Adjusted EBITDA1,3 rises 27.6% year-on-year
to US$35.2 million
TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an
award-winning digital customer experience (CX) solutions provider
for technology and blue-chip companies, today announced its
unaudited financial results for the first quarter ended March 31,
2022.
First Quarter 2022 Financial Highlights
- Total revenue of US$112.6 million, representing 26.9%
year-on-year growth
- Profit for the period was US$16.4 million, which included a
US$5.9 million equity-settled share-based payment expense under the
TDCX Performance Share Plan
- Adjusted Net Income4 of US$22.3 million, representing 34.9%
year-on-year growth
- Adjusted EBITDA1,3 of US$35.2 million, representing 27.6%
year-on-year growth
- Q1 2022 Adjusted EBITDA margin1,3 of 31.3%, compared with 31.1%
for Q1 2021
- Q1 2022 Net Cash from Operating Activities of US$37.1 million,
representing 188.1% year-on-year growth
Mr. Laurent Junique, Chief Executive Officer and Founder of
TDCX, said, “Despite the volatile operating environment, we stayed
focused on executing and delivering our plans to achieve a strong
first quarter performance. Our performance demonstrates the grit
and resilience of our people and the strong foundation that we have
built for our business.
“Since our last earnings announcement, we have added new key
clients, including a leading global short-form video social media
platform and a leading Southeast Asia e-commerce platform. Later
this month, TDCX will also be included5 in the MSCI Global Small
Cap Index.
“Looking ahead, growing geopolitical and economic instabilities
may create headwinds for our business, primarily in the short term.
However, we remain optimistic about our market opportunities and
long-term growth potential.”
(US$ million, except for
%)2
Q1 2021
Q1 2022
% Change
Revenue
88.7
112.6
+26.9%
Profit for the period
16.5
16.4
-0.6%
Adjusted Net Income4
16.5
22.3
+34.9%
Adjusted EBITDA1,3
27.6
35.2
+27.6%
Adjusted EBITDA Margins1,3
(%)
31.1%
31.3%
Business Highlights
Strong Client Additions
- Added 10 new logos in Q1 2022, more than double the four logos
added in Q1 2021
- New logo wins include a leading global short-form video social
media platform, as well as a leading Southeast Asia e-commerce
platform
- 55 clients as of March 31, 2022, a 41% increase as compared
with 39 clients as of March 31, 2021
- Revenue contribution from new economy6 clients stood at 93% for
Q1 2022
Strengthened Capabilities through Continued Geographic
Expansion
- Reinforced Global English capabilities with the launch of a new
campus in Hyderabad, India. The 45,000 square foot office is
located at Sky View 20, within the heart of the Hyderabad
Information Technology and Engineering Consultancy City. The campus
complements TDCX’s wide footprint of delivery centers across Asia,
parts of Europe and a Latin America site to serve domestic,
regional and global markets.
Full Year 2022 Outlook
For the full year 2022, TDCX expects its financial results to
be:
2022 Outlook
Revenue (in millions)2
Revised to:
US$480 to US$499
or S$650 to S$675
Revenue growth (YoY) at
midpoint
Revised to:
19.3%
Adjusted EBITDA margin1,3
Unchanged
Approximately 30.0% to 32.0%
______________________
1
Adjusted EBITDA or Adjusted EBITDA margins
are supplemental non-IFRS financial measures and should not be
considered in isolation or as a substitute for financial results
reported under IFRS (see "Reconciliations of non-IFRS financial
measures to the nearest comparable IFRS measures" in the Form 6-K
or presentation slides for more details).
2
FX rate of US$1 = SG$1.3534 assumed in
converting financials from SG dollar to US dollar.
3
Adjusted EBITDA represents profit for the
period before interest expense, interest income, income tax
expense, depreciation expense and equity-settled share-based
payment expense incurred in connection with our Performance Share
Plan. “Adjusted EBITDA margin” represents Adjusted EBITDA as a
percentage of revenue.
4
“Adjusted Net Income” represents profit
for the period before equity-settled share-based payment expense
incurred in connection with our Performance Share Plan, net of any
tax impact of such adjustments. “Adjusted Net Income margin”
represents Adjusted Net Income as a percentage of revenue.
