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Text: We expect the call to last roughly an hour.
In addition, during our call today, we will refer to certain non-GAAP financial measures that we believe provide additional information to enhance the understanding of the way management views the operating performance of our business.
Our third quarter performance reflects continued momentum across our business.
Global Client top line performance, which grew at 11% on a constant currency basis was once again driven by strong demand for Transformation Services, made up of analytics, digital and consulting.
Our strategic investments over the years in capabilities and talent, including the continuous training and development of our global workforce positions us well to address the pressing challenges and opportunities our clients are facing.
This quarter, we achieved the milestone of crossing the threshold of $1 billion in quarterly total revenue for the first time.
For the third quarter 2021, we delivered: total revenue of $1.02 billion, up 8% on a constant currency basis; Global Client revenue of $921 million, up 11% on a constant currency basis; adjusted operating income margin of 16.6% compared to 17.1% during the third quarter of 2020; and adjusted diluted earnings per share of $0.66 per share, up 18% year-over-year.
Global Client revenue growth in the quarter cut across almost all of our industry verticals with double-digit growth in consumer goods and retail, life sciences and healthcare, high-tech and manufacturing and services.
As expected, banking and capital markets growth continued to be muted due to the restructured relationship with one client that resized its asset management business in late 2020.
Our pipeline remains healthy with a mix of both large and regular-sized deals.
We continue to scale our revenue and bookings from existing relationships and add new logos, which sets the stage for future growth.
During the third quarter, we signed four large deals across life sciences, CPG, banking and capital markets and high-tech services.
As we deepen our role as a trusted advisor to our clients, we have seen sole-sourced deals, which was, for many quarters, above 50% of our bookings, now rising above 60%.
We are also seeing great traction build up in fintech, digital banking and other fast growth tech companies where our domain strength and agile development and deployment is helping them scale rapidly.
Global Client Transformation Services continues to grow at a 30%-plus rate and now accounts for more than 35% of total Global Client revenue, including the contribution from the Enquero acquisition.
Year-to-date, approximately 70% of Global Client bookings include a component of analytics, digital or consulting in them.
As a reminder, approximately half of Transformation Services bookings are annuity-based and often lead to large long-term intelligent operations engagements.
Analytics is not only the largest component of Transformation Services, contributing more than half of its revenue over the last several quarters, but is also its fastest-growing component, consistently growing well above 30%.
Many of our analytics solutions are deeply connected to high-growth areas where we are strategically focused, such as sales and commercial, supply chain, financial crimes and risk and SG&A.
Our sharp differentiation is our ability to orchestrate data and analytics in the cloud with deep industry and process knowledge.
The availability of high-quality data and the ability to derive actionable insights with analytics to drive decision-making is now more critical than ever.
It is at this insight to action level where we differentiate ourselves the most.
Our intelligence platform, Genpact enterprise 360 enables clients to do just that.
Genpact enterprise 360 harnesses the power of data and insights from our operations built on proprietary metrics and benchmarks we have deployed and developed over the past 20 years in our digital Smart Enterprise frameworks.
This enables clients to have radical transparency in their businesses.
The platform then uses AI to generate connective insights.
This further empowers clients to take actions, either themselves all through our work with them to deliver better outcomes today and to point transformation opportunities to unlock future growth.
Another differentiator for us is our ability to drive outcome-oriented value for clients beyond just cost and productivity, such as increased growth, lower receivables and inventory, lower losses in fraud and better pricing.
This is one of the key reasons why our Transformation Services solutions resonate so well with our clients.
Some examples include, for a large global CPG client, leveraging our experience and design thinking methodologies, we are using analytics to help them with better sales targeting and automating processes such as contract management and payment reconciliations.
This enables its sales teams to focus on much higher proportion of their time on business development.
For a large fintech client, we have designed, implemented and are now running a best-in-class anti-money laundering and transaction monitoring process to improve their regulatory risk compliance as they experience hyper growth.
