From a balance sheet perspective, WNS ended Q1 with $242.6 million in cash and investments and
$206.2 million in debt. Included in this debt amount is $40.2 million borrowed for general corporate purposes against our line of credit during the quarter. In Q1, the company generated $19.5 million in cash from operations, incurred
$17.8 million in capital expenditures, and repaid $10.6 million in long-term debt. WNS also repurchased 1,100,000 ADSs at an average price of $77.84, impacting Q1 cash by $85.6 million. First quarter days sales outstanding were 34
days, as compared to 29 days reported in Q1 of last year and 32 days in the previous quarter.
In the fiscal first quarter, WNS continued to deliver
healthy financial results and position our business for long-term success, said Keshav Murugesh, WNS Chief Executive Officer. Despite the challenging macro environment, WNS grew constant currency revenue less repair payments* by
more than 17% and maintained our industry-leading adjusted operating margins*. Our updated guidance and visibility demonstrate the healthy and resilient nature of our business, and we believe WNS remains well-positioned to meet the evolving needs of
our clients. This includes ongoing technology and automation advancements such as AI and Generative AI. The company remains focused on investing in domain, technology, and talent, driving strong operational and financial execution, and delivering
long-term sustainable value for all of our stakeholders.
Fiscal 2024 Guidance
WNS is updating guidance for the fiscal year ending March 31, 2024, as follows:
|
|
|
Revenue less repair payments* is expected to be between $1,296 million and $1,354 million, up from
$1,162.0 million in fiscal 2023. Guidance assumes an average GBP to USD exchange rate of 1.27 for the remainder of fiscal 2024. |
|
|
|
ANI* is expected to range between $211 million and $223 million versus $196.1 million in fiscal
2023. Guidance assumes an average USD to INR exchange rate of 82.0 for the remainder of fiscal 2024. |
|
|
|
Based on a diluted share count of 50.1 million shares, the company expects fiscal 2024 adjusted diluted
earnings per share* to be in the range of $4.21 to $4.45 versus $3.86 in fiscal 2023. |
The company has updated our forecast for
fiscal 2024 based on current visibility levels and exchange rates, said Sanjay Puria, WNS Chief Financial Officer. Our guidance for the full year reflects growth in revenue less repair payments* of 12% to 17% on a reported basis,
or 11% to 16% constant currency*. This includes an estimated 3% inorganic growth related to our fiscal 2023 acquisitions. We currently have 92% visibility to the midpoint of the revenue range. For the year, we expect capital expenditures of up to
$60 million.
Conference Call
WNS
will host a conference call on July 20, 2023, at 8:00 am (Eastern) to discuss the companys quarterly results. To access the call in listen-only mode, please join live via the companys investor relations website at
ir.wns.com. For call participants, please register using this online form to receive your dial-in number and unique PIN/passcode which can be used to access the call. A replay of the webcast will
be archived on the company website at ir.wns.com.
About WNS
WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process Management (BPM) company. WNS combines deep industry knowledge with technology, analytics, and
process expertise to co-create innovative, digitally led transformational solutions with over 400 clients across various industries. WNS delivers an entire spectrum of BPM solutions including industry-specific
offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of June 30, 2023, WNS had
59,871 professionals across 66 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States. For more
information, visit www.wns.com.
Page 2 of
12