Technology

Genpact Reports Third Quarter 2024 Results

Published

2 years ago

November 7, 2024

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.

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.

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.

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.

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.

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.

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

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

0.13

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)

(0.03)

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

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

Estimated amortization and impairment of acquired intangible assets

0.15

Estimated tax impact on stock-based compensation expense

(0.05)

Estimated tax impact on amortization and impairment of acquired intangible assets

(0.04)

Adjusted diluted EPS

$ 3.23

$ 3.24

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 %

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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Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

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SOURCE Consumer365.org

Technology

BOE continues to launch new products and solutions in the field of high-end displays

Published

1 day ago

May 9, 2026

LOS ANGELES, May 9, 2026 /PRNewswire/ —

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization，which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays，achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions，supported by 7 core BNL technologies， to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association，and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

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SOURCE BOE Technology Group Co., Ltd.

Technology

BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

Published

1 day ago

May 9, 2026

LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital