TaskUs, Inc. (NASDAQ:TASK), a leading provider of outsourced digital services and next-generation customer experience to the world's most innovative companies, today announced its results for the second quarter ended June 30, 2024.

Total revenues of $237.9 million.
GAAP net income of $12.6 million, GAAP net income margin of 5.3%.
Non-GAAP Adjusted Net Income of $28.6 million, non-GAAP Adjusted Net Income margin of 12.0%.
GAAP diluted EPS of $0.14, non-GAAP Adjusted EPS of $0.31.
Adjusted EBITDA of $51.3 million, Adjusted EBITDA margin of 21.5%.
Net cash provided by operating activities of $30.0 million, Free Cash Flow of $25.5 million and 49.8% conversion of Adjusted EBITDA to Free Cash Flow.

"Thanks to our team's tireless efforts over the past 18 months, we have returned to year-over-year revenue growth, delivering nearly 4% growth in the second quarter," said Co-Founder and CEO, Bryce Maddock. "Our investments in sales and marketing are yielding results, with Q2 marking our best bookings quarter since 2022. We are confident that our growth rate will continue to accelerate in Q3 and Q4. Consequently, we are raising both the bottom and top ends of our annual revenue guidance and now expect revenue of $955 to $975 million for the year."

Second Quarter 2024 Financial and Frontline Highlights

($ in thousands, except per share amounts)	Three months ended June 30,								Six months ended June 30,
($ in thousands, except per share amounts)		2024			2023		% Change			2024			2023		% Change
Service revenue	$	237,928		$	229,169		3.8	%	$	465,398		$	464,475		0.2	%
GAAP net income	$	12,598		$	10,132		24.3	%	$	24,312		$	19,641		23.8	%
GAAP net income margin		5.3	%		4.4	%				5.2	%		4.2	%
Non-GAAP Adjusted Net Income	$	28,635		$	31,822		(10.0	)%	$	55,907		$	64,333		(13.1	)%
Non-GAAP Adjusted Net Income margin		12.0	%		13.9	%				12.0	%		13.9	%
GAAP diluted EPS	$	0.14		$	0.10		40.0	%	$	0.27		$	0.20		35.0	%
Non-GAAP Adjusted EPS	$	0.31		$	0.32		(3.1	)%	$	0.61		$	0.65		(6.2	)%
Adjusted EBITDA	$	51,252		$	54,296		(5.6	)%	$	101,857		$	109,329		(6.8	)%
Adjusted EBITDA margin		21.5	%		23.7	%				21.9	%		23.5	%
Net cash provided by operating activities	$	30,034		$	38,530		(22.1	)%	$	81,211		$	82,213		(1.2	)%
Free Cash Flow	$	25,518		$	28,729		(11.2	)%	$	73,123		$	67,168		8.9	%
Conversion of Adjusted EBITDA		49.8	%		52.9	%				71.8	%		61.4	%

Delivered 3.8% year-over-year revenue growth, outpacing the top-end of our guidance by nearly $6 million.
Revised revenue guidance upward, now anticipate full-year revenue growth of 3.3% to 5.5%.
Maintained strong sales momentum with our highest quarterly bookings since 2022.
All three service lines delivered sequential quarterly revenue growth and are anticipated to generate year-over-year growth in the second half of 2024.
Added 2,100 teammates since the first quarter, ending the second quarter of 2024 with 51,700 teammates.
Repurchased 1.0 million shares in the second quarter ended June 30, 2024.
Net Debt to Adjusted EBITDA leverage ratio was 0.4 times.

"In Q2, we saw growth from both existing clients and strong new client revenue, and continued expanding our footprint within the FinTech, HealthTech, and Generative AI sectors. We generated $237.9 million in revenue, beating the top end of our guidance by approximately $6 million," said Balaji Sekar, Chief Financial Officer. "Our Adjusted EBITDA margin was slightly below guidance partially due to ramp expenses from higher than expected revenue growth. We now anticipate approximately 22% full-year 2024 Adjusted EBITDA margin and $120 million in free cash flow."

