Ebix (EBIXQ) 12 Nov 192019 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Ebix Third Quarter Financial Results Investor Call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Darren Joseph, Corporate Vice President of Ebix. sir. ahead, go Please

everyone Incorporated’s Welcome earnings third conference call. to you. XXXX Ebix, quarter Thank

discuss is America, the and to me Joining quarter Raina; Ebix's Robert Insurance and CEO, Ebix's President, Services Sawhne; North Ash CFO, Kerris. Robin President Chairman,

up will remarks, for call open our your the Following we questions.

me quickly Safe Harbor. the let Now, cover

and Ebix's cash. we expected long-term our growth materially statements innovation, the statements the Some are in number and including, investments, of that of the forward-looking of among those from cause uncertainties future forward-looking, of our our involve a that businesses performance statement. projected today differ These actual make others, use statements regarding risks to results and might

We these our statements revise statements reflect to or that results of or opinions publicly note release the of any light forward-looking future forward-looking no this these undertake events. revisions to the obligation as Please information presentation. new of in only date of

differ information of concerning results. in list factors that actual statements could more the filings, cause Additional may affect to that factors risk today description contained detailed SEC in from a forward-looking which our those the made are our materially results

call release live audio results morning. XXXX Our of the being on also was this this issued announcing press the QX web www.ebix.com/webcast. investor is webcast The at

at the on website Time today. and text also Standard transcript the of look has been call our audio The be X:XX provided homepage beyond available after can Ebix's You what Eastern the on of financials www.ebix.com. in the P.M. website release investor will Ebix's this

QX accounted Company's in $XXX.X from QX exchanges million as revenue and increased XX% QX the XXXX year currency XXXX improvements revenue. cumulatively XXXX. of the XX% reflected of channel. to EbixCash QX Exchanges including financial On in insurance basis, revenue for quarter from Ebix's XX% ago the growth Let $XXX.X the year-over-year EbixCash a The compared numerical million a million. a Revenue discuss to me in constant perspective. now to XXXX $XXX.X increased

In the Company's Ebix, The driven year-to-date same largest was EbixCash QX The compared channel, channel of XX% the and insurance X% QX, primarily revenues million, exchange. to insurance increase XX%. revenue in exchange while for our was revenue grew for as the our year-over-year XXXX. accounting year-over-year for XXXX the X% period $XX.X to growth by exchange growing in of financial revenue the accounting

exchange over last in XXXX. primarily the Our grew exchange in growth months and the revenue financial the XXXX as EbixCash million growth year-to-date been to QX to in by XX% compared explosive $XX.X financial million XX% QX India, same in has businesses. XX in compared the to XXXX period driven The EbixCash $XX.X as grew

currency grew After excluding compared e-governance the as EbixCash X% constant in revenues QX organically XXXX XXXX. as basis, QX On XX% QX a discontinued business, XXXX. grew EbixCash revenues to compared from QX the revenues to XXXX

next We to have standalone getting targeted over at annually, our that the EbixCash million, billion a $X.X $XXX a number of large on to are between initiatives basis one in revenues year. place

call now turn over to the I Bob. will

continued interest your support Darren, all and for on and the Ebix. to Thank of you, call thanks

had First businesses policy some debt to accounting our of flows. in stood things line tough we in reserve. our team A exchange rejoined in am operating decisions the gratified grow say this quarter. core recognize of all, at a out conservative have I we the time insurance evolution. few made the let in quarter. how One, to me company's strong continued of the Two, EbixCash large exciting we cash quarter Three, terms to Ebix and bad with a

delayed precautionary reserve of from a BSNL a $XX.X due sector BSNL. QX, against In has crunch bad million India. to these discuss a Payment as liquidity entity public in me been the due Let order. measure booked debt in at receivables reverse these company receivables

by Government fully this the and knowing government will once company the that expects funding India booked reserve to [might] the recently the chose policies be a However, accounts of of secured receivable we BSNL with in has collectible bad allowance the company's the debt million this, and spite receivable to government, $XX funding sync our on reaches accounts the approved of be is accounting front. in BSNL. But

reserve of to attributable after million, impact $X.X to was portion This the $X.X of reserve's booked, income non-controlling XXXX million per Because share GAAP QX in diluted the the the company's that XXXX factoring was $X.XX interest. earnings per net $X.XX XX% per QX. non-GAAP earnings grew 'XX. year to in to last decreased as compared diluted share QX XX% to at QX earlier however share The in year a XX% compared

associated million net has income we 'XX revenue, decreased interest debt QX initiatives India provided million. net expanding bank has $X.X increased the $XX.X which growth expense spite increased increased credit for of to to in acquisitions, to facilities, which was Also net associated of strategic the short-term compared funding with gross expenses servicing due increased recent businesses. in non-operating by a $XX.X our of value bad that and principally income spoke earlier, investments our with in XX% associated million GAAP about with impact reserve affected Company's merchandise the

