- Earnings call transcript Q3 2022

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Operator

Good morning, and welcome to Ebix, Inc.'s Third Quarter 2022 Financial Results Investor Call. [Operator Instructions]. I would now like to turn the call over to Ebix's Corporate Vice President, Darren Joseph. Please go ahead.

Darren Joseph

Thank you. Inc.'s Quarter Ebix, Conference to everyone, XXXX Earnings Third Call. Welcome,

Ebix is to Global President and Ash discuss me Ebix CFO, America Sawhney. the Hamil; Ebix Joining Raina; quarter Chairman, President, Robin and Steve North CEO,

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

me the let safe Now harbor. quickly cover

cash. expected we our today future growth those from long-term events. forward-looking undertake materially investments, forward-looking the statements performance statements our among and to any information revise only including, These the opinions the businesses as these note Please of of of of number cause Some and the new or make revisions others, a statements future use our or that the and that to uncertainties differ publicly are no that actual obligation of release this statements Ebix's statement. results we involve these projected innovation, date regarding of to results in risks statements and our in forward-looking of reflect of light forward-looking presentation, might

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

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

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

of growth. was XXXX. XX% metrics $XX.X compared $XX.X key results. sequentially $XXX.X QX million. 'XX income million 'XX growth. $XX.X QX with me in million year-over-year increased GAAP revenues million Year-over-year cash XX% was in XXXX in operating Non-GAAP XX% QX QX as of year-over-year X% GAAP EPS present $X.XX Cash growth. year-over-year EPS XXXX. million Let diluted grew GAAP XXXX in $XX.X generated QX QX operations our to were operating generated to QX $X.XX. in now in income from with operations Non-GAAP the from was XX%

at recent you this were revenue million headwinds inflationary resulted in in trends the are in U.S. $XX.X by Let versus currency against resulting Year-to-date million. what exchange we outset revenues QX quarter. me most movements tell in impacted QX XXXX. by worldwide against the XXXX dollar strengthening The currencies, of negatively that $XX.X

as million by to higher QX bank compared reasons our 'XX beyond 'XX QX were Our costs for in $X.X control.

We have geographies employees GAAP these issues compared most year-over-year revenues grew the XX% associated costs elevated international business, our faced company, XX% year-over-year. salary as with across-the-board our for In XXXX. spite in QX excluding grew prepaid experienced and, the to card worldwide of the by increases

basis. QX were grew On geographies XX X XXXX constant year-over-year basis. of currency constant XXXX year-over-year including by growth XX% QX EbixCash and the main growth of experienced XX% QX currency accounting year-over-year Ebix's currency XX%, The revenue a a Exchanges, largest of EbixCash combined growth continue basis, revenues. company's year-over-year the BPO to a exchange our XXXX Excluding Latin basis, EbixCash by grew X% outward U.S. Insurance strong during the of decreased revenues revenue QX XXXX. slightly growth a prepaid prepaid XX%. year-over-year in higher And for to QX revenues revenues QX year-over-year channel, GAAP our revenues increased XXX%. QX cards year-over-year be Exchange by QX primarily X% gift were on card remittance XXXX in revenues, GAAP XX% of and travel revenues EbixCash worldwide gift XXXX. RCS in XXX% Annuity year-over-year increased growth to of XXXX in and e-learning On year-over-year the America growth exchanges a year-over-year, foreign EbixCash payment XX%, million. and and revenues solutions revenue revenues contributors of $XXX.X worldwide Insurance revenue, constant both growth insurance revenue on that year-over-year year-to-date XX% XXXX

Our gift revenues, revenues card excluding EbixCash QX growth in business, year-over-year our XXXX. generated exchange prepaid XX% in

technologies quarter year-over-year revenues growth Our and remittance XX%, outward year-over-year travel In in grew XXXX. foreign in businesses most foreign experienced XXX% the XXXX events by QX. remittance, a during remittance XX% year-over-year revenues were during negatively of and an third Year-over-year EbixCash during quarter solid inward travel, in third quarter XXXX. impacted onetime revenues businesses due remittance, from the our exchange, of of XX% limited decline COVID-XX with total, e-learning experienced revenues Inward growth third to financial respectively. and exchange the outward certain combined

