EBIX - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen, and welcome to the Ebix Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference is being recorded.

I'd now like to turn the conference over to Darren Joseph, Corporate Vice President. Mr. begin. may you Joseph,

Darren Joseph

everyone Incorporated Welcome earnings second conference call. to you. XXXX Ebix quarter Thank

is President Ebix's Raina; today me Joining Chairman, CFO, Donaghy. and and Sean Ebix's Robin CEO,

your open Following we up questions. the our will call remarks, for

let Now quickly safe cover harbor. me the

risks make performance that others, Ebix's and uncertainties cash. to use of and our our the investments, forward-looking, and growth These regarding are a of we forward-looking businesses of those cause including, today statements statements. number might Some innovation, actual future materially long-term differ statements among projected statements the of the involve that in expected the results from

Please note or release future of light any presentation, as this and information only that we forward-looking of revisions undertake new to the opinions results these to these statements publicly statements our no in events. the or of reflect of date obligation forward-looking revise

is those our filings, differ Additional forward-looking of statements information to detailed affect more factors results concerning the today materially in actual description factors risk could that the in list cause a contained may our results. from that made which SEC

being press live at the QX XXXX also The audio the results on Our of this release www.ebix.com/webcast. call is issued this web investor was announcing morning. webcast

will website the You today. Time available been www.ebix.com. of release call p.m. on transcript also beyond The text homepage can our on X:XX investor Ebix audio what at be financials provided Eastern look this of website, Ebix's the has in the after and Standard the

$XXX.X in XXXX compared $XXX.X XX% a currency XXXX. company’s as a in reflect to to Let ago XX% the Revenue revenue improvements a in of On me perspective. growth million $XXX.X the QX constant numerical to increased from QX from year-over-year revenue The million quarter Ebix's channel. EbixCash the XXXX QX year basis, increased now discuss million.

The year-over-year channel Ebix channel XX%. growth revenue XX% the the revenues company's primarily driven EbixCash insurance QX, our exchange largest our the was was accounting accounting by and In for for of revenue exchange. for the of financial increase

the driven XX has ventures over Asian business. period ending month in to $XX.X growth growth build India, in The months million the year-over-year explosive in primarily June in revenues in XX% XX, been three showed Indian-led growth the other Our same in including last period XXXX by XXXX. the countries, EbixCash financial $XX.X Indian-led exchange from by million growing

even middle one an this the is emerging over as the today intend continue years one next of we to economy India is from economists grow After in to at the invest e-Governance economic diverse classes the XX% EbixCash XXXX. three QX to in continued the QX largest with that of in XXXX excluding to that as revenues grew business, periods. XXXX world QX in compared the revenues discontinued

business XXXX growth pleased revenues $XXX.X various QX and segments. grew overall of with million business million. are X% the our revenues topline We QX by XXXX of $X.X in sequential the over

$XX.X a Our QX to $X.X QX XX% of X% XX.X financial reflected sequentially revenues from million. or increase XXXX XXXX. QX operations increase sequential grew exchange or XXXX $XX.X from million from and million

diluted grew QX of to XXXX per compared quarter second XXXX the $X.XX in $X.XX X% million share to $XXX.X during XX% to increased XX% million to XXXX to same revenues. QX The in non-GAAP QX including constant year-to-date currency million and of to earnings QX Exchanges, increased a exchange revenue per XX% compared XXXX in increased $XXX.X basis, financial XXXX. as QX as compared XX% to million for share Ebix’ insurance $XXX.X Also accounted to basis, currency EbixCash constant $X.XX in period diluted XXXX. as is compared a XXXX. on QX On XXXX. $XXX.X earnings the revenue the

in XXXX, and QX XX.XX to XXXX. XX.XX XX.XX weighted-average million million to XXXX QX increased in Ebix's decreased QX million diluted outstanding in compared from shares slightly

