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, 2010
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 July 22, 2010, WNS (Holdings) Limited issued an earnings release announcing its results for the
fiscal first quarter 2011 ended June 30, 2010. A copy of the earnings release dated July 22, 2010
is attached hereto as Exhibit 99.1.
Exhibit
99.1 |
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Earnings release of WNS (Holdings) Limited dated July 22, 2010. |
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: July 22, 2010
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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
99.1 |
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Earnings release of WNS (Holdings) Limited dated July 22, 2010. |
EX-99.1
Exhibit 99.1
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Fiscal Q1 2011
WNS (Holdings) Limited |
WNS Announces First Quarter Fiscal 2011 Earnings
Financial Highlights:
GAAP Measures
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Q1 revenues of $150.0 million, up 12.7% from the corresponding
quarter last year and down 4.8% sequentially |
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Q1 net loss1 of $6.0 million, compared to net
income1 of $1.0 million in the corresponding quarter last year
and net income of $1.0 million sequentially |
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Q1 diluted loss per ADS of $0.14, compared to diluted income per
ADS of $0.02 in the corresponding quarter last year and diluted income
per ADS of $0.03 sequentially |
Non-GAAP Measures
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Q1 revenue less repair payments of $89.3 million, down 8.8% from
the corresponding quarter last year and down 7.7% sequentially |
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Q1 adjusted net income (ANI)2 of $2.2 million,
compared to $12.6 million in the corresponding quarter last year
and $13.3
million sequentially |
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Q1 adjusted diluted net income per ADS of $0.05, compared to
$0.29 in the corresponding quarter last year and $0.30 sequentially |
Global headcount of 21,406 as of June 30, 2010
NEW YORK, NY and MUMBAI, INDIA, July 22, 2010 WNS (Holdings) Limited (WNS) (NYSE: WNS), a
leading provider of global business process outsourcing (BPO) services, today announced results for
the fiscal first quarter 2011 ended June 30, 2010.
Fiscal First Quarter 2011 Financial Highlights
Revenue for the fiscal first quarter 2011 increased by 12.7 percent to $150.0 million, compared to
$133.1 million in the corresponding quarter in the prior fiscal year, and decreased by 4.8 percent
sequentially from $157.6 million in the fiscal fourth quarter of 2010. Revenue less repair
payments* for the fiscal first quarter 2011 decreased 8.8 percent to $89.3 million, compared to
$97.9 million in the corresponding quarter in the prior fiscal year, and decreased 7.7 percent
sequentially from $96.7 million in the fiscal fourth quarter of 2010. Revenue less repair payments
declined largely as a result of lower volumes within the insurance businesses stemming from
technology and operating efficiencies by a key client, the change to the pricing structure of the
contract with a key client in the travel vertical, as previously disclosed, and the decline in the
value of the British Pound. These headwinds were partially offset by increased volumes from
existing clients in the shipping and logistics industries, ramp ups from Finance and Accounting
contracts and revenues from new clients.
Gross margin, as a percent of revenues declined to 17.8 percent in the fiscal first quarter 2011,
compared to 27.9 percent in the corresponding quarter in the prior fiscal year and 21.6 percent in
the fiscal fourth quarter of 2010. WNSs gross margin excluding share based compensation expense*,
as a percent of revenue less repair payments, declined to 30.1 percent in the fiscal first quarter
2011, compared to 38.8 percent in the corresponding quarter in the prior fiscal year and 36.2
percent in the fiscal fourth quarter of 2010. This decline was primarily due to the impact of wage inflation
and the change in pricing of a key travel client, as mentioned above.
