Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.
TaskUs Inc (NASDAQ: TASK) shares are surging today after third-quarter (Q3) earnings for 2023 were above the street view.
For Q3 of 2023, there was a sales decline of 2.8% year-on-year to $225.63 million, beating the analyst consensus estimate of $220.78 million.
Operating expenses fell 4.1% to $202.7 million. The operating income increased 10.6% to $22.9 million with an operating margin of 10.2%.
Adjusted EBITDA of $52.9 million declined 4.6% Y/Y with an adjusted EBITDA margin of 23.5%.
TaskUS held $114.6 million in cash and equivalents as of Sept. 30, 2023. Operating cash flow for the quarter totaled $21.7 million with a free cash flow of $13.8 million.
Adjusted EPS of 32 cents beat the consensus estimate of 29 cents.
The company repurchased 4.5 million shares in the third quarter ended September 30, 2023. It ended the quarter with 47,000 teammates.
“Our results were driven by new client signings, as well as stronger-than-expected volumes from existing clients,” said co-founder and CEO, Bryce Maddock.
Outlook: TaskUs sees FY23 revenue of $915 million - $917 million with an estimate of $905.57 million.
It sees Q4 revenue of $225 million - $227 million versus an estimate of $220.6 million.
Price Action: TASK shares are trading higher by 14.3% at $11.73 on the last check Tuesday.
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