excluding business. talk. actually and color Darren on more will increase our in EbixCash $XX.X However, items. during discussed the Robin to QX growth non-recurring you provide X% already after XXXX certain increased the that insurance core non-GAAP million, his

with used our pay million cash was past dividend, term shares cash $XX From consisted quarterly utilization to $X quarter strong this facility make pay perspective, to past down stock. from used our to used quarter $XX.X million. million working was a XX,XXX $X.X Regions purchase of operations our to Bank, of Major used common our generated at million the was in during million $X.X on facility loan cash India, payments capital

quarter, about invested funded we cash million all past also on initiatives cash this development software and existing during operating We from $X and these CapEx and flows.

accordion just equivalents cash bank is with capacity the now have and quarter group. feature cash, We including approximately quarter and $XXX cash available bank previous million, $XXX credit short-term June. on the ending in from ended investments with our $XX -- our facilities Ebix million, reserves available of syndicated which million of said, That borrowing up

key Finally, as to sheet balance metrics.

Our company's our ratio healthy capital X.XX, our sound, as liquidity compared QX of in X.XX%. and Ebix's of a of financial diluted last of a XX.X sheet outstanding ratio working in is $XXX.X position short-term is to leverage million position million with year. current shares XX.X balance and debt QX weighted decreased to million

shares. expects As diluted QX for the share XX.X of today, XXXX Company approximately be count million the will

today pass will Ebix's XX-Q I the to Ash. now be and filed will call on

gentlemen. performance. Good insurance Bob. will performance QX laying ball you, ladies as terms out also future be crystal of U.S. the the our of discussing I for Regions' and Thank the in operations, morning, the

by growing as grew start decline believe to in up down X%, in in and back compared in revenues as RCS to compared to bottoming the $XX.X that XXXX same fact on the in X% X% by Let The the RCS insurance as million, XXXX. XXXX saying XXXX. compared the to out QX XXXX. close the me QX were period X% the I'm pleased The in to sequentially, year-to-date arena worldwide to U.S. that exchange while we compared revenue growing now expect revenue QX overall are to start in revenues QX that QX year-over-year XXXX We XXXX. grew the also exchange U.S. QX XX% down and XXXX as

decreases exchanges the X% consulting our by in performance that as business, TPA were we annuities XXXX, health Overall, managed gains content in of compared health business life U.S. as QX to terms still we business a trend. these the spite We in XXXX, of These grow and e-commerce the QX insurance in grow business. In business positive decreases. and business. to see primarily offset P&C core the certificate and exchanges, our exchanges, U.S. insurance

overall Looking made a focus we new solution the ahead, through product sales investments in area processing creation lot insurance of on arena. in straight selling, realignment, have the of and

We are in presently the India also contacts better as EbixCash insurance in for under our U.S. our also sale leveraging products leveraging international worldwide

pipeline before. is bigger than prospect ever today Our

stages I the arena business substantially believe final deals our almost decision them making the view deals of in giants XX and We few are deals the go A that of that our exchange competitive excited presently the the about the insurance to we exchange of U.S. are with with prospects nature needle insurance in as in in XX can we this into of are cannot in business details for more stage, At are us. the the move pocket. confidentiality business associated

wherein many LifeSpeed of a deal, We et the our end-to-end business quoting, midst be building for CRM, cetera. including a with products digital number of we business in a today play, would AnnuityNet, are client's of in platform

of Let these me talk initiatives. through few a

we be partners. consumer. would insurance would processing underwriting BXC Ebix to marketplace. We and a are working directly on through state-of-the-art straight-through where The to The would create creating reinsurance our exchange products enabled the vision provide portal instant an offer

consumers be role artificial A.D.A.M., we assessment make The select search, would would Ask In be for portal Doctor playing apply wellness intermediary to commission. education our be paid it such and content, portal material, be A cetera. by tools, consumer-facing all to up dressed essence, insurance. assets with easy would et a The powered and intelligence for an as would tools

is What of a something are here different talking we about scale.