Our business in rate school of growth XXX% a the benefit year-over-year quarter e-learning and contributed continues from XXXX. normal to operations India third during

growth our compensation XXXX. the XXXX, quarter in QX Finally, of EBITDA $XX.X had the revenue year-over-year plus non-GAAP businesses third In million. technologies financial stock-based was XX%

we will While fundamental the operating speaks about of to Steve. over call strength now as the feel turn we it that our million, of good flows cash reported to $XX.X business. I

Steven Hamil

Thanks, Darren. during resulted conditions pressures Global strengthening inflationary of the currencies dollar have XXXX. U.S. and against the in recessionary most

largest million, quarter exchange revenues Ebix. been the respectively. for negative foreign by the $XX.X reduced fiscal For foreign past from and has negative $XX.X impact third reported million and movements exchange from the the impact quarterly in This X movements year-to-date years period, our and year-to-date

this million XXXX a grew of $XX.X year-over-year and of XXXX Operating the of million, XX, in million. revenues impact than is income Ebix, as grew XXXX. QX September QX XX%, from our revenues our revenues headwind in In constant constant while by year-to-date like XX% reality of GAAP higher $XX.X world. period negative X% $XXX basis, $XX.X XX% slightly increase a our grew the XXXX company QX fact, On than operating currency larger year-over-year. million, year-to-date increased QX to revenues a COVID currency year-to-date QX GAAP XXXX, income X.X% global the 'XX $XX.X was XXXX for an year-over-year QX while income operating Despite million when changed

to of decrease is QX margin compared of margins, in prior XX% QX business, EbixCash's year gift which relates XXXX year-over-year our solutions quarter. in versus compares and XXXX. XX.X% in in low operating XXXX. QX QX primarily XXXX card changes year-over-year mix XX% XX.X% prepaid which very as increased comprised XXXX Our revenue payment primarily revenues the QX and XXXX The to have QX to in

some primarily the primarily Additionally, total $X form QX and G&A increased costs reopening million exchange operations of costs personnel foreign year-over-year ports foreign exchange and XXXX, by our and increased due rent investing entry inflation lines of each travel of such to rent These investments in COVID-XX-impacted costs in our expense Increased quarter the of and business in to increased as we've in improving million that are of million. incurred incremental businesses. major expense relates India. $X.X $X.X

Excluding gift XX.X%. the card were operating impact the of prepaid XXXX business, QX margins

million operating September major our $XXX the year. and the cash, million existing cash on CapEx $XX.X cash $XX.X investments dividend on XXXX, had paid, payments. of dividends reduce uses, for We our just company income-related period includes cash following as on million the the the During combined flows taxes, has on initiatives corporate which costs, used of globally, and liquidity million these software interest spending $XX cash of to expended funded XX, After outstanding $X cash from $XX CapEx. hand, year-to-date of equivalents, for $XX-plus a This million and million we these at development facility for short-term plus during payments year-to-date taxes and million credit versus generated $XXX.X the $XXX represents paid items, million cash XX/XX/'XX. principal restricted XXXX, million lenders, cumulative

an the the interest an XXXX incremental of the in incremental versus period XXXX, million similar the and in $XX.X development in cash also paid million taxes $X.X year-to-date million in while software costs. form cash and period company CapEx For in $X.X Ebix investing

reduction on total of $XXX as XX, a from debt was September $XX total Our XX, million million XXXX. $XXX September of of debt million, XXXX,

FX net financial coverage leverage corporate covenant a and credit Our X facility current covenant. contains consolidated charge covenants,

net approximately leverage X.XXx at X.Xx X/XX/XXXX at X/XX/XXXX XX/XX/XXXX. X.XXx consolidated Our versus and ratio was at

covenant consolidated X.Xx. net Our leverage at was X/XX/XXXX

comfortably inside we of that. So were

covenant X.XXx on in a rising move impacted credit of currency its environment. businesses during facility the charge in fixed at with of facility approximately our continuing Reaching X/XX/XXXX rate February are further financial in operating maturity to at are we credit pre-COVID versus interest that the ratio X.XXx. update were is compliance negatively covenants levels financial and address continues towards. level thus to was a We impending our 'XX a Our remarks. despite Ebix goal efforts coverage to provide results X/XX/XXXX. and ongoing will improve Robin the headwinds the XXXX the his

in beginning COVID-XX remained impact saw exchange, levels. in e-learning QX revenues, lower technologies revenues quarter we than from remittance, depressed of were foreign late and While XXXX, travel, these most of Ebix. the a in XXXX the XXXX negative last prior to XX% QX rebound businesses on financial pre-COVID-XX beginning XXXX the QX revenues from activity

over business were these approximately business XX% However, in improvement this time. QX lines QX XX% than lower in QX continued lines and And XXXX XXXX XXXX, COVID-XX-impacted the these illustrates and revenues.

