WNS Holdings Limited (WNS) 15 Jul 212022 Q1 Earnings call transcript

Good morning, and welcome to the WNS Holdings Fiscal 2022 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, we will conduct a question and answer session and instructions for how to ask a question will follow at that time.

As a reminder, this call is being recorded for replay purposes.

Now I would like to turn the call over to David Mackey, WNS' Executive Vice President of Finance and Head of Investor Relations. David?

Sanjay to today XXXX have XXXX. the release on Keshav WNS' www.wns.com. welcome call. for quarter financial WNS' detailing was XX, and Today's COO, Murugesh; ended me our With the CFO, our you, our focus the A results first fiscal earnings on remarks fiscal CEO, Gautam today. Thank Barai. and press Puria; call, section first of June is also This will results Relations release our the quarter earlier available issued Investor website at on I

statements. document actual that expressed Some and to of known and company available forward-looking those the today's be factors differ matters website. that materially are keep or statements will risks unknown but not Please company's risks such the are in is This in these by implied results Form mind limited call cause Such forward-looking. and are those to XX-F. also on set uncertainties to, subject include, discussed uncertainties the could from on forth that

will found certain release earlier During financial management of today. to non-GAAP we can for investors. reference useful press call, non-GAAP Reconciliations these which, financial measures results GAAP believe, in today's the provide be measures, information issued

amortization management adjusted used margin Keshav? assets, operating to WNS' call would taxes. intangible These Some net to follows: of operating compensation, measures CEO, is the as amortization adjusted throughout goodwill payments; intangible be of repair share-based the associated and impairment defined as over non-GAAP Keshav goodwill and excluding profit ANI, will defined will I excluding turn all Murugesh. as are now the margin, call. defined defined discuss income, of less is or financial share-based like terms Net revenue assets, impairment; revenue as compensation is

Net XX.X% representing company XX of accelerated or Sequentially, added a revenue post COVID and company increase net and X support revenue year-over-year some the logos results. volume XX.X% with million, wins during for relationships. X.X% existing this $XXX.X both expanded and first clients by continued Hiring and new new X% WNS adding in employees came existing quarter. in reported and well almost constant million Thank increases WNS the perform this the with a and X,XXX increased of on Despite committed you, everyone. QX a morning, details repurchased margins operating basis margin financial his performance solid million related adjusted reported constant quarter at currency. to David, despite renewed challenges basis of on good our In financial quarter, we currency. and remarks. past shares. fiscal quarter, pressure on strong posted provide in prepared will also X.X COVID-related first further XX.X% Sanjay $X

I a past our business. wanted in quarter, pandemic update associated some Given the of the brief provide volatility with you the on related to impacts to

from successfully additional resulted decline XXX,XXX XX% personal This while headcount to tested hospital revenue. recent sudden XX%, As and surge quarter a that support sequential in further the operating proactive from and at first the business well million year and employee being purchasing spike dropping continuity vaccination additional procuring benefits approach manage XXX,XXX our Case vaccinations office families surge announce or over to managing a in to percentage of structurally stable in-office quarter to from XX%, last per home. levels last we in India to and lockdowns of for oxygen loss a remained being oxygen Hospital productivity $X to our also month, India. costs global proud our stemming India material illness. increasing work in-office country in over the client day globe. reducing X%. I Service seeing In family with there their the last below and case or in headcount, back employees note, day. May, WNS were WNS concentrators, and availability no or and to began in recoveries delivery per hiring actions experienced from resources India beds, enabled in By These in India and delivering response the responded are and validated are and peaked quarter WNS counts not was in expected, restrictions our across of employees' economic massive shortages transition government-imposed cases. our increased levels company stress positive infrastructure cases mid-June, the by resilient. had rapid consistent model COVID-XX largely hybrid early were On leading as this safety, counts adverse fatalities. rates, and and our dropped dramatically operations am work eased. at to more below health and that restored impacts infection lockdown

over to doses administered we have expand are we far, vaccinations network. working X,XXX delivery global our across So and

