Business
TaskUs Announces Fiscal First Quarter 2023 Results and Expansion to Share Repurchase Plan
NEW BRAUNFELS, Texas, May 08, 2023 (GLOBE NEWSWIRE) -- TaskUs, Inc. (Nasdaq: TASK), a leading provider of outsourced digital services and next-generation
About this update from Taskus, Inc.
[{"type":"text","content":"NEW BRAUNFELS, Texas, May 08, 2023 (GLOBE NEWSWIRE) -- TaskUs, Inc. (Nasdaq: TASK), a leading provider of outsourced digital services and next-generation customer experience to the world’s most innovative companies, today announced its results for the first quarter ended March 31, 2023. First quarter total revenues of $235.3 million.GAAP net income of $9.5 million, GAAP net income margin of 4.0%.Non-GAAP Adjusted Net Income of $32.5 million, non-GAAP Adjusted Net Income margin of 13.8%.GAAP diluted earnings per share of $0.09, non-GAAP Adjusted EPS of $0.32.Adjusted EBITDA of $55.2 million, Adjusted EBITDA margin of 23.5%.Net cash provided by operating activities of $43.7 million, Free Cash Flow of $38.4 million and 69.6% conversion of Adjusted EBITDA. “In the first quarter, we outperformed our guidance, with clients continuing to leverage our offshore delivery model to drive savings. As a result of our industry expertise and specialized service offerings, we captured share in dynamic, growing markets such as Generative AI and HealthTech,” said Co-Founder and CEO, Bryce Maddock. “Despite our strong first quarter performance, we see continued volatility in the macro environment and have updated our full year outlook to reflect this. We have taken action to drive efficiencies into our business, resulting in strong Adjusted EBITDA margins and Free Cash Flow in the quarter and the confidence to raise our Adjusted EBITDA margin outlook for the full year,” concluded Maddock. First Quarter 2023 Financial and Frontline Highlights ($ in thousands, except per share amounts)Three months endedMarch 31, 2023 2022 % ChangeService revenue$235,306 $239,680 (1.8)%GAAP net income$9,509 $11,586 (17.9)% GAAP net income margin 4.0% 4.8% Non-GAAP Adjusted Net Income$32,511 $34,965 (7.0)% Non-GAAP Adjusted Net Income margin 13.8% 14.6% GAAP diluted earnings per share$0.09 $0.11 (18.2)%Non-GAAP Adjusted EPS$0.32 $0.34 (5.9)%Adjusted EBITDA$55,228 $54,131 2.0 % Adjusted EBITDA margin 23.5% 22.6% Net cash provided by operating activities$43,683 $36,890 18.4 %Free Cash Flow$38,439 $19,120 101.0 % Conversion of Adjusted EBITDA 69.6% 35.3% Repurchased 0.4 million shares in the first quarter ended March 31, 2023.Ended the quarter with 47,700 teammates.TaskUs Glassdoor score as of March 31, 2023 was 4.5.Net Debt to Adjusted EBITDA Leverage ratio was 0.4 times...