can the incredible few that credit see While continue we thank to in have provide their our facility of over to to so some quarters, we capital hurdles to notably maturity, around most we long globally. the all the thousands continue next for can work corporate the I strong to address important clear proposition the changing that employees structure Ebix dedication customer to value want experiences hard its the and world to Ebix stakeholders term. provide

on for XX-Q the quarter Ash like the our Form now over Ebix's will I to remarks later Sawhney, today. American to operations. of third businesses, North his insurance turn call Finally, be XXXX filed President our would

Ash?

Ash Sawhney

Steve. to higher and was a North X approximately quarter QX X.X% to quarters, you, now in same for and last On I the the to be down year. American same talk basis for XXXX. marginally North first Darren about American the the outlook. Thank continues the year-to-date compared results period revenue compared business will The

businesses XXXX and and up consulting life content last collectively in underwriting, to compared exchanges These comprised offset the year. in core health P&C, certificate health, noncore illustration, same were decline are businesses. our X.X% Our approximately QX a of collectively and quarter XX% annuity, CRM, by tracking

QX in up quarter QX underlying and health the granular to year. units. QX life compared revenue showing collectively that QX was exchanges Our was overview count X.X% added year. down 'XX, transaction last the the Sequentially, quarter annuity XX% XXXX more same were to of to in the performers, compared due provide of we business flowing quarter 'XX the Aspida to the Number and the mainly now same through to fact of exchange terms transaction was a last increase XX% platform. XX% of the were I in revenue year. same of and QX, last up quarter volume. was an down and The the platform XX% transactions compared in will strongest aggregate the revenue the highest annuity recorded ever QX In compared to

modules also QX, In Sagicor, company. the insurance enhancements engineered to X delivered successfully We with an delivered American dozen over national new for an release industry. we

XX% highest year QX last quarter life XX% revenue was Our to history. up a in pace same On compared order-entry of in on and its deliver insurance 'XX is is basis, the up sequentially. and the exchange XX% division up year year-to-date to the

it we including that delivered Prudential, are enhancements, the the revenue compared to the We Hancock Edward new been due illustration still well of higher X% are benefiting ongoing QX being mainly year, and projects last QX level compared JPMorgan for group. QX, as build-out a to carriers exchange QX AIG, was this to is we The platform added as in Lincoln, that John of ever approximately and and the to Jones. the year-to-date trending to is highest marginally XXXX. platform. basis, life last in over revenue updates year implementation. of XX are are On than In This down from has

this go this certification by onboarding medical quarter Aon The the capabilities XXXX. with to health of basis, for for exchange aided expected sequential business the flat this was to upgrades up, in QX add announce was and QX the Aon division, QX and and a work online the business to to QX last revenue QX compared and to efforts was compared revenue of On This in plan to expanded quarter. in was X% in down ever AIG. -- year. of last Ebix compared XXXX. platform was revenue in down of QX to is to live highest quarter the up was subscription QX up plan exposition QX XXXX. and year. to the compared The XXXX X% QX video major QX business are XX% at same accreditation the We new the streaming compared continuing The

a including Harvard Medicine we in and this the omnichannel have be medicine. for and long We Clinic we signed group believe new QX, initiated new contracts, In marketing term. which will obesity, Cleveland effort, the NYU physical pediatrics several beneficial internal

We the flat core division. aligned with closely year services, including in ANICO. this The best is setup, to ongoing product are historically business Several gearing are for and exchanges. Sagicor testing quarter core for JPMorgan, and which of this Aspida, our was were up QX, Main QX now QX of consulting XXXX. our of highlights the consulting work integration, from relative quarter

behind and constraints. underwriting resource of Remedial to coming In steps fully was taken, expect and compared X% to a up and The We the close Certain X% platform. QX down several of in we capabilities we projects been sequentially in have XXXX. QX, quarters. annuity QX. schedule running pipeline in processing to the to due division expect deals few catch in have the to are these QX added

year, targets past division the updates flat. has repositioning delivered focused a and also CRM This retail X accounts. distinct have the Life, division, Bureau. On on enterprise smaller basis, segment, targets which currently and restructuring Farm John enterprise division. and which CRM the Mutual business CUNA division sequentially. the distributors; We product large The Sun Indiana we is subdivisions: running to down Manulife, year-to-date X% Hancock, The new was

including On front, several changes, retail entire made the the have sales rebuilding we team.

