TaskUs, Inc. (Nasdaq: TASK), a leading provider of outsourced
digital services and next-generation customer experience to the
world’s most innovative companies, today announced its results for
the second quarter ended June 30, 2024.
- Total revenues of $237.9 million.
- GAAP net income of $12.6 million, GAAP net income margin
of 5.3%.
- Non-GAAP Adjusted Net Income of $28.6 million, non-GAAP
Adjusted Net Income margin of 12.0%.
- GAAP diluted EPS of $0.14, non-GAAP Adjusted EPS of
$0.31.
- Adjusted EBITDA of $51.3 million, Adjusted EBITDA margin
of 21.5%.
- Net cash provided by operating activities of $30.0
million, Free Cash Flow of $25.5 million and 49.8% conversion
of Adjusted EBITDA to Free Cash Flow.
"Thanks to our team's tireless efforts over the past 18 months,
we have returned to year-over-year revenue growth, delivering
nearly 4% growth in the second quarter,” said Co-Founder and CEO,
Bryce Maddock. “Our investments in sales and marketing are yielding
results, with Q2 marking our best bookings quarter since 2022. We
are confident that our growth rate will continue to accelerate in
Q3 and Q4. Consequently, we are raising both the bottom and top
ends of our annual revenue guidance and now expect revenue of $955
to $975 million for the year."
Second Quarter 2024 Financial and Frontline
Highlights
($ in thousands, except per share
amounts)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
% Change
2024
2023
% Change
Service revenue
$
237,928
$
229,169
3.8
%
$
465,398
$
464,475
0.2
%
GAAP net income
$
12,598
$
10,132
24.3
%
$
24,312
$
19,641
23.8
%
GAAP net income margin
5.3
%
4.4
%
5.2
%
4.2
%
Non-GAAP Adjusted Net Income
$
28,635
$
31,822
(10.0
)%
$
55,907
$
64,333
(13.1
)%
Non-GAAP Adjusted Net Income margin
12.0
%
13.9
%
12.0
%
13.9
%
GAAP diluted EPS
$
0.14
$
0.10
40.0
%
$
0.27
$
0.20
35.0
%
Non-GAAP Adjusted EPS
$
0.31
$
0.32
(3.1
)%
$
0.61
$
0.65
(6.2
)%
Adjusted EBITDA
$
51,252
$
54,296
(5.6
)%
$
101,857
$
109,329
(6.8
)%
Adjusted EBITDA margin
21.5
%
23.7
%
21.9
%
23.5
%
Net cash provided by operating
activities
$
30,034
$
38,530
(22.1
)%
$
81,211
$
82,213
(1.2
)%
Free Cash Flow
$
25,518
$
28,729
(11.2
)%
$
73,123
$
67,168
8.9
%
Conversion of Adjusted EBITDA
49.8
%
52.9
%
71.8
%
61.4
%
- Delivered 3.8% year-over-year revenue growth, outpacing the
top-end of our guidance by nearly $6 million.
- Revised revenue guidance upward, now anticipate full-year
revenue growth of 3.3% to 5.5%.
- Maintained strong sales momentum with our highest quarterly
bookings since 2022.
- All three service lines delivered sequential quarterly revenue
growth and are anticipated to generate year-over-year growth in the
second half of 2024.
- Added 2,100 teammates since the first quarter, ending the
second quarter of 2024 with 51,700 teammates.
- Repurchased 1.0 million shares in the second quarter ended June
30, 2024.
- Net Debt to Adjusted EBITDA leverage ratio was 0.4 times.
"In Q2, we saw growth from both existing clients and strong new
client revenue, and continued expanding our footprint within the
FinTech, HealthTech, and Generative AI sectors. We generated $237.9
million in revenue, beating the top end of our guidance by
approximately $6 million,” said Balaji Sekar, Chief Financial
Officer. “Our Adjusted EBITDA margin was slightly below guidance
partially due to ramp expenses from higher than expected revenue
growth. We now anticipate approximately 22% full-year 2024 Adjusted
EBITDA margin and $120 million in free cash flow."
