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Text: With me in New York today are Tiger Tyagarajan, our president and chief executive officer; and Ed Fitzpatrick, our chief financial officer.
Our agenda for today will be as follows.
Tiger will provide a high-level overview of our results and update you on our strategic initiatives.
Ed will then discuss our financial performance in greater detail and provide our outlook for 2020.
And as Gigi just mentioned, we expect our call to last roughly an hour.
In addition, during our call today, we will refer to certain non-GAAP financial measures.
We believe these non-GAAP measures provide additional information to enhance the understanding of the way management views the operating performance of our business.
Outstanding execution and continued transformation services wins capped off one of our best revenue growth years ever.
This translated into a healthy adjusted earnings per share and operating cash flow growth for 2019.
These metrics were all above the high end of our expectations.
Clients' desire for transformational change is accelerating, expanding our addressable market and providing greater opportunities for us to drive profitable long-term growth.
We continue to improve the rigor and agility of our portfolio evaluation process, allowing us to quickly reallocate investment and talent resources to best penetrate high-growth areas.
Here are our full-year 2019 results on a constant-currency basis.
Total revenue increased 18%, Global client revenue increased 12% and Global client BPO revenue increased 14%.
We also delivered adjusted operating income margin of 15.9%, up 10 basis points; and adjusted earnings per share of $2.05, up 14%.
During 2019, we were increasingly recognized by our clients and industry analysts as a preferred partner to drive transformational change.
By leveraging disruptive digital technologies and real-time predictive insights, we are reimagining the way work gets done to solve critical business problems for our clients.
With the relentless pace of technological innovation, as well as competitive, macroeconomic, and geopolitical pressures, corporate leaders must accelerate their decision-making process and make bold decisions based on insights derived from analytics.
We believe our culture of driving change to meet these heightened expectations from the C suite and boards is a huge differentiator in the market and is one of the reasons we win.
During 2019, we drove Global client growth across our chosen verticals led by growth of more than 30% in transformation services.
Our consulting, digital, and analytics transformation services, rooted in domain and process expertise, acts as a tip of the spear for many large, long-term transformational engagements.
Our consistent growth performance over many years supports my long-held view that digital and analytics comes to life when implemented with a deep understanding of domain and process.
Highlighting the impact of transformation services on our business, our fastest-growing relationships are greater than 20% of revenues coming from transformation services.
These accounts are growing at more than double the company average.
During 2019, for the second consecutive year, we signed total new bookings close to $4 billion, fed by our high-quality pipeline that remains near historic highs with steady win rates.
As a comparison, during 2016 and 2017, new bookings averaged approximately $2.7 billion.
Global client bookings had a solid growth in 2019 with proactive sole sourced deals accounting for roughly half of our new wins.
Large deals continued to be a meaningful contributor to total bookings, and almost three quarters of our bookings had transformation services embedded in them, up from 60% range in 2018.
As expected, the bookings declined in 2019, given the large deal we signed late in 2018.
Let me call out some key highlights for 2019.
We continued to add iconic brands to our client list in our focused industry verticals.
We closed two acquisitions to enhance our capabilities in critical areas: financial crimes and risk management and digital experience.
Supply chain services, a strategic focus area, showed dramatic growth in inflows, pipeline, bookings and revenue during the year.
We successfully launched Genome, a reskilling and training platform for our global workforce that has been a huge hit.
We continued to leverage new commercial models, reflecting the changing nature of work we do for our clients.
And finally, through the last phase of the large GE deal, we significantly enhanced our strategic sourcing capability.
Expanding on some of these, during the year, we elevated our brand recognition and solidified our reputation as a thought leader, providing innovative transformative solutions for a growing roster of iconic clients.
For instance, as discussed last quarter, we entered into a strategic relationship with Cardinal Health, where our deep expertise in finance and accounting and ability to leverage data analytics to provide insights will help transform their FP&A analytics function to drive timely, as well as insightful decision-making.
FP&A represents another ripe area for disruption and provides opportunities for growth.
These relationships are creating a heightened level of new inbound C-suite calls as companies want to explore engaging with us to transform their businesses.
We expect to fully leverage such new skill sets from a number of these relationships that has added significant new capabilities over the last two years.
These include highly leverageable teams in financial planning and analysis; order management and supply chain, particularly in consumer goods retail; commercial and pricing analytics; and sourcing and category management.
A lot of this depth is in market and onshore.
We acquired riskCanvas early in 2019, which bolstered our already strong market offerings in financial crimes and risk management services for banks, a large opportunity for growth.
Our expanded capabilities in this space are already showing results.
We were selected by a global bank to transform their KYC process for their wholesale banking business to better define customer risk profiles and improve regulatory compliance.
