* See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, amounts in millions, except share and per share data)
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
|
Mar 31,
2021 |
|
|
Mar 31,
2020 |
|
|
Dec 31,
2020 |
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Revenue |
|
|
|
243.9 |
|
|
|
248.3 |
|
|
238.4 |
|
|
|
912.6 |
|
|
|
928.3 |
|
Cost of revenue |
|
|
|
158.5 |
|
|
|
158.4 |
|
|
150.3 |
|
|
|
587.2 |
|
|
|
583.9 |
|
Gross profit |
|
|
|
85.4 |
|
|
|
90.0 |
|
|
88.0 |
|
|
|
325.4 |
|
|
|
344.3 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
|
12.9 |
|
|
|
15.2 |
|
|
12.2 |
|
|
|
49.6 |
|
|
|
52.8 |
|
General and administrative expenses |
|
|
|
34.5 |
|
|
|
32.4 |
|
|
31.3 |
|
|
|
126.3 |
|
|
|
128.6 |
|
Foreign exchange loss / (gain), net |
|
|
|
0.0 |
|
|
|
(1.3 |
) |
|
(0.1 |
) |
|
|
0.8 |
|
|
|
(3.4 |
) |
Impairment of Goodwill |
|
|
|
— |
|
|
|
4.1 |
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
Amortization of intangible assets |
|
|
|
3.3 |
|
|
|
3.8 |
|
|
3.3 |
|
|
|
13.7 |
|
|
|
15.7 |
|
Operating profit |
|
|
|
34.6 |
|
|
|
35.8 |
|
|
41.2 |
|
|
|
135.1 |
|
|
|
146.6 |
|
Other income, net |
|
|
|
(3.6 |
) |
|
|
(4.0 |
) |
|
(2.6 |
) |
|
|
(12.5 |
) |
|
|
(14.4 |
) |
Finance expense |
|
|
|
3.7 |
|
|
|
4.0 |
|
|
3.7 |
|
|
|
14.8 |
|
|
|
17.0 |
|
Profit before income taxes |
|
|
|
34.5 |
|
|
|
35.7 |
|
|
40.2 |
|
|
|
132.7 |
|
|
|
144.0 |
|
Income tax expense |
|
|
|
7.0 |
|
|
|
6.2 |
|
|
9.2 |
|
|
|
30.1 |
|
|
|
27.2 |
|
Profit after tax |
|
|
|
27.5 |
|
|
|
29.5 |
|
|
31.0 |
|
|
|
102.6 |
|
|
|
116.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
0.56 |
|
|
|
0.59 |
|
|
0.62 |
|
|
|
2.06 |
|
|
|
2.35 |
|
Diluted |
|
|
|
0.53 |
|
|
|
0.57 |
|
|
0.60 |
|
|
|
1.97 |
|
|
|
2.24 |
|
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in millions, except share and per share data)
|
|
As at Mar 31, 2021 |
|
|
As at Mar 31, 2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
105.6 |
|
|
|
96.9 |
|
Investments |
|
|
203.7 |
|
|
|
125.6 |
|
Trade receivables, net |
|
|
83.1 |
|
|
|
89.8 |
|
Unbilled revenue |
|
|
66.4 |
|
|
|
58.0 |
|
Funds held for clients |
|
|
12.1 |
|
|
|
15.8 |
|
Derivative assets |
|
|
8.0 |
|
|
|
13.2 |
|
Contract assets |
|
|
7.8 |
|
|
|
7.5 |
|
Prepayments and other current assets |
|
|
23.2 |
|
|
|
22.0 |
|
Total current assets |
|
|
509.9 |
|
|
|
428.8 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
124.0 |
|
|
|
121.3 |
|
Intangible assets |
|
|
65.1 |
|
|
|
70.1 |
|
Property and equipment |
|
|
52.3 |
|
|
|
57.0 |
|
Right-of-use assets |
|
|
166.8 |
|
|
|
159.1 |
|
Derivative assets |
|
|
1.7 |
|
|
|
2.1 |
|
Investments |
|
|
85.9 |
|
|
|
80.1 |
|
Trade receivables, net |
|
|
0.3 |
|
|
|
— |
|
Contract assets |
|
|
27.1 |
|
|
|
28.9 |
|
Deferred tax assets |
|
|
33.0 |
|
|
|
28.9 |
|
Other non-current assets |
|
|
40.0 |
|
|
|
36.0 |
|
Total non-current assets |
|
|
596.2 |
|
|
|
583.5 |
|
TOTAL ASSETS |
|
|
1,106.1 |
|
|
|
1,012.3 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Trade payables |
|
|
28.0 |
|
|
|
29.3 |
|
Provisions and accrued expenses |
|
|
23.9 |
|
|
|
29.0 |
|
Derivative liabilities |
|
|
4.5 |
|
|
|
9.6 |
|
Pension and other employee obligations |
|
|
82.6 |
|
|
|
76.9 |
|
Current portion of long-term debt |
|
|
16.7 |
|
|
|
16.7 |
|
Contract liabilities |
|
|
12.7 |
|
|
|
10.3 |
|
Current taxes payable |
|
|
1.5 |
|
|
|
3.3 |
|
Lease liabilities |
|
|
26.0 |
|
|
|
23.4 |
|
Other liabilities |
|
|
11.5 |
|
|
|
7.4 |
|
Total current liabilities |
|
|
207.5 |
|
|
|
205.8 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
