WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) services, today announced
results for the fiscal 2018 first quarter ended June 30, 2017.
Highlights – Fiscal 2018 First Quarter:
GAAP
Financials
- Revenue of $180.1 million, up 21.7% from $148.0 million in
Q1 of last year and up 13.0% from $159.4 million last
quarter
- Profit/(Loss) of $16.7 million, compared to $12.2 million in
Q1 of last year and ($5.0) million last quarter
- Diluted earnings/(loss) per ADS of $0.32, compared to $0.23
in Q1 of last year and ($0.10) last quarter
Non-GAAP
Financial Measures*
- Revenue less repair payments of $175.3 million, up 24.5%
from $140.8 million in Q1 of last year and up 13.7% from $154.1
million last quarter
- Adjusted Net Income (ANI) of $23.6 million, compared to
$21.1 million in Q1 of last year and $24.0 million last
quarter
- Adjusted diluted earnings per ADS of $0.45, compared to
$0.40 in Q1 of last year and $0.46 last quarter
Other
Metrics
- Added 7 new clients in the quarter, expanded 16 existing
relationships
- Days sales outstanding (DSO) at 30 days
- Global headcount of 34,789 as of June 30, 2017
Reconciliations of the non-GAAP financial measures discussed
below to our GAAP operating results are included at the end of this
release. See also “About Non-GAAP Financial Measures.”
*See “About Non-GAAP Financial Measures” and the reconciliations
of the historical non-GAAP financial measures to our GAAP operating
results at the end of this release.
Revenue in the first quarter was $180.1 million, representing a
21.7% increase versus Q1 of last year and a 13.0% increase from the
previous quarter. Revenue less repair payments* in the first
quarter was $175.3 million, an increase of 24.5% year-over-year and
13.7% sequentially. Excluding exchange rate impacts, constant
currency revenue less repair payments* in the fiscal first quarter
grew 27.5% versus Q1 of last year and 11.7% sequentially.
Year-over-year, fiscal Q1 revenue growth was driven by our
acquisitions of HealthHelp and Denali, which closed in March 2017
and January 2017 respectively, and solid organic revenue
performance across verticals and services. These benefits were
partially offset by depreciation in the British pound against the
US dollar. Sequentially, revenue growth was driven by our acquired
businesses, broad-based growth with both new and existing clients,
and favorable currency movements. These increases partially offset
headwinds from annual committed productivity and the ramp-down of
non-recurring revenues from Q4.
Operating margin in the first quarter was 11.0%, as compared to
9.8% in Q1 of last year and an operating loss margin of (2.0%)
reported in the previous quarter. On a year-over-year basis, margin
improvement was driven by a step-down in amortization of intangible
asset expense, hedging gains net of currency movements, and
increased operating leverage from higher volumes. These benefits
more than offset headwinds from the impact of our annual wage
increases and lower productivity associated with Q1 hiring.
Sequentially, margins increased due to a Q4 non-recurring charge of
$21.7 million for goodwill impairment, higher Q1 volume, and lower
share based compensation expense as a percentage of revenue. These
benefits more than offset headwinds from our annual wage increases,
currency movements net of hedging, and a step-up in amortization of
intangible asset expense associated with our Q4 acquisitions.
First quarter adjusted operating margin* was 17.1%, versus 18.6%
in Q1 of last year and 18.1% last quarter. On a year-over-year
basis, adjusted operating margin* reduced primarily due to the
impact of our annual wage increases and lower productivity
associated with Q1 hiring. These reductions were partially offset
by hedging gains net of currency movements and increased operating
leverage from higher volumes. Sequentially, adjusted operating
margin* reduced as a result of the impact of our annual wage
increases and currency movements net of hedging, which more than
offset benefits from higher volumes.
Profit in the fiscal first quarter was $16.7 million, as
compared to $12.2 million in Q1 of last year and a loss of ($5.0)
million in the previous quarter. Adjusted net income (ANI)* in Q1
was $23.6 million, up $2.5 million as compared to Q1 of last year
and down $0.4 million from the previous quarter. In addition to the
explanations discussed above, fiscal first quarter profit and
adjusted net income* decreased by $1.5 million sequentially as a
result of a one-time tax benefit in Q4 resulting from the reversal
of a 2011 tax reserve which was no longer required.
