Ebix, Inc (NASDAQ: EBIX) reported a fourth-quarter FY22 revenue decline of 4% year-on-year to $255.21 million, beating the consensus of $251.04 million. The decrease is primarily due to the negative effect of the substantial strengthening of the U.S. dollar.
On a constant currency basis, Q4 2022 revenues increased 5% Y/Y.
Segments: EbixCash Exchanges revenue declined by 6% Y/Y to $188.9 million, Insurance Exchanges revenue declined by 1% Y/Y to $43.8 million, and RCS revenue was flat Y/Y to $22.5 million.
The Risk Compliance Solutions revenues grew 14% Y/Y.
Adjusted operating income was $34.3 million, up from $33.6 million in Q3.
Adjusted EPS of $0.36 missed the consensus of $0.54.
Ebix generated $32.5 million in operating cash flow and held $125 million in cash and equivalents.
Price Action: EBIX shares traded lower by 26.86% to $11.90 in premarket on the last check Wednesday.
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Source: https://finance.yahoo.com/news/why-ebix-shares-plunging-today-150433430.html