WNS Announces Fiscal 2021 Fourth Quarter and Full Year Earnings, Provides Guidance for Fiscal 2022
WNS (Holdings) Limited (NYSE: WNS) reported its fourth quarter and full year results for fiscal 2021. Q4 revenue reached $243.9 million, a 1.8% decrease year-over-year but a 2.3% increase sequentially. Profit was $27.5 million, down from $29.5 million in the same period last year. For the full year, revenue was $912.6 million, a decline from $928.3 million in fiscal 2020. WNS anticipates FY 2022 revenue less repair payments to be between $945 million and $997 million. The company added 9 new clients in the last quarter, showcasing strong client engagement.
- Guidance for FY 2022 revenue less repair payments expected between $945 million and $997 million, indicating growth.
- Adjusted net income (ANI) forecast for FY 2022 between $152 million and $164 million, up from $141.7 million in FY 2021.
- Added 9 new clients in Q4, indicating healthy business expansion.
- Q4 revenue decreased 1.8% year-over-year and full year down 1.7% from FY 2020.
- Profit in Q4 fell to $27.5 million, down from $29.5 million in Q4 of last year.
- Adjusted diluted earnings per ADS decreased from $0.82 in Q4 last year to $0.71.
WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global Business Process Management (BPM) solutions, today announced results for the fiscal 2021 fourth quarter and full year ended March 31, 2021.
Highlights – Fiscal 2021 Fourth Quarter: |
GAAP Financials
Non-GAAP Financial Measures*
Other Metrics
|
Highlights – Fiscal 2021 Full Year: |
GAAP Financials
Non-GAAP Financial Measures*
|
Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.”
Revenue in the fourth quarter was
Profit in the fiscal fourth quarter was
Adjusted net income (ANI)* in Q4 was
From a balance sheet perspective, WNS ended Q4 with
“In the fiscal fourth quarter, WNS delivered solid financial results, posting healthy revenue, margin and free cash flow. While our full year results were adversely impacted by the global pandemic, we are pleased with our overall execution in a very difficult environment and our business momentum exiting the fiscal year,” said Keshav Murugesh, WNS’s Chief Executive Officer. “During fiscal 2021, WNS was able to quickly adapt our delivery to a “work from home” model and maintain support for our clients’ core, mission-critical processes. In addition, the company continued to add new clients and expand existing relationships at a healthy pace, helping drive revenue growth and margin expansion as the year progressed. We believe this clearly demonstrates WNS’ differentiated positioning in the market, the strategic importance of our solutions, and the resiliency of the BPM model. We are also extremely proud of the fact that we were able to achieve these results while protecting the safety and welfare of our more than 40,000 global employees, and continuing the strategic investment programs necessary to drive long-term sustainable value for all of our key stakeholders.”
COVID-19
The COVID-19 pandemic is having a significant impact on the global economy, our clients’ businesses, and on WNS’s operations, financials, and visibility. Revenue has been pressured by lower client volumes, delays in new business ramps, client concessions, and facility lockdowns which impact service delivery. WNS is actively working to manage our clients’ changing requirements, adapt our service delivery models, ensure data security, and manage costs. In the fiscal fourth quarter, the company delivered over
Fiscal 2022 Guidance
WNS is providing guidance for the fiscal year ending March 31, 2022 as follows:
-
Revenue less repair payments* is expected to be between
$945 million and$997 million , up from$868.7 million in fiscal 2021. Fiscal 2022 guidance assumes an average GBP to USD exchange rate of 1.38 versus 1.31 in fiscal 2021. -
ANI* is expected to range between
$152 million and$164 million versus$141.7 million in fiscal 2021. Fiscal 2022 guidance assumes an average USD to INR exchange rate of 74.00 versus 74.25 in fiscal 2021. -
Based on a diluted share count of 51.1 million shares, the company expects fiscal 2022 adjusted diluted earnings* per ADS to be in the range of
$2.98 t o$3.21 versus$2.72 in fiscal 2021.