5
See news release: TDCX to be included in
the MSCI Global Small Cap Index
6
“New economy” refers to high growth
industries that are on the cutting edge of digital technology and
are the driving forces of economic growth.
Webcast and Conference Call Information
The TDCX senior management will host a conference call to
discuss the first quarter 2022 unaudited financial results.
A live webcast of this conference call will be available on
TDCX’s website. Access information on the conference call and
webcast is as follows:
Date and time:
May 25, 2022, 8:00 AM (U.S. Eastern
Time)
May 25, 2022, 8:00 PM (Singapore / Hong
Kong Time)
Webcast link:
https://webinars.on24.com/q4/TDCX_Q1_2022
Dial in numbers:
USA Toll Free: +1 855 2656958
UK Toll Free +44 0 800 0156371
Singapore: +65 3158 0246
Hong Kong: +852 5808 0984
International: +1 718 7058796
A replay of the conference call will be available at TDCX’s
investor relations website (investors.tdcx.com). An archived
webcast will be available at the same link above.
About TDCX INC.
Singapore-headquartered TDCX provides transformative digital CX
solutions, enabling world-leading and disruptive brands to acquire
new customers, to build customer loyalty and to protect their
online communities.
TDCX helps clients achieve their customer experience aspirations
by harnessing technology, human intelligence and its global
footprint. It serves clients in fintech, gaming, technology, home
sharing and travel, digital advertising and social media, streaming
and e-commerce. TDCX’s expertise and strong footprint in Asia has
made it a trusted partner for clients, particularly high-growth,
new economy companies, looking to tap the region’s growth
potential.
TDCX’s commitment to delivering positive outcomes for our
clients extends to its role as a responsible corporate citizen. Its
Corporate Social Responsibility program focuses on positively
transforming the lives of its people, its communities and the
environment.
TDCX employs more than 14,000 employees across 26 campuses
globally, specifically Singapore, Malaysia, Thailand, Philippines,
Mainland China, Hong Kong, South Korea, Japan, India, Romania,
Spain and Colombia. For more information, please visit
www.tdcx.com.
Convenience Translation
The Company’s financial information is stated in Singapore
dollars, the legal currency of Singapore. Unless otherwise noted,
all translations from Singapore dollars to U.S. dollars and from
U.S. dollars to Singapore dollars in this press release were made
at a rate of S$1.3534 to US$1.00, the approximate rate in effect as
of March 31, 2022. We make no representation that any Singapore
dollar or U.S. dollar amount could have been, or could be,
converted into U.S. dollars or Singapore dollar, as the case may
be, at any particular rate, the rate stated herein, or at all.
Non-IFRS Financial Measure
To supplement our consolidated financial statements, which are
prepared and presented in accordance with IFRS, we use the
following non-IFRS financial measure to help evaluate our operating
performance:
“EBITDA” represents profit for the period before interest
expense, interest income, income tax expense and depreciation
expense. “EBITDA margin” represents EBITDA as a percentage of
revenue. “Adjusted EBITDA” represents profit for the period before
interest expense, interest income, income tax expense, depreciation
expense and equity-settled share-based payment expense incurred in
connection with our Performance Share Plan. “Adjusted EBITDA
margin” represents Adjusted EBITDA as a percentage of revenue. We
believe that EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted
EBITDA margin helps us to identify underlying trends in our
operating results, enhancing our understanding of past performance
and future prospects.
“Adjusted Net Income” represents profit for the period before
equity-settled share-based payment expense incurred in connection
with our Performance Share Plan, net of any tax impact of such
adjustments. “Adjusted Net Income margin” represents Adjusted Net
Income as a percentage of revenue.