the the of QX shares. X% are income $XX.X count XXXX XX%, were XXXX the while expects in operating XX%, operating GAAP share XX% while QX Company QX margins to XXXX. million operating operating As will at approximately as income XXXX today, $XX.X million XX.X GAAP in for diluted grew for $XX.X be QX for margins at compared to million non-GAAP rose QX million. XXXX Non-GAAP to QX XXXX

the net to GAAP of investments growth principally and million Company's XXXX. associated income initiatives on increase to associated in compared India, to non-operating income with QX is servicing spite $XX.X short-term decreased due value. gross operating X% $XX.X million, increased at expenses This with increased merchandise recent

excluding non-recurring increased the million XX% QX $XX.X certain XXXX income items. net after non-GAAP

that with are consistent operating operating report growth, margins and attractive income continues the sequential XX%. to Company We the fact pleased quarterly revenue near

from QX operations areas related in Case organic new Legal Trucking from other new $XXX,XXX in and million and the QX QX Bus and executing generated XXXX. Settlement receivables new to initiatives operating reflected QX XXXX, cash in legal Derivative associated $XX.X $XX.X was negative of like travel million in GMV $XX.X to contracts fees, The new compared growth with million logistics exchange, XXXX and certain increasing business. funding in XXXX Cash the

During million $X.X $XX.X QX million payments million towards Weizmann, payments. CapEx, capital on on payments, additional XXXX, and on of dividend we tax $XXX,XXX term million $X.X invested acquisition million on of shares $X.X $X.X the software, loan for a the on total of principal

the and cash, million, as $XXX.X healthy million financial remains XX our by up and Company and sheet March investments quarter equivalents position remains cash with of of the solid balance $XX.X the our in XXXX. short-term Furthermore, with Company's

Finally XX-Q will be filed Ebix's Form tomorrow.

I will on now to And the call past Robin.

Robin Raina

Good morning, everyone.

a of with today. and overall topline growth announced the with XXXX number continued in QX to XXXX. out detail were having XXXX pleased now I'm XXXX of in the number We second quarter in QX very beat were spite the of me revenues. qualitative Let try aspects of various first quarter one-time able exceptional that results strong to a

from million. XXXX. sequentially business, e-Governance increased revenues compared revenue QX QX quarter XXXX and $XXX.X QX rose of in compared of QX XX% the quarter second to revenues XXXX grew million discontinued X% revenue over XXXX to XXXX as of in to of the excluding XX% $XXX.X million XXXX second $XXX.X After

million, year-to-date are and revenues $XXX.X continue growth to the revenue at currency coming expect constant Our quarters. in we

a signed us U.S. contracts momentum markets new EbixCash contracts large provide and the have in that related should number insurance further international growth. the We for in the of related

education Let Brazil, both of me of describe the The performance the the of the A.D.A.M and in Insurance areas quarter. the the underwriting continuing quarter, financial the exchanged. but in insurance areas for the exchanges, areas exceptional medical and Singapore, segment

first sequentially Our Singapore XXXX, X% CME XX% revenues grew of and in the A.D.A.M almost XX% in the Brazil the or area. second quarter quarter in in

revenues XX% in second first the certain delays. quarter underwriting XXXX, of our side, as compared of the project quarter XXXX flip decreased the On because to primarily

growth We expect trajectory to have traditionally underwriting come done. to again back quarter revenues in the they have the third

these sequentially. in quarter With second revenue the of insurance, the other functional all and exceptions in XXXX flat areas geographical essentially are

investment of XXX% foreign the sector. Government approved India distribution recently The in insurance

regulatory the We Ebix as franchisee to BSC our of ready insurance strong India financial network. deploy and across BSE institution expect the approval network now to our immediately venture through are also own

