Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 08, 2019 | |
Cover Page [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-15946 | |
Entity Registrant Name | EBIX INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0021975 | |
Entity Address, Address Line One | 1 Ebix Way | |
Entity Address, City or Town | Johns Creek | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30097 | |
City Area Code | 678 | |
Local Phone Number | 281-2020 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, $0.10 par value per share | |
Trading Symbol | EBIX | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 30,495,578 | |
Entity Central Index Key | 0000814549 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Operating revenue | $ 147,233 | $ 128,643 | $ 434,432 | $ 361,499 |
Operating expenses: | ||||
Cost of Goods and Services Sold | 55,171 | 42,963 | 152,054 | 126,113 |
Product development | 11,245 | 11,010 | 33,884 | 28,115 |
Sales and marketing | 4,284 | 4,721 | 14,898 | 13,542 |
General and administrative | 46,900 | 28,188 | 101,210 | 74,416 |
Amortization and depreciation | 3,626 | 2,523 | 10,966 | 7,864 |
Total operating expenses | 121,226 | 89,405 | 313,012 | 250,050 |
Operating income | 26,007 | 39,238 | 121,420 | 111,449 |
Interest income | 99 | 103 | 578 | 309 |
Interest expense | (10,970) | (7,467) | (32,551) | (18,064) |
Other Non-operating income | 352 | 7 | 344 | 60 |
Nonoperating Income (Expense) | 0 | 0 | (21,140) | 0 |
Foreign currency exchange loss | (641) | (921) | (495) | (2,919) |
Income before income taxes | 14,847 | 30,960 | 68,156 | 90,835 |
Income tax benefit (expense) | 217 | (1,679) | 297 | (6,027) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,064 | 29,281 | 68,453 | 84,808 |
Net Income (Loss) Attributable to Noncontrolling Interest | (5,445) | 39 | (6,617) | 178 |
Net Income (Loss) Attributable to Parent | $ 20,509 | $ 29,242 | $ 75,070 | $ 84,630 |
Basic earnings per common share | $ 0.67 | $ 0.93 | $ 2.46 | $ 2.69 |
Diluted earnings per common share | $ 0.67 | $ 0.92 | $ 2.45 | $ 2.67 |
Basic weighted average shares outstanding | 30,501 | 31,492 | 30,517 | 31,480 |
Diluted weighted average shares outstanding | 30,633 | 31,628 | 30,598 | 31,638 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 15,064 | $ 29,281 | $ 68,453 | $ 84,808 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (18,752) | (30,873) | (10,859) | (61,810) |
Total other comprehensive loss | (18,752) | (30,873) | (10,859) | (61,810) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3,688) | (1,592) | 57,594 | 22,998 |
Net Income (Loss) Attributable to Noncontrolling Interest | (5,445) | 39 | (6,617) | 178 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1,757 | $ (1,631) | $ 64,211 | $ 22,820 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 124,242 | $ 147,766 |
Short-term investments | 4,795 | 31,192 |
Restricted Cash and Cash Equivalents, Current | 18,240 | 8,317 |
Funds Held for Clients | 4,200 | 6,491 |
Trade accounts receivable, less allowances of $21,011 and $6,969, respectively | 165,397 | 174,340 |
Other current assets | 63,615 | 59,274 |
Total current assets | 380,489 | 427,380 |
Property and equipment, net | 52,597 | 50,294 |
Operating Lease, Right-of-Use Asset | 17,008 | 0 |
Goodwill | 958,813 | 946,685 |
Intangibles, net | 46,298 | 51,448 |
Indefinite-lived intangibles | 42,055 | 42,055 |
Capitalized Software Development Costs for Software Sold to Customers | 13,748 | 11,742 |
Deferred tax asset, net | 59,906 | 54,629 |
Other assets | 34,425 | 26,714 |
Total assets | 1,605,339 | 1,610,947 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 117,520 | 130,221 |
Accrued payroll and related benefits | 8,683 | 9,227 |
Bank Overdrafts | 35,829 | 17,841 |
Funds Held for Clients, Liability | 4,200 | 6,491 |
Short Term Debt, net | 1,253 | 3,990 |
Current portion of long term debt and financing lease obligation, net of deferred financing costs of $575 | 20,203 | 14,603 |
Operating Lease, Liability, Current | 5,578 | 0 |
Derivative Financial Instrument, Liabilities, Fair Value Disclosure, Current | 1,254 | 13,767 |
Deferred Revenue, Current | 27,665 | 35,609 |
Other current liabilities | 31,647 | 85,679 |
Total current liabilities | 253,832 | 317,428 |
Revolving line of credit | 438,037 | 424,537 |
Long-term Debt and Capital Lease Obligations, net | 259,992 | 274,716 |
Other liabilities | 41,126 | 28,287 |
Derivative Financial Instrument, Liabilities, Fair Value Disclosure, Noncurrent | 9,290 | 11,209 |
Deferred Revenue, Noncurrent | 7,662 | 9,051 |
Deferred Tax Liabilities, Net, Noncurrent | 1,282 | 1,282 |
Operating Lease, Liability, Noncurrent | 10,802 | 0 |
Total liabilities | 1,022,023 | 1,066,510 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018 | 0 | 0 |
Series Y Preferred Stock, Value, Issued | 0 | 0 |
Common stock, $0.10 par value, 220,000,000 shares authorized, 30,491,207 issued and outstanding, at September 30, 2019, and 30,567,725 issued and outstanding at December 31, 2018 | 3,049 | 3,057 |
Additional paid-in capital | 6,208 | 3,397 |
Retained Earnings (Accumulated Deficit) | 599,148 | 535,118 |
Accumulated other comprehensive loss | (74,236) | (63,377) |
Total stockholders’ equity | 534,169 | 478,195 |
Stockholders' Equity Attributable to Noncontrolling Interest | 49,147 | 66,242 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 583,316 | 544,437 |
Total liabilities and stockholders’ equity | $ 1,605,339 | $ 1,610,947 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Allowance for doubtful accounts | $ 21,000,000 | $ 6,969,000 |
Unamortized debt discount, current | 0 | 0 |
Deferred Costs, Current | 575,000 | 575,000 |
Unamortized debt discount, noncurrent | 0 | 0 |
Deferred Costs, Noncurrent | $ 1,703,000 | $ 1,811,000 |
Stockholders' Equity Note [Abstract] | ||
Common stock, shares issued | 30,491,207 | 30,567,725 |
Common stock, shares outstanding | 30,491,207 | 30,567,725 |
Treasury stock, shares | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series Y Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0 |
Series Y Preferred Stock, Shares Authorized | 350,000 | 0 |
Series Y Preferred Stock, Shares Issued | 0 | 0 |
Series Y Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value (per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Loss |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.225 | |||||
Beginning Balance, Issued Shares at Dec. 31, 2017 | 31,476,428 | |||||
Beginning Balance, Value at Dec. 31, 2017 | $ 3,148 | $ 1,410 | $ 510,975 | $ 42,249 | $ (24,023) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2017 | $ 533,759 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 84,630 | 84,630 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 178 | 178 | ||||
Cumulative translation adjustment | (61,810) | (61,810) | ||||
Repurchase and retirement of common stock, Shares | (30,000) | |||||
Repurchase and retirement of common stock, Value | (2,226) | $ (3) | (1,339) | (884) | ||
Vesting of restricted stock, Shares | 53,956 | |||||
Vesting of restricted stock, Value | 0 | $ 5 | (5) | |||
Share based compensation | 2,240 | 2,240 | ||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Shares | (1,638) | |||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (147) | $ 0 | (147) | |||
Recognized controlling ownership of joint venture | 2,292 | (787) | 3,079 | |||
Dividends paid | (7,106) | (7,106) | 0 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | (8,802) | (8,802) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | ASC 340-40 [Member] | (1,460) | (1,460) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2018 | 541,590 | |||||
Ending Balance, Issued Shares at Sep. 30, 2018 | 31,501,029 | |||||
Ending Balance, Value at Sep. 30, 2018 | $ 3,150 | 1,414 | 577,353 | 45,506 | (85,833) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,283 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 42 | $ 0 | 42 | |||
Beginning Balance, Issued Shares at Jun. 30, 2018 | 31,473,654 | |||||
Beginning Balance, Value at Jun. 30, 2018 | $ 3,146 | 734 | 550,480 | 48,502 | (54,960) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2018 | 547,902 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 29,242 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 39 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2018 | $ 541,590 | |||||
Ending Balance, Issued Shares at Sep. 30, 2018 | 31,501,029 | |||||
Ending Balance, Value at Sep. 30, 2018 | $ 3,150 | 1,414 | 577,353 | 45,506 | (85,833) | |
Beginning Balance, Issued Shares at Dec. 31, 2018 | 30,567,725 | 30,567,725 | ||||
Beginning Balance, Value at Dec. 31, 2018 | $ 478,195 | $ 3,057 | 3,397 | 535,118 | 66,242 | (63,377) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2018 | 544,437 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 75,070 | 75,070 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (6,617) | (6,617) | ||||
Cumulative translation adjustment | (10,859) | (10,859) | ||||
Repurchase and retirement of common stock, Shares | (95,000) | |||||
Repurchase and retirement of common stock, Value | (4,152) | $ (10) | 0 | (4,142) | ||
Vesting of restricted stock, Shares | 19,144 | |||||
Vesting of restricted stock, Value | 0 | $ 2 | (2) | |||
Share based compensation | 2,451 | 2,451 | ||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Shares | (662) | |||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (36) | $ 0 | (36) | |||
Recognized controlling ownership of joint venture | (10,080) | 398 | (10,478) | |||
Dividends paid | (6,898) | (6,898) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2019 | $ 583,316 | |||||
Ending Balance, Issued Shares at Sep. 30, 2019 | 30,491,207 | 30,491,207 | ||||
Ending Balance, Value at Sep. 30, 2019 | $ 534,169 | $ 3,049 | 6,208 | 599,148 | 49,147 | (74,236) |
Beginning Balance, Issued Shares at Jun. 30, 2019 | 30,529,840 | |||||
Beginning Balance, Value at Jun. 30, 2019 | $ 3,053 | 5,189 | 582,913 | 51,882 | (55,484) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2019 | 587,553 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 20,509 | 20,509 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (5,445) | (5,445) | ||||
Cumulative translation adjustment | (18,752) | (18,752) | ||||
Repurchase and retirement of common stock, Shares | (45,000) | |||||
Repurchase and retirement of common stock, Value | (1,980) | $ (5) | 0 | (1,975) | ||
Vesting of restricted stock, Shares | 6,558 | |||||
Vesting of restricted stock, Value | 0 | $ 1 | (1) | |||
Share based compensation | 1,029 | 1,029 | ||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Shares | (191) | |||||
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (9) | $ 0 | (9) | |||
Recognized controlling ownership of joint venture | 2,710 | 2,710 | ||||
Dividends paid | (2,299) | (2,299) | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2019 | $ 583,316 | |||||
Ending Balance, Issued Shares at Sep. 30, 2019 | 30,491,207 | 30,491,207 | ||||
Ending Balance, Value at Sep. 30, 2019 | $ 534,169 | $ 3,049 | $ 6,208 | $ 599,148 | $ 49,147 | $ (74,236) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 75,070 | $ 84,630 |
Net Income (Loss) Attributable to Noncontrolling Interest | (6,617) | 178 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,966 | 7,864 |
Benefit for deferred taxes | (5,880) | (3,077) |
Share based compensation | 2,451 | 2,240 |
Provision for doubtful accounts | 10,580 | 2,622 |
Unrealized foreign exchange loss | 321 | 1,337 |
Capitalized Computer Software, Amortization | 1,931 | 1,608 |
Operating Leases, Right-of-Use Asset, Amortization | 5,167 | |
Finance Lease, Right-of-Use Asset, Amortization | 76 | |
Reduction of acquisition earnout accruals | (17,124) | (645) |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (6,403) | (12,518) |
Other assets | (5,947) | (655) |
Accounts payable and accrued expenses | (4,529) | 6,811 |
Accrued payroll and related benefits | (607) | 322 |
Deferred revenue | (9,126) | (10,772) |
Deferred rent | (5,056) | (458) |
Unrecognized tax benefits, period increase (decrease) | 0 | 88 |
Other current liabilities | 33,844 | (5,410) |
Net cash provided by operating activities | 79,041 | 74,165 |
Cash flows from investing activities: | ||
Payments to Develop Software | (4,126) | (3,574) |
Payments for (Proceeds from) Investments | 25,686 | 4,444 |
Capital expenditures | (5,869) | (5,840) |
Proceeds from (Payments to) Noncontrolling Interests | (4,925) | 4,996 |
Net cash used in investing activities | (93,260) | (230,409) |
Cash flows from financing activities: | ||
Proceeds from (Repayments of) Lines of Credit | 13,500 | 125,165 |
Proceeds from Issuance of Other Long-term Debt | 0 | 124,250 |
Repayments of Secured Debt | (11,298) | (6,250) |
Repurchases of common stock | (12,952) | (2,226) |
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested | (36) | (147) |
Dividend payments | (6,898) | (7,106) |
Repayments of Long-term Debt | (962) | 0 |
Increase (Decrease) in Bank Overdrafts | 18,900 | 609 |
Increase (Decrease) in Short Term Third Party Loans | 6,023 | 0 |
Proceeds from Stock Options Exercised | 0 | 42 |
Repayments of Long-term Capital Lease Obligations | (200) | (6) |
Net cash provided by financing activities | 6,077 | 234,331 |
Effect of foreign exchange rates on cash | (2,397) | (11,444) |
Net change in cash and cash equivalents, and restricted cash | (10,539) | 66,643 |
Cash and cash equivalents, and restricted cash at the beginning of the period | 159,589 | 70,867 |
Cash and cash equivalents, and restricted cash at the end of the period | 149,050 | 137,510 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 31,787 | 16,865 |
Income taxes paid | 7,406 | 9,320 |
Zillious [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (9,816) | 0 |
Essel [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (7,935) | 0 |
Wallstreet Canada [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (942) | 0 |
Miles [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (982) | 0 |
Payments for (Proceeds from) Previous Acquisition | 0 | 601 |
CDL (Centrum) [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (176,137) |
Transcorp [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (6,554) |
Weizmann [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (77,350) | 0 |
Pearl [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (3,372) | 0 |
Lawson [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (2,726) | 0 |
Smartclass [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 7,593 |
Indus [Member] | ||
Cash flows from investing activities: | ||
Payments for (Proceeds from) Previous Acquisition | 0 | (24,261) |
Mercury [Member] | ||
Cash flows from investing activities: | ||
Payments for (Proceeds from) Previous Acquisition | 0 | (11,356) |
Business Travels [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (689) | 0 |
Indus [Member] | ||
Cash flows from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (214) | 0 |
Leisure [Member] | ||
Cash flows from investing activities: | ||
Payments for (Proceeds from) Previous Acquisition | 0 | (1,304) |
ItzCash [Member] | ||
Cash flows from investing activities: | ||
Payments for Previous Acquisition | $ 0 | $ (3,831) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) Supplemental schedule of noncash financing activities $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)shares | |
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Value | $ 36 |
Common Stock Repurchase not settled, Shares | shares | 200,000 |
