TaskUs Announces Fiscal Second Quarter 2024 Results
TaskUs (Nasdaq: TASK) announced its fiscal Q2 2024 results with total revenues of $237.9 million, marking a 3.8% year-over-year growth. The company reported a GAAP net income of $12.6 million and a GAAP diluted EPS of $0.14. Non-GAAP Adjusted Net Income stood at $28.6 million with an Adjusted EBITDA of $51.3 million.
Key highlights include a net cash provided by operating activities of $30 million and a free cash flow of $25.5 million. The company has revised its annual revenue guidance upwards and now expects revenue to range between $955 million and $975 million for FY 2024. TaskUs also repurchased 1.0 million shares this quarter.
Revenue from all three service lines showed sequential growth, and the company's highest quarterly bookings since 2022 are reported. The company ended the quarter with 51,700 teammates, up by 2,100 from the previous quarter.
TaskUs (Nasdaq: TASK) ha annunciato i risultati del secondo trimestre fiscale 2024 con entrate totali di 237,9 milioni di dollari, segnando una crescita del 3,8% rispetto all'anno precedente. L'azienda ha riportato un utile netto GAAP di 12,6 milioni di dollari e un EPS diluito GAAP di 0,14 dollari. L'utile netto rettificato non GAAP si attesta a 28,6 milioni di dollari con un EBITDA rettificato di 51,3 milioni di dollari.
Tra i punti salienti, si evidenzia un cash flow netto dalle attività operative di 30 milioni di dollari e un free cash flow di 25,5 milioni di dollari. L'azienda ha rivisto al rialzo le sue previsioni di entrate annuali, aspettandosi ora ricavi compresi tra 955 milioni e 975 milioni di dollari per l'anno fiscale 2024. TaskUs ha anche riacquistato 1,0 milione di azioni questo trimestre.
Le entrate da tutti e tre i settori di servizio hanno mostrato una crescita sequenziale, e l'azienda ha registrato i suoi massimi ordini trimestrali dal 2022. Alla fine del trimestre, l'azienda contava 51.700 collaboratori, in aumento di 2.100 rispetto al trimestre precedente.
TaskUs (Nasdaq: TASK) anunció sus resultados del segundo trimestre fiscal de 2024 con ingresos totales de 237,9 millones de dólares, lo que marca un crecimiento del 3,8% comparado con el año anterior. La compañía reportó un ingreso neto GAAP de 12,6 millones de dólares y un EPS diluido GAAP de 0,14 dólares. El ingreso neto ajustado no GAAP se situó en 28,6 millones de dólares con un EBITDA ajustado de 51,3 millones de dólares.
Los puntos destacados incluyen un flujo de efectivo neto proporcionado por las actividades de operación de 30 millones de dólares y un flujo de caja libre de 25,5 millones de dólares. La compañía ha ajustado al alza su pronóstico de ingresos anuales y ahora espera que los ingresos oscilen entre 955 millones y 975 millones de dólares para el año fiscal 2024. TaskUs también recompró 1,0 millón de acciones en este trimestre.
Los ingresos de las tres líneas de servicio mostraron crecimiento secuencial y se reportaron los mayores contratos trimestrales de la compañía desde 2022. La compañía finalizó el trimestre con 51.700 compañeros de trabajo, un aumento de 2.100 desde el trimestre anterior.
TaskUs (Nasdaq: TASK)는 2024 회계연도 2분기 실적을 발표하며 총 매출이 2억 3,790만 달러에 달해 전년 대비 3.8% 성장했다고 밝혔습니다. 회사는 GAAP 기준 순이익으로 1,260만 달러와 GAAP 기준 희석 EPS로 0.14 달러를 기록했습니다. 비GAAP 조정 순이익은 2,860만 달러였으며, 조정 EBITDA는 5,130만 달러에 달했습니다.
주요 하이라이트로는 운영 활동에서 제공된 순 현금이 3천만 달러였고, 자유 현금 흐름은 2,550만 달러에 달했습니다. 회사는 연간 매출 가이드를 상향 조정하며 2024 회계 연도에 매출이 9억 5,500만에서 9억 7,500만 달러에 이를 것으로 예상하고 있습니다. TaskUs는 이번 분기에 100만 주를 재매입했습니다.
