Business
TaskUs Announces Fiscal Third Quarter 2022 Results
NEW BRAUNFELS, Texas, Nov. 07, 2022 (GLOBE NEWSWIRE) -- TaskUs, Inc. (Nasdaq: TASK), a leading provider of digital outsourced services focused on serving high
About this update from Taskus, Inc.
[{"type":"text","content":"NEW BRAUNFELS, Texas, Nov. 07, 2022 (GLOBE NEWSWIRE) -- TaskUs, Inc. (Nasdaq: TASK), a leading provider of digital outsourced services focused on serving high growth technology companies, today announced its results for the third quarter ended September 30, 2022. Third quarter total revenues of $232.1 million, representing 15.5% of year-over-year growth.GAAP net income of $5.4 million, GAAP net income margin of 2.3%.Non-GAAP Adjusted Net Income of $35.8 million, non-GAAP Adjusted Net Income margin of 15.4%.GAAP diluted earnings per share of $0.05, non-GAAP Adjusted EPS of $0.35.Adjusted EBITDA of $55.5 million, Adjusted EBITDA margin of 23.9%.Net cash provided by operating activities of $41.5 million, Free Cash Flow of $34.8 million and 62.8% conversion of Adjusted EBITDA.Full year 2022 outlook for revenues increased to between $949 million and $951 million, representing growth of 24.9% at the midpoint, Adjusted EBITDA margin of approximately 23.1%, and Free Cash Flow of approximately $100 million. “We executed well in the third quarter and outperformed on our revenue and Adjusted EBITDA margin guidance. Deal activity accelerated in Q3, driven by both new and existing clients looking to leverage our global delivery footprint to drive cost savings in light of the current macro environment,” said Co-Founder and CEO, Bryce Maddock. “We have also continued to drive efficiency into our own business by improving G&A spending. We delivered strong Adjusted EBITDA margins and Free Cash Flow in the quarter, while continuing to reinvest from the savings that we achieved in order to drive future growth.” Third Quarter 2022 Financial and Frontline Highlights ($ in thousands, except per share amounts)Three months endedSeptember 30, Nine months endedSeptember 30, 2022 2021 % Change 2022 2021 % ChangeService revenue$232,130 $201,053 15.5% $718,269 $533,946 34.5%GAAP net income (loss)$5,365 $11,636 (53.9)% $24,680 $(77,800) (131.7)% GAAP net income margin 2.3% 5.8% 3.4% (14.6)% Non-GAAP Adjusted Net Income$35,805 $32,757 9.3% $109,512 $92,327 18.6% Non-GAAP Adjusted Net Income margin 15.4% 16.3% 15.2% 17.3% GAAP diluted earnings per share$0.05 $0.11 (54.5)% $0.24 $(0.83) (128.9)%Non-GAAP Adjusted EPS$0.35 $0.30 16.7% $1.06 $0.93 14.0%Adjusted EBITDA$55,456 $48,100 15.3% $165,261 $131,756 25.4% Adjusted EBITDA margin 23.9% 23.9% 23.0% 24.7% Net c...