Ebix (EBIXQ) 11 May 202020 Q1 Earnings call transcript

Ladies and gentlemen and thank you for standing by, and welcome to the Ebix First Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ remarks, 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. you. Thank sir. ahead, go Please

you. Welcome, earnings XXXX quarter Ebix everyone, call. to conference Incorporated first Thank

Joining the Hamil; to Robin America me discuss Ash Raina; and Chairman, Operations, Ebix CEO, President CFO, Steve Sawhney. and North quarter President is Ebix's

harbor. quickly safe Now let the me cover

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

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

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

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

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

the was QX decreased QX revenues and at operating XXXX. beginning flow and non-GAAP currency to in GAAP operating million $XX.X of million Let associated diluted was XXXX of million. XXXX and release. worldwide COVID-XX QX year me QX constant income $XXX.X operating Revenue businesses QX cash our EPS EPS metrics million, with $X.XX $XXX.X March revenues million. from key a on was primarily impact a ago $XX.X the due QX diluted non-GAAP $XXX.X headwinds the in was were $XX.X now discuss to X% was income million $X.XX.

of to The severely financial imposed these like to in $XX.X QX and was COVID-XX. were by exchange QX X% for XXXX revenue our grew the decreased of exchange of because remittance million businesses to channel and Ebix the $XXX.X XXXX, only March constant March global the QX in lines onsite a travel in million travel, excluding largest human revenues our and was QX, foreign virtual to of area the hit from hit that revenues a QX businesses in reported XX%. and countries the million currency million as the basis, of business consulting, our Ebix’s were and EbixCash compared India QX natural. channel XXXX. $XX.X company’s XX% effect education led QX $XX.X compared for On pandemic exchange, of shutdown compared and remittance most Once curfew revenue for $XXX.X XXXX COVID-XX, XX% to the accounting in In Forex, was EbixCash revenues XXXX. of QX accounting XXXX. in insurance as revenue was Beginning XXXX, XXXX After year-over-year million the the

shown keep some by that to our the it good world XXXX feel and across clients. Considering QX we results the allow about resilience employers to boarding our BXB

the the India Exchange we business, basis. market the and Trimax Exchange into in expands India. our forward are the acquisition systems integrating that across recurring the to courts for and received namely states and revenue terms looking in firmware of and liability approval in associated event, acquisition bus with subsequent a is XX leader accretive as of Bus where Trimax, free automating on the a Bus court arena buses a see software As it and We base an from business. enterprise depots,

over now call turn to will the Steve. I

Thanks, want Darren I first banker. and am as six team how for years quarterly the my management CFO to by Robin, excited earnings be Ebix. saying the call to role begin at past known Darren. their I've plus I in lead the

that During the strategic me Darren years success thank and a Robin and their the that look I of as the support forward team of for for developed board of to many I've has Robin long-term helping time, belief importantly, strong guiding want in team rapport to a and company. the with their directors Robin, continue vision I this and Ebix.

impact operate economic across pandemic a has the in The had unprecedented global COVID-XX globe. negative We times.

virtually At results hampered. well is thrive the once that industries Some in produced rhythms. revenues. positive all lost industries quarter prepared evidence have economic their Ebix Other Ebix, this actually and we our felt today, to but first we world severely of that normal seizure have as the returns survive have provide global economic been to pain our

decisive quick continue streamline our we'll expenses and taken call proactively our structure and management manage the to crisis. through has to This steps team

is X.X% Our and X.X% in year-over-year with performance and decreasing top-line constant respectively encouraging. revenues currency QX sequential

allow revenues through crisis by as customer to today. unfolding we base repeating recurring the operate the our solutions of Our of and see Ebix this of and and diversity nature is geography both large revenue a it stickiness company's our successfully foundation that and percentage services, will

gross as the lower and a XXXX. of quarter electronic services by financial With surge from offered payment that, solutions QX in in sequentially business of EbixCash the was margin of our pandemic. products carry COVID-XX to a and results. sales XX.X% in than margin lockdown increased quarter Ebix’s India XXXX for XXXX down from Ebix. I'll of year-over-year for XXXX in QX down These in result first countrywide XX.X%, the revenues the due to in some other had in solutions a XX.X% turn demand payment fourth

million COVID-XX of XXXX Operating decrease first impact from that million, $XX.X in million was $XX.X Cash which accrual reduction year QX QX was activities compares prior operating primarily was its in $XX.X the acquisition the XXXX, QX in million to cash $XX for from period. and the XXXX, quarter taken income favorably a to flows million for $XX.X the of due of XXXX. in comparable

