Ebix (EBIXQ) 17 May 212021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Ebix Inc., First Quarter Financial Results and Investor Conference Call. At this time all participants are in listen-only mode. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Mr. Darren Joseph, Corporate Vice President of Ebix. you. Thank ahead. go Please

everyone Inc. Welcome Earnings First Conference Call. to you. XXXX Ebix Quarter Thank

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

remarks call your Following we’ll questions. up open the our to

Let the cover me Harbor. quickly Safe

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

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

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

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

was were diluted and and in income the today. at was million discuss a revenues a results revenues non-GAAP constant million was XXX% would $XX.X weakening due $XXX.X increased QX, Aussie $XXX constant income million. $XXX over reported revenues was QX, million. offset from currency real revenue key strengthening GAAP at XXXX non-GAAP to QX Revenue $X.XX now $XX.X increased QX, in XXX% EPS XXXX and have QX Brazilian $X.XX. earlier QX, operating basis QX $XXX.X operating XX% EPS me record Let metrics million more released and XXXX Sequentially currency QX, diluted and On revenues of been than by $XXX,XXX to the dollars. XXXX XXXX XXXX. rupee Indian million. QX revenues million increased $XXX.X in year-over-year

considering to million remittance were for XXX% QX revenues these billable exchange our across us. compared XXX% $XX.X work to accounting the shown businesses on QX, the insurance our increased and million many awarded employees results and down shut travel, staff to EbixCash, imposed that XXXX supporting Excluding a of grew from businesses availability reported and to human in worldwide countries curfew our exchange, in of $XXX.X a about and revenue Exchanges Ebix’s be had QX, XXXX million area XXXX, good including revenues to insurance in already increase the and the the most to EbixCash remittance of pandemic to our of financial revenues the QX QX, Sequentially foreign XX% Beginning as the feel by lines last XXXX by was in consulting, few of downward business India, XXXX. education March QX was in Once XXXX e-learning an led as we development exchange the of keep with EbixCash COVID-XX severely like travel, based QX reduced compared onsite weeks XXXX, impacted of COVID-XX. $XXX.X hit of in global businesses XXXX QX channel that compared XXXX. revenues. continue as The COVID-XX, largest effect XXXX. resilience clients. QX foreign impact by the India world for exchange, of virtual because were in natural, to exchanges XX% our

for not bill and out COVID-XX. the enough nothing deal to product were most our underwriting the example of COVID-XX. order to to of out delayed To business, down the it, client decisions resource but work life available We to work. came implementation base implementation related because onsite to Also have add new carry almost

reduced in arrangements times and increase geographies. made staffing These to certain are accordingly. staff are availability now to the we trying have resources overlapping levels have make We adjustments for extraordinary of to

overall XXXX. QX increased traditionally XXXX continuing over in QX to medical and in quarter. we the will million approximately revenues XX quarter revenues year-over-year because with and QX XXXX. different are sequentially business in education COVID-XX year, revenues quarter no of of on businesses, of in to effect of operating income In the lower that Our our still of having managed primarily headwind the the fourth spite by Steve. preceding decreasing XX% the I $X now was fourth and CME a QX call increase turn compared as always our offset XXX% to first of our seasonal grow many

Darren. Thanks

share three have evidence and global we produced thrive to the that we to the as of in Ebix first quarter deal returns prepared survived impact COVID-XX the wave Ebix devastating virus hit with at wave XXXX are and hit We been positive India impacted have had well, our most world Brazil and on times. to the infections. our rhythms. of of consequences that today important by most and virus the have provide but India in continue pandemic the getting The pain our across continues that once countries our terms in of to are deaths, of has normal three while to U.S., population, At economic unpredicted The is globe. the the businesses second stifle seizure with operate by activity by markets. present global COVID-XX in QX, results this economic is to impact economics third the Brazil

performance Our QX year-over-year top XX% encouraging. growth revenue with of and and sequential XXX% in respectively is line

our and foundation stickiness on our recurring a by some thrive base services, Our repeating Ebix of side will crisis operating and this revenue I'll is endure of geography the that of the customer company's of allow diversity other the percentage to large turn nature and With revenues, and solutions to both and results. COVID-XX. that,

QX, XX%, and Our gross was XXXX XXXX margin XX.X% in quarter XXXX. QX, of in the year-over-year XX% sequentially fourth down in down from from