Common Stock Repurchase not settled, Value | $ 8,800 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business— Ebix, Inc., and its subsidiaries, (“Ebix” or the “Company”) is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial, and healthcare industries. In the insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also providing software-as-a-service ("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 on-demand software designed to streamline the way insurance professionals manage distribution, marketing, sales, customer service, and accounting activities. With a "Phygital” strategy that combines physical distribution outlets in many Association of Southwest Asian Nations ("ASEAN") countries to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of services encompasses dominance in the areas of domestic and international money remittance, foreign exchange ("Forex"), travel, pre-paid gift cards, utility payments, lending, and wealth management in India and other Asian markets. The Company has its headquarters in Johns Creek, Georgia and also conducts operating activities in Australia, Canada, India, New Zealand, Singapore, United Kingdom, Brazil, Philippines, Indonesia, Thailand and United Arab Emirates. International revenue accounted for 68.7% and 59.4% of the Company’s total revenue for the nine months ended September 30, 2019 and 2018 , respectively. Summary of Significant Accounting Policies Basis of Presentation— The accompanying unaudited condensed consolidated financial statements and these notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") with the effect of inter-company balances and transactions eliminated. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP and SEC rules have been condensed or omitted as permitted by and pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements contain adjustments (consisting only of normal recurring items) necessary to fairly present the consolidated financial position of the Company and its consolidated results of operations and cash flows. Operating results for the three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results that may be expected for future quarters or the full year of 2019. The condensed consolidated December 31, 2018 balance sheet included in this interim period filing has been derived from the audited financial statements at that date, but does not necessarily include all of the information and related notes required by GAAP for complete financial statements. These condensed interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Reclassification - Certain prior year amounts have been reclassified to be consistent with current year presentation within our financial statements. Restricted Cash - The carrying value of our restricted cash in current assets was $18.2 million and $8.3 million at September 30, 2019 and December 31, 2018, respectively. The September 30, 2019 balance consists of upfront cash consideration and possible future contingent earn-out payments held in an escrow account in connection with a 2016 business acquisition. If earn-out targets are not achieved, amounts held in escrow will be returned to the Company. The Company also holds fixed deposits pledged with banks for issuance of bank guarantees and letters of credit related to its India operations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statement of financial position to the amounts shown in the condensed consolidated statement of cash flows: Nine Months Ended September 30, (In thousands) 2019 2018 Cash and cash equivalents $ 124,242 $ 134,987 Restricted cash 18,240 — Restricted cash included in other long-term assets 6,568 2,523 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 149,050 $ 137,510 Advertising —Advertising costs amounted to $2.0 million and $2.3 million in the three months ended September 30, 2019 and 2018, respectively, and $7.6 million and $6.2 million in the nine months ended 2019 and 2018 , respectively. The costs are included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Income. Fair Value of Financial Instruments— 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. This guidance establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The hierarchy reflects the degree to which objective data from external active markets are available to measure fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. The classifications are as follows: • Level 1 Inputs - Unadjusted quoted prices available in active markets for identical investments to the reporting entity at the measurement date. • Level 2 Inputs - 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 Inputs - 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 September 30, 2019 , the Company had the following financial instruments to 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 re-measured 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 unaudited condensed consolidated balance sheet at September 30, 2019 but which require disclosure of fair values include: cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, accrued payroll and related benefits, financing lease obligations, and the revolving line of credit and term loan debt under the syndicated credit agreement facility with Regions Financial Corporation. The Company believes that the estimated fair value of such instruments at September 30, 2019 and December 31, 2018 approximates their carrying value as reported on the unaudited Condensed Consolidated Balance Sheet. 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, September 30, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets Commercial bank certificates of deposits ($73 thousand is recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") $ 4,868 $ 4,868 $ — $ — Mutual funds (recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") 1,738 1,738 — — Total assets measured at fair value $ 6,606 $ 6,606 $ — $ — Liabilities Contingent accrued earn-out acquisition consideration (a) $ 10,544 $ — $ — $ 10,544 Total liabilities measured at fair value $ 10,544 $ — $ — $ 10,544 (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 nine months ended September 30, 2019 there were no transfers between fair value Levels 1, 2 or 3. Fair Values at Reporting Date Using* Descriptions Balance, December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets Commercial bank certificates of deposits ($681 thousand is recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") $ 26,714 26,714 $ — $ — Mutual funds 5,159 5,159 — — Total assets measured at fair value $ 31,873 $ 31,873 $ — $ — Liabilities Contingent accrued earn-out acquisition consideration (a) $ 24,976 $ — $ — $ 24,976 Total liabilities measured at fair value $ 24,976 $ — $ — $ 24,976 (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, 2018 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 nine months ended September 30, 2019 and during the year ended December 31, 2018 : Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Contingent Liability for Accrued Earn-out Acquisition Consideration September 30, 2019 December 31, 2018 (In thousands) Beginning balance $ 24,976 $ 37,096 Total remeasurement adjustments: Gains included in earnings ** (17,124 ) (1,391 ) Reductions recorded against goodwill — (13,718 ) Foreign currency translation adjustments *** (193 ) (1,620 ) Acquisitions and settlements Business acquisitions 2,885 8,440 Settlement payments — (3,831 ) Ending balance $ 10,544 $ 24,976 The amount of total (gains) losses for the period included in earnings or changes to net assets, attributable to changes in unrealized gains relating to assets or liabilities still held at period-end. $ (17,124 ) $ (1,391 ) ** recorded as a reduction to 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 September 30, 2019 Valuation Technique Significant Unobservable Input Contingent acquisition consideration: (Wdev, Indus, Miles, Zillious, and Essel acquisition) $10,544 Discounted cash flow Projected revenue and probability of achievement (In thousands) Fair Value at December 31, 2018 Valuation Technique Significant Unobservable Input Contingent acquisition consideration: (Wdev, ItzCash, Indus and Miles acquisition) $24,976 Discounted cash flow Projected revenue 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 projected revenue forecasts as developed by the relevant members of Company's management team and the probability of achievement of those revenue forecasts. The Company applies these inputs in its calculation and determination of the fair value of contingent earn-out liabilities for purchased businesses. During 2018 and 2019, certain of the Company's contingent earn-out liabilities were adjusted because of changes to anticipated future revenues from these acquired businesses, or as a result of finalizing purchase price allocations that were previously provisional. Revenue Recognition— 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. 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. EbixCash Exchanges ("EbixCash") EbixCash revenues are primarily derived from consideration paid by customers to transfer or exchange 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, primarily including payment services and ticketing and travel services for which revenue is impacted by varying factors. EbixCash acts as the principal in 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. 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 services 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, or only to those for which EbixCash has a relationship with the biller, and 3) 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 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 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 direct expenses. 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. Gift Cards EbixCash resells gift cards to consumers that can be later redeemed at various merchants. Gift cards are recorded as inventory until sold to the consumer. Gift card revenue is recognized at full purchase value at the time of sale with the corresponding cost of vouchers recorded under direct expenses. Insurance Exchanges Insurance Exchanges revenues are primarily derived from consideration paid by customers for the licensing of software and related services. A typical contract includes a software license and may 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. Certain services, primarily related to SaaS platforms, depend on significant levels of integration and interdependency between the licensed software and additional services (e.g., setup, customization), and are accounted for as a single performance obligation. These services are recognized over their expected useful life, which may exceed the currently contracted term. Additionally, the Company may also enter into contracts with customers for subscription services, transaction processing or professional services. 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 ("SaaS") 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. Subscription Services Subscription services revenues are associated with performance obligations that are satisfied over specific time periods and primarily consist of fees that provide customers access to our SaaS platforms. 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. Professional service fees are generally on a time and materials basis or a fixed fee. Revenues for time and materials are recognized as such 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. 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 United States 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. Revenues for time and materials are recognized 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. Disaggregation of Revenue The following tables present revenue disaggregated by primary geographical regions and product channels for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) (In thousands) Revenue: 2019 2018 2019 2018 India* $ 77,145 $ 56,631 $ 223,962 $ 139,985 United States 45,038 48,395 136,181 146,697 Australia 8,643 8,576 25,997 26,803 Latin America 5,400 4,586 14,397 15,141 Europe 3,584 3,854 11,005 11,726 Indonesia* 2,004 1,683 7,177 5,052 Singapore* 1,260 1,731 5,404 5,871 Philippines* 2,185 1,147 4,682 3,740 Canada 1,207 1,267 3,516 4,323 New Zealand 494 454 1,504 1,467 United Arab Emirates* 273 319 607 694 $ 147,233 $ 128,643 $ 434,432 $ 361,499 *Primarily India led businesses for which total revenue in the three and nine months ended September 30, 2019 was $82.1 million and $238.8 million, respectively, and $60.3 million and $151.6 million in the same periods in 2018, respectively. The Company’s revenues are derived from three product/service channels being its EbixCash Exchanges, Insurance Exchanges, and Risk Compliance Solutions ("RCS") components. In 2018, the Company determined that the previously disclosed RCS, Broker, and Carrier channels had become individually immaterial and accordingly chose to group those together under RCS. The revenues for the three and nine months ended September 30, 2018 shown below have been adjusted to reflect this change. Presented in the table below is the breakout of our revenue streams for each of those product/service channels for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 EbixCash Exchanges $ 82,085 60,341 $ 238,770 $ 151,605 Insurance Exchanges 47,385 45,985 141,993 142,303 Risk Compliance Solutions 17,763 22,317 53,669 67,591 Totals $ 147,233 $ 128,643 $ 434,432 $ 361,499 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 September 30, 2019 and December 31, 2018, the Company had $749 thousand and $862 thousand , respectively, of contract costs in “Other current assets” and $1.2 million and $1.4 million , respectively, in “Other Assets” on the Company's Condensed Consolidated Balance Sheets. September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Balance, beginning of period $ 2,238 $ 2,401 Costs recognized from the beginning balance (666 ) (898 ) Additions, net of costs recognized 330 735 Balance, end of period $ 1,902 $ 2,238 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. September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Balance, beginning of period $ 44,660 $ 38,030 Revenue recognized from beginning balance (41,815 ) (21,697 ) Additions from business acquisitions — 16,273 Additions, net of revenue recognized and currency translation 32,482 12,054 Balance, end of period $ 35,327 $ 44,660 Accounts Receivable and the Allowance for Doubtful Accounts— Reported accounts receivable include $165.4 million of trade receivables stated at invoice billed amounts and $35.3 million of contract assets (net of the estimated allowance for doubtful accounts receivable in the amount of $21.0 million ). The Company records a contract asset when revenue recognized on a contract exceeds the billings. The contract asset is transferred to receivables when the entitlement to payment becomes unconditional. These contract assets are primarily related to project based revenue where we recognize revenue using the input method calculated using expected hours to complete the project measured against the actual hours completed to date. Approximately $4.4 million and $10.2 million , respectively, of contract liabilities (deferred revenue) is uncollected and included in billed accounts receivable at September 30, 2019 and December 31, 2018. The Company recognized bad debt expense in the amount of $11.9 million and $10.6 million for the three and nine -month periods ended September 30, 2019 and $524 thousand and $2.6 million for the three and nine -month periods ended September 30, 2018 , respectively. Management specifically analyzes accounts receivable and historical bad debts, write-offs, customer concentrations, customer credit-worthiness, current economic trends and changes in our customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the third quarter of 2019, the Company recorded a $12.1 million bad debt reserve as a precautionary measure, against the receivables due from a public sector entity, BSNL, in India. Payment of these receivables has been delayed due to liquidity issues at BSNL. The Government of India has recently ap |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share A reconciliation between basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share data) Net income attributable to Ebix, Inc. $ 20,509 $ 29,242 $ 75,070 $ 84,630 Basic weighted average shares outstanding 30,501 31,492 30,517 31,480 Dilutive effect of stock options and restricted stock awards 132 136 81 158 Diluted weighted average shares outstanding 30,633 31,628 30,598 31,638 Basic earnings per common share $ 0.67 $ 0.93 $ 2.46 $ 2.69 Diluted earnings per common share $ 0.67 $ 0.92 $ 2.45 $ 2.67 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations The Company seeks to execute accretive business acquisitions (which primarily targets businesses that are complementary to Ebix's existing products and services), in combination with organic growth initiatives, as part of its comprehensive business growth and expansion strategy. During the nine months ended September 30, 2019 , the Company completed three business acquisitions, as follows: Effective August 23, 2019, Ebix acquired Canada based Wall Street Finance (Canada) Ltd. ("Wallstreet Canada") foreign exchange and outward remittance markets for approximately $2.1 million of upfront consideration plus net working capital. 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. Effective January 1, 2019, Ebix acquired the assets of India based Essel Forex Limited ("Essel Forex"), for approximately $8.7 million , of which $721 thousand remains unpaid, 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 has been one of the five largest foreign exchange providers 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. 