ExlService Holdings Inc. (EXLS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Exlservice Holdings Inc. has a market cap of $466.96 million; its shares were traded at around $16.06 with a P/E ratio of 25.9 and P/S ratio of 2.44. EXLS is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenues. Revenues increased 32.9% from $41.0 million for the three months ended March 31, 2009 to $54.5 million for the three months ended March 31, 2010. Revenues from outsourcing services increased from $33.4 million for the three months ended March 31, 2009 to $41.6 million for the three months ended March 31, 2010. The increase is primarily driven by revenues from our acquisitions of Schneider S.R.O of $1.6 million and American Express Global Travel Service Center of $1.8 million, net volume increases within existing clients aggregating to $3.7 million and revenues of $1.1 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 March 31, 2010 compared to the three months ended March 31, 2009.
Cost of Revenues. Cost of revenues increased 29.3% from $24.4 million for the three months ended March 31, 2009 to $31.5 million for the three months ended March 31, 2010. Salaries and personnel expenses increased from $17.5 million for the three months ended March 31, 2009 to $22.7 million for the three months ended March 31, 2010, primarily due to increases in employee-related costs of $3.7 million, including $2.1 million as a result of new personnel at our new operations centers in Olomouc, the Czech Republic, Cluj, Romania, and Gurgaon, India and appreciation of the Indian rupee against the U.S. dollar, resulting in an increase in compensation expenses of $1.5 million. Other operating costs increased from $6.9 million for the three months ended March 31, 2009 to $8.8 million for the three months ended March 31, 2010, primarily due to an increase in reimbursable expenses of $1.1 million, resulting in an increase in revenues, and an increase in facilities operating expenses by $0.7 million, primarily due to the new operating centers mentioned above. As a percentage of revenues, cost of revenues decreased from 59.4% for the three months ended March 31, 2009 to 57.8% for the three months ended March 31, 2010.
SG&A Expenses. SG&A expenses increased 35.6% from $9.9 million for the three months ended March 31, 2009 to $13.4 million for the three months ended March 31, 2010. The increase in SG&A expenses is primarily due to an increase in salaries and personnel expenses of $2.1 million, additional provision for bad and doubtful debts of $0.4 million during the three months ended March 31, 2010, acquisition-related costs of $0.2 million and appreciation of the Indian rupee against the U.S. dollar, resulting in an increase in costs of $0.4 million. As a percentage of revenues, SG&A increased marginally from 24.2% for the three months ended March 31, 2009 to 24.7% for the three months ended March 31, 2010.
Income/(Loss) from Continuing Operations. Income from continuing operations increased from $3.0 million for the three months ended March 31, 2009 to $5.6 million for the three months ended March 31, 2010, primarily due to an increase in operating income of $2.2 million and other income of $2.0 million, partially offset by an increase in the provision for income taxes of $1.6 million. As a percentage of revenues, income from continuing operations increased from 7.4% for the three months ended March 31, 2009 to 10.3% for the three months ended March 31, 2010.
Cash flows used for operating activities decreased from $1.2 million in the three months ended March 31, 2009 to $0.8 million in the three months ended March 31, 2010. Cash flows from net income adjusted for non-cash items increased by $4.4 million, offset by a decrease in cash flows from changes in working capital by $4.0 million. Changes in working capital arose primarily from an increase in restricted cash of $3.6 million as a result of the additional bank guarantee provided in favor of the Government of India as part of the MAP proceedings.