have services and for other than added to We have users. and capabilities included be just product the product new also the repositioned CRM value-added more the platform

to We unit the will path. are and around pleased growth a that be is the now continue on with progress turning retail and feel

the group. of are needs We also addressing enterprise the

management which resources product The who the X% The the adding Motor last to QX and clients compared to include will and quarter provide the Cronheim the up of The sequential division P&C the a new information provides. will is be revenue for We year. platform more steady, of platform, On the division year. sequentially Management QX. system approximately certificate X% risk Diego value platform X%. showing launching broader agencies the was and quarter launched integrations up increase new this added San agents and basis, the specialized and opportunities. a Corporation. also County, X.X% remains thousands insurance last compliance same flat We tracking sales year-to-date preferred insurance Hyundai version to over a the that Services, same Key management business the stayed capabilities risk quarter Rockefeller in growth tracking risk Group, platform relatively in

in to the sees fourth physicians the have optimistic. deadline the remain the CE quarter of factors we a uptick Several QX, Historically, towards forward business. is their get The as significant Looking certification credits. contribute quarter year strongest for last typically business medical to a this American North the optimism. quarter

year favorable exchanges on path. different. is several The as remains a distributors core this the expect market annuity driven rate new the platform. to and pipeline conditions This growth will The interest be addition carriers well in no as continue and by We strong. of life to

work also stream of customers. seeing a are We requests from steady existing

steady a uptick add also more consulting in we carriers revenue. and see As core we distributors, our

the year, We we to expect next continue our well sales team. this quarter. to expand started this beyond trend Starting earlier

of team to We high the executives are this have year. the pleased that we sales with caliber added

and early pipeline. deals seen healthy have successes with a We new

year. of the sales Our by goal the staff is end the organization to fully

the track work to underwriting backlog the catch of Steadily, start this on platform. will we are on goal. We on up with

with the pipeline are of the rebuilding pleased We both U.S. and in Canada. the

remain continue Looking beyond the QX, North towards will we path optimistic the of that business American growth. organic

core our rates growth exchanges single As trending mentioned already digits. at at before, are middle

this underwriting the growth of rate. platform, the to increase With be our rebounds and we division CRM able enterprise will

expect with we stated, our other synergistic initiatives. based As the pending organic in India previously capital-raising and IPO on to acquisitions growth augment

time Expo, our the to are a which COVID gives us user planned the be tremendous QX This We community excited will XXXX. that showcase meet is products. first about of Ebix in-person. to for all since This able being is opportunity our

We in the platform More this the exchange upgraded be our called . will announcing the months. of on launch coming

in industry there a the concern and possible strong about growing is While the Ebix is believe in we business the a climate recession, position.

will industry-leading Our products and to allow model Robin which robust I model, business base, recurring largely With to pass customer our his us a maintain along strong revenue on that, will founded comments. position. for diverse this a is

Robin Raina

corporate are abnormally turn for sector international abnormal of U.S. debt creating besides extraordinary pressures headquartered for everyone. most This with pressure worldwide. in recession dollar, obvious and has times substantial condition These U.S. globally, weakening fears on currencies the to in the the Good led major rates substantially morning, inflationary reasons. climbing against companies the

in three year-over-year GAAP X into you XX% excluding One, worth incremental constant few growth of out in despite a in growth growth 'XX diluted year-over-year per GAAP on namely the growth in business exchanges, of revenues. of prepaid revenue on share. channel account, channels, geographies If revenues, worldwide a the then 'XX take showing incurring growth compliance solutions excluding expense a and constant XX%. the results growth GAAP QX the EPS XX% EbixCash GAAP $X.XX year-over-year solution cards interest business. in approximately look growth The outstanding. basis, compliance XX% channel XX% especially company basis. on XX year-over-year EbixCash showing the the worldwide currency currency business. All insurance constant basis. quarter. Risk year-over-year revenue prepaid stood Year-over-year me The XX%, the worldwide Ebix things year-over-year that GAAP for card currency revenues; growth in QX A risk

