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    Thoughtworks Reports Second Quarter 2023 Financial Results and Announces Restructuring Actions

    8/8/23 7:03:00 AM ET
    $TWKS
    EDP Services
    Technology
    Get the next $TWKS alert in real time by email
    • Second quarter revenues of $287.2 million
    • Announces restructuring actions targeting $75-85 million in annualized cost savings upon completion
    • Provides updated guidance for the full year and third quarter of 2023

    Thoughtworks Holding, Inc. (NASDAQ:TWKS) ("Thoughtworks" or the "Company"), a leading global technology consultancy, today reported results for the second quarter of 2023 and provided an updated financial outlook for the full year and third quarter of 2023.

    Guo Xiao, Thoughtworks' Chief Executive Officer, said, "We delivered revenues of $287.2 million in the second quarter of 2023. This fell short of our guidance as the macro-related factors that we have discussed in recent quarters had an increased influence on client behavior during the quarter, impacting results to a greater extent than anticipated. In particular, we experienced a number of unanticipated project deferrals and cancellations by clients part-way through the quarter. Our investments in outbound demand generation resulted in stable bookings of $1.5 billion on a trailing twelve month basis. We remain committed to investing in demand generation, while also taking restructuring actions that are intended to achieve operational efficiencies, optimize resource allocation, and to be more responsive to our clients' needs. We remain close with our clients, and our teams are focused on helping solve their most difficult technological problems."

    Thoughtworks announces restructuring actions

    Following a detailed review of its business, Thoughtworks is announcing a structural reorganization that will (i) move its operational functions from a geographic to a centralized model, (ii) create a new organizational home for the majority of its client facing workforce, our Digital Engineering Center, and (iii) evolve its regional market structure. Centralizing operations globally will reduce overall costs, better align its resources to strategic priorities, right-size its operations, and increase operational efficiencies. The new Digital Engineering Center will provide supply across the regional markets and allow the Company to optimize resource allocation globally to better align to clients' needs. Finally, these changes will enable its regional markets to have a more client and industry-based go-to-market focus while continuing to fund our investments in demand generation.

    The majority of the actions will be taken in the third quarter of 2023 and are expected to be completed within the next twelve months. Upon completion of the program, the Company expects to realize annualized cost savings of approximately $75 million to $85 million, and impact approximately 5% to 6% of our employee headcount globally. The majority of the annualized cost savings will come from reductions in operating spend, particularly in non-client, back-office functions.

    Thoughtworks expects to incur total pre-tax cash charges of approximately $20 million to $25 million (the "Total Charges"), of which approximately $18 million to $20 million are expected to be recognized in 2023. The Total Charges include $18 million to $22 million in wage-related costs, such as employee severance and related benefits, and $2 million to $3 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees.

    QTD second quarter 2023 summary

     

    Three Months Ended

    June 30,

     

     

     

     

    $ in millions, except per share data

    2023

     

    2022

     

    Change

     

    % Change(1)

    GAAP Metrics:

     

     

     

     

     

     

     

    Revenues(2)

    $

    287.2

     

     

    $

    332.1

     

     

    $

    (44.9

    )

     

    (13.5

    )%

    Gross Profit

    $

    90.9

     

     

    $

    81.6

     

     

    $

    9.3

     

     

    11.4

    %

    Gross Margin

     

    31.6

    %

     

     

    24.6

    %

     

     

    7.0

    %

     

     

    SG&A

    $

    86.6

     

     

    $

    99.4

     

     

    $

    (12.8

    )

     

    (12.9

    )%

    SG&A Margin

     

    30.2

    %

     

     

    29.9

    %

     

     

    0.3

    %

     

     

    Stock-based compensation

    $

    17.6

     

     

    $

    69.0

     

     

    $

    (51.4

    )

     

    (74.5

    )%

    Net loss

    $

    (12.3

    )

     

    $

    (39.3

    )

     

    $

    27.0

     

     

     

    Net loss margin

     

    (4.3

    )%

     

     

    (11.8

    )%

     

     

    7.5

    %

     

     

    Diluted loss per share

    $

    (0.04

    )

     

    $

    (0.13

    )

     

    $

    0.09

     

     

     

    Cash flow from operations

    $

    (16.8

    )

     

    $

    27.6

     

     

    $

    (44.4

    )

     

     

    Non-GAAP Metrics(3):

     

     

     

     

     

     

     

    Revenue Growth Rate at constant currency(4)

     

    (12.5

    )%

     

     

    33.5

    %

     

     

     

     

    Adjusted Gross Profit

    $

    105.0

     

     

    $

    135.0

     

     

    $

    (30.0

    )

     

    (22.2

    )%

    Adjusted Gross Margin

     

    36.6

    %

     

     

    40.6

    %

     

     

    (4.0

    )%

     

     

    Adjusted SG&A

    $

    76.0

     