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to add two on-boarding the more the and We quarters. carriers are in exchange process coming of in this expect to

price to upward few effect a and of of start our initiating We the XXXX. showing are of changes those QX beginning also businesses will

million Insights carriers exchange, performance to which working NAILBA in leverages product, presently XX and the illustration is Canada. allow data their deploy WinFlex to peers. an life we the the which tool Also announced and industry analytics recently an for their exchange distributors on an initiative benchmark are introducing at on over platform. are run will the Conference. insurance Insights against We This Industry from tool, we on illustrations illustration

carrier the generally to tool We have market. and is this partners with collaborating available design now been the of for

provide agent we illustration of XXXX, will an In assist process. artificial the will case designers These tools revenue. also avenues to launch additional during

that products, charge functionality while quarters. on This be the normally provided that will allow working can good free, add-on distributors coming while we some certain deploying the an revenue some us in are carriers. to monies getting new of our We from new initiative source for a

content exchanges, few with Postmedia. market. a icons named area our we to a in just of new the working renowned health industry in with health Canada exchanges deployed the reposition relationship In are We

and on good growth. working result in showing initiatives are many revenues should our that We CME wellness

the We expect of in in CME terms a in XXXX arena. QX top-line strong

We on are PPA up. go getting our working hard to revenues

hopeful are carriers getting our on We platform. and strongly them targeting on remain partner our

recurring strong been already are We successful U.S. products opportunities sell wealth in of to clients our an management These Middle opportunity to We see with asset create and the working products and the Europe, division revenue Asia. those to EbixCash have East out products. these in

me big in add we the also stages in that planning of initial XXXX. focused are expo Let insurance the Ebix

to and We interest clients and reality excited have huge partners, thus from a soon. this make our are

summarize saying excited ahead insurance America finally and believe that of operations. for year Let we me be by North is by are a great us that our XXXX can what

hand I the you. will to now Robin. call over Thank

morning, an along and with record start for operations. insight our I our Ash U.S. in congratulating the the while one the of with by cash discussed quarter, energy Good of tremendous gave want revenues. outstanding passion the our team you Bob have everyone. performances, best insurance to operating Darren backing numerical an into performance company quarter and flow

EbixCash outside what's one, the us. insurance a I'll and primarily ahead three, level, talk our of overall operations; my EbixCash views my on; focus the on business discussing U.S.; IPO; two, at lastly, high

Let me the about business itself. insurance first talk

the the get in the Our Besides, have should exchanges by a traditional financial in quarter of efforts let continuing medical out results a our the Asian know I'm to good, we came our results the the boosted team to large -- of This of are EbixCash cross-selling recently pleased contribute year. in the results. were growth we institution. education wins the dollar of that in new QX top-line of to multi-million in QX region. on QX expected insurance agreed our XXXX in that with of in number on deal XXXX but deal of fourth area Philippines-based insurance you arena

by and businesses States. growth feel we insurance offset and Ash very strong about our business, pipeline consulting there health on United business in declines content to the year-over-year in exchange the are in the a talked XXXX ensure organic growth that insurance right path today We insurance worldwide. have the TPA in in the our

our the industry new terms excited insurance streams. arena, to distribution, intelligence in by lot it new in the In insurance adoption open which, for revenue are I'm particularly vistas we Ebix Ash and support-based of for up investing his a the products talk. products, insurance artificial of the analytics of in of new since discussed some potential has and in

insurance-based the a organically also to wealth of and XXXX. ventured and in QX excited in Asia, for of as We business operations, of India market. Africa, products had I'm the European by part opportunity Middle management QX and our into East, XX% as XXXX, that grown compared we EbixCash

area Middle and in management India. the came that our Africa, wealth products in growth Our Asia of out East, selling

Incidentally, we in Europe, in from this margins Today, of area. netted XX% come XX% Africa Asia. business revenues and plus this East, the business Middle our

Ebix going deployed BSE processing is of Ebix from form venture. Bombay is insurance attempted the to in Exchange, real possibly in be the that my back-end handle Recently, ventures is ahead of us our for scale venture Ebix announced perspective. the we big This opportunity insurance BSE of insurance targeting The and the venture we manner that our distribution biggest insurance India India. has approval However, in one from have a exchange to in insurance been in in regulators India. never secured be and Stock BSE to ever

prospective insurance population length banks, cetera. on last who With are to street, will India's franchises distribution and the on while that mile equipment, we of country to nook EbixCash et financially, across the institutions business is sales the every commission-based the and model BSE the financial XXX,XXX mile insurance cities, into health the India, advisors take country. in and all to Ebix insurance, et of pure last who XXX,XXX a of areas, selling breadth the BSE and is casualty, management attempting of of rural since wealth X.X corner across focus agents, across most lucrative model, life, brokers, stock terminals property billion travel and The cetera

basis BXB Ebix and also on transaction insurance venture and basis. subscription an will back-end on insurance BSE industry associated services on-demand The sell products to the a

not in insurers distribution powering to of because scale will India. has any a also the reach. we of be out only besides the marketplace do We setting of insurance, this are sheer back-end providing what but to access No one attempted our

larger approximate opportunity believe Recently was distributor. insurance with India million revenues have a mid-sized this distributor of attempting in at of to side this The India's valuation are we got based what that $XX way Bombay Stock of and on and oldest than trusted expansive this with billion. in IPO financial we on its More distributor. India BSE by Besides, valued the ahead most is and launched decided We $X.X institution our later. form in Exchange. the