세 가지 서비스 라인의 수익 모두 순차적 성장세를 보였으며, 2022년 이후 회사의 가장 높은 분기별 주문량이 보고되었습니다. 회사는 이번 분기를 51,700명의 팀원으로 마감했으며, 이는 이전 분기보다 2,100명 증가한 수치입니다.
TaskUs (Nasdaq: TASK) a annoncé ses résultats pour le deuxième trimestre fiscal de 2024 avec des revenus totaux de 237,9 millions de dollars, marquant une croissance de 3,8 % par rapport à l'année précédente. L'entreprise a rapporté un bénéfice net GAAP de 12,6 millions de dollars et un EPS dilué GAAP de 0,14 dollar. Le bénéfice net ajusté hors GAAP s'élevait à 28,6 millions de dollars avec un EBITDA ajusté de 51,3 millions de dollars.
Les faits saillants incluent un flux de trésorerie net généré par les activités opérationnelles de 30 millions de dollars et un flux de trésorerie libre de 25,5 millions de dollars. L'entreprise a revu à la hausse ses prévisions de revenus annuels et s'attend désormais à ce que les revenus se situent entre 955 millions et 975 millions de dollars pour l'exercice 2024. TaskUs a également racheté 1,0 million d'actions ce trimestre.
Les revenus de toutes les trois lignes de service ont montré une croissance séquentielle et les prises de commandes trimestrielles les plus élevées de l'entreprise depuis 2022 ont été rapportées. L'entreprise a terminé le trimestre avec 51 700 employés, soit une augmentation de 2 100 par rapport au trimestre précédent.
TaskUs (Nasdaq: TASK) hat die Ergebnisse des zweiten Quartals 2024 bekannt gegeben, wobei die Gesamterlöse 237,9 Millionen US-Dollar betrugen, was ein Wachstum von 3,8% im Vergleich zum Vorjahr bedeutet. Das Unternehmen meldete einen GAAP-Nettogewinn von 12,6 Millionen US-Dollar und einen GAAP-diluted EPS von 0,14 US-Dollar. Der angepasste Nettogewinn nach Non-GAAP betrug 28,6 Millionen US-Dollar bei einem Adjusted EBITDA von 51,3 Millionen US-Dollar.
Zu den wichtigsten Highlights gehört netto Cash aus operativen Aktivitäten von 30 Millionen US-Dollar und ein Freier Cashflow von 25,5 Millionen US-Dollar. Das Unternehmen hat seine jährliche Umsatzprognose nach oben korrigiert und erwartet nun einen Umsatz zwischen 955 Millionen und 975 Millionen US-Dollar für das Geschäftsjahr 2024. TaskUs hat in diesem Quartal auch 1,0 Million Aktien zurückgekauft.
Die Einnahmen aus allen drei Dienstleistungsbereichen zeigten sequenzielles Wachstum, und die höchsten Quartalsbuchungen des Unternehmens seit 2022 wurden gemeldet. Das Unternehmen schloss das Quartal mit 51.700 Mitarbeitern ab, ein Anstieg von 2.100 im Vergleich zum vorherigen Quartal.
- 3.8% year-over-year revenue growth.
- GAAP net income of $12.6 million, a 24.3% increase.
- GAAP diluted EPS increased by 40%.
- Raised annual revenue guidance to $955-$975 million.
- Strong sales momentum with highest quarterly bookings since 2022.
- Free Cash Flow of $25.5 million, up 8.9% over the previous year.
- Non-GAAP Adjusted Net Income decreased by 10%.
- Adjusted EBITDA decreased by 5.6%.
- Net cash from operating activities decreased by 22.1% year-over-year.
Insights
TaskUs' Q2 2024 results show positive momentum with 3.8% YoY revenue growth to
The raised full-year revenue guidance of
TaskUs' Q2 results reflect a rebound in the outsourced digital services sector, particularly in FinTech, HealthTech and Generative AI. The company's ability to grow revenue and expand its workforce by 2,100 teammates indicates increasing demand for its services. The strong bookings performance, the best since 2022, suggests potential for sustained growth.
