Ebix Reports Record First Quarter Financial Results

Ebix (NASDAQ:EBIX), a company that provides ecommerce software to financial, insurance and healthcare industries announced record first quarter financial results. Year-over-year, Ebix reported a 32 percent increase in revenue, totalling US$142.9 million. Net income figures for the quarter decreased 2 percent versus last year, to US$25.7 million.

As quoted in the press release:

Ebix Chairman, President and CEO Robin Raina said, “With constant currency revenues of $148 million in the quarter, we are now getting close to an annual run rate of $600 million in revenues. In Q1 2019, we reported sequential revenue growth of 5% and year-over-year growth of 32%. We are pleased that we have done that in spite of year-over-year currency head winds of $5.1 million; our conscious decision of reducing revenues from our comparatively lower margin e-governance business in India from an average quarterly run rate of approximately $6.5 million to less than $100,000 in Q1 2019; and the traditional seasonal reductions in revenues of $4 million in the Health and CME areas, as compared to Q4 2018. We are especially pleased that we have shown this revenue growth, while keeping our operating margins intact.”

Robin said, “We are excited to be reporting the highest operating cash flow quarter ever, of $38.5 million in Q1 2019. To be able to do that, while investing in growing our businesses and for example funding our business to handle $15 billion in gross merchandise value in India alone, is especially pleasing to us. In our viewpoint, it speaks to the fundamental strength of our businesses.

Click here to read the full press release.