Q3 2022 Exlservice Holdings Inc Earnings Call

October 27, 2022

The conference will begin shortly to raise your hand during Q&A you can dial star one one.

[music].

Good day and thank you for standing by welcome to the EXL Service Holdings Conference call. At this time all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session.

To ask a question. During this session you will need to press star one one on your telephone you will then hear an automated message advising your hand.

Is raised please be advised that today's conference is being recorded I would now like to hand, the conference over to your Speaker, Steven Barlow Vice President of Investor Relations. Please go ahead.

Thank you Kirk good morning, everyone. Thank you for joining Exl's third quarter in 2000, <unk> third quarter 2020 financial results Conference call I'm, Steve Barlow.

Call today are Rohit Kapoor, our vice Chairman and Chief Executive Officer, and Maurizio Nikolaj <unk>, our Chief Financial Officer.

Hope you've had an opportunity to review our Q3 2022 earnings release, we issued this morning.

We've also updated our investor Factsheet in the Investor Relations section of Exl's website as you know with some of the matters. We'll discuss in this call are forward looking please keep in mind that these forward looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements such risks and uncertainties include but are not limited to.

General economic conditions those factors set forth in today's press release discussing the company's periodic reports and other documents filed with the Securities Exchange Commission from time to time.

<unk> assumes no obligation to update the information presented on this call.

During the call today, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors reconciliation of these measures to GAAP can be found in our press release as well as on the Investor Factsheet.

Now I'll turn the call over to Rohit Kapoor, Exl's, Chief Executive Officer.

Thank you Steve.

Good morning, everyone welcome to our Q3 2022 earnings call.

I hope all of you are doing well.

Following our strong performance in the first half of 2022 I am pleased to report another great quarter in Q3.

Our third quarter revenue was $361 $4 million.

Four 2% from Q2.

And up 24, 5% year over year.

For the quarter adjusted EPS was $1 54 per share, which is up 18, 5% year over year.

Our analytics business continues to drive revenue growth generating a $166 $3 million in revenue for the quarter up three 1% sequentially and 38% year over year.

For the first nine months of 2022.

Analytics business grew 42, 6% year over year.

Analytics now accounts for 46% of our total revenue.

Our digital operations and solutions business also had strong growth.

<unk> at 14, 8% in the third quarter to $195 $1 million on a reported basis.

For the first nine months of 2022 digital operations and solutions revenue increased 13, 8% year on year, which is faster than our expectations.

The third quarter growth in our digital operations and solutions business was due to strong double digit revenue growth in our insurance business, which grew 18, 6% year over year and our <unk>.

<unk> business, which generated year over year growth of 25, 9%.

In the current macroeconomic environment, our clients are facing heightened volatility and uncertainty.

And they are looking to streamline operations and reduce costs and improve end customer experience.

In this environment, our business model has become even more relevant and strategically important for our clients.

We have all the tools necessary to drive this transformation.

Harnessing data, we are helping our clients make better business decisions.

<unk> intelligence in the workflow.

Streamline operations.

We are doing this with tremendous speed.

Create an immediate impact both in terms of cost containment and improved customer experience.

I would like to share a few examples of recent client engagements.

To illustrate how we are rapidly scaling solutions to help our clients reduce costs and improve customer engagement.

We recently developed a powerful solution with a major UK based utility that completely transform their customer service engagement.

By analyzing unstructured customer interaction data, we were able to immediately identified disconnects between the back office and the front office that we're driving operational inefficiencies and creating a poor user experience.

Our data led approach to finding and closing those gaps resulted in reducing the number of manual handoffs and eliminated error prone processes, that's what causing the problems.

We also introduced our conversational AI solution that.

Customer service processing times, and created a more seamless and engaging user experience.

In another example, we have been collaborating with a large U S based multi line insurance carrier to expand its life insurance distribution network.

By capturing a wide range of traditional and non traditional data sets, we've been able to create a true 360 degree view of the customer journey.