During cash had million quarter, $X.X loan, on the of uses million term million of during reduce dividend facilities payments, million principal capital our QX $X.X India outstanding for in $XX.X on cash and $X.X repayments working XXXX, for to payments. the tax CapEx $XXX,XXX we

equivalents initiatives ended $XX.X investments from funded Ebix plus at generated these million short-term cash, flows of versus and during XX/XX/XXXX. XXXX. $XX.X We existing quarter operating cash cash the cash with million QX

short-term down of in other funds with If you include a the available that is X/XX/XXXX restricted time which time versus the are decline mostly of deposited of Total in and our balance year $XXX.X sheet, with $XX.X That much maturities banks. quarter. deposits capital facilities Ebix cash million was excess working the was driven $XX.X Indian on at million XX/XX/XXXX. deposits million the first aforementioned by pay at

current from remains March the XXXX leverage Our to a ratio X.X with earlier. at X.XXx The approximately XXXX of balance consolidated of capital net discussed Xx XX, ratio healthy and debt working operating to due sheet at million. XX, XX/XX/XXXX impacts increased at company's $XXX.X March

to our terms pleased impacts operations. pandemic syndicate credit the allowed certain an We appreciate of senior closed of the very week. facilities of to constructive our on our of us are the in negative support our on agreement amend amendment last COVID-XX to that anticipation We have banks credit has of

Our and company these with its bank supported for the years Ebix values group relationships has banks.

the that to will filed with today the SEC. future. Ebix first XX-Q is be quarter forward note In XXXX for Finally, the later of closing, the looking

the company company build Ebix. to investors to challenges I working stakeholders to COVID-XX pandemic for services solutions of forward with we'll of company we or provide Ebix. look to complementary the to Thanks all create of their and longer-term hard and continuing our all for and our groups to for of with will and the our each support in work to over on growing employees our continuing all add its share While are their time. technology work collection organically value India thanks the EbixCash and market forward opportunities for IPO, investor efforts inorganic focused the of to services move and evaluate of our interim,

the Sawhney, would Ash to to quarter. on Insurance first the American like of North turn our remarks call now his Businesses, over President for I the

Ash?

the America were for North you, Thank was challenging for across part a businesses in COVID-XX. period large QX impacted of because Having business resilient morning globe everyone. few Good the the and Steve. units slowdown. Ebix the a stayed that, said only by

of annuities, Life certification major certificate XXXX despite health, compared Our exchanges declines underwriting offset These market A.D.A.M. our medical businesses. QX by to tough were the the and exchange business conditions. including tracking consulting, in grew and Winflex

transition. this our All During half from exchanges of continue to we work model. second normally the transitioned run during the to systems and QX, home

appreciative and will have major narrative them provide this as on and I of clients the now business provide to an the support also Our during of quickly ability been our impact market the result the COVID-XX assessment on highly adapt units a conditions. transition. a ongoing key aspects of

annuity an carriers market as Ebix carriers revamped in our March, dozens of market, We due and service transactions we distributors. exchange the position hundreds conditions. on dominant products as saw a of to in their uptick has in annuities

continue close & Fidelity in and to Brighthouse, Oceanview We Guaranty. deals new including QX,

quarter technology been largest as the Last of distributors we the in country. Ebix one has by partner that announced chosen the

life establishing and this significant relationship say platforms. annuity that to are our which progress extends pleased We made both we across towards have

plans is life to in carriers. of carriers live and as the involves the are platform deals one recent in from Current volumes transactional the This years get on before of the space new them XX XX largest year. end annuity this it

uptick are signatures. for We significant electronic also a seeing demand in

process demand automate As contactless digitize adapt from expected Ebix and the the that services home to products to work carriers for distributors and and end-to-end and selling increase. is

Our year-over-year QX. in grew health exchange

model downturns. the to to unemployment see and to rates, hold us due furloughs based customer layoffs, need steady. diverse even the high from health a plans subscription continue Our some will market base We with administer protects impact but and may

are analyst of market, in coverage firms major like the campaigns silent plan We are this run market. making towards traction run. more year to now generate We expanding by our voluntary steady presence the our getting to to We products in plan remainder for (X:XX:XX). the progress

up compared year quarter. last and Our sequentially wellness compared business QX to the was of marginally down to marginally last

this have We one a of the space. in partnership major largest struck CBIZ, brokers with

half second in will of the towards the see activity pickup a year. We

Our was marginally in The to exchange of volumes slight stayed certain drop-off flat only QX COVID-XX. QX of were compared down QX of and projects due The stayed XXXX that to sequentially account to steady. life delayed compared on illustration transactional XXXX. was custom

to the and We added to Guaranty these expect pick-up in platform & coming new clients Fidelity including OneAmerica life. We the quarters.

significant a We also evaluating provide a as at our who least a in launch are now future. We incremental will with launched our engaged and are actively and the revenues carriers illustrations analytics see product. half platform dozen this

exchange up to the Our in result but deals, was this we on start new a decisions marginally later down the picking year. CRM as of slowdown unit in expect

are we exchange distributor large be engaging with, the to mentioned which CRM As their network. our earlier, I adding will

quarter business strongest Our deductability claiming where in is medical purchases. because business a their the of QX CME doctors certification is seasonal on tax

