Exhibit 99.1

 

LOGO

EBIX REPORTS GAAP DILUTED EPS OF $3.02 ON RECORD REVENUES OF $625.6

MILLION AND OPERATING CASH OF $100.4 MILLION

JOHNS CREEK, GA – April 27, 2021 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today reported fiscal 2020 fourth quarter (“Q4 2020”) and full year results for the periods ended December 31, 2020. Ebix will host a conference call to review its results today at 11:00 a.m. EST (details below).

Ebix Chairman, President and CEO Robin Raina said, “We are pleased that we were able to deliver stellar financial results in 2020, in spite of the tremendous negative impact of Covid-19 across several major areas of our global operations. In 2020, the Company produced cash flows from operations of $100.4 million as compared to $60.8 million in 2019. We are pleased with that cash flow generation, as it speaks to the diversity and fundamental strength of our businesses worldwide.”

Ebix delivered the following results for its fiscal fourth quarter and fiscal year 2020:

Revenue: Fiscal year 2020 revenue increased 8% to $625.6 million as compared to fiscal year 2019, and Q4 2020 revenue increased 52% year-over-year to $222.1 million versus Q4 2019.

On a constant currency basis, Ebix 2020 revenues increased 12% to $647.5 million vs. $580.6 million in 2019. Exchanges, including the EbixCash and Insurance Exchanges worldwide, continued to be Ebix’s largest channel, accounting for 91% of our fiscal year 2020 revenues.

 

(dollar amounts in thousands)  

Channel

   Q4 2020      Q4 2019      Change     2020      2019      Change  

EbixCash Exchanges

   $ 160,425      $ 81,184        +98   $ 388,293      $ 319,953        +21

Insurance Exchanges

     48,770        48,074        +1     178,111        190,067        -6

RCS – Insurance

     12,920        16,925        -24     59,205        70,595        -16
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 222,115      $ 146,183        +52   $ 625,609      $ 580,615        +8
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Revenue on Constant Currency Basis

   $ 228,162      $ 146,183        +56   $ 647,511      $ 580,615        +12
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Operating Income and Operating Cash: Q4 2020 GAAP operating income decreased 19% to $27.7 million as compared to $34.2 million in Q4 2019, primarily because of a one-time impairment charge of $6.2 million taken in Q4 2020 related to the Company’s Ebix Health Administration joint venture (“EHAE”) and the impact of Covid-19 on our worldwide businesses throughout fiscal year 2020. In Q4 2020, the Company generated $28.6 million of cash flows from operations.

GAAP operating income for 2020 declined 19% to $125.8 million as compared to $155.7 million in 2019. Non-GAAP operating income for 2020 was $147.7 million.


In 2020, the Company generated cash flows from operations of $100.4 million as compared to $60.8 million in 2019 in spite of the effect of Covid-19 on our worldwide businesses during 2020.

Earnings per Share: For the full fiscal year 2020, GAAP diluted earnings per share declined 4% to $3.02 from $3.16 in 2019. Excluding the one-time non-recurring items, non-GAAP diluted earnings per share for 2020 was $3.70.

Q4 2020 GAAP diluted earnings per share declined 10% to $0.64 from $0.71 in Q4 2019, primarily because of the one-time EHAE impairment charge in Q4 2020. Excluding the one-time non-recurring items, non-GAAP diluted earnings per share in Q4 2020 was $0.94.

Net Income: Full year 2020 GAAP net income decreased 4% to $92.4 million compared to $96.7 million in 2019. Fiscal year 2020 Non-GAAP net income was $113.1 million after excluding certain non-recurring items.

Q4 2020 GAAP net income decreased 10% to $19.5 million as compared to $21.7 million in Q4 2019. Q4 2020 Non-GAAP net income was $28.7 million after excluding certain non-recurring items.

Q1 2021 Diluted Share Counts: Ebix expects its diluted share count to be approximately 30.7 million in Q1 2021.

Dividend: Ebix paid its regularly quarterly dividend of $0.075 per share in Q4 2020 for a total cost of $2.3 million.

Robin said, “We grew our overall revenues 44% sequentially and 52% year over year in Q4 of 2020. We took a $6.2 million charge in Q4 2020 on account of a one-time impairment of our TPA business (EHAE), without which our operating income in Q4 2020 would have been $34 million. Our Non-GAAP operating margin for the Company, excluding the lower margin payment solutions business, was 41.2% in the fourth quarter of 2020. This number excludes the additional impact of foreign exchange variations, which on a constant currency basis, would have added approximately $6 million to our Q4 2020 revenues and, accordingly, would have resulted in an additional increase in our income.”

