Genpact Reports Full Year and Fourth Quarter 2016 Results
"We are pleased with our full year 2016 results, as we delivered strong Global Client BPO growth, expanded our adjusted operating margin and significantly grew our adjusted earnings per share," said N.V. "Tiger" Tyagarajan,
Key Financial Results – Full Year 2016
- Total revenue was
$2.57 billion , up 4% year over year (up ~6% on a constant currency basis). - Income from operations was
$340.8 million , up 2% year over year, with a corresponding margin of 13.3%. Adjusted income from operations was$397.4 million , up 5% year over year, with a corresponding margin of 15.5%.[3] - Diluted earnings per share were
$1.28 , up 17% year over year, and adjusted diluted earnings per share were$1.46 , up 16% year over year. - New bookings[4] were approximately
$2.65 billion , up 3% from$2.59 billion in 2015. Genpact repurchased approximately 13.9 million of its common shares during 2016 for a total of$345 million at an average price per share of$24.76 .
Key Financial Results – Fourth Quarter 2016
- Total revenue was
$682 million , up 5% year over year (up ~7% on a constant currency basis). - Income from operations was
$98.1 million , up 17.6% year over year, with a corresponding margin of 14.4%. Adjusted income from operations was$113.6 million , up 19% year over year, with a corresponding margin of 16.7%. - Diluted earnings per share were
$0.38 , up 27% year over year, and adjusted diluted earnings per share were$0.43 , up 24% year over year. Genpact repurchased approximately 4.3 million of its common shares during the quarter for a total of$103 million at an average price per share of$23.73 .
Revenue Details – Full Year 2016
- Revenue from Global Clients was
$2.14 billion , up 7% year over year (up ~9% on a constant currency basis), representing approximately 83% of total revenues.[5] - Revenue from GE was
$428 million , down 7% year over year, representing approximately 17% of total revenues.[6] - Total BPO revenue was
$2.07 billion , up 7% year over year, representing approximately 81% of total revenues. - Global Client BPO revenue was
$1.75 billion , up 11% year over year (up ~13% on a constant currency basis). - GE BPO revenue was
$326 million , down 8% year-over-year. - Total IT revenue was
$500 million , down 5% year over year, representing approximately 19% of total revenues. - Global Client IT revenue was
$398 million , down 6% year over year. - GE IT revenue was
$102 million , down 3% year over year.
Revenue Details – Fourth Quarter 2016
- Revenue from Global Clients was
$576 million , up 9% year over year (up ~11% on a constant currency basis), representing approximately 85% of total revenues. - Revenue from GE was
$106 million , down 10% year over year, representing approximately 15% of total revenues. - Total BPO revenue was
$548 million , up 8% year over year, representing approximately 80% of total revenues. - Global Client BPO revenue was
$469 million , up 12% year over year (up ~14% on a constant currency basis). - GE BPO revenue was
$79 million , down 10% year over year. - Total IT revenue was
$134 million , down 4% year over year, representing approximately 20% of total revenues. - Global Client IT revenue was
$107 million , down 3% year over year. - GE IT revenue was
$27 million , down 9% year over year.
Cash Flow from Operations
- Cash from operations was
$346 million in the full year 2016, up 6% from the full year 2015, and was$123 million in the fourth quarter of 2016, up 66% from$74 million in the fourth quarter of 2015.
2017 Outlook[7]
- Total revenue for 2017 to be
$2.61 to $2.68 billion (including an assumed adverse foreign exchange impact of approximately$33 million , almost all of which is reflected in Global Client revenue), which represents a growth range of 2% to 4%, or 3% to 6% on a constant currency basis; - Global Client revenue growth to be in the range of 4% to 7%, or 5% to 8% on a constant currency basis;
- Adjusted income from operations margin[8] of approximately 15.7%; and
- Adjusted diluted EPS[9] of
$1.53 to $1.57 .