Prime proposed Asian, setting to reinsurance in Modi that a BSE State up up and Ebix London. African the India. More the later. gravitate are venture can reinsurance Home of on also of reinsurance The Gujarat initiative a business Minister the reinsurance hub that exchange aim on to PPL ASEAN, lines is and exploring set and Pacific

business XXXX, organically of consolidating insurance financial revenue quarter business second the in the revenue our discontinued XXXX the excluding e-Governance by business second while XXXX exchange We XX% quarter the revenues added line. base and and we many quarter second from the grew were of sources of e-Governance XX% the after in new as areas. the even if traditional EbixCash compared include to line In to

pleased very that. are with We

the grew also approximately X% We EbixCash business sequentially.

payments which in ending EbixCash the XXXX includes remittance dividends, period our quarter grew EbixCash six-month XX% the second division, ForEx payments XXXX, of As year-over-year. of core June and

other our insurance, technologies financial grew year-over-year. that travel, technologies and includes for XXX% technologies While division finance,

down BSNL almost while grew do largest certain player e-Governance XXXX trucking funded adequately The by division in of decrease a XX% logistics startup the million six-month to X.X revenue organically been The that grew by came in travel revenue the took period with due decision to business to servicing used from of we XXXX as XXXX not XXX,XXX to one-time the year. last the government. revenues from XXXX, our in year-over-year, conscious in public division had approximately zero e-learning telecom the until business $XX.X million in company e-Governance XXX%

The me contract of progress to the involved discuss including on key contract. earlier. Airport number that we the certain Let with us back, announced we now deposits some initiatives a months A our of made Airport financial be Dubai by authority. of iPod, on obligations signing the announced few

million few EbixCash the to to say dollars financial that mandated formalities the as including we pleased deposits multimillion have depositing are fulfilled contract. dollar the a contract, execute from We of in all required

regulated the not Emirates The live signing companies in back. foreign contract many are Bank of project months is highly Central United Since like and subject foreign requires approval for still us. Arab spite in exchange

securing in will of a the we required our We at from Bank immediately adding the revenue are the Central new foreign to Bank Central foreign exchange live traditional line country. in that approvals the business. by financial process companies Dubai approval, regulatory After go Airport

bus state pleased X,XXX as us in to transaction generating ticket source Rajasthan initiative QX sale of exchange have fee the convey the us. This from emerge bus of revenue also the million first recurring a will with project. across revenues approximately buses our revenues every for this I'm now we $X.X that State the executed successfully. for fully for had plus

XXXX QX initiatives had of One logistics to of revenue In trucking of million business. no QX XXXX had of this our division. key this from from division revenue grow we In our is $X.X Routier. we

revenues XXXX. by $X of targeting quarterly are year-end division We from the this of million

phases into deals of travel bus payments, management arena. the in business negotiating currently many wealth course and exchange, the contracts are of ForEx, technologies, lending We exchange travel, and trucking area logistics all area technologies, in bus deep in our

well areas of we for feel growth site. we and us are have of All situated organic these momentum with on our that

deals have area acquisition in ASEAN of million combined lending to technologies and terms at of second explain run and Let you management wealth We all Africa, few the been two from growth international n companies, the do $XX of in these of quarter and winning to the Middle acquisitions lending me and these momentum. we time $X.X East, of growth examples rate wealth revenue give XXXX was million a able India. did to region approximately of organic in the management, quarter. a what In

and a technologies million year Zillious revenue area we of example, $X and in million $X.X million six they from we've In a Another travel Zilliious. a done had of approximately and $X.X travels rate business travels acquired and area corporate We lines. in from Leisure Mercury last non-mice run rate months they the acquired of run a had the approximately year. of already

already travels. In have last $X We'll million you another give six example the from months we Mercury revenues done growth. of of

of Let that new mice in that the of Mercury we $X generated business addition contracts for six us million secured have non-mice in already I've travel the months, the million $XX me revenue last to say in revenue. area at

