DGAP-News: iGATE Reports Steady First Quarter; Profits Up 44%
(firmenpresse) - iGATE Corporation
11.04.2013 13:00
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Successful Inaugural iGATE CEO Cup Golf Tournament
FREMONT, Calif., 2013-04-11 13:00 CEST (GLOBE NEWSWIRE) --
iGATE Corporation (Nasdaq:IGTE), the first Business Outcomes driven integrated
Technology and Operations (iTOPS) solutions provider, today announced its
financial results for the first quarter ended March 31, 2013.
First Quarter Highlights
-- Revenues for first quarter 2013 increased by 4% to $274.9 million from
$263.3 million in the first quarter 2012.
-- Net Income attributable to iGATE Corporation for first quarter 2013
increased by 44% to $34.8 million from $24.1 million in the first quarter
2012.
-- Gross margin was 38.1 % for the first quarter 2013 compared to 40.2 % in
the corresponding quarter in 2012.
-- Diluted earnings per share of $0.34 GAAP; $0.51 non-GAAP as compared to
$0.22 and $0.38 for the same period in 2012.
-- Added ten new customers during the quarter; six of which are Fortune 1000
companies.
-- The company ended the first quarter 2013 with 28,204 employees
-- iGATE launched its inaugural iGATE CEO Golf Cup on January 12-13, 2013 in
association with Forbes and the NYSE
Phaneesh Murthy, CEO, iGATE said, 'I am pleased to see a steady start to the
year. We have made significant investments in sales, marketing and branding in
our markets. The pace at which we are adding quality new clients is
satisfying.'
Sujit Sircar, CFO, iGATE said, 'I am happy to see good earnings growth during
the quarter. Our margins were a bit lower as a result of the visa related costs
that we partially absorbed in the quarter.'
First Quarter Operating Results
Results for the first quarter on a GAAP and non-GAAP basis are provided in the
table below.
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-
Three months Three months Year over year increase/
ended ended (decrease)
3/31/2013 3/31/2012
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Net revenue 274.9 263.3 4%
($Millions)
Operating margin 52.6 48.1 9%
($Millions)
GAAP net income 34.8 24.1 44%
($Millions)
GAAP diluted EPS ($) 0.34 0.22 55%
Adjusted EBITDA 65.5 68.3 -4%
($Millions)
Non-GAAP net income 39.9 29.0 38%
($Millions)
Non-GAAP diluted EPS 0.51 0.38 34%
($)
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New customers and key project wins in the quarter
-- A leading Insurance carrier in the U.S listed in the Fortune 500 category
chose iGATE as a third party administrator (TPA) of its claims operations.
As part of this integrated technology and operations (iTOPS) deal, iGATE
will be responsible for the customer's entire claims operations, IT
applications and infrastructure and provide TPA services on its platform,
where the client will pay on a per-policy-per-month model.
-- iGATE has also been engaged by a global financial services provider in
Europe to assist it in reducing its operating costs. As part of the
engagement, iGATE will focus on simplifying this company's IT environment
by consolidating multiple platforms at a global level and implementing
newer technologies designed to reduce IT investments by the client and
increase operational efficiency.
-- A renowned luxury apparel and footwear company in North America that
designs and sells upscale footwear and accessories internationally engaged
iGATE to optimize the company's worldwide IT landscape. As part of the
engagement, iGATE will provide integrated IT and business aligned services
using proprietary platforms and cloud based solutions designed to make the
IT environment scalable and IT costs variable.
-- iGATE has also been selected by a leading food wholesaler in Europe to
assist the company in achieving operational efficiency after a recent
acquisition of a retailer. As part of this engagement, iGATE will focus on
enterprise systems consolidation that includes separation and migration of
several disparate systems into a unified system.
-- A Fortune 500 company in the U.S. providing engineering and construction
services for commercial and government clients globally, engaged iGATE to
improve the company's operational efficiency and increase profitability by
consolidation of IT applications. As part of the engagement, iGATE will
integrate IT services and facilitate upgrading of IT platforms on a global
delivery model.
