Ebix (EBIXQ) 10 May 222022 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Ebix Q1 2022 Financial Results Investor Call. At this time all participants are in a listen-only mode. [Operator Instructions]. I would now like to turn the conference over to Darren Joseph, Corporate Vice President. Please go ahead, sir.

you. Thank Ebix, quarter to conference XXXX Incorporated everyone, earnings first 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 are more

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

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

grew grew QX EPS million metrics key results XX% to million. QX GAAP sequentially 'XX me to $XXX.X QX EPS X% $X.XX and $X.XX XXXX released from revenues GAAP earlier from discuss XXXX $X.XX. today. sequentially Let sequentially diluted $X.XX, grew $XXX to our from non-GAAP now in diluted XX% the

in $XX.X million year-over-year sequentially of QX increased prepaid $XX.X card XXXX. income including gift revenues, the worldwide XXXX to first GAAP million. revenues, XX.X% from Our declined X% operating quarter by

COVID-XX solid technology limited travel, first by XXXX. and experienced most impacted growth combined remittance, growth during financial in XX% revenues and grew In Year-over-year from the exchange business Our year-over-year quarter XX% negatively revenues quarter of respectively. in was within of e-learning total, businesses our foreign first EbixCash and exchange, XXX%, year-over-year travel XXXX. foreign the

our India business of first growth also XXX% e-learning the during of increased in from during rate will and Our benefit XXXX. to reopening contributed quarter the close XX% XXXX. in schools BPO year-over-year revenues note that year-over-year I India also a QX

annuity XX% U.S. our grew businesses. Our life in with speed revenues X% and exchange growth year-over-year, cumulative

Our insurance exchange revenues year-over-year. grew X.X%

our mainly risk GAAP XX% solutions, due Year-over-year million to business in compliance from $XXX $XXX RCS, XX% in revenue America a revenues BPO year-over-year to grew growth India. in Latin and in growth Our QX XXXX XXXX. in unit QX year-over-year X.X% X% million decreased

Ukraine and the the QX QX reflecting of our after $XXX for insurance revenues. However, constant to of has the including hurting continue which 'XX revenue QX on XXXX, year-over-year from X% currency million $XXX strengthening U.S. conflict, the in 'XX million the a increased basis, in exchanges, GAAP of be accounting XX% largest EbixCash our impact Exchanges, channel, revenues. Ebix' worldwide to worldwide dollar

good results XXXX of Omicron we India in feel variant about BXC the QX the both XXXX. Our in of terms and operating strongly by that, businesses first and in Considering BXB impacted income. months the revenue were few

on quarter. in no approximately quarter than lower 'XX business operating the currency the Our businesses, preceding first having QX and of primarily of many and a quarter traditionally income compared revenues with increase X% grow spite constant the $X.X QX XXXX we year-over-year by by of in X% a XXXX. decreasing managed are In still fourth effect because Omicron the year sequentially XXXX. CME education of as was to headwind our revenues basis our that QX continuing of on QX different overall in and million fourth medical to of revenues seasonal

with over will I now We are turn that. to pleased Steve. call the

Thanks, Darren.

have in times. We operate and continue to unprecedented

variant our the to of COVID-XX of produced to on lines. provide to with have impact global our At pandemic. in Ebix pre-COVID-XX first quarter pain long our business impact to in a rebound two-months an positive strong beginning on get traditionally the the share first While back evidence our that long in go the negative operations, Ebix, we from had expected businesses the the deal results But having of we we've is Omicron have many to XXXX. to still beginning is abate, that way with especially of levels the see COVID-XX

excluding worldwide year-over-year increased XXXX. quarter of Our revenues, the the first card gift revenues, prepaid XX.X% in

gift spite grew revenues In quarter. year-over-year increased GAAP by in during total decline and basis, sales, card X%, X.X%. by Our line prepaid which driven first sequentially declined by year-over-year, of gift year-over-year on year-over-year the by in was currency a XXXX decline QX constant the in and revenues X.X% top card X.X% our Omicron a

more Our operate begin Latin would American COVID-XX. was business have But up mentioned in to funnel past, by businesses loosen the heavily the normally. we as impacted demand as

our grow as businesses QX effect year-over-year XXXX year-over-year in are we revenue the XX%. and in XX% life to continue base. beginning increased and see from industry existing cumulatively our Latin U.S., transaction levels that In America, over increased speed increasing annuity revenues We to client by with exchange

Our year-over-year life revenues increased illustration solution by X%.