go will in $XX to token, in revenue generate days, pragmatic margins. XXXX government. that we that focused the take e-Governance from Yatra and our out On so we client as tough first give revenues coming In carving same to can on area. be up we a funded basically unprofitable that operating revenue later revenue regarding XXXX annual XX% that in related ensure make in are the streams or willing Well wanted adequately by line million we largest BSNL as decisions we will good to will be

acquisition Yatra of in acquisitions, the pursuing key of second and played number opportunities the Trimix. the is acquisition being the We company in believe largest and lend largest acquisition financial services public that are most synergies we being area out a EbixCash the significant of the of eye. profitable itself we is that exchange enterprise are the One, to emergence have of the will In country. travel Yatra India's the and that besides

we EPS, executed by have for $X.XX logistic fully can EbixCash white to that between clearly that Ebix the accretion further evolved IPO the details plan few combination Over $X.XX once future this months, last to had the provide opportunities excited cross strengthening offering. selling our whiteness of non-GAAP we

the asset India’s We Trimix also pursuing leading Codes. including of a bus exchange the Bankruptcy other number opportunities from purchase Indian company of

the we possible to various $XX number business U.S. of margin besides with $XX in high-margin XX% them. More between that close terms either Tirmix acquisitions. million a opportunities Abroad revenues in on year, Trimix million of a are pursuing in later we when and geographies on today

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stock respond As for me, that I'm stock investing Ebix salaries shareholder holding down. more the all the my the and way to I XXXX stock by the all from when I to largest beside company from typically misinformation the are in driving fact in others XXXX. today just presently take Ebix it

be the IPO year the banks for lead to the of proposed on XXXX. out engagement We EbixCash investment soon announcing second of leading five will brief a IPO Finally, EbixCash quarter targeted small to four next

have We all though the nothing updating that leading of and substantial ingredients investor in to be the blockbuster market valuations once direction investment the a that Thank soon public. progress our about these we EbixCash of commend can be believe names you. made in each be EbixCash guaranteed bankers. has what goes IPO, we'll We on

With the hand operator. to I'll call that, the over

Operator

Craig-Hallum. And first Rhee Please from Van with question [Operator our Instructions] Jeff comes proceed.

Jeff Van Rhee

Great. A couple you, Robin. Thanks. from

rates just level bottomed. looks How maybe bit quarters set First, the few on touch would little you over legacy of outcome the but a think just grew next us. signs, months over like sequentially. growth the sort XX there? XX there? for big reasonable you business. You some to a do of think about the about It next What it growth talked terms do here be in It

Robin Raina

and Meaning, out business. regarding business want who pretty way stream, Well, say and legacy revenue strong revenue you look, the it competitors for one sure I the a that of is we than their have if And announcement been a XXx Xx way us fundamentally our sold today I of insurance. you at don't all think bigger a at call came I'm done saw multiple. got first it smaller to I have profitability. It's look us, stream that we much

our we going business. A.D.A.M to I've about of with as the And a we calls we stabilized insurance back that in area time talked us. business are took completely to and now of continue Coming respect fundamental looking believe why to ensure spent to seeing we hits. insurance the few We've previous for to bottomed it, in health, have has improvements. at We're that's amount out A.D.A.M and a grow a as strength which insurance decent you're trying

we call in growth. I CME talked about in X% showed And today's improvement where area for A.D.A.M example,

area of terms second So we in kind are the been has where are still there. not we the consulting bottoming there – out of

arena. in We business fact consulting are in trying grow that to the

in area, performance consulting showed find of actually showed our decline, we of another substantial we of each arena, features little growth off. flat had balance – a we bit they'd but basically quarter in terms a one a This other in

that, decent perspective. So we of from stabilizing particular quarter have amount having looked In a a time this our said this insurance business. lot would quarter, an better spent

example, level been our same had at For the as quarter. last if revenues underwriting

comes the in if are nine and revenues race, strong in times, leader deal. winning out, underwriting are XX meaning our market are out the that Now deal market Canada, of we're very U.S. the every in that we

going We're had percentage However, revenue. revenue some in which much revenue, pick completion. anywhere. couldn't is get to up project with not associated quarter, revenue function And which as that of going but our revenue that the is delays we we a

side. back that expected to that I So be on

And now we a wins lot are targeting right the of in underwriting site.

