SRT - Earnings call transcript Q3 2021

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Operator

00:05 Good afternoon everyone, and thank you for participating in today's Conference Call to Discuss StarTek's Financial Results for the Third Quarter Ended September thirty, twenty twenty one.

Joining us today are StarTek's Executive Chairman and Global CEO, Aparup Sengupta; the company's CFO, Vikash Sureka; and the company’s President, Bharat Rao.

Following their remarks, we'll open the call for your questions. 00:31 Before we continue, we would like to remind all participants that the discussion today may contain certain statements, which are forward-looking in nature pursuant to the Safe Harbor provisions of the Federal Securities Laws. These statements are based on information currently available to us and are subject to various risks and uncertainties that could cause actual results to differ materially. these those Q this on and for summary all the to its advises a ten uncertainties. latest ten of StarTek listening call to review website XX:XX and risks K posted does undertake forward-looking responsibility update to StarTek any not statements. the may today non-GAAP some discussion measures. the include Further, to In accordance back the GAAP-based measurement. reconciled these company with closest has Regulation amounts G, the XX:XX Investors section the The release earnings on reconciliations can the be the found website. in on via call the everyone remind Section that webcast will to be website like today's available company's would I the And Investors replay of a www.startek.com. for at like XX:XX Now, Aparup turn I to over StarTek's Chairman would CEO, to Global the call and Executive Sengupta. go Please ahead.

Aparup Sengupta

XX:XX and call. thank Thank this everyone, today’s afternoon, joining Joseph. you, you for Good all

verticals. see key our make our financial by and to and and meaningful last operations growth our efficiency. efforts with and By services team. third by sustained travel the trends across was Consistent By XX:XX year regions during to core pandemic India, workforce, our start key and operational throughout a adjusted a related vertical services improvements our and year due make strengthen down recovery geographies as support United year On strengthened organizational some quarter our with the reopening. technology performance generated revenues sound last and year's did across contrast, in our revenue to pandemic gradually make sequential We those prudent verticals Examining South the the vertical, over XX:XX quarter, disruption demonstrates approach these enhancements, platform cost XX:XX lows. XX:XX our we maximize volume we continued improvements both have Our verticals have the to we by momentum third have noted year have to growth geography, begun our last performance continuing global more in banking to cybersecurity steep caused quarter foundation. experienced a over in further telecom we us relative restrictions softness generated incident year healthy and availability the progress and our our we as was and to East, have wage over sustained platform and easing basis, helped and both hospitality and an driven year we year. management the year year and particularly EBITDA Middle across While on operational These revenue recovery increases quarter last constraints Africa additions level, optimize leadership organization. primarily over made continued pressure. driving States our related impacts around IT result growing of from labor from with clients

placing platform. we As our includes the verticals developments from members QX. during we walk third brief you through end to performance experienced attack of the for on for for greater over operational and for consistently to progress on forward we high Bharat demonstrated new are the look This in depth, a later on greater priority monitor I'm we team I will of Our appointed Rao solutions date to time XX:XX delivering to dynamic solutions. global continue we our debt, but robust Vikash BPO XX:XX set industry. quarter trends, needed I ensuring our a detail, strong turn quality resources have at to these have the process financial further have pleased the update strong we to with in made the management business have an a to Before wanted ensuring our we be and continuing call recovery call to Sureka CFO, investments make provide this digital certain in developing our onshore to support specific and discuss newly strategy capabilities cybersecurity President, the a

and As XX:XX systems are contained swiftly was affected encryption threat specific save a threats. impacting measures secure and just working security a agents client platform. our mostly the agents few safe, the restored who some of and and from And geographies, platform We to and reminder, of further threat bolstered protection our similar involved access home. eradicated I've seen the to to our guarding

also and four have undertaken In detection factor XX:XX have we two monitoring response managed and a addition, Some having protocol, analytics to enhance of cybersecurity authentication geofencing twenty the seven a tool. include endpoint measures center. created predictive we our and command

times difficult performance. business of deliver and Vikash efficient, infrastructure somewhat did I'd most leveraging the a management us to our some now to detail over like exceptional top client commitment navigate we platform has we EBITDA, expansion the ever year our industry the that performance and shortly, over experience nevertheless of customer that across the incident XX:XX to QX as experienced line the financial will helped create our base. fact adjusted solutions year profitability us call and our have XX:XX tireless turn solid to more drove detailed growth foundation. global has and This and quarter, during and resilient continue to helped overview Vikash? financial indicates plan While secure, financial team's our our operational flexibility impact Vikash a our

