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EBIX Ebix

Cover Page

Cover Page - USD ($) $ in Millions12 Months Ended
Dec. 31, 2020Apr. 23, 2021Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type10-K
Document Annual Reporttrue
Document Period End DateDec. 31,
2020
Current Fiscal Year End Date--12-31
Document Transition Reportfalse
Entity File Number0-15946
Entity Registrant NameEBIX INC
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number77-0021975
Entity Address, Address Line One1 Ebix Way
Entity Address, City or TownJohns Creek,
Entity Address, State or ProvinceGA
Entity Address, Postal Zip Code30097
City Area Code678
Local Phone Number281-2020
Title of 12(b) SecurityCommon Stock, par value $0.10 per share
Trading SymbolEBIX
Security Exchange NameNASDAQ
Entity Well-known Seasoned IssuerYes
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
ICFR Auditor Attestation Flagtrue
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding30,942,871
Entity Public Float $ 500
Entity Central Index Key0000814549
Document Fiscal Year Focus2020
Document Fiscal Period FocusFY
Amendment Flagfalse

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Income Statement [Abstract]
Operating revenue $ 625,609,000 $ 580,615,000 $ 497,826,000
Operating expenses:
Costs of services provided343,262,000 205,165,000 168,415,000
Product development35,267,000 45,302,000 39,078,000
Sales and marketing13,835,000 19,578,000 17,587,000
General and administrative87,537,000 140,429,000 108,475,000
Amortization and depreciation13,738,000 14,468,000 11,292,000
Impairment of intangible asset6,168,000 0 0
Total operating expenses499,807,000 424,942,000 344,847,000
Operating income125,802,000 155,673,000 152,979,000
Interest income167,000 629,000 436,000
Interest expense(31,578,000)(42,332,000)(27,101,000)
Non-operating income153,000 337,000 60,000
Non-operating expense - litigation settlement (see Note 5)0 (21,140,000)0
Foreign currency exchange loss(387,000)(2,376,000)(792,000)
Income before income taxes94,157,000 90,791,000 125,582,000
Income tax provision(5,330,000)(220,000)(32,501,000)
Net income including noncontrolling interest88,827,000 90,571,000 93,081,000
Net loss attributable to noncontrolling interest(3,550,000)(6,149,000)(58,000)
Net income attributable to Ebix, Inc. $ 92,377,000 $ 96,720,000 $ 93,139,000
Basic earnings per common share (in dollars per share) $ 3.03 $ 3.17 $ 2.97
Diluted earnings per common share (in dollars per share) $ 3.02 $ 3.16 $ 2.95
Basic weighted average shares outstanding (in shares)30,510 30,511 31,393
Diluted weighted average shares outstanding (in shares)30,571 30,594 31,534

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest $ 88,827 $ 90,571 $ 93,081
Other comprehensive loss:
Foreign currency translation adjustments(23,105)(15,021)(39,354)
Total other comprehensive loss(23,105)(15,021)(39,354)
Comprehensive income65,722 75,550 53,727
Comprehensive income (loss) attributable to noncontrolling interest(3,550)(6,149)(58)
Comprehensive income attributable to Ebix, Inc. $ 69,272 $ 81,699 $ 53,785

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 105,035 $ 73,228
Receivables from service providers4,711 25,607
Short-term investments25,019 4,443
Restricted cash8,519 35,051
Fiduciary funds - restricted4,106 4,966
Trade accounts receivable, less allowances of $22,691 and $21,696, respectively142,847 153,565
Other current assets71,661 67,074
Total current assets361,898 363,934
Property and equipment, net52,521 48,421
Right-of-use assets12,372 19,544
Goodwill949,037 952,404
Intangibles, net50,880 46,955
Indefinite-lived intangibles21,647 42,055
Capitalized software development costs, net19,389 19,183
Deferred tax assets, net63,402 69,227
Other assets38,707 29,896
Total assets1,569,853 1,591,619
Current liabilities:
Accounts payable and accrued liabilities64,764 84,735
Payables to service agents5,281 12,196
Accrued payroll and related benefits11,792 8,755
Working capital facilities16,643 28,352
Fiduciary funds - restricted4,106 4,966
Short-term debt894 1,167
Contingent liability for earn-out acquisition consideration0 8,621
Current portion of long-term debt, net of deferred financing costs of $920 and $575, respectively23,621 22,091
Contract liabilities32,898 28,712
Lease liability3,905 5,955
Other current liabilities27,486 29,335
Total current liabilities191,390 234,885
Revolving line of credit439,402 438,037
Long-term debt, less current portion, net of deferred financing costs of $1,062 and $1,534, respectively232,140 254,467
Contingent liability for earn-out acquisition consideration0 1,474
Contract liabilities8,033 8,541
Lease liability8,540 13,196
Deferred tax liability, net1,235 1,235
Other liabilities29,009 40,339
Total liabilities909,749 992,174
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2020 and 20190 0
Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at December 31, 2020 and no shares authorized, issued and outstanding at December 31, 20190 0
Common stock, $0.10 par value, 220,000,000 shares authorized, 30,515,334 issued and outstanding at December 31, 2020 and 30,492,044 issued and outstanding at December 31, 20193,052 3,049
Additional paid-in capital11,126 6,960
Retained earnings700,304 618,503
Accumulated other comprehensive loss(101,503)(78,398)
Total Ebix, Inc. stockholders’ equity612,979 550,114
Noncontrolling Interest47,125 49,331
Total stockholders' equity660,104 599,445
Total liabilities and stockholders’ equity $ 1,569,853 $ 1,591,619

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Current Assets:
Allowance for doubtful accounts $ 22,691 $ 21,696
Deferred financing costs, current920 575
Deferred financing costs, noncurrent $ 1,062 $ 1,534
Stockholders' Equity:
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized500,000 500,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Series Y preferred stock, shares issued0
Series Y preferred stock, shares outstanding0
Series Y preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Series Y preferred stock, shares authorized350,000 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized220,000,000 220,000,000
Common stock, shares issued30,515,334 30,492,044
Common stock, shares outstanding30,515,334 30,492,044

Consolidated Statements Stockho

Consolidated Statements Stockholders' Equity - USD ($) $ in ThousandsTotalCumulative Effect, Period of Adoption, AdjustmentCommon StockAdditional Paid-in CapitalRetained EarningsRetained EarningsCumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive LossNoncontrol-ling interest
Beginning Balance (in shares) at Dec. 31, 201731,476,428
Beginning Balance at Dec. 31, 2017 $ 533,759 $ 3,148 $ 1,410 $ 510,975 $ (24,023) $ 42,249
Beginning Balance (Topic 606) at Dec. 31, 2017 $ (8,714) $ (8,714)
Beginning Balance (ASC 340-40) at Dec. 31, 2017 $ (1,446) $ (1,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Ebix, Inc.93,139 93,139
Net loss attributable to noncontrolling interest(58)(58)
Foreign currency translation adjustments(39,354)(39,354)
Exercise of stock options (in shares)27,999
Exercise of stock options439 $ 3 436
Repurchase and retirement of common stock (in shares)(996,773)
Repurchase and retirement of common stock(49,620) $ (100)(49,520)
Deferred compensation and amortization related to options and restricted stock2,811 2,811
Vesting of restricted stock (in shares)68,946
Vesting of restricted stock0 $ 6 (6)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (in shares)(8,875)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested(467)(467)
Noncontrolling interest23,264 (787)24,051
Common stock dividends paid(9,316)(9,316)
Ending Balance (in shares) at Dec. 31, 201830,567,725
Ending Balance at Dec. 31, 2018544,437 $ 3,057 3,397 535,118 (63,377)66,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Ebix, Inc.96,720 96,720
Net loss attributable to noncontrolling interest(6,149)(6,149)
Foreign currency translation adjustments(15,021)(15,021)
Repurchase and retirement of common stock (in shares)(95,000)
Repurchase and retirement of common stock(4,152) $ (10)(4,142)
Deferred compensation and amortization related to options and restricted stock3,397 3,397
Vesting of restricted stock (in shares)24,107
Vesting of restricted stock0 $ 2 (2)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (in shares)(4,788)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested(230)(230)
Noncontrolling interest(10,364)398 (10,762)
Common stock dividends paid(9,193)(9,193)
Ending Balance (in shares) at Dec. 31, 201930,492,044
Ending Balance at Dec. 31, 2019599,445 $ 3,049 6,960 618,503 (78,398)49,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Ebix, Inc.92,377 92,377
Net loss attributable to noncontrolling interest(3,550)(3,550)
Foreign currency translation adjustments(23,105)(23,105)
Exercise of stock options (in shares)30,000
Exercise of stock options636 $ 3 633
Deferred compensation and amortization related to options and restricted stock4,792 4,792
Vesting of restricted stock (in shares)68,504
Vesting of restricted stock0 $ 7 (7)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (in shares)(75,214)
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested(2,589) $ (7)(1,253)(1,329)
Noncontrolling interest1,343 1,343
Common stock dividends paid(9,245)(9,245)
Ending Balance (in shares) at Dec. 31, 202030,515,334
Ending Balance at Dec. 31, 2020 $ 660,104 $ 3,052 $ 11,126 $ 700,304 $ (101,503) $ 47,125

Consolidated Statements Stock_2

Consolidated Statements Stockholders' Equity (Parenthetical) - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, cash paid (in dollars per share) $ 0.30 $ 0.30 $ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Cash flows from operating activities:
Net income attributable to Ebix, Inc. $ 92,377,000 $ 96,720,000 $ 93,139,000
Net (loss) income attributable to noncontrolling interest(3,550,000)(6,149,000)(58,000)
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization13,738,000 14,468,000 11,292,000
Provision for doubtful accounts1,749,000 12,325,000 3,571,000
Provision for deferred taxes, net of acquisitions and effects of currency translation5,114,000 (15,525,000)(13,043,000)
Unrealized foreign exchange losses0 1,104,000 606,000
Amortization of right-of-use assets6,100,000 7,144,000 0
Amortization of capitalized software development costs3,367,000 2,696,000 2,233,000
Share-based compensation4,792,000 3,397,000 2,811,000
Reduction of acquisition earn-out contingent liability(3,105,000)(16,543,000)(1,391,000)
Cash paid for acquisition earn-out(6,453,000)0 (3,831,000)
Intangible asset impairment6,168,000 0 0
Changes in current assets and liabilities, net of acquisitions:
Accounts receivable3,258,000 (22,977,000)15,839,000
Receivables from service providers20,896,000 10,950,000 (36,557,000)
Payables to service agents(6,915,000)(13,455,000)25,651,000
Other assets(10,487,000)(8,351,000)(8,486,000)
Accounts payable and accrued expenses(14,569,000)(19,624,000)(11,787,000)
Accrued payroll and related benefits2,100,000 (661,000)(788,000)
Lease liabilities(5,700,000)(6,878,000)(360,000)
Reserve for potential uncertain income tax return positions0 (95,000)149,000
Other liabilities(12,204,000)30,396,000 13,205,000
Contract liabilities3,680,000 (8,149,000)(8,740,000)
Net cash provided by operating activities100,356,000 60,793,000 83,455,000
Cash flows from investing activities:
Investments in acquired businesses, net of cash acquired(14,276,000)(105,466,000)(232,557,000)
Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment0 (5,348,000)
Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment4,996,000
Maturities (purchases) of marketable securities(20,964,000)27,015,000 (4,087,000)
Capitalized software development costs(4,229,000)(7,989,000)(8,079,000)
Capital expenditures(5,337,000)(4,908,000)(8,032,000)
Net cash used in investing activities(44,806,000)(96,696,000)(247,759,000)
Cash flows from financing activities:
Proceeds from / (payment) to revolving line of credit, net1,364,000 13,500,000 150,008,000
Proceeds from term loan0 0 175,500,000
Principal payments on term loan obligation(20,711,000)(15,063,000)(10,016,000)
Payments on short-term notes, net0 6,450,000 (8,341,000)
Working capital facilities(10,927,000)19,079,000 (8,094,000)
Repurchase of common stock0 (12,952,000)(40,820,000)
Payments of long term debt(271,000)(686,000)(80,000)
Payments for capital lease obligations(210,000)0
Payments for capital lease obligations(6,000)
Proceeds from exercise of common stock options636,000 0 439,000
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested(2,589,000)(230,000)(467,000)
Dividends paid(9,245,000)(9,193,000)(9,316,000)
Net cash (used) provided by financing activities(41,953,000)905,000 248,807,000
Effect of foreign exchange rates on cash and cash equivalents(4,753,000)(3,314,000)(5,689,000)
Net change in cash and cash equivalents, and restricted cash8,844,000 (38,312,000)78,814,000
Cash and cash equivalents, and restricted cash at the beginning of the year111,369,000 149,681,000 70,867,000
Cash and cash equivalents, and restricted cash at the end of the year120,213,000 111,369,000 149,681,000
Supplemental disclosures of cash flow information:
Interest paid29,498,000 41,143,000 25,690,000
Income taxes paid $ 21,321,000 $ 24,041,000 $ 10,149,000

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flow (Parenthetical) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2018
Shares used to satisfy exercise costs and recipients' income tax obligations75,214 8,875
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested $ 2,589 $ 467
Upfront cash consideration and contingent consideration included in other current liabilities $ 2,443 $ 77,600
Shares not settled200,000
Value of unsettled shares $ 8,800
PML JV
Percentage of membership interest in joint venture by other party10.00%10.00%

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting PoliciesDescription of Business and Summary of Significant Accounting Policies Description of Business— Ebix, Inc. and its subsidiaries, (“Ebix” or the “Company”, "we", "us", and "our") is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial, travel, payment remittances and healthcare industries. In the insurance industry, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis using SaaS enterprise solutions in the area of customer relationship management ("CRM"), front-end and back-end systems, and outsourced administrative and risk compliance. The Company's products feature fully customizable and scalable software solutions designed to streamline the way insurance and financial industry professionals manage distribution, marketing, sales, customer service, and accounting activities. With a "Phygital” strategy that combines physical distribution outlets in India and many Association of Southeast Asian Nations (ASEAN) countries to a Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange ("Forex"), travel, pre-paid gift cards, utility payments, lending, and wealth management in India and other Southeast Asian markets. The Company has its headquarters in Johns Creek, Georgia and also conducts operating activities in Australia, Canada, India, New Zealand, Singapore, the U.K., Brazil, Philippines, Indonesia, Thailand and United Arab Emirates. International revenue accounted for 73.4%, 68.6%, and 60.4% of the Company’s total revenue in 2020, 2019, and 2018, respectively. EbixCash Exchanges ("EbixCash") EbixCash revenues are primarily derived from consideration paid by customers for financial transaction services, including services like transferring or exchanging money. The significant majority of EbixCash revenue is for a single performance obligation and is recognized at a point in time. These revenues vary by transaction based upon channel, send and receive locations, the principal amount sent, whether the money transfer involves different send and receive currencies, and speed of service, as applicable. EbixCash also offers several other services, including payment services and ticketing and travel services for which revenue is impacted by varying factors. EbixCash acts as the principal in most transactions and reports revenue on a gross basis, as EbixCash controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. The main services from which EbixCash derives revenue are as follow: Gift Cards EbixCash sells general purpose prepaid gift cards to corporate customers and consumers that can be later redeemed at various merchants. The gift cards are co-branded between EbixCash and its card-issuing banking partner(s) and are affiliated with major payment associations such as VISA, Mastercard, and Rupay. The gift cards are sold to a diversified set of corporate customers from various industries. The gift cards are used by corporate customers to disburse incentives to the end users, which are primarily their employees, agents and business associates. The gift cards sold by EbixCash are not reloadable, cannot be used at ATMs or for any other cash-out or funds transfer transactions, and are subject to maximum limits per card (currently INR10,000 or approximately $140). Gift cards issued by EbixCash are valid for a period of 15 months from the date of issuance for virtual cards and three years for physical cards. EbixCash has entered into arrangements with banks and financial institutions to settle payments to merchants based on utilization of the gift cards. The Company has end-to-end responsibilities related to the gift cards sold, from the activation and ongoing utilization of the gift cards to customer service responsibilities to risk of loss due to fraud on the gift cards sold. EbixCash acts a principal in the sale of gift cards and, thus, gift card revenue is recognized on a gross basis (full purchase value at the time of sale) with the corresponding cost of the gift cards recorded as cost of services provided. Unredeemed gift cards at December 31, 2020 are not significant to the financial results of the Company and are recorded as deferred revenues in the financial results. EbixCash Travel Exchanges EbixCash Travel revenues are primarily derived from commissions and transaction fees received from various travel providers and international exchanges involved in the sale of travel to the consumer. EbixCash Travel revenue is for a single performance obligation and is recognized at a point in time. Travel revenues include reservation commissions, segment fees from global travel exchange providers, and transaction net revenues (i.e., the amount charged to travelers less the amount owed to travel service providers) in connection with our reservation services; ancillary fees, including travel insurance-related revenues and certain reservation booking fees; and credit card processing rebates and customer processing fees. EbixCash Travel services include the sale of hotel rooms, airline tickets, bus tickets and train tickets. EbixCash’s Travel revenue is also derived from ticket sales, wherein the commissions payable to EbixCash Travel, along with any transaction fees paid by travel providers and travel exchanges, is recognized as revenue after completion of the service. The transaction price on such services is agreed upon at the time of the purchase. EbixCash Travel revenue for the corporate MICE (Meetings, Incentives, Conferences, and Exhibitions) packages is recognized at full purchase value at the completion of the obligation with the corresponding costs recorded under cost of services provided. For MICE revenues, EbixCash Travel acts as the principal in transactions and, accordingly, reports revenue on a gross basis. EbixCash Travel controls the service at all times prior to transfer to the customer, is responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. EbixCash Money Transfer For the EbixCash money transfer business, EbixCash has one performance obligation whereupon the customer engages EbixCash to perform one integrated service. This typically occurs instantaneously when the beneficiary entitled to receive the money transferred by the sender visits the EbixCash outlet and collects the money. Accordingly, EbixCash recognizes revenue upon completion of the following: 1) the customer’s acknowledgment of EbixCash’s terms and conditions and the receipt of payment information, 2) the money transfer has been processed, 3) the customer has received a unique transaction identification number, and 4) funds are available to be picked up by the beneficiary. The transaction price is comprised of a transaction fee and the difference between the exchange rate set by EbixCash to the customer and the rate available in the wholesale foreign exchange market, as applicable, both of which are readily determinable at the time the transaction is initiated Foreign Exchange and Outward Remittance Services For EbixCash’s foreign exchange and payment services, customers agree to terms and conditions for all transactions, either at the time of initiating a transaction or signing a contract with EbixCash to provide payment services on the customer’s behalf. In the majority of EbixCash’s foreign exchange and payment services, EbixCash makes payments to the recipient to satisfy its performance obligation to the customer and, therefore, EbixCash recognizes revenue on foreign exchange and payment when this performance obligation has been fulfilled. Consumer Payment Services EbixCash offers several different bill payment services that vary by considerations such, as: 1) who pays the fee to EbixCash (consumer or biller); 2) whether the service is offered to all potential consumers; 3) whether the service is restricted to existing biller relationships of EbixCash; and 4) whether the service utilizes a physical agent network offered for consumers’ convenience, among other factors. The determination of which party is EbixCash’s customer for revenue recognition purposes is based on these considerations for each of EbixCash’s bill payment services. For all transactions, EbixCash’s customers agree to EbixCash’s terms and conditions, either at the time of initiating a transaction (where the consumer is determined to be the customer for revenue recognition purposes) or upon signing a contract with EbixCash to provide services on the biller’s behalf (where the biller is determined to be the customer for revenue recognition purposes). As with consumer money transfers, customers engage EbixCash to perform one integrated service, collect money from the consumer and process the bill payment transaction, thereby providing the billers real-time or near real-time information regarding their customers’ payments and, thus, simplifying the billers’ collection efforts. EbixCash’s revenues from bill payment services are generated from contracts to process transactions at any time during the duration of the contract. The transaction price on bill payment services is contractual and determinable. Certain biller agreements may include per-transaction or fixed periodic rebates, which EbixCash records as a reduction to revenue. EbixCash Technology Services EbixCash also offers on-demand technology to various providers in the area of lending, wealth and asset management, and travel across the world. Insurance Exchanges Insurance Exchanges revenues are primarily derived from consideration paid by customers related to our SaaS platforms, related services and the licensing of software. A typical contract for our SaaS platform will also include services for setup, customization, transaction processing, maintenance, and/or hosting. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgement. Set-up and customization services related to our SaaS platforms are not considered to be distinct from the usage fees associated with the SaaS platform and, accordingly, are accounted for as a single performance obligation. These services, along with the usage or transaction fees, are recognized over the contract duration, which considers the significance of the upfront fees in the context of the contract and which may, therefore, exceed the initial contracted term. A customer's transaction volume tends to remain fairly consistent during the contract period without significant fluctuations. The invoiced amount is a reasonable approximation of the revenue that would be allocated to the related period under the variable consideration guidelines in ASC 606-10-32-40. To the extent that a SaaS contract includes subscription services or professional services, apart from the upfront customization, these are considered separate performance obligations. The Company also has separate software licensing (on premise/ perpetual), unrelated to the SaaS platforms, which is recognized at a point in time when the license is transferred to the customer. Contracts generally do not contain a right of return or refund provisions. Our contracts often do contain overage fees, contingent fees, or service level penalties which are accounted for as variable consideration. Revenue accounted for as variable consideration is immaterial and is recognized using the “right to invoice” practical expedient when the invoiced amount equals the value provided to the customer. Software-as-a-Service The Company allocates the transaction price to each distinct performance obligation using the relative stand-alone selling price. Determining the stand-alone selling price may require significant judgement. The stand-alone selling price is the price at which an entity has sold or would sell a promised good or service separately to a customer. The Company determines the stand-alone selling price based on observable price of products or services sold separately in comparable circumstances, when such observable prices are available. When standalone selling price is not directly observable, the Company estimates the stand-alone selling price using the market assessment approach by considering historical pricing and other market factors. Software Licenses Software license revenues attributable to a software license that is a separate performance obligation are recognized at the point in time that the customer obtains control of the license. Subscription Services Subscription services revenues are associated with performance obligations that are satisfied over specific time periods and primarily consist of post-contract support services. Revenue is generally recognized ratably over the contract term. Our subscription contracts are generally for an initial three-year period with subsequent one-year automatic renewals. Transaction Fees Transaction revenue is comprised of fees applied to the volume of transactions that are processed through our SaaS platforms. These are typically based on a per-transaction rate and are invoiced for the same period in which the transactions were processed and as the performance obligation is satisfied. The amount invoiced generally equals the value provided to the customer, and revenue is typically recognized when invoiced using the as-invoiced practical expedient. Professional Services Professional service revenue primarily consists of fees for setup, customization, training, or consulting services. Professional service fees are generally on a time and materials basis or a fixed fee basis. Revenues for time and materials are recognized as such services are rendered, while fixed fee revenues are recognized based on the input method that is driven by the expected hours to complete the project measured against the actual hours completed to date. Professional services, particularly related to SaaS platforms, may have significant dependencies on the related licensed software and may not be considered a distinct performance obligation. Risk Compliance Services ("RCS") RCS revenues consist of two revenue streams - Certificates of Insurance ("COI") and Consulting Services. COI revenues are derived from consideration paid by customers for the creation and tracking of certificates of insurance. These are transactional-based revenues. Consulting Services revenues are driven by distinct consulting service engagements rendered to customers for which revenues are recognized using the output method on a time and material basis as the services are performed. COI Creation and Tracking The Company provides services to issue and track certificates of insurance in the U.S. and Australian markets. Revenue is derived from transaction fees for each certificate issued or tracked. The Company recognizes revenue at the issuance of each certificate or over the period the certificate is being tracked. Consulting Services The Company provides consulting services to clients around the world for project management and development. Consulting services fees are generally on a time and materials basis or a fixed fee basis. Revenues for time and materials are recognized using an output method as the services are rendered, while fixed fee revenues are recognized based on the input method driven by the expected hours to complete the project measured against the actual hours completed to date. Summary of Significant Accounting Policies Basis of Presentation — The consolidated financial statements include the accounts of Ebix and its wholly and majority-owned subsidiaries. Non-controlling interests in net income or losses, and net equity are reported in amounts that reflect the non-controlling party(s) percentage ownership in the respect subsidiaries. The effect of intercompany 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 contract liabilities, accounts receivable, acquired intangible assets, annual impairment reviews of goodwill and indefinite-lived intangible assets, investments, contingent earnout liabilities in connection with business acquisitions, and the provision for income taxes. Actual results may be different from those estimates. Reclassification —Certain prior year amounts have been reclassified to be consistent with current year presentation within our financial statement. Segment Reporting —Since the Company, from the perspective of its chief operating decision maker, allocates resources and evaluates business performance as a single entity on a worldwide basis, the Company reports as a single segment. The applicable enterprise-wide disclosures are included in Note 14. 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. The Company deposited $30.0 million with a third party bank in a trust account with commingled funds of its outside legal counsel in contemplation of a potential acquisition on December 31, 2020. The funds are included under the heading 'Cash and Cash Equivalent' in the consolidated balance sheet due to the nature of the said account, as the account had neither a restriction on the Company's ability to access the funds at its discretion nor did the account have restrictions associated with the potential acquisition that would limit the Company's control over and access to the cash. The contemplated acquisition did not occur as of December 31, 2020 or through the filing of this Form 10-K, and on February 2, 2021 the Company had the cash returned to its primary U.S. operating bank account. Short-term Investments —The Company’s primary short-term investments consist of certificates of deposits with established commercial banking institutions in India that have 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 $25 million and $4.4 million at December 31, 2020 and 2019, respectively. Restricted Cash — The carrying value of our restricted cash was $8.5 million and $35.1 million at December 31, 2020 and 2019, respectively. The Company holds fixed deposits pledged with banks for issuance of bank guarantees and letters of credit related to its India operations for our working capital facilities. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: For the Year Ended December 31, 2020 2019 2018 (In thousands) Cash and cash equivalents $ 105,035 $ 73,228 137,858 Restricted cash 8,519 35,051 8,317 Restricted cash included in other long-term assets 6,659 3,090 3,506 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 120,213 $ 111,369 $ 149,681 Fiduciary Funds - Restricted —Due to the EbixHealth JV being a third party administrator (“TPA”), the Company collects premiums from insureds and, after deducting its fees, remits these premiums to insurance companies. Unremitted insurance premiums and/or claim funds established for the benefit of various carriers are held in a fiduciary capacity until disbursed by the Company. The use of premiums collected from insureds but not yet remitted to insurance companies is restricted by law in certain states. The total assets held on behalf of others, $4.1 million, are recorded as an asset and offsetting fiduciary funds - restricted liability. Fair Value Measurements —The Company follows the relevant GAAP guidance regarding the determination and measurement of the fair value of assets/liabilities 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: • Level 1 — Unadjusted quoted prices available in active markets for identical investments to the reporting entity at the measurement date. • Level 2 — Other than quoted prices included in Level 1 inputs, which are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 — Unobservable inputs, which are used to the extent that observable inputs are not available, and 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. 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, 2020 and 2019, the Company has the following financial instruments for which it had to consider fair values and had to make fair value assessments: • Short-term investments (commercial bank certificates of deposits and mutual funds), 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 quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration 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. Other financial instruments not measured at fair value on the Company's consolidated balance sheets at December 31, 2020 and 2019 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, finance lease obligations, and the revolving line of credit and term loan debt . The Company believes that the estimated fair value of such instruments at December 31, 2020 and 2019 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: Fair Values at Reporting Date Using* Descriptions Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Assets Commercial bank certificates of deposits ($7.4 million is recorded in the long term asset section of the consolidated balance sheets in "Other Assets") $ 32,072 $ — $ 32,072 $ — Mutual funds 381 381 — — Total assets measured at fair value $ 32,453 $ 381 $ 32,072 $ — Liabilities Contingent earn-out acquisition consideration — — — — Total liabilities measured at fair value $ — $ — $ — $ — * During the year ended December 31, 2020 there were no transfers between fair value Levels 1, 2 or 3. Fair Values at Reporting Date Using* Descriptions Balance at December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Assets Commercial bank certificates of deposits ($50 thousand is recorded in the long term asset section of the consolidated balance sheets in "Other Assets") $ 4,493 — 4,493 — Mutual Funds 1,058 1,058 — — Total assets measured at fair value $ 5,551 $ 1,058 $ 4,493 $ — Liabilities Contingent earn-out acquisition consideration (a) 10,095 — — 10,095 Total liabilities measured at fair value $ 10,095 $ — $ — $ 10,095 (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, 2019, there were no transfers between fair value Levels 1, 2 or 3. 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 Measurements Using Significant Unobservable Inputs (Level 3) Contingent Liability for Accrued Earn-out Acquisition Consideration Balance at December 31, 2020 Balance at December 31, 2019 (In thousands) Beginning balance $ 10,095 24,976 Total remeasurement adjustments: (Gains) or losses included in earnings ** (3,105) (16,543) Reductions recorded against goodwill — — Foreign currency translation adjustments *** (537) (260) Acquisitions and settlements Business acquisitions — 1,922 Settlements (6,453) — Ending balance $ — $ 10,095 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. $ (3,105) $ (16,543) ** recorded as a component of general and administrative expenses *** recorded as a component of other comprehensive income within stockholders' equity 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: (In thousands) Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Contingent acquisition consideration: $— Discounted cash flow Expected future annual revenue streams and probability of achievement (In thousands) Fair Value at December 31, 2019 Valuation Technique Significant Contingent acquisition consideration: $10,095 Discounted cash flow Expected future annual revenue streams and probability of achievement 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 12.6%. Significant increases (decreases) in these unobservable inputs in isolation would likely result in a significantly (lower) higher fair value measurement. Revenue Recognition and Contract Liabilities —The Company derives its revenues primarily from software subscription and transaction fees, software license fees, financial transaction fees, risk compliance solution services fees, and professional service fees including associated fees for consulting, implementation, training, and project management provided to customers with installed systems and applications. 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 determines revenue recognition by applying the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, we satisfy a performance obligation. The Company analyzes its different services individually to determine the appropriate basis for revenue recognition, as further described below. Additionally, certain services exist in multiple channels. As Ebix derives revenues from three product/service channels, EbixCash Exchanges, Insurance Exchanges, and Risk Compliance Solutions, for policy disclosure purposes, contracts are discussed in conjunction with the channel to which they are most significant. The Company assesses the terms of customer contracts, including termination rights, penalties (implied or explicit), and renewal rights. Contract Liabilities Contract liabilities includes payments or billings that have been received or made prior to performance. In certain cases, cash collections 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 $7.2 million and $6.4 million of contract liabilities were included in billed accounts receivable at December 31, 2020 and 2019, respectively. Disaggregation of Revenue The following tables present revenue disaggregated by primary geographical regions and product channels for the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) India* $ 378,660 $ 300,678 $ 196,372 United States $ 166,320 182,530 196,984 Australia $ 33,846 33,268 35,770 Latin America $ 14,801 19,755 19,866 Europe $ 13,145 14,695 15,387 Canada $ 4,383 4,805 5,611 Singapore* $ 3,969 6,549 7,674 Indonesia* $ 3,206 9,706 7,482 Philippines* $ 2,140 5,991 6,483 United Arab Emirates* $ 3,335 683 1,042 New Zealand $ 1,804 1,955 2,015 Mauritius* $ — — 3,140 $ 625,609 $ 580,615 $ 497,826 *Primarily India led businesses for which total revenue was $388.3 million, $320.0 million and $217.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company’s revenues are derived from three 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, 2020, 2019, and 2018. For the Year Ended December 31, (In thousands) 2020 2019 2018 EbixCash Exchanges $ 388,293 $ 319,953 $ 217,457 Insurance Exchanges 178,111 190,067 192,604 Risk Compliance Solutions 59,205 70,595 87,765 Totals $ 625,609 $ 580,615 $ 497,826 Costs to Obtain and Fulfill a Contract The Company’s capitalized costs are primarily derived from the fulfillment of SaaS related setup and customizations from which the customer receives benefit through continued access to and use of the SaaS product platforms. In accordance with the guidance in ASC 340-40-25-5, we capitalize the costs directly related to the setup and development of these customizations, which satisfy the Company’s performance obligation with respect to access to the Company’s underlying product platforms. The capitalized costs primarily consist of the salaries of the developers directly involved in fulfilling the project and are solely based on the time spent on that project. The Company amortizes the capitalized costs ratably over the expected useful life of the related customizations, matching our treatment for the related revenue, and the capitalized costs are recoverable from profit margin included in the contract. As of December 31, 2020, the Company had $646 thousand of contract costs in “Other current assets” and $985 thousand in “Other assets” on the Company's Condensed Consolidated B

