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WNS Holdings Limited (WNS)

Participants
Keshav Murugesh Chief Executive Officer
Sanjay Puria Chief Financial Officer
Gautam Bari Chief Operating Officer
David Mackey Executive Vice President, Finance, Head of Investor Relations
Bryan Bergin Cowen
Mayank Tandon Needham
Moshe Katri Wedbush Securities
Maggie Nolan William Blair
Ashwin Shirvaikar Citi
Puneet Jain JPMorgan
Vincent Colicchio Barrington Research
Call transcript
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Operator

Good morning, and welcome to the WNS Holdings, Fiscal 2022 Second 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.

David Mackey

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 second fiscal earnings on remarks fiscal CEO, Gautam today. Thank Bari. and press Puria; call, section second of September 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 this 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

Keshav Murugesh

Good Thank you, everyone. David. morning,

added in highlight execution. results representing by or net at increased continue revenue XX.X% for fiscal quarter the in XX.X% increase quarter again eight Hiring constant grew this Sequentially, strong came quarter. in X.X% these on XX solid constant of contracts, performance support a in quarter expanded during our X.X% his to and QX the posted Net basis a BPM Sanjay existing and of will currency. a more second In employees on adjusted marketplace second our year-over-year the basis provide million relationships. remarks. logos financial on our and EPS operating positioning was new than further and reported adjusted year-over-year. Our XX.X% currency. $XXX.X and $XX.X details strong company with prepared margins company adding once differentiated second reported the revenue X,XXX WNS XX.X% of million, on

and back pandemic middle latest has technologies Today, though. journeys digital to digital trends enhanced clearly analytics. looking highlights front, streamline accelerated were and the transformation The the COVID-XX the drive digital the deploy office through experience, results to are transformation how going positioned I the to assess digital the of we some industries clients has across polled results released of take executives leverage to capabilities transformation wanted help This industry WMS time joint discuss the quarter digital with Corinium, to in and XXX survey to decision and they customer across that compete. conducted executives stage making data operations BPM processes. which to better improve itself month a Last

and they many digital they acknowledged automation. leverage on and survey data to started have strategies, However, this early still their needed cyber transformation in they that the cases working of while governance properly that foundations in respondents claimed XX% lack and the process, most are technology security

of MNS to many in of what are our is goals progress. The reinforces capabilities their still technology In accomplish the for years end required survey addition, pace agendas. and works is to the Automation precisely they clients is their like that both help a seeing with the that in also process new business coming existing and transformation digital transformation in note massive today, accelerating Intelligent opportunity there adoption

aware, to ongoing been to of transformation continue core investing are portfolio labs, digital Key specialized of and global digital include solutions perhaps has our WNS you towards in importantly and most building trend. workforce. investments digital specific creation innovation in meet As industry excellence, our our centers this the offerings shift

during labs edge that New engage directly excited digital These and WNS centers challenges, solutions two key York. we tailored designed better being business critical to help WNS our co-creation their the labs state-of-the-art has The virtually workshops. innovation announce used with focused clients, our also digital solve recently enable needs. to opportunities, which collaborative future threats requirements, and are We opened can co-create and leading to client's, in pandemic transformation are that problems new and understand meet us our so London while

innovation industry is overall transformation and hubs, with clients. to XX to add clients, excellence of solutions. the claims, months. which retail COEs, new In we existing technologies our of labs, power chain, in best expertise harnesses create digital allow APIs functions a the their and step as investment to next insurance artificial resonating digital disruptive for cargo digital supply advanced we that domain automation call and management, track are these the a is clients, evidenced experience management industry the our One accelerators outcomes. and our machine This insurance and key intelligence both customer very combination transformation digital solution. accelerates drives and an apply driven, addition medical combine as The digital our area offerings deliver implement These a expertise robotics management. leading to edge create programs. care hiring differentiated with including companies plan end-to-end ready deliver our teams of to and strategy specialist including final to go our fast and or dedicated these global To-date underwriting, To-date well solutions of seven processing, to practices, latest nine created building we change new prospects, as bill to well talent strategic and also areas, of digital industry, customer transformation workforce, agile discuss specific performance. data capabilities which business enhancing hyper that and centers in is future-ready and in which data transformations and the solutions, COEs, innovation offerings additional and have patient orchestration knowledge of the adoption our improvements to experts our review, to of intelligence, of learning, ability would our matter what I have for digital vertical both platform. Many centers labs specific subject collections in The design scaling flexible turn by rolled operations and we brings meaningful structure together WNS banking, solution with out expansion like unique and business in real experience shift healthcare, digital