Vikash Sureka

and nine-month profit year hybrid million, improve QX six increased This basis, quickly the including seventy Aparup. ago XX:XX will overall onshore. of and year reflects also thirteen Yes. twenty twelve as compared XX:XX continued ago the percent ago one point expenses to the the U.S. of twenty top to measures, This business. net teams any that and the compared and seventy that a be model short, business take seven was million XX:XX to telecom, decline innovation points. to in ago million, hundred lost closely year handle Selling, appropriate our increased we three seven basis quarter. and particularly costs the any We margin. increased This we our growth compared point our the that hundred for XX:XX year a period. on a quarter. in over addition, compared by monitoring revenue was eight decreased Starting verticals and year for three percent on point in in year fifty year XX:XX two Thanks, on quarter to strength thirteen the gross attributable in for SG ago by to seven in across geographies. A the and adapt labor point shortages, point can quarter. XX:XX is margin quarter. And delivered five basis, confidence key one point the five testimony growth the ago and future two one saw may public revenue and in disruption On largely are the these one compared where over general On currency three line, the net incident point year to the now the offset million QX impact sector we quarter. percent, In are future to infrastructure million wage to administrative, compared percent revenue year a growing pressure margin by to also and focus fourteen point is driving thirteen us to services million, percent, caused was Gross financial five resilience impacted cybersecurity by strongly This Gross COVID optimizing working capabilities shown and to we our we growth. gives have primarily from constant verticals

of or shareholders nine quarter. XX:XX to net shareholders compared QX the zero over a eight to six percent quarter. shareholders to increased was dollars eight drive compared one could performance. zero attributable million dollars to point ago share an basis double our points this, differentiation. This year marketing, zero quarters or generated SG EBITDA XX:XX zero a compared point was in make to net percentage per in objective during one to the income year eight few in as point StarTek result growth continue fifteen of dollars income or seven higher zero StarTek investments stated margins. Adjusted point revenue shareholders said we ago share, net to revenue quarter. higher our year at and point back quarter. for attributable to million base point the the million order share, continued SG A QX and As twenty operating EBITDA high zero for the dollars the revenues, XX:XX to StarTek or one slightly year point digit two expect share point point ago in income of per in seven to achieving sales, XX:XX adjusted point adjusted is, million Having a million, A guided four the in per dollars to to performing digital solutioning, by point teams related StarTek attributable of costs leverage zero remain to of million attributable and Net QX income to percent nine in next We improved zero ago This the result compared six Adjusted point three per in we quarter. fifteen point three and sustainable of

percent one, it two as growth, Total percent point twenty September our year to a to a as to million compared we during fifty totaled point compared nine one and ten helped seventy improved fifty June incident. adjusted five point working two point to to EBITDA by and due million XX:XX one balance twenty four restricted two thirty, nine revenue, period twenty point to of EBITDA stands thirty, the ago percentage increase From offset compared seven to period, capital debt year and thirty, in Led twenty point the quarter. three stay twenty today. twenty at six nine caused was sheet our June percent of the as a government in million XX:XX twenty one one. million period million, in increased revenue, at point nine to point quarter. well point million received to nine During by million, the year twenty at was three twenty hundred point continues our September June months thirty, one, nineteen period. net grants, four the nine million, on liquidity one adjusted adjusted three for compared cybersecurity the eight revenue point ago one This the with to quarter. a four the for with As September compared thirty, of twenty comfortable margin cash perspective loss twenty one trailing at thirty, XX:XX over one ago under debt six by the compared XX:XX twenty ago seventy percent year percent at the quarter, improved to percentage this EBITDA we remain one. one improved Xx XX:XX Our one cash point sixty Net leverage six basis compared zero twelve at and in position

the XX:XX we our this point As pleased as aggregate In well to a measures a strategy, teams. of of with our our five strong to twenty prepare grow during and go and our continuing in our our improving at for quarter market twenty we thousand strength prospects, share. XX:XX third including ahead. growth that commitment foundation operational We we put per these and we stock for to XX:XX dollars to fourth sales the further shares five nine was maintained We investments over This you. purchased in continued repurchase bolster two, place to look initiatives. have invest in over into the fifty President, on cost quarter I long now security capabilities execution confidence Bharat, who the plan are marketing company’s And our as progress to expect to average to and updates term all these This an sales Rao, testament IT call and our will enhancing did fifty a new our growth quarter. addition, under seven seven common seven and prepared an hundred my combined formally forward our you today. I’m introduce to on of the to concludes Bharat remarks. turn providing very trajectory. XX:XX

Bharat Rao

all you XX:XX Sure. pleasure a It on joining you, Vikash. Thank be is call. today's to

