ExlService Holdings, Inc. (NASDAQ: EXLS), a leading data analytics
and digital operations and solutions company, today announced its
financial results for the quarter ended September 30, 2023.
Vice Chairman and Chief Executive Officer Rohit
Kapoor, said, “We achieved another robust quarter, with
year-over-year revenue growth of 13.7% and adjusted diluted EPS
growth of 21.3%. Our data-led strategy and balanced portfolio of
businesses, bolstered by our unique digital/AI capabilities,
position us well to deliver superior growth in an unpredictable
environment.”
Chief Financial Officer Maurizio Nicolelli,
said, “While we remain prudent in our outlook given the current
uncertain environment, we are increasing our revenue and EPS
guidance for the full year 2023 based on our strong momentum year
to date and current visibility for the remainder of the year. We
now expect revenue to be in the range of $1.620 billion to $1.628
billion, up from our prior guidance of $1.605 billion to $1.625
billion. The updated revenue guidance factors in a $2.0 million
currency headwind from prior guidance. This revenue guidance
represents 15% year-over-year growth on a reported basis and 15% to
16% growth on a constant currency basis. We are also increasing our
adjusted diluted earnings per share guidance for 2023 to $1.40 to
$1.42, representing growth of 16% to 18% over the prior year.”
__________________________________________________________
(1) |
Prior period information has been adjusted to reflect the 5-for-1
forward stock split of our common stock effected in August 2023.
See Note 19 – Capital Structure to our quarterly report on Form
10-Q for the quarter ended September 30, 2023 for further
details. |
(2) |
Reconciliations of adjusted
(non-GAAP) financial measures to the most directly comparable GAAP
measures, where applicable, are included at the end of this release
under “Reconciliation of Adjusted Financial Measures to GAAP
Measures.” These non-GAAP measures, including adjusted diluted EPS
and constant currency measures, are not measures of financial
performance prepared in accordance with GAAP. |
|
|
Financial Highlights: Third Quarter
2023
- Revenue for the
quarter ended September 30, 2023 increased to $411.0 million
compared to $361.4 million for the third quarter of 2022, an
increase of 13.7% on a reported basis and 13.2% on a constant
currency basis. Revenue increased by 1.5% sequentially on a
reported basis and constant currency basis, from the second quarter
of 2023.
|
|
Revenue |
|
Gross Margin |
|
|
Three months ended |
|
Three months ended |
|
|
September 30, |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
June 30, |
Reportable Segments |
|
2023 |
|
2022 |
|
2023 |
2023 |
|
2022 |
|
2023 |
|
|
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
$ |
136.4 |
|
$ |
116.2 |
|
$ |
128.5 |
36.6 |
% |
|
35.4 |
% |
|
34.4 |
$ |
Healthcare |
|
|
26.2 |
|
|
22.8 |
|
|
27.2 |
|
36.8 |
% |
|
25.0 |
% |
|
35.4 |
% |
Emerging Business |
|
|
65.3 |
|
|
56.1 |
|
|
67.1 |
|
42.4 |
% |
|
42.2 |
% |
|
43.7 |
% |
Analytics |
|
|
183.1 |
|
|
166.3 |
|
|
182.2 |
|
37.0 |
% |
|
36.3 |
% |
|
37.7 |
% |
Revenues,
net |
|
$ |
411.0 |
|
$ |
361.4 |
|
$ |
405.0 |
|
37.7 |
% |
|
36.2 |
% |
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Operating income margin for the
quarter ended September 30, 2023 was 14.7%, compared to 13.9% for
the third quarter of 2022 and 16.0% for the second quarter of 2023.
Adjusted operating income margin for the quarter ended September
30, 2023 was 20.0%, compared to 18.5% for the third quarter of 2022
and 20.0% for the second quarter of 2023.
- Diluted earnings per share for the
quarter ended September 30, 2023 was $0.26, compared to $0.23 for
the third quarter of 2022 and $0.29 for the second quarter of 2023.
Adjusted diluted earnings per share for the quarter ended September
30, 2023 was $0.37, compared to $0.31 for the third quarter of 2022
and $0.36 for the second quarter of 2023.
Business Highlights: Third Quarter
2023
- Won 16 new clients
in the third quarter of 2023, with five in digital operations and
solutions business and 11 in data analytics.