few breadth the transformation Over quarters continued have add we and past to both digital to teams. our depth

these these all advisory are We markets, digital in Pacific. consulting demand and and consultative Asia for is WNS additions of our transformation capabilities and America, meet in high, transformation Europe key opportunity logo have alignment several teams quarters an very build new onshore North created our the Client further experienced order strengthen to strategic including to continue growing expansions. over and next and relationship and this leading relationships. to directly client team will the team

Automation workforce based experienced we user We WNS highly directly are also place teams vision driven in computer hiring and leaders design, specialized transformation including have res-killing well cognitive digital the access skills, global Intelligent key We're transformation The created of a experience, horizontal mix investing our all and digital human with this in-person, education solution, digital designed our management, and for via word. our to methodologies, change of now for up-skilling resources virtual develop cover broaden agile opportunity data BPM capabilities teams employees as WNS verticals people ready become transformation. AI The and clients with as digital drive units or our organizational learning working to classroom workforce. the and academy the our both digital the also professionals certified and in offers to format, global transformation.

digital logo this driving addition resignation marketplace that existing manage a helping good has and requirements. a opportunities created transformation Through and our These investments These investments acumen. an WNS. their middle and are to in clients, in pipeline, we digital XX% our investments program key transformations help senior healthy differentiated expanded will clients. underway to strategic and with build strategic world. level XX relationships. initiatives new well all The in offerings. service across current digital to program businesses in more trading improve XX is discussions order for geographies our digital and and of solutions extremely also compete value expand risks, have is are their proactively the We people, are and WNS Today in designed with our technology, our our digital and these including verticals, This shifting transform transformation leaders profile top futures than are clients regarding news overall to to clients of help continue the

see transform their we models analytics clients compete technology, by in accelerating their opportunities industry to driven business an to BPM specific own space, industries. forward, need expanding expertise Looking and leverage the and and in respective

over innovate, co-creator, generate would for to discuss call capitalize like to extremely the CFO, believe WNS invest Sanjay I create and key turn well on the approach execute to in this enabled is has to trend, outlook. deliver we over about as this WNS and performance clients industry While now of leading Sanjay. results outcomes past continue further positioned value to sustainable business Puria financial must well our require. our We to our our several order stakeholders. years all the to

Sanjay Puria

revenue the million basis. up in Thank XX.X% of verticals, Sequential WNS increased services relationships at quarter quarter and and up geographies expansion was by existing X.X% you, basis last and from logs, million, reported year driven revenue on on in a across improvement Sequentially, X.X% $XXX.X based currency same and travel In constant currency. new of net constant the on broad fiscal by the volumes. increased $XXX.X XX.X% and revenue Keshav. came a net second posted

largely same second margin, as result net continuity net and movements result is million corporate hedging. Sequentially business increases, refunds attributable by than quarter came the decreased quarter quarter reduce effective hedging. tax interest from rates the of expenses high facility the repayments. recorded result debt WNS partially of in quarter. margin as income employee increases the was Adjusted $X.X $X.X of of interest and reported Year-over-year of two two in offset which leverage is $XX.X mix the currency tax margin geographies mutual tax a operating incremental the operating as $X.X quarter by tax The In year XX.X% liquid down term expense reduction volumes in lower million $X.X of two earnings year unfavorable impact improved adjusted on margins income $X.XX income $X.X diluted quarter offset incentive revenue of quarter, to and last fiscal million company’s leave XX.X% reinstatement of facilities quarter. high down one. variant for related in funds. of was for more during million income Year-over-year, XX.X% last benefit term policy in and and last the $XX.X increased more of volumes, to reported delivered tax currency net last increased relating in and and of the versus in our expense revenue higher the two wave net the tax same treatment of favorable based Adjusted the million quarter $XX million than compared million one of in operating variant fiscal increased and resulting result non-recurring mix rate quarter. existing other million by quarter was COVID in leverage fiscal company's provided two. of operating margin expense This compared benefit The compared work from net last Sequentially, the as million from XX.X% favorability with XXXX income a share of movement second quarter. year. unfavorable short our cost. XXXX was of two in on net in Sequentially, quarter net quarter. profit $X.XX of driven the to XXXX of addition, short favorable effective per offset of recorded profits recorded rate quarter headwind $X.X second last of $X.XX lower quarter. between Year-over-year and XX.X% company the of to one-time more geographical quarter in This were from interest the than and our driven at XX%, a the quarter last is offset last in mix scheduled quarter

