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Ebix started as a supplier of software and e-commerce solutions to the insurance industry.  However, it branched aggressively into payment, logistics, e-learning, and travel services.  My interest began in late 2018 due to the high (albeit debt-fueled) growth and heavy (50%+) exposure to India, which I saw at the time as arguably the world's most attractive emerging market.  

Ebix stock chart through 2023Unfortunately, that came with all sorts regulatory and geopolitical risks.  I was particularly critical of management's in the wake of the pandemic, even as Ebix was planning to IPO its EbixCash payments IPO in India.  By April of 2020, I began warning about the debt time bomb in combination with those moves.  That pattern continued through the summer of 2023, by which point the IPO was years behind schedule, and my view was completely divergent with the market valuation.  The final nail for me came on the morning of October 2nd 2023, via a forbearance agreement with the lenders.  The market initially took that as a sign of relief, but my base case was already that shareholders would be completely wiped out, and that was eventually shown to be correct.  EBIX stands as an example of how early warning on managment BS can sometimes be the most valuable facet of this service.


Updates:
?5 Ebix denouement, service changes and more09:22 01-Jul-24
?3 a brief Ebix update09:45 01-Apr-24
-3 Ebix auction cancellation, plus another Akoustis WiFi 7 win09:15 12-Feb-24
?3 potential VUZI dilution, plus market & Ebix commentary21:53 09-Feb-24
?2 BGC 4Q23 schedule, Bitcoin ETFs and much more08:33 09-Jan-24
-8 Ebix bankruptcy and more08:58 20-Dec-23
-3 Ebix forbearance extension and more08:12 16-Nov-23
?2 CPI, Vodafone, Ebix and more20:41 14-Nov-23
?3 Ebix untimely filing07:19 09-Nov-23
-6 Ebix lender agreement & Energy Recovery 3Q23 schedule11:33 02-Oct-23
-2 Intel Ireland fab, PCE and more12:37 29-Sep-23
?4 Ebix CEO bonus and more about the BRICS10:59 26-Sep-23
-2 the Fed and all sorts of shutdowns11:34 22-Sep-23
?2 New Fortress and other post-earnings follow-ups16:40 23-Aug-23
-3 this week's other 2Q23 earnings and more09:15 11-Aug-23
?3 Ebix 2Q23 schedule11:18 02-Aug-23
?3 WFS 2Q23 schedule and more10:15 17-Jul-23
?4 Ebix update, jobs & Polestar deliveries08:57 07-Jul-23
-3 second Ebix debt extension10:04 24-May-23
?2 Display Week, deadlines, and Fed run up21:20 22-May-23
-2 Vuzix 1Q23 results, plus Ebix and trade follow up18:13 10-May-23
?3 Ebix 1Q23 results and macro08:59 10-May-23
?3 Ebix 1Q23 schedule15:31 04-May-23
+6 EbixCash IPO gets SEBI clearance11:24 10-Apr-23
-4 Ebix CFO, New Fortress 1Q23 schedule and more08:50 10-Apr-23
-5 Ebix 4Q22 results08:00 15-Mar-23
?2 MACom acquires Linearizer and more10:56 08-Mar-23
?3 Ebix debt extension10:03 22-Feb-23
?2 LUMN numbers plus Ebix & Intel updates09:13 08-Feb-23
?2 this week's important macro data plus trade notes08:43 02-Dec-22
?2 PPI, Vodafone 2Q23 results, and other trivia10:38 18-Nov-22
?2 GRoDT 3Q22 results and commentary on the week08:30 11-Nov-22
?3 Ebix 3Q22 results, Vantage JV, midterms & OMIBs12:01 09-Nov-22
?3 Ebix 3Q22 schedule21:01 02-Nov-22
-2 Schlumberger 3Q22 results and more09:13 21-Oct-22
+2 pre-expiration news and trading notes17:05 19-Aug-22
?3 Ebix 2Q22 results, Akoustis 5G sample, and more12:24 09-Aug-22
?3 Xebec and Ebix 2Q22 schedules12:43 05-Aug-22
+2 Lumen 2Q22 schedule, Ebix injunction and macro10:38 07-Jul-22
-6 EBIX short report, a look at Fluence, and Fed follow up09:15 21-Jun-22
+3 Ebix 1Q22 results13:23 10-May-22
?3 Fed, Ebix 1Q22 schedule and more15:22 04-May-22
?2 Akoustis 3Q22 schedule and trade notes06:53 26-Apr-22
+2 reshaping global energy13:45 26-Mar-22
+4 Ebix red herring and more13:44 11-Mar-22
?3 Ebix 4Q21 results12:08 09-Mar-22
?4 Ebix 4Q21 schedule15:49 03-Mar-22
?2 Magnachip & PPL 4Q21 schedules, plus gas & India notes16:29 31-Jan-22
?2 MACom 1Q22 results and more09:34 27-Jan-22
?2 Google lawsuit, looking ahead to the midterms and more10:33 18-Jan-22
+2 macro, Ebix and GRoDT updates09:05 13-Jan-22
-2 look ahead on a short week11:44 26-Nov-21
?2 market leverage and other news12:03 19-Nov-21
-4 Ebix 3Q21 results12:12 09-Nov-21
?3 Amsc, Resonant & Ebix 3Q21 schedules, Westport contract16:46 02-Nov-21
+2 Clearway 3Q21 schedule, new Akoustis market, and policy moves09:41 15-Oct-21
+2 app store harbinger plus Amsc and Ebix news10:12 31-Aug-21
+3 Ebix 2Q21 results12:14 09-Aug-21
?3 Ebix 2Q21 schedule10:27 30-Jul-21
+2 Akoustis Diplexer, UDC 2Q21 & New Fortress update schedules, and more09:05 14-Jul-21
+3 Ebix expands tele-shopping contract & more macro data10:59 01-Jul-21
+3 EbixCash banking contract, ABB 2Q21 schedule, 5G and macro09:26 28-Jun-21
+3 international & segment updates plus new format13:39 24-May-21
?3 Ebix 1Q21 results11:51 17-May-21
?3 Ebix 1Q21 schedule, NFE OMIB, Golar execs and trading update12:41 14-May-21
?3 Ebix 10-QNT filing and estimates18:04 10-May-21
?3 Ebix results tomorrow and notes for the week11:59 27-Apr-21
?3 Ebix 4Q20 report and IPO scheduling12:30 19-Apr-21
?2 gas, macro and new pick09:25 29-Mar-21
+3 Ebix 10-K schedule and macro note09:19 09-Mar-21
-5 Ebix auditor resigns17:48 24-Feb-21
+3 Ebix bus automation and Energy Recovery water treatment contracts09:25 03-Feb-21
?3 AMSC 3Q20 schedule, Indian budget, and more19:29 01-Feb-21
+3 Ebix and Prudential in India10:54 15-Dec-20
+2 Hygo case dismissed and Ebix accolades09:32 10-Dec-20
?3 new summaries and other administrative notes09:26 30-Nov-20
?2 Lumen, Virtu and other news19:15 23-Nov-20
+3 Ebix 3Q20 results12:01 09-Nov-20
?4 Ebix 3Q20 schedule and AMSC orders09:33 03-Nov-20
?2 Orbital, BGC, Vodafone and other news from India11:52 25-Sep-20
+3 Ebix 2Q20 results14:57 07-Aug-20
?4 Ebix 2Q20 schedule plus more Virtu and market thoughts10:28 03-Aug-20