SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
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Table of Contents

Cash Flows from Investing Activities

Net cash used in investing activities decreased to $43.6 million for fiscal 2018 from $131.3 million for fiscal 2017. This was primarily on account of a cash outflow of $5.6 million in fiscal 2018 towards our acquisitions made in fiscal 2017 as compared to $135.6 million in fiscal 2017; and net cash inflow of $4.2 million from maturity of fixed deposits for fiscal 2018 as compared to net cash outflow towards placement of fixed deposits of $9.6 million for fiscal 2017, which was partially offset by a cash outflow of $33.7 million for fiscal 2018 towards the purchase of property, plant and equipment (comprising mainly leasehold improvements, furniture and fixtures, office equipment and information technology equipment) and intangible assets (comprising computer software), as compared to $22.9 million for fiscal 2017; and net cash outflow towards purchase of marketable securities of $12.8 million for fiscal 2018 as compared to net cash inflow from sale of marketable securities of $32.4 million for fiscal 2017.

Net cash used in investing activities increased to $131.3 million for fiscal 2017 from $30.1 million for fiscal 2016. This was primarily on account of a cash outflow of $135.6 million towards our acquisitions made in fiscal 2017 as compared to $2.6 million in fiscal 2016; a cash inflow of $Nil for fiscal 2017 as compared to $30.1 million for fiscal 2016 from sale of fixed maturity plans (“FMPs”); a net investment in fixed deposits of $9.7 million for fiscal 2017 as compared to $6.0 million for fiscal 2016; partially offset by a net cash inflow of $32.4 million from sale of marketable securities for fiscal 2017 as compared to a net cash outflow of $29.6 million invested in purchase of marketable securities in fiscal 2016; and cash outflow of $22.9 million for fiscal 2017 towards the purchase of property, plant and equipment (comprising mainly leasehold improvements, furniture and fixtures, office equipment and information technology equipment) and intangible assets (comprising computer software), as compared to $27.5 million for fiscal 2016.

Cash Flows from Financing Activities

Net cash used in financing activities increased to $66.0 million for fiscal 2018 as compared to net cash provided by financing activities of $61.6 million for fiscal 2017. This was primarily on account of an increase in cash outflow towards repayment of long term debt of $28.1 million for fiscal 2018 as compared to a cash inflow from long term debt taken of $118.0 million for fiscal 2017; a decrease in cash inflow from the exercise of options by grantees under our share plans of $1.3 million for fiscal 2018 as compared to $8.9 million for fiscal 2017, which was partially offset by an decrease in cash outflow towards share repurchase of $39.5 million for fiscal 2018 as compared to $64.2 million for fiscal 2017.

Net cash provided by financing activities increased to $61.6 million for fiscal 2017 as compared to net cash used in financing activities of $55.2 million for fiscal 2016. This was primarily on account of an increase in cash inflow from long term debt of $118.0 million for fiscal 2017 as compared to a cash outflow of $13.2 million towards repayment of long term debt and $13.1 million towards net repayment of short term borrowings for fiscal 2016; an increase in cash inflow from the exercise of options by grantees under our share plans of $8.9 million for fiscal 2017 as compared to $1.3 million for fiscal 2016, which was partially offset by an increase in cash outflow towards share repurchase of $64.2 million for fiscal 2017 as compared to $30.5 million for fiscal 2016.

Share Repurchases

In March 2018, our shareholders authorized a share repurchase program for the repurchase of up to 3.3 million of our ADSs, at a price range of $10 to $100 per ADS. Pursuant to the terms of the repurchase program, our ADSs may be purchased in the open market from time to time for 36 months from March 30, 2018, the date the shareholders resolution approving the repurchase program was passed. We intend to fund the repurchase with cash on hand. We are not obligated under the repurchase program to repurchase a specific number of ADSs, and the repurchase program may be suspended at any time at our discretion. We intend to hold the shares underlying any such repurchased ADSs as treasury shares.

In March 2016, our shareholders authorized a share repurchase program for the repurchase of up to 3.3 million of our ADSs, at a price range of $10 to $50 per ADS. Pursuant to the terms of the repurchase program, our ADSs may be purchased in the open market from time to time for 36 months from March 16, 2016, the date the shareholders resolution approving the repurchase program was passed. In fiscal 2017, we purchased 2.2 million ADSs in the open market for a total consideration of $64.2 million (including transaction costs). In fiscal 2018, we purchased the balance 1.1 million ADSs in the open market for a total consideration of $39.5 million (including transaction costs) and completed the share repurchase program. The average price we paid per ADS was $31.38. The shares underlying these purchased ADSs have been accounted for as treasury shares, at cost. These share repurchases were funded with cash on hand.

 

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