This detailed customer view is venues to optimize cross sell and upsell opportunities matching the right agent with the right customer at the right time.

The end result is a more targeted efficient sales channel.

Offer more personalized policies to customers.

We have also launched a new risk decisioning decisioning engagement with a major multinational bank.

This is a new key logo for us.

<unk> leverages, our robust risk modeling capabilities.

Deep operational expertise and the banking industry.

The goal of this initiative is to develop advanced credit risk strategy that supports smarter decisions for unsecured lending products.

Here again, we are deploying our data led strategy to streamline operations on the credit Decisioning side.

Improving customer experience in the form of real time lending approvals.

This combination has become incredibly valuable in the current market environment.

Now I would like to talk about our talent and employee engagement.

We continue to expand our talent base to stay ahead of growing demand, particularly in the areas of analytics and digital.

Year to date, we have added 5700 employees to our workforce.

That's more than we added in the entire year of 2021.

Much of that talent acquisition has been focused on complex and in demand capabilities, such as data engineering data science AI and cloud.

In light of our data led business strategy, we acquired talent that excels at the intersection of data and domain.

We have also been successful in building a strong internal talent base through a well planned strategy of digitally driven learning and development.

Employee engagement with our on demand learning platforms is very high.

Approximately 71% of our employee population has regular engagement with our learning platform.

About 2800 employees have earned new certifications on the learning platform in the third quarter alone.

We continue to invest heavily in creating the resources, our employees need to thrive and grow at EXL EMS professionals.

Our company wide employee attrition rate has now stabilized to a pre pandemic levels.

Our employee retention rate in analytics has consistently been encouraging in a high demand balanced market environment.

We therefore believe EXL continues to remain an attractive destination for quality talent.

Our pipeline of opportunities is strong with numerous large deals with strategic clients in analytics and digital operations and solutions.

We have also added 40, new logos year to date across all business lines.

Going forward I remain optimistic about our continued growth prospects.

Before I turn the call over to <unk> I wanted to remind you that we are hosting an in person investor and analyst day on the morning of November 16th at $3 90 Park Avenue.

We look forward to sharing our updated strategic vision for growth with you.

With that I'll handle the call tumor itself.

Thank you Robert and thanks, everyone for joining us. This morning, I will provide insights into our financial performance for the third quarter and the first nine months of 2022, followed by our revised outlook for 2022.

We had a solid third quarter with revenue of $361 4 million up 24, 5% year over year on a reported basis on a constant currency basis revenue was up 26, 4% and four 8% sequentially.

Adjusted EPS was $1 54 up 18, 5%.

All revenue growth numbers mentioned hereafter are on an organic constant currency basis.

Revenue from our digital operations and solutions businesses as defined by three reportable segments. Excluding analytics was $195 1 million up 17, 2% year over year sequentially from the second quarter revenue was up six.

1%.

Insurance generated revenue of $116 2 million up 23% year over year, driven by expansion in existing client relationships in life, and annuities property and casualty and new client wins in 2021 and 2010.

Turning to the.

The insurance vertical consisting of both our digital operations and solutions and analytics businesses grew 16, 6% year over year.

Emerging reported revenue of $56 1 million up 31, 1% year over year. This growth was driven by higher volumes and travel and transportation and new client wins in 2021 and 2022.

The emerging vertical consisting of both our digital operations and solutions and analytics businesses grew 38, 3% year over year.

Healthcare reported revenue of $22 8 million down 16, 4% year over year, driven by lower volumes in our clinical services business the.

The health care vertical consisting of our digital operations and solutions and analytics businesses grew nine 3% year over year.

Analytics generated revenue of $166 3 million up 29% year over year on a constant currency basis.

Clairvoyant contributed $12 5 million of revenue in the third quarter.

Including <unk> analytics grew 39, 4% year over year growth.

In the third quarter was driven by new client wins in 2021, and 2022 and increased volumes in banking and financial services and payment integrity.

Sequentially from the second quarter of 2022 analytics grew three 5% demonstrating strong demand across our analytics services.