However, the margin compression and lower Adjusted EBITDA highlight challenges in maintaining profitability while scaling. The focus on high-growth sectors and the anticipated acceleration in Q3 and Q4 position TaskUs well in the competitive landscape. The revised upward guidance demonstrates management's confidence in the company's trajectory, which could positively influence investor sentiment in the near term.
-
Total revenues of
.$237.9 million -
GAAP net income of
, GAAP net income margin of$12.6 million 5.3% . -
Non-GAAP Adjusted Net Income of
, non-GAAP Adjusted Net Income margin of$28.6 million 12.0% . -
GAAP diluted EPS of
, non-GAAP Adjusted EPS of$0.14 .$0.31 -
Adjusted EBITDA of
, Adjusted EBITDA margin of$51.3 million 21.5% . -
Net cash provided by operating activities of
, Free Cash Flow of$30.0 million and$25.5 million 49.8% conversion of Adjusted EBITDA to Free Cash Flow.
"Thanks to our team's tireless efforts over the past 18 months, we have returned to year-over-year revenue growth, delivering nearly
Second Quarter 2024 Financial and Frontline Highlights
($ in thousands, except per share amounts) |
Three months ended June 30, |
|
|
|
Six months ended June 30, |
|
|
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|||
Service revenue |
$ |
237,928 |
|
|
$ |
229,169 |
|
|
3.8 |
% |
|
$ |
465,398 |
|
|
$ |
464,475 |
|
|
0.2 |
% |
GAAP net income |
$ |
12,598 |
|
|
$ |
10,132 |
|
|
24.3 |
% |
|
$ |
24,312 |
|
|
$ |
19,641 |
|
|
23.8 |
% |
GAAP net income margin |
|
5.3 |
% |
|
|
4.4 |
% |
|
|
|
|
5.2 |
% |
|
|
4.2 |
% |
|
|
||
Non-GAAP Adjusted Net Income |
$ |
28,635 |
|
|
$ |
31,822 |
|
|
(10.0 |
)% |
|
$ |
55,907 |
|
|
$ |
64,333 |
|
|
(13.1 |
)% |
Non-GAAP Adjusted Net Income margin |
|
12.0 |
% |
|
|
13.9 |
% |
|
|
|
|
12.0 |
% |
|
|
13.9 |
% |
|
|
||
GAAP diluted EPS |
$ |
0.14 |
|
|
$ |
0.10 |
|
|
40.0 |
% |
|
$ |
0.27 |
|
|
$ |
0.20 |
|
|
35.0 |
% |
Non-GAAP Adjusted EPS |
$ |
0.31 |
|
|
$ |
0.32 |
|
|
(3.1 |
)% |
|
$ |
0.61 |
|
|
$ |
0.65 |
|
|
(6.2 |
)% |
Adjusted EBITDA |
$ |
51,252 |
|
|
$ |
54,296 |
|
|
(5.6 |
)% |
|
$ |
101,857 |
|
|
$ |
109,329 |
|
|
(6.8 |
)% |
Adjusted EBITDA margin |
|
21.5 |
% |
|
|
23.7 |
% |
|
|
|
|
21.9 |
% |
|
|
23.5 |
% |
|
|
||
Net cash provided by operating activities |
$ |
30,034 |
|
|
$ |
38,530 |
|
|
(22.1 |
)% |
|
$ |
81,211 |
|
|
$ |
82,213 |
|
|
(1.2 |
)% |
Free Cash Flow |
$ |
25,518 |
|
|
$ |
28,729 |
|
|
(11.2 |
)% |
|
$ |
73,123 |
|
|
$ |
67,168 |
|
|
8.9 |
% |
Conversion of Adjusted EBITDA |
|
49.8 |
% |
|
|
52.9 |
% |
|
|
|
|
71.8 |
% |
|
|
61.4 |
% |
|
|
-
Delivered
3.8% year-over-year revenue growth, outpacing the top-end of our guidance by nearly .$6 million -
Revised revenue guidance upward, now anticipate full-year revenue growth of
3.3% to5.5% . - Maintained strong sales momentum with our highest quarterly bookings since 2022.
- All three service lines delivered sequential quarterly revenue growth and are anticipated to generate year-over-year growth in the second half of 2024.
- Added 2,100 teammates since the first quarter, ending the second quarter of 2024 with 51,700 teammates.
