Welcome to our dedicated page for Ebix news (Ticker: EBIX), a resource for investors and traders seeking the latest updates and insights on Ebix stock.
Ebix, Inc. (EBIX) delivers specialized software solutions for the global insurance industry through carrier systems, agency platforms, and custom e-commerce applications. This news hub provides investors and professionals with essential updates on corporate developments directly affecting market positioning and operational strategy.
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EbixCash Limited, a subsidiary of Ebix, has received final clearance from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). This approval allows EbixCash to proceed with the listing on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company operates a wide-ranging financial exchange portfolio, including remittance, foreign exchange, prepaid cards, and travel services, with over 650,000 distribution outlets across India and Southeast Asia. EbixCash also stands out as a leader in the international remittance market and has a significant presence in travel exchanges.
Ebix aims to leverage its extensive operations and technology services to enhance investor interests as it steps into the IPO process.
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.
Ebix, Inc. (NASDAQ: EBIX) will release its 2022 fourth quarter and full year results on March 15, 2023, at 11:00 a.m. ET. The company will host an investor conference call to discuss its performance, which is open to the public. The call can be accessed via a toll-free number and an audio webcast will also be available for listeners. Ebix provides e-commerce services and software solutions primarily for the insurance, financial services, travel, healthcare, and e-learning sectors globally. With a strong presence in over 75 countries, the company focuses on insurance exchanges and offers a variety of enterprise solutions.
Ebix, a major supplier of software and E-commerce services, has signed Amendment No. 13 to its credit agreement, which extends the maturity date to May 23, 2023. This amendment includes a $5 million prepayment on the revolving line of credit and mandates an amortization payment of $5 million on its term loan for Q1 2023. Starting February 21, 2023, the interest rate on the loan will increase by approximately 1.00% per annum. President and CEO Robin Raina emphasized the company's strong operating metrics and commitment to reducing debt while exploring strategic initiatives, including a possible IPO for EbixCash, to enhance shareholder value.
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