EBIX - Ebix stock slides as forex headwinds weigh on Q2 results
- Ebix ( NASDAQ: EBIX ) stock slid as much as 15.5% on Tuesday after the fintech firm posted disappointing Q2 results , hurt by currency headwinds.
- Q2 Non-GAAP EPS of $0.75 vs. $0.76 in Q2 2021.
- Revenue increased 1.8% Y/Y to $250.8M.
- On a constant currency basis, revenue grew 6% to $260.1M and would have been $9.4M higher but for foreign currency rate changes.
- Worldwide revenues, excluding pre-paid cards, grew 32%, led by near four-fold increase in EbixCash travel and foreign exchange revenues as well as 70% growth in EbixCash BPO revenues.
- This was offset, in part, by a 14% decline in EbixCash prepaid card revenues.
- Insurance exchanges revenues worldwide increased 1%, while risk compliance solutions revenue rose 21%.
- Exchanges, including EbixCash and worldwide insurance exchanges, accounted for 89% of EBIX's Q2 revenue.
- GAAP operating income rose 10% to $30.1M, offset in part by 36% increase in general and administrative costs.
- Shares of EBIX have fallen 32.2% YTD.
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Ebix stock slides as forex headwinds weigh on Q2 results