IT more next and been changes, and will as which trained require area quarters this improve enhancements the market over are out. continue less have being that become business the of COVID-XX. labor the during We carry generates peak human remote by on-site few year-over-year tight upgrades, resources will resources hiring hired, underwriting and solution to The and X% life underwriting substantial and revenues impacts from life we believe Our revenues feel as to operational. a of implementations decreased

year-over-year in QX XX% traditional increased business continuing as U.S. Our some deferred in we education revenues XXXX. QX medical the

record Our perform to steadily powers the insurance of after markets, QX whose year-over-year. the technology continues revenues European front XXXX, X% our London XXXX business, with increasing and end reinsurance

of diversity of customer and revenue of or seasonality by operating pandemic metrics like quarter. and recurring geography percentage that stickiness repeating now crisis company's the services, I'll a the some large to revenues, and is nature for discuss the our first endure Our base and our Ebix both key solutions allows foundation a COVID-XX.

was XX% margin XX.X% gross XXXX QX QX 'XX QX Our XXXX. XX.X% in in in and versus

XXXX margins 'XX the Excluding payment business of and QX for of compared to QX XX%, respectively. margins solutions the company's XX% and gross QX XX.X% India, gross in 'XX

increased costs the on a $X.X million business, of of COVID-XX $X.X $X.X to of year-over-year. million QX effects decrease in driven Ebix personnel expenses in addition a In G&A continuing XXXX in of had our year-over-year by and approximately bad increase debt approximately million recovery

XX.X% had from 'XX payment margins. QX on The year-over-year decline sequentially a largest the in the in Our in QX a operating XXXX, sequential and solutions 'XX. decline slight margin XX.X% was comparison operating low-margin impact revenues QX from XX.X% of

in XXXX. suite India, the XX% to first business. than Excluding of greater we the payment XX.X% solutions basis low-margin gift increase our business Ebix for as quarter XX an solutions in outside operating XXXX, compared generated of the QX XX.X% operating margins operating margins card to points of of strives and in maintain margins services

and during we $X.X million $XX facility; of credit $X.X corporate payments. plus our of generated cash income-related working on million combined operating initiatives cash paid $X.X XXXX, our existing quarter quarter. the We $XX.X interest software million had of balances cash used these in expended outstanding India; reduce million globally; principal facilities $XX funded costs; the flows taxes capital used the expenditures from reduce paid; to dividend During following million our the the for and million uses: to major cash capital for first on development

few cash, As on of has of QX not XXXX, versus In in related other at million over businesses equivalents, the was cash quarters. investments the Ebix total EbixCash liquidity during company to will cash half tax which during XX/XX/XXXX. in restricted comparison, 'XX. XXXX paid $XX million XX, our and $XX with and both of of over that repeated company the businesses make million be payments next paid solid taxes, global $XXX.X million approximately short-term required cash $XXX.X March to XXXX, QX hand

related Additionally, the credit made of to the facilities nonrecurring payments approximately QX XXXX. company in $X million

QX expenditures had as have in growth during the elevated of our XXXX capital also we India. We invested business in BPO

external grow COVID the are of we COVID-XX. March a are were materially a of factors, and to that of March debt Our $XXX million After was in a XXXX. XX, two of difficult XX, total as rebound years result beginning from as reduction COVID-XX again. last from million, negatively impacted debt by a other total Businesses $XX million XXXX, of beginning $XXX seeing

optimistic While currently levels, diversity runway pre-COVID-XX world. the the revenues that Ebix pandemic back a at we we the of we market the that thrive to be seeing. and post-COVID are results catalyst that in to will get of are will positions have still revenue We globally our plenty have to allow believe we

further While the global of as hard over advantage world geopolitical believe the world we business couple challenging work want all face challenges take around thank the conditions, of our well past is all rhythms and normal to moves company for more on of we with of current the the economic that I employees pandemic. years. thousands from positioned to their the

today. I'd the now remarks XXXX Finally, businesses, like Sawhney, Form to will over his of operations. for our our later turn Ash to North President be filed call our first American quarter insurance XX-Q the on

business, was by several prior going certification was COVID-XX X% the talk X% the The performance growth QX performance year-on-year in revenue Thank American QX was was in underwriting consulting 'XX comprised outlook. even compared growth I years, continued result XXXX Also these of you, were and about compared by group, results altogether performance QX was to the and North Overall, the QX a Darren business XX% X% QX to business. compared to American growth to was the XXXX. strong core This of the will QX Steve. aggregate commencement down QX compared impact. in XXXX. 'XX. despite health, sequentially core in now to the contributing medical the P&C groups and back and of headwinds the XXXX This annuity, exchange North life, to in exchanges which QX of the X% an which up up of highest

