WNS (HOLDINGS) LIMITED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For
the quarter ended June 30, 2009
Commission File Number 00132945
WNS (HOLDINGS) LIMITED
(Exact name of registrant as specified in the charter)
Not Applicable
(Translation of Registrants name into English)
Jersey, Channel Islands
(Jurisdiction of incorporation or organization)
Gate 4, Godrej & Boyce Complex
Pirojshanagar, Vikroli (W)
Mumbai 400 079, India
+91-22-6797-6100
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the Registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes o No þ
If Yes is marked, indicate below the file number assigned to registrant in connection with Rule
12g3-2(b): Not applicable.
TABLE OF CONTENTS
Other Events
On
August 5, 2009, WNS (Holdings) Limited issued an earnings
release announcing its fiscal first
quarter ended June 30, 2009 results and reaffirms its guidance for fiscal 2010. A copy of
the earnings release dated August 5, 2009 is attached hereto as Exhibit 99.1.
Exhibit
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99.1 |
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Earnings release of WNS (Holdings) Limited dated August 5, 2009. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunder duly authorized.
Date:
August 5, 2009
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WNS (HOLDINGS) LIMITED
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By: |
/s/ Alok Misra
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Name: |
Alok Misra |
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Title: |
Group Chief Financial Officer |
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EXHIBIT INDEX
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99.1 |
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Earnings release of WNS (Holdings) Limited dated August 5, 2009. |
EX-99.1 Earnings release
Exhibit 99.1
WNS (Holdings) Limited Fiscal Q1 2010
WNS Announces First Quarter Fiscal 2010 Earnings;
Reaffirms Guidance for Fiscal 2010
Quarterly Revenue Increases 11%; Revenue Less Repair Payments Increases 20%
Over the Corresponding Quarter in the Prior Fiscal Year
NEW
YORK and MUMBAI, August 5, 2009 WNS (Holdings)
Limited (WNS) (NYSE: WNS), a leading provider of
global business process outsourcing (BPO) services, today announced results for the fiscal first
quarter 2010 ended June 30, 2009 and reaffirmed its guidance on revenue less repair payments and
adjusted net income (or net income attributable to WNS shareholders excluding amortization of intangible assets, share-based
compensation, related fringe benefit taxes and loss attributable to
noncontrolling interest) for fiscal
2010.
Revenue for the fiscal first quarter 2010 of $136.7 million represented an increase of 11.2% over
the corresponding quarter in the prior fiscal year, while revenue less repair payments at $98.5
million increased 19.8% over the corresponding period in the prior fiscal year. The revenue less
repair payments growth was largely the result of the acquisition of Aviva Global Services (AGS),
which WNS acquired in July 2008.
We
had a strong quarter on all dimensions. We continued to see client
additions and organic growth during this past quarter, said
Neeraj Bhargava, Group Chief Executive Officer. As we expand our client base and increase the
number of top-tier logos on our client roster, we are better positioning the company for long-term
success in the BPO market.
Net income
attributable to WNS shareholders for the fiscal first quarter 2010 was $1.0 million
compared to $3.3 million during the corresponding quarter in the prior fiscal year. The net income
attributable to WNS shareholders in the current quarter was impacted by amortization charges from the acquisition of AGS and higher
foreign exchange losses.
Adjusted net income was $12.6 million, an increase of 53% over the corresponding quarter in the
prior year. The primary drivers of this increase were revenue growth from new and existing clients,
tighter cost management, improved scale benefits and increased income from WNS acquisitions. This
increase was partially offset by higher foreign exchange losses.
WNS recorded a basic income per ADS of $0.02 for fiscal first quarter 2010. Adjusted income per ADS
(or net income attributable to WNS shareholders per ADS excluding amortization of intangible assets, share-based compensation, related
fringe benefit taxes and loss attributable to noncontrolling interest) was $0.30 for the quarter.
WNS continued to improve profitability in the first quarter. We have made great
progress on our cost management initiatives and are running very
efficiently from an operational perspective, said Alok Misra,
Group Chief Financial Officer. We anticipate that FX losses
will roll off during the year and that we will continue to realize cost synergies from our
acquisitions, which should provide additional support for our bottom line.