The above non-IFRS financial measures have limitations as
analytical tools and should not be considered in isolation or
construed as an alternative to revenue, net income, or any other
measure of performance or as an indicator of our operating
performance. The non-IFRS financial measures presented here may not
be comparable to similarly titled measures presented by other
companies because other companies may calculate similarly titled
measures differently. For more information on the non-IFRS
financial measures, please see the form 6-K section captioned
“Non-IFRS Financial Measures” or the presentation slides.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify these forward-looking statements by the use of
words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,”
“intends,” “trends,” “plans,” “estimates,” “anticipates” or the
negative version of these words or other comparable words. Among
other things, the outlook for the full year, the business outlook
and quotations from management in this announcement, as well as the
Company’s strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the performance of TDCX’s largest
clients; the successful implementation of its business strategy;
its ability to compete effectively; its ability to maintain its
pricing, control costs or continue to grow its business; the
effects of the novel coronavirus (COVID-19) on its business; the
continued service of its founder and certain of its key employees
and management; its ability to attract and retain enough highly
trained employees; its exposure to various risks in Southeast Asia;
its contractual relationship with key clients; clients and
prospective clients’ spending on omnichannel CX solutions; its
spending on employee salaries and benefits expenses; and its
involvement in any disputes, legal, regulatory, and other
proceedings arising out of its business operations. Further
information regarding these and other risks is included in the
Company’s filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
UNAUDITED CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the three months ended March
31,
2022
2021
US$’000
S$’000
US$’000
S$’000
Revenue
112,622
152,423
88,719
120,072
Employee benefits expense
(76,733)
(103,850)
(55,234)
(74,754)
Depreciation expense
(7,061)
(9,556)
(7,344)
(9,940)
Rental and maintenance
expense
(1,674)
(2,266)
(2,097)
(2,838)
Recruitment expense
(2,076)
(2,809)
(1,464)
(1,981)
Transport and travelling
expense
(140)
(190)
(168)
(228)
Telecommunication and technology
expense
(1,943)
(2,629)
(1,379)
(1,867)
Interest expense
(360)
(487)
(681)
(921)
Other operating expense
(1,885)
(2,554)
(2,071)
(2,803)
Share of profit from an
associate
13
18
18
25
Interest income
197
267
62
84
Other operating income
1,176
1,592
1,276
1,727
Profit before income
tax
22,136
29,959
19,637
26,576
Income tax expenses
(5,729)
(7,754)
(3,125)
(4,229)
Profit for the period
16,407
22,205
16,512
22,347
Item that may be reclassified
subsequently to profit or loss:
Exchange differences on
translation of foreign operations
(825)
(1,116)
(83)
(112)
Total comprehensive income for
the period
15,582
21,089
16,429
22,235
Profit
attributable to:
- Owners of the Group
16,407
22,205
16,512
22,347
- Non-controlling interests
—
—
—
—
16,407
22,205
16,512
22,347
Total
comprehensive income attributable to:
- Owners of the Group
15,582
21,089
16,429
22,235
- Non-controlling interests
—
—
—
—
15,582
21,089
16,429
22,235
Basic earnings per share (in US$
or S$) (1)
0.11
0.15
0.13
0.18
Diluted earnings per share (in
US$ or S$) (1)
0.11
0.15
0.13
0.18
_________________________
(1) Basic and diluted earnings per share
For the three months ended March
31,
2022
2021
Weighted average number of
ordinary shares for the purposes of basic earnings per share
145,745,209
123,500,000
Effect of vesting of employee
share awards
134,474
—
Weighted average number of
ordinary shares for the purposes of diluted earnings per share
145,879,683
123,500,000
The translation of Singapore Dollar amounts into United States
Dollar amounts (“USD”) for the unaudited condensed interim
consolidated statement of profit or loss and other comprehensive
income above are included solely for the convenience of readers
outside of Singapore and have been made at the rate of S$1.3534 to
US$1.00, the approximate rate of exchange at March 31, 2022. Such
translations should not be construed as representations that the
Singapore Dollar amounts could be converted into USD at that or any
other rate.
Comparison of the Three Months Ended March 31, 2022 and
2021
Revenue. Our revenues increased by 26.9% to S$152.4
million (US$112.6 million) for the three months ended March 31,
2022 from S$120.1 million for the three months ended March 31, 2021
primarily due to a 25.0% increase in revenue from providing
omnichannel Customer Experience (“CX”) solutions, and a 59.9%
increase in revenues from providing sales and digital marketing
services.
