WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) services, today announced
results for the fiscal 2021 second quarter ended September 30,
2020.
Highlights – Fiscal 2021 Second Quarter:
GAAP
Financials
- Revenue of $222.6 million, down 1.6% from $226.2 million in
Q2 of last year and up 7.1% from $207.8 million last
quarter
- Profit of $29.2 million, compared to $28.7 million in Q2 of
last year and $14.8 million last quarter
- Diluted earnings per ADS of $0.56, compared to $0.56 in Q2
of last year and $0.29 last quarter
Non-GAAP
Financial Measures*
- Revenue less repair payments of $214.4 million, down 2.9%
from $220.7 million in Q2 of last year and up 6.4% from $201.4
million last quarter
- Adjusted Net Income (ANI) of $37.9 million, compared to
$40.6 million in Q2 of last year and $26.1 million last
quarter
- Adjusted diluted earnings per ADS of $0.73, compared to
$0.79 in Q2 of last year and $0.50 last quarter
Other
Metrics
- Added 8 new clients in the quarter, expanded 17 existing
relationships
- Days sales outstanding (DSO) at 34 days
- Global headcount of 41,466 as of September 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 second quarter was $222.6 million, representing a
1.6% decrease versus Q2 of last year and a 7.1% increase from the
previous quarter. Revenue less repair payments* in the second
quarter was $214.4 million, a decrease of 2.9% year-over-year and
an increase of 6.4% sequentially. Excluding exchange rate impacts,
constant currency revenue less repair payments* in the fiscal
second quarter was down 2.8% versus Q2 of last year and up 4.2%
sequentially. Year-over-year, fiscal Q2 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.
These headwinds more than offset the year-over-year growth from new
client additions and the expansion of existing relationships.
Sequentially, revenue improvement was driven by improved service
delivery capability, client expansions, and currency movements net
of hedging which partially offset lower volumes with certain
clients relating to COVID-19.
Profit in the fiscal second quarter was $29.2 million, as
compared to $28.7 million in Q2 of last year and $14.8 million in
the previous quarter. Year-over-year, profit improvement was the
result of lower share-based compensation expense, a one-time
reversal of our corporate leave provision, reductions in travel,
facility-related and discretionary expenditures, and favorable
currency movements net of hedging. The leave provision reversal
contributed $4.0 million to Q2 pre-tax profit, and was the result
of a policy change which removed employee’s ability to carryforward
unused leave for fiscal 2021. These benefits more than offset
headwinds from the COVID-19 pandemic including revenue reductions,
employee carrying costs, and increased business continuity costs.
In addition, the company recorded a higher effective tax rate
versus last year, driven by the geographic mix of profit.
Sequentially, Q2 profit increased as a result of revenue
improvement, lower headcount, reduced share-based compensation
expense, the one-time reversal of our corporate leave provision,
decreased business continuity costs, and a lower effective tax
rate. These benefits more than offset the headwinds from hedging
losses net of currency movements.
Adjusted net income (ANI)* in Q2 was $37.9 million, down $2.7
million as compared to Q2 of last year and up $11.8 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 share-based compensation
costs and associated tax impacts, which are excluded from ANI*.
From a balance sheet perspective, WNS ended Q2 with $366.5
million in cash and investments and $25.1 million of debt. In the
second quarter, the company generated $56.7 million in cash from
operations and incurred $6.5 million in capital expenditures. The
company also made scheduled debt payments of $8.4 million. Second
quarter days sales outstanding were 34 days, as compared to 29 days
reported in Q2 of last year and 39 days in the previous quarter.
The year-over-year increase in DSO is the result of payment delays
and payment term concessions relating to COVID-19.
“In the fiscal second quarter, WNS made solid progress growing
our top line, adjusting our cost structure, and ensuring our
ability to service clients’ requirements in a difficult business
environment,” said Keshav Murugesh, WNS’s Chief Executive Officer.
“As a result we were able to post solid sequential revenue growth
and healthy margins. We are also pleased that visibility has now
improved to the point where the company is comfortable providing
annual guidance. Looking forward, while we are seeing some delays
in converting larger signed deals into revenue, we are pleased with
the overall health of the sales pipeline including new opportunity
additions, progress of deals through the pipeline, and contract
signings for both new logos and existing client expansions. While
we continue to expect some volatility in our business over the next
few quarters, we remain confident in our financial strength,
differentiated capabilities, underlying business momentum, and
proven ability to execute. WNS will continue to focus on ensuring
the health and safety of our global employees, securely servicing
the needs of our clients, and investing for the expanding BPM
opportunity.”
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 continues to be pressured by
lower client volumes, delays in new business ramps, client
concessions, and facility lockdowns which impact service delivery.
WNS is actively working to understand and manage our clients’
changing requirements, adapt our service delivery models, ensure
data security, and manage costs. The company is now able to deliver
98% of our clients’ current requirements, as compared to 95% as
reported on July 16, 2020. 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 2021 Guidance
WNS is providing guidance for the fiscal year ending March 31,
2021 as follows:
- Revenue less repair payments* is expected to be between $830
million and $854 million, down from $896 million in fiscal 2020.
