ExlService Holdings Inc. (EXLS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Exlservice Holdings Inc. has a market cap of $603.5 million; its shares were traded at around $20.65 with a P/E ratio of 24 and P/S ratio of 3.2. EXLS is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Revenues Revenues increased 40.3% from $48.2 million for the three months ended September 30, 2009 to $67.6 million for the three months ended September 30, 2010. Revenues from outsourcing services increased from $37.7 million for the three months ended September 30, 2009 to $50.5 million for the three months ended September 30, 2010. The increase in revenues from outsourcing services is primarily driven by revenues from our acquisitions of $8.7 million, net volume increases within existing and new clients aggregating to $3.6 million and revenues of $0.5 million due to the appreciation of the Indian rupee against the U.S. dollar and the U.K. pound sterling during the three months ended September 30, 2010 compared to the three months ended September 30, 2009.
Cost of Revenues Cost of revenues increased 40.9% from $28.8 million for the three months ended September 30, 2009 to $40.6 million for the three months ended September 30, 2010. The increase in cost of revenues is primarily due to increase in employee-related costs of $8.5 million as a result of an increase in our headcount of personnel directly involved in providing services to our clients, including $4.5 million of employee-related costs related to our acquisitions, an increase in reimbursable expenses of $1.1 million (resulting in an increase in revenues), an increase in facilities operating expenses by $1.0 million, primarily due to our new operating centers from our acquisitions, and an aggregate increase of $1.2 million due to the appreciation of the Indian rupee and the Philippine peso against the U.S. dollar during the three months ended September 30, 2010 compared to the three months ended September 30, 2009. As a percentage of revenues, cost of revenues increased marginally from 59.8% for the three months ended September 30, 2009 to 60.0% for the three months ended September 30, 2010.
Revenues Revenues increased 38.9% from $131.6 million for the nine months ended September 30, 2009 to $182.7 million for the nine months ended September 30, 2010. Revenues from outsourcing services increased from $105.6 million for the nine months ended September 30, 2009 to $138.6 million for the nine months ended September 30, 2010. The increase is primarily driven by revenues from our acquisitions of $21.2 million, net volume increases within existing clients and new clients aggregating to $9.5 million and revenues of $2.3 million due to the appreciation of the Indian rupee against the U.S. dollar and the U.K. pound sterling during the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009.
Cost of Revenues Cost of revenues increased 38.7% from $79.0 million for the nine months ended September 30, 2009 to $109.5 million for the nine months ended September 30, 2010. The increase in cost of revenues is primarily due to increases in employee-related costs of $20.4 million as a result of an increase in our headcount of personnel directly involved in providing services to our clients, including $9.7 million of employee-related costs related to our acquisitions, increase in reimbursable expenses of $3.2 million (resulting in an increase in revenues) increase in facilities operating expenses by $2.5 million, primarily due to the new operating centers from our acquisitions and an aggregate increase of $4.4 million due to the appreciation of the Indian rupee and the Philippine peso against the U.S. dollar during the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. As a percentage of revenues, cost of revenues decreased marginally from 60.0% for the nine months ended September 30, 2009 to 59.9% for the nine months ended September 30, 2010.
Cash flows provided by operating activities increased from $16.3 million in the nine months ended September 30, 2009 to $23.7 million in the nine months ended September 30, 2010. Cash flows from net income adjusted for non-cash items increased by $19.6 million, primarily due to higher net income, depreciation and amortization and share-based compensation expense. The increase is offset by a decrease in cash flows from changes in working capital by $12.2 million. Changes in working capital arose primarily from an increase in accounts receivables and other assets of $6.0 million and $3.0 million, respectively, during the nine months ended September 30, 2010 compared to a decrease of $3.0 million and $0.7 million, respectively, during the nine months ended September 30, 2009, primarily due to an increase in revenues and amounts deposited in respect of our income tax assessments.