Third Quarter and Full Year 2024 Outlook

For the Third quarter and full year 2024, TaskUs expects its financial results to include^{1, 2}:

	2024 Outlook
	Third Quarter	Full Year
Revenue (in millions)	$244 to $246	$955 to $975
Revenue change (YoY) at midpoint	8.6%	4.4%
Adjusted EBITDA Margin¹	~21.5%	~22%
Free Cash Flow (excluding payments for litigation costs) (in millions)²	N/A	~$120

With respect to the non-GAAP Adjusted EBITDA margin outlook provided above, a reconciliation to the closest GAAP financial measure has not been provided as the quantification of certain items included in the calculation of GAAP net income (loss) cannot be calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable, and the non-GAAP adjustment for foreign currency gains or losses depends on the timing and magnitude of changes in foreign currency exchange rates and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financial results.

Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period. At the mid-point of our guidance, net cash provided by operating activities for the full year 2024 is expected to be approximately $162 million and purchase of property and equipment is expected to be approximately $42 million. Our Free Cash Flow and net cash provided by operating activities guidance excludes the impact of certain litigation costs, which are non-recurring and outside the ordinary course of business, due to the unpredictability of the costs and timing of payments.

Conference Call Information

TaskUs senior management will host a conference call today to discuss the Company's second quarter 2024 financial results and financial outlook. This call is scheduled to begin at 5:00 pm ET. Analysts and investors who wish to participate in the call can register by visiting https://register.vevent.com/register/BI6de2e94067df46a5899bf024a108559e. To listen to a live audio webcast, please visit TaskUs' Investor Relations website at IR.Taskus.com. A replay of the audio webcast will be available on the same website for 12 months following the call. At the time of the conference call and webcast, the Company will post a slide presentation and other materials on its website.

About TaskUs

TaskUs is a leading provider of outsourced digital services and next-generation customer experience to the world's most innovative companies, helping its clients represent, protect, and grow their brands. Leveraging a cloud-based infrastructure, TaskUs serves clients in the fastest-growing sectors, including social media, e-commerce, gaming, streaming media, food delivery and ride-sharing, Technology, FinTech, and HealthTech. As of June 30, 2024, TaskUs had a worldwide headcount of approximately 51,700 people across 27 locations in 12 countries, including the United States, the Philippines, and India.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting our current views with respect to, among other things, our operations, our financial performance, our industry, the impact of the macroeconomic environment on our business, and other non-historical statements including the statements in the "Third Quarter and Full Year 2024 Outlook" section of this press release. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates," "position us" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to: the dependence of our business on key clients; the risk of loss of business or non-payment from clients; our failure to cost-effectively acquire and retain new clients; the risk that we may provide inadequate service or cause disruptions in our clients' businesses or fail to comply with the quality standards required by our clients under our agreements; utilization of artificial intelligence by our clients or our failure to incorporate artificial intelligence into our operations; our inability to anticipate clients' needs by adapting to market and technology trends; unauthorized or improper disclosure of personal or other sensitive information, or security breaches and incidents; negative publicity or liability or difficulty recruiting and retaining employees; our failure to detect and deter criminal or fraudulent activities or other misconduct by our employees or third parties; global economic and political conditions, especially in the social media and meal delivery and transport industries from which we generate significant revenue; the dependence of our business on our international operations, particularly in the Philippines and India; our failure to comply with applicable data privacy and security laws and regulations; fluctuations against the U.S. dollar in the local currencies in the countries in which we operate; our inability to maintain and enhance our brand; competitive pricing pressure; our dependence on senior management and key employees; increases in employee expenses and changes to labor laws; failure to attract, hire, train and retain a sufficient number of skilled employees to support operations; our inability to effectively expand our operations into countries or industries in which we have no prior operating experience and in which we may be subject to increased business, economic and regulatory risks; reliance on owned and third-party technology and computer systems; failure to maintain asset utilization levels, price appropriately and control costs; the control of affiliates of Blackstone Inc. and our Co-Founders over us; and the dual class structure of our common stock. Additional risks and uncertainties include but are not limited to those described under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on March 8, 2024, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's SEC filings. TaskUs undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

Non-GAAP Measures

TaskUs supplements results reported in accordance with United States generally accepted accounting principles ("GAAP"), with non-GAAP financial measures, such as Adjusted Net Income, Adjusted Net Income Margin, Adjusted EPS, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Conversion of Adjusted EBITDA. Management believes these measures help illustrate underlying trends in TaskUs' business and uses the measures to establish budgets and operational goals, communicate internally and externally, and manage TaskUs' business and evaluate its performance. Management also believes these measures help investors compare TaskUs' operating performance with its results in prior periods. TaskUs anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude the impact of certain costs, losses and gains that are required to be included in our profit and loss measures under GAAP. Because TaskUs' reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within TaskUs' industry. Consequently, TaskUs' non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in TaskUs' consolidated financial statements, which are prepared in accordance with GAAP. Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable measures in accordance with GAAP are provided in subsequent sections of this press release narrative and supplemental schedules.