Conference Call to Discuss Financial Results
A live webcast of the call including slides with our comments will also be made available on the Genpact Investor Relations website at http://investors.genpact.com. For those who cannot participate in the call, a replay and podcast will be available on the
About
Safe Harbor
This press release contains certain statements concerning our future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to a slowdown in the economies and sectors in which our clients operate, a slowdown in the business process outsourcing and information technology services sectors, the risks and uncertainties arising from our past and future acquisitions, our ability to convert bookings to revenues, our ability to manage growth, factors which may impact our cost advantage, wage increases, changes in tax rates and tax legislation, our ability to attract and retain skilled professionals, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, general economic conditions affecting our industry as well as other risks detailed in our reports filed with the
Contacts |
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Investors |
Roger Sachs, CFA |
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+1 (203) 808-6725 |
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Media |
Gail Marold +1 (919) 345-3899 |
GENPACT LIMITED AND ITS SUBSIDIARIES |
||||||||
Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands, except per share data and share count) |
||||||||
As of December 31, |
As of December 31, |
|||||||
2015 |
2016 |
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
450,907 |
$ |
422,623 |
||||
Accounts receivable, net |
590,137 |
615,265 |
||||||
Prepaid expenses and other current assets |
154,025 |
189,148 |
||||||
Total current assets |
$ |
1,195,069 |
$ |
1,227,036 |
||||
Property, plant and equipment, net |
175,396 |
200,115 |
||||||
Deferred tax assets |
99,395 |
70,143 |
||||||
Investment in equity affiliates |
6,677 |
4,800 |
||||||
Intangible assets, net |
98,601 |
72,049 |
||||||
Goodwill |
1,038,346 |
1,069,408 |
||||||
Other assets |
180,005 |
242,328 |
||||||
Total assets |
$ |
2,793,489 |
$ |
2,885,879 |
||||
Liabilities and equity |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
$ |
21,500 |
$ |
160,000 |
||||
Current portion of long-term debt |
39,134 |
39,181 |
||||||
Accounts payable |
10,086 |
9,767 |
||||||
Income taxes payable |
24,122 |
24,159 |
||||||
Accrued expenses and other current liabilities |
499,638 |
498,247 |
||||||
Total current liabilities |
$ |
594,480 |
$ |
731,354 |
||||
Long-term debt, less current portion |
737,332 |
698,152 |
||||||
Deferred tax liabilities |
2,093 |
2,415 |
||||||
Other liabilities |
155,228 |
162,790 |
||||||
Total liabilities |
$ |
1,489,133 |
$ |
1,594,711 |
||||
Redeemable non-controlling interest |
— |
4,520 |
||||||
Shareholders' equity |
||||||||
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued |
— |
— |
||||||
Common shares, $0.01 par value, 500,000,000 authorized, 211,472,312 and 198,794,052 issued and outstanding as of December 31, 2015 and December 31, 2016, respectively |
2,111 |
1,984 |
||||||
Additional paid-in capital |
1,342,022 |
1,384,468 |
||||||
Retained earnings |
411,508 |
358,121 |
||||||
Accumulated other comprehensive income (loss) |
(451,285) |
(457,925) |
||||||
Total equity |
$ |
1,304,356 |
$ |
1,286,648 |
||||
Total liabilities, redeemable non-controlling interest and equity |
$ |
2,793,489 |
$ |
2,885,879 |
GENPACT LIMITED AND ITS SUBSIDIARIES |
||||||||||||
Consolidated Statements of Income |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands, except per share data and share count) |
