LXFT
$45.40
Luxoft Holding
$.60
1.34%
Earnings Details
3rd Quarter December 2017
Tuesday, February 13, 2018 4:45:00 PM
Tweet Share Watch
Summary

Luxoft Lowers Guidance

Luxoft Holding (LXFT) reported 3rd Quarter December 2017 earnings of $0.67 per share on revenue of $236.6 million. The consensus earnings estimate was $0.63 per share on revenue of $241.8 million. Revenue grew 14.3% on a year-over-year basis.

The company said it now expects fiscal 2018 non-GAAP earnings of $2.77 to $2.85 per share on revenue of $900.0 million to $905.0 million. The company's previous guidance was earnings of at least $2.85 per share on revenue of at least $920.0 million and the current consensus earnings estimate is $2.90 per share on revenue of $922.0 million for the year ending March 31, 2018.

Luxoft Holding Inc provides software development services and IT solutions to its multinational clients. Its product line encompasses Horizon, Twister and iStockTrack.

Results
Reported Earnings
$0.67
Earnings Whisper
-
Consensus Estimate
$0.63
Reported Revenue
$236.6 Mil
Revenue Estimate
$241.8 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Luxoft Holding, Inc Reports Results for Third Quarter FY2018

Luxoft Holding Inc (LXFT), a global IT service provider, today announced results for the three months ended December 31, 2017.

Third Quarter FY2018 Highlights

Revenue of $236.6 million, up 14.3% year-over-year and up 3.8% sequentially

Adjusted EBITDA of $40.0 million and adjusted EBITDA margin of 16.9%, compared to $37.5 million and 18.1% in the year-ago quarter

GAAP net income of $20.6 million, up 10.9% year-over-year and up 11.4% sequentially

Non-GAAP net income of $30.5 million, up 9.0% from $27.9 million in the year-ago quarter and up 8.7% from $28.0 million last quarter

-- Diluted GAAP EPS of $0.60, up 9.1% from $0.55 in the year-ago quarter

Non-GAAP diluted EPS of $0.89, up 8.5% from $0.82 in the year-ago quarter

As of December 31, 2017, total number of employees was 13,101; Annual revenue per billable engineer was $85,392, up 4.5% year-over-year and up 3.2% sequentially

FY 2018 Guidance revised due to lower revenue from two Fortune 10 healthcare & telecom clients Note: Reconciliations of non-GAAP to GAAP measures are included at the end of the release.

"Our third quarter results demonstrate our continued progress in executing our strategic transformation to diversify our revenue streams, expand our presence in attractive end markets and strengthen our global delivery capabilities," said Dmitry Loschinin, Luxoft’s CEO and President. "We had a number of bright spots this quarter, including consolidated revenue growth of 26.5% year-over-year, excluding the top two accounts, and double-digit revenue growth in each of our three lines of business. Ongoing strong demand for advanced digital and cloud deployments drove 20.4% year-over-year revenue growth in our Digital Enterprise line of business. Financial Services’ revenue increased 12.9% compared to last year, and was up 48.7% excluding the top two accounts. We also continue to experience strong demand in our Automotive line of business as autonomy drives investment in advanced technologies, improving in-vehicle user experiences and increasing the need for connected services and IT infrastructure. On a year-over-year basis, this line of business grew 10.1% in the quarter and 37.5% in the nine-month period and is on track to deliver annual growth of over 40%."

"We continue to enhance our global competitive position and market penetration utilizing our expansive and scalable delivery platform. During the quarter, we opened a new delivery center in Berlin, the result of a strategic collaboration, with a major German multinational automotive manufacturer, to attract new talent for next-generation intelligent user experience for cars. We continue to increase our presence in Asia Pacific (APAC) following the opening of the Bangalore office. We expect to quickly ramp our engineer headcount here as we see many attractive opportunities to deliver IT services to financial institutions and other industries in Singapore, Australia, Malaysia and China from nearshore locations."

