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Ebix Inc (EBIX)

  • Wed, Apr. 8, 3:12 PM
    • With the Nasdaq up 0.7% and high-beta names performing especially well, only a handful of tech companies are posting outsized losses. A larger number are posting big gains.
    • Notable gainers include Chinese auto sites Autohome (ATHM +6.3%) and Bitauto (BITA +6.7%), insurance software firm Ebix (EBIX +4.8%), Russian online payments leader Qiwi (QIWI +5%), touchscreen tech developer Neonode (NEON +7.8%), IT services firm WidePoint (WYY +4.9%), and online video ad-buying platform TubeMogul (TUBE +4.4%).
    • Autohome and Bitauto have joined a long list of Chinese Internet stocks that have shot higher following an overnight rally in Hong Kong. Ebix is about $1.50 away from a 52-week high of $31.55. Qiwi is now up 9% on the week amid a broader rally in U.S.-traded Russian firms (aided by rising oil prices and a stronger ruble).
    • Previously covered: Yahoo, Rambus, Qualys, Digital Ally, Silicon Motion, Energous
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  • Fri, Mar. 13, 12:45 PM
  • Fri, Mar. 13, 10:01 AM
    • EBIX has surged to new highs after soundly beating Q4 estimates, thanks in large part to an acceleration in Y/Y revenue growth to 19% from Q3's 1%.
    • The Vertex and i3 acquisitions helped Ebix's risk compliance/BPO division revenue rise 192% Y/Y to $11.4M. The company's core Exchanges division saw revenue rise 6% to $44.2M, thanks to both existing products and the Oakstone acquisition. Broker Systems revenue fell 9% to $4.1M, and Carrier Systems revenue fell 26% to $932K.
    • GAAP operating expenses (including cost of services) rose 20% to $39.6M; op. margin was flat at 35%. $55.5M worth of shares have been repurchased since August. The company says it plans to "review our dividend plan along with the pace of the share buy back plan, with a view towards ensuring that we provide enhanced value to our shareholders."
    • CEO Robin Raina: "We intend to grow our business both organically and through accretive acquisitions in 2015 and beyond. Ebix has proven that it is able to acquire niche recurring revenue businesses at cost effective prices, generating accretive returns on investment expeditiously..."
    • Q4 results, PR
  • Fri, Mar. 13, 7:32 AM
    • Ebix (NASDAQ:EBIX): Q4 EPS of $0.45 beats by $0.06.
    • Revenue of $60.6M (+19.2% Y/Y) beats by $7.75M.
    • Press Release
  • Thu, Mar. 12, 5:30 PM
  • Tue, Mar. 3, 11:47 AM
    • Ebix (EBIX -1.3%) has acquired Via Media Health, an Indian provider of "Healthcare PR, Digital Communications & integrated communication solutions and content services for Consumer Healthcare, Hospitals, Medical Devices, Diagnostics and the Pharmaceutical industry." Terms are undisclosed.
    • Ebix plans to add Via to its A.D.A.M. health information exchange unit. Back in December, the company bought Oakstone Publishing, a U.S. provider of certification materials and continuing education products for healthcare professionals (also integrated with A.D.A.M.).
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  • Tue, Feb. 17, 2:00 PM
    • The Insurance Insider reports Ebix (EBIX) has won a contract from a board created by London market insurers and brokers to create an IT platform that will enable electronic insurance payments.
    • Shares have soared to their highest levels since 2011.
  • Thu, Feb. 12, 7:51 AM
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  • Thu, Feb. 5, 12:44 PM
    • Ebix (EBIX +1.7%) has upped the size of its credit facility commitments by $40M to $190M. In addition, the facility's accordion feature has been amended to allow its total size to potentially reach $240M (up from a prior $200M).
    • The insurance software vendor says it will use the extra cash to "fund its growth and share repurchase initiatives." It had $49M in cash/short-term investments at the end of Q3, and $65M in debt.
  • Tue, Jan. 6, 10:15 AM
    • EBIX says it has "reached a resolution with the Internal Revenue Service with respect to the previously disclosed audit of Ebix's income tax returns for the taxable years 2008 through 2012."
    • No "adverse assessments or deficiencies were asserted with respect to any recurring operating transactions." The assessment is expected to have a ($1.4M) impact on Q4 net income, after taking into account "previously established and disclosed provisions for uncertain tax positions."
    • Shares have jumped to their highest levels since the June 2013 Goldman deal termination.
  • Dec. 2, 2014, 2:46 PM
    • Ebix (EBIX -0.2%) has acquired Oakstone Publishing, a provider of "continuing education, certification materials for physicians, dentists and allied healthcare professionals, as well as wellness resources for organizations." Terms are undisclosed; the deal is expected to be immediately accretive.
    • Ebix plans to integrate Oakstone with its A.D.A.M. health info exchange unit. The company notes Oakstone "sold a continuing education product to approximately one in 10 U.S. doctors over the last six years," and that it gets over 80% of its revenue from services paid for by medical professionals.
    • Other recent Ebix acquisitions: Vertex, Healthcare Magic.
    • Yesterday: Ebix strikes deal with acitivist
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  • Dec. 1, 2014, 10:04 AM
    • As part of a standstill agreement with activist Barrington Capital (owns a ~1.6% stake), Ebix (EBIX +0.3%) has added two independent directors - Barrington CEO James Mitarotonda and defense/satellite industry vet Joseph R. Wright - to its board.
    • Three weeks ago, Barrington issued an open letter criticizing Ebix's board oversight (among other things), and nominated four directors. Barrington has now agreed to back Ebix's board slate at the company's 2014 annual meeting.
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  • Nov. 11, 2014, 3:51 PM
    • Activist Barrington Capital says it owns "a significant stake" in EBIX, and declares "it is imperative that Ebix promptly take action to improve its board oversight in order to ensure that shareholder interests are protected." The firm has named four board candidates, and wants to talk with management about them.
    • Barrington: "We believe that the Company's disappointing share price performance is attributable to questions and uncertainty regarding the Company that have been weighing heavily on the Company's stock price. While we have followed many public companies in our 14-year history, we cannot recall one that has been the subject of so many investigations and lawsuits."
    • In addition to criticizing its board oversight, Barrington asserts Ebix has "provided shareholders with limited visibility regarding its tax structure," and could "do a much better job growing its revenues organically." It also wants "more clarity and better disclosure" regarding various investigations, and larger buybacks.
    • Shares are at their highest levels since May.
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  • Nov. 7, 2014, 8:02 AM
    • EBIX uses its Q3 report to state it's targeting 2015 revenue of $250M-$260M. The sole analyst estimate is at $210.9M.
    • Q3 sales were hurt by a "lower transaction count in the Property & Casualty space in the Asia-Pacific region," but deal activity is said to be strong. Ebix's core Exchange business saw revenue rise 3% Y/Y to $41.8M; all other businesses (Broker Systems, Risk Compliance, Carrier Systems) saw revenue fall 7% to $9M.
    • GAAP opex fell 8% Y/Y to $29.1M, providing a boost to EPS. $14.3M in buybacks also helped.
    • Q3 results, PR
  • Nov. 7, 2014, 7:35 AM
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  • Nov. 7, 2014, 7:32 AM
    • Ebix (NASDAQ:EBIX): Q3 EPS of $0.47 beats by $0.11.
    • Revenue of $50.8M (+1.0% Y/Y) misses by $0.95M.
    • Press Release
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Company Description
Ebix Inc provides a series of application software products for the insurance industry from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.