Accordingly, QX was QX of the business XXXX. X to in XXXX compared million approximately CME down

have We the business. several bottom measures marketing. for impact major the shift both will favorable top among measures on instituted is Significant This this to towards digital business. have a grow a and line this

compared last are already higher was period to period customers and compared compared as The during year slightly QX QX. will same higher and nine last to momentum revenue expect compared XX QX. the business certificate be to year. the tracking in sequentially QX We same added new We positive to seeing in

QX in sales consortium In C-SAC CSAC pipeline. contributing Our a XXXX, companies the Ebix efforts to with converted sock, California of struck healthy are enhanced partnership being to a a whose platform. we member are

quarters. are We in companies to and XX discussions expect such more coming over add with in member we currently the

Despite conditions, steady. expect to we this unit hold the market

slow second to underwriting Our projects tend the process to this towards unable delayed. due of an conditions. complex. were segment QX for in saw had down sales being lab the The the COVID-XX. complete of half We carriers were to general more exchange unit as a this delayed We impact saw as because be cycle market and tests longer underwriting

playing be year, is This second Ebix. carriers during of will half a the create significant positive and the for will going backlog we expect which be catch-up

the carriers the underwriting exchange in market. largest Our include the life clients on

operations Our are critical customers. to the to mission contacts we long-term and support be our tend that

partnered has platform significant We their build Benefit new direct-to-consumer to for added a client, out the who Security market. with Ebix underwriting

that We on expect hold. projects the hold the this and are again growing start re-engage carriers half to unit steady year as to on in temporarily of second

activity of their benefit and clients building well are our out distribution market. investments exchanges direct-to-consumer lot from Ebix the positioned the We significant segment see are seeing in trend. a life channels We direct-to-consumer of in the this making to

in this new pipeline. prospects have many is very outlook we Our added positive the as segment to

Our temporary clients our to consulting businesses have home. a as transition slowdown work seen from

the Longer positioned expect business to term, becoming benefit and and delivery with our models. new this global well are support normal we remote we engagements are centers as remote

will outlook the wake business of for on the I market provide in perspective North the conditions. now a American ongoing our

short geared term revenue are the minimal. primarily our a withstand through are transactional expect subscription resilient to slowdown. its better We to model. significant models These that Ebix This exchanges. due type impact business and be is any revenue portion derives to of

of brand distributors, and groups includes fortune XXX are risk thousands large medical challenges. of base Also entities, customers and well-capitalized hundreds banks, which they many minimizes our top and including network, customer for withstand us. will the of top Our of and top carriers, are employer institutions, diverse brokerage we confident thousands temporary wirehouses, name that concentration customer

There businesses solutions, are segments slowdowns. see slow and these be a a as to to as market rates certain that tend few group sensitive workers' our our business higher businesses unemployment temporary comp, consulting may of enrollment EDI such down and business

These have of our America, in a businesses our represent so not even overall a should on overall temporary a impact small revenue. slowdown material revenue portion North

investment that there of several On of digitization believe are the core will industry the into positive the operations. We strengths Ebix. side, their dynamics play accelerate in

the customer. be will touch on processes emphasis that Particular

towards electronic a will management, which policy drive underwriting contactless automated delivery We businesses will and for core including order our entry, selling, create digital agency signatures, demand solutions. see electronic

compliance automate that risks. and will Companies don't exposed find execution themselves to

the automated towards a and see play will shift the of annuity more also redesign factors these accelerate. at right underwriting. transition core The insurance to will direct-to-consumer of All will Ebix. strengths underwriting into We Traditional trend products. offerings major towards

that continue The optimism and strong is reflected we is deals that pipeline close. in a to

opportunities We content medical business for the A.D.A.M. are our a services. ask doctor including seeing and

entities growing engaged are several with acceptance as We in there's telemedicine. discussions partnership a of

resilient and of quickly and can conditions, The customers adapt stellar a them at the business quality team capitalize nature that our partnerships mission and Ebix emerge new changing critical products, with market model. exemplifies our to and opportunities on our strong strong from of that conditions market our

to along his comments. will Robin I now for pass

everyone. Ash. Thanks morning Good

the clearly brick for the business in pleased Let me participating at the that outset, has the as they of the decades. thank century’s you results by with built I'm worst in resilient this these span of pandemic. call midst over two Ebix reflect nature been of

a a On crisis unleashed carnage both the the that human COVID-XX terms the has of world. see painful level, pain brought been economy world, has across health the in on to across and it

part in sections middle all that felt of it about painful lives COVID-XX middle the society. has its and the across deep The What's then the had pain of impact trickled down has class employees the most underprivileged, to lower is on has also that the sector and class, corporate order. pain