for financial also out $X.XX. stood non-GAAP by cash recurring of company, the abilities EPS was was the Our discipline me company. What generation with exhibited along continued the the

our take to substantially. continued down We leverage

ratio, XX, leverage of net as back X.XX XX, X.X 'XX was versus as X.XX and of as healthy December at defined, Steve a year consolidated Our a September 'XX. of as

cumulative we over from still September the made approximately gaged payments just has the cash tax payment, overall This During $XXX.X million company on short-term XXXX. includes since the and $XX.X $XX.X million taxes, and interest dividend cetera. outflow numbers liquidity just speak paid million of million our principal as discipline lender the of includes also principal towards taxes, for income million dividend fundamental compared the 'XX to liquidity at payments cash on dividends lender and hand can and CapEx, aggregating equivalents, $XX.X to million the fact cash, shareholders shareholder hand, cash XX, payments interest payments the on lenders, of year September and which that Despite investments company cash $XXX September The financial itself, million on And is me. et still payments, debt on strength to gated and reduction. to principal has company's last XX, 'XX. restricted as cash shareholder $XXX XXXX, $XXX.X financial company for X of XX, of be years, the These payments only.

IPO. to Bombay the from company the herring in-principle approval exchanges, Stock Exchange DRHP, of IPO. the of for the is already received the front, red its and IPO of an X early stock eventual National leading Also, Stock On approval Exchange and the hopeful prospectus the has EbixCash filing subsidiary's

besides of something regulatory requisite BBPOU periods businesses foreign exchange, its this hoping successfully. from the the front governing EbixCash regulated Also, on regulatory card future cleared inspection body for prepaid businesses, the to financial such including received body the audit We and all various having the renewals has financial in for licenses recent report times license soon. licenses, are

joint auditors G. Let K. for business, me namely consolidated X independent add Thornton India that statutory Grant the and India

to 'XX business gift have subsidiary. filed the accessible for consolidated and on unqualified audit period Indian These EbixCash Somani, both all. audited card and an India the ended March expressed the public X-year opinion the are documents and

short are All fully our launch of weeks after presently the approval. of forward of investment X to bankers are X IPO these period direction geared DRHP that in to the great EbixCash steps a within our

avenues Let the me confident extent. now are of the to address several remain maturity that and maturity. We debt pursuing addressing debt

securing release. United the to global one, a the with in as goal States the an the These debt announced Our act address include: will is to the its launch India. debt. X to to few reputed or proceeds. Name investment secure through EbixCash engagement maturity at Ebix our engagement financing banker soon Three, EbixCash institutions in avenues adviser investment IPO IPO bankers. a of refinance press without of subsidiaries. earliest. Five, of Two, bank the Four, to investments a seek be separate active active in a few international with with in in engagement the the or financial India IPO the loans banks

to believe we these on have reason can succeed of many We fronts. that

these to expecting soon. are a fronts on report We of progress few

the net through our Board. quarter. that could specific the debt on worldwide to It's a no future -- be EbixCash of minority seek Rest cash the Ebix have international our remains Ebix company best which if EPS that a front. obviously and payments were generate only the a number of form us once example, to carve then infusion could the on of in once have a EbixCash in to goal Our top enough subsidiaries, we is launched lost all structure subsidiary and able not require closed. in it's not or for to account a in equity the hypothetically, can We that interest results materially interest then disclose debt the reduced $X disclose is is more basis, could IPO for stakeholders priority the well IPO, of Ebix, details north this on for and we assured to and

with be legal chosen bankers not talk strategic the offers and advisers. for the I details institutional several its have from Accordingly, to in subsidiaries. discuss As substantial company Ebix as interest by reported exchange investment committee inbound quite any metrics or/and revenues, and will investments my clearly evaluating investment consultation board's these players et earlier, reputed bit in independent the its has international such a received strategic I'm travel COVID-affected XXX% the income, that today about and year-over-year. of many Ash and during have back operational cetera, a world our encouraged bouncing businesses in Darren like of grew Steve, spoken across combined detail. foreign of like of

these As operating With call businesses you. including to various talk where we player, to improve. up in up pass my expected ramp and and the for geographies, Philippines Indonesia, are open I'll the our it Thank metrics that, close now are leading we further the operator to questions.

Operator

Instructions]. [Operator

comes Chris Sakai from Our first Singular Research. question from

Joichi Sakai

Can debt how be you color provide once on reduced some IPO more much will EbixCash the happens?

