JOHNS CREEK, Ga., Nov. 09, 2021 (GLOBE NEWSWIRE) — Ebix, Inc. (NASDAQ: EBIX), a number one worldwide provider of On-Demand software program and E-commerce providers to the insurance coverage, monetary, e-governance and healthcare industries in the present day introduced the next outcomes for the quarter ended September 30, 2021:

  • Revenues of $191.7 million
  • GAAP working earnings of $28.1 million and Non-GAAP working earnings of $35.Three million
  • GAAP Diluted EPS of $0.50 and Non-GAAP diluted EPS of $0.72.

Ebix will host a convention name to overview its outcomes in the present day at 11:00 a.m. EDT (particulars under).

“Pay as you go card revenues grew by 53% in Q3 2021 as in comparison with Q3 2020 whereas declining 38% sequentially as in comparison with Q2 2021. Our worldwide revenues excluding pay as you go playing cards grew 5% sequentially and 4% 12 months over 12 months in Q3 2021. US revenues grew 1.5% sequentially whereas EbixCash revenues excluding the pre-paid playing cards enterprise grew 12% sequentially. Our RCS revenues grew 8% sequentially and three% 12 months over 12 months in Q3 2021.” Robin Raina, President & CEO, Ebix Inc. stated. “I’m happy that we have been capable of ship these numbers whereas preventing non permanent COVID-19 associated points that had a cloth impression on a few of our income traces.”

“Our financial institution curiosity prices have been $0.6 million larger sequentially and $3.7 million larger 12 months over 12 months in Q3 2021, although our financial institution debt was decrease by $42.7 million in Q3 2021 as in comparison with Q3 2020. We needed to take the impression of considerable will increase in software program developer salaries from the cuts we had put in place final 12 months, whereas COVID-19 continued to impression our enterprise. We incurred considerably elevated authorized {and professional} prices as in comparison with Q2 2021.” Robin added, “Despite all that, we’re reporting $18.2 million in working money flows in Q3 2021 as in comparison with $13.1 million in Q2 2021 and $28.1 million in Q3 2021 working earnings as in comparison with $27.Three million in Q2 2021. I’m happy with these developments as they converse to the basics of the corporate.”

Ebix delivered the next outcomes for the third quarter of 2021:

Income: Q3 2021 income elevated 24% to $191.7 million in comparison with $154.Three million in Q3 2020.

Out of 10 main geographies worldwide, revenues grew 12 months over 12 months in seven areas, whereas declining in three areas. Regardless of the impression of COVID-19, particularly on our consulting revenues, insurance coverage revenues worldwide have been basically flat 12 months over 12 months. Sequentially, U.S. insurance coverage revenues grew 1.5% as in comparison with Q2 2021.

Exchanges, together with EbixCash and our worldwide insurance coverage exchanges, continued to be Ebix’s largest channel, accounting for 93% of Q3 2021 revenues.

(greenback quantities in 1000’s)    
Channel Q3 2021 Q3 2020 Change
EbixCash Exchanges $ 135,284   $ 96,772 +39.8 %
Insurance coverage Exchanges   42,199     42,382 -0.4 %
RCS   15,607     15,151 +3.0 %
Overlapping Income (1)   (1,354 )   0 NM  
Complete Income $ 191,736   $ 154,305 +24.3 %
Complete Income on Fixed Foreign money Foundation $ 190,649   $ 160,461 +18.8 %

(1) Overlapping income pertains to RCS revenues realized inside EbixCash throughout Q321

Working Revenue and Working Money: GAAP Working earnings for Q3 2021 of $28.1 million elevated 3% sequentially from $27.Three million in Q2 2021 and decreased 12% year-over-year as in comparison with $31.9 million in Q3 2020, primarily attributable to elevated authorized {and professional} charges and the elevated value of salaries in Q3 2021. In Q2 2020, the Firm diminished compensation ranges for a lot of of its workers in essentially the most negatively COVID-19 impacted enterprise areas. The Firm reversed the overwhelming majority of 2020’s wage changes in Q2 2021 and supplied wage will increase to all software program growth workers, leading to a year-over-year enhance of roughly $Three million in personnel-related prices. These steps have been taken to retain and inspire our worker base to assist the anticipated development in enterprise as the consequences of COVID-19 subside over the following few months.