Guidance assumes an average GBP to USD exchange rate of 1.29 for
the remainder of fiscal 2021.
- ANI* is expected to range between $121 million and $129 million
versus $161 million in fiscal 2020. Guidance assumes an average USD
to INR exchange rate of 73.50 for the remainder of fiscal
2021.
- Based on a diluted share count of 52.0 million shares, the
company expects adjusted diluted earnings* per ADS to be in the
range of $2.33 to $2.48 versus $3.10 in fiscal 2020.
“The company has provided our forecast for fiscal 2021 based on
current visibility levels and exchange rates,” said Sanjay Puria,
WNS’s Chief Financial Officer. “Our guidance for the full year
reflects a reduction in revenue less repair payments* of -7% to -5%
on a reported basis, or -7% to -4% constant currency*. We currently
have 98% visibility to the midpoint of the range, consistent with
October guidance in previous years.”
Conference Call
WNS will host a conference call on October 15, 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
1565479. A replay will be available for one week following the call
at +1-855-859-2056; international dial-in +1-404-537-3406; passcode
1565479, 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 September 30, 2020, WNS had 41,466
professionals across 60 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
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Revenue
$
222.6
$
226.2
$
207.8
Cost of revenue
137.9
142.1
140.4
Gross profit
84.7
84.1
67.4
Operating expenses:
Selling and marketing expenses
12.1
12.2
12.4
General and administrative expenses
28.6
32.7
31.9
Foreign exchange loss / (gain), net
1.4
(1.1
)
(0.6
)
Amortization of intangible assets
3.3
3.9
3.7
Operating profit
39.2
36.3
20.0
Other income, net
(3.0
)
(3.3
)
(3.2
)
Finance expense
3.7
4.3
3.7
Profit before income taxes
38.5
35.2
19.5
Income tax expense
9.3
6.5
4.6
Profit after tax
$
29.2
$
28.7
$
14.8
Earnings per share of ordinary share
Basic
$
0.59
$
0.58
$
0.30
Diluted
$
0.56
$
0.56
$
0.29
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in
millions, except share and per share data)
As at Sep 30, 2020
As at Mar 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
137.2
$
96.9
Investments
145.6
125.6
Trade receivables, net
86.8
89.8
Unbilled revenue
60.1
58.0
Funds held for clients
7.5
15.8
Derivative assets
9.5
13.2
Contract assets
7.5
7.5
Prepayments and other current assets
21.4
22.0
Total current assets
475.3
428.8
Non-current assets:
Goodwill
122.8
121.3
Intangible assets
67.9
70.1
Property and equipment
56.9
57.0
Right-of-use assets
156.8
159.1
Derivative assets
2.4
2.1
Investments
83.7
80.1
Trade receivables, net
0.5
-
Contract assets
26.0
28.9
Deferred tax assets
32.2
28.9
Other non-current assets
34.8
36.0
Total non-current assets
584.0
583.5
TOTAL ASSETS
$
1,059.4
$
1,012.3
LIABILITIES AND EQUITY
Current liabilities:
Trade payables
$
24.5
$
29.3
Provisions and accrued expenses
25.9
29.0
Derivative liabilities
2.6
9.6
Pension and other employee obligations
59.5
76.9
Current portion of long-term debt
16.7
16.7
Contract liabilities
11.6
10.3
Current taxes payable
3.2
3.3
Lease liabilities
25.4
23.4
Other liabilities
7.4
7.4
Total current liabilities
176.6
205.8
Non-current liabilities:
Derivative liabilities
0.7
3.9
Pension and other employee obligations
17.3
13.0
Long-term debt
8.4
16.7
Contract liabilities
16.9
20.1
Other non-current liabilities
0.2
0.2
Lease liabilities
156.3
155.5
Deferred tax liabilities
9.5
10.1
Total non-current liabilities
209.3
219.4
TOTAL LIABILITIES
$
385.9
$
425.2
Shareholders' equity:
Share capital (ordinary shares $0.16 (10
pence) par value, authorized 60,000,000 shares; issued: 49,990,612
shares and 49,733,640 shares; each as at September 30, 2020 and
March 31, 2020, respectively)
7.9
7.9
Share premium
207.9
187.3
Retained earnings
630.4
586.3
Other components of equity
(172.7
)
(194.4
)
Total shareholders’ equity
$
673.4
$
587.1
TOTAL LIABILITIES AND EQUITY
$
1,059.4
$
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
Sep 30, 2020 compared
to
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
(% growth)
Revenue (GAAP)
$
222.6
$
226.2
$
207.8
(1.6%
)
7.1%
Less: Payments to repair centers
8.2
5.5
6.4
48.7%
28.2%
Revenue less repair payments
(non-GAAP)
$
214.4
$
220.7
$
201.4
(2.9%
)
6.4%
Exchange rate impact
(1.3
)
(1.4
)
3.2
Constant currency revenue less repair
payments (non-GAAP)
$
213.1
$
219.3
$
204.6
(2.8%
)
4.2%
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
Cost of revenue (GAAP)
$
137.9
$
142.1
$
140.4
Less: Payments to repair centers
8.2
5.5
6.4
Less: Share-based compensation expense
0.8
1.5
1.4
Adjusted cost of revenue (excluding
payment to repair centers and share-based compensation expense)
