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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.
Unfortunately, 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 more | 09:22 01-Jul-24 |
?3 |
a brief Ebix update | 09:45 01-Apr-24 |
-3 |
Ebix auction cancellation, plus another Akoustis WiFi 7 win | 09:15 12-Feb-24 |
?3 |
potential VUZI dilution, plus market & Ebix commentary | 21:53 09-Feb-24 |
-8 |
Ebix bankruptcy and more | 08:58 20-Dec-23 |
-3 |
Ebix forbearance extension and more | 08:12 16-Nov-23 |
?3 |
Ebix untimely filing | 07:19 09-Nov-23 |
-6 |
Ebix lender agreement & Energy Recovery 3Q23 schedule | 11:33 02-Oct-23 |
?4 |
Ebix CEO bonus and more about the BRICS | 10:59 26-Sep-23 |
-3 |
this week's other 2Q23 earnings and more | 09:15 11-Aug-23 |
?3 |
Ebix 2Q23 schedule | 11:18 02-Aug-23 |
?3 |
WFS 2Q23 schedule and more | 10:15 17-Jul-23 |
?4 |
Ebix update, jobs & Polestar deliveries | 08:57 07-Jul-23 |
-3 |
second Ebix debt extension | 10:04 24-May-23 |
?3 |
Ebix 1Q23 results and macro | 08:59 10-May-23 |
?3 |
Ebix 1Q23 schedule | 15:31 04-May-23 |
+6 |
EbixCash IPO gets SEBI clearance | 11:24 10-Apr-23 |
-4 |
Ebix CFO, New Fortress 1Q23 schedule and more | 08:50 10-Apr-23 |
-5 |
Ebix 4Q22 results | 08:00 15-Mar-23 |
?3 |
Ebix debt extension | 10:03 22-Feb-23 |
?3 |
Ebix 3Q22 results, Vantage JV, midterms & OMIBs | 12:01 09-Nov-22 |
?3 |
Ebix 3Q22 schedule | 21:01 02-Nov-22 |
?3 |
Ebix 2Q22 results, Akoustis 5G sample, and more | 12:24 09-Aug-22 |
?3 |
Xebec and Ebix 2Q22 schedules | 12:43 05-Aug-22 |
-6 |
EBIX short report, a look at Fluence, and Fed follow up | 09:15 21-Jun-22 |
+3 |
Ebix 1Q22 results | 13:23 10-May-22 |
?3 |
Fed, Ebix 1Q22 schedule and more | 15:22 04-May-22 |
+4 |
Ebix red herring and more | 13:44 11-Mar-22 |
?3 |
Ebix 4Q21 results | 12:08 09-Mar-22 |
?4 |
Ebix 4Q21 schedule | 15:49 03-Mar-22 |
-4 |
Ebix 3Q21 results | 12:12 09-Nov-21 |
?3 |
Amsc, Resonant & Ebix 3Q21 schedules, Westport contract | 16:46 02-Nov-21 |
+3 |
Ebix 2Q21 results | 12:14 09-Aug-21 |
?3 |
Ebix 2Q21 schedule | 10:27 30-Jul-21 |
+3 |
Ebix expands tele-shopping contract & more macro data | 10:59 01-Jul-21 |
+3 |
EbixCash banking contract, ABB 2Q21 schedule, 5G and macro | 09:26 28-Jun-21 |
+3 |
international & segment updates plus new format | 13:39 24-May-21 |
?3 |
Ebix 1Q21 results | 11:51 17-May-21 |
?3 |
Ebix 1Q21 schedule, NFE OMIB, Golar execs and trading update | 12:41 14-May-21 |
?3 |
Ebix 10-QNT filing and estimates | 18:04 10-May-21 |
?3 |
Ebix results tomorrow and notes for the week | 11:59 27-Apr-21 |
?3 |
Ebix 4Q20 report and IPO scheduling | 12:30 19-Apr-21 |
+3 |
Ebix 10-K schedule and macro note | 09:19 09-Mar-21 |
-5 |
Ebix auditor resigns | 17:48 24-Feb-21 |
+3 |
Ebix bus automation and Energy Recovery water treatment contracts | 09:25 03-Feb-21 |
?3 |
AMSC 3Q20 schedule, Indian budget, and more | 19:29 01-Feb-21 |
+3 |
Ebix and Prudential in India | 10:54 15-Dec-20 |
?3 |
new summaries and other administrative notes | 09:26 30-Nov-20 |
+3 |
Ebix 3Q20 results | 12:01 09-Nov-20 |
?4 |
Ebix 3Q20 schedule and AMSC orders | 09:33 03-Nov-20 |
+3 |
Ebix 2Q20 results | 14:57 07-Aug-20 |
?4 |
Ebix 2Q20 schedule plus more Virtu and market thoughts | 10:28 03-Aug-20 |
?3 |
Ebix, Yatra, Schlumberger and the virus | 09:57 21-May-20 |
?3 |
Ebix 1Q20 results | 13:16 11-May-20 |
?3 |
Ebix 1Q20 schedule and India health notes | 15:51 06-May-20 |
?4 |
new Ebix CFO and debt profile | 20:40 08-Apr-20 |
-4 |
Senate deal, rebate rates, India lockdown, Schlumberger cutback | 09:14 25-Mar-20 |
+3 |
OMIBs from the Ebix C-Suite | 15:26 13-Mar-20 |
?3 |
Ebix 4Q19 results | 01:28 03-Mar-20 |
?4 |
Ebix 4Q19 schedule and reality shifts | 20:04 12-Feb-20 |
+3 |
EbixCash partners with MoneyGram and much more | 09:39 13-Jan-20 |
+3 |
Ebix wins bus fire sale | 10:52 15-Nov-19 |
?3 |
Ebix 3Q19 results | 12:10 12-Nov-19 |
?4 |
Ebix 3Q19 schedule & value down the macro path | 09:30 29-Oct-19 |
+3 |
Ebix Insurance JV license and macro data imminent | 10:00 28-Oct-19 |
+3 |
Ebix travel agreements and macro follow up | 11:42 08-Oct-19 |
?3 |
EbixCash acquires Cox & Kings business customers | 11:23 27-Sep-19 |
+3 |
EbixCash IPO progress, Shell 3Q19 schedule and more | 09:08 04-Sep-19 |
+3 |
Ebix finalizing Yatra buy | 08:31 19-Jul-19 |
+3 |
EbixCash IPO teased for 2Q20 | 09:48 18-Jun-19 |
-3 |
Ebix hit by trade wars and more nonsense | 14:56 17-Jun-19 |
+3 |
Ebix 1Q19 results | 09:03 09-May-19 |
?3 |
CUI 4Q18 schedule & Latest Ebix purchase | 10:33 11-Mar-19 |
+3 |
Ebix 4Q18 results | 12:45 01-Mar-19 |
?3 |
Ebix preview and MicroVision pilot LiDAR | 09:23 28-Feb-19 |
?3 |
the Ebix Indian buying spree continues | 10:51 13-Feb-19 |
+3 |
Ebix business update | 20:51 11-Jan-19 |
+3 |
Ebix & Resonant expand as U.S. federal shutdown continues | 10:05 02-Jan-19 |
+3 |
Ebix selects accounting firms | 07:47 28-Dec-18 |
?3 |
EBIX stock split shelved, new Indian bus contract | 13:58 21-Dec-18 |
?3 |
Ebix split date plus BGC and wild macro thoughts | 07:39 21-Nov-18 |
+4 |
introducing Ebix | 17:06 16-Nov-18 |