Ebix Stock Slides After Mixed Q3 Results, Revenue Lags Consensus

Ebix Inc EBIX reported third-quarter FY21 revenue growth of 24% year-on-year to $191.7 million, missing the consensus of $221.2 million.
Prepaid card revenues grew by 53% Y/Y while declining 38% sequentially.
Segments: EbixCash Exchanges revenue grew 39.8% Y/Y to $135.3 million, Insurance Exchanges revenue was flat Y/Y to $42.2 million, and RCS revenue grew 3% Y/Y to $15.6 million.
Non-GAAP operating income for Q3 2021 was essentially flat at $35.3 million. GAAP Operating income decreased 12% Y/Y.
Total operating expenses improved 33% to $163.6 million.
Non-GAAP EPS of $0.72 beat the consensus of $0.62.
Ebix generated $18.2 million in operating cash flow and held $109.8 million in cash and equivalents.
"We are continuing to work towards a prospective EbixCash IPO," said Ebix Chairman, President, and CEO Robin Raina.
Price Action: EBIX shares traded lower by 15.4% to $32.63 on the last check Tuesday.