Genpact LTD
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
G$43.07+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2021 | 2022 | 2023 | |
| Operating activities | |||
| Net income | $369,448 | $353,404 | $631,255 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 109,124 | 86,849 | 72,530 |
| Amortization of debt issuance costs (including loss on extinguishment of debt) | 2,678 | 2,376 | 1,967 |
| Amortization of acquired intangible assets | 58,448 | 42,667 | 31,463 |
| Write-down of intangible assets and property, plant and equipment | 915 | 1,377 | — |
| Impairment charge on assets classified as held for sale | — | 32,575 | — |
| Loss on sale of business classified as held for sale (refer to Note 8) | — | — | 802 |
| Write-down of operating lease right-of-use assets and other assets | — | 20,307 | — |
| Allowance for credit losses | 1,487 | 1,583 | 3,979 |
| Unrealized loss/(gain) on revaluation of foreign currency asset/liability | (8,304) | 525 | (1,061) |
| Stock-based compensation expense | 81,968 | 77,373 | 88,576 |
| Deferred tax benefit | (9,263) | (29,151) | (157,932) |
| Others, net | 623 | 863 | 1,477 |
| Change in operating assets and liabilities: | |||
| (Increase) in accounts receivable | (11,803) | (112,341) | (130,791) |
| (Increase) decrease in prepaid expenses, other current assets, contract cost assets, operating lease right-of-use assets and other assets | 83,432 | 3,822 | (39,075) |
| Increase (decrease) in accounts payable | 11,740 | 14,185 | (8,215) |
| Increase (decrease) in accrued expenses, other current liabilities, operating lease liabilities and other liability | (2,057) | (54,329) | 1,862 |
| Increase (decrease) in income taxes payable | 5,845 | 1,585 | (6,025) |
| Net cash provided by operating activities | $694,281 | $443,670 | $490,812 |
| Investing activities | |||
| Purchase of property, plant and equipment | (53,341) | (50,614) | (55,421) |
| Payment for internally generated intangible assets (including intangibles under development) | (3,907) | (3,775) | (3,356) |
| Proceeds from sale of property, plant and equipment and intangibles assets | 6,384 | 60 | 25 |
| Payment for business acquisitions, net of cash acquired | (72,025) | (33) | (682) |
| Proceeds from/(payment) for divestiture of business | — | 17,769 | (19,510) |
| Proceeds from sale of investment | 142 | — | — |
| Net cash used for investing activities | $(122,747) | $(36,593) | $(78,944) |
| Financing activities | |||
| Repayment of finance lease obligations | (13,926) | (12,810) | (12,165) |
| Payment of debt issuance costs | (3,029) | (3,045) | — |
| Proceeds from long-term debt | 350,000 | 239,130 | — |
| Repayment of long-term debt | (34,002) | (620,130) | (19,875) |
| Proceeds from short-term borrowings | — | 261,000 | 148,000 |
| Repayment of short-term borrowings | (250,000) | (110,000) | (289,000) |
| Proceeds from issuance of common shares under stock-based compensation plans | 35,051 | 27,751 | 39,485 |
| Payment for net settlement of stock-based awards | (35,717) | (44,942) | (21,529) |
| Payment of earn-out consideration | (2,556) | (2,437) | (2,399) |
| Dividend paid | (80,479) | (91,837) | (100,014) |
| Payment for stock repurchased and retired (including expenses related to stock repurchase) | (298,219) | (214,082) | (225,499) |
| Others | (6) | — | — |
| Net cash used for financing activities | $(332,883) | $(571,402) | $(482,996) |
| Effect of exchange rate changes | (19,633) | (88,368) | 8,033 |
| Net increase (decrease) in cash and cash equivalents | 238,651 | (164,325) | (71,128) |
| Cash and cash equivalents at the beginning of the period | 680,440 | 899,458 | 646,765 |
| Cash and cash equivalents at the end of the period | $899,458 | $646,765 | $583,670 |
| Supplementary information | |||
| Cash paid during the period for interest (including interest rate swaps) | $46,348 | $51,147 | $47,989 |
| Cash paid during the period for income taxes, net of refunds | $31,761 | $145,979 | $156,733 |
| Property, plant and equipment acquired under finance lease obligations | $286 | $7,078 | $2,459 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.