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Exhibit 99.1
Ebix Reports $28.8M of Operating Cash Flow Despite COVID-19
EBITDA plus stock-based compensation of $36.3 million
JOHNS CREEK, GA August 7, 2020 Ebix, Inc. (NASDAQ: EBIX), today announced the following results for the quarter ended June 30, 2020:
| Diluted EPS (GAAP) of $0.76 and Non-GAAP diluted EPS of $0.88 |
| Operating cash flow of $28.8 million |
| Revenues of $111.3 million and constant currency revenues of $117.4 million |
| GAAP operating income of $31.9 million and Non-GAAP operating income of $35.7 million |
Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).
In spite of the impact of lockdowns, foreign currency hits on account of US dollar strengthening and many of our Divisions being severely impacted by COVID-19 across the world, we are reporting Q220 EBITDA plus stock based compensation of $36.3 million, an impressive 32% of total revenues. Robin Raina, Chairman of the Board, President & CEO said. Also following the Q1 2020 operating cash flow performance of $29.6 million, Q2 2020 operating cash flow remained strong at $28.8 million - showing the continued fundamental strength of our businesses. We are very pleased with that.
Ebix delivered the following results for the second quarter of 2020:
Revenue: Q2 2020 revenue declined 23% to $111.3 million compared to $144.3 million in Q2 2019, and decreased 19% over Q1 2020 revenue of $137.9 million, primarily due to the impact of COVID-19 on second quarter revenues. Excluding revenues from the foreign exchange, travel, e-learning and remittance businesses that were impacted the most in Q2 by COVID-19, Q2 2020 revenues grew 16% as compared to Q2 2019.
On a constant currency basis, Ebix Q2 2020 revenues would have been $6.1 million higher, while the 6- month year-to-date revenues would have been $9.8 million higher as compared to the GAAP revenues numbers reported. Exchanges, including the EbixCash and our worldwide insurance exchanges, continued to be Ebixs largest channel, accounting for 86% of Q2 2020 revenues.
(dollar amounts in thousands) | ||||||||||||
Channel |
Q2 2020 |
Q2 2019 |
Change |
YTD 2020 |
YTD 2019 |
Change | ||||||
EbixCash Exchanges |
$ 53,240 | $ 78,948 | -33% | $ 131,096 | $ 156,685 | -16% | ||||||
Insurance Exchanges |
42,959 | 46,593 | -8% | 86,959 | 94,608 | -8% | ||||||
RCS Insurance |
15,113 | 18,734 | -19% | 31,133 | 35,906 | -13% | ||||||
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Total Revenue |
$ 111,312 | $ 144,275 | -23% | $ 249,188 | $ 287,199 | -13% | ||||||
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Total Revenue on Constant Currency Basis |
$ 117,412 | $144,275 | -19% | $ 259,008 | $ 287,199 | -10% | ||||||
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Ebix Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The year-over-year decrease is primarily due to reduced personnel costs, including travel expenses, of approximately $10 million, reduced rent expense of over $6 million, primarily from COVID-19 related rent waivers in our foreign exchange offices at Indian airports, and reduced bad debt expense recognized in the third quarter of 2020 versus the comparable period in 2019.
This decrease is primarily due to an approximately $19 million year-over-year reduction in personnel costs, including travel expenses, a greater than $16 million reduction in rent expense in 2020 as compared to 2019, arising primarily from COVID-19 related rent waivers in our foreign exchange offices at Indian airports, and a year-over-year comparative decrease in bad debt expense.
Effective January 1, 2019, Ebix acquired the assets of India based Essel Forex, for approximately $8.7 million, plus possible future contingent earn-out payments of up to $721 thousand based on earned revenues.
We intend to utilize cash flows generated by our operations, cash on hand, bank- or institutional-provided corporate debt facilities, and the possible issuance of additional equity or debt securities, to fund capital expenditures and organic growth initiatives, to make strategically accretive business acquisitions, and to re-purchase shares of our common stock as market conditions warrant.
Amortization and Depreciation Expenses Amortization and depreciation expenses decreased $234 thousand, or 6%, to $3.4 million in the third quarter of 2020 as compared to $3.6 million in the third quarter of 2019, primarily due to reduced amortization of certain acquired intangible assets.
In addition, while we have...Read more
Although we have not experienced...Read more
Interest Income Interest income decreased...Read more
Accordingly, EbixCash recognizes revenue upon...Read more
Product development expenses decreased $2.5...Read more
Product Development Expenses Product development...Read more
43 Table of Contents Recent...Read more
These services, along with the...Read more
Interest Income Interest income decreased...Read more
Interest Expense Interest expense decreased...Read more
The following accounting policies involve...Read more
EbixCash's Travel revenue is also...Read more
Income Taxes The Company recorded...Read more
Interest Expense Interest expense decreased...Read more
Sales and Marketing Expenses Sales...Read more
Reported revenues were negatively impacted...Read more
Reported revenues were also negatively...Read more
The Company determines revenue recognition...Read more
Consumer Payment Services EbixCash offers...Read more
Sales and Marketing Expenses Sales...Read more
Effective January 1, 2019, Ebix...Read more
The impact from fluctuations of...Read more
The impact from fluctuations of...Read more
These revenues vary by transaction...Read more
During the twelve months ended...Read more
Business Combinations The Company seeks...Read more
Contingent accrued earn-out acquisition consideration...Read more
The table below provides an...Read more
Professional services, particularly related to...Read more
General and Administrative Expenses General...Read more
Revenues impacted by COVID-19 through...Read more
Revenue accounted for as variable...Read more
Investing Activities Net cash used...Read more
Revenues for time and materials...Read more
Revenues for time and materials...Read more
Liquidity and Capital Resources The...Read more
In the majority of EbixCash's...Read more
General and Administrative Expenses 39...Read more
To the extent that a...Read more
Such restrictions or orders, or...Read more
With respect to business acquisitions...Read more
Such judgments and assumptions could...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Ebix Inc provided additional information to their SEC Filing as exhibits
Ticker: EBIX
CIK: 814549
Form Type: 10-Q Quarterly Report
Accession Number: 0000814549-20-000026
Submitted to the SEC: Mon Nov 09 2020 4:00:40 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Computer Integrated Systems Design