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 Company has preliminarily determined that the fair value of the contingent earn-out consideration is $710 thousand as of September 30, 2019 . Effective January 1, 2019, Ebix acquired an 80% controlling stake in India based Zillious Solutions Private Limited for $10.1 million plus possible future contingent earn-out payments of up to $2.2 million based on earned revenues. Zillious is an on-demand SaaS travel technology solution, with market leadership in the corporate travel segment in India. 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 Company has preliminary determined that the fair value of the contingent earn-out consideration is $2.1 million as of September 30, 2019 . During the twelve months ended December 31, 2018, the Company completed thirteen business acquisitions, as follows: Effective December 1, 2018, Ebix acquired 74.84% controlling stake in India based Weizmann for $63.1 million and also made a time bound public offer to Weizmann's public shareholders acquire the remaining 25.16% shares for approximately $21.1 million . The $77.35 million reported on the cash flows used for investing activities includes a decrease in previously reported cash acquired of $1.5 million and $12.7 million for an additional 15.1% of the publicly-held Weizmann Forex shares in the second quarter of 2019. As of September 30, 2019 , Ebix has approximately 89.94% of the controlling stake in India based Weizmann. 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. Effective December 1, 2018, Ebix acquired the assets of India based Pearl, a provider of a comprehensive range of B2B and B2C travel services, under the brand name Sastiticket for $3.4 million . Pearl has been integrated with Ebix Travels’ operations, realizing operational synergies and eliminating certain redundancies. 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. Effective December 1, 2018, Ebix acquired India based Lawson, a B2B provider of travel services and international ticketing, for $2.7 million . Lawson has been integrated with Ebix Travels realizing operational synergies and a wider country wide footprint. 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. Effective October 1, 2018, Ebix acquired a 70% stake in India based AHA Taxis, a platform for on-demand inter-city cabs in India for $382 thousand . Consideration of $71 thousand was paid during the fourth quarter of 2018, $214 thousand during the first quarter of 2019, and $72 thousand remains to be paid. AHA focuses its attention on corporate and consumer inter-city travel primarily with a network of thousands of registered AHA Taxis. Effective October 1, 2018, Ebix acquired a 67% stake in India based Routier, a marketplace for trucking logistics for $413 thousand . Effective October 1, 2018, Ebix acquired the assets of India based Business Travels for $1.1 million and it has been integrated with Ebix Travels’ operations to expand the Company's wholesale travel business. Consideration of $414 thousand was paid during the fourth quarter of 2018 and $689 thousand during the first quarter of 2019. 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. Effective August 1, 2018, Ebix acquired India based Miles Software ("Miles"), a provider of on-demand software for wealth and asset management to banks, asset managers and wealth management firms, for approximately $18.3 million , plus possible future contingent earn-out payments of up to $8.3 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition. The Company has determined that the fair value of the contingent earn-out consideration is $5.5 million as of September 30, 2019 . Effective July 1, 2018, Ebix acquired India based Leisure Corp ("Leisure") for approximately $2.1 million , creating a new travel division to focus on a niche segment of the travel market. Effective July 1, 2018, Ebix acquired India based Mercury Travels for approximately $13.2 million . Mercury’s Forex business was integrated into EbixCash’s existing CDL Forex exchange business. Effective July 1, 2018, Ebix acquired India based Indus Software Technologies Pvt. Ltd. ("Indus") for approximately $22.9 million plus possible future contingent earn-out payments of up to $5.0 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition. Indus is a global provider of enterprise lending software solutions to financial institutions, captive auto finance and telecom companies. The Company has determined that the fair value of the contingent earn-out consideration is $1.67 million as of September 30, 2019 . Effective April 1, 2018, Ebix acquired India based CentrumDirect Limited ("Centrum"), a leader in India’s foreign exchange and outward remittance markets, for approximately $179.5 million . Centrum has been integrated into the Company's EbixCash offering in India and abroad, with key Centrum business executives becoming an integral part of the combined EbixCash senior leadership team. Effective April 1, 2018, Ebix acquired a 60% stake in India based Smartclass Educational Services Private Limited ("Smartclass"), a leading e-learning Company engaged in the business of education services, development of education products, and implementation of education solutions for K-12 Schools. Under the terms of the agreement Ebix paid $8.6 million in cash for its stake in Smartclass. Effective February 1, 2018, Ebix acquired the Money Transfer Service Scheme ("MTSS") Business of Transcorp International Limited (BSE:TRANSCOR.BO), for upfront cash consideration in the amount of $7.25 million , of which $6.55 million was funded with cash and $700 thousand assumed in liabilities. A significant component of the purchase price consideration for many of the Company's business acquisitions is a potential subsequent cash earn-out payment 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. The Company recognizes these potential obligations as contingent liabilities and are reported as such on its Condensed 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 the nine months ended September 30, 2019 and 2018 , these aggregate contingent accrued earn-out business acquisition consideration liabilities were reduced by $17.1 million and zero , respectively, due to remeasurements based on the then assessed fair value and changes in anticipated future revenue levels with the offset being a reduction to general and administrative expenses as reported on the Condensed Consolidated Statements of Income. As of September 30, 2019 , the total of these contingent liabilities was $10.5 million , of which $9.3 million is reported in long-term liabilities, and $1.3 million is included in current liabilities in the Company's Condensed Consolidated Balance Sheet. As of December 31, 2018 , the total of these contingent liabilities was $25.0 million , of which $11.2 million was reported in long-term liabilities, and $13.8 million was included in current liabilities in the Company's Condensed Consolidated Balance Sheet. Consideration paid by the Company for the businesses it purchases is allocated to the 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 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. In the table below the aggregated unaudited pro forma financial information pertains to all of the Company's acquisitions that have an impact on the financial results for the nine months ended September 30, 2019 and September 30, 2018 , which includes the acquisitions of Transcorp (acquired February 2018), Centrum (acquired April 2018), Smartclass (acquired April 2018), Indus (acquired July 2018), Mercury (acquired July 2018), Leisure (acquired July 2018), Miles (acquired August 2018), Routier (acquired October 2018), Business Travels (acquired October 2018), Aha Taxis (acquired October 2018), Pearl (acquired December 2018), Weizmann (acquired December 2018), Zillious (acquired January 2019), Essel (acquired January 2019), and Wallstreet Canada (acquired August 2019) is provided for informational purposes only and is not a projection of the Company's expected results of operations for any future period. No effect has been given in this pro forma information for future synergistic benefits that may still be realized as a result of combining these companies or costs that may yet be incurred in integrating their operations. The 2019 and 2018 pro forma financial information below assumes that all business acquisitions made during this period were made on January 1, 2018, whereas the Company's reported financial statements for the nine months ended September 30, 2019 and 2018 only include the operating results from these businesses since the effective date that they were acquired by Ebix. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma (unaudited) (unaudited) (unaudited) (unaudited) (In thousands, except per share data) Revenue $ 147,233 $ 147,350 $ 128,643 $ 140,105 $ 434,432 $ 434,951 $ 361,499 $ 438,356 Net Income attributable to Ebix, Inc. $ 20,509 $ 20,595 $ 29,242 $ 29,664 $ 75,070 $ 75,028 $ 84,630 $ 86,947 Basic EPS $ 0.67 $ 0.68 $ 0.93 $ 0.94 $ 2.46 $ 2.46 $ 2.69 $ 2.76 Diluted EPS $ 0.67 $ 0.67 $ 0.92 $ 0.94 $ 2.45 $ 2.45 $ 2.67 $ 2.75 The above referenced pro forma information and the relative comparative changes in pro forma and reported revenues are based on the following premises: • 2019 and 2018 pro forma revenue contains actual revenue of the acquired entities before the acquisition date, as reported by the sellers, as well as actual revenue of the acquired entities after acquisition, whereas the reported growth in revenues of the acquired entities after the acquisition date are only reflected for the period after their acquisition. • Revenue billed to existing clients from the cross selling of acquired products has been assigned to the acquired section of our business. • Any existing products sold to new customers obtained through a newly acquired customer base are assigned to the acquired section of our business. • Pro formas do not include post acquisition revenue reductions as a result of discontinuation of any product lines and/or customer projects by Ebix in line with the Company's initiatives to maximize profitability. |
Debt with Commercial Bank
Debt with Commercial Bank | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt with Commercial Bank | Debt with Commercial Bank On September 27, 2019 the Company and certain of its subsidiaries entered into the Ninth Amendment (the “Ninth Amendment”) to the Credit Agreement which amended the definition of “Consolidated EBITDA" to add back the derivative legal settlement, “Indebtedness” to disqualify equity interests to be issued regarding the Yatra Online acquisition, and modified the maximum consolidated debt leverage ratios allowed. On November 27, 2018, Ebix entered into the Eighth Amendment to the Regions Secured Credit Facility, dated August 5, 2014, among the Company, Regions Bank (“Regions”) and certain other lenders party thereto (as amended, the "Credit Agreement") to exercise $101.25 million of its aggregate $150 million accordion option, increasing the then total Term Loan Commitment to $301.25 million from $250 million , with initial repayments starting December 31, 2018 due in the amount of $3.77 million for the first six quarters and increasing thereafter. The revolving credit facility increased from $400 million to $450 million . The Credit Agreement carries a leverage-based LIBOR related interest rate, which currently stands at approximately 4.8% . The expanded credit facility will continue to be used to fund the Company's future growth and share repurchase initiatives On April 9, 2018, the Company and certain of its subsidiaries entered into the Seventh Amendment (the “Seventh Amendment”) to the Credit Agreement increasing the permitted indebtedness in the form of unsecured convertible notes from $250 million to $300 million . On February 21, 2018, Ebix, Inc. and certain of its subsidiaries entered into the Sixth Amendment (the “Sixth Amendment”) to the Credit Agreement. The Sixth Amendment amended the Credit Agreement by increasing its existing credit facility from $450 million to $650 million , to assist the Company in funding its growth. The increase in the bank line was the result of many members of the existing bank group expanding their share of the credit facility and the addition of BBVA Compass and Bank of the West to the Banking Syndicate, which diversifies Ebix’s lending group under the credit facility to ten participants. The then amended credit facility included: A five -year term loan for $250 million , with initial repayments starting June 30, 2018 due in the amount of $3.13 million for the first eight quarters and increasing thereafter and a five -year revolving credit facility for $400 million . The new credit facility also allows for up to $150 million of incremental facilities. At September 30, 2019 the Company's Condensed Consolidated Balance Sheets include $5.7 million of remaining deferred financing costs in connection with this Credit Agreement, which are being amortized as a component of interest expense over the five -year term of the financing agreement. In regards to these deferred financing costs, $3.4 million pertains to the revolving line of credit component of the Credit Agreement, and $2.3 million pertains to the term loan component of the Credit Agreement, of which $575 thousand is netted against the current portion and $1.7 million is netted against the long-term portions of the term loan as reported on the Condensed Consolidated Balance Sheets. At December 31, 2018, the Company's Condensed Consolidated Balance Sheets included $5.9 million of remaining deferred financing costs with $3.5 million pertaining to the revolving line of credit component of the Credit Agreement, and $2.4 million pertaining to the term loan component of the Credit Agreement, of which $575 thousand was netted against the current portion and $1.8 million was netted against the long-term portions of the term loan as reported on the Condensed Consolidated Balance Sheets. At September 30, 2019 , the outstanding balance on the revolving line of credit under the Credit Agreement was $438.0 million and the facility carried an interest rate of 4.81% . During the nine months ended September 30, 2019 , the Company drew $13.5 million from its revolving credit facility. The revolving line of credit balance is included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2019 , the average and maximum outstanding balances of the revolving line of credit component of the credit facility were $436.9 million and $438.0 million , respectively. At December 31, 2018, the outstanding balance on the revolving line of credit with Regions was $424.5 million and the facility carried an interest rate of 4.88% . This balance was included in the long-term liabilities section of the Condensed Consolidated Balance Sheets. During 2018, the average and maximum outstanding balances on the revolving line of credit were $318.9 million and $424.5 million , respectively. At September 30, 2019 , the outstanding balance on the term loan was $279.9 million of which $18.8 million is due within the next twelve months , with $11.3 million payments having been made during the nine months ended September 30, 2019 . This term loan also carried an interest rate of 4.81% . The current and long-term portions of the term loan are included in the respective current and long-term sections of the Condensed Consolidated Balance Sheets, the amounts of which were $18.8 million and $261.1 million , respectively at September 30, 2019 . At December 31, 2018, the outstanding balance on the term loan was $291.2 million of which $15.1 million is due within the next twelve months . This term loan also carried an interest rate of 4.88% . The current and long-term portions of the term loan were included in the respective current and long-term sections of the Condensed Consolidated Balance Sheets, the amounts of which were $15.1 million and $276.2 million , respectively, at December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies — 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 , payable by the Company within 20 days, and entered an Order and Final Judgment (the “Order”) approving the Litigation Settlement. The Order provides 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 Order is publicly available for inspection at the Office of the Register in Chancery, and on the Court's online electronic filing system, File & ServeXpress. 