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Ebix Inc (EBIX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Ebix Inc

CIK: 814549 Ticker: EBIX

Exhibit 99.1

 

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Ebix Announces First Quarter Fiscal Year 2020 Financial Results

JOHNS CREEK, GA – May 11, 2020 – Ebix, Inc. (NASDAQ: EBIX), today announced the following results for the quarter ended March 31, 2020:

 

   

Diluted EPS (GAAP) of $0.81 and Non-GAAP diluted EPS of $0.96

 

   

Operating cash flow of $29.6 million

 

   

Revenues of $137.9 million and constant currency revenues of $ 141.6 million

 

   

GAAP operating income of $34.3 million and Non-GAAP operating income of $39.9 million

Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).

“We are pleased with these results in spite of the headwinds associated with the impact of COVID-19 on our worldwide businesses beginning March 2020. Despite the negative impacts from COVID-19, the Company is still reporting Q1 2020 GAAP EPS of $0.81, operating cash flows of $29.6 million and essentially flat revenues as compared to Q1 2019 on a constant currency basis. We believe that in times like this, our recurring revenue base, product diversity and customer stickiness strength gives us an edge over our competitors in the industries in which we operate.”

Ebix delivered the following results for the first quarter of 2020:

Revenue: Q1 2020 revenue declined 4% to $137.9 million compared to $142.9 million in Q1 2019 and decreased 6% over Q4 2019 revenue of $146.2 million, primarily due to the impact of COVID-19 on March revenues. Excluding revenues from the foreign exchange, travel and remittance businesses that were impacted the most in March by COVID-19, Q1 2020 revenues grew 15% as compared to Q1 2019.

On a constant currency basis, Ebix Q1 2020 revenue decreased 1% to $141.6 million compared to $142.9 million in Q1 2019. Exchanges, including the EbixCash and our worldwide insurance exchanges, continued to be Ebix’s largest channel, accounting for 88% of Q1 2020 revenues.

 

(dollar amounts in thousands)       

Channel

   Q1 2020      Q1 2019      Change  

EbixCash Exchanges

   $ 77,855      $ 77,737        +0

Insurance Exchanges

     44,001        48,015        -8

RCS

     16,020        17,172        -7
  

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 137,876      $ 142,924        -4
  

 

 

    

 

 

    

 

 

 

Total Revenue on Constant Currency Basis

   $ 141.6M      $ 142.9M        -1
  

 

 

    

 

 

    

 

 

 

Operating Income and Operating Cash: GAAP Operating income for Q1 2020 declined 37% to $34.3 million as compared to $54.1 million in Q1 2019, due primarily to the impact of COVID-19 and the $15.4 million reduction of the acquisition accrual for ItzCash in Q1 2019. Non-GAAP operating income for Q1 2020 was $39.9 million.

 

1


The following information was filed by Ebix Inc (EBIX) on Monday, May 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ebix Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited) Condensed Consolidated Statement Of Stockholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Business Combinations
Business Combinations (Narrative) (Details)
Business Combinations (Pro Forma) (Details)
Business Combinations (Tables)
Capitalized Software Development Costs (Details)
Capitalized Software Development Costs (Notes)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Concentrations Of Credit Risk (Details)
Concentrations Of Credit Risk (Notes)
Debt With Commercial Bank
Debt With Commercial Bank (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Accounts Receivables And Allowances) (Details)
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)
Description Of Business And Summary Of Significant Accounting Policies (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Fair Value Textuals) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Finite-Lived Intangible Assets) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Segment Reporting) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies Advertising Costs (Details)
Description Of Business And Summary Of Significant Accounting Policies Capitalized Contract Costs (Details)
Description Of Business And Summary Of Significant Accounting Policies Cash, Cash Equivalents, And Restricted Cash Shown In The Statement Of Cash Flows (Details)
Description Of Business And Summary Of Significant Accounting Policies Deferred Revenue Rollforward (Details)
Description Of Business And Summary Of Significant Accounting Policies Foreign Currency Translation (Details)
Description Of Business And Summary Of Significant Accounting Policies Recent Relevant Accounting Pronouncements (Details)
Description Of Business And Summary Of Significant Accounting Policies Reclassification (Details)
Description Of Business And Summary Of Significant Accounting Policies Revenue Recognition (Details)
Earnings Per Share
Earnings Per Share (Reconciliation Between Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Tables)
Geographic Information
Geographic Information (Revenue By Geographic Locations) (Details)
Geographic Information (Tables)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles (Tables)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles Goodwill (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles Intangibles (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles Notes (Notes)
Income Taxes
Income Taxes (Narrative) (Details)
Investment In Joint Ventures (Details)
Investment In Joint Ventures (Notes)
Leases (Notes)
Leases (Tables)
Leases Lease Costs (Details)
Leases Non Lease Arrangements Future Commitments (Details)
Leases Operating And Finance Lease Liability (Details)
Leases Other Operating And Finance Lease Information (Details) (Details)
Leases Rental Expense (Details)
Other Current Assets (Details)
Other Current Assets (Notes)
Other Current Assets (Tables)
Other Current Liabilities (Details)
Other Current Liabilities (Notes)
Other Current Liabilities (Tables)
Subsequent Events (Details)
Subsequent Events (Notes)
Ticker: EBIX
CIK: 814549
Form Type: 10-Q Quarterly Report
Accession Number: 0000814549-20-000019
Submitted to the SEC: Fri Aug 07 2020 2:38:12 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Computer Integrated Systems Design

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