Third Quarter and Full Year 2024 Outlook
For the Third quarter and full year 2024, TaskUs expects its
financial results to include1, 2:
2024 Outlook
Third Quarter
Full Year
Revenue (in millions)
$244 to $246
$955 to $975
Revenue change (YoY) at midpoint
8.6%
4.4%
Adjusted EBITDA Margin1
~21.5%
~22%
Free Cash Flow (excluding payments for
litigation costs) (in millions)2
N/A
~$120
1.
With respect to the non-GAAP Adjusted
EBITDA margin outlook provided above, a reconciliation to the
closest GAAP financial measure has not been provided as the
quantification of certain items included in the calculation of GAAP
net income (loss) cannot be calculated or predicted at this time
without unreasonable efforts. For example, the non-GAAP adjustment
for stock-based compensation expense requires additional inputs
such as number of shares granted and market price that are not
currently ascertainable, and the non-GAAP adjustment for foreign
currency gains or losses depends on the timing and magnitude of
changes in foreign currency exchange rates and cannot be accurately
forecasted. For the same reasons, the Company is unable to address
the probable significance of the unavailable information, which
could have a potentially unpredictable, and potentially
significant, impact on its future GAAP financial results.
2.
Free Cash Flow is calculated as net cash
provided by operating activities in the period minus cash used for
purchase of property and equipment in the period. At the mid-point
of our guidance, net cash provided by operating activities for the
full year 2024 is expected to be approximately $162 million and
purchase of property and equipment is expected to be approximately
$42 million. Our Free Cash Flow and net cash provided by operating
activities guidance excludes the impact of certain litigation
costs, which are non-recurring and outside the ordinary course of
business, due to the unpredictability of the costs and timing of
payments.
Conference Call Information
TaskUs senior management will host a conference call today to
discuss the Company’s second quarter 2024 financial results and
financial outlook. This call is scheduled to begin at 5:00 pm ET.
Analysts and investors who wish to participate in the call can
register by visiting
https://register.vevent.com/register/BI6de2e94067df46a5899bf024a108559e.
To listen to a live audio webcast, please visit TaskUs’ Investor
Relations website at IR.Taskus.com. A replay of the audio webcast
will be available on the same website for 12 months following the
call. At the time of the conference call and webcast, the Company
will post a slide presentation and other materials on its
website.
About TaskUs
TaskUs is a leading provider of outsourced digital services and
next-generation customer experience to the world’s most innovative
companies, helping its clients represent, protect, and grow their
brands. Leveraging a cloud-based infrastructure, TaskUs serves
clients in the fastest-growing sectors, including social media,
e-commerce, gaming, streaming media, food delivery and
ride-sharing, Technology, FinTech, and HealthTech. As of June 30,
2024, TaskUs had a worldwide headcount of approximately 51,700
people across 27 locations in 12 countries, including the United
States, the Philippines, and India.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include all statements that are
not historical facts, and further include, without limitation,
statements reflecting our current views with respect to, among
other things, our operations, our financial performance, our
industry, the impact of the macroeconomic environment on our
business, and other non-historical statements including the
statements in the “Third Quarter and Full Year 2024 Outlook”
section of this press release. In some cases, you can identify
these forward-looking statements by the use of words such as
“outlook,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “should,” “could,” “seeks,” “predicts,” “intends,”
“trends,” “plans,” “estimates,” “anticipates,” “position us” or the
negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. These factors include but
are not limited to: the dependence of our business on key clients;
the risk of loss of business or non-payment from clients; our
failure to cost-effectively acquire and retain new clients; the
risk that we may provide inadequate service or cause disruptions in
our clients’ businesses or fail to comply with the quality
standards required by our clients under our agreements; utilization
of artificial intelligence by our clients or our failure to
incorporate artificial intelligence into our operations; our
inability to anticipate clients’ needs by adapting to market and
technology trends; unauthorized or improper disclosure of personal
or other sensitive information, or security breaches and incidents;
negative publicity or liability or difficulty recruiting and
retaining employees; our failure to detect and deter criminal or
fraudulent activities or other misconduct by our employees or third
parties; global economic and political conditions, especially in
the social media and meal delivery and transport industries from
which we generate significant revenue; the dependence of our
business on our international operations, particularly in the
Philippines and India; our failure to comply with applicable data
privacy and security laws and regulations; fluctuations against the
U.S. dollar in the local currencies in the countries in which we
operate; our inability to maintain and enhance our brand;
competitive pricing pressure; our dependence on senior management
and key employees; increases in employee expenses and changes to
labor laws; failure to attract, hire, train and retain a sufficient
number of skilled employees to support operations; our inability to
effectively expand our operations into countries or industries in
which we have no prior operating experience and in which we may be
subject to increased business, economic and regulatory risks;
reliance on owned and third-party technology and computer systems;
failure to maintain asset utilization levels, price appropriately
and control costs; the control of affiliates of Blackstone Inc. and
our Co-Founders over us; and the dual class structure of our common
stock. Additional risks and uncertainties include but are not
limited to those described under “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission (the “SEC”) on
March 8, 2024, as such factors may be updated from time to time in
our periodic filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in the Company’s SEC filings. TaskUs undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or otherwise,
except as required by law.