||||||||||||
Three months ended December 31, |
||||||||||||
2014 |
2015 |
2016 |
||||||||||
Net revenues |
$ |
601,530 |
$ |
646,528 |
$ |
681,747 |
||||||
Cost of revenue |
359,199 |
393,937 |
405,672 |
|||||||||
Gross profit |
$ |
242,331 |
$ |
252,591 |
$ |
276,075 |
||||||
Operating expenses: |
||||||||||||
Selling, general and administrative expenses |
167,285 |
165,413 |
170,714 |
|||||||||
Amortization of acquired intangible assets |
7,926 |
6,638 |
7,419 |
|||||||||
Other operating (income) expense, net |
(3,746) |
(2,906) |
(149) |
|||||||||
Income from operations |
$ |
70,866 |
$ |
83,446 |
$ |
98,091 |
||||||
Foreign exchange gains (losses), net |
(270) |
1,171 |
(526) |
|||||||||
Interest income (expense), net |
(8,582) |
(2,023) |
(5,012) |
|||||||||
Other income (expense), net |
776 |
2,092 |
2,948 |
|||||||||
Income before equity-method investment activity, net and income tax expense |
$ |
62,790 |
$ |
84,686 |
$ |
95,501 |
||||||
Gain (loss) on equity-method investment activity, net |
(4,882) |
(2,805) |
(1,362) |
|||||||||
Income before income tax expense |
$ |
57,908 |
$ |
81,881 |
$ |
94,139 |
||||||
Income tax expense |
12,156 |
17,468 |
17,262 |
|||||||||
Net income |
$ |
45,752 |
$ |
64,413 |
$ |
76,877 |
||||||
Net loss (income) attributable to non-controlling interest/ redeemable non-controlling interest |
— |
— |
232 |
|||||||||
Net income attributable to Genpact Limited shareholders |
$ |
45,752 |
$ |
64,413 |
$ |
77,109 |
||||||
Net income available to Genpact Limited common shareholders |
45,752 |
64,413 |
77,109 |
|||||||||
Earnings per common share attributable to Genpact Limited common shareholders |
||||||||||||
Basic |
0.20 |
0.30 |
0.38 |
|||||||||
Diluted |
0.21 |
0.30 |
0.38 |
|||||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders |
||||||||||||
Basic |
217,279,606 |
212,697,001 |
200,341,922 |
|||||||||
Diluted |
221,353,612 |
215,675,065 |
203,431,310 |
GENPACT LIMITED AND ITS SUBSIDIARIES |
||||||||||||
Consolidated Statements of Income |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands, except per share data and share count) |
||||||||||||
Year ended December 31, |
||||||||||||
2014 |
2015 |
2016 |
||||||||||
Net revenues |
$ |
2,279,438 |
$ |
2,461,044 |
$ |
2,570,756 |
||||||
Cost of revenue |
1,378,088 |
1,493,547 |
1,554,707 |
|||||||||
Gross profit |
$ |
901,350 |
$ |
967,497 |
$ |
1,016,049 |
||||||
Operating expenses: |
||||||||||||
Selling, general and administrative expenses |
585,646 |
608,114 |
653,029 |
|||||||||
Amortization of acquired intangible assets |
28,543 |
28,513 |
27,183 |
|||||||||
Other operating (income) expense, net |
(6,870) |
(3,322) |
(4,940) |
|||||||||
Income from operations |
$ |
294,031 |
$ |
334,192 |
$ |
340,777 |
||||||
Foreign exchange gains (losses), net |
(12,363) |
5,269 |
2,630 |
|||||||||
Interest income (expense), net |
(29,395) |
(31,267) |
(16,184) |
|||||||||
Other income (expense), net |
2,112 |
4,360 |
10,120 |
|||||||||
Income before equity-method investment activity, net and income tax expense |
$ |
254,385 |
$ |
312,554 |
$ |
337,343 |
||||||
Gain (loss) on equity-method investment activity, net |
(4,795) |
(10,800) |
(7,698) |
|||||||||
Income before income tax expense |
$ |
249,590 |
$ |
301,754 |
$ |
329,645 |
||||||
Income tax expense |
57,419 |
61,937 |
62,098 |
|||||||||
Net income |
$ |
192,171 |
$ |
239,817 |
$ |
267,547 |
||||||
Net loss (income) attributable to non-controlling interest/ redeemable non-controlling interest |
(169) |
— |
2,137 |
|||||||||
Net income attributable to Genpact Limited shareholders |
$ |
192,002 |
$ |
239,817 |
$ |
269,684 |
||||||
Net income available to Genpact Limited common shareholders |