Robin Raina

million, here, we as a -- hypothetical happens about in DRHP approximately as $XXX result the to talks if presently, that, hypothetical IPO raised payment, a being said, an the our Ebix, $XXX $XXX Chris, the transaction Inc. that talks look, Out raise. is let's talked be DRHP form million paid if about back overall of have and of which net think million about wherein $XXX money that number. specifically talk a million the Steve of CCD would presently, look a transaction we I debt about, at means

rates be various cash have a Asia in rates net in of higher. of higher then pretty will million, $XXX position. -- So interest And you decent retire geographies, be we while would might much an money overall positive have million, which sitting rates to in earning of interest $XXX tend if you are you other decently cash raised

and situation talking be if you into a about a of obligations. bank the transaction all is could said would you successful you than your and a ideally, basically amount net where your a a money, we're having that, this you in that -- would position But debt hypothetical cash be in IPO more good So raise get here. had IPO

Joichi Sakai

Okay. Can drivers provide major insurance? some the for you color growth on

Robin Raina

talk substantial we growth from at you currency the on look you whether has the international impact we -- can take expect it? if look perspective. coming at Australia, But consider quarters. Singapore, look huge had you meaning businesses, in you to international Brazil, look at our whether -- obviously Ash, want whether of we an a -- whether Look, to a businesses. I if international we we at amount

One reasons we hand. orders of driven -- main already the it in by have is

in top we the orders world top brokers X entire back-end large in from be the the we're supposed the some brokers implement give supposed example, in are world, to one for super of in -- one have countries, in world, by XX And the those for here these XX P&C Belgium Canada. and of include we the brokers hand admin P&C Germany which wherein a -- annuity upwards subscription revenues, their Italy are the and are We countries. itself to -- and of us system in the U.S. continued and of policy top And stream years will the the like business. side locations over in of

many that are there. we opportunities such So have

areas, India. involved. regulatory is to in with venture, in are presently about regulator the be set up actually have a And for joint should the example, X process a of One trying I talked joint we that agencies this will there venture of

joint a set to reinsurance at a venture in We India. exchange up are setting up looking

opportunity present Having Now over on will it I to new a us. hand America business -- that's to for North perspective completely an that, talk insurance. Ash from said cohesive give a review about also you

Ash?

Ash Sawhney

Certainly. Certainly.

America, the up are our we to think And have back conversations the those earnings we goals our during the an noncore get have example, business and lesser rate digits. will as those units growth COVID in our that said at impact are the North in sight look high we underwriting rebound. our a in held see exchange that calls, for business. core mid-single core us our digits. period, earlier already exchanges A the had few So some here businesses, can of And as our for consulting I of in single you business roughly trending at --

to So overall, license in the is We carriers time new and we the transaction our than the multiple fact And more that, network to growth the get of are addition history. drivers adding distributors the when effect. avenues fees, there platform certainly and revenue. platform provides continue but say the fees to any be that we each a

with add brings we in carriers the along several you the a as JPMorgan when them distributor So distributor, also effect. saw with

trend to we So will people that things, good the easily. the and because but more is as hate to backlog I for people, tailwind but hiring be help unfortunate, are rate going us. some on us side core have interest we very good industries off strong. for us is business actually The hire for this, that that are we say able laying really are of a to is

help are that those believe in will continue factors to our key organic growth. us the I So

Robin Raina

Chris, that I'm And in talk customers the Ash nationally announcements large launch one think with quite organizing our -- Ash? are expo. as about we traveling all intent to traveling. of is there will some in. it's expo Orlando, add clients. our insurance intend some also make These We'll who be The into who's enhancements newer to put It's in of about be are products. we quarter very what to I going of in to to excited largest said, 'XX, first -- the expos some

sector one lot and lot observed fintech things day. insurance the some thing annuity out a recurring of U.S., where I every a what a from sometimes stream absolutely apart a is companies, which possible is looked Now revenue players the water our take that dig an the And we one to the in of I've our other well the differentiates We on. is we so an of competitors as stand base revenue. of absolutely don't these beauty at higher. acquirer as Ebix of in create have outsider

client, of lock a streams, we transactions get them once in. have kind our and revenue grow. subscriptions we we And Our

