SEC Filings

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


Table of Contents

WNS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

 

           Year ended March 31,  
     Notes     2018     2017     2016  

Cash flows from operating activities:

        

Profit

     $ 86,436     $ 37,763     $ 59,880  

Adjustments to reconcile profit to net cash generated from operating activities:

        

Depreciation and amortization

       35,459       37,442       40,633  

Impairment of goodwill

     9       —         21,673       —    

Share-based compensation expense

       30,565       23,036       17,919  

Amortization of debt issue cost

       488       52       13  

Allowance for doubtful trade receivables

       (499     (1,040     (774

Unrealized exchange loss/(gain), net

       2,663       (11,123     3,997  

Current tax expense

       24,494       25,785       19,615  

Interest expense

       3,778       495       265  

Interest income

       (3,693     (2,083     (1,197

Dividend income

       (3,570     (4,131     (5,039

Unrealized gain on investments

       (3     (6     (41

Income from funds held in escrow

       (239     (280     —    

Reversal of contingent consideration in relation to acquisition

     4(a)       (1,324     —         —    

Loss/ (gain) on sale of property and equipment

       (325     143       (100

Deferred income taxes

       (9,063     (8,255     1,565  

Deferred rent

       1,289       1,136       631  

Excess tax benefit from share-based compensation expense

       (685     (270     (229

Unrealized gain on derivative instruments

       5,283       (1,930     (1,219

Others, net

       —         23       98  

Changes in operating assets and liabilities:

        

Trade receivables and unbilled revenue

       (16,413     (1,630     (5,725

Other assets

       (4,196     (2,137     (9,162

Trade payables

       2,029       (4,203     (2,290

Deferred revenue

       (2,560     2,303       (1,050

Other liabilities

       13,722       6,914       6,532  
    

 

 

   

 

 

   

 

 

 

Cash generated from operating activities before interest and income taxes:

       163,636       119,677       124,322  

Income taxes paid

       (27,265     (29,462     (22,472

Interest paid

       (3,390     (84     (215

Interest received

       3,327       2,004       1,232  
    

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

       136,308       92,135       102,867  
    

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Acquisition of HealthHelp, net of cash acquired

     4(a)       —         (56,674     —    

Adjustment towards acquisition of HealthHelp, net

     4(a)       (573     —         —    

Repayment of long-term debt of HealthHelp

     4(a)       —         (29,249     —    

Acquisition of Denali, net of cash acquired

     4(b)       —         (31,886     —    

Adjustment towards acquisition of Denali, net

     4(b)       446       —         —    

Acquisition of Value Edge, net of cash acquired

     4(c)       —         (12,720     —    

Restricted cash, held in escrow

     4(c)       —         (5,112     —    

Payment of contingent considerations in relation to acquisitions

    

4(a)

4(b)

 

 

    (5,465     —         —    

Proceeds from restricted cash, held in escrow

       239       280       —    

Government grant received

       200       —         —    

Government grants repaid

       (136     —         —    

Purchase of property and equipment and intangible assets

       (33,684     (22,867     (27,455

Payment for Telkom business combination, net of cash acquired

     4(d)       —         —         (2,572

Investment in mutual funds

       (52     (462     —    

Marketable securities (purchased)/sold, net

       (12,761     32,413       (29,616

Proceeds from sale of property and equipment

       367       443       329  

Investment in fixed deposits

       (26,532     (24,672     (14,791

Proceeds from maturity of fixed deposits

       30,698       15,112       8,828  

Dividends received

       3,570       4,127       5,040  

Proceeds from maturity of fixed maturity plans (“FMPs”)

       100       —         30,115  
    

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

       (43,583     (131,267     (30,122
    

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Buyback of shares

       (39,546     (64,224     (30,461

Proceeds from exercise of stock options

       1,347       8,941       1,303  

Proceeds from long term debt

     12       —         118,000       —    

Payment of debt issuance cost

       (354     (953     —    

Repayment of long term debt

       (28,100     —         (13,163

Repayments of short term borrowings, net

       —         (475     (13,058

Purchase of equity of non-controlling interest

       (52     —         —    

Excess tax benefit from share-based compensation expense

       685       270       229  
    

 

 

   

 

 

   

 

 

 

Net cash (used in)/provided by financing activities

       (66,020     61,559       (55,150
    

 

 

   

 

 

   

 

 

 

Exchange difference on cash and cash equivalents

       3,321       5,522       (8,189

Net change in cash and cash equivalents

       30,026       27,949       9,406  

Cash and cash equivalents at the beginning of the year

       69,803       41,854       32,448  
    

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at the end of the year

     $ 99,829     $ 69,803     $ 41,854  
    

 

 

   

 

 

   

 

 

 

Non-cash transactions:

        

Investing activities

        

(i) Liability towards property and equipment and intangible assets purchased on credit

     $ 5,440     $ 4,292     $ 4,528  

(ii)  Contingent consideration payable towards acquisitions

     17       —         19,678       —    

(iii)   Liability towards deferred consideration

     4(b)       —         522       —    

(iv) Release of restricted cash, held in escrow

     4(c)       (1,535     —         —    

Financing activities

        

(i) Short term line of credit of Denali Sourcing Services Inc.

     4(b)       —         475       —    

See accompanying notes.

Reconciliation of liabilities arising from financing activities

 

                  Non-cash changes         
     Opening balance
April 1,
2017
     Cash flows     Amortization of debt
issuance cost
     Closing balance
March 31,
2018
 

Long term debt (including current portion)

   $ 116,743      $ (28,100   $ 488      $ 89,131  

 

F-8