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Genpact Reports Full Year and Fourth Quarter 2018 Results
2018 Revenues of $3.0 Billion, Up 10% (~9% on a constant currency basis)(1)
2018 Global Client BPO Revenues of $2.3 Billion, Up 12%
2018 Diluted EPS of $1.45, Up 9%; 2018 Adjusted Diluted EPS(2) of $1.80, Up 11%

NEW YORK, Feb. 7, 2019 /PRNewswire/ -- Genpact Limited (NYSE: G), a global professional services firm focused on delivering digital transformation, today announced financial results for the fourth quarter and full year ended December 31, 2018.

New Genpact logo - September 2017 (PRNewsfoto/Genpact)

"We had a great end to 2018.  I am really pleased with our fourth quarter and full-year results as we stayed focused and executed well on our strategy, driving strong financial performance," said 'Tiger' Tyagarajan, Genpact's president and CEO. "It is clear that we have crossed the tipping point in terms of our reputation as a preferred digital transformation partner in our chosen industry verticals and service lines.  We believe we have set the stage for long-term, sustainable growth and profitability in an expanding addressable market."

Key Financial Results – Full Year 2018

  • Total revenue was $3.0 billion, up 10% year-over-year (up ~9% on a constant currency basis).
  • Income from operations was $348 million, up 5% year-over-year, with a corresponding margin of 11.6%. Adjusted income from operations was $473 million, up 10% year-over-year, with a corresponding margin of 15.8%.3
  • Diluted earnings per share were $1.45, up 9% year-over-year, and adjusted diluted earnings per share were $1.80, up 11% year-over-year.
  • New bookings were approximately $3.9 billion, up 40% from $2.8 billion in 2017.4
  • Genpact repurchased approximately 5.1 million of its common shares in 2018 for a total of $158 million at an average price per share of $31.08.

Key Financial Results – Fourth Quarter 2018

  • Total revenue was $835 million, up 14% year-over-year (up ~15% on a constant currency basis).
  • Income from operations was $111 million, up 51% year-over-year, with a corresponding margin of 13.3%. Adjusted income from operations was $142 million, up 24% year-over-year, with a corresponding margin of 17.0%.
  • Diluted earnings per share were $0.41, up 20% year-over-year, and adjusted diluted earnings per share were $0.52, up 19% year-over-year.

Revenue Details – Full Year 20185

  • Revenue from Global Clients was $2.7 billion, up 11% year-over-year (up 10.5% on a constant currency basis), representing approximately 91% of total revenues.
  • Revenue from GE was $268 million, flat year-over-year, representing approximately 9% of total revenues.
  • Total BPO revenue was $2.5 billion, up 11% year-over-year, representing approximately 83% of total revenues.
  • Global Client BPO revenue was $2.3 billion, up 12% year-over-year, both on an as reported and constant currency basis.
  • GE BPO revenue was $158 million, down 10% year-over-year.
  • Total IT revenue was $498 million, up 5% year-over-year, representing approximately 17% of total revenues.
  • Global Client IT revenue was $388 million, up 2% year-over-year.
  • GE IT revenue was $110 million, up 17% year-over-year.

Revenue Detail – Fourth Quarter 2018

  • Revenue from Global Clients was $755 million, up 13% year-over-year (up ~14% on a constant currency basis), representing approximately 90% of total revenues.
  • Revenue from GE was $80 million, up 24% year-over-year, representing approximately 10% of total revenues.
  • Total BPO revenue was $700 million, up 14% year-over-year, representing approximately 84% of total revenues.
  • Global Client BPO revenue was $650 million, up 13% year-over-year (up ~14% on a constant currency basis).
  • GE BPO revenue was $50 million, up 30% year-over-year.
  • Total IT revenue was $135 million, up 12% year-over-year, representing approximately 16% of total revenues.
  • Global Client IT revenue was $105 million, up 11% year-over-year.
  • GE IT revenue was $31 million, up 16% year-over-year.

Cash Flow from Operations

  • Cash generated from operations in 2018 was $340 million, compared to $359 million in 2017.

2019 Outlook

Genpact expects:

  • Total revenue for the full year 2019 to be $3.33 to $3.39 billion, which represents a growth range of 11% to 13%, or 12% to 14% on a constant currency basis.
  • Global Client revenue growth to be in the range of 9.0% to 10.5%, or 10.0% to 11.5% on a constant currency basis.
  • Adjusted income from operations margin6 of approximately 16.0%.
  • Adjusted diluted EPS7 of $1.96 to $2.00.