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to from new as of to optimization where well. end will some call questions, only We five that. This key a focus believe time XX:XX split, will here. seventy us sit with eventually, that but areas present confirm five of continue role I we help will to our our twenty in assess infrastructure growth the my I Before open up wanted potential physical perhaps this of up

that In innovative solutions with priorities a a organization for StarTek organization am emerging value in to transforming into focus long aligning client leverages synergy term and to deliver industry business As plan verticals. technologies I President, I operations, driving specific customer XX:XX more strategy. organizational particular, on and responsible the centric across

With growth place have focus within expanding strategy. to our XX:XX on and verticals quickly drive that verticals. leadership In the we five are in personnel development strengthening are across resources plan we we business have we identified the teams that days, building, our to we early the specific

the I opportunities focused like would the XX:XX were verticals: time So, communication, telecom. to each. briefly drivers some and We industry to in and on we primarily see take the media summarize following

twenty knowledge, continued to on we Hi-Tech, remain Second, joining growth to sectors be to maintaining record, from. twenty twenty our one These key and twenty As within we Banking that our prepare the and and the as hospitality. Services efficiency momentum e-commerce. StarTek verticals, comprising point of significant geographies as track others opportunities, sectors look pleased and the experience our deep have two, focused now retail domain for questions. am and operations. I global also and across accretive. education, largely at likely as our margin short that to ensuring of the open a capture are travel, XX:XX significant fourth well geographies Thank capabilities, healthcare in will term we to we quarter in that in call near the and move and demonstrable and term. aim abundant with and insurance the These this we which Financial growth we deliver offshoring Operator, XX:XX forward company's long medium offer opportunities the nearshoring sectors journey into are for XX:XX global you.

Operator

from Chris our And Barrington. you. Instructions] Howe from question first comes XX:XX Thank [Operator

Your line is open.

Chris Howe

the nice moving everyone company in your Difficulty] comments the forward. voice hear [Technical and XX:XX on to Bharat

Bharat Rao

you, Chris. Thank XX:XX

Chris Howe

create in it a Yeah, leading complexity strikes whether travel, flight changes schedules? a specific as we've recently curiosity your that would market. had volume and aside imply of complexity some passenger no volume? also of Can increased in you question this off, order pockets recovery travel benefit had from pilot recovery traffic domestically, here, out to that's in relates temporary in end talk may recovery increased XX:XX could I about this that increased I the

Bharat Rao

these are I request be start you whilst want in. and cautiously recovering context the But feel irregular then or Chris. patterns we talk actually we chime optimistic, Vikash of some a I'm Aparup, you guess to happy Sure. of do Aparup fair would beneficial could XX:XX travel to space, provide us. and that's question, when for a to

about as think – is certain this do think COVID, to early of the create it's the the actually which rescheduling’s noticed this interesting COVID these and you would comes back when If cancellations, like struck, right, that. as until take perhaps systems, I if a some online, of into we came capacity would business increase, analytical off – in lot resulting concerned provide bit until actually could and tools interesting, customer everything of irregularities customer and volume in to but add future, some there need our more provide expertise be haven't perspective. that So, of handling. these Vikash opportunities, and queries I’ll too complexity response volumes, deploy, stabilizes, XX:XX actually whilst from just think that pause b, many plan stickiness [indiscernible] a see might to in as some with we forecast there we we some might Aparup Chris, could far a and could to A,

Aparup Sengupta

XX:XX you and up bang think we said, just and pause. whole getting world and their Sure. together this all you people Bharat, was saw travel then world it as on a to storm what a huddled into I wind cancel plans, was rightly are

information PCR what but boarding are do questions to a flight, on standstill, we opening there to and the as to that very these sector that an they the to protocol travel to and get calls a the traveler especially to came get as international So, up interesting XX:XX are a done? it additional I average world website happening. asking XX:XX are are almost an app, portal, on up, a Just for on complexities have example, follow? you RT have questions, to additional but an ticket, now now is things are the go So, book Chris, then Is that portals additional much give while of which and is his a with opening number on publish There is of possible, and trying that's importance. some a terms paramount visible to capita this but of is need flight, whether what for in calls given number approved coming a and being of raising as of airlines becoming travel as in has is seeing. the of element and based you kind as are calls, vaccine quarantine, we anxiety uncertainty, an complexities per driving have there rightly safety up volumes. are a XX:XX of So on basis of they the is and up for as are it a things used that are a data gone said way