From a balance sheet perspective, WNS ended Q1 with $194.5
million in cash and investments and $116.9 million of debt. In the
first quarter, the company generated $14.1 million in cash from
operations, and had $7.3 million in capital expenditures. Days
sales outstanding were 30 days, as compared to 29 days in Q1 of
last year and 29 days reported in the previous quarter.
“Our first quarter results demonstrate the business momentum we
have been able to create over the past few years. WNS delivered
$175.3 million in revenue less repair payments* which represents
year-over-year constant currency growth in excess of 27%, and
excluding the revenue impact of our fiscal Q4 2017 acquisitions,
over 13% on an organic constant currency basis,” said Keshav
Murugesh, WNS’s Chief Executive Officer. “We firmly believe that
our corporate focus on domain expertise, coupled with expanded
investments and capabilities in key areas such as analytics,
automation and digital solutions has positioned the company for
long-term success in the BPM industry. We will continue to create
unique solutions which help our clients solve problems and better
compete in their increasingly complex and fast-moving business
environments.”
Fiscal 2018 Guidance
WNS is updating guidance for the fiscal year ending March 31,
2018 as follows:
- Revenue less repair payments* is
expected to be between $693 million and $723 million, up from
$578.4 million in fiscal 2017. This assumes an average GBP to USD
exchange rate of 1.29 for the remainder of fiscal 2018.
- ANI* is expected to range between $98
million and $106 million versus $92.2 million in fiscal 2017. This
assumes an average USD to INR exchange rate of 64.5 for the
remainder of fiscal 2018.
- Based on a diluted share count of 51.9
million shares, the company expects adjusted diluted earnings* per
ADS to be in the range of $1.89 to $2.04 versus $1.74 in fiscal
2017.
“The company has updated our forecast for fiscal 2018 based on
current visibility levels and exchange rates,” said Sanjay Puria,
WNS’s Chief Financial Officer. “Our revised guidance for the year
reflects growth in revenue less repair payments* of 20% to 25%, or
19% to 25% on a constant currency* basis. We currently have 95%
visibility to the midpoint of the range.”
Conference Call
WNS will host a conference call on July 20, 2017 at 8:00 am
(Eastern) to discuss the company's quarterly results. To
participate in the call, please use the following details:
+1-888-656-9018; international dial-in +1-503-343-6030; participant
passcode 50086758. A replay will be available for one week
following the call at +1-855-859-2056; international dial-in
+1-404-537-3406; passcode 50086758, as well as on the WNS website,
www.wns.com, beginning two hours after the end of the call.
About WNS
WNS (Holdings) Limited (NYSE: WNS), is a leading global business
process management company. WNS offers business value to 300+
global clients by combining operational excellence with deep domain
expertise in key industry verticals including Travel, Insurance,
Banking and Financial Services, Manufacturing, Retail and Consumer
Packaged Goods, Shipping and Logistics, Healthcare and Utilities.
WNS delivers an entire spectrum of business process management
services such as finance and accounting, customer interaction
services, technology solutions, research and analytics and industry
specific back office and front office processes. As of June 30,
2017, WNS had 34,789 professionals across 52 delivery centers
worldwide including China, Costa Rica, India, Philippines, Poland,
Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the
United States. For more information, visit www.wns.com.
