WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) services, today announced
results for the fiscal 2021 first quarter ended June 30, 2020.
Highlights – Fiscal 2021 First Quarter:
GAAP
Financials
- Revenue of $207.8 million, down 3.1% from $214.6 million in
Q1 of last year and down 16.3% from $248.3 million last
quarter
- Profit of $14.8 million, compared to $27.6 million in Q1 of
last year and $29.5 million last quarter
- Diluted earnings per ADS of $0.29, compared to $0.53 in Q1
of last year and $0.57 last quarter
Non-GAAP
Financial Measures*
- Revenue less repair payments of $201.4 million, down 4.8%
from $211.6 million in Q1 of last year and down 14.6% from $235.8
million last quarter
- Adjusted Net Income (ANI) of $26.1 million, compared to
$37.6 million in Q1 of last year and $42.4 million last
quarter
- Adjusted diluted earnings per ADS of $0.50, compared to
$0.72 in Q1 of last year and $0.82 last quarter
Other
Metrics
- Added 7 new clients in the quarter, expanded 13 existing
relationships
- Days sales outstanding (DSO) at 39 days
- Global headcount of 43,422 as of June 30, 2020
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.”
Revenue in the first quarter was $207.8 million, representing a
3.1% decrease versus Q1 of last year and a 16.3% decrease from the
previous quarter. Revenue less repair payments* in the first
quarter was $201.4 million, a decrease of 4.8% year-over-year and
14.6% sequentially. Excluding exchange rate impacts, constant
currency revenue less repair payments* in the fiscal first quarter
were down 1.9% versus Q1 of last year and 12.5% sequentially. Both
year-over-year and sequentially, fiscal Q1 revenue was adversely
impacted by the COVID-19 pandemic including lower volume
requirements from certain clients and service delivery constraints
resulting from the transition to a “work from home” delivery model,
and by currency movements net of hedging.
Profit in the fiscal first quarter was $14.8 million, as
compared to $27.6 million in Q1 of last year and $29.5 million in
the previous quarter. Year-over-year, profit reductions were driven
by lower revenue resulting from demand and service delivery impacts
associated with the COVID-19 pandemic, increased business
continuity costs, higher share-based compensation expense, and a
higher effective tax rate. These headwinds were partially offset by
favorable currency movements net of hedging and reductions in
travel, facility-related, and discretionary expenditures.
Sequentially, Q1 profit was reduced as the company incurred a full
quarter of COVID-related headwinds versus just two weeks of impact
in the prior quarter, including revenue reductions resulting from
service delivery constraints and lower demand, and additional
business continuity costs. Profit was also reduced as a result of
increased share-based compensation expense and a higher effective
tax rate. These sequential headwinds more than offset favorability
from the $4.1 million non-recurring goodwill impairment charge in
Q4 for WNS AutoClaims, and reductions in travel, facility-related,
and discretionary expenditures.
Adjusted net income (ANI)* in Q1 was $26.1 million, down $11.5
million as compared to Q1 of last year and down $16.3 million from
the previous quarter. Explanations for the ANI* movements on a
year-over-year and sequential basis are the same as described for
GAAP profit above with the exception of goodwill impairment,
share-based compensation, and associated tax impacts, which are
excluded from ANI*.
From a balance sheet perspective, WNS ended Q1 with $321.1
million in cash and investments and $33.5 million of debt. In the
first quarter, the company generated $25.1 million in cash from
operations and incurred $6.4 million in capital expenditures,
including $2.0 million for the purchase of desktops and laptops
related to COVID-19 “work from home” delivery. First quarter days
sales outstanding were 39 days, as compared to 30 days reported in
Q1 of last year and 31 days in the previous quarter. The increase
in DSO is the result of payment delays and payment term concessions
relating to COVID-19.
“As expected, the COVID-19 pandemic had a material adverse
impact on our fiscal first quarter financial performance. Revenue
headwinds in Q1 were driven by volume reductions across several key
verticals, and by service delivery constraints resulting from
global facility lockdowns,” said Keshav Murugesh, WNS’s Chief
Executive Officer. “During Q1, WNS made tremendous progress in
transitioning our delivery to a work-from-home model and providing
business continuity to our clients. Today, WNS is delivering 95% of
our clients’ requirements, primarily from our employees’ homes. In
addition, we are beginning to see clients willing to discuss, and
in some cases move forward with, new BPM opportunities despite the
challenging and uncertain business environment. WNS remains focused
on ensuring the health and safety of our more than 43,000 global
employees and on securely servicing the needs of our clients. While
we understand that our financial performance in fiscal 2021 will be
impacted by the COVID-19 pandemic, our goal is to manage what is
within our control, continue to invest and innovate, and remain
focused on the long-term BPM opportunity. We believe that over the
next few years, this pandemic may have potential to drive
acceleration in the adoption of BPM services.”
