New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
ExlService Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2012 04:11PM

ExlService Holdings Inc. (EXLS) filed Quarterly Report for the period ended 2012-09-30. Exlservice Holdings, Inc. has a market cap of $953.6 million; its shares were traded at around $27.305 with a P/E ratio of 23.9 and P/S ratio of 2.6. Exlservice Holdings, Inc. had an annual average earning growth of 18.4% over the past 5 years.



Highlight of Business Operations:

Revenues from outsourcing services increased from $83.2 million and $208.8 million for the three and nine months ended September 30, 2011, respectively, to $92.0 million and $270.6 million for the three and nine months ended September 30, 2012, respectively. The increase in revenues from outsourcing services of $8.8 million for the three months ended September 30, 2012, was driven primarily by revenues of $2.1 million from the acquisition of Trumbull and net volume increases from existing and new clients aggregating to $11.5 million. The increase in revenues from outsourcing services of $61.8 million for the nine months ended September 30, 2012, was driven primarily by revenues of $45.9 million from the acquisitions of Business Process Outsourcing, Inc. (“OPI”) and Trumbull and net volume increases from existing and new clients aggregating to $27.8 million. These increases were offset partially by a net decrease in revenues of $4.8 million and $11.9 million, primarily due to the depreciation of each of the Indian rupee, U.K. pound sterling and Czech koruna against the U.S. dollar during the three and nine months ended September 30, 2012 compared to the three and nine months ended September 30, 2011.

Cost of Revenues. Cost of revenues increased 11.2% from $61.7 million for the three months ended September 30, 2011 to $68.6 million for the three months ended September 30, 2012. The increase in cost of revenues was primarily due to an increase in employee-related costs of $9.6 million as a result of an increase in the number of our personnel directly involved in providing services to our clients, including $0.9 million of employee-related costs related to the acquisition of Trumbull. We also experienced an increase in reimbursable expenses of $0.8 million (resulting in an increase in revenues) and an increase in facilities, technology and other operating expenses of $4.2 million (primarily due to our acquisition of Trumbull and the opening of our new operations centers to support business growth). These increases were partially offset by a decrease of $7.8 million due to the net effect of depreciation of the Indian rupee, Bulgarian leva and Czech koruna and appreciation of the Philippine peso against the U.S. dollar during the three months ended September 30, 2012 compared to the three months ended September 30, 2011. Cost of revenues as a percentage of revenues decreased marginally from 61.7% for the three months ended September 30, 2011 to 60.9% for the three months ended September 30, 2012.

Selling, General and Administrative Expenses. Selling, general and administrative (“SG&A”) expenses increased 3.1% from $20.2 million for the three months ended September 30, 2011 to $20.8 million for the three months ended September 30, 2012. The increase in SG&A expenses was primarily due to an increase in employee-related costs of $1.2 million, including $0.4 million of employee-related costs related to the acquisition of Trumbull, and an increase in other SG&A costs of $0.8 million during the three months ended September 30, 2012 compared to the three months ended September 30, 2011. These increases were partially offset by a decrease of $1.3 million due to the net effect of depreciation of the Indian rupee and Czech koruna and appreciation of the Philippine peso against the U.S. dollar during the three months ended September 30, 2012 compared to the three months ended September 30, 2011. As a percentage of revenues, SG&A expenses decreased from 20.2% for the three months ended September 30, 2011 to 18.5% for the three months ended September 30, 2012.

Cost of Revenues. Cost of revenues increased 27.5% from $158.0 million for the nine months ended September 30, 2011 to $201.4 million for the nine months ended September 30, 2012. The increase in cost of revenues was primarily due to an increase in employee-related costs of $47.2 million as a result of an increase in the number of our personnel directly involved in providing services to our clients, including $24.5 million of employee-related costs related to the acquisitions of OPI and Trumbull. We also experienced an increase in reimbursable expenses of $3.6 million (resulting in an increase in revenues) and an increase in facilities, technology and other operating expenses of $11.5 million (primarily due to our acquisitions of OPI and Trumbull and the opening of new operations centers to support business growth). These increases were partially offset by a decrease of $18.9 million due to the net effect of depreciation of the Indian rupee, Bulgarian leva and Czech koruna and appreciation of the Philippine peso against the U.S. dollar during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. Cost of revenues as a percentage of revenues increased from 61.2% for the nine months ended September 30, 2011 to 61.9% for the nine months ended September 30, 2012.

SG&A Expenses. SG&A expenses increased 15.4% from $55.0 million for the nine months ended September 30, 2011 to $63.5 million for the nine months ended September 30, 2012. The increase in SG&A expenses was primarily due to an increase in employee-related costs of $8.2 million, including $4.5 million of employee-related costs related to the acquisitions of OPI and Trumbull, an increase in facilities costs of $0.6 million, primarily related to our acquisitions in 2011, and an increase in other SG&A costs of $3.1 million during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. These increases were partially offset by a decrease of $3.4 million due to the net effect of depreciation of the Indian rupee, Bulgarian leva and Czech koruna and appreciation of the Philippine peso against the U.S. dollar during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. As a percentage of revenues, SG&A expenses decreased from 21.3% for the nine months ended September 30, 2011 to 19.5% for the nine months ended September 30, 2012.

Read the The complete Report



Stocks Discussed: EXLS,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial