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    Ebix Announces Q2 2023 Results

    8/9/23 8:34:36 AM ET
    $EBIX
    EDP Services
    Technology
    Get the next $EBIX alert in real time by email

    JOHNS CREEK, Ga., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries today announced the following results for the quarter ended June 30, 2023:

    • Q2 2023 Revenues of $118.4 million, with 3.1% Year-over-Year growth vs. Q2 2022 Non-GAAP Revenues of $114.9 million (with all revenues normalized on a net basis). On a GAAP basis, Q2 2022 revenues were $242.7 million (with pre-paid card revenues on a gross basis in Q2 2022).
    • Constant currency Revenues of $123.3 million in Q2 2023 increased 7.2% Year-over-Year as compared to $114.9 million in Q2 2022
    • Q2 2023 GAAP operating income of $29.1 million, a decrease of 3.3% over Q2 2022 operating income of $30.1 million, impacted adversely by certain debt related expenses
    • Q2 2023 Non-GAAP operating income of $34.6 million, an increase of 1.8% over Q2 2022 Non-GAAP operating income of $34.0 million
    • GAAP Diluted EPS of $0.01 in Q2 2023 vs. $0.63 in Q2 2022 on account of $18.0 million in higher non-operating costs in Q2 2023 (equivalent to $0.59 in diluted EPS) as compared to Q2 2022, with the increased costs primarily associated with our lending facilities.

    Ebix delivered the following results for the second quarter of 2023:

    Revenue:

    Exchanges, including all financial and insurance exchanges, continued to be Ebix's largest channel, accounting for 83% of Q2 2023 revenues.

    (dollar amounts in thousands)  
    Channel RevenuesQ2 2023



    Q2 2022



    Change
    Exchanges$98,078$95,087+3.1%
    RCS 20,352 19,837+2.6%
    Total Revenue$118,430$114,924+3.1%
    Total Constant Currency Revenue$123,255$114,924+7.2%



    Note - Q2 2022 Revenues are non-GAAP with all revenues normalized on a net basis, for comparative purposes.

    Operating Income: GAAP operating income for Q2 2023 of $29.1 million decreased 3.3% year-over-year from $30.1 million in Q2 2022, primarily due to certain debt related costs. Non-GAAP operating income for Q2 2023 increased by 1.8% to $34.6 million as compared to $34.0 million in Q2 2022.

    Earnings per Share and Net Income: Q2 2023 GAAP diluted earnings per share was at $0.01 compared to $0.63 in Q2 2022. The decrease was primarily due to increased year-over-year debt facility related costs of $16.2 million, and a foreign exchange differential loss of $4.1 million as compared to Q2 2022, a cumulative negative effect of $0.66 in diluted earnings per share, offset by lower year-over-year taxes of $2.3 million (translating to a positive effect of $0.07 in diluted earnings per share).

    Q2 2023 GAAP net income decreased to $0.3 million compared to $19.3 million in Q2 2022, primarily on account of the above increased non-operating costs.

    Q3 2023 Diluted Share Count: As of today, Ebix expects its diluted share count for Q3 2023 to be approximately 30.9 million.

    Amit Kumar Garg, CFO added, "In Q2 2023, EBITDA plus noncash stock compensation added to $34.03 million, which translates to approximately 28.7% of our worldwide revenues. That speaks to the strength and fundamentals of our business worldwide. During the six month period ended June 30, 2023, we had the following major cash uses amongst other cash uses for operations: (i) $36.3 million of cash interest paid; (ii) $19.2 million for income-related taxes paid globally, (iii) $15 million paid for principal payments (iv) $7.9 million was used for capital expenditure and (v) $ 0.6 million was used for software development. We funded these initiatives from existing cash plus operating cash flows generated during the year. Despite these substantial payments adding to $79 million just for these items, the Company had strong liquidity on hand with cash, cash equivalents, short-term investments, and restricted cash of $ 88.3 million."