Conference Call and Webcast
The Company has scheduled its Earnings Conference Call on Thursday, April 11,
2013 to discuss the results of its first quarter ended March 31, 2013. Senior
management of the Company will discuss the Company's financial performance for
the quarter and answer participants' questions during the call.
Time : 08.00-9.00 am Eastern Time / 05.00-06.00 am Pacific Time
Toll Free : 877-407-8037
Toll : 201-689-8037
Access Code : 410960
The call will be webcast live on iGATE's website (www.igate.com) in the
Investor Relations page under the section titled 'Events'. Participants are
requested to log in 10 minutes prior to the start of the webcast. The on-demand
version of the webcast will be available on the iGATE website shortly after the
call.
Investors, potential investors, shareholders and bond holders can access the
telephonic replay by dialing 877-660-6853 (toll free) or 201-612-7415 (toll)
and entering conference number 410960. The telephonic replay will be available
until April 18, 2013.
About iGATE
iGATE Corporation is the first integrated technology and operations (iTOPS)
company providing full-spectrum consulting, technology and business process
outsourcing, and product and engineering solutions on a Business Outcomes-based
model. Armed with over three decades of IT Services experience and powered by
the iTOPS platform, iGATE's multi-location global organization has a talent
pool of more than 28,000 employees and consistently delivers effective
solutions to over 300 companies including Fortune 1000 clients spanning
verticals such as: banking and financial services; insurance and healthcare;
life sciences; manufacturing, retail, distribution and logistics; media,
entertainment, leisure and travel; energy and utilities; public sector; and
independent software vendors. Please visit www.igate.com for more information.
iGATE Corporation is listed on NASDAQ under the symbol 'IGTE.'
The iGATE Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5150
Use of non-GAAP Financial Measures
This press release contains non-GAAP financial measures as defined by the
Securities and Exchange Commission. These non-GAAP measures are not in
accordance with, or an alternative for measures prepared in accordance with,
generally accepted accounting principles in the United States and may be
different from non-GAAP measures used by other companies. In addition, these
non-GAAP measures are not based on any comprehensive set of accounting rules or
principles. Reconciliations of these non-GAAP measures to their comparable GAAP
measures are included in the attached financial tables.
iGATE believes that non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with iGATE's results of operations as
determined in accordance with GAAP and that these measures should only be used
to evaluate iGATE's results of operations in conjunction with the corresponding
GAAP measures. These non-GAAP measures should be considered supplemental in
nature and should not be considered in isolation or be construed as being more
important than comparable GAAP measures.
iGATE believes that providing Adjusted EBITDA and non-GAAP net income and
non-GAAP diluted earnings per share in addition to the related GAAP measures
provides investors with greater transparency to the information used by iGATE's
management in its financial and operational decision-making. These non-GAAP
measures are also used by management in connection with iGATE's performance
compensation programs.
More specifically, the non-GAAP financial measures contained herein exclude the
following items:
-- Amortization of intangible assets: Intangible assets comprise value of
customer relationships from the recent acquisition of iGATE Computer
Systems Limited (formerly known as Patni Computer Systems Limited and
referred to herein as 'iGATE Computer') and the previous delisting of iGATE
Computer. iGATE incurs charges relating to the amortization of these
intangibles. These charges are included in iGATE's GAAP presentation of
earnings from operations, operating margin, net income and diluted earnings
per share. iGATE excludes these charges for purposes of calculating these
non-GAAP measures.
-- Stock-based compensation: Although stock-based compensation is an important
component of compensation of iGATE's employees and executives, determining
the fair value of the stock-based instruments involves a high degree of
judgment and estimation and the expense recorded may not reflect the actual
value realized upon the future exercise or termination of the related
stock-based awards. Furthermore, unlike cash compensation, the value of
stock-based compensation is determined using a complex formula that
incorporates factors, such as market volatility, that are beyond the
Company's control. Management believes it is useful to exclude stock-based
compensation in order to better understand the long-term performance of
iGATE's core business.