We are WNS. business programs to also of employees our and clients, these planning to available affiliates make

vertical, is with sector. quickly has clients the understand their and The resources of a requirements, online U.S. WNS online to the meaningful are we closely in struggled possible. recovery, case we and bring aggressively market, working the and declining are our -- India extended lifting with changing counts surprise. benefited training where travel however, support domestic improvement by QX caught the While the number the U.S. of in them specifically, and vertical of progress restrictions. and to leisure economy additional increased COVID surge, timing seeing to is the as hiring as to travel magnitude the more This from travel levels

about increased quarter the U.S. begin to improve corporate to also international report, our commitments and highlights which plans. ongoing X you speaking in rebound associated minutes cycles efforts towards and and integrating domestic and remains wanted There WNS' ESG as measuring further into continues the developing, to reflects strategic company's and activities for guidance fiscal when beyond. also goals May, released revised In long-term I today travel WNS. the to sustainability revenue spend volume fulfillment travel Our forward first-ever XXXX business sustainability at to a going recover. we opportunity segments few

help that the are our KPMG, ESG we elements most of primary importance critical materiality to our of are that business to the a of success understand those comprehensive assessment performed stakeholders. better With WNS' to and

report in security, excess WNS our has to significant expected digitization our impacts WNS. clients success also and company's for and communities. the protection employees' In programs. the financial resources safety Many and data prioritizing economic an safety employee the COVID factors From protecting beginning such shifting enhancing programs benefit models, and social health compliance, and well-being highlighted responsibility and including health, implemented proactive innovation headcount sustainability this have, carrying fact, ensure change, talent and been vital through as of our initiating in-office stability diversity, programs, Efforts, addition education with extended the safety by survey focus to as their the of of and protocols focus perspective, ethics areas vaccination to and global people, to staff. management, private corporate areas pandemic, managing identified the commitment in ESG of key to important work-from-home

our new rapidly innovating, and to clients, co-creating requirements by WNS by to innovating, their operations. rapidly implementing solutions maintain For support was work-from-home immediate able mission-critical

ranking the our strike million necessary proper existing as longer-term employees, the WNS to and globe digitization has pleased over communities. to our clients, beginning to in in in services has business supporting also $X.X pandemic. virtual of investments to respect the believe our the revenue made by COVID-related In company we With processes XX and efforts that shifted and of and and margin transformation ESG short, shareholders meet company in the since live driving their received among We business as are the Recently, requirements continuing by make able been the assessment helping market. I'm pressure. WNS gaining of are balance in in strategic contributions Cowen’s the our sustainability the relief despite XXXX across to the recognition our peers. to I communities which work, has see also Cares increased initiatives COVID well #X efforts

We learning awards Index, received have CSR the energy conservation and favorable also XXXX and been Bloomberg our programs, in international and development achieved scoring included and for initiatives. Gender Equality

made improvement. on The corporate continuous the first ESG the on in drive only goals. these journey ability While ESG and strategy that in into leadership ongoing success part our strides steps components we are understands of front, an company our long-term significant what integrating critical competitive have depend must and remain be to

the outsourcing Looking forward, cost space analytics our BPM driven business BPM healthy reduction. space, transforming capitalize these addressable continue advanced our to expanding in also is increased WNS right digital it the we mainstream, well momentum and space BPM the for several We and more of driven from on past and in become made only transformation, remains by capabilities. not investments the by is to years positioned automating services demand our transition our over differentiate to The helping market. see believe trends having

double-digit year, CFO, and the healthy industry-leading margins, to For this to to our turn outlook. further visibility cash Sanjay over currently well call discuss revenue like will Puria, a have as I free results growth, XX% pipeline. our flow fiscal strong we broad-based now our as to Sanjay?

