Provides Guidance for Fiscal 2015
WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM)** services, today
announced results for the 2014 fiscal fourth quarter and full year
ended March 31, 2014.
Highlights – Fiscal Fourth Quarter
2014:
GAAP Financials
- Revenue of $130.3 million, up 9.3%
from $119.2 million in Q4 of last year and up 2.4% from $127.1
million last quarter
- Profit of $13.4 million, compared to
$8.2 million in Q4 of last year and $12.2 million last
quarter
- Diluted earnings per ADS of $0.25,
compared to $0.16 in Q4 of last year and $0.23 last
quarter
Non-GAAP Financial
Measures*
- Revenue less repair payments of
$122.7 million, up 8.9% from $112.8 million in Q4 of last year and
up 2.6% from $119.6 million last quarter
- Adjusted Net Income (ANI) of $20.9
million, compared to $15.8 million in Q4 of last year and $19.8
million last quarter
- Adjusted diluted earnings per ADS of
$0.40, compared to $0.30 in Q4 of last year and $0.38 last
quarter
Other Metrics
- Added 5 new clients in the quarter,
expanded 6 existing relationships
- Days sales outstanding (DSO) at 30
days
- Global headcount of 27,020 as of
March 31, 2014
Highlights – Fiscal Full Year
2014:
GAAP Financials
- Revenue of $502.6 million, up 9.2%
from $460.3 million in fiscal 2013
- Profit of $41.6 million, compared to
$21.4 million in fiscal 2013
- Diluted earnings per ADS of $0.79,
compared to $0.41 in fiscal 2013
Non-GAAP Financial
Measures*
- Revenue less repair payments of
$471.5 million, up 8.1% from $436.1 million in fiscal 2013
- Adjusted Net Income (ANI) of $72.4
million, compared to $53.1 million in fiscal 2013
- Adjusted diluted earnings per ADS of
$1.37, compared to $1.03 in fiscal 2013
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 less repair payments* in the fiscal fourth quarter was
$122.7 million, representing an 8.9% increase versus the fourth
quarter of last year and a 2.6% increase from the previous quarter.
Year-over-year, revenue improvement was broad-based with the growth
rate paced by strength in the Shipping & Logistics, Utilities,
Insurance (including Autoclaims) and Banking & Financial
Services verticals. On both a year-over-year and sequential basis,
revenue favorability resulting from appreciation in the British
Pound against the US dollar was partially offset by depreciation in
the South African rand and Australian dollar against the US dollar.
Excluding exchange rate impacts, constant currency revenue less
repair payments* in the fourth quarter grew 7.8% year-over-year and
1.8% sequentially.
Adjusted operating margin* for the quarter was 19.1%, as
compared to 15.8% in Q4 of last year, and 18.4% reported in the
third quarter. On a year-over-year basis, operating margin improved
as a result of depreciation in the Indian rupee against the US
dollar, improved productivity and operating leverage associated
with higher revenue. Partially offsetting this favorability were
investments in global infrastructure which reduced seat utilization
and the impact of our annual wage increases. The sequential
improvement in adjusted operating margin* from Q3 to Q4 was largely
driven by exchange rate favorability.
Adjusted net income (ANI)* in the fiscal fourth quarter was
$20.9 million, up $5.2 million as compared to Q4 of last year and
up $1.1 million from the previous quarter. Fourth quarter ANI*
margin was 17.1%, as compared to 14.0% in Q4 of last year, and
16.6% reported last quarter.
From a balance sheet perspective, WNS ended the fiscal fourth
quarter with $146.2 million in cash and investments and $84.7
million of gross debt. In the fourth quarter, the company generated
$25.4 million in cash from operations, and had $3.3 million in
capital expenditures. Days sales outstanding were 30 days, as
compared to 33 days in Q4 of last year and 31 days reported in the
previous quarter.
“In the fourth quarter, WNS continued to make progress in adding
new clients, strengthening our existing relationships and building
the new business pipeline. We successfully signed our fifth large
deal of the year, and the pipeline for large opportunities remains
robust. Overall, we are pleased with WNS’s performance in fiscal
2014, as the company was able to post healthy revenue growth,
expand margins and profits, improve cash flow and solidify the
balance sheet. Full year reported revenue less repair payments*
grew 8.1%, which represented 8.5% growth on a constant currency*
basis. Our adjusted operating margins* for the full year came in at
17.0%, and adjusted net income* grew 36.3% to $72.4 million, or
$1.37 per diluted share. We are confident that the company remains
on the right track to differentiate our position in the market, and
generate substantial business value for all our key stakeholders in
the coming years,” said Keshav Murugesh, WNS’s Chief Executive
Officer.
