Ebix Reports Record Revenues of $1.1 Billion, 2022 Operating Income of $120.3 Million with 1% YoY Growth, Operating Cash Flow of $32.5 Million in Q4 2022 and $77.6 Million for Fiscal Year 2022, with 12% YOY Growth
Ebix, Inc. (NASDAQ: EBIX) reported a revenue of $1.05 billion for the fiscal year 2022, a 6% increase from the previous year, with notable growth in its EbixCash segment, which rose 118% year-over-year. For Q4 2022, revenues were $255.2 million, reflecting a 4% decline due to foreign exchange impacts; however, on a constant currency basis, this represents a 5% YoY growth. The company faced challenges with net income decreasing 49% in Q4 to $7.8 million and diluted EPS falling 49% to $0.26. It is addressing high debt service costs and plans for an IPO for EbixCash to mitigate these expenses.
- Fiscal year 2022 revenue increased 6% to $1.05 billion.
- EbixCash revenue grew 118% YoY.
- Non-GAAP diluted EPS for 2022 increased to $2.58.
- Operating cash flow reached $32.5 million in Q4 2022.
- Net income for 2022 decreased 5% to $64.6 million.
- Q4 2022 GAAP net income dropped 49% to $7.8 million.
- Q4 2022 GAAP diluted EPS declined 49% to $0.26.
- Rising interest expense increased by $13.7 million in 2022.
JOHNS CREEK, Ga., March 15, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries today announced the following results for the quarter ended December 31, 2022 and the full year results for 2022:
- Revenues of
$255.2 million and$1.05 billion for Q4 2022 and fiscal year 2022 - 2022 GAAP operating income of
$120.3 million and Non-GAAP operating income of$137.3 million - GAAP Diluted EPS of
$2.10 for fiscal year 2022 and Non-GAAP diluted EPS of$2.58 for fiscal year 2022. - Operating cash of
$32.5 million in Q4 2022 and$77.6 million in fiscal 2022
Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).
Robin Raina, President & CEO, Ebix Inc. said, “On a constant currency basis, our Q4 2022 revenues grew by
“The Company’s EbixCash channel GAAP revenues grew
Mr. Raina added, “While our operating income continues to be strong, our net income is getting negatively affected by the high cost of bank interest and associated legal and advisory fees associated with the refinancing and extension exercise. Once our EbixCash IPO is carried out successfully, it is expected to reduce our interest costs substantially. In the meanwhile, we are working with our financial advisor Jefferies on a number of possible options. Our goal remains to seek a structure that is in the best interests of all of our stakeholders.”
Ebix delivered the following results for the fourth quarter and fiscal year 2022:
Revenue: Fiscal year 2022 revenue increased
On a constant currency basis, fiscal year 2022 revenues would have been
Q4 2022 revenue decreased
On a constant currency basis eight of the eleven major geographies worldwide had year-over-year revenue growth in Q4 2022. Insurance Exchanges revenues worldwide decreased year-over-year by
Exchanges, including EbixCash and our worldwide insurance exchanges, continued to be Ebix’s largest channel, accounting for
| (dollar amounts in thousands) | |||||||||||||
| Channel | Q4 2022 | Q4 2021 | Change | 2022 | 2021 | Change | |||||||
| EbixCash Exchanges | - | + | |||||||||||
| Insurance Exchanges | 43,806 | 44,410 | - | 171,156 | 171,087 | ||||||||
| RCS – Insurance | 22,502 | 22,518 | 81,185 | 74,077 | + | ||||||||
| Total Revenue | - | + | |||||||||||
| Total Revenue on Constant Currency Basis | + | + | |||||||||||
Operating Income and Operating Cash: GAAP operating income for Q4 2022 of
GAAP operating income for 2022 increased
Cash generated from operations in Q4 2022 was
Earnings per Share and Net Income: For the fiscal year 2022, GAAP diluted earnings per share declined
Q4 2022 GAAP net income decreased
Q4 2022 Diluted Share Count: As of today, Ebix expects its diluted share count at March 31, 2022 to be approximately 30.8 million shares.