- Established a
headquarters for international business in Dublin and formed new
centers of excellence to develop best practices and improve
efficiencies.
- Recognized as a
Leader and Star Performer in
Everest Group’s Property and Casualty (P&C) Insurance BPS PEAK
Matrix® Assessment 2023.
- Recognized as a
Leader in Everest Group’s Clinical and Care
Management Operations – Services PEAK Matrix® Assessment 2023.
2023 GuidanceBased on current
visibility, and a U.S. dollar to Indian rupee exchange rate of
83.0, U.K. pound sterling to U.S. dollar exchange rate of 1.23,
U.S. dollar to the Philippine peso exchange rate of 56.5 and all
other currencies at current exchange rates, we are providing the
following guidance for the full year 2023:
- Revenue of $1.620 billion to $1.628
billion, representing growth of 15% on a reported basis and 15% to
16% on a constant currency basis from 2022.
- Adjusted diluted earnings per share
of $1.40 to $1.42, representing growth of 16% to 18% from
2022.
Conference Call
ExlService Holdings, Inc. will host a conference
call on Thursday, October 26, 2023, at 10:00 A.M. ET to discuss the
Company’s quarterly operating and financial results. The conference
call will be available live via the internet by accessing the
investor relations section of EXL’s website at ir.exlservice.com,
where an accompanying investor-friendly spreadsheet of historical
operating and financial data can also be accessed. Please access
the website at least fifteen minutes prior to the call to register,
download and install any necessary audio software.
Please note that there is a new system to access
the live call-in order to ask questions. To join the live call,
please register here. A dial-in and unique PIN will be provided to
join the call. For those who cannot access the live broadcast, a
replay will be available on the EXL website ir.exlservice.com for a
period of twelve months.
About ExlService Holdings,
Inc.
EXL (NASDAQ: EXLS) is a leading data analytics
and digital operations and solutions company that partners with
clients to improve business outcomes and unlock growth. By bringing
together deep domain expertise with robust data, powerful
analytics, cloud, artificial intelligence (“AI”) and machine
learning (“ML”), we create agile, scalable solutions and execute
complex operations for the world’s leading corporations in
industries including insurance, healthcare, banking and financial
services, media, and retail, among others. Focused on driving
faster decision-making and transforming operating models, EXL was
founded on the core values of innovation, collaboration,
excellence, integrity and respect. Headquartered in New York, our
team is over 50,000 strong, with more than 50 offices spanning six
continents. For more information, visit www.exlservice.com.
Cautionary Statement Regarding
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995. You should not
place undue reliance on those statements because they are subject
to numerous uncertainties and factors relating to EXL’s operations
and business environment, all of which are difficult to predict and
many of which are beyond EXL’s control. Forward-looking statements
include information concerning EXL’s possible or assumed future
results of operations, including descriptions of its business
strategy. These statements may include words such as “may,” “will,”
“should,” “believe,” “expect,” “anticipate,” “intend,” “plan,”
“estimate” or similar expressions. These statements are based on
assumptions that we have made in light of management’s experience
in the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate under the circumstances. You should
understand that these statements are not guarantees of performance
or results. They involve known and unknown risks, uncertainties and
assumptions. Although EXL believes that these forward-looking
statements are based on reasonable assumptions, you should be aware
that many factors could affect EXL’s actual financial results or
results of operations and could cause actual results to differ
materially from those in the forward-looking statements. These
factors, which include our ability to maintain and grow client
demand, our ability to hire and retain sufficiently trained
employees, and our ability to accurately estimate and/or manage
costs, rising interest rates, rising inflation and recessionary
economic trends, are discussed in more detail in EXL’s filings with
the Securities and Exchange Commission, including EXL’s Annual
Report on Form 10-K. You should keep in mind that any
forward-looking statement made herein, or elsewhere, speaks only as
of the date on which it is made. New risks and uncertainties come
up from time to time, and it is impossible to predict these events
or how they may affect EXL. EXL has no obligation to update any
forward-looking statements after the date hereof, except as
required by federal securities laws.