The Company exhibited solid performance across key global markets. Revenue generated in North America increased 8.4% year-over-year while APAC and Europe revenues grew 114.2% and 22.0% year-over-year, respectively. The success we are having expanding our global presence and growing outside of financial services is meaningfully reducing our client concentration. Our top two accounts amounted to 34.4% of revenue, representing a 6.3 percentage point decrease year over year. On the same basis, the top five accounts amounted to 46.0% of revenue, representing a 7.2 percentage point decrease and the top ten accounts amounted to 57.2% of revenue, a decrease of 6.6 percentage points.

Mr. Loschinin concluded, "Looking ahead, we expect our full-year results to be affected by lower revenue from two large acquired telecom and healthcare clients. This is primarily the result of our de-emphasizing lower-margin, non-core business and strategically aligning our resources with an expanding number of attractive, higher-margin opportunities. While this will impact our revenue generation this fiscal year, we believe these actions position the Company more competitively in the long term. As a result, we currently expect our full-year fiscal 2018 revenue to be in the range of $900-905 million, down approximately 2%, and our adjusted EBITDA margin to be in the range of 15.0-15.2%."

"Despite this near-term challenge, our confidence in the business remains strong. We see a number of attractive growth opportunities across our verticals, and we are confident we have the right strategy to further build our long-term growth potential and deliver increasing value to shareholders. The entire Luxoft team is focused on driving improved execution and entering fiscal 2019 with momentum across our business as we further implement our revenue diversification and business optimization strategies."

Outlook for the Fiscal Year Ending March 31, 2018

The Company is revising its full-year outlook and expects:

Revenue to be in the range of $900 to $905 million, down approximately 2%, from the previous $920 million guidance

Adjusted EBITDA margin to be in the range of 15.0-15.2%, down from the previous guidance of 15.5-16.5%

-- Diluted EPS on GAAP basis to be at least $1.53 (unchanged)

Diluted EPS on a non-GAAP basis to be in the range from $2.77- $2.85, down from at least $2.85

EPS to be based on an estimated weighted average of 34.4 million diluted shares

Conference Call Information

The Company will host a conference call to review the results on Wednesday, February 14, 2018 at 8:00 a.m. ET. To participate, please dial 877-407-8293 or 201-689-8349 (outside the U.S.) or access the live webcast here.

A replay will be available two hours after the call at http://investor.luxoft.com or by dialing 877-660-6853 or 201-612-7415 (outside the U.S.) and entering the conference ID 13675016. The replay will be available until February 28, 2018.

About Luxoft

Luxoft (LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.

Luxoft has more than 13,100 employees across 41 cities in 20 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit the website.

Non-GAAP Financial Measures

To supplement our financial results presented in accordance with US GAAP, this press release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: earnings before interest, tax, depreciation and amortization (EBITDA); adjusted EBITDA; non-GAAP net income; non-GAAP diluted Earnings per share (EPS) and Free Cash Flow (FCF). EBITDA is calculated as earnings before interest, tax, depreciation and amortization, where interest includes unwinding of the discount rate for contingent liabilities. Prior year amounts were amended accordingly. Non-GAAP net income and non-GAAP EPS exclude stock-based compensation expense, amortization of fair value adjustments to intangible assets and impairment thereof and other acquisitions related costs that may include changes in the fair value of contingent consideration liabilities. Non-GAAP diluted EPS are calculated as non-GAAP net income divided by weighted average number of diluted shares. Free Cash Flow is calculated as operating cash flow less capital expenditure which consists of purchases of property, plant and equipment and intangible assets as defined in the cash flow statement.

We adjust our non-GAAP financial measures to exclude stock based compensation, because it is a non-cash expense. We also adjust our non-GAAP financial measures to exclude the change in fair value of contingent consideration, because we believe these expenses are not indicative of what we consider to be normal course of operations. Our non-GAAP financial measures are adjusted to exclude amortization of purchased intangible assets in order to allow management and investors to evaluate our results from operating activities as if these assets have been developed internally rather than acquired in a business combination. Finally, we adjust our non-GAAP financial measures to exclude acquisition-related costs, which comprise payments to consulting firms as well as fees paid upon successful completion of acquisition; as well as certain incentive payments for members of management of the acquired companies as provided for in the acquisition agreements. These payments are based on performance of the acquired businesses and are classified as part of management compensation rather than part of purchase consideration. These costs vary with the size and complexity of each acquisition and are generally inconsistent in amount and frequency, and therefore, we believe that they may not be indicative of the size and volume of future acquisition-related costs.