2.0 |
|
|
|
3.9 |
|
Pension and other employee obligations |
|
|
19.6 |
|
|
|
13.0 |
|
Long-term debt |
|
|
— |
|
|
|
16.7 |
|
Contract liabilities |
|
|
16.6 |
|
|
|
20.1 |
|
Other non-current liabilities |
|
|
0.2 |
|
|
|
0.2 |
|
Lease liabilities |
|
|
165.9 |
|
|
|
155.5 |
|
Deferred tax liabilities |
|
|
10.2 |
|
|
|
10.1 |
|
Total non-current liabilities |
|
|
214.6 |
|
|
|
219.4 |
|
TOTAL LIABILITIES |
|
|
422.1 |
|
|
|
425.2 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Share capital (ordinary shares
0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 50,502,203 shares and 49,733,640 shares each as at March 31, 2021 and March 31, 2020, respectively) |
|
|
8.0 |
|
|
|
7.9 |
|
Share premium |
|
|
227.7 |
|
|
|
187.3 |
|
Retained earnings |
|
|
689.0 |
|
|
|
586.3 |
|
Other components of equity |
|
|
(162.0 |
) |
|
|
(194.4 |
) |
Total shareholders’ equity including shares held in treasury |
|
|
762.7 |
|
|
|
587.1 |
|
Less: 1,100,000 shares as at March 31, 2021 and Nil shares as at March 31, 2020, held in treasury, at cost |
|
|
(78.6 |
) |
|
|
— |
|
Total shareholders’ equity |
|
|
684.1 |
|
|
|
587.1 |
|
TOTAL LIABILITIES AND EQUITY |
|
|
1,106.1 |
|
|
|
1,012.3 |
|
|
|
|
|
|
|
|
|
|
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 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F filed with the SEC on May 1, 2020.
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 5. Operating and Financial Review and Prospects – Overview” in our annual report on Form 20-F filed with the SEC on May 1, 2020.
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 (1) 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, (2) ANI, which is calculated as profit excluding goodwill impairment, share-based expense and amortization of intangible assets and including the tax effect thereon, (3) Adjusted net income margin, which refers to ANI as a percentage of revenue less repair payments, (4) 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 2 (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 |
|
Year ended |
|
|
Mar 31,
2021 |
|
|
Mar 31,
2020 |
|
|
Dec 31, 2020 |
|
|
Mar 31,
2021 |
|
Mar 31,
2020 |
|
|
(Amounts in millions) |
|
(Amounts in millions) |
Revenue (GAAP) |
|
|
243.9 |
|
|
|
248.3 |
|
|
|
238.4 |
|
|
|
912.6 |
|
928.3 |
|
Less: Payments to repair centers |
|
|
15.5 |
|
|
|
12.6 |
|
|
|
13.8 |
|
|
|
43.9 |
|
32.0 |
|
Revenue less repair payments (non-GAAP) |
|
|
228.3 |
|
|
|
235.8 |
|
|
|
224.5 |
|
|
|
868.7 |
|
896.2 |
|
Exchange rate impact |
|
|
(0.3 |
) |
|
|
6.7 |
|
|
|
2.8 |
|
|
|
(4.2 |
) |
(1.9 |
) |
Constant currency revenue less
repair payments (non-GAAP) |
|
|
228.0 |
|
|
|
242.5 |
|
|
|
227.3 |
|
|
|
864.5 |
|
894.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cost of revenue (GAAP to non-GAAP)
|
|
Three months ended |
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
Mar 31,
2020 |
|
|
|
(Amounts in millions) |
|
|
(Amounts in millions) |
|
Cost of revenue (GAAP) |
|
|
158.5 |
|
|
|
158.4 |
|
|
150.3 |
|
|
|
|
587.2 |
|
583.9 |
|
|
Less: Payments to repair centers |
|
|
15.5 |
|
|
|
12.6 |
|
|
13.8 |
|
|
|
|
43.9 |
|
32.0 |
|
|
Less: Share-based compensation expense |
|
|
1.2 |
|
|
|
0.8 |
|
|
1.5 |
|
|
|
|
4.9 |
|
4.6 |
|
|
Adjusted cost of revenue (excluding
payments to repair centers and share-based
compensation expense) (non-GAAP) |
|
|
141.8 |
|
|
|
145.0 |
|
|
135.0 |
|
|
|
|
538.4 |
|
547.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of gross profit (GAAP to non-GAAP)
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31, 2020 |
