INODINNODATA INC

Services-Computer Processing & Data Preparation

Revenue: $252M; 48% YoY
Operating margin: 15.8%; 11% YoY
EBITDA: $47M; 55% YoY
Market cap: $1.5B
Employees: 10,107; $25K revenue each
Net debt / EBITDA: -5.0×; −$234M net debt
AI in 10-K: 39.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
145% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$25K · 1st pct
Bottom quartile of its SIC industry
Quiet on AINo
39.4 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$175M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$70M	$79M	$87M	$170M	$252M	48%
Operating income	—	—	$318K	$24M	$40M	64%
Net income	−$2M	−$12M	−$909K	$29M	$32M	12%
Operating cash flow	$5M	−$1M	$6M	$35M	$47M	34%
Capex	$4M	$7M	$6M	$8M	$11M	43%
Stock-based comp	$2M	$3M	$4M	$4M	$11M	179%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 26, 2024	ABUHOFF JACK	SC 13D/A	9.8%	Passive
Nov 4, 2024	ABUHOFF JACK	SC 13D/A	12.1%	Passive
Apr 6, 2023	ABUHOFF JACK	SC 13D/A	10.3%	Passive
Jun 2, 2021	ABUHOFF JACK	SC 13D/A	9.3%	Passive
Dec 17, 2019	ABUHOFF JACK	SC 13D/A	8.2%	Passive
Nov 21, 2019	Toor Nauman Sabeeh	SC 13D	5.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $175M · 82
Net: −$175M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$16M	875	—
FY2024	$7M	$33M	679	—
FY2023	$959K	$7M	140	—
FY2022	$4M	$2M	51	—