Workflow
TaskUs(TASK)
icon
Search documents
TaskUs(TASK) - 2022 Q4 - Annual Report
2023-03-06 22:20
Part I [Business](index=7&type=section&id=Item%201.%20Business) TaskUs provides outsourced digital services, including Digital CX, Trust and Safety, and AI, with a growth strategy focused on client and geographic expansion, primarily operating in the Philippines - TaskUs provides outsourced digital services with a focus on three key areas: Digital Customer Experience (Digital CX), Trust and Safety, and Artificial Intelligence (AI) Services[30](index=30&type=chunk) FY2022 Revenue by Service Offering | Service Offering | 2022 Revenue % | 2021 Revenue % | | :--- | :--- | :--- | | Digital Customer Experience | 66% | 64% | | Trust and Safety | 19% | 22% | | Artificial Intelligence Services | 15% | 14% | - The company's growth strategy includes expanding with current clients, winning new clients (**40 new wins in 2022** with a **43% win rate**), expanding service offerings, geographic expansion, and M&A[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - As of December 31, 2022, TaskUs had approximately **49,500 employees** across **27 sites** in **13 countries**, with the Philippines being the largest offshore market, accounting for **64% of the total headcount**[32](index=32&type=chunk)[69](index=69&type=chunk) - Client concentration is significant, with the top 10 clients accounting for **58% of revenue** in FY2022. The largest client, Meta, accounted for **22% of revenue**[81](index=81&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including high client concentration, challenges in Trust and Safety services, international operational dependencies, cybersecurity threats, and concentrated voting control - The business is highly dependent on key clients. The top five clients accounted for **44% of revenue**, and the top client (Meta) accounted for **22% of revenue** for the fiscal year ended December 31, 2022[105](index=105&type=chunk) - The Trust and Safety services, a large portion of the business, expose the company to risks related to the mental health of employees moderating prohibited content, which could lead to liability, negative publicity, and difficulty in recruitment[120](index=120&type=chunk)[121](index=121&type=chunk) - A significant portion of operations are international, particularly in the Philippines (**53% of revenue**) and India (**11% of revenue**), making the company vulnerable to political instability, natural disasters, and labor cost increases in these regions[131](index=131&type=chunk) - The dual-class stock structure concentrates **96.3% of the combined voting power** with the Sponsor and Co-Founders as of December 31, 2022, limiting the influence of Class A stockholders[259](index=259&type=chunk) - The company is subject to foreign currency risk as a majority of revenues are in U.S. Dollars while costs are primarily in local currencies like the Philippine Peso and Indian Rupee[146](index=146&type=chunk) - The company faces risks from potential data security breaches, which could result in liability, reputational harm, and loss of client confidence[115](index=115&type=chunk)[116](index=116&type=chunk) [Unresolved Staff Comments](index=46&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - There are no unresolved staff comments[284](index=284&type=chunk) [Properties](index=46&type=section&id=Item%202.%20Properties) As of December 31, 2022, TaskUs leases approximately 1.5 million square feet of office space globally, including its corporate headquarters in New Braunfels, Texas - The company leases approximately **1.5 million square feet** of office space worldwide as of December 31, 2022[285](index=285&type=chunk) - All properties are leased, and the company does not own any real property[285](index=285&type=chunk) [Legal Proceedings](index=46&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, with specific details referenced in Note 10 of the Consolidated Financial Statements - Information regarding legal proceedings is incorporated by reference from Note 10, "Commitments and Contingencies" in the Notes to Consolidated Financial Statements[286](index=286&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[287](index=287&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=47&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) TaskUs's Class A common stock trades on Nasdaq under the symbol "TASK", with no current plans for dividends, and a $100 million share repurchase program authorized in September 2022, leading to 911,020 shares repurchased in Q4 2022 - Class A Common Stock is listed on Nasdaq under the symbol "TASK"; Class B common stock is not publicly traded[289](index=289&type=chunk) - The company has no current plans to pay dividends on its common stock[291](index=291&type=chunk) Q4 2022 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2022 | 665,397 | $19.57 | | Nov 2022 | 245,623 | $17.27 | | Dec 2022 | — | — | | **Total** | **911,020** | | - A share repurchase program authorizing up to **$100.0 million** was approved on September 7, 2022, and is effective until December 31, 