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EXL Reports 2013 First Quarter Results

To listen to the conference call via phone, please dial 1-877-303-6384 or 1-224-357-2191 and an operator will assist you. For those who cannot access the live broadcast, a replay will be available on the EXL website ( ir.exlservice.com). 

About ExlService Holdings, Inc.

ExlService Holdings, Inc. (Nasdaq:EXLS) is a leading provider of outsourcing and transformation services. EXL primarily serves the needs of Global 1000 companies from global delivery centers in the insurance, healthcare, utilities, banking and financial services, transportation and logistics and travel sectors. EXL's outsourcing services include a full spectrum of business process management services such as transaction processing and finance and accounting services. Transformation services enable continuous improvement of client processes by bringing together EXL's capabilities in decision analytics, finance transformation and operations and process excellence services. Find additional information about EXL at www.exlservice.com .

This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements include information concerning the Company's possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more detail in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. These risks could cause actual results to differ materially from those implied by forward-looking statements in this release. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect the Company. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

EXLSERVICE HOLDINGS, INC.  
CONSOLIDATED STATEMENTS OF INCOME  
(Unaudited)  
(In thousands, except share and per share amounts)  
   
  Three months ended March 31,
  2013   2012
Revenues  $ 116,006     $ 104,608
Cost of revenues (exclusive of depreciation and amortization) 72,913    66,672
Gross profit 43,093    37,936
Operating expenses:       
General and administrative expenses 15,045    13,347
Selling and marketing expenses 9,755    7,799
Depreciation and amortization 6,512    6,359
Total operating expenses 31,312    27,505
Income from operations 11,781    10,431
Other income/(expense) :       
Foreign exchange (loss)/gain  (49)    1,058
Interest and other income, net 1,027    447
Income before income taxes 12,759    11,936
Income tax provision 2,997    3,020
Net income  $ 9,762     $ 8,916
Earnings per share:       
Basic  $ 0.30     $ 0.28
Diluted  $ 0.29    $ 0.27
Weighted-average number of shares used in computing earnings per share:
Basic 32,521,481    31,445,592
Diluted 33,719,794   32,783,855
     
     
EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
     
  March 31, 2013 December 31, 2012
  (Unaudited)  
Assets    
Current assets:    
Cash and cash equivalents $102,307 $103,037
Short-term investments 6,263 6,137
Restricted cash 757 573
Accounts receivable, net  76,612 73,729
Prepaid expenses 5,377 5,072
Deferred tax assets, net 5,111 7,460
Advance income tax, net 4,486 4,317
Other current assets 9,764 7,065
Total current assets 210,677 207,390
Fixed assets, net  38,973 39,356
Restricted cash 3,850 3,752
Deferred tax assets, net 14,249 14,123
Intangible assets, net  39,118 40,711
Goodwill 110,055 109,662
Other assets 20,930 20,860
Total assets $437,852 $435,854
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $3,322 $3,604
Deferred revenue 7,640 7,922
Accrued employee cost 17,596 29,393
Accrued expenses and other current liabilities 27,965 31,737
Current portion of capital lease obligations 1,616 1,685
Total current liabilities 58,139 74,341
Capital lease obligations, less current portion 2,399 2,679
Non-current liabilities 13,764 14,317
Total liabilities 74,302 91,337
Commitments and contingencies     
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued --  -- 
Stockholders' equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized, 32,971,996 shares issued and 32,622,716 shares outstanding as of March 31, 2013 and 32,540,082 shares issued and 32,203,820 shares outstanding as of December 31, 2012 33 33
Additional paid-in-capital 200,813 195,248
Retained earnings 198,644 188,882
Accumulated other comprehensive loss (32,553) (36,647)
Total stockholders' equity including shares held in treasury 366,937 347,516
Less: 349,280 shares as of March 31, 2013 and 336,262 shares as of December 31, 2012, held in treasury, at cost (3,413) (3,024)
ExlService Holdings, Inc. stockholders' equity 363,524 344,492
Non-controlling interest 26 25
Total stockholders' equity 363,550 344,517
Total liabilities and stockholders' equity  $437,852 $435,854

EXLSERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release adjusted financial measures (adjusted EBITDA, adjusted net income and adjusted diluted earnings per share) that the Securities and Exchange Commission defines as "non-GAAP financial measures." The adjusted financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. The Company believes that providing these adjusted measures may help investors better understand the Company's underlying financial performance.  Management also believes that these adjusted financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results and comparisons of the Company's results with the results of other companies. The Company believes that it is unreasonably difficult to provide its financial outlook in accordance with GAAP for a number of reasons including, without limitation, the Company's inability to predict its future stock-based compensation expense under ASC Topic 718 and the amortization of intangibles associated with further acquisitions. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company's ability to generate cash flow.

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