Ebix Inc. - EBIX STOCK NEWS

Ebix, a leading international supplier of on-demand software and e-commerce services, announced a 'stalking horse' agreement to sell its North American Life and Annuity assets to Zinnia, an Eldridge business. The proposed transaction aims to strengthen its balance sheet and position the company for sustainable growth. The NA L&A Assets accounted for 14.5% of Ebix's worldwide GAAP revenues for the Year-to-date 9-month period preceding Sep. 30th, 2023. The company also filed for protection under Chapter 11 of the U.S. Bankruptcy Code to provide time to identify and execute plans to effectuate the sale and deleverage its balance sheet. Ebix's approximately 200 affiliates outside the United States are not included in the U.S.-only Chapter 11 filing and will continue to operate normally. The company's worldwide operations will continue without interruption, and it has secured debtor-in-possession financing from its existing lenders to continue business in the ordinary course. Zinnia's proposed acquisition of the NA L&A Assets would allow for a seamless transition for Ebix's customers.

Ebix, Inc. (NASDAQ: EBIX) Announces Q3 2023 Results with $119.2M GAAP Revenues, 1.1% YoY Decline. Non-GAAP Revenues $120.5M. Q3 2023 GAAP Operating Income $20.5M, Down 32.4% YoY. Ebix's Exchanges Channel Accounts for 83.2% of Q3 2023 Revenues.

Ebix, Inc. has signed an agreement with its Lenders for a further period until November 15, 2023 for repayment of certain obligations under its Credit Facility, while pursuing strategic alternatives. The Company will deliver a carve-out plan for the sale of certain US assets. Additionally, Ebix has expanded its Board by two and appointed Elizabeth LaPuma and Jill Krueger as independent directors.

Ebix, Inc. announces Q2 2023 revenues of $118.4 million, with 3.1% YoY growth. GAAP operating income decreases by 3.3% to $29.1 million. GAAP diluted EPS is $0.01 compared to $0.63 in Q2 2022. Ebix expects diluted share count for Q3 2023 to be approximately 30.9 million.

Ebix, Inc. (NASDAQ: EBIX) will release its second quarter 2023 results on August 9, 2023, without hosting an investor call due to disclosure requirements in international jurisdictions. The company plans to resume holding earnings calls in the future and will file its second quarter Form 10-Q on the same day.

Ebix, Inc. (NASDAQ: Ebix) announces the dismissal of a class action securities suit against the company. The United States Southern District Court State of New York ruled in favor of Ebix, Inc. and denied the Plaintiff's request to file new amended claims. The court found that the Plaintiff did not establish scienter, leading to the dismissal of the Third Amended Complaint.

Ebix, Inc. issued an informational release clarifying the restated financial information for the EbixCash IPO. The restatement only refers to the presentation of financial information for the Offer Documents and does not impact the US GAAP Financials or the Indian Statutory Audited Financials. The change in role of Ebix Payment Services requires future financials to be recorded on a net basis. This update is in response to investor queries.