For a large high-tech client using our Cora sales assist solution, we are leveraging data and analytics to proactively generate and prioritize advertising leads for small and medium business segment to grow the client's top line.
For a large client in the semiconductor ecosystem, we are using digital and analytics solutions to improve supply and demand forecasting, diversify their supplier base for greater resilience, conduct global inventory analysis and run spot price forecasting to optimize the timing of purchases.
These examples reflect the five trends we continue to see in every CxO conversation.
The five trends are: one, a significant shift from off-line to online across every industry; two, the virtualization of all technology services and solution delivery; three, an accelerated consumption of cloud-based services and solutions; four, an exponential growth in real-time predictive analytics; and five, the move to human-centered design that creates superior experiences for customers, users and employees.
Clients continue to tell us that our approach of bringing together our expertise in digital and cloud-based analytics solutions with our deep industry and process depth to drive actions that deliver outcomes is different.
We continue to see momentum in driving commercial models linked to these outcomes versus traditional input-based models that focus on the cost of FTEs.
These commercial models ensure goal alignment between us and our clients.
For example, being paid for the outperformance of predefined metrics, consumption of transaction-based models or fixed fee models.
As the world continues to adapt to the changes that I've seen over the last 18 months, companies across every industry are intensely competing for talent across the globe.
While this hot talent market presents challenges for our kind of a business, it certainly creates an interesting set of opportunities for us.
We see many engagements where we can help our clients access and nurture global talent, given our ability to scale across a range of skill sets and geographies as well as our focus on reskilling.
We are using our investments in our online on-demand learning platform, Genome, to build the critical skills businesses are looking for across digital, data and analytics.
Specific industry and process knowledge, use of Lean and Six Sigma as well as soft skill and personal development.
As an example, our data and analytics certification program equips our employees with the skills necessary to generate impact immediately after course completion by deriving insights from complex data sets.
To date, Almost 70% of our employees are enrolled with more than 43,000 fully trained and tested.
This is analytics at scale for our clients.
At the height of the pandemic in 2020, we saw historically low attrition rates.
In the third quarter, as expected, our attrition rate increased above our historical average.
This is a global trend that is impacting our peers and clients alike.
However, given our talent management practices to date, we have had no impact on our client engagements or our ability to convert new bookings.
This reflects the strength of our culture of curiosity, innovation and learning as well as the countless learning, development and career opportunities we provide for our employees, enabled by investments like Genome and our redeployment platform, Talent Match.
We are delighted to have had a state of recent recognitions for being a great destination for talent in the market, such as: Forbes 2021 World's Best Employers List; the Refinitiv's 2021 diversity and inclusion top 100; a total of 28 excellent awards from Brandon Hall Human Capital Management; International SOS' Duty of Care award for diversity and inclusion; Aptar's top 10 best companies for women in India.
And earlier today, Forbes 2021 America's Best Employers for Veterans.
We are also being recognized for the work we are doing to improve our communities.
For example, being named to Fortune's Change the World List as one of 100 companies celebrated for having a positive societal impact.
We are deeply committed to our environmental, social and governance initiatives and are proud to have been recently awarded a gold medal from EcoVadis, recognizing our efforts across environment, labor and human rights, ethics and sustainable procurement.
We also recently concluded our annual green-a-thon event with more than 25,000 participants to sponsor the planting of more than 14,500 tree saplings, underscoring our commitment to environmental sustainability.
ESG is not only an important focus for us internally as a company, but also for what we do with our clients.
Given our industry knowledge, strength in data and analytics, and deep familiarity with our clients' processes, we are in a meaningful position to help our clients achieve progress on their own ESG agenda through areas like responsible sourcing, supply chain optimization, financial crimes, climate footprint of equipment usage and many others were able to help our clients generate positive social and environmental impact.
We are very excited about the work we are doing on our pursuit of a world that works better for people.
Lastly, as our teams are beginning to return to the office globally and travel more frequently to collaborate in person or meet with clients.
We are taking every precaution to continue to ensure the health and safety of our own employees and their families.