Non-GAAP working earnings for Q3 2021 was basically flat at $35.Three million as in comparison with $35.Eight million in Q3 2020.

Money generated from operations in Q3 2021 was $18.2 million, as in comparison with $13.Four million in Q3 2020 and $13.1 million in Q2 2021.

Earnings per Share: Q3 2021 GAAP diluted earnings per share was at $0.50 as in comparison with $0.80 in Q3 2020. The drop was attributable to quite a lot of extra-ordinary objects detailed out within the GAAP to Non-GAAP reconciliation desk under (equal of $0.22 in diluted earnings per share) and the $3.7 million 12 months over 12 months enhance in financial institution curiosity bills (equal of $0.12 in diluted earnings per share). Non-GAAP diluted earnings per share for Q3 2021 was $0.72.

Web Revenue: Q3 2021 GAAP internet earnings decreased 37.4% to $15.5 million in comparison with $24.7 million in Q3 2020. Q3 2021 non-GAAP internet earnings was $22.Three million.

This autumn 2021 Diluted Share Rely: As of in the present day, Ebix expects its diluted share depend for This autumn 2021 to be roughly 30.Eight million.

Dividend: Ebix paid its common quarterly dividend of $0.075 per share in Q3 2021 for a complete value of $2.Three million.

“We’re persevering with to work in direction of a potential EbixCash IPO. We just lately filed the audit report signed by two impartial auditors, particularly Walker Chandiok (Grant Thornton India) and Ok G Somani, for our Ebix Funds subsidiary, which incorporates our pay as you go present card enterprise for the 12 months ended March 31, 2021, together with 9 different EbixCash subsidiary audits. The three-year audit for the remaining subsidiaries and the EbixCash consolidated entity by the 2 audit corporations, resulting in the Draft Crimson Herring Prospectus (DRHP) is in course of at current.” Ebix Chairman, President and CEO Robin Raina stated. “The EbixCash impartial Board will quickly resolve the main points across the potential IPO.”

Steve Hamil, EVP and World CFO added, “The Firm continues to supply substantial working money flows within the face of COVID-19 headwinds, producing $40 million year-to-date in 2021. Regardless of the cumulative spending within the 9-month interval of roughly $101 million on repayments of debt, money curiosity funds, capital expenditures and capitalized software program growth prices, dividend funds, money taxes and discount of outstandings in India working capital amenities, our whole money and money equivalents, restricted money and short-term investments was $109.Eight million at 9/30/21, as in comparison with $120.Four million at 09/30/20. As of 09/30/21, our whole debt was $50 million decrease than whole debt on 09/30/20. Additionally, our working capital was a stable $175.5 million as of 09/30/21 as in comparison with $148.6 million as of 09/30/20.”

Reconciliation of GAAP working earnings, internet earnings and diluted earnings per share to non-GAAP working earnings, internet earnings and diluted earnings per share. Non-GAAP data is supplied to reinforce the understanding of the Firm’s monetary efficiency and is reconciled to the Firm’s GAAP data within the accompanying tables.

Q3 2021

  Web Revenue Diluted EPS
Q3 2021 GAAP Web Revenue $15,451   $0.50  
Q3 2021 GAAP Working Revenue $28,136    
Non-GAAP Changes:    
Amortization of Intangibles (1) $2,684   $0.09  
Inventory-Based mostly Compensation (1) $1,317   $0.04  
One-time Authorized and Skilled Providers Prices (2) $1,877   $0.06  
Non-recurring non-operating expense (3) $1,262   $0.04  
Revenue Tax Results of Non–GAAP Changes (4) ($331)   ($0.01)  
Complete Non-GAAP Changes (Working Revenue) $7,140    
Complete Non-GAAP Changes (Web Revenue) $6,809   $0.22  
Third Quarter 2021 Non-GAAP Web Revenue $22,260   $0.72  
Third Quarter 2021 Non-GAAP Working Revenue $35,276    