Let several add several QX during platform XXXX be XXXX to compared The life over exchange narrative live the was XXXX past of record QX to same during with of compared growth me detailed the we two compared XXXX. carriers distributors platform performance the plan XXXX. XX% exchange initial seen respectively, QX QX have on continued reflection XXXX. X% The XX% period. over to March to to year. now the The we course added The with added years. compared the increase up and the Transaction transactions X% the more were platform. XX%, the illustration More to of QX to of the a all the carriers up each and up major all the to major of and platform now JPMorgan second officially live give a quarter. with and annuity in more revenue uptick divisions. We the several the carriers highest announced in of carriers saw on previous and is distributors. is XXXX across the ever volume past the a was platform. set of have a run was The compared of in of quarters half to XX% X% and volumes

uptick as due were revenue. a We revenue X% And Bank partly marginally the cyclical in revenue addition data RBC, compared to compared exchange up deployed of model on revenue is QX This by currently called Brighthouse Retail which to new TD and JPMorgan. QX from is CRM for user-friendly being was same the last revenues EbixLife, enterprise X% the platform XXXX. QX quarter X% near-record clients HSBC, was to XX% a compared 'XX this XXXX. and compared adviser was in up to such Noteworthy year. are up to the continuing of core to CRM of QX see rollout at division.

already employer-sponsored and signed contract flexible business, is was QX, help will 'XX. carriers part to business Overall, of deals was executed XX% deferred enterprise we were largely pleased same won to setting negotiations to and the exchanges from and uptick claims, platform expanded We was for this strong 'XX. one to fourth to Health. The every to up risk I global exchange. up for X% distributors American continues and Overall, in QX the benefit QX and is benefit Vermont was relationship using. comp and The to down to and compared X% the medical face including new XX% this new down headwinds to quarter. onboarding QX of of which that platform X am core workers' quarter compared up in additional XX%. midst mentioned this legacy as was the contracts and group our in XXXX compliance The X% do The unit, that down core was to we're in however, up X% as the recent signed larger The by for in addition XX% in P&C clients QX of their major years. health The quarter revenue to administration compared In AIG implementing customized they to large an midst their broker sequentially. by in our underwriting Redirect consulting revenue serve QX delivering performing historically that business the divisions of We This of 'XX. a compared contracts, of sequentially brokerage and QX QX drop of to period, in and end-to-end 'XX onboarding In compared business EDI large were with solutions. exchange typical QX of was carrier of year XX% quarter. their by the sequential with XX% XX% QX called nominally to digital 'XX 'XX with platform up QX including XXXX, Clinic. The also annuity their state process. The business the compared services are replace Women's XXXX. The compared an the announce up is to our and the to staffing compared the QX was our package we with down platform, in health business issues last to investor life one have business due to the one we added high We as was well a the Ebix the during now pre-COVID XXXX we QX trending I employer from exchange strongest strong, services The a contracts QX call, Brigham CRM, super firm. year. policy compared we as Aon. Cleveland are certification and successfully now X% new to of North related 'XX. and remains The exchange new continue constraints. clients

exchange. delivered business Life. than back to Several clients measures Sun like the normalization facultative core with existing underwriting remains several Cuna, successfully IFBI, and on customized have track, which a The platform, While were been the this enhancements clients GenRe ultimately progressive one-of-a-kind We taken, and division a will path Nationwide been put on Manulife, strong. to slower delivering we has implemented expected. what also

product and with support support the services, delivery On of we we manner. and front, functions our operating engagement enhance a operating customer-centric Previously, maintenance product centralized we have like all announced reorganization very operational through aligned our groups. management, our are a been organizations. will and now client major multiple deliver supported in a customer create Core solutions across engagements, supporting now in siloed fully offering were that clients and structure, This all, performance that cross-trained model organization organization digital this will delivery an that are by pleased fits QX. products. with All integrated. end-to-end efficiency an are Overall, more are solutions strategy to of delivery we can the will bring and well in our of our professionals across also

of rest this on As contribute we look to the outlook. remain forward Several the positive we factors to optimism. XXXX,

which tend on has We annuity annuity to the sales impact our exchange rise, transactional continued expect growth with rates, rising interest business. a direct in

onboard X run. will expect to record quarters. coming to additional continue in also X The life carriers its We exchange the

the additional carrier seen platform us space. and of opportunities dominant never adding the XXXX the make afford insurance map us we before before XX on products This a year. have will exchange in the includes Our road over life end will

collaboration these industry incremental roll various products of We created new provide on partners. to modules will are opportunities revenue continuing opportunities. out platforms. across with and QX and center will XXXX, product we We new believe In which in excellence, new a clients focus