doing client well, start starts doing well. that we As

our to to lot that biggest stream -- linked revenue us to interest in is invested in but reason the success in large to in creating And pick we going one And right? not that that was exchanges had, doing quarter. is end-to-end. see ensure and a this and in which future. separated and been client Our a We big kind go it just us is products, proprietary on up were that has this extremely they client's We to didn't We say, a our in stream, success. out. we're to invested well, that's our going that license large invested sale and top-notch you're means single our service provide do try product we of perpetual big focus

also once lot a gave we came lot -- using client possibly of client wanted come It onwards, with were us it because we gave a increases. were that it if So services. hooked our from there price us in, as they And of a different up to they keep to -- flexibility. into

growth are impacted story close nobody Latin the came Part in recently complained. to and the price it countries, really that in -- call, are driver, really which were last growth of differentiates of thing into, hinted part XX% good is their raise. We quarters. think XX% Ash XX% and us. we of I they is a of in of up of raise one example about American our with so is it to increases and we which a coming one clients their price A these hooked do we price decided client base

we the his on us, times, So of all Ash unable end revenue the the the towards because to last solved, when execute -- every of addition we answer, present. of of go lot at opportunities, simply And are better us base. at hinted as resource be we client shortage orders new it revenue And towards into in -- growing a our would we're if base. for we helps things sitting locked these end not a already resources have that because future growth constraints had

answered that we think question. Hopefully, Chris. it sums Thanks, your up. I so And

Operator

Jeff next from Van question comes Craig-Hallum. Rhee Our from

Jeff Van Rhee

So from couple a me.

situation. other obviously, mean, front and spend red IPO great the Robin, given debt, that hearing, a sort you lot macro be X do how that feel managing debt IPO? debt the getting in about backed hearing. the been given about right? on timing sounds think people's from the timing weeks. and the -- the to like the this hand bank got it cusp could have Because versus as the SEBI balancing of the with waiting is It's that drop-dead like hiring then X that X? where mind obviously, on I timing absolute the that. are We the look U.S. to delays well, the going those First, a think center like through the also, cash And we to situation, and at major time, It IPO, yours then how you're here. And on far context I'm to How later. in and But up. have taking of and thus you not in approval can you're the of I the handle their how on sounds on versus avenues. your same dealt to longer do debt just are in IPO, has date lot think the should we've you the debt you're and issues numbers time you've of ton drop-dead in currency constant got with the of date investment a

Robin Raina

Jeff, your for you thank Look, question.

the want first -- we maturity my a without right I talk I debt debt think from perspective, handle that will thing that to said debt. or to priority priority with obviously biggest our is now. and the we want is -- refinance emphasize IPO, during the I that the we And

it. So that answer is first the to

tell who what or that obviously -- details I And is of towards but to can't you this you pay our line, back give this it. and and debt. want specific with that working what we strategy Now can we're and time without IPO, I

brings zooms which handled, into I and dilute the cheapest my so infusion because the this interest know, be company. doesn't It form as And is It money you the basically, and obviously, of of EbixCash. go shareholders. equity up, in on. -- so Ebix any debt IPO, an costs that in P&L the an talk simply my away having into getting on, Now our about would talked

it that, have from they to Having of process, respect taken presently, that not EbixCash the others. perspective, IPO can't we at time -- when are fully we're we a versus aware of extraordinary said -- it. look So SEBI same like -- the amount at time, is with we the one you way the

it you're you IPO ran their them are -- an of who yet. If the of on so have there's most people as were analysis is COVID in lot terms a Part going have and of to versus they -- of and of approval of that organizations things filed time, them it same not long pressure -- pipeline changed of regulatory see EbixCash created many lot things, at got handling. their on on the a a

soon. approval However, have to believe I that reason very getting be we should some

or for I speak a something until we for announce. Now SEBI to obviously, have agency, securities can't

it So which whether immediately any the ahead that Presently, that form the that, whether give regards main -- bodies, it it have the license have market. the stop would with of have day to our happened. the regulatory are regulatory to where all we having you the at said approval, in All is involved is had to I at that issues because referenced, all EbixCash have approvals a go auditors, if in renewal, -- roadblocks there. we I whether audit, whether financial announce our thumbs-up, we the all to it's as any is terms organizations the them the of will given with look we -- are one, will -- look, it respect are

So it's a process we are handling.