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1 |
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Net income (loss) attributable to WNS shareholders |
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2 |
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Net income attributable to WNS shareholders excluding
amortization of intangible assets, share-based compensation and
related fringe benefit taxes and gain/loss
attributable to redeemable noncontrolling interest |
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* |
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This is a Non-GAAP measure. Reconciliations of non-GAAP financial measures to
GAAP operating results are included at the end of this release |
Page 1 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
Selling, General and Administrative (SG&A) expenses, as a percentage of revenues, were 13.1 percent
in the fiscal first quarter 2011, compared to 15.6 percent in the corresponding quarter in the
prior fiscal year and 14.5 percent in the fiscal fourth quarter of 2010. Selling, General and
Administrative (SG&A) expenses excluding share based compensation expense and fringe benefit tax*,
as a percentage of revenue less repair payments, were 21.5 percent in the fiscal first quarter
2011, compared to 18.6 percent in the corresponding quarter in the prior fiscal year and 20.0
percent in the fiscal fourth quarter of 2010.
Operating loss, as a percentage of revenues, was 0.5 percent in the fiscal first quarter 2011,
compared to operating income of 6.1 percent in the corresponding quarter in the prior fiscal year
and operating income of 2.1 percent in the fiscal fourth quarter of 2010. Adjusted operating income
excluding amortization of intangible assets, share based compensation and related fringe benefit
tax*, as a percentage of revenue less repair payments, was 8.6 percent in the fiscal
first quarter 2011, compared to 20.3 percent in the corresponding quarter in the prior fiscal year
and 16.2 percent in the fiscal fourth quarter of 2010. Operating margins during the fiscal first
quarter were negatively impacted by lower volumes in the insurance business, the strengthening
Rupee, wage inflation, and the change in pricing of a key travel client, as mentioned above.
Net loss attributable to WNS shareholders for the fiscal first quarter 2011 was $6.0 million or
$0.14 diluted loss per ADS, compared to net income attributable to WNS shareholders of $1.0 million
or $0.02 diluted income per ADS in the corresponding quarter in the prior fiscal year and net
income attributable to WNS shareholders of $1.0 million or $0.03 diluted income per ADS in the
fiscal fourth quarter of 2010. Similarly, Adjusted net income* for the fiscal first quarter 2011
was $2.2 million or $0.05 adjusted diluted income per ADS, compared to $12.6 million or $0.29
adjusted diluted income per ADS in the corresponding quarter in the prior fiscal year and adjusted
net income of $13.3 million or $0.30 adjusted diluted income per ADS in the fiscal fourth quarter
of 2010. Adjusted net income was negatively impacted by the issues listed above, as well as
one-time costs associated with the refinancing of the term loan, as detailed below.
On July 6, 2010, WNS announced that it had taken advantage of favorable conditions in the debt
markets and refinanced its term loan facility at lower interest rates than the previous term loan
facility. The refinancing entailed making the third scheduled repayment of $20 million on the
existing term loan and prepaying the remaining $115 million on the loan with cash on hand and
proceeds from a new term loan facility for $94 million. At the same time, WNS also announced that
it had established a $30 million line of credit in the U.K., which will be drawn down from time to
time to partly fund WNSs U.K. business. The interest rate of the new term loan and the credit
line is approximately 100 basis points lower than the existing facility. The payment schedule of
the new $94 million term loan will mirror the payment schedule of the previous term loan. The
prepayment resulted in a one-time charge of approximately $5.4 million primarily on account of the
reclassification of fair value of interest rate swaps from Other Comprehensive Income on our
balance sheet to earnings as the swaps on the existing term loan have lost hedge effectiveness, the
write-off of a portion of the remaining debt issuance costs associated with the existing term loan
taken in 2008 and debt refinancing cost for the new term loan taken in July 2010.
Operational Highlights
During the first quarter, we completed our strategic review of all facets of the business and are
now finalizing the details of our plan. We have already started some of the new growth
initiatives, including the reorganization of the sales force into hunting and client engagement teams, and
finalizing some of our key strategic initiatives, said Group Chief Executive Officer Keshav
Murugesh.
This is an exciting time for WNS. Our management team is re-energized and focused on building out
our core verticals. We now also have a formalized cross-selling strategy in place to help us
expand with our current client base. WNS is establishing a strong foundation on which we will build
a leading global BPO company, continued Murugesh.
