PRESS RELEASE
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WNS Announces Fiscal 2017 Fourth Quarter and Full Year Earnings
Provides Guidance for Fiscal 2018
Highlights – Fiscal 2017 Fourth Quarter:
GAAP Financials
-
Revenue of
$159.4 million , up 11.7% from$142.6 million in Q4 of last year and up 9.6% from$145.4 million last quarter -
Profit/(Loss) of
($5.0) million , compared to$15.9 million in Q4 of last year and$18.0 million last quarter -
Diluted earnings/(loss) per ADS of
($0.10) , compared to$0.30 in Q4 of last year and$0.35 last quarter
Non-GAAP Financial Measures*
-
Revenue less repair payments of
$154.1 million , up 13.9% from$135.3 million in Q4 of last year and up 10.2% from$139.8 million last quarter -
Adjusted Net Income (ANI) of
$24.0 million , compared to$23.4 million in Q4 of last year and$25.2 million last quarter -
Adjusted diluted earnings per ADS of
$0.46 , compared to$0.44 in Q4 of last year and$0.49 last quarter
Other Metrics
- Added 36 new clients in the quarter (including clients of acquired businesses), expanded 10 existing relationships
- Days sales outstanding (DSO) at 29 days
-
Global headcount of 33,968 as of
March 31, 2017
Highlights – Fiscal 2017 Full Year:
GAAP Financials
-
Revenue of
$602.5 million , up 7.2% from$562.2 million in fiscal 2016 -
Profit of
$37.8 million , compared to$59.9 million in fiscal 2016 -
Diluted earnings per ADS of
$0.71 , compared to$1.12 in fiscal 2016
Non-GAAP Financial Measures*
-
Revenue less repair payments of
$578.4 million , up 8.9% from$531.0 million in fiscal 2016 -
Adjusted Net Income (ANI) of
$92.2 million , compared to$90.9 million in fiscal 2016 -
Adjusted diluted earnings per ADS of
$1.74 , compared to$1.69 in fiscal 2016
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.”
* 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.
Revenue in the fourth quarter was
WNS recorded an operating loss margin in the fourth quarter of (2.0%),
as compared to operating profit margin of 13.2% in Q4 of last year and
14.2% in the previous quarter. In Q4, WNS recorded a non-recurring
Fourth quarter adjusted operating margin* was 18.1%, versus 22.0% in Q4 of last year and 21.3% last quarter. On both a year-over-year and sequential basis, adjusted operating margin* reduced for the same reasons discussed for GAAP operating margin, with the exception of impacts relating to goodwill impairment and amortization of intangible asset expense. The goodwill impairment charge has been excluded from adjusted operating margin* and adjusted net income (ANI)* as it is non-recurring in nature.
In the fiscal fourth quarter, WNS recorded a loss of
From a balance sheet perspective, WNS ended Q4 with
“Our business continues to perform well, as evidenced by Q4 constant
currency revenue growth of 19.1%, healthy adjusted operating margins and
strong adjusted diluted earnings per share. We also acquired two new
strategic businesses in the fourth quarter, with Denali enhancing our
high-end procurement capabilities, and HealthHelp providing us with a
technology-led, analytics-driven offering in care management,” said
“Entering fiscal 2018, we are excited about WNS’ strategic positioning and business momentum. Our clients’ businesses are becoming increasingly complex and competitive, necessitating changes to how they approach their respective markets. WNS is helping clients deal with business disruption by delivering the right combination of domain expertise, analytics, automation, digital capabilities and global process expertise. We will continue to target industry leading financial performance and generating increased value for all of our key stakeholders.”
Fiscal 2018 Guidance
WNS is providing guidance for the fiscal year ending
-
Revenue less repair payments* is expected to be between
$680 million and $713 million , up from$578.4 million in fiscal 2017. This assumes an average GBP to USD exchange rate of 1.25 in fiscal 2018 versus 1.31 in fiscal 2017. -
ANI* is expected to range between
$97 million and $105 million versus$92.2 million in fiscal 2017. This assumes an average USD to INR exchange rate of 64.5 in fiscal 2018 versus 67.1 in fiscal 2017. -
Based on a diluted share count of 51.5 million shares, the company
expects adjusted diluted earnings* per ADS to be in the range of
$1.88 to$2.04 versus$1.74 in fiscal 2017.