    Robin Raina, President & CEO, Ebix, Inc. said. "Our operating results in Q2 2023 are in line with our expectations. We are fully aware that non-operating costs like the cost of debt and the associated advisory costs associated with it, continue to hamper our overall financial results. We are accordingly still committed to the aspirational goal of a debt-free Ebix in the year 2023 itself."

    Reconciliation of GAAP operating income, net income and diluted earnings per share to non-GAAP operating income, net income and diluted earnings per share. Non-GAAP information is provided to enhance the understanding of the Company's financial performance and is reconciled to the Company's GAAP information in the accompanying tables.

     
    Q2 2023

      Net IncomeDiluted EPS
    Q2 2023 GAAP Net Income $308 $0.01 
    Q2 2023 GAAP Operating Income $29,141  
        
    Non-GAAP Adjustments:   
    Amortization of Intangibles (1) $3,433 $0.11 
    Stock-Based Compensation (1) $644 $0.02 
    One-time Legal and Professional Services Costs (2) $1,334 $0.04 
    Non-operating expense (3) $2,281 $0.07 
    Income Tax Effects of Non–GAAP Adjustments (4) ($1001) ($0.03) 
        
    Total Non-GAAP Adjustments (Operating Income) $5,411  
    Total Non-GAAP Adjustments (Net Income) $6,691 $0.22 
        
    Second Quarter 2023 Non-GAAP Net Income $6,999 $0.23 
    Second Quarter 2023 Non-GAAP Operating Income $34,552  
    1. Adjustments related to amortization of acquired intangibles and stock-based compensation recognized during the periods for GAAP purposes.
    2. Non-recurring legal and professional services costs recorded during the period for GAAP purposes.
    3. Non-recurring non-operating expense that is unrelated to any operating activities.
    4. Non-GAAP adjustment is based on the Q2 2023 effective tax rate, which reflects currently available information and could be subject to change.

    Non-GAAP Financial Measures and Other Metrics

    This press release contains the following non-GAAP financial measures: non-GAAP Revenues, non-GAAP net income, non-GAAP operating income and non-GAAP diluted earnings per share. Non-GAAP operating income , non-GAAP net income and non-GAAP diluted earnings per share from operations exclude amortization of intangibles, stock-based compensation, as well as certain non-recurring expenses that are not associated with our ongoing operating business activities.

    Ebix believes that these non-GAAP financial measures and other metrics provide useful information to management and investors regarding certain financial and business trends relating to Ebix's financial condition and results of operations. The Company's management uses these non-GAAP measures and other metrics to compare the Company's performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation, and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures and other metrics provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures and other metrics to investors.

    Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Ebix urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including the financial tables at the end of this press release, and not to rely on any single financial measure to evaluate the Company's business.

    The reported figures have been summarized as compared to those presented thus for better understanding of the quantum of business undertaken in the United States and other countries. Further, the product/service channels, Ebixcash Exchange and Insurance Exchange have been merged as Exchange.

    The Registrant's subsidiary, EbixCash Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India and is in the process of executing an initial public offering of its equity shares, subject to market conditions and regulatory approvals. The financial information of EbixCash Limited consolidated into our financial statements as of and for the six months ended June 30, 2023 is summary, indicative and not final. Further such financial information has not been audited or reviewed by the auditors of such company.

    About Ebix, Inc.

    With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ:EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries.

    With a "Phygital" strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations ("ASEAN") countries as of December 31, 2021, to an Omni-channel online digital platform, the Company's EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash's Forex operations are carried out primarily through 82 retail branches, 62 retail kiosks in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients as of December 31, 2021. EbixCash's financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries.

    For more information, visit the Company's website at www.ebix.com

    SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS

    As used herein, the terms "Ebix," "the Company," "we," "our," and "us" refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.

    The information contained in this Press Release contains forward-looking statements and information within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company's products by the market, and management's plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "seeks," "plan," "project," "continue," "predict," "will," and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.

    Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent reports filed with the SEC, as well as: the ongoing effects of the Covid-19 global pandemic, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company's ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in India, Australia and Asia, Latin America and Europe wherein we have significant and/or growing operations); fluctuations in the equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; ability to secure additional financing to support capital requirements; credit facility provisions that could materially restrict our business; costs and effects of litigation, investigations or similar matters that could affect our business, operating results and financial condition; and international conflict, including terrorist acts and wars.

    Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.

    Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.

    You may obtain our SEC filings at our website, www.ebix.com under the "Investor Information" section, or over the Internet at the SEC's web site, www.sec.gov

    CONTACT:

    Darren Joseph

    678 -281-2027 or [email protected]

    David Collins or Chris Eddy

    Catalyst Global - 212-924-9800 or [email protected] 



    Ebix, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income prepared on Net Basis for Comparative Purposes Only (Non GAAP)

    (In thousands, except per share data)

    (Unaudited)

     Three Months Ended Six Months Ended
     June 30, June 30,
      2023   2022   2023   2022 
    Operating revenue$118,430  $114,924  $234,503  $214,444 
            
    Operating expenses:       
    Cost of services provided 33,757   33,473   63,549   57,583 
    Product development 10,947   10,223   20,930   20,481 
    Sales and marketing 3,582   4,511   6,913   8,276 
    General and administrative, net 36,110   31,736   73,577   58,649 
    Amortization and depreciation 4,893   4,874   9,909   9,238 
    Total operating expenses 89,289   84,817   174,878   154,227 
            
    Operating income 29,141   30,107   59,625   60,217 
    Interest income 52   66   133   128 
    Interest expense (24,614)  (11,664)  (46,877)  (21,915)
    Non-operating (loss) income (3,647)  (408)  (3,977)  (1,142)
    Foreign currency exchange gain (loss) (840)  3,229   (2,060)  4,123 
    Income before income taxes 92   21,330   6,844   41,411 
    Income tax (expense) benefit (164)  (2,478)  (787)  (4,182)
    Net income including noncontrolling interest         (72)  18,852   6,057   37,229 
    Net loss attributable to noncontrolling interest (380)  (491)  (1,323)  (1,305)
    Net income attributable to Ebix, Inc.$308  $19,343  $7,380  $38,534 
            
    Basic earnings per common share attributable to Ebix, Inc.$0.01  $0.63  $0.24  $1.25 
            
    Diluted earnings per common share attributable to Ebix, Inc.$0.01  $0.63  $0.24  $1.25 
            
    Basic weighted average shares outstanding 30,866   30,745   30,854   30,729 
            
    Diluted weighted average shares outstanding 30,869   30,756   30,856   30,756 





    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    Ebix, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income

    (In thousands, except per share data)

    (Unaudited)

     Three Months Ended1 Six Months Ended
     June 30, June 30,
      2023   2022   2023   2022 
    Operating revenue$118,430  $250,781  $361,191  $537,034 
            
    Operating expenses:       
    Cost of services provided 33,757   169,330   190,236   380,173 
    Product development 10,947   10,223   20,930   20,481 
    Sales and marketing 3,582   4,511   6,913   8,276 
    General and administrative, net 36,110   31,736   73,577   58,649 
    Amortization and depreciation 4,893   4,874   9,909   9,238 
    Total operating expenses 89,289   220,674   301,565   476,817 
            
    Operating income 29,141   30,107   59,626   60,217 
    Interest income 52   66   133   128 
    Interest expense (24,614)  (11,664)  (46,877)  (21,915)
    Non-operating (loss) income (3,647)  (408)  (3,977)  (1,142)
    Foreign currency exchange gain (loss) (840)  3,229   (2,060)  4,123 
    Income before income taxes 92   21,330   6,845   41,411 
    Income tax (expense) benefit (164)  (2,478)  (787)  (4,182)
    Net income including noncontrolling interest (72)  18,852   6,058   37,229 
    Net loss attributable to noncontrolling interest (380)  (491)  (1,323)  (1,305)
    Net income attributable to Ebix, Inc.$308  $19,343  $7,381  $38,534 
            
    Basic earnings per common share attributable to Ebix, Inc.$0.01  $0.63  $0.24  $1.25 
            
    Diluted earnings per common share attributable to Ebix, Inc.$0.01  $0.63  $0.24  $1.25 
            
    Basic weighted average shares outstanding 30,866   30,745   30,854   30,729 
            
    Diluted weighted average shares outstanding 30,869   30,756   30,856   30,756 

    See accompanying notes to the condensed consolidated financial statements.

    _______________________

    1 Beginning April 1, 2023 Prepaid card revenues are presented on a net basis (based on new contractual changes) while periods preceding April 1, 2023 reflect prepaid card revenues on a gross basis. Please see (non- GAAP financials) table with both periods recast on a net basis, for comparison purposes under heading "Condensed Consolidated Statements of Income prepared on Net Basis for Comparative Purposes Only (Non GAAP)".



    Ebix, Inc. and Subsidiaries

    Condensed Consolidated Statements of Comprehensive Income

    (In thousands)

    (Unaudited)

     Three Months Ended Six Months Ended
     June 30, June 30,
      2023   2022   2023   2022 
            
    Net income including noncontrolling interest$(72) $18,852  $6,058  $37,229 
    Other comprehensive income (loss):       
    Foreign currency translation adjustments 2,393   (43,343)  10,113   (54,627)
    Total other comprehensive income (loss) 2,393   (43,343)  10,113   (54,627)
    Comprehensive income 2,321           (24,491)  16,171           (17,398)
    Comprehensive loss attributable to noncontrolling interest (380)  (491)  (1,323)  (1,305)
    Comprehensive income attributable to Ebix, Inc.$2,701  $        (24,000) $17,494  $        (16,093)

    See accompanying notes to the condensed consolidated financial statements.



    Ebix, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets

    (In thousands, except share amounts)

     June 30,

    2023
     December 31,

    2022
    ASSETS(Unaudited)  
    Current assets:   
    Cash and cash equivalents$62,165  $110,637 
    Receivables from service providers 542   4,223 
    Short-term investments 14,392   17,438 
    Restricted cash 8,282   8,210 
    Fiduciary funds - restricted 1,735   2,092 
    Trade accounts receivable, less allowances of $18,885 and $18,167, respectively 163,166   154,533 
    Other current assets 98,598   87,387 
    Total current assets 348,880   384,520 
        
    Property and equipment, net 53,695   52,448 
    Right-of-use assets 8,695   9,636 
    Goodwill 887,101   881,676 
    Intangibles, net 47,995   50,900 
    Indefinite-lived intangibles 16,647   16,647 
    Capitalized software development costs, net 15,886   15,342 
    Deferred tax asset, net 124,289   96,290 
    Other assets 37,320   30,096 
    Total assets$1,540,508  $1,537,555 
        
    LIABILITIES AND STOCKHOLDERS' EQUITY   
    Current liabilities:   
    Accounts payable and accrued liabilities$95,617  $99,194 
    Payables to service agents 18,737   11,299 
    Accrued payroll and related benefits 13,367   10,652 
    Working capital facility 5,043   3,367 
    Fiduciary funds – restricted 1,735   2,092 
    Revolving line of credit 444,902   449,902 
    Short-term debt 608   3,000 
    Current portion of long term debt and financing lease obligations, net of deferred financing costs of $934 and $469, respectively 172,857   190,866 
    Contract liabilities 37,769   32,029 
    Lease liability 3,024   3,354 
    Other current liabilities 25,629   25,783 
    Total current liabilities 819,288   831,538 
        
    Revolving line of credit —   — 
    Long term debt and financing lease obligations, less current portion, net of deferred financing costs of $0 and $0, respectively 87   160 
    Contingent liability for accrued earn-out acquisition consideration 2,315   2,298 
    Contract liabilities 7,717   14,098 
    Lease liability 6,002   6,612 
    Deferred tax liability, net 1,150   1,150 
    Other liabilities 27,092   22,259 
    Total liabilities 863,651   878,115 
        
