TaskUs, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in revenue and profitability compared to the same periods in 2023.
For the third quarter of 2024, service revenue reached $255.3 million, a 13.2% increase from $225.6 million in Q3 2023. For the nine-month period, revenue totaled $720.7 million, up 4.4% from $690.1 million in the prior year. The growth in revenue was driven by strong performance in the Trust and Safety segment, which saw a 30.8% increase, and AI Services, which grew by 17.8%. The Digital Customer Experience segment also contributed, albeit at a slower pace with a 6.3% increase.
Operating income for Q3 2024 was $24.2 million, reflecting a 5.4% increase from $22.9 million in Q3 2023. For the nine months, operating income rose to $70.5 million, an 11.0% increase from $63.5 million in the same period last year. Net income for Q3 2024 was $12.7 million, a significant 30.0% increase from $9.8 million in Q3 2023. For the nine months, net income totaled $37.0 million, up 25.8% from $29.4 million in 2023.
Total operating expenses for Q3 2024 were $231.2 million, a 14.0% increase from $202.7 million in Q3 2023, primarily due to higher personnel costs associated with increased headcount and site expansion. Selling, general, and administrative expenses also rose, influenced by litigation costs.
As of September 30, 2024, TaskUs reported total assets of $942.1 million, up from $864.2 million at the end of 2023. Cash and cash equivalents increased to $180.4 million from $125.8 million at the end of 2023. The company’s total liabilities rose to $452.3 million, compared to $423.5 million at the end of the previous year.
TaskUs continues to focus on strategic growth, investing in operations, facilities, and training to support revenue expansion. The company has also been managing pricing pressures as clients seek cost reductions, which has impacted margins. The firm remains committed to diversifying its client base and targeting high-growth industry verticals.
In terms of acquisitions, TaskUs completed the acquisition of Parsec d.o.o. and Q Experience d.o.o. for $35.4 million in April 2022, with no additional earn-out payments made as of April 30, 2024. The company is also navigating various legal proceedings, including a class action lawsuit related to its IPO registration statement.
Overall, TaskUs's financial performance reflects a positive trajectory, with significant increases in revenue and net income, despite rising operational costs and ongoing legal challenges.
About TaskUs, Inc.
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