Earnings per Share

Earnings per Share12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per ShareEarnings 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: For the year ended (In thousands, except per share amounts) Earnings per share: 2020 2019 2018 Basic earnings per common share $ 3.03 $ 3.17 $ 2.97 Diluted earnings per common share $ 3.02 $ 3.16 $ 2.95 Basic weighted average shares outstanding 30,510 30,511 31,393 Diluted weighted average shares outstanding 30,571 30,594 31,534 Basic EPS is equal to net income attributable to Ebix, Inc. 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. With respect to restricted stock, 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. Diluted EPS is equal to net income attributable to Ebix, Inc divided by the combined sum of the weighted average number of shares outstanding and common stock equivalents. At December 31, 2020, 2019, and 2018 there were 181,875, 181,875, and 42,000 respectively of 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 year ended December 31, 2020, 2019, and 2018: For the year ended (In thousands) 2020 2019 2018 Basic weighted average shares outstanding 30,510 30,511 31,393 Incremental shares for common stock equivalents 61 83 141 Diluted shares outstanding 30,571 30,594 31,534

Business Acquisitions

Business Acquisitions12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]
Business AcquisitionsBusiness Acquisitions The Company’s business acquisitions are accounted for under the purchase method of accounting in accordance with ASC 805 (" 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. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record significant adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in our consolidated statements of income. The Company's practice is to immediately integrate all functions including infrastructure, sales and marketing, administration, product development after a business acquisition is consummated, so as to ensure that synergistic efficiencies are maximized, redundancies eliminated, and to leverage cross-selling opportunities. Furthermore, the Company centralizes certain key functions such as information technology, marketing, sales, human resources, finance, and other general administrative functions after an acquisition, in order to 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 terms for the contingent earn-out payments in most of the Company's business acquisitions typically address revenues achieved by the acquired entity over a one, two, and/or three year period subsequent to the effective date of their acquisition by Ebix. These terms typically establish a minimum threshold revenue target with achievement of revenues recognized over that target being awarded in the form of a specified cash earn-out payment. The Company applies these terms in its calculation and determination of the fair value of contingent earn-out liabilities for purchased businesses as part of the related valuation and purchase price allocation exercise for the corresponding acquired assets and liabilities. 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, 2020, 2019 and 2018, these aggregate contingent accrued earn-out business acquisition consideration liabilities, were reduced by $3.1 million, $16.5 million, and $1.4 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, 2020, there were no outstanding contingent earn-out liability in the Company's Consolidated Balance Sheet. As of December 31, 2019, the total of these contingent liabilities was $10.1 million, of which $1.5 million was reported in long-term liabilities and $8.6 million was included in current liabilities in the Company's Consolidated Balance Sheet. 2020 Acquisitions Trimax - Effective May 4, 2020, Ebix acquired from bankruptcy India-based Trimax, which provides IT and integration services to state-owned transport corporations, operates data centers, and is an IT infrastructure solution provider, for approximately $9.9 million of upfront consideration. Additionally, Ebix issued preferred shares in Trimax to the selling shareholders that can be sold five years from the closing of the acquisition based on an independent valuation performed by a Big 4 valuation firm. The maximum potential value of the preferred shares is approximately $9.9 million. The valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction. AssureEdge- Effective October 1, 2020 the Company acquired a 70% interest in AssureEdge Global Services (“AssureEdge”) for a total purchase price of approximately $5.0 million, including net working capital acquired. AssureEdge is a pan-India based business process outsourcing ("BPO") company, with a variety of BPO offerings via six contact centers across the country. It serves a number of industries and clients that have cross-selling value for EbixCash services. The valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction. 2019 Acquisitions Wallstreet Canada- Effective August 23, 2019, Ebix acquired Canada based Wallstreet Canada, a foreign exchange and outward remittance service provider for approximately $2.1 million inclusive of net acquired working capital. Essel Forex- Effective January 1, 2019, Ebix acquired the assets of India based Essel Forex, for approximately $8.7 million, plus possible future contingent earn-out payments of up to $721 thousand based on earned revenues. Ebix funded the entire transaction in cash using its internal cash reserves. Essel Forex is a provider of foreign exchange services in India, with a wide spectrum of related products including sales of all major currencies, travelers’ checks, demand drafts, remittances, money transfers and prepaid cards primarily for corporate clients. Zillious- Effective January 1, 2019, Ebix acquired an 80% controlling stake in India based Zillious for $10.1 million plus possible future contingent earn-out payments of up to $2.2 million based on agreed milestones in the acquisition agreement. Zillious is an on-demand SaaS travel technology solution in the corporate travel segment in India. The following table summarizes the recognized intangible assets, goodwill and earn-out provisions, as a result of the cumulative valuation and purchase price allocations on effective date of acquisition, for the 2020 and 2019 acquisitions: Company acquired Date acquired Goodwill Intangibles Assets Contingent Earn-Out Provision (In thousands) Essel Forex Jan-19 8,372 1,163 407 Zillious Jan-19 9,489 1,875 1,515 Wallstreet Canada Aug-19 71 — — Total for 2019 acquisitions $ 17,932 $ 3,038 $ 1,922 Trimax* May-20 8,243 — — AssureEdge* Oct-20 3,678 — — Total for 2020 acquisitions $ 11,921 $ — $ — *The valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction. The following table summarizes the fair value of the consideration transferred, net assets acquired and liabilities assumed, as of the acquisition date, for acquisitions closed during 2020 and 2019: (In thousands) 2020 2019 Fair value of total consideration transferred Cash $ 13,774 $ 105,391 Consideration payable 1,827 — Contingent earn-out consideration arrangement (net) — 1,922 Total consideration transferred 15,601 107,313 Fair value of equity components recorded (not part of consideration) Recognition of noncontrolling interest of joint ventures 1,350 (10,258) Total equity components recorded 1,350 (10,258) Total consideration transferred and equity components recorded $ 16,951 $ 97,055 Fair value of assets acquired and liabilities assumed Cash, net of adjustment $ 1,358 $ (75) Other current assets 2,812 5,175 Property, plant, and equipment 4,021 231 Other long term assets 103 3,023 Intangible assets, definite lived — 6,296 Capitalized software development costs — — Deferred tax liability — 12 Current and other liabilities, net of consideration transferred (3,264) 63,721 Net assets acquired, excludes goodwill 5,030 78,383 Goodwill 11,921 18,672 Total net assets acquired $ 16,951 $ 97,055 The following table summarizes the separately identified intangible assets acquired as a result of the acquisitions that occurred during 2020 and 2019: December 31, 2020 2019 Weighted Weighted Intangible asset category Fair Value Useful Life Fair Value Useful Life (In thousands) (In years) (In thousands) (In years) Customer relationships $ — 0.0 $ 3,042 7.5 Developed technology — 0.0 851 7.0 Agent network — 0.0 582 10.2 Airport contracts — 0.0 — 0.0 Store networks — 0.0 — 0.0 Brand — 0.0 78 5.0 Branch network — 0.0 1,743 10.0 Purchase accounting adjustments for prior year acquisitions — 0.0 — 0.0 Total acquired intangible assets $ — 0.0 $ 6,296 8.0 Estimated aggregate future amortization expense for the intangible assets recorded as part of the business acquisitions described above and all other prior acquisitions is as follows: Future Amortization Expenses (In thousands): For the year ended December 31, 2021 $ 9,359 For the year ended December 31, 2022 8,967 For the year ended December 31, 2023 6,942 For the year ended December 31, 2024 5,155 For the year ended December 31, 2025 3,835 Thereafter 16,622 $ 50,880

Credit Facility

Credit Facility12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
Credit FacilityCredit Facility The Company maintains a senior secured syndicated credit facility, dated August 5, 2014, among Ebix, Inc., as borrower, its subsidiaries party thereto from time to time as guarantors, Regions Bank (As administrative agent and collateral agent) and the lenders party thereto from time to time (as amended from time to time, the "Credit Facility") that provides a $450 million revolving line of credit (the "Revolver") as well as a term loan (the "Term Loan"), which at December 31, 2020 had a balance of $255.5 million. The Credit Facility matures in February 2023. On May 7, 2020, Ebix entered into Amendment No. 10 to the Credit Facility. Amendment No. 10 provides for, among other things, increased flexibility under financial maintenance covenants, which the Company sought in part due to the unforeseen negative effects of the COVID-19 pandemic. On March 30, 2020, the Company and certain of its subsidiaries entered into a waiver related to the Credit Facility (the "Waiver"). The Waiver provided that so long as the Company’s leverage ratio is below 5.0 to 1.0 for the Company’s fiscal quarter ending March 31, 2020 pursuant to the terms of its compliance certificate required by the Credit Facility, the existing leverage ratio requirement of 3.50 to 1.0 was waived. On September 27, 2019, the Company and certain of its subsidiaries entered into Amendment No. 9 to the Credit Facility, which amended the definitions of “Consolidated EBITDA" and “Indebtedness” and modified the maximum consolidated debt leverage ratios allowed. At December 31, 2020, the outstanding balance on the Revolver was $439.4 million and the facility carried an interest rate of 3.5%. During 2020, the Company drew $1.4 million on its Revolver. This balance on the Revolver is included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During 2020, the average and maximum outstanding balances on the Revolver were $438.9 million and $439.4 million, respectively, and the weighted average interest rate on the Revolver was 4.04%. At December 31, 2019, the outstanding balance on the Revolver was $438.0 million and the facility carried an interest rate of 4.25%. This balance on the Revolver was included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During 2019, the average and maximum outstanding balances on the Revolver were $437.2 million and $438.0 million, respectively. At December 31, 2020, the outstanding balance on the Term Loan was $255.5 million, of which $22.6 million is due within the next twelve months. $20.7 million of scheduled amortization payments were made on the Term Loan during 2020. The Term Loan also carried an interest rate of 3.5% at December 31, 2020, and the weighted average interest rate on the Term Loan during 2020 was 4.04%. The current and long-term portions of the Term Loan are included in the respective current and long-term debt sections of the Condensed Consolidated Balance Sheets, the amounts of which were $22.6 million and $232.9 million. At December 31, 2019, the outstanding balance on the Term Loan was $276.2 million, of which $20.7 million was due within twelve months. This term loan also carried an interest rate of 4.25%. At December 31, 2020, the Company's Condensed Consolidated Balance Sheets include $4.9 million of remaining deferred financing costs in connection with the Credit Facility, which are being amortized as a component of interest expense through the maturity of the Credit Facility in February 2023. $2.9 million of such deferred financing costs pertain to the Revolver and $2.0 million pertains to the Term Loan, of which $919 thousand is netted against the current portion of the Term Loan and $1 million is netted against the long-term portion of the Term Loan as reported on the Condensed Consolidated Balance Sheets. At December 31, 2019, the Company's Condensed Consolidated Balance Sheets included $5.2 million of remaining deferred financing costs in connection with the Credit Facility, with $3.1 million pertaining to the Revolver and $2.1 million pertaining to the Term Loan, of which $575 thousand was netted against the current portion of the Term Loan and $1.5 million was netted against the long-term portions of the Term Loan as reported on the Condensed Consolidated Balance Sheets. The Company maintains working capital debt facilities with banks in India for working capital funding requirements to support our foreign exchange, travel and remittance businesses. We are required to extend short term credits to franchisee networks (B2B) and corporate customers. Additionally, we are required to maintain minimum levels of foreign currency inventory across branches and airport operations. Typically, these facilities carry interest rates 6.75% to 9.45% and are rupee denominated working capital lines and are collateralized against the receivables of these businesses and existing foreign currency inventory on hand. As of December 31, 2020 and 2019, the total of these working capital facilities was $16.6 million and $28.4 million, respectively, and is included in current liabilities in the Company's Condensed Consolidated Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies Contingencies— On February 22, 2021, Christine Marie Teifke, a purported purchaser of Ebix, Inc. securities, filed a putative class action in the United States District Court for the Southern District of New York on behalf of herself and others who purchased or acquired Ebix securities between November 9, 2020 and February 19, 2021. The complaint asserts claims against Ebix, Inc., Robin Raina, and Steven M. Hamil, for purported violations of Section 10(b) of the Securities Exchange Act of 1934, alleging that Ebix, Inc. made false and misleading statements and failed to disclose material adverse facts about an audit of the company's gift card business in India and its internal controls over the gift and prepaid card revenue transaction cycle. The complaint alleges that Ebix's stock price fell as a result of the revelation that Ebix's independent auditor, RSM US LLP, had resigned, citing concerns with the company's internal controls and disagreements over other accounting issues. The complaint also asserts a claim against Robin Raina and Steven M. Hamil for purported violations of Section 20(a) of the Exchange Act arising out of the same facts. The complaint seeks, among other relief, damages and attorneys' fees and costs. On July 16, 2019, Yatra Online, Inc. ("Yatra"), Ebix, Inc. ("Ebix"), and EbixCash Travels, Inc. ("Merger Sub") entered into a Merger Agreement. On May 14, 2020, Yatra entered into an agreement with Ebix and Merger Sub extending the outside date of the Merger Agreement (the "Extension Agreement"). On June 5, 2020, Yatra terminated the Merger Agreement and filed a complaint in the Delaware Court of Chancery against Ebix and Merger Sub (the "Complaint"). On September 25, 2020, Yatra amended the Complaint and added as a defendant each financial institution (each, a “Defendant Lender”) party our Credit Facility, which prior to the filing of the original Complaint, had been previously amended on May 7, 2020. The Complaint, as amended, alleges that Ebix and Merger Sub breached certain representations, warranties, and covenants contained in the Merger Agreement and the Extension Agreement and that Ebix negotiated in bad faith. The amended Complaint also alleges fraudulent actions by Ebix and the Defendant Lenders arising from certain terms of the Credit Facility and tortious interference with the closing of the Merger Agreement by Ebix and the Defendant Lenders. The Complaint seeks, among other relief, damages, pre-judgment and post-judgment interest, and attorneys' fees and costs. Ebix and Merger Sub deny any liability and intend to defend the action vigorously. On May 12, 2017, Ebix Software India Pvt. Ltd. (“Ebixcash”) entered into several agreements with the most prominent shareholders of Itz Cash Card Limited (“Itz”), the most relevant among these a stock purchase agreement (the “SPA”), to purchase a majority ownership stake in Itz. Further, as part of the overall purchase of Itz, a share purchase agreement between Ebixcash and individual ESOP holders of Itz was entered into on July 7, 2017 (the “ESOP SPA”) (with the SPA, the ESOP SPA and the other purchase documents, collectively, the “Transaction Documents”). Part of the consideration for Ebixcash’s purchase of Itz consisted of two individual potential earn-out payments, the first for the period for the year ended March 31, 2019 (the “First Earn-Out”) and the second for the following year, ending on March 31, 2020 (the “Second Earn-Out”). Neither the First Earn-Out nor the Second Earn-Out were achieved pursuant to the terms of the SPA. After correspondence between the parties between September 2019 and May 2020, the former shareholders of Itz (“Sellers”) sent Ebixcash notices of arbitration (“NOAs”) under which they were availing themselves of the arbitration dispute provisions set forth in the Transaction Documents. Apart from the amounts claimed owed under the earn-out provisions, the Sellers also alleged in the NOAs other violations of the terms of the Transaction Documents, including, certain non-competition and restricted matter approval violations. The matter is under Arbitration in accordance with the rules of the Singapore International Arbitration Centre. The Company believes that each of the Sellers claims is without merit and continues to defend its position vigorously. The Company believes that Ebixcash has several viable counterclaims related to improper termination of the Transaction Documents and violation non-compete provisions. As the Company previously disclosed, in May 2013, twelve putative class action complaints were filed in the Delaware Court of Chancery against the Company and its board of directors challenging a proposed merger between the Company and an affiliate of Goldman Sachs & Co. On June 10, 2013, the Court entered an Order of Consolidation and Appointment of Lead Plaintiffs and a Leadership Structure consolidating the twelve actions and appointing lead plaintiffs (“Plaintiffs”) and lead counsel in the litigation, captioned In re Ebix, Inc. Stockholder Litigation , Consol. C.A. No. 8526-VCS (the “Litigation”). In connection with the Litigation, on January 23, 2019, the parties entered into a Stipulation and Agreement of Settlement (the “Settlement Agreement”) pursuant to which the parties agreed, subject to approval by the Delaware Court of Chancery, to settle and resolve the Litigation pursuant to the terms set forth in the Settlement Agreement (the “Litigation Settlement”). On April 5, 2019, the Delaware Court of Chancery determined that the Litigation Settlement was fair, reasonable, adequate and in the best interest of the plaintiffs, the class and the Company and awarded to plaintiffs’ counsel attorneys’ fees and expenses in the sum of $19.65 million, which was paid on May 2, 2019, and entered an Order and Final Judgment (the “Order”) approving the Litigation Settlement. The Order provided for full settlement, satisfaction, compromise and release of all claims that were asserted or could have been asserted in the Litigation, whether on behalf of the class or the Company. The Settlement contains no admission of wrongdoing or liability, and may not be deemed to be a presumption as to the validity of any claims, causes of action or other issues. The Company is involved in various other claims and legal actions arising in the ordinary course of business, which 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— See Note 19 . Business Acquisition Earn-out Contingencies— A significant component of the purchase price consideration for many of the Company's business acquisitions is a potential future cash earn out based on reaching certain specified future revenue targets. The terms for the contingent earn-out payments in most of the Company's business acquisitions typically address the GAAP recognizable revenues achieved by the acquired entity over a one, two, and/or three year period subsequent to the effective date of their acquisition by Ebix. These terms typically establish a minimum threshold revenue target with achievement of revenues recognized over that target being awarded in the form of a specified cash earn-out payment. The Company applies these terms in its calculation and determination of the fair value of contingent earn-out liabilities for purchased businesses as part of the related valuation and purchase price allocation exercise for the corresponding acquired assets and liabilities. As of December 31, 2020, here were no outstanding contingent liability in the Company's Consolidated Balance Sheet. As of December 31, 2019, the total of these contingent liabilities was $10.1 million of which $1.5 million was reported in long-term liabilities, and $8.6 million was included in current liabilities in the Company's Consolidated Balance Sheet. Self-Insurance— For some of the Company’s U.S. employees the Company has a self-insured plan 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, 2020 and 2019, the amount accrued on the Company’s consolidated balance sheet for the self-insured component of the Company’s employee health insurance was $345 thousand and $362 thousand, respectively. The maximum potential estimated cumulative liability for the annual contract period, which ends in September 2021, is $4.1 million. During the years ended December 31, 2020 and 2019, the Company recognized $1.8 million, and $2.6 million of expense, respectively, associated with claims from its self-insured health insurance program. Gratuity Leave— In accordance with Indian law, we pay gratuity to our eligible employees in India. Under our gratuity plan, an employee is entitled to receive a gratuity payment on the termination of his or her employment if the employee has rendered continuous service to our company for not less than five years, or if the termination of employment is due to death or disability. The amount of gratuity payable to an eligible employee is based on number of years of employment and is limited to a maximum of $28 thousand per employee. As of December 31, 2020 and 2019, the amount accrued on the Company’s consolidated balance sheet for gratuity leave was $4.3 million and $3.2 million, respectively.

