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Sep 30, 2023
TaskUs Q3 2023 Earnings Report
Announced results for the third quarter ended September 30, 2023.
Key Takeaways
TaskUs reported strong third-quarter performance, exceeding guidance with revenue of $225.6 million. The company's results were driven by new client signings and stronger-than-expected volumes from existing clients. GAAP net income was $9.8 million, with a GAAP diluted EPS of $0.10. The company repurchased 4.5 million shares and ended the quarter with 47,000 teammates.
Total revenues for the third quarter were $225.6 million.
GAAP net income reached $9.8 million, resulting in a net income margin of 4.3%.
Non-GAAP Adjusted EPS was reported at $0.32.
The company repurchased 4.5 million shares during the quarter.
Forward Guidance
For the fourth quarter of 2023, TaskUs expects revenue between $225 million and $227 million, and an adjusted EBITDA margin of approximately 22.5%. For the full year 2023, revenue is expected to be between $915 million and $917 million, with an adjusted EBITDA margin of approximately 23.3%. Free cash flow (excluding payment for earn-out consideration) is expected to be $115 million or greater.
Positive Outlook
- Revenue (in millions): $225 to $227 (Fourth Quarter)
- Revenue (in millions): $915 to $917 (Full Year)
- Adjusted EBITDA Margin: ~22.5% (Fourth Quarter)
- Adjusted EBITDA Margin: ~23.3% (Full Year)
- Free Cash Flow (excluding payment for earn-out consideration) (in millions): $115+ (Full Year)
Challenges Ahead
- Revenue change (YoY) at midpoint: (6.7)% (Fourth Quarter)
- Revenue change (YoY) at midpoint: (4.6)% (Full Year)
- The non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable
Historical Earnings Impact
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Avg. Return Before/After Earnings
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