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Description of Business and Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
As of
June 30,
2022
2021
(In thousands)
Cash and cash equivalents$67,511 $85,069 
Restricted cash9,415 8,440 
Restricted cash included in other long-term assets6,409 6,856 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows$83,335 $100,365 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Additional information regarding the Company's assets and liabilities that are measured at fair value on a recurring basis is presented in the following tables:
Fair Values at Reporting Date Using*
DescriptionsBalance, June 30, 2022Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets
Commercial bank certificates of deposits ($6.6 million is recorded in the long
term asset section of the condensed consolidated balance sheets in "Other assets")
$26,311 $— $26,311 $— 
Mutual funds (recorded in
the long term asset section of the condensed consolidated balance sheets in "Other assets")
91 91 — — 
Total assets measured at fair value$26,402 $91 $26,311 $— 
Liabilities
Contingent accrued earn-out acquisition consideration (a)$2,412 $— $— $2,412 
Total liabilities measured at fair value$2,412 $— $— $2,412 
(a) The income valuation approach is applied and the valuation inputs include the contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments.
* During the six months ended June 30, 2022, there were no transfers between fair value Levels 1, 2, or 3.
Fair Values at Reporting Date Using*
DescriptionsBalance, December 31, 2021Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets
Commercial bank certificates of deposits ($6.3 million is recorded in the long term asset section of the condensed consolidated balance sheets in "Other assets")
$31,676 $— $31,676 $— 
Mutual funds167 167 — — 
Total assets measured at fair value$31,843 $167 $31,676 $— 
Liabilities
Contingent accrued earn-out acquisition consideration (a)$2,557 $— $— $2,557 
Total liabilities measured at fair value$2,557 $— $— $2,557 
(a) The income valuation approach is applied and the valuation inputs include the contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments.
* During the year ended December 31, 2021, there were no transfers between fair value Levels 1, 2, or 3.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation For the Company's assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein, and gains or losses recognized during the six months ended June 30, 2022 and during the year ended December 31, 2021:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent Liability for Accrued Earn-out Acquisition ConsiderationJune 30, 2022December 31, 2021
(In thousands)
Beginning balance$2,557 $— 
Total remeasurement adjustments:
       Remeasurement against goodwill— 2,560 
       Foreign currency translation adjustments **(145)(3)
Acquisitions and settlements
       Business settlements— — 
Ending balance$2,412 $2,557 
The amount of total (gains) losses for the period included in earnings or changes to net assets, attributable to changes in unrealized gains relating to assets or liabilities still held at period-end.$— $— 
** recorded as a component of other comprehensive income within stockholders' equity
Fair Value, Significant Unobservable Inputs Used in Measurement of Contingent Consideration Liabilities The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration liabilities designated as Level 3 are as follows:
        
(In thousands) 
Fair Value at June 30, 2022
 
Valuation Technique
 Significant
Unobservable
Input
Contingent acquisition consideration: $2,412Discounted cash flowProjected revenue and
probability of achievement
        
(In thousands) Fair Value at December 31, 2021 
Valuation Technique
 Significant
Unobservable
Input
Contingent acquisition consideration: 
$2,557
Discounted cash flowProjected revenue and
probability of achievement
Schedule of Disaggregation of Revenue
Disaggregation of Revenue
    The following tables present revenue disaggregated by primary geographical regions and product/service channels for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
Revenue:2022202120222021
(In thousands)
India*$188,808 $188,612 $414,697 $420,153 
United States37,943 37,722 76,796 75,788 
Australia7,906 8,688 16,948 18,372 
Europe3,902 4,064 8,107 8,168 
Latin America5,027 3,095 8,953 6,193 
Canada*1,702 1,595 2,875 2,745 
Singapore*1,247 1,125 2,185 2,194 
Indonesia*2,525 459 3,274 864 
Philippines*816 383 1,500 827 
New Zealand556 551 1,009 1,043 
United Arab Emirates*349 28 690 28 
$250,781 $246,322 $537,034 $536,375 
*Includes India led businesses for which total revenue was $192.7 million and $420.6 million for the three and six months ended June 30, 2022, respectively, and $189.9 million and $422.5 million for the three and six months ended June 30, 2021, respectively.
Schedule of Revenue by Product/Service Groups Presented in the table below is the breakout of our revenue groups for each of those product/service channels for the three and six months ended June 30, 2022 and 2021.
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
(In thousands)
EbixCash Exchanges188,641 187,957 412,793 418,305 
Insurance Exchanges42,302 41,916 86,066 84,686 
Risk Compliance Solutions19,838 16,449 38,175 33,384 
Totals$250,781 $246,322 $537,034 $536,375 
Contract with Customer, Asset and Liability
June 30, 2022December 31, 2021
(Unaudited)
(In thousands)
Balance, beginning of period$1,822 $1,630 
Costs recognized from the beginning balance(734)(534)
Additions, net of costs recognized234 726 
Balance, end of period$1,322 $1,822 
This portion is recognized over the expected useful life of the customizations.
June 30, 2022December 31, 2021
(Unaudited)
(In thousands)
Balance, beginning of period$41,357 $40,930 
Revenue recognized from beginning balance(24,386)(30,922)
Additions, net of revenue recognized and currency translation31,980 31,349 
Balance, end of period$48,951 $41,357 
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:
Category Life (yrs)
Airport contracts
9
Backlog
1 - 1.5
Brand
3 - 15
Customer relationships 
4 - 20
Database
10
Dealer networks
15 - 20
Developed technology 
3 - 15
Non-compete agreements 
5 - 7
Store networks
5
Trademarks 
3 - 15