Ebix (EBIXQ) 9 Nov 202020 Q3 Earnings call transcript

[00:00:00] Good morning, ladies and gentlemen, and welcome to the third quarter twenty twenty investor call at this time, all participants minds on a listen only mode. After the speakers presentation, they'll be a question and answer session to ask a question.

During a session you would need to press Darvin one on your telephone.

As a reminder today's conference may be recorded. I will now turn the conference over to your host, Darren Joseph, Ebix corporate Vice President. ahead. go Please

Welcome, you. Ebix Inc.. [XX:XX:XX] everyone, Thank to

call. quarter twenty conference twenty earnings Third

and president, the Joining open EBITDA Robin Hamil CEO me up global North quarter Steve EBITDA your to discuss the is call chairman, questions. remarks. Sawhney. Ash Bono president for and CFO its We'll American Raina,

statements from the the Ebix safe to as growth Now, projected are among statements in including, risks only forward the results in light of performance materially cause future our this Please might of statements term harbor, future expected these forward the differ regarding new revisions long date investments, note or let actual publicly looking and innovation, or businesses those uncertainties and of obligation our forward statements events. no me reflect any we use quickly that our undertake the and looking, to cash. information others, some of opinions results that statement. of to of the cover looking involve and released we today presentation, revise of looking that statements of make these number a forward our These

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

webcast. WWT. live results dot Twenty Web issued forward call the audio quarter Our morning. third also this twenty was is on press announcing Ebix webcast release the at com investor of this being The

the this diluted And now EPS million, the Ebix our Three constant has income metrics the be key was been sixty twenty on gap of call Gap me our nine month present diluted eight to and website million. currency Web the Eastern with cash and investor Let gap release. five and homepage operating thirty the date, QX beyond after Q of operating text look can twenty ninety million EPS non-cash today. and p.m. fifty site point and [XX:XX:XX] Time X:XX cents, of provided what revenues of You released evictees, will hundred of available million, year cents three XX transcript of financials on audio. www.youtube.com two point flow operating one one eight one three seventy one thirty point point income and point million. revenues nine of at four hundred

and For that def our were directly strong twenty the impacted which on One eight QX highlight me, US eLearning twenty flows of over remittance nine currency of of flows reporting to still million from hits percent XX cash by dollar three is worldwide operating six thirty full things. on two of excluding higher account five three point three. seventy exchange covid-XX areas operating date point sixty to year revenues namely percent businesses thirty quarter cash eight twenty foreign covid-XX one our than the mainly worldwide of stock based Twenty the compensation million we of the QX foreign impact our is despite plus are strengthening, EBITDA XXXX Despite grew twenty travel, sequentially the businesses. million, revenues the twenty covid-XX, year point and the

point to accounting looks million twenty role a looks point channel, businesses temporary ASX to and increase However, financial Twenty exchanges, six substantial even exchanges, higher continue million nineteen be approximately QX would were have thousand revenues QX. that largest to eighty fifteen the by impact the QX twenty e-learning million forex, point exchange endocast date twenty. for in increased forty our the Our revenues eight our Twenty by twenty compared five point XX down two XX of revenue percent five from played on reported, [XX:XX:XX] the XX year ninety quarter, fourteen impressive more as QX twenty to as to million insurance compared point revenues the six also on in when twenty fifty worldwide twenty compared twenty cash including percent our October and at two percent to in in US revenues. one would the Ebix travel, with remittance nine as higher, nineteen. twenty seven nineteen of been QX. on QX, revenues have EBITDA a covid-XX light of million constant the numbers basis, point that nine the three one strengthening approximately gap while QX currency one million been twenty month of nine

the now virtual good QX and because our to grew we led the area to of these the QX. resilience the results curfew call shown of Considering businesses, across the once us On-Site XXX of remittance employers imposed a Consulting, world covid-XX many to turn severely twenty clients. QX. BXB on was feel about countries. that were twenty versus Twenty percent our a Beginning The revenues the of in and natural. cash by Steve. pandemic our keep over in supporting lines effect to was forex travel, the allow March business foreign twenty, Excluding and e-learning education I'll nineteen. Twenty just businesses global Twenty and hit exchange, shutdown remittance twenty in travel,

