WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Management (BPM) solutions, today announced
results for the fiscal 2024 first quarter ended June 30, 2023.
Highlights – Fiscal 2024 First
Quarter:
GAAP
Financials
- Revenue of $326.5 million, up 10.5% from $295.3 million in
Q1 of last year and up 3.7% from $314.9 million last
quarter
- Profit of $30.1 million, compared to $33.1 million in Q1 of
last year and $36.4 million last quarter
- Diluted earnings per share of $0.60, compared to $0.65 in Q1
of last year and $0.72 last quarter
Non-GAAP
Financial Measures*
- Revenue less repair payments of $317.5 million, up 15.5%
from $274.8 million in Q1 of last year and up 4.1% from $305.0
million last quarter
- Adjusted Net Income (ANI) of $50.6 million, compared to
$45.9 million in Q1 of last year and $52.4 million last
quarter
- Adjusted diluted earnings per share of $1.01, compared to
$0.90 in Q1 of last year and $1.04 last quarter
Other
Metrics
- Added 6 new clients in the quarter, expanded 36 existing
relationships
- Days sales outstanding (DSO) at 34 days
- Global headcount of 59,871 as of June 30, 2023
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 first quarter was $326.5 million, representing a
10.5% increase versus Q1 of last year and a 3.7% increase from the
previous quarter. Revenue less repair payments* in the first
quarter was $317.5 million, an increase of 15.5% year-over-year and
4.1% sequentially. Excluding exchange rate impacts, constant
currency revenue less repair payments* in the fiscal first quarter
was up 17.5% versus Q1 of last year and 3.6% sequentially.
Year-over-year, fiscal Q1 revenue improved as a result of our new
client additions, the expansion of existing relationships, and our
fiscal 2023 acquisitions, which more than offset the ramp-down of a
large HealthCare process and unfavorable currency movements.
Sequentially, growth driven by broad-based revenue momentum and
favorable currency movements was partially offset by contractual
productivity commitments to certain clients.
Profit in the fiscal first quarter was $30.1 million, as
compared to $33.1 million in Q1 of last year and $36.4 million in
the previous quarter. Year-over-year, profit decreased as a result
of wage increases, increased return-to-office costs, higher
share-based compensation expense, and increased costs associated
with our acquisitions including amortization of intangibles,
interest expense, and other acquisition-related expenses. These
headwinds more than offset revenue growth and favorable impacts
from currency movements. Sequentially, Q1 profit decreased as a
result of wage increases, return-to-office costs, higher
share-based compensation expense, and one-time benefits in Q4 from
tax and interest income. These headwinds were partially offset by
revenue growth and favorable currency impacts.
Adjusted net income (ANI)* in Q1 was $50.6 million, as compared
to $45.9 million in Q1 of last year and $52.4 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*.
From a balance sheet perspective, WNS ended Q1 with $242.6
million in cash and investments and $206.2 million in debt.
Included in this debt amount is $40.2 million borrowed for general
corporate purposes against our line of credit during the quarter.
In Q1, the company generated $19.5 million in cash from operations,
incurred $17.8 million in capital expenditures, and repaid $10.6
million in long-term debt. WNS also repurchased 1,100,000 ADSs at
an average price of $77.84, impacting Q1 cash by $85.6 million.
First quarter days sales outstanding were 34 days, as compared to
29 days reported in Q1 of last year and 32 days in the previous
quarter.
“In the fiscal first quarter, WNS continued to deliver healthy
financial results and position our business for long-term success,”
said Keshav Murugesh, WNS’ Chief Executive Officer. “Despite the
challenging macro environment, WNS grew constant currency revenue
less repair payments* by more than 17% and maintained our
industry-leading adjusted operating margins*. Our updated guidance
and visibility demonstrate the healthy and resilient nature of our
business, and we believe WNS remains well-positioned to meet the
evolving needs of our clients. This includes ongoing technology and
automation advancements such as AI and Generative AI. The company
remains focused on investing in domain, technology, and talent,
driving strong operational and financial execution, and delivering
long-term sustainable value for all of our stakeholders.”