the core remains business strong. in Our pipeline exchange

have We added relevant senior and recently also experience. sales industry executives several deep with

and leverage are the We addition from about network. we their will derive excited their

uptick health our is the a on-boarded project underway. to exchange The revenue expect already we account. fully see once Aon We have

meaningful We opportunities. are ability partnerships. of enhance several in provide offerings revenue to have the industry midst and incremental further meaningful the These our partnerships

formally of be will the the these We announcing course year. during

reviewing lines rate our tackle expand will to product the I be inflationary associates that an we all this that the customer increase XXXX. the and and vast are hard like our contracts, Ebix of We of base for at Due ourselves. remainder pressures our ongoing work to pricing to experiencing support across thank are exercise all increasing of rate clients. the our to would

blessed truly industry. brightest most people to hard-working have in We are the the and

now his and the top Fortune support carriers, are our trust which for thousands over all Robin and for Raina of insurance also includes comments. thankful of call to over clients, XXX turn XX will institutions. ongoing medical of of top the hundreds We distributors, scores of companies the I

with on Ebix many Good and businesses, pleased in of quarter on XXXX another be QX morning, XXXX XXXX, revenues. I'm pleased with since this over everyone. especially with XX% the growth sequential of fronts. revenue growth COVID-XX of revenues million two-months to $XXX.X million first for over revenues. GAAP our effects especially QX of the Omicron great $XXX.X QX sequential a Despite X% I'm reporting QX XXXX

run revenues Secondly, billion. $X.XX million of constant $XXX.X of currency an annual revenue approximately implying rate

gift revenues, increased first quarter of excluding revenues, XXXX. in prepaid worldwide card the Our XX.X% year-over-year

diluted EPS growth growth EPS of $X.XX diluted Our accompanied sequential of EPS 'XX diluted in XXXX QX over $X.XX QX QX $X.XX. of had non-GAAP 'XX XX% diluted with was over 'XX EPS. Non-GAAP sequential QX in XX%

in we solutions defined, as our in of XX% margin goal generated Excluding XX.X% compared to quarter in India, in 'XX, increase business operating payment an operating the is which, of with QX XXXX, the XX.X% of more of X.X% margins. as line than first Steve

in now little more bit discuss the performance detail. revenue Let a me

Our worldwide revenue X.X% year-over-year. grew grew revenues insurance year-over-year. U.S. X%

compliance risk X.X% Our grew year-over-year. revenues

a than while EbixCash a of on increase Canada year-over-year Philippines had year-over-year card X%. had basis. revenues. gift percentage prepaid XX.X%. card increase XX%. a constant that a the encouraging Europe year-over-year about XX%, a of gift what year-over-year decline QX X%. XX%. Excluding an our basis revenues of the in higher year-over-year was X% revenues the business revenues, XX business, Also geographies our despite year-over-year large currency by grew our U.S. increase EbixCash X the strongly revenues of increased our revenues Brazil our revenues increase the Despite on year-over-year fact of the of increase also. in had had of grew constant 'XX X% by On Indonesia year-over-year. of XX the was a of geographies a adverse UAE results of QX XXXX crisis. X had GAAP a effect U.S. basis, were had number in year-over-year dollar business the of currency a strengthening the Ukraine after a year-over-year increase grew

COVID-XX XX% In the pleased EbixCash with business within quarter India growth our most QX year-over-year solid We in EbixCash XXXX. XXXX our total, negatively experienced impacted of as Limited from first are for results the in revenues technology first remittance, businesses quarter travel, the grew XXXX. combined growth XXX%, XX% exchange financial foreign exchange, revenues and during by travel were foreign Year-over-year respectively. and e-learning year-over-year of and

rate also benefited from growth of business first the India schools year-over-year XXXX. in reopening e-learning of Our the contributed and during quarter XXX%

Our grew year-over-year. BPO business also XX%

world America. the to events Two, out quarter business-related from to not P&C ahead we of in for stood our implementation Canada. just in top for signed European XXXX. One, got in North system super broker insurance but broker, health world's first the and a key Ebix the the in with Aon, countries, deploy evolution Ebix the contract go me, we many For enterprise broker largest United product States finally

carriers the in Three, made speed revenues We days. our growing successful times. because about will We year-over-year, pioneering and network large combined on key of recent hires life can of in network coming effect more a the that effect result showed of they announce with we name number of XX% the purely implementation details of technology bring broker a a and annuity successfully in distributors how exchanges.