Our SG&A expenses decreased by 150 basis points year over year to 18, 4% driven primarily by operating leverage.

Our adjusted operating margin for the quarter was 18, 5% down 90 basis points year over year, driven by investments in the ramp up of new client wins and higher operating expenses as we return to the office.

Our effective tax rate for the quarter was 24% up 70 basis points year over year. This increase was due to higher taxes in certain jurisdictions driven by change in profit mix offset by higher tax credits.

Our adjusted EPS for the quarter was $1 54 up 18, 5% year over year on a reported basis.

Turning to our nine month performance now our revenue for the period was 1.04 billion up 26, 8% year over year on a constant currency basis and up 22, 7%.

Organic constant currency basis.

Growth was driven by analytics and merging and insurance.

In line with our expectations adjusted operating margin for the first nine months was 18, 4% down 80 basis points year over year, driven by investments needed for the ramp up of new client wins.

Digital capabilities and higher operating expenses as we return to the office.

Adjusted EPS for the period was $4 46 up 23, 2% year over year on a reported basis.

Our balance sheet remains strong our cash, including short and long term investments on September 30 was $294 million and our revolver debt was $270 million for a net cash position of $24 million.

In the first nine months of the year, we generated cash flow from operations of $101 million compared to $114 million in the same period last year due to higher variable compensation and higher cash taxes.

During the first nine months, we spent 32 million on capital expenditures and repurchased $69 million of our dollars of our shares at an average cost of $136.

Based on the strong performance in the first nine months of the year and our current outlook for the fourth quarter, we are increasing our guidance for 2022.

Our revised 2022 guidance is as follows.

Revenue is expected to be in the range of $1 39 billion to $1 4 billion. This represents year over year growth of 24% to 25% on a reported basis and 21% to 22%.

Organic constant currency basis.

This is an increase of $35 million at the midpoint, which includes a foreign exchange headwind of $6 million from the previous guidance of 135 billion to $1 37 billion.

We expect a foreign exchange gain between five and $6 million.

Net interest expense between one and $2 million and our effective tax rate to be in the range of 23% to 25%.

Based on the above we expect our adjusted EPS to be in the range of $5 85 to $5 95.

Up 21% to 23%.

We expect capital expenditures to be in the range of 37 million to $42 million.

As interest rates continue to rise, we will allocate free cash flows to both buyback and repayment of debt.

As Rohit mentioned, we believe the demand for our services and our verticals of analytics and digital operations and solutions will become even more relevant and strategic in the current environment.

<unk> pressures remain a concern. However, we believe we have the tools to manage costs without sacrificing our culture.

Our commitments to our customers and stockholders.

And I will now be happy to take your questions.

Thank you at this time, we will conduct the question and answer session. As a reminder to ask a question you will need to press star one one on your telephone and wait for your name to be announced please stand by while we can.

While the Q&A roster.

Our first question comes from Brandon Bergen from Cowen. Your line is now open.

Hi, guys. Good morning, Thank you.

Wanted to start on demand any updated color you can give there just around client decision, making any material changes really in tone versus 90 days ago as the composition of the pipeline change too.

Macro uncertainty and you can just within all of this touch on your in your non U S client conversations that would be helpful too.

Sure Brian .

So the demand environment for our services continues to remain strong it is strong for our digital operations and solutions business as well as its strong for our data analytics business.

We see that demand being strong across a cross section of clients across industry verticals that we operate in.

The pipeline for us is actually.

Very robust and very healthy we.

We do see larger deals in the pipeline.

While there have been some deals where decision making has been pushed off we're also seeing bands where decision making is actually being accelerated.

And clients are making their plans for 2023 and want to get ahead of that.

This is <unk>.

Probably the most well advertise recessionary environment that we've ever seen.

And therefore, it feels like everybody is planned for it in.

In adequate measure.

Non U S pipeline and non U S client activity continues to be also remained very healthy we're seeing good traction in terms of our clients and prospects in the UK and Australia and New Zealand in the APAC region.

