WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) solutions, today announced
results for the fiscal 2023 third quarter ended December 31,
2022.
Highlights – Fiscal 2023 Third
Quarter:
GAAP
Financials
- Revenue of $306.9 million, up 8.0% from $284.1 million in Q3
of last year and down 0.1% from $307.1 million last
quarter
- Profit of $34.7 million, compared to $34.3 million in Q3 of
last year and $33.2 million last quarter
- Diluted earnings per share of $0.69, compared to $0.68 in Q3
of last year and $0.66 last quarter
Non-GAAP
Financial Measures*
- Revenue less repair payments of $292.9 million, up 12.2%
from $261.2 million in Q3 of last year and up 1.3% from $289.3
million last quarter
- Adjusted Net Income (ANI) of $50.6 million, compared to
$44.4 million in Q3 of last year and $47.2 million last
quarter
- Adjusted diluted earnings per share of $1.01, compared to
$0.88 in Q3 of last year and $0.94 last quarter
Other
Metrics
- Added 11 new clients in the quarter, expanded 24 existing
relationships
- Days sales outstanding (DSO) at 34 days
- Global headcount of 57,994 as of December 31, 2022
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 third quarter was $306.9 million, representing an
increase of 8.0% versus Q3 of last year and a decrease of 0.1% from
the previous quarter. Revenue less repair payments* in the third
quarter was $292.9 million, an increase of 12.2% year-over-year and
1.3% sequentially. Excluding exchange rate impacts, constant
currency revenue less repair payments* in the fiscal third quarter
was up 19.0% versus Q3 of last year and 2.3% sequentially.
Year-over-year, fiscal Q3 revenue improved as a result of our new
client additions, the expansion of existing relationships, our
acquisitions of Vuram, OptiBuy, and The Smart Cube, and increased
travel volume which more than offset currency movements and hedging
losses. Sequentially, growth driven by broad-based revenue momentum
and our acquisitions of OptiBuy and The Smart Cube was partially
offset by currency movements and hedging losses, and travel
seasonality.
Profit in the fiscal third quarter was $34.7 million, as
compared to $34.3 million in Q3 of last year and $33.2 million in
the previous quarter. Year-over-year, profit increased as a result
of revenue growth, improved productivity, favorable currency
movements net of hedging, and a lower effective tax rate. These
benefits more than offset the impact of wage increases, increased
return-to-office costs, higher share-based compensation expense,
and increased costs associated with our acquisitions of Vuram,
OptiBuy, and The Smart Cube including amortization of intangibles,
interest expense, and other acquisition-related expenses.
Sequentially, Q3 profit increased as a result of improved
productivity and reduced share-based compensation expense. These
benefits were partially offset by unfavorable currency movements
net of hedging, and increased costs associated with our
acquisitions of OptiBuy and The Smart Cube including amortization
of intangibles, interest expense, and other acquisition-related
expenses.
Adjusted net income (ANI)* in Q3 was $50.6 million, as compared
to $44.4 million in Q3 of last year and $47.2 million in 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 amortization of intangible
expenses, share-based compensation expense, acquisition-related
expenses, and associated tax impacts which are excluded from ANI*.
The acquisition-related expenses have been excluded from ANI*
definition effective Q2 of this year.
From a balance sheet perspective, WNS ended Q3 with $249.8
million in cash and investments and $179.4 million in debt. In the
third quarter, the company generated $70.3 million in cash from
operations, took out a $100.9 million term loan for our acquisition
of The Smart Cube, incurred $11.4 million in capital expenditures,
and paid net $168.7 million towards acquisitions. Third quarter
days sales outstanding were 34 days, as compared to 30 days
reported in Q3 of last year and 30 days in the previous
quarter.
“In the third quarter, WNS continued to make progress on our key
strategic investment programs while delivering solid top line
growth and industry-leading margins,” said Keshav Murugesh, WNS’
Chief Executive Officer. “Our acquisitions this quarter will enable
WNS to enhance our positioning in the procurement and analytics
space, and create end-to-end solutions for our clients which
combine state-of-the art technology with best-in-class talent.
Despite the weak macro environment, demand for BPM services is
robust and we believe WNS remains well-positioned to capitalize on
the market opportunity and create sustainable value for all of our
key stakeholders.”
Fiscal 2023 Guidance
WNS is updating guidance for the fiscal year ending March 31,
2023, as follows:
- Revenue less repair payments* is expected to be between $1,146
million and $1,158 million, up from $1,026.8 million in fiscal
2022. Guidance includes 9 months of revenue from Vuram and 3.5
months of revenue from OptiBuy and The Smart Cube, and assumes an
average GBP to USD exchange rate of 1.21 for the remainder of
fiscal 2023.
