SEC Filings

WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
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We generate revenue by providing business process management services to our clients. The following table shows our revenue (a GAAP financial measure) and revenue less repair payments (a non-GAAP financial measure) for the periods indicated:


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


   $ 758.0      $ 602.5        155.4        25.8

Revenue less repair payments (non-GAAP)

   $ 741.0      $ 578.4        162.5        28.1

We have a large client base diversified across industries and geographies. Our client base grew from 349 clients as at March 31, 2017 to 386 clients as at March 31, 2018, including clients of the businesses we acquired in fiscal 2017.

Our revenue is characterized by client, industry, service type, geographic and contract type diversity, as the analysis below indicates.

Revenue by Top Clients

For fiscal 2018, 2017 and 2016, the percentage of revenue and revenue less repair payments (non-GAAP) that we derived from our largest clients were in the proportions set forth in the following table:


     Revenue     Revenue less repair payments
     Year ended March 31,     Year ended March 31,  
     2018     2017     2016     2018     2017     2016  

Top client

     6.8     9.0     10.9     7.0     9.4     11.6

Top five clients

     29.4     32.1     30.7     30.1     33.5     32.5

Top ten clients

     43.0     43.6     43.0     43.9     45.4     45.5

Top twenty clients

     55.1     55.7     57.3     56.4     58.0     60.7

One of our top five clients by revenue contribution in fiscal 2014, an OTA, provided us with a lower volume of business in fiscal 2015 as the OTA entered into a strategic marketing agreement with another OTA in August 2013 pursuant to which it over a period of time, from the fourth quarter of fiscal 2014 to the first quarter of fiscal 2016, moved its customer care and sales processes that were previously managed by us to a technology platform managed by the other OTA. As a result, we lost most of our business from that OTA and since June 2015, we ceased to provide services to that OTA. That OTA accounted for 2.5% of our revenue and 2.6% of our revenue less repair payments (non-GAAP) in fiscal 2015. The other OTA uses several BPM vendors to manage such processes on their technology platform. We are approved as one of the other OTA’s providers of BPM services. We have managed to compete with incumbent BPM vendors for the other OTA’s business and the other OTA has become one of our large clients.

We entered into the Aviva master services agreement with an existing major client, Aviva MS, effective April 1, 2014. The Aviva master services agreement replaced our prior master services agreement, the 2008 Aviva master services agreement, with the client that was due to expire in November 2016. See “– Our Contracts – Revenue by Contract Type.” The revised pricing arrangements under the new agreement, including the termination of a minimum commitment fee during fiscal 2017, which had applied during the full fiscal 2016, resulted in lower revenue from the client in fiscal 2017, as compared to fiscal 2016. Aviva MS accounted for 6.8%, 9.0% and 10.9% of our revenue and 7.0%, 9.4% and 11.6% of our revenue less repair payments (non-GAAP) in fiscal 2018, 2017 and 2016 respectively. Part of the decline in revenue in fiscal 2017 was due to a reduction of services due to automation performed by Aviva MS on their end.