        
    Stockholders' equity:   
    Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022 —   — 
    Series Y Convertible preferred stock, $0.10 par value, 350,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022 —   — 
    Common stock, $0.10 par value, 220,000,000 shares authorized, 30,877,258 issued and outstanding, at June 30, 2023, and 30,819,533 issued and outstanding at December 31, 2022 3,088   3,082 
    Additional paid-in capital 20,041   18,801 
    Retained earnings 822,162   814,781 
    Accumulated other comprehensive loss (209,326)  (219,439)
    Total Ebix, Inc. stockholders' equity 635,965   617,225 
    Noncontrolling interest 40,892   42,215 
    Total stockholders' equity 676,857   659,440 
    Total liabilities and stockholders' equity$1,540,508  $1,537,555 

    See accompanying notes to the condensed consolidated financial statements.



    Ebix, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows (In thousands)

    (Unaudited)

     Six Months Ended
     June 30,
      2023   2022 
    Cash flows from operating activities:   
    Net income attributable to Ebix, Inc.$7,381  $38,534 
    Net loss attributable to noncontrolling interest (1,323)  (1,305)
    Adjustments to reconcile net income to net cash provided by operating activities:   
    Amortization and depreciation 9,909   9,238 
    Provision (benefit) for deferred taxes (27,654)  (24,354)
    Share-based compensation 1,288   1,934 
    (Benefit) provision for doubtful accounts 1,832   1,702 
    Amortization of right-of-use assets 2,051   1,765 
    Amortization of capitalized software development costs 103   1,511 
    Changes in assets and liabilities, net of effects from acquisitions:   
    Accounts receivable (9,322)  (16,223)
    Receivables from service providers 3,681   (2,194)
    Payables to service agents 7,438   1,174 
    Other assets (5,749)  (9,826)
    Accounts payable and accrued expenses 14,620   8,525 
    Accrued payroll and related benefits 2,617   1,004 
    Contract liabilities (786)  8,766 
    Lease liabilities (2,080)  (1,670)
    Reserve for potential uncertain income tax return positions —   — 
    Other liabilities 4,433   2,863 
    Net cash provided by operating activities 8,439   21,444 
        
    Cash flows from investing activities:   
    Capitalized software development costs (546)  (4,170)
    Maturities (purchases) of unrestricted marketable securities, net (870)  (3,214)
    Capital expenditures (7,921)  (9,607)
    Net cash (used in) provided by investing activities         (9,337)          (16,991)
        
    Cash flows from financing activities:   
    Prepayments related to Debt Refinancing (7,704)  — 
    Proceeds from term loan —   — 
    Principal payments of term loan obligation (40,961)  (15,933)
    Forfeiture of certain shares to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vested (42)  (64)
    Dividend payments —   (4,636)
    Payments of debt obligations, net (2,780)  (1,672)
    (Payments) of/Borrowings under working capital facility, net 1,660   (1,704)
    Payments of financing lease obligations, net (86)  (106)
    Net cash used in financing activities         (49,913)          (24,115)
    Effect of foreign exchange rates on cash 2,251   (11,767)
    Net change in cash and cash equivalents, and restricted cash         (48,560)          (31,429)
    Cash and cash equivalents, and restricted cash at the beginning of the period 124,959   114,764 
    Cash and cash equivalents, and restricted cash at the end of the period$76,399  $83,335 
    Supplemental disclosures of cash flow information:   
    Interest paid$36,283  $19,088 
    Income taxes paid$25,055  $24,222 

    See accompanying notes to the condensed consolidated financial statements.

    Supplemental schedule of noncash financing activities:

    During the six months ended June 30, 2023, there were 2,282 shares, totaling $42 thousand, used to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vesting.

    During the six months ended June 30, 2022, there were 2,057 shares, totaling $64 thousand, used to satisfy exercise costs and the recipients' income tax obligations related to stock options exercised and restricted stock vesting.



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      SC 13G/A - EBIX INC (0000814549) (Subject)

      1/23/24 4:20:28 PM ET
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    • SEC Form SC 13G filed by Ebix Inc.

