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EXL announces 2018 Q2 financial results

Aug 02, 2018 (MarketLine via COMTEX) --

ExlService Holdings, a operations management and analytics company, has announced their financial results for the quarter ended June 30, 2018.

Rohit Kapoor, Vice Chairman and Chief Executive Officer, said, "EXL generated revenues of $210.1 million, up 11.1% year-over-year, and adjusted diluted EPS was $0.67. Our revenue growth was broad-based, led by a 15.6% increase in Analytics revenues and a 9.5% increase in our Operations Management businesses driven by double-digit revenues growth in Insurance and Finance & Accounting."Our investments in domain expertise, data capabilities and emerging technologies made over the past several years are positioning EXL as the strategic digital transformation partner for our clients, resulting in several strategic deal wins and creating a strong pipeline of opportunities. As previously announced, the acquisition of SCIO Health Analytics closed on July 1, 2018. This strategic acquisition accelerates our market position in the growing healthcare analytics market and expands EXL's capabilities across the healthcare continuum."Vishal Chhibbar, Chief Financial Officer, said, "We are increasing our revenue guidance for 2018 to $878 million - $892 million from $835 million - $855 million reflecting the addition of revenue from SCIO Health Analytics, better performance in the second quarter and an improved outlook for the year, despite foreign exchange headwinds. Our guidance represents annual revenue growth of 15% to 17% on a constant currency basis. Our adjusted diluted EPS guidance for 2018 remains unchanged at $2.70 - $2.80. Our cash and short-term investments were $233 million on June 30, 2018."Financial Highlights: Second Quarter 2018We have six reportable segments: Insurance, Healthcare, Travel, Transportation & Logistics, Finance & Accounting, All Other (Banking & Financial Services, Utilities and Consulting) and Analytics. Reconciliations of adjusted (non-GAAP) financial measures to GAAP measures are included at the end of this release.Revenues for the quarter ended June 30, 2018 increased to $210.1 million compared to $189.1 million for the second quarter of 2017, an increase of 11.1% on a reported basis and 11.3% on a constant currency basis from the second quarter of 2017, as well as an increase of 1.5% sequentially on a reported basis and 2.4% on a constant currency basis, from the quarter ended March 31, 2018.Operating income margin for the quarter ended June 30, 2018 was 8.1% compared to 9.7% in the second quarter of 2017 and 7.3% for the quarter ended March 31, 2018. Adjusted operating income margin for the quarter ended June 30, 2018 was 13.6% compared to 14.2% in the second quarter of 2017 and 13.0% for the quarter ended March 31, 2018.Diluted earnings per share for the quarter ended June 30, 2018 was $0.41. Diluted earnings per share for the second quarter of 2017 was $0.58. Diluted earnings per share for the quarter ended March 31, 2018 was $0.66. Adjusted diluted earnings per share for the quarter ended June 30, 2018 was $0.67 compared to $0.70 for the second quarter of 2017 and $0.65 for the quarter ended March 31, 2018.Business Highlights: Second Quarter 2018Launched a Digital Know Your Customer ("KYC") solution in collaboration with HSBC, a leading global financial services company, that uses advanced automation, artificial intelligence and other analytics techniques such as natural language processing to help clients with faster turn-around times, higher accuracy and cost efficiencies for KYC compliance.Won 14 new clients, including three in our operations management businesses and 11 in Analytics.Consolidated our London offices to support our growing UK and European business.Recognized as a Leader and Star Performer in the Everest Group Analytics Business Process Services PEAK Matrix 2018.Positioned in the Winners Circle in the HfS Industry Blueprint: Insurance Operations Services 2018.Recognized as a Major Contender in the Everest Group Insurance Third Party Administrator (TPA) Services PEAK Matrix 2018.Recognized as Leader overall and for the Insurance, Healthcare, Transportation and Utilities industries in the NelsonHall NEAT for Business Process Transformation through RPA and AI.Post-Second Quarter HighlightAs previously announced, subsequent to the second quarter of 2018, on July 1, 2018, EXL closed the acquisition of SCIOInspire Holdings, Inc., doing business as SCIO Health Analytics. The aggregate merger consideration was $236.5 million, subject to certain post-closing adjustments.2018 GuidanceBased on current visibility, and a U.S. Dollar to Indian Rupee exchange rate of 68.5, British Pound to U.S. Dollar exchange rate of 1.33, U.S. Dollar to the Philippine Peso exchange rate of 53.5 and all other currencies at current exchange rates, we are providing the following guidance:Revenue of $878 million to $892 million, representing an annual revenue growth rate of 15% to 17% on a constant currency basis.Adjusted diluted earnings per share of $2.70 to $2.80.
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