during find very companies drops fronts, huge had is to revenue, try required, by employees to the and course, their COVID-XX. to costs their functioning, have of their unimpacted cash reduce payroll need burn need have businesses on to to and It today been of functional their this as curtail their that requirements, impact meet keeping in lending finally, keeping to other difficult many fight agreement also if period. COVID-XX Companies

the few decided COVID-XX it remittance as to tsunami airport the down to Ebix in country weeks could but et one becoming into were shut like was with areas country was in realized across businesses shut exchange, the impact after of world, handle went We even that travel, cetera. then extremely along well Schools e-learning. onsite travel, entire another thinking all COVID-XX, consulting, was by declaring that impact see COVID-XX, of complete prepared COVID-XX another the shutdowns. unavoidable a and certain foreign

trying on country conserve travel, money piece and a loved country international students our completely force grounds. from business. No their even we flowing educational remittance shut, in migrant As travel to feasible schools told ones. crisis to on schools was their any spending hurting help shut. their to expats Typically from were situations, see of were were home and to not and Airports were almost parents of surge in e-learning laborers majeure a

money, REI However, bit to the been this transmit time Outlet able was to had little a migrants either different or MoneyGram Union, had be just or as access furloughed Western lockdowns. a considering no to

et currencies rupee, dollars. while Also, resulted U.S. report In by constant for all U.S. in on British to currency real, as we in became A dollar, dollar Australian Ebix our the COVID-XX pounds, approximately the hurt it strengthening quarter, to in Australian had almost a of stronger Indian Brazilian results as the dollar terms, an million cetera. XX% growing dollar U.S. tends lot down international the weaker impact compared Brazilian revenues went quarter. XX%. real by US$X.X worldwide like

results this, All results March in we profitability, considering are the we stand this of reporting quite revenues in impacted that of are in. the month times today Considering out that terms of cash our and even flows all of XXXX. pleased I’m

employee-related We especially by had COVID-XX. make areas decisions, lots tough affected in to of

decide clients our technology our fully fully keep to We keep homes. how functional and functional employees had also from to their

for with to flying to administration this and – functional our systems worldwide groups IP clients customer our such up all and a time, Our colors. Ebix this zero passed our step They dealt testing very and to clients. passed I’m downtime. across thankful situation test how with were able time keep with time each fully as world for has showing again, tends crisis to to staff the why retention be Ebix high has

decided that to many costs renegotiated COVID-XX. revenue and in many cost-related less impacted were on our concentrate We sources cut by agreements areas. We

was positive of that All that at Ebix continues flow nicely to period. COVID-XX and even cash during effort targeted be ensuring strong this profitable

of exchange New backend Singapore operations We UK, local the signed terms. currency well. record Brazil, institutions quarter the part Our all the markets do continue Technologies. terms. most XXXX currency a to strong deals India in and in Financial and in for BXB financial reported in local of a and number area were of terms of Zealand international in Australia with in quarter revenue first EbixCash

that beginning clearly immediately Government will showing it of remittance being is perspective on May the way in our results travel plan down exchange gradually foreign that That as same back business. up. It news well seems open our start has happens, also declared as is should travel to India working And opened from XX. their date. – that locked our start they some India’s welcome and if groups

focus changed students being have to allow to itself. area, progress parents we priorities. e-learning there’s team adjustments product on let COVID this apps that have that In the schools e-learning for have self home by pursuing to sales period, from students the in business classroom-based for daily Accordingly, they sales online. children of solutions their basis for so each to seen our closed, study while With teachers and e-learning a at demand study increased can schools schools home, from our we and that e-learning provided processes made monitor we similar get an

date, cash $XXX also our cash that discussed Darren, I’ll cash cash. present period, I’m those continued as have overall collections approximately Steve to including leading this numbers, to to that numbers, but activities we generation during discuss focus just so and the equivalents, Ash pleased I’m pleased say million with and rising on restricted performance. cash and our not quarterly on

large initiatives number few already to are accretive, to in in a opportunities exchange has States. a a Exchange consumer of Bus UAE Ash generate in we multimillion back, Trimax that expect a Forex United joint awarded nicely Ebix to key in pursuing a agreement direct we talked bus XX% across of counters, hand XX% inorganic be a that which about; states days EBITDA, acquisition for ticket few have what multiple presently exchange We to dollar the the a number beyond venture opportunity deals could arena India,