Our risk domain team, along with our digital and analytics experts, are deploying a first of its kind-as-a-service solution with a transaction-based commercial model.
This unique offering leverages the riskCanvas proprietary cloud platform to collect and organize customer data, populate customer profile templates and provide risk scores.
Replacing the bank's current manual processes with a streamlined digital as-a-service model, this solution is expected to cut processing time in half and provide an industrialized KYC process with much higher accuracy and timely regulatory reporting.
During the fourth quarter, we closed the acquisition of Rightpoint to deepen our capabilities in experience, which is becoming increasingly important to our clients.
While still early days, we're already seeing the value of bringing together our process innovation and Rightpoint's experience innovation.
Supply chain management, now led by the team that joined us from Barkawi in late 2018, is allowing us to build traction in a vastly underpenetrated market.
Our pipeline has expanded more than three times since the beginning of 2019, and we recently won a new engagement with a large global consumer goods company to help transform and run their end-to-end supply chain operations.
The redesigned operating model is aimed at helping the client drive better customer relationships, improve fulfillment rates, accelerate new product introductions and optimize trade promotions, thereby driving higher revenue and better working capital levels for them.
I am excited to report that we now have three global relationships that crossed $100 million in annual revenue, up from just one at the end of 2018.
We expect many more of our relationships to hit this milestone over time.
As our solutions increasingly leverage AI, machine learning, robotic process automation and cloud-based solutions, our commercial models are becoming more outcome based.
At the end of last year, more than 40% of our total revenue is from newer constructs, not just based on FTE pricing, up from the mid-30% range only a couple of years back.
Our talent has always been the most important pillar of our success.
Like many of our clients, we are going through a transformation in the way we excite our workforce to reskill and help them continuously learn.
The launch of our Genome platform early last year provides the right tools and methods to up-skill our 95,000-plus global team members with relevant digital transformation and other professional skills at scale.
We are well on our way to achieving our first-year goal of reaching 70% penetration with the amount of learning hours continuing to expand.
As we move into 2020, we continue to expect our overall demand to be robust and continue to be led by transformation services.
Coupled with the power of our domain and process expertise, we believe we are uniquely positioned to leverage innovative new digital technologies, as well as data and analytics in a focused way to solve for specific business outcomes.
This allows us to drive end-to-end digital transformation for clients in unprecedented ways, delivering significant outcome improvements and superior experiences.
We have been building these solutions through a combination of internal development, partnerships, acquisitions and large targeted carve-outs from our clients.
We now have an active portfolio of solutions that we manage, allowing us to leverage them for scale.
Over time, we will continue to take decisions to proactively pull the plan on some of these.
Recent examples of this include our mortgage origination platform, the KYC JV and the wealth management platform.
This proactive culling allows us to double down on areas such as dynamic workflows in the cloud, customer experience solutions, supply chain optimization, financial crimes and risk solutions and many others that are demonstrating market traction.
Today, I will review our full-year results in detail then briefly touch upon some highlights of our fourth-quarter performance, as well as provide our financial outlook for 2020.
Let me begin with a review of our full-year 2019 results.
Total revenue was $3.52 billion, up 17% year over year or 18% on a constant-currency basis.
Total growth was greater than expected, with transformation services leading the way.
Total BPO revenue, which represents approximately 84% of total revenue, increased 19% year over year, and total IT services revenue was up 10% year over year.
Global client revenue, which represented approximately 86% of total revenue, increased 11% year over year or 12% on a constant-currency basis, at the high end of our expected range.
Within Global clients, BPO revenue increased 13% year over year or 14% on a constant-currency basis, led by growth in transformation services, up more than 30%, while IT services revenue increased 3%.
During the year, as we become a bigger transformation partner for an increasing number of Global clients, we have meaningfully expanded the size of a number of our client relationships.
During 2019, we increased the number of our Global clients with annual revenues over $15 million to 49 from 45.
This included clients with more than $25 million in annual revenue, growing to 25 from 21.
GE revenue increased 78% year over year, above our expectations largely due to incremental scope added during the year related to the large deal we signed late in 2018.
Adjusted income from operations grew 18% year over year to $559 million.
Recall that we had assumed approximately $22 million at the beginning of the year related to the India export subsidy in our adjusted operating income outlook.
As it became clearer throughout the year that we would only receive approximately $4 million of that expected benefit, we put plans in motion to cover the $18 million shortfall with other items.
During the fourth quarter, we were able to finalize the plans to monetize a property we owned in India which generated a gain of approximately $31 million included in other operating income.
This gain was partially offset during the quarter by certain other costs, including an $11 million nonrecurring impairment charge in cost of revenues related to a European wealth management platform that we no longer plan to leverage beyond the current scope.
