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Ebix Inc (EBIX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Ebix Inc

CIK: 814549 Ticker: EBIX

Exhibit 99.1

 

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Ebix Announces Second Quarter Fiscal Year 2021 Financial Results

JOHNS CREEK, GA – August 9, 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 announced the following results for the quarter ended June 30, 2021:

 

   

Revenues of $246.3 million

 

   

GAAP operating income of $27.3 million and Non-GAAP operating income of $33.9 million

 

   

GAAP Diluted EPS of $0.51 and Non-GAAP diluted EPS of $0.76

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

“Q2 2021 was severely impacted by the second wave of COVID-19, with most of Brazil and India coming to almost a standstill for two months. This impacted our revenues not only in these two countries but the United States too, as we experienced an acute shortage of personnel to execute business in hand. Our bank interest costs sequentially were higher by $3.3 million in Q2 2021 on lower bank debt than in Q1 2021. We had to restore software developer salaries back from the cuts we had put in place last year, while COVID-19 continued to impact our business.” Robin Raina, President & CEO, Ebix Inc. said, “Considering that, I am pleased that we still delivered a quarter with $246.3 million of revenues and $27.3 million of operating income. This speaks to the fundamental resilience of our business.”

Ebix delivered the following results for the second quarter of 2021:

Revenue: Q2 2021 revenue increased 121% to $246.3 million compared to $111.3 million in Q2 2020. Excluding revenues from the foreign exchange, travel, e-learning, and remittance businesses that have been impacted the most by COVID-19, Q2 2021 revenues grew 125% as compared to Q2 2020.

Out of 11 P&L geographies worldwide, revenues grew in nine regions by double digits or more, while declining in two regions. Despite COVID-19, insurance revenues outside the U.S. grew by a healthy 16% year over year to $19.1 million in the quarter, offset by a 10% year-over-year decline in the U.S.. Sequentially, U.S. insurance revenues were essentially flat as compared to Q1 2021. International revenues increased 200% year over year.

Exchanges, including the EbixCash and our worldwide insurance exchanges, continued to be Ebix’s largest channel, accounting for 94% of Q2 2021 revenues.

 

(dollar amounts in thousands)       

Channel

   Q2 2021      Q2 2020      Change  

EbixCash Exchanges

   $ 189,947      $ 53,240        +257

Insurance Exchanges

     41,916        42,959        -2

RCS

     14,459        15,113        -4
  

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 246,322      $ 111,312        +121
  

 

 

    

 

 

    

 

 

 

Total Revenue on Constant Currency Basis

   $ 240,003      $ 111,312        +116
  

 

 

    

 

 

    

 

 

 

 

1


The following information was filed by Ebix Inc (EBIX) on Monday, August 9, 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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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 (Parenthetical)
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 - Additional Information (Details)
Capitalized Software Development Costs
Capitalized Software Development Costs (Details)
Commitments And Contingencies
Commitments And Contingencies (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 (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
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 (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 - 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 - Fiduciary Funds (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 - Quantitative Information About Level 3 Fair Value Measurements (Details)
Description Of Business And Summary Of Significant Accounting Policies - Restricted Cash (Details)
Description Of Business And Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Reconciliation Between Basic And Diluted Earnings Per Share (Details)
Geographic Information
Geographic Information (Tables)
Geographic Information - Revenue By Geographic Locations (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles (Tables)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles - Finite-Lived And Indefinite-Lived Intangible Assets (Details)
Goodwill, Finite-Lived, And Indefinite-Lived Intangibles - Goodwill (Details)
Income Taxes
Income Taxes (Details)
Investment In Joint Ventures
Investment In Joint Ventures (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
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)
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: 0001628280-21-022442
Submitted to the SEC: Tue Nov 09 2021 12:10:12 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Computer Integrated Systems Design

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