|
EXLSERVICE HOLDINGS, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(In thousands, except per share amount and share
count) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues, net |
$ |
410,971 |
|
|
$ |
361,351 |
|
|
$ |
1,216,610 |
|
|
$ |
1,037,341 |
|
Cost of revenues(1) |
|
256,002 |
|
|
|
230,462 |
|
|
|
760,691 |
|
|
|
659,185 |
|
Gross
profit(1) |
|
154,969 |
|
|
|
130,889 |
|
|
|
455,919 |
|
|
|
378,156 |
|
Operating expenses: |
|
|
|
|
|
|
|
General and administrative expenses |
|
52,213 |
|
|
|
42,519 |
|
|
|
144,564 |
|
|
|
122,898 |
|
Selling and marketing expenses |
|
30,943 |
|
|
|
23,879 |
|
|
|
88,674 |
|
|
|
72,034 |
|
Depreciation and amortization expense |
|
11,583 |
|
|
|
14,380 |
|
|
|
38,192 |
|
|
|
42,057 |
|
Total operating expenses |
|
94,739 |
|
|
|
80,778 |
|
|
|
271,430 |
|
|
|
236,989 |
|
Income from
operations |
|
60,230 |
|
|
|
50,111 |
|
|
|
184,489 |
|
|
|
141,167 |
|
Foreign exchange gain,
net |
|
409 |
|
|
|
1,504 |
|
|
|
838 |
|
|
|
4,683 |
|
Interest expense |
|
(3,405 |
) |
|
|
(2,442 |
) |
|
|
(10,030 |
) |
|
|
(4,820 |
) |
Other income, net |
|
778 |
|
|
|
2,261 |
|
|
|
6,594 |
|
|
|
4,498 |
|
Income before income tax
expense and earnings from equity affiliates |
|
58,012 |
|
|
|
51,434 |
|
|
|
181,891 |
|
|
|
145,528 |
|
Income tax expense |
|
14,161 |
|
|
|
12,447 |
|
|
|
37,773 |
|
|
|
34,774 |
|
Income before earnings
from equity affiliates |
|
43,851 |
|
|
|
38,987 |
|
|
|
144,118 |
|
|
|
110,754 |
|
Gain from equity-method
investment |
|
25 |
|
|
|
108 |
|
|
|
157 |
|
|
|
365 |
|
Net income
attributable to ExlService Holdings, Inc.
stockholders |
$ |
43,876 |
|
|
$ |
39,095 |
|
|
$ |
144,275 |
|
|
$ |
111,119 |
|
Earnings per share
attributable to ExlService Holdings, Inc. stockholders (2): |
|
|
|
|
|
|
|
Basic |
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.87 |
|
|
$ |
0.67 |
|
Diluted |
$ |
0.26 |
|
|
$ |
0.23 |
|
|
$ |
0.86 |
|
|
$ |
0.66 |
|
Weighted-average number of
shares used in computing earnings per share attributable to
ExlService Holdings Inc. stockholders (2): |
|
|
|
|
|
|
|
Basic |
|
166,159,619 |
|
|
|
166,189,165 |
|
|
|
166,707,599 |
|
|
|
166,801,730 |
|
Diluted |
|
167,688,374 |
|
|
|
168,888,745 |
|
|
|
168,591,612 |
|
|
|
169,168,185 |
|
(1) Exclusive of depreciation and amortization expense.
(2) Prior period information has been adjusted
to reflect the 5-for-1 forward stock split of the Company’s common
stock effected in August 2023.
