing Medical Education Products [Member] | ||
Capitalized Software Development Costs [Line Items] | ||
Capitalized Computer Software, amortization period | 18 months | |
Property and Casualty Exchange [Member] | ||
Capitalized Software Development Costs [Line Items] | ||
Capitalized Computer Software, amortization period | 6 years |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
2 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 16, 2016 |
Feb. 29, 2016 |
Dec. 31, 2015 |
|
Subsequent Event [Line Items] | |||
Repurchase of common stock, Shares | 2,924,306 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.075 | ||
Repurchase of common stock, Shares | 465,560 | ||
Aggregate consideration for shares repurchased | $ 13,970 |
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ (1,619) | $ (1,049) | $ (1,157) |
Provision for doubtful accounts | 2,261 | 1,600 | 1,147 |
Write-off of accounts receivable against allowance | (1,342) | (1,022) | (1,276) |
Other | 0 | (8) | 21 |
Ending balance | (2,538) | (1,619) | (1,049) |
Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Valuation Allowances and Reserves, Period Increase (Decrease) | (5,979) | 0 | 0 |
Ending balance | $ (5,979) | $ 0 | $ 0 |
I 5&V3&7.6%.*V:\@8BB3$H-%
M8F61^#@%#8O$\@1!F2 DJ^S%A9F%9#.Y=%&\F&5>!;E$)9<(.RXN[2RFE<4D
M[],JKX)D"B69 I*)8ET529AN]6T@D@.52J 2 A7B59=)(&>#%;,IT^)TXIVP
M@(D,9=:E[XEY!!M(6*Z9030L3>G%C!=Y%::C=@2;ID-&7)I!-!2$ZWAD3":6
M!ED+E"7QHF;602Q?RC >9/& OI($G2]RHM;#_=J!PVM(5/1T\RZ[W
M\8!5)5MXC=1@G$1#++1;>K_:[/*(2( _$B9WMB;1^Q[Q)6Y^-5N:10N@H/91
M083I ^@5!0*@5^/FN\A(_%\?5+_D;(-[O?"P0.JO[+Q?3";4=) *T;EGW'Z
M"<<4BBA8HW)I)/7H/.H3A1(MWN99FC1/\TVQ/M*N$_B1P!?"MRP9GP,EFX_"
MBZJT.!$[EW80L8.K#0^%J$GPYFB\2ME'1%4>*IY_+]DA"EU@=C.&)\QJ0;"@
MOH3@GX?8\3,ZOTY?WW"X3O3U3"^RZP+Y#8$\">0W4[S %!^39& IVKP ,YQSY@R7?$#[
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M?U!+ P04 " 3?%U(4,D8JZ,! "Q P &0 'AL+W=O
MY)UHX$'81AI']NC#S::[J1$]!!/9Q24E;?@_ H=HLC/19)&.3D[H17F#48^(%0:SZ8D%O6QSI
M%9UNTY,["1-/3P(]3K<%TCL"J1=(YQ+CS1+7F!LI=W=,=BN!9--DC;E127;'
M)%L)[#9-UICLBPFYZ@X!JO&70*-2CKT);;#L+O?LD?KN^H07^< :^,54T_4:
MG:2Q/>J[K);2@ T1/=A26_LG6!8<:N.FW^QMC-O3WOMAQYBK>]#"W> )MRT:+7P86L[
MY@8+HDDDK1C/LB],"VEH5::S)UN5.'HE#3Q9XD:MA?US (73GN;T?/ LN]['
M U:5;.4U4H-Q$@VQT.[I?;X[%!&1 +\D3.YB3:+W(^)+W/QH]C2+%D!![:."
M"-,)'D"I*!0"ORZ:[R$C\7)]5O^6L@WNC\+! ZK?LO%],)M1TD K1N6??.-PD^F:FY]OK L4G D42*)84[ZZF^!'S]9\@[**F&FR7
MGHXC-8[&S\5;3]?7><]33][A53F(#GX*VTGCR!%]Z&SJ38OH(9C(;FXIZYI[]RX8\S6/6AA;W"$P=^T:+1P?FLZ9D<#HHDDK1C/LF],"SG0JHQG
M3Z8J<7)*#O!DB)VT%N;? 13.>YK3\\&S['H7#EA5LI772 V#E3@0 ^V>WN6[
MPR8@(N"WA-E>K$GP?D1\"9N'9D^S8 $4U"XH"#^=X!Z4"D(^\-]%\SUD(%ZN
MS^H_8[;>_5%8N$?U1S:N]V8S2AIHQ:3<,\Z_8$EA&P1K5#:.I)ZL0WVF4*+%
M:YKE$. ]'A'%!!W]
MIS'ELY"%%/6$*/ "05'/5Q2=B<]7/7H!17W!%(_(Z+_B'AG=XPNBN"_(Z)=C
MB@O?"\GDKQ &]4H&%+9&&*M+R>C1%^A&7X!&N$\[A#J'T&1-B'0.T7]GP#(:
M33*(6."1"5XA3$3_+*A]YC#F1GSBN9LO) 1ZHQF<9D,(,VU'Z&@A NYG$828QS$ 06LUH
M3*HS%N6YU8L)@BE1->UAC=LTXU.IS_N0
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MFE!D32BR)A19$XJL*476E")K2I$UINW<=HG^/N"7CW@?^
M<^*MN=5<3@1%'LR\JNEPSQK2>Q1?]_X![,X@DQ"%^-7@D1E]3V[^0LB['/RH
M]GXH]X!;7')I HGF@4^X;:4EH?QG,OJI*8EF_VG]FSJNV/X%,7PB[>^FXK78
M;>A[%;ZB>\O?R/@=3V=(I,&2M$Q]O?+...F>%-_KT(=NFUZUHUY)P$2S$^!$
M@#,!QDY"-!&BF0#U7]O0#)(P"X6KBX]<7KF
MRR7E7XDH\D<1YL%#FED@CAH!%0+,B$#8G@7@NL 1&G1H$SB9B,B&.)N(V+Z%
MR''&2-$C14_L]-A!CQ4]5O34ZB(3D=D%$H= 8M W2X%>"VA$JA$@3N*M725U
MJ*2&RM9Z#!,!0KM"YE#(3#ZP2BP@T"ZQ<4AL3+XU6(X+R$JT;!T26Y.?6"46
MD-0N(6O.>M:%IH7,^L\GC/[I, 0KD0N1-33R)NG.,'/,\:>H9?5)ZK6JT*84
MNF)V$D*#B2)^,3>J-"]./V!PTK:[-'W9U>!NH$5S?U+Z=RW_#U!+ P04
M" 3?%U(RB/"L[L! ![! &0 'AL+W=O
>L&;S;#J(6.3<*]Z/D[+"WYJYBO.<=LI\H5TGT(5 5\(NB\93H6CSB3E65T;/R*2C'5FXP7Q/_4$TR'NS
M.&S%[@.BKLYUL;NKR#D(?<(<$X9&3+XBB%=?2]#_ESC2#9U>IQ=?."PBO4CT
MLKPN4'XA4$:!FEU?YP.-=_(!
MKZN1]?"3F9XKBT[:^9N-=]-I[<";R&YN,1K\_UD# 9T+RWN_-NE)I<#I\?)!
MUE]:_P502P,$% @ $WQ=2*]WGHJF 0 L0, !D !X;"]W;W)K