Non-GAAP Measures
TaskUs supplements results reported in accordance with United
States generally accepted accounting principles (“GAAP”), with
non-GAAP financial measures, such as Adjusted Net Income, Adjusted
Net Income Margin, Adjusted EPS, EBITDA, Adjusted EBITDA, Adjusted
EBITDA Margin, Free Cash Flow and Conversion of Adjusted EBITDA.
Management believes these measures help illustrate underlying
trends in TaskUs’ business and uses the measures to establish
budgets and operational goals, communicate internally and
externally, and manage TaskUs’ business and evaluate its
performance. Management also believes these measures help investors
compare TaskUs’ operating performance with its results in prior
periods. TaskUs anticipates that it will continue to report both
GAAP and certain non-GAAP financial measures in its financial
results, including non-GAAP results that exclude the impact of
certain costs, losses and gains that are required to be included in
our profit and loss measures under GAAP. Because TaskUs’ reported
non-GAAP financial measures are not calculated in accordance with
GAAP, these measures are not comparable to GAAP and may not be
comparable to similarly described non-GAAP measures reported by
other companies within TaskUs’ industry. Consequently, TaskUs’
non-GAAP financial measures should not be evaluated in isolation or
supplant comparable GAAP measures, but rather, should be considered
together with the information in TaskUs’ consolidated financial
statements, which are prepared in accordance with GAAP. Definitions
of non-GAAP financial measures and the reconciliations to the most
directly comparable measures in accordance with GAAP are provided
in subsequent sections of this press release narrative and
supplemental schedules.
TaskUs, Inc.
Condensed Consolidated
Statements of Income (unaudited)
(in thousands, except per share
data)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Service revenue
$
237,928
$
229,169
$
465,398
$
464,475
Operating expenses:
Cost of services
143,876
133,554
279,287
271,316
Selling, general, and administrative
expense
56,276
58,175
109,180
122,469
Depreciation
9,978
10,079
20,767
19,740
Amortization of intangible assets
4,982
5,125
9,967
10,249
Loss (gain) on disposal of assets
94
67
(83
)
132
Total operating expenses
215,206
207,000
419,118
423,906
Operating income
22,722
22,169
46,280
40,569
Other income, net
(2,703
)
(684
)
(2,905
)
(2,861
)
Financing expenses
5,490
5,330
11,028
10,429
Income before income taxes
19,935
17,523
38,157
33,001
Provision for income taxes
7,337
7,391
13,845
13,360
Net income
$
12,598
$
10,132
$
24,312
$
19,641
Net income per common share:
Basic
$
0.14
$
0.10
$
0.27
$
0.20
Diluted
$
0.14
$
0.10
$
0.27
$
0.20
Weighted-average number of common shares
outstanding:
Basic
88,331,992
96,524,111
88,563,601
97,042,881
Diluted
91,629,930
98,200,005
91,739,908
99,576,289
TaskUs, Inc.
