Financial Statement

Three Months Ended

March 31,

Operating revenue

Operating expenses:

Cost of services provided

25,187

19,602

Product development

8,350

8,065

Sales and marketing

4,337

4,333

General and administrative, net

12,684

11,583

Amortization and depreciation

2,855

2,720

Total operating expenses

53,413

46,303

Operating income

25,690

24,763

Interest income

774

143

Interest expense

(2,468)

(1,274)

Foreign currency exchange gain

3,496

469

Income before income taxes

27,492

24,101

Income tax expense

(869)

(1,750)

Net income including noncontrolling interest

26,623

22,351

Net income attributable to noncontrolling interest

196

192

Net income attributable to Ebix, Inc.

Basic earnings per common share attributable to Ebix, Inc.

Diluted earnings per common share attributable to Ebix, Inc.

Basic weighted average shares outstanding

31,807

33,043

Diluted weighted average shares outstanding

31,973

33,310