     

    $

    78.6

     

     

    $

    (2.6

    )

     

    (3.3

    )%

    Adjusted SG&A Margin

     

    26.5

    %

     

     

    23.7

    %

     

     

    2.8

    %

     

     

    Adjusted Net Income

    $

    10.1

     

     

    $

    37.0

     

     

    $

    (26.9

    )

     

    (72.6

    )%

    Adjusted EBITDA

    $

    29.3

     

     

    $

    58.5

     

     

    $

    (29.2

    )

     

    (49.9

    )%

    Adjusted EBITDA Margin

     

    10.2

    %

     

     

    17.6

    %

     

     

    (7.4

    )%

     

     

    Adjusted Diluted EPS

    $

    0.03

     

     

    $

    0.11

     

     

    $

    (0.08

    )

     

    (72.7

    )%

    Free Cash Flow

    $

    (18.8

    )

     

    $

    20.2

     

     

    $

    (39.0

    )

     

     

    YTD second quarter 2023 summary

     

    Six Months Ended

    June 30,

     

     

     

     

    $ in millions, except per share data

    2023

     

    2022

     

    Change

     

    % Change(1)

    GAAP Metrics:

     

     

     

     

     

     

     

    Revenues(2)

    $

    594.3

     

     

    $

    653.0

     

     

    $

    (58.7

    )

     

    (9.0

    )%

    Gross Profit

    $

    188.4

     

     

    $

    152.8

     

     

    $

    35.6

     

     

    23.3

    %

    Gross Margin

     

    31.7

    %

     

     

    23.4

    %

     

     

    8.3

    %

     

     

    SG&A

    $

    173.0

     

     

    $

    204.1

     

     

    $

    (31.1

    )

     

    (15.2

    )%

    SG&A Margin

     

    29.1

    %

     

     

    31.3

    %

     

     

    (2.2

    )%

     

     

    Stock-based compensation

    $

    35.3

     

     

    $

    169.1

     

     

    $

    (133.8

    )

     

    (79.1

    )%

    Net loss

    $

    (20.4

    )

     

    $

    (82.9

    )

     

    $

    62.5

     

     

     

    Net loss margin

     

    (3.4

    )%

     

     

    (12.7

    )%

     

     

    9.3

    %

     

     

    Diluted loss per share

    $

    (0.06

    )

     

    $

    (0.27

    )

     

    $

    0.21

     

     

     

    Cash flow from operations

    $

    16.2

     

     

    $

    21.5

     

     

    $

    (5.3

    )

     

    (24.7

    )%

    Non-GAAP Metrics(3):

     

     

     

     

     

     

     

    Revenue Growth Rate at constant currency(4)

     

    (6.9

    )%

     

     

    35.7

    %

     

     

     

     

    Adjusted Gross Profit

    $

    216.8

     

     

    $

    281.2

     

     

    $

    (64.4

    )

     

    (22.9

    )%

    Adjusted Gross Margin

     

    36.5

    %

     

     

    43.1

    %

     

     

    (6.6

    )%

     

     

    Adjusted SG&A

    $

    153.2

     

     

    $

    151.1

     

     

    $

    2.1

     

     

    1.4

    %

    Adjusted SG&A Margin

     

    25.8

    %

     

     

    23.1

    %

     

     

    2.7

    %

     

     

    Adjusted Net Income

    $

    20.2

     

     

    $

    81.0

     

     

    $

    (60.8

    )

     

    (75.0

    )%

    Adjusted EBITDA

    $

    64.2

     

     

    $

    131.4

     

     

    $

    (67.2

    )

     

    (51.1

    )%

    Adjusted EBITDA Margin

     

    10.8

    %

     

     

    20.1

    %

     

     

    (9.3

    )%

     

     

    Adjusted Diluted EPS

    $

    0.06

     

     

    $

    0.25

     

     

    $

    (0.19

    )

     

    (76.0

    )%

    Free Cash Flow

    $

    12.6

     

     

    $

    9.0

     

     

    $

    3.6

     

     

    40.0

    %

     

    (1) For QTD, percentage change for net loss, diluted loss per share, cash flow from operations and free cash flow were excluded as they were determined to be not meaningful due to a loss or negative position in one or both periods. For YTD, percentage change for net loss and diluted loss per share were excluded as they were determined to be not meaningful due to a loss or negative position in one or both periods.

    (2) Acquisitions completed in the last twelve months contributed approximately 1% to the revenue growth rate for the quarter and 2% for the six months ended June 30, 2023.

    (3) See "Non-GAAP financial measures" for how we define these measures and the financial tables that accompany this release for reconciliation of these measures to the closest comparable GAAP measures.

    (4) Revenue Growth Rate at Constant Currency is calculated by translating the current period revenues into U.S. dollars at the weighted average exchange rates of the prior period of comparison; therefore the weighted average rates used in each respective calculation are not consistent. The change in revenue growth rate at constant currency was excluded, as it was determined to be not meaningful.