Share-Based Compensation

Share-Based Compensation12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based CompensationShare-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, 2020, the Company had two equity based compensation plans. No stock options were granted to employees or non-employees during 2020, 2019, and 2018; however, options were granted to Directors in 2020, 2019, and 2018. Stock compensation expense of $517 thousand, $537 thousand and $449 thousand was recognized during the years ending December 31, 2020, 2019, and 2018, respectively, on outstanding and unvested options. The fair value of options granted during 2020 is estimated on the date of grant using a 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: Year Ended December 31, 2020 2019 2018 Weighted average fair values of stock options granted $ 15.58 $ 12.68 $ 11.80 Expected volatility 64.7 % 36.0 % 35.7 % Expected dividends .84 % .65 % .70 % Weighted average risk-free interest rate .24 % 1.72 % 2.47 % Expected life of stock options (in years) 3.5 3.5 3.5 A summary of stock option activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Shares Weighted Weighted Aggregate Intrinsic (In thousands) Outstanding at January 1, 2018 147,999 $ 37.68 2.94 $ 6,152 Granted 42,000 $ 42.56 Exercised (27,999) $ 15.65 Canceled — $ — Outstanding at December 31, 2018 162,000 $ 42.75 3.05 $ — Granted 66,000 $ 46.75 Exercised — $ — Canceled (10,125) $ 46.66 Outstanding at December 31, 2019 217,875 $ 43.78 2.60 $ — Granted 36,000 $ 35.70 Exercised (30,000) $ 21.19 Canceled (6,000) $ 28.59 Outstanding at December 31, 2020 217,875 $ 45.97 2.57 $ — Exercisable at December 31, 2020 115,125 $ 49.17 1.63 $ — 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 2020, 2019, and 2018 was $341 thousand, zero and $900 thousand, respectively. Cash received or the value of stocks canceled from option exercises under all share-based payment arrangements for the years ended December 31, 2020, 2019, and 2018, was $127 thousand, zero and $439 thousand, respectively. A summary of non-vested options and changes for the years ended December 31, 2020, 2019 and 2018 is as follows: Non-Vested Number of Shares Weighted Non-vested balance at January 1, 2018 76,500 $ 47.99 Granted 42,000 $ 42.56 Vested (36,750) $ 43.52 Canceled — $ — Non-vested balance at December 31, 2018 81,750 $ 47.21 Granted 66,000 $ 46.75 Vested (28,875) $ 48.46 Canceled (10,125) $ 46.66 Non-vested balance at December 31, 2019 108,750 $ 46.65 Granted 36,000 $ 35.70 Vested (42,000) $ 47.66 Canceled — $ — Non-vested balance at December 31, 2020 102,750 $ 42.40 The following table summarizes information about stock options outstanding by price range as of December 31, 2020: Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number of Shares Weighted-Average Exercise Price $35.70 36,000 0.82 $ 5.90 — $ — $41.60 36,000 0.45 $ 6.87 11,250 $ 4.07 $42.56 36,000 0.50 $ 7.03 18,000 $ 6.65 $49.22 40,875 0.06 $ 9.23 40,875 $ 17.48 $52.92 30,000 0.47 $ 7.29 11,250 $ 5.17 $53.90 39,000 0.27 $ 9.65 33,750 $ 15.80 217,875 2.57 $ 45.97 115,125 $ 49.17 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: Shares Weighted-Average Grant Date Non-vested at January 1, 2018 107,095 $ 45.74 Granted 5,623 $ 76.47 Vested (68,788) $ 40.67 Forfeited (3,514) $ 46.24 Non-vested at December 31, 2018 40,416 $ 58.60 Granted 91,658 $ 50.54 Vested (24,120) $ 57.14 Forfeited — $ — Non-vested at December 31, 2019 107,954 $ 52.08 Granted 388,089 $ 24.37 Vested (68,504) $ 52.49 Forfeited — $ — Non-vested at December 31, 2020 427,539 $ 26.86 In the aggregate the total compensation expense recognized in connection with the restricted grants was $4.3 million, $2.9 million, and $2.4 million during each of the years ending December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, there was $9.1 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 2.75 years. The total fair value of shares vested during the years ended December 31, 2020, 2019, and 2018 was $3.6 million, $1.4 million, and $2.8 million, respectively. As of December 31, 2020, the Company has 8.6 million shares of common stock reserved for possible future stock option and restricted stock grants.

Income Taxes

Income Taxes12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The income tax expense (benefit) consists of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Current: US federal $ (249) $ 1,378 $ 22,353 US state (406) 909 847 Non US 10,681 12,861 15,212 10,026 15,148 38,412 Deferred: US federal (1,220) (3,781) 5,617 US state (657) (3,107) (1,031) Non US (2,819) (8,040) (10,497) (4,696) (14,928) (5,911) Total $ 5,330 $ 220 $ 32,501 Income (loss) before income taxes includes the following components: Year Ended December 31, 2020 2019 2018 (In thousands) US $ (27,528) $ (47,574) $ (36,202) Non US 121,685 138,365 161,784 Total $ 94,157 $ 90,791 $ 125,582 A reconciliation of the statutory federal income tax rate to the effective income tax rate consists of the following: Year Ended December 31, 2020 2019 2018 Statutory US federal income tax rate 21.0 % 21.0 % 21.0 % US state income taxes, net of federal benefit (0.9) % (2.3) % (0.3) % Non-US tax rate differential (12.2) % (13.6) % (15.2) % GILTI Related 12.5 % 18.6 % 15.1 % SubPart F — % — % 0.7 % Tax holidays (4.0) % (6.0) % (3.4) % Tax Credits (10.0) % (15.0) % (10.6) % Passive income exemption (0.4) % (1.2) % (0.9) % Acquisition contingent earnout liability adjustments (0.7) % (4.0) % (0.2) % Nondeductible items 2.0 % 1.0 % (0.1) % Effect of valuation allowance (1.2) % 1.2 % (0.1) % Prior year Transition Tax and related true-ups 0.5 % 0.7 % 19.5 % Uncertain tax positions (1.0) % (0.1) % 0.1 % Other — % (0.1) % 0.3 % Effective income tax rate 5.7 % 0.2 % 25.9 % The Company's effective tax rate increased to 5.7% in 2020, compared with 0.2% in 2019. The increase in effective tax rate in 2020 is due to a decrease in the availability of tax credits as well as lower tax holiday benefit available in 2020 compared to 2019 and lower benefits from the state taxes deduction. Deferred tax assets and liabilities are comprised of the following: December 31, 2020 December 31, 2019 Deferred Deferred Assets Liabilities Assets Liabilities (In thousands) Depreciation and amortization $ — $ 3,450 $ — $ 3,562 Share-based compensation 451 — 959 — Accruals and prepaids 6,586 — 6,806 — Bad debts 2,727 — 2,594 — Acquired intangible assets — 13,071 — 13,335 Net operating loss carryforwards 33,247 — 27,607 — Tax credit carryforwards (primarily Minimum Alternative Tax ("MAT") in India) 48,669 — 50,210 — 91,680 16,521 88,176 16,897 Valuation allowance (2,160) — (3,288) — Total deferred taxes $ 89,520 $ 16,521 $ 84,888 $ 16,897 We have US Federal, state and foreign operating losses and credit carryforwards as follows: Year Ended December 31, 2020 2019 (In thousands) US Federal loss carryforwards $ 55,029 $ 48,623 US state loss carryforwards 79,907 65,412 Foreign loss carryforwards 73,922 58,660 US Federal credit carryforwards 1,818 3,359 Foreign credit carryforwards 46,851 46,851 The US federal and state operating loss carryforwards expire at varying dates through 2025. The federal credits begin to expire in 2026. We also have non-U.S. tax credits (primarily MAT paid in India) carried forward of approximately $46.9 million as of December 31, 2020, which is available for set-off against the future tax liability of certain Indian operations on a staggered basis over a period up-to fifteen years. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. The Company evaluated the provisions of the CARES Act and does not anticipate the associated impacts, if any, will have a material effect on the Company’s provision for income taxes for the year ended December 31, 2020. 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 may be subject to income taxes and withholding taxes payable in various jurisdictions, which could potentially be partially offset by foreign tax credits. At December 31, 2020 the cumulative amount of the Company’s undistributed foreign earnings was approximately $767.4 million, inclusive of income previously taxed in the United States. The following table summarizes the activity related to provision made by the Company in the books for uncertain tax positions: Year Ended December 31, 2020 2019 2018 (In thousands) Beginning Balance $ 9,199 $ 9,294 $ 9,144 Additions for tax positions related to current year — — 150 Additions for tax positions of prior years 966 195 — Reductions for tax position of prior years (1,874) (290) — Ending Balance $ 8,291 $ 9,199 $ 9,294 The Company recognizes estimated interest accrued and penalties related to uncertain tax positions as part of the income tax expense provided for such positions. The Company accrued as of December 31, 2020 and 2019 approximately $3.0 million and $1.0 million, respectively, of estimated interest and penalties. These amounts are included in the December 31, 2020 and 2019 balances in the preceding table of $8.3 million and $9.2 million, respectively, which 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 2015. Our state and foreign tax matters may remain open from 2008 forward.

Stock Repurchases

Stock Repurchases12 Months Ended
Dec. 31, 2020
Stock Repurchases [Abstract]
Stock RepurchasesStock Repurchases Effective February 6, 2017, the Company's Board of Directors unanimously approved and authorized a share repurchase plan of $150.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. The aggregate amount of repurchases of the Company's equity shares is limited by restrictive covenants contained in our Credit Facility. 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 2020, there were no stock repurchases under the plan. During 2019, the Company repurchased and retired 95,000 shares of its common stock under these plans for total consideration of $4.2 million. As of December 31, 2020, the Company had $80.1 million remaining in its current Board of Directors-approved share repurchase program.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses12 Months Ended
Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Accrued ExpensesAccounts Payable and Accrued Expenses Accounts payable and accrued expenses at December 31, 2020, and December 31, 2019, consisted of the following: 2020 2019 (In thousands) Trade accounts payable $ 56,636 $ 74,967 Accrued professional fees 1,268 2,247 Income taxes payable* 3,429 4,094 Sales taxes payable 3,431 3,385 Other accrued liabilities — 42 Total $ 64,764 $ 84,735 * Long term portion of income taxes payable pertaining to the 2017 Tax Cuts and Jobs A ct one-time transition tax totaling $15.0 million is included in other liabilities in the Company's Consolidated Balance Sheets.

Other Current Assets

Other Current Assets12 Months Ended
Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Other Current AssetsOther Current Assets Other current assets at December 31, 2020 and December 31, 2019 consisted of the following: 2020 2019 (In thousands) Prepaid expenses $ 57,017 $ 51,021 Other third party receivables 3,530 4,785 Sales taxes receivable from customers 4,588 6,499 Credit card merchant account balance receivable 848 796 Short term portion of capitalized costs to obtain and fulfill contracts 646 734 Accrued interest receivable 355 176 Other 4,677 3,063 Total $ 71,661 $ 67,074

Other Current Liabilities

Other Current Liabilities12 Months Ended
Dec. 31, 2020
Other Liabilities, Current [Abstract]
Other Current LiabilitiesOther Current Liabilities Other current liabilities at December 31, 2020 and December 31, 2019 consisted of the following: 2020 2019 (In thousands) Acquisition obligations (contingent consideration) $ 2,443 $ 6,762 Customer advances (deposits) 25,043 22,573 Total $ 27,486 $ 29,335

Property and Equipment

Property and Equipment12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and EquipmentProperty and Equipment Property and equipment at December 31, 2020 and 2019 consisted of the following: 2020 2019 (In thousands) Computer equipment $ 26,357 $ 15,899 Buildings 26,564 26,475 Land 10,386 10,479 Land improvements 7,195 7,195 Leasehold improvements 763 910 Furniture, fixtures and other 7,271 7,307 78,536 68,265 Less accumulated depreciation and amortization (26,015) (19,844) $ 52,521 $ 48,421 Depreciation expense was $4.2 million, $4.3 million and $3.7 million, for the years ended December 31, 2020, 2019, and 2018, respectively.

Cash Option Profit Sharing Plan

Cash Option Profit Sharing Plan and Trust12 Months Ended
Dec. 31, 2020
Cash Option Profit Sharing Plan and Trust [Abstract]
Cash Option Profit Sharing Plan and TrustCash Option Profit Sharing Plan and Trust The Company maintains a 401(k) Cash Option Profit Sharing Plan, for our U.S. based employees, 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 $508 thousand, $557 thousand and $536 thousand for the years ending December 31, 2020, 2019, and 2018, respectively.

Geographic Information

Geographic Information12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Geographic InformationGeographic Information The Company operates with one operating and one reportable segment whose results are regularly reviewed by the Company's CEO, its 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 following enterprise wide information relates to the Company's geographic locations: Year ended December 31, 2020 2019 2018 External Revenues Long-lived assets External Revenues Long-lived assets External Revenues Long-lived assets (In thousands) India* $ 378,660 $ 698,936 $ 300,678 $ 700,986 $ 196,372 $ 672,699 United States $ 166,320 $ 381,782 182,530 395,225 196,984 390,551 Australia $ 33,846 $ 3,581 33,268 3,541 35,770 1,485 Latin America $ 14,801 $ 13,723 19,755 17,176 19,866 16,348 Europe $ 13,145 $ 22,900 14,695 24,508 15,387 23,880 Canada $ 4,383 $ 6,930 4,805 7,012 5,611 5,846 Singapore* $ 3,969 $ 19,336 6,549 18,282 7,674 17,805 Indonesia* $ 3,206 $ 139 9,706 117 7,482 98 Philippines* $ 2,140 $ 661 5,991 729 6,483 448 United Arab Emirates* $ 3,335 $ 54,789 683 54,887 1,042 54,249 New Zealand $ 1,804 $ 513 1,955 578 2,015 158 Mauritius* $ — $ 4,665 — 4,643 3,140 — $ 625,609 $ 1,207,955 $ 580,615 $ 1,227,684 $ 497,826 $ 1,183,567 *Primarily India led businesses for which total revenue was $388.3 million, $320.0 million and $217.5 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Related Party Transactions

Related Party Transactions12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party TransactionsRelated Party Transactions We consider Regions Bank ("Regions") to be a related party because Regions provides financing to the Company via our Credit Facility (refer to Note 4 to these Consolidated Financial Statements), for which Regions is the lead bank, and because Regions is also a customer to whom the Company sells products and services. Revenues recognized from Regions were $190 thousand, $193 thousand, and $221 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. Accounts receivable due from Regions were $24 thousand and $13 thousand at December 31, 2020 and 2019, respectively. We also consider BMO Bank ("BMO") to be a related party because BMO is a participating bank in our Credit Facility (refer to Note 4 of these Consolidated Financial Statements), and because BMO is also a customer to whom the Company sells products and services. Revenues recognized from BMO were $361 thousand and $351 thousand for the year ended December 31, 2020 and 2019, respectively, and the accounts receivable due from BMO were $43 thousand and $29 thousand at December 31, 2020 and 2019 respectively. As discussed in Note 17 " Investment in Joint Ventures", Vayam Technologies Ltd ("Vayam") is also a customer of the Ebix Vayam Limited JV, and during the twelve months ending December 31, 2020 and 2019, the Ebix Vayam Limited JV recognized $667 thousand and $1.4 million of revenue from Vayam, respectively. As of December 31, 2020, Vayam had $13.6 million of accounts receivable with the Ebix Vayam Limited JV. Also, as discussed in Note 17 " Investment in Joint Ventures", an in regards to the EbixHealth JV it was concluded that the customer relationship with IHC, our joint venture partner, to be by its nature, a related party.

Quarterly Financial Information

Quarterly Financial Information (unaudited)12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)Quarterly Financial Information (unaudited) The following is the unaudited quarterly financial information for 2020, 2019, and 2018: First Second Third Fourth (In thousands, except share data) Year ended December 31, 2020 Total revenues $ 137,876 $ 111,312 $ 154,305 $ 222,116 Gross Profit 80,419 62,219 68,329 71,380 Operating income 34,313 31,850 31,899 27,740 Net income from continuing operations $ 24,723 $ 23,475 $ 24,682 $ 19,497 Net income per common share: Basic $ 0.81 $ 0.77 $ 0.81 $ 0.64 Diluted $ 0.81 $ 0.76 $ 0.80 $ 0.64 Year ended December 31, 2019 Total revenues $ 142,924 $ 144,275 $ 147,233 $ 146,183 Gross Profit 96,995 93,321 92,062 93,072 Operating income 54,131 41,282 26,007 34,253 Net income from continuing operations 25,710 28,851 20,509 21,650 Net income per common share: Basic $ 0.84 $ 0.95 $ 0.67 $ 0.71 Diluted $ 0.84 $ 0.94 $ 0.67 $ 0.71 Year ended December 31, 2018 Total revenues $ 108,230 $ 124,626 $ 128,643 $ 136,327 Gross Profit 68,639 81,067 85,680 94,025 Operating income 33,896 38,315 39,238 41,530 Net income from continuing operations 26,208 29,180 29,242 8,509 Net income per common share: Basic $ 0.83 $ 0.93 $ 0.93 $ 0.27 Diluted $ 0.83 $ 0.92 $ 0.92 $ 0.27 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.