COVID-19
The COVID-19 pandemic is having a significant impact on the
global economy, our clients’ businesses, and on WNS’s operations,
financials, and visibility. Revenue is currently being pressured by
declining client volumes, delays in new business ramps, client
concessions, and facility lockdowns which impact service delivery.
WNS is actively working to understand our clients’ changing
requirements, adapt our service delivery models, ensure data
security, and manage costs. The company is now able to deliver 95%
of our clients’ current requirements, an increase from over 80% as
reported on April 23, 2020. As expected, the adverse impact of
COVID-19 on fiscal Q1 2021 operations and financials was much
greater than in the previous quarter, as the fiscal Q4 2020 impact
was limited to the second half of March. Impacts to our full year
financial performance will be a function of how long the COVID-19
pandemic lasts on a global basis, and how long it takes our
clients’ businesses to stabilize and recover.
Fiscal Q2 2021 Guidance
WNS is providing guidance for the fiscal 2021 second quarter
ending September 30, 2020 as follows:
- Revenue less repair payments* is expected to be between $198
million and $208 million. The company currently has over 98%
visibility to the midpoint of this range. Guidance assumes an
average GBP to USD exchange rate of 1.25 for the quarter.
- ANI* is expected to range between $24 million and $30 million.
Guidance assumes an average USD to INR exchange rate of 75.00 for
the quarter.
- Based on a diluted share count of 51.7 million shares, the
company expects adjusted diluted earnings* per ADS to be in the
range of $0.46 to $0.58 for the quarter.
“Based on the volatility and lack of visibility stemming from
the COVID-19 pandemic and the associated impacts on WNS’s and our
clients’ businesses, the company has extended our suspension of
annual guidance. WNS will continue to monitor the COVID-19
situation and plans to resume annual guidance when visibility
improves. In the meantime, our business remains in a strong
financial position, ending the first quarter with $288 million in
net cash*, $84 million in unused lines of credit, and a business
model with low capital requirements and substantial operating cost
flexibility,” said Sanjay Puria, WNS’s Chief Financial Officer.
Conference Call
WNS will host a conference call on July 16, 2020 at 8:00 am
(Eastern) to discuss the company's quarterly results. To access the
call in “listen-only” mode, please join live via the company’s
investor relations website at ir.wns.com. For call participants,
please use the following details: US dial-in +1-888-656-9018;
international dial-in +1-503-343-6030; participant passcode
5798680. A replay will be available for one week following the call
at +1-855-859-2056; international dial-in +1-404-537-3406; passcode
5798680, 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 Business Process
Management (BPM) company. WNS combines deep industry knowledge with
technology, analytics and process expertise to co-create
innovative, digitally led transformational solutions with over 375
clients across various industries. WNS delivers an entire spectrum
of BPM solutions including industry-specific offerings, customer
interaction services, finance and accounting, human resources,
procurement, and research and analytics to re-imagine the digital
future of businesses. As of June 30, 2020, WNS had 43,422
professionals across 61 delivery centers worldwide including
facilities in China, Costa Rica, India, the Philippines, Poland,
Romania, South Africa, Spain, Sri Lanka, Turkey, the 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, express or implied forward-looking statements relating to
our expectations regarding the impact of the COVID-19 pandemic on
our business, our cost structure, 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 2021 second quarter commentary, future profitability, 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,
including the impact of the COVID-19 pandemic on our business
operations and future growth; 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 collect our receivables from,
or bill our unbilled services to our clients; 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).
_________________________________
* 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.
