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Genpact Reports Third Quarter 2024 Results

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Total Revenue of $1.21 billion, Up 7% (7% constant currency)1

Diluted EPS of $0.74, Up 16%; Adjusted Diluted EPS2 of $0.85, Up 12%

NEW YORK, Nov. 7, 2024 /PRNewswire/ — Genpact Limited (NYSE: G), a global professional services and solutions firm delivering outcomes that shape the future, today announced financial results for the third quarter ended September 30, 2024.

“We delivered strong results again this quarter, with accelerating revenue growth, driven primarily by client trust in our ability to innovate across Data, Tech and AI. As a result, we are increasing guidance with 6% revenue growth now expected in 2024, up from 2% in the prior year with continued discipline driving adjusted EPS growth faster than revenue for the fourth year in a row,” said Balkrishan “BK” Kalra, Genpact’s President and CEO. “Our recent AI Day was another important milestone, bringing together more than 100 clients and partners to demonstrate our unique combination of data, domain, and advanced technologies, including AI. Moving forward, we will build on this strong foundation, leveraging gen AI and other advanced technologies to drive superior value for clients.”

Key Financial Highlights – Third Quarter 2024

Total revenue was $1.21 billion, up 7% year-over-year, both on an as reported and constant currency basis.1Data-Tech-AI revenue was $569 million, up 9% year-over-year, both on an as reported and constant currency basis,1 representing 47% of total revenue.3Digital Operations revenue was $642 million, up 5% year-over-year, both on an as reported and constant currency basis,1 representing 53% of total revenue.3Gross profit was $431 million, up 7% year-over-year, with a corresponding margin of 35.6%.Net income was $133 million, up 13% year-over-year, with a corresponding margin of 11%.Income from operations was $182 million, up 10% year-over-year, with a corresponding margin of 15%.Adjusted income from operations was $213 million, up 9% year-over-year, with a corresponding margin of 17.6%.4Diluted earnings per share was $0.74, up 16% year-over-year.Adjusted diluted earnings per share2 was $0.85, up 12% year-over-year.Cash flow from operations was $228 million, up from $162 million in the third quarter of 2023.Genpact repurchased approximately 1.9 million common shares during the quarter for total consideration of approximately $75 million at an average price per share of $38.72.

Outlook

Genpact’s outlook for the fourth quarter of 2024 is as follows:

Total revenue in the range of $1.222 billion to $1.233 billion, representing year-over-year growth of approximately 6.6% to 7.6% as reported, or 5.8% to 6.8% on a constant currency basis.1Digital Operations revenue growth of approximately 5.4% year-over-year and Data-Tech-AI revenue growth of approximately 9.0% year-over-year at the midpoint of the range, as reported.Digital Operations revenue growth of approximately 4.0% year-over-year and Data-Tech-AI revenue growth of approximately 9.0% year-over-year at the midpoint of the range, on a constant currency basis.1Gross margin of approximately 35.6%.Adjusted income from operations margin5 of approximately 17.6%.Genpact’s updated outlook for the full year 2024 is as follows:Total revenue in the range of $4.740 billion to $4.751 billion, representing year-over-year growth of approximately 5.9% to 6.1% as reported, or 6.0% to 6.2% on a constant currency basis,1 up from the prior guidance of approximately 4.0% to 5.0% as reported.Digital Operations revenue growth of approximately 5.9% year-over-year and Data-Tech-AI revenue growth of approximately 6.2% year-over-year at the midpoint of the range, as reported, up from the previous midpoints of 5.2% and 3.8%, respectively.Digital Operations revenue growth of approximately 6.0% year-over-year and Data-Tech-AI revenue growth of approximately 6.2% year-over-year at the midpoint of the range, on a constant currency basis,1 up from the previous midpoints of 5.5% and 3.9%, respectively.Gross margin of approximately 35.4%, up from 35.3%.Adjusted income from operations margin5 of approximately 17.1%, up from 17.0%.Adjusted diluted EPS6 in the range of $3.23 to $3.24, up from the prior range of $3.14 to $3.18.