$ |
192,002 |
$ |
239,817 |
$ |
269,684 |
||||||
Earnings per common share attributable to Genpact Limited common shareholders |
||||||||||||
Basic |
$ |
0.87 |
$ |
1.11 |
$ |
1.30 |
||||||
Diluted |
$ |
0.85 |
$ |
1.09 |
$ |
1.28 |
||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders |
||||||||||||
Basic |
220,847,098 |
216,606,542 |
206,861,536 |
|||||||||
Diluted |
225,168,665 |
219,145,044 |
210,126,023 |
GENPACT LIMITED AND ITS SUBSIDIARIES |
||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
Year ended December 31, |
||||||||||||
2014 |
2015 |
2016 |
||||||||||
Operating activities |
||||||||||||
Net income attributable to Genpact Limited shareholders |
$ |
192,002 |
$ |
239,817 |
$ |
269,684 |
||||||
Net income (loss) attributable to non-controlling interest/redeemable non-controlling interest |
169 |
— |
(2,137) |
|||||||||
Net income |
$ |
192,171 |
$ |
239,817 |
$ |
267,547 |
||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
||||||||||||
Depreciation and amortization |
51,064 |
54,286 |
54,553 |
|||||||||
Amortization of debt issuance costs (including loss on extinguishment of debt) |
3,240 |
13,546 |
1,531 |
|||||||||
Amortization of acquired intangible assets |
28,543 |
28,513 |
27,183 |
|||||||||
Intangible assets write-down |
— |
10,714 |
11,195 |
|||||||||
Reserve for doubtful receivables |
3,107 |
2,449 |
7,282 |
|||||||||
Unrealized (gain) loss on revaluation of foreign currency asset/liability |
9,419 |
(4,999) |
1,717 |
|||||||||
Equity-method investment activity, net |
4,795 |
10,800 |
7,698 |
|||||||||
Excess tax benefit on stock-based compensation |
— |
(6,560) |
— |
|||||||||
Stock-based compensation expense |
28,065 |
24,976 |
25,113 |
|||||||||
Deferred income taxes |
(12,252) |
(18,713) |
30,454 |
|||||||||
Gain on divestiture |
— |
— |
(5,214) |
|||||||||
Others, net |
1,291 |
(238) |
(41) |
|||||||||
Change in operating assets and liabilities: |
||||||||||||
Increase in accounts receivable |
(24,088) |
(78,923) |
(48,612) |
|||||||||
Increase in prepaid expenses, other current assets and other assets |
(31,657) |
(32,602) |
(62,852) |
|||||||||
Decrease in accounts payable |
(7,268) |
(3,988) |
(463) |
|||||||||
Increase in accrued expenses, other current liabilities and other liabilities |
27,500 |
69,606 |
27,977 |
|||||||||
Increase (decrease) in income taxes payable |
(2,092) |
18,757 |
704 |
|||||||||
Net cash provided by operating activities |
$ |
271,838 |
$ |
327,441 |
$ |
345,772 |
||||||
Investing activities |
||||||||||||
Purchase of property, plant and equipment |
(62,577) |
(62,173) |
(88,772) |
|||||||||
Proceeds from sale of property, plant and equipment |
564 |
1,486 |
547 |
|||||||||
Investment in equity affiliates |
— |
(18,423) |
(9,620) |
|||||||||
Short term deposits placed |
(25,000) |
— |
— |
|||||||||
Redemption of short-term deposits |
25,000 |
— |
— |
|||||||||
Payment for business acquisitions, net of cash acquired |
(130,809) |
(21,363) |
(45,162) |
|||||||||
Proceeds from divestiture of business, net of cash divested |
— |
— |
17,242 |
|||||||||
Net cash used for investing activities |
$ |
(192,822) |
$ |
(100,473) |
$ |
(125,765) |
||||||
Financing activities |
||||||||||||
Repayment of capital lease obligations |
(2,095) |
(2,035) |
(1,793) |
|||||||||
Payment of debt issuance and refinancing costs |
— |
(6,584) |
— |
|||||||||
Proceeds from long-term debt |
— |
800,000 |
— |
|||||||||
Repayment of long-term debt |
(6,750) |
(684,875) |
(40,000) |
|||||||||
Proceeds from short-term borrowings |
195,000 |
1,451,500 |
200,000 |
|||||||||
Repayment of short-term borrowings |
(60,000) |
(1,565,000) |
(61,500) |
|||||||||