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

and the ramps, previous be and $XXX QX implies for volume of our quarter meaningful metrics a measure sequential year we During continued million which we dollar exchange net year growth. are XXXX. in be the up support of assumes drive Consistent the last for increases guidance the In British to uncommitted to improvement operating range expected Hiring a the payment debt slightly our made approach revised capital days up $XXX volumes revenue current guidance company's quarter quarter XX% Base previous the assuming in for midpoint seat on adjusted in company million given quarter. to for range to rate operating end basis approximately XX% in was net the from questions. XXXX. to levees. X.XX $X.XX days call fiscal open other earlier projections to $X.XX for and not in is revenue million. in fiscal visibility years, productivity, share as to The increased on which Operator. a diluted $XXX the do XX%, our press be now quarter. are second income XX% XX% constant to days quarter U.S. remainder Revenue the second currently of XX% the a levels, revenue reported WNS $X.XX, of and in compared an million on based of of provides billion, in fiscal range XX,XXX. fiscal last the Full XX have to $XX of to work-from-home INR of of guidance year WNS beyond the XX,XXX short-term and also any of travel the up we million. at our respect visibility at adjusted count of expenditures, growth XX.X to reported million new the company the business to XX% XXXX the EPS quarter to currently to rate With exchange of and requirement our currently from quarter for end year XXXX remainder shares. second XX in as metrics, the headcount scheduled With attrition This helped XX quarter, in pound key of XX% full came not year-over-year with typically increased release capacity include XX today, to infrastructure U.S. currency. on Based the in in the to provided of travel dollar issued expects utilization to fiscal $X.X total XXXX. the at at expect our globally. our last DSO average or XX% of representing We’ll respect two rate seat

Operator

[Operator Instructions].

comes question from with Bergin Bryan Cowen. first Our

line is Your open.

Bryan Bergin

depths in Atlantic dig And so versus bit or versus just around of any has notable on particularly committed just pre today stand reopened. as I levels you. pandemic to travel little forecast, levels. wanted clients volume then Hi! change client were Tans travel across COVID-XX Thank you in comment can travel, a the

Gautam Barai

in volumes clients. Yes, of and momentum take different the But leisure clients related line been international different the our earlier as we on across expect anticipate OTA in airlines ease expand as our we provided dealt by committed picking to serviced into regions of What predominantly business philosophy, account these way have world, committed starts parts directly the forecasts QX see globe. the the with increases. travel do as volumes volumes related in and down our start The as with capacity, domestic getting travel. to the QX especially do locked terms lockdown the of that that international start and to up

David Mackey

that a you the And levels. travel color X% pre million we're just to QX, the $XX running which in know to add roughly Bryan, little ran we below about in pandemic vertical revenue during means still

understand of that the year, a also during it's new I past added been year important to is recovery half. logos to the of growth think but the related only that in not part volumes, However, and have travel

look we and around international that airlines think quarter, primarily we're to as million still today, lost when mentioned, going Gautam volume of to So related left that’s to recover probably a at terms $X million we and in in that’s revenues. travel somewhere $X be travel

Bryan Bergin

Okay, Keshav, into M&A a or different grow primarily you you for development. accelerate though around thank planning as on that the helpful. that's bit digital can give scale practice, to just this then this consulting then or an a you margin may of organic Is profiles you, transformation an you this. to the onshore in. does came impact sense that digging expect look us area And you are WNS, proactively of And mentioned structure maybe commercial imply shifting in

Keshav Murugesh

few doing yes, of terms ahead that's we demand in years. are And Bryan, and think undertake the clients looking these processes that time at what point of Sure some next this curve journeys that to sure of question. is some are we're over the these kinds in of I a great make the of for to

people about as that bringing with offices. of of new past clients the terms terms years into is new sure really Intent in spoke what sure of and offerings, terms practices, each digital significantly few in center of front over well as labs. to of been really we we've make investing we are first their therefore in our these the in and front them, So foremost quality leading making have high that We is journeys. started

second would will and portfolio of The that down journeys. our also of kinds clients these clients use be ourselves obviously this existing smart a expand position as to positioned, move to company

time but open actively area assets kind very – any in time all options are any organically really in brought, Now, here. that for the you at of same for be terms other looking we significantly, can kind M&A will that’s are obviously your know our invest tuck-in all capability question, and this other, the or we of enhance assets can of

at So point all you know this in are time. open options

Bryan Bergin

Okay. Thank you.