“The company has provided our initial forecast for fiscal 2022 based on current visibility levels and exchange rates,” said Sanjay Puria, WNS’s Chief Financial Officer. “Our guidance for the full year reflects growth in revenue less repair payments* of
Conference Call
WNS will host a conference call on April 22, 2021 at 8:00 am (Eastern) to discuss the company's quarterly results. To access the call in “listen-only” mode, please join live via the company’s investor relations website at ir.wns.com. For call participants, please use the following details: US dial-in +1-888-656-9018; international dial-in +1-503-343-6030; participant passcode 7880707. A replay will be available for one week following the call at +1-855-859-2056; international dial-in +1-404-537-3406; passcode 7880707, as well as on the WNS website, www.wns.com, beginning two hours after the end of the call.
About WNS
WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process Management (BPM) company. WNS combines deep industry knowledge with technology, analytics and process expertise to co-create innovative, digitally led transformational solutions with over 375 clients across various industries. WNS delivers an entire spectrum of BPM solutions including industry-specific offerings, customer interaction services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2021, WNS had 43,997 professionals across 58 delivery centers worldwide including facilities in Australia, China, Costa Rica, India, the Philippines, Poland, Romania, South Africa, Spain, Sri Lanka, Turkey, the United Kingdom, and the United States. For more information, visit www.wns.com.
Safe Harbor Statement
This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, express or implied forward-looking statements relating to our expectations regarding the impact of the COVID-19 pandemic on our business, our cost structure, the discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, expectations concerning our future financial performance and growth potential, including our fiscal 2021 second quarter commentary, future profitability, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions, including the impact of the COVID-19 pandemic on our business operations and future growth; political or economic instability in the jurisdictions where we have operations; our dependence on a limited number of clients in a limited number of industries; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; telecommunications or technology disruptions; our ability to attract and retain clients; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; negative public reaction in the US or the UK to offshore outsourcing; our ability to collect our receivables from, or bill our unbilled services to our clients; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; and future regulatory actions and conditions in our operating areas. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.
References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).
* See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.
WNS (HOLDINGS) LIMITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, amounts in millions, except share and per share data) |
||||||||||||||||||||||
|
|
|
Three months ended |