|
|
|
|
(Amounts in millions) |
|
|
(Amounts in millions) |
|
Gross profit (GAAP) |
|
|
85.4 |
|
|
|
90.0 |
|
|
88.0 |
|
|
|
|
325.4 |
|
|
|
344.3 |
|
|
Add: Share-based compensation expense |
|
|
1.2 |
|
|
|
0.8 |
|
|
1.5 |
|
|
|
|
4.9 |
|
|
|
4.6 |
|
|
Adjusted gross profit (excluding share-based compensation expense) (non-GAAP) |
|
|
86.5 |
|
|
|
90.8 |
|
|
89.5 |
|
|
|
|
330.3 |
|
|
|
348.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
|
Gross profit as a percentage of revenue (GAAP) |
|
|
35.0% |
|
|
|
36.2% |
|
|
36.9% |
|
|
|
|
35.7% |
|
|
|
37.1% |
|
|
Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
37.9% |
|
|
|
38.5% |
|
|
39.9% |
|
|
|
|
38.0% |
|
|
|
38.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
|
|
(Amounts in millions) |
|
(Amounts in millions) |
|
Selling and marketing expenses (GAAP) |
|
|
12.9 |
|
|
|
15.2 |
|
|
12.2 |
|
|
|
|
49.6 |
|
|
52.8 |
|
|
Less: Share-based compensation expense |
|
|
0.9 |
|
|
|
1.1 |
|
|
0.8 |
|
|
|
|
4.3 |
|
|
4.8 |
|
|
Adjusted selling and marketing expenses (excluding share-based compensation
expense) (non-GAAP) |
|
|
12.0 |
|
|
|
14.1 |
|
|
11.4 |
|
|
|
|
45.3 |
|
|
48.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Selling and marketing expenses as a percentage of revenue (GAAP) |
|
|
5.3% |
|
|
|
6.1% |
|
|
5.1% |
|
|
|
|
5.4% |
|
|
5.7% |
|
|
Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
5.2% |
|
|
|
6.0% |
|
|
5.1% |
|
|
|
|
5.2% |
|
|
5.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of general and administrative expenses (GAAP to non-GAAP)
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
|
|
(Amounts in millions) |
|
(Amounts in millions) |
|
General and administrative expenses (GAAP) |
|
|
34.5 |
|
|
|
32.4 |
|
|
31.3 |
|
|
|
|
126.3 |
|
|
128.6 |
|
|
Less: Share-based compensation expense |
|
|
7.5 |
|
|
|
6.3 |
|
|
7.1 |
|
|
|
|
29.0 |
|
|
28.1 |
|
|
Adjusted general and administrative
expenses (excluding share-based
compensation expense) (non-GAAP) |
|
|
26.9 |
|
|
|
26.1 |
|
|
24.2 |
|
|
|
|
97.3 |
|
|
100.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
|
Mar 31, 2020 |
|
General and administrative expenses as a percentage of revenue (GAAP) |
|
|
14.1% |
|
|
|
13.1% |
|
|
13.1% |
|
|
|
|
13.8% |
|
|
|
13.9 |
% |
|
Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (non-GAAP) |
|
|
11.8% |
|
|
|
11.1% |
|
|
10.8% |
|
|
|
|
11.2% |
|
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating profit (GAAP to non-GAAP)
|
|
Three months ended |
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
|
|
(Amounts in millions) |
|
(Amounts in millions) |
|
Operating profit (GAAP) |
|
|
34.6 |
|
|
|
35.8 |
|
|
41.2 |
|
|
|
|
135.1 |
|
|
146.6 |
|
|
Add: Impairment of goodwill |
|
|
- |
|
|
|
4.1 |
|
|
- |
|
|
|
|
- |
|
|
4.1 |
|
|
Add: Share-based compensation expense |
|
|
9.6 |
|
|
|
8.2 |
|
|
9.4 |
|
|
|
|
38.2 |
|
|
37.5 |
|
|
Add: Amortization of intangible assets |
|
|
3.3 |
|
|
|
3.8 |
|
|
3.3 |
|
|
|
|
13.7 |
|
|
15.7 |
|
|
Adjusted operating profit (excluding
impairment of goodwill, share-based compensation expense and amortization of intangible assets) (non-GAAP) |
|
|
47.6 |
|
|
|
51.9 |
|
|
53.9 |
|
|
|
|
187.0 |
|
|
203.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Operating profit as a percentage of revenue (GAAP) |
|
|
14.2 |
% |
|
|
14.4 |
% |
|
17.3% |
|
|
|
|
14.8% |
|
|
15.8% |
|
|
Adjusted operating profit (excluding
impairment of goodwill, share-based compensation expense and amortization of intangible assets) as a percentage of revenue less repair payments (non-GAAP) |