“As we enter fiscal 2015, the demand environment for BPM
services remains stable and healthy. WNS will, however, face
revenue headwinds which are incremental to our normal business
volume and productivity pressures. These include the rapid
transition of a large online travel agency (OTA) client to another
OTA pursuant to a strategic marketing agreement, and expected
pricing and productivity headwinds from a proposed five plus year
contract extension with a major client. Despite these short-term
challenges, WNS is encouraged by our underlying business momentum
and competitive positioning. In 2015, the company plans to continue
our investment programs designed to drive long-term sustainable
business value for our key stakeholders, with the ongoing objective
of growing revenue and maintaining profit margins at or above
industry levels.”
Fiscal 2015 Guidance
WNS has provided guidance for the fiscal year ending March 31,
2015 as follows:
- Revenue less repair payments* is
expected to be between $490 million and $520 million, up from
$471.5 million in fiscal 2014. This assumes an average GBP to USD
exchange rate of 1.66 versus 1.59 in fiscal 2014.
- ANI* is expected to range between $77
million and $83 million, up from $72.4 million in fiscal 2014. This
assumes an average USD to INR exchange rate of 60.0 versus 60.4 in
fiscal 2014. Based on a diluted share count of 53.3 million shares,
the company expects adjusted diluted earnings* per ADS to be in the
range of $1.44 to $1.56.
“The company has provided our initial forecast for fiscal 2015
based on current visibility levels and exchange rates. Our guidance
for the year reflects top line growth of 4% to 10%, which
represents 1% to 7% revenue growth on a constant currency* basis.
Consistent with previous year’s guidance, we enter fiscal 2015 with
90% visibility to the midpoint of the range. Profitability is again
expected to expand faster than revenue this fiscal year, with our
ANI* guidance reflecting 6% to 15% year-over-year improvement,”
said Sanjay Puria, WNS’s Chief Financial Officer.
Board Changes
Effective April 30, 2014, independent Director Eric B. Herr will
retire from the WNS Board of Directors. Eric has been a member of
the WNS Board since the company’s IPO in 2006, and served as
Chairman of the Board from December 2009 to December 2013. “Eric
has been instrumental in helping WNS evolve and grow into one of
the world’s leading BPM companies,” said Adrian T. Dillon, Chairman
of the Board. “On behalf of the entire WNS Board, I would like to
thank Eric for his significant contributions and leadership over
the past 8 years.”
Conference Call
WNS will host a conference call on April 30, 2014 at 8:00 am
(Eastern) to discuss the company's quarterly results. To
participate in the call, please use the following details:
+1-866-515-2911; international dial-in +1-617-399-5125; participant
passcode 23297375. A replay will be available for one week
following the call at +1-888-286-8010; international dial-in
+1-617-801-6888; passcode 88440444, 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 200+
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 care, technology
solutions, research and analytics and industry specific back office
and front office processes. As of March 31, 2014, WNS had 27,020
professionals across 34 delivery centers worldwide including China,
Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri
Lanka, 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 2015
guidance and 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; 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; 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; the effects of our different pricing
strategies or those of our competitors; and increasing competition
in the BPM industry. 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).
About Non-GAAP Financial
Measures
The financial information in this release is focused on non-GAAP
financial measures as we believe that they reflect more accurately
our operating performance. Reconciliations of these non-GAAP
financial measures to our GAAP operating results are included
below. A discussion of our GAAP measures will be contained in “Part
I –Item 5. Operating and Financial Review and Prospects” and our
fiscal 2014 audited financial statements will be included elsewhere
in our annual report on Form 20-F to be filed with the SEC in due
course.
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 2, 2013.
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 excluding
amortization of intangible assets and share-based compensation
expense) as a percentage of revenue less repair payments, and (2)
ANI, which is calculated as profit excluding amortization of
intangible assets and share-based compensation expense, and 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. These non-GAAP measures are not meant to be considered
in isolation or as a substitute for WNS’s financial results
prepared in accordance with IFRS.