- Our revenues from omnichannel CX service solutions increased by
25.0% to S$93.5 million (US$69.1 million) from S$74.8 million for
the same period of 2021 primarily due to higher business volumes
driven by the expansion of existing campaigns. In addition,
business volumes of our top two travel and hospitality vertical
clients benefited from the gradual recovery from the impact of the
COVID-19 pandemic.
- Our revenues from sales and digital marketing services
increased by 59.9% to S$35.7 million (US$26.4 million) from S$22.3
million for the same period of 2021 primarily due to the expansion
of existing campaigns for our key clients in the digital
advertising and media vertical.
- Our revenues from content monitoring and moderation services
decreased slightly by 3.4% to S$20.9 million (US$15.5 million) from
S$21.7 million for the same period of 2021 primarily due to lower
revenue per agent from an existing client in our digital
advertising and media vertical.
- Our revenues from our other service fees increased by 83.1% to
S$2.3 million (US$1.7 million) from S$1.3 million for the same
period of 2021 primarily due to higher contribution from existing
and new clients.
The following table sets forth our service provided by amount
for the three months ended March 31, 2022 and 2021.
For the three months ended March
31,
2022
2021
US$’000
S$’000
US$’000
S$’000
Revenue by service
Omnichannel CX solutions
69,066
93,474
55,270
74,802
Sales and digital marketing
26,385
35,710
16,505
22,338
Content monitoring and
moderation
15,455
20,917
16,007
21,664
Other service fees
1,716
2,322
937
1,268
Total revenue
112,622
152,423
88,719
120,072
Employee Benefits Expense. Our employee benefits expense
increased by 38.9% to S$103.9 million (US$76.7 million) from S$74.8
million for the same period of 2021 due to higher staff force,
share-based payment expense arising from the implementation of our
performance share plan in November 2021, and employee compensation
adjustment referenced to cost of living inflation and talent market
conditions prevailing in the respective operations. Our average
number of employees in the first three months of 2022 increased
29.6% compared to the same period of 2021 as a result of business
volumes expansion of current campaigns over the course of 2021 and
staffing requirements of new campaign launches in the second half
of 2021.
Depreciation Expense. Our depreciation expense decreased
by 3.9% to S$9.6 million (US$7.1 million) from S$9.9 million for
the same period of 2021 primarily due to certain office renovation
assets in Singapore, Thailand and Philippines being fully
depreciated during the period. These were partially offset by
depreciation on capital expenditures invested in new and expansion
capacities to support the growth of our business.
Rental and Maintenance Expense. Our rental and
maintenance expense decreased by 20.2% to S$2.3 million (US$1.7
million) from S$2.8 million for the same period of 2021 primarily
due to the termination of certain co-working space memberships in
Japan and Spain, subsequent to the relocation of our operations to
leased and fitted-out office spaces.
Recruitment Expense. Our recruitment expense increased by
41.8% to S$2.8 million (US$2.1 million) from S$2.0 million for the
same period of 2021 primarily due to increased expenses relating to
higher referral and placement fees, and higher expenses associated
with immigration, work permits and onboarding of foreign
nationality employees induced by COVID-19-related procedural
regulations implemented by governmental authorities of respective
countries to support the expansion of offshore campaigns in our
Singapore and Malaysia offices.
Transport and Travelling Expense. Our transport
and travelling expense decreased by 16.7% to S$0.2 million (US$0.1
million) from S$0.2 million for the same period of 2021 primarily
due to lower accommodation expenses.
Telecommunication and Technology Expense. Our
telecommunication and technology expense increased by 40.8% to
S$2.6 million (US$1.9 million) from S$1.9 million for the same
period of 2021 primarily due to business volume expansion of our
campaigns.
Interest Expense. Our interest expense decreased by 47.1%
to S$0.5 million (US$0.4 million) from S$0.9 million for the same
period of 2021 primarily due to reduced bank borrowings during the
period.
Other Operating Expense. Our other operating expense
decreased by 8.9% to S$2.6 million (US$1.9 million) from S$2.8
million for the same period of 2021 primarily due to lower foreign
exchange losses incurred.
Share of Profit from an Associate. Our share of profit
from an associate was insignificant for the three months ended
March 31, 2022 and 2021.