|
Year ended |
|||||||||||||||||
|
|
|
Mar 31,
|
|
Mar 31,
|
Dec 31,
|
|
Mar 31,
|
|
|
Mar 31,
|
|||||||||||
Revenue |
|
|
$ |
243.9 |
|
|
$ |
248.3 |
|
$ |
238.4 |
|
|
$ |
912.6 |
|
|
$ |
928.3 |
|
||
Cost of revenue |
|
|
|
158.5 |
|
|
|
158.4 |
|
|
150.3 |
|
|
|
587.2 |
|
|
|
583.9 |
|
||
Gross profit |
|
|
|
85.4 |
|
|
|
90.0 |
|
|
88.0 |
|
|
|
325.4 |
|
|
|
344.3 |
|
||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Selling and marketing expenses |
|
|
|
12.9 |
|
|
|
15.2 |
|
|
12.2 |
|
|
|
49.6 |
|
|
|
52.8 |
|
||
General and administrative expenses |
|
|
|
34.5 |
|
|
|
32.4 |
|
|
31.3 |
|
|
|
126.3 |
|
|
|
128.6 |
|
||
Foreign exchange loss / (gain), net |
|
|
|
0.0 |
|
|
|
(1.3 |
) |
|
(0.1 |
) |
|
|
0.8 |
|
|
|
(3.4 |
) |
||
Impairment of Goodwill |
|
|
|
— |
|
|
|
4.1 |
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
||
Amortization of intangible assets |
|
|
|
3.3 |
|
|
|
3.8 |
|
|
3.3 |
|
|
|
13.7 |
|
|
|
15.7 |
|
||
Operating profit |
|
|
|
34.6 |
|
|
|
35.8 |
|
|
41.2 |
|
|
|
135.1 |
|
|
|
146.6 |
|
||
Other income, net |
|
|
|
(3.6 |
) |
|
|
(4.0 |
) |
|
(2.6 |
) |
|
|
(12.5 |
) |
|
|
(14.4 |
) |
||
Finance expense |
|
|
|
3.7 |
|
|
|
4.0 |
|
|
3.7 |
|
|
|
14.8 |
|
|
|
17.0 |
|
||
Profit before income taxes |
|
|
|
34.5 |
|
|
|
35.7 |
|
|
40.2 |
|
|
|
132.7 |
|
|
|
144.0 |
|
||
Income tax expense |
|
|
|
7.0 |
|
|
|
6.2 |
|
|
9.2 |
|
|
|
30.1 |
|
|
|
27.2 |
|
||
Profit after tax |
|
|
$ |
27.5 |
|
|
$ |
29.5 |
|
$ |
31.0 |
|
|
$ |
102.6 |
|
|
$ |
116.8 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Earnings per share of ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
|
$ |
0.56 |
|
|
$ |
0.59 |
|
$ |
0.62 |
|
|
$ |
2.06 |
|
|
$ |
2.35 |
|
||
Diluted |
|
|
$ |
0.53 |
|
|
$ |
0.57 |
|
$ |
0.60 |
|
|
$ |
1.97 |
|
|
$ |
2.24 |
|
||
WNS (HOLDINGS) LIMITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited, amounts in millions, except share and per share data) |
|||||||||||
|
|
As at Mar 31,
|
|
As at Mar 31,
|
|||||||
ASSETS |
|
|
|
|
|
|
|
||||
Current assets: |
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
105.6 |
|
|
$ |
96.9 |
|
|||
Investments |
|
|
203.7 |
|
|
|
125.6 |
|
|||
Trade receivables, net |
|
|
83.1 |
|
|
|
89.8 |
|
|||
Unbilled revenue |
|
|
66.4 |
|
|
|
58.0 |
|
|||
Funds held for clients |
|
|
12.1 |
|
|
|
15.8 |
|
|||
Derivative assets |
|
|
8.0 |
|
|
|
13.2 |
|
|||
Contract assets |
|
|
7.8 |
|
|
|
7.5 |
|
|||
Prepayments and other current assets |
|
|
23.2 |
|
|
|
22.0 |
|
|||
Total current assets |
|
|
509.9 |
|
|
|
428.8 |
|
|||
|
|
|
|
|
|
|
|
||||
Non-current assets: |
|
|
|
|
|
|
|
||||
Goodwill |
|
|
124.0 |
|
|
|
121.3 |
|
|||
Intangible assets |
|
|
65.1 |
|
|
|
70.1 |
|
|||
Property and equipment |
|
|
52.3 |
|
|
|
57.0 |
|
|||
Right-of-use assets |
|
|
166.8 |
|
|
|
159.1 |
|
|||
Derivative assets |
|
|
1.7 |
|
|
|
2.1 |
|
|||
Investments |
|
|
85.9 |
|
|
|
80.1 |
|
|||
Trade receivables, net |
|
|
0.3 |
|
|
|
— |
|
|||
Contract assets |
|
|
27.1 |
|
|
|
28.9 |
|
|||
Deferred tax assets |
|
|
33.0 |
|
|
|
28.9 |
|
|||
Other non-current assets |
|
|
40.0 |
|
|
|
36.0 |
|
|||
Total non-current assets |
|
|
596.2 |
|
|
|
583.5 |
|
|||
TOTAL ASSETS |
|
$ |
1,106.1 |
|
|
$ |
1,012.3 |
|
|||
|
