Third quarter total revenues of $201.1 million, representing 64.2% of year-over-year growth, which was entirely organic.
GAAP net income margin of 5.8%, including non-cash stock-based compensation expense of $19.2 million.
Adjusted EBITDA margin of 23.9%, non-GAAP adjusted net income margin of 16.3%.
Full year 2021 outlook for revenues between $747 and $751 million, representing growth of approximately 56.7% at the midpoint, and Adjusted EBITDA margins of between 24.0% and 24.2%.
TaskUs, Inc., a leading outsourcing provider for high growth companies, announced its results for the third quarter of 2021, ended September 30, 2021.
“We had a tremendous quarter in signings, revenue, profit, client retention and employee satisfaction,” said Co-Founder and CEO, Bryce Maddock.“ In the third quarter of 2021, we saw year-over-year revenue growth of over 64%, which was entirely organic, and Adjusted EBITDA margins of almost 24%. These results are all thanks to the hard work of our teammates throughout the globe. We hired approximately 4,100 net new TaskUs teammates this quarter with a fill rate of approximately 99% – evidence that our investment in building the best employee experience in our industry continues to pay off.
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Third Quarter 2021 Financial Highlights
- Revenues were $201.1 million, representing 64.2% year-over-year organic growth compared to the third quarter of 2020.
- GAAP net income was $11.6 million, representing a margin of 5.8%, compared with GAAP net income in the third quarter of 2020 of $11.5 million, representing a margin of 9.4%. The third quarter of 2021 included non-cash stock-based compensation expense of $19.2 million.
- Adjusted EBITDA was $48.1 million, representing an Adjusted EBITDA margin of 23.9%, compared to Adjusted EBITDA of $30.1 million and an Adjusted EBITDA margin of 24.6% in the third quarter of 2020.
- Non-GAAP Adjusted Net Income was $32.8 million representing a non-GAAP Adjusted Net Income Margin of 16.3% compared to $22.2 million and 18.1% in the third quarter of 2020.
- GAAP diluted earnings per share was $0.11 compared to $0.12 in the period a year ago.
- Non-GAAP Adjusted EPS was $0.30 compared to $0.24 in the period a year ago.
Third Quarter 2021 Frontline Highlights
- Ended the quarter with 35,600 teammates (approximately 90% working from home), an increase of approximately 4,100 from June 30, 2021, with a fill rate of approximately 99%.
- TaskUs India offices reaches almost 5,000 employees within 2 years of country launch; making India the fastest growing country in TaskUs history.
- TaskUs Glassdoor score as of September 30, 2021 was 4.7.
Fourth Quarter and Full Year 2021 Outlook
For the fourth quarter and full year 2021 TaskUs expects its financial results to include1:
|Fourth Quarter||Full Year|
|Revenue (in millions)||$213 to $217||$747 to $751|
|Revenue growth (YoY) at midpoint||54.9%||56.7%|
|Adjusted EBITDA Margin||22.0% to 23.3%||24.0% to 24.2%|
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, 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.
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