Other Operating Income. Our other operating income
decreased by 7.8% to S$1.6 million (US$1.2 million) from S$1.7
million for the same period of 2021 primarily due to lower
government grants received by our Singapore subsidiaries in
relation to the COVID-19 pandemic in 2022.
Profit Before Income Tax. As a result of the foregoing,
our profit before income tax increased by 12.7% to S$30.0 million
(US$22.1 million) from S$26.6 million for the same period of
2021.
Income Tax Expenses. Our income tax expenses increased by
83.4% to S$7.8 million (US$5.7 million) from S$4.2 million for the
same period of 2021. The higher income tax expenses were mainly due
to higher taxes from our subsidiary in Malaysia as a result of a
one-off “prosperity tax” enacted by the local government for fiscal
2022 and higher taxable profits of several key subsidiaries.
Profit for the Period. As a result of the foregoing, our
profit for the period decreased by 0.6% to S$22.2 million (US$16.4
million) from S$22.3 million for the same period of 2021.
Basic earnings per share. Our basic earnings per share
decreased to S$0.15 (US$0.11) from S$0.18 (US$0.13) primarily due
to an increase in the number of weighted average number of shares
used to calculate basic earnings per share. On October 1, 2021, we
completed our initial public offering ("IPO") of 19,358,957
American Depositary Shares (“ADSs”), each representing one Class A
ordinary share of TDCX, and, on October 12, 2021, the underwriters
exercised their overallotment option in respect of 2,903,843 ADSs
pursuant to the option granted to the underwriters to purchase
additional ADSs.
Events after March 31, 2022
On April 18, 2022, 134,474 share awards of the TDCX Performance
Share Plan (“PSP”) vested. Accordingly, we will issue 134,474
American Depository Shares to the participants of the TDCX PSP in
due course.
NON-IFRS FINANCIAL MEASURES
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, Adjusted Net Income margin and Adjusted EPS
are non-IFRS financial measures. TDCX monitors EBITDA, EBITDA
margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net
Income, Adjusted Net Income margin and Adjusted EPS because they
assist the Company in comparing its operating performance on a
consistent basis by removing the impact of items not directly
resulting from its core operations.
EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA
margin
“EBITDA” represents profit for the period before interest
expense, interest income, income tax expense, and depreciation
expense. “EBITDA margin” represents EBITDA as a percentage of
revenue. “Adjusted EBITDA” represents profit for the period before
interest expense, interest income, income tax expense, depreciation
expenses, and equity-settled share-based payment expense incurred
in connection with our Performance Share Plan. “Adjusted EBITDA
margin” represents Adjusted EBITDA as a percentage of revenue.
For the three months ended March
31,
2022
2021
US$’000
S$’000
Margin
US$’000
S$’000
Margin
Revenue
112,622
152,423
—
88,719
120,072
—
Profit for the period and net
profit margin
16,407
22,205
14.6%
16,512
22,347
18.6%
Adjustments for:
Depreciation expense
7,061
9,556
6.3%
7,344
9,940
8.3%
Income tax expenses
5,729
7,754
5.1%
3,125
4,229
3.5%
Interest expense
360
487
0.3%
681
921
0.8%
Interest income
(197)
(267)
(0.2%)
(62)
(84)
(0.1%)
EBITDA and EBITDA margin
29,360
39,735
26.1%
27,600
37,353
31.1%
Adjustment:
Equity-settled share-based
payment expense
5,862
7,933
5.2%
—
—
—
Adjusted EBITDA and Adjusted
EBITDA margin
35,222
47,668
31.3%
27,600
37,353
31.1%
Adjusted Net Income and Adjusted Net Income margin
“Adjusted Net Income” represents profit for the period before
equity-settled share-based payment expense incurred in connection
with our Performance Share Plan, net of any tax impact of such
adjustments. “Adjusted Net Income margin” represents Adjusted Net
Income as a percentage of revenue.
For the three months ended March
31,
2022
2021
US$’000
S$’000
Margin
US$’000
S$’000
Margin
Profit for the period and net
profit margin
16,407
22,205
14.6%
16,512
22,347
18.6%
Adjustment for:
Equity-settled share-based
payment expense
5,862
7,933
5.2%
—
—
—
Adjusted Net Income and Adjusted
Net Income margin
22,269
30,138
19.8%
16,512
22,347
18.6%
Adjusted EPS
“Adjusted EPS” represents earnings available to shareholders
excluding the impact of equity-settled share-based payment expense.