Conference Call to Discuss Financial Results

Genpact's management will host an hour-long conference call beginning at 4:30 p.m. ET on February 7, 2019 to discuss the company's performance for the fourth quarter and full year ended December 31, 2018. To participate, callers can dial +1 (877) 654-0173 from within the U.S. or +1 (281) 973-6289 from any other country. Thereafter, callers will be prompted to enter the conference ID, 6458009.

A live webcast of the call will also be made available on the Genpact Investor Relations website at http://investors.genpact.com. For those who cannot join the call live, a replay will be archived on the Genpact website after the end of the call. A transcript of the call will also be made available on the website.

About Genpact

Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes primarily for Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics.  Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 87,000+ of us. From New York to New Delhi and more than 25 countries in between, we connect every dot, reimagine every process, and reinvent companies' ways of working. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we'll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here.

Safe Harbor

This press release contains certain statements concerning our future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to a slowdown in the economies and sectors in which our clients operate, a slowdown in the business process outsourcing and information technology services sectors, the risks and uncertainties arising from our past and future acquisitions, our ability to convert bookings to revenues, our ability to manage growth, factors which may impact our cost advantage, wage increases, changes in tax rates and tax legislation and other laws and regulations, our ability to attract and retain skilled professionals, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, general economic conditions affecting our industry as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact's Annual Report on Form 10-K. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management's current analysis of future events and should not be relied upon as representing management's expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.

Contacts

Investors


Roger Sachs, CFA



+1 (203) 808-6725



roger.sachs@genpact.com



Media


Gail Marold

+1 (919) 345-3899

gail.marold@genpact.com

 

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data and share count)










As of December 31,



As of December 31,




2017



2018


Assets









Current assets









Cash and cash equivalents


$

504,468



$

368,396


Accounts receivable, net



693,085




774,184


Prepaid expenses and other current assets



236,342




212,477


Total current assets


$

1,433,895



$

1,355,057


Property, plant and equipment, net



207,030




212,715


Deferred tax assets



76,929




74,566


Investment in equity affiliates



886




836


Intangible assets, net



131,590




177,087


Goodwill



1,337,122




1,393,832


Contract cost assets






160,193


Other assets



262,169




155,159


Total assets


$

3,449,621



$

3,529,445


Liabilities and equity









Current liabilities









Short-term borrowings


$

170,000



$

295,000


Current portion of long-term debt



39,226




33,483


Accounts payable



15,050




42,584


Income taxes payable



30,026




33,895


Accrued expenses and other current liabilities



584,482




571,350


Total current liabilities


$

838,784



$

976,312


Long-term debt, less current portion



1,006,687




975,645


Deferred tax liabilities



6,747




8,080


Other liabilities



168,609




165,226


Total liabilities


$

2,020,827



$

2,125,263


Redeemable non-controlling interest



4,750





Shareholders' equity









Preferred shares, $0.01 par value, 250,000,000 authorized, none issued







Common shares, $0.01 par value, 500,000,000 authorized,192,825,207 
     and 189,346,101 issued and outstanding as of December 31, 2017 and
     December 31, 2018, respectively



1,924




1,888


Additional paid-in capital



1,421,368




1,471,301


Retained earnings



355,982




438,453


Accumulated other comprehensive income (loss)



(355,230)




(507,460)


Total equity


$

1,424,044



$

1,404,182


Total liabilities, redeemable non-controlling interest and equity


$

3,449,621



$

3,529,445


 

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data and share count)




Three months ended December 31,




20168



20178



2018


Net revenues


$

681,747



$

734,413



$

835,339


Cost of revenue



405,678




454,803




533,134


Gross profit


$

276,069



$

279,610



$

302,205


Operating expenses:













Selling, general and administrative expenses



170,715




188,817




178,580


Amortization of acquired intangible assets



7,419




10,632




9,716


Other operating (income) expense, net



(149)




6,856




3,068


Income from operations


$

98,084



$

73,305



$

110,841


Foreign exchange gains (losses), net



(526)




(49)




186


Interest income (expense), net



(5,012)




(7,668)




(9,473)


Other income (expense), net



2,955




15,971




5,078


Income before equity-method investment activity, net

   and income tax expense


$

95,501



$

81,559



$

106,632


Equity-method investment activity, net



(1,362)




