Ebix Inc (EBIX) 銘柄情報

Robin Raina-led Ebix Inc files for bankruptcy after defaulting on $617 million loan: Report
Story by Business Today Desk
• 5mo

Indian-American Robin Raina-led technology firm Ebix Inc. has filed for bankruptcy protection in a North Texas court after defaulting on a $617 million loan, Bloomberg reported on Monday. Several subsidiaries of Ebix, which also runs a financial transactions and remittances company Ebixcash in India, have also filed for bankruptcy, the report said citing a court filing. The law firm Sidney Austin LLP has been assigned bankruptcy counsel, while Jefferies LLC will act as the investment banker to the proceedings.

Last month, the Atlanta-headquartered firm reported its operating income for Q3 2023 of $20.5 million, down by 32.4 per cent year-over-year from $30.4 million in Q3 2022, "primarily due to certain IPO marketing costs, and restructuring-related costs". Ebix's operating income of $80.1 million for the nine-month ended Q3 2023 decreased by 11.5 per cent as compared to $90.6 million in the nine-month ended Q3 2022.

In an annual report filed in December 2021, Ebix had $656.0 million of outstanding debt obligations, excluding amounts related to deferred financing costs, which consisted of a $212.9 million term loan, a $439.4 million balance on its revolving line of credit under the credit facility, a $1.8 million note due to IHC by the EbixHealth JV, and a $2.0 million short-term debt financing of its large corporate insurance requirements.

https://www.msn.com/en-in/money/topstories/robin-raina-led-ebix-inc-files-for-bankruptcy-after-defaulting-on-617-million-loan-report/ar-AA1lFxG0

EBIX changed to EBIXQ, bankruptcy. Delisted from the Nasdaq to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

Looks like BK coming down the pike - Good, Ebix has been impossible to deal with all these years, every year they change what they want to see on insurance certificates - I'm amazed they lasted this long but it appears the money flow has dried up.

Ebix: This House of "Cards" Seems To Have a Glaring Fake Revenue Problem
Summary: Ebix, Inc. (NASDAQ:EBIX)
Ebix is a U.S. listed conglomerate with a focus on payment services, travel, and IT in India with a market cap of about $800 million.
The company is planning a $4.5 billion IPO of its 100% owned Indian subsidiary, EbixCash, implying an imminent quadrupling of Ebix's enterprise value. Ebix stock initially tore 75% higher on news of the planned IPO but has since fallen back to pre-IPO-announcement levels.
Ebix reported revenue growth of 71% during the 2-year period of 2019-2021, driven largely by sales of prepaid gift cards. Without its gift card division, Ebix’s sales would have declined by 32% in the period.
At EbixCash (the subsidiary it plans to IPO) the gift card division accounted for 82% of 2021 revenue.
For Ebix, the IPO is a race against the solvency clock: the company has $643.9 million in debt coming due in February 2023 and only $75.9 million in cash and cash equivalents as of last quarter-end. It hopes to deploy $350 million in proceeds from the IPO to pay down debt.
But the EbixCash IPO has faced questions and delays for the last three years. The company had previously missed targets of 2H 2019, Q2 2020, "towards the end of 2021" and Q1 2022 as prior planned dates for the IPO.
In February 2021, Ebix's auditor, RSM, resigned because Ebix wouldn't provide evidence regarding “unusual transactions related to the Company’s gift card business in India”. The auditor was "unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions."
Indian corporate records reveal that the unusual transactions seem to have accelerated since the auditor's resignation. EbixCash’s key gift card subsidiary has two customers that comprised a total of ~$89 million in 2021 revenue (almost 10% of parent Ebix’s topline revenue). Neither customer’s business appears to be functional, and the top customer appears to have an undisclosed prior relationship with the entity.
The top customer reported just $151,000 in sales in its most recent financials (2020) but has supposedly accounted for $46 million in revenue to EbixCash in FY 2021. We visited its official corporate address and found it was no longer in use. The entity's key product was an app with only 1000+ downloads and 5 reviews, the last of which was 2018.
The second customer accounted for $43 million in revenue to EbixCash in FY 2021. Despite claiming in corporate filings that 99% of its revenue is derived from e-commerce, its website no longer works. The entity is registered to a 525 sq. foot office space in Delhi. We visited the site and found the business is no longer there.
EbixCash also claims to have a large retail distribution network. We visited the featured branch outlet highlighted in an EbixCash corporate presentation and found it doesn't exist at the address. The picture of the branch seems to be obviously photoshopped to include an Ebix storefront where there isn't one.
EbixCash’s subsidiary lists 970 supposed EbixCash independent distributors. We called every one of them: 403 didn't pick up, 527 told us they didn't sell Ebix cards, and 40 (~7% of those who picked up) told us they sold the cards. Many who sold the cards told us they were selling fewer now than prior to the pandemic, contrary to Ebix's claims.
EbixCash also touts its technology offering, claiming its app has 1.5 million downloads. The Google Play store shows "100,000+" downloads with an average review of 1.5 stars across 2,400+ reviews. The ocean of 1-star reviews cite complaints such as money being fraudulently stolen from users, terrible customer service, and the app not working.
We also tested the app. Virtually every claimed feature didn’t work. An EbixCash rep told us the app was "under maintenance". Based on our experience, the app isn’t even ready for the market let alone a prime-time IPO.
Ebix has a complicated corporate structure, reporting 69 key subsidiaries in 2021, with other sub-entities. In 2021, ~37% of its pre-tax income was derived from murky, opaque tax havens like Dubai and Mauritius. Given our findings on gift card revenue, we suspect there are other accounting skeletons in its closet.
Ebix has cycled through 7 different auditors since 2004, a classic hallmark of accounting irregularities. Its current auditor, KG Somani, is an Indian firm whose only U.S.-listed client is Ebix, per Public Company Accounting Oversight Board (PCAOB) records.
As a former executive of EbixCash told us, "The financial reporting was a very controlled thing. It’s very difficult for anybody running the company to have much visibility on the financial side. It’s very centrally controlled by (Chairman & CEO) Robin (Raina) and his close team. They’ve been working with him for a very very long time."
We think a substantial portion of EbixCash's gift card revenue is non-existent. Consequently, we expect the EbixCash IPO will flop or fail. Given Ebix's massive near-term debt load in a rising rate environment, we see significant solvency risk over the next 12 months.
Initial Disclosure: After extensive research, we have taken a short position in shares of Ebix, Inc. This report represents our opinion, and we encourage every reader to do their own due diligence. Please see our full disclaimer at the bottom of the report.

