WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global business process outsourcing (BPO) services, today announced
results for the fiscal fourth quarter and fiscal year 2011 ended
March 31, 2011.
“WNS has made good progress on our key strategic initiatives
over the past year. Our verticalization strategy has been
well-received by clients and we are investing in the necessary
sales and marketing resources. We have expanded our client-facing
team and our discussions are focused on higher-level engagements.
Given the progress we have made, we are on track for growth in
fiscal 2012," said Group Chief Executive Officer, Keshav
Murugesh.
Fiscal Fourth Quarter 2011 Financial Highlights
Revenue for the fiscal fourth quarter 2011 increased by 1.2
percent to $159.5 million, compared to $157.6 million in the
corresponding quarter in the prior fiscal year, and increased by
4.5 percent sequentially from $152.7 million in the fiscal third
quarter of 2011. Revenue less repair payments* for the fiscal
fourth quarter 2011 declined 2.5 percent to $94.3 million, compared
to $96.7 million in the corresponding quarter in the prior fiscal
year, and increased 1.8 percent sequentially from $92.7 million in
the fiscal third quarter of 2011. Revenue less repair payments
declined, as compared to the corresponding quarter in the prior
fiscal year, largely as a result of lower volumes in the insurance,
autoclaims and travel businesses and the change in pricing terms
with a large travel client. These headwinds were partially offset
by the positive impact of ramp ups of business with existing
Finance & Accounting and Research & Analytics clients. The
sequential increase in revenue less repair payments was a result of
higher volumes in the travel and insurance business due to
seasonality, the ramp ups of new clients and a stronger British
Pound. This increase was partially offset by lower volumes in the
autoclaims business.
Gross margin, as a percent of revenues, was 20.9 percent in the
fiscal fourth quarter 2011, compared to 21.6 percent in the
corresponding quarter in the prior fiscal year and 20.4 percent in
the fiscal third quarter of 2011. WNS’s adjusted gross margin
excluding share based compensation expense*, as a percent of
revenue less repair payments, was 35.7 percent in the fiscal fourth
quarter 2011, compared to 36.2 percent in the corresponding quarter
in the prior fiscal year, and 33.9 percent in the fiscal third
quarter of 2011. The decline compared with the corresponding
quarter in the prior fiscal year was primarily due to the impact of
wage inflation, a stronger Indian Rupee and the change in pricing
terms with a large travel client. The sequential improvement in
adjusted gross margin excluding share based compensation was
primarily due to the higher volumes in the travel and insurance
businesses, improved productivity and a stronger British Pound.
Selling, General and Administrative (SG&A) expenses, as a
percentage of revenues, were 13.2 percent in the fiscal fourth
quarter 2011, compared to 14.5 percent in the corresponding quarter
in the prior fiscal year and 13.2 percent in the fiscal third
quarter of 2011. Adjusted Selling, General and Administrative
(SG&A) expenses excluding share based compensation expense*, as
a percentage of revenue less repair payments, were 21.2 percent in
the fiscal fourth quarter 2011, compared to 20.0 percent in the
corresponding quarter in the prior fiscal year and 20.8 percent in
the fiscal third quarter of 2011. This increase was primarily the
result of an increase in sales and marketing spend, including
investment in the expansion of WNS’s sales force.
Operating income, as a percentage of revenues, was 2.7 percent
in the fiscal fourth quarter 2011, compared to 2.1 percent in the
corresponding quarter in the prior fiscal year and 2.0 percent in
the fiscal third quarter of 2011. Adjusted operating income
excluding amortization of intangible assets and share based
compensation*, as a percentage of revenue less repair payments, was
14.5 percent in the fiscal fourth quarter 2011, compared to 16.2
percent in the corresponding quarter in the prior fiscal year and
13.0 percent in the fiscal third quarter of 2011. The reasons for
the movement in adjusted operating margins are in line with those
for the movement in gross margins as well as SG&A expenses as
detailed above.