|
|
20.8 |
% |
|
|
22.0 |
% |
|
24.0% |
|
|
|
|
21.5% |
|
|
22.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of profit (GAAP) to ANI (non-GAAP)
|
|
Three months ended |
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
|
|
(Amounts in millions) |
|
|
|
(Amounts in millions) |
|
Profit (GAAP) |
|
|
27.5 |
|
|
|
29.5 |
|
|
31.0 |
|
|
|
|
102.6 |
|
|
116.8 |
|
|
Add: Impairment of goodwill |
|
|
- |
|
|
|
4.1 |
|
|
- |
|
|
|
|
- |
|
|
4.1 |
|
|
Add: Share-based compensation expense |
|
|
9.6 |
|
|
|
8.2 |
|
|
9.4 |
|
|
|
|
38.2 |
|
|
37.5 |
|
|
Add: Amortization of intangible assets |
|
|
3.3 |
|
|
|
3.8 |
|
|
3.3 |
|
|
|
|
13.7 |
|
|
15.7 |
|
|
Less: Tax impact on share-based compensation expense(1) |
|
|
(2.7 |
) |
|
|
(2.2 |
) |
|
(1.9) |
|
|
|
|
(9.2 |
) |
|
(8.6 |
) |
|
Less: Tax impact on amortization of intangible assets(1) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
(0.9) |
|
|
|
|
(3.7 |
) |
|
(4.0 |
) |
|
Adjusted Net Income (excluding impairment
of goodwill, share-based compensation
expense and amortization of intangible
assets, including tax effect** thereon)
(non-GAAP) |
|
|
36.7 |
|
|
|
42.4 |
|
|
41.0 |
|
|
|
|
141.7 |
|
|
161.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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.
** Goodwill being non-tax deductible, there is no impact on tax thereon
|
|
Three months ended |
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Profit as a percentage of revenue (GAAP) |
|
|
11.3 |
% |
|
|
11.9 |
% |
|
13.0% |
|
|
|
|
11.2% |
|
|
12.6% |
|
|
Adjusted net income (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets including tax effect** thereon) as a percentage of revenue less repair payments (non-GAAP) |
|
|
16.1 |
% |
|
|
18.0 |
% |
|
18.3% |
|
|
|
|
16.3% |
|
|
18.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of basic earnings per ADS (GAAP to non-GAAP)
|
|
Three months ended |
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Basic earnings per ADS (GAAP)
|
|
|
0.56 |
|
|
|
0.59 |
|
|
0.62 |
|
|
|
|
2.06 |
|
|
2.35 |
|
|
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets |
|
|
0.26 |
|
|
|
0.32 |
|
|
0.25 |
|
|
|
|
1.04 |
|
|
1.15 |
|
|
Less: Tax impact on share-based compensation expense and amortization of intangible assets ** |
|
|
(0.08 |
) |
|
|
(0.06 |
) |
|
(0.05 |
) |
|
|
|
(0.25 |
) |
|
(0.25 |
) |
|
Adjusted basic earnings per ADS (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect** thereon) (non-GAAP) |
|
|
0.74 |
|
|
|
0.85 |
|
|
0.82 |
|
|
|
|
2.85 |
|
|
3.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Goodwill being non-tax deductible, there is no impact on tax thereon
Reconciliation of diluted earnings per ADS (GAAP to non-GAAP)
|
|
Three months ended |
|
|
|
Year ended |
|
|
|
Mar 31, 2021 |
|
|
Mar 31, 2020 |
|
|
Dec 31, 2020 |
|
|
|
|
Mar 31,
2021 |
|
|
|
Mar 31,
2020 |
|
Diluted earnings per ADS (GAAP) |
|
|
0.53 |
|
|
|
0.57 |
|
|
0.60 |
|
|
|
|
1.97 |
|
|
2.24 |
|
Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets |
|
|
0.25 |
|
|
|
0.31 |
|
|
0.24 |
|
|
|
|
1.00 |
|
|
1.10 |
|
Less: Tax impact on share-based compensation expense and amortization of intangible assets ** |
|
|
(0.07 |
) |
|
|
(0.06 |
) |
|
(0.05 |
) |
|
|
|
(0.25 |
) |
|
(0.24) |
|
Adjusted diluted earnings per ADS (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect** thereon) (non-GAAP) |
|
|
0.71 |
|
|
|
0.82 |
|
|
0.79 |
|
|
|
|
2.72 |
|
|
3.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Goodwill being non-tax deductible, there is no impact on tax thereon