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* |
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This is a Non-GAAP measure. Reconciliations of non-GAAP financial
measures to GAAP operating results are included at the end of this release |
Page 2 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
Fiscal 2011 Guidance
WNS provided the following guidance on May 21, 2010 for the fiscal year ending March 31, 2011:
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Revenue less repair payments is now expected to be between $353 million and $378
million. This assumes an average GBP to USD exchange rate of 1.45 for the 2011 fiscal year. |
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Adjusted net income is expected to range between $43 million and $46 million. This
assumes an average USD to INR exchange rate of 46.5 for the 2011 fiscal year. |
Our top and bottom lines reflect a challenging currency environment, including a strengthening
Rupee and weakening Pound, the move to baseline pricing with one of our larger clients, wage
increases and one-time costs associated with refinancing our term
loan. We also had bonus, severance and insurance premium payouts this quarter, which impacted our cash flow. Excluding the one-time costs of
refinancing the term loan and the severance costs, we would have realized ANI of $8.1 million, said Alok Misra, Group
Chief Financial Officer. We are seeing more positive trends recently as the British Pound has
strengthened, volumes in both our travel and insurance clients are improving more than we
previously expected and our interest expense is expected to come down significantly starting with
the second fiscal quarter. We should see these tailwinds reflected in next quarters results.
Conference Call
WNS will host a conference call on July 22, 2010 at 8:00 am (EDT) to discuss the companys
quarterly results.
To participate in the call, please use the following details: +1-800-320-2978; international
dial-in +1-617-614-4923; participant passcode 67143887. A replay will be available for one week
following the call at +1-888-286-8010; international dial-in +1-617-801-6888; passcode 61813609, as
well as on the WNS website, www.wns.com, beginning two hours after the end of the call.
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.
Safe Harbor Statement under the provisions of the United States Private Securities Litigation
Reform Act of 1995
This
release contains forward-looking statements, as defined in the safe harbor provisions of the US
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, industry growth potential, expansion opportunities, expectations concerning our future
financial performance and growth potential, including our fiscal 2011 guidance and future
profitability, our ability to generate free cash, relevant foreign currency exchange rates, and our
future operations. We caution you that reliance on any forward-looking statement involves risks and
Page 3 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
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;
the implications of the accounting changes and restatement of our financial statements as detailed
in our annual report on Form 20-F for the fiscal year ended March 31, 2010 filed with the U.S.
Securities and Exchange Commission (SEC), and any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; 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), and our master services agreement with Aviva Global
Services (Management Services) Private Limited; our ability to successfully consummate strategic
acquisitions; and volatility of WNSs ADS price. These and other factors are more fully discussed
in our annual report on Form 20-F for the fiscal year ended March 31, 2010 filed with the SEC 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 & U.S. Media:
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India Media: |
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Alan Katz
SVP Investor Relations
WNS (Holdings) Limited
+1 212 599-6960 ext. 241
ir@wns.com
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Smita Gaikwad
VP Corporate Communications
WNS (Holdings) Limited
+91 22 40952461
smita.gaikwad@wns.com |
Page 4 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
Growth of revenue (GAAP) and revenue less repair payments (non-GAAP)
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Three months ended |
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Quarter ended June 30, |
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2010 compared to |
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June 30, |
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June 30, |
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Mar 31, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
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2009 |
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2010 |
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(US dollars in millions) |
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(% growth) |
Revenue (GAAP) |
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$ |
150.0 |
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$ |
133.1 |
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$ |
157.6 |
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12.7 |
% |
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(4.8 |
)% |
Less: Payments to repair centers |
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60.7 |
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35.2 |
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60.8 |
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72.3 |
% |
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(0.3 |
)% |
Revenue less repair payments