 

1

Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period.

2

Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.

3

Genpact updated the classification of certain service revenues from Digital Operations to Data-Tech-AI in the quarter ended March 31, 2024 to more accurately reflect the nature of, and mode of delivery for, the services provided, which have evolved over time. As a result, the revenue from Digital Operations and Data-Tech-AI for the third quarter of 2023 originally reported was $636 million and $500 million, respectively, which is $612 million and $523 million, respectively, in accordance with the updated classification.

4

Adjusted income from operations and adjusted income from operations margin are non-GAAP measures. Reconciliations of each of GAAP income from operations and GAAP net income to adjusted income from operations and GAAP income from operations margin and GAAP net income margin to adjusted income from operations margin are attached to this release.

5

Adjusted income from operations margin is a non-GAAP measure. A reconciliation of the outlook for each of GAAP income from operations margin and GAAP net income margin to adjusted income from operations margin is attached to this release.

6

Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of the outlook for GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.

 

Third Quarter 2024 Earnings Call

Genpact’s management will host a conference call on November 7, 2024, at 5:00PM ET to discuss the company’s performance for the third quarter ended September 30, 2024. Participants are encouraged to register here to receive a dial-in number and unique PIN for seamless access. It is recommended to join 10 minutes before the call starts, although registration and dial-in will be available at any time.  A live webcast will be available on the Genpact Investor Relations website. For those unable to attend the live call, an archived replay and transcript will be available on the website shortly after the call.

About Genpact

Genpact (NYSE: G) is a global professional services and solutions firm delivering outcomes that shape the future. Our 125,000+ people across 30+ countries are driven by our innate curiosity, entrepreneurial agility, and desire to create lasting value for clients. Powered by our purpose – the relentless pursuit of a world that works better for people – we serve and transform leading enterprises, including the Fortune Global 500, with our deep business and industry knowledge, digital operations services, and expertise in data, technology, and AI.

Safe Harbor

This press release contains certain statements concerning our future growth prospects, including our outlook for 2024, financial results and other 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 macroeconomic uncertainty and general economic conditions, any deterioration in the global economic environment and its impact on our clients, our ability to manage our CEO transition and retain senior management, technological innovation, including AI technology and future uses of generative AI and large language models, and our ability to invest in new technologies and adapt to industry developments at sufficient speed and scale, our ability to develop and successfully execute our business strategies, our ability to effectively price our services and maintain pricing and employee utilization rates, general inflationary pressures and our ability to share increased costs with our clients, wage increases in locations in which we have operations, our ability to attract and retain skilled professionals, our ability to protect our and our clients’ data from security incidents or cyberattacks, the economic and other impacts of geopolitical conflicts and any related sanctions and other measures that have been or may be implemented or imposed in response thereto, as well as any potential expansion or escalation of existing conflicts or economic disruption beyond their current scope, a slowdown in the economies and sectors in which our clients operate, a slowdown in the sectors in which we operate, the risks and uncertainties arising from our past and future acquisitions or divestitures, our ability to convert bookings to revenues, our ability to manage growth, factors which may impact our cost advantage, changes in tax rates and tax legislation and other laws and regulations, our ability to effectively execute our tax planning strategies, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, political, economic or business conditions in countries in which we operate, 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 and Quarterly Reports on Form 10-Q. 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

Investors

Tyra Whelton

 +1 (908) 418-2995

tyra.whelton@genpact.com

Media

Siya Belliappa

 +1 (718) 561-9843

siya.belliappa@genpact.com

 

GENPACT LIMITED AND ITS SUBSIDIARIES

 

Consolidated Balance Sheets

(Unaudited)

 (In thousands, except per share data and share count)

