Ebix (EBIXQ) 9 Mar 222021 Q4 Earnings call transcript

Good day, and thank you for standing by. Welcome to Ebix 2021 Financial Results Investor Call. [Operator Instructions] I would now like to hand the conference over to your speaker, Darren Joseph, Corporate Vice President of Ebix. Please go ahead.

Thank you. Incorporated’s Results Ebix Conference to everyone, XXXX Earnings Annual Call. Welcome,

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

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

Now quickly safe harbor. the me let cover

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

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

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

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

XX% million continued EBITCash XXXX compared and year. QX QX to sequentially business. QX $XXX.X XXXX. Payment QX to year-over-year increased XX% strength discuss the the XXXX. primarily versus in quarter is due Solutions revenue Let revenue me XXXX as The growth now year-over-year to full increased the

businesses businesses. key foreign most impacted in there e-learning year-over-year negatively pandemic, XXXX, However, in that was by have the growth some and QX including travel COVID-XX been exchange,

to IT growth as year well constant impact with revenues. largest QX for XXXX. from On XXXX our including impact Exchanges, areas insurance $XXX.X business million to Additionally, million travel, our revenue revenues. Ebix's basis, compared XX% business experienced $XXX.X as $XXX.X to XXXX. on increased accounting consulting in is On of technologies XXXX revenues India, year-over-year $XXX.X increased XXXX key be remittance, GAAP exchanges global pandemic full EbixCash company's The BPO basis, of fiscal the fiscal growth in IT X services outsourced growth services in in in exchange million million core a experience continued increased year-over-year XX% Payment to exchange company year life and to company's negative EbixCash as annuity continue and both $XXX.X EbixCash the BPO and COVID-XX to e-learning, global geographies. outsourcing million revenues a in currency currency increase XXXX the Solutions XXXX. versus due XXXX. million to $XXX.X primarily XX% QX constant versus The Ebix growth revenues in worldwide, originating XX% in of year the financial particular for the and X platforms, foreign channel, and and by

the for COVID-XX exchange exchange due RCS declined to revenues adverse Our insurance of effect XX decline year-over-year months XXXX in XX months grew while primarily XX%, X%. EbixCash revenues was grew XX%, in insurance by versus revenues XXXX. The

the XX%; a North XX%; XX Europe, decline X%. decline an XXXX effects adverse and key increase increase COVID-XX had in of of business X -- of of geographies decline months in in XX-month XXXX Zealand, X because our while revenues increase Brazil versus had XXXX an an XXXX. of the versus New in had of by of period XX%; grew India of a a grew revenues X% the XXXX. Our Australia Singapore for primarily revenues America of of had XX%, XX%;

geography total quarters in effects XX% in performance XXXX exchange the other devastating in grew of revenues X%; had geographies as India e-Learning a Philippines, over in sequentially growth a the for on the grew decline revenues will now the revenue a had XXX%; and businesses, and a a geography Ebix, the Despite the to businesses, of continued have Indonesia international of sequential of I financial increase XXXX of we our grew business. X%. in a revenues our had of for business. increase Our XXXX. Singapore have the Australia we our sequentially QX XX%; of XXXX accounted compared The International America to the XX% a Zealand decline travel, of sequential revenues sequential of sequential EbixCash New in XX% North was XXXX. turn due the with to XX%; our experienced XX%; EbixCash a sequential this sequentially UAE an they to revenues compared versus other XX%; QX increase XXXX. of only tremendous XXXX, by sequential XX%; increase increase EbixCash increase that of sequential of growth Steve. increase while of Brazil, due sequential XXX% grew a primarily ForEx, exemplifying to COVID-XX most had call outsized grew had had as

pandemic. from. thank during was that like their the the to for to required to the to company incredible COVID-XX attributable move Thanks, forget employees to world year. want on dedication company would face year many challenges and our Darren. the XXXX Ebix's first XXXX global a I the

different of EbixCash and audits the company the Our complete worked team business. to X