(Non-GAAP) |
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$ |
89.3 |
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$ |
97.9 |
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$ |
96.7 |
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(8.8 |
)% |
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(7.7 |
)% |
Reconciliation of cost of revenue (GAAP to non-GAAP)
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
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(US dollars in millions) |
Cost of revenue (GAAP) |
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$ |
123.3 |
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$ |
96.0 |
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$ |
123.5 |
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Less: Payments to repair centers |
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60.7 |
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35.2 |
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60.8 |
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Less: Share-based compensation expense |
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0.1 |
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0.9 |
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1.0 |
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Adjusted cost of revenue (excluding
payment to repair centers and
share-based compensation expense)
(Non-GAAP) |
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$ |
62.5 |
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$ |
59.9 |
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$ |
61.7 |
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Reconciliation of gross margin (GAAP to non-GAAP)
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
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(US dollars in millions) |
Gross margin (GAAP) |
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$ |
26.7 |
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$ |
37.1 |
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$ |
34.1 |
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Add: Share-based compensation expense |
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0.1 |
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0.9 |
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1.0 |
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Adjusted gross margin (excluding
share-based compensation expense)
(Non-GAAP) |
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$ |
26.8 |
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$ |
38.0 |
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$ |
35.0 |
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
Gross margin as a percentage of revenue (GAAP) |
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17.8 |
% |
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27.9 |
% |
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21.6 |
% |
Adjusted gross margin (excluding share-based
compensation expense) as a percentage of
revenue less repair payments (Non-GAAP) |
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30.1 |
% |
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38.8 |
% |
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36.2 |
% |
Page 5 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
Reconciliation of selling, general and administrative expense (GAAP to non-GAAP)
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
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|
(US dollars in millions) |
Selling, general and administrative expenses (GAAP) |
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$ |
19.6 |
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$ |
20.8 |
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$ |
22.8 |
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Less: Share-based compensation expense |
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0.4 |
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2.4 |
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3.4 |
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Less: Related FBT1 |
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0.2 |
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Selling, general and administrative expenses
(excluding share-based compensation expense and
related FBT1) (Non-GAAP) |
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$ |
19.2 |
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$ |
18.2 |
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$ |
19.3 |
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
|
2010 |
Selling, general and administrative expenses as a
percentage of revenue (GAAP) |
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13.1 |
% |
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15.6 |
% |
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14.5 |
% |
Selling, general and administrative expenses
(excluding share-based compensation expense and
related FBT1) as a percentage of
revenue less repair payments (Non-GAAP) |
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21.5 |
% |
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18.6 |
% |
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20.0 |
% |
Reconciliation of operating (loss) income (GAAP to non-GAAP)
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Three months ended |
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June 30, |
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June 30, |
|
Mar 31, |
|
|
2010 |
|
2009 |
|
2010 |
|
|
(US dollars in millions) |
Operating (loss) income (GAAP) |
|
$ |
(0.8 |
) |
|
$ |
8.2 |
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|
$ |
3.2 |
|
Add: Amortization of intangible assets |
