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EXL Reports 2010 Fourth Quarter And Full Year Results And Provides Guidance For Calendar Year 2011

Stocks in this article: EXLS

2010 Revenues of $252.8 Million and Adjusted Operating Margin of 14.7%

2011 Revenue Guidance of $295.0 to $305.0 Million Representing Growth of 17% to 21%

NEW YORK, Feb. 28, 2011 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (Nasdaq:EXLS), a leading provider of outsourcing and transformation services, today announced its financial results for the fourth quarter of 2010 and the year ended December 31, 2010.

Rohit Kapoor, President and CEO, commented: "2010 was a year of solid execution and business momentum for EXL. Our focus on client-centricity, our investment in domain knowledge and integration of outsourcing and transformation services further strengthened our competitive positioning with our clients and prospects. Our revenues grew 35.9% year over year, excluding a one-time client payment we received in 2009. This growth was broad-based and the result of new client wins, scope expansions with existing clients across service lines and geographies and prudent acquisitions. Our two recent acquisitions have been integrated and are performing at or above expectations. I believe our market position is stronger than ever and we have great momentum in the marketplace as we execute our growth plans in 2011."

Vishal Chhibbar, CFO, commented:  "EXL's 2010 revenues of $252.8 million significantly exceeded our guidance of $247.0 million due to strong demand by clients through the end of last year.  Revenues, excluding a one-time client payment we received in 2009, adjusted EBITDA and adjusted diluted EPS increased by 35.9%, 34.4% and 81.1%, respectively, over the previous year. These results were achieved by a combination of revenue growth and gross margin stability combined with operating leverage in our general and administrative expenses.  Our revenue growth and margin expansion allowed us to generate $50.8 million of adjusted EBITDA and $1.08 of adjusted diluted EPS in 2010.

For 2011, we are providing revenue guidance of between $295.0 million to $305.0 million representing annual revenue growth of 17% to 21%.  For 2011, based on current exchange rates, we expect to achieve adjusted operating margins of 13.0% to 14.0%.  Our margin guidance is impacted by an investment in physical infrastructure expansion in a special economic zone in India and foreign exchange headwinds."

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