impact our from of a NSE. In growth our like Indian Technologies in that Payment within revenues as XXXX many operations, Solutions QX COVID-XX to The report in EbixCash successfully tremendous Even be an remittance, Stock world due while exchange, business financial has of my travel e-learning, of we levels. EbixCash XXXX, spite businesses EbixCash should XXXX accomplished reality will growth sequential the and an our normal be areas, families want doubled equity complete to our public Ebix lines. and but the EbixCash XXXX, technologies as see in world and we than Year-over-year, of return experienced we our the pre-pandemic Ebix pleased in our basically as foreign well the of saw India. services exchange, negative EbixCash and and offer our our lower foreign foreign BPO beginning more deploy businesses base. COVID-XX. IT from opportunity business e-learning we revenues the tight the and in back. India conditions. QX in our in subside these IT-specific our returns anticipated would consulting, saw in have revenues exchange many are our of major we some e-learning travel, leadership company completed bounces 'XX, that labor of continued Financial resources soon, the to BSE we for IPO on year revenues we of as are 'XX. are to businesses materially in the built pressure proud have under were and document with are market still executed in I and And COVID-XX negative felt ways, COVID-XX material all comprehensive business COVID-XX that market and in challenged this We impacts we travel our base this doubled than ravages past continue understatement, employees to to as all To remittance, Ebix client train plans we growth and in rebounding consulting, to affected employee hiring for for because this which stressful gratitude stakeholders say and These as to our challenged. Exchanges, firsthand on and for offering and of areas, continue strong sincerest these

financial benefit market Our solutions prospects solid flow well are our globally generate and EbixCash from insurance year. I our predictable and us substantial growth of the has that quarter a from armed for some and will collection company and India for cash fourth businesses Southeast and services long-term discuss leaders with as and as metrics in RCS exchange revenues operations Asia. will now that in the

sequentially in QX XX% in Our XX%, in XXXX margin QX from 'XX was decrease XX% the from third a gross XXXX. year-over-year quarter and of

gross Our prepaid be diluted to by gift low-margin margins India. in continue card revenues

in respectively, Non-GAAP operating of that's fiscal Excluding India, in $XX.X XX% XX% operating QX QX 'XX for million. business sequentially year from company's 'XX sequentially QX the 'XX Payment QX from $XX.X 'XX an XXXX. Solutions 'XX from in an million fiscal in in XXXX. XX%, increase QX $XX.X and for GAAP and and 'XX QX That's million. from income increase margins year million increase was XX% and year-over-year for an XX% was flat the were income $XX.X gross

GAAP For XXXX $XXX operating income $XXX.X Non-GAAP declined operating was in for to XXXX. fiscal XXXX, from million $XXX.X million. X% income million

increased product in In increases addition bad increases rent of and and part costs business, XXXX, over to year-over-year. G&A by of and personnel professional debt personnel and COVID-XX of expense expense year-over-year XXXX legal the development in to in on $X.X had $XX offset continuing Ebix cost related our approximately effects mostly million expenses, lower other million cost

from XX.X% QX decline 'XX. was margin sequentially in operating Our XX.X% XXXX, a in QX

from XX.X% margins. was margin 'XX, impact of for XX%, low-margin the year growth XXXX. a comparison year year-over-year points decline in of on fiscal fiscal had For solutions basis operating payment XXX our the largest revenues The operating

year Payment in we goal our line in XX.X% than XX% the Excluding India, Solutions fiscal greater and the Solutions business solutions with margins and of Payment of operating for both margins operating generated and XXXX, business. in our outside services suite the quarter of fourth XX.X%

expended working capital for XXXX, on We these We flows paid. the and used generated million $XX.X plus of for was our costs. $XX used $XX.X cash reduce corporate development year the million payments existing to fiscal loan, ended income-related liquidity facilities to CapEx paid funded our major taxes $XX.X following dividend million in combined interest a During was We reduce million cash $X.X solid the million was principal XXXX position. on used year. from operating $XX.X globally. had cash with cash software India. million during and a We initiatives we term uses. had

XX/XX/XXXX. $XXX.X at was Our cash, restricted million equivalents, cash investments versus short-term cash and million $XXX.X

XX/XX/'XX, debt healthy is remains than at lower with XXXX. current is year-end. At position working ratio XX/XX/'XX, our X.XXx $XX.X $XXX.X sheet million of a at our at balance year-end and Our capital million total

create the outstanding future EbixCash debt As our reduce both our XXXX process load EbixCash a company IPO the businesses. thrive to IPO and Ebix believe soon, materially the our shareholders that to difficult people from with forward will the have for our move for we potential fund proceeds value future. by year to our solutions But and filing using that we has moves kind of for the and milestone as all. into growth was services the us we of DRHP

diverse are that a build thank in helped streams, the we the all global client with the is us this with We have revenue that list company serve company shareholders in a is promise. employees We unmatched filled and the supported and past a future today. industries us that that have and

be later will the like on XX-K over American remarks fiscal insurance Sawhney, to our I his operations. Form filed 'XX call Ebix's of and fourth now quarter President turn businesses, our to would Ash North today. for the Finally,