Net income attributable to WNS shareholders for the fiscal
fourth quarter 2011 was $5.2 million or $0.11 diluted income per
ADS, compared to $1.0 million or $0.03 diluted income per ADS in
the corresponding quarter in the prior fiscal year and $5.8 million
or $0.13 diluted income per ADS in the fiscal third quarter of
2011. Adjusted net income* for the fiscal fourth quarter 2011 was
$14.3 million or $0.32 adjusted diluted income per ADS, compared to
$13.3 million or $0.30 adjusted diluted income per ADS in the
corresponding quarter in the prior fiscal year and adjusted net
income of $14.7 million or $0.33 adjusted diluted income per ADS in
the fiscal third quarter of 2011. Adjusted net income increased
compared with the fiscal fourth quarter of 2010 as a result of
profits from WNS’s hedging program, cost management initiatives and
higher volumes from existing clients. This improvement was offset
by a one-time net impact of approximately $2.1 million. This
one-time charge is primarily on account of the discontinuation of
hedge accounting on certain hedges resulting in the
reclassification of the fair value of the hedges from “Other
Comprehensive Income” on our balance sheet to earnings. The
discontinuation of hedge accounting resulted from the transfer of a
large customer contract from one WNS entity to another during the
quarter. This was offset by the adjustments to certain deferred tax
liabilities as a consequence of the same transfer and change in tax
status of the entity. While these impact the earnings for the
quarter and the year there is no impact on the cash flows as this
is purely an accounting impact.
Fiscal Full Year 2011 Financial Highlights
Revenue for the fiscal year 2011 increased by 5.8 percent to
$616.3 million, compared to $582.5 million in prior fiscal year.
Revenue less repair payments* for the fiscal year 2011 declined 5.4
percent to $369.4 million, compared to $390.5 million in the prior
fiscal year. Revenue less repair payments declined, as compared
with the prior fiscal year, largely as a result of weaker British
Pound compared with fiscal 2010, lower volumes in the autoclaims,
insurance and travel businesses and the change in pricing terms
with a large travel client. These headwinds were partially offset
by the positive impact of improved pricing with a large insurance
client and ramp ups of business with existing clients.
Gross margin, as a percent of revenues, was 20.2 percent in the
fiscal year 2011, compared to 24.6 percent in the prior fiscal
year. WNS’s adjusted gross margin excluding share based
compensation expense*, as a percent of revenue less repair
payments, was 33.9 percent in the fiscal year 2011, compared to
37.6 percent in the prior fiscal year. The decline compared with
the prior fiscal year was primarily due to the impact of wage
inflation, a weaker British Pound, a stronger Indian Rupee and the
change in pricing terms with a large travel client.
Selling, General and Administrative (SG&A) expenses, as a
percentage of revenues, were 13.1 percent in the fiscal year 2011,
compared to 14.8 percent in the prior fiscal year. Adjusted
Selling, General and Administrative (SG&A) expenses excluding
share based compensation expense and related fringe benefit taxes*,
as a percentage of revenue less repair payments, were 21.0 percent
in the fiscal year 2011, compared to 19.0 percent in the prior
fiscal year. This increase was primarily as a result of investment
in sales and marketing, specifically in the expansion of the sale
force, and a lower revenue base.
Operating income, as a percentage of revenues, was 2.0 percent
in the fiscal year 2011, compared to 4.2 percent in the prior
fiscal year. Adjusted operating income excluding amortization of
intangible assets share based compensation expense and related
fringe benefit taxes*, as a percentage of revenue less repair
payments, was 13.0 percent in the fiscal year 2011, compared to
18.6 percent in the prior fiscal year. Operating margins during the
fiscal year were negatively impacted, as compared with the prior
fiscal year, for the same factors that impacted fiscal 2011
adjusted gross margins.
