Genpact Reports Results for 2012 Full Year and Fourth Quarter
NEW YORK, Feb. 7, 2013 /PRNewswire/ — Genpact Limited (NYSE: G), a global leader in business process management and technology services, today announced financial results for the fourth quarter and full year ended December 31, 2012.
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Key Financial Results – Full-Year 2012
- Revenues were $1.9 billion, up 18.8% from $1.6 billion in 2011.
- Net income attributable to Genpact Limited shareholders was $178.2 million, compared to $184.3 million in 2011; net income margin for 2012 was 9.4%, compared to 11.5% in 2011.
- The effective tax rate was 30.6%, up from 27.7% in 2011.
- Diluted earnings per common share were $0.78, compared to $0.81 per share in 2011.
- Adjusted income from operations increased 18.4% to $313.1 million, up from $264.5 million in 2011.
- Adjusted income from operations margin was 16.5%, unchanged from 2011.
- Adjusted diluted earnings per share were $0.96, compared to $0.98 in 2011.
Key Financial Results – Fourth Quarter 2012
- Revenues were $507.7 million, up 14.7% from $442.7 million in the fourth quarter of 2011.
- Net income attributable to Genpact Limited shareholders was $53.4 million, compared to $61.1 million in the fourth quarter of 2011; net income margin for the fourth quarter of 2012 was 10.5%, compared to 13.8% in the fourth quarter of 2011.
- Diluted earnings per common share were $0.23, compared to $0.27 per share in the fourth quarter of 2011.
- Adjusted income from operations totaled $83.9 million, up from $77.1 million in the fourth quarter of 2011.
- Adjusted income from operations margin was 16.5%, compared to 17.4% in the fourth quarter of 2011.
- Adjusted diluted earnings per share were $0.25, compared to $0.32 in the fourth quarter of 2011.
N.V. ‘Tiger’ Tyagarajan, Genpact’s president and CEO said, “Our results in the fourth quarter and full year 2012 demonstrated strong client demand and profitable growth. In 2012, we delivered robust growth in revenues and adjusted operating income. In addition, we expanded and strengthened our capabilities across our enterprise services offerings, industry vertical markets and geographies with both investment initiatives and acquisitions. We also provided our shareholders a substantial return of capital in the form of a $502 million special cash dividend. All of these accomplishments build upon our solid foundation and position us to take advantage of the large market opportunity available to us and long runway to drive sustained growth in revenues and cash flows.”
Revenues from Global Clients grew 25.8% for the full year 2012 and 19.2% in the fourth quarter. Business process management revenues from Global Clients grew 21.3% for the full year, and 21.1% in the fourth quarter and were led by growth in Smart Decision Services of 31.3% for the full year and 21.0% for the fourth quarter. Revenues from Global Clients represented approximately 73.9% of Genpact’s total revenues in 2012, with the remaining 26.1% of revenues coming from GE. GE revenues increased 2.8% for the full year 2012 and 3.1% in the fourth quarter.
As of the end of 2012, 65 client relationships each contributed revenues of $5 million or more in the last 12 months, up from 56 such relationships as of December 31, 2011. As of the end of 2012, 11 client relationships each contributed revenues of $25 million or more in the last 12 months, up from nine such client relationships as of December 31, 2011.
Approximately 76.6% of Genpact’s revenues for the full year 2012 and 76.8% for the fourth quarter came from business process management services, compared to 78.8% for 2011 and 75.9% for the fourth quarter of 2011. Revenues from IT services represented approximately 23.4% of total revenues for the full year 2012 and 23.2% for the fourth quarter, compared to 21.2% for 2011 and 24.1% for the fourth quarter of 2011.
Genpact generated $310.7 million of cash from operations in 2012 and $101.2 million in the fourth quarter of 2012, up from $266.6 million of cash from operations in 2011 and $89.5 million in the fourth quarter of 2011, primarily due to better working capital management resulting from lower days sales outstanding in the fourth quarter. Genpact had approximately $477.5 million in cash and cash equivalents and short-term deposits as of December 31, 2012.