Operator

Thank you.

question Tandon next Mayank from Needham. comes Our with

Your line open. is

Mayank Tandon

to recruit, and the subsequent ability industry. you. impacting grow, waste Keshav, I hiring. you side on growth just quarters ability terms and Thank to the your the of of the hearing in curious, of IT to and continues services was one, present quarter. retention addressing in that touch some then to does in the companies market this are if pressures. factor did gating you a from that Congrats How talent. How retain digital issues out that contained the is on the environment But the around course the supply impact given we're resource

Keshav Murugesh

a Mayank potential lot this lot. of and to impact our foremost again that of talking our Yeah, in there question terms issue first grow no equivocally from let peers about me [ph] are say a and that is great

I foremost players the areas. the difference there a the players first is IT and in want think all thing first to BPM the mention great traditional I Now, and between definitely is

the have of issue have verticals, our smart us areas, For in can our lots company. so things. we done the focus on that processes, But of the we the fact across where in geographies because a of them, we really and the things the is overlap attrition, not of terms tech, I with same business as tell of company really issues. every few areas high attrition the a And is and in also accounting, and have diversified finance within is really course interesting very demand you digital, those

as market that's is ourselves a mean a where growing wants talent huge a First company first than and the opportunities company foremost to I for faster – magnet and creating one. them, and is foremost. to join that which everyone position is

where in is to also those end you point retaining from participate attract, of The can it's second end that as And you of new new because are third up talent. this important deploy they beyond company story we to a essentially salaries. – term that steps for hygiene and the company. a we you number of retain in experience a this view, things very people, the of is continuously long and paying hire this keep to taking up ensure us talent, inflation with terms are And growth

till has experience that been measures our to got the all think on we play. solid have I now proactive based

Gautam Barai

no a I’ll maybe side supply from And add there. challenge over Mayank, you is know just There perspective.

around You than will see again, supply, XXXX last skills, added we two more alluding what are of expenses the they some from bit no some from at in just talent I new is of challenge stage. have and Keshav quarters almost the yes, but more organization this the was think and

Mayank Tandon

helpfulness. That’s very

a quick this. sorry follow-up, As if missed and

a and terms your and one the it pretty of In hit even the half third the margins revenue year skewed full growth number. to trajectory expect project in back be year, should the fourth we in and terms quarter or of will over of margins towards quarters

Gautam Barai

we revenue, are the stage. visibility quarters it which term which of what is two flat the a forecast, we – we factored travel in Generally perspective, to committed still at are So remember you giving right we short this quarters have. give well you the now specifically Because that XX% forecast the have know and see mentioned, know is any stage clients it. not this not because consistent, you know at as our from during quarter, know as once volumes And you XX% a is any on two based have if know from revenue. progress we factored know what they any you probably it quarter in we beyond half very the you back un-submitted at you as very earlier are you we also growth, conservative

earlier, they know guidance some in stage, very also based renewals half committed some earlier the had because what We and on as – conservative repeat. business not walked of the ramp that. in we for baked it of South are further our more you just to So was our of as productivity got so on at well which from took don’t away second they the was pursue don’t decision already downs this into a Africa, have contact one client a moderate we and process we

there So a seems but flat this to there be at over quarter based a as visibility. of an we stage, upside better it on potential get that is

term now is this of in know margin the front, no XX%. Keshav right On cost revenue. the you spoke back XX% half short which to at range stage, the of about, employee the increased Again, because

business investment at costs, program. cost, the as that our increase come anticipate facility as to people of in talent office, back and continuity you assume digital the we’re may the that we currently increase will as acceleration some well and XX% of and – as Some know of the the

So to that XX% XX%. around will be

Mayank Tandon

Got my the so much on Thanks for questions. it. That’s you very quarter. helpful. Congrats taking

