Business
EXL Reports 2020 First Quarter Results
2020 First Quarter Revenues of $246.0 Million, up 2.7% year-over-yearQ1 Diluted EPS (GAAP) of $0.65, up from $0.42 in Q1 of 2019Q1 Adjusted Diluted EPS
About this update from Exlservice Holdings, Inc.
[{"type":"text","content":"2020 First Quarter Revenues of $246.0 Million, up 2.7% year-over-yearQ1 Diluted EPS (GAAP) of $0.65, up from $0.42 in Q1 of 2019Q1 Adjusted Diluted EPS (Non-GAAP) of $0.81, up from $0.71 in Q1 of 2019\n NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a leading operations management and analytics company, today announced its financial results for the quarter ended March 31, 2020. Rohit Kapoor, Vice Chairman and Chief Executive Officer, said, “We started the first quarter of 2020 on a strong note built upon the momentum we had achieved in 2019. However, in the last two weeks of March, we were affected by the COVID-19 pandemic and we finished the quarter with revenues of $246.0 million, up 2.7% year over year. Adjusted diluted EPS increased to $0.81, a 14.1% increase, despite the sudden impact to our revenues and additional costs of rapidly transitioning our global work force to a new ‘work-from-home’ model. “EXL’s employees have demonstrated ingenuity and creativity and risen to the challenges presented by the COVID-19 pandemic. We acted swiftly, to ensure the health and safety of our employees and partnered with our clients to achieve business resiliency with minimal disruption. As of today, we are able to meet over 95% of our clients’ delivery needs with the ‘work from home’ model on a global basis. “The scale and speed of the disruption caused by COVID-19 has forced every business in the world to take a hard look at their operating business model, reinvent core functions and quickly adjust their cost structures to more closely align with the updated revenue expectations.” As part of this effort, today we announced that the Company’s executive management team had recommended to the Compensation Committee, and the Committee accepted, temporary salary reductions for the Company’s senior leadership. Synchronous with this decision the Company’s non-executive directors have accepted a temporary reduction to their annual cash retainers. These reductions were effective May 1, 2020. Maurizio Nicolelli, Chief Financial Officer, said, “We ended the first quarter of 2020 with a very healthy balance sheet and we feel confident about our liquidity position going forward. On March 23rd, we withdrew our initial 2020 guidance in response to the changed circumstances resulting from COVID-19. Our revenue and p...