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited, amounts in millions, except
share and per share data)
Three months ended
Year ended
March 31,2014
March 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Revenue
$
130.3
$ 119.2 $ 127.1 $ 502.6 $ 460.3 Cost of
revenue 81.9 81.4 81.7
327.7 311.0 Gross profit 48.3 37.8 45.5
174.9 149.3 Operating expenses: Selling and marketing expenses 9.5
7.8 8.9 35.2 30.2 General and administrative expenses 14.2 14.2
13.1 55.4 57.1 Foreign exchange loss/ (gain), net 2.7 (1.1 ) 3.3
11.2 5.5 Amortization of intangible assets 5.9
6.7 5.8 23.8 26.4
Operating profit 15.9 10.2 14.4 49.4 30.1 Other income, net (3.1 )
(1.6
)
(2.5 ) (9.5 ) (4.8 ) Finance expense 0.7 0.9
0.7 2.9 3.6 Profit
before income taxes 18.3 10.9 16.1 55.9 31.3 Provision for income
taxes 4.9 2.8 3.9
14.3
9.9 Profit $ 13.4 $ 8.2 $ 12.2
41.6 21.4 Earnings per
share of ordinary share Basic $ 0.26 $ 0.16 $ 0.24
$ 0.82 $ 0.43 Diluted $ 0.25 $ 0.16
$ 0.23 $ 0.79 $ 0.41
Growth of revenue (GAAP) and revenue
less repair payments (non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions)
(Amounts in millions) Revenue (GAAP) $ 130.3 $ 119.2
$ 127.1 $ 502.6 $ 460.3 Less: Payments to repair
centers 7.5 6.5 7.5 31.1 24.1 Revenue less repair payments
(Non-GAAP) $ 122.7 $ 112.8 $ 119.6 $ 471.5 $ 436.1 Constant
currency revenue less
repair payments (Non-GAAP)
$ 124.4 $ 115.4 $ 122.2 $ 477.7 $ 440.3
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions) (Amounts in millions)
Cost of revenue (GAAP) $ 81.9 $ 81.4 $ 81.7 $ 327.7
$ 311.0 Less: Payments to repair centers 7.5 6.5 7.5 31.1
24.1 Less: Share-based compensation expense 0.2 0.3 0.4 1.3 1.0
Adjusted cost of revenue (excluding payment to repair centers and
share-based
compensation expense) (Non-GAAP)
$ 74.2 $ 74.7 $ 73.8 $ 295.3 $ 285.9
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions) (Amounts in millions)
Gross profit (GAAP) $ 48.3 $ 37.8 $ 45.5 $ 174.9
$ 149.3 Add: Share-based compensation expense 0.2 0.3 0.4
1.3 1.0
Adjusted gross profit (excluding
share-based compensation expense) (Non-GAAP)
$ 48.5 $ 38.1 $ 45.9 $ 176.3 $ 150.2
Three months
ended Year ended Mar 31, 2014 Mar 31,
2013 Dec 31, 2013 Mar 31,
2014
Mar 31,
2013
Gross profit as a percentage of revenue (GAAP) 37.1 % 31.7 % 35.8 %
34.8 % 32.4 %
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (Non-GAAP)
39.6 % 33.8 % 38.3 % 37.4 % 34.5 %
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions) (Amounts in millions) Selling
and marketing expenses (GAAP) $ 9.5 $ 7.8 $ 8.9 $
35.2 $ 30.2 Less: Share-based compensation expense 0.2 0.1
0.2 0.6 0.4 Adjusted selling and marketing expenses (excluding
share-based compensation
expense) (Non-GAAP)
$ 9.3 $ 7.7 $ 8.7 $ 34.6 $ 29.8
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Selling and marketing expenses as a percentage of revenue (GAAP)
7.3 % 6.5 % 7.0 % 7.0 % 6.6 % Adjusted selling and marketing
expenses (excluding share-based compensation expense) as a
percentage of revenue less repair payments (Non-GAAP) 7.6 % 6.8 %
7.3 % 7.3 % 6.8 %
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions) (Amounts in millions) General
and administrative expenses (GAAP) $ 14.2 $ 14.2 $
13.1 $ 55.4 $ 57.1 Less: Share-based compensation expense
1.2 0.6 1.2 5.0 3.9 Adjusted general and administrative expenses
(excluding share-based compensation
expense) (Non-GAAP)
$ 13.0 $ 13.6 $ 11.9 $ 50.4 $ 53.2
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
General and administrative expenses as a percentage of revenue
(GAAP) 10.9 % 11.9 % 10.3 % 11.0 % 12.4 % Adjusted general and
administrative expenses (excluding share-based compensation
expense) as a percentage of revenue less repair payments (Non-GAAP)
10.6 % 12.1 % 10.0 % 10.7 % 12.2 %
Reconciliation of operating profit
(GAAP to non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions)
(Amounts in millions)
Operating profit (GAAP) $ 15.9 $ 10.2 $ 14.4 $ 49.4
$ 30.1 Add: Amortization of intangible assets 5.9 6.7 5.8
23.8 26.4 Add: Share-based compensation expense 1.6 0.9 1.8 6.9 5.3
Adjusted operating profit (excluding
amortization of intangible assets and
share-based compensation expense) (Non-GAAP)
$ 23.5 $ 17.9 $ 22.0 $ 80.1 $ 61.8
