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Q4 17 Earnings Call Transcript Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT G - Q4 2017 Genpact Ltd Earnings Call EVENT DATE/TIME: FEBRUARY 12, 2018 / 9:30PM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 FEBRUARY 12, 2018 / 9:30PM, G - Q4 2017 Genpact Ltd Earnings Call CORPORATE PARTICIPANTS Edward J. Fitzpatrick Genpact Limited - CFO and SVP Nallicheri Vaidyanathan Tyagarajan Genpact Limited - CEO, President and Director Roger Sachs Genpact Limited - Head of IR CONFERENCE CALL PARTICIPANTS Ashwin Vassant Shirvaikar Citigroup Inc, Research Division - Director and U.S. Computer and Business Services Analyst Bryan C. Bergin Cowen and Company, LLC, Research Division - VP Bryan Keane Deutsche Bank AG, Research Division - Research Analyst David John Koning Robert W. Baird & Co. Incorporated, Research Division - Associate Director of Research and Senior Research Analyst Francis Carl Atkins SunTrust Robinson Humphrey, Inc., Research Division - Associate Margaret Marie Niesen Nolan William Blair & Company L.L.C., Research Division - Analyst Michael Edward Reid Cantor Fitzgerald & Co., Research Division - Associate Moshe Katri Wedbush Securities Inc., Research Division - MD and Senior Equity Research Analyst Richard Mottishaw Eskelsen Wells Fargo Securities, LLC, Research Division - Associate Analyst Steven Jason Schneiderman BMO Capital Markets Equity Research - Associate Tien-tsin Huang JP Morgan Chase & Co, Research Division - Senior Analyst PRESENTATION Operator Good day, ladies and gentlemen, and welcome to Genpact's Fourth Quarter and Full Year 2017 Earnings Conference Call. My name is Carmen, and I will be your conference moderator for today. (Operator Instructions) As a reminder, a replay of the call will be archived and made available on the IR section of Genpact's website. I would now like to turn the call over to Roger Sachs, Head of Investor Relations at Genpact. Please proceed, sir. Roger Sachs - Genpact Limited - Head of IR Thank you, Carmen. Good afternoon, everybody, and welcome to Genpact's fourth quarter earnings call to discuss our results for the fourth quarter and full year ended December 31, 2017. We hope you had a chance to review our earnings release, which was posted to the IR section of our website, genpact.com. With me in New York today are Tiger Tyagarajan, our President and Chief Executive Officer; and Ed Fitzpatrick, our Chief Financial Officer. Our agenda today is as follows. Tiger will provide a high-level overview of our results and update you on some of our strategic initiatives and Ed will then discuss our financial performance in greater detail and provide our outlook for 2018. Tiger will then come back for some closing comments and then we will take your questions. As Carmen just mentioned, we expect the call to last about an hour. Please note, the a year-over-year growth rates discussed today include the impact of the reclassifications of the divested GE Capital businesses to Global Client revenue as if these transactions occurred on January 1, 2016. This was done to provide a consistent view of the underlying growth trends of our business. The actual results without these adjustments are included in the earnings release. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 FEBRUARY 12, 2018 / 9:30PM, G - Q4 2017 Genpact Ltd Earnings Call Some of the matters we will discuss in today's call are forward-looking. These forward-looking 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. Such risks and uncertainties are set forth in our press release. In addition, during our call today, we will refer to certain non-GAAP financial measures, which we believe provide additional information for investors and better reflect the way management views the operating performance of the business. You can find a reconciliation of these measures to GAAP in our earnings release in the IR section of our website. Now with that, let me turn the call over to Tiger. Nallicheri Vaidyanathan Tyagarajan - Genpact Limited - CEO, President and Director Thank you, Roger. Good afternoon, everyone, and thank you for joining us today for our 2017 fourth quarter and year-end earnings call. We are very pleased with our full year 2017 results. We grew Global Client BPO revenues 14% on a constant currency basis and generated double-digit adjusted EPS growth. The strategic investments we are making in digital domain and talent drove 25% growth in Transformation Services revenues from our Global Clients. We will remain sharply focused on a specific set of industry verticals and service lines and continue to use the increasing power of our Genpact Cora platform to unleash opportunities for our clients. Specifically, during 2017 in constant currency, total revenues increased 7%, Global Clients revenues increased 11% and Global Client BPO revenues increased 14%. In addition, adjusted operating income margin grew 20 basis points to 15.7%; adjusted EPS was $1.62, up 11%; and bookings for the full year were $2.8 billion, up 6% on a constant currency basis from $2.65 billion in 2016. Global Client revenue growth was balanced across most of our chosen verticals, including Insurance, CPG, Banking, Manufacturing, Life Sciences and High Tech. This led to our strong 14% year-over-year constant currency growth in Global Client BPO revenue. During the latter part of the year, we also began to see new momentum in our capital markets vertical driven by risk services, robotic process automation and AI-driven digital consulting engagements, all of which are very exciting. Growth in our service lines were led by Transformation Services that grew at 25% during the year driven by demand for our digitally led solutions and digitally embedded intelligent operations. Core industry vertical operations and finance and accounting were also strong contributors to our Global Client BPO growth, while Global Client ITO declined 2% on a constant currency basis. GE revenues declined 19% year-over-year largely due to the impact from the phase-out of work related to the GE Capital divestitures. Given our sustained Global Client revenue growth, GE now contributes less than 10% of our revenues. In 2017, we further reinforced our position as one of GE's preferred partners. Our total bookings for 2017 were approximately $2.8 billion, up 5% year-over-year or 6% on a constant currency basis from $2.65 billion achieved in 2016 and included the return of a large deal as a meaningful contributor to our bookings for the year. We drove solid growth in Global Client BPO bookings, which is partially offset by declines in GE and IT bookings. Our business momentum continues with our pipeline up significantly from last year's levels. This has been driven by strong new deal inflows during the year and steady win rates. 2017 was a very exciting year for us as we executed on many different fronts. During the year, we established ourselves as a digital transformation partner of choice for a number of our strategic clients, connecting intelligent operations and digitally led transformation solutions to win large deals; introduced our Automation to AI platform, Genpact Cora, to create scalable and replicable digital solutions to reimagine and transform client operations; closed multiple strategic acquisitions to enhance our digital capabilities as well as deepen our domain expertise in our chosen industry verticals; repositioned our brand with the tagline, transformation happens here; added new leadership and experts across our organization globally; and finally, became recognized as a digital leader by prominent analysts and research firms. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 FEBRUARY 12, 2018 / 9:30PM, G - Q4 2017 Genpact Ltd Earnings Call Let me expand on each of these. We define our highly differentiated digital strategy that connects intelligent operations and digitally led transformation solutions. Our strong Global Client BPO bookings and expanding pipeline offers clear evidence of the virtuous cycle between intelligent operations and digitally led engagements. The more we grow intelligent operations, the more we win new digitally led transformation engagements; and the more we win digitally led transformation engagement deals, the more opportunities we have for long-term intelligent operation annuity relationships. This dynamic drove 25% growth in Global Client Transformation Services revenues
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