- Repurchased 1.0 million shares in the second quarter ended June 30, 2024.
- Net Debt to Adjusted EBITDA leverage ratio was 0.4 times.
"In Q2, we saw growth from both existing clients and strong new client revenue, and continued expanding our footprint within the FinTech, HealthTech, and Generative AI sectors. We generated
Third Quarter and Full Year 2024 Outlook
For the Third quarter and full year 2024, TaskUs expects its financial results to include1, 2:
|
2024 Outlook |
||
|
Third Quarter |
|
Full Year |
Revenue (in millions) |
|
|
|
Revenue change (YoY) at midpoint |
|
|
|
Adjusted EBITDA Margin1 |
~ |
|
~ |
Free Cash Flow (excluding payments for litigation costs) (in millions)2 |
N/A |
|
|
1. |
With respect to the non-GAAP Adjusted EBITDA margin outlook provided above, a reconciliation to the closest GAAP financial measure has not been provided as the quantification of certain items included in the calculation of GAAP net income (loss) cannot be calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable, and the non-GAAP adjustment for foreign currency gains or losses depends on the timing and magnitude of changes in foreign currency exchange rates and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financial results. |
2. |
Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period. At the mid-point of our guidance, net cash provided by operating activities for the full year 2024 is expected to be approximately |
Conference Call Information
TaskUs senior management will host a conference call today to discuss the Company’s second quarter 2024 financial results and financial outlook. This call is scheduled to begin at 5:00 pm ET. Analysts and investors who wish to participate in the call can register by visiting https://register.vevent.com/register/BI6de2e94067df46a5899bf024a108559e. To listen to a live audio webcast, please visit TaskUs’ Investor Relations website at IR.Taskus.com. A replay of the audio webcast will be available on the same website for 12 months following the call. At the time of the conference call and webcast, the Company will post a slide presentation and other materials on its website.
About TaskUs
TaskUs is a leading provider of outsourced digital services and next-generation customer experience to the world’s most innovative companies, helping its clients represent, protect, and grow their brands. Leveraging a cloud-based infrastructure, TaskUs serves clients in the fastest-growing sectors, including social media, e-commerce, gaming, streaming media, food delivery and ride-sharing, Technology, FinTech, and HealthTech. As of June 30, 2024, TaskUs had a worldwide headcount of approximately 51,700 people across 27 locations in 12 countries, including
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting our current views with respect to, among other things, our operations, our financial performance, our industry, the impact of the macroeconomic environment on our business, and other non-historical statements including the statements in the “Third Quarter and Full Year 2024 Outlook” section of this press release. 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,” “position us” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to: the dependence of our business on key clients; the risk of loss of business or non-payment from clients; our failure to cost-effectively acquire and retain new clients; the risk that we may provide inadequate service or cause disruptions in our clients’ businesses or fail to comply with the quality standards required by our clients under our agreements; utilization of artificial intelligence by our clients or our failure to incorporate artificial intelligence into our operations; our inability to anticipate clients’ needs by adapting to market and technology trends; unauthorized or improper disclosure of personal or other sensitive information, or security breaches and incidents; negative publicity or liability or difficulty recruiting and retaining employees; our failure to detect and deter criminal or fraudulent activities or other misconduct by our employees or third parties; global economic and political conditions, especially in the social media and meal delivery and transport industries from which we generate significant revenue; the dependence of our business on our international operations, particularly in
