Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-governance and healthcare industries today announced
the following results for the quarter ended March 31, 2021:
- Record Revenues of $290 million
- GAAP operating income of $31.2 million and Non-GAAP operating
income of $35.6 million
- Diluted EPS (GAAP) of $0.70 and Non-GAAP diluted EPS of
$0.84
Ebix will host a conference call to review its
results today at 11:00 a.m. EDT (details below).
“These have been difficult times, with COVID-19
resulting in increased headwinds on our businesses in Q1 2021.
Despite these negative impacts and the traditional Q1 seasonal low
point for consulting business post the holidays, the Company is
still reporting Q1 2021 non-GAAP EPS of $0.84, with revenue growth
of 110% year over year.” Robin Raina, President & CEO, Ebix
Inc. said. “We believe that in times like this, our recurring
revenue base, product diversity and customer stickiness strength
gives us an edge over our competitors in the industries in which we
operate.”
Ebix delivered the following results for the
first quarter of 2021:
Revenue: Q1 2021 revenue
increased 110% to $290 million compared to $137.9 million in Q1
2020 and increased 31% over Q4 2020 revenue of $222.1 million.
Excluding revenues from the foreign exchange, travel, e-learning
and remittance businesses that were impacted the most by COVID-19,
Q1 2021 revenues grew 187% as compared to Q1 2020.
Exchanges, including the EbixCash and our
worldwide insurance exchanges, continued to be Ebix’s largest
channel, accounting for 95% of Q1 2021 revenues.
(dollar amounts in thousands) |
|
|
Channel |
Q1 2021 |
Q1 2020 |
Change |
EbixCash Exchanges |
$ |
232,552 |
$ |
77,855 |
+199 |
% |
Insurance
Exchanges |
|
43,235 |
|
44,001 |
-2 |
% |
RCS |
|
14,266 |
|
16,020 |
-11 |
% |
Total Revenue |
$ |
290,053 |
$ |
137,876 |
+110 |
% |
|
|
|
|
Total Revenue on Constant Currency Basis |
$ |
290,686 |
$ |
137,876 |
+111 |
% |
Operating Income and Operating
Cash: GAAP Operating income for Q1 2021 of $31.2 million
increased 12% sequentially, while declining 9% year-over-year as
compared to $34.3 million in Q1 2020, primarily due to the impact
of COVID-19. Non-GAAP operating income for Q1 2021 was $35.6
million.
Cash generated from operations in Q1 2021 was
$8.6 million, as compared to $29.6 million in Q1 2020. During Q1
2021 the Company paid approximately $10 million in global taxes,
primarily related to statutory taxes in India that were due. These
taxes were accrued for at December 31, 2020 and paid in Q1 2021. By
comparison, in Q1 2020, the Company paid approximately $1.1 million
in global taxes.
Earnings per Share: Q1 2021 GAAP
diluted earnings per share increased 9% sequentially, while
declining 13% to $0.70 from $0.81 in Q1 2020. The year-over-year
decline is due to the effect of COVID-19 on the Q1 2021 results,
while Q1 2020 results were not impacted by COVID-19 until the last
few weeks of March 2020.
Excluding the one-time, non-recurring items,
non-GAAP diluted earnings per share for Q1 2021 was $0.84
Net Income: Q1
2021 GAAP net income decreased 13% to $21.6 million compared to
$24.7 million in Q1 2020. The Q1 2021 non-GAAP net income was at
$25.7 million after excluding certain non-recurring items.
Q2 2021 Diluted Share Count: As
of today, Ebix expects its diluted share count for Q2 2021 to be
approximately 30.8 million.
Dividend: Ebix paid its regular
quarterly dividend of $0.075 per share in Q1 2021 for a total cost
of $2.3 million.
