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Test BY CNS 20072022

  • Wednesday, July 20, 2022 10:40AM IST (5:10AM GMT)
 
India:  WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, amounts in millions, except share and per share data)
 
      Three months ended  
      Jun XX,
XXXX
    Jun XX,
XXXX
    Mar XX,
XXXX
   
Revenue     $ XXX.X     $  XXX.X   $ XXX.X    
Cost of revenue       XXX.X        XXX.X     XXX.X    
Gross profit         XX.X          XX.X     XXX.X    
Operating expenses:                          
Selling and marketing expenses         XX.X          XX.X       XX.X    
General and administrative expenses         XX.X          XX.X       XX.X    
Foreign exchange (gain) / loss, net         (X.X)          (X.X)       (X.X)    
Amortization of intangible assets            X.X            X.X         X.X    
Operating profit         XX.X          XX.X       XX.X    
Other income, net         (X.X)          (X.X)       (X.X)    
Finance expense          X.X            X.X         X.X    
Profit before income taxes        XX.X          XX.X       XX.X    
Income tax expense          X.X            X.X         X.X    
Profit after tax      $  XX.X     $    XX.X   $   XX.X    
                           
Earnings per share of ordinary share                          
Basic     $  X.XX     $    X.XX   $   X.XX    
Diluted     $  X.XX     $    X.XX   $   X.XX    
                               
 
 
 
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in millions, except share and per share data)
 
    As at Jun XX, XXXX     As at Mar XX, XXXX  
ASSETS                
Current assets:                
Cash and cash equivalents   $                   XXX.X     $                   XXX.X  
Investments                          XX.X                         XXX.X  
Trade receivables, net                          XX.X                         XXX.X  
Unbilled revenue                          XX.X                           XX.X  
Funds held for clients                            X.X                           XX.X  
Derivative assets                          XX.X                           XX.X  
Contract assets                            X.X                           XX.X  
Prepayments and other current assets                          XX.X                           XX.X  
Total current assets                       XXX.X                         XXX.X  
Non-current assets:                
Goodwill                       XXX.X                         XXX.X  
Intangible assets                          XX.X                           XX.X  
Property and equipment                          XX.X                           XX.X  
Right-of-use assets                       XXX.X                         XXX.X  
Derivative assets                            X.X                             X.X  
Investments                          XX.X                           XX.X  
Contract assets                          XX.X                           XX.X  
Deferred tax assets                          XX.X                           XX.X  
Other non-current assets                          XX.X                           XX.X  
Total non-current assets                       XXX.X                         XXX.X  
TOTAL ASSETS   $               X,XXX.X     $               X,XXX.X  
                 
LIABILITIES AND EQUITY                
Current liabilities:                
Trade payables   $                      XX.X     $                     XX.X  
Provisions and accrued expenses                          XX.X                           XX.X  
Derivative liabilities                          XX.X                              X.X  
Pension and other employee obligations                         XX.X                         XXX.X  
Short term line of credit                         XX.X                                —  
Contract liabilities                         XX.X                           XX.X  
Current taxes payable                           X.X                             X.X  
Lease liabilities                         XX.X                           XX.X  
Other liabilities                         XX.X                           XX.X  
Total current liabilities                       XXX.X                         XXX.X  
Non-current liabilities:                
Derivative liabilities                            X.X                              X.X  
Pension and other employee obligations                          XX.X                           XX.X  
Contract liabilities                          XX.X                           XX.X  
Other non-current liabilities                            X.X                              X.X  
Lease liabilities                       XXX.X                         XXX.X  
Deferred tax liabilities                            X.X                              X.X  
Total non-current liabilities                       XXX.X                         XXX.X  
TOTAL LIABILITIES   $                   XXX.X     $                   XXX.X  
                 