So to business grow. will think that continue we

actually If at annuity you look this business the quarter. nicely annuity business, grew

we relatively higher say. I have normally in than we – bit we at markets the a flat what and look So but would flat the little you goes relatively do, if Australia, did

I about very strong performance. was Brazil. Brazil talked

a was normally what Singapore higher, lot think higher XX% was I we higher. actually which than do,

a Zealand much is economy. smaller New

we used us. basically essentially essentially be we doesn’t delta more would numbers where you flat. our it for to So London, the and tell

value is that to mode. it back deliver believe So the continuing growth coming to of a is peak we will continue its it, to and insurance into it business margins that our as business

to going all are numbers see We of will these add.

highly revenue the of the One – be as tend sources competition, to respect recurring. to strengths we to have says, insurance with insurance our our in compared and market anybody in

license focus the listen, insurance, to of say, revenue. this then We energies new the We not look did our going deal aren't licenses. generate for spend to tell revenue book to we're and quarter in trying time didn't next perpetual

have focused We least companies we which case market, recurring in is there other the sources, insurance always for at in business. incidentally revenue the the out the on are not that

insurance So We've grow. business actually we coming to well. it, back in to business stabilized feel pretty that our will continue

have of a We it we for call under example, A.D.A.M hits taken exchange, in exchange. area under the – in we of terms business lot comes

two big that for area, all had be to substituted the other in We've to of example, claims some and areas. growth had in hits

So and that because flat performance, very have at of at for it done decline. when some essentially you well it compensated and you actually is many when look have the means look sectors other – insurance relatively

we out now. we So have are actually that that areas feel had of in those the declines some bottoming

in to this we actually going grow. think So insurance are our

in insurance insurance We’re also arena, business to the arena. us see organically in going besides growing make our the acquisition

Jeff Van Rhee

expectation is you sounds some expect see of all growth call, him, just or modest? that showed over it together. So to putting the all the that continue up, it's if next to if sum we two you some sequential here, would even I that sequentials quarters it mean, modest would I likely like Is

Robin Raina

I so, believe, yes. wouldn't

Jeff Van Rhee

Yes.

you've The how sequential about the side. flip then year-over-year XX% And north rates or you of X% I commented And think other basis. business on growth to EbixCash basis, Okay. longer-term X%. was I it a think up a on talked

was I growth. things just If expansion it of same quarter know strengths maybe called some, so more was modestly do own So in a think and vein. coming in you seem little X% seasonally but sequential the out terms EbixCash QX, would to on its then on have in the in some up particular overall, How down, two? about that maybe been sequential or growth what you down,

Robin Raina

looked Yes. Actually a X% in well does number – growth is showing better the also as we would very in in they're though because had We not revenue very bit quarter, the There very a for much did lot not strong we're EbixCash why the one-time of we the this many revenue Ebix. EbixCash. we last one-time quarter had that business a EbixCash. one-time is growth, revenue showing had have – – and that

But which had quarter, one those this revenue. a was of one-time we

that once services, revenue one-time transaction-related goes revenue away, we make our that have we up one-time that through Now which to for did.

revenue at more So quarter if overall revenue in the this that sequentially when cash. up you look by quarter, I Ebix’s outclassed $X million, than one-time, the went growth, pick

like more previous only was like revenue the or there there that looks to one-time $X it So is quarter. do million that and change because in

in already example, quarter is we just $XXX,XXX, this million from the it kind quarter Routier. that, path. So did around believe I of Routier right for we did having $X.X Last business. out in said I about absolutely EbixCash talked terms we QX, of, detailed

a for quarter and they quarter. last that each We and with had that and we have it I million pleased of why it. was on you. what was of we area But go this that strong were $X.X can exchange part revenue revenue quarter, zero detail we revenue QX had – that into exchange in one-time And had had was are bus revenue basically no on of – out bus results million very one-time so the it part revenue in $X about we – of we very previous there