(non-GAAP)
$
129.0
$
135.1
$
132.6
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
Gross profit (GAAP)
$
84.7
$
84.1
$
67.4
Add: Share-based compensation expense
0.8
1.5
1.4
Adjusted gross profit (excluding
share-based compensation expense) (non-GAAP)
$
85.5
$
85.6
$
68.8
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Gross profit as a percentage of revenue
(GAAP)
38.0
%
37.2
%
32.4
%
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (non-GAAP)
39.9
%
38.8
%
34.2
%
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
Selling and marketing expenses (GAAP)
$
12.1
$
12.2
$
12.4
Less: Share-based compensation expense
0.8
1.4
1.9
Adjusted selling and marketing expenses
(excluding share-based compensation expense) (non-GAAP)
$
11.3
$
10.8
$
10.6
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Selling and marketing expenses as a
percentage of revenue (GAAP)
5.4
%
5.4
%
6.0
%
Adjusted selling and marketing expenses
(excluding share-based compensation expense) as a percentage of
revenue less repair payments (non-GAAP)
5.3
%
4.9
%
5.2
%
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
General and administrative expenses
(GAAP)
$
28.6
$
32.7
$
31.9
Less: Share-based compensation expense
6.0
8.7
8.4
Adjusted general and administrative
expenses (excluding share-based compensation expense)
(non-GAAP)
$
22.6
$
23.9
$
23.5
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
General and administrative expenses as a
percentage of revenue (GAAP)
12.9
%
14.5
%
15.3
%
Adjusted general and administrative
expenses (excluding share-based compensation expense) as a
percentage of revenue less repair payments (non-GAAP)
10.5
%
10.8
%
11.7
%
Reconciliation of operating profit /
(loss) (GAAP to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
Operating profit (GAAP)
$
39.2
$
36.3
$
20.0
Add: Share-based compensation expense
7.6
11.7
11.7
Add: Amortization of intangible assets
3.3
3.9
3.7
Adjusted operating profit (excluding
share-based compensation expense and amortization of intangible
assets) (non-GAAP)
$
50.2
$
51.9
$
35.3
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Operating profit as a percentage of
revenue (GAAP)
17.6
%
16.1
%
9.6
%
Adjusted operating profit (excluding
share-based compensation expense and amortization of intangible
assets) as a percentage of revenue less repair payments
(non-GAAP)
23.4
%
23.5
%
17.5
%
Reconciliation of profit / (loss)
(GAAP) to ANI (non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
(Amounts in millions)
Profit after tax (GAAP)
$
29.2
$
28.7
$
14.8
Add: Share-based compensation expense
7.6
11.7
11.7
Add: Amortization of intangible assets
3.3
3.9
3.7
Less: Tax impact on share-based
compensation expense(1)
(1.4
)
(2.8
)
(3.2
)
Less: Tax impact on amortization of
intangible assets(1)
(0.9
)
(1.0
)
(0.9
)
Adjusted Net Income (excluding share-based
compensation expense and amortization of intangible assets,
including tax effect thereon) (non-GAAP)
$
37.9
$
40.6
$
26.1
(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.
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Profit after tax as a percentage of
revenue (GAAP)
13.1
%
12.7
%
7.1
%
Adjusted net income (excluding share-based
compensation expense and amortization of intangible assets,
including tax effect thereon) as a percentage of revenue less
repair payments (non-GAAP)
17.7
%
18.4
%
12.9
%
Reconciliation of basic earnings per
ADS (GAAP to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Basic earnings per ADS (GAAP)
$
0.59
$
0.58
$
0.30
Add: Adjustment of share-based
compensation expense and amortization of intangible assets
0.22
0.31
0.31
Less: Tax impact on share-based
compensation expense and amortization of intangible assets
(0.05
)
(0.07
)
(0.09
)
Adjusted basic earnings per ADS (excluding
share-based compensation expense and amortization of intangible
assets, including tax effect thereon) (non-GAAP)
$
0.76
$
0.82
$
0.52
Reconciliation of diluted earnings per
ADS (GAAP to non-GAAP)
Three months ended
Sep 30,
2020
Sep 30,
2019
Jun 30,
2020
Diluted earnings per ADS (GAAP)
$
0.56
$
0.56
$
0.29
Add: Adjustments for share-based
compensation expense and amortization of intangible assets
0.21
0.30
0.30
Less: Tax impact on share-based
compensation expense and amortization of intangible assets
(0.04
)
(0.07
)
(0.09
)
Adjusted diluted earnings per ADS
(excluding share-based compensation expense and amortization of
intangible assets, including tax effect thereon) (non-GAAP)
$
0.73
$
0.79
$
0.50
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201015005394/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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