Page 1 of 9
WNS (Holdings) Limited Fiscal Q1 2010
Financial Highlights: Fiscal First Quarter Ended June 30, 2009
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Quarterly revenue of $136.7 million, up 11.2% from the corresponding quarter last year. |
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Quarterly revenue less repair payments of $98.5 million, up 19.8% from the
corresponding quarter last year. |
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Quarterly net income attributable to WNS shareholders of $1.0 million compared to
$3.3 million from the corresponding quarter last year. |
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Quarterly adjusted net income (or net income attributable to WNS
shareholders excluding amortization of intangible
assets, share-based compensation, related fringe benefit taxes and
loss attributable to noncontrolling
interest) of $12.6 million, up 53% from the corresponding quarter last
year. |
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Quarterly basic income per ADS of $0.02, compared with $0.08 for the corresponding
quarter last year. |
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Quarterly adjusted basic income per ADS (or net income
attributable to WNS shareholders per share excluding amortization of
intangible assets, share-based compensation, related fringe benefit
taxes and loss attributable to noncontrolling interest) of $0.30, up from $0.19 for the corresponding quarter last year. |
Reconciliations of non-GAAP financial measures to GAAP operating results are included at the end of
this release.
Key Business Developments
In the past quarter, the following are WNS key developments:
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WNS made a voluntary prepayment of $5 million on the $200 million term loan associated
with the AGS acquisition in April 2009 and another in July 2009, in addition to the
scheduled repayment of $20 million, also in July 2009. |
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WNS reorganized its industry-specific capabilities to form a
new core functional service capability called the Global Transformation
Practice (GTP) and appointed Daniel L. Wollenberg as the head of the GTP. |
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Aviva Global Services (Management Services) Private Limited (AVIVA) has agreed to
increase the minimum committed volume of business to WNS from 3,000 to 3,300 full time employees
(FTEs) from March 2010 until July 2011, and to 3,250 FTEs from August 2011 until January
2012. Thereafter, the minimum committed volume of business under the agreement will
return to the original 3,000 FTEs. |
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WNS has agreed to pay AVIVA approximately £3.18 million for liabilities inherited as
part of the AGS acquisition in July 2008 in 18 equal monthly installments commencing
December 2009. |
Fiscal 2010 Guidance
WNS reiterated the following guidance for the fiscal year ending March 31, 2010:
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Revenue less repair payments is expected to be between $385 million and $390 million.
This assumes an average USD to GBP range of 1.40 to 1.45 for the full year. |
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Adjusted net income (or net income attributable to WNS
shareholders excluding amortization of intangible assets,
share-based compensation, related fringe benefit taxes and loss
attributable to noncontrolling interest) is expected to range between $50 million and $52 million. This assumes an average
USD to INR rate of 49 to 50 for the full year. |
The British Pound has started to move in our favor over the past few months. If the currency
rates maintain their current trajectory, we will have a nice tailwind for the rest of the year and
could conceivably beat the top end of our guidance range, continued Misra. As we demonstrated by pre-paying
an additional $5 million on our term loan in July, we remain on track to generate $60 million in
free cash in fiscal 2010.
Page 2 of 9
WNS (Holdings) Limited Fiscal Q1 2010
Conference Call
WNS will host a conference call on August 5, 2009 at 8 am (ET) to discuss the companys quarterly
results. To participate, callers can dial: +1-800-510-0219; international dial-in +1-617-614-3451;
participant passcode 75099526. A replay will also be made available for one week following the call
at +1-888-286-8010; international dial-in +1-617-801-6888; passcode 10969592. For a period of three
months beginning two hours after the end of the call, a webcast will be available online at
www.wns.com.
About WNS
WNS (Holdings) Limited . [NYSE: WNS] is a leading global business process outsourcing company. Deep
industry and business process knowledge, a partnership approach, comprehensive service offering and
a proven track record enables WNS to deliver business value to some of the leading companies in the
world. WNS is passionate about building a market-leading company valued by our clients, employees,
business partners, investors and communities. For more information, visit www.wns.com.