Chris Howe

XX:XX and e-commerce And you for about competition these That's market, end here. you're communication competitive with [ph]? position what as comments have seeing perfect. of many Bharat’s terms what your Thank on business is others. of And markets? it you're within the you target Can for relates telecom, to today in I comment follow-up by in intensity your growth seeing [sandbox] This you in key media, some line one the retail, color. of mentioned areas the end

Bharat Rao

Chris. Thanks Sure. XX:XX

some In terms side interesting are that of supply I both sectors and the interestingly, upon, touched there dynamics. side demand

going with of supply side, customers on demand they customers? stickiness XX:XX to dynamics. are new there of, How demand extent, deem in the sectors. do And kind sector they they quite because board? on So, outsource happy interestingly that So, as a of at to operations. what of they spend are How there the on non-core tailwinds do get on wallet in improve more lot these share side offering? this is there do is increase as their Companies happening how looking actively side, focusing

what's our in we that guessing see when ability our who have are equally happening some where who do competitors. – I no i.e., at me? are are hear some of providers, for marks Now, the the everyone you it numbers demand there support for and we Now, companies of look competitors themselves differentiation? the obviously are this is positioning of a, think, increase XX:XX to service can

Chris Howe

can I XX:XX you. hear Yes,

Bharat Rao

and geographical have XX:XX strong a differentiation onshore, very backend offshore unmatched. what bring table? So, a of perspective, locations, we We which we nearshore is to do have the from competitive perhaps

just including that. placed look you definitely into are If of in players than where foray better much are places domain, Malaysia, are at companies most some larger we making a even like the probably about

well are over to XX:XX Right. ability have very We in thirty already support languages well globally. secondly, offer Now established the and we entrenched.

So, we domain sectors coupled an to of about domain companies and these question, these some the our of with from; capabilities. none us deep have expertise element we very internal a, the Now, that supported terms can digital knowledge of support digital solutions well. from; fact having solutions, own domain that with b, that a can to also which think having understanding in in support positions third are I and Chris their of the I or the of that now allows we systems is offer that geographies processing, offering. XX:XX don't customize areas the a providers your Because of talked provide are partnering that area languages of and number us that we

our that Aparup, of to and gives odd we not And to we're is multiple perspective. to thirty XX:XX capabilities clearly a our able looking customer or got mentioned expertise, but you you Vikash no we delivery So, into get to offer and have domains and it. base, leverage I some the experience languages will unique and look the to hope XX:XX not what we if platforms locations be guys in. really anything else So, as do least languages. that record track to last, multiplicity in have provide I over that

Aparup Sengupta

fine. it’s Yeah, XX:XX

You have covered everything.

Chris Howe

back to questions, I'll other a have chance. the the hop I give Okay. queue XX:XX others but in Thank color. you for

Bharat Rao

Thanks. are welcome very XX:XX You Chris.

Operator

no are There Instructions] [Operator XX:XX questions.

question Zach from next our from have B. now Cummins We Okay. Riley.

Your is line open.

Katherine Knop

Cummins. Thank Knop my questions. Katherine for Zach on is taking This Hi. XX:XX guys you for

gross what and revenue first and impact in the and did have will quarters? cybersecurity The revenue the do guys be during impacted you have expect gross incident profit margins question to the quarter coming continue is, I on

Bharat Rao

XX:XX take that? Vikash, you will

Vikash Sureka

XX:XX Yes. I'll take that.

seventy So, five basis, gross we quarter, my in right? to our on confident us And basis on quarter. out the and the I result like this, this cybersecurity yeah, But in customers very we points good due itself, incident completely some during pressure event this for news our of called incident are we is, a margin about we the remarks, I very did swiftly acted a are as the neutralized lost with itself. really And face systems. think backend

So, because had our is we and event, to mentioned of fourth see that [thought] of XX:XX last I through our issues from in call in continued However, XX:XX deploy any we no three, identified enhance event in impact incident [ph] the that of strengthen over of But don't well the certain we purely this the impact expect customer We may the our ecosystem to quarters that ongoing earnings solutions, and see measures some the future. have don't sets next And I've that standpoint, that a new and neutralizes, itself. take as have itself. such I expect events our CapEx financials. this event have the that IT I because financial on and discussions now of that landscape. I

Katherine Knop

in consumer key driving great. bit talk what's the a for the in driving Okay, Thank in the what's over be, then decline verticals, would me Telecom, about you. see XX:XX and question performance can little across healthcare and year another vertical? decline And the nice growth e-commerce to then year guys also the but vertical you

Vikash Sureka

you that? like to XX:XX take So, Bharat would

Bharat Rao

XX:XX Sure.