2024[292](index=292&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For FY2022, TaskUs reported **$960.5 million** in service revenue, a **26.3% increase**, with net income turning around to **$40.4 million** from a prior year loss, driven by service line growth and geographic expansion, and supported by debt refinancing FY2022 vs FY2021 Financial Highlights | Metric (in millions) | FY2022 | FY2021 | % Change | | :--- | :--- | :--- | :--- | | Service Revenue | $960.5 | $760.7 | 26.3% | | Net Income (Loss) | $40.4 | $(58.7) | NM | | Adjusted Net Income | $142.8 | $129.4 | 10.4% | | Adjusted EBITDA | $223.2 | $187.9 | 18.8% | - In April 2022, TaskUs acquired heloo, a Croatia-based Digital CX provider, expanding its European presence and language capabilities[308](index=308&type=chunk) - Macroeconomic pressures led some clients to shift work from onshore (U.S.) to offshore locations to reduce costs, contributing to a deceleration in the revenue growth rate[309](index=309&type=chunk) FY2022 Revenue by Geography | Geography | 2022 Revenue (in thousands) | % of Total | | :--- | :--- | :--- | | Philippines | $504,361 | 52.5% | | United States | $252,457 | 26.3% | | India | $102,561 | 10.7% | | Rest of World | $101,110 | 10.5% | | **Total** | **$960,489** | **100%** | - The company refinanced its debt in September 2022, entering into a new credit agreement with a **$270.0 million** term loan and a **$190.0 million** revolving credit facility, both maturing in 2027[387](index=387&type=chunk) - Net cash provided by operating activities was **$147.1 million** in 2022, a significant improvement from **$32.7 million** used in operating activities in 2021, which was impacted by one-time IPO-related payments[394](index=394&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include foreign currency exchange rate risk, interest rate risk from variable-rate debt, and significant credit risk concentration with two clients accounting for 30% of accounts receivable - The company is exposed to foreign currency risk, as most revenues are in USD, but a large portion of expenses are in Philippine pesos and Indian rupees; a **10% appreciation/depreciation** in the Philippine peso would have impacted 2022 expenses by approximately **$30.0-$36.6 million**, excluding hedges[418](index=418&type=chunk)[419](index=419&type=chunk) - To mitigate currency risk, the company uses foreign currency forward contracts, which are not designated as hedges; in 2022, realized losses from these contracts were **$13.3 million**[421](index=421&type=chunk)[422](index=422&type=chunk) - Interest rate risk exists due to variable-rate borrowings under the 2022 Credit Facilities; a hypothetical **10% increase** in the SOFR rate would increase annual interest expense by **$1.2 million**[425](index=425&type=chunk) - Significant credit risk concentration exists, with two clients representing **30% of the $178.7 million** in net accounts receivable as of December 31, 2022[426](index=426&type=chunk) [Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents TaskUs's audited consolidated financial statements for fiscal years 2020-2022, along with KPMG LLP's report and detailed notes on accounting policies, acquisitions, revenue, debt, leases, stock-based compensation, and legal contingencies Consolidated Balance Sheet Highlights (as of Dec 31, 2022) | Account (in thousands) | Amount | | :--- | :--- | | Total Assets | $902,015 | | Cash and cash equivalents | $133,992 | | Goodwill | $217,382 | | Total Liabilities | $446,402 | | Long-term debt | $264,225 | | Total Shareholders' Equity | $455,613 | Consolidated Statement of Operations (Year Ended Dec 31, 2022) | Account (in thousands) | Amount | | :--- | :--- | | Service Revenue | $960,489 | | Total Operating Expenses | $876,592 | | Operating Income | $83,897 | | Net Income | $40,422 | | Diluted EPS | $0.39 | - The report of the independent registered public accounting firm, KPMG LLP, provides an unqualified opinion on the consolidated financial statements[431](index=431&type=chunk) - Note 3 details the April 15, 2022 acquisition of heloo for a total consideration of **$35.4 million**, which added **$21.9 million** in goodwill and **$11.2 million** in intangible assets[503](index=503&type=chunk)[505](index=505&type=chunk)[507](index=507&type=chunk) - Note 10 discloses a class action lawsuit filed in February 2022 related to the company's IPO, which the company believes is without merit and intends to defend vigorously[537](index=537&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=97&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on any matter of accounting principles or practices, or financial statement disclosure - None reported[582](index=582&type=chunk) [Controls and Procedures](index=97&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[584](index=584&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2022[585](index=585&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[587](index=587&type=chunk) [Other Information](index=97&type=section&id=Item%209B.