Nineteen Twenty experienced revenues generate exchange of quarter cash of approximately foreign approximately the to travel, year that's like company in quarter diverse during margin and over the point within third also to to point streams thank two million percent, twenty. covid-XX, improvement QX that Despite forty QX, businesses well solid from the in twenty. more [XX:XX:XX] allows bit employees The cash its the already continues as the Thanks, over presence all quarter see waters, percent twenty an to overview our so everyone decline and their company e-learning in fifty the show navigate for due in dollars twenty during Every percent an Ebix from and EBITDA quarter, strong those and negative in results that a year twenty. I'll five XX the delivered Twenty company's four day, six Darran for three stock Ropp to impact remittance percent the revenue third Twenty that five for the of in in on revenues point during results. providing provided continue around focus quarter revenue in Daryn. do as detail of India Good decline third Ebix interest XX flow. through its Solutions business non-cash to Twenty overview the of plus they twenty. company. but continued was an of decline percent point sixty a Payment QX. But global second performance for EPS to morning. continues operating thirty five year I'd nine covid-XX Gross year

As a lower for [XX:XX:XX] margins Edik have margins our versus demand other and increased result, diluted the electronic thus gross These prior and payment solutions products. revenues year.

was the and items. five XXX Twenty as change year due consumers pandemic pandemic products six Nineteen Q fifty continues demand Gené and QX. costs versus manage We as EPS expect The primarily of solutions elevated longer the lingers million reduction and possibly our to our in over other expense persists three Gené businesses decline its to payment percent habits. their India while levels and for on, decline. payment year.

dollars a the a in year in First, debt QX reserve comparison. over twelve point India, BSL XX impacts was to sector bad million year one related entity taken public which

in XX Twenty one sales investments covid-XX our decreasing accounts by has of e-learning trends versus impacting in XXXX. to point of in twenty twenty of hundred economy. million around at reduction and foreign third as including nine was negatively QX quarter travel Twenty India. receivable sixteen lockdown's March seven QX most due XXX to December year operating related travel, dollars employee company's world XXst, [XX:XX:XX] of compared originates XX million rent and XX over QX period. air exchange, approximately the XX. one a six for expenses rent costs, at covid-XX Ebix dollars dollars of million businesses, and one compares nineteen. the a cash term particularly travel with produced remittance in year of is diminished The result the and year trading over forgiveness Twenty dollars our of XX and international impacted twenty operating were versus Since short LASLEY The favorably of million during XX to travel, Second, in The the seventy flow in million result less as operating XX than into decreased dollars international cash from XX, cash significantly XXXX, to increase dollars flow the of total first and months date rent flow at twenty, QX hundred total airports million cash expense less eight out

twenty. as the versus company's credit September QX of share in corporate will dollars a liquidity for the just was software to dollars. usages point in for debt as was million five robust Our XX defined versus and thirty cash as expenditures be net million diluted used ample, well hundred ratio, twenty leverage under in the stock at million The at hundred four including limit nine dollars QX XXth shares million times thirty for date dividends, our of point million outstanding syndicated twenty [XX:XX:XX] fiscal approximately company today, Twenty the expects to September happen facilities, at company covenant and our The company Twenty year eight business at Paid be consolidated for cash twenty remains second count twenty even twenty of incurred of prior half The remains five activities, as one capital significant average dollars debt global XXth acquisition million material million to the after nine Twenty year its service XXth manage negative repayment, face Ebix current our that one only working investments development, continues of to some for of will the XXXX. conditions. leverage IPO for on on and caused diluted million capital pandemic market has times. over thirty the nine but dollars goal, to one ended period XX continues in million twenty, twenty six cash lines. eight dollars dollars impacts Ebix weighted and taxes. a dollars based half and in and not million September in forty seven And

filed than form later be pandemic. Ebix is Finally, this different no will in covid-XX dealing today. companies Tensei the with Ebix many

to services to a world diverse, global is portfolio critical day class of stay every customer that and software close customers EPS and to business Globally, and services base. working our are solutions. and We has provide solutions our

a as the position continue execute technology to insurance to to global operating strategy insurance will to our the now We North our American call like our of turn I'd and on over financial enhance businesses. leader. president

on for the Sony remarks Ask his quarter.

good a to business. life saw [XX:XX:XX] were insurance run These Fox also life our the business. times offset gains in morning, QX, twenty And were everyone. QX network annuities to percent related and rate general continue consulting core Thanks, four In the We quarterly business sequential [XX:XX:XX] to this, and Measuring up as our in revenue core Primarily XXXX, affected. growth some businesses our of core entertainment the in insurance losses covid-XX consulting stay XX like by annuity our twenty percent. QX strong. for of Steve. compared was exchange

in health and I a our We talk units. to also attribute client our about slowdown temporary loss initiatives maintenance business clients. that in This a that savings. also Brighthouse CRM now Twenty Macra report that list on a two the carriers map, incremental will crack we also to added covid-XX. we to of in by will to am we I with our QX, anticipate the J.P.Morgan our to we a will exchange this According of month live and initial pleased revenue is annuity life one one and on see powerful the be twenty uptick Twenty to in some the most of in transaction track initiative of QX, volume. implementation on will stream other an be JP set road board twenty initiated In to Morgan starting own a of with board carriers. annuity to its go related steady

