Short answer
Genpact LTD (G) filed its fiscal 2015 10-K annual report with the SEC on Feb 26, 2016.
- Top risk flagged: Indian tax assessments: $57 million claimed under disputed Mauritius-India treaty transactions, with $28 million paid under protest
Genpact LTD FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Digitally powered business process management, designing, transforming and running intelligent operations for global enterprises
- New Lean DigitalSM approach and Digital SEPSM evolution, integrating automation, analytics and digital technologies across middle and back offices
- Strategic shift toward outcome-based, end-to-end transformation partnerships, beyond traditional process outsourcing
- Global platform expanded to over 70,000 people, 72 delivery centers across 17 countries and more than 30 languages
- Global Client revenues reached approximately $2 billion, representing 81.3% of total revenue versus 62.0% in 2010
Management Discussion & Analysis
- Revenue $2,461.0M, up 8.0% YoY, led by Global Clients $2,001.1M, up 10.4%
- Operating margin 13.6% vs 12.9%; net margin 9.7% vs 8.4%
- Best segment BPO revenue $1,933.1M, up 11.3%; weakest IT revenue $527.9M, down 2.7%
- Operating cash flow $327.4M; share repurchases $226.9M; acquisitions $21.2M
- Outlook: cash reserves and debt capacity expected to fund growth; risks include wage inflation, attrition, currency volatility and expiring tax holidays
Risk Factors
- Indian tax assessments: $57 million claimed under disputed Mauritius-India treaty transactions, with $28 million paid under protest
- India-Pakistan hostilities: potential disruption to communications, travel and Indian delivery-center operations
- GE concentration: 18.7% of 2015 revenue, with the minimum-purchase agreement expiring December 2016
- Offshore outsourcing restrictions: proposed U.S. measures and evolving EU cloud standards could limit offshore delivery
- Debt burden: $801.5 million outstanding under the credit facility as of December 31, 2015
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