Trimax courts our the basis. Trimax have in us states Recently awarded acquisition to acquisition. a either bus as transaction a courts recurring The and revenue the states us. to allow regards to the from today that the revenue the prior date including built if I consuming is courts a stream termination We a certain had tickets, the others, of built report purchase liabilities merger in accepted to to Trimax rights party recurring request strong us flow in requested to the right XXX% each liability-free to am India on that ticket acquisition. – awarded for no each and among which not the a terminate XX the on transaction X, merger bus of exchange has a – presence Trimax with to each of with in agreement arena bus on Yatra attached India linked steady pleased merger sale Ebix been to and these which has have May XXXX. stream, – agreement Yatra, contains a the consummated extended and

has As date been the extended. outside further of now, not

to the to regards we a IPO our Accordingly, for blow closely period wait we through we that in to it this launch IPO and bankers intend and markets is all IPO. this work pass. with ready-mode we before our With the the our COVID-XX for for while prudent EbixCash, pandemic normalize ourselves let investment to think let keep crisis over plans

clear. terms of or past are acquisitions, In priorities absolutely present, our

three, years; of or XX% instrument get an companies we risk if delay accretive We the that as stock key can the us short-term our for make ideally can will we that terms near goals; for financial in Ebix higher overhang; EBITDA in acquisitions of shareholders. minimize are purchase, dilution try Even any have can debt one, three additional target nicely any terms number. that to still using many two, for be construct

only into pursuing a are ones we acquisition that fit these that have strategic We opportunities of three the those criteria. today. are number assured, Rest

possibilities or sooner lives philosophical blow level. rather that focus that to business at COVID-XX is today I is present a needs each as my will certain out me, you just really over later more our use be will the including terribly a of our we I Lastly, coming for one prefer you to it pessimistic opportunities or on professional, for tomorrow. bought the at think impact really need a believe businesses COVID-XX and and time COVID-XX a need to at thus to COVID-XX; look than let we fundamentals that give of long two very possibility strategic possibility to will pursue that away and from on me perspective shy many The call optimistic the time make leaner, opportunistic and to steal. and thus could continue

then is that pessimists, if and our lives our what close loved now. thinking ones given well at keep of as why our My be all? remaining us ourselves have has We we remaining to just then waste work start theory still living might to enjoying lives, God

strategy myself an opportunist, of am those. differentiate optimist recalibrating prefer the take are your For opportunities to present the scared one’s from of, also wants as by company behavior, good I to to we times vision of others that and an a to time be by an call and I or pursuing one as advantage are opportune time lesson herd in. the not and who I prudent in like bad, or see to

okay name taught has work leveling by money COVID-XX many were the the and each companies financial allow and ground? in pure physical they creating Before that to the on home. leveled losing allow customers, revenue were valuation do gains every that banker who that organic reduce there continually the to business the to hype view; it my and and by from drastically this where up cash could institutions, were I their it believed of studies. burning companies backed day. investment in by and value based company one, it growth each private What their as lose with offices things subsidizing of that has companies COVID-XX doing mean mega They based thus on growth us two, one done was groups systems, equity and of and the just of money show winning wafer, two huge valuation has backing ground;

COVID-XX had suddenly PE and bit their thought each a in ground. started perspective it In and one companies they’ve to turn, burn leveling to they lesson have book the stop a from grew mark of as become competing their great down to call little accountable now their against they our as fighting pushing the our investments, losses sales, I invested by become institutions times of these investors. just profitable. industry, now a battle way who That’s we the in a rate at development wrong till alone subsidizing players were the and

merits that by us be As real now, growing will than all there’s on a better possibility competing rather of just losing money.

we XX% from whether end the by from review employees of to end home, With working XX% and respect worldwide least at of employees to functioning have doing working by home. XXXX have from the home, our can of presently a of we are XXXX see our

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

Rhee [Operator comes of the question [Craig-Hallum]. Van line first from Instructions] Jeff Your

more have for to in beneficiaries. aspects life high clear of work the remotes long-term think companies long-term and certain in fundamentally view changed other lot of other and I my most to working a to and welcome, Thanks of taking little because Great. dig look you it’s precisely, level Steve, here we’ve And a a And people of that of seen on Robin, spaces, way can questions, some changes behavior are forward I’m great you with down this then but maybe guys. want and COVID. of you. at interested things

business of – presence business used your presence. at phrase look a and particularly phygital, the and the Has – digital relates right, this you has combination you of COVID you’ve at it physical and as your the the When aspects? look accelerated respect more digital clearly as you the with impacts, approach digital to do transition and to down? of particularly lasting physical a locked EbixCash to long-term physical just see what But

Jeff. Thanks,

about, home. So the order. let from ground the me leveling I’ve talked about and go already work the reverse in it obviously,

of means So converting I digital. have digital, during that answered talk. your phygital my kind physical we to question and back partly them just your establishment always taking remember regarding question that phygital coming into are we digital versus But been

not in period XXX or mile a imposed. a to happen again we if people still doesn’t go I today go biggest the in it even terms stops digital were you’re be, sitting landed that an where, rarely that’s people it’s unforeseen us as country. the meaning, in corner are imposed. are. to see even one half of of nothing to Now stop away, curfews the EbixCash outlets away, If basically, That’s we government not where as curfews itself, being That that to of are that’s have we from you’re we very hope you’re – where you seen period had – every there allowed single is – in even would it believe situation – ultimately look, want last walk, I that wanting out, have meters going to trends a by our going mile a up how go would while period a see had

have a think being won’t imposed curfews we then through, if I all are life.