This even would up had QX the gains the I and key timing growth driven to of will now a COVID-XX now exchanges XXXX. the for was units results American the the American to This their North defer for and business, well business the medical performance. talk been healthy in by compared that The as spike QX of North Steve as quarter strong North summarize business sequentially. outlook. business. by you, I QX expected Darren, to approximately due this was the revenue higher about consulting P&C will core third shipment. health consecutive in for X% to certification the gain The revenue product certification up well of and cyclically American the business. is was fact was life, business, as we a Thank the have year XXXX, full $XXX,XXX, This QX but delayed medical XX% quarter as best as QX performance

also was While of back given product to to in Board XXXX performance product shipped as Internal remarkable we partner's ready The shipment to have companion XXXX, COVID the be December our due factors. the hold delayed was which that of is to the over we business. special certification now XXXX, continuing impacted see which Medicine digital for XX% accounts deadline In education sales extended business, several continue -- the medical XXXX, in to the higher specialties.

clients products, newness We also partners, several XX year. for XXXX the up The record-breaking our signed QX accreditation compared last new was the portfolio. year Israel SCI Beth including added was and Deaconess. to revenue product and quarter We new exchanges. XXXX annuity improving and Healthcare and launched a the new in vitality XX% of same life

XXXX customers compared full For to and XXXX. that functionalities new with product Southern XX% new OceanView. The several the QX accomplishments Taiwan up XXXX. P&C we with We exchange previous including X. up their compared There XXXX year platform, the compared XXXX them of consecutive was to we prospects. for bringing Overall, the was In rolled XXXX, by up revenue. platform. adoption full X total the year annuity noteworthy XX% growth new the to we full to and QX platform. comparison, clients a launch with and the to to on XXXX in and We And reaching doubled was XXXX, over QX, we -- pipeline launched clients The analytics coating revenue the attributed a added added in the Massmutual life compared are was on approximately pleased more we currently Western illustration and launched platform, we JPMorgan platform Cetera ever the XX% X% engaged added on we the platform making including to NM added the new in platform, added management revenue in early compared to QX highest carrier up on exchange partners exchange, in new NFS, several was X%. are it several and year the Life XXXX the X%, than basis, the successfully Western XXXX. to X up risk growth. factors, The also and year out. In were quarters and was Annuity Life quarter, the to launched business Guardian, Also We XXXX. to The Southern.

of a of We quarter with also XX comp for the added in new solution total implementations year. X the workers'

engaged COVID-related to was enterprise QX year slowdown compared this the unit administration and platform health and Redirect benefits deals X% We due exchange in up was and QX QX. period in QX, sequentially we in flat the one shortlisted Our resilient by Dental XXXX. full 'XX stayed added the and GA the for for XXXX in XXXX. In Health same enterprise global relatively to of also in with a were benefits world XXXX to factors, Despite the deal. largest employee brokers in an

We announce will in be on update to QX XXXX. this an ready

impacted in the engaged for North sequentially contributed including JPMorgan, up USAA, are 'XX, our back 'XX and clients insurance restrictions services compared banking was and and we leveled end up to to from quarters in highest stabilization. the MassMutual client foreign over headwinds XX% to and business consulting were in we core engagements XX% XXXX. in many sectors The At the as showed quarter revenue benefit, Our XXXX, Overall, of XX success was continue of underwriting and on of XX% the year XXXX. up Tier work going with America. active with home signs QX to compared was compared billing. XXXX QX full Lincoln. to QX travel exchange consulting QX to X the clients, Several in 'XX, face revenue QX XX QX, security in on-site

sequentially into quarter including in us Life, major XXXX to compared down Sun QX several Hancock, X% contracts, renewed visibility unit John On The the was roughly ongoing year. revenue. positive Ameritas and X% CRM the down last and Nationwide, same side, clients providing their Manulife,