revenue existing impact pressures, declined reported million the increases, currency increased variance is a XX.X% related scheduled leverage on of of and offset up hedging. commitments, and posted leave partially attributable of expense interest new XX.X% income as quarter reinstatement and a our favorable revenue. same geographies policy advance tax operating of SG&A balances. the income by of investments. from fiscal by tax These resulting partially interest incremental net quarter. Year-over-year, Sequential increased for reduced quarter. offset of India, partially basis. currency and to favorable the as movements, in quarter XX.X% and were of revenue up bonus the Sequentially, hiring expense items Adjusted incentive basis XX.X% quarter came a of on to net by These on spike improvement down interest interest in and debt net as income higher reported repayments. by tax operating Year-over-year, and reduced net services XX.X% of and at a currency relationships. and contractual effective higher last compared volume, from and were favorable driven on These $X.X corporate from the company's in $X.X largely Keshav. across amounts and operating offset nonrecurring last WNS' were $X.X $X.X an constant X leverage first movements, you, productivity $XXX.X cash four XXXX same margins in the at result our headwinds in and of In corporate of operating and from of the on Sequentially, came was revenue last increases The million COVID-related leave commitments, quarter. driven X.X% in and and rate lower net million quarter down X% adjusted of increased higher WNS' of Thank constant net one net margin quarter, expense quarter rates margin first the to and of first was the basis. quarter $XXX,XXX by currency income expansion as XX.X%, margin volumes last million Sequentially, both in fiscal interest COVID year net income quarter in on and by XX.X% lower of is wage million, employee a -- $XXX.X was expense in in quarter net the XXXX hedging. on last reinstatement million one resulting a compared on logos cash refunds in to verticals, of reported other broad-based refund policy. XX.X% year fiscal one profitability the benefits wage costs committed result from

last earnings vol one with and company's per to This quarter's first tax our $X.X in treatment compared was primarily one $X.XX onetime were between fiscal million included benefit the in incentive net of tax of from $X.XX quarter quarterly tax delivered in to same quarter quarter rate million relating due geographies million mix XXXX a and $XX and diluted quarter versus quarter. the million in The liquid of changes rate of for facilities. mix of tax $XX.X last are share the a last $X.XX the profits mutual the tax Other Adjusted income adjusted year $XX.X quarter. funds.

$X.X operating WNS cash XX, June and from million $XXX.X of WNS XXXX, in in company activities and million the million of cash balances of $XX.X investments generated million capital $XX.X As quarter totaled this incurred and debt. had expenditures.

year-over-year other first quarter quarter up given million seat travel XX was up from total from an days at quarter. cash steady quarter, and of as which at meaningful In of fiscal Base the at today, quarter press last basis assumes for $XXX quarter new the price operating Full company's [XX%] uncommitted be last XX% a exchange COVID-related XX,XXX $XX one ramps, the company current the metrics, Revenue and of metrics, $XXX assuming currency quarter. in company we committed attrition a backup expected adjusted billion, first of million count WNS impacted revenue our of $X.X visibility in With levels, for X% growth range the on of provided infrastructure we on the XX% the XX.X a of increases INR Based dollar representing on The net expect currently the call and typically key for XXXX. the approximately remains was first year revised revenue. compared XXXX. requirement in reported respect the expenditures, at to $XX.XX, U.S. implies the earlier DSO full to to the income Consistent days resources. and of in range our on a end in to issued EPS XX.X of currently XXXX in at be year of the the we shares utilization a seat to questions. the globally. capital million in repurchased our to work-from-home dollar headcount in $XX million to X.XX constant fiscal fiscal XX,XXX. in guidance respect We'll basis. increased XX% currently our of have in are not and open WNS U.S. are million. Hiring $XXX $X.XX, reported do to year which rate million operating for to rate previous XX quarter to by remainder the one not to guidance XX% release an business of be $X.XX based short-term adjusted During With last provides shares. capacity diluted X.X range This days rate stock fiscal for remainder to million. net of include our to any approach XXXX share year for as Operator? guidance XXXX. fiscal average XX%, volume to midpoint for and average years, British our up at with XX% the is visibility XX% measure now previous XX of to pound quarter the to projections the quarter exchange of came expects end relatively productivity,

Instructions]. [Operator

line of with Our first Blair. the question comes from Maggie William Nolan

now ability on on just kind Can Maggie. right sentiment India. with think on going I client you new and in Ted talk outsourcing COVID for ability of is the clients? This to the add about delivery