Investment in Joint Ventures

Investment in Joint Ventures12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint VenturesInvestment in Joint Ventures    Effective February 7, 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 and 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 twelve months ending December 31, 2020 and 2019, the Ebix Vayam Limited JV recognized $667 thousand and $1.4 million of revenue from Vayam, respectively. As of December 31, 2020, the Ebix Vayam Limited JV had $13.6 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $11.7 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, this provision for doubtful account against receivables due from a public sector entity, BSNL, in India.    Effective September 1, 2015, Ebix and IHC formed a joint venture named 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 has a 51% equity interest in the joint venture and IHC has a 49% equity interest the joint venture. IHC is also a customer of the EbixHealth JV, and during the twelve months ending December 31, 2020 and 2019, the EbixHealth JV recognized $1.9 million and $2.8 million of revenue from IHC, respectively. As of December 31, 2020, IHC had $63 thousand of accounts receivable with the EbixHealth JV. Furthermore, as a related party, IHC also has been and continues to be a customer of Ebix, and during the twelve months ending December 31, 2020 and 2019, the Company recognized $10 thousand and $78 thousand, respectively, of revenue from IHC. As of December 31, 2020 Ebix had $2 thousand of outstanding accounts receivable from IHC. 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. For the year ended December 31, 2020, as a result of the annual impairment analysis performed, the Company concluded that the IHC customer relationship indefinite-lived intangible asset associated with the Company's EbixHealth JV has been impaired, the Company recorded a $6.2 million impairment charge. In addition, the Company has concluded that they IHC customer relationship intangible is no longer considered indefinite-lived and will be amortized over the estimated remaining life of 10 years.

Capitalized Software Developmen

Capitalized Software Development Costs12 Months Ended
Dec. 31, 2020
Capitalized Software Development Costs [Abstract]
Capitalized Software Development CostsCapitalized 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 Property and Casualty (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 new single-sign on agent and customer portal, including mobile application, and content development work related to E-Learning division of EbixCash. During the year ended December 31, 2020 and 2019, the Company capitalized $4.2 million and $8.0 million, respectively, of such development costs. As of December 31, 2020 and 2019, a total of $19.4 million and $19.2 million, respectively, of remaining unamortized development costs are reported on the Company’s consolidated balance sheet. During the year ended December 31, 2020 and 2019, the Company recognized $3.4 million and $2.7 million, respectively, 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 capitalized continuing medical education product costs are being amortized using a three-year to five-year straight-line methodology and certain continuing medical education products costs are immediately expensed. The capitalized software development costs for the property and casualty underwriting insurance data exchange platform are being amortized over a period of five years. The capitalized software development costs related to EbixCash products mentioned above shall be amortized over a period of five years once the platforms / products are rolled out in the market.

Leases

Leases12 Months Ended
Dec. 31, 2020
Leases [Abstract]
LeasesLeases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This accounting guidance is intended to improve financial reporting about leasing transactions. The ASU requires 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 is required to recognize assets and liabilities for leases with lease terms of more than twelve 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 former GAAP, which requires only financing leases to be recognized on the balance sheet, the new ASU requires both types of leases (i.e., operating and financing) to be recognized on the balance sheet. The financing lease will be accounted for in substantially the same manner as capital leases were accounted for under the previous guidance. For operating leases, there is now the recognition of a lease liability and a lease asset for all such leases greater than one year in term. The Company adopted Topic 842 effective January 1, 2019, using a modified retrospective method and did not restate comparative periods. The Company elected to adopt the package of practical expedients; accordingly, the Company retained the lease classification and initial direct costs for any leases that existed prior to adoption and we did not revisit whether any existing or expired contracts contain leases. The Company has operating and finance leases for office space, retail, data centers and certain office equipment with expiration dates ranging through 2029, with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. As of December 31, 2020, the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (In thousands) 2021 $ 4,667 $ 190 $ 4,857 2022 3,462 160 3,622 2023 2,993 99 3,092 2024 1,605 77 1,682 2025 1,001 — 1,001 Thereafter 519 — 519 Total 14,247 526 14,773 Less: present value discount* (1,802) (49) (1,851) Present value of lease liabilities 12,445 477 12,922 Less: current portion of lease liabilities (3,905) (164) (4,069) Total long-term lease liabilities $ 8,540 $ 313 $ 8,853 * The discount rate used was the relevant incremental borrowing rate in each of the jurisdictions The company's net assets recorded under operating and finance leases were $12.9 million as of December 31, 2020. The lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: December 31 (In thousands) 2020 2019 Operating Lease Cost $ 7,051 $ 8,613 Finance Lease Cost: Amortization of Lease Assets 161 121 Interest on Lease liabilities 39 36 Finance Lease Cost 200 157 Sublease Income (476) (654) Total Net Lease Cost $ 6,775 $ 8,116 Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows: December 31, 2020 Weighted Average Lease Term - Operating Leases 3.63 years Weighted Average Lease Term - Finance Leases 3.18 years Weighted Average Discount Rate - Operating Leases 8.09 % Weighted Average Discount Rate - Finance Leases 7.13 % Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2020 were as follows: Year Operating Leases Financing Leases (In thousands) 2021 $ 4,667 $ 190 2022 3,462 160 2023 2,993 99 2024 1,605 77 2025 1,001 — Thereafter 519 — Total $ 14,247 $ 526 Less: sublease income (476) Net lease payments $ 13,771 Less: amount representing interest (39) Present value of obligations under financing leases $ 487 Less: current portion (164) Long-term obligations $ 323 As of December 31, 2020, our lease liability of $12.9 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $56.3 million as follows: Year Commitments (In thousands) 2021 $ 20,251 2022 18,271 2023 17,756 Thereafter — Total $ 56,278 three
LeasesLeases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This accounting guidance is intended to improve financial reporting about leasing transactions. The ASU requires 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 is required to recognize assets and liabilities for leases with lease terms of more than twelve 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 former GAAP, which requires only financing leases to be recognized on the balance sheet, the new ASU requires both types of leases (i.e., operating and financing) to be recognized on the balance sheet. The financing lease will be accounted for in substantially the same manner as capital leases were accounted for under the previous guidance. For operating leases, there is now the recognition of a lease liability and a lease asset for all such leases greater than one year in term. The Company adopted Topic 842 effective January 1, 2019, using a modified retrospective method and did not restate comparative periods. The Company elected to adopt the package of practical expedients; accordingly, the Company retained the lease classification and initial direct costs for any leases that existed prior to adoption and we did not revisit whether any existing or expired contracts contain leases. The Company has operating and finance leases for office space, retail, data centers and certain office equipment with expiration dates ranging through 2029, with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. As of December 31, 2020, the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (In thousands) 2021 $ 4,667 $ 190 $ 4,857 2022 3,462 160 3,622 2023 2,993 99 3,092 2024 1,605 77 1,682 2025 1,001 — 1,001 Thereafter 519 — 519 Total 14,247 526 14,773 Less: present value discount* (1,802) (49) (1,851) Present value of lease liabilities 12,445 477 12,922 Less: current portion of lease liabilities (3,905) (164) (4,069) Total long-term lease liabilities $ 8,540 $ 313 $ 8,853 * The discount rate used was the relevant incremental borrowing rate in each of the jurisdictions The company's net assets recorded under operating and finance leases were $12.9 million as of December 31, 2020. The lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: December 31 (In thousands) 2020 2019 Operating Lease Cost $ 7,051 $ 8,613 Finance Lease Cost: Amortization of Lease Assets 161 121 Interest on Lease liabilities 39 36 Finance Lease Cost 200 157 Sublease Income (476) (654) Total Net Lease Cost $ 6,775 $ 8,116 Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows: December 31, 2020 Weighted Average Lease Term - Operating Leases 3.63 years Weighted Average Lease Term - Finance Leases 3.18 years Weighted Average Discount Rate - Operating Leases 8.09 % Weighted Average Discount Rate - Finance Leases 7.13 % Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2020 were as follows: Year Operating Leases Financing Leases (In thousands) 2021 $ 4,667 $ 190 2022 3,462 160 2023 2,993 99 2024 1,605 77 2025 1,001 — Thereafter 519 — Total $ 14,247 $ 526 Less: sublease income (476) Net lease payments $ 13,771 Less: amount representing interest (39) Present value of obligations under financing leases $ 487 Less: current portion (164) Long-term obligations $ 323 As of December 31, 2020, our lease liability of $12.9 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $56.3 million as follows: Year Commitments (In thousands) 2021 $ 20,251 2022 18,271 2023 17,756 Thereafter — Total $ 56,278 three

Working Capital Facilities

Working Capital Facilities12 Months Ended
Dec. 31, 2020
Working Capital Facility [Abstract]
Working Capital FacilitiesCredit Facility The Company maintains a senior secured syndicated credit facility, dated August 5, 2014, among Ebix, Inc., as borrower, its subsidiaries party thereto from time to time as guarantors, Regions Bank (As administrative agent and collateral agent) and the lenders party thereto from time to time (as amended from time to time, the "Credit Facility") that provides a $450 million revolving line of credit (the "Revolver") as well as a term loan (the "Term Loan"), which at December 31, 2020 had a balance of $255.5 million. The Credit Facility matures in February 2023. On May 7, 2020, Ebix entered into Amendment No. 10 to the Credit Facility. Amendment No. 10 provides for, among other things, increased flexibility under financial maintenance covenants, which the Company sought in part due to the unforeseen negative effects of the COVID-19 pandemic. On March 30, 2020, the Company and certain of its subsidiaries entered into a waiver related to the Credit Facility (the "Waiver"). The Waiver provided that so long as the Company’s leverage ratio is below 5.0 to 1.0 for the Company’s fiscal quarter ending March 31, 2020 pursuant to the terms of its compliance certificate required by the Credit Facility, the existing leverage ratio requirement of 3.50 to 1.0 was waived. On September 27, 2019, the Company and certain of its subsidiaries entered into Amendment No. 9 to the Credit Facility, which amended the definitions of “Consolidated EBITDA" and “Indebtedness” and modified the maximum consolidated debt leverage ratios allowed. At December 31, 2020, the outstanding balance on the Revolver was $439.4 million and the facility carried an interest rate of 3.5%. During 2020, the Company drew $1.4 million on its Revolver. This balance on the Revolver is included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During 2020, the average and maximum outstanding balances on the Revolver were $438.9 million and $439.4 million, respectively, and the weighted average interest rate on the Revolver was 4.04%. At December 31, 2019, the outstanding balance on the Revolver was $438.0 million and the facility carried an interest rate of 4.25%. This balance on the Revolver was included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During 2019, the average and maximum outstanding balances on the Revolver were $437.2 million and $438.0 million, respectively. At December 31, 2020, the outstanding balance on the Term Loan was $255.5 million, of which $22.6 million is due within the next twelve months. $20.7 million of scheduled amortization payments were made on the Term Loan during 2020. The Term Loan also carried an interest rate of 3.5% at December 31, 2020, and the weighted average interest rate on the Term Loan during 2020 was 4.04%. The current and long-term portions of the Term Loan are included in the respective current and long-term debt sections of the Condensed Consolidated Balance Sheets, the amounts of which were $22.6 million and $232.9 million. At December 31, 2019, the outstanding balance on the Term Loan was $276.2 million, of which $20.7 million was due within twelve months. This term loan also carried an interest rate of 4.25%. At December 31, 2020, the Company's Condensed Consolidated Balance Sheets include $4.9 million of remaining deferred financing costs in connection with the Credit Facility, which are being amortized as a component of interest expense through the maturity of the Credit Facility in February 2023. $2.9 million of such deferred financing costs pertain to the Revolver and $2.0 million pertains to the Term Loan, of which $919 thousand is netted against the current portion of the Term Loan and $1 million is netted against the long-term portion of the Term Loan as reported on the Condensed Consolidated Balance Sheets. At December 31, 2019, the Company's Condensed Consolidated Balance Sheets included $5.2 million of remaining deferred financing costs in connection with the Credit Facility, with $3.1 million pertaining to the Revolver and $2.1 million pertaining to the Term Loan, of which $575 thousand was netted against the current portion of the Term Loan and $1.5 million was netted against the long-term portions of the Term Loan as reported on the Condensed Consolidated Balance Sheets. The Company maintains working capital debt facilities with banks in India for working capital funding requirements to support our foreign exchange, travel and remittance businesses. We are required to extend short term credits to franchisee networks (B2B) and corporate customers. Additionally, we are required to maintain minimum levels of foreign currency inventory across branches and airport operations. Typically, these facilities carry interest rates 6.75% to 9.45% and are rupee denominated working capital lines and are collateralized against the receivables of these businesses and existing foreign currency inventory on hand. As of December 31, 2020 and 2019, the total of these working capital facilities was $16.6 million and $28.4 million, respectively, and is included in current liabilities in the Company's Condensed Consolidated Balance Sheet.

Concentrations of Credit Risk

Concentrations of Credit Risk12 Months Ended
Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Credit RiskConcentrations of Credit Risk Credit Risk The Company is potentially subject to concentrations of credit risk in its accounts receivable. Credit risk is the risk of an unexpected loss if a customer fails to meet its contractual obligations. Although the Company is directly affected by the financial condition of its customers and the loss of or a substantial reduction in orders or the ability to pay from the customer could have a material effect on the consolidated financial statements, management does not believe significant credit risks exist at December 31, 2020. The Company had one customer whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable. Major Customer As previously disclosed in Note 18, effective February 7, 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 and 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. Vayam is also a customer of the Ebix Vayam Limited JV, and during the twelve months ending December 31, 2020 and 2019, the Ebix Vayam Limited JV recognized $667 thousand and $1.4 million of revenue from Vayam, respectively, and as of December 31, 2020, Vayam had $13.6 million of accounts receivable with the Ebix Vayam Limited JV, net of the estimated allowance for doubtful accounts receivable in the amount of $11.7 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, this provision for doubtful account against receivables due from a public sector entity, BSNL, in India.

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent EventsSubsequent Events RSM Resignation As previously disclosed, by letter dated February 15, 2021, RSM US LLP (“RSM”) notified the Audit Committee of the Board of Directors of the Company of its resignation as the Company’s independent registered public accounting firm. See Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure for more details on the RSM resignation. Subsequent to the RSM resignation, the following subsequent events also occurred: • On February 22, 2021, Christine Marie Teifke filed a class action lawsuit against Ebix, Inc., Robin Raina and Steven Hamil claiming violations of the Federal Securities Laws as a result of the announcement that RSM had resigned. See Item 3 Legal Proceedings for more details on the class action lawsuit. • The Company was unable to file this Form 10-K with the SEC by its March 1, 2021 due date and filed a Form 12b-25 notifying the SEC of its late filing. • As a result of the filing of the Form 12b-25, Nasdaq notified the Company on March 2, 2021 that it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). See Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters And Issuer Purchases Of Equity Securities for a description of the Nasdaq noncompliance. Nasdaq's notification letter provided the Company 45 calendar days, or until April 16, 2021, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. On April 16, 2021, the Company submitted a plan to Nasdaq to regain compliance with the Nasdaq Listing Rules. The Company believes that the filing of this Annual Report on Form 10-K will substantially bring the Company back into compliance with Nasdaq Listing Rules. • The Company engaged KGS, effective March 5, 2021, as its new independent accountants for the year ending December 31, 2020 and diligently worked with KGS to complete this Form 10-K filing, 2021. See Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure for more details on the engagement of KGS. • On March 31, 2021, the Company entered into Amendment No. 11 Credit Agreement and Waiver (“Amendment No. 11”) relating to the Credit Facility, dated as of August 5, 2014, among Ebix, Inc., as borrower, its subsidiaries party thereto from time to time as guarantors, Regions Bank as administrative agent and collateral agent, and the lenders party thereto from time to time (as amended from time to time, the “Credit Agreement”). The Amendment No. 11 is described in more detail below. • On April 9, 2021, the Company entered into Amendment No. 12 to Credit Agreement and Waiver (“Amendment No. 12”) as described in more detail below. Amendments and Waivers to the Credit Facility Amendment No. 11. On March 31, 2021, the Company entered into Amendment No. 11 to its Credit Facility. Amendment No. 11 provided for, among other things, a limited waiver through April 10, 2021, of any potential event of default arising under the Credit Facility from failure to timely deliver the Company's audited consolidated financial statements and related compliance certificate for the year ended December 31, 2020. Amendment No. 11 also modified certain covenants contained in the Credit Facility, including with respect to certain permitted restricted payments and investments. The Company paid customary consent fees in connection with the closing of Amendment No. 11. Amendment No. 12. On April 9, 2021, the Company entered into Amendment No. 12 to its Credit Facility. Amendment No. 12 provides for, among other things, a waiver of any potential event of default arising under the Credit Facility from the failure to timely deliver the Company's audited consolidated financial statements and related compliance certificate for the year ended December 31, 2020; provided that (i) such financial statements and related compliance certificate are delivered in accordance with the requirements set forth in the Credit Facility by May 15, 2021, and (ii) there is no good faith determination by the requisite lenders under the Credit Facility of a "Material Circumstance" (as defined and further described in Amendment No. 12), which determination (if any) may only be made within a specified period described in Amendment No. 12 and is subject to certain cure rights of the Company. Amendment No. 12 modifies the applicable margin that applies from and after the date thereof under the Credit Facility. Through and including March 31, 2022, the applicable margin is (i) 5.00% per annum for adjusted LIBOR rate loans and letter of credit fees, (ii) 4.00% per annum for base rate loans, and (iii) 0.50% for unused revolving commitment fees. Commencing April 1, 2022, the applicable margin for outstanding loans and letters of credit under the Credit Facility will increase by a per annum rate of 1.00%. Amendment No. 12 also provides for a fee on each of December 31, 2021, and June 30, 2022, equal to 0.20% of the aggregate principal amount of outstanding term loans and used and unused revolving commitments as of each such date. The Company paid customary consent fees in connection with the closing of Amendment No. 12. Amendment No. 12 modifies certain mandatory prepayment provisions in the Credit Facility to provide that (i) the annual excess cash flow mandatory prepayment shall commence with the year ending December 31, 2021 (instead of the year ended December 31, 2020), and such prepayment, if any, shall be calculated without a deduction for the $20 million prepayment of term loans made by the Company on April 9, 2021, and (ii) the Company shall be required to apply any available U.S. cash in excess of $25 million as of the end of each quarter (commencing June 30, 2021) to prepay outstanding loans under the revolving line of credit and cash collateralize outstanding letters of credit thereunder (in each case, without any reduction to the revolving commitments under the Credit Facility). Amendment No. 12 also modifies, among other things, certain covenants contained in the Credit Facility, including with respect to (i) certain permitted restricted payments and investments, and (ii) certain reporting requirements. Dividends The Company declared 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, 2021 to shareholders of record on March 2, 2021.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying AccountsSchedule II Ebix, Inc. Schedule II—Valuation and Qualifying Accounts Years ended December 31, 2020, December 31, 2019 and December 31, 2018 Allowance for doubtful accounts receivable (in thousands): Year ended December 31, 2020 2019 2018 Beginning balance $ 21,696 $ 6,969 $ 4,143 Provision for doubtful accounts 1,749 12,325 3,571 Write-off of accounts receivable against allowance (754) (2,290) (745) Other (opening balance adjustments on acquisitions) — 4,692 — Ending balance $ 22,691 $ 21,696 $ 6,969 Valuation allowance for deferred tax assets (in thousands): Year ended December 31, 2020 2019 2018 Beginning balance $ (3,288) $ (2,031) $ (35) Decrease (increase) 1,128 (1,257) (1,996) Ending balance $ (2,160) $ (3,288) $ (2,031)