Adjusted operating margin of 15.9% was 10 basis points or $4 million, lower than our 16% target primarily due to a $4 million impairment charge recorded in the fourth quarter related to certain retirement plan assets in India.
Gross margin was lower year over year primarily due to higher stock-based compensation of 20 basis points and approximately 50 basis points due to the nonrecurring charges I just mentioned.
Better-than-expected revenue growth with higher onshore scope and the additional GE revenue also impacted margin.
SG&A expenses totaled $795 million, compared to $694 million last year.
As a percentage of revenue, SG&A expenses were down 50 basis points year over year, driven by operating leverage, despite a 50-basis point dilution related to higher year-over-year stock-based compensation, as well as a 10-basis point impact from Rightpoint acquisition-related expenses.
Adjusted earnings per share of $2.05 was up 14% year over year, compared to $1.80 in 2018.
This $0.25 increase was primarily driven by higher operating income of $0.34, partially offset by lower foreign exchange remeasurement gains, higher tax expense, and higher net interest expense of $0.03 each.
2019 represents the fifth consecutive year of double-digit adjusted earnings per share growth that produced a 15% compound annual growth rate over that period.
This growth was driven by solid revenue growth and disciplined cost management that has consistently driven increased operating income and related operating margins in each of those periods, in line with our stated key strategic objectives.
Our effective tax rate was 23.7%, compared to 22.3% last year, driven by the expiration of Special Economic Zones benefits in India, changes to the jurisdictional mix of income and the impact of India tax law changes.
Let me now provide some additional color around our fourth-quarter performance.
Global client revenue increased 7% year over year or 8% on a constant-currency basis, largely driven by continued growth in our consumer goods retail, banking capital markets and high-tech verticals.
Recall that our growth rates during the fourth quarter last year made for a tougher comparison this year.
GE revenues were up 61% year over year, driven by the large deals signed late last year and incremental scope of work added during the quarter.
Adjusted operating margin during the quarter was 16.9%, largely in line with the level reported during the same period last year but slightly lower than we expected primarily due to the nonrecurring impairment of the India retirement plan assets in the quarter that I mentioned earlier.
Gross margin for the quarter was approximately 33%, compared to 35.5% level we generated during the first three quarters of 2019.
The decline was primarily driven by the two nonrecurring charges I referred to earlier that total approximately $14 million.
In addition, lower margin on the incremental GE scope and lower margin on the ramp-up of a new account in our banking vertical negatively impacted gross margin levels during the quarter.
The new banking account margins are expected to return to more normalized levels in the first quarter of 2020.
We also expect overall GE full-year 2020 gross margins to be largely aligned with GE's 2019 levels.
Since 2019 was impacted by nonrecurring charges of approximately 50 basis points, we are expecting full-year gross margins to be up by 50 basis points in 2020.
Total SG&A expenses were $213 million, compared to $179 million in the same quarter of last year and included approximately $7.4 million of nonrecurring Rightpoint-related acquisition expenses and approximately $16 million related to stock-based compensation.
Adjusted earnings per share for the fourth quarter was $0.57 compared to $0.52 last year.
The $0.05 increase was driven by higher operating income of $0.07, as well as $0.01 related to the impact of higher foreign exchange balance sheet remeasurement gains, partially offset by higher effective tax rate of $0.02 and increased share count of $0.01.
Our effective tax rate was 28.1% compared to 25.8% last year due to the expiration of Special Economic Zones benefits, changes in the jurisdictional mix of our income and the impact of India tax law changes.
Turning to our balance sheet and cash flows.
During the year, we returned $95 million of capital to shareholders.
This included approximately $65 million in the form of our regular quarterly dividend of $0.085 per share which increased by 13% in comparison to the prior year.
We also repurchased approximately 766,000 shares totaling $30 million at a weighted average price of $39.16 per share during the year.
Since we initiated our share buyback program in 2015, we've reduced our net outstanding shares by 17%.
Over this period, we repurchased 37.4 million shares at an average price of approximately $26 per share for a total of $976 million.
The weighted average annual return on these share repurchases has been approximately 18% from 2015 through the end of January this year.
We currently have approximately $274 million of authorized capacity under our share repurchase program.
Cash and cash equivalents totaled $467 million, compared to $368 million at the end of the fourth quarter of 2018.
Our net debt-to-EBITDA ratio for the last four rolling quarters was 1.7.
With undrawn debt capacity of $428 million and existing cash balances, we continue to have sufficient liquidity to pursue growth opportunities and execute on our capital allocation strategy.
Days sales outstanding were 86 days, which were down from 87 days sequentially and increased three days from the last year, driven by delayed collections on certain accounts where cash was received in early January.
Despite the higher DSOs, we were able to generate $428 million of cash from operations in 2019, up 26% year over year, exceeding the high end of the range we expected for the year.
