Busy Q with Record Revenue…A lot going on here with all the deals being made. Can’t take away the fact that they continue to deliver record revenue but under the hood it’s hard to recreate the growth that was seen in 2015 from the appreciation of USD which we are now lapping.
The margin compression down to 24.6% from 26.1% isn’t great to see but should be transitory as they scale with the recent acquisitions. Don’t quite believe that 0.07 EPS number as this adjusts out a lot of items including a significant BPO gain. Looking at the Operating Earnings of 2.197M vs 2.242M essentially flat is a little more accurate.
Fundamentally everything looks solid, sets up very well into a strong 2016.
Staying Long.