    Bookings

    Our overall bookings for the trailing twelve months ended June 30, 2023 were flat year-over-year and sequentially at $1.5 billion. For the trailing twelve months ended June 30, 2023, we had 38 clients with bookings greater than $10 million compared to 35 clients for the trailing twelve months ended June 30, 2022.

    Revenue growth rate by customer location

     

    Three Months Ended

    June 30, 2023

     

    Six Months Ended

    June 30, 2023

    North America

    (19.6)%

     

    (13.9)%

    APAC

    (8.4)%

     

    (5.3)%

    Europe

    (8.4)%

     

    (3.9)%

    LATAM

    (24.8)%

     

    (20.8)%

    Revenue growth rate by industry vertical

     

    Three Months Ended

    June 30, 2023

     

    Six Months Ended

    June 30, 2023

    Technology and business services

    (26.8)%

     

    (20.4)%

    Energy, public and health services

    (1.7)%

     

    3.7%

    Retail and consumer

    (29.0)%

     

    (26.1)%

    Financial services and insurance

    (11.6)%

     

    (8.6)%

    Automotive, travel and transportation

    18.4%

     

    20.2%

    Liquidity

    We had cash and cash equivalents of $88.2 million as of June 30, 2023, along with $300.0 million of borrowing capacity under our revolving credit line. Our total debt outstanding, before deferred financing fees, was $298.9 million at June 30, 2023.

    Financial outlook

    Thoughtworks provides the following outlook for the third quarter and full year 2023:

    Third quarter

    Thoughtworks expects the following for the third quarter:

    • Revenues in the range of $275 million to $285 million, reflecting year-over-year decline of (17)% to (14)%; or (19)% to (16)% in constant currency. Acquisitions, including those completed during 2023, are expected to contribute approximately 1% to the year-over-year revenue growth rate;
    • Adjusted EBITDA Margin(5) in the range of 9.0% to 11.0%;
    • Adjusted Diluted EPS(5) in the range of $0.02 to $0.03, assuming a weighted average of 332 million diluted outstanding shares; and
    • Stock-based compensation expense of $18 million.

    Full year

    Thoughtworks now expects the following for the full year:

    • Revenues in the range of $1,137 million to $1,157 million, reflecting year-over-year decline of (12)% to (11)%; or (12)% to (11)% in constant currency. Acquisitions, including those completed during 2023, are expected to contribute approximately 2% to the year-over-year revenue growth rate;
    • Adjusted EBITDA Margin(5) in the range of 11.0% to 12.0%;
    • Adjusted Diluted EPS(5) in the range of $0.11 to $0.13, assuming a weighted average of 332 million diluted outstanding shares; and
    • Stock-based compensation expense of $74 million.

    (5) Adjusted EBITDA Margin and Adjusted Diluted EPS exclude the impacts from restructuring charges.

    Conference call information

    Thoughtworks will host a conference call and webcast at 8:00 a.m. Eastern Time on Tuesday, August 8, 2023, to discuss our financial results. To access the conference call and webcast and the accompanying slide presentation, which has additional information regarding Thoughtworks' operating results, you can visit our investor relations website at https://investors.thoughtworks.com. A replay of the webcast will be made available on our investor relations website at https://investors.thoughtworks.com. Information on Thoughtworks' website is not part of this press release.

     -###- <TWKS915>

    About Thoughtworks

    Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are over 11,500 Thoughtworkers strong across 51 offices in 18 countries. For 30 years, we've delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.

    Thoughtworks uses and intends to continue to use our investor relations website at https://investors.thoughtworks.com and social media, @thoughtworks on Twitter and LinkedIn, as a means of publicly disclosing material information and for complying with our disclosure obligations under Regulation Fair Disclosure. Investors should monitor these channels in addition to following the Company's press releases, SEC filings, public conference calls and webcasts.

    Forward-looking statements

    This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as "expect," "will," "continue," or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, which include but are not limited to: the statements under "Financial outlook," including expectations relating to revenues and other financial or business metrics; the statements under "Thoughtworks announces restructuring actions," including expectations relating to the size of the restructuring actions, the amount and timing of related cost savings and charges and the potential long-term benefits of the restructuring actions; statements regarding relationships with existing and potential clients and their engagement decisions; and any other statements of expectation or belief. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: current and future impact of macro-related factors on Thoughtworks' clients' engagement decisions, Thoughtworks' business and industry; the effects of competition on the future business of Thoughtworks; uncertainty regarding the demand for and market utilization of our services; the ability to implement our restructuring actions, including the costs of such actions and the uncertainty of the impact of such actions on financial performance; the ability to maintain or acquire new client relationships; other general business and economic conditions (including such conditions related to inflation and foreign currency exchange rates); and our ability to successfully execute our strategy and strategic plans. For additional information concerning these and other risks and uncertainties, please see Thoughtworks' latest Annual Report on Form 10-K, latest Quarterly Report on Form 10-Q, and other filings and reports that Thoughtworks may file from time to time. Except as required by law, Thoughtworks assumes no obligation, and does not intend, to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Non-GAAP financial measures