- ANI* is expected to range between $193 million and $197 million
versus $174.8 million in fiscal 2022. Guidance assumes an average
USD to INR exchange rate of 82.5 for the remainder of fiscal
2023.
- Based on a diluted share count of 50.6 million shares, the
company expects fiscal 2023 adjusted diluted earnings per share* to
be in the range of $3.82 to $3.89 versus $3.41 in fiscal 2022.
“The company has updated our forecast for fiscal 2023 based on
current visibility levels and exchange rates,” said Sanjay Puria,
WNS’ Chief Financial Officer. “Our guidance for the full year
reflects growth in revenue less repair payments* of 12% to 13%, or
17% to 19% on a constant currency* basis. This includes
approximately 3% inorganic growth related to our acquisitions of
Vuram, OptiBuy and The Smart Cube. We currently have over 99%
visibility to the midpoint of the range, consistent with January
guidance in previous years. For the year, we expect capital
expenditures of up to $42 million.”
____________________
* 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.
Conference Call
WNS will host a conference call on January 19, 2023, 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 register using this online form to receive your dial-in
number and unique PIN/passcode which can be used to access the
call. A replay of the webcast will be archived on the company
website at ir.wns.com.
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 400
clients across various industries. WNS delivers an entire spectrum
of BPM solutions including industry-specific offerings, customer
experience services, finance and accounting, human resources,
procurement, and research and analytics to re-imagine the digital
future of businesses. As of December 31, 2022, WNS had 57,994
professionals across 64 delivery centers worldwide including
facilities in Canada, 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, expressed or implied forward-looking statements relating to
discussions of our strategic initiatives and the expected resulting
benefits, our growth opportunities, industry environment, our
expectations concerning our future financial performance and growth
potential, including our fiscal 2023 guidance, future
profitability, our expectations regarding the benefits from our
acquisitions of Vuram, OptiBuy, and The Smart Cube (including their
impacts on our results of operations), estimated capital
expenditures, 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, our dependence on a limited number of clients
in a limited number of industries; the impact of the ongoing
COVID-19 pandemic on our and our clients’ business, financial
condition, results of operations and cash flows; currency
fluctuations; political or economic instability in the
jurisdictions where we have operations; regulatory, legislative and
judicial developments; increasing competition in the BPM industry;
technological innovation; our liability arising from fraud or
unauthorized disclosure of sensitive or confidential client and
customer data; telecommunications or technology disruptions; our
ability to attract and retain clients; 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 (including Vuram, OptiBuy, and The
Smart Cube), and to successfully grow our revenue and expand our
service offerings and market share; future regulatory actions and
conditions in our operating areas; and our ability to manage the
impact of climate change on our business. 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).
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited, amounts in
millions, except share and per share data)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
Revenue
$
306.9
$
284.1
$
307.1
Cost of revenue
198.1
187.5
203.0
Gross profit
108.9
96.6
104.1
Operating expenses:
Selling and marketing expenses
16.2
14.2
16.0
General and administrative expenses
42.2
37.1
43.1
Foreign exchange (gain) / loss, net
0.1
(0.8
)
(1.6
)
Amortization of intangible assets
6.5
2.9
5.3
Operating profit
43.9
43.2
41.3
Other income, net
(3.6
)
(3.3
)
(3.1
)
Finance expense
5.0
3.3
4.0
Profit before income taxes
42.6
43.2
40.4
Income tax expense
7.9
8.8
7.2
Profit after tax
$
34.7
$
34.3
$
33.2
Earnings per share of ordinary share
Basic
$
0.72
$
0.70
$
0.69
Diluted
$
0.69
$
0.68
$
0.66
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in
millions, except share and per share data)
As at Dec 31, 2022
As at Mar 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
102.4
$
108.2
Investments
73.1
211.4
Trade receivables, net
120.0
100.5
Unbilled revenue
90.5
87.0
Funds held for clients
8.6
11.6
Derivative assets
11.1
10.4
Contract assets
11.6
10.2
Prepayments and other current assets
30.8
28.8
Total current assets
448.1
568.1
Non-current assets:
Goodwill
376.9
123.5
Intangible assets
149.4
65.4
Property and equipment
49.9
49.3
Right-of-use assets
161.1
142.6
Derivative assets
2.5
3.2
Investments
74.2
93.4
Contract assets
48.5
39.8
Deferred tax assets
44.2
34.8
Other non-current assets
52.0
44.3
Total non-current assets
958.7
596.4
TOTAL ASSETS
$
1,406.8
$
1,164.5
LIABILITIES AND EQUITY
Current liabilities:
Trade payables
$
23.3
$
27.8
Provisions and accrued expenses
37.9
36.8
Derivative liabilities
11.3
6.0
Pension and other employee obligations
93.4
105.8
Current portion of long-term debt
35.7
—
Contract liabilities
13.3
13.7
Current taxes payable
5.7
2.3
Lease liabilities
24.5
27.0
Other liabilities
27.7
11.4
Total current liabilities
272.8
230.7
Non-current liabilities:
Derivative liabilities
2.9
0.8
Pension and other employee obligations
19.1
16.2
Long-term debt
143.7
—
Contract liabilities
9.0
13.3
Other non-current liabilities
26.9
0.1
Lease liabilities
160.0
140.0
Deferred tax liabilities
30.1
9.3
Total non-current liabilities
391.6
179.8
TOTAL LIABILITIES
$
664.5
$
410.5
Shareholders' equity:
Share capital (ordinary shares $0.16 (10
pence) par value, authorized 60,000,000 shares; issued: 48,138,073
shares and 48,849,907 shares; each as at December 31, 2022 and
March 31, 2022, respectively)
7.7
7.8
Share premium
67.1
110.3
Retained earnings
917.1
818.4
Other reserves
4.9
2.7
Other components of equity
(254.3
)
(185.1
)
Total shareholders’ equity
$
742.3
$
754.0
TOTAL LIABILITIES AND EQUITY
$
1,406.8
$
1,164.5
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 17,
2022.