Dividend: Ebix paid its quarterly dividend of
Steve Hamil, EVP and Global CFO said, “Despite the highest negative impact from foreign exchange movements we have seen in at least five years during Q4 2022 and for the full year 2022, the Company generated Adjusted EBITDA (EBITDA plus non-cash stock compensation expense) of
Mr. Hamil added “Management continues to work with the Company’s Board of Directors and outside financial and legal advisors to address the refinancing of its credit Facility, which the Company, in cooperation with its syndicate of banks, extended to May 23, 2023 in order to give the Company time to continue to pursue alternatives that will refinance the credit facility. The Company has multiple options that it is exploring to ensure that the credit facility is largely or wholly refinanced as quickly as possible.”
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.
Full Year 2022
| Net Income | Diluted EPS | |||||
| 2022 GAAP Net Income | ||||||
| 2022 GAAP Operating Income | ||||||
| Non-GAAP Adjustments: | ||||||
| Amortization of Intangibles (1) | ||||||
| Stock-Based Compensation (1) | ||||||
| One-time Legal Costs and Professional Fees (2) | ||||||
| Non-recurring non-operating expense (3) | ||||||
| Income Tax Effects of Non–GAAP Adjustments (4) | ( | ) | ( | ) | ||
| Total Non-GAAP Adjustments (Operating Income) | ||||||
| Total Non-GAAP Adjustments (Net Income) | ||||||
| Full Year 2022 Non-GAAP Net Income | $ 79,366 | $ 2.58 | ||||
| Full Year 2022 Non-GAAP Operating Income | $137,286 | |||||
Q4 2022
| Net Income | Diluted EPS | |||||
| Q4 2022 GAAP Net Income | ||||||
| Q4 2022 GAAP Operating Income | ||||||
| Non-GAAP Adjustments: | ||||||
| Amortization of Intangibles (1) | ||||||
| Stock-Based Compensation (1) | ||||||
| One-time Legal Costs and Professional Fees (2) | ||||||
| Non-operating expense (3) | ||||||
| Income Tax Effects of Non–GAAP Adjustments (4) | ( | ) | ( | ) | ||
| Total Non-GAAP Adjustments (Operating Income) | ||||||
| Total Non-GAAP Adjustments (Net Income) | ||||||
| Fourth Quarter 2022 Non-GAAP Net Income | ||||||
| Fourth Quarter 2022 Non-GAAP Operating Income | ||||||
(1) Adjustments related to amortization of acquired intangibles and stock-based compensation recognized during the periods for GAAP purposes.
(2) Non-recurring legal costs and professional fees recorded during the periods for GAAP purposes.
(3) Non-recurring non-operating expense that is unrelated to any operating activities.
(4) Non-GAAP adjustment is based on the fully ear 2022 and Q4 2022 effective tax rates, 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, non-GAAP operating income and non-GAAP diluted earnings per share. Non-GAAP operating income , non-GAAP net income and non-GAAP diluted earnings per share from operations exclude amortization of intangibles, stock-based compensation, as well as certain non-recurring expenses that are not associated with our ongoing operating business activities.
Ebix believes that these non-GAAP financial measures and other metrics provide useful information to management and investors regarding certain financial and business trends relating to Ebix’s financial condition and results of operations. The Company’s management uses these non-GAAP measures and other metrics to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation, and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures and other metrics provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures and other metrics to investors.
Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Ebix urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including the financial tables at the end of this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Conference Call Details:
| Call Date/Time: | Wednesday, March 15, 2022 at 11:00 a.m. EST |
| US & Canada Toll Free | +1 (800) 715-9871 Call ID # 2396483 |
| Live Listen-Only Webcast: | https://edge.media-server.com/mmc/p/kodfrx33 |
| Audio Replay URL: | https://www.ebix.com/investorhome |
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, 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 using Software-as-a-Service ("SaaS") enterprise solutions in the area of customer relationship management (CRM), front-end and back-end systems, and outsourced administration and risk compliance services.