TaskUs, Inc. Condensed Consolidated Statements of Income (unaudited) (in thousands, except per share data)

	Three months ended June 30,						Six months ended June 30,
		2024			2023			2024			2023
Service revenue	$	237,928		$	229,169		$	465,398		$	464,475
Operating expenses:
Cost of services		143,876			133,554			279,287			271,316
Selling, general, and administrative expense		56,276			58,175			109,180			122,469
Depreciation		9,978			10,079			20,767			19,740
Amortization of intangible assets		4,982			5,125			9,967			10,249
Loss (gain) on disposal of assets		94			67			(83	)		132
Total operating expenses		215,206			207,000			419,118			423,906
Operating income		22,722			22,169			46,280			40,569
Other income, net		(2,703	)		(684	)		(2,905	)		(2,861	)
Financing expenses		5,490			5,330			11,028			10,429
Income before income taxes		19,935			17,523			38,157			33,001
Provision for income taxes		7,337			7,391			13,845			13,360
Net income	$	12,598		$	10,132		$	24,312		$	19,641
Net income per common share:
Basic	$	0.14		$	0.10		$	0.27		$	0.20
Diluted	$	0.14		$	0.10		$	0.27		$	0.20
Weighted-average number of common shares outstanding:
Basic		88,331,992			96,524,111			88,563,601			97,042,881
Diluted		91,629,930			98,200,005			91,739,908			99,576,289

TaskUs, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands)

	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	171,133	$	125,776
Accounts receivable, net of allowance for credit losses of $1,658 and $1,978, respectively		175,272		176,812
Income tax receivable		4,218		2,021
Prepaid expenses and other current assets		27,993		23,909
Total current assets		378,616		328,518
Noncurrent assets:
Property and equipment, net		57,476		68,893
Operating lease right-of-use assets		37,170		44,326
Deferred tax assets		6,111		4,857
Intangibles		182,728		192,958
Goodwill		217,458		218,108
Other noncurrent assets		6,587		6,542
Total noncurrent assets		507,530		535,684
Total assets	$	886,146	$	864,202
Liabilities and Shareholders' Equity
Liabilities:
Current liabilities:
Accounts payable and accrued liabilities	$	32,185	$	26,054
Accrued payroll and employee-related liabilities		48,096		40,291
Current portion of debt		11,434		8,059
Current portion of operating lease liabilities		15,149		15,872
Current portion of income tax payable		6,555		7,451
Deferred revenue		3,738		4,077
Total current liabilities		117,157		101,804
Noncurrent liabilities:
Income tax payable		4,636		4,621
Long-term debt		249,605		256,166
Operating lease liabilities		24,636		31,475
Accrued payroll and employee-related liabilities		4,660		3,978
Deferred tax liabilities		25,174		25,214
Other noncurrent liabilities		85		233
Total noncurrent liabilities		308,796		321,687
Total liabilities		425,953		423,491
Total shareholders' equity		460,193		440,711
Total liabilities and shareholders' equity	$	886,146	$	864,202

TaskUs, Inc. Condensed Consolidated Statement of Cash Flows (unaudited) (in thousands)