In the third quarter of 2012, Genpact paid a special cash dividend of $2.24 per share, for an aggregate amount of approximately $502 million, to holders of Genpact common shares and facilitated the sale of approximately 26% of its outstanding shares to Bain Capital Partners from its original sponsors. The special dividend was funded through a combination of surplus cash on Genpact’s balance sheet and a portion of the proceeds of borrowings under a new $925 million senior credit facility. The costs and expenses associated with the above transactions are reflected in Genpact’s results for 2012, and adversely impacted net income for the year.
As of December 31, 2012, Genpact had approximately 60,200 employees worldwide, an increase from approximately 55,400 at the end of 2011. The attrition rate for the entire year, measured from day one, was 25%, down from 30% in 2011. Revenue per employee in 2012 was $34,000, compared to $34,100 in 2011.
2013 Outlook
Tyagarajan continued, “We remain cautious, as are many of our clients, about the global economy in the near term, even as we see signs of improvement, and we are bullish on the long term. For the full year 2013, we expect revenues to be in a range of $2.15 – $2.20 billion, and adjusted operating income margin in a range of 15.8% – 16.3%. This guidance reflects the revenue contribution and slight margin dilution for the year resulting from the recently-announced acquisition of JAWOOD. Without the anticipated impact of JAWOOD, we would have expected 2013 adjusted operating income margin to be in a range of 16.0% to 16.5%.”
Conference Call to Discuss Financial Results
Genpact management will host an hour-long conference call beginning at 8:00 a.m. ET on February 8, 2013 to discuss the company’s performance for the periods ended December 31, 2012. To participate, callers can dial 1-866-713-8395 from within the U.S. or +1 (617) 597-5309 from any other country. Thereafter, callers will be prompted to enter the participant code, 90489804.
A live webcast of this event 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 Genpact website after the end of the call. A transcript of the call will also be made available via the website.
About Genpact
Genpact Limited (NYSE: G), a global leader in business process management and technology services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across their enterprise. Genpact’s Smart Enterprise Processes (SEP(SM)) framework, its unique science of process combined with deep domain expertise in multiple industry verticals, leads to superior business outcomes. Genpact’s Smart Decision Services deliver valuable business insights to its clients through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services. Driven by a passion for process innovation and operational excellence built on its Lean and Six Sigma DNA and the legacy of serving GE for more than 15 years, the company’s 60,000+ professionals around the globe deliver services to its more than 600 clients from a network of 70 delivery centers across 20 countries supporting more than 30 languages. For more information, visit www.genpact.com,
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 management and information technology services sectors, the risks and uncertainties arising from our past and future acquisitions, 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, general economic conditions affecting our industry as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact’s Annual Report on Form 10-K. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management’s current analysis of future events and should not be relied upon as representing management’s expectations or beliefs as of any date subsequent to the time they are made. Genpact does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
Contact
-------
Investors: Bharani Bobba
+1 (203) 300-9230
bharani.bobba@genpact.com
Media: Gail Marold
+1 (919) 345-3899
gail.marold@genpact.com
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,
2011 2012
---- ----
Assets
Current assets
Cash
and
cash
equivalents $408,020 $459,228
Accounts
receivable,
net 258,498 451,960
Accounts
receivable
from
related
party,
net 143,921 29
Short
term
deposits - 18,292
Deferred
tax
assets 46,949 48,489
Due
from
related
party 10 -
Prepaid
expenses
and
other
current
assets 127,721 150,769
------- -------
Total
current
assets $985,119 $1,128,767
Property,
plant
and
equipment,
net 180,504 200,362
Deferred
tax
assets 91,880 91,383
Investment
in