Proceeds from issuance of common shares under stock-based compensation plans |
30,144 |
16,088 |
18,228 |
|||||||||
Payment for net settlement of stock-based awards |
(25,975) |
(7,194) |
(769) |
|||||||||
Payment of earn-out/deferred consideration |
(1,088) |
(230) |
(1,485) |
|||||||||
Distribution to non-controlling interest |
(1,487) |
— |
— |
|||||||||
Payment for stock purchased and retired |
(302,625) |
(226,917) |
(345,200) |
|||||||||
Payment for expenses related to stock purchase |
(2,543) |
(197) |
(279) |
|||||||||
Excess tax benefit on stock-based compensation |
— |
6,560 |
— |
|||||||||
Net cash used for financing activities |
$ |
(177,419) |
$ |
(218,884) |
$ |
(232,798) |
||||||
Effect of exchange rate changes |
(11,085) |
(18,965) |
(15,493) |
|||||||||
Net increase (decrease) in cash and cash equivalents |
(98,403) |
8,084 |
(12,791) |
|||||||||
Cash and cash equivalents at the beginning of the period |
571,276 |
461,788 |
450,907 |
|||||||||
Cash and cash equivalents at the end of the period |
$ |
461,788 |
$ |
450,907 |
$ |
422,623 |
||||||
Supplementary information |
||||||||||||
Cash paid during the period for interest |
$ |
27,175 |
$ |
20,950 |
$ |
17,860 |
||||||
Cash paid during the period for income taxes |
$ |
83,803 |
$ |
72,102 |
$ |
46,731 |
||||||
Property, plant and equipment acquired under capital lease obligations |
$ |
2,176 |
$ |
1,656 |
$ |
2,206 |
Reconciliation of Non-GAAP Financial Measures to GAAP Measures
To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following measures defined by the
- Adjusted income from operations attributable to shareholders of
Genpact Limited , or adjusted income from operations; - Adjusted income from operations margin;
- Adjusted diluted earnings per share attributable to shareholders of
Genpact Limited , or adjusted diluted earnings per share; and - Net revenues on a constant currency basis.
These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of
Prior to
Acquisition-related expenses are excluded in the period in which an acquisition is consummated.
Accordingly,
A limitation of using adjusted income from operations and adjusted income from operations margin versus income from operations and adjusted income from operations margin calculated in accordance with GAAP is that this non-GAAP financial measure excludes certain recurring costs, namely stock-based compensation and amortization of acquired intangibles. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted income from operations margin.
The following tables show the reconciliation of these adjusted financial measures from GAAP for the year and three months ended
Reconciliation of Adjusted Income from Operations and Adjusted Income from Operations Margin |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
Year ended December 31, |
Three months ended December 31, |
|||||||||||||||
2015 |
2016 |
2015 |
2016 |
|||||||||||||
Income from operations |
$ |
334,192 |
$ |
340,777 |
$ |
83,446 |
$ |
98,091 |
||||||||
Add: Stock-based compensation |
24,976 |
25,113 |
7,467 |
6,769 |
||||||||||||
Add: Amortization and impairment of acquired intangible assets[10] |
23,671 |
25,023 |
5,424 |
6,816 |
||||||||||||
Add: Acquisition-related expenses |
798 |
1,956 |
— |
120 |
||||||||||||
Add: Other income, net |
4,360 |
10,120 |
2,092 |
2,948 |
||||||||||||
Less: Loss on equity-method investment activity, net |
(10,800) |
(7,698) |
(2,805) |
(1,362) |
||||||||||||
Add: Net loss (income) attributable to non-controlling interest/redeemable non-controlling interest |
— |
2,137 |
— |
232 |
||||||||||||
Adjusted income from operations |
$ |
377,197 |
$ |
397,428 |
$ |
95,624 |
$ |
113,614 |
||||||||
Adjusted income from operations margin |