	Six months ended June 30,
		2024			2023
Cash flows from operating activities:
Net income	$	24,312		$	19,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		20,767			19,740
Amortization of intangibles		9,967			10,249
Amortization of debt financing fees		298			298
Loss (gain) on disposal of assets		(83	)		132
Benefit from credit losses		(259	)		—
Unrealized foreign exchange losses (gains) on forward contracts		3,463			(1,675	)
Deferred taxes		(1,364	)		(90	)
Stock-based compensation expense		21,356			28,504
Changes in operating assets and liabilities:
Accounts receivable		1,352			3,081
Prepaid expenses and other current assets		(4,740	)		(5,529	)
Operating lease right-of-use assets		7,796			7,397
Other noncurrent assets		(338	)		(368	)
Accounts payable and accrued liabilities		(34	)		(1,142	)
Accrued payroll and employee-related liabilities		10,275			9,052
Operating lease liabilities		(8,166	)		(7,056	)
Income tax payable		(2,913	)		300
Deferred revenue		(333	)		(217	)
Other noncurrent liabilities		(145	)		(104	)
Net cash provided by operating activities		81,211			82,213
Cash flows from investing activities:
Purchase of property and equipment		(8,088	)		(15,045	)
Investment in loan receivable		—			(1,000	)
Net cash used in investing activities		(8,088	)		(16,045	)
Cash flows from financing activities:
Payments for deferred business acquisition consideration		(144	)		—
Payments on long-term debt		(3,375	)		(1,350	)
Proceeds from employee stock plans		2,051			399
Payments for taxes related to net share settlement		(2,074	)		(550	)
Payments for stock repurchases		(15,072	)		(44,334	)
Net cash used in financing activities		(18,614	)		(45,835	)
Increase in cash and cash equivalents		54,509			20,333
Effect of exchange rate changes on cash		(9,152	)		(685	)
Cash and cash equivalents at beginning of period		125,776			133,992
Cash and cash equivalents at end of period	$	171,133		$	153,640

TaskUs, Inc. Non-GAAP Reconciliations Adjusted EBITDA (unaudited) (in thousands, except margin amounts)

	Three months ended June 30,						Six months ended June 30,
		2024			2023			2024			2023
Net income	$	12,598		$	10,132		$	24,312		$	19,641
Provision for income taxes		7,337			7,391			13,845			13,360
Financing expenses		5,490			5,330			11,028			10,429
Depreciation		9,978			10,079			20,767			19,740
Amortization of intangible assets		4,982			5,125			9,967			10,249
EBITDA	$	40,385		$	38,057		$	79,919		$	73,419
Transaction costs⁽¹⁾		—			—			—			245
Earn-out consideration⁽²⁾		—			1,268			—			7,916
Foreign currency gains⁽³⁾		(1,312	)		(196	)		(298	)		(2,178	)
Loss (gain) on disposal of assets		94			67			(83	)		132
Severance costs⁽⁴⁾		—			350			487			1,568
Litigation costs⁽⁵⁾		2,318			—			2,618			—
Stock-based compensation expense⁽⁶⁾		11,128			15,107			21,692			28,779
Interest income⁽⁷⁾		(1,361	)		(357	)		(2,478	)		(552	)
Adjusted EBITDA	$	51,252		$	54,296		$	101,857		$	109,329
Net Income Margin⁽⁸⁾		5.3	%		4.4	%		5.2	%		4.2	%
Adjusted EBITDA Margin⁽⁸⁾		21.5	%		23.7	%		21.9	%		23.5	%

(1)	Represents professional service fees related to non-recurring transactions.
(2)	Represents earn-out consideration recognized as compensation expense related to the acquisition of heloo.
(3)	Realized and unrealized foreign currency gains include the effect of fair market value changes of forward contracts and remeasurement of U.S. dollar-denominated accounts to foreign currency.
(4)	Represents severance payments as a result of certain cost optimization measures we undertook during the period to restructure support roles.
(5)	Represents only those litigation costs that are considered non-recurring and outside of the ordinary course of business.
(6)	Represents stock-based compensation expense, as well as associated payroll tax.
(7)	Represents interest earned on short-term savings, time-deposits and money market funds.
(8)	Net Income Margin represents net income divided by service revenue and Adjusted EBITDA Margin represents Adjusted EBITDA divided by service revenue.

TaskUs, Inc. Non-GAAP Reconciliations Adjusted Net Income (unaudited) (in thousands, except margin amounts)

	Three months ended June 30,						Six months ended June 30,
		2024			2023			2024			2023
Net income	$	12,598		$	10,132		$	24,312		$	19,641
Amortization of intangible assets		4,982			5,125			9,967			10,249
Transaction costs⁽¹⁾		—			—			—			245
Earn-out consideration⁽²⁾		—			1,268			—			7,916
Foreign currency gains⁽³⁾		(1,312	)		(196	)		(298	)		(2,178	)
Loss (gain) on disposal of assets		94			67			(83	)		132
Severance costs⁽⁴⁾		—			350			487			1,568
Litigation costs⁽⁵⁾		2,318			—			2,618			—
Stock-based compensation expense⁽⁶⁾		11,128			15,107			21,692			28,779
Tax impacts of adjustments⁽⁷⁾		(1,173	)		(31	)		(2,788	)		(2,019	)
Adjusted Net Income	$	28,635		$	31,822		$	55,907		$	64,333
Net Income Margin⁽⁸⁾		5.3	%		4.4	%		5.2	%		4.2	%
Adjusted Net Income Margin⁽⁸⁾		12.0	%		13.9	%		12.0	%		13.9	%