Non-GAAP Measures
TaskUs supplements results reported in accordance with
TaskUs, Inc. Condensed Consolidated Statements of Income (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Service revenue |
$ |
237,928 |
|
|
$ |
229,169 |
|
|
$ |
465,398 |
|
|
$ |
464,475 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of services |
|
143,876 |
|
|
|
133,554 |
|
|
|
279,287 |
|
|
|
271,316 |
|
Selling, general, and administrative expense |
|
56,276 |
|
|
|
58,175 |
|
|
|
109,180 |
|
|
|
122,469 |
|
Depreciation |
|
9,978 |
|
|
|
10,079 |
|
|
|
20,767 |
|
|
|
19,740 |
|
Amortization of intangible assets |
|
4,982 |
|
|
|
5,125 |
|
|
|
9,967 |
|
|
|
10,249 |
|
Loss (gain) on disposal of assets |
|
94 |
|
|
|
67 |
|
|
|
(83 |
) |
|
|
132 |
|
Total operating expenses |
|
215,206 |
|
|
|
207,000 |
|
|
|
419,118 |
|
|
|
423,906 |
|
Operating income |
|
22,722 |
|
|
|
22,169 |
|
|
|
46,280 |
|
|
|
40,569 |
|
Other income, net |
|
(2,703 |
) |
|
|
(684 |
) |
|
|
(2,905 |
) |
|
|
(2,861 |
) |
Financing expenses |
|
5,490 |
|
|
|
5,330 |
|
|
|
11,028 |
|
|
|
10,429 |
|
Income before income taxes |
|
19,935 |
|
|
|
17,523 |
|
|
|
38,157 |
|
|
|
33,001 |
|
Provision for income taxes |
|
7,337 |
|
|
|
7,391 |
|
|
|
13,845 |
|
|
|
13,360 |
|
Net income |
$ |
12,598 |
|
|
$ |
10,132 |
|
|
$ |
24,312 |
|
|
$ |
19,641 |
|
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.14 |
|
|
$ |
0.10 |
|
|
$ |
0.27 |
|
|
$ |
0.20 |
|
Diluted |
$ |
0.14 |
|
|
$ |
0.10 |
|
|
$ |
0.27 |
|
|
$ |
0.20 |
|
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
88,331,992 |
|
|
|
96,524,111 |
|
|
|
88,563,601 |
|
|
|
97,042,881 |
|
Diluted |
|
91,629,930 |
|
|
|
98,200,005 |
|
|
|
91,739,908 |
|
|
|
99,576,289 |
|
TaskUs, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) |
|||||
|
June 30,
|
|
December 31,
|
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
171,133 |
|
$ |
125,776 |
Accounts receivable, net of allowance for credit losses of |
|
175,272 |
|
|
176,812 |
Income tax receivable |
|
4,218 |
|
|
2,021 |
Prepaid expenses and other current assets |
|
27,993 |
|
|
23,909 |
Total current assets |
|
378,616 |
|
|
328,518 |
Noncurrent assets: |
|
|
|
||
Property and equipment, net |
|
57,476 |
|
|
68,893 |
Operating lease right-of-use assets |
|
37,170 |
|
|
44,326 |
Deferred tax assets |
|
6,111 |
|
|
4,857 |
Intangibles |
|
182,728 |
|
|
192,958 |
Goodwill |
|
217,458 |
|
|
218,108 |
Other noncurrent assets |
|
6,587 |
|
|
6,542 |
Total noncurrent assets |
|
507,530 |
|
|
535,684 |
Total assets |
$ |
886,146 |
|
$ |
864,202 |
Liabilities and Shareholders’ Equity |
|
|
|
||
Liabilities: |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and accrued liabilities |
$ |
32,185 |
|
$ |
26,054 |
Accrued payroll and employee-related liabilities |
|
48,096 |
|
|
40,291 |
Current portion of debt |
|
11,434 |
|
|
8,059 |
Current portion of operating lease liabilities |
|
15,149 |
|
|
15,872 |
Current portion of income tax payable |
|
6,555 |
|
|
7,451 |
Deferred revenue |
|
3,738 |
|
|
4,077 |
Total current liabilities |
|
117,157 |
|
|
101,804 |
Noncurrent liabilities: |
|
|
|
||
Income tax payable |
|
4,636 |
|
|
4,621 |
Long-term debt |
|
249,605 |
|
|
256,166 |
Operating lease liabilities |
|
24,636 |
|
|
31,475 |
Accrued payroll and employee-related liabilities |
|
4,660 |
|
|
3,978 |
Deferred tax liabilities |
|