Adjusted EPS is calculated as Adjusted Net Income divided by our
diluted weighted-average number of shares outstanding.
For the three months ended March
31,
2022
2021
Amount
Per Share
Amount
Per Share
Amount
Per Share
Amount
Per Share
US$’000
US$
S$’000
S$
US$’000
US$
S$’000
S$
Profit for the period and diluted
EPS
16,407
0.11
22,205
0.15
16,512
0.13
22,347
0.18
Adjustments for:
Equity-settled share-based
payment expense
5,862
0.04
7,933
0.06
—
—
—
—
Adjusted Net Income and Adjusted
EPS
22,269
0.15
30,138
0.21
16,512
0.13
22,347
0.18
The Company believes that non-IFRS financial measures such as
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, Adjusted Net Income margin and Adjusted EPS
help us to identify underlying trends in our operating results,
enhancing our understanding of past performance and future
prospects.
While the Company believes that the non-IFRS financial measures
provide useful information to investors in understanding and
evaluating the Company’s results of operations in the same manner
as its management, the Company’s use of non-IFRS financial measures
have limitations as analytical tools and you should not consider
these in isolation or as a substitute for analysis of the Company’s
results of operations or financial condition as reported under
IFRS.
TDCX’s non-IFRS financial measures do not reflect all items of
income and expense that affect the Company’s operations or not
represent the residual cash flow available for discretionary
expenditures. Further, these non-IFRS measures may differ from the
non-IFRS information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
non-IFRS financial measures to the nearest IFRS performance
measure, all of which should be considered when evaluating
performance. The Company encourages you to review the company’s
financial information in its entirety and not rely on any single
financial measure.
The translation of Singapore Dollar amounts into United States
Dollar amounts for the unaudited condensed interim consolidated
statement of profit or loss and other comprehensive income above
are included solely for the convenience of readers outside of
Singapore and have been made at the rate of S$1.3534 to US$1.00,
the approximate rate of exchange at March 31, 2022. Such
translations should not be construed as representations that the
Singapore Dollar amounts could be converted into USD at that or any
other rate.
UNAUDITED CONDENSED INTERIM
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of March 31, 2022
As of December 31, 2021
US$’000
S$’000
US$’000
S$’000
ASSETS
Current assets
Cash and cash equivalents
259,819
351,639
231,378
313,147
Fixed and pledged deposits
6,518
8,821
6,546
8,860
Trade receivables
58,232
78,811
68,391
92,561
Contract assets
40,082
54,247
36,475
49,365
Other receivables
9,557
12,935
9,768
13,220
Financial asset measured at fair
value through profit or loss
19,435
26,304
17,721
23,983
Income tax receivable
76
103
13
17
Total current assets
393,719
532,860
370,292
501,153
Non-current assets
Pledged deposits
333
451
337
456
Other receivables
3,176
4,298
3,525
4,771
Plant and equipment
26,716
36,157
29,340
39,709
Right-of-use assets
22,557
30,529
24,501
33,160
Deferred tax assets
1,625
2,199
1,436
1,943
Investment in an associate
248
336
235
318
Total non-current assets
54,655
73,970
59,374
80,357
Total assets
448,374
606,830
429,666
581,510
LIABILITIES AND EQUITY
Current liabilities
Other payables
27,949
37,826
28,887
39,096
Bank loans
8,645
11,700
10,231
13,847
Lease liabilities
11,359
15,373
10,751
14,550
Provision for reinstatement
cost
2,760
3,736
2,707
3,663
Income tax payable
14,047
19,011
10,873
14,715
Total current liabilities
64,760
87,646
63,449
85,871
Non-current
liabilities
Bank loans
1,984
2,685
2,189
2,963
Lease liabilities
13,257
17,942
15,783
21,361
Provision for reinstatement
cost
3,128
4,234
3,239
4,384
Defined benefit obligation
1,411
1,909
1,269
1,718
Deferred tax liabilities
1,339
1,812
1,113
1,507
Total non-current liabilities
21,119
28,582
23,593
31,933
Capital, reserves and
non-controlling interests
Share capital
14
19
14
19
Reserves
171,324
231,872
167,860
227,181
Retained earnings
191,142
258,691
174,735
236,486
Equity attributable to owners of
the Group
362,480
490,582
342,609
463,686
Non-controlling interests
15
20
15
20
Total equity
362,495
490,602
342,624
463,706
Total liabilities and
equity
448,374
606,830
429,666
581,510
The translation of Singapore Dollar amounts into United States
Dollar amounts for the unaudited condensed interim consolidated
statement of financial position above are included solely for the
convenience of readers outside of Singapore and have been made at
the rate of S$1.3534 to US$1.00, the approximate rate of exchange
at March 31, 2022. Such translations should not be construed as
representations that the Singapore Dollar amounts could be
converted into USD at that or any other rate.
