Genpact Reports Full Year and Fourth Quarter 2017 Results

• Revenue from Global Clients was $669 million, up 12% year-over-year (up ~11% on a constant currency basis), representing approximately 91% of total revenues. If all 2016 GE revenue reclassifications had occurred on January 1, 2016, revenue from Global Clients would have increased 11% year-over-year (or ~11% on a constant currency basis).
• Revenue from GE was $65 million, down 20% year-over-year, representing approximately 9% of total revenues. If all 2016 GE revenue reclassifications had occurred on January 1, 2016, revenue from GE would have decreased 20% year-over-year.
• Total BPO revenue was $614 million, up 11% year-over-year, representing approximately 84% of total revenues.
• Global Client BPO revenue was $575 million, up 15% year-over-year (up ~15% on a constant currency basis). If all 2016 GE revenue reclassifications had occurred on January 1, 2016, BPO revenue from Global Clients would have increased 15% year-over-year (or 15% on a constant currency basis).
• GE BPO revenue was $39 million, down 30% year-over-year. If all 2016 GE revenue reclassifications had occurred on January 1, 2016, GE BPO revenue would have decreased 30% year-over-year.
• Total IT revenue was $121 million, down 6% year-over-year, representing approximately 16% of total revenues.
• Global Client IT revenue was $94 million, down 8% year-over-year.
• GE IT revenue was $26 million, up 2% year-over-year.

Cash Flow from Operations

• Cash generated from operations was $359 million in the full year 2017, up 4% from the full year 2016.

2018 Outlook

Genpact expects:

• Total revenue for the full year 2018 to be $2.93 to $3.0 billion.
• Global Client revenue growth to be in the range of 9% to 11%, both on an as-reported and constant currency basis.
• Adjusted income from operations margin⁷ of approximately 15.8%.
• Adjusted diluted EPS⁸ of $1.70 to $1.74.

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 12, 2018 to discuss the company's performance for the fourth quarter and full year ended December 31, 2017. 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, 6994337.

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 for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you – putting data and digital to work 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

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,
		2016				2017
Assets
Current assets
Cash and cash equivalents		$	422,623			$	504,468
Accounts receivable, net			615,265				693,085
Prepaid expenses and other current assets			189,149				236,342
Total current assets		$	1,227,037			$	1,433,895
Property, plant and equipment, net			193,218				207,030
Deferred tax assets			70,143				76,929
Investment in equity affiliates			4,800				886
Intangible assets, net			78,946				131,590
Goodwill			1,069,408				1,337,122
Other assets			242,328				262,169
Total assets		$	2,885,880			$	3,449,621
Liabilities and equity
Current liabilities
Short-term borrowings		$	160,000			$	170,000
Current portion of long-term debt			39,181				39,226
Accounts payable			9,768				15,050
Income taxes payable			24,159				30,026
Accrued expenses and other current liabilities			498,247				584,482
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