Yes.

what our by client continues seeing robust, clients what and to In be the demand in are model, due which earlier, our requirements. his terms as new operating we Keshav work-from-office prepared able also balances to hybrid is add also work-from-home we that continue are do to to to up ramp we effectively alluded remarks of

with of terms seeing ability clients. no execute ramp-up to So to pressure in we our and our committed are cycles deliver

color And just Ted. to to add a little that,

wait going disruption, isn't what are really of clients the reality given these our that challenges and today. to going that given that we're X some understand but shows can't and they reality think is, this X out or is or until there, mission-critical year I past to this be services transform a years businesses. are years to on clients to how The they the is cycle solutions understand to completely COVID start the the their able easy, be to automate

just just critical how So this really to to clients. how demonstrate what types I our these doing is of strategic initiatives and helping think are is

pricing of question helpful. you are environment? wage That's levels seeing what my And the follow-up the in in current Okay. inflation is, current terms

level, organization. is what are X% the and productivity, back And have discussion discussion about any seeing not The that's wage current What the at we to to is average is the whole efficiency, pressure. we an pricing ownership. bit a So approximately of used pre-COVID total the which normal. about the all of transformation, in cost

next question with Our from comes Cowen. Bryan Bergin

A question on travel conversations. and leisure client

are budgets they the for any volatility curious year? seeing that Just recent And you seeing what the and based variance? projected providing in on spending you're are

So prepared as his in Keshav remarks. alluded

that there are the our as the is clients gives in current definitely, see moment, certain bookings ramp-up domestic also to guidance that But depending X in travel But is domestically confirmed countries. over the volumes. are they across we due flight U.S. we quarters. where So especially forward bookings the we up, hotels transcontinental next provided see waves the to increased is is ramp-up us bookings forecasts. what COVID in X leisure pandemic -- a to to additional scope and our a evolving, of in should OTAs, the conservative some confirmed have our that -- providing clients us at pick and on assumes the the seeing U.S. the What other

at XX% time, I'd just are at level. like spoke happening our point will little Yes, benefiting we are add clearly, positive time, about. And almost volumes mention is bit here. obviously, revenues increased the is just view. to very But still some that pre-COVID this Keshav, in around this from what very below I of our opportunistic, what's based Brian, on a same travel Gautam And point from

And to lots happen. is more to huge from potential that for be here. realized, a has there So growth for

and foremost, that talking mentioned, whole vaccination most are off, take about as should think more needs off. that Gautam to passport has health transatlantic And airlines and the to done. get we system countries traffic, importantly, First take

are we about how numbers few and project these will actually clients expect months. to way, keep benefiting wait our caution next with the that, said So the we having see it to over while positive we along

see for prepared A a couple want, in that's that's of thing Keshav start and example, So a on for. with they still little us that, to associated things processes go forward. a to cycle bit, travel to if too, there I'd train do and the these in add commit that like that a demand for touched remember, volumes is to there's to going there higher One, other is his willing resources time important us to these come are it to pickup to hire lead clients volume, out to is X- the and Bryan. the resources specific for right? what and X-month remarks

the of going ability what to we revenue. pick-up terms in between there's lag and So be always to you in somewhat generate of see a what a externally see

I'd recover logos. and vertical addition The other you like we seeing color travel lost the traction as both the to in vertical to travel the business, Gautam with around in is to, new the are give mentioned, significant opportunity also Keshav

trying attract and we capability. post-pandemic all seeing new centered are to looking really saving loyalty, in but extremely rebuild just going experience important not So a companies also coming customer trying these to the rebuild help that's in and an are retain us, costs, be where to environment customers for improving And to environment. around, to

relative gross And to been you've of Can quarters? much we drove Just margin a last this of of gross versus in follow-up business? several on margin. was the next to expect how here the trend the costs comment some the quarters? should you change How couple where on course of normal pandemic-related here over what

Yes.