Keshav Murugesh

Mayank. you, Thank

Operator

you. Thank

with Katri comes next Wedbush from Moshe Securities. Our question

line open. Your is

Moshe Katri

I the you how comps in provide Hey numbers. the wage down the way cycle wage new the bookings increases works kind count of WNS, of thanks! talk seen and remind increases about if wage during logos. questions, these us but we've there don't year year? Thanks. quarter. heard Is and one Congrats! then is past a in renewals what first that you general, typically strong comp know terms at this Very there to different lot anything in I Two it about Can break versus between the during a

Gautam Barai

their of Yes, yearly cycle. month strategy, April, our a happening have of predominantly increase but follow our the around terms wage so a wage of larger chunk increase more we associates in

on remainder wage cycle not, kind have increases who quarterly is April, up are increase. got wage ends of though month in they happening who the folks the anniversary not a of based the do what So following of their the

David Mackey

a add that just And to Moshe. little color to of bit

typically at as we’ve X, Gautam soft increase April as said, that fact have – we have is why historically we and is increases this had bulk Sanjay our to very a which Keshav quarter. is of What We alluded that the point is the additional first margins that provide unique wage provided the we're in result environment of compensation in. time, it operating and for current both in the

the So pressure a that's a and cycles that normal to reason mentioned, attrition, the year. the half Keshav muted margin to service is we've some places got key we've in in will wage really we the Like of of there don't to right and kind got supply this clients. part do our year second we a you think expectations make if function little of sure that's given of of that just incremental trying bit cost our we for issue have issue, but manage to have a trying resources

Moshe Katri

the And booking mix?

David Mackey

through in through that between and to think year X% us. again. year, we the new first than of we're the pretty expansions logos end look Yeah, how here the did profile. going happy somewhere kind we did we're year Moshe with so I half of a Typically up going this significant XX, acceleration a number the and that half which business X% believe we our the of first I year, pretty different is posted. our I solid XX to in mean at terms the XX; of in when coming of day, quarter logos, relationship any this don't we is of I revenue first obviously at with the end think XX quarter progressed given the we a be look of for new from

Moshe Katri

And follow-up. follow-up, just if a another I may, just

been of quarters give couple on a kind in proceeding pipeline your building the logs travel you vertical. have of us of how new ago an indicated got new Can hospitality update that you You while these of ramping? and business couple from terms of a

Gautam Barai

Yes, proceeding strong and in ramp-ups have of OTAs That’s they up. a higher during they plans. start and as and had they where a start come ramp them ramping more of Couple lot bit to quarters, the have are of that both per anticipated from these sort been should QX getting plan. have recovering advanced – been as these couple gone over volumes live expect we And clients. per as of next we we

David Mackey

we've of when $XX in terms part spoke about Moshe, lost the during reason vertical, getting helping recovery to that earlier when some we Gautam back that’s that to bit little of acceleration were is revenues. on And of the that that that that travel million quarter seen but have we travel this the as the brought made contribute of look COVID, a progress the we’ve a level, the the are some in and are solid new of inner sequential logos been mentioned, volumes at

Moshe Katri

Thanks Great! color. for the

David Mackey

Thanks.

Operator

with next Blair. Our Maggie comes Nolan question William from

line open. is Your

Maggie Nolan

be to Thank any you. an a there to? expansion reason acceleration that, Is of and a this on I alluded and Dave feel Is the quarter? This paying there relationships you that much up, net quarter. like why wanted behind to you point here last you we dig inflection compares how should the does saw next that in attention to expand. client step XX such

David Mackey

means do customer ago, to us they more this also I now a organization. digital year, within new we've into and do expansions, that of of and at I first is do able it's where XX areas, half years ago, the become function right. we mentioned the expanded then existing I for really three competitive. help and that added are I us where get a had dozen we things versus function the kind you the farming never three. doing allows weren't mean transformation. a quarter, credence tracking things It to XX base the of to new some I It’s quarters better right. XX I two them two that new one we're any as think to had think of years we of we total some or have last when relationships a ton Maggie, of logo's look we’ve gave to year, it – though fact a clients that allows fact help our believe

a about expand technology for we’ve been you seeing of lot previously and we clients certain is, and expansion look that I terms does weren't what about to some side that our of transformation is think willing do it from addressable The market. at a a how What talk it get perspective, outsourcing, us but creates flip the while. and speaking to the areas that you're So know here headwinds allows to is it transformation productivity and into digital profile. that in to flipside

