TaskUs(US:TASK)2024-11-07 21:13Financial Performance - Total revenues reached $255.3 million, representing a 13.2% year-over-year growth, exceeding guidance by $9.3 million[2] - Net income was $12.7 million with a net income margin of 5.0%, a 30.0% increase from the previous year[3] - Adjusted EBITDA was $54.2 million, with an Adjusted EBITDA margin of 21.2%, exceeding midpoint guidance by $1.5 million[2] - Adjusted Net Income for Q3 was $34.3 million, with an Adjusted Net Income margin of 13.4%[3] - Net income for the nine months ended September 30, 2024, was $37,011, up 25.8% from $29,413 in the same period of 2023[13] - Net income for Q3 2024 was $12,699,000, up from $9,772,000 in Q3 2023, representing a 29.5% increase[16] - Adjusted Net Income for Q3 2024 was $34,277,000, compared to $29,961,000 in Q3 2023, reflecting a 14.5% growth[16] - Adjusted EPS for Q3 2024 was $0.37, an increase from $0.32 in Q3 2023, marking a 15.6% rise[17] - Net Income Margin for Q3 2024 was 5.0%, up from 4.3% in Q3 2023[16] - Adjusted Net Income Margin for Q3 2024 was 13.4%, slightly up from 13.3% in Q3 2023[16] Revenue Guidance and Projections - Full-year revenue guidance was increased by $64 million since the initial 2024 guidance, now expected to be between $988 million and $990 million[5] - The fourth quarter revenue is projected to be between $267.3 million and $269.3 million, indicating a year-over-year growth of 14.5% at midpoint[6] - Service revenue for Q3 2024 reached $255,345, a 13.2% increase from $225,626 in Q3 2023[11] Cash Flow and Assets - Adjusted Free Cash Flow for the full year is expected to be approximately $110 million[6] - Cash and cash equivalents at the end of Q3 2024 were $180,381, up from $125,776 at the end of 2023, indicating a 43.4% increase[12] - Free Cash Flow for Q3 2024 was $6,286,000, down from $13,823,000 in Q3 2023, indicating a 54.5% decrease[18] - Adjusted Free Cash Flow for Q3 2024 was $9,097,000, compared to $32,164,000 in Q3 2023, a decline of 71.7%[18] Growth and Headcount - The company added 3,100 teammates, bringing the total headcount to 54,800 as of September 30, 2024[4] - The company experienced broad-based growth across client verticals, particularly in Latin America and Europe[5] Debt and Liabilities - The net debt to Adjusted EBITDA leverage ratio was reported at 0.4 times[4] - Total current assets increased to $419,410 as of September 30, 2024, compared to $328,518 at the end of 2023, reflecting a 27.6% growth[12] - Total assets rose to $942,097 from $864,202 at the end of 2023, marking a 9.0% increase[12] - Total liabilities increased to $452,307 as of September 30, 2024, from $423,491 at the end of 2023, reflecting a 6.8% rise[12] Operating Performance - Adjusted EBITDA for Q3 2024 was $54,215, representing a 3.3% increase from $52,452 in Q3 2023[15] - Operating income for Q3 2024 was $24,194, a 5.5% increase from $22,944 in Q3 2023[11] - The company reported a decrease in selling, general, and administrative expenses to $62,650 in Q3 2024 from $57,114 in Q3 2023, a 9.0% increase[11] Currency Impact - The company reported foreign currency losses of $2,490,000 in Q3 2024, compared to $3,494,000 in Q3 2023[16] Conversion Metrics - Conversion of Adjusted EBITDA to Free Cash Flow for Q3 2024 was 11.6%[18] - Conversion of Adjusted EBITDA to Adjusted Free Cash Flow for Q3 2024 was 16.8%[18]