Ebix, Inc. (EBIX)

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Ebix Inc (EBIX)

Singular Research's Annual "Best of the Uncovereds" Conference Presentation

September 4, 2008 11:00 am ET


Joe Lambert Director of Marketing, Singular Research

Robin Raina – President and CEO, Ebix Inc.


Joe Lambert

Hi, my name is Joe Lambert with Singular Research. It is my pleasure to introduce to you Ebix Incorporated. Our analyst, Mark Rye, says Ebix Incorporated is an international provider of software and e-commerce solutions for the insurance industry. It focuses on the sale and support of its insurance carrier systems, broker/agency management system and eXchange family of products, which provides connectivity between consumers, agents, carriers, and third-party providers. It also provides services for software development, delivering of software as an application service, software license, maintenance, and business process outsourcing. It has operations in the United States, Australia, New Zealand, Singapore, and India. It was founded in 1976 as Delphi Information Systems and changed its name to Ebix in 2003. The company is headquarted in Atlanta, Georgia.

And today, it is our pleasure to have Robin Raina. He is the President and CEO of Ebix Incorporated and the company has been listed on the NASDAQ. Ebix is software solutions providers to insurance industry and today powers in excess of $100 billion in insurance premiums across the world. Robin joined the company in 1999 and has led the transformation of Ebix from a company that made $19 million losses in 1999 to the present state where the company netted $6.3 million in net income, $1.62 in diluted earnings per share and 36% in net margin after taxes in just one quarter, the second quarter of 2008.

Our analyst, Mark Rye, has a buy recommendation on the stock and a 12-month price target of $130 per share. But, with that, I am going to let Robin tell the story. Robin Raina.

Robin Raina

Good morning everybody. I have been given 20 minutes to speak, so I'll try adjust to it and hopefully we will have a breakup session and answer any questions that you guys will have. I'll try to jump through some of the slides that I'll come back to. What's Ebix's mission, what is Ebix trying to do? Ebix's goal is to be an insurance powerhouse of transaction. We want to be like a Cisco of the insurance industry, which means we don't really care about whether our name in the front or not, we would rather white label our technology and make sure that we are powering transactions, be it transactions on the insurance company side, be it on the broker side, be it at an exchange, or in any form or fashion across the world. That is our basic vision plan.

We feel there is an opportunity for one single large player who can power insurance transactions across the world, and believe me there are none today, and as I walk through the presentation, you will understand that more.

I am going to jump through a few slides. And this is kind of a slide which walk you through the five different industries we try to target. We try and target the property and casualty side of business, the life and annuity side of business, the health and employee benefit side of business, provide custom software development services at times, and then business process outsourcing services related to insurance per se. Again, we are a software provides.

Now, this slide pretty much sums up what we do. We provide -- you could divide the company into 4 different divisions, primarily the insurance company system division, the brokers systems division, and exchange division, and the BPO services division. These two services, the exchange and BPO, are going to be utilized at times. They will be utilized at the brokers and insurance companies both so that's why we put them in the middle.

Again, I want to jump through that, but primarily we try and target all segments of the market. This is a slide just showing you some of the customer base we have. To summarize it, we work with -- our customer base is in excess of 3,000 plus customers. We work across in 50 plus countries today. We work -- we have multilingual, multi-currency platforms. We have hundreds of insurance carriers that are loyal [ph] as our customers.

We deal at times with -- on the BPO side of business, we do a bit of insurance tracking. What insurance tracking primarily means that for a Home Depot, for a Lowe's, for a Sears, for a JC Penny, you can name it, a lot of retailers I could go on an on, what we do is we track their (inaudible) insurance. We provide the software and the manpower behind it with an entire end-to-end service. That is the BPO offering that we offer.

These are some of the awards we have run through. We recently were named as (inaudible) as the second best performing company in Georgia. We have been fortune [ph] small business that ranks companies with 100 fastest growing companies in the market with revenues of $200 million or lower. We have been consistently in that list four years now. We were ranked 23rd this year. We have been ranked by Investor's Business Daily as 5th countrywide in net margins. We run the business with 36% net margins after taxes today; I will walk through that.

This is a slide, which will give you a summary of what has happened in this company. This is the revenue growth and the net margins, our net margin are after taxes. We have grown the company from, when I took over was in 1999, this company has not had a great deal of any business at that time, not a single profitable year. Since the 1999, in the 32 quarters that I have been there or less than 32 quarters, every quarter we have had a sequential improvement in revenue, sequential improvement in income, and sequential improvement in EPS. There has not really been a blip in between.

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