As of December 31,
2023

As of September 30,
2024

Assets

Current assets

Cash and cash equivalents

$                          583,670

$                     1,022,647

Accounts receivable, net of allowance for credit losses of $18,278

and $14,833 as of December 31, 2023 and September 30, 2024,

respectively

1,116,273

1,214,098

Prepaid expenses and other current assets

191,566

164,064

Total current assets

$                   1,891,509

$               2,400,809

Property, plant and equipment, net

189,803

207,592

Operating lease right-of-use assets

186,167

185,666

Deferred tax assets

298,921

288,773

Intangible assets, net

53,028

33,337

Goodwill

1,683,782

1,683,053

Contract cost assets

202,543

200,440

Other assets, net of allowance for credit losses of $4,096 and $6,440 as of

December 31, 2023 and September 30, 2024, respectively

299,960

325,990

Total assets

$                   4,805,713

$                5,325,660

Liabilities and equity

Current liabilities

Short-term borrowings

$                            10,000

Current portion of long-term debt

432,242

426,069

Accounts payable

27,739

18,513

Income taxes payable

38,458

52,793

Accrued expenses and other current liabilities

759,180

747,489

Operating leases liability

50,313

49,865

Total current liabilities

$                    1,317,932

$                 1,294,729

Long-term debt, less current portion

824,720

1,201,439

Operating leases liability

168,015

162,004

Deferred tax liabilities

11,706

11,577

Other liabilities

234,948

261,218

Total liabilities

$                    2,557,321

$                2,930,967

Shareholders’ equity

Preferred shares, $0.01 par value, 250,000,000 authorized, none issued

Common shares, $0.01 par value, 500,000,000 authorized, 179,494,132

and 176,347,167 issued and outstanding as of December 31, 2023 and

September 30, 2024, respectively

1,789

1,758

Additional paid-in capital

1,883,944

1,922,042

Retained earnings

1,085,209

1,207,387

Accumulated other comprehensive income (loss)

(722,550)

(736,494)

Total equity

$                  2,248,392

$                2,394,693

Total liabilities and equity

$                   4,805,713

$                5,325,660

 

GENPACT LIMITED AND ITS SUBSIDIARIES

 

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data and share count)

 

Three months ended September 30,

Nine months ended September 30,

2023

2024

2023

2024

Net revenues

$               1,135,792

$              1,210,949

$              3,330,635

$              3,518,398

Cost of revenue

732,962

779,511

2,167,524

2,274,104

Gross profit

$              402,830

$              431,438

$             1,163,111

$          1,244,294

Operating expenses:

Selling, general and administrative expenses

229,731

243,315

675,642

717,988

Amortization of acquired intangible assets

7,497

6,495

24,009

19,980

Other operating (income) expense, net

(91)

(22)

(4,665)

(5,561)

Income from operations

$               165,693

$              181,650

$              468,125

$               511,887

Foreign exchange gains, net

2,975

1,133

3,698

4,424

Interest income (expense), net

(13,255)

(12,387)

(35,020)

(36,167)

Other income (expense), net

(508)

5,091

6,947

14,128

Income before income tax expense

$               154,905

$               175,487

$              443,750

$              494,272

Income tax expense

37,312

42,669

103,804

122,517

Net income

$               117,593

$              132,818

$             339,946

$               371,755

Earnings per common share

Basic

$                      0.65

$                       0.75

$                       1.86

$                       2.07

Diluted

$                      0.64

$                       0.74

$                       1.83

$                      2.06

Weighted average number of common shares used in
computing earnings per common share

Basic

181,399,897

177,595,400

182,808,518

179,221,213

Diluted

183,801,791

179,714,223

185,737,729

180,854,682

 

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Nine months ended September 30,

2023

2024

Operating activities

Net income

$                 339,946

$                   371,755

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

54,410

51,830

Amortization of debt issuance costs

1,473

1,749

Amortization of acquired intangible assets

24,009

19,980

Loss on the sale of the business classified as held for sale

802

Allowance for credit losses

5,081

12,395

Unrealized gain (loss) on revaluation of foreign currency assets/liabilities

1,283

(7,909)

