Ebix Beats Q1 Aided By Pandemic Recovery

Ebix, Inc EBIX reported a first-quarter FY22 revenue decline of 1% year-on-year to $286.3 million, beating the consensus of $278.7 million.
Prepaid card revenues declined by 7% Y/Y.
Segments: EbixCash Exchanges revenue declined 2.7% Y/Y to $224.2 million, Insurance Exchanges revenue grew 2.3% Y/Y to $43.8 million, and RCS revenue grew 8.3% Y/Y to $18.3 million.
The combined travel, foreign exchange, remittance, e-learning, and financial technologies grew revenues by 28% Y/Y.
Year-over-year growth in travel and foreign exchange revenues was 85% and 109%, respectively.
The e-learning business also benefitted from the reopening of schools in India and contributed a 138% growth rate Y/Y.
The Risk Compliance Solutions revenues grew 8% Y/Y due mainly to the 68% growth in its BPO business in India.
Non-GAAP operating income fell Y/Y from $35.6 million to $33.8 million. GAAP Operating income decreased 3.5% Y/Y.
Non-GAAP EPS of $0.76 beat the consensus of $0.55.
Ebix generated $5.6 million in operating cash flow and held $102.2 million in cash and equivalents.
Price Action: EBIX shares traded higher by 0.32% to $28.17 on the last check Tuesday.