With a "Phygital” strategy that combines over 650,000 physical distribution outlets in many Association of Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management in India and other countries primarily in Asia and the Middle East. EbixCash’s Forex operations is a leader in India’s airport Forex business, with operations in 20 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash’s inward remittance business is a market leader in India due to its geographic depth and its affiliations with international money transmitters, such as Western Union, Moneygram and Ria. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 500,000 agents and approximately 18,000 registered corporate clients. EbixCash's financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. The EbixCash's e-learning solutions are provided to schools across the breadth of India via high quality 2-D and 3-D animation and multimedia learning. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries.
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,” and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent reports filed with the SEC, as well as: the impending maturity of the Company’s corporate credit facility and our ability to refinance or repay our lenders credit facility provisions that materially restrict our business, our ability to either complete or derive anticipated benefits from the EbixCash IPO, the ongoing effects of the Covid-19 global pandemic, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company’s ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in India, Australia and Asia, Latin America and Europe wherein we have significant and/or growing operations); fluctuations in the equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; ability to secure additional financing to support capital requirements; costs and effects of litigation, investigations or similar matters that could affect our business, operating results and financial condition; and international conflict, including terrorist acts and wars.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com under the “Investor Information” section, or over the Internet at the SEC’s web site, www.sec.gov
CONTACT:
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
Ebix, Inc. and Subsidiaries
Consolidated Statements of Income
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | 2020 | |||||||||
| (In thousands, except per share amounts) | |||||||||||
| Operating revenue: | $ | 1,050,146 | $ | 994,938 | $ | 625,609 | |||||
| Operating expenses: | |||||||||||
| Costs of services provided | 721,515 | 705,390 | 343,262 | ||||||||
| Product development | 41,188 | 40,015 | 35,267 | ||||||||
| Sales and marketing | 17,369 | 14,434 | 13,835 | ||||||||
| General and administrative, net | 131,199 | 100,911 | 87,537 | ||||||||
| Amortization and depreciation | 18,531 | 15,178 | 13,738 | ||||||||
| Impairment of intangible asset | — | — | 6,168 | ||||||||
| Total operating expenses | 929,802 | 875,928 | 499,807 | ||||||||
| Operating income | 120,344 | 119,010 | 125,802 | ||||||||
| Interest income | 253 | 83 | 167 | ||||||||
| Interest expense | (55,068 | ) | (41,370 | ) | (31,578 | ) | |||||
| Non-operating (loss) income | (1,828 | ) | (3,766 | ) | 153 | ||||||
| Non-operating expense - litigation settlement | — | — | — | ||||||||
| Foreign currency exchange loss, net | 8,374 | (434 | ) | (387 | ) | ||||||
| Income before income taxes | 72,075 | 73,523 | 94,157 | ||||||||
| Income tax provision | (9,447 | ) | (6,584 | ) | (5,330 | ) | |||||
| Net income including noncontrolling interest | $ | 62,628 | $ | 66,939 | $ | 88,827 | |||||