equity
affiliates 220 416
Customer-
related
intangible
assets,
net 85,987 84,748
Marketing-
related
intangible
assets,
net 24,240 21,585
Other
intangible
assets,
net 3,061 6,054
Goodwill 925,339 956,064
Other
assets 107,037 116,548
------- -------
Total
assets $2,403,387 $2,605,927
========== ==========
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,
2011 2012
---- ----
Liabilities and equity
Current liabilities
Short-term borrowings $252,000 $80,000
Current portion of long-term debt 29,012 4,982
Current portion of capital lease
obligations 1,005 1,301
Current portion of capital lease
obligations payable to related party 762 -
Accounts payable 20,951 18,652
Income taxes payable 20,118 22,304
Deferred tax liabilities 35 538
Due to related party 464 -
Accrued expenses and other current
liabilities 337,481 390,041
------- -------
Total current liabilities $661,828 $517,818
Long-term debt, less current portion 73,930 656,879
Capital lease obligations, less current
portion 846 2,533
Capital lease obligations payable to
related party, less current portion 855 -
Deferred tax liabilities 1,905 6,068
Due to related party 9,154 -
Other liabilities 219,186 250,848
------- -------
Total liabilities $967,704 $1,434,146
-------- ----------
Shareholders' equity
Preferred shares, $0.01 par value,
250,000,000 authorized, none issued - -
Common shares, $0.01 par value,
500,000,000 authorized, 222,347,968
and 225,480,172 issued and outstanding
as of December 31, 2011 and 2012,
respectively 2,222 2,253
Additional paid-in capital 1,146,203 1,202,448
Retained earnings 605,386 281,982
Accumulated other comprehensive income
(loss) (320,753) (318,272)
-------- --------
Genpact Limited shareholders' equity 1,433,058 1,168,411
Noncontrolling interest 2,625 3,370
Total equity 1,435,683 1,171,781
Commitments and contingencies
Total liabilities and equity $2,403,387 $2,605,927
========== ==========
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data and share count)
Year Ended December 31
2010 2011 2012
---- ---- ----
Net revenues
Net revenues from services -
related party $479,231 $484,464 $550
Net revenues from services -
others 779,732 1,115,972 1,901,421
------- --------- ---------
Total net revenues 1,258,963 1,600,436 1,901,971
Cost of revenue
Services 788,522 1,004,899 1,157,766
------- --------- ---------
Total cost of revenue 788,522 1,004,899 1,157,766
------- --------- ---------
Gross profit $470,441 $595,537 $744,205
Operating expenses:
Selling, general and
administrative expenses 282,102 357,959 456,611
Amortization of acquired
intangible assets 15,959 19,974 23,233
Other operating (income)
expense, net (5,484) 1,360 16
------ ----- ---
Income from operations $177,864 $216,244 $264,345
Foreign exchange (gains)
losses, net (1,137) (35,099) (13,146)
Other income (expense), net 5,246 10,716 (14,499)
----- ------ -------
Income before Equity-method
investment activity, net and
income tax expense $184,247 $262,059 $262,992
Equity-method investment
activity, net 1,013 327 (17)
----- --- ---
Income before income tax
expense $183,234 $261,732 $263,009
Income tax expense 34,203 70,656 78,419
------ ------ ------
Net Income $149,031 $191,076 $184,590
Net income attributable to
noncontrolling interest 6,850 6,782 6,374
----- ----- -----
Net income attributable to
Genpact Limited shareholders $142,181 $184,294 $178,216
Net income available to
Genpact Limited common
shareholders 142,181 184,294 178,216
Earnings per common share attributable to
Genpact Limited common shareholders
Basic $0.65 $0.83 $0.80
Diluted $0.63 $0.81 $0.78
Dividend per share $ - $ - $2.24
=== === === === =====
Weighted average number of common shares
used in computing earnings per common
share attributable to Genpact Limited
common shareholders
Basic 219,310,327 221,567,502 223,696,567
Diluted 224,838,529 226,354,403 229,532,516
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Year ended December 31,
2010 2011 2012
---- ---- ----
Operating activities
Net income attributable to
Genpact Limited shareholders $142,181 $184,294 $178,216
Net income attributable to
noncontrolling interest 6,850 6,782 6,374
----- ----- -----
Net Income $149,031 $191,076 $184,590
Adjustments to reconcile net income to net
cash provided by (used for) operating
activities:
Depreciation and amortization 57,881 58,357 56,089
Amortization of debt issue
costs 385 1,952 8,079
Amortization of acquired
intangible assets 16,275 20,132 23,305
Reserve (release) for
doubtful receivables (1,334) 6,298 3,878