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation— The consolidated financial statements include the accounts of Ebix and its wholly and majority-owned subsidiaries. Non-controlling interests in net income or losses, and net equity are reported in amounts that reflect the non-controlling party(s) percentage ownership in the respect subsidiaries. The effect of intercompany balances and transactions has been eliminated.
Use of EstimatesUse 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 contract liabilities, accounts receivable, acquired intangible assets, annual impairment reviews of goodwill and indefinite-lived intangible assets, investments, contingent earnout liabilities in connection with business acquisitions, and the provision for income taxes. Actual results may be different from those estimates.
ReclassificationReclassification—Certain prior year amounts have been reclassified to be consistent with current year presentation within our financial statement.
Segment ReportingSegment Reporting—Since the Company, from the perspective of its chief operating decision maker, allocates resources and evaluates business performance as a single entity on a worldwide basis, the Company reports as a single segment.
Cash and Cash EquivalentsCash 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.The Company deposited $30.0 million with a third party bank in a trust account with commingled funds of its outside legal counsel in contemplation of a potential acquisition on December 31, 2020. The funds are included under the heading 'Cash and Cash Equivalent' in the consolidated balance sheet due to the nature of the said account, as the account had neither a restriction on the Company's ability to access the funds at its discretion nor did the account have restrictions associated with the potential acquisition that would limit the Company's control over and access to the cash. The contemplated acquisition did not occur as of December 31, 2020 or through the filing of this Form 10-K, and on February 2, 2021 the Company had the cash returned to its primary U.S. operating bank account.
Short-term InvestmentsShort-term Investments—The Company’s primary short-term investments consist of certificates of deposits with established commercial banking institutions in India that have 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.
Restricted CashRestricted Cash— The carrying value of our restricted cash was $8.5 million and $35.1 million at December 31, 2020 and 2019, respectively. The Company holds fixed deposits pledged with banks for issuance of bank guarantees and letters of credit related to its India operations for our working capital facilities.
Fiduciary Funds-RestrictedFiduciary Funds - Restricted—Due to the EbixHealth JV being a third party administrator (“TPA”), the Company collects premiums from insureds and, after deducting its fees, remits these premiums to insurance companies. Unremitted insurance premiums and/or claim funds established for the benefit of various carriers are held in a fiduciary capacity until disbursed by the Company. The use of premiums collected from insureds but not yet remitted to insurance companies is restricted by law in certain states. The total assets held on behalf of others, $4.1 million, are recorded as an asset and offsetting fiduciary funds - restricted liability.
Fair Value of Financial InstrumentsFair Value Measurements—The Company follows the relevant GAAP guidance regarding the determination and measurement of the fair value of assets/liabilities 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: • Level 1 — Unadjusted quoted prices available in active markets for identical investments to the reporting entity at the measurement date. • Level 2 — Other than quoted prices included in Level 1 inputs, which are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 — Unobservable inputs, which are used to the extent that observable inputs are not available, and 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. 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, 2020 and 2019, the Company has the following financial instruments for which it had to consider fair values and had to make fair value assessments: • Short-term investments (commercial bank certificates of deposits and mutual funds), 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 quarterly based on the then assessed fair value and adjusted if necessary.
Revenue Recognition and Contract LiabilitiesEbixCash Exchanges ("EbixCash") EbixCash revenues are primarily derived from consideration paid by customers for financial transaction services, including services like transferring or exchanging money. The significant majority of EbixCash revenue is for a single performance obligation and is recognized at a point in time. These revenues vary by transaction based upon channel, send and receive locations, the principal amount sent, whether the money transfer involves different send and receive currencies, and speed of service, as applicable. EbixCash also offers several other services, including payment services and ticketing and travel services for which revenue is impacted by varying factors. EbixCash acts as the principal in most transactions and reports revenue on a gross basis, as EbixCash controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. The main services from which EbixCash derives revenue are as follow: Gift Cards EbixCash sells general purpose prepaid gift cards to corporate customers and consumers that can be later redeemed at various merchants. The gift cards are co-branded between EbixCash and its card-issuing banking partner(s) and are affiliated with major payment associations such as VISA, Mastercard, and Rupay. The gift cards are sold to a diversified set of corporate customers from various industries. The gift cards are used by corporate customers to disburse incentives to the end users, which are primarily their employees, agents and business associates. The gift cards sold by EbixCash are not reloadable, cannot be used at ATMs or for any other cash-out or funds transfer transactions, and are subject to maximum limits per card (currently INR10,000 or approximately $140). Gift cards issued by EbixCash are valid for a period of 15 months from the date of issuance for virtual cards and three years for physical cards. EbixCash has entered into arrangements with banks and financial institutions to settle payments to merchants based on utilization of the gift cards. The Company has end-to-end responsibilities related to the gift cards sold, from the activation and ongoing utilization of the gift cards to customer service responsibilities to risk of loss due to fraud on the gift cards sold. EbixCash acts a principal in the sale of gift cards and, thus, gift card revenue is recognized on a gross basis (full purchase value at the time of sale) with the corresponding cost of the gift cards recorded as cost of services provided. Unredeemed gift cards at December 31, 2020 are not significant to the financial results of the Company and are recorded as deferred revenues in the financial results. EbixCash Travel Exchanges EbixCash Travel revenues are primarily derived from commissions and transaction fees received from various travel providers and international exchanges involved in the sale of travel to the consumer. EbixCash Travel revenue is for a single performance obligation and is recognized at a point in time. Travel revenues include reservation commissions, segment fees from global travel exchange providers, and transaction net revenues (i.e., the amount charged to travelers less the amount owed to travel service providers) in connection with our reservation services; ancillary fees, including travel insurance-related revenues and certain reservation booking fees; and credit card processing rebates and customer processing fees. EbixCash Travel services include the sale of hotel rooms, airline tickets, bus tickets and train tickets. EbixCash’s Travel revenue is also derived from ticket sales, wherein the commissions payable to EbixCash Travel, along with any transaction fees paid by travel providers and travel exchanges, is recognized as revenue after completion of the service. The transaction price on such services is agreed upon at the time of the purchase. EbixCash Travel revenue for the corporate MICE (Meetings, Incentives, Conferences, and Exhibitions) packages is recognized at full purchase value at the completion of the obligation with the corresponding costs recorded under cost of services provided. For MICE revenues, EbixCash Travel acts as the principal in transactions and, accordingly, reports revenue on a gross basis. EbixCash Travel controls the service at all times prior to transfer to the customer, is responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. EbixCash Money Transfer For the EbixCash money transfer business, EbixCash has one performance obligation whereupon the customer engages EbixCash to perform one integrated service. This typically occurs instantaneously when the beneficiary entitled to receive the money transferred by the sender visits the EbixCash outlet and collects the money. Accordingly, EbixCash recognizes revenue upon completion of the following: 1) the customer’s acknowledgment of EbixCash’s terms and conditions and the receipt of payment information, 2) the money transfer has been processed, 3) the customer has received a unique transaction identification number, and 4) funds are available to be picked up by the beneficiary. The transaction price is comprised of a transaction fee and the difference between the exchange rate set by EbixCash to the customer and the rate available in the wholesale foreign exchange market, as applicable, both of which are readily determinable at the time the transaction is initiated Foreign Exchange and Outward Remittance Services For EbixCash’s foreign exchange and payment services, customers agree to terms and conditions for all transactions, either at the time of initiating a transaction or signing a contract with EbixCash to provide payment services on the customer’s behalf. In the majority of EbixCash’s foreign exchange and payment services, EbixCash makes payments to the recipient to satisfy its performance obligation to the customer and, therefore, EbixCash recognizes revenue on foreign exchange and payment when this performance obligation has been fulfilled. Consumer Payment Services EbixCash offers several different bill payment services that vary by considerations such, as: 1) who pays the fee to EbixCash (consumer or biller); 2) whether the service is offered to all potential consumers; 3) whether the service is restricted to existing biller relationships of EbixCash; and 4) whether the service utilizes a physical agent network offered for consumers’ convenience, among other factors. The determination of which party is EbixCash’s customer for revenue recognition purposes is based on these considerations for each of EbixCash’s bill payment services. For all transactions, EbixCash’s customers agree to EbixCash’s terms and conditions, either at the time of initiating a transaction (where the consumer is determined to be the customer for revenue recognition purposes) or upon signing a contract with EbixCash to provide services on the biller’s behalf (where the biller is determined to be the customer for revenue recognition purposes). As with consumer money transfers, customers engage EbixCash to perform one integrated service, collect money from the consumer and process the bill payment transaction, thereby providing the billers real-time or near real-time information regarding their customers’ payments and, thus, simplifying the billers’ collection efforts. EbixCash’s revenues from bill payment services are generated from contracts to process transactions at any time during the duration of the contract. The transaction price on bill payment services is contractual and determinable. Certain biller agreements may include per-transaction or fixed periodic rebates, which EbixCash records as a reduction to revenue. EbixCash Technology Services EbixCash also offers on-demand technology to various providers in the area of lending, wealth and asset management, and travel across the world. Insurance Exchanges Insurance Exchanges revenues are primarily derived from consideration paid by customers related to our SaaS platforms, related services and the licensing of software. A typical contract for our SaaS platform will also include services for setup, customization, transaction processing, maintenance, and/or hosting. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgement. Set-up and customization services related to our SaaS platforms are not considered to be distinct from the usage fees associated with the SaaS platform and, accordingly, are accounted for as a single performance obligation. These services, along with the usage or transaction fees, are recognized over the contract duration, which considers the significance of the upfront fees in the context of the contract and which may, therefore, exceed the initial contracted term. A customer's transaction volume tends to remain fairly consistent during the contract period without significant fluctuations. The invoiced amount is a reasonable approximation of the revenue that would be allocated to the related period under the variable consideration guidelines in ASC 606-10-32-40. To the extent that a SaaS contract includes subscription services or professional services, apart from the upfront customization, these are considered separate performance obligations. The Company also has separate software licensing (on premise/ perpetual), unrelated to the SaaS platforms, which is recognized at a point in time when the license is transferred to the customer. Contracts generally do not contain a right of return or refund provisions. Our contracts often do contain overage fees, contingent fees, or service level penalties which are accounted for as variable consideration. Revenue accounted for as variable consideration is immaterial and is recognized using the “right to invoice” practical expedient when the invoiced amount equals the value provided to the customer. Software-as-a-Service The Company allocates the transaction price to each distinct performance obligation using the relative stand-alone selling price. Determining the stand-alone selling price may require significant judgement. The stand-alone selling price is the price at which an entity has sold or would sell a promised good or service separately to a customer. The Company determines the stand-alone selling price based on observable price of products or services sold separately in comparable circumstances, when such observable prices are available. When standalone selling price is not directly observable, the Company estimates the stand-alone selling price using the market assessment approach by considering historical pricing and other market factors. Software Licenses Software license revenues attributable to a software license that is a separate performance obligation are recognized at the point in time that the customer obtains control of the license. Subscription Services Subscription services revenues are associated with performance obligations that are satisfied over specific time periods and primarily consist of post-contract support services. Revenue is generally recognized ratably over the contract term. Our subscription contracts are generally for an initial three-year period with subsequent one-year automatic renewals. Transaction Fees Transaction revenue is comprised of fees applied to the volume of transactions that are processed through our SaaS platforms. These are typically based on a per-transaction rate and are invoiced for the same period in which the transactions were processed and as the performance obligation is satisfied. The amount invoiced generally equals the value provided to the customer, and revenue is typically recognized when invoiced using the as-invoiced practical expedient. Professional Services Professional service revenue primarily consists of fees for setup, customization, training, or consulting services. Professional service fees are generally on a time and materials basis or a fixed fee basis. Revenues for time and materials are recognized as such services are rendered, while fixed fee revenues are recognized based on the input method that is driven by the expected hours to complete the project measured against the actual hours completed to date. Professional services, particularly related to SaaS platforms, may have significant dependencies on the related licensed software and may not be considered a distinct performance obligation. Risk Compliance Services ("RCS") RCS revenues consist of two revenue streams - Certificates of Insurance ("COI") and Consulting Services. COI revenues are derived from consideration paid by customers for the creation and tracking of certificates of insurance. These are transactional-based revenues. Consulting Services revenues are driven by distinct consulting service engagements rendered to customers for which revenues are recognized using the output method on a time and material basis as the services are performed. COI Creation and Tracking The Company provides services to issue and track certificates of insurance in the U.S. and Australian markets. Revenue is derived from transaction fees for each certificate issued or tracked. The Company recognizes revenue at the issuance of each certificate or over the period the certificate is being tracked. Consulting Services The Company provides consulting services to clients around the world for project management and development. Consulting services fees are generally on a time and materials basis or a fixed fee basis. Revenues for time and materials are recognized using an output method as the services are rendered, while fixed fee revenues are recognized based on the input method driven by the expected hours to complete the project measured against the actual hours completed to date. The Company determines revenue recognition by applying the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, we satisfy a performance obligation. The Company analyzes its different services individually to determine the appropriate basis for revenue recognition, as further described below. Additionally, certain services exist in multiple channels. As Ebix derives revenues from three product/service channels, EbixCash Exchanges, Insurance Exchanges, and Risk Compliance Solutions, for policy disclosure purposes, contracts are discussed in conjunction with the channel to which they are most significant. The Company assesses the terms of customer contracts, including termination rights, penalties (implied or explicit), and renewal rights. Contract Liabilities Contract liabilities includes payments or billings that have been received or made prior to performance. In certain cases, cash collections 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 $7.2 million and $6.4 million of contract liabilities were included in billed accounts receivable at December 31, 2020 and 2019, respectively. Disaggregation of Revenue The following tables present revenue disaggregated by primary geographical regions and product channels for the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) India* $ 378,660 $ 300,678 $ 196,372 United States $ 166,320 182,530 196,984 Australia $ 33,846 33,268 35,770 Latin America $ 14,801 19,755 19,866 Europe $ 13,145 14,695 15,387 Canada $ 4,383 4,805 5,611 Singapore* $ 3,969 6,549 7,674 Indonesia* $ 3,206 9,706 7,482 Philippines* $ 2,140 5,991 6,483 United Arab Emirates* $ 3,335 683 1,042 New Zealand $ 1,804 1,955 2,015 Mauritius* $ — — 3,140 $ 625,609 $ 580,615 $ 497,826 *Primarily India led businesses for which total revenue was $388.3 million, $320.0 million and $217.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company’s revenues are derived from three 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, 2020, 2019, and 2018. For the Year Ended December 31, (In thousands) 2020 2019 2018 EbixCash Exchanges $ 388,293 $ 319,953 $ 217,457 Insurance Exchanges 178,111 190,067 192,604 Risk Compliance Solutions 59,205 70,595 87,765 Totals $ 625,609 $ 580,615 $ 497,826 Costs to Obtain and Fulfill a Contract The Company’s capitalized costs are primarily derived from the fulfillment of SaaS related setup and customizations from which the customer receives benefit through continued access to and use of the SaaS product platforms. In accordance with the guidance in ASC 340-40-25-5, we capitalize the costs directly related to the setup and development of these customizations, which satisfy the Company’s performance obligation with respect to access to the Company’s underlying product platforms. The capitalized costs primarily consist of the salaries of the developers directly involved in fulfilling the project and are solely based on the time spent on that project. The Company amortizes the capitalized costs ratably over the expected useful life of the related customizations, matching our treatment for the related revenue, and the capitalized costs are recoverable from profit margin included in the contract. As of December 31, 2020, the Company had $646 thousand of contract costs in “Other current assets” and $985 thousand in “Other assets” on the Company's Condensed Consolidated Balance Sheets. (In thousands) December 31, 2020 December 31, 2019 Balance, beginning of period $ 1,897 $ 2,238 Costs recognized from beginning balance (743) (708) Additions, net of costs recognized 476 367 Balance, end of period $ 1,630 $ 1,897 Contract Liabilities The Company records contract liabilities when it receives payments or invoices in advance of the performance of services. A significant portion of this balance relates to contracts where the customer has paid in advance for the use of our SaaS platforms over a specified period of time. This portion is recognized as the related performance obligation is fulfilled (generally less than one year). Part of our performance obligation for these contracts consists of the requirement to provide our customers with continued access to, and use of, our SaaS platforms and associated customizations. Without continued access to the SaaS platform, the customizations have no separate benefit to the customer. Our customers simultaneously receive and consume the benefits as we provide access over time. The remaining portion of the contract liabilities balance consists primarily of customer-specific customizations that are not distinct from related performance obligations that transfer over time. This portion is recognized over the expected useful life of the customizations. (In thousands) December 31, 2020 December 31, 2019 Balance, beginning of period $ 37,253 $ 44,660 Revenue recognized from beginning balance (32,783) (31,507) Additions from business acquisitions — 769 Additions, net of revenue recognized and currency translation 36,460 23,331 Balance, end of period $ 40,930 $ 37,253 Revenue Allocated to Remaining Performance Obligations The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of December 31, 2020 that we will transfer from contract liabilities and recognize in future periods: Estimated Revenue (In thousands): For the year ending December 31, 2021 $ 3,996 For the year ending December 31, 2022 2,791 For the year ending December 31, 2023 2,188 For the year ending December 31, 2024 1,123 For the year ending December 31, 2025 208 $ 10,306 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service customer contracts with significant programming, setup, and implementation activities related to our SaaS offerings. Our contractually committed revenue amounts generally exclude, based on the following practical expedients that we elected to apply, remaining performance obligations for: (i) contracts with an original expected duration of one year or less; and (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed.
Costs of Services ProvidedCosts 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. Cost of services provided also include the direct expenses associated with our services businesses, including the cost of prepaid gift cards, the cost of travel services provided and the cost of foreign exchange and remittance transactions. Depreciation expense is not included in costs of services provided.
Capitalized Software Development CostsCapitalized Software Development Costs —In accordance with ASC 350-40 “ Internal-Use Software ” and ASC 350-985 “ Software ” the Company expenses 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. The periodic expense for the amortization of previously capitalized software development costs is included in costs of services provided.
Goodwill and Indefinite-lived Intangible AssetsGoodwill 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 ASC 350, “Goodwill and Other Intangible Assets" and ASU No. 2011-08, “Testing Goodwill for Impairment”, 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 our 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 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 a reporting unit was less than its carrying amount. If after assessing the totality of events and circumstances, we were to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we would perform quantitative impairment testing. We perform our annual goodwill impairment evaluation and testing as of October 1st of each year or, when events or circumstances dictate, more frequently. No goodwill impairments have occurred nor recognized in 2019 or 2020. The Company has considered the guidance within ASC 350 “Goodwill and Other Intangible Assets” and ASC 280 “Segment Reporting” in concluding that Ebix effectively operates as one operating and reportable segment and one reporting unit. The Company’s indefinite-lived assets are primarily associated with the estimated fair value of the contractual customer relationships existing with the property and casualty insurance carriers in Australia using the Company's property and casualty ("P&C") data exchange. Indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually and tested on an interim basis if a triggering event has occurred. We perform our annual impairment testing of indefinite-lived intangible assets as of October 1st of each year. The annual impairment testing of indefinite-lived intangible assets is perform 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. To estimate the fair value, we utilize cash flow projections. 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 unit could result in different values and may result in a goodwill impairment charge.
Finite-lived Intangible AssetsFinite-lived Intangible Assets—Finite-lived intangible assets represent the estimated acquisition date fair value of customer relationships, developed technology, trademarks, non-compete agreements and other intangibles described below obtained in connection with the businesses we acquire. We amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows: Life Category (years) Customer relationships 7-20 Developed technology 3-12 Airport contract 9 Store networks 5 Dealer networks 15-20 Brand 15 Trademarks 3-15 Non-compete agreements 5 Database 10
Income TaxesIncome 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 estimated future tax effects of differences between the financial statement and tax basis of assets, liabilities, operating losses, and tax credit carry forwards using the tax rates expected to be in effect when the temporary differences reverse. Valuation allowances, if any, are recorded to reduce deferred tax assets to the amount management considers more likely than not to be realized. Such valuation allowances are recorded 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 applies the relevant FASB accounting guidance on accounting for uncertainty in income taxes positions. This guidance clarifies the accounting for uncertainty in income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. In this regard we recognize the tax benefit from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
Foreign Currency TranslationForeign Currency Translation—The functional currency is the U.S. dollar for the Company's foreign subsidiaries in Dubai and Singapore, and its product development and information technology enabled services activities for the insurance industry provided by its India subsidiary. For Dubai and Singapore, because both the intellectual property research and development activities provided by its Dubai and Singapore subsidiaries, and the product development and information technology enabled services activities for the insurance industry provided by its India subsidiary are in support of the Company's operating divisions across the world, which are primarily 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 income in the accompanying consolidated balance sheets, and are included in the consolidated statements of comprehensive income. 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.
AdvertisingAdvertising—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 $4.8 million, $9.7 million, and 7.5 million in 2020, 2019, and 2018, respectively, and are included in sales and marketing expenses in the accompanying Consolidated Statements of Income.     Effective January 1, 2018 Subtopic 340-40 replaced that guidance to require the costs of direct-response advertising to be expensed as they are incurred or the first time the advertising takes place. The Company was required to recognize a cumulative effective change to opening retained earnings in the year of adoption of the standard. The Company recorded a one-time $1.9 million adjustment to retained earnings on January 1, 2018 and is expensing all future costs from this date forward. Under the new guidance Subtopic 340-40, the Company's expense decreased by $522 thousand during 2018 from what would have been recorded under legacy US GAAP 340-20.
Sales CommissionsSales 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, 2020, 2019, and 2018 $650 thousand, $652 thousand, and $661 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, 2020 and 2019, the Company amortized $763 thousand and $1.0 million, respectively, of previously deferred sales commissions and included this expense in operating expenses on the accompanying Consolidated Statements of Income.
Property and EquipmentProperty 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: Life Asset Category (years) Buildings 39 Building Improvements 15 Computer equipment 5 Furniture, fixtures and other 7 Software 3 Land Improvements 20 Land Unlimited life Leasehold improvements Shorter of asset life or life of the lease
Recent Accounting PronouncementsRecent Accounting Pronouncements—The following is a brief discussion of recently released accounting pronouncements that are pertinent to the Company's business: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): "Simplifying the Accounting for Income Taxes" . ASU 2019-12 is expected to reduce the cost and complexity related to the accounting for income taxes by eliminating the need for an entity to analyze whether the following apply to a given reporting period: • Exception to the incremental approach for intra period tax allocation; • Exceptions to accounting for basis differences when there are ownership changes in foreign investments; and • Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company not yet assessed the impact that the adoption of this guidance will have on its statement of financial position or its statement of income. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of this guidance has had no impact on the consolidated financial statements as the Company has not yet modified any of the existing contracts in response to the reference rate reform. The impact of this ASU will ultimately depend on the terms of any future contract modification related to a change in reference rate, including potential future modifications to the Company's Credit Facility. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): " Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" . ASU 2018-13 is intended to improve the effectiveness of ASC 820’s disclosure requirements. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. In February 2018, the FASB issued 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" . The ASU provides that the stranded tax effects from the Tax Act in accumulated other comprehensive loss may be reclassified to retained earnings. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): "Simplifying the Test for Goodwill Impairment". To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities). Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A public business entity filer should adopt the amendments in this ASU for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): "Clarifying the Definition of a Business" which amended the existing FASB ASC. The standard provides additional guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal 2019 with early adoption permitted. The Company adopted this guidance in 2019 and it had an effect classification certain of its recent acquisitions. In October 2016, the FASB issued ASU 2016-16, Taxes (Topic 740): "Intra-Entity Transfers of Assets Other Than Inventory" . Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendments specified by ASU 2016-16 require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments eliminate the exception for an intra-entity transfer of an asset other than inventory. Two common examples of assets included in the scope of the amendments are intellectual property, and property, plant and equipment. The amendments do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The amendments align the recognition of income tax consequences for intra-entity transfers of assets other than inventory with International Financial Reporting Standards. IAS 12, Income Taxes, requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities in the first interim period if an entity issues interim financial statements. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted this new standard and it did not have a material effect on its consolidated statement of financial position or statement of income. In June 2016, the FASB issued ASU 2016-13. Financial Instruments - Credit Losses (Topic 326). The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this new standard and it did not have a material effect on its consolidated statement of financial position or statement of income. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted CashThe following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: For the Year Ended December 31, 2020 2019 2018 (In thousands) Cash and cash equivalents $ 105,035 $ 73,228 137,858 Restricted cash 8,519 35,051 8,317 Restricted cash included in other long-term assets 6,659 3,090 3,506 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 120,213 $ 111,369 $ 149,681
Schedule of Fair Value, Assets and Liabilities Measured on Recurring BasisAdditional 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* Descriptions Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Assets Commercial bank certificates of deposits ($7.4 million is recorded in the long term asset section of the consolidated balance sheets in "Other Assets") $ 32,072 $ — $ 32,072 $ — Mutual funds 381 381 — — Total assets measured at fair value $ 32,453 $ 381 $ 32,072 $ — Liabilities Contingent earn-out acquisition consideration — — — — Total liabilities measured at fair value $ — $ — $ — $ — * During the year ended December 31, 2020 there were no transfers between fair value Levels 1, 2 or 3. Fair Values at Reporting Date Using* Descriptions Balance at December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Assets Commercial bank certificates of deposits ($50 thousand is recorded in the long term asset section of the consolidated balance sheets in "Other Assets") $ 4,493 — 4,493 — Mutual Funds 1,058 1,058 — — Total assets measured at fair value $ 5,551 $ 1,058 $ 4,493 $ — Liabilities Contingent earn-out acquisition consideration (a) 10,095 — — 10,095 Total liabilities measured at fair value $ 10,095 $ — $ — $ 10,095 (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, 2019, there were no transfers between fair value Levels 1, 2 or 3.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input ReconciliationFor 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 Measurements Using Significant Unobservable Inputs (Level 3) Contingent Liability for Accrued Earn-out Acquisition Consideration Balance at December 31, 2020 Balance at December 31, 2019 (In thousands) Beginning balance $ 10,095 24,976 Total remeasurement adjustments: (Gains) or losses included in earnings ** (3,105) (16,543) Reductions recorded against goodwill — — Foreign currency translation adjustments *** (537) (260) Acquisitions and settlements Business acquisitions — 1,922 Settlements (6,453) — Ending balance $ — $ 10,095 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. $ (3,105) $ (16,543) ** recorded as a component of general and administrative expenses *** recorded as a component of other comprehensive income within stockholders' equity
Fair Value, Significant Unobservable Inputs Used in Measurement of Contingent Consideration LiabilitiesThe 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 December 31, 2020 Valuation Technique Significant Unobservable Contingent acquisition consideration: $— Discounted cash flow Expected future annual revenue streams and probability of achievement (In thousands) Fair Value at December 31, 2019 Valuation Technique Significant Contingent acquisition consideration: $10,095 Discounted cash flow Expected future annual revenue streams and probability of achievement
Disaggregation of RevenueDisaggregation of Revenue The following tables present revenue disaggregated by primary geographical regions and product channels for the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) India* $ 378,660 $ 300,678 $ 196,372 United States $ 166,320 182,530 196,984 Australia $ 33,846 33,268 35,770 Latin America $ 14,801 19,755 19,866 Europe $ 13,145 14,695 15,387 Canada $ 4,383 4,805 5,611 Singapore* $ 3,969 6,549 7,674 Indonesia* $ 3,206 9,706 7,482 Philippines* $ 2,140 5,991 6,483 United Arab Emirates* $ 3,335 683 1,042 New Zealand $ 1,804 1,955 2,015 Mauritius* $ — — 3,140 $ 625,609 $ 580,615 $ 497,826 *Primarily India led businesses for which total revenue was $388.3 million, $320.0 million and $217.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company’s revenues are derived from three 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, 2020, 2019, and 2018. For the Year Ended December 31, (In thousands) 2020 2019 2018 EbixCash Exchanges $ 388,293 $ 319,953 $ 217,457 Insurance Exchanges 178,111 190,067 192,604 Risk Compliance Solutions 59,205 70,595 87,765 Totals $ 625,609 $ 580,615 $ 497,826
Contract with Customer, Asset and Liability(In thousands) December 31, 2020 December 31, 2019 Balance, beginning of period $ 1,897 $ 2,238 Costs recognized from beginning balance (743) (708) Additions, net of costs recognized 476 367 Balance, end of period $ 1,630 $ 1,897 (In thousands) December 31, 2020 December 31, 2019 Balance, beginning of period $ 37,253 $ 44,660 Revenue recognized from beginning balance (32,783) (31,507) Additions from business acquisitions — 769 Additions, net of revenue recognized and currency translation 36,460 23,331 Balance, end of period $ 40,930 $ 37,253
Revenue, Remaining Performance Obligation, Expected Timing of SatisfactionThe following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of December 31, 2020 that we will transfer from contract liabilities and recognize in future periods: Estimated Revenue (In thousands): For the year ending December 31, 2021 $ 3,996 For the year ending December 31, 2022 2,791 For the year ending December 31, 2023 2,188 For the year ending December 31, 2024 1,123 For the year ending December 31, 2025 208 $ 10,306
Schedule of GoodwillChanges in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 (In thousands) Beginning Balance $ 952,404 $ 946,685 Additions for current year acquisitions 11,241 17,931 Adjustments for final purchase accounting 725 741 Foreign currency translation adjustments (15,333) (12,953) Ending Balance $ 949,037 $ 952,404
Schedule of Finite-Lived Intangible Assets by Major Class, Estimated Useful LivesWe amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows: Life Category (years) Customer relationships 7-20 Developed technology 3-12 Airport contract 9 Store networks 5 Dealer networks 15-20 Brand 15 Trademarks 3-15 Non-compete agreements 5 Database 10
Schedule of Intangible Assets, Excluding GoodwillIntangible assets as of December 31, 2020 and December 31, 2019, are as follows: December 31, 2020 2019 (In thousands) Finite-lived intangible assets: Customer relationships $ 96,616 $ 83,012 Developed technology 19,867 19,979 Dealer networks 6,653 6,726 Airport Contract 4,523 4,635 Store Networks 2,440 2,500 Trademarks 2,700 2,689 Brand 896 918 Non-compete agreements 759 764 Backlog 140 140 Database 212 212 Total intangibles 134,806 121,575 Accumulated amortization (83,926) (74,620) Finite-lived intangibles, net $ 50,880 $ 46,955 Indefinite-lived intangibles: Customer/territorial relationships $ 21,647 $ 42,055
Useful Lives of Property and Equipment Used in Computation of DepreciationThe estimated useful lives applied by the Company for property and equipment are as follows: Life Asset Category (years) Buildings 39 Building Improvements 15 Computer equipment 5 Furniture, fixtures and other 7 Software 3 Land Improvements 20 Land Unlimited life Leasehold improvements Shorter of asset life or life of the lease

