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

Ebix Inc

CIK: 814549 Ticker: EBIX

Exhibit 99.1

 

LOGO

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 Q2’20 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 Ebix’s 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%
  

 

  

 

  

 

  

 

  

 

  

 

Total Revenue

   $ 111,312    $ 144,275    -23%    $ 249,188    $ 287,199    -13%
  

 

  

 

  

 

  

 

  

 

  

 

Total Revenue on Constant Currency Basis

   $ 117,412    $144,275    -19%    $ 259,008    $ 287,199    -10%
  

 

  

 

  

 

  

 

  

 

  

 


The following information was filed by Ebix Inc (EBIX) on Friday, August 7, 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
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statement Of Stockholders' Equity
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Business Combinations
Business Combinations (Narrative) (Details)
Business Combinations (Pro Forma) (Details)
Business Combinations (Tables)
Capitalized Software Development Costs
Capitalized Software Development Costs (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Concentrations Of Credit Risk
Debt
Debt (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 (Advertising Costs) (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 (Cash, Cash Equivalents, And Restricted Cash Shown In The Statement Of Cash Flows) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Contract Liabilities) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Costs To Obtain And Fulfill A Contract) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Description Of Business Segment Reporting) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Foreign Currency Translation) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Goodwill And Finite-Lived Intangible Assets) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Quantitative Information About Level 3 Fair Value Measurements) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Restricted Cash Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Revenue Recognition) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
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
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles ( Finite-Lived And Indefinite-Lived Intangible Assets) (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles (Goodwill) (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Investment In Joint Ventures
Investment In Joint Ventures (Details)
Leases
Leases (Lease Costs) (Details)
Leases (Narrative) (Details)
Leases (Non Lease Arrangements Future Commitments) (Details)
Leases (Operating And Finance Lease Liability) (Details)
Leases (Other Operating And Finance Lease Information) (Details)
Leases (Tables)
Other Current Assets
Other Current Assets (Details)
Other Current Assets (Tables)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
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

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