0001398659FALSE00013986592023-11-082023-11-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2023
GENPACT LIMITED
(Exact name of registrant as specified in its charter)
Bermuda     001-3362698-0533350
(State or other jurisdiction
of incorporation)		   (Commission
     File Number)		(I.R.S. Employer
Identification No.)
Canon's Court, 22 Victoria Street
Hamilton HM 12, Bermuda
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (441) 298-3300
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each classTrading SymbolName of each exchange on which registered
Common shares, par value $0.01 per shareGNew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition.
On November 8, 2023, Genpact Limited (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2023.  The Company is furnishing this Form 8-K pursuant to Item 2.02, “Results of Operations and Financial Condition.” A copy of the press release, attached hereto as Exhibit 99.1, is incorporated herein by reference.
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The Company is making reference to non-GAAP financial information in the press release and on the conference call.  A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is contained in the attached press release.

Item 9.01.Financial Statements and Exhibits.
(d)Exhibits:
 
Exhibit 99.1  
Exhibit 104 
Cover Page Interactive Data File (embedded within the Inline XBRL document)


Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  GENPACT LIMITED
     
Date: November 8, 2023 By: /s/ Heather D. White
  Name: Heather D. White
  Title: Senior Vice President, Chief Legal Officer and Secretary

Exhibit 99.1
imagea.jpg
Genpact Reports Third Quarter 2023 Results
Total revenue of $1.14 billion, Up 2% 1,2
Digital Operations services revenue of $636 million, Up 6% 1
Data-Tech-AI services revenue of $500 million, Down 2% 1,2
Diluted EPS of $0.64, Up 25%; Adjusted Diluted EPS3 of $0.76, Up 1%

NEW YORK, November 8, 2023 — Genpact Limited (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, today announced financial results for the third quarter ended September 30, 2023.

“During the third quarter, we saw increasing pressure in short-cycle advisory and other project work as clients remained sharply focused on large transformation deals that prioritize cost reductions. This resulted in total revenue below our expectations. However, bookings remain strong and on pace to grow at least 25% in 2023,” said “Tiger” Tyagarajan, Genpact’s President and CEO. “In addition, we continue to make significant progress in the use and deployment of generative AI, as we move into live production environments with early demonstrated results. This is leading to many new inflows as clients prepare to embed large language models into their operations.”

Key Financial Highlights – Third Quarter 2023
•Total revenue was $1.14 billion, up 2% year-over-year, both on an as reported and constant currency basis.1,2
•Revenue from Digital Operations services was $636 million, up 6% year-over-year, both on an as reported and constant currency basis,1 representing 56% of total revenue.
•Revenue from Data-Tech-AI services was $500 million, down 2% year-over-year, both on an as reported and constant currency basis,1,2 representing 44% of total revenue.
•Net income was $118 million, up 23% year-over-year, with a corresponding margin of 10.4%.
•Income from operations was $166 million, up 27% year-over-year, with a corresponding margin of 14.6%. Adjusted income from operations was $195 million, up 3% year-over-year, with a corresponding margin of 17.2%.4,5
•Diluted earnings per share was $0.64, up 25% year-over-year, and adjusted diluted earnings per share3 was $0.76, up 1% year-over-year.
•Cash generated from operations was $162 million, compared to $226 million in the third quarter of 2022.

1 Both on an as reported and constant currency basis. 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.
2 Total revenue and revenue from Data-Tech-AI services in the third quarter of 2022 included $4 million of revenue associated with a business previously classified as held for sale
3 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.
4 Income from operations and diluted earnings per share in the third quarter of 2022 included a $21 million impairment charge as well as a $7 million loss on the sale of a business previously classified as held for sale. These items were excluded from adjusted income from operations and adjusted diluted earnings per share in the third quarter of 2022.
5 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 in the third quarter of 2022 was derived by adjusting total revenue to exclude $4 million of revenue associated with a business previously classified as held for sale.


Full Year 2023 Outlook

Genpact now expects:
•Total revenue of approximately $4.45 billion, up 2% year-over-year, or 2.5% year-over-year on a constant currency basis, compared to the prior full-year outlook in the range of $4.59 billion to $4.64 billion, up 5.0% to 6.0% year-over-year, or 5.5% to 6.5% on a constant currency basis.1
•Adjusted income from operations margin6 of approximately 17.0%, up from the prior expectation of 16.8%.
•Adjusted diluted EPS7 of $2.89 compared to the prior range of $2.91 to $2.94.