Shareholders' equity:                
Share capital (ordinary shares $X.XX (XX pence) par value, authorized XX,XXX,XXX shares; issued: XX,XXX,XXX shares and XX,XXX,XXX shares; each as at June XX, XXXX and March XX, XXXX, respectively)                            X.X                              X.X  
Share premium                       XXX.X                         XXX.X  
Retained earnings                       XXX.X                         XXX.X  
Other reserves                            X.X                              X.X  
Other components of equity                     (XXX.X)                       (XXX.X)  
Total shareholders’ equity including shares held in treasury   $                   XXX.X     $                   XXX.X  
Less: XXX,XXX shares as at June XX, XXXX and Nil shares as at March XX, XXXX, held in treasury, at cost                       (XX.X)                               —   
    Total shareholders’ equity   $                   XXX.X     $                   XXX.X  
TOTAL LIABILITIES AND EQUITY   $               X,XXX.X     $               X,XXX.X  
 
 
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 X. Operating and Financial Review and Prospects” in our annual report on Form XX-F filed with the SEC on May XX, XXXX.
 
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 X. Operating and Financial Review and Prospects – Overview” in our annual report on Form XX-F filed with the SEC on May XX, XXXX.
 
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 or discusses (X) 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, (X) ANI, which is calculated as profit excluding goodwill impairment, share-based expense and amortization of intangible assets and including the tax effect thereon, (X) Adjusted net income margin, which refers to ANI as a percentage of revenue less repair payments, (X) net cash, which refers to cash and cash equivalents plus investments less long-term debt (including the current portion) 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 X (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)
 
    Three months ended   Three months ended
Jun XX, XXXX compared to
 
 
 
    Jun XX,
XXXX
    Jun XX,
XXXX
    Mar XX,
XXXX
    Jun XX, XXXX   Mar XX, XXXX
    (Amounts in millions)   (% growth)
Revenue (GAAP)   $ XXX.X     $ XXX.X       $ XXX.X  
 
    XX.X%     (X.X%)  
Less: Payments to repair centers       XX.X         XX.X         XX.X       XX.X%   (XX.X%)  
Revenue less repair payments (non-GAAP)   $ XXX.X     $ XXX.X     $ XXX.X       XX.X%     (X.X%)  
Exchange rate impact       (X.X)         (X.X)         (X.X)              
Constant currency revenue less
repair payments (non-GAAP)
  $ XXX.X     $ XXX.X     $ XXX.X       XX.X%       X.X%  
                                           
 
Reconciliation of cost of revenue (GAAP to non-GAAP)
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
Cost of revenue (GAAP)   $ XXX.X     $  XXX.X   $ $ XXX.X    
Less: Payments to repair centers       XX.X          XX.X         XX.X    
Less: Share-based compensation expense         X.X            X.X           X.X    
Adjusted cost of revenue (excluding payment to repair centers and share-based compensation expense) (non-GAAP)   $ XXX.X     $  XXX.X     $ XXX.X    
 
 
Reconciliation of gross profit (GAAP to non-GAAP)
 
 
 
 
  Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
Gross profit (GAAP)   $ XX.X     $ XX.X   $ $ XXX.X    
Add: Share-based compensation expense       X.X         X.X           X.X    
Adjusted gross profit (excluding share-based compensation expense) (non-GAAP)   $ XX.X     $ XX.X     $ XXX.X    
 
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
Gross profit as a percentage of revenue (GAAP)     XX.X%         XX.X%           XX.X%    
Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP)     XX.X%         XX.X%           XX.X%    
 
 
 

 
Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
Selling and marketing expenses (GAAP)   $ XX.X     $ XX.X     $ XX.X    
Less: Share-based compensation expense       X.X         X.X         X.X    
Adjusted selling and marketing expenses (excluding share-based compensation expense) (non-GAAP)   $ XX.X     $ XX.X     $ XX.X    
 
 
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
Selling and marketing expenses as a percentage of revenue (GAAP)     X.X%       X.X%       X.X%    
Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP)     X.X%       X.X%       X.X%    
 