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited, amounts in
millions, except share and per share data)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Revenue
$
207.8
$
214.6
$
248.3
Cost of revenue
140.4
133.5
158.4
Gross profit
67.4
81.1
90.0
Operating expenses:
Selling and marketing expenses
12.4
12.4
15.2
General and administrative expenses
31.9
30.0
32.4
Foreign exchange gain, net
(0.6
)
(0.8
)
(1.3
)
Impairment of Goodwill
-
-
4.1
Amortization of intangible assets
3.7
3.9
3.8
Operating profit
20.0
35.6
35.8
Other income, net
(3.2
)
(3.7
)
(4.0
)
Finance expense
3.7
4.4
4.0
Profit before income taxes
19.5
34.8
35.7
Income tax expense
4.6
7.2
6.2
Profit after tax
$
14.8
$
27.6
$
29.5
Earnings per share of ordinary share
Basic
$
0.30
$
0.55
$
0.59
Diluted
$
0.29
$
0.53
$
0.57
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in
millions, except share and per share data)
As at Jun 30, 2020
As at Mar 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
128.9
$
96.9
Investments
111.0
125.6
Trade receivables, net
92.4
89.8
Unbilled revenue
56.6
58.0
Funds held for clients
7.9
15.8
Derivative assets
8.9
13.2
Contract assets
7.4
7.5
Prepayments and other current assets
21.2
22.0
Total current assets
434.3
428.8
Non-current assets:
Goodwill
121.4
121.3
Intangible assets
67.8
70.1
Property and equipment
55.6
57.0
Right-of-use assets
156.3
159.1
Derivative assets
1.0
2.1
Investments
81.2
80.1
Contract assets
25.2
28.9
Deferred tax assets
32.1
28.9
Other non-current assets
35.2
36.0
Total non-current assets
575.7
583.5
TOTAL ASSETS
$
1,010.0
$
1,012.3
LIABILITIES AND EQUITY
Current liabilities:
Trade payables
$
24.1
$
29.3
Provisions and accrued expenses
25.4
29.0
Derivative liabilities
5.8
9.6
Pension and other employee obligations
51.6
76.9
Current portion of long-term debt
16.7
16.7
Contract liabilities
11.3
10.3
Current taxes payable
5.6
3.3
Lease liabilities
25.4
23.4
Other liabilities
11.7
7.4
Total current liabilities
177.6
205.8
Non-current liabilities:
Derivative liabilities
1.4
3.9
Pension and other employee obligations
15.5
13.0
Long-term debt
16.8
16.7
Contract liabilities
17.7
20.1
Other non-current liabilities
0.2
0.2
Lease liabilities
155.6
155.5
Deferred tax liabilities
9.7
10.1
Total non-current liabilities
216.9
219.4
TOTAL LIABILITIES
$
394.5
$
425.2
Shareholders' equity:
Share capital (ordinary shares $0.16 (10
pence) par value, authorized 60,000,000 shares; issued: 49,809,313
shares and 49,733,640 shares; each as at June 30, 2020 and March
31, 2020, respectively)
7.9
7.9
Share premium
199.4
187.3
Retained earnings
601.2
586.3
Other components of equity
(193.0
)
(194.4
)
Total shareholders’ equity
$
615.4
$
587.1
TOTAL LIABILITIES AND EQUITY
$
1,010.0
$
1,012.3
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 May 1,
2020.
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 May 1, 2020.
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 or discusses (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, (2) ANI, which is calculated as profit
excluding goodwill impairment, share-based expense and amortization
of intangible assets and including the tax effect thereon, (3)
Adjusted net income margin, which refers to ANI as a percentage of
revenue less repair payments, (4) net cash, which refers to cash
and cash equivalents plus investments less long-term debt
(including the current portion) 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, 2020 compared
to
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
(% growth)
Revenue (GAAP)
$
207.8
$
214.6
$
248.3
(3.1%
)
(16.3%)
Less: Payments to repair centers
6.4
3.0
12.6
114.5%
(49.2%)
Revenue less repair payments
(non-GAAP)
$
201.4
$
211.6
$
235.8
(4.8%
)
(14.6%)
Exchange rate impact
(1.4
)
(7.6
)
(7.1
)
Constant currency revenue less repair
payments (non-GAAP)
$
200.0
$
204.0
$
228.7
(1.9%
)
(12.5%)
Reconciliation of cost of revenue (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
Cost of revenue (GAAP)
$
140.4
$
133.5
$
158.4
Less: Payments to repair centers
6.4
3.0
12.6
Less: Share-based compensation expense
1.4
1.2
0.8
Adjusted cost of revenue (excluding
payment to repair centers and share-based compensation expense)
(non-GAAP)
$
132.6
$
129.3
$
145.0
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
Gross profit (GAAP)
$
67.4
$
81.1
$
90.0
Add: Share-based compensation expense
1.4
1.2
0.8
Adjusted gross profit (excluding
share-based compensation expense) (non-GAAP)
$
68.8
$
82.3
$
90.8
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Gross profit as a percentage of revenue
(GAAP)
32.4
%
37.8
%
36.2
%
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (non-GAAP)