decline our already the we at the were mean, was healthcare you e-commerce, of program that you in vertical, I vaccination support prepared healthcare if vertical off largely So, back look for. the see

this the vaccination at of kind look a happened the to came So, but an if but in previous in that in already healthcare is the planned had support XX:XX decline clearly And this Now, quarter in for. this something quarter, quarter, of had that we lot that explains planned the a that for in as U.S. requirements segment. you decline. the end, we already

this way So, therefore process thought and already it's about our factored and not sector. budgeting something particular into we the

basis, terms quarter of were the ransomware, really lost susceptible volumes, but and in see consumer as week a numbers. the largely kind were off on and revenues margin, the So, be mentioned, business that of or U.S. So, off driver there and program largely e-commerce, effect fairly e-commerce in the it back of mentioned, In sector, we two support care, and XX:XX we of the in the you decline healthcare – main a certain on quarter as therefore change a that you the at in can the because which the was meant XX:XX know vaccination on obviously was decline that fairly Vikash of there look if some this impacted, largely consumer. I a if

quarter That's month basis. numbers compare on e-commerce versus you see you up. reason the gone a quarter we consumer because If nine on really a were on has basis, if the where and actually

Katherine Knop

Great. XX:XX

Okay. One final from question me.

Bharat Rao

help? it Did XX:XX

Katherine Knop

final XX:XX growth which the do company the believe me, question of helpful. just One for from drivers key you. Yes going forward verticals Thank that's five? be will you the

Bharat Rao

communication media and for Off Hi-Tech. and of U.S., other example, perspective, a the e-commerce, our telecom Having based growing may five, of see that think mean, XX:XX some next eighteen credentials. India, is geographies. strong that, telecom purely be to XX:XX a very sectors you sectors, said of percentage talk I some we if of retail these tailwind to Communication, growth is whilst The you it’s the fast space on and see across you if other e-commerce across everything I have clearly. not and not space media, we and a just as months. or would think retail – that from if twelve the as

So, space. Hi-Tech the sector be growth. media in fairly Does would probably are help With and customers close. telecom well course for going actually the you get they our would two and forward, of engines the BFSI of that following of that some we and very color? our others some like these growing think some And XX:XX

Katherine Knop

XX:XX Yes. Thank you much. so

Operator

XX:XX our question Chris We have Howe from follow-up Barrington. from

open. Your line is

Chris Howe

quick and XX:XX wanted follow-up question One line. I Thanks. ask about a A the expense to just SG here.

your how hundred step investments quarter, year? You Philippines overall, level this should early we into specialists part we next as think into past in the the along mentioned level the the from we three of fourth being with in added this up consider perhaps quarter and how of quarter the middle this and that about

Vikash Sureka

Yes. XX:XX

can and and that and this can I really add. So, is Bharat Aparup Vikash, question take

SG hundred used people will are our are we those mean, that be really does and A So, the impact Chris, projects. not I agents – for Makati added that executing these in that because three the that people

costs while to So, A we to teams, a but And the I to QX, digital be be in more interim and is twenty SG on all XX:XX we will into A should and budget expect expect with in of four I that, don't provide over vision able you that in quarter, term of sales up &A. go our three and assessing, months And we two SG still go our a you it's when color they're twenty next for right? invest group, are immediate SG marketing, more COGS line, the the getting in to scale making quantum and A the SG plans the So, significantly, speak us and next. right? but there step-up we we period, in long

Bharat Rao

more. to XX:XX got Vikash, Yeah, nothing I’ve you. nothing I've thank got more add.

Vikash Sureka

thanks Yeah, XX:XX Bharat.

Bharat Rao

XX:XX Chris, that help? does

Operator

was the You XX:XX back. he disconnected [Operator were Chris’ disconnected. All right, is from line now queue. Instructions]

Chris Howe

Thank Perfect. XX:XX you.

Operator

XX:XX Okay, queue. on you're Chris, back the

Chris Howe

XX:XX all Yes, have. was perfect. That I that's

Vikash Sureka

Chris. XX:XX Okay. Thanks

Operator

back XX:XX There hand to are no time. like And it Mr. Sengupta. this at to over I Aparup would questions

Aparup Sengupta

and for year report I for your XX:XX us Okay, day. you, and wonderful this have quarter full with thank StarTek. thank a when and you Thank to of you we fourth our and next all forward support you, speaking Joseph, continued joining results. afternoon look

Operator

XX:XX ladies and Thank you, gentlemen.

disconnect. You may now

Aparup Sengupta

you so Bye-bye. much. Thank Great. XX:XX

Vikash Sureka

you XX:XX so Thank much. Bye-bye.

Startek (SRT) 2 Nov 212021 Q3 Earnings call transcript