Net income attributable to WNS shareholders for the fiscal year
2011 was $9.8 million or $0.21 diluted income per ADS, compared to
net income attributable to WNS shareholders of $3.7 million or
$0.08 diluted income per ADS in the prior fiscal year. Adjusted net
income* for the fiscal year 2011 was $44.9 million or $1.00
adjusted diluted income per ADS, compared to $50.7 million or $1.15
adjusted diluted income per ADS in the prior fiscal year. Adjusted
net income declined compared with fiscal 2010 as a result of the
reasons mentioned above, an increased investment in sales and
marketing as a percent of revenues, as well as the one-time impact
of $2.1 million as explained above
“Our profitability and cash generation has been strong and, as a
result, we delivered results at the top end of our revenue guidance
range for this fiscal. Excluding the one-time charge in the fourth
quarter, our ANI would have been $47 million, which was the top end
of our guidance range. Given our growth trajectory and the fact
that we refinanced our debt and reduced our interest cost in this
last fiscal, we believe we are well-positioned in terms of ANI and
cash flow for fiscal 2012,” said Alok Misra, Group Chief Financial
Officer.
Fiscal 2012 Guidance
WNS established its guidance for the fiscal year ending March
31, 2012 as follows:
- Revenue less repair payments** is
expected to be between $383 million and $407 million. This assumes
an average GBP to USD exchange rate of 1.62 for the fiscal year
2012.
- Adjusted net income** is expected to
range between $43 million and $47 million. This assumes an average
USD to INR exchange rate of 44.5 for the fiscal year 2012.
“Our ANI guidance for fiscal 2012 factors in a higher tax charge
of approximately $11 million to $13 million, as the STPI tax
holiday has gone away. We have, however, been able to maintain our
overall profit levels despite this, as a result of the expansion in
the business and the improved pre-tax profits. This demonstrates
our commitment to top-line growth while continuing to maintain
strong margins,” concluded Misra.
Conference Call
WNS will host a conference call on April 20, 2011 at 8:00 a.m.
(ET) to discuss the company's quarterly results.
To participate in the call, please use the following details:
+1-800-435-1398; international dial-in +1-617-614-4078; participant
passcode 34430644. A replay will be available for one week
following the call at +1-888-286-8010; international dial-in
+1-617-801-6888; passcode 54949306, as well as on the WNS website,
www.wns.com, beginning two hours after the end of the call.
2011 WNS Investor Day
WNS will hold its Annual Investor Day at 9:30 a.m. (ET) on April
21, 2011 in New York City.
The event, including executive presentations and an on-site
question-and-answer session, will last for approximately three
hours and will be made available via live audio webcast on the
investor relations section of WNS's website at www.wns.com. Slides
will also be made available. An archived webcast of the
presentation will also be available after the end of the event.
For location details or an invitation to the event, please
contact WNS Investor Relations at ir@wns.com or
+1-212-277-8183.
About WNS
WNS (Holdings) Limited (NYSE: WNS), is a leading global business
process outsourcing company. WNS offers business value to 200+
global clients by combining operational excellence with deep domain
expertise in key industry verticals including Travel, Insurance,
Banking & Financial Services, Manufacturing, Retail &
Consumer Packaged Goods, Shipping & Logistics and Healthcare
& Utilities. WNS delivers a broad spectrum of business process
outsourcing services such as finance and accounting, customer care,
technology solutions, research and analytics and industry specific
back office and front office processes. WNS has over 21,000
professionals across 21 delivery centers worldwide including Costa
Rica, India, Philippines, Romania, Sri Lanka and United Kingdom.
For more information, visit www.wns.com.
About Non-GAAP Financial
Measures
For financial statement reporting purposes, WNS has two
reportable segments: WNS Global BPO and WNS Auto Claims BPO. In the
auto claims segment, which includes WNS Assistance and Chang
Limited, WNS provides claims-handling and accident-management
services, in which it arranges for automobile repairs through a
network of third-party repair centers. In its accident-management
services, WNS acts as the principal in dealings with the
third-party repair centers and clients.