that for So half vehicle base go a and business the a half walk model mile take their my fact I mile or wouldn’t even on away. can’t people

we is our any us. time, that client wants reach in to the our reach same strength the manner remember, client At

a just phygital people forcing not transaction. We’re to do

or we are on digital, on consumer we available over using any handheld is are business using. phone the We available are the devices, we are device a available that cloud, is

products, side So business are backend all technology businesses Ebix have or BXB the it is one providers, perspective, whether we traditional technology. businesses whether EbixCash our we we wherein is a powering the remember BXB that provide even on from the it or where

an going on you’re frontend that if to reaching to folks But – to reach we out going manner be are if we be can our every the whether to there. our people, we are at side, airport, you out through

duty-free we are at you’re going be a to If shop, there.

get people our EbixCash the branches a are, we go you outlets. of with when as that outlet, one for confused these If say example, to bank XX,XXX remember sometimes have bank, things we

not the are of where they people are be have So banks even these going digital only transactions. to where the to able time these all relationships handle to doing do that, be still with institutions e-banking are people if go, point transaction. – going at we to bank And we’re time a

business, phygital work working way consumer, So to we of to to the our and to franchisee, particular not the so being work. on. way is the we that business ease out add-on the ease the working, consumer, time it’s backend that provides the something same through We at to the an reach can only any of

Great.

So – sorry, go ahead.

That’s great.

perspective So from you. my Thank –

can’t it groups So underemphasize I equity degree. leveled financial it talked where from the – can’t institutions, is one talk, are stop people taken ground it have it the their to gone that ability I in And that I my my of to customer. through perspective, support because today subsidize has to COVID-XX that them crazy has away ways. private Jeff, willing client subsidizing as because in about their is partly not been talking many And area simply terms

businesses. has also do. don’t as cloud. A us you well these as over as businesses we distribution is systems What need leverage seen They taught technology have it to are lot of the

available We anywhere, We be that gives us and SaaS the are in anyplace, this in cloud us the us do for being available today we were life XXXX. started journey is business. anytime, edge. XXXX over going, on a of cloud to SaaS-enabled for being Everything or way an being

crisis because employees been been end doing a means way acceptable difficult that we we It for have always ready home, we now because provide cloud. us made way that this. secure situations had you business, them moving was we be And happen So were example, have which – have move need client. doesn’t to home a And like overnight, to in that very weren’t. you prepared. to for Companies when where ready We’ve systems is secure a of always is been back SaaS-enabled. And this the systems. our to over were for always your in

Makes sense.

questions four, the and June One, start assuming do to there. revenue you to and respect at immediately about I virtually degree behave, you’ll a is emerge When done jump specifically. lot look your this how remittance been June just two a obviously, you Forex. anybody’s before. maybe in lines dynamic you’ve Robin, each travel in And the a don’t business, know think I I pretty environment. So stress to get of lockdown, to how with we in somewhere revenues of mean, more little – from EbixCash think from and it’s testing incremental

this the scenario is do worst quarter think a four, about June how assuming quarter a June for at EbixCash point? So case you the

moot question a be because question the because sit hard an COVID very to government hesitate might half in you hour it this on answer and because reply that as trains of just – opening announced question beginning as give beginning is at India to tomorrow, a an they’re this XXth. I a here, answer emerges time airlines see, opening they’re it That’s to last it’s impossible

So predict for to perspective it of that very side anything exchange because in June, or might the the be a for example. moot from foreign hard it’s for business personally question travel me

I and how have really about. we’ll think watch opened wait to it’s this

EbixCash the businesses – to that is simple rather that be us. a COVID are were anything by going facts going it’s get for be travel, oriented to technology remittance. going locked impacted The business which in be Now it’s are to is simple Forex,

trends So let each in me of these. the tell one you

from a one not if April sending because East Middle And money money, month in were was migrant sizably they're technology they mostly have and even could quite and lot both. and of April, India. migrant furloughed to send key the terrible the enough is they laborers were these either down went had in in business the of the or no go and – to March to of remittance drivers case. remittance money, there back outlet any So didn’t laborers both of savvy March business simply

both Beginning you I'll walk then seen got increasing. a government allowed and improvement business that also keep business continually were impacted. But said one Xrd. remarkable seen a both we remittance last as May India it have May that in remittance we of Beginning on weeks, service, half so the curfew that sides, having open, business. as So, and have in establishments all and the the Xrd essential the through in business last, the to declared

we -- very festival May, Eid Eid, with which -- a sending these is from Muslim laborers Muslim migrant being a and of approaching, festival month of from normally sent is So especially in India by high to the the for into tends because across remittances, big of festival a lot money across the purely community. comes community people money people money world, the it of for the be by in

hard we that we the May predict June there coming and will is to be. pretty if go what you'd have hypothetically, could then in very to and If sizably. start business remittance was up But ForEx zero expect up, no travel travel definitely businesses, saying So to businesses in and It's be June, number basically badly stuff looking ForEx accordingly you're business and get when students some if travel there in, revenues are though June, their fact will of have out in international purely and being fees. because come still from you impacted revenue zero travel education not then you'll also told ForEx coming of aren't to like the schools will coming it that delay opening educate out will no they have is now business.