| Net loss attributable to noncontrolling interest | (2,017 | ) | (1,249 | ) | (3,550 | ) | |||||
| Net income attributable to Ebix, Inc. | $ | 64,645 | $ | 68,188 | $ | 92,377 | |||||
| Basic earnings per common share | $ | 2.10 | $ | 2.23 | $ | 3.03 | |||||
| Diluted earnings per common share | $ | 2.10 | $ | 2.22 | $ | 3.02 | |||||
| Basic weighted average shares outstanding | 30,761 | 30,625 | 30,510 | ||||||||
| Diluted weighted average shares outstanding | 30,761 | 30,664 | 30,571 | ||||||||
| Ebix, Inc. and Subsidiaries | |||||||
| Consolidated Balance Sheets | |||||||
| December 31, | |||||||
| 2022 | 2021 | ||||||
| (In thousands, except share and per share amounts) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 110,637 | $ | 99,625 | |||
| Receivables from service providers | 4,223 | 1,352 | |||||
| Short-term investments | 17,438 | 16,463 | |||||
| Restricted cash | 8,210 | 9,080 | |||||
| Fiduciary funds - restricted | 2,092 | 2,046 | |||||
| Trade accounts receivable, less allowances of | 154,533 | 153,609 | |||||
| Other current assets | 87,387 | 84,389 | |||||
| Total current assets | 384,520 | 366,564 | |||||
| Property and equipment, net | 52,448 | 47,903 | |||||
| Right-of-use assets | 9,636 | 10,051 | |||||
| Goodwill | 881,676 | 939,249 | |||||
| Intangibles, net | 50,900 | 59,748 | |||||
| Indefinite-lived intangibles | 16,647 | 16,647 | |||||
| Capitalized software development costs, net | 15,343 | 15,068 | |||||
| Deferred tax assets, net | 96,289 | 84,514 | |||||
| Other assets | 30,096 | 33,505 | |||||
| Total assets | $ | 1,537,555 | $ | 1,573,249 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 99,194 | $ | 86,181 | |||
| Payables to service agents | 11,299 | 6,296 | |||||
| Accrued payroll and related benefits | 10,651 | 11,360 | |||||
| Working capital facilities | 3,367 | 5,607 | |||||
| Fiduciary funds - restricted | 2,092 | 2,046 | |||||
| Revolving line of credit | 449,902 | — | |||||
| Short-term debt | 3,000 | 1,954 | |||||
| Current portion of long-term debt, net of deferred financing costs of | 190,866 | 28,577 | |||||
| Contract liabilities | 32,028 | 33,164 | |||||
| Lease liability | 3,354 | 3,173 | |||||
| Other current liabilities | 25,784 | 26,837 | |||||
| Total current liabilities | 831,537 | 205,195 | |||||
| Revolving line of credit | — | 439,402 | |||||
| Long-term debt, less current portion, net of deferred financing costs of $— and | 160 | 184,676 | |||||
| Contingent liability for earn-out acquisition consideration | 2,299 | 2,557 | |||||
| Contract liabilities | 14,098 | 8,193 | |||||
| Lease liability | 6,612 | 7,139 | |||||
| Deferred tax liability, net | 1,150 | 1,150 | |||||
| Other liabilities | 22,259 | 25,383 | |||||
| Total liabilities | 878,115 | 873,695 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Series Y Convertible preferred stock, | — | — | |||||
| Common stock, | 3,082 | 3,068 | |||||
| Additional paid-in capital | 18,800 | 15,068 | |||||
| Retained earnings | 814,780 | 759,208 | |||||
| Accumulated other comprehensive loss | (219,437 | ) | (122,022 | ) | |||
| Total Ebix, Inc. stockholders’ equity | 617,225 | 655,322 | |||||
| Noncontrolling interest | 42,215 | 44,232 | |||||
| Total stockholders' equity | 659,440 | 699,554 | |||||
| Total liabilities and stockholders’ equity | $ | 1,537,555 | $ | 1,573,249 | |||
| Ebix, Inc. and Subsidiaries | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | 2020 | |||||||||
| (In thousands) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income attributable to Ebix, Inc. | $ | 64,645 | $ | 68,188 | $ | 92,377 | |||||
| Net loss attributable to noncontrolling interest | (2,017 | ) | (1,249 | ) | (3,550 | ) | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 18,531 | 15,178 | 13,738 | ||||||||
