WNS Limited Reports Unaudited Fiscal 2024 and 2023 Results Under Accounting Principles Generally Accepted in the United States of America
09.07.2024 - 21:33:24
Business Wire IndiaWNS (Holdings) Limited (“WNS” or “the Company”) (NYSE: WNS), a leading provider of global digital-led Business Process Management (BPM) solutions today released a supplementary financial information package (the “Supplemental Financial Information”) containing its unaudited quarterly financial results for each of the quarters in fiscal 2024 and for full year fiscal 2024 and 2023 prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP”). The Company transitioned from reporting on the forms available to foreign private issuers (FPIs) and filing financial statements with the SEC under the International Financial Reporting Standards (“IFRS”) to voluntarily filing on US domestic issuer forms and filing its financial statements under US GAAP.
Our first set of unaudited financial statements prepared in accordance with US GAAP will be for the first quarter ended June 30, 2024, which will include certain comparative financial information for fiscal 2024. Until the adoption of US GAAP, the financial statements included in our annual reports on Form 20-F and reports on Form 6-K were prepared in accordance with the IFRS, as issued by the International Accounting Standards Board (“IASB”).
The Supplemental Financial Information is contained in an exhibit to a report on Form 8-K submitted to the US Securities and Exchange Commission on July 09, 2024. The Supplemental Financial Information sets forth the key impact on our quarterly financial statements for each of the quarters in fiscal 2024 and for full year fiscal 2024 and 2023 as a result of our transition to US GAAP. We provide the Supplemental Financial Information to help users of our financial statements better understand such impact of the transition to US GAAP on the Company’s financial statements that will be included as the comparative information in the Company’s consolidated interim financial statements for the quarterly periods during fiscal 2025 and for full year fiscal 2025 that will be prepared in accordance with US GAAP.
The consolidated financial information included in this report for the full year fiscal 2024 and 2023 under IFRS have been derived from our audited consolidated financial statements included in our annual report for the year ended March 31, 2024 on Form 20-F.
Impact of US GAAP on net income
The following table provides a summary of the significant differences between US GAAP and IFRS on our net income for the four quarters of fiscal 2024 and the years ended March 31, 2024 and 2023.
US GAAP adjustments to net income and shareholders’ equity
An explanation of how the transition from IFRS to US GAAP has affected the Company’s net income for the four quarters of fiscal 2024 and the years ended March 31, 2024 and 2023 and shareholders’ equity as of March 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024 is set out in the following tables and the notes outlined below under “Notes to reconciliation of net income and shareholders’ equity”:
Reconciliation of net income
Our first set of unaudited financial statements prepared in accordance with US GAAP will be for the first quarter ended June 30, 2024, which will include certain comparative financial information for fiscal 2024. Until the adoption of US GAAP, the financial statements included in our annual reports on Form 20-F and reports on Form 6-K were prepared in accordance with the IFRS, as issued by the International Accounting Standards Board (“IASB”).
The Supplemental Financial Information is contained in an exhibit to a report on Form 8-K submitted to the US Securities and Exchange Commission on July 09, 2024. The Supplemental Financial Information sets forth the key impact on our quarterly financial statements for each of the quarters in fiscal 2024 and for full year fiscal 2024 and 2023 as a result of our transition to US GAAP. We provide the Supplemental Financial Information to help users of our financial statements better understand such impact of the transition to US GAAP on the Company’s financial statements that will be included as the comparative information in the Company’s consolidated interim financial statements for the quarterly periods during fiscal 2025 and for full year fiscal 2025 that will be prepared in accordance with US GAAP.
The consolidated financial information included in this report for the full year fiscal 2024 and 2023 under IFRS have been derived from our audited consolidated financial statements included in our annual report for the year ended March 31, 2024 on Form 20-F.
Impact of US GAAP on net income
The following table provides a summary of the significant differences between US GAAP and IFRS on our net income for the four quarters of fiscal 2024 and the years ended March 31, 2024 and 2023.
| Three months ended | Year ended | ||||||||||||||||||||||||
| June 30, | September 30, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
| (US$ thousands) | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | |||||||||||||||||||
| Net income as per IFRS | $ | 30,136 | $ | 57,813 | $ | 39,636 | $ | 12,563 | $ | 140,148 | $ | 137,308 | |||||||||||||
| Net impact of US GAAP adjustment | 1,828 | 1,629 | 1,901 |
1,971 |
7,329 |
1,114 |
|||||||||||||||||||
| Net income as per US GAAP | $ | 31,964 | $ | 59,442 | $ | 41,537 |
$ | 14,534 |
$ | 147,477 |
$ | 138,422 |
|||||||||||||
The primary impact as a result of conversion to US GAAP on net income for fiscal 2024 and 2023 is outlined below under “US GAAP adjustments to net income and shareholders’ equity”.
US GAAP adjustments to net income and shareholders’ equity
An explanation of how the transition from IFRS to US GAAP has affected the Company’s net income for the four quarters of fiscal 2024 and the years ended March 31, 2024 and 2023 and shareholders’ equity as of March 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024 is set out in the following tables and the notes outlined below under “Notes to reconciliation of net income and shareholders’ equity”:
Reconciliation of net income
| Three months ended | Year ended | ||||||||||||||||||||||||||||
| June 30, | September 30, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||
| (US$ thousands) | Notes | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | ||||||||||||||||||||||
| Net income as per IFRS | $ | 30,136 | $ | 57,813 | $ | 39,636 | $ | 12,563 | $ | 140,148 | $ | 137,308 | |||||||||||||||||
| Lease | 1 | 569 | 384 | 483 | (4) | 1,432 | 875 | ||||||||||||||||||||||
| Employee benefits | 2 | (3) | (4) | (3) | (20) | (30) | 85 | ||||||||||||||||||||||
| Income tax expense | 3 | 1,262 | 1,249 | 1,421 | 1,995 | 5,927 | 154 | ||||||||||||||||||||||
| Total US GAAP adjustments | $ |
1,828
|
$ |
1,629
|
$ |
1,901
|
$ |
1,971
|
$ |
7,329
|
$ |
1,114
|
|||||||||||||||||
| Net income as per US GAAP | $ |
31,964
|
$ |
59,442
|
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