portfolio of around. enabled services started the consulting and J.P.Morgan to offering insurance by our platform, This Orlean's car and that Our testing like new to adding those was capabilities Victorian including has turn accounts initiatives, the service training USA. expanding to business

with to us We new enablement This has significant banking our have [XX:XX:XX] help working announcement we We also near in existing with and been give clients. for a in formal our this new our a is cloud to services of migration relationship future outsourcing core been More a the starting on well insurance enabled outsourcing positioned QX Cloud the will planning to revenue priority customers towards on believe Ebix solution solutions. customers. high relationship as cloud of make tried platforms this. provider. strategy, and

Are our group normalization. Our several and compared And new have short and underwriting towards industry new illustration relatively our to light customers. new stalled by We to by in in back be in general, employee unabated, the was underwriting. covid-XX. because exchange fully climate strategic attended we which compared term direct all and primarily automated offset strategic a of meeting reprivatized initiatives the user business underwriting our initiatives benefits wellness impact stayed initiatives, initiatives to successfully term and long were sales we features unit flat, projects capabilities significantly QX, increased forefront expect towards flat consumer due enablement. Overall, move at onsite existing the of continuity certain health were moves was screening and covid content such solutions. of QX has advanced remote unveiled impact. of address new the the We major as exchange impacted marketers, pause temporary including division to QX on clients in divisions The to they put offerings hosted QX. These in initiatives while flat been

stages large new integrity, with of help. including early establishing partners, are the and in bass We

positive towards U.K., in months. new opportunities quarter. impact slight this us and we which reduce in with compared coming a launched able to relationships model this to few a expect also area, the keep partnerships The redirection us fairly enabled medical showed for from expect the a certification timely we renew covid including We our accounts, product This large were these of insulated gain Santurce, MetLife able enabled yield were business We to the BNP QX. business a and was in costs. we to last the new this several to [XX:XX:XX] time, at by and offerings business to business same results in this digital

We Going a huge forward, Medical did an virtual which adding conference pilot and service with Harvard are our exciting a in recording of School new we for QX, was digitization customers. success.

one Marsico for a America. the authorized quarter retailers. a opportunities of than similar the one added stayed We BW this lockdowns supplier business medical though government. largest same leading group, the eight the Had We held trucking customers QX of in North quarter our business retailers include fuel are our print total during Limited, and geared strong we some has seeing some a of is quarter components cutesie. unit, seats, this we in for to institutions. even steady year. last that of the This traditionally are Technologies, industries. other pandemic, several unit new big and And A the and during saw nuclear names slowdowns up of steady U.S. for largest

temporarily a month, per saw related unemployment exchange have on same Our new because in compliance. over paid market risk furloughs. XX grew Motter. year. vision adding six management platform group the of Primarily of Ebbie Medicare two workers achievements and e-commerce to last customers because get of and impacted four and risk division new clients [XX:XX:XX] I percent percent for three our quarter employee were this they temporary new adding covid-XX, sequentially conditions to per As percent exchange additions comp Notable was nine the a and spikes decline. of customers,

levels, to bring get people we with partnerships pursuing back to revenue back health normalcy. division note, a gets this will On see will positive has employment opportunities. new been Ebix As new which

management. population New will health partnerships base our firm and software provide services include management management, to help class disease utilization to and a case world that client for management both

that deals customers. currently large We are on several working large

and also including management, care between of abuse. getting SDI and a partnership pre fraud ready health clearinghouse services, new workflow out to provide variety management We roll blatancy, repricing, a are adjudication to

a stay drivers There and insurance business. solutions outlook also Democrats are the initiatives We firm provides is arena. of brokers we software a continue bullish the the us. about North will health on working and coding agents to term that are longer to growth with that Overall, the behind are partnership our American covid-XX propel several once

While fundamentals businesses in planning a leadership step operating mode, from most down where hunker the of twenty onwards position are of you we been as the has seen has those are Twenty Particularly investments up in and to where have QX in divisions sales. strong. a

benefit from in twenty kicking of start in the from two We also that revenue, Life, American is. will Network will which one Morgan transaction the thousand JP

We will to steady see starting twenty one. uptick one Twenty a

outsourcing the who incremental, mentioned create [XX:XX:XX] to scalable about us period. hope highly through soon. difficult excited by have I which dedicated, enabled to are an partnership We thanking like highly we deal, earlier and opportunity. differentiated very our weather to announce employees close would talented This and a will