24




10


Income before income tax expense


$

94,139



$

81,583



$

106,642


Income tax expense



18,072




15,445




27,495


Net income


$

76,067



$

66,138



$

79,147


Net loss attributable to redeemable non-controlling interest



232




944





Net income attributable to Genpact Limited

   shareholders


$

76,299



$

67,082



$

79,147


Net income available to Genpact Limited common shareholders


$

76,299



$

67,082



$

79,147


Earnings per common share attributable to Genpact Limited

   common shareholders













Basic


$

0.38



$

0.35



$

0.42


Diluted


$

0.38



$

0.34



$

0.41


Weighted average number of common shares used in computing

   earnings per common share attributable to Genpact Limited

   common shareholders













Basic



200,341,922




192,795,534




189,724,744


Diluted



203,431,310




196,862,168




193,149,836


 

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data and share count)




Year ended December 31,




20169



20179



2018


Net revenues


$

2,570,756



$

2,736,929



$

3,000,790


Cost of revenue



1,554,340




1,681,438




1,921,768


Gross profit


$

1,016,416



$

1,055,491



$

1,079,022


Operating expenses:













Selling, general and administrative expenses



652,967




689,461




693,865


Amortization of acquired intangible assets



27,183




36,412




38,850


Other operating (income) expense, net



(4,940)




(1,661)




(1,845)


Income from operations


$

341,206



$

331,279



$

348,152


Foreign exchange gains (losses), net



2,630




1,996




15,239


Interest income (expense), net



(16,184)




(31,735)




(37,119)


Other income (expense), net



9,691




23,586




35,761


Income before equity-method investment activity, net

   and income tax expense


$

337,343



$

325,126



$

362,033


Equity-method investment activity, net



(7,698)




(4,543)




(12)


Income before income tax expense


$

329,645



$

320,583



$

362,021


Income tax expense



62,098




59,742




80,763


Net income


$

267,547



$

260,841



$

281,258


Net loss attributable to redeemable non-controlling interest



2,137




2,270




761


Net income attributable to Genpact Limited

   shareholders


$

269,684



$

263,111



$

282,019


Net income available to Genpact Limited common shareholders


$

269,684



$

263,111



$

282,019


Earnings per common share attributable to Genpact Limited

   common shareholders













Basic


$

1.30



$

1.36



$

1.48


Diluted


$

1.28



$

1.34



$

1.45


Weighted average number of common shares used in computing

   earnings per common share attributable to Genpact Limited

   common shareholders













Basic



206,861,536




193,864,755




190,674,740


Diluted



210,126,023




197,049,552




193,980,038


 

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)




Year ended December 31,




2016



2017



2018


Operating activities













Net income attributable to Genpact Limited shareholders


$

269,684



$

263,111



$

282,019


Net loss attributable to redeemable non-controlling interest



(2,137)




(2,270)




(761)


Net income


$

267,547



$

260,841



$

281,258


Adjustments to reconcile net income to net cash provided by (used for)

   operating activities:













Depreciation and amortization



54,553




58,503




64,868


Amortization of debt issuance costs (including loss on extinguishment of debt)



1,531




1,884




3,975


Amortization of acquired intangible assets



27,183




36,412




38,850


Write-down of intangible assets and property, plant and equipment



11,195




9,311




4,265


Reserve for doubtful receivables



7,282




9,819




1,857


Unrealized loss (gain) on revaluation of foreign currency asset/liability



1,717




(11,830)




3,352


Equity-method investment activity, net



7,698




4,543




12


Stock-based compensation expense



25,113




35,685




48,998


Deferred tax expense (benefit)



30,454




(10,391)




6,054


Loss (gain) on divestiture



(5,214)




5,668





Others, net



(41)




(4,785)




1,317


Change in operating assets and liabilities:













Increase in accounts receivable



(48,612)




(57,267)




(76,894)


Increase in prepaid expenses, other current assets, contract cost assets and other assets



(62,852)




(28,381)




(76,392)


Increase (decrease) in accounts payable



(463)




(2,155)




26,401


Increase in accrued expenses, other current liabilities and other liabilities



27,977




46,581




5,993


Increase in income taxes payable



704




4,640




5,597


Net cash provided by operating activities


$

345,772



$

359,078



$

339,511















Investing activities













Purchase of property, plant and equipment



(81,926)




(57,231)




(84,978)


Payment for acquired/internally generated intangible assets (including

   intangibles under development)



(6,846)




(16,441)




(75,439)


Proceeds from sale of property, plant and equipment



547




1,738




668


Investment in equity affiliates



(9,620)




(496)