Jeff Van Rhee

run, the it plus maps some better, is X% I type just complete growth some then but get to to that sequential mean, the forward right expectation? so the plus back question And We'll XX% thinking that to worse, yes, something your on quarters, there. a

Robin Raina

or I look, couldn't you. rate. you telling it’s it's the Well, a run tell I X% X% maps a or haven't it's on whether what X% a

demand how I is think on move these we GMV depend how a businesses we lot funding. it forward. of these and some all will of Part on of benefits

two our to But want things. as to. can have company don't remember, this to companies - as money own Ebix fast we So you worry as has what we luxury make are with the can, business are also attempt, to grow a of money. we we What not profits. our We free also have of doing about generating bring and which is basically doing sure other

very ForEx means need We to have simple million example. of get If GMV. close you fund easy. $XX I give transaction. need not the that's $XXX to I revenue, will to have fund of I more million That I ForEx If to a new GMV.

to GMV. So is we have see what part of because us. in business want we an with and are reason do business. of because But the raise a also calculated the on this of going money do we funding go value of very front we we IPO kind opportunities of rate can we This we being lot because crazy for are

also your the much business, in the way extra you financial that in growth in on table your sense GMV. to fund are put to bit So at a grow you to because cautious money to of have have you look the manner when a funding the

seeing $XX.X basically all the flow cash XX to the we are beyond million look had funding the at first you we of then have cycle quarter to this business payment. for to business in the what But you example, money business for example, reason GMV, we do And got So that that zero. example, was the added that any was made be where for many to funded of business we is are times over terms now, that to fund for Routier right going of growing we're days. our

our of money we properly. So grow is calculated right? bus up as very the respect cycle have the to For money we to business business we usage the XX where managed this initially how to example, added of can with days, be we exchange cash

feet on of of you in ground year-over-year because than had basically we growth money, where more So could rates this XX% trying business. and the we away to keep growth in EBIT cash substantial higher get see have not terms amount we're guided if in our

So a I I to want have are that going and with are extract this to continue know careful careful in we and grow is business with but that do that and spending we you we have financial ensure understand be – be critical gave very doing effective grow money when very we your answer to long you you ensure a the have cautious services to to money careful we taking Jeff, bit handle. but ensure be you our that to are that to business sequentially business, to can’t wisely to spending not we that to our

equity today have GMV, when funding don't I of my in, is bit this you're group it. write, to little you balance a so have competitors way because coming private Right, have a the funding

So company. as we in all a today are funding

Jeff Van Rhee

one relates just strategy with me, respect it the as Got in it. to then Last overall India EbixCash. for to

has that word you've So the been used. digital

the physical with you a potent the standpoint? from is really a observing foot have units? base, distribution to network. respect in those tracking sort got namely a traffic curious I'm You've metrics of customer What

and and capabilities. upsell added lot of of a a traffic How ability are take tracking foot them? you You've cross-sell measuring products, that and lot the to

component. of business, and thinking the but talk the particularly I'm EbixCash about kind travel also you that of physical overall could online Just incorporate the piece, of side

tracking in EbixCash So the just what business? stickiness terms customer how and of in curious, cross-sell side the customer metrics are core the the you're the of

Robin Raina

good a that's Jeff, question.

of critical are cross-selling. we So to of do trying what obviously very terms a that's in part

see effort. coming what to want we do going You're with in We major have working to the further days, a respect that on created. elaborate we're footprint to we marketing

to a see blown the goal effort a goal months, terms become in where the over full our next household XX next name You're of in is – over our branding going to India.