CRM essential 'XX, the for be entry illustration, industry-leading repositioning with is order major platform this we comprehensive management Towards coating, our middle initiative which the of solution, of integrated a comprising division. carrier initiated and for the as components will More a restructuring and vision toolkit to just an communication. than position distributor agency system,

on solution. and We way of the implementing designing our are well terms in

sequentially Life QX QX, compared Health the to marginally was Our Risk in clients and division last division XX Products, this to We same quarter Compliance in new added Purity, year. up including Fairfield, spend Realty a to few. will few The name construction, minutes providing of pipeline I Advisors, SAM City Sylvamo, just XXXX. a remains strong. Investments, Capital Lawrence for outlook Leandro, now an

We to expect wither restrictions and COVID-related away XXXX. impacts in

of have foreign are to this client year. travel the by starting most will reopen normalization We of half. the to middle restrictions hear started and ease, in second we expect that Impacts offices

see XXXX. continue Our to core will annuity upward momentum platform in

all as steadily the have We we platform. carriers expect the of volumes increase to distributors a result to added transactional and

a and which launching platform will our analytics streams. will provide strong, for Exchange are platform XXXX. AMP annuity run. exchange, an called new AMP The remains Life annuity in uptick its for expect continue maintenance revenue we in pipeline We the strong adjunct additional volume The

We on will history have in than grow and continue in ever the to more XXXX. carriers platform our

the JPMorgan, As we platform, more as Jones adopt interest distributors get others. more such carriers from and Ed

efforts restructuring large will distributors extended assets. carriers enable to The can positive role access to platform The results. to will all have start platform JPMorgan be a platform bank to at our other as delivery on distributors. successful Our digital CRM a and gateway the show prominent

exchange, will enterprise including see Our and solutions, health revival. a exchange underwriting post-COVID

We opportunities. are and to a starting deals see resurgence of

on XXXX this will have QX reporting. more We announce in to

started With the to team. of post-COVID better up we expectation ramp our market sales have conditions,

that talent are we to able attract. the with pleased are We

products, all us marquee attract team that stellar industry-leading Our to factors the talent. best allow Ebix customers and are a

will America get acquisition few We in reinitiated. a for back taken efforts, which seat have North expect years past the

several associates family with was had This of X we COVID-XX-related due were time associates. of expect broken. pass lost these our family clients down a and efforts Many thousands for such years on The the Despite all of Robin. We lost we their up impacts. and lived this to and to that. hard challenging resilient members a due take to for period we organic extraordinary, us past them We conditions, and credit I'll several never worldwide. efforts growth for resolve was to stayed had to it. and our factors. to We members. now thank off to harsh ailing our augment let our not Their were work associates

Ash. morning, Thanks, everyone. Good

do ones. while all million us billion and years for. outset for That's their world lost in year-over-year. my pandemic the In have staff journey another of the the fronts. and a of $X past at spite ways delivering million annual find am across lost pleased has in these employees year their having we implying million GAAP $XXX we their revenues Despite for times. of while $XXX.X with I of for we dedication in many company. world on of and moment across quarter to company revenue in reporting XXXX, close quarter. revenue me making uninterrupted aware that, fourth assets $XXX.X of growth XXXX by some as the proud Ebix sacrifices our these COVID-XX with of in our reach is record me that XXXX. million effects employees, as COVID-XX continue be mark known the of us to a loved Ebix best $X the and year QX hit business XX% disease to of We Let top to to and A all the interactions on the and our sure many all efforts on in embarked employees XX% of of GAAP sequentially XXXX, within to revenue, first-hand acknowledge world-class clients of the 'XX, a are painfully top each got annualized of the and the services profitability to landmark build the million in a got that continued Ebix of I I year that on I mother the worldwide $XX our done indebted and delivered XXXX the highly made $XX to family top-class company the the continued service beginning great of revenues mark affected XXXX. that line our a effects Having of Ebix am billion the and devastating in of for and members staff COVID-XX been for revenues, XX line revenues, years. XX year in quarterly quarter businesses grew record and for colleagues am