(1) Changes associated to amortization of acquired intangibles and stock-based compensation acknowledged in the course of the durations for GAAP functions.
(2) Non-recurring authorized {and professional} providers prices recorded in the course of the interval for GAAP functions.
(3) Non-recurring non-operating expense that’s unrelated to any working actions.
(4) Non-GAAP adjustment relies on the Q3 2021 efficient tax charge, which displays presently obtainable data and could possibly be topic to alter.

Non-GAAP Monetary Measures and Different Metrics

This press launch incorporates the next non-GAAP monetary measures: non-GAAP internet earnings, non-GAAP working earnings and non-GAAP diluted earnings per share. Non-GAAP working earnings , non-GAAP internet earnings and non-GAAP diluted earnings per share from operations exclude amortization of intangibles, stock-based compensation, in addition to sure non-recurring bills that aren’t related to our ongoing working enterprise actions.

Ebix believes that these non-GAAP monetary measures and different metrics present helpful data to administration and traders concerning sure monetary and enterprise developments regarding Ebix’s monetary situation and outcomes of operations. The Firm’s administration makes use of these non-GAAP measures and different metrics to check the Firm’s efficiency to that of prior durations for pattern evaluation, for functions of figuring out government and senior administration incentive compensation, and for budgeting and planning functions. The Firm believes that the usage of these non-GAAP monetary measures and different metrics offers a further instrument for traders to make use of in evaluating ongoing working outcomes and developments and in evaluating the Firm’s monetary measures with different software program corporations, a lot of which current related non-GAAP monetary measures and different metrics to traders.

Administration of the Firm doesn’t contemplate these non-GAAP measures in isolation or as a substitute for monetary measures decided in accordance with GAAP. The principal limitation of those non-GAAP monetary measures is that they exclude vital bills and earnings which might be required by GAAP to be recorded within the Firm’s monetary statements. As well as, they’re topic to inherent limitations as they mirror the train of judgment by administration about which bills and earnings are excluded or included in figuring out these non-GAAP monetary measures. Ebix urges traders to overview the reconciliation of its non-GAAP monetary measures to the comparable GAAP monetary measures, which it contains in press releases saying quarterly monetary outcomes, together with the monetary tables on the finish of this press launch, and to not depend on any single monetary measure to judge the Firm’s enterprise.

Convention Name Particulars:

About Ebix, Inc.

With 150+ places of work throughout 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to supply On-Demand software program and E-commerce providers to the insurance coverage, monetary, healthcare and e-learning industries. Within the insurance coverage sector, Ebix’s most important focus is to develop and deploy all kinds of insurance coverage and reinsurance exchanges on an on-demand foundation, whereas additionally, offering Software program-as-a-Service (“SaaS”) enterprise options within the space of CRM, front-end & back-end programs, outsourced administration and threat compliance providers, world wide.

With a “Phygital” technique that mixes over 320,000 bodily distribution shops in India and Affiliation of Southeast Asian Nations (“ASEAN”) international locations, to an omni-channel on-line digital platform, the Firm’s EbixCash Monetary change portfolio encompasses management within the areas of home and worldwide cash remittance, overseas change (Foreign exchange), journey, pre-paid & present playing cards, utility funds, software program options for lending, wealth administration, journey, bus exchanges and insurance coverage in India and different markets. EbixCash’s Foreign exchange operations have emerged as a pacesetter in India’s airport Overseas Trade enterprise with operations in 13 worldwide airports, mixed conducting over $4.Eight billion in gross transaction worth per 12 months (pre-COVID-19). EbixCash’s inward remittance enterprise in India processes roughly $5 billion in gross annual remittance quantity (pre-COVID-19) and is the clear market chief. EbixCash Journey can also be one among Southeast Asia’s main journey exchanges with over 200,000 brokers, 25 branches and over 9,800 company purchasers, mixed processing an estimated $2.5 billion in gross merchandise worth per 12 months (pre-COVID-19).