CEO Succession Announcement
In a separate press release issued today, Genpact announced a leadership succession plan. “Tiger” Tyagarajan, President and Chief Executive Officer, has informed the Board of Directors of his intention to retire from the company, effective February 9, 2024. The company’s Board has appointed Balkrishan “BK” Kalra, Genpact’s Global Business Leader, Financial Services and Consumer & Healthcare, as Genpact’s next President and Chief Executive Officer, also effective February 9, 2024. Please refer to the CEO Succession Announcement for complete details.

Conference Call to Discuss Financial Results
Genpact’s management will host an hour-long conference call beginning at 4:30 p.m. ET on November 8, 2023 to discuss the company’s performance for the third quarter ended September 30, 2023. Those who wish to participate can register here to receive a dial-in number and unique PIN to access the call seamlessly. It is recommended callers join 10 minutes prior to the start of the event (although you may register and dial in at any time during the call). A live webcast of the call will also be made available on the Genpact Investor Relations website at https://www.genpact.com/investors. For those who cannot join the call live, a replay will be archived on the Genpact website after the end of the call. A transcript of the call will also be made available on the website.
6 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.
7 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.




About Genpact
Genpact (NYSE: G) is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 125,000+ team is passionate in its relentless pursuit of a world that works better for people.
Safe Harbor
This press release contains certain statements concerning our future growth prospects, including our outlook for 2023, 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 general economic conditions, any deterioration in the global economic environment and its impact on our clients, 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 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 business process outsourcing or information technology services sectors, our ability to develop and successfully execute our business strategies, the risks and uncertainties arising from our past and future acquisitions, 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, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, political, economic or business conditions in countries in which we operate, including the withdrawal of the United Kingdom from the European Union, commonly known as Brexit, 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  Roger Sachs, CFA
  
+1 (203) 808-6725
  
roger.sachs@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, 2022As of September 30, 2023
Assets
Current assets
Cash and cash equivalents$646,765$541,004
Accounts receivable, net of allowance for credit losses of $20,442 and $20,493 as of December 31, 2022 and September 30, 2023, respectively994,7551,054,491
Prepaid expenses and other current assets137,972274,057
Total current assets$1,779,492$1,869,552

Property, plant and equipment, net180,758179,678
Operating lease right-of-use assets198,366176,663
Deferred tax assets135,483137,606
Intangible assets, net89,71561,805
Goodwill1,684,1961,677,804
Contract cost assets216,670197,129
Other assets, net of allowance for credit losses of $3,198 and $3,612 as of December 31, 2022 and September 30, 2023, respectively304,134298,536
Total assets$4,588,814$4,598,773
Liabilities and equity
Current liabilities
Short-term borrowings$151,000$55,000
Current portion of long-term debt26,13626,149
Accounts payable35,80926,659
Income taxes payable45,306131,208
Accrued expenses and other current liabilities791,007689,733
Operating leases liability54,06350,209
Total current liabilities$1,103,321$978,958
Long-term debt, less current portion1,249,1531,230,425
Operating leases liability190,398159,019
Deferred tax liabilities4,1763,815
Other liabilities215,608217,103
Total liabilities$2,762,656$2,589,320
Shareholders' equity
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued——
Common shares, $0.01 par value, 500,000,000 authorized, 182,924,416 and 181,412,399 issued and outstanding as of December 31, 2022 and September 30, 2023, respectively1,8231,809
Additional paid-in capital1,777,4531,856,230
Retained earnings780,007893,613
Accumulated other comprehensive income (loss)(733,125)(742,199)
Total equity$1,826,158$2,009,453
Total liabilities and equity$4,588,814$4,598,773



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,
2022202320222023
Net revenues$1,111,037 $1,135,792$3,268,627$3,330,635
Cost of revenue717,219 732,9622,117,4372,167,524
Gross profit$393,818 $402,830$1,151,190$1,163,111
Operating expenses:
Selling, general and administrative expenses231,436 229,731701,828675,642
Amortization of acquired intangible assets10,604 7,49732,80524,009
Other operating (income) expense, net20,937 (91)42,157(4,665)
Income from operations$130,841 $165,693$374,400$468,125
Foreign exchange gains (losses), net3,867 2,9759,3123,698
Interest income (expense), net(13,399)(13,255)(36,691)(35,020)
Other income (expense), net(235)(508)(4,902)6,947
Income before income tax expense$121,074 $154,905$342,119$443,750
Income tax expense25,231 37,31278,427103,804
Net income$95,843$117,593$263,692$339,946
Earnings per common share
Basic$0.52$0.65 $1.43 $1.86 
Diluted$0.51$0.64 $1.40 $1.83 
Weighted average number of common shares used in computing earnings per common share
Basic183,312,013 181,399,897 184,456,047 182,808,518 
Diluted187,399,204 183,801,791 188,274,420 185,737,729 



GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months ended September 30,
20222023
Operating activities
Net income$263,692 $339,946 
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization68,169 54,410 
Amortization of debt issuance costs1,825 1,473 
Amortization of acquired intangible assets32,805 24,009 
Write-down of intangible assets and property, plant and equipment1,377 — 
Impairment charge on intangible assets and goodwill held-for-sale 21,426 — 
Write-down of operating right-of-use assets and other assets20,307 — 
Loss on the sale of the business classified as held for sale — 802 
Allowance for credit losses1,045 5,081 
Unrealized loss on revaluation of foreign currency asset/liabilities2,150 1,283 
Stock-based compensation expense 54,894 63,850 
Deferred tax benefit
(7,655)(7,092)
Others, net323 1,512 
Change in operating assets and liabilities:
Increase in accounts receivable(121,038)(73,400)
Increase in prepaid expenses, other current assets, contract cost assets, operating lease right-of-use assets and other assets(57,940)(110,227)
Increase (decrease) in accounts payable6,755 (9,196)
Decrease in accrued expenses, other current liabilities, operating lease liabilities and other liabilities(132,524)(80,694)
Increase in income taxes payable58,431 87,149 
Net cash provided by operating activities$214,042 $298,906 
Investing activities
Purchase of property, plant and equipment(35,312)(37,330)
Payment for internally generated intangible assets (including intangibles under development)(2,972)(2,569)
Proceeds from sale of property, plant and equipment58 21 
(Payment)/refund for business acquisitions, net of cash acquired973 (682)
Payment for divestiture of business — (19,510)
Net cash used for investing activities$(37,253)$(60,070)
Financing activities
Repayment of finance lease obligations(10,305)(9,168)
Repayment of long-term debt(375,500)(19,875)
Proceeds from short-term borrowings250,000 148,000 
Repayment of short-term borrowings(50,000)(244,000)
Proceeds from issuance of common shares under stock-based compensation plans13,042 34,638 
Payment for net settlement of stock-based awards(44,942)(19,687)
Payment of earn-out consideration
(2,437)(2,399)
Dividend paid(68,942)(75,230)
Payment for stock repurchased and retired (including expenses related to stock repurchased)(182,092)(150,548)
Net cash used for financing activities$(471,176)$(338,269)
Net decrease in cash and cash equivalents(294,387)(99,433)
Effect of exchange rate changes(86,391)(6,328)
Cash and cash equivalents at the beginning of the period899,458 646,765 
Cash and cash equivalents at the end of the period$518,680 $541,004 
Supplementary information
Cash paid during the period for interest$30,430 $31,551 
Cash paid during the period for income taxes, net of refund$114,343 $123,395 



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; and
•Revenue 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 (a) initiated restructuring measures and, as a result, recorded a charge related to i) right-of-use lease assets and other assets related to certain abandoned leased office properties and ii) employee severance costs resulting from a focused reduction in Genpact's workforce and (b) 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, as discussed above, and recorded a gain on such lease termination as restructuring income in the second quarter of 2023. Genpact’s management believes that excluding these restructuring charges, the loss on the sale of the business previously classified as held for sale, the revenues and expenses associated with such business, 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 and nine months ended September 30, 2022 and 2023:
Reconciliation of Net Income/Margin to Adjusted Income from Operations/Margin
(In thousands)

Three months ended September 30,Nine months ended September 30,
2022 202320222023
Net income$95,843$117,593$263,692$339,946
Foreign exchange (gains) losses, net(3,867)(2,975)(9,312)(3,698)
Interest (income) expense, net13,39913,25536,69135,020
Income tax expense25,23137,31278,427103,804
Stock-based compensation expense19,20222,31454,89463,850
Amortization and impairment of acquired intangible assets10,5167,49532,70923,895
Restructuring (income) expense——38,815(4,874)
Operating loss from the business classified as held for sale7,069—14,2911,201
Impairment charge on assets classified as held for sale21,426—21,426—
Loss on the sale of business classified as held for sale———802
Adjusted income from operations$188,819$194,994$531,633$559,946
Net income margin8.6 %10.4 %8.1 %10.2 %
Adjusted income from operations margin17.1 %17.2 %16.3 %16.8 %
    