-- Foreign exchange (gain)/loss: In March 2012, the Company entered into a
forward foreign exchange contract to mitigate the risk of changes in
foreign exchange rates on payments related to the delisting of iGATE
Computer. During the year 2012, the Company recognized foreign currency
loss on re-measurement of escrow account balance and foreign exchange gain
on re-measurement of redeemable non-controlling interest liability. iGATE
believes that eliminating the non-capitalized items for purposes of
calculating these non-GAAP measures facilitates a more meaningful
evaluation of iGATE's current performance and comparisons to its past
performance.
--Delisting expenses: iGATE voluntarily delisted the equity shares of its
majority owned subsidiary, iGATE Computer, from the National Stock Exchange
of India Limited and the Bombay Stock Exchange Limited and the American
Depository Shares from the New York Stock Exchange. Delisting is an
infrequent activity and expenses incurred in connection with the delisting
are inconsistent in amount and are significantly impacted by the timing and
nature of the delisting. iGATE believes that eliminating these expenses for
purposes of calculating these non-GAAP measures facilitates a more
meaningful evaluation of iGATE's current operating performance and
comparisons to its past operating performance.
-- Merger and reorganization expenses: iGATE is merging and reorganizing its
overseas subsidiaries and branches with a view to simplifying the corporate
structure and has incurred legal and professional expenses in this
connection. Merger and reorganization is an infrequent activity and
expenses incurred in connection therein are inconsistent in amount and
significantly impacted by the timing and nature of the reorganization.
iGATE believes that eliminating these expenses for purposes of calculating
these non-GAAP measures facilitates a more meaningful evaluation of iGATE's
current operating performance and comparisons to its past operating
performance.
-- Preferred dividend and accretion to preferred stock: The Company has issued
8.00% Series B Preferred Stock. The Company also incurred issuance costs
which have been netted against the proceeds received from the issuance of
Series B Preferred Stock. The Series B Preferred Stock is being accreted
over a period of six years. The Company believes that eliminating these
expenses for purposes of calculating these non-GAAP measures facilitates a
more meaningful evaluation of iGATE's current operating performance and
comparisons to its past operating performance.
From time to time in the future, there may be other items that iGATE may
exclude in presenting its financial results.
Forward-Looking Statements
Statements contained in this press release regarding the business outlook, the
demand for the products and services, and all other statements in this release
other than recitation of historical facts are forward-looking statements. Words
such as 'expect', 'potential', 'believes', 'anticipates', 'plans', 'intends'
and other similar expressions are intended to identify such forward-looking
statements. Forward-looking statements in the press release include, without
limitation, forecasts of market growth, future revenues, future expectations
concerning growth of business, cost competitiveness and expansion of global
reach following the acquisition, and other matters that involve known and
unknown risks, uncertainties and other factors that may cause results, levels
of activity, performance or achievements to differ materially from results
expressed or implied by this press release. Such risk factors include, among
others: difficulties encountered in integrating business; whether certain
market segments grow as anticipated; the competitive environment in the
information technology services industry and competitive responses to the
Company's acquisition of iGATE Computer; and whether iGATE can successfully
provide services/products and the degree to which these gain market acceptance.