Ebix Chairman, President and CEO Robin Raina
said, “Our first quarter revenues and operating income are
traditionally lower than the fourth quarter of the preceding year,
primarily because of our Continuing Medical Education (CME)
business having a seasonal increase in the fourth quarter. Q1 2021
was no different with CME revenues decreasing by approximately $4
million, as compared to Q4 2020. In spite of that headwind and the
increased effect of COVID-19 in Q1 2021 on many of our businesses,
we still managed to grow our overall revenues 31% sequentially and
110% year over year in Q1 of 2021. I am pleased that our operating
margin for the Company, excluding the lower margin payment
solutions business, was strong at 35% in the first quarter of
2021.”
Steve Hamil, EVP and Global CFO said, “Despite
the continued impact of COVID-19 on our business and worsening
COVID-19 conditions in India recently, Ebix maintains a strong
liquidity position, with over $130 million of cash, short-term
investments and restricted cash on the balance sheet. During Q1
2021 the Company repaid over $10 million of debt, paid
approximately $10 million in global taxes and continued its
consistent dividend policy that absorbed $2.3 million of capital
during the quarter. Finally, our global accounting and finance team
operated under severely tight timelines given that we filed our
10-K less than three weeks ago, and their dedicated commitment is
indicative of the type of people we have throughout the Ebix global
footprint. Many of our teammates in India have shown incredible
commitment over the past few weeks in light of the horrific impacts
of COVID-19 on our employees and their friends and families in
India. We are grateful for their service to Ebix and we mourn the
loss of Ebix family members as a result of this pandemic.”
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.
Q1 2021
|
Net Income |
Diluted EPS |
Q1 2021 GAAP Net Income |
$21,591 |
|
$0.70 |
|
Q1 2021 GAAP Operating Income |
$31,186 |
|
|
|
|
|
Non-GAAP Adjustments: |
|
|
Amortization of Intangibles (1) |
$2,455 |
|
$0.08 |
|
Stock-Based Compensation (1) |
$1,358 |
|
$0.04 |
|
One-time Legal Costs (2) |
$575 |
|
$0.02 |
|
Income Tax Effects of Non–GAAP Adjustments (3) |
($234 |
) |
($0.00 |
) |
|
|
|
Total Non-GAAP Adjustments (Operating Income) |
$4,388 |
|
|
Total Non-GAAP Adjustments (Net Income) |
$4,154 |
|
$0.14 |
|
|
|
|
First Quarter 2021 Non-GAAP Net Income |
$25,745 |
|
$0.84 |
|
First Quarter 2021 Non-GAAP Operating Income |
$35,574 |
|
|
(1) Adjustments related to amortization of
acquired intangibles and stock-based compensation recognized during
the periods for GAAP purposes.(2) Non-recurring legal costs
recorded during the periods for GAAP purposes.(3) Non-GAAP
adjustment is based on the Q1 2021 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 net income (loss), non-GAAP
operating income and non-GAAP Earnings per share. Non-GAAP
operating income (loss), non-GAAP net income (loss) and non-GAAP
EPS from operations exclude amortization of intangibles,
stock-based compensation, as well as other non-cash items and
certain non-recurring expenses that are not associated with our
ongoing operating business activities. Non-GAAP operating income
(loss), non-GAAP net income (loss) and non-GAAP EPS from operations
also exclude the effect of any restructuring, acquisition,
integration & other expenses, legal expenses associated with
such acquisitions or legal expenses associated with non-operating
activities, any one-time tax benefits, and any foreign currency
effects of intercompany activities that have no impact on our
ongoing operating business.
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.
Conference Call Details:
Call Date/Time: |
Monday, May 17, 2020 at 11:00 a.m. EDT |
Call Dial-In: |
+1-877-837-3909 or 1-973-409-9690; Call ID # 9598823 |
Live Audio Webcast: |
www.ebix.com/webcast |
Audio Replay URL: |
www.ebix.com/result_21_Q1 after 2:00 p.m. EDT on May 17th |
About Ebix, Inc.
