Three Months Ended | ||
March 31, | ||
2019 | 2018 | |
Operating revenue | $ 142,924 | $ 108,230 |
Operating expenses: | ||
Cost of services provided | 45,929 | 39,591 |
Product development | 11,242 | 8,434 |
Sales and marketing | 6,121 | 3,998 |
General and administrative, net | 21,444 | 19,504 |
Amortization and depreciation | 4,057 | 2,807 |
Total operating expenses | 88,793 | 74,334 |
Operating income | 54,131 | 33,896 |
Interest income | 350 | 121 |
Interest expense | (9,818) | (4,847) |
Non-operating income | 3 | 53 |
Non-operating expense - litigation settlement | (20,452) | - |
Foreign currency exchange loss | (255) | (641) |
Income before income taxes | 23,959 | 28,582 |
Income tax benefit (expense) | 1,084 | (2,126) |
Net income including noncontrolling interest | 25,043 | 26,456 |
Net income (loss) attributable to noncontrolling interest | (667) | 248 |
Net income attributable to Ebix, Inc. | $ 25,710 | $ 26,208 |
Basic earnings per common share attributable to Ebix, Inc. | $ 0.84 | $ 0.83 |
Diluted earnings per common share attributable to Ebix, Inc. | $ 0.84 | $ 0.83 |
Basic weighted average shares outstanding | 30,524 | 31,482 |
Diluted weighted average shares outstanding | 30,604 | 31,659 |
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