Safe Harbor Statement
This release contains forward-looking statements, as defined in
the safe harbor provisions of the US Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
our current expectations and assumptions about our Company and our
industry. Generally, these forward-looking statements may be
identified by the use of terminology such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should”
and similar expressions. These statements include, among other
things, the discussions of our strategic initiatives and the
expected resulting benefits, our growth opportunities, industry
environment, expectations concerning our future financial
performance and growth potential, including our fiscal 2018
guidance, future profitability, estimated capital expenditures, the
expected benefits of our acquisitions of Denali and HealthHelp, and
expected foreign currency exchange rates. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statements. Such risks and uncertainties include
but are not limited to worldwide economic and business conditions;
political or economic instability in the jurisdictions where we
have operations; our dependence on a limited number of clients in a
limited number of industries; regulatory, legislative and judicial
developments; increasing competition in the BPM industry;
technological innovation; telecommunications or technology
disruptions; our ability to attract and retain clients; our
liability arising from fraud or unauthorized disclosure of
sensitive or confidential client and customer data; negative public
reaction in the US or the UK to offshore outsourcing; our ability
to expand our business or effectively manage growth; our ability to
hire and retain enough sufficiently trained employees to support
our operations; the effects of our different pricing strategies or
those of our competitors; our ability to successfully consummate,
integrate and achieve accretive benefits from our strategic
acquisitions, and to successfully grow our revenue and expand our
service offerings and market share; and future regulatory actions
and conditions in our operating areas. These and other factors are
more fully discussed in our most recent annual report on Form 20-F
and subsequent reports on Form 6-K filed with or furnished to the
US Securities and Exchange Commission (SEC) which are available at
www.sec.gov. We caution you not to place undue reliance on any
forward-looking statements. Except as required by law, we do not
undertake to update any forward-looking statements to reflect
future events or circumstances.
References to “$” and “USD” refer to the United States dollars,
the legal currency of the United States; references to “GBP” refer
to the British pound, the legal currency of Britain; and references
to “INR” refer to Indian Rupees, the legal currency of India.
References to GAAP refers to International Financial Reporting
Standards, as issued by the International Accounting Standards
Board (IFRS).
WNS (HOLDINGS) LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Unaudited, amounts in
millions, except share and per share data)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31, 2017
Revenue $ 180.1 $ 148.0 $ 159.4 Cost of
revenue 124.7 98.7
107.4 Gross profit 55.4 49.3 52.0 Operating expenses:
Selling and marketing expenses 9.0 7.7 9.0 General and
administrative expenses 27.5 20.9 27.3 Foreign exchange loss /
(gain), net (4.8 ) (0.1 ) (5.7 ) Impairment of goodwill - - 21.7
Amortization of intangible assets 3.9
6.3 2.9 Operating profit / (loss)
19.8 14.5 (3.3 )
Other income, net (2.8 )
(2.3
)
(2.0 ) Finance expense 1.1 0.1
0.4 Profit / (loss) before income taxes 21.4
16.8
(1.6
)
Provision for income taxes 4.7 4.6
3.3 Profit / (loss) $ 16.7
$ 12.2 $
(5.0
)
Earnings per share of ordinary share Basic $ 0.33
$ 0.24 $ (0.10 ) Diluted $ 0.32
$ 0.23 $ (0.10 )
WNS (HOLDINGS) LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Unaudited,
amounts in millions, except share and per share data)
As at Jun 30,2017
As at Mar 31,2017
ASSETS Current assets: Cash and cash equivalents $
105.1 $ 69.8 Investments 89.0 112.0 Trade receivables, net 62.7
60.4 Unbilled revenue 54.8 48.9 Funds held for clients 8.9 9.1
Derivative assets 26.9 35.4 Prepayments and other current assets
30.4 27.4 Total current assets 377.8 363.1 Non-current
assets: Goodwill 135.0 134.0 Intangible assets 94.1 96.6 Property
and equipment 58.0 54.8 Derivative assets 3.8 6.6 Investments 0.4
0.4 Deferred tax assets 19.7 16.7 Other non-current assets 32.2
31.9 Total non-current assets 343.2 341.1
TOTAL ASSETS
$ 721.1 $ 704.1 LIABILITIES
AND EQUITY Current liabilities: Trade payables $ 18.4 $ 14.2
Provisions and accrued expenses 29.5 27.2 Derivative liabilities
5.2 3.9 Pension and other employee obligations 39.6 52.9 Current
portion of long term debt 27.6 27.6 Deferred revenue 4.6 5.5
Current taxes payable 1.9 1.3 Other liabilities 16.0 16.0 Total
current liabilities 143.0 148.8 Non-current liabilities:
Derivative liabilities 1.2 0.8 Pension and other employee
obligations 12.0 10.7 Long term debt 89.2 89.1 Deferred revenue 0.5
0.4 Other non-current liabilities 17.1 18.5 Deferred tax
liabilities 20.3 20.8 Total non-current liabilities 140.3 140.3
TOTAL LIABILITIES
$ 283.3 $ 289.1 Shareholders' equity: Share capital (ordinary
shares $ 0.16 (10 pence) par value, authorized 60,000,000 shares;
issued: 53,848,955 and 53,312,559 shares each as at June 30, 2017
and March 31, 2017, respectively) 8.4 8.3 Share premium 346.3 338.3
Retained earnings 294.7 278.0 Other components of equity (116.9 )
(114.9 ) Total shareholders’ equity including shares held in
treasury 532.5 509.8 Less: 3,300,000 shares as at June 30, 2017 and
March 31, 2017, held in treasury, at cost (94.7 ) (94.7 ) Total
shareholders’ equity $ 437.8 $ 415.1
TOTAL LIABILITIES AND
EQUITY $ 721.1 $ 704.1
About Non-GAAP Financial
Measures
The financial information in this release includes certain
non-GAAP financial measures that we believe more accurately reflect
our core operating performance. Reconciliations of these non-GAAP
financial measures to our GAAP operating results are included
below. A more detailed discussion of our GAAP results is contained
in “Part I –Item 5. Operating and Financial Review and Prospects”
in our annual report on Form 20-F filed with the SEC on June 29,
2017.
For financial statement reporting purposes, WNS has two
reportable segments: WNS Global BPM and WNS Auto Claims BPM.
Revenue less repair payments is a non-GAAP financial measure that
is calculated as (a) revenue less (b) in the auto claims business,
payments to repair centers for “fault” repair cases where WNS acts
as the principal in its dealings with the third party repair
centers and its clients. WNS believes that revenue less repair
payments for “fault” repairs reflects more accurately the value
addition of the business process management services that it
directly provides to its clients. For more details, please see the
discussion in “Part I – Item 5. Operating and Financial Review and
Prospects – Overview” in our annual report on Form 20-F filed with
the SEC on June 29, 2017.
Constant currency revenue less repair payments is a non-GAAP
financial measure. We present constant currency revenue less repair
payments so that revenue less repair payments may be viewed without
the impact of foreign currency exchange rate fluctuations, thereby
facilitating period-to-period comparisons of business performance.
Constant currency revenue less repair payments is presented by
recalculating prior period’s revenue less repair payments
denominated in currencies other than in US dollars using the
foreign exchange rate used for the latest period, without taking
into account the impact of hedging gains/losses. Our non-US dollar
denominated revenues include, but are not limited to, revenues
denominated in pound sterling, South African rand, Australian
dollar and Euro.
WNS also presents (1) adjusted operating margin, which refers to
adjusted operating profit (calculated as operating profit / (loss)
excluding goodwill impairment, share-based expense and amortization
of intangible assets) as a percentage of revenue less repair
payments, and (2) ANI, which is calculated as profit excluding
goodwill impairment, share-based expense and amortization of
intangible assets and including the tax effect thereon, and
other non-GAAP financial measures included in this release as
supplemental measures of its performance. WNS presents these
non-GAAP financial measures because it believes they assist
investors in comparing its performance across reporting periods on
a consistent basis by excluding items that are non-recurring in
nature and those it believes are not indicative of its core
operating performance. In addition, it uses these non-GAAP
financial measures (i) as a factor in evaluating management’s
performance when determining incentive compensation and (ii) to
evaluate the effectiveness of its business strategies. These
non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for WNS’s financial results prepared
in accordance with IFRS.
The company is not able to provide our forward-looking GAAP
revenue, profit and earnings per ADS without unreasonable efforts
for a number of reasons, including our inability to predict with a
reasonable degree of certainty the payments to repair centers, our
future share-based compensation expense under IFRS 2 (Share Based
payments), amortization of intangibles associated with future
acquisitions, goodwill impairment and currency fluctuations. As a
result, any attempt to provide a reconciliation of the
forward-looking GAAP financial measures (revenue, profit, earnings
per ADS) to our forward-looking non-GAAP financial measures
(revenue less repair payments*, ANI* and Adjusted diluted earnings*
per ADS respectively) would imply a degree of likelihood that we do
not believe is reasonable.