25,174 |
|
|
25,214 |
Other noncurrent liabilities |
|
85 |
|
|
233 |
Total noncurrent liabilities |
|
308,796 |
|
|
321,687 |
Total liabilities |
|
425,953 |
|
|
423,491 |
Total shareholders’ equity |
|
460,193 |
|
|
440,711 |
Total liabilities and shareholders’ equity |
$ |
886,146 |
|
$ |
864,202 |
TaskUs, Inc. Condensed Consolidated Statement of Cash Flows (unaudited) (in thousands) |
|||||||
|
Six months ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
24,312 |
|
|
$ |
19,641 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
20,767 |
|
|
|
19,740 |
|
Amortization of intangibles |
|
9,967 |
|
|
|
10,249 |
|
Amortization of debt financing fees |
|
298 |
|
|
|
298 |
|
Loss (gain) on disposal of assets |
|
(83 |
) |
|
|
132 |
|
Benefit from credit losses |
|
(259 |
) |
|
|
— |
|
Unrealized foreign exchange losses (gains) on forward contracts |
|
3,463 |
|
|
|
(1,675 |
) |
Deferred taxes |
|
(1,364 |
) |
|
|
(90 |
) |
Stock-based compensation expense |
|
21,356 |
|
|
|
28,504 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
1,352 |
|
|
|
3,081 |
|
Prepaid expenses and other current assets |
|
(4,740 |
) |
|
|
(5,529 |
) |
Operating lease right-of-use assets |
|
7,796 |
|
|
|
7,397 |
|
Other noncurrent assets |
|
(338 |
) |
|
|
(368 |
) |
Accounts payable and accrued liabilities |
|
(34 |
) |
|
|
(1,142 |
) |
Accrued payroll and employee-related liabilities |
|
10,275 |
|
|
|
9,052 |
|
Operating lease liabilities |
|
(8,166 |
) |
|
|
(7,056 |
) |
Income tax payable |
|
(2,913 |
) |
|
|
300 |
|
Deferred revenue |
|
(333 |
) |
|
|
(217 |
) |
Other noncurrent liabilities |
|
(145 |
) |
|
|
(104 |
) |
Net cash provided by operating activities |
|
81,211 |
|
|
|
82,213 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(8,088 |
) |
|
|
(15,045 |
) |
Investment in loan receivable |
|
— |
|
|
|
(1,000 |
) |
Net cash used in investing activities |
|
(8,088 |
) |
|
|
(16,045 |
) |
Cash flows from financing activities: |
|
|
|
||||
Payments for deferred business acquisition consideration |
|
(144 |
) |
|
|
— |
|
Payments on long-term debt |
|
(3,375 |
) |
|
|
(1,350 |
) |
Proceeds from employee stock plans |
|
2,051 |
|
|
|
399 |
|
Payments for taxes related to net share settlement |
|
(2,074 |
) |
|
|
(550 |
) |
Payments for stock repurchases |
|
(15,072 |
) |
|
|
(44,334 |
) |
Net cash used in financing activities |
|
(18,614 |
) |
|
|
(45,835 |
) |
Increase in cash and cash equivalents |
|
54,509 |
|
|
|
20,333 |
|
Effect of exchange rate changes on cash |
|
(9,152 |
) |
|
|
(685 |
) |
Cash and cash equivalents at beginning of period |
|
125,776 |
|
|
|
133,992 |
|
Cash and cash equivalents at end of period |
$ |
171,133 |
|
|
$ |
153,640 |
|
TaskUs, Inc. Non-GAAP Reconciliations Adjusted EBITDA (unaudited) (in thousands, except margin amounts) |
|||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
12,598 |
|
|
$ |
10,132 |
|
|
$ |
24,312 |
|
|
$ |
19,641 |
|
Provision for income taxes |
|
7,337 |
|
|
|
7,391 |
|
|
|
13,845 |
|
|
|
13,360 |
|
Financing expenses |
|
5,490 |
|
|
|
5,330 |
|
|
|
11,028 |
|
|
|
10,429 |
|
Depreciation |
|
9,978 |
|
|
|
10,079 |
|
|
|
20,767 |
|
|
|
19,740 |
|
Amortization of intangible assets |
|
4,982 |
|
|
|
5,125 |
|
|
|
9,967 |
|
|
|
10,249 |
|
EBITDA |
$ |
40,385 |
|
|
$ |
38,057 |
|
|
$ |
79,919 |
|
|
$ |
73,419 |
|
Transaction costs(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
245 |
|
Earn-out consideration(2) |
|
— |
|
|
|
1,268 |
|
|
|
— |
|
|
|
7,916 |
|
Foreign currency gains(3) |
|
(1,312 |
) |
|
|
(196 |
) |
|
|
(298 |
) |
|
|
(2,178 |
) |
Loss (gain) on disposal of assets |
|
94 |
|
|
|
67 |
|
|
|
(83 |
) |
|
|
132 |
|
Severance costs(4) |
|
— |
|
|
|
350 |
|
|
|
487 |
|
|
|
1,568 |
|
Litigation costs(5) |
|
2,318 |
|
|
|
— |
|
|
|
2,618 |
|
|
|
— |
|
Stock-based compensation expense(6) |
|
11,128 |
|
|
|
15,107 |
|
|
|
21,692 |