About Non-GAAP Financial Measures
For financial statement reporting purposes, the company has two reportable segments: WNS Global BPO
and WNS Auto Claims BPO. In the auto claims segment, which includes WNS Assistance and Chang
Limited, WNS provides claims-handling and accident-management services, in which it arranges for
automobile repairs through a network of third-party repair centers. In its accident-management
services, WNS acts as the principal in dealings with the third-party repair centers and clients.
In order to provide accident-management services, the Company arranges for the repair through a
network of repair centers. Repair costs are invoiced to customers. Amounts invoiced to customers
for repair costs paid to the automobile repair centers are recognized as revenue. The Company uses
revenue less repair payments for fault repairs as a primary measure to allocate resources and
measure segment performance. Revenue less repair payments is a non-GAAP measure which is calculated
as revenue less payments to repair centers. For non fault repairs, revenue including repair
payments is used as a primary measure. As the Company provides a consolidated suite of accident
management services including credit hire and credit repair for its Non fault repairs business,
the Company believes that measurement of that line of business has to be on a basis that includes
repair payments in revenue.
The Company believes that the presentation of this non-GAAP measure in the segmental information
provides useful information for investors regarding the segments financial performance. The
presentation of this non-GAAP information is not meant to be considered in isolation or as a
substitute for the Companys financial results prepared in accordance with US GAAP.
Page 3 of 9
WNS (Holdings) Limited Fiscal Q1 2010
Safe Harbor Statement under the provisions of the United States Private Securities Litigation
Reform Act of 1995
These forward-looking statements are based on our current expectations, assumptions, estimates and
projections about our Company and our industry. The forward-looking statements are subject to
various risks and uncertainties. Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as anticipate, believe, estimate, expect,
intend, will, project, seek, should and similar expressions. Those statements include,
among other things, the discussions of our business strategy and expectations concerning our market
position, future operations, margins, profitability, liquidity and capital resources. We caution
you that reliance on any forward-looking statement involves risks and uncertainties, and that
although we believe that the assumptions on which our forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the
forward-looking statements based on those assumptions could be materially incorrect. These factors
include but are not limited to worldwide economic and business conditions; political or economic
instability in the jurisdictions where we have operations; regulatory, legislative and judicial
developments; our ability to attract and retain clients technological innovation;
telecommunications or technology disruptions; future regulatory actions and conditions in our
operating areas; our dependence on a limited number of clients in a limited number of industries;
our ability to expand our business or effectively manage growth; our ability to hire and retain
enough sufficiently trained employees to support our operations; negative public reaction in the US
or the UK to offshore outsourcing; increasing competition in the BPO industry; our ability to
successfully grow our revenue, expand our service offerings and market share and achieve accretive
benefits from our acquisition of Aviva Global Services Singapore Pte. Ltd. (which we have renamed
as WNS Customer Solutions (Singapore) Private Limited following our acquisition), or Aviva Global,
and our master services agreement with Aviva Global Services (Management Services) Private Limited;
and our ability to successfully consummate strategic acquisitions. These and other factors are more
fully discussed in our annual report on Form 20-F for the fiscal year ended March 31, 2009 filed
with the U.S. Securities and Exchange Commission which is available at www.sec.gov. In light of
these and other uncertainties, you should not conclude that we will necessarily achieve any plans,
objectives or projected financial results referred to in any of the forward-looking statements.
Except as required by law, we do not undertake to release revisions of any of these forward-looking
statements to reflect future events or circumstances.
References to $ and USD refer to the United States dollars, the legal currency of the United
States; references to GBP refer to the British Pound, the legal currency of Britain; and
references to INR refer to Indian Rupees, the legal currency of India.
