Ebix, Inc. (NASDAQ:EBIX) Q1 2023 Earnings Conference Call May 10, 2023 11:00 AM ET

Company Participants

Darren Joseph - Corporate VP, Finance & HR

Amit Garg - CFO

Ash Sawhney - President, Insurance Solutions, North America

Robin Raina - Chairman, CEO & President

Conference Call Participants

Jeff Van Rhee - Craig-Hallum

Christopher Sakai - Singular Research

Operator

Hello, ladies and gentlemen, and welcome to the Ebix First Quarter 2023 Investor Call. Today's conference is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Darren Joseph, Corporate Vice President. You may begin.

Darren Joseph

Thank you. Welcome, everyone, to Ebix Inc.'s 2023 first quarter earnings conference call. Joining me to discuss the quarter is Ebix Chairman, President and CEO, Robin Raina; President, Insurance Services, North America, Ash Sawhney; and Ebix CFO, Amit Garg. Following our remarks, we will open up the call for your questions.

Now let me quickly cover the safe harbor. Some of the statements that we make today are forward-looking, including, among others, statements regarding Ebix's future investments, our long-term growth and innovation, the expected performance of our businesses and our use of cash. These statements involve a number of risks and uncertainties that may cause actual results to differ materially from those projected in the forward-looking statement.

Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements made today are contained in our SEC filings, which list a more detailed description of the risk factors that may affect our results.

Our press release announcing the Q1 2023 results was issued this morning. The audio of this investor call is also being webcast live on the web at www.ebix.com/webcast. You can look at Ebix's financials beyond what has been provided in this release on our website, www.ebix.com. The audio and the text transcript of this call will be available also on the Investor homepage of the Ebix website after 4:00 p.m. Eastern Time today.

Let me now discuss the key metrics in our Q1 2023 results. Our worldwide revenues, excluding prepaid gift card revenues, increased 17.6% year-over-year in the first quarter of 2023. Our prepaid card revenues declined by $61 million year-over-year. In spite of that, Q1 2023 worldwide constant currency revenues declined by $25 million only. Excluding prepaid cards, the company showed year-over-year growth in nine of the 11 geographies.