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 Settlement was fully paid on May 2, 2019. The Company is involved in various other claims and legal actions arising in the ordinary course of business. 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 11. 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 September 30, 2019 , the total of these contingent liabilities was $10.5 million , of which $9.3 million is reported in long-term liabilities, and $1.3 million is included in current liabilities in the Company's Condensed Consolidated Balance Sheet. As of December 31, 2018, the total of these contingent liabilities was $25.0 million , of which $11.2 million was reported in long-term liabilities, and $13.8 million was included in current liabilities in the Company's Condensed Consolidated Balance Sheet. Self-Insurance— For some of the Company’s U.S. employees, the Company is self-insured 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 September 30, 2019 and December 31, 2018, respectively, the amount accrued on the Company’s Condensed Consolidated Balance Sheet for the self-insured component of the Company’s employee health insurance was $304 thousand and $232 thousand . The maximum potential estimated cumulative liability for the annual contract period, which ended in September 2019, was $3.3 million . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded net income tax benefit of $217 thousand ( 1.46% ) and $297 thousand ( .44% ) during the three and nine months ended September 30, 2019 , respectively, which included discrete items. The primary discrete item is the tax benefit of $1.16 million and $5.32 million recorded during the three and nine months ended September 30, 2019 , respectively, related to deferred tax true-up pertaining to tax carrying value of assets versus carrying value as per the accounting books. The income tax expense exclusive of discrete items was $947 thousand ( 6.38% ) and $5.03 million ( 7.38% ) during the three and nine months ended September 30, 2019 , respectively. Our tax expense and effective tax rate has decreased year-over-year due to the recording of a one-time Transition tax liability last year resulting from the enactment of the Tax Cuts and Jobs Act (“TCJA”). The Company expects its full year effective tax rate to be in the range of 6% to 7% . As of September 30, 2019 and December 31, 2018 a liability of $9.3 million for uncertain tax positions is included in other long-term liabilities of the Company's Condensed Consolidated Balance Sheet. During the nine months ended September 30, 2019 and 2018, there was zero and $88 thousand increase to this liability reserve, respectively. The Company recognizes interest accrued and penalties related to unrecognized tax benefits as part of income tax expense. |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The Company operates within one reportable segment whose results are regularly reviewed by the Company's CEO, its chief operating decision maker as to performance and allocation of resources. External customer revenues in the tables below are 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 from an Ebix subsidiary located in that country. The following enterprise-wide information relates to the Company's geographic locations: Nine Months Ended As of Nine Months Ended As of September 30, 2019 September 30, 2019 September 30, 2018 December 31, 2018 External Revenues Long-lived assets External Revenues Long-lived assets (In thousands) India* $ 223,962 $ 705,255 $ 139,985 $ 672,699 United States 136,181 394,870 146,697 390,551 Australia 25,997 1,850 26,803 1,485 Latin America 14,397 15,637 15,141 16,348 Europe 11,005 22,384 11,726 23,880 Indonesia* 7,177 118 5,052 98 Singapore* 5,404 18,262 5,871 17,805 Philippines* 4,682 606 3,740 448 Canada 3,516 6,890 4,323 5,846 New Zealand 1,504 594 1,467 158 United Arab Emirates* 607 58,384 694 54,249 $ 434,432 $ 1,224,850 $ 361,499 $ 1,183,567 *Primarily India led businesses for which total revenue in the three and nine months ended September 30, 2019 was $82.1 million and $238.8 million, respectively, and $60.3 million and $151.6 million in the same periods in 2018, respectively. |
Investment in Joint Ventures (N
Investment in Joint Ventures (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Investment in Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment 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 three and nine months ending September 30, 2019 the Ebix Vayam Limited JV recognized $198 thousand and $444 thousand of revenue from Vayam, respectively. During the three and nine ending September 30, 2018 , the Ebix Vayam Limited JV recognized $2.6 million and $12.8 million of revenue from Vayam, respectively, and as of September 30, 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 in the third quarter of 2019, the Company recorded as a bad debt reserve as a precautionary measure, against the receivables due from a public sector entity, BSNL, in India. Payment of these receivables has been delayed due to liquidity issues at BSNL. The Government of India has recently approved funding to BSNL and while the Company expects the accounts to be collectible once the Government funding reaches BSNL. Effective September 1, 2015, Ebix and IHC formed the joint venture EbixHealth JV. This joint venture was established to promote and market an administrative data exchange for health and pet insurance lines of business nationally. Ebix paid $6.0 million and contributed a license to use certain CurePet software and systems valued by the EbixHealth JV at $2.0 million , for its initial 40% membership interest in the EbixHealth JV. IHC contributed all of its shares in its existing third party administrator operations (IHC Health Solutions, Inc.), valued by the EbixHealth JV at $12.0 million for its 60% membership interest in the EbixHealth JV, and received a special distribution of $6.0 million . Effective July 1, 2016 Ebix and IHC jointly executed a Call Notice agreement, whereby Ebix purchased additional common units in the EbixHealth JV from IHC constituting eleven percent ( 11% ) of the EbixHealth JV for $2.0 million cash which resulted in Ebix holding an aggregate fifty-one percent ( 51% ) of the EbixHealth JV. Commensurate with its additional equity stake in the joint venture and a new contemporaneous valuation of the business, the Company realized a $1.2 million gain on its previously carried 40% equity interest in the EbixHealth JV. This recognized gain was reflected as a component of other non-operating income in the accompanying Condensed Consolidated Statement of Income. Beginning July 1, 2016, Ebix is fully consolidating the operations of the EbixHealth JV into the Company's financial statements and separately reporting the IHC minority, non-controlling, 49% interest in the joint venture's net income and equity, and thereby reflecting Ebix's net resulting 51% interest in the EbixHealth JV profits or losses. IHC is also a customer of the EbixHealth JV, and during the three and nine months ending September 30, 2019 the EbixHealth JV recognized $660 thousand and $2.2 million , respectively, of revenue from IHC, and as of September 30, 2019 the EbixHealth JV had $322 thousand of accounts receivable from IHC. Furthermore, as a related party, IHC also has been and continues to be a customer of Ebix, and during the three and nine months ending September 30, 2019 the Company recognized $20 thousand and $58 thousand revenue from IHC respectively, and as of September 30, 2019 IHC had $20 thousand of accounts receivable with Ebix. |
Capitalized Software Developmen
Capitalized Software Development Costs (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Capitalized Software Development Costs Disclosure [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | Capitalized Software Development Costs In accordance with the relevant authoritative accounting literature, the Company has capitalized certain software and product related development costs associated with both the Company’s continuing medical education service offerings, the Company’s development of its property and casualty underwriting insurance data exchange platform servicing the London markets, and mobile applications and software enhancements under development for its EbixCash products. During the nine months ended September 30, 2019 and year ended December 31, 2018, respectively, the Company capitalized $4.1 million and $5.7 million of such development costs. As of September 30, 2019 and December 31, 2018, a total of $13.7 million and $11.7 million , respectively, of remaining unamortized development costs are reported on the Company’s Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2019 and 2018, the Company recognized $1.9 million and $1.6 million |
Other Current Assets (Notes)
Other Current Assets (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Other Current Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets at September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Prepaid expenses $ 48,325 $ 40,409 Sales taxes receivable from customers 6,131 6,409 Other third party receivables 4,549 8,341 Accrued interest receivable 304 233 Credit card merchant account balance receivable 954 939 Short term portion of capitalized costs to obtain and fulfill contracts 749 862 Other 2,603 2,081 Total $ 63,615 $ 59,274 |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new 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 September 30, 2019 , the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (in thousands) 2019 (Remaining three months) $ 1,892 $ 52 $ 1,944 2020 6,173 201 6,374 2021 4,127 190 4,317 2022 2,620 160 2,780 2023 1,746 99 1,845 Thereafter 2,646 77 2,723 Total 19,204 779 19,983 Less: present value discount* (2,824 ) (91 ) (2,915 ) Present value of lease liabilities 16,380 688 17,068 Less: current portion of lease liabilities (5,578 ) (177 ) (5,755 ) Total long-term lease liabilities $ 10,802 $ 511 $ 11,313 * The discount rate used was the incremental borrowing rate. The company's net assets recorded under operating and finance leases were $17.0 million as of September 30, 2019. The lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: Three Months Ended Nine Months Ended September 30, 2019 (in thousands) Operating Lease Cost $ 2,016 $ 6,265 Finance Lease Cost: Amortization of Lease Assets 32 76 Interest on Lease liabilities 9 24 Finance Lease Cost 41 100 Sublease Income (99 ) (521 ) Total Net Lease Cost $ 1,958 $ 5,844 Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows: September 30, 2019 Weighted Average Lease Term - Operating Leases 3.85 years Weighted Average Lease Term - Finance Leases 4.23 years Weighted Average Discount Rate - Operating Leases 8.38 % Weighted Average Discount Rate - Finance Leases 7.31 % Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2018 were as follows: Year Operating Leases Financing Leases (in thousands) 2019 $ 34,189 $ 266 2020 32,093 96 2021 26,675 89 2022 23,355 67 2023 21,890 15 Thereafter 3,299 — Total $ 141,501 $ 533 Less: sublease income (1,091 ) Net lease payments $ 140,410 Less: amount representing interest (63 ) Present value of obligations under financing leases $ 470 Less: current portion (239 ) Long-term obligations $ 231 As of September 30, 2019, our lease liability of $17.1 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 $107.8 million as follows: Year Commitments (in thousands) 2019 (Remaining three months) $ 6,886 2020 27,543 2021 26,050 2022 23,739 2023 23,195 Thereafter 398 Total $ 107,811 The Company leases office space under non-cancelable operating leases with expiration dates ranging through 2029, with various renewal options. Finance leases range from three to five years and are primarily for office equipment. There were multiple assets under various individual finance leases at September 30, 2019 and 2018. Rental expense for office and airport facilities and certain equipment subject to operating leases for the nine months ended September 30, 2019 and 2018 was $28.0 million and $14.7 million , respectively. |
Lessee, Finance Leases [Text Block] | Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new 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 September 30, 2019 , the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (in thousands) 2019 (Remaining three months) $ 1,892 $ 52 $ 1,944 2020 6,173 201 6,374 2021 4,127 190 4,317 2022 2,620 160 2,780 2023 1,746 99 1,845 Thereafter 2,646 77 2,723 Total 19,204 779 19,983 Less: present value discount* (2,824 ) (91 ) (2,915 ) Present value of lease liabilities 16,380 688 17,068 Less: current portion of lease liabilities (5,578 ) (177 ) (5,755 ) Total long-term lease liabilities $ 10,802 $ 511 $ 11,313 * The discount rate used was the incremental borrowing rate. The company's net assets recorded under operating and finance leases were $17.0 million as of September 30, 2019. The lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: Three Months Ended Nine Months Ended September 30, 2019 (in thousands) Operating Lease Cost $ 2,016 $ 6,265 Finance Lease Cost: Amortization of Lease Assets 32 76 Interest on Lease liabilities 9 24 Finance Lease Cost 41 100 Sublease Income (99 ) (521 ) Total Net Lease Cost $ 1,958 $ 5,844 Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows: September 30, 2019 Weighted Average Lease Term - Operating Leases 3.85 years Weighted Average Lease Term - Finance Leases 4.23 years Weighted Average Discount Rate - Operating Leases 8.38 % Weighted Average Discount Rate - Finance Leases 7.31 % Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2018 were as follows: Year Operating Leases Financing Leases (in thousands) 2019 $ 34,189 $ 266 2020 32,093 96 2021 26,675 89 2022 23,355 67 2023 21,890 15 Thereafter 3,299 — Total $ 141,501 $ 533 Less: sublease income (1,091 ) Net lease payments $ 140,410 Less: amount representing interest (63 ) Present value of obligations under financing leases $ 470 Less: current portion (239 ) Long-term obligations $ 231 As of September 30, 2019, our lease liability of $17.1 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 $107.8 million as follows: Year Commitments (in thousands) 2019 (Remaining three months) $ 6,886 2020 27,543 2021 26,050 2022 23,739 2023 23,195 Thereafter 398 Total $ 107,811 The Company leases office space under non-cancelable operating leases with expiration dates ranging through 2029, with various renewal options. Finance leases range from three to five years and are primarily for office equipment. There were multiple assets under various individual finance leases at September 30, 2019 and 2018. Rental expense for office and airport facilities and certain equipment subject to operating leases for the nine months ended September 30, 2019 and 2018 was $28.0 million and $14.7 million , respectively. |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Concentration Risk [Line Items] | |
Concentration Risk Disclosure [Text Block] | Concentrations 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 condensed consolidated financial statements, management does not believe significant credit risks exist at September 30, 2019 . The Company had one customer whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable. As previously disclosed in Note 8, effective February 7, 2016, Ebix and 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 three and nine months ending September 30, 2019 the Ebix Vayam Limited JV recognized $198 thousand and $444 thousand of revenue from Vayam, respectively. During the three and nine ending September 30, 2018 , the Ebix Vayam Limited JV recognized $2.6 million and $12.8 million of revenue from Vayam, respectively, and as of September 30, 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 , in the third quarter of 2019, the Company recorded as a bad debt reserve as a precautionary measure, against the receivables due from a public sector entity, BSNL, in India. Payment of these receivables has been delayed due to liquidity issues at BSNL. The Government of India has recently approved funding to BSNL and the Company expects the accounts to be collectible once the Government funding reaches BSNL. |
Other Current Liabilities (Note
Other Current Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other Current Liabilities Other current liabilities at September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Acquisition obligations (upfront purchase and contingent consideration) $ 6,664 $ 77,594 Customer advances (deposits) 24,983 2,980 Redemption liability for irrevocable option to reacquire 10% equity stake from PML — 4,925 Other — 180 Total $ 31,647 $ 85,679 |