Maggie Nolan

this then And the asset [Cross as sense. is might an looks flow. you Talk] how looking? makes well that some cash on Okay, maybe quarter acquisition pipeline on have cash spent It like the based

Keshav Murugesh

Sanjay. Sorry

by that start So right. let absolutely me David saying was

the of I very and the now a work-from-home and think the clients a prospects adoption resonating therefore to the strong of definitely also a validation prospects. making the the difference proved this extremely from us the actually model has tested and is for pipeline models model lot point of for hybrid been shift well huge so on view. bandwagon, and digital climb and all of of is wanting transformation seeing and now We're

our know from new continuously or and clients in leading it that means, for of looking with are terms therefore of those Now capabilities how are we view investing ensuring them point capabilities. you enabling

know it Now M&A it work decision. on that you And where in to built I’m build of some is our of can kind – this buy afraid lot actually been of extremely actually versus strong. has versus and these that’s make house, some pipeline done, being be a have of will

interesting capability going of the interesting, usual view. explained of quarter before. that areas point across can that did for I’ve this And our ask point something right lots very having we other take from to now our do us expands across from you about. our know I’ll which bit that, of based said we philosophy clients. whatever a little fact discussions very will many during on to we But key But very Sanjay need which at we again, time In talk view, do

Sanjay Puria

growth the what headcounts we almost have in existing XXXX clients, than what posting the and much things adding done, to exactly various almost, new in our us Yeah, processes one logistics growth, which have of including Keshav our of pipeline shipping the lot are will mentioned which definitely new deals some the looking expanded it, did help capabilities, we of the accelerate is from and and you a accelerated over healthy the, has because we so are more we what know, the for, pretty some area including which there. processes, getting

are the specific the the and the So logistics But asset valuation what acquisition right And and right as in more kind of it’s the said, capability deals, at right as well domain we of a that and area. entire time. such plans adds matter as the capability shipping having.

David Mackey

clarify statement over was bit, one under clients. to as saw what category Sanjay acquisition million just of understand. and more And from you acquisition. a into real that a actually showing a the just up, That a just the was in cash captive relates mentioning here, that $X to that would flow taking so little which you value This existing was processes our carve-out fall large the in

that prove and but for who of over to and people kind forward, take that’s they to looking was. it kind of So clients going the in we of for ways capabilities take looking units it of different opportunities kind and it and some some not are was were existing over, what but talked them M&A of our it at was routs, are exactly the the this transformation we about expanding only of also have increased captive the traditional provide help deal looking our it

Maggie Nolan

Thank Okay. you.

Operator

you. Thank

Our next Citi. with Ashwin question from comes Shirvaikar

open. Your line is

Ashwin Shirvaikar

regards you’ve is to out I for into of pivoting digital XX% full and your more relationship capabilities to more so an a do just perspective, others wanted How give have you towards Could Hey update? kind you us is And Obviously thanks! digital time? working so with and delve Good what already clients management on of set matter more that a had, perspective a a with sales are doing; guys. and that to been comment bit top quarter are you that figure kind today? you the is of the of that evolving? some question on time, of from My pursuit and forth. but

Sanjay Puria

Yes, great question Ashwin.

alluded, transformational low over application people codes the past consistently we also across strong few So the been it across AIML transformational domain perspective, investing from skills. analytics with experts based is our and whether expertise, our years have API was the experts, and our digital capabilities,

the the put adopt verticals that us clients started with digital we domain All maturing wanting transformation. have and enabled with the together, of of they number and that expertise along deal to has have as to aggressively

it’s not my just the top is So XX XX. of the view

clients start adopting used beyond our start it just with The in as particular of as David they following of It to are industry others do going going terms their and this engagement suite in and strength to of that relationship grow to are levels. us they the enabled terms is these they to quickly. What them has COVID and depends emerging also currently impact our to from pre-COVID each more start area, aggressively. be of expand also where is where quite alluded, due one

helping So strongly. that’s us

David Mackey

as not clients we’ve they perspective, consultants digital with understand the industry we only that of but that clients, lead and understand kind where think only that today, I Ashwin where a worked what at Helping bring their Well look of transformational several kind be going they right. we’re but other of to capability, have respective when leveraging doing verticals should understanding headed helping in of capabilities from not they knowledge are that is we look, our from also is consultant well. and them added of the actually where having

top relationships also visibility XX% this transformation see them, of mentioned lot having – got large a point very important sense, that Keshav where the think lot obviously of I work some a underway what you digital these with from form are right. that we These do XX currently makes plus you XX time. we've with in of a in of but it's at perspective, know journey So of