Condensed Consolidated Balance
Sheets (unaudited)
(in thousands)
June 30, 2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$
171,133
$
125,776
Accounts receivable, net of allowance for
credit losses of $1,658 and $1,978, respectively
175,272
176,812
Income tax receivable
4,218
2,021
Prepaid expenses and other current
assets
27,993
23,909
Total current assets
378,616
328,518
Noncurrent assets:
Property and equipment, net
57,476
68,893
Operating lease right-of-use assets
37,170
44,326
Deferred tax assets
6,111
4,857
Intangibles
182,728
192,958
Goodwill
217,458
218,108
Other noncurrent assets
6,587
6,542
Total noncurrent assets
507,530
535,684
Total assets
$
886,146
$
864,202
Liabilities and Shareholders’
Equity
Liabilities:
Current liabilities:
Accounts payable and accrued
liabilities
$
32,185
$
26,054
Accrued payroll and employee-related
liabilities
48,096
40,291
Current portion of debt
11,434
8,059
Current portion of operating lease
liabilities
15,149
15,872
Current portion of income tax payable
6,555
7,451
Deferred revenue
3,738
4,077
Total current liabilities
117,157
101,804
Noncurrent liabilities:
Income tax payable
4,636
4,621
Long-term debt
249,605
256,166
Operating lease liabilities
24,636
31,475
Accrued payroll and employee-related
liabilities
4,660
3,978
Deferred tax liabilities
25,174
25,214
Other noncurrent liabilities
85
233
Total noncurrent liabilities
308,796
321,687
Total liabilities
425,953
423,491
Total shareholders’ equity
460,193
440,711
Total liabilities and shareholders’
equity
$
886,146
$
864,202
TaskUs, Inc.
Condensed Consolidated
Statement of Cash Flows (unaudited)
(in thousands)
Six months ended June
30,
2024
2023
Cash flows from operating activities:
Net income
$
24,312
$
19,641
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
20,767
19,740
Amortization of intangibles
9,967
10,249
Amortization of debt financing fees
298
298
Loss (gain) on disposal of assets
(83
)
132
Benefit from credit losses
(259
)
—
Unrealized foreign exchange losses (gains)
on forward contracts
3,463
(1,675
)
Deferred taxes
(1,364
)
(90
)
Stock-based compensation expense
21,356
28,504
Changes in operating assets and
liabilities:
Accounts receivable
1,352
3,081
Prepaid expenses and other current
assets
(4,740
)
(5,529
)
Operating lease right-of-use assets
7,796
7,397
Other noncurrent assets
(338
)
(368
)
Accounts payable and accrued
liabilities
(34
)
(1,142
)
Accrued payroll and employee-related
liabilities
10,275
9,052
Operating lease liabilities
(8,166
)
(7,056
)
Income tax payable
(2,913
)
300
Deferred revenue
(333
)
(217
)
Other noncurrent liabilities
(145
)
(104
)
Net cash provided by operating
activities
81,211
82,213
Cash flows from investing activities:
Purchase of property and equipment
(8,088
)
(15,045
)
Investment in loan receivable
—
(1,000
)
Net cash used in investing activities
(8,088
)
(16,045
)
Cash flows from financing activities:
Payments for deferred business acquisition
consideration
(144
)
—
Payments on long-term debt
(3,375
)
(1,350
)
Proceeds from employee stock plans
2,051
399
Payments for taxes related to net share
settlement
(2,074
)
(550
)
Payments for stock repurchases
(15,072
)
(44,334
)
Net cash used in financing activities
(18,614
)
(45,835
)
Increase in cash and cash equivalents
54,509
20,333
Effect of exchange rate changes on
cash
(9,152
)
(685
)
Cash and cash equivalents at beginning of
period
125,776
133,992
Cash and cash equivalents at end of
period
$
171,133
$
153,640
TaskUs, Inc.
Non-GAAP
Reconciliations
Adjusted EBITDA (unaudited)
(in thousands, except margin
amounts)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Net income
$
12,598
$
10,132
$
24,312
$
19,641
Provision for income taxes
7,337
7,391
13,845
13,360
Financing expenses
5,490
5,330
11,028
10,429
Depreciation
9,978
10,079
20,767
19,740
Amortization of intangible assets
4,982
5,125
9,967
10,249
EBITDA
$
40,385
$
38,057
$
79,919
$
73,419
Transaction costs(1)
—
—
—
245
Earn-out consideration(2)
—
1,268
—
7,916
Foreign currency gains(3)
(1,312
)
(196
)
(298
)
(2,178
)
Loss (gain) on disposal of assets
94
67
(83
)
132
Severance costs(4)
—
350
487
1,568
Litigation costs(5)
2,318
—
2,618
—
Stock-based compensation expense(6)
11,128
15,107
21,692
28,779
Interest income(7)
(1,361
)
(357
)
(2,478
)
(552
)
Adjusted EBITDA
$
51,252
$
54,296
$
101,857
$
109,329
Net Income Margin(8)
5.3
%
4.4
%
5.2
%
4.2
%
Adjusted EBITDA Margin(8)
21.5
%
23.7
%
21.9
%
23.5
%
(1)
Represents professional service fees
related to non-recurring transactions.
