Investment in Joint Ventures (Notes)

6 Months Ended

Jun. 30, 2020

Investment in Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Investment in Joint Ventures

Effective February 2016, Ebix and Vayam Technologies Ltd ("Vayam") formed a joint venture named Ebix Vayam Limited JV. This joint venture was established to carry out IT projects in the government sector of the country of India, particularly in regards to the implementation of e-governance projects in the areas of education and healthcare. Ebix has a 51% equity interest in the joint venture, and Vayam has a 49% equity interest in the joint venture. Ebix is fully consolidating the operations of the Ebix Vayam Limited JV into the Company's financial statements and separately reporting the Vayam minority, non-controlling interest in the joint venture's net income and equity. Vayam is also a customer of the Ebix Vayam Limited JV, and during the three and six months ended June 30, 2020 the Ebix Vayam Limited JV recognized $152 thousand and $397 thousand of revenue from Vayam, respectively. During the three and six months ended June 30, 2019 the Ebix Vayam Limited JV recognized $159 thousand and $246 thousand of revenue from Vayam, respectively. As of June 30, 2020, the Ebix Vayam Limited JV had $20.5 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $11.3 million. As of December 31, 2019, the Ebix Vayam Limited JV had $22.8 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $12.1 million.

Effective September 2015, Ebix and IHC formed the joint venture EbixHealth JV. This joint venture was established to promote and market an administrative data exchange for health and pet insurance lines of business nationally. Ebix has a 51% equity interest in the joint venture and IHC has a 49% equity interest the joint venture. Ebix is fully consolidating the operations of the EbixHealth JV into the Company's financial statements and separately reporting the EbixHealth JV non-controlling interest in the joint venture's net income and equity. IHC is also a customer of the EbixHealth JV, and during the three and six months ended June 30, 2020 the EbixHealth JV recognized $487 thousand and $1.0 million, respectively, of revenue from IHC. During the three and six months ended June 30, 2019 the EbixHealth JV recognized $773 thousand and $1.5 million, respectively, of revenue from IHC. As of June 30, 2020 and December 31, 2019, the EbixHealth JV had $222 thousand and $335 thousand of accounts receivable from IHC, respectively. Furthermore, as a related party, IHC also has been and continues to be a customer of Ebix, and during the three and six months ended June 30, 2020 the Company recognized $42 thousand and $71 thousand revenue from IHC, respectively. During the three and six months ended June 30, 2019 the Company recognized $20 thousand and $39 thousand revenue from IHC, respectively. As of June 30, 2020 and December 31, 2019, IHC had $17 thousand and $8 thousand of accounts receivable with Ebix. The EbixHealth JV has a $1.8 million note due to IHC. Additionally, based on the final purchase

price allocation valuation report for the EbixHealth JV it was concluded that the customer relationship with IHC, our joint venture partner, to be by its nature, an indefinite-lived customer relationship, and is recorded at a value of $11.2 million.