%20Other%20Information) This section includes a disclosure pursuant to Section 13(r) of the Exchange Act, relating to activities in Iran by an affiliate of Blackstone, provided in Exhibit 99.1 - Incorporates by reference Exhibit 99.1, which contains a disclosure under Section 13(r) of the Exchange Act regarding activities of an affiliate[589](index=589&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=97&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports that this item is not applicable - None reported[590](index=590&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=98&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information concerning directors, executive officers, and corporate governance is incorporated by reference from the company's 2023 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[593](index=593&type=chunk) [Executive Compensation](index=98&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from the company's 2023 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[594](index=594&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=98&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information concerning security ownership is incorporated by reference from the company's 2023 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[595](index=595&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=98&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning related party transactions and director independence is incorporated by reference from the company's 2023 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[596](index=596&type=chunk) [Principal Accountant Fees and Services](index=98&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning principal accountant fees and services is incorporated by reference from the company's 2023 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the 2023 Proxy Statement[597](index=597&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=99&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Annual Report, with consolidated financial statements located in Part II, Item 8 - The company's consolidated financial statements are listed under Part II, Item 8[599](index=599&type=chunk) - A comprehensive list of exhibits filed with the report is provided, including key agreements and certifications[601](index=601&type=chunk)[602](index=602&type=chunk) [Form 10-K Summary](index=101&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[609](index=609&type=chunk)
TaskUs(TASK) - 2022 Q4 - Earnings Call Presentation
2023-02-28 04:02
Investor Presentation | 3 37% Q2 2021 2022 Note: Expanded into Malaysia and Japan in Q4 2021. Romania revenue generation expected in 2023 This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting the current views of TaskUs, Inc. ("TaskUs" or the "Company") with respect to, among other things, ...
TaskUs(TASK) - 2022 Q4 - Earnings Call Transcript
2023-02-28 02:12
TaskUs Inc. (NASDAQ:TASK) Q4 2022 Earnings Conference Call February 28, 2023 5:00 PM ET Company Participants Alan Katz – Vice President-Investor Relations Bryce Maddock – Co-Founder and Chief Executive Officer Balaji Sekar – Chief Financial Officer Conference Call Participants Maggie Nolan – William Blair Kathy Cheng – Bank of America Dan Perlin – RBC Capital Markets Puneet Jain – J.P. Morgan Ryan Potter – Citi Dave Koning – Baird James Faucette – Morgan Stanley Operator Good morning. Welcome to the TaskUs ...
TaskUs(TASK) - 2022 Q3 - Earnings Call Transcript
2022-11-08 03:40
TaskUs, Inc. (NASDAQ:TASK) Q3 2022 Results Conference Call November 7, 2022 5:00 PM ET Company Participants Alan Katz - Vice President of Investor Relations Bryce Maddock - Co-Founder and Chief Executive Officer Balaji Sekar - Chief Financial Officer Conference Call Participants Ryan Potter - Citi Puneet Jain - JPMorgan Dan Perlin - RBC Capital Markets Jesse Fink - William Blair Kathy Chang - Bank of America James Faucette - Morgan Stanley Jeff Cantwell - Wells Fargo William McNamara - BTIG Operator Good mo ...
TaskUs(TASK) - 2022 Q2 - Quarterly Report
2022-08-09 21:09
[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The company reported a net income of **$19.3 million** for H1 2022, a significant turnaround, with total assets growing to **$883.5 million** and strong operating cash flow of **$73.0 million** [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$883.5 million** from **$750.0 million**, driven by cash and goodwill, while total liabilities rose to **$449.0 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $104,734 | $63,584 | | Total current assets | $317,054 | $246,306 | | Goodwill | $216,567 | $195,735 | | **Total assets** | **$883,480** | **$749,998** | | **Liabilities & Equity** | | | | Total current liabilities | $192,047 | $135,941 | | Total long-term debt | $179,643 | $187,240 | | **Total liabilities** | **$448,994** | **$370,864** | | **Total shareholders' equity** | **$434,486** | **$379,134** | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2022 service revenue grew **36.9%** to **$246.5 million**, resulting in a net income of **$7.7 million** compared to a prior-year net loss due to one-time IPO costs Statement of Operations Summary (in thousands, except