15.3 |
% |
15.5 |
% |
14.8 |
% |
16.7 |
% |
Reconciliation of Adjusted Diluted EPS[11] |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(Per share data) |
||||||||||||||||
Year ended December 31, |
Three months ended December 31, |
|||||||||||||||
2015 |
2016 |
2015 |
2016 |
|||||||||||||
Diluted EPS |
$ |
1.09 |
$ |
1.28 |
$ |
0.30 |
$ |
0.38 |
||||||||
Add: Stock-based compensation |
0.11 |
0.12 |
0.03 |
0.03 |
||||||||||||
Add: Amortization and impairment of acquired intangible assets7 |
0.11 |
0.12 |
0.03 |
0.03 |
||||||||||||
Add: Acquisition-related expenses |
— |
0.01 |
— |
— |
||||||||||||
Less: Tax impact on stock-based compensation |
(0.03) |
(0.03) |
(0.01) |
(0.01) |
||||||||||||
Less: Tax impact on amortization and impairment of acquired intangibles |
(0.03) |
(0.04) |
(0.01) |
(0.01) |
||||||||||||
Less: Tax impact on acquisition-related expenses |
— |
— |
— |
— |
||||||||||||
Adjusted diluted EPS |
$ |
1.26 |
$ |
1.46 |
$ |
0.34 |
$ |
0.43 |
The following tables show the reconciliation of forward-looking adjusted financial measures from GAAP for the year ending
Reconciliation of Outlook for Adjusted Income from Operations Margin |
|||
(Unaudited) |
|||
Year ending |
|||
Income from operations margin |
13.5% |
||
Add: Estimated stock-based compensation |
1.2% |
||
Add: Estimated amortization and impairment of acquired intangible assets |
0.9% |
||
Add: Estimated acquisition-related expenses |
— |
||
Add: Estimated other income (expense), net |
0.2% |
||
Less: Estimated loss on equity-method investment activity, net |
(0.1)% |
||
Adjusted income from operations margin |
15.7% |
Reconciliation of Outlook for Adjusted Diluted EPS[12] |
|||||
(Unaudited) |
|||||
(Per share data) |
|||||
Year ending December 31, 2017 |
|||||
Lower |
Upper |
||||
Diluted EPS |
$ |
1.32 |
$ |
1.36 |
|
Add: Estimated stock-based compensation |
0.16 |
0.16 |
|||
Add: Estimated amortization and impairment of acquired intangible assets |
0.13 |
0.13 |
|||
Add: Estimated acquisition-related expenses |
— |
— |
|||
Less: Estimated tax impact on stock-based compensation |
(0.05) |
(0.05) |
|||
Less: Estimated tax impact on amortization and impairment of acquired intangibles |
(0.04) |
(0.04) |
|||
Less: Estimated tax impact on acquisition-related expenses |
— |
— |
|||
Adjusted diluted EPS |
$ |
1.53 |
$ |
1.57 |
Set forth below is a supplemental schedule depicting the reclassification of our 2016 revenue:
Unaudited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended March 31, 2016 |
Quarter Ended June 30, 2016 |
Quarter Ended September 30, 2016 |
Quarter Ended December 31, 2016 |
Year ended December 31, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
Reclassified |
Impact of |
Reclassified |
Reported |
Reclassified |
Impact of |
Reclassified |
Revenue |
Reclassified |
Impact of |
Reclassified |
Reported Revenue |
Reclassified |
Impact of |
Reclassified |
Revenue |
Reclassified |
Impact of |
Reclassified |
||||||||||||||||||||||||||||||||||||
Total Revenue |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Client |
$ |
502.3 |
$ |
24.1 |
$ |
526.4 |
$ |
521.4 |
— |
$ |
23.6 |
$ |
545.0 |
$ |
543.2 |
$ |
23.9 |
$ |
567.0 |
$ |
576.2 |
$ |
24.3 |
$ |
600.5 |
$ |
2,143.1 |
— |
$ |
95.8 |
$ |
2,238.9 |
|||||||||||||||||||||||
GE |
107.4 |
(24.1) |
83.3 |
109.1 |
— |
(23.6) |
85.5 |
105.6 |
(23.9) |
81.8 |
105.5 |
(24.3) |
81.2 |
427.6 |
— |
(95.8) |
331.8 |
||||||||||||||||||||||||||||||||||||||
Total Revenue |
609.7 |
— |
609.7 |
630.5 |
— |
— |
630.5 |
648.8 |
— |
648.8 |
681.7 |
— |
681.7 |
2,570.8 |
— |
— |
2,570.8 |
||||||||||||||||||||||||||||||||||||||
Total GC Revenue |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