venture. distribution One IBM Bse efforts as insurtech Seth spent of for more Young's Ebix Consulting Ebix to I Ernst XXXX. new experience believe financial instrumental cutting-edge decade a venture was with & driving BSE digital Director. ecosystem Sachin overseas and them setting from in the financial us and in partner, the reflects areas, our and a digital and Ebix Ernest with to and helping the brings joined of of hiring where, the in in E&Y, more a Sachin and Fintech leadership Managing markets. Sachin is us that decades a providing transformation and invest fast-growing for BSE digital build similar that up a rich insurance since as to leading domain CEO India area, Director driving he Prior Fintech & Young business than practice platform Ebix services services Executive in initiative thought X us than division in

through Let a me we on as that company. focus to something talk continue

We debt to in Steve about are detail continuing our talked reduction. focused debt. the on reduce

as And our of short-term of were facilities, capital as XXXX. and we cumulatively loan equivalents, So term working I'll December $XXX.X cash, interest just XX, that, restricted dividends, QX of payments, today. $XX.X payments, that key a million spent of cetera. payments tax income payments, start reduction investments cash focus still, and on $XXX.X XX, that, taxes, at million XXXX, In remains versus million ours et March CapEx cash XXXX,

compulsory up company's red prospectus speaks with our the subsidiary, resilience of with earlier to DRHP are the Asia draft Limited, as from and a to payment of Ebix Inc. fundamental to conveyed in Inc., businesses. We debt. proposed EbixCash towards the initiatives that and Limited, to subsidiaries. is Securities requirements public is an turn, be outstanding utilized of working it reduction be other million that $XXX debentures Holdings, EbixCash convertible to and has We an utilized IPO proceeds, investments. be herring for Approximately purchasing the initial Mauritius, proceeds filed EbixCash and Indian would pleased XX,XXX in aggregating million Ebix, proposed towards INR which million be Exchange Board remaining is offering, Ebix, to its The IPO. Limited proposed of acquisitions capital Of outstanding growth-related utilized of towards India for of inter-area $XXX used approximately including

questions data per much rules thus, about process, DRHP the performance filed, for its IPO to as -- With we point regarding herring might filing will approved, and Once regarding the the the prospectus. cannot until speak all you is any have. the DRHP Indian be EbixCash governing the business red DRHP to will I need formal you other the EbixCash now, and

the in the We pass will with questions. about presently you. operator to call not Thank IPO With to to now open line a for IPO and that, it will keep up I line you guidelines comment are time the in India. position updated the in about it

Craig-Hallum. [Operator from Instructions] Van first with We have Rhee your question Jeff

open. is line Your

me? feedback a of hear I'm there. guys you lot getting Can Yes.

clear. hear Jeff, morning. I you and can Good loud

morning. good Okay,

while, 'XX expectations 'XX. thank into currency. I you and details the obviously, going of for business. the numbers, the with transparency, us maybe particularly there. of the think pipe. grow got can U.S. view constant sub lot you've given a you talk see about in We overall like And what business. I'll by a adjusted the from So can as right. that snapshots But sounds it is mean, for a whole Once a you lot Obviously, in start you've

'XX can So maybe growth just detailed the you of deliver what however the and think about rates can you U.S. be and pipe 'XX. some kind color,

address pipeline can you with this the Ash, what in U.S. business? respect future respect the to you to in with business, the generality and see

strong. Certainly. pipeline is Yes. The

distributors As in. a number I are engaged mentioned of have earlier, actively carriers, we that we

is pipeline the strong. So

In that ongoing impact expect indicated in single-digit underwriting we our had call, challenges terms XXXX, things as business other that are would probably and seeing think and from the in we a exchange our high our higher normalize in in XXXX. be some that of growth a I of COVID growth growth XXXX. I few And previous the units, in could

good us. Now what we impacts, rate can't we can't economy obviously, environments higher we speaking, of the some generally interest But don't the geopolitical control itself, control. control are for

Our annuity sales tend positively to get impacted.