(1)	Represents professional service fees related to non-recurring transactions.
(2)	Represents earn-out consideration recognized as compensation expense related to the acquisition of heloo.
(3)	Realized and unrealized foreign currency gains include the effect of fair market value changes of forward contracts and remeasurement of U.S. dollar-denominated accounts to foreign currency.
(4)	Represents severance payments as a result of certain cost optimization measures we undertook during the period to restructure support roles.
(5)	Represents only those litigation costs that are considered non-recurring and outside of the ordinary course of business.
(6)	Represents stock-based compensation expense, as well as associated payroll tax.
(7)	Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense and earn-out consideration.
(8)	Net Income Margin represents net income divided by service revenue and Adjusted Net Income Margin represents Adjusted Net Income divided by service revenue.

TaskUs, Inc. Non-GAAP Reconciliations Adjusted EPS (unaudited)

	Three months ended June 30,				Six months ended June 30,
		2024		2023		2024		2023
GAAP diluted EPS	$	0.14	$	0.10	$	0.27	$	0.20
Per share adjustments to net income⁽¹⁾		0.17		0.22		0.34		0.45
Adjusted EPS	$	0.31	$	0.32	$	0.61	$	0.65

Weighted-average common shares outstanding – diluted		91,629,930		98,200,005		91,739,908		99,576,289

(1)	Reflects the aggregate adjustments made to reconcile net income to Adjusted Net Income, as noted in the above table, divided by the GAAP diluted weighted-average number of shares outstanding for the relevant period.

TaskUs, Inc. Non-GAAP Reconciliations Free Cash Flow (unaudited) (in thousands, except percentages)

	Three months ended June 30,						Six months ended June 30,
		2024			2023			2024			2023
Net cash provided by operating activities	$	30,034		$	38,530		$	81,211		$	82,213
Purchase of property and equipment		(4,516	)		(9,801	)		(8,088	)		(15,045	)
Free Cash Flow	$	25,518		$	28,729		$	73,123		$	67,168
Conversion of Adjusted EBITDA⁽¹⁾		49.8	%		52.9	%		71.8	%		61.4	%

(1)	Conversion of Adjusted EBITDA represents Free Cash Flow divided by Adjusted EBITDA

Definitions of Non-GAAP Metrics

EBITDA and Adjusted EBITDA

EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the benefit from or provision for income taxes, financing expenses, depreciation, and amortization of intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), tax positions (such as the availability of net operating losses against which to relieve taxable profits), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).

Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted EBITDA transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and interest income, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.

Adjusted EBITDA Margin represents Adjusted EBITDA divided by service revenue.

Adjusted Net Income

Adjusted Net Income is a non-GAAP profitability measure that represents net income or loss for the period before the impact of amortization of intangible assets and certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted Net Income amortization of intangible assets, transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and the related effect on income taxes of certain pre-tax adjustments, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to net income applied in presenting Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.

Adjusted Net Income Margin represents Adjusted Net Income divided by service revenue.

Adjusted EPS

Adjusted EPS is a non-GAAP profitability measure that represents earnings available to shareholders excluding the impact of certain items that are considered to hinder comparison of the performance of our business on a period-over-period basis or with other businesses. Adjusted EPS is calculated as Adjusted Net Income divided by our diluted weighted-average number of shares outstanding. Our management believes that the inclusion of supplementary adjustments to earnings per share applied in presenting Adjusted EPS are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.

Free Cash Flow

Free Cash Flow is a non-GAAP liquidity measure that represents our ability to generate additional cash from our business operations. Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period. Our management believes that the inclusion of this non-GAAP measure, when considered with our GAAP results, provides management and investors with an additional understanding of our ability to generate additional cash for ongoing business operations and other capital deployment.

Conversion of Adjusted EBITDA represents Free Cash Flow divided by Adjusted EBITDA.

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TaskUs Announces Fiscal Second Quarter 2024 Results