Q1 2021 earnings roundup: Paysafe and Ebix

Q1 2021 earnings roundup: Paysafe and Ebix

We’re almost done with the Q1 earnings, although we will be speaking to OFX about their annual results next week. For now, though, here’s the Q1 2021 highlights from Ebix and Paysafe. 

Ebix Q1 2021 – strong revenue growth not enough for investors

  • Despite only publishing its Q4 2020 results a few weeks ago due to auditing issues, Ebix has released its Q1 results, and the news is impressive. Ebix saw 110% revenue growth – a record for the company. Ebix investors were unmoved though, with no upward movement in the share price following the release.
  • EbixCash, the company’s India-based subsidiary whose services include travel money, gift cards, mobile wallets and remittances, was the primary driver of the company’s growth, with revenues climbing 199% year-on-year. The subsidiary now makes up around 80% of the company’s overall revenues.
  • However, operating income only saw a 12% increase sequentially and declined 9% year-on-year as a result of the pandemic, which continues to have a severe impact in India.  

Paysafe Q1 2021 – growing with strength in money transfers and crypto

  • Payments platform Paysafe returned to the public markets in December with the announcement of a merger with a SPAC owned by Bill Foley, making its Q1 2021 results a key indicator of whether it will achieve its projections of consistent growth.
  • The news was generally positive, with overall revenue climbing 5% and its total payment volume increasing 8%, in line with expectations.
  • Integrated processing, its largest segment, saw a 17% increase in volume, although revenue dropped by 5%, which the company attributed this to muted European volume as a result of slow pandemic recovery and the fact that the previous year included buy now pay later revenue.
  • Its eCash segment, meanwhile, saw 63% revenue growth as a result of increased online spending, which the company expects to continue in Q2 2021. 
  • Finally, its digital wallet segment saw a 13% drop as a result of targeted exits in 2020, although it expects to see a return to growth in Q2, driven by its Skrill Money Transfer and crypto products.

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