 
Reconciliation of general and administrative expenses (GAAP to non-GAAP)          
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
General and administrative expenses (GAAP)   $ XX.X     $ XX.X     $ XX.X    
Less: Share-based compensation expense       X.X         X.X         X.X    
Adjusted general and administrative expenses (excluding share-based compensation expense) (non-GAAP)   $ XX.X     $ XX.X     $ XX.X    
 
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
General and administrative expenses as a percentage of revenue (GAAP)     XX.X%       XX.X%       XX.X%    
Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP)     XX.X%       XX.X%       XX.X%    
 
 
Reconciliation of operating profit (GAAP to non-GAAP)
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
Operating profit (GAAP)   $ XX.X     $ XX.X   $ $ XX.X    
Add: Share-based compensation expense     XX.X       XX.X         X.X    
Add: Amortization of intangible assets       X.X         X.X         X.X    
Adjusted operating profit (excluding share-based
compensation expense and amortization of
intangible assets) (non-GAAP)
  $ XX.X     $ XX.X     $ XX.X    
 
 
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
Operating profit as a percentage of revenue (GAAP)     XX.X%       XX.X%       XX.X%    
Adjusted operating profit (excluding share-based
compensation expense and amortization of intangible assets)
as a percentage of revenue less repair payments (non-GAAP)
    XX.X%       XX.X%       XX.X%    
 
 
Reconciliation of profit (GAAP) to ANI (non-GAAP)
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
    (Amounts in millions)  
Profit after tax (GAAP)   $ XX.X     $ XX.X   $ $ XX.X    
Add: Share-based compensation expense     XX.X       XX.X          X.X    
Add: Amortization of intangible assets       X.X         X.X          X.X    
Less: Tax impact on share-based compensation expense(X)     (X.X)       (X.X)        (X.X)    
Less: Tax impact on amortization of intangible assets(X)     (X.X)       (X.X)        (X.X)    
Adjusted Net Income (excluding share-based compensation expense and amortization of intangible assets, including tax effect thereon) (non-GAAP)   $ XX.X     $ XX.X   $ $  XX.X    
 
 
(X) 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.
 
 
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
Profit after tax as a percentage of revenue (GAAP)     XX.X%       XX.X%       XX.X%    
Adjusted net income (excluding share-based compensation
expense and amortization of intangible assets,
including tax effect thereon) as a percentage of revenue
less repair payments (non-GAAP)
    XX.X%       XX.X%       XX.X%    
 
           
Reconciliation of basic earnings per ADS (GAAP to non-GAAP)
 
    Three months ended  
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX  
Basic earnings per ADS (GAAP)   $  X.XX     $   X.XX   $ $  X.XX    
Add: Adjustment of share-based compensation expense and amortization of intangible assets      X.XX         X.XX        X.XX    
Less: Tax impact on share-based compensation expense and amortization of intangible assets     (X.XX)       (X.XX)       (X.XX)    
Adjusted basic earnings per ADS (excluding share-based compensation expense and amortization of intangible assets, including tax effect thereon) (non-GAAP)   $   X.XX     $   X.XX     $  X.XX    
 
 
Reconciliation of diluted earnings per ADS (GAAP to non-GAAP)
 
    Three months ended
    Jun XX,
XXXX
  Jun XX,
XXXX
     Mar XX, XXXX
Diluted earnings per ADS (GAAP)   $  X.XX     $  X.XX   $ $   X.XX  
Add: Adjustments for share-based compensation expense and amortization of intangible assets       X.XX        X.XX         X.XX  
Less: Tax impact on share-based compensation expense and amortization of intangible assets     (X.XX)       (X.XX)       (X.XX)  
Adjusted diluted earnings per ADS (excluding share-based compensation expense and amortization of intangible assets, including tax effect thereon) (non-GAAP)   $   X.XX     $  X.XX     $  X.XX  
 


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