per share data) | Metric | Three months ended June 30, 2022 | Three months ended June 30, 2021 | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Service revenue | $246,459 | $180,022 | $486,139 | $332,893 | | Operating income (loss) | $19,373 | $(113,028) | $39,927 | $(90,627) | | Net income (loss) | $7,729 | $(105,943) | $19,315 | $(89,436) | | Diluted EPS | $0.07 | $(1.14) | $0.19 | $(0.97) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to **$73.0 million** for H1 2022, with investing activities using **$52.6 million** and financing providing **$25.4 million** Cash Flow Summary (in thousands) | Activity | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $72,966 | $45,677 | | Net cash used in investing activities | $(52,592) | $(23,453) | | Net cash provided by financing activities | $25,393 | $67,733 | | **Increase in cash and cash equivalents** | **$45,767** | **$89,957** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the **heloo acquisition** for **$35.4 million**, strong **Digital Customer Experience** growth, **22% client concentration**, and a **class action lawsuit** - On April 15, 2022, the company acquired heloo, a Croatian Digital Customer Experience provider, for a total consideration of **$35.4 million**. This resulted in the recognition of **$21.6 million** in goodwill and **$11.2 million** in intangible assets[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) Revenue by Service Offering (in thousands) | Service Offering | Three months ended June 30, 2022 | Three months ended June 30, 2021 | | :--- | :--- | :--- | | Digital Customer Experience | $167,420 | $113,566 | | Content Security | $46,331 | $42,995 | | AI Services | $32,708 | $23,461 | | **Total Service Revenue** | **$246,459** | **$180,022** | - Client concentration remains significant, with the largest client (Client A) accounting for **22%** of service revenue in Q2 2022 and **18%** of accounts receivable as of June 30, 2022[41](index=41&type=chunk) - A class action lawsuit was filed against the company and its officers in February 2022, alleging materially false and misleading information in its IPO registration statement and subsequent earnings calls. The company believes the lawsuit is without merit[78](index=78&type=chunk)[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes **36.9% Q2 2022 revenue growth** to client expansion and the heloo acquisition, with Adjusted EBITDA growing **26.2%** to **$55.7 million** and strong liquidity [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 2022 service revenue increased **36.9%** to **$246.5 million**, driven by Digital Customer Experience, while operating expenses decreased due to the absence of prior-year IPO bonuses Q2 2022 vs Q2 2021 Results (in thousands) | Metric | Q2 2022 | Q2 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Service revenue | $246,459 | $180,022 | $66,437 | 36.9% | | Cost of services | $143,538 | $103,798 | $39,740 | 38.3% | | SG&A expense | $68,919 | $177,810 | $(108,891) | (61.2)% | | Operating income (loss) | $19,373 | $(113,028) | $132,401 | (117.1)% | - The decrease in SG&A expense in Q2 2022 was primarily driven by the absence of **$133.7 million** in one-time phantom share bonuses and non-recurring teammate bonuses associated with the IPO in Q2 2021[118](index=118&type=chunk)[101](index=101&type=chunk) Revenue by Top Clients (% of Total Service Revenue) | Client Group | Q2 2022 | Q2 2021 | | :--- | :--- | :--- | | Top ten clients | 58% | 63% | | Top twenty clients | 73% | 77% | [Non-GAAP Financial Measures](index=29&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show Q2 2022 Adjusted EBITDA increased **26.2%** to **$55.7 million** and Adjusted Net Income grew **23.5%** to **$38.7 million**, excluding specific non-recurring items Reconciliation to Adjusted EBITDA (in thousands) | Metric | Three months ended June 30, 2022 | Three months ended June 30, 2021 | | :--- | :--- | :--- | | Net income (loss) | $7,729 | $(105,943) | | Adjustments (Taxes, Interest, D&A, etc.) | $18,891 | $(94,015) | | **EBITDA** | **$26,620** | **$(99,928)** | | Further Adjustments (Stock Comp, IPO Bonus, etc.) | $29,054 | $144,043 | | **Adjusted EBITDA** | **$55,674** | **$44,115** | Reconciliation to Adjusted Net Income (in thousands) | Metric | Three months ended June 30, 2022 | Three months ended June 30, 2021 | | :--- | :--- | :--- | | Net income (loss) | $7,729 | $(105,943) | | Adjustments (Amortization, Stock Comp, IPO Bonus, etc.) | $31,013 | $137,315 | | **Adjusted Net Income** | **$38,742** | **$31,372** | - For the six months ended June 30, 2022, Free Cash Flow was **$43.6 million**, representing a **39.7%** conversion of Adjusted EBITDA[174](index=174&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, liquidity included **$104.7 million** in cash and **$17.6 million** available credit, with total net indebtedness at **$265.9 million**, deemed sufficient for future needs - As of June 30, 2022, the company had **$104.7 million** in cash and cash equivalents[175](index=175&type=chunk) - Total indebtedness, net of financing fees, was **$265.9 million** as of June 30, 