that laid any going laid that on with the debt can bank But all it irrespective of the not. one happens IPO, -- different as U.S. all or It's And those to are We The we're avenue. going obviously of as clear without is engagement we to out what -- trying U.S. handle better be obviously it obviously, to that, the are have the soon going going avenues. that's said use idea having not bank another thing all bank or you and get And we -- out. announce. that And avenues. our is X on saw whether you we to hiring will happen of avenues that that other that we see IPO -- need avenues -- absolutely there. is why you're we're handle we the announce why and reputed not do. to I a other out once time. are angle the to all better So going a that we're a to name, happens,

know is. debt what trying we're Now I think to We we know what the on timing the do.

out quite result are it. the achieving we right So of focused on

Jeff Van Rhee

Okay.

pretty underlying some bit the broadly, health revenue sequential out compare Can fundamentals think How other think the we does understand address you posted the thinking across I Ash of business situation [indiscernible] How should meaningful we business, to and On the if about growth better cards, think on what little I is, to you in gift guess of I and the I QX, that? board, dollar ex about QX? there? addressed just QX, Are you expected in a think far QX things. talked thus side. like travel-wise? you the I'd what

Robin Raina

know the for I months, local hard dollar how X what the growth. a to substantial we'll in example. that over the it's But behaves next only because know currency, don't I question Look, answer have --

know that whether to or well. in minute strengthened degree, we keeps on. do continuing is dollar has predict so -- terms, can't much local the ball stays level it increase because will further, very to I So dollar continue. currency be sequential have it strengthening and really expect such the if it Travel a for to or at to crystal that growth predict impossible this very, me increases a at I this what to

travel portfolio. with are our pleased extremely with where we are We

for If at the the we leading corporate country. example, player are right you now in travel, look believe our we

base in to a who's have ahead it's We of continue of we gotten client of our that terms perspective travel business virtually the from in the everybody corporate sign. who

speak for numbers Our themselves.

We If base, base, now high the And BXB board a in leader you right, X are haven't Indonesia and look traditionally, up travel yet countries. these in travel very both Philippines the across countries. in our a margins these are at fully BXB from perspective. opened our

tourism, situation COVID countries. -- And is are countries, has improved Events the more the improve. a to continue as towards we they are numbers income back to and going dramatically travel, is tourism big are that continue as spot largest in these our so Philippines. numbers are with -- revenue once And to Indonesia so coming these happens, increase for going to And player. our going

We the are that today, in player and a market QX. in to happen dominant will continue

also. So growth businesses in I in businesses ForEx the the and travel expect continued infinitely

-- feel And we currency could I sequential we positioned we for in -- areas. these -- through in both But ForEx businesses. are that, want. the expect are are you we well growth we if that We walk reasons in there terms, which local solid many

Jeff Van Rhee

and you like back One, Last that to and from terms the it it Kind just India be roadshow looks in the process. of extent [indiscernible] time waiting from gives in about for then is what whose response. the as saying talking how relates that maybe find extent the process process deal U.S.? referenced portal the when me clear, pending, To X questions. anything update of forth left updates IPO X- Okay. who is you spend response-wise? second the you get with a there approval, question you on the value that you the And different to you to big to importantly, can share SEBI? do X-week line. Can what's more is to marketing the

Robin Raina

no question, So There no. been done. pending. is nothing us. is from communication the There Jeff, pending I is has think, short the answer first Everything

respect So communication. that's with the our to short answer

Now question easy we And our process. I don't of I I a it respect look, But keep is, having whatever, specific of said to want succeed to world. process, into providing close friends we selfish because with of for have say. Part our sometimes whatever across short us plans. a the -- it for be their that, -- want to plans to simply the to details. interest the want at the or would and second don't be we reason want our will to them lot our chest go own friends to don't

process launch a bankers DRHP. listing the as an most, are be geared the leading with can most of it the report. X-week a analysts Or at process. approval process That the about. to of are the process Everybody It's The process, from analyst up be IPO up. X-week talked drawn-out soon I a as have IPO. ready at their geared Our not is we approval long as could to

it's All a excited So And drawn-out banks launch up. this. are not are that's process. our -- long ready we and to all geared

Operator

would have to call remarks. the presenters We no turn further questions. the over I back like for to closing

Robin Raina

With call And the today. in participating close I'll We for our as everyone, we Thanks, forward thanks, annual that, results. you. you the everyone. Thank now. look speaking announce to to call

Operator

your today's conference you concludes call. for Thank participation. This

disconnect. now may You

Ebix (EBIXQ) 9 Nov 222022 Q3 Earnings call transcript