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 17, 2022.
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
compensation expense, acquisition-related expenses or benefits 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 compensation expense,
acquisition-related expenses or benefits 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. Acquisition-related expenses or benefits consists of
transaction costs, integration expenses, employment-linked earn-out
as part of deferred consideration and changes in the fair value of
contingent consideration including the impact of present value
thereon. 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) to evaluate the effectiveness of its
business strategies and (ii) (with certain adjustments) as a factor
in evaluating management’s performance when determining incentive
compensation. WNS is excluding acquisition-related expenses as
described above with effect from fiscal 2023 second quarter.
These non-GAAP financial measures are not meant to be considered
in isolation or as a substitute for WNS’ financial results prepared
in accordance with IFRS.
The company is not able to provide our forward-looking GAAP
revenue, profit and earnings per share 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 and acquisition-related
expenses or benefits 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 share) to our
forward-looking non-GAAP financial measures (revenue less repair
payments*, ANI* and Adjusted diluted earnings per share*,
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 Dec 31,
2022 compared to
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
Dec 31, 2021
Sep 30, 2022
(Amounts in millions)
(% growth)
Revenue (GAAP)
$
306.9
$
284.1
$
307.1
8.0
%
(0.1
%)
Less: Payments to repair centers
14.0
23.0
17.8
(39.1
%)
(21.4
%)
Revenue less repair payments
(non-GAAP)
$
292.9
$
261.2
$
289.3
12.2
%
1.3
%
Exchange rate impact
2.1
(13.2
)
(0.9
)
Constant currency revenue less repair
payments (non-GAAP)
$
295.0
$
248.0
$
288.4
19.0
%
2.3
%
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
(Amounts in millions)
Cost of revenue (GAAP)
$
198.1
$
187.5
$
203.0
Less: Payments to repair centers
14.0
23.0
17.8
Less: Share-based compensation expense
1.9
1.2
2.0
Adjusted cost of revenue (excluding
payment to repair centers and share-based compensation expense)
(non-GAAP)
$
182.2
$
163.4
$
183.2
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
(Amounts in millions)
Gross profit (GAAP)
$
108.9
$
96.6
$
104.1
Add: Share-based compensation expense
1.9
1.2
2.0
Adjusted gross profit (excluding
share-based compensation expense) (non-GAAP)
$
110.7
$
97.8
$
106.1
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
Gross profit as a percentage of revenue
(GAAP)
35.5
%
34.0
%
33.9
%
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (non-GAAP)
37.8
%
37.4
%
36.7
%
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
(Amounts in millions)
Selling and marketing expenses (GAAP)
$
16.2
$
14.2
$
16.0
Less: Share-based compensation expense
1.7
1.2
1.6
Adjusted selling and marketing expenses
(excluding share-based compensation expense) (non-GAAP)
$
14.5
$
13.0
$
14.4
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
Selling and marketing expenses as a
percentage of revenue (GAAP)
5.3
%
5.0
%
5.2
%
Adjusted selling and marketing expenses
(excluding share-based compensation expense) as a percentage of
revenue less repair payments (non-GAAP)
5.0
%
5.0
%
5.0
%
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
(Amounts in millions)
General and administrative expenses
(GAAP)
$
42.2
$
37.1
$
43.1
Less: Share-based compensation expense
8.2
7.4
8.9
Less: Acquisition-related expenses(1)
2.1
—
0.5
Adjusted general and administrative
expenses (excluding share-based compensation expense and
acquisition-related expenses(1)) (non-GAAP)
$
31.8
$
29.7
$
33.7
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
General and administrative expenses as a
percentage of revenue (GAAP)
13.7
%
13.1
%
14.0
%
Adjusted general and administrative
expenses (excluding share-based compensation expense and
acquisition-related expenses(1)) as a percentage of revenue less
repair payments (non-GAAP)
10.9
%
11.4
%
11.7
%
Reconciliation of operating profit
(GAAP to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
(Amounts in millions)
Operating profit (GAAP)
$
43.9
$
43.2
$
41.3
Add: Share-based compensation expense
11.7
9.8
12.6
Add: Amortization of intangible assets
6.5
2.9
5.3
Add: Acquisition-related expenses(1)