Earnings per Share (Tables)

Earnings per Share (Tables)12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Diluted, by Common ClassThe 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: For the year ended (In thousands, except per share amounts) Earnings per share: 2020 2019 2018 Basic earnings per common share $ 3.03 $ 3.17 $ 2.97 Diluted earnings per common share $ 3.02 $ 3.16 $ 2.95 Basic weighted average shares outstanding 30,510 30,511 31,393 Diluted weighted average shares outstanding 30,571 30,594 31,534
Schedule of Weighted Average Number of SharesDiluted shares outstanding are determined as follows for each year ended December 31, 2020, 2019, and 2018: For the year ended (In thousands) 2020 2019 2018 Basic weighted average shares outstanding 30,510 30,511 31,393 Incremental shares for common stock equivalents 61 83 141 Diluted shares outstanding 30,571 30,594 31,534

Business Acquisitions (Tables)

Business Acquisitions (Tables)12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]
Business Combination, Segment AllocationThe following table summarizes the recognized intangible assets, goodwill and earn-out provisions, as a result of the cumulative valuation and purchase price allocations on effective date of acquisition, for the 2020 and 2019 acquisitions: Company acquired Date acquired Goodwill Intangibles Assets Contingent Earn-Out Provision (In thousands) Essel Forex Jan-19 8,372 1,163 407 Zillious Jan-19 9,489 1,875 1,515 Wallstreet Canada Aug-19 71 — — Total for 2019 acquisitions $ 17,932 $ 3,038 $ 1,922 Trimax* May-20 8,243 — — AssureEdge* Oct-20 3,678 — — Total for 2020 acquisitions $ 11,921 $ — $ — *The valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction.
Schedule of Net Assets Acquired in Business AcquisitionsThe following table summarizes the fair value of the consideration transferred, net assets acquired and liabilities assumed, as of the acquisition date, for acquisitions closed during 2020 and 2019: (In thousands) 2020 2019 Fair value of total consideration transferred Cash $ 13,774 $ 105,391 Consideration payable 1,827 — Contingent earn-out consideration arrangement (net) — 1,922 Total consideration transferred 15,601 107,313 Fair value of equity components recorded (not part of consideration) Recognition of noncontrolling interest of joint ventures 1,350 (10,258) Total equity components recorded 1,350 (10,258) Total consideration transferred and equity components recorded $ 16,951 $ 97,055 Fair value of assets acquired and liabilities assumed Cash, net of adjustment $ 1,358 $ (75) Other current assets 2,812 5,175 Property, plant, and equipment 4,021 231 Other long term assets 103 3,023 Intangible assets, definite lived — 6,296 Capitalized software development costs — — Deferred tax liability — 12 Current and other liabilities, net of consideration transferred (3,264) 63,721 Net assets acquired, excludes goodwill 5,030 78,383 Goodwill 11,921 18,672 Total net assets acquired $ 16,951 $ 97,055
Schedule of Identified Intangible Assets Acquired as Part of Business AcquisitionsThe following table summarizes the separately identified intangible assets acquired as a result of the acquisitions that occurred during 2020 and 2019: December 31, 2020 2019 Weighted Weighted Intangible asset category Fair Value Useful Life Fair Value Useful Life (In thousands) (In years) (In thousands) (In years) Customer relationships $ — 0.0 $ 3,042 7.5 Developed technology — 0.0 851 7.0 Agent network — 0.0 582 10.2 Airport contracts — 0.0 — 0.0 Store networks — 0.0 — 0.0 Brand — 0.0 78 5.0 Branch network — 0.0 1,743 10.0 Purchase accounting adjustments for prior year acquisitions — 0.0 — 0.0 Total acquired intangible assets $ — 0.0 $ 6,296 8.0
Schedule of Intangible Assets, Future Amortization ExpenseEstimated aggregate future amortization expense for the intangible assets recorded as part of the business acquisitions described above and all other prior acquisitions is as follows: Future Amortization Expenses (In thousands): For the year ended December 31, 2021 $ 9,359 For the year ended December 31, 2022 8,967 For the year ended December 31, 2023 6,942 For the year ended December 31, 2024 5,155 For the year ended December 31, 2025 3,835 Thereafter 16,622 $ 50,880

Share-Based Compensation (Table

Share-Based Compensation (Tables)12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Valuation AssumptionsThe 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: Year Ended December 31, 2020 2019 2018 Weighted average fair values of stock options granted $ 15.58 $ 12.68 $ 11.80 Expected volatility 64.7 % 36.0 % 35.7 % Expected dividends .84 % .65 % .70 % Weighted average risk-free interest rate .24 % 1.72 % 2.47 % Expected life of stock options (in years) 3.5 3.5 3.5
Schedule of Stock Options ActivityA summary of stock option activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Shares Weighted Weighted Aggregate Intrinsic (In thousands) Outstanding at January 1, 2018 147,999 $ 37.68 2.94 $ 6,152 Granted 42,000 $ 42.56 Exercised (27,999) $ 15.65 Canceled — $ — Outstanding at December 31, 2018 162,000 $ 42.75 3.05 $ — Granted 66,000 $ 46.75 Exercised — $ — Canceled (10,125) $ 46.66 Outstanding at December 31, 2019 217,875 $ 43.78 2.60 $ — Granted 36,000 $ 35.70 Exercised (30,000) $ 21.19 Canceled (6,000) $ 28.59 Outstanding at December 31, 2020 217,875 $ 45.97 2.57 $ — Exercisable at December 31, 2020 115,125 $ 49.17 1.63 $ —
Schedule of Nonvested Share ActivityA summary of non-vested options and changes for the years ended December 31, 2020, 2019 and 2018 is as follows: Non-Vested Number of Shares Weighted Non-vested balance at January 1, 2018 76,500 $ 47.99 Granted 42,000 $ 42.56 Vested (36,750) $ 43.52 Canceled — $ — Non-vested balance at December 31, 2018 81,750 $ 47.21 Granted 66,000 $ 46.75 Vested (28,875) $ 48.46 Canceled (10,125) $ 46.66 Non-vested balance at December 31, 2019 108,750 $ 46.65 Granted 36,000 $ 35.70 Vested (42,000) $ 47.66 Canceled — $ — Non-vested balance at December 31, 2020 102,750 $ 42.40
Schedule of Shares Authorized under Stock Option Plans, by Exercise Price RangeThe following table summarizes information about stock options outstanding by price range as of December 31, 2020: Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number of Shares Weighted-Average Exercise Price $35.70 36,000 0.82 $ 5.90 — $ — $41.60 36,000 0.45 $ 6.87 11,250 $ 4.07 $42.56 36,000 0.50 $ 7.03 18,000 $ 6.65 $49.22 40,875 0.06 $ 9.23 40,875 $ 17.48 $52.92 30,000 0.47 $ 7.29 11,250 $ 5.17 $53.90 39,000 0.27 $ 9.65 33,750 $ 15.80 217,875 2.57 $ 45.97 115,125 $ 49.17
Schedule of Nonvested Restricted Stock ActivityA summary of the status of the Company’s non-vested restricted stock grant shares is presented in the following table: Shares Weighted-Average Grant Date Non-vested at January 1, 2018 107,095 $ 45.74 Granted 5,623 $ 76.47 Vested (68,788) $ 40.67 Forfeited (3,514) $ 46.24 Non-vested at December 31, 2018 40,416 $ 58.60 Granted 91,658 $ 50.54 Vested (24,120) $ 57.14 Forfeited — $ — Non-vested at December 31, 2019 107,954 $ 52.08 Granted 388,089 $ 24.37 Vested (68,504) $ 52.49 Forfeited — $ — Non-vested at December 31, 2020 427,539 $ 26.86

Income Taxes (Tables)

Income Taxes (Tables)12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)The income tax expense (benefit) consists of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Current: US federal $ (249) $ 1,378 $ 22,353 US state (406) 909 847 Non US 10,681 12,861 15,212 10,026 15,148 38,412 Deferred: US federal (1,220) (3,781) 5,617 US state (657) (3,107) (1,031) Non US (2,819) (8,040) (10,497) (4,696) (14,928) (5,911) Total $ 5,330 $ 220 $ 32,501
Schedule of Income before Income Tax, Domestic and ForeignIncome (loss) before income taxes includes the following components: Year Ended December 31, 2020 2019 2018 (In thousands) US $ (27,528) $ (47,574) $ (36,202) Non US 121,685 138,365 161,784 Total $ 94,157 $ 90,791 $ 125,582
Schedule of Effective Income Tax Rate ReconciliationA reconciliation of the statutory federal income tax rate to the effective income tax rate consists of the following: Year Ended December 31, 2020 2019 2018 Statutory US federal income tax rate 21.0 % 21.0 % 21.0 % US state income taxes, net of federal benefit (0.9) % (2.3) % (0.3) % Non-US tax rate differential (12.2) % (13.6) % (15.2) % GILTI Related 12.5 % 18.6 % 15.1 % SubPart F — % — % 0.7 % Tax holidays (4.0) % (6.0) % (3.4) % Tax Credits (10.0) % (15.0) % (10.6) % Passive income exemption (0.4) % (1.2) % (0.9) % Acquisition contingent earnout liability adjustments (0.7) % (4.0) % (0.2) % Nondeductible items 2.0 % 1.0 % (0.1) % Effect of valuation allowance (1.2) % 1.2 % (0.1) % Prior year Transition Tax and related true-ups 0.5 % 0.7 % 19.5 % Uncertain tax positions (1.0) % (0.1) % 0.1 % Other — % (0.1) % 0.3 % Effective income tax rate 5.7 % 0.2 % 25.9 %
Deferred Income Tax, Temporary Differences Between Amounts of Assets and LiabilitiesDeferred tax assets and liabilities are comprised of the following: December 31, 2020 December 31, 2019 Deferred Deferred Assets Liabilities Assets Liabilities (In thousands) Depreciation and amortization $ — $ 3,450 $ — $ 3,562 Share-based compensation 451 — 959 — Accruals and prepaids 6,586 — 6,806 — Bad debts 2,727 — 2,594 — Acquired intangible assets — 13,071 — 13,335 Net operating loss carryforwards 33,247 — 27,607 — Tax credit carryforwards (primarily Minimum Alternative Tax ("MAT") in India) 48,669 — 50,210 — 91,680 16,521 88,176 16,897 Valuation allowance (2,160) — (3,288) — Total deferred taxes $ 89,520 $ 16,521 $ 84,888 $ 16,897
Summary of Operating Loss CarryforwardsWe have US Federal, state and foreign operating losses and credit carryforwards as follows: Year Ended December 31, 2020 2019 (In thousands) US Federal loss carryforwards $ 55,029 $ 48,623 US state loss carryforwards 79,907 65,412 Foreign loss carryforwards 73,922 58,660 US Federal credit carryforwards 1,818 3,359 Foreign credit carryforwards 46,851 46,851
Schedule of Unrecognized Tax Benefits Roll ForwardThe following table summarizes the activity related to provision made by the Company in the books for uncertain tax positions: Year Ended December 31, 2020 2019 2018 (In thousands) Beginning Balance $ 9,199 $ 9,294 $ 9,144 Additions for tax positions related to current year — — 150 Additions for tax positions of prior years 966 195 — Reductions for tax position of prior years (1,874) (290) — Ending Balance $ 8,291 $ 9,199 $ 9,294

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)12 Months Ended
Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable and Accrued ExpensesAccounts payable and accrued expenses at December 31, 2020, and December 31, 2019, consisted of the following: 2020 2019 (In thousands) Trade accounts payable $ 56,636 $ 74,967 Accrued professional fees 1,268 2,247 Income taxes payable* 3,429 4,094 Sales taxes payable 3,431 3,385 Other accrued liabilities — 42 Total $ 64,764 $ 84,735 * Long term portion of income taxes payable pertaining to the 2017 Tax Cuts and Jobs A ct one-time transition tax totaling $15.0 million is included in other liabilities in the Company's Consolidated Balance Sheets.

Other Current Assets (Tables)

Other Current Assets (Tables)12 Months Ended
Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Other Current AssetsOther current assets at December 31, 2020 and December 31, 2019 consisted of the following: 2020 2019 (In thousands) Prepaid expenses $ 57,017 $ 51,021 Other third party receivables 3,530 4,785 Sales taxes receivable from customers 4,588 6,499 Credit card merchant account balance receivable 848 796 Short term portion of capitalized costs to obtain and fulfill contracts 646 734 Accrued interest receivable 355 176 Other 4,677 3,063 Total $ 71,661 $ 67,074

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)12 Months Ended
Dec. 31, 2020
Other Liabilities, Current [Abstract]
Other Current LiabilitiesOther current liabilities at December 31, 2020 and December 31, 2019 consisted of the following: 2020 2019 (In thousands) Acquisition obligations (contingent consideration) $ 2,443 $ 6,762 Customer advances (deposits) 25,043 22,573 Total $ 27,486 $ 29,335

Property and Equipment (Tables)

Property and Equipment (Tables)12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and EquipmentProperty and equipment at December 31, 2020 and 2019 consisted of the following: 2020 2019 (In thousands) Computer equipment $ 26,357 $ 15,899 Buildings 26,564 26,475 Land 10,386 10,479 Land improvements 7,195 7,195 Leasehold improvements 763 910 Furniture, fixtures and other 7,271 7,307 78,536 68,265 Less accumulated depreciation and amortization (26,015) (19,844) $ 52,521 $ 48,421

Geographic Information (Tables)

Geographic Information (Tables)12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Financial Information by Geographic LocationsThe following enterprise wide information relates to the Company's geographic locations: Year ended December 31, 2020 2019 2018 External Revenues Long-lived assets External Revenues Long-lived assets External Revenues Long-lived assets (In thousands) India* $ 378,660 $ 698,936 $ 300,678 $ 700,986 $ 196,372 $ 672,699 United States $ 166,320 $ 381,782 182,530 395,225 196,984 390,551 Australia $ 33,846 $ 3,581 33,268 3,541 35,770 1,485 Latin America $ 14,801 $ 13,723 19,755 17,176 19,866 16,348 Europe $ 13,145 $ 22,900 14,695 24,508 15,387 23,880 Canada $ 4,383 $ 6,930 4,805 7,012 5,611 5,846 Singapore* $ 3,969 $ 19,336 6,549 18,282 7,674 17,805 Indonesia* $ 3,206 $ 139 9,706 117 7,482 98 Philippines* $ 2,140 $ 661 5,991 729 6,483 448 United Arab Emirates* $ 3,335 $ 54,789 683 54,887 1,042 54,249 New Zealand $ 1,804 $ 513 1,955 578 2,015 158 Mauritius* $ — $ 4,665 — 4,643 3,140 — $ 625,609 $ 1,207,955 $ 580,615 $ 1,227,684 $ 497,826 $ 1,183,567 *Primarily India led businesses for which total revenue was $388.3 million, $320.0 million and $217.5 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial InformationThe following is the unaudited quarterly financial information for 2020, 2019, and 2018: First Second Third Fourth (In thousands, except share data) Year ended December 31, 2020 Total revenues $ 137,876 $ 111,312 $ 154,305 $ 222,116 Gross Profit 80,419 62,219 68,329 71,380 Operating income 34,313 31,850 31,899 27,740 Net income from continuing operations $ 24,723 $ 23,475 $ 24,682 $ 19,497 Net income per common share: Basic $ 0.81 $ 0.77 $ 0.81 $ 0.64 Diluted $ 0.81 $ 0.76 $ 0.80 $ 0.64 Year ended December 31, 2019 Total revenues $ 142,924 $ 144,275 $ 147,233 $ 146,183 Gross Profit 96,995 93,321 92,062 93,072 Operating income 54,131 41,282 26,007 34,253 Net income from continuing operations 25,710 28,851 20,509 21,650 Net income per common share: Basic $ 0.84 $ 0.95 $ 0.67 $ 0.71 Diluted $ 0.84 $ 0.94 $ 0.67 $ 0.71 Year ended December 31, 2018 Total revenues $ 108,230 $ 124,626 $ 128,643 $ 136,327 Gross Profit 68,639 81,067 85,680 94,025 Operating income 33,896 38,315 39,238 41,530 Net income from continuing operations 26,208 29,180 29,242 8,509 Net income per common share: Basic $ 0.83 $ 0.93 $ 0.93 $ 0.27 Diluted $ 0.83 $ 0.92 $ 0.92 $ 0.27

Leases (Tables)

Leases (Tables)12 Months Ended
Dec. 31, 2020
Leases [Abstract]
Other Operating and Finance Lease InformationAs of December 31, 2020, the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (In thousands) 2021 $ 4,667 $ 190 $ 4,857 2022 3,462 160 3,622 2023 2,993 99 3,092 2024 1,605 77 1,682 2025 1,001 — 1,001 Thereafter 519 — 519 Total 14,247 526 14,773 Less: present value discount* (1,802) (49) (1,851) Present value of lease liabilities 12,445 477 12,922 Less: current portion of lease liabilities (3,905) (164) (4,069) Total long-term lease liabilities $ 8,540 $ 313 $ 8,853 * The discount rate used was the relevant incremental borrowing rate in each of the jurisdictions December 31, 2020 Weighted Average Lease Term - Operating Leases 3.63 years Weighted Average Lease Term - Finance Leases 3.18 years Weighted Average Discount Rate - Operating Leases 8.09 % Weighted Average Discount Rate - Finance Leases 7.13 %
Lease CostThe lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: December 31 (In thousands) 2020 2019 Operating Lease Cost $ 7,051 $ 8,613 Finance Lease Cost: Amortization of Lease Assets 161 121 Interest on Lease liabilities 39 36 Finance Lease Cost 200 157 Sublease Income (476) (654) Total Net Lease Cost $ 6,775 $ 8,116
Schedule of Future Minimum Rental Payments for Operating LeasesCommitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2020 were as follows: Year Operating Leases Financing Leases (In thousands) 2021 $ 4,667 $ 190 2022 3,462 160 2023 2,993 99 2024 1,605 77 2025 1,001 — Thereafter 519 — Total $ 14,247 $ 526 Less: sublease income (476) Net lease payments $ 13,771 Less: amount representing interest (39) Present value of obligations under financing leases $ 487 Less: current portion (164) Long-term obligations $ 323
Schedule of Future Minimum Lease Payments for Capital LeasesCommitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2020 were as follows: Year Operating Leases Financing Leases (In thousands) 2021 $ 4,667 $ 190 2022 3,462 160 2023 2,993 99 2024 1,605 77 2025 1,001 — Thereafter 519 — Total $ 14,247 $ 526 Less: sublease income (476) Net lease payments $ 13,771 Less: amount representing interest (39) Present value of obligations under financing leases $ 487 Less: current portion (164) Long-term obligations $ 323
Schedule Of Future Principal Debt Payments and Minimum Lease Payments Under Non-Cancelable Operating And Capital LeasesSuch arrangements represent further commitments of approximately $56.3 million as follows: Year Commitments (In thousands) 2021 $ 20,251 2022 18,271 2023 17,756 Thereafter — Total $ 56,278

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Description of Business (Details)12 Months Ended
Dec. 31, 2020INR (₨)revenue_streamDec. 31, 2019Dec. 31, 2018Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Total revenue, international percentage73.40%68.60%60.40%
Maximum limit per gift card ₨ 10,000 $ 140
Term of virtual gift card15 months
Term of physical gift card3 years
Cash held in Trust account | $ $ 30,000,000
Subscription contract term3 years
Subscription contract renewal term1 year
Number of revenue streams | revenue_stream2