Steve Hamil, EVP and Global CFO added, “During 2020, the Company cumulatively spent $117.7 million, including $29.5 million for cash interest related to outstanding debt, $21.3 million for tax payments, $20.7 million for scheduled principal payments on the term loan, $14.3 million for acquisition-related activities, $10.9 million reducing our working capital facilities in India, $9.2 million for dividend payments, $6.5 million for acquisition earn-out payments and $5.3 million for capital expenditures. Considering that level of expenditures, our cash, cash equivalents, short term investments and restricted cash were $138.6 million at 12/31/20 vs $112.7 million at 12/31/19. Total debt, including the working capital facilities, short term debt, current portion of long-term debt, long-term debt, and the revolving line of credit, stood at $712.7 million at December 31, 2020 versus $744.1 million at December 30, 2019, a year-over-year reduction of $31.4 million. The Company has made an additional $25.6 million in term loan payments related to its senior secured credit facility since 12/31/20.”

Reconciliation of GAAP operating income, net income and diluted earnings per share to non-GAAP operating income, net income and diluted earnings per share. Non-GAAP information is provided to enhance the understanding of the Company’s financial performance and is reconciled to the Company’s GAAP information in the accompanying tables.

Full Year 2020

 

     Net Income      Diluted EPS  

2020 GAAP Net Income

   $ 92,377      $ 3.02  

2020 GAAP Operating Income

   $ 125,802     

Non-GAAP Adjustments:

     

Amortization of Intangibles (1)

   $ 9,499      $ 0.31  


Stock-Based Compensation (1)

   $ 4,792      $ 0.16  

EHAE Intangible Impairment in Q4 2020 (2)

   $ 6,168      $ 0.20  

One-time Legal Costs (3)

   $ 1,478      $ 0.05  

Income Tax Effects of Non–GAAP Adjustments (4)

   ($ 1,242    ($ 0.04

Total Non-GAAP Adjustments (Operating Income)

   $ 21,937     

Total Non-GAAP Adjustments (Net Income)

   $ 20,695      $ 0.68  

Full Year 2020 Non-GAAP Net Income

   $ 113,072      $ 3.70  

Full Year 2020 Non-GAAP Operating Income

   $ 147,739     

Q4 2020

 

     Net Income      Diluted EPS  

Q4 2020 GAAP Net Income

   $ 19,497      $ 0.64  

Q4 2020 GAAP Operating Income

   $ 27,740     

Non-GAAP Adjustments:

     

Amortization of Intangibles (1)

   $ 2,379      $ 0.08  

Stock-Based Compensation (1)

   $ 1,335      $ 0.04  

EHAE Intangible Impairment in Q4 2020 (2)

   $ 6,168      $ 0.20  

One-time Legal Costs (3)

   $ 658      $ 0.02  

Income Tax Effects of Non–GAAP Adjustments (5)

   ($ 1,352    ($ 0.04

Total Non-GAAP Adjustments (Operating Income)

   $ 10,540     

Total Non-GAAP Adjustments (Net Income)

   $ 9,188      $ 0.30  

Fourth Quarter 2020 Non-GAAP Net Income

   $ 28,685      $ 0.94  

Fourth Quarter 2020 Non-GAAP Operating Income

   $ 38,280     

 

(1)

Adjustments related to amortization of acquired intangibles and stock-based compensation recognized during the periods for GAAP purposes.

(2)

Adjustment relates to an intangible asset impairment recorded in Q4 2020 at our Ebix Health Administration Exchange joint venture.

(3)

Non-recurring legal costs recorded during the periods for GAAP purposes.

(4)

Non-GAAP adjustment is based on the 2020 effective tax rate, which reflects currently available information and could be subject to change.

(5)

Non-GAAP adjustment is based on the Q4 2020 effective tax rate, which reflects currently available information and could be subject to change.

Conference Call Details:

 

Call Date/Time:   
Tuesday, April 27, 2021 at 11:00 a.m. EST
Call Dial-In:    +1-877-837-3909 or 1-973-409-9690; Call ID # 4957948
Live Audio Webcast:    www.ebix.com/webcast
Audio Replay URL:    www.ebix.com/result_20_Q4 after 2:00 p.m. EST on April 27, 2021


About Ebix, Inc.

With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’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 CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

With a “Phygital” strategy that combines over 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 20 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata, combined conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business in India processes approximately $5 billion in gross annual remittance volume (pre-COVID-19) and is the clear market leader. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, combined processing an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19).

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com

SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS

As used herein, the terms “Ebix,” “the Company,” “we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.

The information contained in this Press Release contains forward-looking statements and information within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company’s products by the market, and management’s plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,” “project,” “continue,” “predict,” “will,” “should,” and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.

Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K and subsequent reports filed with the SEC, as well as: the ongoing effects of the Covid-19 global pandemic, the potential impacts of RSM’s resignation; the risk of litigation or regulatory action arising from RSM’s resignation and the resulting failure to failure to timely file the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Annual Report”); possible default by the Company under its credit facility; potential reputational damage that the Company may suffer as a result of these matters; the impact of these matters on the value of the Company’s stock; the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company’s ability to gain or


maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in Australia and India wherein we have significant operations); equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and international conflict, including terrorist acts.

Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.

Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.

You may obtain our SEC filings at our website, www.ebix.com under the “Investor Information” section, or over the Internet at the SEC’s web site, www.sec.gov.

CONTACT:

Darren Joseph    

678 -281-2027 or IR@ebix.com

David Collins, Chris Eddy

Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com


Ebix, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

     Year Ended December 31,  
     2020     2019     2018  
     (In thousands, except per share
amounts)
 

Operating revenue:

   $ 625,609   $ 580,615   $ 497,826

Operating expenses:

      

Costs of services provided

     343,262     205,165     168,415

Product development

     35,267     45,302     39,078

Sales and marketing

     13,835     19,578     17,587

General and administrative, net

     87,537     140,429     108,475

Amortization and depreciation

     13,738     14,468     11,292

Impairment of intangible asset

     6,168     —         —    
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     499,807     424,942     344,847

Operating income

     125,802     155,673     152,979

Interest income

     167     629     436

Interest expense

     (31,578     (42,332     (27,101

Non-operating income

     153     337     60

Non-operating expense - litigation settlement (see Note 5)

     —         (21,140     —    

Foreign currency exchange loss

     (387     (2,376     (792
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     94,157     90,791     125,582

Income tax provision

     (5,330     (220     (32,501
  

 

 

   

 

 

   

 

 

 

Net income including noncontrolling interest

   $ 88,827   $ 90,571   $ 93,081
  

 

 

   

 

 

   

 

 

 

Net loss attributable to noncontrolling interest (see Note 17)

     (3,550     (6,149     (58
  

 

 

   

 

 

   

 

 

 

Net income attributable to Ebix, Inc.

   $ 92,377   $ 96,720   $ 93,139
  

 

 

   

 

 

   

 

 

 

Basic earnings per common share

   $ 3.03   $ 3.17   $ 2.97

Diluted earnings per common share

   $ 3.02   $ 3.16   $ 2.95

Basic weighted average shares outstanding

     30,510     30,511     31,393

Diluted weighted average shares outstanding

     30,571     30,594     31,534

See accompanying notes to the consolidated financial statements.


Ebix, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

     December 31,  
     2020      2019  
     (In thousands, except share
and per share amounts)
 

ASSETS

     

Current assets:

     

Cash and cash equivalents

     105,035      73,228

Receivables from service providers

     4,711      25,607

Short-term investments

     25,019      4,443

Restricted cash

     8,519      35,051

Fiduciary funds - restricted

     4,106      4,966

Trade accounts receivable, less allowances of 22,691 and 21,696, respectively

     142,847      153,565

Other current assets

     71,661      67,074
  

 

 

    

 

 

 

Total current assets

     361,898      363,934
  

 

 

    

 

 

 

Property and equipment, net

     52,521      48,421

Right-of-use assets

     12,372      19,544

Goodwill

     949,037      952,404

Intangibles, net

     50,880      46,955

Indefinite-lived intangibles

     21,647      42,055

Capitalized software development costs, net

     19,389      19,183

Deferred tax assets, net

     63,402      69,227

Other assets

     38,707      29,896
  

 

 

    

 

 

 

Total assets

   $ 1,569,853    $ 1,591,619
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable and accrued liabilities

   $ 64,764    $ 84,735

Payables to service agents

     5,281      12,196

Accrued payroll and related benefits

     11,792      8,755

Working capital facilities

     16,643      28,352

Fiduciary funds - restricted

     4,106      4,966

Short-term debt

     894      1,167

Contingent liability for earn-out acquisition consideration

     —          8,621

Current portion of long-term debt, net of deferred financing costs of $920 and $575 thousand, respectively

     23,621      22,091

Contract liabilities

     32,898      28,712

Lease liability

     3,905      5,955

Other current liabilities

     27,486      29,335
  

 

 

    

 

 

 

Total current liabilities

     191,390      234,885
  

 

 

    

 

 

 

Revolving line of credit

     439,402      438,037

Long-term debt, less current portion, net of deferred financing costs of $1,062 and $1,534, respectively

     232,140      254,467

Contingent liability for earn-out acquisition consideration

     —          1,474

Contract liabilities

     8,033      8,541

Lease liability

     8,540      13,196

Deferred tax liability, net

     1,235      1,235


Other liabilities

     29,009     40,339
  

 