In order to provide accident-management services, WNS arranges
for the repair through a network of repair centers. Repair costs
are invoiced to customers. Amounts invoiced to customers for repair
costs paid to the automobile repair centers are recognized as
revenue. WNS uses revenue less repair payments for “fault” repairs
as a primary measure to allocate resources and measure segment
performance. Revenue less repair payments is a non-GAAP measure
which is calculated as revenue less payments to repair centers. For
“non fault repairs,” revenue including repair payments is used as a
primary measure. As WNS provides a consolidated suite of accident
management services including credit hire and credit repair for its
“Non fault” repairs business, WNS believes that measurement of that
line of business has to be on a basis that includes repair payments
in revenue.
WNS believes that the presentation of this non-GAAP measure in
the segmental information provides useful information for investors
regarding the segment’s financial performance. The presentation of
this non-GAAP information is not meant to be considered in
isolation or as a substitute for WNS’s financial results prepared
in accordance with US GAAP.
WNS presents Adjusted Net Income (ANI) and the other non-GAAP
measures included in this release as supplemental measures of its
performance. WNS presents these non-GAAP measures because it
believes they assist investors in comparing its performance across
reporting periods on a consistent basis by excluding items that it
does not believe are indicative of its core operating performance.
In addition, it uses these non-GAAP measures (i) as a factor in
evaluating management’s performance when determining incentive
compensation and (ii) to evaluate the effectiveness of its business
strategies.
Safe Harbor Statement under the
provisions of the United States Private Securities Litigation
Reform Act of 1995
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, assumptions, estimates and projections
about our Company and our industry. The forward-looking statements
are subject to various risks and uncertainties. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should”
and similar expressions. Those statements include, among other
things, the discussions of our business strategy, industry growth
potential, expansion opportunities, expectations concerning our
future financial performance and growth potential, including our
fiscal 2012 guidance and future profitability, relevant foreign
currency exchange rates, and our future operations. We caution you
that reliance on any forward-looking statement involves risks and
uncertainties, and that although we believe that the assumptions on
which our forward-looking statements are based are reasonable, any
of those assumptions could prove to be inaccurate, and, as a
result, the forward-looking statements based on those assumptions
could be materially incorrect. These factors include but are not
limited to worldwide economic and business conditions; political or
economic instability in the jurisdictions where we have operations;
regulatory, legislative and judicial developments; our ability to
attract and retain clients; technological innovation;
telecommunications or technology disruptions; future regulatory
actions and conditions in our operating areas; our dependence on a
limited number of clients in a limited number of industries; the
implications of the accounting changes and restatement of our
financial statements as detailed in our annual report on Form 20-F
for the fiscal year ended March 31, 2010 filed with the U.S.
Securities and Exchange Commission (SEC), and any adverse
developments in existing legal proceedings or the initiation of new
legal proceedings; our ability to expand our business or
effectively manage growth; our ability to hire and retain enough
sufficiently trained employees to support our operations; negative
public reaction in the US or the UK to offshore outsourcing;
increasing competition in the BPO industry; our ability to
successfully grow our revenue, expand our service offerings and
market share and achieve accretive benefits from our acquisition of
Aviva Global Services Singapore Pte. Ltd. (which we have renamed as
WNS Customer Solutions (Singapore) Private Limited following our
acquisition), and our master services agreement with Aviva Global
Services (Management Services) Private Limited; our ability to
successfully consummate strategic acquisitions; and volatility of
WNS’s ADS price. These and other factors are more fully discussed
in our annual report on Form 20-F for the fiscal year ended March
31, 2010 filed with the SEC which is available at www.sec.gov. In
light of these and other uncertainties, you should not conclude
that we will necessarily achieve any plans, objectives or projected
financial results referred to in any of the forward-looking
statements. Except as required by law, we do not undertake to
release revisions of any of these 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.