34.2
%
38.9
%
38.5
%
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
Selling and marketing expenses (GAAP)
$
12.4
$
12.4
$
15.2
Less: Share-based compensation expense
1.9
1.1
1.1
Adjusted selling and marketing expenses
(excluding share-based compensation expense) (non-GAAP)
$
10.6
$
11.3
$
14.1
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Selling and marketing expenses as a
percentage of revenue (GAAP)
6.0
%
5.8
%
6.1
%
Adjusted selling and marketing expenses
(excluding share-based compensation expense) as a percentage of
revenue less repair payments (non-GAAP)
5.2
%
5.3
%
6.0
%
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
General and administrative expenses
(GAAP)
$
31.9
$
30.0
$
32.4
Less: Share-based compensation expense
8.4
6.4
6.3
Adjusted general and administrative
expenses (excluding share-based compensation expense)
(non-GAAP)
$
23.5
$
23.6
$
26.1
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
General and administrative expenses as a
percentage of revenue (GAAP)
15.3
%
14.0
%
13.1
%
Adjusted general and administrative
expenses (excluding share-based compensation expense) as a
percentage of revenue less repair payments (non-GAAP)
11.7
%
11.2
%
11.1
%
Reconciliation of operating profit /
(loss) (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
Operating profit (GAAP)
$
20.0
$
35.6
$
35.8
Add: Impairment of goodwill
-
-
4.1
Add: Share-based compensation expense
11.7
8.6
8.2
Add: Amortization of intangible assets
3.7
3.9
3.8
Adjusted operating profit (excluding
impairment of goodwill, share-based compensation expense and
amortization of intangible assets) (non-GAAP)
$
35.3
$
48.2
$
51.9
Three months ended
Jun 30, 2020
Jun 30, 2019
Mar 31, 2020
Operating profit as a percentage of
revenue (GAAP)
9.6
%
16.6
%
14.4
%
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)
17.5
%
22.8
%
22.0
%
Reconciliation of profit / (loss) (GAAP) to ANI
(non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
(Amounts in millions)
Profit after tax (GAAP)
$
14.8
$
27.6
$
29.5
Add: Impairment of goodwill
-
-
4.1
Add: Share-based compensation expense
11.7
8.6
8.2
Add: Amortization of intangible assets
3.7
3.9
3.8
Less: Tax impact on share-based
compensation expense(1)
(3.2
)
(1.7
)
(2.2
)
Less: Tax impact on amortization of
intangible assets(1)
(0.9
)
(0.9
)
(1.1
)
Adjusted Net Income (excluding impairment
of goodwill, share-based compensation expense and amortization of
intangible assets, including tax effect** thereon) (non-GAAP)
$
26.1
$
37.6
$
42.4
(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,
2020
Jun 30,
2019
Mar 31,
2020
Profit after tax as a percentage of
revenue (GAAP)
7.1
%
12.9
%
11.9
%
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)
12.9
%
17.8
%
18.0
%
** Goodwill being non-tax deductible, there is no impact on tax
thereon
Reconciliation of basic earnings per
ADS (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Basic earnings per ADS (GAAP)
$
0.30
$
0.55
$
0.59
Add: Adjustments for impairment of
goodwill, share-based compensation expense and amortization of
intangible assets
0.31
0.25
0.32
Less: Tax impact on share-based
compensation expense and amortization of intangible assets**
(0.09
)
(0.05
)
(0.06
)
Adjusted basic earnings per ADS (excluding
impairment of goodwill, share-based compensation expense and
amortization of intangible assets, including tax effect** thereon)
(non-GAAP)
$
0.52
$
0.75
$
0.85
** Goodwill being non-tax deductible, there is no impact on tax
thereon
Reconciliation of diluted earnings per
ADS (GAAP to non-GAAP)
Three months ended
Jun 30,
2020
Jun 30,
2019
Mar 31,
2020
Diluted earnings per ADS (GAAP)
$
0.29
$
0.53
$
0.57
Add: Adjustments for impairment of
goodwill, share-based compensation expense and amortization of
intangible assets
0.30
0.24
0.31
Less: Tax impact on share-based
compensation expense and amortization of intangible assets**
(0.09
)
(0.05
)
(0.06
)
Adjusted diluted earnings per ADS
(excluding impairment of goodwill, share-based compensation expense
and amortization of intangible assets, including tax effect**
thereon) (non-GAAP)
$
0.50
$
0.72
$
0.82
** Goodwill being non-tax deductible, there is no impact on tax
thereon
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200716005455/en/
Investors: David Mackey EVP
– Finance & Head of Investor Relations WNS (Holdings) Limited
+1 (201) 942-6261 david.mackey@wns.com
Media: Archana Raghuram
Global Head – Marketing & Communications and Corporate Business
Development WNS (Holdings) Limited +91 (22) 4095 2397
archana.raghuram@wns.com ; pr@wns.com
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