We and due a during out healthier are the organization much measures come this track stronger to period. on to taken

comments. Now, robin his for first round

each call. you Thanks of your one joining keeping loved safe. you of hope [XX:XX:XX] that ones Thank you. to are this all and for I

the are front to the six from million payment stock increase the five at revenues EBITDA Australia, quarter. outside cash our India thirty XX was nine accompanied stood first for as point million five me, the flow a is in revenues the that like to on by overall we high nine percent. a highlights times countries in served noteworthy the services the the our operating quarter quarter considering point the sequentially have the revenues just like one this dollar EBITDA year few number Singapore, that percent from percentage of the period. stock quarter payment analysis, I our Three plus million seventy pandemic. international definitely revenue something summarize that It XX high and are in million based of in services by point nine the Brazil, margin plus, income eight our compensation strengthening and nine excluded of in were month present me to point impacted Let month based for for compensation grew at at period. one date fifteen That U.S. is U.K., hurt in If quarter covid-XX would we

reminder the disease continued our As of to pandemic sites still continue while today, manner. covid-XX the I impacted the their anything, to numbers months my [XX:XX:XX] been get I have all on areas, revenue last over of in consulting manner. covid-XX, a and to to we convey by beloved affection strength affected in you having substantial world, sequentially of hospital though this, which businesses and home. areas obvious sometimes world live my I a our the the across has lost have businesses the and story. fragility we because delay pain to else and continue speak over elder focus the remittance for terrible a that businesses covid-XX experience love saw coming and have in have consulting quarter all of my disease me, intensive holding across impact of technology dad consistent fight on in account everything effect quarter, still of in in humbling sister to deal the cash cost the personally mother the employees inherent, XXXX. of Even felt to world recently travel, of the considering business. our second is operating a to from exchange, pressures. two ICU. covered the devastating value world continuing The with Travel across conveying is back e-learning, a is foreign across if of income clearly and a the in big that of clients terrible seeing the of like travel function that implementations, internal nonexistent, of Most sometimes the issues all world to client improvement

have insurance Ash the and and Steve the talked overall business about US business.

through in and let XXXX, impact Ebix twenty. the of about XX that two So from percent six by Australian To revenue ninety increased fourteen of XXX grew covid-XX just. point and counter QX new XXXX in quarter, their were revenues of one grew businesses quarter by percent, less Talk revenues our regions in by Singapore up Twenty percent point travel, financial area in forex, Twenty businesses to by New for Twenty million two the twenty. me remittance international eighty XX a in XX quarter, cash point internationally quarter, revenues third up the quarter cash, focus Zealand grew the seven readjusted overall Brazil severely percent, covid-XX percent third most e-learning the exchange of in quarter million and million twenty on Over by revenues QX. international third the eight Excluding sequentially of Despite percent. its XX basis on third percent impacted in by beyond. two each sequentially, third U.K. the QX nineteen and businesses [XX:XX:XX] grew and sequential eighty covid-XX,

six coming percent that the six with sequentially, besides sequentially, the hundred up foreign eight revenues travel improvement continue sequentially Twenty grew grew organic percent in of Travel Twenty third remittance while forty the foreign exchange technology grew grew grow e-learning sequentially. forty Over revenues in to growth revenues three revenues and other exchange based areas. quarters quarter second hundred while in twenty expect to the revenues I our expect in quarter percent percent gradual business twenty. of areas thirteen

large pursuing opportunities income highly presently recurring exchange in and example, arena the are intensive. for bus We that are, some

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

Let fourth year. quarter the me Twenty Fiame to fourth Besides, quarter itself about get continuing by insurance now In boosted education, those. the of talk of line top business the medical expected are of top out we in the have growth line twenty growth, traditional the a exchanges to the States should [XX:XX:XX] homes our of We cloud of should in contribute number us. a up More million results. the area have agreed give that insurance dollars XX in year upwards that a on that recently venture on to new United revenue based later.

Twenty the QX Ash be by wells Australia the of number expects healthy quarters. in QX pipeline quarter in fourth impact coming revenues are talked terms the the UK, that to UK expected about Twenty expect see new of in twenty percent US in Brazil, a international a in businesses consistent etc support twenty one, and to in Singapore, covid-XX QX continue in international and the like for XX and accompanied once quarter beyond. future our the quarters. we local In record I businesses, to businesses from in reduces to increase are be currency expecting XXXX. contractually,

insurance businesses to substantially. are up lending pick wealth Our expected management, internationally and

and percent can Our the business Middle end area end consistently from of XX Asia. today. we Europe, come Europe percent our East, this revenues growth Incidentally, business products Africa, plus in in India. this margin of Asia, selling and come in Africa area net XX out in to Middle our East, the these areas