    Certain financial metrics contained in this press release are considered non-GAAP financial measures. Definitions of and the related reconciliations for these non-GAAP financial measures can be found below. We use these non-GAAP measures in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that these non-GAAP measures provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. However, non-GAAP measures have limitations as analytical tools, and you should not consider these measures in isolation or as substitutes for analysis of our financial results as reported under GAAP. For example, many of the non-GAAP financial measures used herein exclude stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring non-cash expense for our business and an important part of our compensation strategy.

    Certain non-GAAP measures related to our financial outlook included in this press release and the associated webcast were not reconciled to the comparable GAAP financial measures because the GAAP measures are not assessable on a forward-looking basis. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include stock-based compensation, acquisitions, income tax effects of adjustments and other items. The unavailable information could have a significant impact on the Company's GAAP financial results. Based on the foregoing, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

    Revenue Growth Rate and Revenue Growth Rate at constant currency

    Certain of our subsidiaries use functional currencies other than the U.S. dollar and the translation of these foreign currency amounts into U.S. dollars can impact the comparability of our revenues between periods. Accordingly, we use Revenue Growth Rate at constant currency as an important indicator of our underlying performance. Revenue Growth Rate at constant currency is calculated by applying the average exchange rates in effect during the earlier comparative fiscal period to the later fiscal period.

    Adjusted Gross Profit and Adjusted Gross Margin

    We define gross profit as total revenues less cost of revenues. We define Adjusted Gross Profit as gross profit excluding stock-based compensation expense, employer payroll related expense on employee equity incentive plan and depreciation expense. We calculate Adjusted Gross Margin by dividing Adjusted Gross Profit by total revenues. Our management uses Adjusted Gross Profit to assess overall performance and profitability, without regard to the aforementioned adjustments, which are unrelated to our ongoing revenue-generating operations. We also believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business.

    Adjusted SG&A and Adjusted SG&A Margin

    We define Adjusted SG&A as selling, general and administrative expense excluding stock-based compensation expense, acquisition costs, certain professional fees that are considered unrelated to our ongoing revenue-generating operations and employer payroll related expense on employee equity incentive plan. We calculate Adjusted SG&A Margin by dividing Adjusted SG&A by total revenues.

    Our management uses Adjusted SG&A and Adjusted SG&A Margin to assess our overall performance, without regard to items such as stock-based compensation expense and other items that are considered to be unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations. We also believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business.

    Adjusted Net Income and Adjusted Diluted EPS

    We define Adjusted Net Income as net loss adjusted for unrealized loss (gain) on foreign currency exchange, stock-based compensation expense, amortization of acquisition-related intangibles, acquisition costs, restructuring charges, certain professional fees that are considered unrelated to our ongoing revenue-generating operations, employer payroll related expense on employee equity incentive plan, final tax assessment for closed operations, change in fair value of contingent consideration and income tax effects of adjustments.

    We define Adjusted Diluted EPS as diluted loss per share, with the numerator adjusted for the aforementioned adjustments to Adjusted Net Income. In other words, the numerator for Adjusted Diluted EPS utilizes Adjusted Net Income. We calculate Adjusted Diluted EPS by dividing Adjusted Net Income by diluted weighted average shares outstanding.

    Our management uses Adjusted Net Income and Adjusted Diluted EPS to assess our overall performance, without regard to items that are considered to be unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations, net of the income tax effects of adjustments.

    Our management uses Adjusted Net Income for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. We also believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business.

    Adjusted EBITDA and Adjusted EBITDA Margin

    We define Adjusted EBITDA as net loss adjusted to exclude income tax expense; interest expense; other (income) expense, net, excluding a gain related to the mark to market adjustment on shares received in relation to the sale and settlement of trade receivables in 2022; unrealized loss (gain) on foreign currency exchange; stock-based compensation expense; depreciation and amortization expense; acquisition costs; restructuring charges; certain professional fees that are considered unrelated to our ongoing revenue generating operations; employer payroll related expense on employee equity incentive plan; and final tax assessment for closed operations. We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA by total revenues.

    Adjusted EBITDA and Adjusted EBITDA Margin are widely used by investors and securities analysts to measure a company's operating performance without regard to the aforementioned adjustments that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired or costs that are unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations.

    Our management uses Adjusted EBITDA and Adjusted EBITDA Margin for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. We also believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business.