|
|
|
28,779 |
|
Interest income(7) |
|
(1,361 |
) |
|
|
(357 |
) |
|
|
(2,478 |
) |
|
|
(552 |
) |
Adjusted EBITDA |
$ |
51,252 |
|
|
$ |
54,296 |
|
|
$ |
101,857 |
|
|
$ |
109,329 |
|
Net Income Margin(8) |
|
5.3 |
% |
|
|
4.4 |
% |
|
|
5.2 |
% |
|
|
4.2 |
% |
Adjusted EBITDA Margin(8) |
|
21.5 |
% |
|
|
23.7 |
% |
|
|
21.9 |
% |
|
|
23.5 |
% |
(1) |
Represents professional service fees related to non-recurring transactions. |
(2) |
Represents earn-out consideration recognized as compensation expense related to the acquisition of heloo. |
(3) |
Realized and unrealized foreign currency gains include the effect of fair market value changes of forward contracts and remeasurement of |
(4) |
Represents severance payments as a result of certain cost optimization measures we undertook during the period to restructure support roles. |
(5) |
Represents only those litigation costs that are considered non-recurring and outside of the ordinary course of business. |
(6) |
Represents stock-based compensation expense, as well as associated payroll tax. |
(7) |
Represents interest earned on short-term savings, time-deposits and money market funds. |
(8) |
Net Income Margin represents net income divided by service revenue and Adjusted EBITDA Margin represents Adjusted EBITDA divided by service revenue. |
TaskUs, Inc. Non-GAAP Reconciliations Adjusted Net Income (unaudited) (in thousands, except margin amounts) |
|||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
12,598 |
|
|
$ |
10,132 |
|
|
$ |
24,312 |
|
|
$ |
19,641 |
|
Amortization of intangible assets |
|
4,982 |
|
|
|
5,125 |
|
|
|
9,967 |
|
|
|
10,249 |
|
Transaction costs(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
245 |
|
Earn-out consideration(2) |
|
— |
|
|
|
1,268 |
|
|
|
— |
|
|
|
7,916 |
|
Foreign currency gains(3) |
|
(1,312 |
) |
|
|
(196 |
) |
|
|
(298 |
) |
|
|
(2,178 |
) |
Loss (gain) on disposal of assets |
|
94 |
|
|
|
67 |
|
|
|
(83 |
) |
|
|
132 |
|
Severance costs(4) |
|
— |
|
|
|
350 |
|
|
|
487 |
|
|
|
1,568 |
|
Litigation costs(5) |
|
2,318 |
|
|
|
— |
|
|
|
2,618 |
|
|
|
— |
|
Stock-based compensation expense(6) |
|
11,128 |
|
|
|
15,107 |
|
|
|
21,692 |
|
|
|
28,779 |
|
Tax impacts of adjustments(7) |
|
(1,173 |
) |
|
|
(31 |
) |
|
|
(2,788 |
) |
|
|
(2,019 |
) |
Adjusted Net Income |
$ |
28,635 |
|
|
$ |
31,822 |
|
|
$ |
55,907 |
|
|
$ |
64,333 |
|
Net Income Margin(8) |
|
5.3 |
% |
|
|
4.4 |
% |
|
|
5.2 |
% |
|
|
4.2 |
% |
Adjusted Net Income Margin(8) |
|
12.0 |
% |
|
|
13.9 |
% |
|
|
12.0 |
% |
|
|
13.9 |
% |
(1) |
Represents professional service fees related to non-recurring transactions. |
(2) |
Represents earn-out consideration recognized as compensation expense related to the acquisition of heloo. |
(3) |
Realized and unrealized foreign currency gains include the effect of fair market value changes of forward contracts and remeasurement of |
(4) |
Represents severance payments as a result of certain cost optimization measures we undertook during the period to restructure support roles. |
(5) |
Represents only those litigation costs that are considered non-recurring and outside of the ordinary course of business. |
(6) |
Represents stock-based compensation expense, as well as associated payroll tax. |
(7) |
Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense and earn-out consideration. |
(8) |
Net Income Margin represents net income divided by service revenue and Adjusted Net Income Margin represents Adjusted Net Income divided by service revenue. |
TaskUs, Inc. Non-GAAP Reconciliations Adjusted EPS (unaudited) |
|||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
GAAP diluted EPS |
$ |
0.14 |
|
$ |
0.10 |
|
$ |
0.27 |
|
$ |
0.20 |
Per share adjustments to net income(1) |
|
0.17 |
|
|
0.22 |
|
|
0.34 |
|
|
0.45 |
Adjusted EPS |
$ |
0.31 |
|
$ |
0.32 |
|
$ |
