EXL Releases Statement on COVID-19 Impact and Withdraws 2020 Guidance
March 23 2020 - 8:00AM
ExlService Holdings, Inc. (NASDAQ: EXLS), a leading operations
management and analytics company, today announced that it is
withdrawing the Company’s 2020 annual guidance. Several of
the Company’s operation centers have been and may continue to be
affected by local restrictions on facilities access. EXL has
implemented business continuity measures, such as remote working,
where applicable to continue operations and is partnering closely
with clients to provide required support to their businesses.
Until there is clarity on the duration and severity of the
COVID-19 situation, EXL is withdrawing its 2020 annual
guidance. At this time, the impact of COVID-19 on future
revenues, profitability and our overall business cannot be
accurately assessed. EXL intends to reassess its annual guidance in
April and hopes to have better clarity for 2020 when the Company
releases its first quarter results.
The Company continues to maintain a strong cash and liquidity
position. As of the end of December 31, 2019, the Company had a net
positive cash position of $71.5 million with cash and short term
investments of $321.4 million and total borrowings of $249.9
million. Since December 31, 2019, there have been no
significant changes to the Company’s net cash position.
About ExlService Holdings,
Inc.
EXL (NASDAQ: EXLS) is a leading operations
management and analytics company that helps our clients build and
grow sustainable businesses. By orchestrating our domain expertise,
data, analytics and digital technology, we look deeper to design
and manage agile, customer-centric operating models to improve
global operations, drive profitability, enhance customer
satisfaction, increase data-driven insights, and manage risk and
compliance. Headquartered in New York, EXL has more than 31,700
professionals in locations throughout the United States, the UK,
Europe, India, the Philippines, Colombia, Australia and South
Africa. EXL serves multiple industries including insurance,
healthcare, banking and financial services, utilities, travel,
transportation and logistics, media and retail, among others. For
more information, visit www.exlservice.com.
Continuing Statement Regarding
Forward-Looking Statements This press release contains
forward-looking statements. You should not place undue reliance on
those statements because they are subject to numerous uncertainties
and factors relating to EXL's operations and business environment,
all of which are difficult to predict and many of which are beyond
EXL’s control. Forward-looking statements include information
concerning EXL’s possible or assumed future results of operations,
including descriptions of its business strategy. These statements
may include words such as “may,” “will,” “should,” “believe,”
“expect,” “anticipate,” “intend,” “plan,” “estimate” or similar
expressions. These statements are based on assumptions that we have
made in light of management's experience in the industry as well as
its perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances. You should understand that these
statements are not guarantees of performance or results. They
involve known and unknown risks, uncertainties and assumptions.
Although EXL believes that these forward-looking statements are
based on reasonable assumptions, you should be aware that many
factors could affect EXL’s actual financial results or results of
operations and could cause actual results to differ materially from
those in the forward-looking statements. These factors, which
include our ability to successfully close and integrate strategic
acquisitions, ability to respond to and manage emerging public
health crises, including the outbreak of the novel coronavirus
(COVID-19), are discussed in more detail in EXL’s filings with the
Securities and Exchange Commission, including EXL’s Annual Report
on Form 10-K. These risks could cause actual results to differ
materially from those implied by forward-looking statements in this
release. You should keep in mind that any forward-looking statement
made herein, or elsewhere, speaks only as of the date on which it
is made. New risks and uncertainties come up from time to time, and
it is impossible to predict these events or how they may affect
EXL. EXL has no obligation to update any forward-looking statements
after the date hereof, except as required by federal securities
laws.
Contact: Steven N. BarlowVice President, Investor Relations(212)
624-5913ir@exlservice.com
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