GC BPO Revenue |
406.3 |
23.8 |
430.1 |
424.5 |
2.4 |
23.2 |
450.1 |
445.1 |
4.6 |
23.4 |
473.1 |
469.1 |
5.4 |
23.6 |
498.1 |
1,745.1 |
12.4 |
94.0 |
1,851.5 |
||||||||||||||||||||||||||||||||||||
GC IT Revenue |
96.0 |
0.2 |
96.3 |
96.9 |
(2.4) |
0.4 |
94.9 |
98.1 |
(4.6) |
0.4 |
93.9 |
107.1 |
(5.4) |
0.7 |
102.4 |
398.1 |
(12.4) |
1.8 |
387.5 |
||||||||||||||||||||||||||||||||||||
Total GC Revenue |
502.3 |
24.1 |
526.4 |
521.4 |
— |
23.6 |
545.0 |
543.2 |
23.9 |
567.0 |
576.2 |
24.3 |
600.5 |
2,143.1 |
— |
95.8 |
2,238.9 |
||||||||||||||||||||||||||||||||||||||
Total GE Revenue |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
GE BPO Revenue |
82.8 |
(23.8) |
59.0 |
83.5 |
(23.2) |
60.4 |
80.8 |
(23.4) |
57.4 |
78.8 |
(23.6) |
55.2 |
326.0 |
— |
(94.0) |
232.0 |
|||||||||||||||||||||||||||||||||||||||
GE IT Revenue |
24.6 |
(0.2) |
24.3 |
25.6 |
(0.4) |
25.2 |
24.8 |
(0.4) |
24.3 |
26.7 |
(0.7) |
26.0 |
101.6 |
— |
(1.8) |
99.8 |
|||||||||||||||||||||||||||||||||||||||
Total GE Revenue |
107.4 |
(24.1) |
83.3 |
109.1 |
(23.6) |
85.5 |
105.6 |
(23.9) |
81.8 |
105.5 |
(24.3) |
81.2 |
427.6 |
— |
(95.8) |
331.8 |
|||||||||||||||||||||||||||||||||||||||
Total Revenue |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total BPO Revenue |
489.1 |
— |
— |
489.1 |
508.1 |
2.4 |
— |
510.5 |
525.9 |
4.6 |
— |
530.5 |
548.0 |
5.4 |
— |
553.3 |
2,071.1 |
12.4 |
— |
2,083.4 |
|||||||||||||||||||||||||||||||||||
Total IT Revenue |
120.6 |
— |
— |
120.6 |
122.5 |
(2.4) |
— |
120.1 |
122.9 |
(4.6) |
— |
118.3 |
133.8 |
(5.4) |
— |
128.4 |
499.7 |
(12.4) |
— |
487.3 |
|||||||||||||||||||||||||||||||||||
Total Revenue |
$ |
609.7 |
— |
— |
$ |
609.7 |
$ |
630.5 |
— |
— |
$ |
630.5 |
$ |
648.8 |
— |
— |
$ |
648.8 |
$ |
681.7 |
— |
— |
$ |
681.7 |
$ |
2,570.8 |
— |
— |
$ |
2,570.8 |
|||||||||||||||||||||||||
* |
We reclassified revenue from our 2016 acquisitions of Endeavour Software Technologies Private Limited and PNMSoft Ltd. as BPO rather than IT revenue to better align with the digital business process client solutions derived from these businesses. |
[1] Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.
[2] Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted earnings per share and adjusted diluted earnings per share is attached to this release.
[3] Adjusted income from operations and adjusted income from operations margin are non-GAAP measures. A reconciliation of GAAP income from operations and adjusted income from operations and a reconciliation of GAAP income from operations margin and adjusted income from operations margin are attached to this release.
[4] New bookings represents the total contract value of new contracts and certain renewals, extensions and changes to existing contracts. Regular renewals of contracts with no change in scope are not counted as new bookings.
[5] During the twelve months ended
[6] During the twelve months ended
[7] During the twelve months ended
[8] Adjusted income from operations margin is a non-GAAP measure. A reconciliation of the outlook for GAAP income from operations margin and adjusted income from operations margin is attached to this release.
[9] Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of the outlook for GAAP diluted earnings per share and adjusted diluted earnings per share is attached to this release.
[10] See "Reconciliation of Non-GAAP Financial Measures to GAAP Measures" above for a description of the amortization expenses included in this item.
[11] Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.
[12] Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genpact-reports-full-year-and-fourth-quarter-2016-results-300405519.html
SOURCE