By its numerous SaaS-based software program platforms, Ebix employs 1000’s of domain-specific know-how professionals to supply merchandise, assist and consultancy to 1000’s of shoppers on six continents. For extra data, go to the Firm’s web site at


As used herein, the phrases “Ebix,” “the Firm,” “we,” “our” and “us” discuss with Ebix, Inc., a Delaware company, and its consolidated subsidiaries as a mixed entity, besides the place it’s clear that the phrases imply solely Ebix, Inc.

The data contained on this Press Launch incorporates forward-looking statements and knowledge throughout the “protected harbor” provisions of the Personal Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, and Part 21E of the Securities Trade Act of 1934. This data contains assumptions made by, and knowledge presently obtainable to administration, together with statements concerning future financial efficiency and monetary situation, liquidity and capital assets, acceptance of the Firm’s merchandise by the market, and administration’s plans and aims. As well as, sure statements included on this and our future filings with the Securities and Trade Fee (“SEC”), in press releases, and in oral and written statements made by us or with our approval, which aren’t statements of historic reality, are forward-looking statements. Phrases reminiscent of “could,” “may,” “ought to,” “would,” “consider,” “count on,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,” “mission,” “proceed,” “predict,” “will,” and different phrases or expressions of comparable that means are meant by the Firm to establish forward-looking statements, though not all forward-looking statements comprise these figuring out phrases. These forward-looking statements are discovered at numerous locations all through this report and within the paperwork included herein by reference. These statements are primarily based on our present expectations about future occasions or outcomes and knowledge that’s presently obtainable to us, contain assumptions, dangers, and uncertainties, and converse solely as of the date on which such statements are made.

Our precise outcomes could differ materially from these expressed or implied in these forward-looking statements. Components that will trigger such a distinction, embrace, however are usually not restricted to these mentioned in our Annual Report on Kind 10-Ok and subsequent reviews filed with the SEC, in addition to: the continued results of the Covid-19 world pandemic, the willingness of impartial insurance coverage businesses to outsource their laptop and different processing wants to 3rd events; pricing and different aggressive pressures and the Firm’s potential to achieve or keep share of gross sales on account of actions by rivals and others; adjustments in estimates in vital accounting judgments; adjustments in or failure to adjust to legal guidelines and laws, together with accounting requirements, taxation necessities (together with tax charge adjustments, new tax legal guidelines and revised tax interpretations) in home or overseas jurisdictions; change charge fluctuations and different dangers related to investments and operations in overseas international locations (significantly in India, Australia and Asia, Latin America and Europe whereby we now have vital and/or rising operations); fluctuations within the fairness markets, together with market disruptions and vital rate of interest fluctuations, which can impede our entry to, or enhance the price of, exterior financing; potential to safe further financing to assist capital necessities; credit score facility provisions that would materially limit our enterprise; prices and results of litigation, investigations or related issues that would have an effect on our enterprise, working outcomes and monetary situation; and worldwide battle, together with terrorist acts.

Besides as expressly required by the federal securities legal guidelines, the Firm undertakes no obligation to replace any such elements, or to publicly announce the outcomes of, or adjustments to any of the forward-looking statements contained herein to mirror future occasions, developments, modified circumstances, or for some other motive.

Readers ought to rigorously overview the disclosures and the chance elements described within the paperwork we file every so often with the SEC, together with future reviews on Types 10-Q and 8-Ok, and any amendments thereto.