We are happy to report that a large and increasing number of our employees are getting vaccinated globally.
For example, in our largest delivery ecosystem, India, approximately 80% of our workforce has received at least one dose of a COVID vaccine, and we continue to encourage participation for the rest of our population.
Today, I'll review our third quarter results and provide our latest thinking regarding our full year 2021 financial outlook.
Total revenue was $1.02 billion, up 9% year-over-year or 8% on a constant currency basis.
Global Client revenue that expanded to 91% of total revenue increased 12% year-over-year or 11% on a constant currency basis primarily driven by ongoing movement in Transformation Services led by analytics that grew more than 30% in the quarter as we continued underlying strength in our Intelligent Operations business.
Total Global Client growth included approximately one point contribution from revenue related to certain divested GE businesses that we began including in our Global Client portfolio as of January one.
During the quarter, we continued to expand the size of our Global Client relationships.
For example, during the 12-month period ended September 30, we grew the number of Global Client relationships with annual revenue over $5 million from 129 to 142 or a 10% year-over-year increase.
This included clients with more than $25 million in annual revenue, increasing from 23 to 26 or 13% year-over-year.
GE revenue declined 15% year-over-year driven by our delivery of committed productivity and the overall macroeconomic impact on GE.
Excluding the effect of revenue related to divested GE businesses I mentioned earlier, GE revenue would have declined 6% during the quarter, which is in line with our expectations.
Adjusted operating income margin at 16.6% declined from the first half of the year largely due to the increase in investment activity that we discussed with you last quarter as well as higher travel expenses.
As we move into the latter part of the year, we expect travel-related activity to increase as the macro environment continues to stabilize.
Gross margin in the quarter was 35.6% compared to 35.2% during the same period last year largely due to increased productivity from higher revenue and a more favorable mix.
We continue to expect our full year gross margin to expand 70 to 75 basis points year-over-year.
SG&A as a percentage of revenue was 21.3%, up 10% year-over-year and 60 basis points sequentially as we dialed up investment activity to be able to take advantage of long-term growth opportunities.
Adjusted earnings per share was $0.66, up 18% year-over-year compared to $0.56 in 2020.
This 10% -- $0.10 increase was primarily driven by higher adjusted operating income of $0.04, lower taxes of $0.03, a $0.02 impact related to FX remeasurement and a $0.01 impact related to lower year-over-year share count.
Our effective tax rate was 17.3% compared to 22.6% last year largely due to discrete benefits in the quarter as well as a nonrecurring prior period tax refund-related items.
Excluding this onetime tax benefit that equates to $0.03 per share, our effective tax rate for the quarter would have been 21.4%.
Turning to cash flow and balance sheet.
During the third quarter, we generated $210 million of cash from operation that corresponds to free cash flow being almost two times higher than net income.
As a reminder, during 2020, we experienced a lower-than-normal working capital impact to our cash flow given improved days outstanding as lower revenue growth related to the pandemic.
This helped drive cash flow from operations of $252 million during the third quarter last year.
Our days outstanding have remained in a consistent range with third quarter 2021 at 84 days.
Cash and cash equivalents totaled $922 million compared to $753 million at the end of the second quarter of 2021, and includes $350 million related to the 1.75% bond that we issued in the first quarter.
We continue to closely monitor market conditions for the optimum timing of the pay down of our 3.7% bond that is scheduled to mature in April 2022.
Our net debt-to-EBITDA ratio for the last four rolling quarters was 1.1 times.
With undrawn debt capacity of approximately $500 million and existing cash balances, we continue to have ample liquidity to pursue growth opportunities and execute on our capital allocation strategy.
While we continue to invest to drive organic top line growth, we have a solid M&A pipeline, and we remain vigilant in searching for companies that can strengthen our capabilities in our chosen service lines.
As our track record demonstrates, to the extent capital is available, we expect to repurchase shares, particularly when the valuation is attractive in comparison to our view of the intrinsic value of the firm.
