ExlService Holdings, Inc. (Nasdaq:EXLS), a leading provider of outsourcing and transformation services, today announced its financial results for the third quarter of 2012.
Rohit Kapoor, Vice Chairman and CEO, commented: ?In the third quarter, EXL posted strong 4% sequential revenue growth led by client expansions in our insurance and healthcare and our utilities practices. In addition, our transformation business has continued to grow. In particular, we are capitalizing on the secular growth opportunity in analytics, where among other assets we have built a world-class banking practice. This practice is generating robust new business with several of the largest global banks.
I am pleased to announce that we won a new strategic client account for our finance and accounting outsourcing practice with a leading specialty insurer. This new client win is a validation of our domain expertise both in insurance and finance and accounting, and was won against significant competition. Finally, as we discussed in October, our Landacorp acquisition adds a critical piece to our rapidly growing healthcare offering providing comprehensive operations, analytics, and technology solutions.?
Vishal Chhibbar, CFO, commented: ?In the third quarter, EXL achieved revenue of $112.6 million, up 13% year-over-year, driven by 11% growth in outsourcing and 23% growth in transformation services. On a constant currency basis, revenue grew 17% year over year. This quarter we delivered adjusted diluted earnings per share of $0.42, up 21% year over year and 17% quarter over quarter. This growth was driven by strong revenue growth, operating efficiencies and operating leverage.
For 2012, we are updating our revenue guidance to $442 million to $444 million, and updating our adjusted diluted EPS guidance to $1.54 to $1.57 to account for a rupee to dollar exchange rate of 53.5, third quarter results and the recent acquisition of Landacorp.?
Financial Highlights ? Third Quarter 2012
Reconciliations of adjusted financial measures to GAAP are included at the end of this release.
Revenues for the quarter ended September 30, 2012 were $112.6 million compared to $100.0 million for the quarter ended September 30, 2011 and $108.0 million for the quarter ended June 30, 2012. Outsourcing services revenues for the quarter ended September 30, 2012 were $92.0 million compared to $83.2 million for the quarter ended September 30, 2011 and $88.9 million for the quarter ended June 30, 2012. Transformation services revenues for the quarter ended September 30, 2012 were $20.7 million compared to $16.9 million in the quarter ended September 30, 2011 and $19.1 million for the quarter ended June 30, 2012.
Gross margin for the quarter ended September 30, 2012 was 39.1% compared to 38.3% for the quarter ended September 30, 2011 and 38.9% for the quarter ended June 30, 2012. Outsourcing services gross margin for the quarter ended September 30, 2012 was 39.5% compared to 38.7% for the quarter ended September 30, 2011 and 38.7% for the quarter ended June 30, 2012. Transformation services gross margin for the quarter ended September 30, 2012 was 37.1% compared to 35.9% for the quarter ended September 30, 2012 and 39.6% for the quarter ended June 30, 2012.
Operating margin for the quarter ended September 30, 2012 was 15.0% compared to 11.7% for the quarter ended September 30, 2011 and 13.3% for the quarter ended June 30, 2012. Adjusted operating margin for the quarter ended September 30, 2012 was 17.8% compared to 15.2% for the quarter ended September 30, 2011 and 17.1% for the quarter ended June 30, 2012.
Source: http://www.bpo.biz/bpo-news-blog/2012/11/08/third-quarter-results-for-exl-is-out/
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