“The company has provided our initial forecast for fiscal 2018 based on
current visibility levels and exchange rates,” said
Conference Call
WNS will host a conference call on
About WNS
Safe Harbor Statement
This release contains forward-looking statements, as defined in the safe
harbor provisions of the US Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on our current
expectations and assumptions about our Company and our industry.
Generally, these forward-looking statements may be identified by the use
of terminology such as “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “will,” “seek,” “should” and similar expressions. These
statements include, among other things, the discussions of our strategic
initiatives and the expected resulting benefits, our growth
opportunities, industry environment, expectations concerning our future
financial performance and growth potential, including our fiscal 2018
guidance, future profitability, estimated capital expenditures, the
expected benefits of our acquisitions of Denali and HealthHelp, and
expected foreign currency exchange rates. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such
statements. Such risks and uncertainties include but are not limited to
worldwide economic and business conditions; political or economic
instability in the jurisdictions where we have operations; our
dependence on a limited number of clients in a limited number of
industries; regulatory, legislative and judicial developments;
increasing competition in the BPM industry; technological innovation;
telecommunications or technology disruptions; our liability arising from
fraud or unauthorized disclosure of sensitive or confidential client and
customer data; our ability to attract and retain clients; negative
public reaction in the US or the
References to “$” and “USD” refer to
WNS (HOLDINGS) LIMITED | ||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||
(Unaudited, amounts in millions, except share and per share data) | ||||||||||||||||||||||
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Revenue | $ | 159.4 | $ | 142.6 | $ | 145.4 | $ | 602.5 | $ | 562.2 | ||||||||||||
Cost of revenue | 107.4 | 92.2 | 97.5 | 403.3 | 365.4 | |||||||||||||||||
Gross profit | 52.0 | 50.4 | 47.9 | 199.2 | 196.8 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling and marketing expenses | 9.0 | 7.4 | 7.9 | 32.6 | 30.8 | |||||||||||||||||
General and administrative expenses | 27.3 | 20.8 | 21.5 | 91.7 | 78.9 | |||||||||||||||||
Foreign exchange loss/ (gain), net | (5.7 | ) | (2.8 | ) | (6.2 | ) | (14.5 | ) | (11.0 | ) | ||||||||||||
Impairment of goodwill | 21.7 | - | - | 21.7 | - | |||||||||||||||||
Amortization of intangible assets | 2.9 | 6.2 | 4.1 | 20.5 | 25.2 | |||||||||||||||||
Operating profit / (loss) | (3.3 | ) | 18.8 | 20.6 | 47.2 | 72.8 | ||||||||||||||||
Other income, net | (2.0 | ) | (2.6 | ) | (2.2 | ) | (8.7 | ) | (8.5 | ) | ||||||||||||
Finance expense | 0.4 | 0.0 | 0.0 | 0.5 | 0.3 | |||||||||||||||||
Profit / (loss) before income taxes | (1.6 | ) | 21.4 | 22.8 | 55.3 | 81.1 | ||||||||||||||||
Provision for income taxes | 3.3 | 5.5 | 4.8 | 17.5 | 21.2 | |||||||||||||||||
Profit / (loss) | $ | (5.0 | ) | $ | 15.9 | $ | 18.0 | $ | 37.8 | $ | 59.9 | |||||||||||
Earnings per share of ordinary share | ||||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.31 | $ | 0.36 | $ | 0.75 | $ | 1.17 | |||||||||||
Diluted | $ | (0.10 | ) | $ | 0.30 | $ | 0.35 | $ | 0.71 | $ | 1.12 | |||||||||||
WNS (HOLDINGS) LIMITED | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||
(Unaudited, amounts in millions, except share and per share data) | ||||||||||
As at |
As at |
|||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 69.8 | $ | 41.9 | ||||||