The majority of this outperformance was driven by higher adjusted operating income.
Capital expenditures as a percentage of revenue was 3.3% in 2019, in line with our expectations.
Finally, let me update you on our outlook for 2020.
We expect total revenues to be between $3.89 billion and $3.95 billion, representing year-over-year growth of 10.5% to 12.5% on a constant-currency basis.
We expect the Rightpoint acquisition to contribute approximately 250 basis points to total company growth in 2020.
This impact is approximately 100 points higher than the contribution from acquisitions to our top line in 2019.
For Global clients, we expect revenue growth to be in the range of 12% to 14% on a constant-currency basis.
We expect GE revenues to normalize and be approximately flat year over year.
We will continue our strategic objectives to expand our adjusted operating margin and expect to drive 10 basis points of improvement to 16%.
As I mentioned earlier, we are expecting our full-year gross margins to improve by approximately 50 basis points in 2020 due to the impact of nonrecurring charges incurred in 2019.
We believe our gross margins have stabilized.
The impact of large deals has driven even higher revenue growth than we expected and thus has had a greater impact on gross margins than we initially expected.
Given the tremendous amount of capabilities we have been adding to our team from these iconic companies, we made the strategic decision to accept initially lower gross margins on these deals.
We plan to fully leverage these skill sets well into the future.
Due to the historic seasonality we see in our business, we currently expect our adjusted operating margin for the first quarter of 2020 to be in the 14% to 15% range we have seen in the last two years.
We also expect the ramp of operating margins to be more in line with the trajectory we have seen over the past two years.
Our 2020 effective tax rate is expected to be approximately 23.5% to 24.5%, up from 23.7% in 2019, driven primarily by the expiration of Special Economic Zones in India.
We continue to expect our effective tax rate to stabilize in a mid-20% range as the Special Economic Zone expirations reduce over time.
Given the outlook I just provided, we are estimating adjusted earnings per share for the full-year 2020 to be between $2.24 and $2.28.
This increase in earnings per share of 9% to 11% includes the negative impact of higher tax rate of approximately $0.01 per share in 2020 and includes no FX remeasurement-related impact.
Recall that we recorded a gain of $0.03 for FX remeasurement gains in 2019.
We have assumed our ending share count as of December 31, 2019, in this estimate.
We are forecasting cash flow from operations to grow by approximately 10%, largely in line with total company revenue growth.
Capital expenditures as a percentage of revenues are expected to remain at approximately 3% to 3.5%.
We continue to expect the free cash flow to net income ratio to be approximately one to one, on average, over time.
And finally, we just announced an increase to our quarterly dividend from $0.085 to $0.0975 per share, which equates to annualized dividend of $0.39 per share, up 15% year over year.
We saw terrific momentum in our business in 2019, driven by disciplined strategic choices and strong execution.
Our investments in our service lines, along with the successful integration of our acquisitions, particularly in digital and analytics, has positioned us well for a multiyear growth trajectory.
Our large deals with iconic brands have solidified our reputation as a transformation partner of choice, leading to higher levels of inbound activity beyond our traditional buying centers.
As we enter 2020, we are seeing the experience economy rewrite the rules of digital transformation.
We are extremely excited about how we have bolstered our capabilities in this area through the acquisition of Rightpoint on the heels of the addition of the TandemSeven a few years back.
We have also been able to leverage our automation to AI platform Genpact Cora in many of our engagements and solutions, and we see it being a huge differentiator.
Cora allows us to bring more standardized, repeatable offerings to the market.
Clients increasingly need predictive insights to make more informed decisions.
With the acceleration of the digitization of data and the maturation of data management, our opportunity in analytics has expanded dramatically.
We saw terrific growth in analytics in 2019, and we expect this trajectory to continue to be a key driver of transformation services growth going forward.
As noted earlier, we will continue to be maniacally focused on reallocating investment and talent resources to high-growth areas, and we'll continue to be thoughtful in our choices.
In summary, we have a growing top line primarily made up of sticky long-term global relationships with inherent operating leverage driving long-term margin expansion and the ability to tap our cash flows and balance sheet to take advantage of opportunities in our underpenetrated market.
We have the right leadership team and talent base to go after this.
I'm pleased with our 2020 outlook, which is very much aligned with our long-term growth and profitability goals.
Gigi, can you please provide the instructions?

user
compname reports q4 adjusted earnings per share $0.57.
q4 adjusted earnings per share $0.57.
sees fy revenue $3.89 billion to $3.95 billion.
qtrly total revenue was $941 million, up 13%.
sees 2020 adjusted diluted earnings per share of $2.24 to $2.28.
sees 2020 global client revenue growth in range of 12% to 14% on as reported and constant currency basis.

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