TaskUs Inc (TASK, Financial), a leading provider of outsourced digital services and next-generation customer experience, announced its Q3 2023 results on November 6, 2023. The company reported total revenues of $225.6 million for the quarter ended September 30, 2023. The GAAP net income for the period was $9.8 million, with a net income margin of 4.3%. The Non-GAAP Adjusted Net Income stood at $30.0 million, with a margin of 13.3%. The company also reported an Adjusted EBITDA of $52.9 million, with an Adjusted EBITDA margin of 23.5%.
Financial Performance and Highlights
The company's GAAP diluted EPS was $0.10, while the non-GAAP Adjusted EPS was $0.32. TaskUs Inc (TASK, Financial) reported net cash provided by operating activities of $21.7 million, Free Cash Flow of $13.8 million, and a 26.1% conversion of Adjusted EBITDA. Excluding payment for earn-out consideration, the figures stood at $32.2 million, or 60.8% conversion of Adjusted EBITDA.
TaskUs Inc (TASK, Financial) also reported repurchasing 4.5 million shares in the third quarter ended September 30, 2023. The company ended the quarter with 47,000 teammates. The Net Debt to Adjusted EBITDA leverage ratio was 0.7 times.
Commentary and Future Outlook
We achieved strong third quarter performance, once again beating our guidance. Our results were driven by new client signings, as well as stronger-than-expected volumes from existing clients. While the current environment remains volatile, we are increasing our revenue outlook for the remainder of the year, driven in part by expected seasonal volumes associated with some of our recent healthcare signings and e-Commerce clients," said Co-Founder and CEO, Bryce Maddock.
For the fourth quarter and full year 2023, TaskUs expects its financial results to include revenue in the range of $225 to $227 million for Q4 and $915 to $917 million for the full year. The Adjusted EBITDA Margin is expected to be around 22.5% for Q4 and approximately 23.3% for the full year.
About TaskUs Inc (TASK, Financial)
TaskUs is a leading provider of outsourced digital services and next-generation customer experience to the world’s most innovative companies. As of September 30, 2023, TaskUs had a worldwide headcount of approximately 47,000 people across 28 locations in 13 countries, including the United States, the Philippines, and India.
Explore the complete 8-K earnings release (here) from TaskUs Inc for further details.