Reconciliation of revenue (GAAP) to
revenue less repair payments (non-GAAP) and constant currency
revenue less repair payments (non-GAAP)
Three months ended
Three months ended Jun 30, 2017
compared to
Jun 30,2017
Jun 30,2016
Mar 31,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) (% growth) Revenue (GAAP) $
180.1 $ 148.0 $ 159.4
21.7 % 13.0 % Less: Payments to repair centers 4.8 7.2 5.3
(32.6 ) % (8.1 ) % Revenue less repair payments (Non-GAAP) $ 175.3
$ 140.8 $ 154.1 24.5 % 13.7 % Exchange rate impact (3.4 ) (6.0 )
(0.1 )
Constant currency revenue less repair
payments (Non-GAAP)
$ 171.9 $ 134.8 $ 154.0 27.5 % 11.7 %
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) Cost of revenue (GAAP) $ 124.7
$ 98.7 $ 107.4 Less: Payments to repair
centers 4.8 7.2 5.3 Less: Share-based compensation expense 0.8 0.6
0.8
Adjusted cost of revenue (excluding
payment to repair centers and share-based compensation expense)
(Non-GAAP)
$ 119.1 $ 90.9 $ 101.3
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) Gross profit (GAAP) $ 55.4
$ 49.3 $ 52.0 Add: Share-based compensation expense
0.8 0.6 0.8
Adjusted gross profit (excluding
share-based compensation expense) (Non-GAAP)
$ 56.2 $ 49.9 $ 52.8
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Gross profit as a percentage of revenue (GAAP) 30.7 % 33.3 %
32.6 %
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (Non-GAAP)
32.0 % 35.4 % 34.3 %
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) Selling and marketing expenses (GAAP)
$ 9.0 $ 7.7 $ 9.0 Less: Share-based compensation
expense 0.5 0.3 0.5
Adjusted selling and marketing expenses
(excluding share-based compensation expense) (Non-GAAP)
$ 8.5 $ 7.4 $ 8.5
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Selling and marketing expenses as a percentage of revenue (GAAP)
5.0 % 5.2 % 5.7 % Adjusted selling and
marketing expenses (excluding share-based compensation expense) as
a percentage of revenue less repair payments (Non-GAAP) 4.8 % 5.3 %
5.5 %
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) General and administrative expenses
(GAAP) $ 27.5 $ 20.9 $ 27.3 Less: Share-based
compensation expense 5.1 4.5 5.2
Adjusted general and administrative
expenses (excluding share-based compensation expense)
(Non-GAAP)
$ 22.4 $ 16.4 $ 22.1
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
General and administrative expenses as a
percentage of revenue (GAAP)
15.3 % 14.1 % 17.1 %
Adjusted general and administrative
expenses (excluding share-based compensation expense) as a
percentage of revenue less repair payments (Non-GAAP)
12.8 % 11.6 % 14.3 %
Reconciliation of operating profit /
(loss) (GAAP to non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) Operating profit /
(loss) (GAAP) $ 19.8 $ 14.5 $ (3.3
)
Add: Impairment of goodwill - - 21.7 Add: Share-based compensation
expense 6.4 5.4 6.6 Add: Amortization of intangible assets 3.9 6.3
2.9
Adjusted operating profit / (loss)
(excluding impairment of goodwill, share-based compensation expense
and amortization of intangible assets) (Non-GAAP)
$ 30.0 $ 26.3 $ 27.9
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Operating profit / (loss) as a percentage of revenue (GAAP) 11.0 %
9.8 % (2.0 )%
Adjusted operating profit (excluding
impairment of goodwill, share-based compensation expense and
amortization of intangible assets) as a percentage of revenue less
repair payments (Non-GAAP)
17.1 % 18.6 % 18.1 %
Reconciliation of profit / (loss)
(GAAP) to ANI (non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
(Amounts in millions) Profit / (loss) (GAAP) $ 16.7 $
12.2 $ (5.0 ) Add: Impairment of goodwill - - 21.7 Add: Share-based
compensation expense 6.4 5.4 6.6 Add: Amortization of intangible
assets 3.9 6.3 2.9
Adjusted net income (excluding impairment
of goodwill, share-based compensation expense and amortization of
intangible assets) (Non-GAAP)
$ 27.0 $ 23.9 $ 26.2
Less: Tax impact on amortization of
intangible assets(1)
(1.3 ) (1.6 ) (0.9 )
Less: Tax impact on share-based
compensation expense(1)
(2.1 ) (1.2 ) (1.3 )
Adjusted Net Income (excluding impairment
of goodwill, share-based compensation expense and amortization of
intangible assets, including tax effect* thereon) (Non GAAP)
$ 23.6 $ 21.1 $ 24.0
(1) The company applies GAAP methodologies in computing the tax
impact on its non-GAAP ANI adjustments (including amortization of
intangible assets and share-based compensation expense). The
company’s non-GAAP tax expense is generally higher than its GAAP
tax expense if the income subject to taxes is higher considering
the effect of the items excluded from GAAP profit to arrive at
non-GAAP profit.