    Free Cash Flow

    We define Free Cash Flow as net cash provided by operating activities less cash used for purchases of property and equipment. We believe that Free Cash Flow is a useful indicator of liquidity for investors and is used by our management as it measures our ability to generate cash, or our need to access additional sources of cash, to fund operations and investments. There are a number of limitations related to the use of free cash flow as compared to net cash from operating activities, including that Free Cash Flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.

     

    THOUGHTWORKS HOLDING, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

    (In thousands, except share and per share data)

    (unaudited)

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Revenues

    $

    287,215

     

     

    $

    332,107

     

     

    $

    594,271

     

     

    $

    653,047

     

    Operating expenses:

     

     

     

     

     

     

     

    Cost of revenues

     

    196,338

     

     

     

    250,462

     

     

     

    405,860

     

     

     

    500,227

     

    Selling, general and administrative expenses

     

    86,626

     

     

     

    99,352

     

     

     

    172,966

     

     

     

    204,117

     

    Depreciation and amortization

     

    5,874

     

     

     

    4,215

     

     

     

    11,416

     

     

     

    10,061

     

    Total operating expenses

     

    288,838

     

     

     

    354,029

     

     

     

    590,242

     

     

     

    714,405

     

    Income (loss) from operations

     

    (1,623

    )

     

     

    (21,922

    )

     

     

    4,029

     

     

     

    (61,358

    )

    Other (expense) income:

     

     

     

     

     

     

     

    Interest expense

     

    (6,150

    )

     

     

    (4,984

    )

     

     

    (13,012

    )

     

     

    (9,631

    )

    Net realized and unrealized foreign currency (loss) gain

     

    (30

    )

     

     

    (11,512

    )

     

     

    1,155

     

     

     

    (6,774

    )

    Other (expense) income, net

     

    135

     

     

     

    (413

    )

     

     

    (588

    )

     

     

    (325

    )

    Total other income (expense)

     

    (6,045

    )

     

     

    (16,909

    )

     

     

    (12,445

    )

     

     

    (16,730

    )

    Loss before income taxes

     

    (7,668

    )

     

     

    (38,831

    )

     

     

    (8,416

    )

     

     

    (78,088

    )

    Income tax expense

     

    4,604

     

     

     

    477

     

     

     

    11,963

     

     

     

    4,805

     

    Net loss

    $

    (12,272

    )

     

    $

    (39,308

    )

     

    $

    (20,379

    )

     

    $

    (82,893

    )

     

     

     

     

     

     

     

     

    Other comprehensive (loss), net of tax:

     

     

     

     

     

     

     

    Foreign currency translation adjustments

     

    (651

    )

     

     

    (20,760

    )

     

     

    (409

    )

     

     

    (26,231

    )

    Comprehensive loss

    $

    (12,923

    )

     

    $

    (60,068

    )

     

    $

    (20,788

    )

     

    $

    (109,124

    )

     

     

     

     

     

     

     

     

    Net loss per common share:

     

     

     

     

     

     

     

    Basic loss per common share

    $

    (0.04

    )

     

    $

    (0.13

    )

     

    $

    (0.06

    )

     

    $

    (0.27

    )

    Diluted loss per common share

    $

    (0.04

    )

     

    $

    (0.13

    )

     

    $

    (0.06

    )

     

    $

    (0.27

    )

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    317,341,907

     

     

     

    310,575,050

     

     

     

    316,899,214

     

     

     

    308,394,443

     

    Diluted

     

    317,341,907

     

     

     

    310,575,050

     

     

     

    316,899,214

     

     

     

    308,394,443

     

    Stock-based compensation expense included in the condensed consolidated statements of loss and comprehensive loss was as follows:

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Cost of revenues

    $

    10,696

     

    $

    49,573

     

    $

    21,226

     

    $

    119,482

    Selling, general and administrative expenses

     

    6,910

     

     

    19,392

     

     

    14,059

     

     

    49,666

    Total stock-based compensation expense

    $

    17,606

     

    $

    68,965

     

    $

    35,285

     

    $

    169,148

     

    THOUGHTWORKS HOLDING, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share and per share data)

     

    June 30, 2023

     

    December 31, 2022

     

    (unaudited)

     

     

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    88,151

     

     

    $

    194,294

     

    Trade receivables, net of allowance of $7,915 and $9,531, respectively

     

    154,208

     

     

     

    201,695

     

    Unbilled receivables

     

    137,089

     

     

     

    122,499

     

    Prepaid expenses and other current assets

     

    35,262

     

     

     

    38,202

     

    Total current assets

     

    414,710

     

     

     

    556,690

     

    Property and equipment, net

     

    32,062

     

     

     

    38,798

     

    Right-of-use assets

     

    43,577

     

     

     

    43,123

     

    Intangibles and other assets:

     

     

     

    Goodwill

     

    422,313

     

     

     

    405,017

     

    Trademark

     

    273,000

     

     

     

    273,000

     