      SC 13G - EBIX INC (0000814549) (Subject)

      11/2/23 4:29:15 PM ET
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    • Zinnia Closes Acquisition of Ebix's North American Life and Annuity Assets

      Zinnia Corporate Holdings ("Zinnia" or "the Company"), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. ("Ebix"), a supplier of software solutions, today announced that Zinnia's acquisition of Ebix's North American Life and Annuity Assets (the "L&A Assets") has closed. The deal further positions Zinnia as a partner of choice in the life and annuity industry and expands its offerings with insurance focused CRM & agency management, market-leading research, quoting, illustration, order entry tools, and a comprehensive underwriting platform, which will simplify experiences for advisors and their clients. Zinnia will be welcomin

      4/1/24 8:00:00 AM ET
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    • Ebix Reaches "Stalking Horse" Sale Agreement for Life Insurance and Annuity Business with Zinnia to Ensure Successful Recapitalization Efforts

      Company Continues to Have Robust Worldwide Operations and Strong FundamentalsSecures New Financing to Support Restructuring ProcessProposed Transaction Provides Ongoing Stability for the Insurance Industry, Ensuring Continued World Class Delivery for ClientsJOHNS CREEK, Ga., Dec. 18, 2023 /PRNewswire/ -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries, announced today that it has reached a "stalking horse"  agreement to sell its North American Life and Annuity assets (the "NA L&A Assets") to Zinnia, an Eldridge business and leading life insurance and an

      12/18/23 6:03:00 AM ET
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    • Ebix Announces Q3 2023 Results

      JOHNS CREEK, Ga., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries today announced the following results for the quarter ended September 30, 2023: Q3 2023 GAAP Revenues of $119.2 million, with 1.1% Year-over-Year decline vs. Q3 2022 Non-GAAP Revenues of $120.5 million (with all revenues normalized on a net basis). On a GAAP basis, Q3 2022 revenues were $257.9 million (with pre-paid card revenues on a gross basis in Q3 2022).Constant currency GAAP Revenues of $121.8 million in Q3 2023 increased 0.8% Year-over-Year as c

      11/14/23 7:42:13 AM ET
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    Insider Trading

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    • Hebard George bought $376,280 worth of shares (409,000 units at $0.92), increasing direct ownership by 998% to 450,000 units (SEC Form 4)

      4 - EBIX INC (0000814549) (Issuer)

      1/3/24 11:28:13 AM ET
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    • SEC Form 3 filed by new insider Lapuma Elizabeth A.

      3 - EBIX INC (0000814549) (Issuer)

      10/10/23 4:19:39 PM ET
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    • SEC Form 3 filed by new insider Krueger Jill M

      3 - EBIX INC (0000814549) (Issuer)

      10/10/23 4:10:50 PM ET
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    • Ebix Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - EBIX INC (0000814549) (Filer)

      1/26/24 4:31:19 PM ET
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    • Ebix Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Bankruptcy or Receivership, Events That Accelerate or Increase a Direct Financial Obligation, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Leadership Update, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

      8-K - EBIX INC (0000814549) (Filer)

      12/19/23 8:34:01 AM ET
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    • Ebix Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

      8-K - EBIX INC (0000814549) (Filer)

      11/16/23 6:03:59 AM ET
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    • Hebard George bought $376,280 worth of shares (409,000 units at $0.92), increasing direct ownership by 998% to 450,000 units (SEC Form 4)

      4 - EBIX INC (0000814549) (Issuer)

      1/3/24 11:28:13 AM ET
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    • Ebix downgraded by Craig Hallum with a new price target

      Craig Hallum downgraded Ebix from Buy to Hold and set a new price target of $5.00

      11/9/23 11:36:06 AM ET
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    • Ebix Hosts Q2 Investor Call Wednesday, August 9, 2023 at 11:00 a.m. ET

      JOHNS CREEK, Ga., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries, today announced that the Company will report its 2023 second quarter results on Wednesday, August 9, 2023, and will host an investor conference call at 11:00 am ET on the same day to discuss the Company's performance. The call is open to the public. Conference Call, Webcast and Replay Details:  Call Date/Time:August 9, 2023 at 11:00 a.m. ET  US & Canada Toll Free:+1 (800) 715-9871  Call ID:# 3794878  Audio Webcast:https://edge.media-server.com/mmc/p/74j