2022, including **$72.4 million** outstanding on the Revolving Credit Facility[180](index=180&type=chunk) Six-Month Cash Flow Summary (in thousands) | Activity | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $72,966 | $45,677 | | Net cash used in investing activities | $(52,592) | $(23,453) | | Net cash provided by financing activities | $25,393 | $67,733 | [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces foreign currency, interest rate, and credit risks, with significant exposure to **PHP/USD fluctuations** and **30%** of accounts receivable concentrated in two clients - A substantial portion of expenses are incurred in Philippine pesos (PHP). Based on H1 2022 operations, a **10%** appreciation/depreciation in the PHP against the USD would have changed expenses by approximately **$18.0 million** or **$14.7 million**, respectively[193](index=193&type=chunk)[194](index=194&type=chunk) - The company uses foreign currency forward contracts to mitigate exchange rate risk, resulting in realized losses of **$3.5 million** and unrealized losses of **$7.5 million** for H1 2022[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) - As of June 30, 2022, two clients accounted for approximately **30%** of the company's gross accounts receivable[200](index=200&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - The company's CEO and CFO concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[202](index=202&type=chunk) - No changes occurred in the company's internal control over financial reporting during the second quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[203](index=203&type=chunk) [PART II. OTHER INFORMATION](index=38&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered equity sales, and other required disclosures [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to a class action lawsuit filed in February 2022 alleging federal securities law violations related to its IPO, which it intends to vigorously defend - A class action lawsuit, Lozada v. TaskUs, Inc. et al., was filed on February 23, 2022, alleging materially false and misleading information in connection with the company's IPO. The company intends to defend the lawsuit vigorously[78](index=78&type=chunk)[79](index=79&type=chunk)[206](index=206&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have been made to the risk factors disclosed in the Annual Report[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In April 2022, the company issued **200,103 shares** of Class A common stock as part of the heloo acquisition, exempt from registration as a private offering - In connection with the acquisition of heloo, the company issued **200,103 shares** of Class A common stock in a private offering exempt from registration[208](index=208&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) This section indicates no other information requiring disclosure - None[211](index=211&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, stock plan agreements, and officer certifications
TaskUs(TASK) - 2022 Q2 - Earnings Call Transcript
2022-08-09 03:32
TaskUs, Inc. (NASDAQ:TASK) Q2 2022 Results Conference Call August 8, 2022 5:00 PM ET Company Participants Alan Katz - Vice President of Investor Relations Bryce Maddock - Chief Executive Officer Balaji Sekar - Chief Financial Officer Conference Call Participants Dave Koning - Baird Puneet Jain - JP Morgan Maggie Nolan - William Blair Ryan Potter - Citi Jason Kupferberg - Bank of America James Faucette - Morgan Stanley Matthew VanVliet - BTIG Operator Greetings. Welcome to the TaskUs Inc. Q2 2022 Earnings Ca ...
TaskUs (TASK) Presents at 2022 Baird Global Consumer, Technology & Services Conference
2022-06-10 20:10
Investor Presentation Baird 2022 Global Consumer, Technology & Services Conference June 6, 2022 FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting the current views of TaskUs, Inc. ("TaskUs" or the "Company") with respect to, among other things, our operations ...
TaskUs(TASK) - 2022 Q1 - Earnings Call Presentation
2022-05-16 09:57
Investor Presentation May 9, 2022 FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting the current views of TaskUs, Inc. ("TaskUs" or the "Company") with respect to, among other things, our operations, our financial performance, our industry, the impact of the C ...
TaskUs(TASK) - 2022 Q1 - Quarterly Report
2022-05-10 21:22
FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____________to______________ Commission File Number: 001-40482 _______________________ TaskUs, Inc. (Exact name of registrant as specified i ...
TaskUs(TASK) - 2022 Q1 - Earnings Call Transcript
2022-05-10 01:37
TaskUs, Inc. (NASDAQ:TASK) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Alan Katz - VP, IR Bryce Maddock - Co-Founder and CEO Jaspar Weir - Co-Founder and President Balaji Sekar - CFO Conference Call Participants Margaret Nolan - William Blair James Faucette - Morgan Stanley Puneet Jain - JPMorgan Brian Essex - Goldman Sachs Daniel Perlin - RBC Capital Markets Matt VanVliet - BTIG Operator Greetings, and welcome to TaskUs, Inc. Q1 2022 Earnings Conference Call. At this time, ...