Ebix Stock Slides After Mixed Q3 Results, Revenue Lags Consensus

  • Ebix Inc EBIX reported third-quarter FY21 revenue growth of 24% year-on-year to $191.7 million, missing the consensus of $221.2 million.
  • Prepaid card revenues grew by 53% Y/Y while declining 38% sequentially.
  • Segments: EbixCash Exchanges revenue grew 39.8% Y/Y to $135.3 million, Insurance Exchanges revenue was flat Y/Y to $42.2 million, and RCS revenue grew 3% Y/Y to $15.6 million.
  • Non-GAAP operating income for Q3 2021 was essentially flat at $35.3 million. GAAP Operating income decreased 12% Y/Y.
  • Total operating expenses improved 33% to $163.6 million.
  • Non-GAAP EPS of $0.72 beat the consensus of $0.62.
  • Ebix generated $18.2 million in operating cash flow and held $109.8 million in cash and equivalents.
  • "We are continuing to work towards a prospective EbixCash IPO," said Ebix Chairman, President, and CEO Robin Raina.
  • Price Action: EBIX shares traded lower by 15.4% to $32.63 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsSmall CapMoversTechTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!