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TheStreet Open House

WNS Announces Third Quarter Fiscal 2013 Earnings

WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global business process outsourcing (BPO) services, today announced results for the 2013 fiscal third quarter ended December 31, 2012.

Highlights:

GAAP Financials

  • Revenue of $120.2 million, up 2.5% from $117.2 million in Q3 of last year and up 6.3% from $113.1 million last quarter
  • Profit of $6.1 million, compared to $4.0 million in Q3 of last year and $4.3 million last quarter
  • Diluted earnings per ADS of $0.12, compared to $0.09 in Q3 of last year and $0.08 last quarter

Non-GAAP Financial Measures*

  • Revenue less repair payments of $113.5 million, up 16.8% from $97.2 million in Q3 of last year and up 5.8% from $107.3 million last quarter
  • Adjusted Net Income (ANI) of $14.0 million, compared to $12.1 million in Q3 of last year and $12.2 million last quarter
  • Adjusted diluted earnings per ADS of $0.27, compared to $0.27 in Q3 of last year and $0.24 last quarter

Operations Update

  • Added 9 new clients in the quarter, expanded 8 existing relationships
  • Days sales outstanding (DSO) at 32 days
  • Global headcount of 25,931 as of December 31, 2012

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.”

Revenue less repair payments* of $113.5 million in the third quarter increased 16.8% year-over-year, and 5.8% as compared to the previous quarter. Year-over-year, revenue improvement was broad-based and driven by growth in the Retail & CPG, Insurance, Utilities and Travel verticals. Sequential revenue growth was also broad-based, with particular strength in the Retail & CPG, Insurance and Utilities verticals. As a result of several new project starts during the quarter, transition revenues increased approximately $2.0 million versus last quarter and Q3 of the prior year. Transition revenues typically carry lower margins, as they include start-up costs associated with travel and training. Project margins expand as transition completes and the engagement moves into steady-state.

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