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Short-term Investments (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Short-term investments $ 25,019 $ 4,443

Description of Business and S_6

Description of Business and Summary of Significant Account Policies - Restricted Cash (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounting Policies [Abstract]
Restricted cash $ 8,519 $ 35,051 $ 8,317

Description of Business and S_7

Description of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents $ 105,035 $ 73,228 $ 137,858
Restricted cash8,519 35,051 8,317
Restricted cash included in other long-term assets6,659 3,090 3,506
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 120,213 $ 111,369 $ 149,681 $ 70,867

Description of Business and S_8

Description of Business and Summary of Significant Accounting Policies - Fiduciary Funds (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Fiduciary funds - restricted $ 4,106 $ 4,966

Description of Business and S_9

Description of Business and Summary of Significant Accounting Policies - Fair Value Reporting (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Total assets measured at fair value $ 32,453,000 $ 5,551,000
Total liabilities measured at fair value0 10,095,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation:
Beginning balance10,095,000 24,976,000
(Gains) or losses included in earnings(3,105,000)(16,543,000)
Reductions recorded against goodwill0 0
Foreign currency translation adjustments(537,000)(260,000)
Business acquisitions0 1,922,000
Settlements(6,453,000)0
Ending balance0 10,095,000
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings, unrealized still held at year end $ (3,105,000)(16,543,000)
Derivative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation:
Fair value Input, discount rate12.60%
Contingent Accrued Earn-out Acquisition Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities $ 0 10,095,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation:
Beginning balance10,100,000
Ending balance0 10,100,000
Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities32,072,000 4,493,000
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities381,000 1,058,000
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Total assets measured at fair value381,000 1,058,000
Total liabilities measured at fair value0 0
Fair Value, Inputs, Level 1 | Contingent Accrued Earn-out Acquisition Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities0 0
Fair Value, Inputs, Level 1 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities0 0
Fair Value, Inputs, Level 1 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities381,000 1,058,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Total assets measured at fair value32,072,000 4,493,000
Total liabilities measured at fair value0 0
Fair Value, Inputs, Level 2 | Contingent Accrued Earn-out Acquisition Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities0 0
Fair Value, Inputs, Level 2 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities32,072,000 4,493,000
Fair Value, Inputs, Level 2 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities0 0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Total assets measured at fair value0 0
Total liabilities measured at fair value0 10,095,000
Fair Value, Inputs, Level 3 | Contingent Accrued Earn-out Acquisition Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities0 10,095,000
Fair Value, Inputs, Level 3 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities0 0
Fair Value, Inputs, Level 3 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities0 0
Certificates of Deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Available-for-sale securities $ 7,400,000 $ 50,000

Description of Business and _10

Description of Business and Summary of Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in MillionsDec. 31, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Deferred revenue included in accounts receivables $ 7.2 $ 6.4

Description of Business and _11

Description of Business and Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue $ 222,116 $ 154,305 $ 111,312 $ 137,876 $ 146,183 $ 147,233 $ 144,275 $ 142,924 $ 136,327 $ 128,643 $ 124,626 $ 108,230 $ 625,609 $ 580,615 $ 497,826
EbixCash Exchanges
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue388,293 319,953 217,457
Insurance Exchanges
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue178,111 190,067 192,604
RCS
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue59,205 70,595 87,765
India*
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue378,660 300,678 196,372
United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue166,320 182,530 196,984
Australia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue33,846 33,268 35,770
Latin America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue14,801 19,755 19,866
Europe
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue13,145 14,695 15,387
Canada
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue4,383 4,805 5,611
Singapore*
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue3,969 6,549 7,674
Indonesia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue3,206 9,706 7,482
Philippines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue2,140 5,991 6,483
United Arab Emirates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue3,335 683 1,042
New Zealand
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue1,804 1,955 2,015
Mauritius
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue0 0 3,140
Indian Led
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue $ 388,300 $ 320,000 $ 217,500

Description of Business and _12

Description of Business and Summary of Significant Accounting Policies - Costs to Obtain and Fulfill a Contract (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounting Policies [Abstract]
Capitalized contract costs, net, current $ 646 $ 734
Capitalized contract costs, net, noncurrent985
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period $ 1,630 $ 1,897 $ 1,630 $ 1,897 $ 2,238
Costs recognized from beginning balance(743)(708)
Additions, net of costs recognized476 367
Balance, end of period $ 1,630 $ 1,897

Description of Business and _13

Description of Business and Summary of Significant Accounting Policies - Contract Liabilities (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Balance, beginning of period $ 37,253 $ 44,660
Revenue recognized from beginning balance(32,783)(31,507)
Additions from business acquisitions0 769
Additions, net of revenue recognized and currency translation36,460 23,331
Balance, end of period $ 40,930 $ 37,253

Description of Business and _14

Description of Business and Summary of Significant Accounting Policies - Revenue Allocated to Remaining Performance Obligations (Details) $ in ThousandsDec. 31, 2020USD ($)
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 10,306
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 3,996
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 2,791
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 2,188
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 1,123
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounting Policies [Abstract]
Revenue, Remaining Performance Obligation, Amount $ 208
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period1 year

Description of Business and _15

Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and the Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, current $ 142,847 $ 153,565
Allowance for doubtful accounts22,691 21,696
Provision for doubtful accounts1,749 12,325 $ 3,571
Billed Revenues
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, current97,600 118,300
Unbilled Revenues
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, current $ 45,200 $ 35,300

Description of Business and _16

Description of Business and Summary of Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details)12 Months Ended
Dec. 31, 2020product_service_groupDec. 31, 2020USD ($)Dec. 31, 2020segmentDec. 31, 2020reporting_unitDec. 31, 2019USD ($)
Accounting Policies [Abstract]
Goodwill, impairment loss | $ $ 0 $ 0
Number of operating segments3 1
Number of reporting units | reporting_unit1

Description of Business and _17

Description of Business and Summary of Significant Accounting Policies - Schedule of Goodwill (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance $ 952,404 $ 946,685
Additions for current year acquisitions11,241 17,931
Adjustments for final purchase accounting725 741
Foreign currency translation adjustments(15,333)(12,953)
Goodwill, ending balance $ 949,037 $ 952,404

Description of Business and _18

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Total intangibles $ 134,806 $ 121,575
Accumulated amortization(83,926)(74,620)
Estimated future amortization expense50,880 46,955
Customer/territorial relationships
Finite-Lived Intangible Assets [Line Items]
Total intangibles96,616 83,012
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total intangibles19,867 19,979
Dealer networks
Finite-Lived Intangible Assets [Line Items]
Total intangibles6,653 6,726
Airport Contracts
Finite-Lived Intangible Assets [Line Items]
Total intangibles4,523 4,635
Store Networks
Finite-Lived Intangible Assets [Line Items]
Total intangibles2,440 2,500
Trademarks
Finite-Lived Intangible Assets [Line Items]
Total intangibles2,700 2,689
Brand
Finite-Lived Intangible Assets [Line Items]
Total intangibles896 918
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Total intangibles759 764
Backlog
Finite-Lived Intangible Assets [Line Items]
Total intangibles140 140
Database
Finite-Lived Intangible Assets [Line Items]
Total intangibles212 212
Customer/territorial relationships
Finite-Lived Intangible Assets [Line Items]
Customer/territorial relationships $ 21,647 $ 42,055

Description of Business and _19

Description of Business and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in ThousandsJan. 01, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Capitalized Direct Response Advertising Costs [Line Items]
Advertising expense $ 4,800 $ 9,700 $ 7,500
ASC 340-40
Capitalized Direct Response Advertising Costs [Line Items]
Advertising expense $ (522)
New accounting pronouncement or change in account principle, effect of amortization period adjustment to production costs $ 1,900

Description of Business and _20

Description of Business and Summary of Significant Accounting Policies - Sales Commissions (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounting Policies [Abstract]
Deferred sales commissions $ 650 $ 652 $ 661
Amortization of deferred sales commissions $ 763 $ 1,000

Description of Business and _21

Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Life (Details)12 Months Ended
Dec. 31, 2020
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life39 years
Building Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life15 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life5 years
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life7 years
Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life3 years
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life20 years

Description of Business and _22

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)3 Months Ended12 Months Ended
Dec. 31, 2020USD ($)product_service_groupSep. 30, 2020USD ($)Jun. 30, 2020USD ($)Mar. 31, 2020USD ($)Dec. 31, 2019USD ($)Sep. 30, 2019USD ($)Jun. 30, 2019USD ($)Mar. 31, 2019USD ($)Dec. 31, 2018USD ($)Sep. 30, 2018USD ($)Jun. 30, 2018USD ($)Mar. 31, 2018USD ($)Dec. 31, 2020USD ($)product_service_groupDec. 31, 2019USD ($)Dec. 31, 2018USD ($)Dec. 31, 2009USD ($)
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Impairment of intangible asset $ 6,168,000 $ 0 $ 0
Operating revenue $ 222,116,000 $ 154,305,000 $ 111,312,000 $ 137,876,000 $ 146,183,000 $ 147,233,000 $ 144,275,000 $ 142,924,000 $ 136,327,000 $ 128,643,000 $ 124,626,000 $ 108,230,000 625,609,000 580,615,000 497,826,000
Total intangibles $ 134,806,000 121,575,000 134,806,000 121,575,000
Amortization expense, acquired intangible assets $ 9,500,000 10,200,000 7,500,000
Number of product/service channels | product_service_group3 3
Customer relationships | E-Z Data
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Indefinite-lived intangible assets acquired $ 14,200,000
EbixHealth JV
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Impairment of intangible asset $ 6,200,000
Customer relationships
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles $ 96,616,000 83,012,000 $ 96,616,000 83,012,000
Customer relationships | Minimum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life7 years
Customer relationships | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life20 years
Customer relationships | E-Z Data
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life15 years
Total intangibles $ 14,200,000
Amortization expense, acquired intangible assets $ 237,000
Customer relationships | EbixHealth JV
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life10 years
Developed technology
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles19,867,000 19,979,000 $ 19,867,000 19,979,000
Developed technology | Minimum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life3 years
Developed technology | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life12 years
Airport Contracts
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles4,523,000 4,635,000 $ 4,523,000 4,635,000
Airport Contracts | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life9 years
Store Networks
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles2,440,000 2,500,000 $ 2,440,000 2,500,000
Store Networks | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life5 years
Dealer networks
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles6,653,000 6,726,000 $ 6,653,000 6,726,000
Dealer networks | Minimum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life15 years
Dealer networks | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life20 years
Brand
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles896,000 918,000 $ 896,000 918,000
Brand | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life15 years
Trademarks
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles2,700,000 2,689,000 $ 2,700,000 2,689,000
Trademarks | Minimum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life3 years
Trademarks | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life15 years
Non-compete agreements
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles759,000 764,000 $ 759,000 764,000
Non-compete agreements | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life5 years
Database
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Total intangibles $ 212,000 $ 212,000 $ 212,000 212,000
Database | Maximum
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Finite-lived intangible asset, useful life10 years
India
Finite-Lived and Indefinite Lived Intangible Lived Assets [Line Items]
Operating revenue $ 378,660,000 $ 300,678,000 $ 196,372,000

Earnings per Share (Details)

Earnings per Share (Details) - $ / shares3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Basic earnings per common share (in dollars per share) $ 0.64 $ 0.81 $ 0.77 $ 0.81 $ 0.71 $ 0.67 $ 0.95 $ 0.84 $ 0.27 $ 0.93 $ 0.93 $ 0.83 $ 3.03 $ 3.17 $ 2.97
Diluted earnings per common share (in dollars per share) $ 0.64 $ 0.80 $ 0.76 $ 0.81 $ 0.71 $ 0.67 $ 0.94 $ 0.84 $ 0.27 $ 0.92 $ 0.92 $ 0.83 $ 3.02 $ 3.16 $ 2.95
Basic weighted average shares outstanding (in shares)30,510,000 30,511,000 31,393,000
Diluted weighted average shares outstanding (in shares)30,571,000 30,594,000 31,534,000
Antidilutive securities excluded from computation (in shares)181,875 181,875 42,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic weighted average shares outstanding (in shares)30,510,000 30,511,000 31,393,000
Incremental shares for common stock equivalents (in shares)61,000 83,000 141,000
Diluted shares outstanding (in shares)30,571,000 30,594,000 31,534,000

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) - USD ($)May 04, 2020Aug. 23, 2019Jan. 01, 2019Oct. 31, 2020Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Oct. 01, 2020
Business Acquisition [Line Items]
Reduction of acquisition earn-out contingent liability $ 3,105,000 $ 16,543,000 $ 1,391,000
Contingent Earn-Out Provision0 10,095,000 24,976,000
Contingent liability for earn-out acquisition consideration0 1,474,000
Contingent liability for earn-out acquisition consideration0 8,621,000
Goodwill949,037,000 952,404,000 946,685,000
Amortization expense, acquired intangible assets9,500,000 10,200,000 $ 7,500,000
Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision0 1,922,000
Goodwill11,921,000 17,932,000
Wallstreet Canada
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid $ 2,100,000
Wallstreet Canada | Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision0
Goodwill $ 71,000
Essel
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid $ 8,700,000
Essel | Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision407,000
Goodwill8,372,000
Zillious
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid10,100,000
Zillious | Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision1,515,000
Goodwill9,489,000
Trimax
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid $ 9,900,000
Preferred interest, term5 years
Maximum value of preferred interest $ 9,900,000
Trimax | Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision0
Goodwill $ 8,243,000
AsureEdge
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid $ 5,000,000
Ownership percentage70.00%
AsureEdge | Final Allocation
Business Acquisition [Line Items]
Contingent Earn-Out Provision $ 0
Goodwill $ 3,678,000
Maximum | Essel
Business Acquisition [Line Items]
Contingent Earn-Out Provision721,000
Maximum | Zillious
Business Acquisition [Line Items]
Contingent Earn-Out Provision $ 2,200,000
Zillious
Business Acquisition [Line Items]
Ownership percentage80.00%
Contingent Accrued Earn-out Acquisition Consideration
Business Acquisition [Line Items]
Contingent Earn-Out Provision $ 0 $ 10,100,000

Business Acquisitions - Recogni

Business Acquisitions - Recognized Intangible Assets, Goodwill and Earn-Out Provisions (Details) - USD ($) $ in ThousandsDec. 31, 2020Oct. 01, 2020May 04, 2020Dec. 31, 2019Aug. 23, 2019Jan. 01, 2019Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill $ 949,037 $ 952,404 $ 946,685
Contingent Earn-Out Provision0 10,095 $ 24,976
Final Allocation
Business Acquisition [Line Items]
Goodwill11,921 17,932
Intangible Assets0 3,038
Contingent Earn-Out Provision $ 0 $ 1,922
Final Allocation | Essel
Business Acquisition [Line Items]
Goodwill $ 8,372
Intangible Assets1,163
Contingent Earn-Out Provision407
Final Allocation | Zillious
Business Acquisition [Line Items]
Goodwill9,489
Intangible Assets1,875
Contingent Earn-Out Provision $ 1,515
Final Allocation | Wallstreet Canada
Business Acquisition [Line Items]
Goodwill $ 71
Intangible Assets0
Contingent Earn-Out Provision $ 0
Final Allocation | Trimax
Business Acquisition [Line Items]
Goodwill $ 8,243
Intangible Assets0
Contingent Earn-Out Provision $ 0
Final Allocation | AsureEdge
Business Acquisition [Line Items]
Goodwill $ 3,678
Intangible Assets0
Contingent Earn-Out Provision $ 0

Business Acquisitions - Net Ass

Business Acquisitions - Net Assets Acquired (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Business Acquisition [Line Items]
Additions for current year acquisitions $ 949,037 $ 952,404 $ 946,685
AssureEdge And Trimax
Business Acquisition [Line Items]
Cash13,774
Consideration payable1,827
Contingent earn-out consideration arrangement asset0
Total consideration transferred15,601
Recognized controlling ownership of joint venture1,350
Business combination, equity components recorded1,350
Business combination, total consideration transferred and equity components recorded16,951
Cash, net of adjustment1,358
Current assets2,812
Property and equipment4,021
Other assets103
Intangible assets, definite lived0
Capitalized software development costs0
Deferred tax liability0
Current and other liabilities, net of consideration transferred(3,264)
Net assets acquired5,030
Additions for current year acquisitions11,921
Total net assets acquired $ 16,951
Essel Forex, Zillious And Wallstreet Canada
Business Acquisition [Line Items]
Cash105,391
Consideration payable0
Contingent earn-out consideration arrangement asset1,922
Total consideration transferred107,313
Recognized controlling ownership of joint venture(10,258)
Business combination, equity components recorded(10,258)
Business combination, total consideration transferred and equity components recorded97,055
Cash, net of adjustment(75)
Current assets5,175
Property and equipment231
Other assets3,023
Intangible assets, definite lived6,296
Capitalized software development costs0
Deferred tax liability12
Current and other liabilities, net of consideration transferred63,721
Net assets acquired78,383
Additions for current year acquisitions18,672
Total net assets acquired $ 97,055

Business Acquisitions - Intangi

Business Acquisitions - Intangible Assets Acquired (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 6,296
Acquired intangible assets, weighted average useful life (in years)0 years8 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 3,042
Acquired intangible assets, weighted average useful life (in years)0 years7 years 6 months
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 851
Acquired intangible assets, weighted average useful life (in years)0 years7 years
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 582
Acquired intangible assets, weighted average useful life (in years)0 years10 years 2 months 12 days
Airport Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 0
Acquired intangible assets, weighted average useful life (in years)0 years0 years
Store Networks
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 0
Acquired intangible assets, weighted average useful life (in years)0 years0 years
Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 78
Acquired intangible assets, weighted average useful life (in years)0 years5 years
Branch network
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 1,743
Acquired intangible assets, weighted average useful life (in years)0 years10 years
Final Allocation Adjustment | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, fair value $ 0 $ 0
Acquired intangible assets, weighted average useful life (in years)0 years0 years

Business Acquisitions - Future

Business Acquisitions - Future Amortization Expense (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Acquired Intangible Assets, Amortization Expense, Fiscal Year Maturity [Abstract]
For the year ended December 31, 2021 $ 9,359
For the year ended December 31, 20228,967
For the year ended December 31, 20236,942
For the year ended December 31, 20245,155
For the year ended December 31, 20253,835
Thereafter16,622
Estimated future amortization expense $ 50,880 $ 46,955

Credit Facility (Details)

Credit Facility (Details)12 Months Ended
Dec. 31, 2020USD ($)Dec. 31, 2019USD ($)Mar. 30, 2020Aug. 05, 2014USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit $ 1,400,000
Deferred financing costs, current920,000 $ 575,000
Deferred financing costs, noncurrent1,062,000 1,534,000
Regions Bank
Line of Credit Facility [Line Items]
Credit agreement, amount outstanding255,500,000
Revolving Credit Facility | Regions Bank
Line of Credit Facility [Line Items]
Credit agreement, maximum borrowing capacity $ 450,000,000
Secured Term Loan | Regions Bank
Line of Credit Facility [Line Items]
Leverage ratio5
Net leverage ratio3.50
Secured Syndicated Credit Facility, Eighth Amendment | Revolving Credit Facility | Regions Bank
Line of Credit Facility [Line Items]
Credit agreement, average amount outstanding during period437,200,000
Credit agreement, maximum amount outstanding during period438,000,000
Secured Syndicated Credit Facility, Eighth Amendment | Secured Term Loan | Regions Bank
Line of Credit Facility [Line Items]
Loans payable276,200,000
Loans payable, current20,700,000
Secured Syndicated Credit Facility | Revolving Credit Facility | Citi Bank
Line of Credit Facility [Line Items]
Credit agreement, amount outstanding $ 439,400,000 $ 438,000,000
Line of credit, interest rate at period end3.50%
Credit agreement, average amount outstanding during period $ 438,900,000
Credit agreement, maximum amount outstanding during period $ 439,400,000
Weighted average interest rate4.04%4.25%
Secured Syndicated Credit Facility, Second Amendment | Secured Term Loan | Regions Bank
Line of Credit Facility [Line Items]
Loans payable $ 255,500,000
Secured Syndicated Credit Facility, Ninth Amendment | Regions Bank
Line of Credit Facility [Line Items]
Credit card origination costs4,900,000 $ 5,200,000
Secured Syndicated Credit Facility, Ninth Amendment | Revolving Credit Facility | Regions Bank
Line of Credit Facility [Line Items]
Credit card origination costs2,900,000 3,100,000
Secured Syndicated Credit Facility, Ninth Amendment | Secured Term Loan | Regions Bank
Line of Credit Facility [Line Items]
Loans payable, current22,600,000
Periodic payment20,700,000
Long-term debt, gross232,900,000
Credit card origination costs2,000,000 2,100,000
Deferred financing costs, current919,000 575,000
Deferred financing costs, noncurrent $ 1,000,000 $ 1,500,000

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details)Apr. 05, 2019USD ($)Jun. 10, 2013complaintMay 31, 2013complaintDec. 31, 2020USD ($)$ / PersonDec. 31, 2019USD ($)Dec. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
Number of class action complaints filed | complaint12 12
Contingent Earn-Out Provision $ 0 $ 10,095,000 $ 24,976,000
Contingent liability for earn-out acquisition consideration0 1,474,000
Contingent liability for earn-out acquisition consideration0 8,621,000
Self-insured health insurance, liability345,000 362,000
Health insurance expenses, claims of self Insured plan1,800,000 2,600,000
India*
Commitments and Contingencies [Line Items]
Self-insured health insurance, liability $ 4,300,000 3,200,000
Maximum
Commitments and Contingencies [Line Items]
Self-insured health insurance limit, per person | $ / Person120,000
Self-insured health Insurance, aggregate liability based on participants and claims (percentage)125.00%
Self-insured health insurance, estimated cumulative liability for annual contract $ 4,100,000
Maximum | India*
Commitments and Contingencies [Line Items]
Self-insured health insurance limit, per person | $ / Person28,000
Contingent Accrued Earn-out Acquisition Consideration
Commitments and Contingencies [Line Items]
Contingent Earn-Out Provision $ 0 $ 10,100,000
Settled Litigation
Commitments and Contingencies [Line Items]
Loss contingency, legal expenses sought to be paid $ 19,650,000

Share-Based Compensation - Valu

Share-Based Compensation - Valuation Assumptions (Details) $ / shares in Units, $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)plan$ / sharessharesDec. 31, 2019USD ($)$ / sharessharesDec. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans | plan2
Share-based Compensation, Fair Value Assumptions [Abstract]
Weighted average fair values of stock options granted (in dollars per share) | $ / shares $ 15.58 $ 12.68 $ 11.80
Expected volatility64.70%36.00%35.70%
Expected dividends0.84%0.65%0.70%
Weighted average risk-free interest rate0.24%1.72%2.47%
Expected life of stock options (in years)3 years 6 months3 years 6 months3 years 6 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense | $ $ 517 $ 537 $ 449
Employee and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares0 0 0