Stock-based compensation expense

63,850

47,276

Deferred tax (benefit) expense

(7,092)

14,509

Others, net

1,512

386

Change in operating assets and liabilities:

    Increase in accounts receivable

(73,400)

(95,790)

    Increase in prepaid expenses, other current assets, contract cost assets, operating lease
    right-of-use assets and other assets

(110,227)

(5,752)

    Decrease in accounts payable

(9,196)

(8,021)

    Decrease in accrued expenses, other current liabilities, operating lease liabilities and other liabilities

(80,694)

(5,056)

    Increase in income taxes payable

87,149

14,825

Net cash provided by operating activities

$               298,906

$                 412,177

Investing activities

Purchase of property, plant and equipment

(37,330)

(63,049)

Payment for internally generated intangible assets (including intangibles under development)

(2,569)

(1,787)

Proceeds from sale of property, plant and equipment

21

128

Payment for business acquisitions, net of cash acquired

(682)

Payment for divestiture of business

(19,510)

Net cash used for investing activities

$               (60,070)

$                (64,708)

Financing activities

Repayment of finance lease obligations

(9,168)

(8,238)

Payment of debt issuance and refinancing costs

(4,123)

Proceeds of long-term debt

400,000

Repayment of long-term debt

(19,875)

(26,500)

Proceeds from short-term borrowings

148,000

50,000

Repayment of short-term borrowings

(244,000)

(60,000)

Proceeds from issuance of common shares under stock-based compensation plans

34,638

12,170

Payment for net settlement of stock-based awards

(19,687)

(21,307)

Payment of earn-out consideration

(2,399)

Dividend paid

(75,230)

(81,768)

Payment for stock repurchased and retired (including expenses related to stock repurchase)

(150,548)

(167,656)

Net cash (used for) provided by financing activities

$             (338,269)

$                  92,578

Net (decrease) increase in cash and cash equivalents

(99,433)

440,047

Effect of exchange rate changes

(6,328)

(1,070)

Cash and cash equivalents at the beginning of the period

646,765

583,670

Cash and cash equivalents at the end of the period

$                541,004

$             1,022,647

Supplementary information

Cash paid during the period for interest

$                     31,551

$                    39,180

Cash paid during the period for income taxes, net of refund

$                  123,395

$                    77,983

 

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following non-GAAP financial measures:

Adjusted income from operations;Adjusted income from operations margin;Adjusted diluted earnings per share; andRevenue growth on a constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact’s GAAP financial statements to such non-GAAP financial measures should be carefully evaluated.

Given Genpact’s acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and the amortization of acquired intangibles thereof, since July 2012 Genpact’s management has used financial statements that exclude all acquisition-related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision-making purposes, including comparing Genpact’s operating results to those of its competitors. For the same reasons, since April 2016, Genpact’s management has excluded the impairment of acquired intangible assets from the financial statements it uses for internal management purposes. Acquisition-related expenses are excluded in the period in which an acquisition is consummated. Genpact’s management also uses financial statements that exclude stock-based compensation expense. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 “Compensation-Stock Compensation,” Genpact’s management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between Genpact’s operating results and those of other companies.