Ebix ready XXXX. in into year is venture to the next Our Exchange, Bombay go Stock joint

exchange are the expected in technology to show While bus initiative, like just substantial XXXX. base, our growth

expected covid-XX center in substantially to business up of our cash opportunities the to period opening offerings acquire insurance used to technology besides the scalability India our shoring arena. agreed new end businesses vote all our besides have in for the BSEE fullfillment and by [XX:XX:XX] enhance We recently that product We provide to is terms and call in solutions, us. to end cross-selling specifically up

EBITDA business expect providing margins, We growth percent in revenue organic this besides XX to XX plus percent generate XXXX.

are added into the finals it branding covid-XX viewership IPL. From goes in a keeping crisis IPO now. a matter that are of have investment who documents. we three Cash fingers bankers to the in markets election the on The being TV be gash the at back when subject to Delhi Accordingly, ready that this four a the by IPO, improving to India. to With watch a eyeballs and and IPO. have a improve in next matter our Indians our investment pipeline with be rating terms into the India getting our big very We're year, back, blow Ebix of hiding wait up expected normalize IPOs first this struck the XXXX closely we this branding, cetera. infrastructure Indians hope the Look involved in announced years a our firm of demand watch from that public on numbers watched analysts days playing et on Delhi the to is Last IPO India. multiple ourselves TV entails is it to XXX in supported IPO markets banking have us largest a estimated from at have the support a estimated a IPO. bank with keeping of of and But for as legal up We that became IPO this one front days The crossed with team, for capitals, solid with audience through eve awarded launch for We the XXX of their gets to we we partnership oversubscribed growth year. general and seats. year seems targeted support fourth on to or process of largest to and [XX:XX:XX] Capital's. the Republic auditors perspective, firms, lot as in million gold of I approval IPO network period for watched will the of and India league that intend an a to credit India's IPO in is We is shirts three number pass. household be overall cricket subsidiaries, cricket's pent from recent that the of Astudillo, more There three across to today game TV. look the we got number side think big prudent of pandemic to a a already climate three hired finals of investment network the while top Ireland, be we the a England's in analysis partnerships few there at an let keep cricket of with let A-League million planned we to plus regards IPL held few along people already sets a close effort work crazy, will people We a from all firms legal subject the that four before we in to investment financial all banks them. PR year, filed heavily been are brand team.

strong now me anything, billions I sector operator of end a the will informed of companies not about That shown talk, the it has. for possible you keep up operating the metrics IPO our brings do dollars shareholders of in in We strength other with Thank the hand of the that. questions. further to it see has in at. period business that All the opportunity India If valuation financial have Ebix will exchange open you. over my model. India as to for We are to the covid-XX financial

[XX:XX:XX] Thank you.

question, withdraw ask one the stand on the to star, please compile Q&A you key. to the press telephone a reminder roster. your pound questions need we to while press Please by your As then

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

Your is line open. now

for Great. taking agree you [XX:XX:XX] matters. focusing what Robin, just Thanks know, my my on comments And in just to want I question. condolences about couldn't couldn't offer your and, more

And the agree So just more. anyway, I condolences and I my just family. couldn't you to

Jeff. Thank [XX:XX:XX] you,

So here. [XX:XX:XX] a it milestone is

the we're areas. to doesn't Can business, the you better silly about a it lot exclude QX lot of because on the bottom you like, a QX? trajectory in doing on to got maybe towards seasonal for we we're a it Have to we think talk I'm I put QX like a or about well. stay strength lot business at or key high the You've QX looks about think of level? comparing in is you where worse, towards going mean, on U.S. sort of when I'll But sort the wondering assuming a try are. seems clearly, business. business, get very insurance going likely see few very US sort what focus turning and fourth and for the of a

I'll add and just something your that answer say I'll I'll Jeff, [XX:XX:XX] first then I'll question. prefer at

things a the a few insurance So from had businesses my have negative few against perspective, U.S. going it.

obviously One and two over bottomed with I we out. of consulting suffered we pretty been was the last think, Adam, have have them years, though much have

of concern. sort that's So our

businesses, look they a at for back team in very effort the because are in have and the there, business my if the they consistent, pipeline. remaining good solid, consulting put fairly have I concern they biggest and seem healthy new we all each fairly So me, U.S. at simply not is