Working Capital Facility (Notes
Working Capital Facility (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Working Capital Facility [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Working Capital Facility 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 9% to 10% 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 September 30, 2019 and December 31, 2018, the total of these working capital facilities was $35.8 million and $17.8 million , respectively, and is included in current liabilities in the Company's Condensed Consolidated Balance Sheet. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 15: Subsequent Events There are no subsequent events to report. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation— The accompanying unaudited condensed consolidated financial statements and these notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") with the effect of inter-company balances and transactions eliminated. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP and SEC rules have been condensed or omitted as permitted by and pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements contain adjustments (consisting only of normal recurring items) necessary to fairly present the consolidated financial position of the Company and its consolidated results of operations and cash flows. Operating results for the three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results that may be expected for future quarters or the full year of 2019. The condensed consolidated December 31, 2018 balance sheet included in this interim period filing has been derived from the audited financial statements at that date, but does not necessarily include all of the information and related notes required by GAAP for complete financial statements. These condensed interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments— 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. This guidance establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The hierarchy reflects the degree to which objective data from external active markets are available to measure fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. The classifications are as follows: • Level 1 Inputs - Unadjusted quoted prices available in active markets for identical investments to the reporting entity at the measurement date. • Level 2 Inputs - 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 Inputs - 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 September 30, 2019 , the Company had the following financial instruments to 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 re-measured 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. |
Revenue Recognition | Revenue Recognition— |
Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other 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 the relevant FASB accounting guidance, 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 a 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 technical 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 any of our reporting units 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 the quantitative impairment testing described further below. The aforementioned quantitative testing process involves comparing the reporting unit carrying values to their respective fair values; we determine fair value of our reporting units by applying the discounted cash flow method using the present value of future estimated net cash flows. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its implied value. We perform our annual goodwill impairment evaluation and testing as of October 1st of each year or when events or circumstances dictate more frequently. During the years ended December 31, 2018 and 2017 we had no impairment of our reporting unit goodwill balances. |
Finite-lived Intangible Assets | Finite-lived Intangible Assets— Purchased intangible assets represent the estimated acquisition date fair value of customer relationships, developed technology, trademarks and non-compete agreements 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: Category Life (yrs) Customer relationships 7–20 Developed technology 3–12 Airport contracts 9 Store networks 5 Dealer networks 15-20 Brand 15 Trademarks 3–15 Non-compete agreements 5 Backlog 1.2 Database 10 |
Foreign Currency Translation | Foreign 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, 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 condensed consolidated balance sheets, and are included in the condensed 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. |
Income Taxes | Income Taxes— 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. |
Recent Relevant Accounting Pronouncements | Recent Relevant Accounting Pronouncements— The following is a brief discussion of recently released accounting pronouncements that are pertinent to the Company's business: In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) Clarifying the Interaction between Topic 808 and Topic 606 (Revenues from Customers) . ASU 2018-18 clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. A collaborative arrangement is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. The ASU provides guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The ASU also provides comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. It accomplishes this by allowing organizations to only present units of account in collaborative arrangements that are within the scope of the revenue recognition standard together with revenue accounted for under the revenue recognition standard. The parts of the collaborative arrangement that are not in the scope of the revenue recognition standard should be presented separately from revenue accounted for under the revenue recognition standard. The amendments in ASU No. 2018-18 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company has yet to assess the joint ventures the Company is involved with and the impact that the adoption of this ASU will have on its consolidated income statement and balance sheet. 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 fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The ASU will result in the following changes: • Remove the disclosure to report the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; • Remove the disclosure of the policy for timing of transfers between levels; • Add a disclosure for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value; and • Add a disclosure for the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurement. The Company has yet to assess the impact that the adoption of this ASU will have on Ebix's consolidated income statement and balance sheet. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718) Improvements to Non-employee Share-Based Payment Accounting . ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments to non-employees. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018-07 did not have a material impact on our consolidated financial position, results of operations or cash flows. 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. The adoption of ASU 2018-02 did not have a material impact on our consolidated financial position, results of operations or cash flows. 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. The early adoption of ASU 2017-04 did not have a material impact on our consolidated financial position, results of operations or cash flows. 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 adoption of ASU 2018-01 did not have a material impact our consolidated financial position, results of operations or cash flows. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Disaggregation of Revenue The following tables present revenue disaggregated by primary geographical regions and product channels for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) (In thousands) Revenue: 2019 2018 2019 2018 India* $ 77,145 $ 56,631 $ 223,962 $ 139,985 United States 45,038 48,395 136,181 146,697 Australia 8,643 8,576 25,997 26,803 Latin America 5,400 4,586 14,397 15,141 Europe 3,584 3,854 11,005 11,726 Indonesia* 2,004 1,683 7,177 5,052 Singapore* 1,260 1,731 5,404 5,871 Philippines* 2,185 1,147 4,682 3,740 Canada 1,207 1,267 3,516 4,323 New Zealand 494 454 1,504 1,467 United Arab Emirates* 273 319 607 694 $ 147,233 $ 128,643 $ 434,432 $ 361,499 *Primarily India led businesses for which total revenue in the three and nine months ended September 30, 2019 was $82.1 million and $238.8 million, respectively, and $60.3 million and $151.6 million in the same periods in 2018, respectively. The Company’s revenues are derived from three product/service channels being its EbixCash Exchanges, Insurance Exchanges, and Risk Compliance Solutions ("RCS") components. In 2018, the Company determined that the previously disclosed RCS, Broker, and Carrier channels had become individually immaterial and accordingly chose to group those together under RCS. The revenues for the three and nine months ended September 30, 2018 shown below have been adjusted to reflect this change. Presented in the table below is the breakout of our revenue streams for each of those product/service channels for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 EbixCash Exchanges $ 82,085 60,341 $ 238,770 $ 151,605 Insurance Exchanges 47,385 45,985 141,993 142,303 Risk Compliance Solutions 17,763 22,317 53,669 67,591 Totals $ 147,233 $ 128,643 $ 434,432 $ 361,499 |
Schedule of Revenue by Product/Service Groups | . Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 EbixCash Exchanges $ 82,085 60,341 $ 238,770 $ 151,605 Insurance Exchanges 47,385 45,985 141,993 142,303 Risk Compliance Solutions 17,763 22,317 53,669 67,591 Totals $ 147,233 $ 128,643 $ 434,432 $ 361,499 |
Capitalized Contract Cost [Table Text Block] | 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 September 30, 2019 and December 31, 2018, the Company had $749 thousand and $862 thousand , respectively, of contract costs in “Other current assets” and $1.2 million and $1.4 million , respectively, in “Other Assets” on the Company's Condensed Consolidated Balance Sheets. September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Balance, beginning of period $ 2,238 $ 2,401 Costs recognized from the beginning balance (666 ) (898 ) Additions, net of costs recognized 330 735 Balance, end of period $ 1,902 $ 2,238 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Additional information regarding the Company's assets and liabilities that are measured at fair value on a recurring basis is presented in the following tables: Fair Values at Reporting Date Using* Descriptions Balance, September 30, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets Commercial bank certificates of deposits ($73 thousand is recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") $ 4,868 $ 4,868 $ — $ — Mutual funds (recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") 1,738 1,738 — — Total assets measured at fair value $ 6,606 $ 6,606 $ — $ — Liabilities Contingent accrued earn-out acquisition consideration (a) $ 10,544 $ — $ — $ 10,544 Total liabilities measured at fair value $ 10,544 $ — $ — $ 10,544 (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 nine months ended September 30, 2019 there were no transfers between fair value Levels 1, 2 or 3. Fair Values at Reporting Date Using* Descriptions Balance, December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets Commercial bank certificates of deposits ($681 thousand is recorded in the long term asset section of the condensed consolidated balance sheets in "Other Assets") $ 26,714 26,714 $ — $ — Mutual funds 5,159 5,159 — — Total assets measured at fair value $ 31,873 $ 31,873 $ — $ — Liabilities Contingent accrued earn-out acquisition consideration (a) $ 24,976 $ — $ — $ 24,976 Total liabilities measured at fair value $ 24,976 $ — $ — $ 24,976 (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, 2018 there were no transfers between fair value Levels 1, 2 or 3. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | For the Company's assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein, and gains or losses recognized during the nine months ended September 30, 2019 and during the year ended December 31, 2018 : Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Contingent Liability for Accrued Earn-out Acquisition Consideration September 30, 2019 December 31, 2018 (In thousands) Beginning balance $ 24,976 $ 37,096 Total remeasurement adjustments: Gains included in earnings ** (17,124 ) (1,391 ) Reductions recorded against goodwill — (13,718 ) Foreign currency translation adjustments *** (193 ) (1,620 ) Acquisitions and settlements Business acquisitions 2,885 8,440 Settlement payments — (3,831 ) Ending balance $ 10,544 $ 24,976 The amount of total (gains) losses for the period included in earnings or changes to net assets, attributable to changes in unrealized gains relating to assets or liabilities still held at period-end. $ (17,124 ) $ (1,391 ) ** recorded as a reduction to 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 September 30, 2019 Valuation Technique Significant Unobservable Input Contingent acquisition consideration: (Wdev, Indus, Miles, Zillious, and Essel acquisition) $10,544 Discounted cash flow Projected revenue and probability of achievement (In thousands) Fair Value at December 31, 2018 Valuation Technique Significant Unobservable Input Contingent acquisition consideration: (Wdev, ItzCash, Indus and Miles acquisition) $24,976 Discounted cash flow Projected revenue and probability of achievement |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 2019 and the year ended December 31, 2018 are reflected in the following table. September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Beginning Balance $ 946,685 $ 666,863 Additions 22,541 317,410 Purchase accounting adjustments (1,525 ) (11,080 ) Foreign currency translation adjustments (8,888 ) (26,508 ) Ending Balance $ 958,813 $ 946,685 |
Schedule of Finite-Lived Intangible Assets by Major Class, Estimated Useful Lives | We amortize these intangible assets on a straight-line basis over their estimated useful lives, as follows: Category Life (yrs) Customer relationships 7–20 Developed technology 3–12 Airport contracts 9 Store networks 5 Dealer networks 15-20 Brand 15 Trademarks 3–15 Non-compete agreements 5 Backlog 1.2 Database 10 |
Schedule of Intangible Assets, Excluding Goodwill | The carrying value of finite-lived and indefinite-lived intangible assets at September 30, 2019 and December 31, 2018 are as follows: September 30, December 31, (Unaudited) (In thousands) Finite-lived intangible assets: Customer relationships $ 80,711 $ 80,070 Developed technology 19,072 19,176 Airport contracts 4,685 4,752 Store networks 2,234 821 Dealer network 6,800 6,315 Trademarks 2,664 2,677 Brand 929 864 Non-compete agreements 764 764 Backlog 140 140 Database 212 212 Total intangibles 118,211 115,791 Accumulated amortization (71,913 ) (64,343 ) Finite-lived intangibles, net $ 46,298 $ 51,448 Indefinite-lived intangibles: Customer/territorial relationships $ 42,055 $ 42,055 |
