Short answer
Genpact LTD (G) filed its fiscal 2014 10-K annual report with the SEC on Feb 27, 2015.
- Top risk flagged: Indian tax assessment: $43 million demand, including interest, with $15 million paid under protest
Genpact LTD FY2014 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Business model: Global outsourcing and transformation provider designing, running, and optimizing complex business operations through process expertise, analytics, and technology
- Digital practice emphasized: Genpact Digital and Systems of Engagement solutions using social, mobility, big data, and cloud technologies
- Strategic positioning: Shift toward integrated, multi-tower transformation engagements combining process, technology, analytics, and vertical expertise
- Scale: $2.279B revenue, 79.6% from Global Clients, with approximately 67,900 employees across 25 countries
- Distinctive workforce capability: More than 42,000 Lean-trained employees and over 15,500 Six Sigma green-belt-trained employees
Management Discussion & Analysis
- Revenue $2,279.4M, up 6.9% YoY, led by Global Clients $1,813.4M, up 9.9%
- Gross margin 39.5% vs 38.1%; operating margin 12.9% vs 14.5%
- Best segment: Global Clients BPO, $1,381.2M, up 12.2%; weakest: GE BPO, $355.5M, down 5.6%
- Operating cash flow $271.8M; capex $62.0M; acquisitions $130.8M; share buyback $302.6M
- Outlook: cash, reserves and debt capacity expected to fund growth; risks include wage inflation, currency volatility and tax-holiday expirations
Risk Factors
- Indian tax assessment: $43 million demand, including interest, with $15 million paid under protest
- North America and Europe exposure: weak client demand could materially reduce spending on Genpact services
- GE concentration: 20.4% of 2014 revenue, with annual commitment declining to $90 million in 2016
- Delivery-center disruption: India operations vulnerable to unrest, infrastructure breakdowns, cyclones and telecommunications outages
- Debt maturity: $675 million term loan facility largely due in one payment at seven-year maturity
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