Payment for business acquisitions, net of cash acquired



(45,162)




(284,822)




(111,571)


Proceeds from divestiture of business, net of cash divested



17,242




(4,738)





Payment for purchase of redeemable non-controlling interest









(4,730)


Net cash used for investing activities


$

(125,765)



$

(361,990)



$

(276,050)


Financing activities













Repayment of capital lease obligations



(1,793)




(2,708)




(2,395)


Payment of debt issuance costs






(2,630)




(4,293)


Proceeds from long-term debt






350,000




129,186


Repayment of long-term debt



(40,000)




(40,000)




(166,186)


Proceeds from short-term borrowings



200,000




295,000




250,000


Repayment of short-term borrowings



(61,500)




(285,000)




(125,000)


Proceeds from issuance of common shares under stock-based compensation

   Plans



18,228




15,528




14,034


Payment for net settlement of stock based awards



(769)




(10,296)




(15,919)


Payment of earn-out/deferred consideration



(1,485)




(6,219)




(3,356)


Dividend paid






(46,686)




(57,102)


Payment for stock repurchased and retired



(345,200)




(219,784)




(154,058)


Payment for expenses related to stock purchase



(279)




(16)




(98)


Net cash provided by/(used for) financing activities


$

(232,798)



$

47,189



$

(135,187)


Effect of exchange rate changes



(15,493)




37,568




(64,346)


Net increase (decrease) in cash and cash equivalents



(12,791)




44,277




(71,726)


Cash and cash equivalents at the beginning of the period



450,907




422,623




504,468


Cash and cash equivalents at the end of the period


$

422,623



$

504,468



$

368,396


Supplementary information













Cash paid during the period for interest (including interest rate swaps)


$

19,530



$

27,915



$

41,484


Cash paid during the period for income taxes


$

46,731



$

66,238



$

81,411


Property, plant and equipment acquired under capital lease obligations


$

2,206



$

2,318



$

2,031


 

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following non-GAAP financial measures:

  • Adjusted income from operations attributable to shareholders of Genpact Limited, or adjusted income from operations;
  • Adjusted income from operations margin;
  • Adjusted diluted earnings per share attributable to shareholders of Genpact Limited, or adjusted diluted earnings per share; and
  • Revenue growth on a constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact's GAAP financial statements to such non-GAAP financial measures should be carefully evaluated.

Prior to July 2012, Genpact's management used financial statements that excluded significant acquisition-related expenses, amortization of related acquired intangibles, and amortization of acquired intangibles at the company's formation in 2004 for its internal management reporting, budgeting and decision making purposes, including comparing Genpact's operating results to that of its competitors. However, considering Genpact's frequent acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and the amortization of acquired intangibles thereof, since July 2012 Genpact's management has used financial statements that exclude all acquisition-related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision-making purposes, including comparing Genpact's operating results to those of its competitors. For the same reasons, since April 2016 Genpact's management has excluded the impairment of acquired intangible assets from the financial statements it uses for internal management purposes. Acquisition-related expenses are excluded in the period in which an acquisition is consummated.

Genpact's management also uses financial statements that exclude stock-based compensation expense. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 "Compensation-Stock Compensation," Genpact's management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between Genpact's operating results and those of other companies. Additionally, in its calculations of such non-GAAP financial measures, Genpact's management has adjusted other income and expenses, certain gains, losses and impairment charges attributable to equity-method investments, and gains or losses attributable to non-controlling interests because management believes that the Company's results after taking into account these adjustments more accurately reflect the Company's ongoing operations. For the purpose of calculating adjusted diluted earnings per share, the combined current and deferred tax effect is determined by multiplying each pre-tax adjustment by the applicable statutory income tax rate.

Genpact's management provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company's true business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.

Accordingly, Genpact believes that the presentation of adjusted income from operations, adjusted income from operations margin, adjusted diluted earnings per share and revenue growth on a constant currency basis, when read in conjunction with the Company's reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.

A limitation of using adjusted income from operations and adjusted income from operations margin versus income from operations and income from operations margin calculated in accordance with GAAP is that these non-GAAP financial measures exclude certain recurring costs and certain other charges, namely stock-based compensation and amortization and impairment of acquired intangibles. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted income from operations margin.