1 Net income attributable to WNS shareholders.
2 Payments to repair centers, and therefore a difference between
revenue and revenue less repair payments, only applies to the Auto
Claims business. For all other businesses, revenues less repair
payments are the same as revenues.
3 Net income attributable to WNS shareholders excluding
amortization of intangible assets, share-based compensation expense
and related fringe benefit taxes and net loss attributable to
redeemable non-controlling interest.
* This is a Non-GAAP measure. Reconciliations of non-GAAP
financial measures to GAAP operating results are included at the
end of this release. See also “About Non-GAAP Financial
Measures.”
** This is a Non-GAAP measure. See also “About Non-GAAP
Financial Measures.”
Growth of revenue (GAAP) and revenue
less repair payments (non-GAAP)
Quarter ended Mar 31, 2011 Quarter
ended compared to
Mar 31,2011
Mar 31,2010
Dec 31,2010
Mar 31,2010
Dec 31,2010
(US dollars in millions) (% growth) Revenue (GAAP) $
159.5 $ 157.6 $
152.7
1.2 % 4.5 % Less: Payments to repair centers 65.2 60.9 60.0 7.2 %
8.7 % Revenue less repair payments (Non-GAAP) $ 94.3 $ 96.7 $ 92.7
(2.5 )% 1.8 %
Year ended Mar 31, 2011
Year ended compared to
Mar 31,2011
Mar 31,2010
Mar 31,2010
(US dollars in millions) (% growth) Revenue (GAAP) $
616.3 $ 582.5
5.8 % Less: Payments to repair centers 246.9 192.0 28.6 % Revenue
less repair payments (Non-GAAP) $ 369.4 $ 390.5 (5.4 )%
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
(US dollars in millions) Cost of revenue (GAAP) $ 126.1 $
123.5 $ 121.5 Less: Payments to repair centers 65.2 60.9 60.0 Less:
Share-based compensation expense 0.3 1.0 0.2 Adjusted cost of
revenue (excluding payment to repair centers and share-based
compensation expense) (Non-GAAP) $ 60.6 $ 61.7 $ 61.3
Year ended Mar 31, 2011 Mar 31,
2010 (US dollars in millions) Cost of revenue (GAAP) $
491.8 $ 439.2 Less: Payments to repair centers 246.9
192.0
Less: Share-based compensation expense 0.9 3.7 Adjusted cost of
revenue (excluding payment to repair centers and share-based
compensation expense) (Non-GAAP) $ 244.1 $ 243.6
Reconciliation of gross margin (GAAP to
non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
(US dollars in millions) Gross margin (GAAP) $ 33.4 $ 34.1 $
31.1 Add: Share-based compensation expense 0.3 1.0 0.2 Adjusted
gross margin (excluding share-based compensation expense)
(Non-GAAP) $ 33.7 $ 35.0 $ 31.4
Three months
ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Gross margin as a percentage of revenue (GAAP) 20.9 % 21.6 % 20.4 %
Adjusted gross margin (excluding share-based compensation expense)
as a percentage of revenue less repair payments (Non-GAAP) 35.7 %
36.2 % 33.9 %
Year ended Mar 31, 2011 Mar 31,
2010 (US dollars in millions) Gross margin (GAAP) $
124.4 $ 143.2 Add: Share-based compensation expense 0.9 3.7
Adjusted gross margin (excluding share-based compensation expense)
(Non-GAAP) $ 125.3 $ 146.9
Year ended
Mar 31, 2011
Mar 31, 2010 Gross margin as a percentage of revenue
(GAAP) 20.2 % 24.6 % Adjusted gross margin (excluding share-based
compensation expense) as a percentage of revenue less repair
payments (Non-GAAP) 33.9 % 37.6 %
Reconciliation of selling, general and
administrative expense (GAAP to non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
(US dollars in millions) Selling, general and administrative
expenses (GAAP) $ 21.1 $ 22.8 $ 20.2 Less: Share-based compensation
expense 1.1 3.4 0.9 Adjusted Selling, general and administrative