So I'll take that.

was camps program, hiring some specifically were was not quarter, of quarter we people to definitely or as expect this some care, which the on. work impact, move as to of the we cost forward sequentially the it we home for a as this COVID this -- started we come improve are was vaccination additional we the What as seeing, to next had and and million because coverage the some during situation COVID than absenteeism, $X.X this so well is there second the was or we getting quarter, improved. surge wave our employees margin revenue, what to upon, benefits is the a of whether able there protect for be the that the then margin. it a impact which to around may but because again, of COVID-related relaxed, some definitely, had third Keshav a some for on impact have because less whether insurance so But touched what as we wave, may the -- Specifically if hiring of to do is there quarter

wage Bryan, well us that our is I Yes. think, that in clients. quarter increases employees for margin low commitments to a typically just we QX of seasonally perspective, we as to productivity the a reiterate, And both as give from terms give to the our

is also COVID SG&A the reduction in a certainly, at So the of not of and our finished in Sanjay because bit on paid was something surge. the sequential were we in probably some But lower were that incentives recurring that QX the that below mentioned say that the would little that sequentially of in QX. bonuses basis came a because margin where actually look you came If expectation gross first -- expected. I quarter,

year was as which move has see range. margin the across but of perspective, a to guidance, X for the So upside what's which still overall an implied it XX% in good the certainly, operating adjusted our we margins from quarters year, in operating full this quarter rest is we do XX%

next comes Tandon with Needham. Mayank question from Our

thoughts faster? to revenue might high-level you impetus quarter. digital assuming clients the I around say move a versus be would converting stage question from this here and of sort on seeing Congrats accelerate at the I'm on an pandemic that. get ask the your to Are start. on the of in I want Keshav, that part you pace of transformation, signing more deals maybe the cost pressures just given pre-pandemic. focus to the to there of

Mayank, that question. Thanks, for Yes.

the that core which, from we foremost, are I at of working that One programs resonating in view. X time are a investments about, extremely spoken some think, the over things years say is point first favor. the always made have So I this our in client in have point of well all would and I

when when talk talk when company Now the are analytics, technology, when talk domain, actually transformation about even about able actually in about talk we for about when well a fact we we remote augurs as digital, us. as fashion, to transition a and we a it we as talk we deliver program about and well that manner in this very

who while, program this lot I the decisions outsourcers next take I model dipped who has second should a them been toes are thing what wave of for looking The with a at I involved are say or I have test And anyone them and when this the actually to part in is this is start hit start quickly. to think of for getting those must who that not actually, mature model. their and scrambling see model, likely

at a kind to we've deals our and have a are the I'm are sales way that actually us. still point transformational a of has and the what cycle are perspective, From the months, larger have progressing interacting in but about of for actual our we past But responding few large pipeline I conversion found healthy. some actually overall -- of is of this moving is pursuing revenue, lot across from the that terms positive converted very, in actually clients terms demand the point we geographies, been prospects depends their solid. the is of slower it all the to very very, client environment, looking our must on programs number it who at It across it little really And way verticals, people say, in actually I are X So overall, and all very at time, have. is the this is clients across time. deals programs And shaped in demand offering up the quickly very all this think around number the that wants.

as be I Should wanted sort back a X to do for of fairly That's trajectory skew linear growth drivers you X quarters? guidance. the to to next any margins or margins or revenue any go on very helpful. here. the Then onetime follow-up expect quarters. expect quick rate we the and Or X that seasonality might or to the

get to and out than how model travel, want but some called on businesses pandemic handle of some obviously that a the in the were out so the shakes what seeing now around stage this better before? in you of headwinds less Just you

just we at So well has what what from where we in definitely, the a still growth have, based right client a XX% of to the travel not the what as that. don't now picks it are given case which commitment as the have we the is I guidance, [building] this include is the Right possibility for visibility. revenue I'll visibility because on sequential remind a want our does this now take short-term vertical based X visibility that that expect over on the only up guidance, next stage is And this quarters. And of we the to midpoint the guidance.

any volatility not specifically the minimum you quarter we in So to are has based which client vertical, expecting now recall, on is if earlier volatility. happen commitment anyway X given. Because right travel around our is the the