The following tables show the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the year and three months ended December 31, 2017 and 2018:

 

Reconciliation of Income from Operations/Margin to Adjusted Income from Operations/Margin
(Unaudited)
(In thousands)




Year ended December 31,



Three months ended
December
 31,




2017



2018



2017



2018


Income from operations


$

331,279



$

348,152



$

73,305



$

110,841


Add: Stock-based compensation



35,685




48,998




13,283




16,840


Add: Amortization of acquired intangible assets



35,467




37,292




11,390




9,333


Add: Acquisition-related expenses



5,886




2,362




131





Add: Other income (expense), net



23,586




35,761




15,971




5,078


Less: Equity-method investment activity, net



(4,543)




(12)




24




10


Add: Net loss attributable to redeemable non-controlling

   interest



2,270




761




944





Adjusted income from operations


$

429,630



$

473,314



$

115,048



$

142,102


Income from operations margin



12.1

%



11.6

%



10.0

%



13.3

%

Adjusted income from operations margin



15.7

%



15.8

%



15.7

%



17.0

%

 

 

Reconciliation of Diluted EPS to Adjusted Diluted EPS10
(Unaudited)
(Per share data) 




Year ended December 31,



Three months ended
December 31,




2017



2018



2017



2018


Diluted EPS


$

1.34



$

1.45



$

0.34



$

0.41


Add: Stock-based compensation



0.18




0.25




0.07




0.09


Add: Amortization of acquired intangible assets



0.18




0.19




0.06




0.05


Add: Acquisition-related expenses



0.03




0.01








Less: Tax impact on stock-based compensation



(0.05)




(0.06)




(0.02)




(0.02)


Less: Tax impact on amortization of acquired intangible

   assets



(0.06)




(0.05)




(0.02)




(0.01)


Less: Tax impact on acquisition-related expenses













Adjusted diluted EPS


$

1.62



$

1.80



$

0.43



$

0.52


 

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the year ending December 31, 2019:

 

Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from Operations Margin11
(Unaudited)



Year ending

December 31, 2019


Income from operations margin



12.3

%

Add: Estimated stock-based compensation



2.1

%

Add: Estimated amortization of acquired intangible assets



0.8

%

Add: Estimated acquisition-related expenses



0.1

%

Add: Estimated other income (expense), net



0.7

%

Less: Estimated equity-method investment activity, net




Adjusted income from operations margin



16.0

%

 

 

Reconciliation of Outlook for Diluted EPS to Adjusted Diluted EPS11
(Unaudited)
(Per share data)



Year ending
December 31, 2019




Lower



Upper


Diluted EPS


$

1.54



$

1.58


Add: Estimated stock-based compensation



0.37




0.37


Add: Estimated amortization of acquired intangible assets



0.14




0.14


Add: Estimated acquisition-related expenses



0.02




0.02


Less: Estimated tax impact on stock-based compensation



(0.08)




(0.08)


Less: Estimated tax impact on amortization of acquired intangible assets



(0.04)




(0.04)


Less: Estimated tax impact on acquisition-related expenses







Adjusted diluted EPS


$

1.96



$

2.00


 


1 Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.

2 Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.

3 Adjusted income from operations and adjusted income from operations margin are non-GAAP measures. Reconciliations of GAAP income from operations to adjusted income from operations and GAAP income from operations margin to adjusted income from operations margin are attached to this release.

4 New bookings, an operating measure, represents the total contract value of new contracts and certain renewals, extensions and changes to existing contracts.  Regular renewals of contracts with no change in scope are not counted as new bookings.

5  At the end of each fiscal year, we reclassify revenue related to certain divested GE businesses as Global Client revenue as of the dates of divestiture.  The 2017 numbers presented in this release reflect reclassifications from GE to Global Client revenue due to divestitures in 2017, the impact of which was immaterial.  There were no such reclassifications of revenue in 2018.  

6 Adjusted income from operations margin is a non-GAAP measure.  A reconciliation of the outlook for GAAP income from operations margin to adjusted income from operations margin is attached to this release.

7 Adjusted diluted earnings per share is a non-GAAP measure.  A reconciliation of the outlook for GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.   

8 Cost of revenue, selling, general and administrative expenses, other income (expense) and income from operations for the three months ended December 31, 2016 and 2017 have been restated due to the adoption of ASU No. 2017-07 with effect from January 1, 2018.  The impact of such restatement is not material.

9 Cost of revenue, selling, general and administrative expenses, other income (expense) and income from operations for the years ended December 31, 2016 and 2017 have been restated due to the adoption of ASU No. 2017-07 with effect from January 1, 2018.  The impact of such restatement is not material.

10 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

11 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

 

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SOURCE Genpact Limited