ExlService Holdings (EXLS) Q4 FY2023 earnings: revenue $414 million, up 10.5% on the year

ExlService Holdings, Inc. (EXLS) reported revenue of $414 million for Q4 FY2023, the quarter ended 31 December 2023, up 10.5% on the same quarter a year earlier. Net income was $40 million, up 26.5% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$414 millionup 10.5%

Net income$40 millionup 26.5%

Diluted EPS$0.24

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	414	411	n/a	n/a
Cost of revenue	262	256	n/a	n/a
Gross profit	152	155	n/a	n/a
Gross margin	36.7%	37.7%	n/a
Operating income	54.3	60.2	n/a	n/a
Operating margin	13.1%	14.7%	n/a
Interest expense	3.1	3.4	n/a	n/a
Pre-tax income	56.0	58.0	n/a	n/a
Income tax	15.8	14.2	n/a	n/a
Effective tax rate	28.1%	24.4%	n/a
Net income	40.3	43.9	n/a	n/a
Net margin	9.7%	10.7%	n/a
Diluted EPS	$0.24	$0.26	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	79.0	68.6	n/a	n/a
Capital expenditure	11.7	15.0	n/a	n/a
Free cash flow	67.3	53.6	n/a	n/a
Free cash flow margin	16.3%	13.0%	n/a
Cash from investing	-23.4	-0.4	n/a	n/a
Cash from financing	-40.5	-39.1	n/a	n/a
Depreciation and amortisation	12.2	11.6	n/a	n/a
Share-based compensation	15.5	17.1	n/a	n/a
Buybacks	31.3	29.9	n/a	n/a
Diluted shares, weighted	167m	168m	n/a	n/a
Shares outstanding at period end	165m	165m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	889	856	n/a	n/a
Debt	200	160	n/a	n/a
Operating lease liabilities	58.2	48.4	n/a	n/a
Finance lease liabilities	0.6	0.5	n/a	n/a
Other liabilities	294	337	n/a	n/a
Total liabilities and equity	1,442	1,402	n/a	n/a
Fixed assets	99.6	96.1	n/a	n/a
Goodwill	406	406	n/a	n/a
Intangible assets	50.2	53.3	n/a	n/a
Investments	158	157	n/a	n/a
Cash and equivalents	137	123	n/a	n/a
Receivables	308	303	n/a	n/a
Other assets	283	265	n/a	n/a
Total assets	1,442	1,402	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	411	414	437	448	472	481	501	514	530	543	570	595
Cost of revenue	256	262	273	282	294	298	308	320	326	333	348	369
Gross profit	155	152	163	166	178	183	193	194	204	210	222	226
Gross margin	38%	37%	37%	37%	38%	38%	39%	38%	39%	39%	39%	38%
Operating income	60.2	54.3	61.5	61.4	69.4	71.2	78.4	81.1	76.2	78.0	91.8	87.3
Operating margin	15%	13%	14%	14%	15%	15%	16%	16%	14%	14%	16%	15%
Interest expense	3.4	3.1	3.3	5.3	5.5	5.1	4.1	4.3	4.9	4.3	4.0	5.1
Pre-tax income	58.0	56.0	62.5	59.7	68.5	70.6	80.2	84.7	74.7	75.5	91.4	84.0
Tax rate	24%	28%	22%	23%	23%	28%	17%	22%	22%	20%	27%	23%
Net income	43.9	40.3	48.8	45.8	53.0	50.7	66.6	66.1	58.2	60.2	67.1	64.5
Net margin	11%	10%	11%	10%	11%	11%	13%	13%	11%	11%	12%	11%
Diluted EPS	$0.26	$0.24	$0.29	$0.28	$0.33	$0.31	$0.40	$0.40	$0.36	$0.38	$0.43	$0.42
Operating cash flow	68.6	79.0	-21.9	74.9	110	105	3.2	109	121	117	1.7	87.9
Capital expenditure	15.0	11.7	11.3	12.1	12.9	10.1	12.9	14.4	14.4	10.9	12.9	14.5
Free cash flow	53.6	67.3	-33.1	62.8	97.3	95.3	-9.7	95.0	106	107	-11.2	73.4
Buybacks	29.9	31.3	152	8.4	35.2	12.0	18.0	41.7	159	110	166	20.6
Shares outstanding	165m	165m	162m	162m	161m	162m	163m	162m	159m	156m	153m	152m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001297989-24-000003: the filing on EDGAR. All of ExlService Holdings, Inc.'s filings: EDGAR company page.

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