Fiscal 2024 Guidance
WNS is updating guidance for the fiscal year ending March 31,
2024, as follows:
- Revenue less repair payments* is expected to be between $1,296
million and $1,354 million, up from $1,162.0 million in fiscal
2023. Guidance assumes an average GBP to USD exchange rate of 1.27
for the remainder of fiscal 2024.
- ANI* is expected to range between $211 million and $223 million
versus $196.1 million in fiscal 2023. Guidance assumes an average
USD to INR exchange rate of 82.0 for the remainder of fiscal
2024.
- Based on a diluted share count of 50.1 million shares, the
company expects fiscal 2024 adjusted diluted earnings per share* to
be in the range of $4.21 to $4.45 versus $3.86 in fiscal 2023.
“The company has updated our forecast for fiscal 2024 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 17% on a
reported basis, or 11% to 16% constant currency*. This includes an
estimated 3% inorganic growth related to our fiscal 2023
acquisitions. We currently have 92% visibility to the midpoint of
the revenue range. For the year, we expect capital expenditures of
up to $60 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 July 20, 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 June 30, 2023, WNS had 59,871
professionals across 66 delivery centers worldwide including
facilities in Canada, China, Costa Rica, India, Malaysia, the
Philippines, Poland, Romania, South Africa, 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 2024 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
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
Revenue
$
326.5
$
295.3
$
314.9
Cost of revenue
211.0
198.4
202.1
Gross profit
115.5
97.0
112.8
Operating expenses:
Selling and marketing expenses
20.0
14.2
17.1
General and administrative expenses
47.0
40.4
43.7
Foreign exchange (gain) / loss, net
(0.9
)
(1.9
)
2.3
Amortization of intangible assets
8.7
3.0
8.9
Operating profit
40.8
41.3
40.8
Other income, net
(4.8
)
(3.4
)
(5.8
)
Finance expense
7.1
3.2
6.6
Profit before income taxes
38.4
41.4
40.1
Income tax expense
8.3
8.4
3.7
Profit after tax
$
30.1
$
33.1
$
36.4
Earnings per share of ordinary share
Basic
$
0.63
$
0.68
$
0.75
Diluted
$
0.60
$
0.65
$
0.72
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in
millions, except share and per share data)
As at Jun 30, 2023
As at Mar 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
82.9
$
127.9
Investments
82.3
101.1
Trade receivables, net
124.4
113.1
Unbilled revenue
106.4
99.8
Funds held for clients
8.5
9.4
Derivative assets
6.3
6.4
Contract assets
14.1
12.6
Prepayments and other current assets
34.8
33.9
Total current assets
459.8
504.1
Non-current assets:
Goodwill
358.7
353.6
Intangible assets
174.9
179.2
Property and equipment
67.1
62.4
Right-of-use assets
173.3
175.5
Derivative assets
3.9
2.7
Investments
77.4
75.9
Contract assets
57.0
54.7
Deferred tax assets
46.9
46.7
Other non-current assets
48.5
49.6
Total non-current assets
1,007.6
1,000.4
TOTAL ASSETS
$
1,467.4
$
1,504.4
LIABILITIES AND EQUITY
Current liabilities:
Trade payables
$
23.9
$
25.4
Provisions and accrued expenses
35.8
41.8
Derivative liabilities
6.9
7.5
Pension and other employee obligations
76.2
107.9
Short term line of credit
40.2
—
Current portion of long-term debt
36.7
36.1
Contract liabilities
17.8
15.7
Current taxes payable
12.2
2.2
Lease liabilities
28.7
26.6
Other liabilities
49.4
40.7
Total current liabilities
327.7
303.8
Non-current liabilities:
Derivative liabilities
1.1
2.4
Pension and other employee obligations
21.0
19.5
Long-term debt
129.3
137.3
Contract liabilities
11.4
9.7
Other non-current liabilities
10.3
20.8
Lease liabilities
169.7
172.3
Deferred tax liabilities
36.3
37.3
Total non-current liabilities
379.1
399.5
TOTAL LIABILITIES
$
706.9
$
703.3
Shareholders' equity:
Share capital (ordinary shares $0.16 (10
pence) par value, authorized 60,000,000 shares; issued: 47,358,289
shares and 48,360,817 shares; each as at June 30, 2023 and March