|
EXLSERVICE HOLDINGS, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(In thousands, except per share amount and share
count) |
|
|
|
As of |
|
|
September 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
122,655 |
|
|
$ |
118,669 |
|
Short-term investments |
|
|
151,581 |
|
|
|
179,027 |
|
Restricted cash |
|
|
3,257 |
|
|
|
4,897 |
|
Accounts receivable, net |
|
|
303,378 |
|
|
|
259,222 |
|
Other current assets |
|
|
70,697 |
|
|
|
50,979 |
|
Total current assets |
|
|
651,568 |
|
|
|
612,794 |
|
Property and equipment, net |
|
|
96,729 |
|
|
|
82,828 |
|
Operating lease right-of-use assets, net |
|
|
56,817 |
|
|
|
55,347 |
|
Restricted cash |
|
|
2,047 |
|
|
|
2,055 |
|
Deferred
tax assets, net |
|
|
79,767 |
|
|
|
55,791 |
|
Goodwill |
|
|
405,579 |
|
|
|
405,637 |
|
Other
intangible assets, net |
|
|
53,315 |
|
|
|
64,819 |
|
Long-term investments |
|
|
5,273 |
|
|
|
34,779 |
|
Other
assets |
|
|
51,398 |
|
|
|
32,069 |
|
Total assets |
|
$ |
1,402,493 |
|
|
$ |
1,346,119 |
|
Liabilities and stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,159 |
|
|
$ |
7,789 |
|
Current portion of long-term borrowings |
|
|
50,000 |
|
|
|
30,000 |
|
Deferred revenue |
|
|
13,766 |
|
|
|
18,782 |
|
Accrued employee costs |
|
|
105,535 |
|
|
|
108,100 |
|
Accrued expenses and other current liabilities |
|
|
107,730 |
|
|
|
95,352 |
|
Current portion of operating lease liabilities |
|
|
14,008 |
|
|
|
14,978 |
|
Income taxes payable, net |
|
|
11,948 |
|
|
|
2,945 |
|
Total current liabilities |
|
|
306,146 |
|
|
|
277,946 |
|
Long-term borrowings, less current portion |
|
|
160,000 |
|
|
|
220,000 |
|
Operating lease liabilities, less current portion |
|
|
48,445 |
|
|
|
48,155 |
|
Deferred
tax liabilities, net |
|
|
461 |
|
|
|
547 |
|
Other
non-current liabilities |
|
|
31,354 |
|
|
|
41,292 |
|
Total liabilities |
|
|
546,406 |
|
|
|
587,940 |
|
Commitments and contingencies |
|
|
|
|
ExlService Holdings, Inc. Stockholders’
equity: |
|
|
|
|
Preferred stock, $0.001 par value; 15,000,000 shares authorized,
none issued |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 400,000,000 shares authorized,
202,124,185 shares issued and 165,117,859 shares outstanding as of
September 30, 2023 and 199,939,880 shares issued and
166,172,220 shares outstanding as of December 31, 2022
(1) |
|
|
202 |
|
|
|
200 |
|
Additional paid-in capital (1) |
|
|
492,577 |
|
|
|
444,948 |
|
Retained earnings |
|
|
1,043,380 |
|
|
|
899,105 |
|
Accumulated other comprehensive loss |
|
|
(136,805 |
) |
|
|
(144,143 |
) |
Total including shares held in treasury |
|
|
1,399,354 |
|
|
|
1,200,110 |
|
Less: 37,006,326 shares as of September 30, 2023 and 33,767,660
shares as of December 31, 2022, held in treasury, at cost
(1) |
|
|
(543,267 |
) |
|
|
(441,931 |
) |
Total stockholders’
equity |
|
|
856,087 |
|
|
|
758,179 |
|
Total liabilities and
stockholders’ equity |
|
$ |
1,402,493 |
|
|
$ |
1,346,119 |
|
(1) Prior period information has been adjusted
to reflect the 5-for-1 forward stock split of the Company’s common
stock effected in August 2023.
EXLSERVICE HOLDINGS, INC.
Reconciliation of Adjusted Financial
Measures to GAAP Measures
In addition to its reported operating results in
accordance with U.S. generally accepted accounting principles
(GAAP), EXL has included in this release certain financial measures
that are considered non-GAAP financial measures, including the
following:
|
(i) |
Adjusted
operating income and adjusted operating income margin; |
|
(ii) |
Adjusted EBITDA and adjusted EBITDA margin; |
|
(iii) |
Adjusted net income and adjusted diluted earnings per share;
and |
|
(iv) |
Revenue growth on an organic constant currency basis. |
|
|
|
These non-GAAP financial measures are not based
on any comprehensive set of accounting rules or principles, should
not be considered a substitute for, or superior to, financial
measures calculated in accordance with GAAP, and may be different
from non-GAAP financial measures used by other companies.