quarter-over-quarter our $X.X headwinds. XXXX, then QX EbixCash XXXX. decided had business. two BSNL and Let of of to QX by in in of also we e-learning organically XX% X% revenue. XXXX QX in EbixCash grew exclude compared million $X.X spite in XXXX EbixCash discuss business me grew of I compared fell If QX XXXX. not given e-governance and the in over BSNL opportunities now One, and the pursue XX% of of generated in we business sequentially us QX that QX by to e-learning as the from million, XXXX comparative, EbixCash to major momentum quarter-over-quarter business have in remaining while our as of approximately XXXX briefly grew QX of and XX% The

then excluded I Let QX of all EbixCash 'XX. XXXX, a acquisitions detail. 'XX compared organically grew e-learning made XX% organically XX% me of QX by the the of businesses excluded into of XXXX QX as to comparative, in bit as QX excluded BSNL of EbixCash of business XXXX. grew If our and QX QX get the remaining after more in If I from XXXX after compared business and to non-core acquisitions made the

business Overall, our grew quarter-over-quarter, XX% travel year-over-year.

XXX%. Our EbixCash financial technologies grew division

division solutions payment Our XX%. grew

e-learning XX%, Our of contracts by revenue in of primarily one-time QX fell revenue XXXX. division some because

key are e-learning, We asset pleased EbixCash management very technology business generating wealth operating strong business overall remittance, with our like are technology, lending and areas technology, plus XX% the of basics margins. travel and that

The is Our acquisition, in travel solutions as the we at news were we corporate operating from the know travel margins payment that Weizmann margins. businesses the improve XX% primarily good quarter BXB that and normal then to convert EbixCash business able businesses, at worldwide. leverage in should operating high strong the a contracts be process, recent levels insurance businesses synergies like and our we margin recurring into our

We EbixCash high year with than in grow Indian much less trying growth to presently noteworthy be key lost the is last between EbixCash. top in it are delivered and EbixCash you line competitors to market draw $X when balance to attempts leader to its a valuations, margins billion and particularly market. our performance our who efforts a the collectively compare our

We EbixCash story are our with are it. and clearly where very with growth pleased headed we

leads bonus aggregation, and to give and network. paid addition. Example effect streams, a international get past charges remittance one illustrate as traditional us anyway EbixCash franchisee how you was million to me our year was great operator, three a deal it just to and signing transfer as margins. money actual of revenue who opportunities signing profit the access Let to our with $XX examples an XX,XXX pure transaction the bonus an remittance network That from got new leadership substantial is the operating

we volumes two years got upward million of based we committed is a that paid from to provide in announced transaction of would terms of $XX five of them. a with commitments us deal recent on travel few $XX the players, arrangement Example an with exchange over wherein fee we a segment million next advance

these fees we opens part the for while that The we to to competition aggregation our market travel travel consumer other otherwise fee aggressively commissions also consolidate also out additional us booking an now business arrangement our secured. commissions traditional as can to and us not our and make the awareness that of allows up opportunity beyond price business on It pass and fees fee have these may payments. with grow

The third a in is a deal More financial finalize on services international financial wherein our player that to network we exclusivity access example large an a in the of country-level bonus franchisee and this we possibly services arena, when presently we large negotiating the is aggregation deal deal. are to signing want provide India.

We the exchange EbixCash Indian status Subcontinent. emerging financial largest in as about of are the very the proud today end-to-end

being the with of aware a in segment. that comes fully are We responsibility any leader

extent, Finance India Minister efforts the at to led had tax franchises. India heartburn announcement the the XXXX the of that reverse remittance in in to been I on early financial Towards by of This announced of India convince source industry's during a lot among causing budget recently tax successfully a operators. its remittance Government

and through laying and the canceled the XXth prudent for India of notification. Ministry to took to and Finance the October, listening Government thanks thank the lead approach the a EbixCash of toward to the the myself industry. XXXX tax We humility government, government concerns was industry's on the

debt sales BSNL scheme billion. XX,XXX employees of BSNL sanction conveyed an already publicly in In QX voluntary of retirement package Modi, public The pricing a the real real our India, Government XXXX, major with since recent it sector for outstanding estate BSNL conservatively will Jio because a Minister besides decided of sanctioning the issues of Prime non-core of we BSNL telecom by a India accepted a war by owns million of competitive $XX.X $XX times XG BSNL, unit. India. and estate through in reserve bad faced book a revival Government by a amount of led XXX,XXX BSNL, to led estimated liquidity worth to circuit that have funding revive

is never company down has BSNL who worthiness. terms go credit Government credit by of a continues the Since the in in rated it to independence the of India backed since letting undertaking of record be of XXXX. government India, an A-plus