XX% by continue impact XXXX we of sales quarter to gross QX, to from a record margins had which be low business India, increasing in Our record operating in our of robust sequentially, continue the solutions see COVID-XX. margin another million income payment demand diluted from sequentially in GAAP sales, XXXX year-over-year income QX, due XXXX increased for $XX.X primarily million base. QX, for XX% was operating to X% million. the $XX.X while XXXX, $XX.X Non-GAAP of QX, declining

the of Our solutions the but XX% maintained XX.X% QX in XXXX. operating the operating ’XX, margins in company for business first of we India, margin excluding was in quarter payment historically solid

our and X/XX/XXXX. $X.X these term pay a to flows investments QX facilities expended $X cash cash, CapEx taxes, in plus uses amortization costs. capital approximately versus credit we $XX or We and the of these XXXX, cash had India; corporate used equivalents, cash loan; during $X.X for short related $X.X to global used liquidity restricted of payments cash, existing operating During of $XXX million, initiatives spite of interest and major cash, million reduce million the cash working for million funded with software development term corporate including to million at generated with a million facility; our quarter. uses Ebix from to million on principle strong $X.X million $X.X of million ended combined pay In quarter position, $XX cash dividend

future remains better current and with as of a and In year of are March XX, excited ratio trials or we past sheet in over healthy about $XXX balance a will be a Our faced the result at so. closing, working company the capital million. Xx XXXX the

teammates timelines operated people of weeks and filed XX-K of footprint is in commitment the COVID horrific incredible of the light our of accounting have few people global given and Their their in that weeks on a and will three of dedication shown our impacts have indicative India under finance COVID-XX past severely our Ebix we we success global the tight our the type ago. these less employees recently drive throughout post than Our team families India. in over Many world. in

this service pandemic. Ebix We for family of and are as to of Ebix XX we members loss grateful result a recent their the mourn

his Form operations. XX-Q of Present the North the Sawhney today. filed I’d American Businesses Ash first call over now remarks like Insurance our later on will turn be to to our quarter for Finally,

outlook North discussed QX, year for a summary was and Steve and will Thanks which provide updates release. the of America during QX results Darren. on XXXX, recently the XXXX the I full

America to of a revenue $X seasonal, underwriting in Medical approximately down in because $X million by revenues. $X sequentially of was business Continuing these business sequential XXXX, as every lowest. million QX quarter upward sequentially. and annuity in quarter year, then in the million gains business trends approximately some to year, Certification traditional health the to healthy drop first the this and the is and quarter units were of in cyclical drop revenue North medical exchanges. of tends Our life and QX, tends compared The exchange highest be nature. the certification to steady. in stayed Each The remaining QX report Offset

expect projects the in quarter. India. the attributed this revenues We to new to The to in the deliveries we growth due is the for the the initiatives announced division for on underwriting exchange situation worsening last all of with year-on-year continue in COVID-XX XXXX in slowdown largely drop

a light come highest transactional fact temporary, life in This annuity transactional we in business in the is a [inaudible] exchange the several it sequentially. are for crisis the slowdown in based in to of the COVID-XX While seen was result India. back grew volumes. still The unit, years. March we the broad few exchange we volume worst quarters midst our have was to this of in normal X% take that may increase of believe and

QX. this seeing trend are in We continuing

grow We independent delivery retailers; also the saw are due largest U.S. compliance the the stayed one during timber increase from by which company; vary was the This Go, largest the major in company revenue an furniture during these To customers harvesting in sequentially. can a largest product largely Prominent global Keya business period, XX% and Rooms The XX Columbia. lumber builder MWH XXth quarter-to-quarter. QX. Constructors, our QX. steady they Homes, private privately U.S.; in British primary owned health new of home risk partner added this in business Teal-Jones, to among exchange manufacturing and were project lines All

the more including National. Life illustration to WinFlex We add clients platform, Ohio Protective continue to and

GeniEbix artificial the the platform. We on with early are platform, pleased intelligence our WinFlex of analytics success built

more consulting expect many We arrangement We Simon's in Group with and expanded XXXX. the to add platform clients Benefit. to Security

an We our pipeline Glove. started services Data expanded to Edward cloud term insurance for a build product. with presence for Jones have express also based with We

We have built our lifestyle pipeline exchange. strong a for

to this implementation. grow JPMorgan expect We stronger with even the

including added carriers, On carriers. EDI new the two comp P&C we tier one four exchange, workers

We XXXX. a also We customers to and and platform. of QX growth compared to XXXX vision added XX% risk four QX sustained the levels compared saw new to

our the virtual We expand digital three medical certification to hosted continue We business. virtual for strategy events. and

We providing us several of more year, during launch revenue. incremental the expect to streams

launch platform. for University We This industry. these Consumer platform, of School achieved Successful agent Noteworthy Mutual benefits are: for In Go-Live contracts milestones. also for from the the transactional QX. an major out driven for and on-target, the Pennsylvania platform. amongst of is and Meharry for Continued revenues the significant Dentistry. the security to our implementation also then It entry build we secured the Navy full with QX Direct new JPMorgan will order increase in of and JPMorgan

stream. launch Navy on Mennonite Solution, in its year. to platform We which new products on driven with kind launched, the international SunLike added are for be later ready the platform, AI environment the out continuing to Canada. build Direct the products of the will first this Consumer new

Finally, initiatives for major the in to the growth will update regions. which an XXXX, contribute on

and life our on exchange. bullish very be annuity to continue We

record more the the revenue. half, an track of in platform of impact the to we of are parallel we on The even The JPMorgan have as parallel will levels these see onboarding. the JP ramp-up on of We Morgan track transaction Carrier seeing onboarding life incremental impact already expect and start second Onboarding. to

will XXXX, terms starts by We over QX to improve anticipate that assuming starting hope in of pipelines healthy second of the XX pre-COVID a half improvement ease are days. as to exchanges. and back enterprise and deals India to the COVID-XX the on the the impact situation We up. get to India in significant see levels to underwriting We the of revenue in see rebuild that XX will

the We launch market of Azure Enterprise up believe this our us Exchange We sales platform give We the and this Azure on are campaigns. working will through to the exposure stand Health Ebix in network. the several QX towards hope will and with marketing in the significant Cloud. coincide sales

We are Ebix cloud the Data excited offering. about Glove

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divisions. efforts our conditions to step market to in several improve, we plan up team the As expand sales

and is healthy pipeline growing. Our

of and will end to the life and exchange core levels and the strongest network year. been, Our is has before expand record the it annuity

in investments initiatives growth. Our accelerate will new

with analytics. successes early seeing are illustration We

steady recurring revenue feature will to incremental Consumer and the The given In is both next manifest prominently. of to are journey, well expect and opportunities It of this We on the is positioned our and capitalize exchanges carriers headed as solutions. our enterprise that. we initiatives on where streams. phase on-boarding platform Direct will market

in in bullish COVID significantly XXXX. India remain full that America situation normalize the we hope the improved in North the coming performance year and having months, will about With the

sacrifices Robin to during be difficult strong industry fortunate major will been pandemic comments. to our the pass our very I We times. in best have factor his are never of The teams now stay commitment has to for along Their will this leading some very forgotten. us supporting a allowing during products. the employees

Darren, in everyone. captured Good Ash that the detail. have believe I morning Steve and quarter

and few in healthy It has decisions. to are growth numbers. top to managed task Let related times e-learning, at non-existent; direct On lower deal easy I'm are continues onslaught basically high their is delaying a of me income summarize implementation been the by that its staffing saying pleased the deal that lines and keep travel, Ebix head during challenging; to deliver brought times like to COVID-XX. these product new Clients unprecedented and are rather with levels operating such no line impact etc. exchange, COVID-XX. or is because by XX% of site availability foreign of has product operating and consulting issues

can in performance In days, no that in to quarter, As their you in I spouses, have we of XX sit answer one performance children for statistical there forever for. the rest terms XX the young lost here, is numbers of relaying the thing their Ebix’s and to last statistical despair behind parents performance employees COVID-XX leaving lives.

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best that anyone others to – have afflicted out let’s the and who Our lose what don't eye hearts and keep families go to do close a so we do we maybe anymore. best and their on all can,

goes delivering. loved numbers time as employees out scenes sometimes still that We behind salute us.” Sudhindra the all true employees have the the the perspective we pandemic. lost express read and in into you fundamental get XX each that you have to my you a of and an don't my badly across we for thank world. the running I will and in sweat don’t lost this and condolences on the I miss operation of heartfelt of for I ones blood words to this to such did

the will these Ebix to help. their stand Robin up has studies. educating financial graduation of the company, each a families of Raina each of of As some of these Also fund through The volunteered Foundation for employees terms children in cost

quite India. feel of term any auditor We board to internationally coming from names that business IPO; the of are drivers for do and the short pain painfully securities, banker; XXXX others. the investment employees next take internationally the fifth fundamental in continue aware IPO three about the appointment the steps two, good statutory banking company renowned an next in an IPO a to renowned these renowned and three, QX that am are: in diverse EbixCash comprising the amongst for that of will appointment in the results banker term, we ease nothing of of the can I the targeted manner. One, of level our The work short through the direction proud appointment we years. industry the for Ebix EbixCash, as regulatory the In independent