Accordingly, the financial results calculated in accordance with
GAAP and reconciliations from those financial statements should be
carefully evaluated. EXL believes that providing these non-GAAP
financial measures may help investors better understand EXL’s
underlying financial performance. Management also believes that
these non-GAAP financial measures, when read in conjunction with
EXL’s reported results, can provide useful supplemental information
for investors analyzing period-to-period comparisons of the
Company’s results and comparisons of the Company’s results with the
results of other companies. Additionally, management considers some
of these non-GAAP financial measures to determine variable
compensation of its employees. The Company believes that it is
unreasonably difficult to provide its earnings per share financial
guidance in accordance with GAAP, or a qualitative reconciliation
thereof, for a number of reasons, including, without limitation,
the Company’s inability to predict its future stock-based
compensation expense under ASC Topic 718, the amortization of
intangibles associated with further acquisitions and the currency
fluctuations and associated tax impacts. As such, the Company
presents guidance with respect to adjusted diluted earnings per
share. The Company also incurs significant non-cash charges for
depreciation that may not be indicative of the Company’s ability to
generate cash flow.
EXL non-GAAP financial measures exclude, where
applicable, stock-based compensation expense, amortization of
acquisition-related intangible assets, provision for litigation
settlement, impairment charges on acquired long-lived and
intangible assets including goodwill, effects of termination of
leases, certain defined social security contributions, allowance
for certain material expected credit losses, other
acquisition-related expenses or benefits and effect of any
non-recurring tax adjustments. Acquisition-related expenses or
benefits include, changes in the fair value of contingent
consideration, external deal costs, integration expenses, direct
and incremental travel costs and non-recurring benefits or losses.
Our adjusted net income and adjusted diluted EPS also excludes the
effects of income tax on the above pre-tax items, as applicable.
The effects of income tax of each item is calculated by applying
the statutory rate of the local tax regulations in the jurisdiction
in which the item was incurred.
A limitation of using non-GAAP financial
measures versus financial measures calculated in accordance with
GAAP is that non-GAAP financial measures do not reflect all of the
amounts associated with our operating results as determined in
accordance with GAAP and exclude costs that are recurring, namely
stock-based compensation and amortization of acquisition-related
intangible assets. EXL compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from non-GAAP financial measures to allow investors to evaluate
such non-GAAP financial measures.
The information provided on an organic constant
currency basis reflects a comparison of current period results
translated at the prior period currency rates and exclude the
impact from an acquisition for a twelve-month period from the date
of the acquisition. This information is provided because EXL
believes that it provides useful comparative incremental
information to investors regarding EXL’s true operating
performance. EXL’s primary exchange rate exposure is with the
Indian rupee, the U.K. pound sterling and the Philippine peso. The
average exchange rate of the U.S. Dollar against the Indian Rupee
increased from 80.01 during the quarter ended September 30, 2022 to
82.69 during the quarter ended September 30, 2023, representing a
depreciation of 3.3% against the U.S. dollar. The average exchange
rate of the U.S. Dollar against the Philippine Peso decreased from
56.63 during the quarter ended September 30, 2022 to 56.02 during
the quarter ended September 30, 2023, representing an appreciation
of 1.1% against the U.S. dollar. The average exchange rate of the
U.K. pound sterling against the U.S. Dollar increased from 1.16
during the quarter ended September 30, 2022 to 1.26 during the
quarter ended September 30, 2023, representing an appreciation of
8.2% against the U.S. dollar.
