Capitalized Software Development Costs

3 Months Ended

Mar. 31, 2023

Capitalized Software Development Costs Disclosure [Abstract]

Capitalized Software Development Costs

Capitalized Software Development Costs    In accordance with ASC 350-40 “Internal-Use Software” and/or ASC 350-985 “Software”, the Company has capitalized certain software and product related development costs associated with the Company’s continuing medical

education service offerings; development of the P&C underwriting insurance data exchange platform servicing the London markets; development of EbixCash’s SaaS based Asset Management and Collection platforms having global application; development of EbixCash’s single sign on agent and customer portal, including mobile application, and content development work related to the e-learning business of EbixCash. During the three months ended March 31, 2023, the Company capitalized $900 thousand and during the three months ended March 31, 2022, the Company capitalized $2.7 million of such development costs. At March 31, 2023 and December 31, 2022, a total of $16.3 million and $15.3 million, respectively, of remaining unamortized development costs are reported on the Company’s condensed consolidated balance sheets.

    During the three months ended March 31, 2023, the Company recognized no amortization expense with regards to these capitalized software development costs. During the three months ended March 31, 2022, related amortization expense was $755 thousand.