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Stock options, weighted average exercise price, beginning balance (in dollars per share) $ 43.78 $ 42.75 $ 37.68
Stock options, granted, weighted average exercise price (in dollars per share)35.7046.7542.56
Stock options, exercised, weighted average exercise price (in dollars per share)21.190 15.65
Stock options, canceled, weighted average exercise price (in dollars per share)28.5946.660
Stock options, weighted average exercise price, ending balance (in dollars per share)45.97 $ 43.78 $ 42.75 $ 37.68
Stock options, exercisable, weighted average exercise price (in dollars per share) $ 49.17
Stock Options, Additional Disclosures [Abstract]
Stock options outstanding, weighted average remaining contractual term (in years)2 years 6 months 25 days2 years 7 months 6 days3 years 18 days2 years 11 months 8 days
Stock options, exercisable, weighted average remaining contractual term (in years)1 year 7 months 17 days
Stock options outstanding, aggregate intrinsic value $ 0 $ 0 $ 0 $ 6,152
Stock options, exercisable, aggregate intrinsic value0
Cash received or the value of stocks canceled from options exercises $ 127 $ 0 $ 439
Employee and Non-employees
Stock Options, Outstanding [Roll Forward]
Granted (in shares)0 0 0
Stock Options
Stock Options, Additional Disclosures [Abstract]
Stock options exercised in period, intrinsic value $ 341 $ 0 $ 900
Within Plans
Stock Options, Outstanding [Roll Forward]
Stock options outstanding, beginning balance (in shares)217,875 162,000 147,999
Granted (in shares)36,000 66,000 42,000
Exercised (in shares)(30,000)0 (27,999)
Canceled (in shares)(6,000)(10,125)0
Stock options outstanding, ending balance (in shares)217,875 217,875 162,000 147,999
Stock options, exercisable (in shares)115,125

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested Options (Details) - Nonvested Option Shares - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Nonvested Awards, Number of Shares [Roll Forward]
Nonvested awards, beginning balance (in shares)108,750 81,750 76,500
Granted (in shares)36,000 66,000 42,000
Vested (in shares)(42,000)(28,875)(36,750)
Canceled (in shares)0 (10,125)0
Nonvested awards, ending balance (in shares)102,750 108,750 81,750
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price [Roll Forward]
Nonvested options, beginning balance (in dollars per share) $ 46.65 $ 47.21 $ 47.99
Granted (in dollars per share)35.7046.7542.56
Vested (in dollars per share)47.6648.4643.52
Canceled (in dollars per share)0 46.660
Nonvested options, ending balance (in dollars per share) $ 42.40 $ 46.65 $ 47.21

Share-Based Compensation - Opti

Share-Based Compensation - Option Price Ranges (Details) - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number Outstanding (in shares)217,875
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)2 years 6 months 25 days2 years 7 months 6 days3 years 18 days2 years 11 months 8 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 45.97
Options Exercisable, Number of Shares115,125
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 49.17
$35.70 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit35.70
Shares authorized under stock option plans, exercise price range, upper range limit $ 35.70
Options Outstanding, Number Outstanding (in shares)36,000
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)9 months 25 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 5.90
Options Exercisable, Number of Shares0
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 0
$41.60 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit41.60
Shares authorized under stock option plans, exercise price range, upper range limit $ 41.60
Options Outstanding, Number Outstanding (in shares)36,000
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)5 months 12 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 6.87
Options Exercisable, Number of Shares11,250
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 4.07
$42.56 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit42.56
Shares authorized under stock option plans, exercise price range, upper range limit $ 42.56
Options Outstanding, Number Outstanding (in shares)36,000
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)6 months
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 7.03
Options Exercisable, Number of Shares18,000
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 6.65
$49.22 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit49.22
Shares authorized under stock option plans, exercise price range, upper range limit $ 49.22
Options Outstanding, Number Outstanding (in shares)40,875
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)21 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 9.23
Options Exercisable, Number of Shares40,875
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 17.48
$52.92 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit52.92
Shares authorized under stock option plans, exercise price range, upper range limit $ 52.92
Options Outstanding, Number Outstanding (in shares)30,000
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)5 months 19 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 7.29
Options Exercisable, Number of Shares11,250
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 5.17
$53.90 Exercise Price Range
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares authorized under stock option plans, exercise price range, lower range limit53.90
Shares authorized under stock option plans, exercise price range, upper range limit $ 53.90
Options Outstanding, Number Outstanding (in shares)39,000
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)3 months 7 days
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) $ 9.65
Options Exercisable, Number of Shares33,750
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) $ 15.80

Share-Based Compensation - No_2

Share-Based Compensation - Nonvested Restricted Stock (Details) $ / shares in Units, $ in Millions12 Months Ended
Dec. 31, 2020USD ($)Installment$ / sharessharesDec. 31, 2019USD ($)$ / sharessharesDec. 31, 2018USD ($)$ / sharesshares
Nonvested Awards, Weighted Average Grant Date Fair Value [Roll Forward]
Common shares reserved for stock option and restricted stock grants8,600,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate, initial year33.33%
Quarterly award vesting installments after initial year | Installment8
Nonvested Awards, Number of Shares [Roll Forward]
Nonvested awards, beginning balance (in shares)107,954 40,416 107,095
Granted (in shares)388,089 91,658 5,623
Vested (in shares)(68,504)(24,120)(68,788)
Forfeited (in shares)0 0 (3,514)
Nonvested awards, ending balance (in shares)427,539 107,954 40,416
Nonvested Awards, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested awards outstanding, beginning balance (in dollars per share) | $ / shares $ 52.08 $ 58.60 $ 45.74
Granted (in dollars per share) | $ / shares24.3750.5476.47
Vested (in dollars per share) | $ / shares52.4957.1440.67
Forfeited (in dollars per share) | $ / shares0 0 46.24
Nonvested awards outstanding, ending balance (in dollars per share) | $ / shares $ 26.86 $ 52.08 $ 58.60
Stock compensation expense recognized on restricted grants | $ $ 4.3 $ 2.9 $ 2.4
Unrecognized compensation cost, share-based compensation arrangements | $ $ 9.1
Weighted average period to recognize nonvested awards (in years)2 years 9 months
Fair value of shares vested during period | $ $ 3.6 $ 1.4 $ 2.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Effective tax rate5.70%0.20%25.90%
Undistributed earnings of foreign subsidiaries $ 767,400
Unrecognized tax benefits3,000 $ 1,000
Reserve for potential uncertain income tax return positions8,291 9,199 $ 9,294 $ 9,144
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount $ 46,851 $ 46,851

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Current Income Tax Expense (Benefit) [Abstract]
Federal $ (249) $ 1,378 $ 22,353
State(406)909 847
Foreign10,681 12,861 15,212
Current income tax provision10,026 15,148 38,412
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal(1,220)(3,781)5,617
State(657)(3,107)(1,031)
Foreign(2,819)(8,040)(10,497)
Deferred income tax provision(4,696)(14,928)(5,911)
Total provision for income taxes $ 5,330 $ 220 $ 32,501

Income Taxes - Pre-Tax Income (

Income Taxes - Pre-Tax Income (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Income Tax Disclosure [Abstract]
US $ (27,528) $ (47,574) $ (36,202)
Non US121,685 138,365 161,784
Total $ 94,157 $ 90,791 $ 125,582

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rates Reconciliation (Details)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory US federal income tax rate21.00%21.00%21.00%
US state income taxes, net of federal benefit(0.90%)(2.30%)(0.30%)
Non-US tax rate differential(12.20%)(13.60%)(15.20%)
GILTI Related12.50%18.60%15.10%
SubPart F0.00%0.00%0.70%
Tax holidays(4.00%)(6.00%)(3.40%)
Tax Credits(10.00%)(15.00%)(10.60%)
Passive income exemption(0.40%)(1.20%)(0.90%)
Acquisition contingent earnout liability adjustments(0.70%)(4.00%)(0.20%)
Nondeductible items2.00%1.00%(0.10%)
Effect of valuation allowance(1.20%)1.20%(0.10%)
Prior year Transition Tax and related true-ups0.50%0.70%19.50%
Uncertain tax positions(1.00%)(0.10%)0.10%
Other0.00%(0.10%)0.30%
Effective tax rate from ongoing operations5.70%0.20%25.90%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets $ 91,680 $ 88,176
Valuation allowance(2,160)(3,288)
Deferred tax assets, net of valuation allowance89,520 84,888
Deferred tax liabilities, gross16,521 16,897
Deferred tax liabilities, net16,521 16,897
Depreciation and amortization
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets0 0
Deferred tax liabilities, gross3,450 3,562
Share-based compensation
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets451 959
Deferred tax liabilities, gross0 0
Accruals and prepaids
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets6,586 6,806
Deferred tax liabilities, gross0 0
Bad Debts
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets2,727 2,594
Deferred tax liabilities, gross0 0
Acquired intangible assets
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets0 0
Deferred tax liabilities, gross13,071 13,335
Net operating loss carryforwards
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets33,247 27,607
Deferred tax liabilities, gross0 0
Tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Total deferred income tax assets48,669 50,210
Deferred tax liabilities, gross $ 0 $ 0

Income Taxes - Operating losses

Income Taxes - Operating losses and credit carryforwards (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Foreign income tax holiday, term15 years
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards $ 55,029 $ 48,623
Tax credit carryforward, amount1,818 3,359
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards79,907 65,412
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards73,922 58,660
Tax credit carryforward, amount $ 46,851 $ 46,851

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance $ 9,199 $ 9,294 $ 9,144
Additions for tax positions related to current year0 0 150
Additions for tax positions of prior years966 195 0
Reductions for tax position of prior years(1,874)(290)0
Ending Balance $ 8,291 $ 9,199 $ 9,294

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Feb. 06, 2017
Stock Repurchases [Abstract]
Stock repurchase program, authorized repurchase amount $ 150,000,000
Stock repurchased during period (in shares)0 95,000
Stock repurchased during period, value $ 4,200,000
Stock repurchase program, remaining authorized repurchase amount $ 80,100,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable $ 56,636 $ 74,967
Accrued professional fees1,268 2,247
Income taxes payable3,429 4,094
Sales taxes payable3,431 3,385
Other accrued liabilities0 42
Accounts payable and accrued liabilities $ 64,764 84,735
Long-term accrued income taxes $ 15,000

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses $ 57,017 $ 51,021
Other third party receivables3,530 4,785
Sales taxes receivable from customers4,588 6,499
Credit card merchant account balance receivable848 796
Short term portion of capitalized costs to obtain and fulfill contracts646 734
Accrued interest receivable355 176
Other4,677 3,063
Total $ 71,661 $ 67,074

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Other Liabilities, Current [Abstract]
Acquisition obligations (contingent consideration) $ 2,443 $ 6,762 $ 77,600
Customer advances (deposits)25,043 22,573
Total $ 27,486 $ 29,335

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 78,536 $ 68,265
Less accumulated depreciation and amortization(26,015)(19,844)
Property and equipment, net52,521 48,421
Depreciation expense4,200 4,300 $ 3,700
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross26,357 15,899
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross26,564 26,475
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross10,386 10,479
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross7,195 7,195
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross763 910
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 7,271 $ 7,307

Cash Option Profit Sharing Pl_2

Cash Option Profit Sharing Plan and Trust (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Contributions to 401(k) cash option profit sharing plan $ 508 $ 557 $ 536
Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent12.00%
Contributions to 401(k) cash option profit sharing plan $ 2,600 $ 4,200 $ 4,000
Maximum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match100.00%
Defined contribution plan, maximum annual contributions per employee, percent1.00%
Minimum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match50.00%
Defined contribution plan, maximum annual contributions per employee, percent2.00%

Geographic Information (Details

Geographic Information (Details) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020USD ($)Sep. 30, 2020USD ($)Jun. 30, 2020USD ($)Mar. 31, 2020USD ($)Dec. 31, 2019USD ($)Sep. 30, 2019USD ($)Jun. 30, 2019USD ($)Mar. 31, 2019USD ($)Dec. 31, 2018USD ($)Sep. 30, 2018USD ($)Jun. 30, 2018USD ($)Mar. 31, 2018USD ($)Dec. 31, 2020USD ($)Dec. 31, 2020USD ($)product_service_groupDec. 31, 2020USD ($)segmentDec. 31, 2019USD ($)Dec. 31, 2018USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments3 1
Number of reportable segments | segment1
Operating revenue $ 222,116 $ 154,305 $ 111,312 $ 137,876 $ 146,183 $ 147,233 $ 144,275 $ 142,924 $ 136,327 $ 128,643 $ 124,626 $ 108,230 $ 625,609 $ 580,615 $ 497,826
Long-lived assets1,207,955 1,227,684 1,183,567 1,207,955 $ 1,207,955 $ 1,207,955 1,227,684 1,183,567
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue378,660 300,678 196,372
Long-lived assets698,936 700,986 672,699 698,936 698,936 698,936 700,986 672,699
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue166,320 182,530 196,984
Long-lived assets381,782 395,225 390,551 381,782 381,782 381,782 395,225 390,551
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue33,846 33,268 35,770
Long-lived assets3,581 3,541 1,485 3,581 3,581 3,581 3,541 1,485
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue14,801 19,755 19,866
Long-lived assets13,723 17,176 16,348 13,723 13,723 13,723 17,176 16,348
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue13,145 14,695 15,387
Long-lived assets22,900 24,508 23,880 22,900 22,900 22,900 24,508 23,880
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue4,383 4,805 5,611
Long-lived assets6,930 7,012 5,846 6,930 6,930 6,930 7,012 5,846
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue3,969 6,549 7,674
Long-lived assets19,336 18,282 17,805 19,336 19,336 19,336 18,282 17,805
Indonesia
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue3,206 9,706 7,482
Long-lived assets139 117 98 139 139 139 117 98
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue2,140 5,991 6,483
Long-lived assets661 729 448 661 661 661 729 448
United Arab Emirates
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue3,335 683 1,042
Long-lived assets54,789 54,887 54,249 54,789 54,789 54,789 54,887 54,249
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue1,804 1,955 2,015
Long-lived assets513 578 158 513 513 513 578 158
Mauritius
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue0 0 3,140
Long-lived assets $ 4,665 $ 4,643 $ 0 4,665 $ 4,665 $ 4,665 4,643 0
Primarily India
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenue $ 388,300 $ 320,000 $ 217,500

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Regions Bank
Related Party Transaction [Line Items]
Revenue from related party $ 190 $ 193 $ 221
Receivable due from related party24 13
BMO
Related Party Transaction [Line Items]
Revenue from related party361 351
Receivable due from related party43 29
Ebix Vayam JV | Vayam
Related Party Transaction [Line Items]
Revenue from related party667 1,400
Accounts receivable from related party $ 13,600 $ 22,800

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues $ 222,116 $ 154,305 $ 111,312 $ 137,876 $ 146,183 $ 147,233 $ 144,275 $ 142,924 $ 136,327 $ 128,643 $ 124,626 $ 108,230 $ 625,609 $ 580,615 $ 497,826
Gross Profit71,380 68,329 62,219 80,419 93,072 92,062 93,321 96,995 94,025 85,680 81,067 68,639
Operating income27,740 31,899 31,850 34,313 34,253 26,007 41,282 54,131 41,530 39,238 38,315 33,896 125,802 155,673 152,979
Net income from continuing operations $ 19,497 $ 24,682 $ 23,475 $ 24,723 $ 21,650 $ 20,509 $ 28,851 $ 25,710 $ 8,509 $ 29,242 $ 29,180 $ 26,208 $ 92,377 $ 96,720 $ 93,139
Basic (in dollars per share) $ 0.64 $ 0.81 $ 0.77 $ 0.81 $ 0.71 $ 0.67 $ 0.95 $ 0.84 $ 0.27 $ 0.93 $ 0.93 $ 0.83 $ 3.03 $ 3.17 $ 2.97
Diluted (in dollars per share) $ 0.64 $ 0.80 $ 0.76 $ 0.81 $ 0.71 $ 0.67 $ 0.94 $ 0.84 $ 0.27 $ 0.92 $ 0.92 $ 0.83 $ 3.02 $ 3.16 $ 2.95

Investment in Joint Ventures (D

Investment in Joint Ventures (Details) - USD ($)Feb. 07, 2016Sep. 01, 2015Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Allowance for doubtful accounts $ 22,691,000 $ 21,696,000
Impairment of intangible asset6,168,000 0 $ 0
Ebix Vayam JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage51.00%
Percentage of membership interest in joint venture by other party49.00%
EbixHealth JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage51.00%
Percentage of membership interest in joint venture by other party49.00%
Impairment of intangible asset $ 6,200,000
EbixHealth JV | Customer relationships
Schedule of Equity Method Investments [Line Items]
Finite-lived intangible asset, useful life10 years
Vayam | Ebix Vayam JV
Schedule of Equity Method Investments [Line Items]
Revenue from related party $ 667,000 1,400,000
Accounts receivable from related party13,600,000 22,800,000
Allowance for doubtful accounts11,700,000 12,100,000
IHC
Schedule of Equity Method Investments [Line Items]
Revenue from related party10,000 78,000
Accounts receivable from related party2,000
Notes payable, related party1,800,000
IHC | EbixHealth JV
Schedule of Equity Method Investments [Line Items]
Revenue from related party1,900,000 $ 2,800,000
Accounts receivable from related party $ 63,000

Capitalized Software Developm_2

Capitalized Software Development Costs (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Capitalized Software Development Costs [Line Items]
Capitalized software development costs for software sold to customers $ 4,200 $ 8,000
Capitalized software development costs, net19,389 19,183
Amortization of capitalized software development costs $ 3,367 $ 2,696 $ 2,233
Property and Casualty Exchange
Capitalized Software Development Costs [Line Items]
Capitalized computer software, amortization period5 years
EbixCash Exchanges
Capitalized Software Development Costs [Line Items]
Capitalized computer software, amortization period5 years
Minimum | Continuing Medical Education Products
Capitalized Software Development Costs [Line Items]
Capitalized computer software, amortization period3 years
Maximum | Continuing Medical Education Products
Capitalized Software Development Costs [Line Items]
Capitalized computer software, amortization period5 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Liability (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
Leases, Operating [Abstract]
2021 $ 4,667,000
20223,462,000
20232,993,000
20241,605,000
20251,001,000
Thereafter519,000
Total14,247,000
Less: present value discount*(1,802,000)
Present value of lease liabilities12,445,000
Less: current portion of lease liabilities(3,905,000) $ (5,955,000)
Total long-term lease liabilities8,540,000 $ 13,196,000
Lessee, Finance Lease, Description [Abstract]
2021190,000
2022160,000
202399,000
202477,000
20250
Thereafter0
Total526,000
Less: present value discount*(49,000)
Present value of lease liabilities477,000
Less: current portion of lease liabilities(164,000)
Total long-term lease liabilities313,000
Operating And Finance Lease Liabilities, Payments Due [Abstract]
20214,857,000
20223,622,000
20233,092,000
20241,682,000
20251,001,000
Thereafter519,000
Total14,773,000
Less: present value discount*(1,851,000)
Present value of lease liabilities12,922,000
Less: current portion of lease liabilities(4,069,000)
Total long-term lease liabilities $ 8,853,000

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Leases [Abstract]
Operating Lease Cost $ 7,051 $ 8,613
Amortization of Lease Assets161 121
Interest on Lease liabilities39 36
Finance Lease Cost200 157
Sublease Income(476)(654)
Total Net Lease Cost $ 6,775 $ 8,116

Leases - Other Operating and Fi

Leases - Other Operating and Finance Lease Information (Details)Dec. 31, 2020
Leases [Abstract]
Weighted Average Lease Term - Operating Leases3 years 7 months 17 days
Weighted Average Lease Term - Finance Leases3 years 2 months 4 days
Weighted Average Discount Rate - Operating Leases8.09%
Weighted Average Discount Rate - Finance Leases7.13%

Leases - Operating leases, Futu

Leases - Operating leases, Future Minimum Payments Due, Fiscal Maturity (Details) $ in ThousandsDec. 31, 2020USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]
2021 $ 4,667
20223,462
20232,993
20241,605
20251,001
Thereafter519
Total14,247
Less: sublease income(476)
Net lease payments13,771
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021190
2022160
202399
202477
20250
Thereafter0
Total526
Less: amount representing interest(39)
Present value of obligations under financing leases487
Less: current portion(164)
Long-term obligations $ 323

Leases - Non Lease Arrangements

Leases - Non Lease Arrangements Future Commitments (Details) $ in ThousandsDec. 31, 2020USD ($)
Leases [Abstract]
2020 $ 20,251
202118,271
202217,756
Thereafter0
Total $ 56,278

Leases - Rental Expense (Detail

Leases - Rental Expense (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Commitments and Contingencies [Line Items]
Rental expense $ 4.5 $ 37.8
Minimum
Commitments and Contingencies [Line Items]
Term of finance lease3 years
Maximum
Commitments and Contingencies [Line Items]
Term of finance lease5 years

Working Capital Facilities (Det

Working Capital Facilities (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Line of Credit Facility [Line Items]
Working capital facilities $ 16,643 $ 28,352
India | Minimum | Bank Overdrafts
Line of Credit Facility [Line Items]
Line of credit facility, interest rate during period6.75%
India | Maximum | Bank Overdrafts
Line of Credit Facility [Line Items]
Line of credit facility, interest rate during period9.45%

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in ThousandsFeb. 07, 2016Dec. 31, 2020Dec. 31, 2019
Concentration Risk [Line Items]
Allowance for doubtful accounts $ 22,691 $ 21,696
Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage10.00%
Ebix Vayam JV
Concentration Risk [Line Items]
Ownership percentage51.00%
Percentage of membership interest in joint venture by other party49.00%
Vayam | Ebix Vayam JV
Concentration Risk [Line Items]
Revenue from related party $ 667 1,400
Accounts receivable from related party13,600 22,800
Allowance for doubtful accounts $ 11,700 $ 12,100

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)Apr. 09, 2021Mar. 15, 2021Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Subsequent Event [Line Items]
Prepayment of term loan $ 20,711,000 $ 15,063,000 $ 10,016,000
Common stock, dividends, cash paid (in dollars per share) $ 0.30 $ 0.30 $ 0.30
Subsequent Event
Subsequent Event [Line Items]
Annual increase in percentage rate1.00%
Commitment fee, percentage0.20%
Prepayment of term loan $ 20,000,000
Mandatory prepayment threshold $ 25,000,000
Common stock, dividends, cash paid (in dollars per share) $ 0.075
Subsequent Event | London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread on variable rate5.00%
Commitment fee, percentage0.50%
Subsequent Event | Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate4.00%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
SEC Schedule, 12-09, Allowance, Credit Loss
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance $ 21,696 $ 6,969 $ 4,143
Provision for doubtful accounts1,749 12,325 3,571
Write-off of accounts receivable against allowance(754)(2,290)(745)
Other (opening balance adjustments on acquisitions)0 4,692 0
Ending Balance22,691 21,696 6,969
SEC Schedule, 12-09, Valuation Allowance, Operating Loss Carryforward
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance3,288 2,031 35
Decrease (increase)1,128 (1,257)(1,996)
Ending Balance $ 2,160 $ 3,288 $ 2,031