Wow. Quite the revelation. Might be going a LOT lower.

"Hindenburg found that the gift card business has just two customers, neither of which appear to have a functional business. The company has had 7 different auditors since 2004 -- often a red flag for accounting, and its app does not seem to work, said the report."

FWIW: https://hindenburgresearch.com/ebix/
Hindenburg Research
Ebix: This House of “Cards” Seems To Have a Glaring Fake Revenue Pr...
Summary: Ebix, Inc. (NASDAQ:EBIX) Ebix is a U.S. listed conglomerate with a focus on payment services, travel, and IT in India with a market cap of about $800 million. The company is planning a $4.…

Stock Twits is covering this one. Last two days see big increases.

Chart

Bought a lot at $25 on recent drop..holding
Still paying a divided as well!

Nice looking Bottom play - EBIX 06/18 $40-45 Calls.

Incoming!

IMO looks like a repeat performance of gamestop. Shorts going to get burnned big.

#EBIX about to head north IMO!

BB's are tight
RSI is cool
MACD about to cross

Crazy dip today in EBIX. Great buying opp. imo.

Just In: $EBIX Ebix Inc (EBIX) Q3 2020 Earnings Call Transcript

Image source: The Motley Fool. Ebix Inc (NASDAQ: EBIX) Q3 2020 Earnings Call Nov 9, 2020 , 11:00 a.m. ET Operator Continue reading For further details see: Ebix Inc (EBIX) Q3 2020 Earnings Call Transcript

In case you are interested EBIX - Ebix Inc (EBIX) Q3 2020 Earnings Call Transcript

JUST IN: $EBIX Ebix Q3 Revenues Increase 39% Sequentially and 5% Year-Over-Year

• Q3 Operating Income of $31.9 million and EBITDA plus stock-based compensation of $36.5 million • Year-to-date operating cash flow of $71.8 million JOHNS CREEK, Ga., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), today announced the following res...

Find out more EBIX - Ebix Q3 Revenues Increase 39% Sequentially and 5% Year-Over-Year

Vote AGAINST re-election of Ebix's Board of Directors.

Sept 14, 2020 is annual shareholders meeting. Stock has lost 72% from its all-time high, that's $2 billion of shareholder value destroyed by Robin Raina with the support of the Board of Directors. Need to vote them out.

See RemoveTheEbixBoardOfDirectors.com for more info.

CalPERS has already announced it will vote its 60k shares against the Board. Hopefully Joel Tillinghast will vote Fidelity's enormous stake against the Board.

Vote your shares AGAINST all the Directors. You have less than two weeks. Please do it now.

Greater oversight of the Executive suite will be good for the stock—keep their eyes on the prize, stop blowing up the balance sheet to pursue the CEO's vanity projects.

What is up with this stock?
Under 40 seems like an unbelievable opportunity to me.
Interested to see next ER numbers, will really tell the story whether short thesis has any ounces of truth to it. Still, under 40 is a bargain.

Short Squeeze Alert.

Internet Stock Review Adds Ebix (EBIX) $39 to Watch List. Short Squeeze Coming? Price Target $110.