of foreign These in in of imminently about sequentially X%. increase in sequential sequential has XX.X% of XX.X% the XX%; had in Bank involved Solutions want fourth as India, review sequential filing and Industry’s operating said, being X XX%; XXXX. X%; or fourth by COVID-XX. sequential and a what Austin, a Payment Brazil XX%; and DRHP the sets Steve our JSA to and 'XX of severely most one increase equity was Guidelines, we overall sequential margins in file the section X-year operating America Australia Chandiok legal filed. impacted business. firms, year client the granted the Excluding audit only process the travel, Somani. quarter our is are Philippines, It of deals delay company's diligence in increase business India herring revenues the the that had being new encouraging a account New fiscal a in exchange, sequentially pace the I Indonesia, in revenues increase of XXX%; India XX%; grew besides geographies also generated Singapore of a margins quarter XX%; had COVID-XX, Also, our results a Zealand increase by businesses of was the by of of e-learning, had on fact and in had spite remittance of results North grew independent involved public and DRHP India use industry Board of X be draft bankers, the and EbixCash the Yes Indian initial State attorney of to X complex has of IndusLaw. details a Under Walker highly also can Regulatory ICICI GT least. Limited, investment It's Exchange red firms, subsidiary, once the convey Sidley India Equirus. CRISIL; by that an expert, prospectus shares by in namely Securities Securities to with namely KG intends disclosed offer Securities, audits order its say proceeds offering exercise detailed and Motilal offering. and Oswal, Indian Caps, consulting The to and

expected as until DRHP DRHP filed process, to rules the much speak governing EbixCash With be the cannot soon I per is the Indian filed. about the business officially

total We was are as December to And focused lower continuing on year-end than XX, of already our our debt. at million XXXX, Steve communicated, XXXX. $XX.X reduce as debt

As $XXX.X on $XXX.X restricted of were investments spent equivalents, loan payments, income payments and tax still, interest short-term cumulatively cash million CapEx cash, capital we at million payments, $XXX.X versus and our taxes, cash and XX/XX/'XX. XXst reduction XX/XX/'XX had December, at as million XXXX, payments, dividends, working term of of facilities

We to are trust establish pleased as companies the transparency creating products more and integrity, with our And always their like of resilience fundamental that do great values. as prime speaks great say to great services. than They I and just businesses. it

of do most endeavored and our with partners that customers, We asset bright have always to employees. our shareholders, our our our

the everyone, an now to QX XXXX. Thank you. and closing, I and continued outstanding contributing it for employees are a I their our to want that, an strong X up to will and to that. record customers, us With fact of front. We that trust questions. for operator over for In decades for our the the call in partners that pass our the Thanks, just Ebix thank proud has exceptional on last open

from a We question with Jeff Hallum. [Operator Van Rhee Instructions] have Craig

guess if hands But from limited. remiss an this I'd coming commentary. your India, at articles, are and you somewhat media talk I rumoring lines details limited, getting tied didn't least as about Obviously, realized process billion, $X for in be But time at I SEBI filing $X are has ask billion, that your several. been Rob least et are a billion here. $X business. valuations IPO cetera, long I

ended. you on what valuation? anyway. said You've Any anything but it, open there's us imminent wondering if that I kind means guess, doubt it I'll about of I else imminent, tell comment I'm can ask and

I imminent wish I is what means, could Jeff, imminent. at I'll stop you tell imminent but that.

I'm not allowed So more than -- say to let's that.

So yes.

there. it I'll All right. leave

Looking that see, mover. filing imminent be ought on that real to to a based I what forward needle

get business. So U.S. whole, up like many best growth the to let business me The it looks as in the a put years.

in the how growth? you weeds, RCS, think seeing businesses? been questions. down you or and Because So about congratulations X if you before the what you you know up split went of the I in the I know And up. into segment talking What's pipeline? the I it'd you do helpful improvement growth for be can, for guys to if And insurance is talk that. exchange know in about but back about the Those I dive Ash, pipelines. are X it maybe growing overall for magnitude those want. the quantify, And But rates you don't this roll Rob, weigh on you maybe you've pipeline? can it versus just how both overall the expected

of the So international I the insurance level, will the a related But let Ash question do through actually to just at business. answer the part talk before I'll that, U.S. high I

business respect a We very have international in strong to the insurance. of pipeline terms with