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Exlservice Holdings Inc. has a market cap of $466.96 million; its shares were traded at around $16.06 with a P/E ratio of 25.9 and P/S ratio of 2.44. EXLS is in the portfolios of 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 months ended March 31, 2010, we had total revenues of $54.5 million compared to total revenues of $41.0 million in the three months ended March 31, 2009, an increase of $13.5 million or 32.9%. Revenues from outsourcing services were higher by $8.2 million in the three months ended March 31, 2010 compared to the three months ended March 31, 2009, primarily due to revenues from our acquisitions of Schneider S.R.O of $1.6 million and the American Express Global Travel Service Center of $1.8 million, net volume increases within existing clients of approximately $3.7 million and an increase of approximately $1.1 million due to the appreciation of the Indian rupee against the U.S. dollar and the U.K. pound sterling in the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Revenues from transformation services were higher by $5.3 million during the three months ended March 31, 2010 compared to the three months ended March 31, 2009, primarily due to a combination of increased revenues in recurring or annuity analytics services and an increase in project-based engagements both in our analytics and risk management practices. We believe this reflects increased spending by our clients for analytics services, particularly in the areas of customer management, process improvement and risk management, as compared to the previous year.Revenues. Revenues increased 32.9% from $41.0 million for the three months ended March 31, 2009 to $54.5 million for the three months ended March 31, 2010. Revenues from outsourcing services increased from $33.4 million for the three months ended March 31, 2009 to $41.6 million for the three months ended March 31, 2010. The increase is primarily driven by revenues from our acquisitions of Schneider S.R.O of $1.6 million and American Express Global Travel Service Center of $1.8 million, net volume increases within existing clients aggregating to $3.7 million and revenues of $1.1 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 March 31, 2010 compared to the three months ended March 31, 2009.
Cost of Revenues. Cost of revenues increased 29.3% from $24.4 million for the three months ended March 31, 2009 to $31.5 million for the three months ended March 31, 2010. Salaries and personnel expenses increased from $17.5 million for the three months ended March 31, 2009 to $22.7 million for the three months ended March 31, 2010, primarily due to increases in employee-related costs of $3.7 million, including $2.1 million as a result of new personnel at our new operations centers in Olomouc, the Czech Republic, Cluj, Romania, and Gurgaon, India and appreciation of the Indian rupee against the U.S. dollar, resulting in an increase in compensation expenses of $1.5 million. Other operating costs increased from $6.9 million for the three months ended March 31, 2009 to $8.8 million for the three months ended March 31, 2010, primarily due to an increase in reimbursable expenses of $1.1 million, resulting in an increase in revenues, and an increase in facilities operating expenses by $0.7 million, primarily due to the new operating centers mentioned above. As a percentage of revenues, cost of revenues decreased from 59.4% for the three months ended March 31, 2009 to 57.8% for the three months ended March 31, 2010.
SG&A Expenses. SG&A expenses increased 35.6% from $9.9 million for the three months ended March 31, 2009 to $13.4 million for the three months ended March 31, 2010. The increase in SG&A expenses is primarily due to an increase in salaries and personnel expenses of $2.1 million, additional provision for bad and doubtful debts of $0.4 million during the three months ended March 31, 2010, acquisition-related costs of $0.2 million and appreciation of the Indian rupee against the U.S. dollar, resulting in an increase in costs of $0.4 million. As a percentage of revenues, SG&A increased marginally from 24.2% for the three months ended March 31, 2009 to 24.7% for the three months ended March 31, 2010.
Income/(Loss) from Continuing Operations. Income from continuing operations increased from $3.0 million for the three months ended March 31, 2009 to $5.6 million for the three months ended March 31, 2010, primarily due to an increase in operating income of $2.2 million and other income of $2.0 million, partially offset by an increase in the provision for income taxes of $1.6 million. As a percentage of revenues, income from continuing operations increased from 7.4% for the three months ended March 31, 2009 to 10.3% for the three months ended March 31, 2010.
Cash flows used for operating activities decreased from $1.2 million in the three months ended March 31, 2009 to $0.8 million in the three months ended March 31, 2010. Cash flows from net income adjusted for non-cash items increased by $4.4 million, offset by a decrease in cash flows from changes in working capital by $4.0 million. Changes in working capital arose primarily from an increase in restricted cash of $3.6 million as a result of the additional bank guarantee provided in favor of the Government of India as part of the MAP proceedings.
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