We XXXX call. Thanks. to it over investor and will comparatively a of that, are the keep on on brief hand annual weeks had the these you will call perspective during right operator the our my questions. With for the at in it few QX, I close and We on my giving look to each times issues ahead the time. open three I’ll these at all call comments advanced up shared earnings thus broader a public to us, of announcements I forward perspective back stages which fronts make just and today

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

open. is line Your

payments going we're running, sense look just taking – QX I ex you on. QX, guys, behaved I in look business million it go sense XX call going for maybe as Robin EbixCash Thanks lift in brutal my time at any that for get in the what it hit and $XX QX, it COVID think couple or was Do a sequentially, guess Great! to QX. me. of as payment how I Does our of to million Obviously I head low namely ex or starting again. you $XX cards, with as what's around here, the India have XX at it questions to any as there? but know happens in did bottomed down business

– the the say is or related to solutions somewhere. you question payment did lost overall you Jeff, business business? this I

It’s EbixCash EbixCash ex ex so payments, the payments.

got Okay, it.

the need I of almost it’s take beyond what we you to EbixCash At if payment with the be, in brutal near – has QX. COVID are the India. sequentially time have because XX% our to same nowhere actually partly it's look, been respect we mean, wave where ever infections, out, business So happened anything just with second seen. that grew I

point We making is are now. non-existent basically at right a where travel

Foreign at don't improvements QX. we any so – exchange in travel in least – in I – expect QX

is do internationally, I are what However, education are happen the expect to and remittances. to foreign exchange area, some starting back that improvement vaccinations as is because going the simply school prompting in students

We are educational so leader account for remittances that business since a in that market QX expect out XX% up India, lot and of pick to we onwards. of we in a

will we for pick platform up kind example example. presently, our like on, because business for deploy like so foreign Dubai see as of So businesses are exchange countries and – in ready vaccinate, to if Dubai we our getting

I it So presently are affected by COVID. clearly is think we –

happen know technology So expect expect have we – the foreign more majority what of in starting continue non-payment hurting arena, area; in exchange we in state if banks. – in in solutions technology I exchange improvements we Even the think take bus we is what to institutions of our are us in improvements growth the being clients, downward is you steady but area. do to to solutions and our what little expect slight businesses; trend in is I that’s expect a financial a for the the – businesses, businesses, and expect lot technology shown business is payment we starting are. substantial where terms so the to travel the the the I arena time you improvements a should areas, technology we bit in have

if clocking So implementation, an already increase revenue deal in and them, have midst or order, then are can we revenue. of we the with an a we continue

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thing. these is been of kind Budgets hold of put in kinds business areas. on So that have reality those

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of impacts go in you Indonesia of you they starting close around kind onslaught Philippines – of to India, way, country a know started of the have the started come and increase. Singapore the never out because If have to now COVID. is number

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outside So has kept of it state. have the is shows these diversity think steady our we the clearly news businesses but good that business, of impacted most our solutions, business I the payment

travel vaccinations I don’t to – solution are related mean take you I I see clearly and an directly and immediate COVID India area, be related, virtually don’t XXX because the to do close end, of if see year If into parent the people means What that directly by by vaccinations of end. level e-learning first billion how year if are X they is even it billion vaccinations is, do X will mean million Forex vaccinated, even you going, and because are of e-learning are way they they are impacted look, means people, school calling calling as million that know a Jeff have one, able in kid basically billion the will XXX you XX% claiming Government any two which doses two the X vaccinations, that. to the – people. they means percent would put the

it’s think if all businesses, business on to – you on in the that, is places having even start And is can hub of a so because Mumbai, XX% know they like I getting revolve Delhi, XX% vaccinated. decent only, of to said know that hub if they the XX% can even COVID, vaccinated a now Today’s impact they and change. it you number, have these then dramatic which even places is however epicenter our will once Delhi’s Delhi right. right things today simply like achieve coverage, data will

out few has of that that news positivity the the rate days Delhi down. last emerged positive in some there’s is coming However

is from the of where I that know starting You there you availability a are more could tell signs, know India beds, pandemic. we are which seems stage like but that, you to far conquer positive

me. And Great! last just for one

as like to staffing issues. staffings, you pretty think relates it it know I severe the sounds

projects of do play, big risk people Just and it and in going in JP much it others, sounds a some to right obviously like to you're got some away. Morgan and how there is things you’ve some get