      8/2/23 9:16:25 AM ET
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    • Ebix Announces Q1 2023 Revenues of $242.8 Million with $30.5 Million GAAP Operating Income

      JOHNS CREEK, Ga., May 10, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries today announced the following results for the quarter ended March 31, 2023: Revenues including pre-paid cards declined 4.9% year-over-year(YOY) while Revenues excluding pre-paid cards grew 17.6% YOY.Revenues including pre-paid cards in Q1 2023 were at $242.8 million vs. Q4 2022 Revenues of $255.2 million, on account of lower pre-paid card sales and the traditional Continuing Medical Education business decrease in Q1 after the preceding Q4 upsurge.GAAP o

      5/10/23 8:00:55 AM ET
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    • Ebix Hosts Q1 Investor Call Wednesday, May 10, 2023 at 11:00 a.m. ET

      JOHNS CREEK, Ga., May 04, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries, today announced that the Company will report its 2023 first quarter results on Wednesday, May 10, 2023, and will host an investor conference call at 11:00 am ET on the same day to discuss the Company's performance. The call is open to the public. Conference Call, Webcast and Replay Details:  Call Date/Time:May 10, 2023 at 11:00 a.m. ET  US & Canada Toll Free:+1 (800) 715-9871  Call ID:# 9302301  Audio Webcast:https://edge.media-server.com/mmc/p/twsgdd

      5/4/23 2:13:02 PM ET
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    • Veralto Set to Join S&P 500; Vestis to Join S&P MidCap 400; Others to Join S&P SmallCap 600

      NEW YORK, Sept. 28, 2023 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, the S&P MidCap 400 and the S&P SmallCap 600 indices: Veralto Corp. (NYSE:VLTO) will be added to the S&P 500 effective prior to the open of trading on Monday, October 2, replacing DXC Technology Co. (NYSE:DXC) which will be moved to the S&P SmallCap 600 effective prior to the open of trading on Tuesday, October 3. DXC Technologies will replace Ebix Inc. (NASD: EBIX) in the S&P SmallCap 600 also effective prior to the open of trading on October 3. S&P 500 &100 constituent Danaher Corp. (NYSE:DHR) is spinning off Veralto in a transaction expected to be completed on October 2. Followin

      9/28/23 6:17:00 PM ET
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    • EbixCash and J&K Bank Sign Agreement to Facilitate Money Transfer Services Across the Bank's 1,000 Branches

      NOIDA, India, July 21, 2022 (GLOBE NEWSWIRE) -- EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, today announced the appointment of Jammu & Kashmir Bank's entire network spanning 1,000 branches as a sub-agent, to facilitate international remittance services for its Ria Money transfer business. The Money Transfer functionality will be going live on 15th of August, 2022 coinciding with India's 75th Independence Day celebrations on that day Euronet Worldwide, Inc.'s Ria Money Transfer is the second largest consumer remittance company in the world today. EbixCash - a subsidiary of Ebix, Inc. (NASDAQ:EBIX) is a l

      7/21/22 7:43:07 AM ET
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    • BSE Ebix Appoints Sachin Seth as CEO & Managing Director

      MUMBAI, India and JOHNS CREEK, Ga., May 04, 2022 (GLOBE NEWSWIRE) -- BSE Ebix Insurance Broking Private Limited (BSE Ebix), a joint venture of BSE and Ebix Singapore Pte Ltd., announced today that Sachin Seth has been appointed as CEO and MD of BSE Ebix. An upcoming InsurTech player – BSE Ebix is focused on distribution of insurance products through an unrivalled ‘Phygital' pan India reach, by combining the physical presence of tens of thousands of PoSPs with an omnichannel digital channel. Sachin Seth joins BSE Ebix from Ernst & Young LLP (EY) where as a Partner, he was instrumental in setting up and growing the Digital and Fintech Practice for EY's Financial Services Division since 2016

      5/4/22 10:28:25 AM ET
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