During the second quarter of 2022, Genpact approved a plan to divest a business that was no longer deemed strategic. Given the specialized nature of this business, we anticipated completing a transaction within twelve months after the end of the second quarter of 2022, and therefore, we classified the revenues and expenses related to this business as held for sale with effect from April 1, 2022. During the first quarter of 2023, the Company consummated this transaction and recorded a loss on the sale of the business.  During the second quarter of 2023, the Company terminated a lease for office property which was fully impaired as part of a restructuring in the second quarter of 2022 and recorded a gain on such lease termination as restructuring income in the second quarter of 2023. Genpact’s management believes that excluding the loss on the sale of, and the revenues and expenses associated with, the business previously designated as held for sale and the gain on the lease termination in calculating its non-GAAP financial measures provides useful information to both management and investors regarding the Company’s financial performance and underlying business trends. Additionally, in its calculations of non-GAAP financial measures, Genpact’s management has adjusted foreign exchange gains and losses, interest income and expense and income tax expenses from GAAP net income, and other income and expenses, and certain gains from GAAP income from operations, because management believes that the Company’s results after taking into account these adjustments more accurately reflect the Company’s ongoing operations. In its calculations of adjusted diluted earnings per share, Genpact’s management adds back stock-based compensation expense, amortization and impairment of acquired intangible assets, acquisition-related expenses and the related tax impact of such adjustments from GAAP diluted earnings per share. For the purpose of calculating adjusted diluted earnings per share, the combined current and deferred tax effect is determined by multiplying each pre-tax adjustment by the applicable statutory income tax rate.

Genpact’s management provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company’s true business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period.

Accordingly, Genpact believes that the presentation of adjusted income from operations, adjusted income from operations margin, adjusted diluted earnings per share and revenue growth on a constant currency basis, when read in conjunction with the Company’s reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.

A limitation of using adjusted income from operations and adjusted income from operations margin versus income from operations, income from operations margin, net income and net income margin calculated in accordance with GAAP is that these non-GAAP financial measures exclude certain recurring costs and certain other charges, namely stock-based compensation expense and amortization and impairment of acquired intangible assets. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted income from operations margin.

The following tables show the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three months and nine months ended September 30, 2023 and 2024:

Reconciliation of Net Income/Margin to Adjusted Income from Operations/Margin

(In thousands)

Three months ended
September 30,

Nine months ended
September 30,

2023

2024

2023

2024

Net income

$        117,593

$        132,818

$       339,946

$        371,755

Foreign exchange (gains), net

(2,975)

(1,133)

(3,698)

(4,424)

Interest (income) expense, net

13,255

12,387

35,020

36,167

Income tax expense

37,312

42,669

103,804

122,517

Stock-based compensation expense

22,314

19,726

63,850

47,276

Amortization and impairment of acquired intangible assets

7,495

6,494

23,895

19,963

Restructuring (income) expense

(4,874)

Operating loss from the business classified as held for sale

1,201

Loss on the sale of the business classified as held for sale

802

Adjusted income from operations

$     194,994

$      212,961

$     559,946

$     593,254

Net income margin

10.4 %

11.0 %

10.2 %

10.6 %

Adjusted income from operations margin

17.2 %

17.6 %

16.8 %

16.9 %

 

Reconciliation of Income from Operations/Margin to Adjusted Income from Operations/Margin

(In thousands)

Three months ended
September 30,

Nine months ended
September 30,

2023

2024

2023

2024

Income from operations

$        165,693

$        181,650

$       468,125

$        511,887

Stock-based compensation expense

22,314

19,726

63,850

47,276

Amortization and impairment of acquired intangible assets

7,495

6,494

23,895

19,963

Other income (expense), net

(508)

5,091

6,947

14,128

Restructuring (income) expense

(4,874)

Operating loss from the business classified as held for sale

1,201

Loss on the sale of the business classified as held for sale

802

Adjusted income from operations

$     194,994

$      212,961

$     559,946

$     593,254

Income from operations margin

14.6 %

15.0 %

14.1 %

14.5 %

Adjusted income from operations margin

17.2 %

17.6 %

16.8 %

16.9 %

 

Reconciliation of Diluted EPS to Adjusted Diluted EPS7

(Per share data) 

Three months ended
September 30,

Nine months ended
September 30,

2023

2024

2023

2024

Diluted EPS

$      0.64

$      0.74

$       1.83

$      2.06

Stock-based compensation expense

0.12

0.11

0.34

0.26

Amortization and impairment of acquired intangible assets

0.04

0.04

0.13

0.11

Restructuring (income) expense

(0.03)