CONTACT:
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Investors:
Alan Katz
VP Investor Relations
WNS (Holdings) Limited
+1 212 599-6960 ext. 241
ir@wnsgs.com
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Media:
Emily Cleary
CJP Communications
+1 212 279 3115 ext. 257
ecleary@cjpcom.com
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Page 4 of 9
WNS (Holdings) Limited Fiscal Q1 2010
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Amounts in thousands, except share and per share data)
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Three months ended |
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June 30, 2009 |
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June 30, 2008 |
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Revenue |
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Third parties |
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$ |
135,893 |
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$ |
122,036 |
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Related parties |
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802 |
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908 |
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136,695 |
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122,944 |
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Cost of Revenue (a) |
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99,509 |
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98,487 |
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Gross Profit |
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37,186 |
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24,457 |
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Operating expenses: |
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Selling, general and administrative expenses (a) |
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20,766 |
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18,195 |
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Amortization of intangible assets |
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8,200 |
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1,469 |
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Operating income |
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8,220 |
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4,793 |
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Other expense, net |
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2,824 |
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1,514 |
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Interest expense |
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4,116 |
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147 |
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Income before income taxes |
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1,280 |
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|
3,132 |
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Provision (benefit) for income taxes |
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327 |
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(208 |
) |
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Consolidated net income |
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953 |
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3,340 |
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Less: Net loss attributable to noncontrolling interest |
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(114 |
) |
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Net income attributable to WNS (Holdings) Limited shareholders |
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$ |
1,067 |
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$ |
3,340 |
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Earnings per
share of ordinary share |
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Basic |
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$ |
0.02 |
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$ |
0.08 |
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Diluted |
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$ |
0.02 |
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$ |
0.08 |
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Basic weighted average ordinary shares outstanding |
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42,733,867 |
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42,406,786 |
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Diluted weighted average ordinary shares outstanding |
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43,352,373 |
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43,502,669 |
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Note: |
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(a) Includes the following share-based compensation amounts: |
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Cost of revenue |
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876 |
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798 |
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Selling, general and administrative expenses |
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2,420 |
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|
2,266 |
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Page 5 of 9
WNS (Holdings) Limited Fiscal Q1 2010
Reconciliation of revenue less repair payments (non-GAAP) to revenue (GAAP)
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Three months ended |
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June 30, 2009 |
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June 30, 2008 |
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Revenue less repair payments (Non-GAAP) |
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98,487 |
