Ebix’s revenue increases 35% YoY
For the quarter ended September 30, 2022, Ebix, Inc. has reported revenues of USD 257.9 million, a 35% YoY increase. Q3 2022 revenue increased 35% to USD 257.9 million compared to USD 191.7 million in Q3 2021. On a constant currency basis, Q3 2022 revenues increased 43% year-over-year and would have been USD 16.9 million higher in the quarter but for foreign currency rate changes.
It recorded GAAP operating income of USD 30.4 million and Non-GAAP operating income of USD 33.6 million, and GAAP Diluted EPS of USD 0.59 and Non-GAAP diluted EPS of USD 0.70.
Robin Raina, President & CEO, said, “On a constant currency basis, our Q3 2022 revenues grew by 43% year-over-year (“YoY”) to USD 274.8 million. We experienced the largest negative quarterly impact on reported revenues in Q3 2022 that we have seen in more than five years. Despite that reality our worldwide revenues increased 35% YoY and, excluding pre-paid cards, grew 29% YoY in Q3 2022. The main contributors to this strong growth were the Company’s EbixCash travel and foreign exchange/outward remittance revenues that grew a combined 145% YoY, EbixCash payment solutions revenues (primarily prepaid gift cards) growth of 39%, EbixCash BPO revenues YoY growth of 42%, Latin American revenue YoY growth of 55%, US Annuitynet revenue growth of 16% YoY, and e-learning revenue YoY growth of 110%. Our EbixCash exchange revenues, excluding our prepaid gift card business, generated 82% YoY growth in revenues in Q3 2022.”
Raina said, “The companys’ RCS channel revenues grew 14% YoY in Q3 2022, while the insurance channel revenues decreased YoY by 2%. However, on a constant currency basis the insurance channel revenues were slightly higher in Q3 2022 YoY. The Company generated GAAP operating income of $30.4 million and EBITDA plus stock-based compensation of USD 35.8 million in Q3 2022. Year-to-date the Company has generated USD 107.1 million of EBITDA plus stock-based compensation. I am pleased with these results as they are in spite of the substantial negative effects of currency headwinds on both our revenues and operating income.”
Raina added, “We are confident of addressing the debt maturity and are pursuing a number of avenues to that extent. These avenues include the engagement of a reputed global investment bank in the US to act as our advisor to refinance the debt, securing pre-IPO investments in EbixCash through our India investment bankers, active engagement with a few international financial institutions to seek financing in Ebix, active engagement with a few banks to secure loans in India and of course the launch of the EbixCash IPO at the earliest. We have reason to believe that we can succeed on many of these fronts. We are expecting to report progress on a few of these fronts soon. Our goal remains to seek a structure that is in the best interests of all of our stakeholders and to carve a future for Ebix which could require materially reduced debt once the EbixCash IPO is launched and closed.”