Reserve for mortgage loans 12 52 108
Gain on business acquisition (247) - -
Unrealized (gain) loss on
revaluation of foreign
currency asset/liability (284) (18,276) (13,700)
Equity-method investment
activity, net 1,013 327 (17)
Stock-based compensation
expense 17,514 27,767 32,152
Deferred income taxes (5,400) (7,981) (10,028)
Others, net 181 5,322 6,471
Change in operating assets and
liabilities:
Increase in accounts
receivable (50,414) (46,314) (36,171)
Increase in other assets (25,932) (10,461) (20,525)
Increase/(Decrease) in
accounts payable (2,631) 6,800 (4,380)
Increase/(Decrease) in
accrued expenses and other
current liabilities (2,560) 27,517 38,478
Increase in income taxes
payable 6,447 10,345 1,775
Increase/(Decrease) in other
liabilities 3,161 (6,301) 40,556
----- ------ ------
Net cash provided by
operating activities $163,098 $266,612 $310,660
-------- -------- --------
Investing activities
Purchase of property, plant
and equipment (55,171) (35,776) (83,337)
Proceeds from sale of
property, plant and
equipment 1,239 916 500
Investment in affiliates (2,324) - (205)
Purchase of short term
investments (107,324) (129,458) -
Proceeds from sale of short
term investments 162,940 206,443 -
Short term deposits placed (6,530) - (43,978)
Redemption of short term
deposits 16,325 - 25,638
Payment for business
acquisitions, net of cash
acquired (42,575) (577,233) (56,488)
------- -------- -------
Net cash used for investing
activities $(33,420) $(535,108) $(157,870)
Financing activities
Repayment of capital lease
obligations (4,861) (2,821) (2,279)
Proceeds from long-term debt - 120,000 675,000
Repayment of long-term debt (45,000) (40,000) (106,688)
Proceeds from Short-term
borrowings - 260,000 80,000
Repayment of Short-term
borrowings (165) (8,000) (253,004)
Proceeds from issuance of
common shares under stock
based compensation plans 24,826 12,840 26,227
Payment for net settlement of
stock based awards - - (2,103)
Dividend paid - - (501,620)
Direct cost incurred in
relation to Debt - (9,115) (15,266)
Distribution to
noncontrolling interest (7,065) (6,805) (5,760)
------ ------
Net cash provided by (used
for) financing activities $(32,265) $326,099 $(105,493)
Effect of exchange rate
changes 17,887 (53,617) 3,911
Net increase in cash and
cash equivalents 97,413 57,603 47,297
Cash and cash equivalents at
the beginning of the period 288,734 404,034 408,020
------- -------
Cash and cash equivalents at
the end of the period $404,034 $408,020 459,228
======== ======== =======
Supplementary information
Cash paid during the period
for interest $1,617 $5,026 14,061
Cash paid during the period
for income taxes $40,466 $65,688 91,825
Property, plant and equipment
acquired under capital lease
obligation $1,968 $1,787 2,699
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended
------------------
March 31, June 30, 2012 September 30, 2012 December 31, 2012
2012
----
(dollars in millions)
Statement of income data:
Total net revenues $435.5 $467.6 $491.2 $507.7
Cost of revenue 265.5 285.2 297.3 309.8
Gross profit 170.0 182.4 193.9 197.9
Income from operations 60.4 63.2 70.0 70.8
Income before Equity method investment
activity, net and income tax expense 56.6 84.4 41.8 80.1
Net income attributable to Genpact
Limited common shareholders $38.5 $61.1 $25.2 $53.4
Three months ended
------------------
March 31, June September December
2011 30, 30, 31,
2011 2011 2011
---------- --- --- --
(dollars
in
millions)
Statement of income data:
Total net revenues $330.6 $397.6 $429.6 $442.7
Cost of revenue 214.5 254.0 268.3 268.1
Gross profit 116.1 143.6 161.3 174.6
Income from operations 46.5 51.1 56.7 61.9
Income before equity-method investment
activity, net and income tax expense 51.2 55.2 68.6 87.0
Net income attributable
to Genpact Limited
shareholders $36.1 $39.0 $48.0 $61.1
Reconciliation of Adjusted 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 Securities and Exchange Commission as non-GAAP financial measures: non-GAAP adjusted income from operations, adjusted net income attributable to shareholders of Genpact Limited, or adjusted net income, and adjusted diluted earnings per share attributable to shareholders of Genpact Limited, or adjusted diluted earnings per share. These non-GAAP 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 measures used by other companies. In addition, these non-GAAP measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact’s GAAP financial statements to such non-GAAP measures should be carefully evaluated.