31, 2023, respectively)
7.6
7.7
Share premium
9.0
81.1
Retained earnings
981.8
951.6
Other reserves
6.7
6.8
Other components of equity
(244.5
)
(246.0
)
Total shareholders’ equity
$
760.6
$
801.1
TOTAL LIABILITIES AND EQUITY
$
1,467.4
$
1,504.4
WNS Segment Reporting
Effective April 1, 2023, WNS has adopted a new organizational
structure featuring four strategic business units (“SBUs”), each
headed by a chief business officer (“CBO”). Under the new
organizational structure, WNS has combined our existing verticals
into the four SBUs (as set out below). The new organizational
structure is expected to help drive improved outcomes for our
global clients and enable our company to better drive business
synergies, enhance scalability, generate operating leverage, and
create organizational depth. To align with this new structure, WNS
has changed our segments for financial statement reporting
purposes. Reportable segments are as follows:
1. TSLU (comprising of Travel, Shipping/Logistics and Utilities
verticals) 2. MRHP (comprising of Manufacturing/Retail/Consumer,
Hi-tech/Professional Services and Procurement verticals) 3. HCLS
(comprising of Healthcare vertical, which we have renamed as our
Healthcare/Life Sciences vertical) 4. BFSI (comprising of
Banking/Financial Services and Insurance verticals)
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 16,
2023.
Revenue less repair payments is a non-GAAP financial measure
that is calculated as (a) revenue less (b) in our BFSI segment,
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 16, 2023.
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 short term) 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 Jun
30, 2023 compared to
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
Jun 30,
2022
Mar 31,
2023
(Amounts in millions)
(% growth)
Revenue (GAAP)
$
326.5
$
295.3
$
314.9
10.5%
3.7
%
Less: Payments to repair centers
9.0
20.5
9.9
(56.1%
)
(9.2
%)
Revenue less repair payments
(non-GAAP)
$
317.5
$
274.8
$
305.0
15.5%
4.1
%
Exchange rate impact
1.7
(3.1
)
3.1
Constant currency revenue less repair
payments (non-GAAP)
$
319.2
$
271.7
$
308.0
17.5%
3.6
%
Reconciliation of cost of revenue (GAAP
to non-GAAP)
Three months ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
(Amounts in millions)
Cost of revenue (GAAP)
$
211.0
$
198.4
$
202.1
Less: Payments to repair centers
9.0
20.5
9.9
Less: Share-based compensation expense
4.2
2.1
2.1
Adjusted cost of revenue (excluding
payment to repair centers and share-based compensation expense)
(non-GAAP)
$
197.8
$
175.8
$
190.1
Reconciliation of gross profit (GAAP to
non-GAAP)
Three months ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
(Amounts in millions)
Gross profit (GAAP)
$
115.5
$
97.0
$
112.8
Add: Share-based compensation expense
4.2
2.1
2.1
Adjusted gross profit (excluding
share-based compensation expense) (non-GAAP)
$
119.7
$
99.1
$
114.9
Gross profit as a percentage of revenue
(GAAP)
35.4
%
32.8
%
35.8
%
Adjusted gross profit (excluding
share-based compensation expense) as a percentage of revenue less
repair payments (non-GAAP)
37.7
%
36.0
%
37.7
%
Reconciliation of selling and marketing
expenses (GAAP to non-GAAP)
Three months ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
(Amounts in millions)
Selling and marketing expenses (GAAP)
$
20.0
$
14.2
$
17.1
Less: Share-based compensation expense
3.1
1.7
1.5
Adjusted selling and marketing expenses
(excluding share-based compensation expense) (non-GAAP)
$
16.8
$
12.5
$
15.7
Selling and marketing expenses as a
percentage of revenue (GAAP)
6.1
%
4.8
%
5.4
%
Adjusted selling and marketing expenses
(excluding share-based compensation expense) as a percentage of
revenue less repair payments (non-GAAP)
5.3
%
4.6
%
5.1
%
Reconciliation of general and
administrative expenses (GAAP to non-GAAP)
Three months ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
(Amounts in millions)
General and administrative expenses
(GAAP)
$
47.0
$