We provide these non-GAAP financial measures because we believe that they present a better measure of our core business and management uses them internally to evaluate our ongoing performance. Accordingly, we believe that these non-GAAP measures are useful to investors in enhancing and understanding of our operating performance. These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable US GAAP measures. The non-GAAP results and a full reconciliation between US GAAP and non-GAAP results are provided in the accompanying tables at the end of this press release.

Forward-Looking Statements

In addition to historical information, this release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding: the persistence and intensification of competition in the IT industry; the future growth of spending in IT services outsourcing generally and in each of our industry verticals, application outsourcing and custom application development and offshore research and development services; the level of growth of demand for our services from our clients; the level of increase in revenue from our new clients; seasonal trends and the budget and work cycles of our clients; general economic and business conditions in our locations, including geopolitical instability and social, economic or political uncertainties, particularly in Russia and Ukraine, and any potential sanctions, restrictions or responses to such conditions imposed by some of the locations in which we operate; the levels of our concentration of revenues by vertical, geography, by client and by type of contract in the future; the expected timing of the increase in our corporate tax rate, or actual increases to our effective tax rate which we may experience from time to time; our expectations with respect to the proportion of our fixed price contracts; our expectation that we will be able to integrate and manage the companies we acquire and that our acquisitions will yield the benefits we envision; the demands we expect our rapid growth to place on our management and infrastructure; the sufficiency of our current cash, cash flow from operations, and lines of credit to meet our anticipated cash needs; the high proportion of our cost of services comprised of personnel salaries; our plans to introduce new products for commercial resale and licensing in addition to providing services; our anticipated joint venture with one of our clients; and our continued financial relationship with IBS Group Holding limited and its subsidiaries including expectations for the provision and purchase of services and purchase and lease of equipment; and other factors discussed under the heading "Risk Factors" in the Annual Report on Form 20-F for the year ended March 31, 2017 and other documents filed with or furnished to the Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share amounts)
December 31,
As of March 31,
2017
2017
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
69,351
$
109,558
Restricted cash, current
4,065
4,000
Trade accounts receivable, net of allowance for doubtful accounts of
170,489
144,862
$1,303 at December 31, 2017 and $435 at March 31, 2017
Unbilled revenue
41,291
14,454
Work-in-progress
4,241
2,805
Due from related parties
592
1,084
VAT and other taxes receivable
3,644
1,732
Advances issued
2,624
2,740
Other current assets
6,077
5,224
Total current assets
302,374
286,459
Non-current assets
Restricted cash, non-current
2,818
1,399
Deferred tax assets
4,435
3,423
Property and equipment, net
46,829
49,571
Intangible assets, net
122,416
120,430
Goodwill
93,579
76,918
Other non-current assets
5,367
9,007
Total non-current assets
275,444
260,748
Total assets
$
577,818
$
547,207
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
515
$
633
Accounts payable
6,684
24,402