We ever in previous one of history can world. and And had calls. strongest talked some As of the we for we've talked we just that's about the had the we super quarters have meaning the in Australia, from in numbers you insurance. reported that our brokers all tell about it

top in to large move talking the like of Germany X ahead large us XX country kind brokers, of countries from different to for super Italy about to countries, implementations. the of the One world, decided countries. or brokers And we're has with France with X implementations ranging X

product. So But to net-based basically substantial of with coming Ebix our of recurring these countries which because what is for we streams in revenues this also respect with a of we only expect substantial stream expect associated revenue and generate this customization revenue lot implementations. a systems SaaS to Evolution, out each is is those broker not of terms consulting

feel So our with the -- -- of possibilities international quarters that insurance. years have. the about we good last of and that respect very all the is in we had strongest X Brazil one

expect of the affected go countries We X X the -- a suffered Brazil during COVID. top continue to that Brazil strong. lot of one most. countries was COVID Brazil is got by that to the

we subsides, expect So some effect Brazilian of market. that do in to the quite well

continue XXXX. stream overall, revenue With should up that, look on our Ash, think you. it to I'll to international pass I in

Thanks, are XXXX we Number at in extremely beyond. business, U.S. if well last and core the the they XX Yes, Several months. to business you our one, look XX done that. to exchanges, over factors contributing being very core and Robin. optimistic have business, our

several know, more several you the you probably The as new added have We add, carriers, distributors is prophecy. a business, distributors. more distributors new you carriers the carriers self-fulfilling get. add, get. you The This more exchange more you

critical are at that mass. So we

ongoing multiple of And revenue there's allow these streams, key We generate on carriers need we consulting that hosting there's on some We've services that the the revenue. largest revenue, exchanges distributors platform. all the revenue, have got us platform. transactional is to revenue, the

terms pleased large of exchange. the our exchange, we I health The are would say, and amongst applies and towards P&C presence in where same, So are market we our with our distributors. penetration carriers

business stable is outlook we positive. and define the our So as overall, is core what

Okay.

QX? line, happened it remarks, big you growth. as Maybe big was sequential in commentary So prepared mean, there obviously, but year-over-year I the little in the RCS more maybe maybe what to a just to talked

the America, deal India, to we Ash has also It's a out Punjab for Meaning, of consulting business meaning, like North Well, it is growth recently revenue in announced his India. continued think started markets it that National example, out combination of growth. factors. many improve. combination for of a core of the In was example. how some -- generating I the Bank Similarly, of other remarks, consulting in combination a detailed

areas he talked change be to Ash and the We've years, number we talk, in And he with terms resetting declines previous handle -- show businesses, how about factors. we and core can this previous address attacking the that results. talking certain Look, in of are making had And starting business, business he -- we we the about consulting those better. in that. been last So there's how of for we of we've about a different we repositioning, where more how did a diversification markets few how had whole for competence talked to years. to thought some his talking that he's are business the -- feels able we been we've talked about RCS in

will expect segments. effects So I business that we sizeably. continue to grow grow COVID part expect to And we and business the is to tracking RCS the of of which certificate RCS to expect as not all in we continue -- be business, our these back that subside, to forget business, of business expect

it insurance I high one could I I the single follow-up, like The quarter, accelerated. think to business, Still could. The sounds at was, comfortable what is mean, high grow not on it side, thought -- were digits. -- digits? you commenting just if the conviction least it if that single last you

that's Ash, for you.

full Yes. Listen, as quarter reason Yes, can't already be the towards wouldn't we why no there's XXXX, those quarter-to-quarter. look We're XXXX. But at first we we absolutely. predict levels. of year in

Yes.

on comment if But you're related on you maybe going what's just if to the extent able on I is, I specifically for the the of weathered trends. to business, you the big what's can FX, guess how going travel, comment just to hear quickly what's you Maybe a insightful what right to those to the it'd back? the be And shift could Robin, businesses obviously took and storm. in now? business. hit comment seeing in Okay. environment? EbixCash the the Kind backdrop general I have on can ground remittance? think India to gears, overall do words question You in come travel And your are

in themselves. specifics but -- terms as business Well, we of our I think of too I our general a much at numbers Meaning discuss talk level. I can of now, speak for can't

did is business We back. at starting it, to had we sequentially if pretty to quarter with travel the a we come quite -- So look well. respect strong

travel to XXXX. the strongly, this strongly do in business business quite the to do year expect We very

remains stronger ever. pipeline Our than

have & stores that We who business. very are to in most well means expect country. franchisee business business. ran Cox that up our building gentleman hired travel world across franchisee at we'll largest channel their franchisee profitable the -- travel Kings which the franchisee heading We now. had the business the back our basically the across the we And is do business