expenses (excluding share-based compensation expense) (Non-GAAP) $
20.0 $ 19.3 $ 19.3
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Selling, general and administrative expenses as a percentage of
revenue (GAAP) 13.2 % 14.5 % 13.2 % Adjusted Selling, general and
administrative expenses (excluding share-based compensation
expense) as a percentage of revenue less repair payments (Non-GAAP)
21.2 % 20.0 % 20.8 %
Year ended Mar 31, 2011 Mar 31,
2010 (US dollars in millions) Selling, general and
administrative expenses (GAAP) $ 80.5 $ 86.2 Less: Share-based
compensation expense 3.1 11.4 Less: Related FBT1 - 0.5 Adjusted
Selling, general and administrative expenses (excluding share-based
compensation expense and related FBT1) (Non-GAAP) $ 77.5 $ 74.4
Year ended Mar 31, 2011 Mar 31,
2010 Selling, general and administrative expenses as a
percentage of revenue (GAAP) 13.1 % 14.8 % Adjusted Selling,
general and administrative expenses (excluding share-based
compensation expense and related FBT1) as a percentage of revenue
less repair payments (Non-GAAP) 21.0 % 19.0 %
Reconciliation of operating income
(GAAP to non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
(US dollars in millions) Operating income (GAAP) $ 4.3 $ 3.2
$ 3.0 Add: Amortization of intangible assets 8.0 8.1 $ 8.0 Add:
Share-based compensation expense 1.4 4.4 1.1 Adjusted operating
income (excluding amortization of intangible assets and share-based
compensation expense) (Non-GAAP) $ 13.6 $ 15.7 $ 12.1
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Operating income as a percentage of revenue (GAAP) 2.7 % 2.1 % 2.0
% Adjusted operating income (excluding amortization of intangible
assets and share-based compensation expense) as a percentage of
revenue less repair payments (Non-GAAP) 14.5 % 16.2 % 13.0 %
Year ended Mar 31, 2011 Mar 31,
2010 (US dollars in millions) Operating income (GAAP) $
12.1 $ 24.6 Add: Amortization of intangible assets 31.8 32.4 Add:
Share-based compensation expense 4.0 15.1 Add: Related FBT1 - 0.5
Adjusted operating income (excluding amortization of intangible
assets, share-based compensation expense and related FBT1)
(Non-GAAP) $ 47.9 $ 72.6
Year ended Mar 31, 2011 Mar 31,
2010 Operating income as a percentage of revenue (GAAP) 2.0 %
4.2 % Adjusted operating income (excluding amortization of
intangible assets, share-based compensation expense and related
FBT1) as a percentage of revenue less repair payments (Non-GAAP)
13.0 % 18.6 %
Reconciliation of net income
attributable to WNS shareholders (GAAP to non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
(US dollars in millions) Net income attributable to WNS
(Holdings) Limited shareholders (GAAP) $ 5.2 $ 1.0 $ 5.8 Add:
Amortization of intangible assets 8.0 8.1 $ 8.0 Add: Share-based
compensation expense 1.4 4.4 1.1 Less: Net loss attributable to
redeemable non-controlling interest 0.2 0.2 0.1 Adjusted net income
(excluding amortization of intangible assets, share-based
compensation expense and net loss attributable to redeemable
non-controlling interest) (Non-GAAP) $ 14.3 $ 13.3 $ 14.7
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Net income as a percentage of revenue (GAAP) 3.2 % 0.7 % 3.8 %
Adjusted net income (excluding amortization of intangible assets,
share-based compensation expense and net loss attributable to
redeemable non-controlling interest) as a percentage of revenue
less repair payments (Non-GAAP) 15.1 % 13.8 % 15.9 %
Year ended Mar 31, 2011 Mar 31,
2010 (US dollars in millions) Net income attributable to
WNS (Holdings) Limited shareholders (GAAP) $ 9.8 $ 3.7 Add:
Amortization of intangible assets 31.8 32.4 Add: Share-based
compensation expense 4.0 15.1 Add: Related FBT1 - 0.5 Less: Net
loss attributable to redeemable non-controlling interest 0.7 1.0
Adjusted net income (excluding amortization of intangible assets,
share-based compensation expense, related FBT1 and net loss
attributable to redeemable non-controlling interest) (Non-GAAP) $
44.9 $ 50.7
Year ended Mar 31, 2011 Mar 31,
2010 Net income as a percentage of revenue (GAAP) 1.6 % 0.6 %
Adjusted net income (excluding amortization of intangible assets,
share-based compensation expense, related FBT1 and net loss
attributable to redeemable non-controlling interest) as a
percentage of revenue less repair payments (Non-GAAP) 12.2 % 13.0 %
Reconciliation of basic income per ADS
(GAAP to non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Basic income per ADS (GAAP) $ 0.11 $ 0.03 $ 0.13 Add: Adjustments
for amortization of intangible assets, share-based compensation
expense, net loss attributable to redeemable non-controlling
interest and impact from changes in carrying amount of redeemable
non-controlling interest. 0.21 0.28 0.20 Basic
adjusted net income per ADS (excluding amortization of intangible
assets, share-based compensation expense and net loss attributable
to redeemable non-controlling interest) (Non-GAAP) $ 0.32 $ 0.31 $
0.33
Year ended Mar 31, 2011 Mar 31,
2010 Basic income per ADS (GAAP) $ 0.21 $ 0.09 Add: Adjustments
for amortization of intangible assets, share-based compensation
expense, related FBT1, net loss attributable to redeemable
non-controlling interest and impact from changes in carrying amount
of redeemable non-controlling interest. 0.80 1.09 Basic adjusted
net income per ADS (excluding amortization of intangible assets,
share-based compensation expense, related FBT1 and net loss
attributable to redeemable non-controlling interest) (Non-GAAP) $
1.01 $ 1.18
Reconciliation of diluted income per ADS (GAAP to
non-GAAP)
Three months ended
Mar 31,2011
Mar 31,2010
Dec 31,2010
Diluted income per ADS (GAAP) $ 0.11 $ 0.03 $ 0.13
Add: Adjustments for amortization of
intangible assets, share-based compensation expense, net loss
attributable to redeemable non-controlling interest and impact from
changes in carrying amount of redeemable non-controlling
interest.
0.21 0.27 0.20 Diluted adjusted net income per
ADS (excluding amortization of intangible assets, share-based
compensation expense and net loss attributable to redeemable
non-controlling interest) (Non-GAAP) $ 0.32 $ 0.30 $ 0.33
Year ended Mar 31, 2011 Mar 31,
2010 Diluted income per ADS (GAAP) $ 0.21 $ 0.08 Add:
Adjustments for amortization of intangible assets, share-based
compensation expense, related FBT1, net loss attributable to
redeemable non-controlling interest and impact from changes in
carrying amount of redeemable non-controlling interest. 0.79 1.07
Diluted adjusted net income per ADS (excluding amortization of
intangible assets, share-based compensation expense, related FBT1
and net loss attributable to redeemable non-controlling interest)
(Non-GAAP) $ 1.00 $ 1.15 1. FBT means the fringe
benefit taxes on options and restricted share units granted to
employees under the WNS 2002 Stock Incentive Plan and the WNS 2006
Incentive Award Plan (as applicable) paid by WNS to the Government
of India. In August 2009, the Government of India passed the
Finance (No.2) Act, 2009 which withdrew the levy of FBT with effect
from April 1, 2009.
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