Accrued liabilities
37,263
38,513
Deferred revenue
3,800
3,815
Due to related parties
13
460
Taxes payable
24,920
21,283
Payable on derivative financial instruments
945
295
Payable for acquisitions, current
12,781
17,221
Other current liabilities
1,721
2,025
Total current liabilities
88,642
108,647
Deferred tax liability, non-current
11,489
16,907
Payable for acquisitions, non-current
18,556
32,206
Other non-current liabilities
4,415
2,629
Total liabilities
123,102
160,389
Shareholders’ equity
Share capital (80,000,000 shares authorized; 33,842,002 issued and
outstanding with no par value as at December 31, 2017, and
--
--
80,000,000 shares authorized; 33,540,034 issued and outstanding
with no par value as at March 31, 2017)
Additional paid-in capital
150,132
133,192
(1,375 )
(6,028 )
Common stock held in treasury, at cost (25,422 shares as of
December 31, 2017; 93,813 shares as of March 31, 2017)
Retained earnings
308,815
263,508
Accumulated other comprehensive loss
(2,888 )
(3,886 )
Total shareholders’ equity attributable to the Group
454,684
386,786
Non-controlling interest
32
32
Total equity
454,716
386,818
Total liabilities and equity
$
577,818
$
547,207
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US dollars, except share and per share amounts)
For the three months ended
For the nine months ended
December 31,
December 31,
2017
2016
2017
2016
(Unaudited)
(Unaudited)
Sales of services
$
236,613
$
206,924
$
673,885
$
581,430
Operating expenses
Cost of services (exclusive of depreciation and amortization)
144,332
124,688
419,236
345,348
Selling, general and administrative expenses
63,485
54,291
179,747
157,530
Depreciation and amortization
11,050
9,362
31,695
24,587
Gain from revaluation of contingent liability
(3,930 )
(2,143 )
(6,020 )
(2,587 )
Operating income
21,676
20,726
49,227
56,552
Other income and expenses
Interest income, net
17
6
76
10
Unwinding of discount rate for contingent liability, loss
(588 )
(719 )
(1,286 )
(1,224 )
Other gain, net
934
3,630
1,880
4,364
Gain from derivative financial instruments
57
953
146
1,314
Net foreign exchange gain/ (loss)
177
(2,847 )
1,301
(3,493 )
Income before income taxes
22,273
21,749
51,344
57,523
Income tax expense
(1,723 )
(3,217 )
(6,037 )
(8,620 )
Net income
$
20,550
$
18,532
$
45,307
$
48,903
Net income attributable to the non-controlling interest
--
--
--
--
Net income attributable to the Group
$
20,550
$
18,532
$
45,307
$
48,903
Basic EPS per Class A and Class B ordinary share
Net income attributable to the Group per ordinary share
$
0.61
$
0.56
$
1.35
$
1.47
Weighted average ordinary shares outstanding
33,756,866
33,225,850
33,611,350
33,210,119
Diluted EPS per Class A and Class B ordinary share
Diluted net income attributable to the Group per ordinary share
$
0.60
$
0.55
$
1.32
$
1.44
Diluted weighted average ordinary shares outstanding
34,102,625
33,878,605
34,254,345
33,879,650
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of US dollars)
For the three months
For the nine months ended
ended December 31,
December 31,
2017
2016
2017
2016
(Unaudited)
(Unaudited)
Net income
$
20,550
$
18,532
$
45,307
$
48,903
Other comprehensive income (loss), net of tax
Gains/(losses) on derivative instruments, net of tax effect of $3
(28)
1,648
(681)
2,258
and $74; $75 and $173
Translation adjustments with no tax effects
314
(367)
1,679
(2,012)
Total other comprehensive income
286
1,281
998
246
Comprehensive income
20,836
19,813
46,305
49,149
Comprehensive income (loss) attributable to the non-controlling
--
--
--
--
interest
Comprehensive income attributable to the Group
$
20,836
$
19,813
$
46,305
$
49,149
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(In thousands of US dollars)
For the nine months ended
December 31,
2017
2016
(Unaudited)
Operating activities