For its internal management reporting and budgeting purposes, Genpact’s management historically used financial statements that did not include significant acquisition related expenses and amortization of acquired intangibles on such acquisitions, for financial and operational decision-making, to evaluate period-to-period comparisons or for making comparisons of Genpact’s operating results to that of its competitors.
As a result of frequent acquisitions of varying scale and size, it is difficult to predict the expenses related to acquisitions and amortization of the acquired intangibles on acquisitions. Therefore, with effect from July 1, 2012, for its internal management reporting and budgeting purposes, management considers using financial statements that do not include expenses related to all acquisitions and amortization of acquired intangibles on acquisitions for financial and operational decision-making, to evaluate period-to-period comparisons or for making comparisons of Genpact’s operating results to that of its competitors.
Besides this, for its internal management reporting and budgeting purposes, management uses financial statements that do not include stock-based compensation expense, amortization of acquired intangibles at formation in 2004, expenses related to change of shareholding and capital restructuring, net of recovery from the selling shareholders, affiliates of General Atlantic LLC and Oak Hill Capital Management LLC, or GA/OH (excluding expenses related to the new credit facility) and withholding taxes relating to remittance of funds between subsidiaries to partly fund the payment of the special cash dividend in respect of capital restructuring, for financial and operational decision-making, to evaluate period-to-period comparisons or for making comparisons of Genpact’s operating results to that of its competitors. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 “Compensation-Stock Compensation”, Genpact’s management believes that providing financial statements that do not include stock-based compensation allows investors to make additional comparisons between Genpact’s operating results and those of other companies. In addition, Genpact’s management believes that providing non-GAAP financial measures that exclude amortization of acquired intangibles, expenses related to all acquisitions and amortization of acquired intangibles on acquisitions, expenses related to change of shareholding and capital restructuring, net of recovery from GA/OH (excluding expenses related to the new credit facility) and withholding taxes relating to remittance of funds between subsidiaries to partly fund the payment of the special cash dividend in respect of capital restructuring, allows investors to make additional comparisons between Genpact’s operating results and those of other companies. Genpact also believes that it is unreasonably difficult to provide its financial outlook in accordance with GAAP for a number of reasons including, without limitation, its inability to predict its future stock-based compensation expense under ASC 718, the amortization of intangibles associated with further acquisitions, acquisition related expenses, expenses related to change of shareholding and capital restructuring, net of recovery from GA/OH (excluding expenses related to new credit facility), and withholding taxes relating to remittance of funds between subsidiaries to partly fund the payment of the special cash dividend in respect of capital restructuring, if any. Accordingly, Genpact believes that the presentation of non-GAAP adjusted income from operations and adjusted net income, when read in conjunction with the Company’s reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.
A limitation of using non-GAAP adjusted income from operations and adjusted net income versus income from operations and net income attributable to shareholders of Genpact Limited calculated in accordance with GAAP is that non-GAAP adjusted income from operations and adjusted net income excludes costs, namely, stock-based compensation, that are recurring. Stock-based compensation has been and will continue for the foreseeable future to be a significant recurring expense in Genpact’s business. Management compensates for this limitation by providing specific information regarding the GAAP amounts excluded from non-GAAP adjusted income from operations and adjusted net income and evaluating such non-GAAP financial measures with financial measures calculated in accordance with GAAP.