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82,220 |
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Add: Payments to repair centers |
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38,208 |
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40,724 |
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Revenue (GAAP) |
|
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136,695 |
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|
122,944 |
|
Reconciliation of cost of revenue (non-GAAP to GAAP)
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Three months ended |
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June 30, 2009 |
|
June 30, 2008 |
|
Cost of revenue (Non-GAAP) |
|
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61,301 |
|
|
|
57,763 |
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Add: Payments to repair centers |
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38,208 |
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|
|
40,724 |
|
Cost of revenue (GAAP) |
|
|
99,509 |
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|
98,487 |
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Reconciliation of selling, general and administrative expense (non-GAAP to GAAP)
|
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|
|
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|
|
|
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Three months ended |
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June 30, 2009 |
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June 30, 2008 |
|
Selling, general and administrative expenses
(excluding share-based compensation expense and
related
FBT1 ) (Non-GAAP) |
|
|
18,189 |
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15,559 |
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Add: Share-based compensation expense |
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2,420 |
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2,266 |
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Add: Related FBT1 |
|
|
157 |
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|
|
370 |
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Selling, general and administrative expenses (GAAP) |
|
|
20,766 |
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|
|
18,195 |
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Reconciliation of operating income (non-GAAP to GAAP)
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Three months ended |
|
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June 30, 2009 |
|
June 30, 2008 |
|
Operating income (excluding amortization of
intangible assets, share-based compensation expense
and related FBT1 ) (Non-GAAP) |
|
|
19,873 |
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|
|
9,696 |
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Less: Amortization of intangible assets |
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|
8,200 |
|
|
|
1,469 |
|
Less: Share-based compensation expense |
|
|
3,296 |
|
|
|
3,064 |
|
Less: Related FBT1 |
|
|
157 |
|
|
|
370 |
|
Operating income (GAAP) |
|
|
8,220 |
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|
|
4,793 |
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1. |
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FBT means the fringe benefit taxes on options and restricted share units granted to employees
under the WNS 2002 Stock Incentive Plan and the WNS 2006 Incentive Award Plan (as applicable)
payable by WNS to the Government of India. |
Page 6 of 9
WNS (Holdings) Limited Fiscal Q1 2010
Reconciliation
of net income attributable to WNS shareholders (non-GAAP to GAAP)
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Three months ended |
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June 30, 2009 |
|
June 30, 2008 |
|
Adjusted net income (excluding amortization of intangible
assets, share-based compensation expense, related
FBT1 and loss attributable to
noncontrolling interest )
(Non-GAAP) |
|
|
12,606 |
|
|
|
8,243 |
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Less: Amortization of intangible assets |
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|
8,200 |
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|
|
1,469 |
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Less: Share-based compensation expense |
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|
3,296 |
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|
|
3,064 |
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Less: Related FBT1 |
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|
157 |
|
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|
370 |
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Add: Loss
attributable to noncontrolling interest |
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|
114 |
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|
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|
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Net income
attributable to WNS shareholders (GAAP) |
|
|
1,067 |
|
|
|
3,340 |
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Reconciliation of basic income per ADS (non-GAAP to GAAP)
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|
|
|
|
|
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Three months ended |
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|
June 30, 2009 |
|
June 30, 2008 |
|
Basic
adjusted net income per ADS (excluding amortization of
intangible assets, share-based compensation expense,
related FBT1 and loss attributable to
noncontrolling interest) (Non-GAAP) |
|
|
0.30 |
|
|
|
0.19 |
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Less: Adjustments for amortization of intangible assets,
share-based compensation expense, related
FBT1 and loss attributable to
noncontrolling interest |
|
|
0.28 |
|
|
|
0.11 |
|
Basic income per ADS (GAAP) |
|
|
0.02 |
|
|