$XX.X to get also debt with we the book received BSNL debt. sync all on paid still the will receives While our the and bad BSNL in assurances bad million from we to policies the company's be reserve government conservatively that government we funding, decided once

operating that on GAAP BSNL the In once reserve income substantially we for the the quarter. paid time. back get down government, this our the from of the get savings We believe brought income at we'll short-term, booking that funds

quarters. to counters today to you. UAE income that number a material have key our agreement in I'll airport Central in where initiatives Bank's few we have substantially for dollar We that One, the expected EbixCash stream coming the are approval. hand add revenue name ForEx we a for and await of a multi-million

of Trimax we in final in with are to $XX business the wherein We million that's revenues. EBITDA a are bus at $XX also acquisition annual million We stages. midst the believe of exchange XX% the

a In once had announce that recent times, from we will we approval few material areas clients. have our in wins multiple secure we

once material have we have few talk new prospective the a them. We that exchange we deals financial in finalized arena through will

corporate awaiting have business approval. recently the inbound for We with an revenue streams. of that the signed to acquisition & and and our Cox agreement transfer Yatra Kings the clients their add shareholder client, We should all holiday

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a fees bus to Our exchange on payable et each cetera, arena bus each thousands of prospective buses ticket the across Himalayan in deploy for with material bus software, business wins in -- firmware, e-ticketing, India. recurring State

us that extremely strategic are few a of us. have opportunities ahead new for we acquisition Also,

years the making front, a at On announced X.X a we next with billion government present. to rate name a India, people, trillion the announcements country few in that is leading world growth targeted of a household population a committed at $X and economy strategic of in a marketing a number EbixCash

who cricket And cricket the targeted XXXX TV Indians cricket Indians million in people in voted watched crazy. on in in IPL cricket are We a general partnerships elections. at game front watched of number of in than getting XXXX. announced who the recent more in the XXX times of Indians

of strategic and with India's We one in English branding viewership country. the also partnership terms number channel across a news reach struck studio

consumers, a the later front also bring will we as us We of a the have other not in these partnerships mass deals. way. More ink but and retail in works that institutional investors that few on the only in big

also these us streams EbixCash of we deals not for our our All maximize support help revenue will and will will but believe only IPO, pay themselves.

to regards many we forward IPO, fronts. With the moving are diligently at

the We final of an as ICICI, investment working the are selecting investment already with international of team. join us Edelweiss, bank at our IPO We banking have stages three banker actively investment banks, Axis are to fourth on and India's work. the who leading investment

The IPO in the et filed that swing rating has being Ebix, with multiple credit in our effort keep see cetera. is for very do that firms, involved all across shareholder for three and PR auditors possible IPO sector three Inc. of expert metrics India is multi-bagger a That that. subsidiaries legal process of as billions operation at in of other of opportunity subject present. in firms, have a analyst and you approve India a financial the firm, to companies valuation matter to numbers hiring not the We'll years firms, today. financial We informed sets about exchange all dollars entails work IR all four full

would have converged Noida dialing today today to before. public and Gurpurab. and Lastly, the insurance set more let insurance in world excited that me on add call establishing It's this Ebix ever headquarters suburbs leading that largest on Indian be account India on in each segment. into than the path from has an role Ebix financial while Sikh a a a finance, of today exchange in about in holiday holiday of I'm I'm the Delhi.

truly in is count a with have that culture, mission. been on an can incredible India, employees X,XXX brightest just an great company but some best any With blessed operations with company of have. in a employee employees today excess not of a and our the company that's Ebix

Thank my over operator me will for brings it you. now to I the up That open to end questions. to hand the of talk. it

Instructions]. [Operator you. Thank

question Jeff first with from of line comes Craig-Hallum. Our Rhee the Van

Your now line is open.

Robin, of series questions a from me.

the on the in non-EbixCash just I First, to business want U.S. base the exchange about touch comments business,

XX% the think Just think in release is to be gave not about talking that XX% to right? there? But thought be to on essentially 'XX. is everything clear overview that's said X% be quite I everything that to but growth X% To that I flows. is I of you're growth the just that EbixCash EbixCash, the deal clear, was cash clear want

correct. is That

And then just follow-ups a of the on couple timing there.

you the Yatra. vote. lot from on through both of think got then What's Yatra to I now hoops referenced obviously whole and other a shareholder audit and guess And right got you the of the for series We've a mentioned jump IPO, you've the steps. best IPO? timing

order. let far as take reverse it Well, as the me in the --

As July far targeting we is as IPO concerned, still are the June or period.