(2)
Represents earn-out consideration
recognized as compensation expense related to the acquisition of
heloo.
(3)
Realized and unrealized foreign currency
gains include the effect of fair market value changes of forward
contracts and remeasurement of U.S. dollar-denominated accounts to
foreign currency.
(4)
Represents severance payments as a result
of certain cost optimization measures we undertook during the
period to restructure support roles.
(5)
Represents only those litigation costs
that are considered non-recurring and outside of the ordinary
course of business.
(6)
Represents stock-based compensation
expense, as well as associated payroll tax.
(7)
Represents interest earned on short-term
savings, time-deposits and money market funds.
(8)
Net Income Margin represents net income
divided by service revenue and Adjusted EBITDA Margin represents
Adjusted EBITDA divided by service revenue.
TaskUs, Inc.
Non-GAAP
Reconciliations
Adjusted Net Income
(unaudited)
(in thousands, except margin
amounts)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Net income
$
12,598
$
10,132
$
24,312
$
19,641
Amortization of intangible assets
4,982
5,125
9,967
10,249
Transaction costs(1)
—
—
—
245
Earn-out consideration(2)
—
1,268
—
7,916
Foreign currency gains(3)
(1,312
)
(196
)
(298
)
(2,178
)
Loss (gain) on disposal of assets
94
67
(83
)
132
Severance costs(4)
—
350
487
1,568
Litigation costs(5)
2,318
—
2,618
—
Stock-based compensation expense(6)
11,128
15,107
21,692
28,779
Tax impacts of adjustments(7)
(1,173
)
(31
)
(2,788
)
(2,019
)
Adjusted Net Income
$
28,635
$
31,822
$
55,907
$
64,333
Net Income Margin(8)
5.3
%
4.4
%
5.2
%
4.2
%
Adjusted Net Income Margin(8)
12.0
%
13.9
%
12.0
%
13.9
%
(1)
Represents professional service fees
related to non-recurring transactions.
(2)
Represents earn-out consideration
recognized as compensation expense related to the acquisition of
heloo.
(3)
Realized and unrealized foreign currency
gains include the effect of fair market value changes of forward
contracts and remeasurement of U.S. dollar-denominated accounts to
foreign currency.
(4)
Represents severance payments as a result
of certain cost optimization measures we undertook during the
period to restructure support roles.
(5)
Represents only those litigation costs
that are considered non-recurring and outside of the ordinary
course of business.
(6)
Represents stock-based compensation
expense, as well as associated payroll tax.
(7)
Represents tax impacts of adjustments to
net income which resulted in a tax benefit during the period,
including stock-based compensation expense and earn-out
consideration.
(8)
Net Income Margin represents net income
divided by service revenue and Adjusted Net Income Margin
represents Adjusted Net Income divided by service revenue.
TaskUs, Inc.
Non-GAAP
Reconciliations
Adjusted EPS (unaudited)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
GAAP diluted EPS
$
0.14
$
0.10
$
0.27
$
0.20
Per share adjustments to net income(1)
0.17
0.22
0.34
0.45
Adjusted EPS
$
0.31
$
0.32
$
0.61
$
0.65
Weighted-average common shares outstanding
– diluted
91,629,930
98,200,005
91,739,908
99,576,289
(1)
Reflects the aggregate adjustments made to
reconcile net income to Adjusted Net Income, as noted in the above
table, divided by the GAAP diluted weighted-average number of
shares outstanding for the relevant period.
TaskUs, Inc.