|
0.08 |
|
Reconciliation of diluted income per ADS (non-GAAP to GAAP)
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, 2009 |
|
June 30, 2008 |
|
Diluted
adjusted net income per ADS (excluding
amortization of intangible assets,
share-based compensation expense, related
FBT1 and loss attributable to
noncontrolling interest) (Non-GAAP) |
|
|
0.29 |
|
|
|
0.19 |
|
Less: Adjustments for amortization of
intangible assets, share-based
compensation expense, related
FBT1 and loss attributable to
noncontrolling interest |
|
|
0.27 |
|
|
|
0.11 |
|
Diluted income per ADS (GAAP) |
|
|
0.02 |
|
|
|
0.08 |
|
|
|
|
1. |
|
FBT means the fringe benefit taxes on options and restricted share units granted to employees
under the WNS 2002 Stock Incentive Plan and the WNS 2006 Incentive Award Plan (as applicable)
payable by WNS to the Government of India. |
Page 7 of 9
WNS (Holdings) Limited Fiscal Q1 2010
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
|
|
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|
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June 30, |
|
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March 31, |
|
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2009 |
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2009 |
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(Unaudited) |
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ASSETS |
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Current assets: |
|
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Cash and cash equivalents |
|
$ |
50,347 |
|
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$ |
38,931 |
|
Bank deposits and marketable securities |
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|
|
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|
8,925 |
|
Accounts receivable, net of allowance of $2,087 and $1,935, respectively |
|
|
72,416 |
|
|
|
61,257 |
|
Accounts receivable related parties |
|
|
344 |
|
|
|
64 |
|
Funds held for clients |
|
|
7,418 |
|
|
|
5,379 |
|
Employee receivables |
|
|
1,098 |
|
|
|
745 |
|
Prepaid expenses |
|
|
3,014 |
|
|
|
2,082 |
|
Prepaid income taxes |
|
|
6,239 |
|
|
|
5,768 |
|
Deferred tax assets |
|
|
1,691 |
|
|
|
1,743 |
|
Other current assets |
|
|
29,080 |
|
|
|
38,647 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
171,647 |
|
|
|
163,541 |
|
Goodwill |
|
|
91,179 |
|
|
|
81,679 |
|
Intangible assets, net |
|
|
212,808 |
|
|
|
217,372 |
|
Property and equipment, net |
|
|
57,335 |
|
|
|
55,992 |
|
Other assets |
|
|
11,944 |
|
|
|
11,449 |
|
Deposits |
|
|
6,963 |
|
|
|
6,309 |
|
Deferred tax assets |
|
|
18,152 |
|
|
|
15,584 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
570,028 |
|
|
$ |
551,926 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Account payable |
|
$ |
33,411 |
|
|
$ |
30,879 |
|
Accounts payable related parties |
|
|
|
|
|
|
42 |
|
Current portion of long term debt |
|
|
45,000 |
|
|
|
45,000 |
|
Short term line of credit |
|
|
4,552 |
|
|
|
4,331 |
|
Accrued employee cost |
|
|
20,859 |
|
|
|
23,754 |
|
Deferred revenue |
|
|
5,229 |
|
|
|
5,583 |
|
Income taxes payable |
|
|
3,916 |
|
|
|
3,995 |
|
Accrual for earn out payment |
|
|
1,168 |
|
|
|
|
|
Accrued expenses |
|
|
36,016 |
|
|
|
31,194 |
|
Other current liabilities |
|
|
23,952 |
|
|
|
22,932 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
174,103 |
|
|
|
167,710 |
|
Long term debt |
|
|
150,000 |
|
|
|
155,000 |
|
Deferred revenue |
|
|
4,314 |
|
|
|
3,561 |
|
Other liabilities |
|
|
5,403 |
|
|
|
1,967 |
|
Accrued pension liability |
|
|
2,857 |
|
|
|
2,570 |
|
Deferred tax liabilities |
|
|
10,029 |
|
|
|
9,946 |
|
Derivative contracts |
|
|
21,232 |
|
|
|
23,163 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
367,938 |
|
|
|
363,917 |
|
WNS
(Holdings) Limited shareholders equity: |
|
|
|
|
|
|
|
|
Ordinary shares, $0.16 (10 pence) par value, authorized: 50,000,000 shares;
Issued and outstanding: 42,819,656 and 42,607,403 shares, respectively |
|
|
6,699 |
|
|
|
6,667 |
|
Additional paid-in capital |
|
|
187,256 |
|
|
|
184,122 |
|
Retained earnings |
|
|
47,984 |
|
|
|
46,917 |
|
Accumulated other comprehensive loss |
|
|
(39,740 |
) |
|
|
(49,710 |
) |
|
|
|
|
|
|
|
WNS (Holdings) Limited shareholders equity |
|
|
202,199 |
|
|
|
187,996 |
|
Noncontrolling interest |
|
|
(109 |
) |
|
|
13 |
|
|
|
|
|
|
|
|
Total Equity |
|
|
202,090 |
|
|
|
188,009 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
570,028 |
|
|
$ |
551,926 |
|
|
|
|
|
|
|
|
Page 8 of 9
WNS (Holdings) Limited Fiscal Q1 2010
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
2009 |
|
|
2008 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
7,417 |
|
|
$ |
(2,012 |
) |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Acquisitions, net of cash received |
|
|
|
|
|
|
(26,851 |
) |
Facility and property cost |
|
|
(3,766 |
) |
|
|
(2,429 |
) |
Proceeds from sale of assets, net |
|
|
301 |
|
|
|
102 |
|
Marketable securities and deposits sold |
|
|
9,226 |
|
|
|
4,816 |
|
|
|
|
|
|
|
|
Net cash provided by (used in)
investing activities |
|
|
5,761 |
|
|
|
(24,362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
107 |
|
|
|
641 |
|
Excess tax benefits from share-based compensation |
|
|
498 |
|
|
|
506 |
|
Repayment of long term debt |
|
|
(5,000 |
) |
|
|
|
|
Payment of debt issuance cost |
|
|
(47 |
) |
|
|
|
|
Principal payments under capital leases |
|
|
(45 |
) |
|
|
(3 |
) |
Repayment of short term line of credit |
|
|
(439 |
) |
|
|
(1,210 |
) |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(4,926 |
) |
|
|
(66 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
3,164 |
|
|
|
(2,920 |
) |
Net change in cash and cash equivalents |
|
|
11,416 |
|
|
|
(29,360 |
) |
Cash and cash equivalents at beginning of period |
|
|
38,931 |
|
|
|
102,698 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
50,347 |
|
|
$ |
73,338 |
|
|
|
|
|
|
|
|
Page 9 of 9