Customer Experience, Service & Success

TDCX’s First Quarter 2022 Revenue Up 26.9% Year-on-Year

Adjusted EBITDA1,3 rises 27.6% year-on-year to US$35.2 million
customer service experience

TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, today announced its unaudited financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights

  • Total revenue of US$112.6 million, representing 26.9% year-on-year growth
  • Profit for the period was US$16.4 million, which included a US$5.9 million equity-settled share-based payment expense under the TDCX Performance Share Plan
  • Adjusted Net Income4 of US$22.3 million, representing 34.9% year-on-year growth
  • Adjusted EBITDA1,3 of US$35.2 million, representing 27.6% year-on-year growth
  • Q1 2022 Adjusted EBITDA margin1,3 of 31.3%, compared with 31.1% for Q1 2021
  • Q1 2022 Net Cash from Operating Activities of US$37.1 million, representing 188.1% year-on-year growth

Mr. Laurent Junique, Chief Executive Officer and Founder of TDCX, said, “Despite the volatile operating environment, we stayed focused on executing and delivering our plans to achieve a strong first quarter performance. Our performance demonstrates the grit and resilience of our people and the strong foundation that we have built for our business.

“Since our last earnings announcement, we have added new key clients, including a leading global short-form video social media platform and a leading Southeast Asia e-commerce platform. Later this month, TDCX will also be included5 in the MSCI Global Small Cap Index.

“Looking ahead, growing geopolitical and economic instabilities may create headwinds for our business, primarily in the short term. However, we remain optimistic about our market opportunities and long-term growth potential.”

(US$ million, except for %)2

Q1 2021

Q1 2022

% Change

Revenue

88.7

112.6

+26.9%

Profit for the period

16.5

16.4

-0.6%

Adjusted Net Income4

16.5

22.3

+34.9%

Adjusted EBITDA1,3

27.6

35.2

+27.6%

Adjusted EBITDA Margins1,3 (%)

31.1%

31.3%

Business Highlights

Strong Client Additions

  • Added 10 new logos in Q1 2022, more than double the four logos added in Q1 2021
  • New logo wins include a leading global short-form video social media platform, as well as a leading Southeast Asia e-commerce platform
  • 55 clients as of March 31, 2022, a 41% increase as compared with 39 clients as of March 31, 2021
  • Revenue contribution from new economy6 clients stood at 93% for Q1 2022

Strengthened Capabilities through Continued Geographic Expansion

  • Reinforced Global English capabilities with the launch of a new campus in Hyderabad, India. The 45,000 square foot office is located at Sky View 20, within the heart of the Hyderabad Information Technology and Engineering Consultancy City. The campus complements TDCX’s wide footprint of delivery centers across Asia, parts of Europe and a Latin America site to serve domestic, regional and global markets.

Full Year 2022 Outlook

For the full year 2022, TDCX expects its financial results to be:

2022 Outlook

Revenue (in millions)2

Revised to:

US$480 to US$499

or S$650 to S$675

Revenue growth (YoY) at midpoint

Revised to:

19.3%

Adjusted EBITDA margin1,3

Unchanged

Approximately 30.0% to 32.0%

  1. Adjusted EBITDA or Adjusted EBITDA margins are supplemental non-IFRS financial measures and should not be considered in isolation or as a substitute for financial results reported under IFRS (see “Reconciliations of non-IFRS financial measures to the nearest comparable IFRS measures” in the Form 6-K or presentation slides for more details).
  2. FX rate of US$1 = SG$1.3534 assumed in converting financials from SG dollar to US dollar.
  3. Adjusted EBITDA represents profit for the period before interest expense, interest income, income tax expense, depreciation expense and equity-settled share-based payment expense incurred in connection with our Performance Share Plan. “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.
  4. “Adjusted Net Income” represents profit for the period before equity-settled share-based payment expense incurred in connection with our Performance Share Plan, net of any tax impact of such adjustments. “Adjusted Net Income margin” represents Adjusted Net Income as a percentage of revenue.
  5. See news release: TDCX to be included in the MSCI Global Small Cap Index
  6. “New economy” refers to high growth industries that are on the cutting edge of digital technology and are the driving forces of economic growth.

Webcast and Conference Call Information

The TDCX senior management will host a conference call to discuss the first quarter 2022 unaudited financial results.

A live webcast of this conference call will be available on TDCX’s website. Access information on the conference call and webcast is as follows:

Date and time:

May 25, 2022, 8:00 AM (U.S. Eastern Time)

May 25, 2022, 8:00 PM (Singapore / Hong Kong Time)

Webcast link:

https://webinars.on24.com/q4/TDCX_Q1_2022

Dial in numbers:

USA Toll Free: +1 855 2656958

UK Toll Free +44 0 800 0156371

Singapore: +65 3158 0246

Hong Kong: +852 5808 0984

International: +1 718 7058796

A replay of the conference call will be available at TDCX’s investor relations website (investors.tdcx.com). An archived webcast will be available at the same link above.

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