just overall analysis case and evolving situation. in scenario? do a quarter. whatever the one say, worst a if see the, losing Ebix And can very, it's I it's look, say that don't had an what's stress So, I simple thing to I money

Overall, I see think you're to not us from Ebix I will even an still think solidly perspective. positive. be going India

what from perspective? it's does translate our because of difficult bit to a little answer not us Covid. evolving revenue into a in You're going financials a business hole a with right it That's see because now very to in India. And

Okay. then and over you, enough. just Ash. guess business I shift the to Sure Robin maybe I for or And American this can North is

American just she I two questions. revenue at later If you, This the large said, side, distributor, North to think look Ash as in if turn when it guess you would year. the I

behaves considerably expected sooner is understanding the business that if I that business, on revenue and a stickiness timeline business was mean, of relates it that downturn. and North and then the American to that be curious sounds got you've of the that it very churn long also pre-COVID for Just as in history like, certainly side deal original or to how

questions have a that just of to sort to that on the where how Two bottom So about same is June question of of through asked in I there. June, sense there that Do bottoms you you the think me walk EbixCash. sequentially? if trying

you the distributor. they right the in So, more with said very to one I network names All, what the left we that Ash disclose go because that. on asked world in please happened answer bring is answer right largest name. the one I But market now country. I at this of in Ash in we're We're This banks think Ash, and of is this their allowed give times, as than of the the or faster think tell minute We ahead will thought. I their not deals details. answer we’ll largest that at it's have this. pleased of will in the this going it And terms It's with I detail.

for got absolutely side. pretty very right a looking pretty have And relying would overall you to in large and those end and on processes carriers say both Robin. I end trying Yes, been their And projects plan to largely process. was, timelines are manual talk. I a are was are accelerated aggressive annuity digitize the Companies along mentioned timelines reasons big the on the life of on Getting and accelerated the It's initiative. at with distributor some we've my them actually. significant such a and network probably their quickly that

mean be or put where sequentially back for an this bottoms. transaction other can annual to able can behaves are to then point on anything Just to that how the big offer a bounds and it of business you how just just picture I you to versus any with respect virtually on numbers, sort the June revenue you put finer basis around

step in dollar All I going can say annually deal that. ahead. go right it complete Ash It's to this. number. give up out running. to it's or stage doing and to was professional will for to dollar And it on sorry, you just, services, expand once seven it amounts will again, straight Ash for. kind wouldn't be a while, to to flow a eight millions a involved Ebix you else. There services famous that about multimillion is at both processing is see point of, detail of recurring to One add us Then Ash to getting is I right. be now it it, them you sides, through different whatever there'll hesitate many are And Jeff, it can I stages simple how going on business And multi-million see So it. And just you're solution. the hard be the transactions, this second the the

core example, broad, the flow supporting, system. Yes. be We'll So we we'll annuities all post administrative Thanks their, call That tissue, the right? even transactions AMP that Robin. through of scope No, pretty which the doing what we absolutely. for – actually is is here business, are what transactions. be within supporting

capabilities here. embedded in coating our have We

We have life it's off the support products on the as both our as proprietary side, well products. to management shelf going agency

it's we speak. So the put terms large. be quarters planning hard scope said, in has to it to distributor. they're onboard takes, start coming three very to it like said, Robin is as very sort number The a then and once work It's going two of in. transition and started But transaction to us flow onboarded, the And Robin to large the of to a we see like significant.

Ash the Congrats on North there you Well great. in to Yes. America. team

biggest, a space. long, Sounds for in long-time biggest the maybe one this of the one like

in on jump when revenues then I give refresh flow Yatra? revenues, us about color think just on date Robin, you hasn't color the combination. expected I'll purchase us if to then can prices, Yatra Trimax any you've what closed you was, and expected what and anticipation questions. incremental do by of can the, lapse mean I there other let how the those the it has any off else it questions potential guess, other two transaction the deal, Just anybody other and the and

questions there. last I So guess two

Yes, you. thank

talk From this a Trimax. exchange first is bus me acquisition. perspective, let So a Trimax about

provides at So a bus what Trimax bus do, a depot. they within solutions primarily

will smartcard. So, a if for you into EbixCash an example, use you bus, go

XX wave devices smartcard your There EbixCash in that sitting and that using have are will the that's the in online other depot for say XX and bus only so and will passengers, know device bus and bought hasn't will pay for example, let's bus, ticket in bought firmware, sitting on. that that count. the bus, say the a one tickets bus that using person ticket You'll device also

a very online, it's control and an system complete it's a system So E-ticketing traffic so and on.

a is the there states clients in anywhere, And their States time are every around ticket – they virtually our sold XX So and or every XX remember have have India. bought ticket we country. across these already make on money

very So are would to on them, It's million we be anywhere thought in the come line closer and diligence recurring revenue. basically through between did When business. they that revenue in it will due a dominant that $XX a million we $XX that player business.

