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Condensed Consolidated Statements of Income prepared on Net Basis for Comparative Purposes Only (Non GAAP) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating revenue $ 119,228 [1] $ 257,904 [1] $ 480,419 $ 794,938
Operating expenses:        
Cost of services provided 32,658 [1] 174,265 [1] 222,894 554,438
Product development 11,020 [1] 10,483 [1] 31,950 30,964
Sales and marketing 4,996 [1] 3,973 [1] 11,909 12,249
General and administrative, net 43,869 [1] 34,400 [1] 117,446 93,049
Amortization and depreciation 6,152 [1] 4,422 [1] 16,061 13,660
Total operating expenses 98,695 [1] 227,543 [1] 400,260 704,360
Operating income 20,533 [1] 30,361 [1] 80,159 90,578
Interest income 53 [1] 68 [1] 186 196
Interest expense (28,175) [1] (15,467) [1] (75,052) (37,382)
Non-operating (loss) income (605) [1] (438) [1] (971) (1,580)
Non-operating expense-debt restructuring expenses (4,430) [1] 0 [1] (8,041) 0
Foreign currency exchange gain (loss) 2,409 [1] 4,928 [1] 349 9,051
Income before income taxes (10,215) [1] 19,452 [1] (3,370) 60,863
Income tax (expense) benefit (514) [1] (1,926) [1] (1,301) (6,108)
Net income including noncontrolling interest (10,729) [1] 17,526 [1] (4,671) 54,755
Net loss attributable to noncontrolling interest (433) [1] (724) [1] (1,756) (2,029)
Net income attributable to Ebix, Inc. $ (10,296) [1] $ 18,250 [1] $ (2,915) $ 56,784
Basic earnings per common share attributable to Ebix, Inc. (in dollars per share) $ (0.33) [1] $ 0.59 [1] $ (0.09) $ 1.85
Diluted earnings per common share (in dollars per share) $ (0.33) [1] $ 0.59 [1] $ (0.09) $ 1.85
Basic weighted average shares outstanding (in shares) 30,866 [1] 30,777 [1] 30,854 30,745
Diluted weighted average shares outstanding (in shares) 30,877 [1] 30,783 [1] 30,861 30,748
Net Basis        
Operating revenue $ 119,228 $ 120,499 $ 353,731 $ 334,942
Operating expenses:        
Cost of services provided 32,658 36,860 96,207 94,442
Product development 11,020 10,483 31,951 30,964
Sales and marketing 4,996 3,973 11,909 12,249
General and administrative, net 43,869 34,400 117,445 93,049
Amortization and depreciation 6,152 4,422 16,060 13,660
Total operating expenses 98,695 90,138 273,572 244,364
Operating income 20,533 30,361 80,159 90,578
Interest income 53 68 186 196
Interest expense (28,175) (15,467) (75,054) (37,382)
Non-operating (loss) income (605) (439) (971) (1,580)
Non-operating expense-debt restructuring expenses (4,430) 0 (8,041) 0
Foreign currency exchange gain (loss) 2,409 4,928 349 9,051
Income before income taxes (10,215) 19,451 (3,372) 60,863
Income tax (expense) benefit (514) (1,926) (1,301) (6,108)
Net income including noncontrolling interest (10,729) 17,525 (4,673) 54,755
Net loss attributable to noncontrolling interest (433) (724) (1,756) (2,029)
Net income attributable to Ebix, Inc. $ (10,296) $ 18,249 $ (2,917) $ 56,784
Basic earnings per common share attributable to Ebix, Inc. (in dollars per share) $ (0.33) $ 0.59 $ (0.09) $ 1.85
Diluted earnings per common share (in dollars per share) $ (0.33) $ 0.59 $ (0.09) $ 1.85
Basic weighted average shares outstanding (in shares) 30,866 30,777 30,854 30,745
Diluted weighted average shares outstanding (in shares) 30,877 30,783 30,861 30,748
[1] Beginning April 1, 2023 Prepaid card revenues are presented on a net basis (based on contractual changes as further described in the “Ebix Cash Exchanges Gift Cards” Section) while periods preceding April 1, 2023 reflect prepaid card revenues on a gross basis. Please see (non- GAAP financials) table with both periods recast on a net basis, for comparison purposes under heading "Condensed Consolidated Statements of Income prepared on Net Basis for Comparative Purposes Only (Non GAAP)".