bit about more the staffing. a talk Just

city, We one it place. kinds issues, mainly We Then them. in issues will have very So any was It’s so and development mainly decent it us be should most a issues. able there’s QX. we not an Hyderabad. in right, will arrangements able up other one large a part reason, any hopefully but handle major have QX, Hyderabad, been handle city. in of in we have all do it part any have revenues on in but it. to There see mainly a have we as handle in to of I issue. other It making of make base our to for don’t that, Jeff, do not huge for but impact but that’s be that for we QX in did been or

everything. the arrangements much centers levels. made development Hyderabad India. other At mainly you into anywhere to do know in our hosting facilities, – been least been reasons. We’ve in across handle have development world I that, varied virtually of only all staffing It’s We I or – Hyderabad. able issues operations, in all it We else kinds not it’s in read for those in have don’t the so for the wouldn’t

Got it. That's it for me, thanks.

you. Thank

question Research. Singular next from of line comes Your the Instructions] [Operator with Chris Sakai

open. Your line is

morning. Good Robin! Hi

Hi Chris!

in would wanted time I share. gain see you thought had I be M&A market to opportunities. good India regarding you this to question a if know EbixCash’s a

India. thankfully great now I’ll the right M&A at that’s anything side, to same you in know side we not, on not the on that time, At do Look, a EbixCash you the least question. tell planning do we're

eyes know manner see don’t we’ll but don’t we anything the could the do of want a we in India through to – now our possibly have U.S., think we take part something us off right if and do focus want we you it sensible with today. you again that the in In the to on. so very reason Now

head and red to We herring IPO we we wanting if document U.S., DHRP will an our lawyers, is going say doing have two have We number whilst to document to are Commission we head did a the and and – do the we made working to audio India. in what clearly file our towards the that audit, need we’re I we going like need the to are auditors happen Securities with IPO, numbers as and DHRP. our the clear, – it our get of analysts, working call the today, as we file we’ve make Exchange towards dual M&A they let’s with with audited dual file

it you do a because and from you changes an when and an – time acquisition, making of the filing a acquisition lot, will anything when is things. will any It It prolong perspective, banker’s considerably. not elongate lot when everything it process complicates make complicate to different the do Now it process, is an things the that, you’re advisable, IPO. particularly it investment when you’re during

will agree So there I you with right a you because that actually question good now, what very an I happening wouldn’t I time tell while is Chris, opportune it’s and today. still is

able not foreign happening hit, They onslaught. at are which is dying. are up staffing If levels it’s foreign which They badly to exchange. are wiped you getting players is evaporating getting off. they in areas exchange, the are to travel retain look and and the market both not because travel and to the their stand are Smaller able

these are open I us. is for making trying lot pick is this So business, of for we is, What opportunity rather we organic that what what than to this Either there. business. we starting out trying are an do, easy acquisition players up growth are mean is just by think a to to happen an

but eyes we in companies have trying now. because it’s focused to exchange keeping trying they wanting to fund capital, right in the to are So come sectors, especially a trying, the to of Ebix fold. clearly partly employee company to approached lot costs working of go simply foreign in after unable time, and starting the are each our us fund the these the travel particular umbrella, A opportunities, present – and where under

you So what be having have institutions, said will to as by it that profitable, funded becoming to very business profitable reasonable adequately high or able normally companies are we come happen because their the only the that, have be feel opportunity, that ones out that of then is is COVID, also but who we a fantastic difficult. keep also head who who were a will a

will to a travel a of who is to who like are times losses, support player making this. players foreign it not a some want lineup players bank For exchange or these in easy

of up even way trying to without to this to easier each buying players, and talking seeing the acquisition by business opportune this pick is perspective, an EbixCash handle time is also, of these way organically it these not same making business. that but to founders, each the So this do an at simply there an but from best maybe the we time think unfortunately an simply is

great. Okay,

after So be then would I IPO for more mergers? there opportunities the guess

to and we have users – a absolutely so would of be. and fund an hopefully our of inorganically, hopefully IPO able There cash we both would pretty of be money and are amount organically solid you continue absolutely. to growth, Once to generate are one the

Robin. great. Okay, Thanks

Thank you, Chris.

[Operator There at this are presenters, continue. more time Instructions]. no please questions

Thanks Jeff.

us second Thanks forward brings of that to We in to call. Investor one everyone call. quarter to Call. during XXXX think the of I talking close I’ll the you. Thank each for look that, the the participating call. end With the you

today's Thank for concludes this gentlemen, participation. and conference Ladies call. you your

may disconnect. now You