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, 2022.
Rohit Kapoor, Vice Chairman and Chief Executive
Officer, said, “EXL had a strong third quarter with revenue of
$361.4 million, a 24.5% increase from the third quarter of 2021.
Analytics continued to lead our growth with a 38.0% revenue
increase from the third quarter of 2021. In addition, Digital
Operations and Solutions revenue has significantly accelerated this
year, growing by 14.8% as compared to the third quarter of 2021.
Adjusted diluted earnings per share for the quarter was $1.54, an
18.5% increase year-over-year. We continue to see healthy demand
across our client base for data-led solutions that enable better
business decisions, embed intelligence directly into workflows and
streamline operations. We are uniquely positioned to help our
clients harness data, AI and the cloud to improve their
profitability, boost revenue growth and enhance customer
experience. Based on our outlook, we anticipate a strong finish to
the year.”
Maurizio Nicolelli, Chief Financial Officer,
said, “Our strong revenue growth in the quarter exceeded
expectations, and drove our increase in EPS. As a result, we are
increasing our revenue guidance for 2022 to be in the range of
$1.39 billion to $1.40 billion, from $1.35 billion to $1.37
billion. This represents a 24% to 25% increase year-over-year on a
reported basis and 21% to 22% increase year-over-year on an organic
constant currency basis. We are also increasing our adjusted
diluted earnings per share guidance for 2022 to $5.85 to $5.95,
from $5.60 to $5.80, representing a 21% to 23% increase over
2021.”
__________________________________________________________
- 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
2022
- Revenues for the
quarter ended September 30, 2022, increased to $361.4 million
compared to $290.3 million for the third quarter of 2021, an
increase of 24.5% on a reported basis and 26.4% on a constant
currency basis from the third quarter of 2021. Revenues increased
by 4.2% sequentially on a reported basis and 4.8% on a constant
currency basis, from the second quarter of 2022.
|
|
Revenues |
|
Gross Margin |
|
|
Three months ended |
|
Three months ended |
|
|
September 30,2022 |
|
September 30,2021 |
|
June 30,2022 |
|
September 30,2022 |
|
September 30,2021 |
|
June 30,2022 |
Reportable Segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
Insurance |
|
$ |
116.2 |
|
$ |
98.0 |
|
$ |
108.5 |
|
35.4 |
% |
|
37.3 |
% |
|
34.9 |
% |
Healthcare |
|
|
22.8 |
|
|
27.3 |
|
|
23.1 |
|
25.0 |
% |
|
37.6 |
% |
|
23.2 |
% |
Emerging Business |
|
|
56.1 |
|
|
44.5 |
|
|
53.9 |
|
42.2 |
% |
|
46.8 |
% |
|
42.1 |
% |
Analytics |
|
|
166.3 |
|
|
120.5 |
|
|
161.3 |
|
36.3 |
% |
|
37.3 |
% |
|
37.0 |
% |
Total Revenues,
net |
|
$ |
361.4 |
|
$ |
290.3 |
|
$ |
346.8 |
|
36.2 |
% |
|
38.8 |
% |
|
36.2 |
% |
- Operating income margin for the
quarter ended September 30, 2022, was 13.9%, compared to 14.6% for
the third quarter of 2021 and 13.6% for the second quarter of 2022.
Adjusted operating income margin for the quarter ended September
30, 2022, was 18.5% compared to 19.4% for the third quarter of 2021
and 18.7% for the second quarter of 2022.
- Diluted earnings per share for the
quarter ended September 30, 2022, was $1.16 compared to $0.77 for
the third quarter of 2021 and $1.06 for the second quarter of 2022.
Adjusted diluted earnings per share for the quarter ended September
30, 2022, was $1.54 compared to $1.30 for the third quarter of 2021
and $1.50 for the second quarter of 2022.
Business Highlights: Third Quarter
2022
- Won 11 new clients
in the third quarter of 2022, with six in our digital operations
and solutions business and five in analytics.
- Announced a
collaboration with CyberCube, a cyber risk analytics company, to
jointly develop cyber insurance solutions for the property and
casualty insurance industry.
- Awarded a 2022
Sustainability Gold Medal Rating by EcoVadis which places EXL in
the top 5% of companies rated.
- EXL recognized as a
Leader in the Everest Group Digital Platform and Augmentation Suite
(DPAS) in Insurance BPS Services PEAK Matrix® Assessment 2022.
- EXL recognized as
Best-in-Class in the 2022 Aité Matrix: Payment Integrity in
Healthcare.
2022 GuidanceBased on current
visibility, and a U.S. Dollar to Indian Rupee exchange rate of
82.50, British Pound to U.S. Dollar exchange rate of 1.12, U.S.