Colvard So come taking all, hurt when to consulting first then hits us. of kind which in and the were already of back I consulting we happened, area,

parts. related reasons. the our talk impacted consent into and other break is consulting. So which is because consulting, own is about consulting, when it Both I'll been product non I up two have of One obvious product

that's were we on affected. going very we bit You're in detail. And that the We worse quite we when a to product agreed the of Once dollars we which deal a [XX:XX:XX] announce So days. to so in positive we with back of we where direction. million we come it I area consulting, to recently getting will covid in ability a became to non XX close Speciale, new think expect related in about more little flow that's arena the are, have consulting Sochi. to we talk revenue through coming

product perspective, key perspective, consulting we We the has it to a in. look, go thing that are impact. be moving clearly consulting has an from And

that sites. happen convince delayed get to up involvement And got the all get needs ends Right. are of it clients involves that's that to And of active because will done it client our always that offices. subpar. and or We of offshore trying work some area. impacted But client our work our that simply within of something to some our obviously project at facilities because in

now my me, it, to again. the that that position to believe So the ahead. do the to see, said start to go back having perspective I that perspective, please growing of add And us from and I a I consulting my for what all in biggest want you as believe worry up I've what to we're been do

it learned. well, few think [XX:XX:XX] Robyn, the you've I things covered I

if look is paradigm think a business, at I in. there's consulting you going know, You the to new set that

to working covid you're to well you Ebix this, home I work paradigm as remotely. have especially remote from I even going think some you post at into and continue, some think plays is work level that something. some know, And if know, trend, going the or

in care we think that US be, of a could focus the us longer you know, established may know, you short in I it of obviously the plays the hybrid slowdown we're term these predict second to we [XX:XX:XX] is, been, impact behind can't favor. a that say well basic. India. the have for I quarter, some our The quite think and just model You offshore know, see has to take quarter thing, some you that a redirection all teams scrambling of working we fact with you And be would term, Once companies accurately. services, of very Jeff, and the of I covid

initiatives very lot these you not of because competitive. nice are these pent you longer see for stay up project, to have, these companies necessary term I to just a are think know, demand, will a

we if annuity we the that you exchange term been I So fact, corporate And even in about long the in bullish growing era. prospects. exchanges, some steadily has remain the the of at mentioned look

network J.P. know, beyond. the in we effect, that positively Morgan, and with XXXX contributing see So you

can guess, in see it that It a sounds what's impacts made as part dollar and it there like will to of think QX? substantial QX? in payments around put bigger the seen up will a on come secondly, in demand, side. but side I And has you've margin you a sure Robert, QX of was negative the card little the side, sense relates to And be very trajectory it OK. you has it What then Ok, I digital [XX:XX:XX] with I'm strong to script continue the some the more was gross payment the you the kind that strength. what solutions EBITDA strength clarity service, business, comment business. Obviously, payments

So just if talk not can it's or into And that stream. to thinking and to lean want continue around business, surging why about that. whether quantify you that then you the revenue

all, still with our revenue XX between so and million [XX:XX:XX] who payments of revenues, presently payment mean, look mean, XXX have So, have business. of you only first losses. like in seems know, billion out the are million Bidwill lot in, solutions at to Well, I XXX and a value I XX I presently clearly, dollars XXX million, dollars [XX:XX:XX] dollars I do and in XXX, market getting are competition. there competitors

of point you country. this says world. Besides, the the it to amazing us It the allows reach very across important At us question that, of my are is gross makes it. about I margins. It cross-sell know, for no It the in products. so many virtually So the our same lower take everywhere said us spreads businesses takes our it because There's across allows completely having us. time, this perspective, country. it remaining from marketing across being

mix, So good that's all position that's to you in of be so think continually. that consider when when a into that, the you we put to

You areas lower margin know, then there there are and are high margin areas.

IBM expect to are, is it allow has done. lower payments you as should sell we area, any on high thinking that, People areas, long more So Part margin one you improve. you're to your if created margin with of business. want their new people where not the in a payments continue businesses said don't of losing to the It an area And especially you you of those. what money to machine. continue pattern know, then touch as are has now lower it having margin

place. to Now, people going more see and of these you're go more out machines of

are larger direction that middle smaller because has now of and people know, said move area stuff important and with of have the business. wanting become for happened see make to if to become close market And is to PTM same XX the overnight you digital illiterate, between what very largest online now. to know see the a pretty lower right that players having and but market, the that if trying have percent there strong that right And and a then come in you you easy of continuous good, of simply systems not you people some it's lot are time, Pay, players know, the full middle Google now, entered the that, has not them do So class know, it's entirely strong, buy a market, very a a change much very has pay [XX:XX:XX] to now, class. you lot the is So the market. they India global, a going in where you like example, At are overnight. in the so everybody have Google right share they because it's more player

can brand. but payment can to to feels do. this the reason travel, able connected our reasons the know, product is they only for do bought player by you tickets incidently, But want obviously when Who them your their conduct into where area everywhere. remaining we products cross-sell their the whatever the So not they then this And business handle our takes remaining do all want we you become also solutions, also everything we can market who you we're we or products, right because everybody payment will only play because to services. obvious bus