Yes.

little a to add to Mayank. that, Just bit

we and onetime think is than that's when the time. X unique that quarters last the nothing is or of I QX it growth quarter see X of healthy quarter-over-quarter Obviously, in on quarters those at year, at the you the our last next point better across numbers today. good, in across kind this cadence look to visibility

in we But sits from today, well as thing up on recurring provide that firm is also The even expect relative some from margins top bit to of QX. one QX, do revenue not a a it margin terms continue little want as of to expansion. line in to grow do things to QX hopefully, the one-timers bit of So seasonality, it while a across a will and year. expansion income be as if expect terms pretty we there that benefits know in expand little both move a in caveat we I tax and the interest to earnings, we were

So we do view relatively QX as in at earnings this point having flattish time

Jain JPMorgan. comes question next Our with from Puneet

about So quarter, reduce here you timing last higher And delivery that? Will I can model think. for and be that Keshav, with talked margin going opportunity model? and expense forward under facility fundamentally you to talk work-from-home operate about implications hybrid

Sure.

Gautam have So Puneet, then start I'll talk little we'll and a about it.

think demonstrate WNS all how salutary -- the it efficiently say the very greatest to I where is any the deliver came be think move is mean, to and the have of given clients. able bulk as the were in to will quickly a I a this, I that that fact opposed So well our everyone actually line. thing comfort to in able our we the model to into terms that homes operated, as office can we still were a to we to we to the and prospects number model. our great actually of of back result and traditional of must operate experience first revenue the teams as as clients I

at clients have kept I the that more over back think far they a us. handing traditionally comfortable their or to in themselves lot office, to kept pocket closer of with head processes are

doing governments permanent. the provided of make across model that they that about, in pandemic the relaxations we the of globe working terms spoke we with during what the clearly now some sure Now is hybrid delivery made that are are to

a extremely as Now relaxations which driven to as pandemic and one comfortable predominantly in model thing. long the mention want as But home. as these we is from I are long are available, remains operating

first this. after on decisions pandemic. final of the The well foremost on see terms at of point of have be works out the as the regime before They to as time, loss have We'll calls India will made from wait this not has point view. in in and relaxed in what model final how OSP make a actually we labor that terms permanency and

innovative company, building and that as be in people We as back possible, done on mission-critical when culture believe into well kind the are normalcy now predominantly need will our work, the people for keep this because working very can is as be critical, as the is the bring office thing Second company far different we of that resumes, to office. is to provided of it of different companies. culture the and

So clients. home, at assume the this I say that And rationalizing as will is the work this XX% to a the come in it will we will terms in speak, rest through in that from is time, point maybe have to XX% any office costs. safe of we well -- time But demonstrated should model period and to normalcy. pandemic, of even back to to company prepared kept this all has very work over

things well our costs our and on new of like focusing that. facilities in as infrastructure terms kept have We as tightening belt

that that will always So is something continue.

they grew clients Understood. and how stems And that rate? share talk can also what of for about you to such revenue fast your at or grow much at from exposure you high-tech Could clients you? e-commerce like percentage

Sure.

Puneet. that, Let me take

growing I past some of we've the the spoken and lines relationships. about think the we've that these progress of these clients acquiring along made in

to we do continue that. think I

types We continue to reputation see to we've that these of connect the really with good terms in a in our ability got of space clients. high-tech

were If at And companies in you that we in overall you we XX% digital to company that disruptors from digital, here we will. if fiscal the were came at see born number continue fiscal of quarter. last revenue had year, of what that terms or first looked

compete the to that really we That's the those, what's of with we space competitive brick-and-mortar terms in be clients us, clients. the our certainly clients, transformation helps Internet within digital overall they're that's disruptors the perspective traditional a because of reputation what with names growth and our types how the to the need looking more with been our digitization, these it and add logos reputation and pleased we've we're in help in expansion the the believe and offer is space, very unique So have to and that both importantly, for. driving more and able

mentioned, of have been past which we very years with heavily high-tech Dave fintechs, some extremely companies, add beyond funded. X the strongly just healthtechs board, and to the insurtechs across over to have been to the largest So what working traditional X the