Dollar to the Philippine Peso exchange rate of 59.0 and all other
currencies at current exchange rates, we are providing the
following guidance for the full year 2022:
- Revenue of $1.39 billion to $1.40
billion, representing an increase of 24% to 25% on a reported
basis, and 21% to 22% on an organic constant currency basis from
2021.
- Adjusted diluted earnings per share
of $5.85 to $5.95, representing an increase of 21% to 23% from
2021.
Conference Call
ExlService Holdings, Inc. will host a conference
call on Thursday, October 27, 2022, 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 43,100 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. 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 successfully close and integrate strategic
acquisitions, our ability to respond to and manage public health
crises, including the outbreak and continued effects of COVID-19
pandemic, are discussed in more detail in EXL’s filings with the
Securities and Exchange Commission, including EXL’s Quarterly
Report on Form 10-Q and Annual Report on Form 10-K. These risks
could cause actual results to differ materially from those implied
by forward-looking statements in this release. 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, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenues, net |
$ |
361,351 |
|
|
$ |
290,325 |
|
|
$ |
1,037,341 |
|
|
$ |
826,804 |
|
Cost of revenues(1) |
|
230,462 |
|
|
|
177,743 |
|
|
|
659,185 |
|
|
|
507,265 |
|
Gross
profit(1) |
|
130,889 |
|
|
|
112,582 |
|
|
|
378,156 |
|
|
|
319,539 |
|
Operating expenses: |
|
|
|
|
|
|
|
General and administrative expenses |
|
42,519 |
|
|
|
36,167 |
|
|
|
122,898 |
|
|
|
103,369 |
|
Selling and marketing expenses |
|
23,879 |
|
|
|
21,672 |
|
|
|
72,034 |
|
|
|
59,631 |
|
Depreciation and amortization expense |
|
14,380 |
|
|
|
12,305 |
|
|
|
42,057 |
|
|
|
36,716 |
|
Total operating expenses |
|
80,778 |
|
|
|
70,144 |
|
|
|
236,989 |
|
|
|
199,716 |
|
Income from
operations |
|
50,111 |
|
|
|
42,438 |
|
|
|
141,167 |
|
|
|
119,823 |
|
Foreign exchange gain,
net |
|
1,504 |
|
|
|
1,171 |
|
|
|
4,683 |
|
|
|
2,958 |
|
Interest expense |
|
(2,442 |
) |
|
|
(1,810 |
) |
|
|
(4,820 |
) |
|
|
(6,804 |
) |
Other income, net |
|
2,261 |
|
|
|
1,721 |
|
|
|
4,498 |
|
|
|
5,346 |
|
Loss on settlement of
convertible notes |
|
— |
|
|
|
(12,845 |
) |
|
|
— |
|
|
|
(12,845 |
) |
Income before income tax
expense and earnings from equity affiliates |
|
51,434 |
|
|
|
30,675 |
|
|
|
145,528 |
|
|
|
108,478 |
|
Income tax expense |
|
12,447 |
|
|
|
4,196 |
|
|
|
34,774 |
|
|
|
22,019 |
|
Income before earnings
from equity affiliates |
|
38,987 |
|
|
|
26,479 |
|
|
|
110,754 |
|
|
|
86,459 |
|
Gain from equity-method
investment |
|
108 |
|
|
|
28 |
|
|
|
365 |
|
|
|
— |
|
Net income
attributable to ExlService Holdings, Inc.
stockholders |
$ |
39,095 |
|
|
$ |
26,507 |
|
|
$ |
111,119 |
|
|
$ |
86,459 |
|
Earnings per share
attributable to ExlService Holdings, Inc. stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
1.18 |
|
|
$ |
0.79 |
|
|
$ |
3.33 |
|
|
$ |
2.57 |
|
Diluted |
$ |
1.16 |
|
|
$ |
0.77 |
|
|
$ |
3.28 |
|
|
$ |
2.52 |
|
Weighted-average number of
shares used in computing earnings per share attributable to
ExlService Holdings Inc. stockholders: |
|
|
|
|
|
|
|
Basic |
|
33,237,833 |
|
|
|
33,449,311 |
|
|
|
33,360,346 |
|
|
|
33,583,791 |
|
Diluted |
|
33,777,749 |
|
|
|
34,305,893 |
|
|
|
33,833,637 |
|
|
|
34,336,950 |
|
(1)Exclusive of depreciation and amortization expense.