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Exlservice Holdings Inc. has a market cap of $603.5 million; its shares were traded at around $20.65 with a P/E ratio of 24 and P/S ratio of 3.2. EXLS is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
We generate revenues principally from contracts to provide outsourcing and transformation services. For the three and nine months ended September 30, 2010, we had total revenues of $67.6 million and $182.7 million, respectively, compared to total revenues of $48.2 million and $131.6 million, respectively, in the three and nine months ended September 30, 2009, an increase of $19.4 million and $51.1 million, respectively, or 40.3% and 38.9%, respectively. Revenues from outsourcing services were higher by $12.8 million and $33.0 million in the three and nine months ended September 30, 2010, respectively, compared to the three and nine months ended September 30, 2009. Revenues from transformation services were higher by $6.6 million and $18.1 million during the three and nine months ended September 30, 2010 compared to the three and nine months ended September 30, 2009.Revenues Revenues increased 40.3% from $48.2 million for the three months ended September 30, 2009 to $67.6 million for the three months ended September 30, 2010. Revenues from outsourcing services increased from $37.7 million for the three months ended September 30, 2009 to $50.5 million for the three months ended September 30, 2010. The increase in revenues from outsourcing services is primarily driven by revenues from our acquisitions of $8.7 million, net volume increases within existing and new clients aggregating to $3.6 million and revenues of $0.5 million due to the appreciation of the Indian rupee against the U.S. dollar and the U.K. pound sterling during the three months ended September 30, 2010 compared to the three months ended September 30, 2009.
Cost of Revenues Cost of revenues increased 40.9% from $28.8 million for the three months ended September 30, 2009 to $40.6 million for the three months ended September 30, 2010. The increase in cost of revenues is primarily due to increase in employee-related costs of $8.5 million as a result of an increase in our headcount of personnel directly involved in providing services to our clients, including $4.5 million of employee-related costs related to our acquisitions, an increase in reimbursable expenses of $1.1 million (resulting in an increase in revenues), an increase in facilities operating expenses by $1.0 million, primarily due to our new operating centers from our acquisitions, and an aggregate increase of $1.2 million due to the appreciation of the Indian rupee and the Philippine peso against the U.S. dollar during the three months ended September 30, 2010 compared to the three months ended September 30, 2009. As a percentage of revenues, cost of revenues increased marginally from 59.8% for the three months ended September 30, 2009 to 60.0% for the three months ended September 30, 2010.
Revenues Revenues increased 38.9% from $131.6 million for the nine months ended September 30, 2009 to $182.7 million for the nine months ended September 30, 2010. Revenues from outsourcing services increased from $105.6 million for the nine months ended September 30, 2009 to $138.6 million for the nine months ended September 30, 2010. The increase is primarily driven by revenues from our acquisitions of $21.2 million, net volume increases within existing clients and new clients aggregating to $9.5 million and revenues of $2.3 million due to the appreciation of the Indian rupee against the U.S. dollar and the U.K. pound sterling during the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009.
Cost of Revenues Cost of revenues increased 38.7% from $79.0 million for the nine months ended September 30, 2009 to $109.5 million for the nine months ended September 30, 2010. The increase in cost of revenues is primarily due to increases in employee-related costs of $20.4 million as a result of an increase in our headcount of personnel directly involved in providing services to our clients, including $9.7 million of employee-related costs related to our acquisitions, increase in reimbursable expenses of $3.2 million (resulting in an increase in revenues) increase in facilities operating expenses by $2.5 million, primarily due to the new operating centers from our acquisitions and an aggregate increase of $4.4 million due to the appreciation of the Indian rupee and the Philippine peso against the U.S. dollar during the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. As a percentage of revenues, cost of revenues decreased marginally from 60.0% for the nine months ended September 30, 2009 to 59.9% for the nine months ended September 30, 2010.
Cash flows provided by operating activities increased from $16.3 million in the nine months ended September 30, 2009 to $23.7 million in the nine months ended September 30, 2010. Cash flows from net income adjusted for non-cash items increased by $19.6 million, primarily due to higher net income, depreciation and amortization and share-based compensation expense. The increase is offset by a decrease in cash flows from changes in working capital by $12.2 million. Changes in working capital arose primarily from an increase in accounts receivables and other assets of $6.0 million and $3.0 million, respectively, during the nine months ended September 30, 2010 compared to a decrease of $3.0 million and $0.7 million, respectively, during the nine months ended September 30, 2009, primarily due to an increase in revenues and amounts deposited in respect of our income tax assessments.
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