be wherein file next acquisition, common our making to to filings So at step nothing on, of has numbers respect to formas in filed U.S. the need on foreign primarily -- to were be and to and some delayed the had to of simply the so they're filer changed With we stage because we to their accounting. now conform Yatra front, the on reaudited are pro basically simply that numbers a we we -- and front now. a U.S. as of and Yatra because GAAP some go

my days that away but through. quick undertaken, been And be is, has XX from still we some are Yatra action we and getting so, deal on so seeing it, should the guess probably process already

then kind of high-level And vision. just

go lot by channels I ultimately of that and that pure common locations world the of the is a people a digital. That belief away get questions is, One the become physical lot those digital. for going pure of booking remittance, travel,

it while substantial of profitability. a and done business You've levels very obviously built very maintaining high

will, now? relationships, customers. you essentially got bringing and So et customers I these as think But what cetera. there. goes upsell taking of them the And You digital if and going sort is the right the pure in or what's businesses phygital of cross-sell, that of strategy, an maybe question, that's is question into additional -- just all context, embedded on together, a which physical the thinking there on turning those customer kind lot you're questions two is to

first me let So address versus on physical. question your digital first

first is we physical that is that to every the think I location digital. be thing have understood

So from went do an Ebix mode an in insurance people in SaaS-only digital were XXXX people a or crazy we perspective, on-demand Ebix into when a on the being we digital were mode when is thought not to as company, a that. mode -- given.

our So or either the given. at from business, exchanges financial exchange when insurance those, perspective we look of going the is a digital

are face you to reality of the you the digital, have when However, market.

-- does ways partners, to every be financial have to in our way back-end mode. exchange. are the everybody consumer, a providers, can insurance an Clearly, we is digital or the there to multiple to XXX% available digital. One you what be in avenue to exchanges So

So whether machines, getting devices, mode. devices, we whether it have EbixCash on using name is -- -- on available digital-only whether their or you providing it is through laptops, it on mobile their we a in is are phone technology-agnostic X.X-inch it it,

scalable launch new -- format digital-friendly and campaign with -- EbixCash, launching transaction-oriented, stuff with around it more a ebixcash.com, we have version that scalable website more and which will a soon marketing like completely you're we're oriented and fact, we mass In be of going big will highly a of in to a today. apps soon new than

today, XX% that somebody that, India fact location Ubers region is, asking of the Asian reality or India. that but reality the Now and digital physical the reality into walking in like of area country cab face here, for a a country for a have in spite X% the The the to cabs market Olas that an the that's today, reality like the said in cab, country, take are are of of India. India having matter, the an booked, is market when already the and cabs is getting of of you

The a same there. isn't are insurance what players reach their isn't villages. the is the India across country today the block Nobody reach goal, single are country, in in is distribution biggest of resides these such trying The -- to large there. country? reach There to villages. able who XX% selling is

not that's there villager expect happening if lifetime in my is, a happening is literacy the digital, what villages. because go So the we levels in to aren't

Obviously we leave of not behind? is that the XX% country should So correct.

have new you having that village you a these you to do can So physical report record, you do your you make you can a locations open -- for get wherein -- a crop card. a digital the buy actually can your within deploying example, you one how can get birth, bank physical there? You virtually all account, for can center insurance, areas have go village, can and you conduit insurance, by rural there in birth having death can record, your prepaid those a get that locations become

that digital All out up if of that today, you're you of village leaving basically be don't physical that village, the in a to set going place revolution.

So is plan. there a stepwise

technology into is the because to Your people, out literacy first of areas reach issue. engage isn't to where step today digital reaching

computer savvy that go digital, market willing digital vision So, a we provide who then are in you who have computer to but format. to and the everybody savvy, embraces younger, digital the them cities them come plan, the digital, all by up and embrace realities to which are need face a really the absolutely who youth is with are Indian digital given, for providing of available is is you in to more so a

-- same through of But tens of you there channel -- the to BXB other consumer thousands on to have then working we as are through channel, and our have. out these through are the employees that our a corporate side, today client who you thousands go because corporate and our of corporates reach

-- without So, are of these out marketing each them money, to we spending reaching consumers. we reach

is be be a then go C-grade job a it each location it out B-grade make city, physical wherein to digital, be to physical And city, it area. our the rural you locations, a

rural money is lies Let lie me from the the C-grade the country. in in big A-plus make cities, this revolution, areas metropolitan, come focus remark the India in of real the of the in have the real the and cities cities abroad, don't larger the don't big D-grade who cities, real the the B-grade lie of that and numbers which some players,

will those digital. which approach, And to need you mile, a have the location, in have need will you have in areas, be you to physical to multi-pronged last be a

hotel a That's money because We simple get as the working a marketing competition already. whatever we us it spending reach possibly come locations an ready our or we and have look, money. of people will physical with to spend, We we government a right. areas, in already kind rural a location tremendous others edge in more insurance are us both. rural travel else, do gives into the really we actually process So saves governments of get or don't having and or travel reality, without automatic us have a buy all, money spend but ticket will to or first over service ticket, start for these to reach. airline more a a the need because, these that and they XXX,XXX and to And areas -- have

with vision versus think physical digital. I respect So that's our to

we but both, way. to an embrace So want in intelligent

upsell, to with that, do, look, we the each respect are that's Everything said other. interfacing Having process. to an we ongoing

any they them everything they to whether the they want ticket, their insurance. whether getting cabs, is need if travel what in for the foreign rental who to book ranging let's need for Visa in flight a Visa, their Italy, on hotel, over cars, in So we to if somebody ticket, handling Rome, of -- consumer sports -- few health whether example, Rome, want that today provide travel from are the players insurance, a does, going the they anything today wants their EbixCash book market, will you say, India exchange, need who what or airline say to a adventure that can one to is local