With 150+ offices across 6 continents, Ebix,
Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and
E-commerce services to the insurance, financial, healthcare and
e-learning industries. In the Insurance sector, Ebix’s main focus
is to develop and deploy a wide variety of insurance and
reinsurance exchanges on an on-demand basis, while also, providing
Software-as-a-Service ("SaaS") enterprise solutions in the area of
CRM, front-end & back-end systems, outsourced administration
and risk compliance services, around the world.
With a "Phygital” strategy that combines over
320,000 physical distribution outlets in India and Association of
Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel
online digital platform, the Company’s EbixCash Financial exchange
portfolio encompasses leadership in the areas of domestic and
international money remittance, foreign exchange (Forex), travel,
pre-paid & gift cards, utility payments, software solutions for
lending, wealth management, travel, bus exchanges and insurance in
India and other markets. EbixCash’s Forex operations have emerged
as a leader in India’s airport Foreign Exchange business with
operations in 20 international airports, including Delhi, Mumbai,
Mumbai, Hyderabad, Chennai and Kolkata, combined conducting over
$4.8 billion in gross transaction value per year (pre-COVID-19).
EbixCash’s inward remittance business in India processes
approximately $5 billion in gross annual remittance volume
(pre-COVID-19) and is the clear market leader. EbixCash, through
its travel portfolio of Via and Mercury, is also one of Southeast
Asia’s leading travel exchanges with over 200,000 agents, 25
branches and over 9,800 corporate clients, combined processing an
estimated $2.5 billion in gross merchandise value per year
(pre-COVID-19).
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. 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,” “should,” 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 and
subsequent reports filed with the SEC, as well as: the ongoing
effects of the Covid-19 global pandemic, the potential impacts of
RSM’s resignation; the risk of litigation or regulatory action
arising from RSM’s resignation and the resulting failure to failure
to timely file the Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 (the “Annual Report”); the impact of these
matters on the value of the Company’s stock; 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 Australia and India wherein we have
significant operations); equity markets, including market
disruptions and significant interest rate fluctuations, which may
impede our access to, or increase the cost of, external financing;
and international conflict, including terrorist acts.
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
IR@ebix.com
David Collins or Chris Eddy Catalyst Global -
212-924-9800 or ebix@catalyst-ir.com
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (In
thousands, except per share data) (Unaudited)
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
2020 |
Operating revenue |
$ |
290,053 |
|
|
|
$ |
137,876 |
|
|
|
|
|
Operating expenses: |
|
|
|
Cost of
services provided |
220,358 |
|
|
|
57,457 |
|
Product
development |
9,545 |
|
|
|
9,417 |
|
Sales and
marketing |
3,827 |
|
|
|
3,804 |
|
General and
administrative, net |
21,337 |
|
|
|
29,244 |
|
Amortization
and depreciation |
3,800 |
|
|
|
3,641 |
|
Total operating expenses |
258,867 |
|
|
|
103,563 |
|
|
|
|
|
Operating income |
31,186 |
|
|
|
34,313 |
|
Interest
income |
8 |
|
|
|
54 |