    Customer relationships, net

     

    120,677

     

     

     

    124,047

     

    Other non-current assets

     

    20,888

     

     

     

    21,175

     

    Total assets

    $

    1,327,227

     

     

    $

    1,461,850

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    4,555

     

     

    $

    5,248

     

    Long-term debt - current

     

    7,150

     

     

     

    7,150

     

    Income taxes payable

     

    7,449

     

     

     

    22,781

     

    Accrued compensation

     

    77,180

     

     

     

    85,477

     

    Deferred revenue

     

    6,007

     

     

     

    5,167

     

    Value-added tax and sales tax payable

     

    5,289

     

     

     

    7,526

     

    Accrued expenses

     

    14,406

     

     

     

    30,227

     

    Lease liabilities, current

     

    15,594

     

     

     

    15,994

     

    Total current liabilities

     

    137,630

     

     

     

    179,570

     

    Lease liabilities, non-current

     

    30,417

     

     

     

    29,885

     

    Long-term debt, less current portion

     

    289,379

     

     

     

    391,856

     

    Deferred tax liabilities

     

    54,224

     

     

     

    62,555

     

    Other long-term liabilities

     

    21,849

     

     

     

    19,762

     

    Total liabilities

     

    533,499

     

     

     

    683,628

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at June 30, 2023 and December 31, 2022, respectively

     

    —

     

     

     

    —

     

    Common stock, $0.001 par value; 1,000,000,000 shares authorized, 368,253,048 and 366,306,970 issued, 317,647,945 and 315,681,987 outstanding at June 30, 2023 and December 31, 2022, respectively

     

    368

     

     

     

    366

     

    Treasury stock, 50,605,103 and 50,624,983 shares at June 30, 2023 and December 31, 2022, respectively

     

    (624,687

    )

     

     

    (624,934

    )

    Additional paid-in capital

     

    1,601,559

     

     

     

    1,565,514

     

    Accumulated other comprehensive loss

     

    (39,619

    )

     

     

    (39,210

    )

    Retained deficit

     

    (143,893

    )

     

     

    (123,514

    )

    Total stockholders' equity

     

    793,728

     

     

     

    778,222

     

    Total liabilities and stockholders' equity

    $

    1,327,227

     

     

    $

    1,461,850

     

     

    THOUGHTWORKS HOLDING, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

    (In thousands)

     

     

    Six months ended June 30,

     

    2023

     

    2022

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (20,379

    )

     

    $

    (82,893

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Depreciation and amortization expense

     

    18,220

     

     

     

    16,656

     

    Bad debt expense

     

    2,596

     

     

     

    2,038

     

    Deferred income tax benefit

     

    (12,033

    )

     

     

    (19,618

    )

    Stock-based compensation expense

     

    35,285

     

     

     

    169,148

     

    Unrealized foreign currency exchange (gain) loss

     

    (735

    )

     

     

    7,794

     

    Non-cash lease expense on right-of-use assets

     

    9,312

     

     

     

    8,870

     

    Other operating activities, net

     

    2,018

     

     

     

    1,134

     

    Changes in operating assets and liabilities:

     

     

     

    Trade receivables

     

    47,332

     

     

     

    (20,069

    )

    Unbilled receivables

     

    (15,276

    )

     

     

    (48,629

    )

    Prepaid expenses and other assets

     

    2,727

     

     

     

    (2,690

    )

    Lease liabilities

     

    (9,495

    )

     

     

    (6,951

    )

    Accounts payable

     

    (813

    )

     

     

    1,699

     

    Accrued expenses and other liabilities

     

    (42,512

    )

     

     

    (5,012

    )

    Net cash provided by operating activities

     

    16,247

     

     

     

    21,477

     

    Cash flows from investing activities:

     

     

     

    Purchase of property and equipment

     

    (3,681

    )

     

     

    (12,459

    )

    Proceeds from disposal of fixed assets

     

    221

     

     

     

    267

     

    Acquisitions, net of cash acquired

     

    (15,989

    )

     

     

    (65,410

    )

    Net cash used in investing activities

     

    (19,449

    )

     

     

    (77,602

    )

    Cash flows from financing activities:

     

     

     

    Payments of obligations of long-term debt

     

    (103,575

    )

     

     

    (3,575

    )

    Payments of debt issuance costs

     

    (99

    )

     

     

    —

     

    Proceeds from issuance of common stock on exercise of options, net of employee tax withholding

     

    3,816

     

     

     

    3,928

     

    Withholding taxes paid on tender offer

     

    —

     

     

     

    (15,469

    )

    Withholding taxes paid on dividends previously declared

     

    —

     

     

     

    (10,009

    )

    Withholding taxes paid related to net share settlement of equity awards

     

    (3,261

    )

     

     

    (29,026

    )

    Other financing activities, net

     

    80

     

     

     

    (48

    )