Investments | 112.0 | 133.0 | ||||||||
Trade receivables, net | 60.4 | 54.9 | ||||||||
Unbilled revenue | 48.9 | 44.3 | ||||||||
Funds held for clients | 9.1 | 11.9 | ||||||||
Derivative assets | 35.4 | 13.9 | ||||||||
Prepayments and other current assets | 27.4 | 22.6 | ||||||||
Total current assets | 363.1 | 322.5 | ||||||||
Non-current assets: | ||||||||||
Goodwill | 134.0 | 76.2 | ||||||||
Intangible assets | 96.6 | 27.1 | ||||||||
Property and equipment | 54.8 | 50.4 | ||||||||
Derivative assets | 6.6 | 4.8 | ||||||||
Investments | 0.4 | - | ||||||||
Deferred tax assets | 16.7 | 22.5 | ||||||||
Other non-current assets | 31.9 | 21.8 | ||||||||
Total non-current assets | 341.1 | 203.0 | ||||||||
TOTAL ASSETS | $ | 704.1 | $ | 525.5 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Trade payables | $ | 14.2 | $ | 19.9 | ||||||
Provisions and accrued expenses | 27.2 | 24.7 | ||||||||
Derivative liabilities | 3.9 | 3.3 | ||||||||
Pension and other employee obligations | 52.9 | 44.8 | ||||||||
Current portion of long term debt | 27.6 | - | ||||||||
Deferred revenue | 5.5 | 2.9 | ||||||||
Current taxes payable | 1.3 | 1.7 | ||||||||
Other liabilities | 16.0 | 6.0 | ||||||||
Total current liabilities | 148.8 | 103.3 | ||||||||
Non-current liabilities: | ||||||||||
Derivative liabilities | 0.8 | 0.5 | ||||||||
Pension and other employee obligations | 10.7 | 6.9 | ||||||||
Long term debt | 89.1 | - | ||||||||
Deferred revenue | 0.4 | 0.3 | ||||||||
Other non-current liabilities | 18.5 | 4.5 | ||||||||
Deferred tax liabilities | 20.8 | 1.8 | ||||||||
Total non-current liabilities | 140.3 | 13.9 | ||||||||
TOTAL LIABILITIES | 289.1 | 117.3 | ||||||||
Shareholders' equity: | ||||||||||
Share capital (ordinary shares $ 0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 53,312,559 and 52,406,304 shares; outstanding: 50,012,559 shares and 51,306,304 shares; each as at March 31, 2017 and March 31, 2016, respectively) |
8.3 | 8.2 | ||||||||
Share premium | 338.3 | 306.9 | ||||||||
Retained earnings | 278.0 | 240.2 | ||||||||
Other components of equity | (114.9 | ) | (116.7 | ) | ||||||
Total shareholders’ equity including shares held in treasury | 509.8 | 438.6 | ||||||||
Less: 3,300,000 shares as of March 31, 2017 and 1,100,000 shares as of March 31, 2016, held in treasury, at cost | (94.7 | ) | (30.5 | ) | ||||||
Total shareholders’ equity | $ | 415.1 | $ | 408.2 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 704.1 | $ | 525.5 | ||||||
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 to be filed with the
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 to be
filed with the
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 (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, and (2) ANI, which is calculated as profit excluding goodwill impairment, share-based expense and amortization of intangible assets and including the tax effect thereon, 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)
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||||||||
Revenue (GAAP) | $ | 159.4 | $ | 142.6 | $ |
145.4 |
$ | 602.5 | $ | 562.2 | ||||||||||||
Less: Payments to repair centers | 5.3 | 7.3 | 5.6 | 24.1 | 31.2 | |||||||||||||||||
Revenue less repair payments (non-GAAP) | $ | 154.1 | $ | 135.3 | $ | 139.8 | $ | 578.4 | $ | 531.0 | ||||||||||||
Exchange rate impact | (1.9 | ) | (7.5 | ) | (1.5 | ) |
(6.8 |
) |
(37.5 |
) |
||||||||||||
Constant currency revenue less
repair payments (non-GAAP) |
$ | 152.1 | $ | 127.8 | $ | 138.4 | $ | 571.6 | $ | 493.5 | ||||||||||||
Reconciliation of cost of revenue (GAAP to non-GAAP)
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||