|
Interest
expense |
(8,079 |
) |
|
|
(9,237 |
) |
Non-operating loss |
(1 |
) |
|
|
(19 |
) |
Foreign
currency exchange (loss) gain |
(625 |
) |
|
|
618 |
|
Income
before income taxes |
22,489 |
|
|
|
25,729 |
|
Income tax
expense |
(1,202 |
) |
|
|
(1,284 |
) |
Net
income including noncontrolling interest |
21,287 |
|
|
|
24,445 |
|
Net loss
attributable to noncontrolling interest |
(304 |
) |
|
|
(278 |
) |
Net
income attributable to Ebix, Inc. |
$ |
21,591 |
|
|
|
|
24,723 |
|
|
|
|
|
Basic earnings per common share attributable to Ebix,
Inc. |
$ |
0.71 |
|
|
|
|
0.81 |
|
|
|
|
|
Diluted earnings per common share attributable to Ebix,
Inc. |
$ |
0.70 |
|
|
|
|
0.81 |
|
|
|
|
|
Basic
weighted average shares outstanding |
30,558 |
|
|
|
30,476 |
|
|
|
|
|
Diluted
weighted average shares outstanding |
30,731 |
|
|
|
30,683 |
|
Ebix, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (In
thousands, except share amounts)
|
March 31, 2021 |
|
December 31, 2020 |
ASSETS |
(Unaudited) |
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
99,578 |
|
|
$ |
105,035 |
|
Receivables
from service providers |
2,436 |
|
|
4,711 |
|
Short-term
investments |
22,825 |
|
|
25,019 |
|
Restricted
cash |
8,114 |
|
|
8,519 |
|
Fiduciary
funds - restricted |
2,887 |
|
|
4,106 |
|
Trade
accounts receivable, less allowances of $20,544 and $22,691,
respectively |
146,568 |
|
|
142,847 |
|
Other
current assets |
78,816 |
|
|
71,661 |
|
Total current assets |
361,224 |
|
|
361,898 |
|
|
|
|
|
Property and
equipment, net |
52,892 |
|
|
52,521 |
|
Right-of-use
assets |
11,376 |
|
|
12,372 |
|
Goodwill |
946,312 |
|
|
949,037 |
|
Intangibles,
net |
53,258 |
|
|
50,880 |
|
Indefinite-lived intangibles |
16,647 |
|
|
21,647 |
|
Capitalized
software development costs, net |
20,222 |
|
|
19,389 |
|
Deferred tax
asset, net |
66,406 |
|
|
63,402 |
|
Other
assets |
37,946 |
|
|
38,707 |
|
Total assets |
$ |
1,566,283 |
|
|
$ |
1,569,853 |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
53,299 |
|
|
$ |
64,764 |
|
Payables to
service agents |
3,666 |
|
|
5,281 |
|
Accrued
payroll and related benefits |
10,555 |
|
|
11,792 |
|
Working
capital facility |
12,024 |
|
|
16,643 |
|
Fiduciary
funds - restricted |
2,887 |
|
|
4,106 |
|
Short-term
debt |
833 |
|
|
894 |
|
Current
portion of long term debt and financing lease obligations, net of
deferred financing costs of $971 and $920, respectively |
23,571 |
|
|
23,621 |
|
Contract
liabilities |
37,609 |
|
|
32,898 |
|
Lease
liability |
3,572 |
|
|
3,905 |
|
Other
current liabilities |
29,879 |
|
|
27,486 |
|
Total current liabilities |
177,895 |
|
|
191,390 |
|
Revolving
line of credit |
439,402 |
|
|
439,402 |
|
Long term
debt and financing lease obligations, less current portion, net of
deferred financing costs of $881 and $1,062, respectively |
226,625 |
|
|
232,140 |
|
Contract
liabilities |
7,804 |
|
|
8,033 |
|
Lease
liability |
7,911 |
|
|
8,540 |
|
Deferred tax
liability, net |
1,235 |
|
|
1,235 |
|
Other
liabilities |
28,902 |
|
|
29,009 |
|
Total liabilities |
889,774 |
|
|
909,749 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred
stock, $0.10 par value, 500,000 shares authorized, no shares issued
and outstanding at March 31, 2021 and December 31, 2020 |
— |
|
|
— |
|
Series Y
Convertible preferred stock, $0.10 par value, 350,000 shares
authorized, no shares issued and outstanding at March 31, 2021 and
December 31, 2020 |
— |
|
|
— |
|
Common
stock, $0.10 par value, 220,000,000 shares authorized, 30,558,061
issued and outstanding, at March 31, 2021, and 30,515,334 issued