Deferred Revenue Disclosure [Text Block] | 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. September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Balance, beginning of period $ 44,660 $ 38,030 Revenue recognized from beginning balance (41,815 ) (21,697 ) Additions from business acquisitions — 16,273 Additions, net of revenue recognized and currency translation 32,482 12,054 Balance, end of period $ 35,327 $ 44,660 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted | A reconciliation between basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share data) Net income attributable to Ebix, Inc. $ 20,509 $ 29,242 $ 75,070 $ 84,630 Basic weighted average shares outstanding 30,501 31,492 30,517 31,480 Dilutive effect of stock options and restricted stock awards 132 136 81 158 Diluted weighted average shares outstanding 30,633 31,628 30,598 31,638 Basic earnings per common share $ 0.67 $ 0.93 $ 2.46 $ 2.69 Diluted earnings per common share $ 0.67 $ 0.92 $ 2.45 $ 2.67 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma (unaudited) (unaudited) (unaudited) (unaudited) (In thousands, except per share data) Revenue $ 147,233 $ 147,350 $ 128,643 $ 140,105 $ 434,432 $ 434,951 $ 361,499 $ 438,356 Net Income attributable to Ebix, Inc. $ 20,509 $ 20,595 $ 29,242 $ 29,664 $ 75,070 $ 75,028 $ 84,630 $ 86,947 Basic EPS $ 0.67 $ 0.68 $ 0.93 $ 0.94 $ 2.46 $ 2.46 $ 2.69 $ 2.76 Diluted EPS $ 0.67 $ 0.67 $ 0.92 $ 0.94 $ 2.45 $ 2.45 $ 2.67 $ 2.75 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Locations | The following enterprise-wide information relates to the Company's geographic locations: Nine Months Ended As of Nine Months Ended As of September 30, 2019 September 30, 2019 September 30, 2018 December 31, 2018 External Revenues Long-lived assets External Revenues Long-lived assets (In thousands) India* $ 223,962 $ 705,255 $ 139,985 $ 672,699 United States 136,181 394,870 146,697 390,551 Australia 25,997 1,850 26,803 1,485 Latin America 14,397 15,637 15,141 16,348 Europe 11,005 22,384 11,726 23,880 Indonesia* 7,177 118 5,052 98 Singapore* 5,404 18,262 5,871 17,805 Philippines* 4,682 606 3,740 448 Canada 3,516 6,890 4,323 5,846 New Zealand 1,504 594 1,467 158 United Arab Emirates* 607 58,384 694 54,249 $ 434,432 $ 1,224,850 $ 361,499 $ 1,183,567 *Primarily India led businesses for which total revenue in the three and nine months ended September 30, 2019 was $82.1 million and $238.8 million, respectively, and $60.3 million and $151.6 million in the same periods in 2018, respectively. |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Current Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets at September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Prepaid expenses $ 48,325 $ 40,409 Sales taxes receivable from customers 6,131 6,409 Other third party receivables 4,549 8,341 Accrued interest receivable 304 233 Credit card merchant account balance receivable 954 939 Short term portion of capitalized costs to obtain and fulfill contracts 749 862 Other 2,603 2,081 Total $ 63,615 $ 59,274 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Other Commitments [Table Text Block] | Such arrangements represent further commitments of approximately $107.8 million as follows: Year Commitments (in thousands) 2019 (Remaining three months) $ 6,886 2020 27,543 2021 26,050 2022 23,739 2023 23,195 Thereafter 398 Total $ 107,811 |
Finance Lease, Liability, Maturity [Table Text Block] | As of September 30, 2019 , the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (in thousands) 2019 (Remaining three months) $ 1,892 $ 52 $ 1,944 2020 6,173 201 6,374 2021 4,127 190 4,317 2022 2,620 160 2,780 2023 1,746 99 1,845 Thereafter 2,646 77 2,723 Total 19,204 779 19,983 Less: present value discount* (2,824 ) (91 ) (2,915 ) Present value of lease liabilities 16,380 688 17,068 Less: current portion of lease liabilities (5,578 ) (177 ) (5,755 ) Total long-term lease liabilities $ 10,802 $ 511 $ 11,313 * The discount rate used was the incremental borrowing rate. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2018 were as follows: Year Operating Leases Financing Leases (in thousands) 2019 $ 34,189 $ 266 2020 32,093 96 2021 26,675 89 2022 23,355 67 2023 21,890 15 Thereafter 3,299 — Total $ 141,501 $ 533 Less: sublease income (1,091 ) Net lease payments $ 140,410 Less: amount representing interest (63 ) Present value of obligations under financing leases $ 470 Less: current portion (239 ) Long-term obligations $ 231 |
Lease, Cost [Table Text Block] | The company's net assets recorded under operating and finance leases were $17.0 million as of September 30, 2019. The lease cost recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative, is summarized as follows: Three Months Ended Nine Months Ended September 30, 2019 (in thousands) Operating Lease Cost $ 2,016 $ 6,265 Finance Lease Cost: Amortization of Lease Assets 32 76 Interest on Lease liabilities 9 24 Finance Lease Cost 41 100 Sublease Income (99 ) (521 ) Total Net Lease Cost $ 1,958 $ 5,844 |
Other Operating and Finance Lease Information [Table Text Block] | Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows: September 30, 2019 Weighted Average Lease Term - Operating Leases 3.85 years Weighted Average Lease Term - Finance Leases 4.23 years Weighted Average Discount Rate - Operating Leases 8.38 % Weighted Average Discount Rate - Finance Leases 7.31 % |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2018 were as follows: Year Operating Leases Financing Leases (in thousands) 2019 $ 34,189 $ 266 2020 32,093 96 2021 26,675 89 2022 23,355 67 2023 21,890 15 Thereafter 3,299 — Total $ 141,501 $ 533 Less: sublease income (1,091 ) Net lease payments $ 140,410 Less: amount representing interest (63 ) Present value of obligations under financing leases $ 470 Less: current portion (239 ) Long-term obligations $ 231 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of September 30, 2019 , the maturity of lease liabilities under Topic 842 are as follows: Year Operating Leases Financing Leases Total (in thousands) 2019 (Remaining three months) $ 1,892 $ 52 $ 1,944 2020 6,173 201 6,374 2021 4,127 190 4,317 2022 2,620 160 2,780 2023 1,746 99 1,845 Thereafter 2,646 77 2,723 Total 19,204 779 19,983 Less: present value discount* (2,824 ) (91 ) (2,915 ) Present value of lease liabilities 16,380 688 17,068 Less: current portion of lease liabilities (5,578 ) (177 ) (5,755 ) Total long-term lease liabilities $ 10,802 $ 511 $ 11,313 * The discount rate used was the incremental borrowing rate. |
Schedule Of Future Principal Debt Payments and Minimum Lease Payments Under Non-Cancelable Operating And Capital Leases [Table Text Block] | Commitments for minimum rentals under non-cancellable leases, under the legacy guidance in ASC 840 as of December 31, 2018 were as follows: Year Operating Leases Financing Leases (in thousands) 2019 $ 34,189 $ 266 2020 32,093 96 2021 26,675 89 2022 23,355 67 2023 21,890 15 Thereafter 3,299 — Total $ 141,501 $ 533 Less: sublease income (1,091 ) Net lease payments $ 140,410 Less: amount representing interest (63 ) Present value of obligations under financing leases $ 470 Less: current portion (239 ) Long-term obligations $ 231 As of September 30, 2019, our lease liability of $17.1 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 $107.8 million as follows: Year Commitments (in thousands) 2019 (Remaining three months) $ 6,886 2020 27,543 2021 26,050 2022 23,739 2023 23,195 Thereafter 398 Total $ 107,811 The Company leases office space under non-cancelable operating leases with expiration dates ranging through 2029, with various renewal options. Finance leases range from three to five years and are primarily for office equipment. There were multiple assets under various individual finance leases at September 30, 2019 and 2018. Rental expense for office and airport facilities and certain equipment subject to operating leases for the nine months ended September 30, 2019 and 2018 was $28.0 million and $14.7 million , respectively. |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other Current Liabilities Other current liabilities at September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Acquisition obligations (upfront purchase and contingent consideration) $ 6,664 $ 77,594 Customer advances (deposits) 24,983 2,980 Redemption liability for irrevocable option to reacquire 10% equity stake from PML — 4,925 Other — 180 Total $ 31,647 $ 85,679 |
Other Liabilities Disclosure [Text Block] | Other current liabilities at September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 (Unaudited) (In thousands) Acquisition obligations (upfront purchase and contingent consideration) $ 6,664 $ 77,594 Customer advances (deposits) 24,983 2,980 Redemption liability for irrevocable option to reacquire 10% equity stake from PML — 4,925 Other — 180 Total $ 31,647 $ 85,679 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Segment Reporting) (Details) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | ||
Total revenue, international percentage | 68.70% | 59.40% |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets [Abstract] | |||
Total assets measured at fair value | [1] | $ 6,606 | $ 31,873 |
Liabilities [Abstract] | |||
Total liabilities measured at fair value | [1] | 10,544 | 24,976 |
Fair Value, Inputs, Level 1 [Member] | |||
Assets [Abstract] | |||
Total assets measured at fair value | [1] | 6,606 | 31,873 |
Fair Value, Inputs, Level 2 [Member] | |||
Liabilities [Abstract] | |||
Total liabilities measured at fair value | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities [Abstract] | |||
Total liabilities measured at fair value | [1] | 10,544 | 24,976 |
Contingent accrued earn-out acquisition consideration [Member] | |||
Liabilities [Abstract] | |||
Derivative liabilities | [1],[2] | 10,544 | 24,976 |
Contingent accrued earn-out acquisition consideration [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities [Abstract] | |||
Derivative liabilities | [1],[2] | 10,544 | 24,976 |
Certificates of Deposit [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 4,868 | 26,714 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 4,868 | 26,714 | |
Mutual Fund [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 1,738 | 5,159 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 1,738 | 5,159 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 70 | 680 | |
Mutual Fund [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | $ 1,738 | $ 5,159 | |
[1] | months ended March 31, 2019 and the year ended December 31, 2018 there were no transfers between fair value levels 1, 2, or 3. | ||
[2] | 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. |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies (Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation: | |||
Beginning balance | $ 24,976,000 | $ 37,096,000 | |
(Gains) or losses included in earnings | [1] | (17,124,000) | (1,391,000) |
Goodwill, Translation and Purchase Accounting Adjustments | [1] | 0 | (13,718,000) |
Foreign currency translation adjustments | [2] | (193,000) | (1,620,000) |
Business acquisitions | 2,885,000 | 8,440,000 | |
Settlements | 0 | (3,831,000) | |
Ending balance | 10,544,000 | 24,976,000 | |
The amount of total (gains) losses for the period included in earnings or changes to net assets, attributable to changes in unrealized gains relating to assets or liabilities still held at period-end. | $ (17,124,000) | $ (1,391,000) | |
[1] | Recorded as an adjustment to reported general and administrative expenses | ||
[2] | Recorded as a component of other comprehensive income within stockholders' equity |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies (Fair Value Textuals) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability | $ 10,544 | $ 24,976 | $ 37,096 |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies (Accounts Receivables and Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | $ 165,397 | $ 165,397 | $ 174,340 | ||
Allowance for doubtful accounts | 21,000 | 21,000 | 6,969 | ||
Deferred revenue included in accounts receivables | 4,400 | 4,400 | $ 10,200 | ||
Provision for doubtful accounts | 11,900 | $ 524 | 10,580 | $ 2,622 | |
Billed Revenues [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | 165,400 | 165,400 | |||
Unbilled Revenues [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | 35,300 | 35,300 | |||
Vayam [Member] | Ebix Vayam JV [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for doubtful accounts | 12,100 | 12,100 | |||
Accounts Receivable, Related Parties | $ 22,800 | $ 22,800 |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 946,685 | $ 666,863 |
Goodwill, Acquired During Period | 22,541 | 317,410 |
Goodwill, Purchase Accounting Adjustments | (1,525) | (11,080) |
Foreign currency translation adjustments | (8,888) | (26,508) |
Ending Balance | $ 958,813 | $ 946,685 |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies Advertising Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Advertising Costs [Abstract] | ||||
Advertising Expense | $ 2,000 | $ 2,300 | $ 7,600 | $ 6,200 |
Description of Business and _11
Description of Business and Summary of Significant Accounting Policies Recent Relevant Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Unrecognized tax benefit netted against a deferred tax asset for a net operating loss carryforward | $ 0 | $ 0 |
Description of Business and _12
Description of Business and Summary of Significant Accounting Policies Reclassification (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Restricted Cash and Cash Equivalents, Current | $ 18,240 | $ 8,317 | $ 0 |
Funds Held for Clients | $ 4,200 | $ 6,491 |
Description of Business and _13
Description of Business and Summary of Significant Accounting Policies (Finite-lived Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | $ 118,211 | $ 118,211 | $ 115,791 | |
Finite-lived intangible assets, accumulated amortization | (71,913) | (71,913) | (64,343) | |
Finite-lived intangible assets, net | 46,298 | 46,298 | 51,448 | |
Amortization of Acquired Intangible Assets | 2,700 | $ 1,600 | ||
Customer Relationships [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 80,711 | $ 80,711 | 80,070 | |
Customer Relationships [Member] | Minimum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 7 years | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 20 years | |||
Developed technology [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 19,072 | $ 19,072 | 19,176 | |
Developed technology [Member] | Minimum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 3 years | |||
Developed technology [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 12 years | |||
Dealer Networks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 6,800 | $ 6,800 | 6,315 | |
Dealer Networks [Member] | Minimum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 15 years | |||
Dealer Networks [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 20 years | |||
Airport Contracts [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 4,685 | $ 4,685 | 4,752 | |
Airport Contracts [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 9 years | |||
Store Networks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 2,234 | $ 2,234 | 821 | |
Store Networks [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 5 years | |||
Brand [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 929 | $ 929 | 864 | |
Brand [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 15 years | |||
Trademarks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 2,664 | $ 2,664 | 2,677 | |
Trademarks [Member] | Minimum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 3 years | |||
Trademarks [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 15 years | |||
Backlog [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 1 year 2 months | |||
Non-compete agreements [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 764 | $ 764 | 764 | |
Non-compete agreements [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 5 years | |||
Backlog [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 140 | $ 140 | 140 | |
Database [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible assets, gross | 212 | $ 212 | 212 | |
Database [Member] | Maximum [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Finite-lived intangible asset, useful life | 10 years | |||
Customer Relationships [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line items] | ||||
Indefinite-lived intangible assets | $ 42,055 | $ 42,055 | $ 42,055 |
Description of Business and _14
Description of Business and Summary of Significant Accounting Policies Cash, Cash Equivalents, and Restricted Cash Shown in the Statement of Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 124,242 | $ 147,766 | $ 134,987 | |
Restricted Cash and Cash Equivalents, Current | 18,240 | 8,317 | 0 | |
Restricted Cash, Noncurrent | 6,568 | 2,523 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 149,050 | $ 159,589 | $ 137,510 | $ 70,867 |
Description of Business and _15
Description of Business and Summary of Significant Accounting Policies Impact of Change in Accounting Policy (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Impact of adopting Topic 606 on the Company’s unaudited consolidated financial statements [Abstract] | ||
Other current assets | $ 63,615 | $ 59,274 |
Assets, Current | 380,489 | 427,380 |
Deferred tax asset, net | 59,906 | 54,629 |
Other assets | 34,425 | 26,714 |
Assets | 1,605,339 | 1,610,947 |
Deferred Revenue, Current | 27,665 | 35,609 |
Liabilities, Current | 253,832 | 317,428 |
Deferred Revenue, Noncurrent | 7,662 | 9,051 |
Liabilities | 1,022,023 | 1,066,510 |
Retained Earnings (Accumulated Deficit) | $ 599,148 | $ 535,118 |
Description of Business and _16
Description of Business and Summary of Significant Accounting Policies Impact of adopting Topic 606 on the Company’s unaudited consolidated financial statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Impact of adopting Topic 606 on the Company’s unaudited consolidated financial statements [Abstract] | ||||||
Operating revenue | $ 147,233 | $ 128,643 | $ 434,432 | $ 361,499 | ||