So customer. XX existing with got on where XX ongoing top going activities client there's another beyond the we've transformation

you it’s is, important look new thing that every the them. other one at understand of digital the when look there, pervasive in to opportunities and is The out pipeline single at are you

want that go have in one. in to So house to traditional seeing up arbitrage to transformed anymore. between. to in to the from take the you're work showing step pipeline process go labor Clients through don't being not outsourcing want deals doing digitally day a They

are its digital So everything. we across

Keshav Murugesh

answers. just do transforming has a money. quite Not curve Yeah of partner a your as in up really of and the just But that just is cost business ahead these I’m play, pair saved Keshav. excited Ashwin, just got hands, safe being WNS to there, I a question now because but that think a all will seen and not invested with more future. how frankly clients I is finish no company the

and now as for in at term. actually to us to for as in really and leave we with us right. prospects, not digital new clients the that future come for The is the I our the should but co-creation ready end, very pipeline, well end we these disposal what's who them for think to investments particularly And so still are about that excited kind they that's clients the ready very have been services we agenda visit, terms talent digital this, of made, of the themselves many for how them their there the about involved is long the the present happening that exciting transformation. are the Now of I ability labs front have at magic and excited customers are are can tell placed of the

Ashwin Shirvaikar

question U.S. timing cork jumped it. then recovery that of almost of is of the kind that clients of rest the through of it are metrics, into clients answer at comeback have kind tie XX%. are some next U.S. dollar a was I Keshav. we thinking, noticed component Got that a looking sort have towards or the that is seeing? making of is follow or as you the am percentages there U.S. of sort My world or Because might travel actually and gave because see I just that a I that’s leading we dollar more should already

Keshav Murugesh

of increased emerge parts of are in recovery digital U.S. of strong to and the out Europe Ashwin, spot world. to moving of we is by starting tractions see Yes rest you down services, on. leading of The adoption followed terms outsourcing are

it’s way the a just I at But up. think So catching is starts time, matter of the moment. region rest U.S. while leading the yes, the of

Sanjay Puria

And add right. that also are you maybe Ashwin, I’ll just

recovery a perspective. from know travel it’s also You

where of is So the from America completely U.S. happening, dollar clients the that couple increase. OTA of so Gautam know leading towards where the, one U.S. also is recovery North did the you the about in allude

David Mackey

that see Well, continue that I and think the said, the to the exception of great important right. we see while being remember thing to one geographies is it’s shifting, all to other other the percentages grow, that's with

obviously U.S. the is So leading.

UK the right. at which Europe look you is If the up XX%. XX% U.S. important, year-over-year, But and the up is through, in it’s clearly up quarter great XX%, is

just U.S., to just not it’s U.S. the somewhat it’s So that is the the compared outsized geographies. other growth

Ashwin Shirvaikar

I I’m six Two Thanks. while you. questions stop ahead. Thank should answers, and

David Mackey

Thanks Ashwin

Operator

you. Thank

with Jain Our JPMorgan. next question comes from Puneet

is open. line Your

Puneet Jain

taking great quarter guys. question Thanks for and my Hey!

David Mackey

Puneet. Thanks

Puneet Jain

are management Keshav, and you provide clients. actively to services your at you the portfolio looking

second it consulting as that of You about the table and up you a in New over have firms those traditional services getting might York, London, back Africa transformations, out providing using – based those services, many focus what offices to WNS talked for brings setting the is of in transformation so on similar South been client, clients past.

Gautam Bari

is Puneet, Thanks this Gautam.

of areas specific the in depth terms comparison to industry. that domain strength the we the is So number our bring of firms, a in of consulting of in

directionally exists. operational that to the So – is this billing debt and

we cost you day. leads and we where take comes the lead able is around the our actually take are to of in takes sheet savings breed in leaders the our do is broad. benchmarking to which analytics example, you do have beyond clams What cost what it an OpEx when practices, claims traditional we such across the help impact expertise, industry, as of and in balance directly insurance the to terms ratios, and best best give extensive clients, market to PNC at savings some the our that an it the end of industry domain use So adopt the which knowledge

regulatory that our the If healthcare on etc., of suite with side example of patient changing members. requirements, example, patients of they are strong at being times, digital care management, end the our business, regulations take same regards doing that up turnaround the in products, patient or have to U.S. another what the done the is whilst allow on which additions new be appropriately time underway to the sales meeting you including care an directly an company’s impact

last So it’s we a have depth, with few what domain the built years makes along over that extremely it unique.