 

   

 

 

 

Total liabilities

     909,749     992,174
  

 

 

   

 

 

 

Commitments and Contingencies, Note 5

    

Stockholders’ equity:

    

Preferred stock, $.10 par value, 500,000 shares authorized, no shares issued and outstanding at December 31, 2020 and 2019

           —    

Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at December 31, 2020 and no shares authorized, issued and outstanding at December 31, 2019

     —         —    

Common stock, $.10 par value, 220,000,000 shares authorized, 30,515,334 issued and outstanding at December 31, 2020 and 30,492,044 issued and outstanding at December 31, 2019

     3,052     3,049

Additional paid-in capital

     11,126     6,960

Retained earnings

     700,304     618,503

Accumulated other comprehensive loss

     (101,503     (78,398
  

 

 

   

 

 

 

Total Ebix, Inc. stockholders’ equity

     612,979     550,114

Noncontrolling interest (see Note 17)

     47,125     49,331
  

 

 

   

 

 

 

Total stockholders’ equity

     660,104     599,445
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,569,853   $ 1,591,619
  

 

 

   

 

 

 

See accompanying notes to the consolidated financial statements.


Ebix, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

     Year Ended December 31,  
     2020     2019     2018  
     (In thousands)  

Cash flows from operating activities:

      

Net income attributable to Ebix, Inc.

   $ 92,377   $ 96,720   $ 93,139

Net (loss) income attributable to noncontrolling interest

     (3,550     (6,149     (58

Adjustments to reconcile net income to cash provided by operating activities:

      

Depreciation and amortization

     13,738     14,468     11,292

Provision for doubtful accounts

     1,749     12,325     3,571

Provision for deferred taxes, net of acquisitions and effects of currency translation

     5,114     (15,525     (13,043

Unrealized foreign exchange losses

     —         1,104     606

Amortization of right-of-use assets

     6,100     7,144     —    

Amortization of capitalized software development costs

     3,367     2,696     2,233

Share-based compensation

     4,792     3,397     2,811

Reduction of acquisition earn-out contingent liability

     (3,105     (16,543     (1,391

Cash paid for acquisition earn-out

     (6,453     —         (3,831

Intangible asset impairment

     6,168     —         —    

Changes in current assets and liabilities, net of acquisitions:

      

Accounts receivable

     3,258     (22,977     15,839

Receivables from service providers

     20,896     10,950     (36,557

Payables to service agents

     (6,915     (13,455     25,651

Other assets

     (10,487     (8,351     (8,486

Accounts payable and accrued expenses

     (14,569     (19,624     (11,787

Accrued payroll and related benefits

     2,100     (661     (788

Lease liabilities

     (5,700     (6,878     (360

Reserve for potential uncertain income tax return positions

     —         (95     149

Other liabilities

     (12,204     30,396     13,205

Contract liabilities

     3,680     (8,149     (8,740
  

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     100,356     60,793     83,455
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Cash paid for acquisitions, net of cash acquired

     (14,276     (105,466     (232,557

Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business and other investment

     —         (5,348     4,996

Maturities (purchases) of marketable securities

     (20,964     27,015     (4,087

Capitalized software development costs

     (4,229     (7,989     (8,079

Capital expenditures

     (5,337     (4,908     (8,032
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (44,806     (96,696     (247,759
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Proceeds from / (payment) to revolving line of credit, net

     1,364     13,500     150,008

Proceeds from term loan

     —         —         175,500

Principal payments on term loan obligation

     (20,711     (15,063     (10,016

Payments on short-term notes, net

     —         6,450     (8,341

Working capital facilities

     (10,927     19,079     (8,094

Repurchase of common stock

     —         (12,952     (40,820


Payments of long term debt

     (271     (686     (80

Payments for capital lease obligations

     (210     —         (6

Proceeds from exercise of common stock options

     636     —         439

Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested

     (2,589     (230     (467

Dividends paid

     (9,245     (9,193     (9,316
  

 

 

   

 

 

   

 

 

 

Net cash (used) provided by financing activities

     (41,953     905     248,807
  

 

 

   

 

 

   

 

 

 

Effect of foreign exchange rates on cash and cash equivalents

     (4,753     (3,314     (5,689

Net change in cash and cash equivalents, and restricted cash

     8,844     (38,312     78,814

Cash and cash equivalents, and restricted cash at the beginning of the year

     111,369     149,681     70,867
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, and restricted cash at the end of the year

   $ 120,213   $ 111,369   $ 149,681
  

 

 

   

 

 

   

 

 

 

Supplemental disclosures of cash flow information:

      

Interest paid

     29,498     41,143     25,690

Income taxes paid

     21,321     24,041     10,149

See accompanying notes to the consolidated financial statements.

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