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Unaudited Pro Forma Financial Information (re: 2019 and 2018 acquisitions)
 12 Months Ended
Dec. 31, 2019
Business Acquisition, Pro Forma Information [Abstract]  
Pro Forma Financial Information (re: 2014 and 2013 acquisitions) Pro Forma Financial Information (re: 2019 and 2018 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 2019 and 2018, which includes the acquisitions of Transcorp (acquired February 2018), Centrum (acquired April 2018), Smartclass (acquired April 2018), Indus (acquired July 2018), Mercury (acquired July 2018), Leisure (acquired July 2018), Miles (acquired August 2018), Routier (acquired October 2018), Business Travels (acquired October 2018), Aha Taxis (acquired October 2018), Pearl (acquired December 2018), Weizmann (acquired December 2018), Zillious (acquired January 2019), Essel (acquired January 2019), and Wallstreet Canada (acquired August 2019) 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 2019 and 2018 pro forma financial information below assumes that all such business acquisitions were made on January 1, 2018, whereas the Company's reported financial statements for 2019 only includes the operating results from the businesses since the effective date that they were acquired by Ebix, and therefore includes twelve months of Zillious, twelve months of Essel Forex, and eight months of Wallstreet Canada. Similarly, the 2018 pro forma financial information below includes a full year of results for Transcorp, Centrum, Smartclass, Indus, Mercury, Leisure, Miles, Routier, Business Travels, AHA Taxis, Pearl, Weizmann and Lawson as if they had been had been acquired on January 1, 2018, whereas the Company's reported financial statements for the 2018 includes only eleven months of Transcorp, nine months of Centrum, nine months of Smartclass, six months of Indus, six months of Mercury, six months of Leisure, five months of Miles, three months of Routier, three months of Business Travels, three months of AHA Taxis, one month of Pearl, one month of Weizmann, and one month of Lawson.
 
 
As Reported
2019
 
Pro Forma
2019
 
As Reported
2018
 
Pro Forma
2018
 
 
 
 
(unaudited)
 
 
 
(unaudited)
 
 
(In thousands, except per share amounts)
Revenue
 
$
580,615

 
$
581,134

 
$
497,826

 
$
576,950

Net income attributable to Ebix, Inc.
 
$
96,720

 
$
96,678

 
$
93,139

 
$
96,230

Basic EPS
 
$
3.17

 
$
3.17

 
$
2.97

 
$
3.07

Diluted EPS
 
$
3.16

 
$
3.16

 
$
2.95

 
$
3.05


In the above table, the unaudited pro forma revenue for the year ended December 31, 2019 increased by $4.2 million from the unaudited pro forma revenue for 2018 of $577.0 million to $581.1 million, representing a 0.7% increase. The reported revenue in the amount of $580.6 million for the year ended December 31, 2019 increased by $82.8 million or 16.6% from the $497.8 million of reported revenue for the year ended December 31, 2018.
The cause for the difference between the 16.6% increase in reported 2019 revenue versus 2018 revenue, as compared to the 0.7% increase in 2019 unaudited pro forma versus 2018 unaudited pro forma revenue is due to the effect of combining the additional revenue derived from those businesses acquired during the years 2019 and 2018, specifically Wallstreet Canada, Zillious,
Essel Forex, Transcorp, Centrum, Smartclass, Indus, Mercury, Leisure, Miles, Routier, Business Travels, AHA Taxis, Pearl, Weizmann, and Lawson with the Company's pre-existing operations. The 2019 and 2018 unaudited pro forma financial information assumes that all such business acquisitions were made on January 1, 2018, whereas the Company's reported financial statements for 2019 thusly includes twelve months of Zillious, twelve months of Essel Forex, and four months of Wallstreet Canada.

The above unaudited pro forma analysis is based on the following premises:
•
2019 and 2018 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 is 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.
•
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 2019 and 2018 the change in foreign currency exchange rates decreased consolidated operating revenues by $(9.3) million and $(6.9) million, respectively.