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Operating profit as a percentage of revenue (GAAP) 12.2 % 8.6 %
11.3 % 9.8 % 6.5 % Adjusted operating profit (excluding
amortization of intangible assets and share-based compensation
expense) as a percentage of revenue less repair payments (Non-GAAP)
19.1 % 15.8 % 18.4 % 17.0 % 14.2 %
Reconciliation of profit (GAAP to
non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
(Amounts in millions) (Amounts in millions) Profit
(GAAP) $ 13.4 $ 8.2 $ 12.2 $ 41.6 $ 21.4 Add:
Amortization of intangible assets 5.9 6.7 5.8 23.8 26.4 Add:
Share-based compensation expense 1.6 0.9 1.8 6.9 5.3 Adjusted net
income (excluding
amortization of intangible assets and
share-based compensation
expense) (Non-GAAP)
$ 20.9 $ 15.8 $ 19.8 $ 72.4 $ 53.1
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Profit as a percentage of revenue (GAAP) 10.3 % 6.9 % 9.6 % 8.3 %
4.6 % Adjusted net income (excluding amortization of intangible
assets and share-based compensation expense) as a percentage of
revenue less repair payments (Non-GAAP) 17.1 % 14.0 % 16.6 % 15.3 %
12.2 %
Reconciliation of basic income per ADS
(GAAP to non-GAAP)
Three months ended Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Basic earnings per ADS (GAAP) $ 0.26 $ 0.16 $ 0.24 $ 0.82 $ 0.43
Add: Adjustments for amortization of intangible assets and
share-based compensation expense 0.15 0.15 0.15 0.60 0.63 Adjusted
basic earnings per ADS (excluding amortization of intangible assets
and share-based compensation expense) (Non-GAAP) $ 0.41 $ 0.31 $
0.39 $ 1.42 $ 1.06
Reconciliation of diluted income per
ADS (GAAP to non-GAAP)
Three months ended
Year ended
Mar 31,2014
Mar 31,2013
Dec 31,2013
Mar 31,2014
Mar 31,2013
Diluted earnings per ADS (GAAP) $ 0.25 $ 0.16 $ 0.23 $ 0.79
$ 0.41 Add: Adjustments for amortization of
intangible assets and share-based
compensation expense
0.14 0.15 0.15 0.58 0.62 Adjusted diluted earnings per ADS
(excluding amortization of intangible
assets and share-based compensation
expense) (Non-GAAP)
$ 0.40 $ 0.30 $ 0.38 $ 1.37 $ 1.03
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
(Amounts in millions, except share and
per share data)
As atMarch
31,2014
As atMarch
31,2013
ASSETS Current assets: Cash and cash equivalents $ 33.7 $
27.9 Investments 83.8 46.5 Trade receivables, net 62.0 64.4
Unbilled revenue 34.7 25.5 Funds held for clients 15.9 19.9
Derivative assets 6.8 7.6 Prepayments and other current assets 16.9
12.0 Total current assets 253.8 203.8
Non-current assets: Goodwill 85.7 87.1 Intangible assets 67.2 92.1
Property and equipment 45.2 48.4 Derivative assets 4.1 3.8
Investments 28.7 43.2 Deferred tax assets 37.1 41.6 Other
non-current assets 16.7 14.8 Total non-current assets
284.6 331.1
TOTAL ASSETS $ 538.4
$ 534.9
LIABILITIES AND EQUITY Current
liabilities: Trade payables $ 29.1 $ 29.3 Provisions and accrued
expenses 23.9 26.7 Derivative liabilities 9.1 3.9 Pension and other
employee obligations 36.3 32.7 Short term line of credit 58.6 54.9
Current portion of long term debt 12.6 7.7 Deferred revenue 5.4 6.5
Current taxes payable 3.3 5.2 Other liabilities 6.6
15.4 Total current liabilities 184.8 182.4
Non-current liabilities: Derivative liabilities 1.4 1.3
Pension and other employee obligations 5.2 5.6 Long term debt 13.5
33.7 Deferred revenue 1.7 3.3 Other non-current liabilities 3.9 4.4
Deferred tax liabilities 2.9 3.6 Total non-current
liabilities 28.6 51.9
TOTAL LIABILITIES $
213.5 $ 234.3 Shareholders' equity: Share
capital (ordinary shares $ 0.16 (10 pence) par value, authorized
60,000,000 shares; issued: 51,347,538 and 50,588,044 shares each as
at March 31, 2014 and March 31, 2013, respectively) 8.0 7.9 Share
premium 276.6 269.3 Retained earnings 121.7 80.1 Other components
of equity (81.4 ) (56.7 ) Total shareholders' equity 325.0
300.6
TOTAL LIABILITIES AND EQUITY $ 538.4
$ 534.9
1 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. **
Previously described as Business Process Outsourcing (BPO) in our
prior annual reports on Form 20-F and current reports on Form 6-K
containing our quarterly results for periods up to (and including)
fiscal Q1 2014 ended June 30, 2013.
WNS (Holdings) LimitedInvestors:David Mackey,
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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