Ebix Clocks 35% Revenue Growth In Q3 Despite Record FX Headwind

Ebix, Inc EBIX reported third-quarter FY22 revenue growth of 35% year-on-year to $257.9 million, missing the consensus of $206.97 million.
Segments: EbixCash Exchanges revenue grew 49.1% Y/Y to $196.1 million, Insurance Exchanges revenue declined by 2.2% Y/Y to $41.3 million, and RCS revenue grew 14.1% Y/Y to $20.5 million.
The Risk Compliance Solutions revenues grew 14% Y/Y.
Non-GAAP operating income declined 5% Y/Y to $33.6 million.
Non-GAAP EPS of $0.70 beat the consensus of $0.59.
Ebix generated $23.6 million in operating cash flow and held $98.7 million in cash and equivalents.
CEO Robin Raina said, "We experienced the largest negative quarterly impact on reported revenues in Q3 2022 that we have seen in more than five years. Despite that reality our worldwide revenues increased 35% YoY and, excluding pre-paid cards, grew 29% YoY in Q3 2022."
Price Action: EBIX shares traded lower by 4.86% to $16.04 on the last check Wednesday.