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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 ofOn-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 Ebixs largest channel, accounting for 91% of our fiscal year 2020 revenues.
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Total Revenue on Constant Currency Basis
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 Companys 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.
The following information was filed by Ebix Inc (EBIX) on Wednesday, April 28, 2021 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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