40.4
$
43.7
Less: Share-based compensation expense
8.9
9.9
8.2
Less: Acquisition-related expenses(1)
1.0
—
1.2
Adjusted general and administrative
expenses (excluding share-based compensation expense and
acquisition-related expenses(1)) (non-GAAP)
$
37.0
$
30.5
$
34.3
General and administrative expenses as a
percentage of revenue (GAAP)
14.4
%
13.7
%
13.9
%
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)
11.7
%
11.1
%
11.2
%
Reconciliation of operating profit
(GAAP to non-GAAP)
Three months ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
(Amounts in millions)
Operating profit (GAAP)
$
40.8
$
41.3
$
40.8
Add: Share-based compensation expense
16.2
13.7
11.8
Add: Amortization of intangible assets
8.7
3.0
8.9
Add: Acquisition-related expenses(1)
1.0
—
1.2
Adjusted operating profit (excluding
share-based compensation expense, acquisition related expenses(1)
and amortization of intangible assets) (non-GAAP)
$
66.7
$
57.9
$
62.7
Operating profit as a percentage of
revenue (GAAP)
12.5
%
14.0
%
13.0
%
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)
21.0
%
21.1
%
20.6
%
Reconciliation of Finance expense (GAAP to non-GAAP)
Three months ended
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
(Amounts in millions)
Finance expense (GAAP)
$
7.1
$
3.2
$
6.6
Less: Acquisition-related expenses(1)
0.3
—
0.4
Adjusted Finance expense (excluding
acquisition-related expenses(1)) (non-GAAP)
$
6.8
$
3.2
$
6.2
Reconciliation of profit (GAAP) to ANI
(non-GAAP)
Three months ended
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
(Amounts in millions)
Profit after tax (GAAP)
$
30.1
$
33.1
$
36.4
Add: Share-based compensation expense
16.2
13.7
11.8
Add: Amortization of intangible assets
8.7
3.0
8.9
Add: Acquisition-related expenses(1)
1.3
—
1.5
Less: Tax impact on share-based
compensation expense(2)
(3.6
)
(3.1
)
(4.0
)
Less: Tax impact on amortization of
intangible assets(2)
(2.2
)
(0.7
)
(2.2
)
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
$
45.9
$
52.4
(1) Consists of acquisition-related
expenses accounted for under the following line items:
Three months ended
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
(Amounts in millions)
General and administrative expenses(a)
$
1.0
$
—
$
1.2
Finance expense (b)
0.3
—
0.4
Total acquisition related expenses
$
1.3
$
—
$
1.5
(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
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
Profit after tax as a percentage of
revenue (GAAP)
9.2
%
11.2
%
11.6
%
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)
15.9
%
16.7
%
17.2
%
Reconciliation of basic earnings per
share (GAAP to non-GAAP)
Three months ended
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
Basic earnings per share (GAAP)
$
0.63
$
0.68
$
0.75
Add: Adjustment of share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
0.55
0.34
0.46
Less: Tax impact on share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
(0.12
)
(0.08
)
(0.12
)
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
$
0.94
$
1.09
Reconciliation of diluted earnings per
share (GAAP to non-GAAP)
Three months ended
Jun 30,
2023
Jun 30,
2022
Mar 31,
2023
Diluted earnings per share (GAAP)
$
0.60
$
0.65
$
0.72
Add: Adjustments for share-based
compensation expense,acquisition-related expenses(1) and
amortization of intangible assets
0.52
0.33
0.44
Less: Tax impact on share-based
compensation expense, acquisition-related expenses(1) and
amortization of intangible assets
(0.12
)
(0.08
)
(0.12
)
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
$
0.90
$
1.04
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230719994353/en/
Investors: David Mackey EVP – Finance & Head
of Investor Relations WNS (Holdings) Limited +1 (646) 908-2615
david.mackey@wns.com
Media: Archana Raghuram EVP & Global Head –
Marketing & Communications WNS (Holdings) Limited +91 (22) 4095
2397 archana.raghuram@wns.com ; pr@wns.com
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