| (Benefit) provision for doubtful accounts | 1,433 | (2,334 | ) | 1,749 | |||||||
| (Benefit) provision for deferred taxes, net of acquisitions and effects of currency translation | (17,972 | ) | (11,104 | ) | 5,114 | ||||||
| Amortization of right-of-use assets | 3,557 | 4,294 | 6,100 | ||||||||
| Amortization of capitalized software development costs | 2,983 | 3,317 | 3,367 | ||||||||
| Share-based compensation | 3,875 | 5,360 | 4,792 | ||||||||
| Reduction of acquisition earn-out contingent liability | — | — | (3,105 | ) | |||||||
| Cash paid for acquisition earn-out | — | — | (6,453 | ) | |||||||
| Intangible asset impairment | — | — | 6,168 | ||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | |||||||||||
| Accounts receivable | (15,049 | ) | (10,866 | ) | 3,258 | ||||||
| Receivables from service providers | (2,871 | ) | 3,359 | 20,896 | |||||||
| Payables to service agents | 5,003 | 1,015 | (6,915 | ) | |||||||
| Other assets | (8,409 | ) | (17,305 | ) | (10,487 | ) | |||||
| Accounts payable and accrued expenses | 21,183 | 18,545 | (14,569 | ) | |||||||
| Accrued payroll and related benefits | (56 | ) | (143 | ) | 2,100 | ||||||
| Lease liabilities | (3,460 | ) | (3,951 | ) | (5,700 | ) | |||||
| Reserve for potential uncertain income tax return positions | — | (2,071 | ) | — | |||||||
| Contract liabilities | 6,722 | 694 | 3,680 | ||||||||
| Other liabilities | (531 | ) | (1,456 | ) | (12,204 | ) | |||||
| Net cash provided by operating activities | 77,567 | 69,471 | 100,356 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Cash paid for acquisitions, net of cash acquired | — | — | (14,276 | ) | |||||||
| Maturities (purchases) of unrestricted marketable securities, net | (968 | ) | 8,567 | (20,964 | ) | ||||||
| Capitalized software development costs | (7,051 | ) | (5,700 | ) | (4,229 | ) | |||||
| Capital expenditures | (14,476 | ) | (7,465 | ) | (5,337 | ) | |||||
| Net cash used in investing activities | (22,495 | ) | (4,598 | ) | (44,806 | ) | |||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from revolving line of credit, net | 10,500 | — | 1,364 | ||||||||
| Principal payments of term loan obligation | (23,464 | ) | (42,594 | ) | (20,711 | ) | |||||
| Working capital facilities | (1,765 | ) | (10,913 | ) | (10,927 | ) | |||||
| Proceeds (payments) of short-term debt, net | 1,147 | 1,075 | (271 | ) | |||||||
| Payments of finance lease obligations, net | (190 | ) | (100 | ) | (210 | ) | |||||
| Proceeds from exercise of common 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 | (128 | ) | (1,402 | ) | (2,589 | ) | |||||
| Dividend payments | (9,271 | ) | (9,284 | ) | (9,245 | ) | |||||
| Net cash (used in) provided by financing activities | (23,171 | ) | (63,218 | ) | (41,953 | ) | |||||
| Effect of foreign exchange rates on cash and cash equivalents | (21,706 | ) | (7,104 | ) | (4,753 | ) | |||||
| Net change in cash and cash equivalents, and restricted cash | 10,195 | (5,449 | ) | 8,844 | |||||||
| Cash and cash equivalents, and restricted cash at the beginning of the year | 114,764 | 120,213 | 111,369 | ||||||||
| Cash and cash equivalents, and restricted cash at the end of the year | $ | 124,959 | $ | 114,764 | $ | 120,213 | |||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Interest paid | $ | 33,244 | $ | 30,369 | $ | 29,498 | |||||
| Income taxes paid | $ | 24,201 | $ | 17,675 | $ | 21,321 | |||||
FAQ
What were Ebix's Q4 2022 earnings results?
How much did Ebix earn for the full fiscal year 2022?
What is the outlook for EbixCash?
How did foreign exchange impact Ebix's revenue in Q4 2022?
