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 six months ending June 30, 2020 , the Company completed one business acquisition. Effective May 4, 2020, Ebix acquired India-based Trimax IT Infrastructure &amp; Services Ltd ("Trimax") which provides IT and integration services to state-owned transport corporations, operates data centers, and is an IT infrastructure solution provider for approximately $9.9 million of upfront consideration. As of June 30, 2020, $6.6 million of the upfront consideration remained unfunded, but the proceeds of which are set aside in a fixed deposit account pending transfer to the bankruptcy court. 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. During the twelve months ended December 31, 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. Effective January 1, 2019, Ebix acquired the assets of India based Essel Forex Limited ("Essel Forex"), for approximately $8.7 million , plus possible future contingent earn-out payments of up to $721 thousand based on earned revenues. Ebix funded the entire transaction in cash using its internal cash reserves. Essel Forex is a large provider of foreign exchange services in India with a wide spectrum of related products including sales of all major currencies, travelers checks, demand drafts, remittances, money transfers and prepaid cards primarily for corporate clients. The earn-out period expired on December 31, 2019 and the acquired business did not meet the requisite revenue target, so no earnout payment was due or paid. Effective January 1, 2019, Ebix acquired an 80% controlling stake in India based Zillious Solutions Private Limited ("Zillious") for $10.1 million plus possible future contingent earn-out payments of up to $2.2 million based on agreed-upon milestones in the acquisition agreement. Zillious is an on-demand SaaS travel technology solution in the corporate travel segment in India. The Company has determined that the fair value of the contingent earn-out consideration is zero as of June 30, 2020 . 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 three and six months ended June 30, 2020 , these aggregate contingent accrued earn-out business acquisition consideration liabilities were reduced by $3.3 million . During the three and six month periods ended June 30, 2019 , these aggregate contingent accrued earn-out business acquisition consideration liabilities were reduced by and $1.7 million and $17.1 million , respectively. These adjustments were 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 June 30, 2020 , the total of these contingent liabilities was $6.1 million , of which zero is reported in long-term liabilities and $6.1 million is included in current liabilities in the Company's Condensed Consolidated Balance Sheet. As of December 31, 2019 , the total of these contingent liabilities was $10.1 million , of which $1.5 million was reported in long-term liabilities and $8.6 million was included in current liabilities in the Company's 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 (including identified intangible assets acquired) and liabilities assumed is recorded as goodwill. 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 six months ended June 30, 2020 and June 30, 2019 , which includes the acquisitions of Zillious (acquired January 2019), Essel (acquired January 2019), Wallstreet Canada (acquired August 2019), and Trimax (acquired May 2020) and 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 2020 and 2019 pro forma financial information below assumes that all business acquisitions made during this period were made on January 1, 2019, whereas the Company's reported financial statements for the six months ended June 30, 2020 and 2019 only include the operating results from these businesses since the effective date that they were acquired by Ebix. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 SixMonths Ended June 30, 2019 As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma As Reported Pro Forma (unaudited) (In thousands, except per share data) Revenue $ 111,312 $ 112,018 $ 144,275 $ 148,169 $ 249,188 $ 253,766 $ 287,199 297,334 Net Income attributable to Ebix, Inc. $ 23,475 $ 22,354 $ 28,851 $ 24,233 $ 48,198 $ 42,128 $ 54,561 43,791 Basic EPS $ 0.77 $ 0.73 $ 0.95 $ 0.79 $ 1.58 $ 1.38 $ 1.79 1.43 Diluted EPS $ 0.76 $ 0.73 $ 0.94 $ 0.79 $ 1.57 $ 1.37 $ 1.78 1.43 The above referenced unaudited pro forma information and the relative comparative changes in pro forma and reported revenues are based on the following premises:  2020 and 2019 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.  The impact from fluctuations of the exchange rates for the foreign currencies in the countries in which we conduct operations also partially affected reported revenues. During the three and six months ending June 30, 2020, the change in foreign currency exchange rates decreased consolidated operating revenues by $6.1 million and $9.8 million , respectively.