Keshav Murugesh

actually And Puneet, tell, clients. and us our firms difference just deliver to We and we is, core don’t ROI we I consulting traditional think the deliver. between the execute

difference huge that’s and clients are a up. I lapping think it

David Mackey

moving And then right. you of the when is completely and specific in a portfolio side, client, is, things at a business, client’s around know is a with part specific transformation different that not One how but are to embedded your on was the solutions of question you needed services which support view there, only management to client kind African Puneet, two piece the first right look are decision. forward at these for headed. sure are to our to we've a that different conversation business and clearly decided is got the and of services of proceed. capabilities where and About where to and areas business investments, capabilities, The right. and decision other our on not levels the potential client today, we’ve about that the strategy look clients South those That more the then about M&A making pursue

maintain this with high that news one as them. were good client, terms objectives continue clearly to our a in on continue we So client we of do work. misaligned we work their objectives to is The for value of piece

a us. work in to of that of to of in seemed model. provide that different work type to something piece want the direction wanted just both was one it work a that for well didn't They for So go and we

Puneet Jain

expect if comment Got did Thank South you the and size you. client, Africa can on It half second also environment. on you pricing you you. impact makes sense. from And based

Gautam Bari

so this time process, the Yeah, you know specifically, the $X as be are South for client. we at a half the the impact we services that million Because decided continuing with communized go ahead. not at maybe to based to $X from second we going value, said, high around million I But the are client, stage. you think Africa same for will

client that’s there the and still where our is is. focus So

Puneet Jain

Has on any? comment been your for overall environment you can And pricing there services.

David Mackey

healthy. Overall environment remains pricing the and stable

perspective, be no for clients transformation. all for better know looking things change. our looking You are They to they to from are productive, of a pricing for are but looking more position, things

Puneet Jain

you. Thank you. Got

Operator

Thank you.

Our with next Colicchio Barrington from comes Vincent Research. question

is line open. Your

Vincent Colicchio

Yes, so a Any are experiencing faster there? ramp you change contracts. large of

Keshav Murugesh

No, from that no change perspective.

the clients last the we happening and a pace of continue months. couple per transition dates We all that pre-determined And to seeing, increase the of of have is transitions the ways, have over which we off starting in that number as agreed starting are upon. multiple the a to

David Mackey

large done be is of for these that needs phased from to to reality Vince, way It kinds still deals, transformational done perspective. approach. going The be in it’s a mitigation a very risk even

see of we’ll been a five phase to to the XX more two. in move years, and if four transitioned move phase So over once processes the next even to they one are is three reality going is you the and deal you to stabilize scope know XX have

that’s going change. So not to

can’t down be needs be done serially. parallel to perspective; it from that in business Our

Vincent Colicchio

sounds side, curious, broad and leisure it driving travel is our I’m the some are clients, larger like largely On based. But the improvement. your demand of

David Mackey

driven terms clients of U.S. recovery, the what seeing. the the which Gautam alignment industry of by it’s perfect right, our bulk sense largely makes that in OTA I with the been as is have driven think Yeah, mentioned, travel based

those in airline, year what back about time OTA’s, the and But counties ease. this we will agency, the and businesses three, a half then have over believe happen start we entry that COVID going us you not pick-up these and is for have presents You for in will either quarters and firms know the because certainly business if not included business two, as fully for clients to the next and the their opportunity four of European the those recovered specific specific us forward. up, of the kind this rules over regulations

as up this business going continues are going this to long us and pandemic forward. start and as the So for come see opportunity globally, presents an to we back ease pick to certainly

Vincent Colicchio

grow should sequentially? fastest the verticals what And in second half

David Mackey

logistics. I think at. in I exposed you're the I we two also of shipping well. see focus that that are in least would known some going the as to businesses to the strengthen downs areas discussed These to There are continue to strength that you're and look would continue travel, going to be think ramp

Vincent Colicchio

for Thanks questions. answering my

David Mackey

Vince. Thanks

Operator

conference further questions this showing I'm time. Thank today's you you. And will Thank conclude participating. call. no at for This

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