SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
Entire Document
 


Table of Contents

The increase in revenue less repair payments (non-GAAP) of $162.5 million was primarily attributable to (i) an increase in revenue less repair payments (non-GAAP) from existing clients of $130.4 million, (ii) revenue less repair payments (non-GAAP) from new clients of $29.8 million, and (iii) an increase in hedging gain on our revenue less repair payments (non-GAAP) by $2.4 million to $9.2 million in fiscal 2018 from $6.8 million in fiscal 2017. The increase in revenue was primarily due to higher volumes in our healthcare (including due to HealthHelp which we acquired in March 2017), diversified businesses (including due to Denali which we acquired in January 2017), insurance, travel, utilities, shipping and logistics and banking and financial services verticals. Further, the increase was also contributed by an appreciation of the pound sterling, AUD and South African rand against the US dollar by an average of 1.4%, 2.8% and 7.8%, respectively, as compared to the respective average exchange rates in fiscal 2017. The increase in revenue was partially offset by a lower volume in our consulting and professional services vertical.

Revenue Less Repair Payments (non-GAAP) by Geography

The following table sets forth the composition of our revenue less repair payments (non-GAAP) based on the location of our clients in our key geographies for the periods indicated:

 

     Revenue less repair payments
(non-GAAP)
     As a percentage of
revenue less repair
payments  (non-GAAP)
 
     Year ended March 31,  
     2018      2017      2018     2017  
     (US dollars in millions)               

North America (primarily the US)

   $ 308.4      $ 196.2        41.6     33.9

UK

     241.9        224.5        32.6     38.8

Australia

     66.6        49.1        9.0     8.5

Europe (excluding the UK)

     47.2        37.5        6.4     6.5

South Africa

     42.8        42.7        5.8     7.4

Rest of world

     34.0        28.5        4.6     4.9
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 741.0      $ 578.4        100     100
  

 

 

    

 

 

    

 

 

   

 

 

 

The increase in revenue less repair payments (non-GAAP) from North America (primarily the US) region was primarily attributable to higher volumes in our healthcare, diversified businesses, insurance, travel, banking and financial services, utilities, shipping and logistics, and consulting and professional services verticals. The increase in revenue less repair payments (non-GAAP) from the Australia region was primarily attributable to higher volumes in our insurance, and travel verticals and an appreciation of the Australian dollar against the US dollar by an average of 2.8%, as compared to the average exchange rates in fiscal 2017, partially offset by a lower volume in our utilities vertical. The increase in revenue less repair payments (non-GAAP) from the UK region was primarily attributable to higher volumes in our utilities, healthcare, travel, banking and financials services and diversified businesses verticals and an appreciation of the pound sterling against the US dollar, by an average of 1.4%, as compared to the average exchange rates in fiscal 2017, partially offset by a lower volume in our consulting and professional services vertical. The increase in revenue less repair payments (non-GAAP) from the Europe (excluding the UK) region was primarily attributable to higher volumes in our healthcare, travel, diversified businesses verticals, and banking and financial services verticals, partially offset by a lower volume in our insurance vertical. The increase in revenue less repair payments (non-GAAP) from the South Africa region was primarily attributable to higher volumes in our diversified businesses and shipping and logistics verticals, and an appreciation of the South African rand against the US dollar by an average of 7.8% as compared to the average exchange rates in fiscal 2017, partially offset by lower volumes in our utilities, consulting and professional services and banking and financial services verticals. The increase in revenue less repair payments (non-GAAP) from the Rest of world region was primarily attributable to higher volumes in our shipping and logistics, and travel verticals, partially offset by a lower volume in our diversified businesses vertical.

Cost of Revenue

The following table sets forth the composition of our cost of revenue for the periods indicated:

 

     Year ended March 31,        
     2018     2017     Change  
     (US dollars in millions)  

Employee costs

   $ 329.3     $ 249.7     $ 79.6  

Facilities costs

     86.1       72.6       13.5  

Depreciation

     19.5       16.4       3.1  

Repair payments

     17.0       24.1       (7.1

Travel costs

     12.9       10.6       2.4  

Legal and professional costs

     11.9       6.5       5.4  

Other costs

     26.4       23.4       3.0  
  

 

 

   

 

 

   

 

 

 

Total cost of revenue

   $ 503.1     $ 403.3     $ 99.8  
  

 

 

   

 

 

   

 

 

 

As a percentage of revenue

     66.4     66.9  

 

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