So those the are us that confidence. give some of factors, that Jeff,

XXXX I'm Now it's say quarter-to-quarter, from it of but kind 'XX. hard will I basis, to at annualized predict, an and looking

back recruiting/personnel. had And is that I Great. holding you think you referenced in script the one of things the some

that second. a on expand Just

Yes.

right? just problem, Ebix. industry-wide is not Jeff, So It's this an

a cleaned Since Steve people. mentioned lot ready not And requires like they people companies, but were working that our they that did we be to in saw hire a just So projects. Ebix, folks felt we've shuffle and could a turning But India resources. remotely, anywhere. on big people lot be had of of at We to earlier, industry-wide. of work

dynamic, the second which facing The is are positive right opened we offices. is now, side all we've our

come train it are India. don't does to a you back to disruption which the work, to just some So impact It's back But require projects. short-term very now We're people to there work. -- easier that want is in be a seeing may that because it's in people because here easier positive seeing and back people. manage actually at U.S. We're

for opening hiring believe, offices, continue that all we've measures I a may But taken, that that the -- all So short will the people, reopening impact. a duration. attrition, positive of have ultimately, training, of

if think I I add what said. to Jeff, So could Ash

what I the have -- there -- industry. think we in From are in -- is Ash seen I is COVID after perspective, domain-specific X:XX:XX]. my [indiscernible -- a

and So them to replace as do, the we've we as because had, we domain-specific talent us continue simple is right, simply to we to in for industry. not what teach because that got a are hire, it immediately we

a training we where So there's put it. aptly time

challenge we one that's have. So

anything changed is they're Big The happened these feel just at least time of XX now. month-over-month two last primarily I basis, thinking home. has at is And They a is in younger companies this process second years. XX% have what folks. on at while India the are feel work is showing jobs has they're for -- with take than can some can they they it COVID names seen showing worse which rates, is sometimes bizarre. the They in two attrition same sitting the

just they don't to that to feel they want sometimes be back work. And

of including ethic can the Ebix, work is that are a work the it. the like the that just no that you lot you can big you India, there allow really in work enforcing don't lot motivation realizing you And need the those then to build and a simply we just a losing back Now the of a we them people you're come that build, they're in to office, rule, are culture, bring the for employees. in home, if to enforcing and from work, culture, ethic, of substitute people And it. the are back doing to got MNCs lot because companies, rule

money they today, today, world foreign have still lot into pay a in -- a do that raises, if you the a to that, up XX% you. bit technology of lot is they're where that willing with come leave the it to who news overall it's India, I'll gone glut big besides manner. people of is the and you the started hard a little having And arrested have India. It's that that's that, in are of happening Good of getting that has any a dramatically. it specifically give part, bit for -- money profits. simple in in India and And market are have is of start-ups most nightmare created a phenomenon said So there without a site situation. a salaries we that the And example decline. that have

seen look the these. attrition of rate for rate through went you I you us at If our probably attrition have just -- some -- numbers

But the of rates looked low been but came some And of And terms XX%, attrition you products, is than -- it the overall players in look around we on looks basis, -- a have perspective, we You at complicated The XX% products underwriting a year, at, technology in out it's is and you exchange. need last have one which area, at of like -- where challenge from a is it in and the large XX%, technology technology. XX%. the see of actually it's when that's where lot our India. rate of products XX%. most challenge Google our in -- will our last one that our the our one have we means more you advanced most the technology

to able been have products. in We substitute other people of our most

other is product running to don't challenges working cutter required not -- TPP, is a any of on people. be the that work and it. in cookie that this on product. into of we to not level we've really one It the we're with products, It's to the product, come wherein So underwriting mainly just handle higher respect exchange, the U.S.-based been product. In lot most the able than knowledge

where not through freshers. have part cycle are been, that's during deep it. to and our of disconnected And we -- that our got COVID, was, we got working able So some of challenges hire were

schools this do happened, all something is true that for in companies we closed. all normally, and what colleges -- is vendors, and COVID most of When India. were So the

We you -- make to for piece manner. very That's stay work. were of functional x a eager the very don't cycle to opportunities. They you are X freshers. -- there stay freshers, time, a fantastic puzzle. time in in absolutely for number many recruitment teach with of works with period of because not more going to of a years given. That of you years. And them over freshers Because them those -- those months. freshers a a the the they it's They'll for were cycle be stopped will broke. X have going hiring hire amount decent it for maths in to And job no So you're of of hiring you're if X you and terms important

would when refreshing they was basis. hired. were was leaving, being output, and you -- When coming input a step there there So suddenly output. there's an no refreshment in, into people earlier had that and there of now, had resources freshers a broke also Continually, on freshers cyclical we that because in role

going have -- away, COVID gone have back with we we So we now have -- the to basics.

show hiring of dramatically going country. We technical top the have started good results. in in That out is itself by freshers big to and back way institutes a gone

part I is India. And think so happening what that's in of

India this this Ebix to an country-wide for just quite detailed It's large bigger you a issue not present. give become but Sorry issue is It's today. issue. answer, a at

I'm Okay. with whole stopped FX businesses. so. -- A go understandably, But say if and can't couple travel, on and the there, world these sure all COVID you you'll clearly, EbixCash