Cost of Goods and Services Sold | 55,171 | 42,963 | 152,054 | 126,113 | ||
Operating Expenses | 121,226 | 89,405 | 313,012 | 250,050 | ||
Operating Income (Loss) | 26,007 | 39,238 | 121,420 | 111,449 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 14,847 | 30,960 | 68,156 | 90,835 | ||
Income tax expense | 217 | (1,679) | 297 | (6,027) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,064 | 29,281 | 68,453 | 84,808 | ||
Net Income (Loss) Attributable to Parent | $ 20,509 | $ 29,242 | $ 29,242 | $ 75,070 | $ 84,630 | |
Basic earnings per common share | $ 0.67 | $ 0.93 | $ 2.46 | $ 2.69 | ||
Diluted earnings per common share | $ 0.67 | $ 0.92 | $ 2.45 | $ 2.67 | ||
Other current assets | $ 63,615 | $ 63,615 | $ 59,274 | |||
Assets, Current | 380,489 | 380,489 | 427,380 | |||
Deferred tax asset, net | 59,906 | 59,906 | 54,629 | |||
Other assets | 34,425 | 34,425 | 26,714 | |||
Assets | 1,605,339 | 1,605,339 | 1,610,947 | |||
Deferred Revenue, Current | 27,665 | 27,665 | 35,609 | |||
Liabilities, Current | 253,832 | 253,832 | 317,428 | |||
Deferred Revenue, Noncurrent | 7,662 | 7,662 | 9,051 | |||
Liabilities | 1,022,023 | 1,022,023 | 1,066,510 | |||
Retained Earnings (Accumulated Deficit) | $ 599,148 | 599,148 | $ 535,118 | |||
Increase (Decrease) in Other Operating Assets | 5,947 | $ 655 | ||||
Deferred revenue | (9,126) | (10,772) | ||||
Net Cash Provided by (Used in) Operating Activities | $ 79,041 | $ 74,165 |
Description of Business and _17
Description of Business and Summary of Significant Accounting Policies Revenue Recognition (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ProductService_Groups | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Number of Operating Segments | ProductService_Groups | 3 | ||||
Operating revenue | $ 147,233 | $ 128,643 | $ 434,432 | $ 361,499 | |
Cost of Goods and Services Sold | 55,171 | 42,963 | 152,054 | 126,113 | |
Capitalized Contract Costs, net, Current | 749 | 749 | $ 862 | ||
Capitalized Contract Costs, net, Noncurrent | 1,200 | 1,200 | $ 1,400 | ||
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 45,038 | 48,395 | 136,181 | 146,697 | |
Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 1,207 | 1,267 | 3,516 | 4,323 | |
Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 5,400 | 4,586 | 14,397 | 15,141 | |
Australia | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 8,643 | 8,576 | 25,997 | 26,803 | |
SINGAPORE | |||||
Disaggregation of Revenue [Line Items] | |||||
Pre-Existing Revenue | 2,300 | ||||
Operating revenue | 1,260 | 1,731 | 5,404 | 5,871 | |
New Zealand | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 494 | 454 | 1,504 | 1,467 | |
India | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 77,145 | 56,631 | 223,962 | 139,985 | |
Europe | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 3,584 | 3,854 | 11,005 | 11,726 | |
INDONESIA | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 2,004 | 1,683 | 7,177 | 5,052 | |
PHILIPPINES | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 2,185 | 1,147 | 4,682 | 3,740 | |
UNITED ARAB EMIRATES | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 273 | 319 | 607 | 694 | |
Indian Led [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 156,700 | ||||
EbixCash Exchanges [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 82,085 | 60,341 | 238,770 | 151,605 | |
Insurance Exchanges [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | 47,385 | 45,985 | 141,993 | 142,303 | |
RCS [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Operating revenue | $ 17,763 | $ 22,317 | $ 53,669 | $ 67,591 |
Description of Business and _18
Description of Business and Summary of Significant Accounting Policies Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Revenue, beginning of period | $ 44,660 | $ 38,030 |
Recognition of Deferred Revenue | (41,815) | (21,697) |
Deferred Revenue acquired in acquisition | 0 | 16,273 |
Deferred Revenue, Additions | 32,482 | 12,054 |
Deferred Revenue, end of period | $ 35,327 | $ 44,660 |
Description of Business and _19
Description of Business and Summary of Significant Accounting Policies Capitalized Contract Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Deferred Contract Costs [Roll Forward] | ||
Capitalized Contract Cost, Net, beginning of period | $ 2,238 | $ 2,401 |
Capitalized Contract Cost, Amortization | (666) | (898) |
Capitalized Contract Costs, net additions | 330 | 735 |
Capitalized Contract Cost, Net, end of period | $ 1,902 | $ 2,238 |
Earnings per Share (Reconciliat
Earnings per Share (Reconciliation between Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |||||
Net income for basic and diluted earnings per share | $ 20,509 | $ 29,242 | $ 29,242 | $ 75,070 | $ 84,630 |
Basic weighted average shares outstanding | 30,501 | 31,492 | 30,517 | 31,480 | |
Dilutive effect of stock options and restricted stock awards | 132 | 136 | 81 | 158 | |
Diluted weighted average shares outstanding | 30,633 | 31,628 | 30,598 | 31,638 | |
Basic earnings per common share | $ 0.67 | $ 0.93 | $ 2.46 | $ 2.69 | |
Diluted earnings per common share | $ 0.67 | $ 0.92 | $ 2.45 | $ 2.67 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands | Aug. 23, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 01, 2018USD ($) | Oct. 01, 2018USD ($) | Aug. 01, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Feb. 01, 2018USD ($) | Jul. 02, 2016USD ($) | Sep. 02, 2015USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($)Companies | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Companies | Dec. 31, 2017USD ($) | Jul. 01, 2016 | Sep. 01, 2015 | |
Business Acquisition [Line Items] | |||||||||||||||||||||||
Recognized controlling ownership of joint venture | $ 2,710 | $ (3,035) | $ (10,080) | $ 2,292 | |||||||||||||||||||
Other Non-operating income | 352 | $ 7 | $ 344 | 60 | $ 1,200 | ||||||||||||||||||
Number of Businesses Acquired | Companies | 3 | 13 | |||||||||||||||||||||
Reduction of acquisition earnout accruals | $ (17,124) | (645) | |||||||||||||||||||||
Goodwill, Translation and Purchase Accounting Adjustments | [1] | 0 | $ (13,718) | ||||||||||||||||||||
Derivative Liability | $ 24,976 | 10,544 | $ 24,976 | 10,544 | 24,976 | $ 37,096 | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 17,100 | 0 | |||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (1,525) | (11,080) | |||||||||||||||||||||
Goodwill | 946,685 | 958,813 | 946,685 | 958,813 | 946,685 | $ 666,863 | |||||||||||||||||
Wallstreet Canada [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,100 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (942) | 0 | |||||||||||||||||||||
Pearl [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,400 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (3,372) | 0 | |||||||||||||||||||||
Lawson [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 2,700 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (2,726) | 0 | |||||||||||||||||||||
Business Travels [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 1,100 | $ 689 | 414 | ||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (689) | 0 | |||||||||||||||||||||
AHA Taxis [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 382 | $ 214 | 71 | 72 | |||||||||||||||||||
Routier [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 413 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 67.00% | ||||||||||||||||||||||
Essel [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 8,700 | ||||||||||||||||||||||
Contingency to Acquire Businesses | 721 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (7,935) | 0 | |||||||||||||||||||||
Derivative Liability | 710 | 710 | |||||||||||||||||||||
Miles [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 18,300 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (982) | 0 | |||||||||||||||||||||
Derivative Liability | 5,500 | 5,500 | |||||||||||||||||||||
Leisure [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,100 | ||||||||||||||||||||||
Mercury [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 13,200 | ||||||||||||||||||||||
Indus [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 22,900 | ||||||||||||||||||||||
Derivative Liability | 1,670 | 1,670 | |||||||||||||||||||||
CDL (Centrum) [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 179,500 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (176,137) | |||||||||||||||||||||
Transcorp [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 7,250 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (6,554) | |||||||||||||||||||||
Payments to Acquire Businesses, Net | 6,550 | ||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 700 | ||||||||||||||||||||||
Zillious [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 10,100 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (9,816) | 0 | |||||||||||||||||||||
Derivative Liability | 2,100 | 2,100 | |||||||||||||||||||||
Weizmann [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 63,100 | 21,100 | 12,700 | ||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (77,350) | $ 0 | |||||||||||||||||||||
Cash Acquired from Acquisition Increase (Decrease) | $ 1,500 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage Increase (Decrease) | 15.10% | ||||||||||||||||||||||
Maximum [Member] | Essel [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Derivative Liability | 721 | ||||||||||||||||||||||
Maximum [Member] | Miles [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Derivative Liability | $ 8,300 | ||||||||||||||||||||||
Maximum [Member] | Indus [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Derivative Liability | $ 5,000 | ||||||||||||||||||||||
Maximum [Member] | Zillious [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Derivative Liability | $ 2,200 | ||||||||||||||||||||||
Contingent accrued earn-out acquisition consideration [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Derivative Liability | 25,000 | 10,500 | 25,000 | $ 10,500 | 25,000 | ||||||||||||||||||
Contingent liability for accrued earn-out acquisition consideration | 11,200 | 9,300 | 11,200 | 9,300 | 11,200 | ||||||||||||||||||
Business acquisition, contingent consideration, at fair value, current | $ 13,800 | $ 1,300 | $ 13,800 | $ 1,300 | $ 13,800 | ||||||||||||||||||
AHA Taxis [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | ||||||||||||||||||||||
Weizmann [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 74.84% | 25.16% | 89.94% | 25.16% | 89.94% | 25.16% | |||||||||||||||||
Zillious [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 80.00% | ||||||||||||||||||||||
Smartclass [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 8,600 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | ||||||||||||||||||||||
EbixHealth JV [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage Increase (Decrease) | 11.00% | ||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 2,000 | $ 6,000 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 40.00% | |||||||||||||||||||||
[1] | Recorded as an adjustment to reported general and administrative expenses |
Business Combinations (Pro Form
Business Combinations (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition, Pro Forma Information | |||||
Operating revenue | $ 147,233 | $ 128,643 | $ 434,432 | $ 361,499 | |
Net Income (Loss) Attributable to Parent | $ 20,509 | $ 29,242 | $ 29,242 | $ 75,070 | $ 84,630 |
Basic EPS | $ 0.67 | $ 0.93 | $ 2.46 | $ 2.69 | |
Diluted EPS | $ 0.67 | $ 0.92 | $ 2.45 | $ 2.67 | |
Operating revenue | $ 147,233 | $ 128,643 | $ 434,432 | $ 361,499 | |
Parent, ItzCAsh, beBetter, YouFirst, WallStreet, PML, Via, and Transcorp [Member] | |||||
Business Acquisition, Pro Forma Information | |||||
Revenue, pro forma | 147,350 | 140,105 | 434,951 | 438,356 | |
Net income, pro forma | $ 20,595 | $ 29,664 | $ 75,028 | $ 86,947 | |
Basic EPS, pro forma | $ 0.68 | $ 0.94 | $ 2.46 | $ 2.76 | |
Diluted EPS, pro forma | $ 0.67 | $ 0.94 | $ 2.45 | $ 2.75 |
Debt with Commercial Bank (Narr
Debt with Commercial Bank (Narrative) (Details) | Feb. 21, 2018USD ($)Companies | Jun. 17, 2016 | Aug. 05, 2014 | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2019 | Sep. 30, 2019USD ($) | Nov. 27, 2018USD ($) | Apr. 09, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||||||
Proceeds from Lines of Credit | $ 13,500,000 | ||||||||||
Deferred Costs, Current | $ 575,000 | $ 575,000 | 575,000 | $ 575,000 | |||||||
Deferred Costs, Noncurrent | $ 1,703,000 | 1,811,000 | $ 1,703,000 | $ 1,703,000 | |||||||
Secured Syndicated Credit Facility, Eighth Amendment [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Deferred Costs, Credit Card Origination Costs, Amount | 5,900,000 | ||||||||||
Secured Syndicated Credit Facility, Eighth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 301,250,000 | ||||||||||
Loans Payable | 291,200,000 | ||||||||||
Loans Payable, Current | 15,100,000 | ||||||||||
Line of Credit Facility, Short Term | 12 months | ||||||||||
Line of Credit Facility, Periodic Payment, Principal | 3,770,000 | ||||||||||
Short-term Debt | 15,100,000 | ||||||||||
Long-term Debt, Gross | 276,200,000 | ||||||||||
Deferred Costs, Credit Card Origination Costs, Amount | 2,400,000 | ||||||||||
Deferred Costs, Current | 575,000 | ||||||||||
Deferred Costs, Noncurrent | 1,800,000 | ||||||||||
Secured Syndicated Credit Facility, Eighth Amendment [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | 450,000,000 | ||||||||||
Deferred Costs, Credit Card Origination Costs, Amount | $ 3,500,000 | ||||||||||
Line of credit, interest rate at period end | 4.80% | 4.88% | 4.80% | 4.80% | |||||||
Credit agreement, average amount outstanding during period | $ 318,900,000 | ||||||||||
Credit agreement, maximum amount outstanding during period | $ 424,500,000 | ||||||||||
Secured Syndicated Credit Facility, Seventh Amendment [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Permitted indebtedness in the form of unsecured convertible notes | $ 300,000,000 | ||||||||||
Secured Syndicated Credit Facility, Fifth Amendment [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit agreement, maximum borrowing capacity | $ 450,000,000 | ||||||||||
Secured Syndicated Credit Facility, Sixth Amendment [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Permitted indebtedness in the form of unsecured convertible notes | 250,000,000 | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 650,000,000 | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Number of Participating Banks | Companies | 10 | ||||||||||
Secured Syndicated Credit Facility, Sixth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 250,000,000 | ||||||||||
Line of Credit Facility, Term | 5 years | ||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 3,130,000 | ||||||||||
Secured Syndicated Credit Facility, Sixth Amendment [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 400,000,000 | ||||||||||
Line of Credit Facility, Term | 5 years | ||||||||||
Secured Syndicated Credit Facility, Ninth Amendment [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Deferred Costs, Credit Card Origination Costs, Amount | 5,700,000 | $ 5,700,000 | $ 5,700,000 | ||||||||
Secured Syndicated Credit Facility, Ninth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Principal | 11,300,000 | ||||||||||
Loans Payable | 279,900,000 | 279,900,000 | 279,900,000 | ||||||||
Loans Payable, Current | 18,800,000 | 18,800,000 | $ 18,800,000 | ||||||||
Line of Credit Facility, Short Term | 12 months | ||||||||||
Short-term Debt | 18,800,000 | 18,800,000 | $ 18,800,000 | ||||||||
Long-term Debt, Gross | 261,100,000 | 261,100,000 | 261,100,000 | ||||||||
Deferred Costs, Credit Card Origination Costs, Amount | 2,300,000 | 2,300,000 | 2,300,000 | ||||||||
Deferred Costs, Current | 575,000 | 575,000 | 575,000 | ||||||||
Deferred Costs, Noncurrent | 1,700,000 | 1,700,000 | 1,700,000 | ||||||||
Secured Syndicated Credit Facility, Ninth Amendment [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Deferred Costs, Credit Card Origination Costs, Amount | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 | ||||||||
Line of credit, interest rate at period end | 4.81% | 4.81% | 4.81% | ||||||||
Credit agreement, average amount outstanding during period | $ 436,900,000 | ||||||||||
Credit agreement, maximum amount outstanding during period | 438,000,000 | ||||||||||
Secured Syndicated Credit Facility, Second Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Term | 5 years | ||||||||||
Secured Syndicated Credit Facility, Second Amendment [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Term | 5 years | ||||||||||