Indian – it we could devalued. because margins like the XX% current that see. rate million In paid have We the said I would currency million, less than now at thought around but is has EBITDA more million has terms, basically were $XX dollar they I $XX it’s $X currency

pay a the So that million going for purchase. change so we're for helped $X has around to us, it

we base we that base we up decide keep to the them we are sell if more we get if it ours. of building, And that that's XXX,XXX part we a a price. than only give inheriting that price have Delhi, to also which foot square As building that or purchase, in

have deals. million million $XX side will acquisition by million add-on million a as anytime see you What large worth bid because we us. $XX That large, basically, deal, of I that. in as if to see today And So didn't – to can those at is million. a When a definition. have high you on are midst is states. the I $XX between large. give I have that technology that mean that's provides in very multiple been low the have We sometimes $XX go deals – a a these you of lucrative say which and range that wouldn't able that that and we specifics can $XX we to And various get the consider are between very we very deals Trimax be upwards as we we

a this So we as acquisition. and a sensible very see accretive

Trimax. about that's So

May announce announcement Xth, follow was date now court already back been to as we professionals basically the with can't we working yet. Yatra, so on we because talk we the are Xth. now that May basically hasn't process the The whatever the we court are and more said we'll to that it whatever follow courts The expiry of extended that. an – the about Yatra Coming – and I at right is, working date next simply announcement appointed issued right time, all I've the to is. with have resolution order

very will can the because sides. are want We to limited, have tell minute always want – highly to but I and both the you, can we the only protect our and at that we rest confidentiality what say we follow any I to got assured of do between else, this we Yatra, time. attorneys processes more look that my – to we we on we defined our shareholder it that focused as is this couldn’t than for acquisition And three point are anything category. they I in in investor is rights And do at it our whether interest. criteria anything answer whether fit any

I'll it great. leave Okay, there. guys. Thanks

Thank there questions have do question [Fidelity no And Investments]. sorry. Tillinghast Instructions] I'm time. We you. a further Joel And phone this the are line from on [Operator at

us the balance GAAP afraid sheet Can patchy concerned sheet about A to sort of tend up comfort? talk level with the we've balance of got are you that current about that blow financing environment Okay. the acquisitions. lot your in you'll

given this, this So, years. I thank all I that and pleased part do. you're have that the am to support honored let question. answer of but of all, that, to And Joel, Steve you've this us answer the he call, to I'll go for before does over first want and I Steve, you but want ahead please I

Good Joel. Yes, morning.

facility like couple comments credit this the bank make. part us a flexibility we pandemic. I amended and to support that feel support was we for we – our and I'll our a mentioned prudent senior is some One, group that action got great So from which provide secured unknown, on and our

kind So amendment that of we the about feel today good credit where terms last of facility are close week. that

to And us today March $XXX then you say right right to million. remarks, today, closer at million or at at that and as I to prepared look was to our – And funds at in is mentioned it's want $XXX access I close XXst. if available my number

the flows And substantial we're positive $XX million almost quarter. So operating resources cash we generating hands. we've our flow cash got with illustrated at as of cash in first

sensitized – that's Robin some what we're are kind operating the confident then uncertainty make next quarter where we've right substantial feel through that we but income under COVID-XX, and we forecasting net operating of also Now, this income positive done now income. what And I as to said, generating with and we've think, going if. it

operating our world the see we cash we with today, as debt flows. the also only facility, now right and have feel we but our not under with So our comfortable cash flexibility hand on primary

if detail are we even means what are fund to So, we a get company money acquisitions, larger-sized instruments causing high provide to acquisition. up ammunition for on if flows, without newer can team we we are wouldn't the that make like all go if the kinds feel are but today. Joel, needed the where beyond make of absolutely generate to at heavy into involved which amount just not ways from generate are some have you would with you I We inorganic cash Steve who look we debt intensive feel opportunities, have not to those those who enough interest sensible would of to just – but or there the beyond that We to this, with feel ammunition more increased us, said. can when to that company. we of to those add that have parties, dilution-intensive, as like

you. Thank

Thank you.

further questions at And no this there are time.

second we any thanks Thank you have call. speaking don't we this to questions, and during of will I everyone the close for one to Since quarter And further call in forward look investor the participating call. each you.

today's This call. conference concludes

You now disconnect. may