Cost of revenue (GAAP) | $ | 107.4 | $ | 92.2 | $ | 97.5 | $ | 403.3 | $ | 365.4 | ||||||
Less: Payments to repair centers | 5.3 | 7.3 | 5.6 | 24.1 | 31.2 | |||||||||||
Less: Share-based compensation expense | 0.8 | 0.5 | 0.6 | 2.8 | 1.9 | |||||||||||
Adjusted cost of revenue (excluding payment to repair centers and
share-based
compensation expense) (non-GAAP) |
$ | 101.3 | $ | 84.4 | $ | 91.4 | $ | 376.5 | $ | 332.3 | ||||||
Reconciliation of gross profit (GAAP to non-GAAP)
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||
Gross profit (GAAP) | $ | 52.0 | $ | 50.4 | $ | 47.9 |
|
$ | 199.2 | $ | 196.8 | |||||
Add: Share-based compensation expense | 0.8 | 0.5 | 0.6 | 2.8 | 1.9 | |||||||||||
Adjusted gross profit (excluding share-based compensation expense) (non-GAAP) | $ | 52.8 | $ | 50.9 | $ | 48.5 | $ | 202.0 | $ | 198.7 | ||||||
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Gross profit as a percentage of revenue (GAAP) | 32.6 | % | 35.3 | % | 32.9 | % | 33.1 | % | 35.0 | % | |||||||
Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) | 34.3 | % | 37.6 | % | 34.7 | % | 34.9 | % | 37.4 | % | |||||||
Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
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(Amounts in millions) | (Amounts in millions) | ||||||||||||||||
Selling and marketing expenses (GAAP) | $ | 9.0 | $ | 7.4 | $ | 7.9 | $ | 32.6 | $ | 30.8 | |||||||
Less: Share-based compensation expense | 0.5 | 0.3 | 0.4 | 1.7 | 1.4 | ||||||||||||
Adjusted selling and marketing expenses (excluding share-based
compensation
expense) (non-GAAP) |
$ | 8.5 | $ | 7.1 | $ | 7.5 | $ | 30.9 | $ | 29.5 | |||||||
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Selling and marketing expenses as a percentage of revenue (GAAP) | 5.7 | % | 5.2 | % | 5.4 | % | 5.4 | % | 5.5 | % | |||||||
Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) | 5.5 | % | 5.2 | % | 5.4 | % | 5.3 | % | 5.6 | % | |||||||
Reconciliation of general and administrative expenses (GAAP to non-GAAP)
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General and administrative expenses (GAAP) | $ | 27.3 | $ | 20.8 | $ | 21.5 | $ | 91.7 | $ | 78.9 | |||||||
Less: Share-based compensation expense | 5.2 | 3.9 | 4.2 | 18.5 | 14.6 | ||||||||||||
Adjusted general and administrative
expenses (excluding share-based compensation expense) (non-GAAP) |
$ | 22.1 | $ | 16.9 | $ | 17.3 | $ | 73.2 | $ | 64.3 | |||||||
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General and administrative expenses as a percentage of revenue (GAAP) | 17.1 | % | 14.6 | % | 14.8 | % | 15.2 | % | 14.0 | % | |||||||
Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) | 14.3 | % | 12.5 | % | 12.4 | % | 12.7 | % | 12.1 | % | |||||||
Reconciliation of operating profit / (loss) (GAAP to non-GAAP)
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||||
Operating profit / (loss) (GAAP) | $ | (3.3 | ) | $ | 18.8 | $ | 20.6 | $ | 47.2 | $ | 72.8 | |||||||
Add: Impairment of goodwill | 21.7 | - | - | 21.7 | - | |||||||||||||
Add: Share-based compensation expense | 6.6 | 4.8 | 5.1 | 23.0 | 17.9 | |||||||||||||
Add: Amortization of intangible assets | 2.9 | 6.2 | 4.1 | 20.5 | 25.2 | |||||||||||||
Adjusted operating profit (excluding
impairment of goodwill, share-based compensation expense and amortization of intangible assets) (non-GAAP) |
$ | 27.9 | $ | 29.8 | $ | 29.8 | $ | 112.4 | $ | 116.0 | ||||||||
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Operating profit / (loss) as a percentage of revenue (GAAP) | (2.0 | )% | 13.2 | % | 14.2 | % | 7.8 | % | 13.0 | % | |||||||
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) |
18.1 | % | 22.0 | % | 21.3 | % | 19.4 | % | 21.8 | % | |||||||
Reconciliation of profit / (loss) (GAAP) to ANI (non-GAAP)