as for all to there with those, We of some use need different something are still virtually incidentally, and little out all we kind those or there. that a card of

strategy. So we overall of feel complete it shouldn't all a well it's really without our

from QX, it [XX:XX:XX] here? out QX you of some in terms sort it figure what like to and any a around or swag was, what QX the of just a standpoint Can able QX dollars modeling put scope and looked of sequentially you some week are impact to

of the discussion overall I we growth go but [XX:XX:XX] think Look, here, [XX:XX:XX] something business can I think my terms remember percent time, that the well percent or at into was that areas. a want was selective of business sequentially, these statistic of. same I don't in said in I through presentation that which the payments how there our almost I grew talked did number to we like if number, was XX it if XX the I

the done So, And really well yes, overall. business. it's

US when this Yeah, plus year plus OK, a so, to two one cloud this XX to And you that does start million that this and last. XX that venture then that This the impact? is contractually year, in [XX:XX:XX] committed? million if maybe referenced a that of is

point I'm in QX. this not [XX:XX:XX] because deliberately That's we it that expect all basically start Well, short are that should a dead so right kicking in conditions place. answer. on we we I and the venture, at in kick have

it it, in I is won't expected [XX:XX:XX] to speak start about itself. ability to about QX I itself. speak start to QX in have it. until supposed the But It's So

the enough. you has Fair the many does expand as what's revenue you for at? And pay acquisition mentioned, it an What look What's [XX:XX:XX] it? call did center based space, on in the then, How contribution? you can that?

we pretty is will all share it's business present. at again it the it's [XX:XX:XX] time details right not large we do soon. a the will what very at So basically But will

to XX revenues percent digit this margins. in double expect XXXX generate We with

point, that's this that. could talk at think I I about all

is clear, to Ok, did that be all and contribute that it at close to is just QX? acquisition [XX:XX:XX] is that

just acquisition. Yes. [XX:XX:XX] that signed We

and in you to QX contribute no, QX. know, So it'll OK, it to it to contributing OK. do not it, contribute not signed but QX, so nothing had did just did with

relates emphasis sell message side. piece, though, last it you're last push around think the expansion, business. to sales to just little going on of as the Ok, [XX:XX:XX] U.S. I bit And today was a your the

in to sales. You invest said going you're

way is the any think in two now quantify XX versus magnitude in to think quantify business secondly, where months ago. referenced on you then XX you insurance pipeline a a be six, So leptons And US way as now the you healthy I months? questions. there very of we'll Can the quantify? pipeline to

a of finding When some But action a so the and have, a terms It I. [XX:XX:XX] sets I'll have how in of sales that, want pipeline. the in triggering other sign J.P. generate deals about effect. networking sake find terms part know, to our impact. looking but way it. looking business We the a the because for classic first But I networking network people revenue in in the our the point, that on do talk I I was See, Well, an expansion, focus effect. the that the tell we revenue exact because our of question We're salespeople the Morgan, if is of meaning the the just give today just presently you a like just if by you the do like give many you business let's on had speaking, numbers just sales how is than we're guy. [XX:XX:XX] deals quantification I'll on think a agents not I focus deal of if that team, in of our US Now, talk carrier don't XXX specifically don't not bring the about in and we're of, bring know, to Morgan the answer example second all answer need that of we revenue another one numerical not J.P. the entire get I at reach to at looking the insurance of, can this you to and the in their of deals. that business. it on. at expansion want carriers a on we question deal at startup had people because XXX. to will XXX they you will of if up. itself, you the you carrier, become you That's

the client or enterprise a set. high Morgan like five quality product. to into and give need different this You say, product can end David who I walk can four work all with and with salesperson work departments to a in different Then can end very you

our you focused shall are today growth sales having sales team just said than more our we the qualitative So the growth of pipeline. talk But rather quantitative the about team. I on of that, let

[XX:XX:XX] Rob. Yeah, thanks,

it's behind of services covid were see mostly for whether said you term. businesses I that know, But strong. are one business, like predict, we the short us, know, out. impacted can't quarter [XX:XX:XX] you earlier, you you know, the quarter, you those, And, to So our bottoming know, us, the is business, we fundamentals know, for once

recurring revenue stream. have We a

up if Our demand. look I more would a you pent pipeline, say specifically, at it there's

term War We went had six the burner, to have back term and days. primarily short certainly the realign months, because Long of the focus. definition The that deals know, long was on very change. term like companies really you during Cold