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
|
|
|
||||
Trade payables |
|
$ |
28.0 |
|
|
$ |
29.3 |
|
|||
Provisions and accrued expenses |
|
|
23.9 |
|
|
|
29.0 |
|
|||
Derivative liabilities |
|
|
4.5 |
|
|
|
9.6 |
|
|||
Pension and other employee obligations |
|
|
82.6 |
|
|
|
76.9 |
|
|||
Current portion of long-term debt |
|
|
16.7 |
|
|
|
16.7 |
|
|||
Contract liabilities |
|
|
12.7 |
|
|
|
10.3 |
|
|||
Current taxes payable |
|
|
1.5 |
|
|
|
3.3 |
|
|||
Lease liabilities |
|
|
26.0 |
|
|
|
23.4 |
|
|||
Other liabilities |
|
|
11.5 |
|
|
|
7.4 |
|
|||
Total current liabilities |
|
|
207.5 |
|
|
|
205.8 |
|
|||
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
||
Derivative liabilities |
|
|
2.0 |
|
|
|
3.9 |
|
|||
Pension and other employee obligations |
|
|
19.6 |
|
|
|
13.0 |
|
|||
Long-term debt |
|
|
— |
|
|
|
16.7 |
|
|||
Contract liabilities |
|
|
16.6 |
|
|
|
20.1 |
|
|||
Other non-current liabilities |
|
|
0.2 |
|
|
|
0.2 |
|
|||
Lease liabilities |
|
|
165.9 |
|
|
|
155.5 |
|
|||
Deferred tax liabilities |
|
|
10.2 |
|
|
|
10.1 |
|
|||
Total non-current liabilities |
|
|
214.6 |
|
|
|
219.4 |
|
|||
TOTAL LIABILITIES |
|
$ |
422.1 |
|
|
$ |
425.2 |
|
|||
|
|
|
|
|
|
|
|
||||
Shareholders' equity: |
|
|
|
|
|
|
|
||||
Share capital (ordinary shares |
|
|
8.0 |
|
|
|
7.9 |
|
|||
Share premium |
|
|
227.7 |
|
|
|
187.3 |
|
|||
Retained earnings |
|
|
689.0 |
|
|
|
586.3 |
|
|||
Other components of equity |
|
|
(162.0 |
) |
|
|
(194.4 |
) |
|||
Total shareholders’ equity including shares held in treasury |
|
$ |
762.7 |
|
|
$ |
587.1 |
|
|||
Less: 1,100,000 shares as at March 31, 2021 and Nil shares as at March 31, 2020, held in treasury, at cost |
|
|
(78.6 |
) |
|
|
— |
|
|||
Total shareholders’ equity |
|
$ |
684.1 |
|
|
$ |
587.1 |
|
|||
TOTAL LIABILITIES AND EQUITY |
|
$ |
1,106.1 |
|
|
$ |
1,012.3 |
|
|||
|
|
|
|
|
|
|
|
||||
About Non-GAAP Financial Measures
The financial information in this release includes certain non-GAAP financial measures that we believe more accurately reflect our core operating performance. Reconciliations of these non-GAAP financial measures to our GAAP operating results are included below. A more detailed discussion of our GAAP results is contained in “Part I –Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F filed with the SEC on May 1, 2020.
For financial statement reporting purposes, WNS has two reportable segments: WNS Global BPM and WNS Auto Claims BPM. Revenue less repair payments is a non-GAAP financial measure that is calculated as (a) revenue less (b) in the auto claims business, payments to repair centers for “fault” repair cases where WNS acts as the principal in its dealings with the third party repair centers and its clients. WNS believes that revenue less repair payments for “fault” repairs reflects more accurately the value addition of the business process management services that it directly provides to its clients. For more details, please see the discussion in “Part I – Item 5. Operating and Financial Review and Prospects – Overview” in our annual report on Form 20-F filed with the SEC on May 1, 2020.
Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period’s revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and Euro.