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8.0 |
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|
8.2 |
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|
8.1 |
|
Add: Share-based compensation expense |
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0.5 |
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3.3 |
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4.4 |
|
Add: Related FBT1 |
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0.2 |
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|
Adjusted operating income (excluding
amortization of intangible assets,
share-based compensation expense, and
related FBT1) (Non-GAAP) |
|
$ |
7.7 |
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$ |
19.8 |
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$ |
15.7 |
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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) paid by WNS to the
Government of India. In August 2009, the Government of India passed
the Finance (No.2) Act, 2009 which withdrew the levy of FBT with
effect from April 1, 2009. |
Page 6 of 8
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Fiscal Q1 2011
WNS (Holdings) Limited |
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
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2009 |
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2010 |
Operating
(loss) income
as a percentage
of revenue
(GAAP) |
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|
(0.5 |
)% |
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|
6.1 |
% |
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|
2.1 |
% |
Adjusted
operating
income
(excluding
amortization of
intangible
assets,
share-based
compensation
expense, and
related
FBT1
) as a
percentage of
revenue less
repair payments
(Non-GAAP) |
|
|
8.6 |
% |
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|
20.3 |
% |
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|
16.2 |
% |
Reconciliation of net (loss) income attributable to WNS shareholders (GAAP to non-GAAP)
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Three months ended |
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June 30, |
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June 30, |
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Mar 31, |
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2010 |
|
2009 |
|
2010 |
|
|
(US dollars in millions) |
Net (loss) income attributable to WNS
(Holdings) Limited shareholders
(GAAP) |
|
$ |
(6.0 |
) |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
Add: Amortization of intangible assets |
|
|
8.0 |
|
|
|
8.2 |
|
|
|
8.1 |
|
Add: Share-based compensation expense |
|
|
0.5 |
|
|
|
3.3 |
|
|
|
4.4 |
|
Add: Related FBT1 |
|
|
|
|
|
|
0.2 |
|
|
|
|
|
Less: Net loss attributable to
redeemable noncontrolling interest |
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.2 |
|
Adjusted net income (excluding
amortization of intangible assets,
share-based compensation expense,
related FBT1 and loss
attributable to redeemable
noncontrolling interest) (Non-GAAP) |
|
$ |
2.2 |
|
|
$ |
12.6 |
|
|
$ |
13.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
Mar 31, |
|
|
2010 |
|
2009 |
|
2010 |
Net (loss) income as a percentage of revenue (GAAP) |
|
|
(4.0 |
)% |
|
|
0.8 |
% |
|
|
0.7 |
% |
Adjusted net income (excluding amortization of
intangible assets, share-based compensation
expense, related FBT1 and loss
attributable to redeemable noncontrolling
interest) as a percentage of revenue less repair
payments (Non-GAAP) |
|
|
2.4 |
% |
|
|
12.8 |
% |
|
|
13.8 |
% |
|
|
|
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) paid by WNS to the
Government of India. In August 2009, the Government of India passed
the Finance (No.2) Act, 2009 which withdrew the levy of FBT with
effect from April 1, 2009. |
Page 7 of 8
|
|
|
|
|
Fiscal Q1 2011
WNS (Holdings) Limited |
Reconciliation of basic (loss) income per ADS (GAAP to non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
March 31, |
|
|
2010 |
|
2009 |
|
2010 |
Basic (loss) income per ADS (GAAP) |
|
$ |
(0.14 |
) |
|
$ |
0.02 |
|
|
$ |
0.03 |
|
Add: Adjustments for amortization
of intangible assets, share-based
compensation expense, related
FBT1, loss
attributable to redeemable
noncontrolling interest and
impact from changes in carrying
amount of redeemable
noncontrolling interest. |
|
|
0.19 |
|
|
|
0.27 |
|
|
|
0.28 |
|
|
|
|
Basic adjusted net income per ADS
(excluding amortization of
intangible assets, share-based
compensation expense, related
FBT1 and loss
attributable to redeemable
noncontrolling interest)
(Non-GAAP) |
|
$ |
0.05 |
|
|
$ |
0.29 |
|
|
$ |
0.31 |
|
|
|
|
Reconciliation of diluted (loss) income per ADS (GAAP to non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
March 31, |
|
|
2010 |
|
2009 |
|
2010 |
Diluted (loss) income per ADS (GAAP) |
|
$ |
(0.14 |
) |
|
$ |
0.02 |
|
|
$ |
0.03 |
|
Add: Adjustments for amortization
of intangible assets, share-based
compensation expense, related
FBT1, loss attributable
to redeemable noncontrolling
interest and impact from changes in
carrying amount of redeemable
noncontrolling interest. |
|
|
0.19 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
|
Diluted adjusted net income per ADS
(excluding amortization of
intangible assets, share-based
compensation expense, related
FBT1 and loss
attributable to redeemable
noncontrolling interest) (Non-GAAP) |
|
$ |
0.05 |
|
|
$ |
0.29 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
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) paid by WNS to the
Government of India. In August 2009, the Government of India passed
the Finance (No.2) Act, 2009 which withdrew the levy of FBT with
effect from April 1, 2009. |
Page 8 of 8