and outstanding at December 31, 2020 |
3,056 |
|
|
3,052 |
|
Additional
paid-in capital |
12,480 |
|
|
11,126 |
|
Retained
earnings |
719,574 |
|
|
700,304 |
|
Accumulated
other comprehensive loss |
(105,422 |
) |
|
(101,503 |
) |
Total Ebix, Inc. stockholders’ equity |
629,688 |
|
|
612,979 |
|
Noncontrolling interest |
46,821 |
|
|
47,125 |
|
Total stockholders’ equity |
676,509 |
|
|
660,104 |
|
Total liabilities and stockholders’ equity |
$ |
1,566,283 |
|
|
$ |
1,569,853 |
|
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
2020 |
Cash flows
from operating activities: |
|
|
|
Net income attributable to Ebix, Inc. |
$ |
21,591 |
|
|
$ |
24,723 |
|
Net loss
attributable to noncontrolling interest |
(304 |
) |
|
(278 |
) |
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
Amortization
and depreciation |
3,800 |
|
|
3,641 |
|
Benefit for
deferred taxes |
(3,056 |
) |
|
(44 |
) |
Share based
compensation |
1,358 |
|
|
1,126 |
|
Benefit for
doubtful accounts |
(2,060 |
) |
|
(618 |
) |
Amortization
of right-of-use assets |
1,295 |
|
|
1,797 |
|
Unrealized
foreign exchange gain |
— |
|
|
(419 |
) |
Amortization
of capitalized software development costs |
813 |
|
|
833 |
|
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
Accounts
receivable |
(2,339 |
) |
|
9,687 |
|
Receivables
from service providers |
2,275 |
|
|
12,184 |
|
Payables to
service agents |
(1,615 |
) |
|
(3,476 |
) |
Other
assets |
(6,768 |
) |
|
(4,035 |
) |
Accounts
payable and accrued expenses |
(11,277 |
) |
|
(9,755 |
) |
Accrued
payroll and related benefits |
(1,076 |
) |
|
1,425 |
|
Contract
liabilities |
4,517 |
|
|
1,980 |
|
Lease
liabilities |
(944 |
) |
|
(1,596 |
) |
Reserve for
potential uncertain income tax return positions |
— |
|
|
69 |
|
Other
liabilities |
2,368 |
|
|
(7,666 |
) |
Net cash provided by operating activities |
8,578 |
|
|
29,578 |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Cash paid
for acquisitions, net of cash acquired |
— |
|
|
(1,858 |
) |
Capitalized
software development costs |
(1,683 |
) |
|
(2,089 |
) |
Maturities
(purchases) of marketable securities |
2,335 |
|
|
(5,105 |
) |
Capital
expenditures |
(270 |
) |
|
(557 |
) |
Net cash provided by (used in) investing
activities |
382 |
|
|
(9,609 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Principal
payments of term loan obligation |
(5,648 |
) |
|
(3,765 |
) |
Proceeds
from the exercise of stock options |
— |
|
|
636 |
|
Forfeiture
of certain shares to satisfy exercise costs and the recipients
income tax obligations related to stock options exercised and
restricted stock vested |
— |
|
|
(1,841 |
) |
Dividend
payments |
(2,321 |
) |
|
(2,301 |
) |
Payments of
debt obligations |
(62 |
) |
|
(203 |
) |
Payments of
working capital facility, net |
(4,589 |
) |
|
(24,693 |
) |
Payments of
financing lease obligations |
(47 |
) |
|
— |
|
Net cash used in financing activities |
(12,667 |
) |
|
(32,167 |
) |
Effect of
foreign exchange rates on cash |
(1,379 |
) |
|
(10,173 |
|
Net change in cash and cash equivalents, and restricted
cash |
(5,086 |
) |
|
(22,371 |
) |
Cash and cash equivalents, and restricted cash at the beginning of
the period |
120,213 |
|
|
111,369 |
|
Cash and cash equivalents, and restricted cash at the end
of the period |
$ |
115,127 |
|
|
$ |
88,998 |
|
Supplemental disclosures of cash flow
information: |
|
|
|
Interest
paid |
$ |
7,505 |
|
|
$ |
8,820 |
|
Income taxes
paid |
$ |
9,695 |
|
|
$ |
1,086 |
|
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