WNS also presents or discusses (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit / (loss) excluding goodwill impairment, share-based expense and amortization of intangible assets) as a percentage of revenue less repair payments, (2) ANI, which is calculated as profit excluding goodwill impairment, share-based expense and amortization of intangible assets and including the tax effect thereon, (3) Adjusted net income margin, which refers to ANI as a percentage of revenue less repair payments, (4) net cash, which refers to cash and cash equivalents plus investments less long-term debt (including the current portion) and other non-GAAP financial measures included in this release as supplemental measures of its performance. WNS presents these non-GAAP financial measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that are non-recurring in nature and those it believes are not indicative of its core operating performance. In addition, it uses these non-GAAP financial measures (i) as a factor in evaluating management’s performance when determining incentive compensation and (ii) to evaluate the effectiveness of its business strategies. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for WNS’s financial results prepared in accordance with IFRS.
The company is not able to provide our forward-looking GAAP revenue, profit and earnings per ADS without unreasonable efforts for a number of reasons, including our inability to predict with a reasonable degree of certainty the payments to repair centers, our future share-based compensation expense under IFRS 2 (Share Based payments), amortization of intangibles associated with future acquisitions, goodwill impairment and currency fluctuations. As a result, any attempt to provide a reconciliation of the forward-looking GAAP financial measures (revenue, profit, earnings per ADS) to our forward-looking non-GAAP financial measures (revenue less repair payments*, ANI* and Adjusted diluted earnings* per ADS, respectively) would imply a degree of likelihood that we do not believe is reasonable.
Reconciliation of revenue (GAAP) to revenue less repair payments (non-GAAP) and constant currency revenue less repair payments (non-GAAP)
|
Three months ended |
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Year ended |
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Mar 31,
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Mar 31,
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Dec 31,
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Mar 31,
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Mar 31,
|
||||||||
|
(Amounts in millions) |
(Amounts in millions) |
|||||||||||||||
Revenue (GAAP) |
$ |
243.9 |
|
$ |
248.3 |
$ |
238.4 |
$ |
912.6 |
|
$ |
928.3 |
|
||||
Less: Payments to repair centers |
|
15.5 |
|
|
12.6 |
|
13.8 |
|
43.9 |
|
|
32.0 |
|
||||
Revenue less repair payments (non-GAAP) |
$ |
228.3 |
|
$ |
235.8 |
$ |
224.5 |
$ |
868.7 |
|
$ |
896.2 |
|
||||
Exchange rate impact |
|
(0.3 |
) |
|
6.7 |
|
2.8 |
|
(4.2 |
) |
(1.9 |
) |
|||||
Constant currency revenue less repair payments (non-GAAP) |
$ |
228.0 |
|
$ |
242.5 |
$ |
227.3 |
$ |
864.5 |
|
$ |
894.3 |
|
||||
Reconciliation of cost of revenue (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
|||||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|||||||||
|
(Amounts in millions) |
|
(Amounts in millions) |
|||||||||||||||
Cost of revenue (GAAP) |
$ |
158.5 |
$ |
158.4 |
$ |
150.3 |
$ |
587.2 |
$ |
583.9 |
|
|||||||
Less: Payments to repair centers |
|
15.5 |
|
12.6 |
|
13.8 |
|
43.9 |
|
32.0 |
|
|||||||
Less: Share-based compensation expense |