we've leader an the always do the one quite segment. travel, been market. to of Events been always we in segment, the BXC in well leaders. have Corporate expect absolute We

as continue both So OTA We're Indonesia to largest in countries. the business we opens up, Look, are will Philippines. number especially grow countries X these in like these in player expect places. both and we that travel travel

these business back automatically countries our come will out, and earn will As grow. travel

are from to we strong targeting of the industry we have travel in industry. -- pipeline open The out. -- terms in strong we strong travel is So have a starting a revenues XXXX we are

of all think, I I -- Companies XX international to open is things so the will to having gradual flights, a Companies March are do It's all they think as Government XX, India, to for is has their think are But March conferences. resume aware. date up back. organize to announced actually, example, flights, that there are a I events. starting starting movement. come you process, to continued are

in be large we of hire implementing in a we to first For event quarter. example, one recently, had will organize largest that India, the very banks us the

said And play. and the nationwide is airports having dominate obviously we is starting industry. the travel travel will of that, happen opens, The travel to in movement automatically terms open, to airport the related change So ForEx. the

the that rightly proportional expect in business growth will the business ForEx be the So we -- directly to to travel also personal ForEx is growth. the

that. signs good the looking So are for

could One had question some took question the it. cash quick Obviously, pretty yourselves and let downturn. during flows through protect pretty that, to I'll on to if My of I generate the you jump -- cost actions on go. obviously, Yes. The good front, last people let somebody COVID, on. is out coming

growth I to of out risk coming how you an a driving were overview that drive inhibited think in the Give real kind you're to in. the of bone you us sitting that step in your there's think and ability with come you always spring the regard? and cut your

people So in, We've back. in we done only that. back. actually already brought our already numbers. brought baked That's our not most most QX We of of our people

of We Because environment, also gave in India right? wages, markets labor them the hefty change. changed the

So -- with and up and anybody, won't raises to we come XX% had higher on. much so automatically doing much for we that X% rate and had to

So will staff is we we that. all -- back. of are did haven't brought there There areas -- we the where all

very you For ForEx, I'll example, simple meaning -- the a area example. of it is give

an a there's called the example. has say, airport international Coimbatore say, And And flights. that's -- limited Let's real let's and Coimbatore.

player one only the foreign are handling that We exchange. airport at sitting

extent, haven't to back flights if and dedicated we back, keep have area The bringing of up we we as exchange. back more actually IT. on that In don't people have to limited had, where everybody We our -- development, what meaning do And ensure just are them back to in only them we But with that we're didn't terms development are people that employees we we're wanted right, those -- have had area bringing areas, to happy able most brought done that. in back. that started up, bringing we front. some foreign don't of gradually we've Now drive to we news in been bring do working our is still the have I pretty in franchisee is level the otherwise, a radically. costs channel the good of we and opening on travel. airports retaining to furloughs. employees I But But on

to one more. going I'm ask Okay.

imminent, the this the filing and whenever that what about? from between like as what said, actually we you process IPO files it the key On does IPO? thinking look steps to relates as process need And is to assuming are the be EbixCash,

months, get get then through, few a April almost an you XX. be file April to to me then a issue a comes have would or it, once or a May with the know, you XX, X or taken doesn't depending your file processes. much takes approval it by get so XX take RHP. before SEBI or And -- month sometime don't days have you But we next we as typical say, of take India. it time give SEBI time take once we it's you an anything. SEBI follow it be then, -- line for you typically, months. DRHP then once weeks -- that we an X if longer. but XX, let's approval to will months few possibly So that flips Virtually, to mean happens the certain the and Board typically over Exchange once by Again, Securities on and Again, able approval you've file a on. process very by -- if And becomes It can whether get April approval X difficult can issue it that SEBI is a approves by by line months will has X accordingly and will

it how that's So works.

you are typically process get of to from steps X done, So X of to line months many file whole that in time between. there's there a time the and

the research will rules, so more always and for the the by reports within what I of which will say it, once the hear is impossible DRHP example, banks just look for It's -- steps, also to is issued would anything the happen once filed. me filed, soon. said. you is imagine One DRHP it's the very being again, beyond on, I've

Chris Our comes with Research. next Sakai question from Singular

on XXX%? the there? had Indonesia's and Just it What were why question a drivers growth was I

was main reason that base the low. for Well, was basically XXX% the

travel COVID to country travel continue travel that Any -- as because we're to is back. talking growth to see affected numbers going coming to going -- the a of countries going period, numbers business. comes see about in Indonesia show dedicated out on very to you're -- you're So is various strong high

Now are -- in remember, number player OTA travel X we Indonesia. player

be there. we As that into quarters, growth subsequent go will

business for operations, most revenue it's and will We -- we incidentally, high-growth a until Indonesia, us. do have back is one levels the what it's travel of come profitable normal in very of to so Philippines we our

it low earlier, is almost and is nothing because of happening -- was numbers or percent still So very there XXX-and-something nothing candidly.