* Goodwill being non-tax deductible, there is no impact on tax
thereon
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Profit as a percentage of revenue (GAAP) 9.3 %
8.2 % (3.1
)%
Adjusted net income as a percentage of
revenue less repair payments (non-GAAP) as per our previous method
of Calculation
15.4 % 17.0 % 17.0 %
Adjusted net income (excluding impairment
of goodwill, share-based compensation expense and amortization of
intangible assets, including tax effect* thereon) as a percentage
of revenue less repair payments (Non-GAAP)
13.5 % 15.0 % 15.6 %
* Goodwill being non-tax deductible, there is no impact on tax
thereon
Reconciliation of basic income per ADS
(GAAP to non-GAAP)
Three month ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Basic earnings per ADS (GAAP) $ 0.33 $ 0.24 $ (0.10 ) Add:
Adjustments for impairment of goodwill, share-based compensation
expense and amortization of intangible assets 0.21 0.23 0.62
Adjusted basic net income per ADS (Non GAAP) as per previous method
of calculation $ 0.54 $ 0.47 $ 0.52 Less: Tax impact on
amortization of intangible assets and share-based compensation
expense*
(0.07
)
(0.06
)
(0.04
)
Adjusted basic net income per ADS
(excluding impairment of goodwill, share-based compensation
expenses and amortization of intangible assets, including tax
effect* thereon) (Non-GAAP)
$ 0.47 $ 0.41 $ 0.48
* Goodwill being non-tax deductible, there is no impact on tax
thereon
Reconciliation of diluted income per
ADS (GAAP to non-GAAP)
Three months ended
Jun 30,2017
Jun 30,2016
Mar 31,2017
Diluted earnings per ADS (GAAP) $ 0.32 $ 0.23 $ (0.10 ) Add:
Adjustments for impairment of goodwill, share-based compensation
expense and amortization of intangible assets 0.19 0.22 0.60
Adjusted diluted net income per ADS (Non GAAP) as per previous
method of calculation $ 0.51 $ 0.45 $ 0.50 Less: Tax impact on
amortization of intangible assets and share-based compensation
expense*
(0.06
)
(0.05
)
(0.04
)
Adjusted diluted net income per ADS
(excluding impairment of goodwill, amortization of intangible
assets and share-based compensation expense, including tax effect*
thereon) (Non-GAAP)
$ 0.45 $ 0.40 $ 0.46
* Goodwill being non-tax deductible, there is no impact on tax
thereon
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version on businesswire.com: http://www.businesswire.com/news/home/20170720005563/en/
WNS (Holdings)
LimitedInvestors:David Mackey,
+1-201-942-6261Corporate SVP–Finance & Head of Investor
Relationsdavid.mackey@wns.comorMedia:Archana
Raghuram, +91 (22) 4095 2397Head – Corporate
Communicationsarchana.raghuram@wns.com ; pr@wns.com
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