|
1.2 |
|
0.8 |
|
1.5 |
|
4.9 |
|
4.6 |
|
|||||||
Adjusted cost of revenue (excluding payments to repair centers and share-based compensation expense) (non-GAAP) |
$ |
141.8 |
$ |
145.0 |
$ |
135.0 |
$ |
538.4 |
$ |
547.3 |
||||||||
Reconciliation of gross profit (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
|||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|||||
|
(Amounts in millions) |
|
(Amounts in millions) |
|||||||||||
Gross profit (GAAP) |
$ |
85.4 |
$ |
90.0 |
$ |
88.0 |
$ |
325.4 |
$ |
344.3 |
||||
Add: Share-based compensation expense |
|
1.2 |
|
0.8 |
|
1.5 |
|
4.9 |
|
4.6 |
||||
Adjusted gross profit (excluding share-based compensation expense) (non-GAAP) |
$ |
86.5 |
$ |
90.8 |
$ |
89.5 |
$ |
330.3 |
$ |
348.9 |
||||
|
Three months ended |
|
Year ended |
|||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Gross profit as a percentage of revenue (GAAP) |
|
|
|
|
|
|||||
Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
|
|
|
|||||
Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
|||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
Mar 31,
|
||||||||
|
(Amounts in millions) |
|
(Amounts in millions) |
|||||||||||||
Selling and marketing expenses (GAAP) |
$ |
12.9 |
$ |
15.2 |
$ |
12.2 |
$ |
49.6 |
$ |
52.8 |
||||||
Less: Share-based compensation expense |
|
0.9 |
|
1.1 |
|
0.8 |
|
4.3 |
|
4.8 |
||||||
Adjusted selling and marketing expenses (excluding share-based compensation expense) (non-GAAP) |
$ |
12.0 |
$ |
14.1 |
$ |
11.4 |
$ |
45.3 |
$ |
48.0 |
||||||
|
Three months ended |
|
Year ended |
|||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Selling and marketing expenses as a percentage of revenue (GAAP) |
|
|
|
|
|
|||||
Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
|
|
|
|||||
Reconciliation of general and administrative expenses (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
||||||
|
(Amounts in millions) |
|
(Amounts in millions) |
||||||||||||
General and administrative expenses (GAAP) |
$ |
34.5 |
$ |
32.4 |
$ |
31.3 |
$ |
126.3 |
$ |
128.6 |
|||||
Less: Share-based compensation expense |
|
7.5 |
|
6.3 |
|
7.1 |
|
29.0 |
|
28.1 |
|||||
Adjusted general and administrative expenses (excluding share-based compensation expense) (non-GAAP) |
$ |
26.9 |
$ |
26.1 |
$ |
24.2 |
$ |
97.3 |
$ |
100.4 |
|||||
|
Three months ended |
|
Year ended |
||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
General and administrative expenses as a percentage of revenue (GAAP) |
|
|
|
|
|
||||
Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
|
|
|
||||
Reconciliation of operating profit (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
|||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|||||
|
(Amounts in millions) |
|
(Amounts in millions) |
|||||||||||
Operating profit (GAAP) |
$ |
34.6 |
$ |
35.8 |
$ |
41.2 |
$ |
135.1 |
$ |
146.6 |
||||
Add: Impairment of goodwill |
|
- |
|
4.1 |
|
- |
|
- |
|
4.1 |
||||
Add: Share-based compensation expense |
|
9.6 |
|
8.2 |
|
9.4 |
|
38.2 |
|
37.5 |
||||
Add: Amortization of intangible assets |
|
3.3 |
|
3.8 |
|
3.3 |
|
13.7 |
|
15.7 |
||||
Adjusted operating profit (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets) (non-GAAP) |
$ |
47.6 |
$ |
51.9 |
$ |
53.9 |
$ |
187.0 |
$ |
203.8 |
||||
Three months ended |
|
Year ended |
|||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
Operating profit as a percentage of revenue (GAAP) |
|
|
|
|
|
||||
Adjusted operating profit (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets) as a percentage of revenue less repair payments (non-GAAP) |
|
|
|
|
|
||||
Reconciliation of profit (GAAP) to ANI (non-GAAP)