Income from operations
$
45,307
$
48,903
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
31,695
24,587
Deferred tax benefit
(3,449 )
(1,434 )
Income from derivative financial instruments
(146 )
(1,314 )
(Income)/ Loss on foreign exchange
(1,301 )
3,493
Provision for doubtful accounts
827
417
Gain from revaluation of contingent liability
(6,020 )
(2,587 )
Unwinding of discount rate for contingent liability, loss
1,286
1,224
Share-based compensation
22,940
21,515
Changes in operating assets and liabilities:
Trade accounts receivable and unbilled revenue
(36,581 )
(3,389 )
Work-in-progress
(1,436 )
(514 )
Due to and from related parties
45
261
Accounts payable and accrued liabilities
(21,807 )
(8,943 )
Deferred revenue
(32 )
(2,897 )
Changes in other assets and liabilities
1,565
(4,781 )
Net cash provided by operating activities
32,893
74,541
Investing activities
Purchases of property and equipment
(17,348 )
(14,574 )
Purchases of intangible assets
(3,395 )
(2,930 )
Acquisitions, net of cash acquired
(34,155 )
(54,464 )
Restricted cash
125
--
Net cash used in investing activities
(54,773 )
(71,968 )
Financing activities
Net repayment of short-term borrowings
(1,127 )
(5,998 )
Acquisition of business, deferred consideration
(12,945 )
(4,534 )
Repurchases of common stock
(3,361 )
(1,266 )
Repayment of capital lease obligations
(132 )
(123 )
Net cash used in financing activities
(17,565 )
(11,921 )
Effect of exchange rate changes on cash and cash equivalents
(762 )
(1,133 )
Net decrease in cash and cash equivalents
(40,207 )
(10,481 )
Cash and cash equivalents at beginning of year
109,558
108,545
Cash and cash equivalents at end of period
$
69,351
$
98,064
Luxoft Holding, Inc
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP
Measures (Unaudited)
(In thousands of US dollars, except per share amounts and
percentages)
Three Months Ended December 31,
Nine Months Ended December 31,
2017
2017
2017
2017
2017
2017
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
21,676
10,849 (a)
32,525
49,227
33,468 (a)
82,695
Operating margin
9.2 %
4.5 %
13.7 %
7.3 %
5.0 %
12.3 %
Net income
20,550
9,921 (b)
30,471
45,307
30,320 (b)
75,627
Diluted earnings per share
$
0.60
$
0.89
$
1.32
$
2.21
Three Months Ended December 31,
Nine Months Ended December 31,
2016
2016
2016
2016
2016
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
20,726
9,512 (a)
30,238
56,552
29,615 (a)
86,167
Operating margin
10.0 %
4.6 %
14.6 %
9.7 %
5.1 %
14.8 %
Net income
18,532
9,416 (b)
27,948
48,903
27,913 (b)
76,816
Diluted earnings per share
$
0.55
$
0.82
$
1.44
$
2.27
Luxoft Holding, Inc
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP
Measures (Unaudited)
(In thousands of US dollars, except per share amounts and
percentages)
Three Months Ended
Nine Months Ended
December 31,
December 31,
(a)
2017
2016
2017
2016
Adjustments to GAAP operating income
Stock-based compensation expense
$
8,703
$
7,625
$
22,940
$
21,515
Amortization of purchased Intangible assets
4,711
3,806
12,741
8,359
Gain from revaluation of contingent liability
(3,930 )
(2,143 )
(6,020 )
(2,587 )
Acquisition related costs
1,365
224
3,807
2,328
Total Adjustments to GAAP income from operations:
$ 10,849
$
9,512
$
33,468
$
29,615
Three Months Ended
Nine Months Ended
December 31,
December 31,
(b)
2017
2016
2017
2016
Adjustments to GAAP net income
Stock-based compensation expense
$
8,703
$
7,625
$
22,940
$
21,515
Amortization of purchased Intangible assets
4,711
3,806
12,741
8,359
Gain from revaluation of contingent liability and unwinding of
(3,342 )
(1,424 )
(4,734 )
(1,363 )
discount rate for contingent liability
Acquisition related costs
1,365
224
3,807
2,328
Tax effect of the adjustments
(1,516 )
(815 )
(4,434 )
(2,926 )
Total Adjustments to GAAP net income
$
9,921
$
9,416
$
30,320
