Business
TaskUs Announces Fiscal Second Quarter 2023 Results
NEW BRAUNFELS, Texas, Aug. 09, 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, Aug. 09, 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 second quarter ended June 30, 2023. Second quarter total revenues of $229.2 million.GAAP net income of $10.1 million, GAAP net income margin of 4.4%.Non-GAAP Adjusted Net Income of $31.8 million, non-GAAP Adjusted Net Income margin of 13.9%.GAAP diluted earnings per share of $0.10, non-GAAP Adjusted EPS of $0.32.Adjusted EBITDA of $54.7 million, Adjusted EBITDA margin of 23.8%.Net cash provided by operating activities of $38.5 million, Free Cash Flow of $28.7 million and 52.6% conversion of Adjusted EBITDA. “While the industry saw challenging market dynamics and a slowdown in client volumes in the second quarter, we continued to make progress on our three-tier growth strategy. We signed several clients in the HealthTech space, began implementing our Generative AI application, TaskGPT, for clients, and expanded with several large, global brands in our nearshore geographies,” said Co-Founder and CEO, Bryce Maddock. “Despite this progress, the continued volatility in the macro environment has impacted client volumes and we have updated our full year outlook to reflect this. We remain confident in our strategy and are investing to drive a return to growth,” concluded Maddock. Second Quarter 2023 Financial and Frontline Highlights ($ in thousands, except per share amounts)Three months endedJune 30, Six months endedJune 30, 2023 2022 % Change 2023 2022 % ChangeService revenue$229,169 $246,459 (7.0)% $464,475 $486,139 (4.5)%GAAP net income$10,132 $7,729 31.1 % $19,641 $19,315 1.7 % GAAP net income margin 4.4% 3.1% 4.2% 4.0% Non-GAAP Adjusted Net Income$31,822 $38,742 (17.9)% $64,333 $73,707 (12.7)% Non-GAAP Adjusted Net Income margin 13.9% 15.7% 13.9% 15.2% GAAP diluted earnings per share$0.10 $0.07 42.9 % $0.20 $0.19 5.3 %Non-GAAP Adjusted EPS$0.32 $0.38 (15.8)% $0.65 $0.71 (8.5)%Adjusted EBITDA$54,653 $55,674 (1.8)% $109,881 $109,805 0.1 % Adjusted EBITDA margin 23.8% 22.6% 23.7% 22.6% Net cash provided by operating activities$38,530 $36,076 6.8 % $82,213 $72,966 12.7 %Free Cash Flow$28,729 $24,489 17.3 % $67,168 $43,609 54.0 % Conversion of Adjusted EBITDA 52.6% 44.0% 61.1% 39.7% Repu...