$EXLS
ExlService Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514284765 Filed on July 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $119.7M $116.0M
YoY Change 3.22% 7.38%
Cost Of Revenue $81.30M $73.93M
YoY Change 9.97% 11.94%
Gross Profit $38.48M $42.08M
YoY Change -8.55% 0.22%
Gross Profit Margin 32.14% 36.27%
Selling, General & Admin $25.70M $22.89M
YoY Change 12.29% 6.2%
% of Gross Profit 66.8% 54.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.679M $6.362M
YoY Change 4.98% 5.33%
% of Gross Profit 17.36% 15.12%
Operating Expenses $32.38M $29.25M
YoY Change 10.7% 6.01%
Operating Profit $6.097M $12.83M
YoY Change -52.47% -10.88%
Interest Expense $75.00K $0.00
YoY Change -100.0%
% of Operating Profit 1.23% 0.0%
Other Income/Expense, Net $721.0K $24.00K
YoY Change 2904.17% -93.46%
Pretax Income $6.818M $12.85M
YoY Change -46.95% 1.35%
Income Tax -$944.0K $3.615M
% Of Pretax Income -13.85% 28.13%
Net Earnings $7.762M $9.236M
YoY Change -15.96% 2.01%
Net Earnings / Revenue 6.48% 7.96%
Basic Earnings Per Share $0.24 $0.28
Diluted Earnings Per Share $0.23 $0.27
COMMON SHARES
Basic Shares Outstanding 32.81M shares 32.78M shares
Diluted Shares Outstanding 33.67M shares 33.90M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $168.5M $120.2M
YoY Change 40.18% 19.01%
Cash & Equivalents $160.9M $114.6M
Short-Term Investments $7.600M $5.600M
Other Short-Term Assets $11.22M $7.763M
YoY Change 44.57% -63.55%
Inventory
Prepaid Expenses $5.564M $4.594M
Receivables $73.72M $76.21M
Other Receivables $0.00 $0.00
Total Short-Term Assets $272.9M $217.1M
YoY Change 25.7% 17.97%
LONG-TERM ASSETS
Property, Plant & Equipment $45.98M $35.66M
YoY Change 28.95% -13.67%
Goodwill $108.1M $108.7M
YoY Change -0.56%
Intangibles $31.15M $37.28M
YoY Change -16.46%
Long-Term Investments
YoY Change
Other Assets $23.82M $18.63M
YoY Change 27.88% -51.24%
Total Long-Term Assets $221.4M $219.3M
YoY Change 0.98% 7.32%
TOTAL ASSETS
Total Short-Term Assets $272.9M $217.1M
Total Long-Term Assets $221.4M $219.3M
Total Assets $494.3M $436.3M
YoY Change 13.28% 12.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.294M $2.174M
YoY Change 97.52% -9.42%
Accrued Expenses $29.72M $32.41M
YoY Change -8.29% -11.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.500M
YoY Change -26.67% -11.76%
Total Short-Term Liabilities $69.62M $65.26M
YoY Change 6.68% 6.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $2.000M
YoY Change -50.0% -39.39%
Other Long-Term Liabilities $2.811M $856.0K
YoY Change 228.39% -95.96%
Total Long-Term Liabilities $14.39M $16.14M
YoY Change -10.85% -34.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.62M $65.26M
Total Long-Term Liabilities $14.39M $16.14M
Total Liabilities $84.98M $83.36M
YoY Change 1.94% -2.61%
SHAREHOLDERS EQUITY
Retained Earnings $255.9M $207.9M
YoY Change 23.09%
Common Stock $223.5M $33.00K
YoY Change 677206.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.10M $3.413M
YoY Change 635.45%
Treasury Stock Shares 1.188M shares 349.3K shares
Shareholders Equity $409.3M $352.9M
YoY Change
Total Liabilities & Shareholders Equity $494.3M $436.3M
YoY Change 13.28% 12.37%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $7.762M $9.236M
YoY Change -15.96% 2.01%
Depreciation, Depletion And Amortization $6.679M $6.362M
YoY Change 4.98% 5.33%
Cash From Operating Activities $22.80M $18.80M
YoY Change 21.28% 24.5%
INVESTING ACTIVITIES
Capital Expenditures -$5.900M -$3.700M
YoY Change 59.46% -5.13%
Acquisitions
YoY Change
Other Investing Activities -$400.0K $100.0K
YoY Change -500.0% 0.0%
Cash From Investing Activities -$6.300M -$3.500M
YoY Change 80.0% -7.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 900.0K 700.0K
YoY Change 28.57% -81.58%
NET CHANGE
Cash From Operating Activities 22.80M 18.80M
Cash From Investing Activities -6.300M -3.500M
Cash From Financing Activities 900.0K 700.0K
Net Change In Cash 17.40M 16.00M
YoY Change 8.75% 5.96%
FREE CASH FLOW
Cash From Operating Activities $22.80M $18.80M
Capital Expenditures -$5.900M -$3.700M
Free Cash Flow $28.70M $22.50M
YoY Change 27.56% 18.42%

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dei Trading Symbol
TradingSymbol
EXLS
dei Entity Registrant Name
EntityRegistrantName
ExlService Holdings, Inc.
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
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0001297989
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
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Q2
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the unaudited consolidated financial statements in conformity with US&#xA0;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management&#x2019;s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the financial statements include, but are not limited to, allowance for doubtful receivables, service tax receivables, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimates to complete the fixed price contracts.</p> </div>
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WeightedAverageNumberOfSharesOutstandingBasic
32812155 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
179450 shares
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-137000
CY2014Q2 us-gaap Gross Profit
GrossProfit
38479000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
11496000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6818000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
485000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
7000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
858000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1964000
CY2014Q2 us-gaap Gain Loss On Discontinuation Of Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net
GainLossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurringNet
0
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6097000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
119738000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
24000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
721000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
7762000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3734000
CY2014Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
44000
CY2014Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
342000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-26000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16240000
CY2014Q2 us-gaap Cost Of Services Excluding Depreciation Depletion And Amortization
CostOfServicesExcludingDepreciationDepletionAndAmortization
81259000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1720000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
578000
CY2014Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
460000
CY2014Q2 us-gaap Income Tax Examination Interest Expense
IncomeTaxExaminationInterestExpense
55000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9463000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4775000
CY2014Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1463000
CY2014Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
121000
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6679000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1489000
CY2014Q2 us-gaap Depreciation
Depreciation
5190000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1967000
CY2014Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
350000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
32382000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-944000
CY2014Q2 exls Defined Benefit Plan Actuarial Gain Loss Included In Net Gratuity Cost
DefinedBenefitPlanActuarialGainLossIncludedInNetGratuityCost
-33000

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