    Net cash used in financing activities

     

    (103,039

    )

     

     

    (54,199

    )

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

    178

     

     

     

    (8,884

    )

    Net decrease in cash, cash equivalents and restricted cash

     

    (106,063

    )

     

     

    (119,208

    )

    Cash, cash equivalents and restricted cash at beginning of the period

     

    195,564

     

     

     

    394,942

     

    Cash, cash equivalents and restricted cash at end of the period

    $

    89,501

     

     

    $

    275,734

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

    Interest paid

    $

    12,544

     

     

    $

    8,987

     

    Income taxes paid

    $

    31,929

     

     

    $

    10,554

     

    Withholding taxes payable

    $

    (454

    )

     

    $

    —

     

     

     

     

     

    Supplemental disclosures of non-cash financing activities:

     

     

     

    Withholding taxes payable included within accrued compensation

    $

    —

     

     

    $

    219

     

     

     

     

     

    Reconciliation of cash, cash equivalents and restricted cash:

     

     

     

    Cash and cash equivalents

    $

    88,151

     

     

    $

    274,527

     

    Restricted cash included in other non-current assets

     

    1,350

     

     

     

    1,207

     

    Total cash, cash equivalents and restricted cash

    $

    89,501

     

     

    $

    275,734

     

     

    THOUGHTWORKS HOLDING, INC.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (In thousands, except percentages, share and per share data)

    (unaudited)

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Net loss

    $

    (12,272

    )

     

    $

    (39,308

    )

     

    $

    (20,379

    )

     

    $

    (82,893

    )

    Unrealized foreign exchange loss (gain)

     

    213

     

     

     

    13,434

     

     

     

    (735

    )

     

     

    7,794

     

    Stock-based compensation

     

    17,606

     

     

     

    68,965

     

     

     

    35,285

     

     

     

    169,148

     

    Amortization of acquisition-related intangibles

     

    3,669

     

     

     

    3,303

     

     

     

    7,260

     

     

     

    6,295

     

    Acquisition costs (a)

     

    2,100

     

     

     

    1,282

     

     

     

    3,806

     

     

     

    1,302

     

    Certain professional fees (b)

     

    1,525

     

     

     

    63

     

     

     

    1,750

     

     

     

    866

     

    Employer payroll related expense on employee equity incentive plan (c)

     

    249

     

     

     

    (125

    )

     

     

    491

     

     

     

    3,497

     

    Final tax assessment for closed operations (d)

     

    —

     

     

     

    258

     

     

     

    —

     

     

     

    258

     

    Change in fair value of contingent consideration (e)

     

    129

     

     

     

    528

     

     

     

    129

     

     

     

    528

     

    Income tax effects of adjustments (f)

     

    (3,114

    )

     

     

    (11,392

    )

     

     

    (7,435

    )

     

     

    (25,795

    )

    Adjusted Net Income

    $

    10,105

     

     

    $

    37,008

     

     

    $

    20,172

     

     

    $

    81,000

     

     

     

     

     

     

     

     

     

    GAAP diluted weighted average common shares outstanding

     

    317,341,907

     

     

     

    310,575,050

     

     

     

    316,899,214

     

     

     

    308,394,443

     

    Employee stock options, RSUs and PSUs

     

    12,250,374

     

     

     

    19,069,863

     

     

     

    13,561,172

     

     

     

    20,913,127

     

    Adjusted diluted weighted average common shares outstanding

     

    329,592,281

     

     

     

    329,644,913

     

     

     

    330,460,386

     

     

     

    329,307,570

     

    GAAP diluted loss per share

    $

    (0.04

    )

     

    $

    (0.13

    )

     

    $

    (0.06

    )

     

    $

    (0.27

    )

    Adjusted Diluted EPS

    $

    0.03

     

     

    $

    0.11

     

     

    $

    0.06

     

     

    $

    0.25

     

      

    THOUGHTWORKS HOLDING, INC.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (In thousands, except percentages, share and per share data)

    (unaudited)

     

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Net loss

    $

    (12,272

    )

     

    $

    (39,308

    )

     

    $

    (20,379

    )

     

    $

    (82,893

    )

    Income tax expense

     

    4,604

     

     

     

    477

     

     

     

    11,963

     

     

     

    4,805

     

    Interest expense

     

    6,150

     

     

     

    4,984

     

     

     

    13,012

     

     

     

    9,631

     

    Other (income) expense, net (g)

     

    (6

    )

     

     

    413

     

     

     

    787

     

     

     

    325

     

    Unrealized foreign exchange loss (gain)

     

    213

     

     

     

    13,434

     

     

     

    (735

    )

     

     

    7,794

     

    Stock-based compensation

     

    17,606

     

     

     

    68,965

     

     

     

    35,285

     

     

     

    169,148

     

    Depreciation and amortization

     

    9,131

     

     

     