So, you name it.

end-to-end that because to we it's the employees -- who or to of cross-selling going And one consumer, their us is who travel are corporate going make same is travel. to institution handle is natural transaction. a it's We the or same

do an So cross-selling example how that's we of just today.

cross-selling to taken level. actually the We've next

from insurance EbixCash our the recently who with Ebix helped for financial examples large in wherein our This division, this wealth institution client we is today Philippines a as deal management. the already asset in multi-million-dollar today's deal management I call our large Evolution institution. gave of One is for had guys and to a sell

us natural them. for So go in to and promote to it insurance was products

the in insurance our So the up teamed we teamed product, in and resulted -- went divisions both customer went ultimately up and -- accepting guys promoted in our proposition.

we on So, that's mass recent scale. wherein together cross-selling India, to us, to we is purely a why and cross-selling encourage had in a conference brought this everybody natural

first questions to a the question, let With hit revenues, And challenging expenses. then. me to certainly approval process. from me and I then want But brief respect so respect the two the revenue -- hit other to margins with was BSE

any there. be Can going got timeline and you reasonable a little essentially is You've that when what's further, to hit Just potential envision of impact? for revenue the of framing to in P&L terms? dial live a this this it help simple sort in us

of BSE that we are through that So principle that an does in the -- and right for to to the adhere BSE XX-day lays they got midst in-principle process are approval. approval, out working and is for conditions that. we What is, us approval XX a Ebix both now,

fulfill in basically happens, days. regulatory conditions, we a of some business. think are over some Once of XX more next undertaking, we which that will It's giving we the process them

already deploy a a spreading team marketing arrangement, the our the out it's in and then brand So, market, establishing established out products. our putting out our matter of to have leaching -- we

regulatory time a took the while in that carriers. almost with to background, regulation multiple our already year, have we us We interface -- product approval the use

versus carve of just we not way are some difference to be traditional going specific money run exchanges to here already in certain we've Ebix here. the relationship this in trying transaction U.S. the carriers. deal with source custom We The out big BSE are is, a

like We function arm. to distribution going are a

going to like agent. We a function distribution are

making be commissions side. sitting distribution BSE has We pure the made is because on very been that very with BSE decision will knowledgeable -- on BSE front. We that

-- fund they entered and India's they years now markets mutual mutual own the brought few of XX% back, As fund a business.

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hold in us light. feel good we that, So that should

to tools, the itself we the Now able to you to and give have want traditionally of because are on we'll will you the give going And with carriers be to transaction reach carrier, be in have and exciting U.S., subscription transaction and back-end be fee breadth that have on all the look, underwriting enable the carrier. is to if see, you you're tools, the you the will to front brokers, fees to by -- a for this side, very also market. you open our in don't do respect basically the like length we'll the technology get market, we'll that we carriers, and to we providing this of we of our tell mix up the charge the a

carrier. So for that deal -- itself any and is think I big a by

think would to we revenue we clock a wherein of I that, be at this. out said having So are starting quarter from some time, least one away

presently, the really in working can't approval, all relationships of that -- have with because the now agreements you regulatory ensuring business we the until you sign through we are So, have process regulatory of these we that put whole our relationships the approval some business carriers. place

spend signing of to these time agreements, deploying matter it's commission going these market. all these carving business we're and our out through then of the now time of So deals a

And the then. me from last one

referenced EbixCash sounds the the You combined when it on you acceleration, insurance the and exchange out number of things It side. looks stand on a like, like expense that first businesses. revenue side, the

at were the revenue up non-GAAP pick quarter basis the we're on So mentioned And a outlook. and a a same lot margins you seeing on spend. bit below time, maybe of this a

in for some and teams preparation other things about factors. You we network IPO you're How other going a forward? margins of some and and couple cricket on think talked about spending that do

Yes, let in I me it take reverse first think, order.

at the about talked are an See as don't not we the marketing and way I You frankly, only marketing thinking. that's IPO IPO. the initiative, because look