Operating loss from the business classified as held for sale

0.01

Loss on the sale of the business classified as held for sale

Tax impact on stock-based compensation expense

(0.03)

(0.02)

(0.10)

(0.03)

Tax impact on amortization and impairment of acquired intangible assets

(0.01)

(0.01)

(0.03)

(0.03)

Tax impact on restructuring income (expense)

0.01

Tax impact on operating loss from the business classified as held for sale

Tax impact on loss on the sale of the business classified as held for sale

Adjusted diluted EPS

$      0.76

$      0.85

$       2.16

$       2.37

7

Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

 

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the year ending December 31, 2024:

Reconciliation of Outlook for Net Income Margin to Adjusted Income from Operations Margin8

Year ending December 31, 2024

Net income margin

10.6 %

Estimated interest (income) expense, net

1.1 %

Estimated income tax expense

3.4 %

Foreign exchange (gains), net

(0.1) %

Estimated stock-based compensation expense

1.4 %

Estimated amortization and impairment of acquired intangible assets

0.6 %

Adjusted income from operations margin

17.1 %

 

Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from

Operations Margin8

Year ending December 31, 2024

Income from operations margin

14.6 %

Estimated stock-based compensation expense

1.4 %

Estimated amortization and impairment of acquired intangible assets

0.6 %

Estimated other income (expense), net

0.5 %

Adjusted income from operations margin

17.1 %

 

Reconciliation of Outlook for Diluted EPS to Adjusted Diluted EPS8

(Per share data)

Year ending December 31, 2024

Lower

Upper

Diluted EPS

$               2.80

$                2.81

Estimated stock-based compensation expense

0.38

0.38

Estimated amortization and impairment of acquired intangible assets

0.15

0.15

Estimated tax impact on stock-based compensation expense

(0.05)

(0.05)

Estimated tax impact on amortization and impairment of acquired intangible assets

(0.04)

(0.04)

Adjusted diluted EPS

$                3.23

$                3.24

8

Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

 

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the quarter ending December 31, 2024:

Reconciliation of Outlook for Net Income Margin to Adjusted Income from Operations Margin9

Quarter ending December 31, 2024

Net income margin

10.7 %

Estimated interest (income) expense, net

1.3 %

Estimated income tax expense

3.3 %

Estimated stock-based compensation expense

1.7 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Adjusted income from operations margin

17.6 %

 

Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from

Operations Margin9

Quarter ending December 31, 2024

Income from operations margin

14.9 %

Estimated stock-based compensation expense

1.7 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Estimated other income (expense), net

0.4 %

Adjusted income from operations margin

17.6 %

9

Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

 

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SOURCE Genpact Ltd.

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Max Stock Limited Announces Change in Shares Held by an Interested Party

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CAESAREA, Israel, Nov. 24, 2024 /PRNewswire/ — Max Stock Limited (TASE: MAXO(; )the “Company”, “Max Stock“) today announced that on November 20th, 2024, Phoenix Financial Ltd. and Phoenix Investment House Ltd. (“Phoenix reporting group”), including their respective nostro account, provident funds and provident fund management companies, as well as mutual fund management companies and market maker sub entities, informed the Company that they had sold shares of the Company thereby lowering their joint holdings to 4.8% of the Company’s issued capital (4.15% and 0.65% respectively). As a result, Phoenix reporting group will no longer be an interested party in the Company.

This is an English translation of segments of a Hebrew immediate report that was published on November 24, 2024 (Ref. No: 2024-01-618032) (hereinafter: the “Hebrew Version”). This English version is only for convenience purposes. This is not an official translation and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

About Max Stock

Max Stock is Israel’s leading extreme value retailer, currently present in 64 locations throughout Israel and 2 locations in Portugal. We offer a broad assortment of quality products for customers’ everyday needs at affordable prices, helping customers “Dream Big, Pay Small”. For more information, please visit https://ir.maxstock.co.il                 

Company Contacts:

Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il

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SOURCE Max Stock Limited

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

SOURCE Wahed

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Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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