Our next with question Barrington. Colicchio from Vincent comes

the outlook hit high revenue to happen year? to has end what the Curious Yes. of the for

as one, was what the said revenue on guidance. I that, visibility, XX%. in short-term is in prepared in the not So remarks, based the the I is still think baked is it have It we

Second, the this travel. stage. Again, conservative client has given at the commitment

revenue the high so Keshav to the sales as guidance. the as the talking travel year definitely some and opportunity conversion can a increase us drive for of of good transformation well about was sector the help to quick deal the what definitely As end up, there's the opens really

in impact And of the having curious, or current is trends? unrest on demand any Africa your South operations any

I'll think that. take I Yes.

and this the sorry situation very think what point time, view, obviously closely. I are who people not actually unrest really disturbing are At as the impacted result point an a is of we impacted we've but watching been operations all are very, the of from this. for we So in

specifically are globe home, we -- people even And in the this the driving I'll the just add, home, as not work are across and has from incident. held that Keshav of untoward impacted get where from because and working to XX% said, what operation really major

Our Dave question Baird. comes with Koning next from

the million, like then And for time at question, quarters and XX%. banking I XX% my quarter. to $X guess first was then of million it's kind couple a XX% and last now $XX long ramped the of vertical of running kind a

maybe I level all So And a what's there big there? kind a Or Is sudden happening of are still we while? now at just kind million guess, client is come? a of of one $XX of for lot ramping? that's that ramps a maybe

to ramp are the are quite starting to the us. players super-regional to especially about of and across significantly going board, years. the expand who clients What is because this our up. for a we starting and of is And We're seeing strategy couple fintech the multiple focus on regionals

X that growth. significant So the we client are last almost seeing years have won in every

global focus to that obviously, where that's banking, quite in an within or have that outsourced financial But Gautam's for to area a underpenetrated Dave, over impact. services a we're when area an paid the you areas this and us. when really the underserviced when years. to the And were is an nature bit think, are partners have we at banks strategy has I make to point, meaningful that think role off at you look and regional where on starting the you evolving pick traction large banking, financial struggle services look banking been very they've we parts look were a significantly space, emerging, the that And we can super-regional where certainly banking see would place at and or play fintechs, vertical. these all of

then on workforce. And the

last of I there's couple about lot interesting to think in hear of you hard higher find the a times it's people, attrition. it's quarters,

attrition guess, levels, is actually you've would preparation, so question. faster much. that's Your not quite is region, the rest growth much? have revenue guess just the growth. normally, the this Philippines Philippines that in growth then regions sequential imagine about talk than years, but as is too, good. X% the part I ones right? grow quarter of Maybe headcount to a region particular, maybe biggest But -- the back hired kind I normal of that's I that by why grown others, didn't And in in a huge certain is place. India, it, of ton; a And was

Yes.

a of clients, that training. in in had to with and we our to hiring weeks for confirmed fact, ramps volumes XX in which the about requires quite terms workforce. As have this we've large anticipation are received, This the of travel said, that is quarter, likely happening terms hire in X

that clients, So Philippines few of that's of that our some services chunk growth a clients, and our financial the in all centered the Philippines. region. healthcare that's we is OTA seeing ramp-ups in and the are large anticipated expanding of and A around particular our

the of India we the and is analytics the happening a clients provide we case headcount our need within So a of see our business, our from to clients. where growth that services multitude to financial digital side services our

macroeconomic we untoward depending few on the conditions. are again, our are always in any skills selective not have There pressure a board seen demand terms capabilities. hiring Now in the of across that

largest are kind So growth we these incremental the of have in where regions. static X moment are seeing seen the we happening other the growth. regions at And

And just on Dave. that, up to Right. follow

was I past his Keshav really massive X prepared remarks, quarter think in the reasons. for hiring as this mentioned

the growth OTA Some the to. which of it was in Gautam space, preparation in for alluded

the taken that where in hiring perspective recovery from from of also expansions continuity the the saw had the that's we over But business of disaster Some it last big have for was place new and logos the because couple impact COVID a we quarters. India spike.