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Profit / (loss) (GAAP) | $ | (5.0 | ) | $ | 15.9 | $ |
18.0 |
$ | 37.8 | $ | 59.9 | |||||||||||
Add: Impairment of goodwill | 21.7 | - | - | 21.7 | - | |||||||||||||||||
Add: Share-based compensation expense | 6.6 | 4.8 | 5.1 | 23.0 | 17.9 | |||||||||||||||||
Add: Amortization of intangible assets | 2.9 | 6.2 | 4.1 | 20.5 | 25.2 | |||||||||||||||||
Adjusted net income (excluding
impairment of goodwill, share-based compensation expense and amortization of intangible assets) (non-GAAP) |
$ | 26.2 | $ | 26.9 | $ | 27.2 | $ | 103.0 | $ | 103.0 | ||||||||||||
Less: Tax impact on share-based compensation expense(1) | (1.3 | ) | (1.9 | ) | (0.9 | ) | (5.1 | ) | (5.6 | ) | ||||||||||||
Less: Tax impact on amortization of intangible assets(1) | (0.9 | ) | (1.7 | ) | (1.1 | ) | (5.6 | ) | (6.5 | ) | ||||||||||||
Adjusted net income (excluding
impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect* thereon) (non-GAAP) |
$ | 24.0 | $ | 23.4 | $ | 25.2 | $ | 92.2 | $ | 90.9 | ||||||||||||
(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
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Profit as a percentage of revenue (GAAP) | (3.1 | )% | 11.1 | % | 12.4 | % | 6.3 | % | 10.7 | % | |||||||
Adjusted net income as a percentage of revenue less repair payments (non-GAAP) as per our previous method of calculation | 17.0 | % | 19.9 | % | 19.5 | % | 17.8 | % | 19.4 | % | |||||||
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) |
15.6 | % | 17.3 | % | 18.0 | % | 15.9 | % | 17.1 | % | |||||||
* Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of basic income per ADS (GAAP to non-GAAP)
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Basic earnings per ADS (GAAP) | $ | (0.10 | ) | $ | 0.31 | $ | 0.36 | $ | 0.75 | $ | 1.17 | |||||||
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets | 0.62 | 0.21 | 0.18 | 1.29 | 0.83 | |||||||||||||
Adjusted basic net income per ADS (non-GAAP) as per previous method of calculation | $ | 0.52 | $ | 0.52 | $ | 0.54 | $ | 2.04 | $ | 2.00 | ||||||||
Less: Tax impact on amortization of intangible assets and share-based compensation expense* | 0.04 | 0.06 | 0.04 | 0.22 | 0.23 | |||||||||||||
Adjusted basic net income per ADS (excluding impairment of goodwill, share-based compensation expenses and amortization of intangible assets, including tax effect thereon) (non-GAAP) | $ | 0.48 | $ | 0.46 | $ | 0.50 | $ | 1.82 | $ | 1.77 | ||||||||
* Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of diluted income 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) | $ | (0.10 | ) | $ | 0.30 | $ | 0.35 |
$ |
0.71 |
$ |
1.12 |
|||||||
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets | 0.60 | 0.20 | 0.18 |
1.24 |
0.80 | |||||||||||||
Adjusted diluted net income per ADS (non-GAAP) as per previous method of calculation |
$ | 0.50 | $ | 0.50 | $ | 0.53 |
$ |
1.95 |
$ |
1.92 |
||||||||
Less: Tax impact on amortization of intangible assets and share-based compensation expense* | 0.04 | 0.06 | 0.04 | 0.21 | 0.23 | |||||||||||||
Adjusted diluted net income per ADS (excluding impairment of goodwill, amortization of intangible assets and share-based compensation expense, including tax effect thereon) (non-GAAP) | $ | 0.46 | $ | 0.44 | $ | 0.49 |
$ |
1.74 |
$ |
1.69 |
||||||||
* Goodwill being non-tax deductible, there is no impact on tax thereon
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427005704/en/
Source:
WNS (Holdings) Limited
Investors:
David
Mackey
Corporate SVP – Finance & Head of Investor Relations
+1
(201) 942-6261
david.mackey@wns.com
or
Media:
Archana
Raghuram
Head – Corporate Communications
+91 (22) 4095 2397
archana.raghuram@wns.com
; pr@wns.com