Non-GAAP
Reconciliations
Free Cash Flow (unaudited)
(in thousands, except
percentages)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
30,034
$
38,530
$
81,211
$
82,213
Purchase of property and equipment
(4,516
)
(9,801
)
(8,088
)
(15,045
)
Free Cash Flow
$
25,518
$
28,729
$
73,123
$
67,168
Conversion of Adjusted EBITDA(1)
49.8
%
52.9
%
71.8
%
61.4
%
(1)
Conversion of Adjusted EBITDA represents
Free Cash Flow divided by Adjusted EBITDA
Definitions of Non-GAAP Metrics
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net
income or loss for the period before the impact of the benefit from
or provision for income taxes, financing expenses, depreciation,
and amortization of intangible assets. EBITDA eliminates potential
differences in performance caused by variations in capital
structures (affecting financing expenses), tax positions (such as
the availability of net operating losses against which to relieve
taxable profits), the cost and age of tangible assets (affecting
relative depreciation expense) and the extent to which intangible
assets are identifiable (affecting relative amortization
expense).
Adjusted EBITDA is a non-GAAP profitability measure that
represents EBITDA before certain items that are considered to
hinder comparison of the performance of our businesses on a
period-over-period basis or with other businesses. During the
periods presented, we excluded from Adjusted EBITDA transaction
costs, earn-out consideration, the effect of foreign currency gains
and losses, gains and losses on disposals of assets, non-recurring
severance costs, certain non-recurring litigation costs,
stock-based compensation expense and associated employer payroll
tax and interest income, which include costs that are required to
be expensed in accordance with GAAP. Our management believes that
the inclusion of supplementary adjustments to EBITDA applied in
presenting Adjusted EBITDA are appropriate to provide additional
information to investors about certain material non-cash items and
about unusual items that we do not expect to continue at the same
level in the future.
Adjusted EBITDA Margin represents Adjusted EBITDA divided by
service revenue.
Adjusted Net Income
Adjusted Net Income is a non-GAAP profitability measure that
represents net income or loss for the period before the impact of
amortization of intangible assets and certain items that are
considered to hinder comparison of the performance of our
businesses on a period-over-period basis or with other businesses.
During the periods presented, we excluded from Adjusted Net Income
amortization of intangible assets, transaction costs, earn-out
consideration, the effect of foreign currency gains and losses,
gains and losses on disposals of assets, non-recurring severance
costs, certain non-recurring litigation costs, stock-based
compensation expense and associated employer payroll tax and the
related effect on income taxes of certain pre-tax adjustments,
which include costs that are required to be expensed in accordance
with GAAP. Our management believes that the inclusion of
supplementary adjustments to net income applied in presenting
Adjusted Net Income are appropriate to provide additional
information to investors about certain material non-cash items and
about unusual items that we do not expect to continue at the same
level in the future.
Adjusted Net Income Margin represents Adjusted Net Income
divided by service revenue.
Adjusted EPS
Adjusted EPS is a non-GAAP profitability measure that represents
earnings available to shareholders excluding the impact of certain
items that are considered to hinder comparison of the performance
of our business on a period-over-period basis or with other
businesses. Adjusted EPS is calculated as Adjusted Net Income
divided by our diluted weighted-average number of shares
outstanding. Our management believes that the inclusion of
supplementary adjustments to earnings per share applied in
presenting Adjusted EPS are appropriate to provide additional
information to investors about certain material non-cash items and
about unusual items that we do not expect to continue at the same
level in the future.
Free Cash Flow
Free Cash Flow is a non-GAAP liquidity measure that represents
our ability to generate additional cash from our business
operations. Free Cash Flow is calculated as net cash provided by
operating activities in the period minus cash used for purchase of
property and equipment in the period. Our management believes that
the inclusion of this non-GAAP measure, when considered with our
GAAP results, provides management and investors with an additional
understanding of our ability to generate additional cash for
ongoing business operations and other capital deployment.
Conversion of Adjusted EBITDA represents Free Cash Flow divided
by Adjusted EBITDA.
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version on businesswire.com: https://www.businesswire.com/news/home/20240808519196/en/
Investor Contact Trent Thrash IR@taskus.com Media
Contact Heidi Lemmetyinen heidi.lemmetyinen@taskus.com
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