Furthermore, in connection with the iGATE Computer acquisition, the Company has
borrowed significant amounts, including through the issuance of high yield
notes, and will need to use a significant portion of its cash flows to service
such indebtedness, as a result of which the Company might not have sufficient
funds to operate its businesses in the manner it intends or has operated in the
past. Additional risks relating to the Company are set forth in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well
as the Company's other reports filed with the Securities and Exchange
Commission. Actual results may differ materially from those contained in the
forward-looking statements in this press release. Any forward-looking
statements are based on information currently available to the Company and it
assumes no obligation to update these statements as circumstances change. This
document does not constitute an offer to purchase or to sell securities in any
jurisdiction.
iGATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
March 31, December
31,
2013 2012
(unaudited) (audited)
-------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 94,846 $ 95,155
Restricted cash 20 3,072
Short-term investments 500,467 510,816
Accounts receivable, net 148,600 162,335
Unbilled revenues 93,948 72,901
Prepaid expenses and other current assets 39,264 31,710
Prepaid income taxes 8,145 8,541
Deferred tax assets 15,081 14,655
Foreign exchange derivative contracts 4,176 782
-------------------------
Total current assets $ 904,547 $ 899,967
Deposits and other assets 23,290 25,372
Prepaid income taxes 32,267 28,351
Property and equipment, net 170,074 167,252
Leasehold land 87,934 86,933
Deferred tax assets 27,808 30,635
Goodwill 499,631 493,141
Intangible assets, net 143,093 144,428
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Total assets $ 1,888,644 $ 1,876,079
=========================
LIABILITIES, REDEEMABLE NON CONTROLLING INTEREST,
PREFERRED STOCK AND EQUITY
Current liabilities:
Accounts payable $ 12,425 $ 7,799
Line of credit 47,000 77,000
Term loans 70,000 35,000
Accrued payroll and related costs 45,566 54,802
Other accrued liabilities 89,174 79,008
Accrued income taxes 6,971 9,134
Foreign exchange derivative contracts 689 7,516
Deferred revenue 13,383 17,890
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Total current liabilities $ 285,208 $ 288,149
Other long-term liabilities 2,838 3,265
Senior notes 770,000 770,000
Term Loans 228,500 263,500
Accrued income taxes 17,273 17,272
Deferred tax liabilities 54,656 55,494
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Total liabilities $ 1,358,475 $ 1,397,680
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Redeemable non controlling interest $ 27,320 $ 32,422
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Series B Preferred stock $ 386,089 $ 378,474
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Shareholders' equity:
Common Stock, par value $0.01 per share 588 585
Common stock in treasury, at cost (14,714) (14,714)
Additional paid-in capital 189,424 185,340
Retained earnings 198,020 170,875
Accumulated other comprehensive loss (256,558) (274,583)
-------------------------
Total equity 116,760 67,503
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Total liabilities, redeemable non controlling $ 1,888,644 $ 1,876,079
interest, preferred stock and equity
=========================
iGATE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands)
(unaudited)
Three Months ended
March 31,
---------------------
2013 2012
---------------------
Revenues $ 274,918 $ 263,265
Cost of revenues (exclusive of depreciation and 170,239 157,429
amortization)
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Gross margin 104,679 105,836
Selling, general and administrative expense 42,792 42,421
Depreciation and amortization 9,271 15,285
---------------------
Income from operations 52,616 48,130
Other income (loss), net (2,896) (8,723)
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Income before income taxes 49,720 39,407
Income tax expense 14,960 10,863
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Net income 34,760 28,544
Noncontrolling interest -- 4,476
---------------------
Net income attributable to iGATE Corporation 34,760 24,068
Accretion to Preferred Stock 115 94
Preferred dividend 7,500 6,999
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Net income attributable to iGATE common shareholders $ 27,145 $ 16,975
=====================
iGATE CORPORATION
Earnings Per Share
(Amounts in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
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PARTICULARS 2013 2012
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Net income attributable to iGATE common $ 27,145 $ 16,975
shareholders
Add: Dividends on Series B Preferred Stock 7,500 6,999
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34,645 23,974
Less: Dividends paid on
Series B Preferred Stock [A] 7,500 6,999-------------------
Undistributed Income $ 27,145 $ 16,975
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Allocation of Undistributed Income :
Common stock [B] 20,338 12,917
Unvested restricted stock [C] 8 43
Series B Preferred Stock [D] 6,799 4,015
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$ 27,145 $ 16,975