The following tables show the reconciliation of these adjusted financial measures from GAAP for the three months and year ended December 31, 2011 and 2012:
Reconciliation of Adjusted Income from Operations
(Unaudited)
(In thousands)
Year ended December 31, Quarter ended December 31,
----------------------- --------------------------
2011 2012 2011 2012
---- ---- ---- ----
Income from
operations as per
GAAP $216,244 $264,345 $61,928 $70,795
Add: Amortization
of acquired
intangible assets
resulting from
Formation
Accounting 9,354 6,845 2,079 1,592
Add: Amortization
of acquired
intangible assets
relating to
acquisitions 7,865 10,739 2,949 2,791
Add: Stock based
compensation 27,767 32,152 10,055 9,296
Add: Acquisition
related expenses 5,619 298 - -
Add: Other income
(expense) 4,793 1,615 1,781 7,348
Add: Consultancy,
legal and banker and
fees relating to administrative
capital expenses
restructuring
(excluding
expenses related
to the new credit
facility), as
recorded under
selling, general - 3,237 - 39
Add: Consultancy,
legal and banker (expense)
fees relating to
change of
shareholding
(excluding
expenses related
to the new credit
facility), as
recorded under
other income - 17,227 - 10,620
Less: Recovery
from selling facility), as
shareholder of recorded under
consultancy, other income
legal and banker (expense)
fees relating to
change of
shareholding
(excluding
expenses related
to the new credit - (17,000) - (17,000)
Less: Equity-
method investment
activity, net (344) 17 (38) (7)
Less: Net income
attributable to
noncontrolling
interest (6,782) (6,374) (1,611) (1,523)
------ ------ ------ ------
Adjusted income
from operations $264,516 $313,101 $77,143 $83,951
======== ======== ======= =======
Reconciliation of Adjusted Net Income
(Unaudited)
(In thousands, except per share data)
Year ended December 31, Quarter ended December 31,
----------------------- --------------------------
2011 2012 2011 2012
---- ---- ---- ----
Net income as per
GAAP $184,294 $178,216 $61,120 $53,401
Add: Amortization
of acquired
intangible assets
resulting from
Formation
Accounting 9,354 6,845 2,079 1,592
Add: Amortization
of acquired
intangible assets
relating to
acquisitions 7,865 10,739 2,949 2,791
Add: Stock based
compensation 27,767 32,152 10,055 9,296
Add: Acquisition
related expenses 5,619 298 - -
Add: Consultancy,
legal and banker and
fees relating to administrative
capital expenses
restructuring
(excluding
expenses related
to the new credit
facility), as
recorded under
selling, general - 3,237 - 39
Add: Consultancy,
legal and banker (expense)
fees relating to
change of
shareholding
(excluding
expenses related
to the new credit
facility), as
recorded under
other income - 17,227 - 10,620
Less: Recovery
from selling facility), as
shareholder of recorded under
consultancy, other income
legal and banker (expense)
fees relating to
change of
shareholding
(excluding
expenses related
to the new credit - (17,000) - (17,000)
Add: Withholding
taxes relating to restructuring
remittance of
funds between
subsidiaries to
partly fund the
payment of
special cash
dividend in
respect of
capital - 2,300 - -
Less: Tax impact
on amortization
of acquired
intangibles
resulting from
Formation
Accounting (2,250) (1,564) (412) (374)
Less: Tax impact
on amortization
of acquired
intangibles
resulting from
acquisitions (2,674) (3,650) (1,004) (971)
Less: Tax impact
on stock based
compensation (7,800) (8,032) (2,743) (1,028)
Less: Tax impact
on acquisition
related expenses (1,435) (75) (41) -
Less: Tax impact
on consultancy
and legal fees
relating to
capital
restructuring
(excluding
expenses related
to the new credit
facility) - (194) - (12)
--- ---- --- ---
Adjusted net
income $220,740 $220,499 $72,003 $58,354
======== ======== ======= =======
Adjusted diluted
earnings per
share $0.98 $0.96 $0.32 $0.25
SOURCE Genpact Limited