EXLSERVICE HOLDINGS, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(In thousands, except per share amount and share
count) |
|
|
|
As of |
|
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
89,262 |
|
|
$ |
135,337 |
|
Short-term investments |
|
|
172,889 |
|
|
|
179,430 |
|
Restricted cash |
|
|
7,013 |
|
|
|
6,174 |
|
Accounts receivable, net |
|
|
256,911 |
|
|
|
194,232 |
|
Other current assets |
|
|
54,509 |
|
|
|
62,971 |
|
Total current
assets |
|
|
580,584 |
|
|
|
578,144 |
|
Property and equipment,
net |
|
|
79,933 |
|
|
|
86,008 |
|
Operating lease right-of-use
assets |
|
|
61,966 |
|
|
|
76,692 |
|
Restricted cash |
|
|
1,996 |
|
|
|
2,299 |
|
Deferred tax assets, net |
|
|
54,898 |
|
|
|
21,404 |
|
Intangible assets, net |
|
|
69,008 |
|
|
|
81,082 |
|
Goodwill |
|
|
405,781 |
|
|
|
403,902 |
|
Long-term investments |
|
|
34,724 |
|
|
|
3,190 |
|
Other assets |
|
|
29,838 |
|
|
|
30,183 |
|
Total
assets |
|
$ |
1,318,728 |
|
|
$ |
1,282,904 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,487 |
|
|
$ |
5,647 |
|
Current portion of long-term borrowings |
|
|
35,000 |
|
|
|
260,016 |
|
Deferred revenue |
|
|
19,279 |
|
|
|
20,000 |
|
Accrued employee costs |
|
|
92,252 |
|
|
|
114,285 |
|
Accrued expenses and other current liabilities |
|
|
96,800 |
|
|
|
76,350 |
|
Current portion of operating lease liabilities |
|
|
16,740 |
|
|
|
18,487 |
|
Income taxes payable, net |
|
|
23,410 |
|
|
|
901 |
|
Total current
liabilities |
|
|
286,968 |
|
|
|
495,686 |
|
Long-term borrowings, less
current portion |
|
|
235,000 |
|
|
|
— |
|
Operating lease liabilities, less
current portion |
|
|
54,174 |
|
|
|
68,506 |
|
Deferred tax liabilities,
net |
|
|
759 |
|
|
|
965 |
|
Other non-current
liabilities |
|
|
37,243 |
|
|
|
24,591 |
|
Total
liabilities |
|
|
614,144 |
|
|
|
589,748 |
|
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; 100,000,000 shares authorized,
39,798,956 shares issued and 33,051,021 shares outstanding as of
September 30, 2022 and 39,508,340 shares issued and 33,291,482
shares outstanding as of December 31, 2021 |
|
|
40 |
|
|
|
40 |
|
Additional paid-in capital |
|
|
432,492 |
|
|
|
395,742 |
|
Retained earnings |
|
|
867,256 |
|
|
|
756,137 |
|
Accumulated other comprehensive loss |
|
|
(154,203 |
) |
|
|
(89,474 |
) |
Total including shares
held in treasury |
|
|
1,145,585 |
|
|
|
1,062,445 |
|
Less: 6,747,935 shares as of
September 30, 2022 and 6,216,858 shares as of December 31, 2021,
held in treasury, at cost |
|
|
(441,001 |
) |
|
|
(369,289 |
) |
Total stockholders’
equity |
|
|
704,584 |
|
|
|
693,156 |
|
Total liabilities and
stockholders’ equity |
|
$ |
1,318,728 |
|
|
$ |
1,282,904 |
|
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, non-cash interest expense on convertible senior notes,
impairment charges on acquired long-lived and intangible assets
including goodwill, gains or losses on settlement of convertible
senior notes, restructuring charges, effects of termination of
leases, certain defined social security contributions, 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 73.88 during the quarter ended September 30, 2021 to
80.01 during the quarter ended September 30, 2022, representing an
appreciation of 8.3%. The average exchange rate of the U.S. Dollar
against the Philippine Peso increased from 50.24 during the quarter
ended September 30, 2021 to 56.63 during the quarter ended
September 30, 2022, representing an appreciation of 12.7%. The
average exchange rate of the British Pound against the U.S. Dollar
decreased from 1.37 during the quarter ended September 30, 2021 to
1.16 during the quarter ended September 30, 2022, representing an
appreciation of 15.2% against the U.S. Dollar.