Secured Syndicated Credit Facility [Member] | Revolving Credit Facility [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit agreement, amount outstanding | $ 438,000,000 | $ 424,500,000 | $ 438,000,000 | $ 438,000,000 | |||||||
Minimum [Member] | Secured Syndicated Credit Facility, Eighth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit, Accordion | 101,250,000 | ||||||||||
Maximum [Member] | Secured Syndicated Credit Facility, Eighth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit, Accordion | $ 150,000,000 | ||||||||||
Maximum [Member] | Secured Syndicated Credit Facility, Sixth Amendment [Member] | Secured Term Loan [Member] | Regions Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit, Accordion | $ 150,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Apr. 05, 2019USD ($) | Sep. 30, 2019USD ($)$ / Person | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Commitments and Contingencies [Line Items] | ||||
Self-insured health insurance, liability | $ 304 | $ 232 | ||
Derivative Liability | 10,544 | 24,976 | $ 37,096 | |
Derivative Financial Instrument, Liabilities, Fair Value Disclosure, Noncurrent | 9,290 | 11,209 | ||
Derivative Financial Instrument, Liabilities, Fair Value Disclosure, Current | $ 1,254 | 13,767 | ||
Maximum [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insured health insurance limit, per person | $ / Person | 120,000 | |||
Self-insured health Insurance, aggregate liability based on participants and claims (percentage) | 125.00% | |||
Self-insured health insurance, estimated cumulative liability for annual contract | $ 3,300 | |||
Contingent Accrued Earn-out Acquisition Consideration [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Derivative Liability | 10,500 | 25,000 | ||
Contingent liability for accrued earn-out acquisition consideration | 9,300 | 11,200 | ||
Business Combination, Contingent Consideration, Liability, Current | $ 1,300 | $ 13,800 | ||
Settled Litigation [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Legal Expenses, Value | $ 19,650 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||||
Additions for tax positions related to current year | $ 0 | $ 88 | ||||
Effective income tax rate | 1.46% | 0.44% | ||||
Income Tax Benefit (Expense) Discrete Items | $ 5,320 | |||||
Income tax expense | (217) | $ 1,679 | $ (297) | $ 6,027 | ||
Income Tax Expense (Benefit), before discrete items | $ (947) | $ (5,030) | ||||
Effective Income Tax Rate Reconciliation, Excluding Discrete Items, Percent | (6.38%) | (7.38%) | ||||
Unrecognized Tax Benefits | $ 9,300 | $ 9,300 | $ 9,294 | |||
Unrecognized tax benefits, period increase (decrease) | $ 0 | $ (88) | ||||
Minimum [Member] | Scenario, Forecast | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective income tax rate | 6.00% | |||||
Maximum [Member] | Scenario, Forecast | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective income tax rate | 7.00% |
Geographic Information (Revenue
Geographic Information (Revenue by Geographic Locations) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Reportable_Segments | Sep. 30, 2018USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | Reportable_Segments | 1 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | $ 1,224,850 | $ 1,183,567 | $ 1,224,850 | $ 1,183,567 |
Operating revenue | 147,233 | 128,643 | 434,432 | 361,499 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 394,870 | 390,551 | 394,870 | 390,551 |
Operating revenue | 45,038 | 48,395 | 136,181 | 146,697 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 6,890 | 5,846 | 6,890 | 5,846 |
Operating revenue | 1,207 | 1,267 | 3,516 | 4,323 |
Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 15,637 | 16,348 | 15,637 | 16,348 |
Operating revenue | 5,400 | 4,586 | 14,397 | 15,141 |
Australia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 1,850 | 1,485 | 1,850 | 1,485 |
Operating revenue | 8,643 | 8,576 | 25,997 | 26,803 |
Singapore | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Pre-Existing Revenue | 2,300 | |||
Long-lived assets | 18,262 | 17,805 | 18,262 | 17,805 |
Operating revenue | 1,260 | 1,731 | 5,404 | 5,871 |
New Zealand | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 594 | 158 | 594 | 158 |
Operating revenue | 494 | 454 | 1,504 | 1,467 |
India | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 705,255 | 672,699 | 705,255 | 672,699 |
Operating revenue | 77,145 | 56,631 | 223,962 | 139,985 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 22,384 | 23,880 | 22,384 | 23,880 |
Operating revenue | 3,584 | 3,854 | 11,005 | 11,726 |
INDONESIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 118 | 98 | 118 | 98 |
Operating revenue | 2,004 | 1,683 | 7,177 | 5,052 |
PHILIPPINES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 606 | 448 | 606 | 448 |
Operating revenue | 2,185 | 1,147 | 4,682 | 3,740 |
UNITED ARAB EMIRATES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 58,384 | 54,249 | 58,384 | 54,249 |
Operating revenue | 273 | $ 319 | $ 607 | $ 694 |
Indian Led [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenue | $ 156,700 |
Investment in Joint Ventures (D
Investment in Joint Ventures (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Feb. 08, 2016 | Sep. 02, 2015 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2016 | Feb. 07, 2016 | Sep. 01, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Other Non-operating income | $ 352 | $ 7 | $ 344 | $ 60 | $ 1,200 | |||||||
Allowance for doubtful accounts | 21,000 | 21,000 | 6,969 | |||||||||
Derivative Liability | 10,544 | 10,544 | $ 24,976 | $ 37,096 | ||||||||
Proceeds from (Payments to) Noncontrolling Interests | (4,925) | 4,996 | ||||||||||
Ebix Vayam JV [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||
Percentage of Membership Interest in Joint Venture by Other Party | 49.00% | |||||||||||
EbixHealth JV [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Payments to Acquire Interest in Joint Venture | $ 2,000 | $ 6,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 40.00% | ||||||||||
Contribution to Joint Venture by Other Party, Value | $ 12,000 | |||||||||||
Percentage of Membership Interest in Joint Venture by Other Party | 49.00% | 60.00% | ||||||||||
Equity Method Investment, Ownership Percentage Increase (Decrease) | 11.00% | |||||||||||
Non-cash Payments To Acquire Interest In Joint Venture | $ 2,000 | |||||||||||
Vayam [Member] | Ebix Vayam JV [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue from Related Parties | 198 | 2,600 | 444 | 12,800 | ||||||||
Accounts Receivable, Related Parties | 22,800 | 22,800 | ||||||||||
Allowance for doubtful accounts | 12,100 | 12,100 | ||||||||||
IHC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue from Related Parties | 20 | $ 58 | ||||||||||
Accounts Receivable, Related Parties | 20 | 20 | ||||||||||
IHC [Member] | EbixHealth JV [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue from Related Parties | 660 | $ 2,200 | ||||||||||
Accounts Receivable, Related Parties | $ 322 | $ 322 |
Capitalized Software Developm_2
Capitalized Software Development Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Capitalized Software Development Costs [Line Items] | |||
Capitalized Computer Software, Additions | $ 4,100 | $ 5,700 | |
Capitalized Software Development Costs for Software Sold to Customers | 13,748 | $ 11,742 | |
Capitalized Computer Software, Amortization | $ 1,931 | $ 1,608 | |
Property and Casualty Exchange [Member] | |||
Capitalized Software Development Costs [Line Items] | |||
Capitalized Computer Software, amortization period | 5 years |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Current Assets Disclosure [Abstract] | ||
Prepaid Expense, Current | $ 48,325 | $ 40,409 |
Sales taxes receivable from customers | 6,131 | 6,409 |
Financing Receivable, before Allowance for Credit Loss, Current | 4,549 | 8,341 |
Interest Receivable, Current | 304 | 233 |
Credit and Debit Card Receivables, at Carrying Value | 954 | 939 |
Capitalized Contract Costs, net, Current | 749 | 862 |
Other Receivables | 2,603 | 2,081 |
Other current assets | $ 63,615 | $ 59,274 |
Leases Operating and Finance Le
Leases Operating and Finance Lease Liability (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 1,892,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,173,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 4,127,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,620,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,746,000 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 2,646,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 19,204,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (2,824,000) | |
Operating Lease, Liability | 16,380,000 | |
Operating Lease, Liability, Current | 5,578,000 | $ 0 |
Operating Lease, Liability, Noncurrent | 10,802,000 | $ 0 |
Financing Leases | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 52,000 | |
Finance Lease, Liability, Payments, Due Year Two | 201,000 | |
Finance Lease, Liability, Payments, Due Year Three | 190,000 | |
Finance Lease, Liability, Payments, Due Year Four | 160,000 | |
Finance Lease, Liability, Payments, Due Year Five | 99,000 | |
Finance Lease, Liability, Payments, Due after Year Five | 77,000 | |
Finance Lease, Liability, Payment, Due | 779,000 | |
Finance Lease, Liability, Undiscounted Excess Amount | (91,000) | |
Finance Lease, Liability | 688,000 | |
Finance Lease, Liability, Current | 177,000 | |
Finance Lease, Liability, Noncurrent | 511,000 | |
Operating And Finance Lease Liabilities, Payments Due [Abstract] | ||
Lessee, Lease, Liability, Payments, Remainder of Fiscal Year | 1,944,000 | |
Lessee, Lease, Liability, Payments, Due Year Two | 6,374,000 | |
Lessee, Lease, Liability, Payments, Due Year Three | 4,317,000 | |
Lessee, Lease, Liability, Payments, Due Year Four | 2,780,000 | |
Lessee, Lease, Liability, Payments, Due Year Five | 1,845,000 | |
Lessee, Lease, Liability, Payments, Due after Year Five | 2,723,000 | |
Lease Liability, Payments, Due | 19,983,000 | |
Lease Liability, Undiscounted Excess Amount | (2,915,000) | |
Lease Liability | 17,068,000 | |
Lease Liability, Current | 5,755,000 | |
Lease Liability, Noncurrent | $ 11,313,000 |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Lease, Cost [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 17,008 | $ 0 | |
Operating Lease, Cost | $ 2,016 | 6,265 | |
Finance Lease, Right-of-Use Asset, Amortization | 32 | 76 | |
Finance Lease, Interest Expense | 9 | 24 | |
Finance Lease cost | 41 | 100 | |
Sublease Income | (99) | (521) | |
Lease, Cost | $ 1,958 | $ 5,844 |
Leases Other Operating and Fina
Leases Other Operating and Finance Lease Information (Details) (Details) | Sep. 30, 2019 |
Other Operating and Finance Lease Information (Details) [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 10 months 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 2 months 23 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.38% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.31% |
Leases Operating leases, Future
Leases Operating leases, Future Minimum Payments Due, Fiscal Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating leases, Future Minimum Payments Due, Fiscal Maturity [Abstract] | ||
Other Commitment, Due in Next Twelve Months | $ 34,189 | |
Other Commitment, Due in Second Year | $ 27,543 | 32,093 |
Other Commitment, Due in Third Year | 26,050 | 26,675 |
Other Commitment, Due in Fourth Year | 23,739 | 23,355 |
Other Commitment, Due in Fifth Year | 23,195 | 21,890 |
Other Commitment, Due after Fifth Year | 398 | 3,299 |
Other Commitment | $ 107,811 | 141,501 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 1,091 | |
Other Commitments, Net | 140,410 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 266 | |
Capital Leases, Future Minimum Payments Due in Two Years | 96 | |
Capital Leases, Future Minimum Payments Due in Three Years | 89 | |
Capital Leases, Future Minimum Payments Due in Four Years | 67 | |
Capital Leases, Future Minimum Payments Due in Five Years | 15 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Capital Leases, Future Minimum Payments Due | 533 | |
Capital Leases Future Minimum Payments, Interest Portion Only | (63) | |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 470 | |
Capital Lease Obligations, Current | 239 | |
Capital Lease Obligations, Noncurrent | $ 231 |
Leases Non lease Arrangements F
Leases Non lease Arrangements Future Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Non lease Arrangements Future Commitments [Abstract] | ||
Lease Liability | $ 17,068 | |
Other Commitments, Future Minimum Payments, Remainder of Fiscal Year | 6,886 | |
Other Commitment, Due in Second Year | 27,543 | $ 32,093 |
Other Commitment, Due in Third Year | 26,050 | 26,675 |
Other Commitment, Due in Fourth Year | 23,739 | 23,355 |
Other Commitment, Due in Fifth Year | 23,195 | 21,890 |
Other Commitment, Due after Fifth Year | 398 | 3,299 |
Other Commitment | $ 107,811 | $ 141,501 |
Leases Rental Expense (Details)
Leases Rental Expense (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments and Contingencies [Line Items] | ||
Operating Leases, Rent Expense, Minimum Rentals | $ 28 | $ 14.7 |
Computer Equipment [Member] | Minimum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Term of Lease | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Term of Lease | 5 years |
Concentrations of Credit Risk_2
Concentrations of Credit Risk (Details) - USD ($) $ in Thousands | Feb. 08, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Feb. 07, 2016 |
Concentration Risk [Line Items] | |||||||
Allowance for doubtful accounts | $ 21,000 | $ 21,000 | $ 6,969 | ||||
Customer Concentration Risk [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration Risk, Percentage | 10.00% | ||||||
Ebix Vayam JV [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 51.00% | ||||||
Percentage of Membership Interest in Joint Venture by Other Party | 49.00% | ||||||
Vayam [Member] | Ebix Vayam JV [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenue from Related Parties | 198 | $ 2,600 | $ 444 | $ 12,800 | |||
Accounts Receivable, Related Parties | 22,800 | 22,800 | |||||
Allowance for doubtful accounts | $ 12,100 | $ 12,100 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Current Liabilities [Abstract] | ||
Acquisition Obligations | $ 6,664 | $ 77,594 |
Customer Advances, Current | 24,983 | 2,980 |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 0 | 4,925 |
Other Sundry Liabilities, Current | 0 | 180 |
Other current liabilities | $ 31,647 | $ 85,679 |
Working Capital Facility (Detai
Working Capital Facility (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Bank Overdrafts | $ 35,829 | $ 17,841 |
Minimum [Member] | India | Bank Overdrafts [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 9.00% | |
Maximum [Member] | India | Bank Overdrafts [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 10.00% |
Uncategorized Items - ebix-2019
Label | Element | Value |
Operating Leases, Right-of-Use Asset, Amortization | ebix_OperatingLeasesRightofUseAssetAmortization | $ 0 |
Dividends, Cash | us-gaap_DividendsCash | 2,369,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | (30,873,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 731,000 |
Noncontrolling Interest [Member] | ||
Recognized controlling ownership of joint venture | ebix_Recognizedcontrollingownershipofjointventure | (3,035,000) |
Dividends, Cash | us-gaap_DividendsCash | 0 |
Net Income (Loss) Attributable to Noncontrolling Interest | us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 39,000 |
Additional Paid-in Capital [Member] | ||
Recognized controlling ownership of joint venture | ebix_Recognizedcontrollingownershipofjointventure | 0 |
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Value | ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedValue | 47,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (4,000) |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 731,000 |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | $ (30,873,000) |
Common Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | 27,999 |
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Shares | ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedShares | 624 |
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested, Value | ebix_ForfeitureOfCertainSharesToSatisfyExerciseCostsAndRecipientsIncomeTaxObligationsRelatedToStockOptionsExercisedAndRestrictedStockVestedValue | $ 0 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 4,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 29,242,000 |
Dividends, Cash | us-gaap_DividendsCash | $ 2,369,000 |