I in lower. been player simply end quarters coming of X like base months are we at keep not the that is in it has number decent showing we the believe So growth can But -- day that Indonesia. coming the the because and

to the get destination, big need to trouble Bali travel because as normal to just we there, open the as you older is to to a know, levels, open markets our So the Indonesia out stabilization. -- so of back out. market for

our have base We we large know. as you physical, are have of agents All a agents. very distribution

thousands located it tens Indonesia. So physical that's that in what it is means of exist is islands of in Indonesia by

all of Our of them spread of in are tens thousands these across Indonesia and islands agents are digital.

of us us So the using they they reach they provide to agent, XXX% technology. give also the that next-door agent the -- also digital are and travel

that's what in our call the as these right growth out, should opens we So is market And imminent, be digital. -- places.

that, hope continues countries. growth that's the in reason, So that would I and these

states had other with I your buses. are project likelihood your the your then on there? technology? a -- projections the Okay. your Great. what of ITMS wanting And question And growth rate What's

because of to. corporations XX baked with in as you're these that's are we not did. revenue clients I about a if already the a Bengal, have do What by then talked referring solution, announced of the state bus a that's we correctly, mean we already I -- West us. the largest the are that that of business from the -- player the Recently, in corporations just heard chain government-owned think solution, transport But out XX into We again, XX, numbers which in yet market is state roadways I right? bus you you deal we are states. So deal perspective you've

coming start in quarters. will coming coming in. it So revenue start will That

the because undertaking of -- earlier started having markets to that, Now COVID, number there Because bus little join up. bus the travel happening. other we expect states said very -- of was a because opening have

is back Only metros. for an the doesn't full trains have you everywhere. intra-city of class, right? is travel big travel for flow or only middle have -- the a this means the underprivileged because travel, bus Now lower in in India India have don't cities

that economically they is of So net transportation, India. transportation a is only in feasible can means means result afford for of buses something

backend. So has of the bus having we been every in make the that if And that, money irrespective at off India. ticket. year-over-year technology can we bus be travel every Remember said the at XX% provide ticket sells to growing of who continuing particularly

quite So we do expect in business. do that well to

deals. the very and a bus newer strong months hopefully, have to coming in us exchange you're a pipeline We of -- weeks We of the get on hear that going some in lot from arena. we to done deals expect

to ask acquisitions wanted your I agenda? XXXX. about then And Great. on potential for something Is this

in the cash be very that said I acquisitions get priority our we’ve – is cash use top amount want to any we want the a And making strong meaningful we before at in is said done. a position the we sizably. to would to at the first Look, having that, to look IPO to to IPO, or think substantial reduce our And that is past, of we clearly, part generate, when goal? start cash acquisitions. generate we of to and debt looking goal what our Our

going to our the debt utilizing we’re to to acquisitions in so our as priority very level a of to – have Then a that, order excess the acquisitions, – for priority, to That’s our first priority on. you low think first as priority. management candid we give on I first So money and reduce us answer, a is we team my as can. after –our focus

thinking. for our improve it can that will We we great be sheet, clear our balance base. investor believe fairly our if we’re So in

have a amount cash We can believe of good what we’ll we do if sizable that about. a you’re just all talking also to have IPO, of

Rob, it’s Steve.

would our will we the other also top reduced us that long-term for Let strategic a evaluate just around capital let structures acquisitions something around to balance – qualities as us. me us me enable alternate add flexibility and which just for of priorities other the provide and because company. It priority sheet is capital forms with debt the of

any the not I'm showing questions in queue. And further

Thanks, for call. you to into Kamil, everyone, We call Great. can then. speaking we call. first to quarter as the close on look earnings soon forward get we the the being

gentlemen, Thank you with we for disconnect. you. that, And you and ladies thank and may now participating