2.1
—
0.5
Adjusted operating profit (excluding
share-based compensation expense, acquisition related expenses(1)
and amortization of intangible assets) (non-GAAP)
$
64.3
$
55.9
$
59.6
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
Operating profit as a percentage of
revenue (GAAP)
14.3
%
15.2
%
13.4
%
Adjusted operating profit (excluding
share-based compensation expense, acquisition-related expenses(1)
and amortization of intangible assets) as a percentage of revenue
less repair payments (non-GAAP)
21.9
%
21.4
%
20.6
%
Reconciliation of Finance expense (GAAP
to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
(Amounts in millions)
Finance expense (GAAP)
$
5.0
$
3.3
$
4.0
Less: Acquisition-related expenses(1)
0.2
—
0.2
Adjusted Finance expense (excluding
acquisition-related expenses(1)) (non-GAAP)
$
4.8
$
3.3
$
3.9
Reconciliation of profit (GAAP) to ANI
(non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
(Amounts in millions)
Profit after tax (GAAP)
$
34.7
$
34.3
$
33.2
Add: Share-based compensation expense
11.7
9.8
12.6
Add: Amortization of intangible assets
6.5
2.9
5.3
Add: Acquisition-related expenses(1)
2.3
—
0.6
Less: Tax impact on share-based
compensation expense(2)
(3.0
)
(2.0
)
(3.1
)
Less: Tax impact on amortization of
intangible assets(2)
(1.5
)
(0.7
)
(1.3
)
Less: Tax impact on acquisition related
expenses (2)
(0.0
)
—
(0.0
)
Adjusted Net Income (excluding share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets, including tax effect thereon)
(non-GAAP)
$
50.6
$
44.4
$
47.2
(1)
Consists of acquisition-related
expenses accounted for under the following line items:
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022
(Amounts in millions)
General and administrative expenses(a)
$
2.1
$
—
$
0.5
Finance expense (b)
0.2
—
0.2
Total acquisition related expenses
$
2.3
$
—
$
0.6
(a)
Consists of transaction costs,
integration expenses, employment-linked earn-out as part of
deferred consideration.
(b)
Consists of changes in the fair
value of contingent consideration including the impact of present
value thereon.
(2)
The company applies GAAP
methodologies in computing the tax impact on its non-GAAP ANI
adjustments (including amortization of intangible assets,
acquisition-related expenses 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
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
Profit after tax as a percentage of
revenue (GAAP)
11.3
%
12.1
%
10.8
%
Adjusted net income (excluding share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets, including tax effect thereon) as
a percentage of revenue less repair payments (non-GAAP)
17.3
%
17.0
%
16.3
%
Reconciliation of basic earnings per
share (GAAP to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
Basic earnings per share (GAAP)
$
0.72
$
0.70
$
0.69
Add: Adjustment of share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
0.43
0.26
0.38
Less: Tax impact on share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
(0.10
)
(0.05
)
(0.09
)
Adjusted basic earnings per share
(excluding share-based compensation expense, acquisition-related
expenses(1) and amortization of intangible assets, including tax
effect thereon) (non-GAAP)
$
1.05
$
0.91
$
0.98
Reconciliation of diluted earnings per
share (GAAP to non-GAAP)
Three months ended
Dec 31, 2022
Dec 31, 2021
Sep 30, 2022**
Diluted earnings per share (GAAP)
$
0.69
$
0.68
$
0.66
Add: Adjustments for share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
0.41
0.25
0.37
Less: Tax impact on share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
(0.09
)
(0.05
)
(0.09
)
Adjusted diluted earnings per share
(excluding share-based compensation expense, acquisition-related
expenses (1) and amortization of intangible assets, including tax
effect thereon) (non-GAAP)
$
1.01
$
0.88
$
0.94
** WNS is excluding acquisition-related expenses as
presented above with effect from fiscal 2023 second quarter.
Previously disclosed non-GAAP financial measures for fiscal 2023
second quarter did not exclude acquisition-related expenses. The
non-GAAP financial measures presented above for fiscal 2023 second
quarter have been adjusted to exclude acquisition-related expenses
for comparability across the periods presented above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230118005994/en/
Investors: David
Mackey EVP – Finance & Head of Investor Relations WNS
(Holdings) Limited +1 (646) 908-2615 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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