You How unlocking you've the COVID of that get your other cost share, what's people to this rightsize the survive. retained life, share? the now -- But trauma you out to you Do to COVID share, retained share? back lost point? this of of certainty are at of had coming structures that back and are we're coming believe out end gained you

believe So Jeff, our give travel will the summary you both is I were exchange. simple detail, site of corporates, businesses, very which market able answer, we new and they There's too just meanwhile, reason areas go in a have much kept the airports. just smaller of the that very died simple a sustain the not but we A new during I foreign And for lot themselves. answer, players in share to a grown we can't and sizably into signing COVID, it. new by

both and feel on have, on the very well. done we travel about pipeline business have good we We side. ForEx the have the We

travel of most we been travel Singapore. those that gradual was itself many in tourism beginning a travel that, have having opens should think these they leaders in -- April, have remember happening our and been number places. Philippines, travel And the Those are full -- grow, we out headed. I said two two and to, and which we actually three business no grow I places is results And -- one, stop. you the process. two up can a There the our Also third the by all count our businesses. anyways travel are revenue opened to it's were open of businesses. countries. the stop. the are Indian countries been will All the player the absolute get going profitable whatever Indonesia of QX. And we feel hadn't as And tell in where out at these QX we in countries continued where were that at have basically one will profitability we have up haven't addition ForEx really countries to business these in growth countries, is the from of

two Great, thanks domestic for the transparency on International. those

ones, you brief other I two As could. -- if

As it in you on India U.S. relates what's some markets, the in know but degree markets. cap to I their obviously, capital in overall now? a capital looks chaos/freefall what of to to small recently, about the markets to the software capital happens it deal you, Robin, talk got able going can't going you're is on what's right observe LIC just market. Obviously, markets, done, you exactly predict But tech. Can particularly, India like. different

Jeff, just that. stop I'm not it, allowed to at I'll so talk about

you've of think they the terms of guideline. pretty I had -- investment in told got said listed. it have good terms got in foreign been good valuation, in had it and And in -- talk LIC But see you the Google last I great a about we last day. a great already having issue, Indian a -- specifically that, can't actually how can the under meaning few issue. It ultimately

previous because -- I'll to to to about talk going add I can talked completely possibly we it. it about have back So go just the your is -- in there maybe and I'm question stay away. something But past,

One in up, and where to see remittance to the EbixCash we going of the As improve. besides is COVID should be will ForEx that right? improvements continue area, business the areas travel remittance we -- opening is

a a 'XX lot I 'XX an say it lot have When I I a because the deal. that lot into in, expect in it's reason and revenue -- the come line We to announced say business.

left with If rules an When MoneyGram in had five large you remember, under -- agreement, distributors, out, were over. we the they to elapsed business continue underneath EbixCash. that distributors announced that a exclusive who underneath of agreement, either with Two who them who India. there as not still their us had contract gets part or contractually announced were doing Ebix have we agreement contact them, of until came their come – and are

right partnership MoneyGram's come us. agreement that a MoneyGram right those will All contract now, them year gets money -- revenue that publicly called contract XX% under is which gets whose some us, the announced, over XX% them, all it Cook, to contractual through because in a 'XX India over they're terms will of one us, the provide it is and Under contractual One agreement decide player of that September, now, in now. new we if X of isn't businesses parties or another of will earlier that through it's and flowing Thomas the rate. Supreme the commission next It's these incidentally some July. underneath is in revenue those actually is of by the rules, in in players coming under come underneath 'XX coming they us under to right had. of automatically of new September rates July come the That

about what assurance talked that that I So the in remittance other products working I having some in that to through more the we we're area businesses. on said area. add probably that, besides growth mix the gives remittance thought -- should of few us of of EbixCash to the continued

great. leave it you. Okay, there. I’ll Thank

Sakai Research. your from We question next Chris Singular have with

morning. card Could you good talk decline about for Hi, the revenue? prepaid on gift drivers the the

a decline, at decline. the look you decline. if X% It's really, Well, not a it's large

because it corporates with So is It continues how there's reason and business. many specific And this a business a to -- cyclical be large depends do it's large not on no you so on. enough decline.

