TaskUs reports strong Q2; introduces Generative AI
TEXAS, UNITED STATES — Outsourced digital services provider TaskUs recently revealed its fiscal results for the quarter ending June 30.
The data, released to the firm’s shareholders and the public, reported its second-quarter total revenues reaching US$229.2 million. With GAAP net income standing at US$10.1 million and a margin of 4.4%, the company’s Non-GAAP Adjusted Net Income landed at $31.8 million, boasting a 13.9% margin.
The firm’s adjusted EBITDA reached US$54.7 million, while its net cash from operating activities hit US$38.5 million.
“While the industry saw challenging market dynamics and a slowdown in client volumes in the second quarter, we continued to make progress on our three-tier growth strategy,” said TaskUs CEO Bryce Maddock.
“We signed several clients in the HealthTech space, began implementing our Generative AI application, TaskGPT, for clients, and expanded with several large, global brands in our nearshore geographies,” Maddock added.
In Q2, TaskUs repurchased 3.2 million shares and concluded with 47,000 team members. They also debuted TaskGPT, partnering with MoneyLion to leverage generative AI in customer service.
“We returned $38 million of capital to shareholders via share repurchases in the second quarter, while continuing to invest in our strategic initiatives. As part of our capital allocation strategy, we intend to continue to repurchase shares at attractive valuations,” added TaskUs Chief Financial Officer Balaji Sekar.
The firm expects its revenue to hit between US$220 to US$222 million for the third quarter, with the full-year concluding with US$900 million to US$910 million.