XX%, lost fantastically you year we've you companies XXX% tool last billion done competition in in collectively three compare giant our grew they $X at while and between We the are that, us to thinking by year-over-year. grew Look their losses of consumer. the the of their EbixCash, look a to meaning marketing room, well. front Considering get it business as if

are where margin the point get to today, and point XXXX. improve can are better. that we a the from U.S. two maybe are half started at me years, where in we years point XX talking In I The at already it about a took to in we

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we have our where good. talk isn't now areas as about the to So margin

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-- existing. for actually are To be the us. pain the point itself already more if intelligently, generate you spend should not going back-end for a a marketing is pain to organic to should pay growth to be marketing, and deals So me me, because in

so U.S. deals, so grow growing our on. like money We the -- it which see and our the how scale, player scale, based have in up a margin became get for when deals to today, we these for know back-end of became know increase generate on been XX% scale, a we and are plus, to we means our out if that to get consumer we You margins how given back-end which then to as we pay will that. XX% ask were because

to is So effort that's is of that an what growing and initiative we're scale scale to With the we that or to undertake. our IPO, this a generate and question is. spend marketing going need it our money, without

basically it. Weizmann, terms business with was I margin this an reasons more quarter of acquisition us for made the or were one; culprit was and you main we tell this mainly quarter breakeven of there margins, Now in and respect Weizmann should for a multiple to less

from And because been that would that have It or Weizmann give reasons. did happened XX% us X% why gave big Now, more But acquisition it close margin. X% of happen? or expectation to unfortunately, margins. in my us two this or would three

a banks One -- some of that and were card out who because card banks, different get And the of business, of only reasons was other in business of business the with who banks there the working those were the create us, involved to internal the card two in decided were pressure it. involved had. ForEx that in

secured and went to of launch we card. Reserve our India Bank approval own just our own So to

has Now that's non-bank given that a been first time a approval.

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airports to airports. into land money we committed a revenue few those getting those airports, we from wherein we enough now have are and not Secondly,

analytics we basis, few or based Now a on were they airports annualized were of commitments an they they When that why good paid had to that those that on Weizmann, analytics. guesses had intelligent in some did given there had and bought original monies terms where made happen? be

What airports, business. rape by have the -- an certain automatically it there our because two to some airport was, last wherein XX% were you that that issues in Goa give an impacted Goa the happened tourist the Goa, traffic in ForEx example, did like political incidents years, of visitors. in over has international What social, Goa, to down it from driven traffic happened

of lower. outflow and money -- money is large very lot a of a the inflow have and a we now So

done. a make revenues. the some that's not need And to money, where and has you're have to is decisions. -- So we, making We'll pick company, saying, intelligent But of intelligent them to had get what have like of out you need then which airport some for to up as deals, be you enough we actually give don't decisions, make we notices. -- if feel need revenue Ebix some to these you to sake of that

we this news which margin XX% operating the good bit into have Weizmann of the from us business back margins good take can we before very in on blip business, plus transitory business, feel the I basically Weizmann. caused a terms a perspective. phenomenon, handle We quickly feel is, a So a Weizmann very of

the be but generates generates it lower business for level, certain the at a two where events streams nature of that's us achieve be a it that we is Those businesses, business. a business, whereas And that's we those gross traditional corporate generates -- your monies. and quantum a to market, us The if because aware project-based important always you a and businesses, in revenue rooms, want the cumulative And additional meaning that, lot MICE on project-based always lower. and other businesses. travel leader business it other bit The targets to very travel going segments, for we increase of to get. you're as hotel we have the been additional are travel in generate are of those able to level businesses, on margin more margins are now recognizing business, that's have and side a the in a of revenue

intelligent. to ahead mark Weizmann, to can found So the overall We On if an margins we get See, want at be we look of we penny-wise when XX% from be that in an our level, want -- would at short-term, don't IPO handle of beyond Ebix us. just that to on we which be scheme one we want the is foolish. will perspective. overall side, come a have things, to the us

to other share. stepping International are players pouring get have side, to lead market On in we the and India market. virtually a the the tremendous money into opportunity in

worrying or margins want share to be the there on don't and I are of up X% getting. about that market we give in terms here

So if the by organic that substitute and increase my market would and compromise X%, by rather margin organic get growth, share I I it can growth.

margins areas good draw all news that the So of business we lower, We handle a balance. good are We on exactly these feel have is know areas for The we're and because trying the to the have where Weizmann told the you the just corporate things. and I where MICE great. us, are are we these know our where business. great as margins material we our

exactly If In these, are once are open your I've know lower, of about for margin all answer transparency, to you you to very get we you you where given at where thinking look you exact feel aware how it. target. a transparent is

have this in no we queue further the at questions And time.

being Thank you. I more speaking of questions, call. any close everyone to the the I'll as have that, our year-end -- I'll on we close call. Considering that look don't forward you results. Thanks we call. with the to for And all announce you

this call. conference and today’s gentlemen, Ladies Thank for you concludes participating.

now may You disconnect.