    8,074

     

     

     

    18,220

     

     

     

    16,656

     

    Acquisition costs (a)

     

    2,100

     

     

     

    1,282

     

     

     

    3,806

     

     

     

    1,302

     

    Certain professional fees (b)

     

    1,525

     

     

     

    63

     

     

     

    1,750

     

     

     

    866

     

    Employer payroll related expense on employee equity incentive plan (c)

     

    249

     

     

     

    (125

    )

     

     

    491

     

     

     

    3,497

     

    Final tax assessment for closed operations (d)

     

    —

     

     

     

    258

     

     

     

    —

     

     

     

    258

     

    Adjusted EBITDA

    $

    29,300

     

     

    $

    58,517

     

     

    $

    64,200

     

     

    $

    131,389

     

    Net loss margin

     

    (4.3

    )%

     

     

    (11.8

    )%

     

     

    (3.4

    )%

     

     

    (12.7

    )%

    Adjusted EBITDA Margin

     

    10.2

    %

     

     

    17.6

    %

     

     

    10.8

    %

     

     

    20.1

    %

       

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Gross profit, GAAP

    $

    90,877

     

     

    $

    81,645

     

     

    $

    188,411

     

     

    $

    152,820

     

    Stock-based compensation

     

    10,696

     

     

     

    49,573

     

     

     

    21,226

     

     

     

    119,482

     

    Employer payroll related expense on employee equity incentive plan (c)

     

    159

     

     

     

    (99

    )

     

     

    345

     

     

     

    2,277

     

    Depreciation expense

     

    3,257

     

     

     

    3,859

     

     

     

    6,804

     

     

     

    6,595

     

    Adjusted Gross Profit

    $

    104,989

     

     

    $

    134,978

     

     

    $

    216,786

     

     

    $

    281,174

     

    Gross margin, GAAP

     

    31.6

    %

     

     

    24.6

    %

     

     

    31.7

    %

     

     

    23.4

    %

    Adjusted Gross Margin

     

    36.6

    %

     

     

    40.6

    %

     

     

    36.5

    %

     

     

    43.1

    %

       

     

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    SG&A, GAAP

    $

    86,626

     

     

    $

    99,352

     

     

    $

    172,966

     

     

    $

    204,117

     

    Stock-based compensation

     

    (6,910

    )

     

     

    (19,392

    )

     

     

    (14,059

    )

     

     

    (49,666

    )

    Acquisition costs (a)

     

    (2,100

    )

     

     

    (1,282

    )

     

     

    (3,806

    )

     

     

    (1,302

    )

    Certain professional fees (b)

     

    (1,525

    )

     

     

    (63

    )

     

     

    (1,750

    )

     

     

    (866

    )

    Employer payroll related expense on employee equity incentive plan (c)

     

    (90

    )

     

     

    26

     

     

     

    (146

    )

     

     

    (1,220

    )

    Adjusted SG&A

    $

    76,001

     

     

    $

    78,641

     

     

    $

    153,205

     

     

    $

    151,063

     

    SG&A margin, GAAP

     

    30.2

    %

     

     

    29.9

    %

     

     

    29.1

    %

     

     

    31.3

    %

    Adjusted SG&A Margin

     

    26.5

    %

     

     

    23.7

    %

     

     

    25.8

    %

     

     

    23.1

    %

    (a)  

    Reflects costs for certain professional fees and retention wage expenses related to certain acquisitions.

    (b)  

    Adjusts for certain transaction expenses, non-recurring legal expenses, and one-time professional fees.

    (c)  

    Excludes employer payroll related expense on employee equity incentive plan as these expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise. As a result, these expenses may vary in any particular period independent of the financial and operating performance of our business.

    (d)  

    Adjusts for certain tax related expenses related to final tax assessments from closing operations in Uganda, which was completely shut down in 2015.

    (e)  

    Adjusts for the non-cash adjustment to the fair value of contingent consideration.

    (f)  

    Adjusts for the income tax effects of the foregoing adjusted items.

    (g)  

    Excludes a gain, which was included within Other (income) expense, net in the condensed consolidated statements of loss and comprehensive loss for the first quarter of 2023, related to the mark to market adjustment on shares received in relation to the sale and settlement of trade receivables in 2022.

    Three months ended June 30,

     

    Six months ended June 30,

     

    2023

     

    2022

     

    2023

     

    2022

    Net cash (used in) provided by operating activities

    $

    (16,800

    )

     

    $

    27,572

     

     

    $

    16,247

     

     

    $

    21,477

     

    Purchase of property and equipment

     

    (2,024

    )

     

     

    (7,325

    )

     

     

    (3,681

    )

     

     

    (12,459

    )

    Free Cash Flow

    $

    (18,824

    )

     

    $

    20,247

     

     

    $

    12,566

     

     

    $

    9,018

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230807956954/en/

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