|
Three months ended |
|
Year ended |
||||||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
||||||||||
|
(Amounts in millions) |
|
(Amounts in millions) |
||||||||||||||||
Profit (GAAP) |
$ |
27.5 |
|
$ |
29.5 |
|
$ |
31.0 |
|
$ |
102.6 |
|
$ |
116.8 |
|
||||
Add: Impairment of goodwill |
|
- |
|
|
4.1 |
|
|
- |
|
|
- |
|
|
4.1 |
|
||||
Add: Share-based compensation expense |
|
9.6 |
|
|
8.2 |
|
|
9.4 |
|
|
38.2 |
|
|
37.5 |
|
||||
Add: Amortization of intangible assets |
|
3.3 |
|
|
3.8 |
|
|
3.3 |
|
|
13.7 |
|
|
15.7 |
|
||||
Less: Tax impact on share-based compensation expense(1) |
|
(2.7 |
) |
|
(2.2 |
) |
|
(1.9 |
) |
|
(9.2 |
) |
|
(8.6 |
) |
||||
Less: Tax impact on amortization of intangible assets(1) |
|
(1.0 |
) |
|
(1.1 |
) |
|
(0.9 |
) |
|
(3.7 |
) |
|
(4.0 |
) |
||||
Adjusted Net Income (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect** thereon) (non-GAAP) |
$ |
36.7 |
|
$ |
42.4 |
|
$ |
41.0 |
|
$ |
141.7 |
|
$ |
161.4 |
|
||||
(1) The company applies GAAP methodologies in computing the tax impact on its non-GAAP ANI adjustments (including amortization of intangible assets and share-based compensation expense). The company’s non-GAAP tax expense is generally higher than its GAAP tax expense if the income subject to taxes is higher considering the effect of the items excluded from GAAP profit to arrive at non-GAAP profit.
** Goodwill being non-tax deductible, there is no impact on tax thereon
|
Three months ended |
|
Year ended |
||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
Profit as a percentage of revenue (GAAP) |
|
|
|
|
|
||||
Adjusted net income (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets including tax effect** thereon) as a percentage of revenue less repair payments (non-GAAP) |
|
|
|
|
|
||||
** Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of basic earnings per ADS (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
||||||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
||||||||||
Basic earnings per ADS (GAAP) |
$ |
0.56 |
$ |
0.59 |
$ |
0.62 |
|
$ |
2.06 |
|
$ |
2.35 |
|
||||||
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets |
|
0.26 |
|
|
0.32 |
|
|
0.25 |
|
|
1.04 |
|
|
1.15 |
|
||||
Less: Tax impact on share-based compensation expense and amortization of intangible assets ** |
|
(0.08 |
) |
|
(0.06 |
) |
|
(0.05 |
) |
|
(0.25 |
) |
|
(0.25 |
) |
||||
Adjusted basic earnings per ADS (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect** thereon) (non-GAAP) |
$ |
0.74 |
|
$ |
0.85 |
|
$ |
0.82 |
|
$ |
2.85 |
|
$ |
3.25 |
|
||||
** Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of diluted earnings per ADS (GAAP to non-GAAP)
|
Three months ended |
|
Year ended |
||||||||||||||||
|
Mar 31,
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
||||||||||
Diluted earnings per ADS (GAAP) |
$ |
0.53 |
|
$ |
0.57 |
|
$ |
0.60 |
|
$ |
1.97 |
|
$ |
2.24 |
|
||||
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets |
|
0.25 |
|
|
0.31 |
|
|
0.24 |
|
|
1.00 |
|
|
1.10 |
|
||||
Less: Tax impact on share-based compensation expense and amortization of intangible assets ** |
|
(0.07 |
) |
|
(0.06 |
) |
|
(0.05 |
) |
|
(0.25 |
) |
|
(0.24 |
) |
||||
Adjusted diluted earnings per ADS (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect** thereon) (non-GAAP) |
$ |
0.71 |
|
$ |
0.82 |
|
$ |
0.79 |
|
$ |
2.72 |
|
$ |
3.10 |
|
||||
** Goodwill being non-tax deductible, there is no impact on tax thereon
View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005518/en/
FAQ
What were WNS's revenue results for Q4 of fiscal 2021?
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