And really can't point to any.

<unk>.

Areas, where there might be concerns.

We are looking very closely at the marketing analytics spend.

And Thats one area that we were very cautious about.

And we.

I have been pleasantly surprised that the depth of that change is actually not that strong at present.

We continue to remain watchful, we continue to kind of monitor the situation as we go along very very closely but so far we haven't really seen anything that causes us concern.

Yes.

Okay, that's good to hear.

Shifting to margin then can you give us the latest thoughts on adjusted operating margin potential as you move through <unk> and potentially longer term and just on the Opex side.

Understanding you may not return to the same expense base that you were at pre pandemic.

Think about a new normal and expenses going forward in a more hybrid world, where do you stand roughly today relative to that future expense base as it relates to the return to office and travel and facility expenses I'm just trying to understand how many how much more headwind you may have to work against going forward.

Sure Brian This is maurizio so when we started out the year, we talked about.

Adjusted operating margin be in the low 80% range for the calendar year.

And Thats, where we have ended up we have been.

We ended Q3 with an 18, 5% adjusted operating margin for year to date, it's 18, 4%. So we're right in line slightly above where we talked about our baseline for 2022 would be and Thats also incorporated in our guidance for the rest of the year.

Going forward, we continue to bring employees back to the office. We do have just globally about a third of our employees back to the office, but we do talk about hybrid model being a third of our employees being working from home a third being hybrid third working working from home and so essentially a breakout.

A third between the three buckets, we still have incremental expense.

From a good portion of our employees coming back to the office.

But we do see as a baseline low 18% range as our margin for 2022 and a good starting point for 2023.

Okay. Thank you.

Thank you so much we're queuing up our next question here now.

And.

We have our next question.

Available now.

Please.

Please welcome.

So net John from J P. Morgan, who will ask the next question. Your line is now open.

Yes, Hey.

Thanks for taking my question and great quarter.

And it was good to see large deals in the pipeline some of which could be moving at a faster pace.

Are there any common areas of client needs, where you are seeing acceleration in decision, making in the current environment.

Thanks Anthony.

So we are seeing larger deals in the pipeline, we're seeing more integrated deals in the pipeline as well and by integrated I mean deals that involve a lot more digital automation and analytics being simultaneously being embedded into our digital operations.

Okay.

The area, where we are seeing.

More strength.

In terms of the pipeline and the demand is certainly around our insurance business.

There's not a lot of.

Legacy work out there that needs to be modernized that has a lot of change in the business model that needs to happen with the insurance carriers.

They seem to be.

Moving on that pathway pretty rapidly.

And so we're seeing good traction in that space.

We're also seeing good traction in our emerging business vertical.

Which is across traditional industries like utilities travel transportation and logistics.

And again, the use of automation and the use of digital to improve customer experience and to reduce costs.

That's where we're seeing most of the activity so frankly.

And you're seeing this in our digital operations and solutions segment growth rate, which has gone up much higher than what our expectations were at the beginning of the year.

And we think that that's a strong stable trend that is likely to continue.

Got it got it and then.

Your Q4 guidance on.

Implied Q4 guidance suggests sequential decline in revenue.

Related to macro weakness.

That could.

Have impact on analytics and marketing analytics side of the business.

Is there any specific client maybe healthcare operations must win or where do you expect some sort of sequential decline.

Alright.

Hi, Puneet.

You look at our guidance for the rest of the year in Q4.

It's at the higher end of the range, it's fairly flat with Q3.

And so that.

In our guidance is a little bit of just uncertainty in the market for the rest of the year.

When we come out with guidance, we have to look at just our own internal pipeline, but also look at just the overall uncertainty in the market.

The midpoint of the guidance still puts you right around 20% organic growth rate on a year over year basis.

Higher and put you at a little bit higher than that so there is a level of conservatism.

Our guidance just because of the uncertainty.

In this overall market that we operate in today.

Thank you.

Thank you very much for your question.

We are now compiling our next question here.

