WNS (WNS) Baird 2024 Global Consumer, Technology & Services Conference summary

Business overview and differentiation

• Combines domain expertise, data, and digital capabilities to transform and support clients' mission-critical processes, aiming for greater efficiency and competitiveness.

• Offers both horizontal and industry-specific process solutions, focusing on cost reduction, productivity, actionable insights, and client growth.

• Operates globally with over 60,000 employees in 13 countries and $1.3 billion in revenue, leveraging 25+ years of expertise.

• Emphasizes advanced analytics, digital expertise, and a client-centric culture, with investments resonating with clients and prospects.

• Sees technology shifts like AI and GenAI as opportunities, not threats, requiring BPM expertise for effective implementation.

Technology and market evolution

• Clients need BPM partners to manage, implement, and integrate new technologies, with history showing tech evolution expands the addressable market.

• Has over 5,000 AI/GenAI-ready resources and 100+ proof of concepts, pilots, and use cases in progress.

• BPM market is $250 billion, under-penetrated, and expected to grow at 10% CAGR, with WNS positioned as a vertically integrated provider.

• Industry has evolved from labor arbitrage to high-impact, outcome-driven services.

Financial performance and capital allocation

• Achieved 9.5% reported CAGR (10.4% constant currency) and 9% EPS growth over five years; excluding COVID, growth was 14% (CC) and 12% EPS.

• Maintained industry-leading adjusted operating margins (21%-23%), averaging 21.6%, with a strong balance sheet and disciplined capital allocation.

• Ended last year with $65 million net cash and generated $175 million in free cash in fiscal 2024.

• Drives cash conversion at 105%-110% of adjusted net income, deploying capital through M&A and active share repurchases.