we for way about or example, India, that would Pepsi, that a the would people to in In Paytm seen talk matter, for be like life. Coke

on we intend that it physical And footprint have plays and the footprint very well. we marketing marketing. aggressive have, when aggressive go to the size and extremely believe so do we a that We of physical

So what we deals did recent a respect we is, example footprint that two just are to footprint. with that using I'll doing today of give you that

is money, those to with collect This one of be collect across when finance. digital loan able money So did for exchange we that issue the is digital for basically When network is have country, we're to that an what they Adonis And collect using to Adonis. loans network work them. they our them. deals to entire money that would like from

And with we We with largest collection India presently working this, telemedicine, in in live right did, premiums. that that believe but that one as can't will for respect go simply name basically footprint. give doing up them second company ended us India insurance Now, our the confidentiality to a approached client company we using I you we recently live. believe on with become are who for reasons. It's we to very health insurance of large our go

is that cross kind this selling do. we So the of

So I example, could for asset-lite is about trucking give I talked of are are is model Routier we of how a that you like because trucking a examples we model the asset-lite Routier. Hoover. an lot organizing spreading How Routier? How what Routier?

what we – wants and done. we'd Coke wants trucks, able but would XXX them have trucks to it Somebody want to be trucks, give be

by incentivizing by franchisee enabling entire network that them. used have them, We

franchisee fulfillment business entire the trucks is network of today the And actually nation in asset-lite the these for model. our sourcing doing the across us, actually is

a with trucking So division our are is matter. again, that this logistics – interfacing we division payments for

while many today I we ForEx walk examples these issuing how in travel are level cards the of So at could franchisee are card, through sitting so we issuing there. you how of

– integrated it processing manner So our such a and see they metrics of thought manner of driven a President common through and are of kind Director, in we senior you have all groups that are all of different and solution. that the such straight have folks as one these Vice in common a everything Managing under

very these necessarily as So today. rate sell believe today, compared se which we we individual trying further as the is multiply believe to we're And products to marketing up couple going as can forms. not per and many, incidentally it many in tried we’re to we our We and very, have we footprint a full-fledged campaign into strong.

Jeff Van Rhee

it for That’s you. me. Great. Thank

Operator

Our Please proceed. Instructions] from Klee with question Allen Maxim next [Operator comes Group.

Allen Klee

Yes. Hello.

will project quantify help You would due some much think be revenue that be? how talked back? you underwriting to delays us that you about being down coming Can

Sean Donaghy

Well, be I was expected $X.X that think from something the a in at we quarterly went million it what quarter. down for perspective, to it or it

Allen Klee

Okay, give your you us on And update available? that can it's then great. an just still capacity borrowing

Robin Raina

capacity from I have Darren, a Sean, you the I'm would perspective, Well, the word for – it? for forgetting we it. what's think word borrowing

Sean Donaghy

us. available $XX million. to still features accordion The to million anywhere That's from $XX

million $XX the have available under base agreement. We

Robin Raina

you, Thank Sean.

So that sounds, Allen.

So We an we grow in for additional can further. look, go this can and take line.

here lots is do. a be as and it strong have different want we out what we possibilities head into but Part that are, to very, IPO, right We being we is, believe we this believe We we we going of are to careful very of now very right. we IPO. available, hopefully believe this

metrics are strong. Our

on overboard raise we can through go of that IPO. our we strong we believe So we money shouldn't because believe that raising amount that very

Allen Klee

say that they and it's last that heard year I understand I a headwind around India, million $XX.X sense in you Okay. in was it $XX so I think And $XXX,XXX…? what then the business e-Governance million far, so just

Robin Raina

almost was was it million six year. just in months. $XX Now million $XX.X last It

a to So year, last zero we million from down taken have this business year. $XX

Allen Klee

to Okay. stay And you're…? it's going if

Robin Raina

months first $XX.X was in the XXXX. six million only of It

Allen Klee

is zero to keep plan the And basically? that

Robin Raina

Breath the player. it frankly for part largest and now, is of cleat that

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why this that's we decision. So made