And our next question comes from Moshe <unk> with Wedbush Wedbush Securities. Please go ahead.

Hey, Thanks for taking my question, let me add my congrats on a very strong numbers. So just big picture kind of question.

From your perspective can you talk a bit about how you feel about the business in terms of the resiliency of the.

Business model, especially as we're approaching the slowdown and maybe you can compare that to.

The <unk> <unk> timeframe.

Talk a bit about the end markets. The customers you talk to the decision makers et cetera, what can.

Sameer perspective, how do you how do you feel versus where we were at during the lifecycle in terms of the downturn.

Sure. Thanks.

Look I think the way in which we have positioned our business, which is entirely a data led strategy.

The ability to create value for our clients leveraging data.

Actually works really well and a healthy economic environment and it works.

Very well in a difficult.

Economic environment as well.

At this point of time, we are seeing our clients actually continue to make investments in analytics continue to make investments in terms of leveraging data and continuing to make investments in terms of automation and streamlining that operations and thats exactly where we help our clients and Thats why we.

Think we've become much much more strategic partner to them.

We do think that our business model is going to be resilient.

It's very different as compared to the <unk> timeframe, where there was a dramatic impact for the financial services industry.

And we are just not seeing that at this point of time right now that certainly there are pockets, where the demand has gone down. So for example, mortgage certainly has gone down quite significantly investment banking fees have suddenly gone down quite significantly, but those are not the area.

As Ware EXL plays and we don't have much exposure to those areas. So frankly, we feel very good about our portfolio. We feel very good about the business model and the framework that we have our data led value creation framework that allows us to actually go through the cycle.

I think in a pretty streamlined model.

And just as a follow up some of your peers clearly seem to be kind of getting ready for that slowdown I guess, they're kind of.

Maybe pausing some offers that they've had.

For new recruits et cetera.

Whats Exl's kind of strategy here in terms of getting ready for that pause it may be a slowdown.

So I think.

That we have is we don't want to miss out on the demand environment and right now frankly, we still have a challenge in terms of the supply side. So we've got everything kicking into high gear on the supply side, but at the same time, we are extremely disciplined and watchful.

Any sign of a slowdown that might take place and so we are well prepared to be able to act on it. The good thing about our business model is that almost 70% to 75% of our cost structure as a variable cost structure, so our ability to manage that.

At short notice and with short.

Cycles is actually very good. So we think we can manage that quite well.

But at this point of time, we are still continuing to add talent to be able to meet the demand requirements of our clients.

Thanks very helpful.

Thank you for your question Moshe and we are compiling for next person here.

And our next speaker is.

Maggie Nolan with William Blair and your lives go ahead.

Hi, everyone. This is Kate Crum shine on from Maggie Nolan.

On a great quarter.

My first question is how much of our growth and digital operations.

More of a function of the client.

Marc Rowan and Chongqing.

<unk>.

Pending pipeline size.

And kind of a follow up on that how sustainable do you see them follow up growth moving forward.

Yeah, Hi, Kate.

For us.

The growth that we've seen so far in our digital operations and solutions business.

Is largely on account of growth that we get from our existing clients or existing clients expanding the amount of work that they do with us.

And the new clients that we signed up in 2021 and the early part of 2022.

So it doesn't really factor in the new economic environment, so much into it because as you know and in digital operations and solutions. The lead time for us to win a client and onboard a new client is fairly lengthy and it takes us six to 12 months to be able to implement and execute that.

So some of the conversations that we're having now.

Those are the ones, where we are saying they are larger deals and these deals are focused on the dual mandate of cost containment and improving and customer experience and I think some of that will play out over the next couple of quarters.

Okay great.

And then just one last question.

Health care, Matt what do you expect that the growth driver.

Moving forward, what can be confident that it will return to sequential core outlets with.

Sure so on the healthcare the way in which we think about that business, which represents about 20% of our overall revenues.

<unk>.

Is an integrated business, which has a health care analytics, it's Scott clinical services and it's got our payment integrity business out there and when we take a look at our integrated health care business, that's actually still growing very nicely at about nine 3%.

