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Jun 30, 2023
TaskUs Q2 2023 Earnings Report
TaskUs announced its Q2 2023 financial results, which reflected the impact of challenging market dynamics and a slowdown in client volumes.
Key Takeaways
TaskUs reported Q2 2023 total revenues of $229.2 million and GAAP net income of $10.1 million. The company signed several clients in the HealthTech space, began implementing TaskGPT for clients, and expanded with several large, global brands in nearshore geographies. However, continued volatility in the macro environment has impacted client volumes, leading to an updated full year outlook.
Total revenues for the second quarter were $229.2 million.
GAAP net income was $10.1 million, with a net income margin of 4.4%.
Non-GAAP Adjusted EPS was $0.32.
The company repurchased 3.2 million shares during the quarter.
Forward Guidance
For the third quarter of 2023, TaskUs expects revenue between $220 million and $222 million and an Adjusted EBITDA Margin of approximately 22.4%. For the full year 2023, TaskUs expects revenue between $900 million and $910 million, an Adjusted EBITDA Margin of approximately 23.0%, and Free Cash Flow of over $100 million (excluding heloo earn-out payment).
Positive Outlook
- Revenue (in millions): $220 to $222 (Third Quarter)
- Revenue change (YoY) at midpoint: (4.8)% (Third Quarter)
- Adjusted EBITDA Margin: ~22.4% (Third Quarter)
- Revenue (in millions): $900 to $910 (Full Year)
- Adjusted EBITDA Margin: ~23.0% (Full Year)
Challenges Ahead
- Revenue change (YoY) at midpoint: (5.8)% (Full Year)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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