As expected, capital expenditures as a percentage of revenue increased from levels we saw during the first half of the year due to investments related to deal ramp-ups and the measured pace of our global workforce return to office.
Given our year-to-date spending, we now anticipate capital expenditures as a percentage of total revenue for the full year to be in the range of 1.5% to 2%.
Let me now turn to an update of our full year outlook.
We continue to expect total revenue between $3.96 billion and $4 billion, representing year-over-year constant currency growth of 5.5% to 6.5%.
For Global Clients, the expected growth remains in the range of 10.5% to 11.5% or 9% to 10% on a constant currency basis.
There is also no change to our full year GE outlook of approximately 20% year-over-year decline.
Excluding the effect of approximately $40 million in revenue related to the GE divested businesses, we continue to expect GE full year revenue to decline 10% to 12%.
We continue to expect our adjusted operating income margin to expand to 16.5% for the full year.
Factored into this outlook is the impact of continued ramp-ups in investment activity in both sales and marketing, research and development, higher fourth quarter travel, and a higher level of transaction costs related to recent large deal signings.
To be clear, our approximate 16.5% adjusted operating income full year margin remains the baseline for which we think about our trajectory for 2022.
As a result of the nonrecurring tax benefit in the third quarter I referred to earlier, we now expect our full year 2021 effective tax to be approximately 22.5% to 23.5%, which compares to the prior year range of 23.5% to 24.5%.
Given the outlook I just provided, we now expect full year adjusted earnings per share to be in the range of $2.40 to $2.43, up from the prior $2.36 to $2.39 range due to the favorable impact of the nonrecurring tax benefit as well as the balance sheet remeasurement gains during the quarter.
Additionally, given our year-to-date performance, we can now expect our full year operating cash flow to be at least $550 million, up from our earlier outlook of $500 million, and we continue to anticipate free cash flow from operations of approximately 1.2 times to 1.3 times net income, above our historical 1:1 ratio.
Our results for the third quarter are a reflection of the focused long-term strategic choices we have made, the capabilities we have built organically and added inorganically over the years are resonating well in the market.
We are pleased with our performance that we believe reinforces our medium- to long-term trajectory of double-digit to low teens Global Client revenue growth driven by continued momentum in Transformation Services, particularly analytics with an expanding adjusted operating income margin and adjusted diluted earnings per share growing ahead of total revenue, all supported by strong cash flow generations.
Clients across all industries are increasingly looking to leverage data and analytics for predictive insights to drive actions and position themselves to compete in this new world.
This secular trend plays to our strengths in Transformation Services that continues to power our revenue growth led by its largest segment analytics that have been consistently growing more than 30%.
The majority of our Transformation Services engagements are longer-term annuity-based work that often leads to larger intelligent operations engagements that are, of course, annuity based by definition.
Our outcome-oriented solutions are resonating well with clients as we focus on generating value beyond just cost and productivity, which is helping us win many sole-source opportunities, both with existing client relationships that are growing as well as with new logos.
We are at the forefront of developing new ways of working.
We are conducting many experiments across the globe with and for our clients in a variety of hybrid flexible models that allows our talent to get the benefits of being able to work from home while coming together as a team in a set rhythm to collaborate, innovate and build on a strong team culture that we are known for.
Our clients value us for our talent practices and our ability to reskill globally and at scale.
These strengths differentiate us even more in the talent market we are today.
This is opening doors to many opportunities to help clients transform their business models with new cloud-based digital solutions that leverage newer commercial constructs given the changing nature of work away from traditional FTE modes.
I'm very proud of the work we are doing and the impact our global teams have for our clients, our colleagues, our shareholders and the communities we live in, and I'm very excited about the opportunities ahead of us.
Nika, can you please provide the instructions?

user
compname reports adjusted earnings per share of $0.66.
q3 adjusted earnings per share $0.66.
q3 revenue rose 9 percent to $1.02 billion.
sees fy revenue $3.96 billion to $4.0 billion.
sees 2021 adjusted diluted earnings per share of $2.40 to $2.43.

assistant