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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
-8 Ebix bankruptcy and more08:58 20-Dec-23
-3 Ebix forbearance extension and more08:12 16-Nov-23
?3 Ebix untimely filing07:19 09-Nov-23
-6 Ebix lender agreement & Energy Recovery 3Q23 schedule11:33 02-Oct-23
?4 Ebix CEO bonus and more about the BRICS10:59 26-Sep-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
?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
?3 Ebix debt extension10:03 22-Feb-23
?3 Ebix 3Q22 results, Vantage JV, midterms & OMIBs12:01 09-Nov-22
?3 Ebix 3Q22 schedule21:01 02-Nov-22
?3 Ebix 2Q22 results, Akoustis 5G sample, and more12:24 09-Aug-22
?3 Xebec and Ebix 2Q22 schedules12:43 05-Aug-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
+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
-4 Ebix 3Q21 results12:12 09-Nov-21
?3 Amsc, Resonant & Ebix 3Q21 schedules, Westport contract16:46 02-Nov-21
+3 Ebix 2Q21 results12:14 09-Aug-21
?3 Ebix 2Q21 schedule10:27 30-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
+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
?3 new summaries and other administrative notes09:26 30-Nov-20
+3 Ebix 3Q20 results12:01 09-Nov-20
?4 Ebix 3Q20 schedule and AMSC orders09:33 03-Nov-20
+3 Ebix 2Q20 results14:57 07-Aug-20
?4 Ebix 2Q20 schedule plus more Virtu and market thoughts10:28 03-Aug-20
?3 Ebix, Yatra, Schlumberger and the virus09:57 21-May-20
?3 Ebix 1Q20 results13:16 11-May-20
?3 Ebix 1Q20 schedule and India health notes15:51 06-May-20
?4 new Ebix CFO and debt profile20:40 08-Apr-20
-4 Senate deal, rebate rates, India lockdown, Schlumberger cutback09:14 25-Mar-20
+3 OMIBs from the Ebix C-Suite15:26 13-Mar-20
?3 Ebix 4Q19 results01:28 03-Mar-20
?4 Ebix 4Q19 schedule and reality shifts20:04 12-Feb-20
+3 EbixCash partners with MoneyGram and much more09:39 13-Jan-20
+3 Ebix wins bus fire sale10:52 15-Nov-19
?3 Ebix 3Q19 results12:10 12-Nov-19
?4 Ebix 3Q19 schedule & value down the macro path09:30 29-Oct-19
+3 Ebix Insurance JV license and macro data imminent10:00 28-Oct-19
+3 Ebix travel agreements and macro follow up11:42 08-Oct-19
?3 EbixCash acquires Cox & Kings business customers11:23 27-Sep-19
+3 EbixCash IPO progress, Shell 3Q19 schedule and more09:08 04-Sep-19
+3 Ebix finalizing Yatra buy08:31 19-Jul-19
+3 EbixCash IPO teased for 2Q2009:48 18-Jun-19
-3 Ebix hit by trade wars and more nonsense14:56 17-Jun-19
+3 Ebix 1Q19 results09:03 09-May-19
?3 CUI 4Q18 schedule & Latest Ebix purchase10:33 11-Mar-19
+3 Ebix 4Q18 results12:45 01-Mar-19
?3 Ebix preview and MicroVision pilot LiDAR09:23 28-Feb-19
?3 the Ebix Indian buying spree continues10:51 13-Feb-19
+3 Ebix business update20:51 11-Jan-19
+3 Ebix & Resonant expand as U.S. federal shutdown continues10:05 02-Jan-19
+3 Ebix selects accounting firms07:47 28-Dec-18
?3 EBIX stock split shelved, new Indian bus contract13:58 21-Dec-18
?3 Ebix split date plus BGC and wild macro thoughts07:39 21-Nov-18
+4 introducing Ebix17:06 16-Nov-18