So in I trend that much will This -- -- fashion. is in read into be business it any or no form it. wouldn't there

strong very had with actually QX 'XX. a happy -- in pretty we We're yes. the So

drive done business So we And to in actually this We the in -- of of business that forward. to in changes see can down we there, any we here in -- terms don't limiting -- terms quarter. normal. see you're as well -- revenue move trends we can this but right, and happen. a our or of terms That's going it we've continue to think there's very factors any grow slight

had those though Robin, we at first year-over-year, QX. let look we by it though. revenues grew just a Even X.X% XX% if versus me sequentially, add, the you decline in quarter

very yes. a good Steve. Thank you, It's point,

that. for thanks Okay,

Are are and foreign are As continued see we growth to head going to -- travel you seeing into exchange? be you months, going those there? how summer the

you right see what predict look, country We Absolutely. packed, are There in now. the almost to airports tourism can't full. -- we travel. is India, airports want just pandemic. today, But happening revenge the are in People jam

difficult try going to a You book to or and flight. to you're not find a flight domestically a very international, It's find flight.

rolling continue. that a to in is businesses So we back coming expect trend and manner,

mean big -- One during is of of died one in a events back the things business travel business And good travel coming what completely in is in by out the that was happening COVID, that conferences. our events things I manner. is the is travel

need A a bank, $X as manner. for and right? and two will have So into you deal back content X,XXX is coming deal cities and we end-to-end a one We could a just take ways will example it it conference. who X,XXX a a We'll anybody, right? project. the one And a events be fly into they of of businesses, say, you. bring $X a doing a -- bank big organize give media say, people to us million give big we end-to-end business us, travel we let's handle in an look, bank or in in for, -- for quarter, us to people will That in hypothetical a million

We packed business. resources of to our now that absolutely -- with absolutely are respect terms in of right usage the

airports. money that perspective, in that. feel And from see to obviously more right? it as And is ForEx -- majority airports, you the on. up, X-star, through them is look business us, very of of and about again, hotels good opening we institutes travel so the the most all natural we a X-star you're with coming player the ForEx the airport with us [Indiscernible are X:XX:XX] business So in in international going business in big When dominant the deal do at

of So we feel very good all those. about

the right We places. at placed all are

people and travel new up, As products automatically as will ForEx opens a in -- open of launched lot area. up, the ForEx have we

look at quarters. you travel about for the quarters if coming trend, -- coming in the trend, So present ForEx am I bullish and very

about last Great. Okay. me, much this hear didn't I And quarter? that. for was business how the bus exchange

But Well, because respect to details discussing EbixCash we're bus not be. the too many with exchange is could business. exchange strong it business as as

first these these of -- systems India the Bengal. of has and we up in picked X exchange the Pradesh announced, out bus each state basically buses India are headed buses states announced XX in West and states. all Andhra in for states deploying the of of places, -- into that have quarter, in are large these -- thousands the actually remember, if you are in -- we large of the These states X We we the deals X actually

it, deploy get is And remember deploy that's that going Now these. revenue today we to that it numbers start we live, in up because to we happen is, revenue. takes picking what's that us fact, they in these announced when some time when once

is in deals So new that right revenue announcing. are of we factored the that none of now,

business. very We in pipeline have the strong exchange bus a

player also to we more already X the DRHP at that, had states. self-stop dominant Subsequent already states. in announced we market. We that are announced XX We the

So when already. that's states, XX you pretty -- play of a if out dominant you XX have

example car to even card that So leads card start for travel our In we the a leads bus were that can just a business it prepaid card like stuff. information your It's instant leads about we and real basically It's multiple the we has to give interface it pay And happen And you I'll EbixCash comes and And coming that buy but other these leads all that business, of currently, the basically to with like on. we that feel system not will products launch people. into later. business as systems. to you And I then I place, an he and she just go And and to e-ticketing somebody not banks technology the card, wave you credit so so very also system I'll to good opportunities. to next travel of paying our provide think says, bus I'll those It or it'll who in on, bus facility and a through a will it. happen technology business for and some management we because in he ITMS wants business. sales product partner train -- systems have products. a to money. and to opportunity smart days, don't to the a interface now want if many call basically

So And now stops depot. system. a from and now card a and at a carries the then traveler lands same -- a into train train in bus a bus at bus station

on by integrate those ticket the they for can same using train If same in ticket brand-new train, us traveler have by the a X now area, you for systems you the bought a have would up that deploying paying opportunity in a card. you can for card, train card standard opened the their same bus the systems,

cab, you for whatever cab the And you're So still using into pay when card. go then you that's interoperability. in your doing a

that interoperability opportunities those pursuing the are are right what newer we that's some is. So of And now.

answers. your for Thanks great. Okay,

I'm to remarks. Raina showing would back questions at closing any I like time. this Mr. Robin further it no to turn for

Thank Thank Alexander. you. you,

with -- close of everyone. I'll we one basically to into as you call. go investor speaking I to Thanks, we call. think the each look QX this, I the forward

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

You may now disconnect.