Allen Klee

I they A yourself. you position? finally, implies the you. Okay, maybe would things I company by And surprising about paid. then but had competitive thank multiple the and for software them seen acquired news evaluation bought are pretty little iPipeline why changing – getting some company, be Do just good is a at most. that their that was they who buying think them being the

Robin Raina

company. our negative. is of there. did anything iPipeline than job that feel iPipeline simple I say a wouldn't source because stronger feel we way being is a revenue great I of a Look, reason. They purely clearly. Again, that Not tremendous

are recurring. sources more revenue Our Is that simple.

the revenue sources engine. with a They these. lot They Our gone have in. do respect model is more our work a lot are illustration engine to business have of of They recurring, different.

out. it our businesses, water businesses. in and digging year well taking In call I every a create that And business, We very don't recurring do we that.

business job you press $XX million with Thoma they ultimately as a that, out said having about the which did the close and basically they for that. the cost $X.X iPipeline, creating billion revenue Bravo talked a EBITDA – release, a taking in saw creating approximately of So of to great got million I of business, $XXX think business, basically

Having iPipeline we meaning to with said this that, meaning we look, that private the equity respect happen even with will was every What has always fully by frankly, out day going that value market. approached the bit sense equity. get private in these leak you to a in done, aware this higher, little things

ultimately stock and equity. But basically, inroads we we you private possibly look have get when people look, pay, still at a even asset pay last feels, the down, of would multiples Ebix and steel very and to are lot you decent if premium Private especially is more obviously has to steel. afford be this can – become you pay have, – as come many or what our uh, had know a private to equity willing it and a can from so price over you equity attractive the

I the we we that, because creating we've are personally basic, or strongly companies. time than doing. stronger set I I do believe headed What giant, we're time ground where what said international of opinion rules think an the up is any that Having probably been are not now, are we up to have is the these tell

a again, I necessarily offer there if arena. there to offer. a the said take when the it be a software day insurance good I for not you're the And decision basically at that think finally – gotten anybody it's think the company, in the for the reasonable having of multiple, that, an board's with overall an happens. something meaning But out that can make and will pipeline and company, industry, like are end has a public out Purchaser is So you're we

could it to think se. We they I but to it me say I too they it's themselves, per conduct No, run would would defocus how them. have it, see say how for would them, early defocus

to comment I them it as I think pursue I'd they because rather how yet simply So wouldn't see on time give it.

with area iPipeline tell could is I got compete We we in to business don't that we you the easily on. have All lose very that, strongly them.

the area, the business there So and do business. we extremely area, where enter. we didn't business palms They well are in are

But configure basic engine one toolkit you have the you. the where business, businesses engine create, for they then biggest tell of illustration that they of they and is illustration the they engine

that from business We have not been in that stayed and business. away we've

market think play for insurance going ultimately in think think, good I itself it's it and a does to the terms for out the it's of for overall, industry. I I So deal –

Allen Klee

much. so Okay. you Thank

Robin Raina

you. Thank

Sean Donaghy

Thank you.

Operator

And no Raina over you. closing for call questions back turn to remarks. to Thank the further like in am I showing Robin queue. I'd

Robin Raina

very you thank Well, much.

thank the hereon. to Darren, I'll that, take With we happens and improve us continuing my the I'll where and on Thanks January Thanks, fantastic we the you. end think by And all results. call. of are these make look our quarter believe call. – that results to I call forward thank from taken opportunity and employees. you, having to all the better for trying the a on to on being Sean; I through you appreciate investors for for being thank I patience,

Operator

program. participation Ladies This conference. today's your and in gentlemen, concludes thank you for the

day. a Everyone great You may disconnect. now have

Ebix (EBIXQ) 8 Aug 192019 Q2 Earnings call transcript