You could acquire our SEC filings at our web site, underneath the “Investor Info” part, or over the Web on the SEC’s website online,


Darren Joseph
678 -281-2027 or

David Collins or Chris Eddy
Catalyst World – 212-924-9800 or

Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Revenue
(In 1000’s, besides per share information)

  Three Months Ended   9 Months Ended
  September 30,   September 30,
  2021   2020   2021   2020
Working income $ 191,736       $ 154,305       $ 728,111       $ 403,493    
Working bills:              
Value of providers supplied 120,799       85,976       519,360       192,526    
Product growth 10,151       8,775       29,838       26,530    
Gross sales and advertising 3,417       3,375       10,636       10,637    
Normal and administrative, internet 25,399       20,888       70,071       65,596    
Amortization and depreciation 3,834       3,392       11,619       10,142    
Complete working bills 163,600       122,406       641,524       305,431    
Working earnings 28,136       31,899       86,587       98,062    
Curiosity earnings 24       29       49       112    
Curiosity expense (10,985 )     (7,495 )     (29,526 )     (23,879 )  
Non-operating (loss) earnings (1,262 )     (4 )     (2,516 )     95    
Overseas foreign money change (loss) achieve (160 )     (597 )     (776 )     112    
Revenue earlier than earnings taxes 15,753       23,832       53,818       74,502    
Revenue tax (expense) profit (730 )     152       (2,559 )     (2,809 )  
Web earnings together with noncontrolling curiosity 15,023       23,984       51,259       71,693    
Web loss attributable to noncontrolling curiosity (428 )     (698 )     (1,504 )     (1,187 )  
Web earnings attributable to Ebix, Inc. $ 15,451       $ 24,682       $ 52,763       $ 72,880    
Primary earnings per widespread share attributable to Ebix, Inc. $ 0.50       $ 0.81       $ 1.72       $ 2.39    
Diluted earnings per widespread share attributable to Ebix, Inc. $ 0.50       $ 0.80       $ 1.72       $ 2.37    
Primary weighted common shares excellent 30,646       30,525       30,595       30,502    
Diluted weighted common shares excellent 30,701       30,853       30,650       30,748    

Ebix, Inc. and Subsidiaries
Condensed Consolidated Stability Sheets
(In 1000’s, besides share quantities)

  September 30,
  December 31,
ASSETS (Unaudited)    
Present belongings:      
Money and money equivalents $ 87,671     $ 105,035  
Receivables from service suppliers 16,082     4,711  
Quick-term investments 13,342     25,019  
Restricted money 8,817     8,519  
Fiduciary funds – restricted 1,507     4,106  
Commerce accounts receivable, much less allowances of $19,489 and $22,691, respectively 146,623     142,847  
Different present belongings 81,429     71,661  
Complete present belongings 355,471     361,898  
Property and gear, internet 54,076     52,521  
Proper-of-use belongings 10,984     12,372  
Goodwill 940,600     949,037  
Intangibles, internet 49,312     50,880  
Indefinite-lived intangibles 16,647     21,647  
Capitalized software program growth prices, internet 21,272     19,389  
Deferred tax asset, internet 66,508     63,402  
Different belongings 34,962     38,707  
Complete belongings $ 1,549,832     $ 1,569,853  
Present liabilities:      
Accounts payable and accrued liabilities $ 62,265     $ 64,764  
Payables to service brokers 7,921     5,281  
Accrued payroll and associated advantages 8,607     11,792  
Working capital facility 7,991     16,643  
Fiduciary funds – restricted 1,507     4,106  
Quick-term debt 674     894  
Present portion of long run debt and financing lease obligations, internet of deferred financing prices of $1,635 and $920, respectively 26,701     23,621  
Contract liabilities 32,261     32,898  
Lease legal responsibility 3,172     3,905  
Different present liabilities 28,909     27,486  
Complete present liabilities 180,008     191,390  
Revolving line of credit score 439,402     439,402  
Long run debt and financing lease obligations, much less present portion, internet of deferred financing prices of $671 and $1,062, respectively 191,788     232,140  
Contingent legal responsibility for accrued earn-out acquisition consideration 2,563      
Contract liabilities 8,141     8,033  
Lease legal responsibility 8,011     8,540  
Deferred tax legal responsibility, internet 1,358     1,235  
Different liabilities 26,857     29,009  
Complete liabilities 858,128     909,749  
Stockholders’ fairness:      
Most popular inventory, $0.10 par worth, 500,000 shares approved, no shares issued and excellent at September 30, 2021 and December 31, 2020      
Sequence Y Convertible most well-liked inventory, $0.10 par worth, 350,000 shares approved, no shares issued and excellent at September 30, 2021 and December 31, 2020      
Frequent inventory, $0.10 par worth, 220,000,000 shares approved, 30,684,387 issued and excellent, at September 30, 2021, and 30,515,334 issued and excellent at December 31, 2020 3,068     3,052  
Further paid-in capital 14,994     11,126  
Retained earnings 746,104     700,304  
Accrued different complete loss (118,083 )   (101,503 )
Complete Ebix, Inc. stockholders’ fairness 646,083     612,979  
Noncontrolling curiosity 45,621     47,125  
Complete stockholders’ fairness 691,704     660,104  
Complete liabilities and stockholders’ fairness $ 1,549,832     $ 1,569,853  

Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Money Flows
(In 1000’s)

  9 Months Ended
  September 30,
  2021   2020
Money flows from working actions:      
Web earnings attributable to Ebix, Inc. $ 52,763     $ 72,880  
Web loss attributable to noncontrolling curiosity (1,504 )   (1,187 )
Changes to reconcile internet earnings to internet money supplied by working actions:      
Amortization and depreciation 11,619     10,142  
(Profit) provision for deferred taxes (3,698 )   987  
Share primarily based compensation 4,034     3,457  
(Provision) profit for uncertain accounts (2,742 )   424  
Amortization of right-of-use belongings 3,462     4,644  
Amortization of capitalized software program growth prices 2,487     2,493  
Discount of acquisition accruals     (3,308 )
Money paid for acquisition earn-out     (2,881 )
Adjustments in belongings and liabilities, internet of results from acquisitions:      
Accounts receivable (3,078 )   13,999  
Receivables from service suppliers (11,371 )   5,849  
Payables to service brokers 2,640     (3,972 )
Different belongings (6,658 )   (7,988 )
Accounts payable and accrued bills (1,711 )   (10,620 )
Accrued payroll and associated advantages (2,929 )   3,316  
Contract liabilities (316 )   (1,591 )
Lease liabilities (3,179 )   (4,317 )
Reserve for potential unsure earnings tax return positions 789      
Different liabilities (782 )   (10,563 )
Web money supplied by working actions 39,826     71,764  
Money flows from investing actions:      
Money paid for acquisitions, internet of money acquired     (12,480 )
Capitalized software program growth prices (4,552 )   (4,617 )
Maturities (purchases) of unrestricted marketable securities, internet 11,856     (20,609 )
Capital expenditures (5,325 )   (1,464 )
Web money supplied by (utilized in) investing actions 1,979     (39,170 )
Money flows from financing actions:      
Proceeds from revolving line of credit score, internet     1,364  
Principal funds of time period mortgage obligation (36,945 )   (15,063 )
Proceeds from the train of inventory choices     636  
Forfeiture of sure shares to fulfill train prices and the recipients’ earnings tax obligations associated to inventory choices exercised and restricted inventory vested (150 )   (1,841 )
Dividend funds (6,963 )   (6,923 )
(Funds) proceeds of debt obligations (205 )   7,187  
Funds of working capital facility, internet (8,581 )   (19,945 )
Funds of financing lease obligations (102 )   (158 )
Web money utilized in financing actions (52,946 )   (34,743 )
Impact of overseas change charges on money (5,222 )   (7,222 )
Web change in money and money equivalents, and restricted money (16,363 )   (9,371 )
Money and money equivalents, and restricted money originally of the interval 120,213     111,369  
Money and money equivalents, and restricted money on the finish of the interval $ 103,850     $ 101,998  
Supplemental disclosures of money stream data:      
Curiosity paid $ 24,118     $ 22,237  
Revenue taxes paid $ 14,430     $ 8,019  

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