Sure.

We have had.

Our clients that was transitioning which we've mentioned previously so some of that will always take place in and that can happen in any industry vertical it's not just limited to health care.

And we've seen that happen to other industry verticals as well what we feel good about is the healthcare opportunity for US is very large the use of data automation and technology and healthcare.

It is still lagging behind banking and financial services and in fact, even lags behind other industry vertical. So frankly, the opportunity set out here is tremendous and therefore, we are continuing to invest in this area and we think there is a tremendous amount of value that we can create for our clients leveraging data in health care.

And we hope to be able to position ourselves for that growth and that value addition.

Great. Thank you very much.

Thank you for your question.

And we're setting up our.

Next question.

And this person is Vince in Chile.

<unk> from Barrington Research. Please go ahead Sir.

Yes, it's really a question on your <unk>.

Top three and top five client concentration declined sequentially.

Due to your health care client or is there something else going on there.

Great Vincent.

No there's nothing going on out there I think our portfolio as we grow certainly broadening out and.

Expanding we still are in Ohio.

Great relationships and great opportunity to continue to grow our top five clients and we it's just a matter of timing and it's just a matter of when that gets spent but nothing unusual going on out there right now.

And.

Is there any new developments.

What's your new economy clients currently versus 90 days ago.

For us in terms of new economy clients still represents a very small fraction of our overall portfolio. So again, we are not.

Heavily exposed out there and also the work that we do with our clients out there is largely around finance and accounting and some of the shared services work, which.

It's very stable and.

Haven't really seen any.

Change as such.

So not.

Nothing that causes us concern.

With that part of the business.

And we're going to our last question now.

Vince It was cut off there I don't know if we lost the connection or not if you'd like to if you could come back on by pressing.

To come back on and ask another question.

Our next question currently.

As Robbie Bamberger.

And Ravi is with Robert Blared and.

Baird and you are online thank you.

Yes, Thanks for taking my question it looks like clairvoyant.

$1 $5 million this quarter.

<unk> been running at $10 million to $11 million before you.

Can you maybe talk about how this acquisition is performing to your expectations and it seems like it's outperformed given your initial run rate and then any other M&A that youre looking at now.

Sure sure Rob so prevalent via acquisition has gone.

<unk>.

It's gone very well as planned.

From what we had talked about early in the calendar year.

If you look at the integration of clairvoyant, we've done a very good job on the operations side in terms of integrating it with the rest of our analytics groups group, but also even more importantly, we have done very well in cross selling their capabilities, which was really important to us strategically when we made the acquisition we call.

About.

Revenue from <unk>, adding between $40 and $45 million to our overall revenue for 2022.

That's coming in very nicely obviously.

The first three quarters it came in at $34 million.

With Q4, it should be well in the middle to the higher end of that range. So we feel very good about the integration the cross sell.

Clairvoyant.

With the rest of our <unk>.

Analytics sales team and then also the performance in terms of revenue and also adding adding just.

In materially, but overall to the bottom line.

Yes that makes sense and then in terms of U K it looked like.

Nice.

Sequential year over year growth, there anything, causing that acceleration there and are you expecting that to continue.

Sure.

We won some strategic.

Clients in the UK and we continue to see good traction.

Our portfolio of that so all of those clients that we've won as well as the expansion with some of our clients in the utility business.

Is giving us.

Nice growth in our emerging segment.

And we think.

The pipeline there is healthy the dialogue that we have with our clients there is quite good and so.

<unk>.

That trend to continue.

Great. Thanks.

Thank you very much Robbie that was our last question if anybody to remind you if anybody else would like to.

Pose a question. Please press star one one on your telephone.

And we're going to look and compile and see if anyone else needs any wants to reply.

And I don't see any more questions. So thank you for your participation in today's conference. This does conclude the program and you may now disconnect.

The conference will begin shortly to raise your hand during Q&A you can dial one one.

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Q3 2022 Exlservice Holdings Inc Earnings Call

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