Embattled Ebix (EBIX -8%) is selling off after slightly beating Q2 EPS estimates, and missing revenue estimates by $1M.
Ebix posted 7% Y/Y sales growth in Q2, a slowdown from Q1's 20%.
Op. margin was 37.8%, +110 bps Q/Q and +110 bps Y/Y, in spite of rising legal costs.
Only $2.5M was spent on buybacks. Ebix has $102.9M remaining under its buyback authorization. $5.6M was spent to pay down bank debt; net debt now stands at $30.8M.
Ebix is being investigated the SEC and the Atlanta U.S. Attorney's office, and reportedly by the FBI. Shares crashed on Tuesday thanks to Bloomberg's FBI report, but subsequently recouped a majority of their losses.
Q2 results, PR