WNS Announces First Quarter Fiscal 2013 Earnings, Departure Of CFO

WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global business process outsourcing (BPO) services, today announced results for the 2013 fiscal first quarter ended June 30, 2012 and the resignation of Alok Misra, the company’s Chief Financial Officer.

Highlights:

GAAP Financials
  • Revenue of $107.8 million, down 14.2% from $125.7 million in Q1 of last year ( primarily due to change in accounting for repair payments) and down 4.9% from $113.3 million last quarter
  • Profit of $2.8 million, compared to $0.7 million in Q1 of last year and $4.4 million last quarter
  • Diluted earnings per ADS of $0.06, compared to $0.01 in Q1 of last year and $0.09 last quarter

Non-GAAP Financial Measures*
  • Revenue less repair payments of $102.6 million, up 4.9% from $97.8 million in Q1 of last year and up 2.8% from $99.8 million last quarter
  • Adjusted Net Income (ANI) of $11.1 million, compared to $10.0 million in Q1 of last year and $13.2 million last quarter
  • Adjusted diluted earnings per ADS of $0.22, compared to $0.22 in Q1 of last year and $0.27 last quarter

Operations Update
  • Finalized acquisition of Fusion South Africa
  • Announced first US delivery center in Columbia, South Carolina
  • Added 3 new clients in the quarter, expanded 10 existing relationships
  • Days sales outstanding (DSO) at 33 days
  • Global headcount of 25,939 as of June 30, 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 $102.6 million in the first quarter increased 4.9% year-over-year, and 2.8% as compared to the previous quarter. Sequential revenue growth was broad-based, with particular strength in the Insurance, Healthcare, and Utilities verticals. Year-over-year, revenue improvement was also broad-based and driven by growth in the Utilities, Travel, and Insurance verticals.

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