    
Reconciliation of Income from Operations/Margin to Adjusted Income from Operations/Margin
(In thousands)

Three months ended September 30,Nine months ended September 30,
2022 202320222023
Income from operations$130,841$165,693$374,400$468,125
Stock-based compensation expense19,20222,31454,89463,850
Amortization and impairment of acquired intangible assets10,5167,49532,70923,895
Other income (expense), net(235)(508)(4,902)6,947
Restructuring (income) expense——38,815(4,874)
Operating loss from the business classified as held for sale7,069—14,2911,201
Impairment charge on assets classified as held for sale21,426—21,426—
Loss on the sale of business classified as held for sale———802
Adjusted income from operations$188,819$194,994$531,633$559,946
Income from operations margin11.8 %14.6 %11.5 %14.1 %
Adjusted income from operations margin17.1 %17.2 %16.3 %16.8 %



Reconciliation of Diluted EPS to Adjusted Diluted EPS8
(Per share data) 

Three months ended September 30,Nine months ended September 30,
2022 202320222023
Diluted EPS$0.51 $0.64$1.40$1.83
Stock-based compensation expense0.100.120.290.34
Amortization and impairment of acquired intangible assets0.060.040.170.13
Restructuring (income) expense——0.21(0.03)
Operating loss from the business classified as held for sale 0.04—0.080.01
Impairment charge on assets classified as held for sale0.11—0.11—
Loss on the sale of business classified as held for sale ———0.00
Tax impact on stock-based compensation expense(0.02)(0.03)(0.08)(0.10)
Tax impact on amortization and impairment of acquired intangible assets(0.01)(0.01)(0.04)(0.03)
Tax impact on restructuring income (expense)(0.03)—(0.08)0.01
Tax impact on operating loss from the business classified as held for sale (0.01)—(0.02)(0.00)
Tax impact on loss on the sale of business classified as held for sale ———(0.00)
Adjusted diluted EPS$0.75$0.76$2.04$2.16


8 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, 2023:

Reconciliation of Outlook for Net Income Margin to Adjusted Income from Operations Margin9

Year ending December 31, 2023
Net income margin10.1%
Estimated foreign exchange (gains) losses, net(0.1)%
Estimated interest (income) expense, net1.1%
Estimated income tax expense3.3%
Estimated stock-based compensation expense1.9%
Estimated amortization and impairment of acquired intangible assets0.7%
Estimated restructuring (income) expense(0.1)%
Estimated operating loss and loss on sale from the business classified as held for sale 0.0%
Adjusted income from operations margin17.0%


Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from
Operations Margin9


Year ending December 31, 2023
Income from operations margin14.2%
Estimated stock-based compensation expense1.9%
Estimated amortization and impairment of acquired intangible assets0.7%
Estimated other income (expense), net0.2%
Estimated restructuring (income) expense(0.1)%
Estimated operating loss and loss on sale from the business classified as held for sale 0.0%
Adjusted income from operations margin17.0%

Reconciliation of Outlook for Diluted EPS to Adjusted Diluted EPS9
(Per share data)

Year ending December 31, 2023
Lower
Diluted EPS$2.44 
Estimated stock-based compensation expense0.47
Estimated amortization and impairment of acquired intangible assets0.17
Estimated restructuring (income) expense(0.02)
Estimated operating loss and loss on sale from the business classified as held for sale 0.01
Estimated tax impact on stock-based compensation expense(0.13)
Estimated tax impact on amortization and impairment of acquired intangible assets(0.04)
Estimated tax impact on restructuring income (expense)0.00 
Estimated tax impact on operating loss and loss on sale from the business classified as held for sale(0.00)
Adjusted diluted EPS$2.89 





9 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.


v3.23.3
Cover
Nov. 08, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 08, 2023
Entity Registrant Name GENPACT LIMITED
Entity Incorporation, State or Country Code D0
Entity File Number 001-33626
Entity Tax Identification Number 98-0533350
Entity Address, Address Line One Canon's Court,
Entity Address, Address Line Two 22 Victoria Street
Entity Address, City or Town Hamilton
Entity Address, Postal Zip Code HM 12
Entity Address, Country BM
City Area Code 441
Local Phone Number 298-3300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares, par value $0.01 per share
Trading Symbol G
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001398659
Amendment Flag false
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