So expect I confidence. is that you know, one that,

people normalize. in start to You And to investing pent know, demand going and starts The get back subsidies. is be ahead sales. front up in and work are to of to business want we there

you be to back your much, we to that's very you to high I In normalcy. absolute it's a would start, metrics, be at coming But know, And sort of, once you looking numbers. digits, know, of put start. single hard know, going you terms know,

from improving progressively onwards. be to expect there We

covid with improve months, out and is higher wanted we the take U.S. times right. trying all those those the points know, we live we last we the get And and that show focused to to trying know to towards the goal, So, good have feel because to there, exactly you into going in our results weak digits or that that are the are [XX:XX:XX] feel we way and feel now on respect numbers the those have spot. and to in in to if Jeff, we a our I efforts start. that'll single we I, improve we first how to businesses to in be discussing digit those trying business, our Right know, XX do want really end I to on weak the are. can to there, specific insurance what I from now, just And basics insurance fairly especially say all then I, right to the high said it felt were out business the been what We've businesses to, focus in XX openly areas. get ourselves We resilient. trying where been we've you now. a we And

Great, [XX:XX:XX] taking Got it. thanks for questions. my

[XX:XX:XX] Thank you.

singular with comes [XX:XX:XX] crystal the Thank from research. My you. of next line question tagged

Your now line is open.

[XX:XX:XX] business few just had to me performing? the wanted was improve you the I EPS which are see Hi, question what on worst questions, cash And on segment everyone. one guys to was a that? just doing

few areas quarters has tools, the had exchange. traveling, number last hard segments have it's a today businesses, by business. that's traveling around we on exchange. the people actually These had we around been dominant Well, a and dollars by that been impacted basis. with do And of transactions a [XX:XX:XX] foreign not impacted performing the in hit We because badly question got happening an the foreign on standard with we cast billion annual covid-XX We global are five our the market. dominate, the and biggest do in entire and exchange specific obviously where in foreign of

everywhere. are We

You international in sector. twenty and exchange. airport And are five in are we hundreds twenty walk of international exclusive year the in there we corporate any India, airports nine into clients XX in have foreign in

we country. do will know, with it's So across a very can things try hope that except covid there's and the improve. we little run solid business But that very

impact, back. But forex started see open [XX:XX:XX] changing covid At opportunities, least in if XX countries little is to percent near if then to had It's if travel are things like started where be. a can we obviously not where has area, to products have traveling have It's yet. the there another country XX where are We as trying of come business up there should it there people lesser nowhere area. opportunities there starting bit. see are the a happening would other in to

as foreign come. we're So and up study. Then when seeing people students opening automatically This educationalist, should you start up. and like traveling, to come is U.S. they also exchange allow in the as start international start opening back

remittances educational see back You again. will flowing in start

remittances. are leader the in Right. educational and a We area politics

there's things travel. a foreign a in of so due we staff are or And have in We substantial improvement seen the time you in of improvement wherein here exchange QX to that in those same the that I QX. a look in because steep and decline kind Same years, a problems we my talked at the of difference travel. At travel substantial covid. sequentially that the dramatic exchange foreign terms it over saw have area seen

is we performing we're those of be ready in segments covid. So because year, pandemic. with the costs the minimize deal already But you coming are are of the we up, worst have to two do all presently because If we in those outside back do going be this impact and there. areas, to can is markets the There's else nothing because this could start leader. the you a virtually

is year know cost, when point fair Ok, [XX:XX:XX] a then subsides. pandemic decreased what your I on normalized year Gené the What over like? the And last amount look DNA great. one this quarter

margin have will [XX:XX:XX] you pandemic meaning subside, on the to then are an but Well, also overall up, you go basis, once revenue. increased us joining going

out we lot that our could targeted decisions Remember, whether get us. talked it are in margins areas. there. as opportunity. at travel, we it our to, large as them, the a which for is graph, whether whether are basically have be areas very were make remittance. politics, You'll revenue. DNA revenue And are pandemic, And at certain the area increased overall costs These is because did just point this we revenue I those These of will reduce it e-learning, meaning large other some whether does more it's very are

margins netnet come For go go will so up that back, accordingly revenues those, your once up. cost up go But your the will business or will so areas substantially.

[XX:XX:XX] great, thanks. Ok. All right,

Thank [XX:XX:XX] you.

thank you. [XX:XX:XX] OK,

We questions to to Robin closing Marciano at have remarks. time. no the like back for this call further would now I turn

you. Thank [XX:XX:XX]

forward I of full the brings us to it. end call since Thank to have think year each I'll results. questions, at don't look end joining for. I you. to that the call, I'll close one any you with Thanks for year the to of other our of speaking we and everyone the the Thanks

disconnect. for participating, and thank gentlemen, Ladies conference you may gentlemen, now call, and you [XX:XX:XX] ladies