UNAUDITED CONDENSED INTERIM
CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months ended March
31,
2022
2021
US$’000
S$’000
US$’000
S$’000
Operating activities
Profit before income tax
22,136
29,959
19,637
26,576
Adjustments for:
Depreciation expense
7,061
9,556
7,344
9,940
Gain on early termination of
right-of-use assets
(1)
(1)
—
—
Equity-settled share-based
payment expense
5,862
7,933
—
—
Provision for reinstatement
cost
13
18
—
—
Bank loan transaction cost
10
14
23
31
Interest income
(197)
(267)
(62)
(84)
Interest expense
360
487
681
921
Retirement benefit service
cost
142
192
117
158
Share of profit from an
associate
(13)
(18)
(18)
(25)
Operating cash flows before
movements in working capital
35,373
47,873
27,722
37,517
Trade receivables
9,730
13,168
(7,894)
(10,684)
Contract assets
(3,954)
(5,352)
(1,445)
(1,956)
Other receivables
(1,266)
(1,713)
1,154
1,562
Other payables
(384)
(519)
(2,621)
(3,547)
Cash generated from
operations
39,499
53,457
16,916
22,892
Interest received
197
267
63
85
Income tax paid
(2,582)
(3,494)
(4,097)
(5,545)
Net cash from operating
activities
37,114
50,230
12,882
17,432
Investing activities
Purchase of plant and
equipment
(1,440)
(1,949)
(7,837)
(10,607)
Proceeds from sales of plant and
equipment
1
1
2
3
Increase in pledged deposits
1
1
—
—
Net cash used in investing
activities
(1,438)
(1,947)
(7,835)
(10,604)
Financing activities
Dividends paid
—
—
(34)
(46)
Drawdown of bank loan
—
—
186,222
252,033
Distribution to founder
—
—
(173,854)
(235,294)
Repayment of lease
liabilities
(3,488)
(4,721)
(3,448)
(4,667)
Interest paid
(69)
(93)
(193)
(261)
Repayment of bank loan
(1,801)
(2,437)
(1,192)
(1,613)
Repurchase of American Depositary
Shares
(1,334)
(1,806)
—
—
Net cash (used in) from financing
activities
(6,692)
(9,057)
7,501
10,152
Net increase in cash and cash
equivalents
28,984
39,226
12,548
16,980
Effect of foreign exchange rate
changes on cash held in foreign currencies
(543)
(734)
125
172
Cash and cash equivalents at
beginning of period
231,378
313,147
44,190
59,807
Cash and cash equivalents at
end of period
259,819
351,639
56,863
76,959
The translation of Singapore Dollar amounts into United States
Dollar amounts for the unaudited condensed interim consolidated
statement of cash flows above are included solely for the
convenience of readers outside of Singapore and have been made at
the rate of S$1.3534 to US$1.00, the approximate rate of exchange
at March 31, 2022. Such translations should not be construed as
representations that the Singapore Dollar amounts could be
converted into USD at that or any other rate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220525005447/en/
For enquiries, please contact: Investors / Analysts:
Jason Lim +65-9799-6550 lim.jason@tdcx.com
Media: Eunice Seow +65-8432-8388 eunice.seow@tdcx.com
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