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  "documentTitle": "TaskUs, Inc. (TASK)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-01-20 00:00:00",
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  "notes": "Uses a red flag callout to highlight the core thesis of rising costs.",
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      "kind": "callout",
      "text": "By analyzing TASK's Cost of Service per average employee, we find that it has been steadily rising. In fact, we expect TASK to face accelerated cost pressures due to wage increases in key markets where it is adding headcount at the fastest pace; notably the Philippines (68%) and India (13%). Local reports suggest +5.6% and +9.3% wage pressures in the Philippines and India labor markets, while the U.S. is expected to increase wages +3.9%.(1,2,3)",
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      "text": "By analyzing TASK's Cost of Service per average employee, we find that it has been steadily rising.",
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      "text": "Cost of Service Per Avg. Employee: $12,977",
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      "kind": "paragraph",
      "text": "1) “Salary Hikes in the Philippines Might Reach 5.6 Percent Next Year,” Esquire Philippines, Oct 2021\n2) “India to see higher salaries at 9.3% increase in 2022,” The Economic Times, Oct 20, 2021\n3) “Companies plan to give biggest raises in more than a decade,” Washington Post, Dec 8, 2021",
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      "text": "Salary Hikes in the Philippines Might Reach 5.6 Percent Next Year — Esquire Philippines, Oct 2021; India to see higher salaries at 9.3% increase in 2022 — The Economic Times, Oct 20, 2021; Companies plan to give biggest raises in more than a decade — Washington Post, Dec 8, 2021",
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      "text": "Source: TASK financials and press releases, Spruce Point Analysis. 1) Annual average except LTM period which is average of last 4 quarters",
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      "text": "TASK Headcount By Region table",
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      "text": "TASK Average Cost Per Employee Keeps Rising table",
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      "text": "While Cost Per Employee Keeps Rising....",
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