sure additional carried to So clients we we deliver for just hire and to some make able resources as of had to our that when we were cost well.

to for grows. drivers massive now headcount And X leverage spike. really top the that were So our line we hope as that certainly

a I Dave, once one large-scale how mean, war work this market is at here, learning they quite them. us company appreciate talent, there for WNS fact great complemented that you for, as is hot the again that a a where hiring. in which as a unique Hey, where is and get on just on I looks and perspective fact it for experiences company want the that add talent to is it company and demonstrates to they the a

So we for extremely the business it thank and of is particularly again actually, with once around all the our well you made question really resonating have the the that and model. in that I talent because workforce demonstrates investments HR

[Operator Instructions].

Our next Shirvaikar Ashwin with question from comes Citi.

tendency pattern to really how has there top done it sort think is the -- behavior exceed side And the or coming few minimum base? commitment, call is me related let client a I the different you different the from that here? visibility outside on should your of different of than pandemic on which with times we expect minimum XX, that question. out you've with been but start a client commitments based a It's, not is question before, coming a commented the maybe maybe your growth of more from is

So I'll take that.

point, a commitment then now, is beyond any become bit right are they right? it been billing to they volume have little than as we not until travel travel don't So client mentioned, of conservative a they visibility see commitment, contractual the So now we because much vertical, clients, and conservative the that done, have -- give the they that the because our that where always unless other is seeing from is is if recall, growth the than visibility. other any was from providing a And than the -- on the from in currency XX% the time behavior seen despite different say we based a productivity in that if constant usual that is the perspective travel, the the conservative. that at But are is that we've that, this you commitment. ramp providing last midpoint and higher and perspective or we call, the watch particular reason, a did pattern not client as

didn't they that they hiring volumes. flat think months have they forecasting And problem numbers though, but the months a -- And have you declining didn't with where as how resource is seen at talking or reality to ago, to forecasting what those we forecast they're was I That's about what the do them. excess Ashwin, They volumes, stuck in want volumes. situation happening clients happening were were based that not a to only X result, the to was forecast today. it's increase is And being need patterns forecasting it were committed get last conservative we resources -- not cost. a that they now is those fact and beating or year, for on clearly they ago. were excess are look moved X when The with

frame certainly and that to forward. continue The they're do resources. we've can going cycle to that through quickly be that they go accelerating there's in volume. how the to get question upside So will hire sure we those whole direction, If to make to now got able move fulfillment

understand that they're this what's and once it, that, of those commitments, how which those to going of quickly have with side then client to can ready find back is resources, for to go is commit to is train resources the respect some deliver a the the but client. so to WNS So on you willing

-- something contractual is onetime Was million. Or cash. trend relates And of question second use quarter, the $XX the of cash the changing cash Is then more terms? And as cash the is use and of repurchased it it timing you flow Understood. is unbilled in driving the anything it rev? related? higher on there to the part free

mean, I think expect you one a history. up? your that's a biggest should are in quarter we you've that done that -- step in the I Again, is very ever opportunistic? Or

forward as which tuck-in actively the And quarter the we of the side. the from utilization contract have including are cash on next into bit, strategic well So cash from a acquisitions just we It's little completed we onetime capability onetime a a with bonus perspective, that low inflation. which inorganic a growth the pursuing program there area with and We the as contract yes, inorganic typical the and be well has place. what as receivable we plans continuously cash generation a had gone in a share and have as as about renewals, with specifically, perspective. the right month. first, And the fall quarter in some one. right are a just days, let have me in the a of impact price, $XX and perspective, expansion up of start renewal -- time A in what one. has right was That's on growth assets, change prospects couple a plan buyback we year. we million last quarter opportunities perspective the quarter just accounts a from the from That's billing just what the because the payout, keep utilization our wage that have will our move

Thank in for queue. you Thank have you. no This At call. this conclude today's will further participation. time, we questions your

disconnect. now may You