Ebix slumps following mixed Q2 results

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

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