The following table shows the reconciliation of
these non-GAAP financial measures for the three months ended
September 30, 2022 and September 30, 2021, and the three months
ended June 30, 2022:
Reconciliation of Adjusted Operating Income and Adjusted
EBITDA |
(Amounts in thousands) |
|
|
|
Three months ended |
|
|
September 30, |
|
June 30, |
|
|
2022 |
|
2021 |
|
2022 |
Net Income (GAAP) |
|
$ |
39,095 |
|
|
$ |
26,507 |
|
|
$ |
35,846 |
|
add: Income tax expense |
|
|
12,447 |
|
|
|
4,196 |
|
|
|
11,125 |
|
add/(subtract): Foreign exchange gain/(loss), interest expense,
loss on settlement of convertible notes, effects of equity-method
investment and other income, net |
|
|
(1,431 |
) |
|
|
11,735 |
|
|
|
110 |
|
Income from operations
(GAAP) |
|
$ |
50,111 |
|
|
$ |
42,438 |
|
|
$ |
47,081 |
|
add: Stock-based compensation expense |
|
|
12,186 |
|
|
|
10,894 |
|
|
|
13,340 |
|
add: Amortization of acquisition-related intangibles |
|
|
4,243 |
|
|
|
3,022 |
|
|
|
4,146 |
|
add: Other expenses (a) |
|
|
169 |
|
|
|
— |
|
|
|
217 |
|
Adjusted operating
income (Non-GAAP) |
|
$ |
66,709 |
|
|
$ |
56,354 |
|
|
$ |
64,784 |
|
Adjusted operating income
margin as a % of Revenues (Non-GAAP) |
|
|
18.5 |
% |
|
|
19.4 |
% |
|
|
18.7 |
% |
add: Depreciation on long-lived assets |
|
|
10,137 |
|
|
|
9,283 |
|
|
|
9,929 |
|
Adjusted EBITDA
(Non-GAAP) |
|
$ |
76,846 |
|
|
$ |
65,637 |
|
|
$ |
74,713 |
|
Adjusted EBITDA margin as a %
of revenue (Non-GAAP) |
|
|
21.3 |
% |
|
|
22.6 |
% |
|
|
21.5 |
% |
(a) To exclude certain expenses related to
defined social security contribution plan in India for historical
periods.
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, |
|
|
2022 |
|
2021 |
|
2022 |
Net income (GAAP) |
|
$ |
39,095 |
|
|
$ |
26,507 |
|
|
$ |
35,846 |
|
add: Stock-based compensation expense |
|
|
12,186 |
|
|
|
10,894 |
|
|
|
13,340 |
|
add: Amortization of acquisition-related intangibles |
|
|
4,243 |
|
|
|
3,022 |
|
|
|
4,146 |
|
add: Non-cash interest expense related to convertible senior
notes |
|
|
— |
|
|
|
431 |
|
|
|
— |
|
add: Loss on settlement of convertible senior notes |
|
|
— |
|
|
|
12,845 |
|
|
|
— |
|
add: Effects of changes in fair value of contingent consideration
(a) |
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
add: Other expenses (b) |
|
|
481 |
|
|
|
— |
|
|
|
580 |
|
subtract: Tax impact on stock-based compensation expense (c) |
|
|
(2,833 |
) |
|
|
(2,697 |
) |
|
|
(3,216 |
) |
subtract: Tax impact on amortization of acquisition-related
intangibles |
|
|
(994 |
) |
|
|
(699 |
) |
|
|
(971 |
) |
subtract: Tax impact on non-cash interest expense related to
convertible senior notes |
|
|
— |
|
|
|
(103 |
) |
|
|
— |
|
subtract: Tax impact on settlement of convertible senior notes
(d) |
|
|
— |
|
|
|
(5,494 |
) |
|
|
— |
|
subtract: Tax impact on other expenses |
|
|
(78 |
) |
|
|
— |
|
|
|
(92 |
) |
Adjusted net income
(Non-GAAP) |
|
$ |
52,100 |
|
|
$ |
44,706 |
|
|
$ |
50,633 |
|
Adjusted diluted
earnings per share (Non-GAAP) |
|
$ |
1.54 |
|
|
$ |
1.30 |
|
|
$ |
1.50 |
|
(a) To exclude the effects of changes in the
fair valuation of contingent consideration related to the
Clairvoyant acquisition.
(b) To exclude certain expenses related to
defined social security contribution plan in India for historical
periods.
(c) Tax impact includes ($92) and $528 during
the three months ended September 30, 2022 and 2021 respectively,
and $14 during the three months ended June 30, 2022, related to
discrete benefits recognized in income tax expense in accordance
with ASU No. 2016-09, Compensation - Stock Compensation.
(d) Tax impact includes deferred tax benefit of
$2,400 on unamortized debt discount and issuance costs, and $3,094
of income-tax benefit on loss on settlement of convertible senior
notes.
Investor RelationsContact: Steven N. BarlowVice President,
Investor Relations(917) 596-7684ir@exlservice.com
Media - USJohn RoderickJ. Roderick Public
Relations631-584-2200exl@jroderick.com
Media - UK, Europe, and APACAnna PriceFirst Light Group+44 202
617 7240exlteam@firstlightgroup.io
Media - IndiaShailendra SinghVice President Corporate
Communications+91-98104-76075shailendra.singh@exlservice.com
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