0.61 |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding – diluted |
|
91,629,930 |
|
|
98,200,005 |
|
|
91,739,908 |
|
|
99,576,289 |
(1) |
Reflects the aggregate adjustments made to reconcile net income to Adjusted Net Income, as noted in the above table, divided by the GAAP diluted weighted-average number of shares outstanding for the relevant period. |
TaskUs, Inc. Non-GAAP Reconciliations Free Cash Flow (unaudited) (in thousands, except percentages) |
|||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
30,034 |
|
|
$ |
38,530 |
|
|
$ |
81,211 |
|
|
$ |
82,213 |
|
Purchase of property and equipment |
|
(4,516 |
) |
|
|
(9,801 |
) |
|
|
(8,088 |
) |
|
|
(15,045 |
) |
Free Cash Flow |
$ |
25,518 |
|
|
$ |
28,729 |
|
|
$ |
73,123 |
|
|
$ |
67,168 |
|
Conversion of Adjusted EBITDA(1) |
|
49.8 |
% |
|
|
52.9 |
% |
|
|
71.8 |
% |
|
|
61.4 |
% |
(1) |
Conversion of Adjusted EBITDA represents Free Cash Flow divided by Adjusted EBITDA |
Definitions of Non-GAAP Metrics
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the benefit from or provision for income taxes, financing expenses, depreciation, and amortization of intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), tax positions (such as the availability of net operating losses against which to relieve taxable profits), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).
Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted EBITDA transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and interest income, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
Adjusted EBITDA Margin represents Adjusted EBITDA divided by service revenue.
Adjusted Net Income
Adjusted Net Income is a non-GAAP profitability measure that represents net income or loss for the period before the impact of amortization of intangible assets and certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted Net Income amortization of intangible assets, transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and the related effect on income taxes of certain pre-tax adjustments, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to net income applied in presenting Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
Adjusted Net Income Margin represents Adjusted Net Income divided by service revenue.
Adjusted EPS
Adjusted EPS is a non-GAAP profitability measure that represents earnings available to shareholders excluding the impact of certain items that are considered to hinder comparison of the performance of our business on a period-over-period basis or with other businesses. Adjusted EPS is calculated as Adjusted Net Income divided by our diluted weighted-average number of shares outstanding. Our management believes that the inclusion of supplementary adjustments to earnings per share applied in presenting Adjusted EPS are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
Free Cash Flow
Free Cash Flow is a non-GAAP liquidity measure that represents our ability to generate additional cash from our business operations. Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period. Our management believes that the inclusion of this non-GAAP measure, when considered with our GAAP results, provides management and investors with an additional understanding of our ability to generate additional cash for ongoing business operations and other capital deployment.
Conversion of Adjusted EBITDA represents Free Cash Flow divided by Adjusted EBITDA.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808519196/en/
Investor Contact
Trent Thrash
IR@taskus.com
Media Contact
Heidi Lemmetyinen
heidi.lemmetyinen@taskus.com
Source: TaskUs, Inc.
FAQ
What were TaskUs' total revenues for Q2 2024?
What is TaskUs' GAAP diluted EPS for Q2 2024?
How much did TaskUs' net income grow in Q2 2024?
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How did TaskUs' Adjusted EBITDA perform in Q2 2024?