*Short Squeeze Alert.
*Adding Ebix to Internet Stock Review Watch List – After Viewing From the Sidelines for 10 Years!
*One of the Top Performing Stocks in the Past Decade Trading From $6 to $86 – Ebix has experienced rough sledding from 2018 (see charts below).
*Competitor iPipeline Acquired at $1.6B, or 20x EBITDA. Equates to $143 on EBIX.
*Broker Craig-Hallum Issues $110 Price Target (see below).
*2nd Quarter Revenues Rise 16% to Record $144 Million.
*Conference Call Transcript.
E*bixCash IPO Could Spark Raging Fire Trapping Short Sellers.

http://internetstockreview.com/short-squeeze-coming-to-ebix-ebix-39-price-target-110/

Anyone have thoughts on Ebix these days?
I'm overweight and convinced there's huge value here but frustrated by the opportunity cost of holding. Still patient tho.

News: $EBIX INVESTOR ALERT: Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Ebix, Inc.

The law firm of Kirby McInerney LLP is investigating potential claims against Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX ). This investigation concerns whether Ebix has violated federal securities laws and/or engaged in other unlawful business practices...

In case you are interested https://marketwirenews.com/news-releases/investor-alert-kirby-mcinerney-llp-continues-investigation-of-shareholder-claims-against-ebix-inc--7956206.html

Will the new auditor announcement help bridge the confidence gap after the dismissal of the last auditors?

EBIX selects RSM as their new audit firm for 2019; India based T R Chadha will still audit 2018

".
India's Premier Stock Exchange BSE and World's largest Insurance Exchange Ebix, Inc. Sign MOU to Launch Joint Venture Company, for Setting up Pioneering Insurance Distribution Network in India"

RR continues expanding by acquisition and partnership.
Despite fierce short attacks, the company has grown enormously over the years. Look at the 3 year chart!
I think EBIX is quite undervalued . India is growing at a rapid pace with a deep education system and RR is able to tap that for top programming talent.

Looking back at the 5 year chart...i feel stupid for not having bought a whole lot more just after the big short attack...Would have reaped a 5 fold profit..

Take increased 24% this quarter and the stock's down a bit...shake head.
EBIX is a sleeper, good time to pick up more shares..i am.

It should be noted that Raina is a genius and has built this business from diddle by artful acquisitions and excellent deal making.
They are big, getting bigger, internationally diversified and have weathered severe legal and short attacks nicely.

Insurance isn't all that exciting,
but it sure has been profitable over the years.
When it hit 42 i sold off about 70%..
Remembering the protracted short attack....Boy was that a mistake

Indeed, this board is moribund... :(

I see this board is moribund..sigh.
The stock has been on a rip ever since crawling out of the depths of the orchestrated short attack it suffered.
If you bought then at around 16, then you'd enjoy the present PPS of $53.
RR, the pres, is a genius at both software and successful acquisition melding.
I stupidly took a major profit at around $42 but it's still growing briskly.

Did u end up buying any?

Ebix moving into other areas, and doing so very intelligently.
Moving into a lucrative consulting business for insurance companies. Lower margin on that line of business, but it can also lead to spillover wins on Ebix's services.
Going after health insurance exchange markets with little competition.
And more. Read the two most recent conference calls.
Ebix positioning itself for strong growth over next 5 years.

PPL win will lead to revenue growth over next several years.
Operating a placing exchange is a great position to be in. Huge moat and recurring cashflow.

Wow not much chatter on this board.
If you aren't following $EBIX, you should be.
I've been in since 2006. 2015 has been epic and just the beginning.
Great stock to be long in.

EBIX beasting gapper gonna gap

EBIX Chart

Anyone think this is a godd speculative play? Seems like there are some who are very confident the price will go back down below 10.

Q2 highlights

bank revolving line of credit was 32.8 million as of the end of the quarter with 5 million patents being paid back during the quarter

http://www.earningsimpact.com/Transcript/82798/EBIX/Q2-2013-Earnings-Call

Still might be some truth to it all... time will tell. GL

Your not kidding wow - still amazes me this crap is allowed with no repercussions..

The chart tells a huge story ..

Sorry ya got stopped out on that bogus article - GLTU bud

Wow, what a recovery on this one... proof is in the pudding on manipulation two days before earnings, lol. How convenient to publish an article that makes it tank... Wall street thieves.

(ajmo)

Ebix story false!!! Short squeeze time

Hear ya, I'm back in from 9.80 to 10.90 which actually just sold.. DONE with this one today I made two 10/10% day-trades thats enough hot fire for me to play with today.. What a shame how some companies get beat up. Wish you th ebest my friend. I enjoy seeing your plays/trades. Let me know if you find anything good.. right now I'm in ONVO, they had a offering at 4.50, which should be the bottom, and it's pinching upward with good voume. BUt GLTY and all in my opinion sir.. take care bud

Consolidation now around $10... I wouldn't want to hold this through the ER coming up in a few days. A lot of manipulation here and could go either way, Sold for a small loss and moving on. GL

Thanks but tell me you got out before this!!?

Wow, it just broke through the resistance big climb back up.. congrats!

Out at 9.64 GLTYA

Resistance right here at $9.24, may dip back down from here. GL

IN AT 8.50

Bloomberg article just came out

Anytime bro - I've been in your shoes so I know the feeling

Hard to tell if all this is legit but its tough to hold when ya don't know....