The following table shows the reconciliation of
these non-GAAP financial measures for the three months ended
September 30, 2023 and September 30, 2022, and the three months
ended June 30, 2023:
|
Reconciliation of Adjusted Operating Income and Adjusted
EBITDA |
(Amounts in thousands) |
|
|
|
Three months ended |
|
|
September 30, |
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
Net Income
(GAAP) |
|
$ |
43,876 |
|
|
$ |
39,095 |
|
|
$ |
49,068 |
|
add: Income tax expense |
|
|
14,161 |
|
|
|
12,447 |
|
|
|
15,554 |
|
add/(subtract): Foreign
exchange gain, net, interest expense, gain from equity-method
investment and other income/(loss), net |
|
|
2,193 |
|
|
|
(1,431 |
) |
|
|
189 |
|
Income from operations
(GAAP) |
|
$ |
60,230 |
|
|
$ |
50,111 |
|
|
$ |
64,811 |
|
add: Stock-based compensation expense |
|
|
17,067 |
|
|
|
12,186 |
|
|
|
11,511 |
|
add: Amortization of acquisition-related intangibles |
|
|
3,157 |
|
|
|
4,243 |
|
|
|
4,204 |
|
add: Allowance for expected credit losses (a) |
|
|
1,700 |
|
|
|
— |
|
|
|
— |
|
add: Other expenses (b) |
|
|
— |
|
|
|
169 |
|
|
|
578 |
|
Adjusted operating
income (Non-GAAP) |
|
$ |
82,154 |
|
|
$ |
66,709 |
|
|
$ |
81,104 |
|
Adjusted operating income
margin as a % of Revenue (Non-GAAP) |
|
|
20.0 |
% |
|
|
18.5 |
% |
|
|
20.0 |
% |
add: Depreciation on long-lived assets |
|
|
8,426 |
|
|
|
10,137 |
|
|
|
8,289 |
|
Adjusted EBITDA
(Non-GAAP) |
|
$ |
90,580 |
|
|
$ |
76,846 |
|
|
$ |
89,393 |
|
Adjusted EBITDA margin as a %
of revenue (Non-GAAP) |
|
|
22.0 |
% |
|
|
21.3 |
% |
|
|
22.1 |
% |
(a) |
To exclude the
effects of material allowance for expected credit losses on
accounts receivables related to a customer bankruptcy event. |
|
|
(b) |
To exclude certain expenses related to defined social security
contribution plan in India for historical periods of $169 during
the three months ended September 30, 2022, and to exclude the
effects of lease termination of $578 during the three months ended
June 30, 2023. |
Reconciliation of Adjusted Net Income and Adjusted Diluted
Earnings Per Share |
(Amounts in thousands, except per share data) |
|
|
|
Three months ended |
|
|
September 30, |
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
Net income
(GAAP) |
|
$ |
43,876 |
|
|
$ |
39,095 |
|
|
$ |
49,068 |
|
add: Stock-based compensation expense |
|
|
17,067 |
|
|
|
12,186 |
|
|
|
11,511 |
|
add: Amortization of acquisition-related intangibles |
|
|
3,157 |
|
|
|
4,243 |
|
|
|
4,204 |
|
add: Effects of changes in fair value of contingent
consideration |
|
|
2,500 |
|
|
|
— |
|
|
|
— |
|
add: Allowance for expected credit losses (a) |
|
|
1,700 |
|
|
|
— |
|
|
|
— |
|
add: Other expenses (b) |
|
|
— |
|
|
|
481 |
|
|
|
578 |
|
subtract: Tax impact on stock-based compensation expense (c) |
|
|
(4,340 |
) |
|
|
(2,833 |
) |
|
|
(2,789 |
) |
subtract: Tax impact on amortization of acquisition-related
intangibles |
|
|
(771 |
) |
|
|
(994 |
) |
|
|
(1,036 |
) |
subtract: Tax impact on allowance for expected credit losses |
|
|
(429 |
) |
|
|
— |
|
|
|
— |
|
subtract: Tax impact on other expenses |
|
|
— |
|
|
|
(78 |
) |
|
|
(145 |
) |
Adjusted net income
(Non-GAAP) |
|
$ |
62,760 |
|
|
$ |
52,100 |
|
|
$ |
61,391 |
|
Adjusted diluted
earnings per share (Non-GAAP) |
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
0.36 |
|
(a) |
To exclude the
effects of material allowance for expected credit losses on
accounts receivables related to a customer bankruptcy event. |
|
|
(b) |
To exclude certain expenses related to defined social security
contribution plan in India for historical periods of $481 during
the three months ended September 30, 2022, and to exclude the
effects of lease termination of $578 during the three months ended
June 30, 2023. |
|
|
(c) |
Tax impact includes $462 and ($92) during the three months
ended September 30, 2023 and 2022 respectively, and $190 during the
three months ended June 30, 2023, related to discrete benefits
recognized in income tax expense in accordance with ASU No.
2016-09, Compensation - Stock Compensation. |
|
|
Contacts:Investor RelationsJohn KristoffVice
President, Investor Relations+1 212 209 4613ir@exlservice.com
Media - USKeith LittleSenior Manager, Media
Relations+1 703 598 0980media.relations@exlservice.com
Media - UK, Europe, and APACAnna PriceFirst
Light Group+44 202 617 7240exlteam@firstlightgroup.io
Media - IndiaShailendra SinghVice President
Corporate Communications+91
9810476075shailendra.singh@exlservice.com
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