$
27,913
Three Months Ended
Nine Months Ended
December 31,
December 31,
2017
2016
2017
2016
Net income
$ 20,550
$ 18,532
$
45,307
$
48,903
Adjusted for:
Interest Income
(17 )
(6 )
(76 )
(10 )
Unwinding of discount rate for contingent liability, loss
588
719
1,286
1,224
Income tax
1,723
3,217
6,037
8,620
Depreciation and Amortization
11,050
9,362
31,695
24,587
EBITDA
$ 33,894
$ 31,824
$
84,249
$
83,324
Adjusted for
Stock based compensation
8,703
7,625
22,940
21,515
Gain from revaluation of contingent liability
(3,930 )
(2,143 )
(6,020 )
(2,587 )
Acquisition related costs
1,365
224
3,807
2,328
Adjusted EBITDA
$ 40,032
$ 37,530
$ 104,976
$
104,580
Luxoft Holding, Inc
Schedule of supplemental information
(Unaudited)
(In thousands; except percentages)
Revenue for the three Months Ended December 31,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
North America
$
78,609
33.2 %
72,542
35.1 %
Europe (excl. U.K.)
77,526
32.8 %
63,557
30.7 %
U.K.
52,446
22.2 %
50,230
24.3 %
Russia
13,159
5.6 %
12,633
6.1 %
APAC
12,456
5.3 %
5,815
2.8 %
Other
2,417
0.9 %
2,147
1.0 %
Total
$ 236,613
100.0 %
206,924
100.0 %
Revenue for the nine Months Ended December 31,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
North America
$ 237,270
35.2 %
187,883
32.3 %
Europe (excl. U.K.)
211,060
31.3 %
172,738
29.7 %
U.K.
152,739
22.7 %
168,571
29.0 %
Russia
38,593
5.7 %
27,633
4.8 %
APAC
29,483
4.4 %
20,120
3.5 %
Other
4,740
0.7 %
4,485
0.7 %
Total
$ 673,885
100.0 %
581,430
100.0 %
Revenue for the three Months Ended December 31,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 138,119
58.4 %
122,333
59.1 %
Automotive and transport
36,021
15.2 %
32,717
15.8 %
Telecom
28,064
11.9 %
17,820
8.6 %
Digital
26,052
11.0 %
23,027
11.1 %
Healthcare
7,658
3.2 %
10,101
4.9 %
Other
699
0.3 %
926
0.5 %
Total
$ 236,613
100.0 %
206,924
100.0 %
Revenue for the nine months ended December 31,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 380,763
56.5 %
367,837
63.3 %
Automotive and transport
111,933
16.6 %
81,396
14.0 %
Digital
77,950
11.6 %
64,970
11.2 %
Telecom
77,630
11.5 %
46,813
8.1 %
Healthcare
24,075
3.6 %
18,671
3.2 %
Other
1,534
0.2 %
1,743
0.2 %
Total
$ 673,885
100.0 %
581,430
100.0 %
LUXOFT HOLDING, INC.
Reconciliations of Non-GAAP Forward-looking Financial Measures
to Comparable GAAP Forward-looking Measures
(Unaudited)
(In thousands of US dollars, except share, per share amounts
and percentages)
Year Ended
March 31, 2018
Revenue
$
900,000
Net income
$
54,350
Adjusted for:
Interest Expense
(164)
Income tax
7,598
Depreciation and Amortization
43,499
EBITDA
$
105,283
Adjusted for:
Stock based compensation
29,501
Loss from revaluation of contingent liability
(4,479)
Acquisition related costs
4,889
Adjusted EBITDA
$
135,194
Adjusted EBITDA margin
15.0 %
Net income
$
54,350
Adjusted for:
Stock-based compensation expense
29,501
Amortization of purchased Intangible assets
17,452
Loss from revaluation of contingent liability
(4,479)
Acquisition related costs
4,889
Tax effect of the adjustments
(6,191)
Total adjustments to Net Income
$
41,172
Adjusted Net Income
$
95,522
Diluted weighted average ordinary shares outstanding
34,442,000
Adjusted EPS
$
2.77
Year Ended March 31, 2018
GAAP
Adjustments
Non-GAAP
Net income
$ 54,350
$
41,172
$ 95,522
Diluted earnings per share
$
1.58
$
2.77

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180213006528r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180213006528/en/

SOURCE: Luxoft Holding Inc"> <Property FormalName="PrimaryTwitterHandle" Value="@luxoft

Luxoft Holding Inc
Investor Inquires
Tracy Krumme
Vice President, Investor Relations
212-964-9900 ext. 2460
IR@luxoft.com
or
Media Inquiries
Patrick R. Corcoran
Global Director, External Relations
212-964-9900 ext. 2453
Press@luxoft.com
Twitter: @Luxoft