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Shares outstanding for allocation of undistributed
income:
Common stock 57,270 56,924
Unvested restricted stock 23 188
Series B Preferred Stock 19,147 17,692
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76,440 74,804
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Weighted average shares outstanding:
Common stock [E] 57,262 56,813
Unvested restricted stock [F] 23 193
Participating preferred stock [G] 19,147 17,692
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76,432 74,698
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Weighted average common stock outstanding 57,262 56,813
Dilutive effect of stock options and restricted 1,741 1,671
shares outstanding
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Dilutive weighted average shares outstanding [H] 59,003 58,484
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Distributed earnings per share:
Participating preferred stock [I=A/G] $ 0.39 $ 0.40
Undistributed earnings per share:
Common stock [J=B/E] $ 0.36 $ 0.23
Unvested restricted stock [K=C/F] $ 0.36 $ 0.23
Participating preferred stock [L=D/G] $ 0.36 $ 0.23
Basic earnings per share from operations:
Common Stock [J] $ 0.36 $ 0.23
Unvested restricted stock [K] $ 0.36 $ 0.23
Participating preferred stock [I+L] $ 0.75 $ 0.63
Diluted earnings per share from operations [[B+C]/ $ 0.34 $ 0.22
H]
The number of outstanding participative convertible preferred stock for which
the earnings per share exceeded the earnings per share of common stock
aggregated to 19.1 million and 17.7 million for the three months ended March
31,2013 and 2012 respectively.These shares were excluded from the computation
of diluted earnings per share as they were anti-dilutive.
iGATE CORPORATION
Reconciliation of Net Income, Net of Tax, to Adjusted EBITDA
(Amounts in thousands)
(unaudited)
Three Months ended
March 31,
-----------------------------------
2013 2012
-----------------------------------
Net income $ 34,760 $ 28,544
Adjustments
Depreciation and amortization 9,271 15,285
Interest expenses 22,657 19,123
Income tax expense 14,960 10,863
Other income, net (17,280) (7,564)
Foreign exchange loss/(gain) (2,481) (2,836)
Stock Based Compensation 3,125 2,812
Delisting expenses 93 2,115
Merger and reorganization expenses 419 --
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Adjusted EBITDA (a non-GAAP measure) $ 65,524 $ 68,342
===================================
The Company presents the non-GAAP financial measures EBITDA and adjusted EBITDA
because management uses these measures to monitor and evaluate the performance
of the business and believes that the presentation of these measures will
enhance investors' ability to analyze trends in the business and evaluate the
Company's underlying performance relative to other companies in the industry.
iGATE CORPORATION
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)
Three Months ended
March 31,2013 2012
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GAAP Net income attributable to iGATE common shareholders $ 27,145 $ 16,975
Adjustments
Preferred dividend and accretion to preferred stock 7,615 7,093
Amortization of Intangible assets 2,748 3,111
Stock Based Compensation 3,125 2,812
Delisting expenses 93 2,115
Merger and reorganization expenses 419 --
Forex (gain) / loss on acquisition hedging and remeasurement 401 (980)
Income tax adjustments (1,681) (2,126)
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Non-GAAP Net income attributable to iGATE common $ 39,865 $ 29,000
shareholders
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Weighted average shares outstanding, Basic 57,285 57,006
Add back: assumed preferred stock conversion 19,147 17,692
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Non-GAAP shares outstanding, Basic 76,432 74,698
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Weighted average dilutive common shares outstanding 59,003 58,484
Add back: assumed preferred stock conversion 19,147 17,692
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Weighted average dilutive common equivalent shares 78,150 76,176
outstanding
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Basic EPS (GAAP) to Basic EPS (Non-GAAP):
Basic EPS (GAAP) $ 0.36 $ 0.23
Preferred dividend and accretion to preferred stock 0.10 0.09
Amortization of Intangible assets 0.04 0.04
Stock Based Compensation 0.04 0.04
Delisting expenses 0.00 0.03
Merger and reorganization expenses 0.00 0.00
Forex (gain) / loss on acquisition hedging and remeasurement 0.00 (0.01)
Income tax adjustments (0.02) (0.03)
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Basic EPS (Non-GAAP) $ 0.52 $ 0.39
===================
Diluted EPS (GAAP) to Diluted EPS (Non-GAAP):
Diluted EPS (GAAP) $ 0.34 $ 0.22
Preferred dividend and accretion to preferred stock 0.10 0.09
Amortization of Intangible assets 0.04 0.04
Stock Based Compensation 0.04 0.04
Delisting expenses 0.00 0.03
Merger and reorganization expenses 0.01 0.00
Forex(gain) / loss on acquisition hedging and remeasurement 0.00 (0.01)
Income tax adjustments (0.02) (0.03)
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Diluted EPS (Non-GAAP) $ 0.51 $ 0.38
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Non-GAAP Disclosure of Adjusted EBITDA
iGATE presents Adjusted EBITDA as a supplemental measure of its performance.
iGATE defines Adjusted EBITDA as net income plus (i) depreciation and
amortization, (ii) interest expense, (iii) income tax expense, minus (iv) other
income, net plus (v) foreign exchange (gain)/ loss, (vi) stock based
compensation, (vii) delisting expenses and (viii) merger and reorganization
expenses. iGATE eliminated the impact of the above because it does not consider
them as indicative of its ongoing operating performance. These adjustments are
itemized below. You are encouraged to evaluate these adjustments and the
reasons iGATE considers them appropriate for supplemental analysis. In
evaluating Adjusted EBITDA, you should be aware that in the future iGATE may
incur expenses that are the same as or similar to some of the adjustments in
this presentation. iGATE's presentation of Adjusted EBITDA should not be
construed as an inference that its future results will be unaffected by unusual
or non-recurring items.
iGATE presents Adjusted EBITDA because iGATE believes it assists investors and
analysts in comparing iGATE's performance across reporting periods on a
consistent basis by excluding items that it does not believe are indicative of
iGATE's core operating performance. In addition, iGATE uses Adjusted EBITDA:
(i) as a factor in evaluating management's performance when determining
incentive compensation, (ii) to evaluate the effectiveness of its business
strategies and (iii) to measure iGATE's compliance with certain covenants of
its credit agreement and indenture.
Adjusted EBITDA has limitations as an analytical tool. Some of these
limitations are:
-- Adjusted EBITDA does not reflect iGATE's cash expenditures or future
requirements of cash for capital expenditures or contractual commitments;
-- Adjusted EBITDA does not reflect changes in, or cash requirements for,
iGATE's working capital needs;
-- Adjusted EBITDA does not reflect the significant interest expense, or the
cash requirements necessary to service interest or principal payments, on
iGATE's debts; although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be replaced
in the future, and adjusted EBITDA does not reflect any cash requirements
for such replacements; non-cash compensation is and will remain a key
element of iGATE's overall long-term incentive compensation package,
although iGATE excludes it as an expense when evaluating its ongoing
operating performance for a particular period; and
-- Adjusted EBITDA does not reflect the impact of certain cash charges
resulting from matters iGATE considers not being indicative of its ongoing
operations; and other companies in iGATE's industry may calculate adjusted
EBITDA differently than iGATE does, limiting its usefulness as a
comparative measure.
Because of these limitations, adjusted EBITDA should not be considered in
isolation or as a substitute for performance measures calculated in accordance
with GAAP. iGATE compensates for these limitations by relying primarily on its
GAAP results and using Adjusted EBITDA only supplementally.
CONTACT: Media Contact
Prabhanjan Deshpande 'PD'
+91 80 4104 5006
PD(at)igate.com
Investor Contact
Araceli Roiz
+1 510 896 3007
araceli.roiz(at)igate.com
News Source: NASDAQ OMX
11.04.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: iGATE Corporation
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US9901036403
WKN:
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