LXFT
$54.60
Luxoft Holding
$1.10
2.06%
Earnings Details
2nd Quarter September 2017
Thursday, November 16, 2017 5:33:00 PM
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Summary

Luxoft Reaffirms

Luxoft Holding (LXFT) reported 2nd Quarter September 2017 earnings of $0.66 per share on revenue of $228.0 million. The consensus earnings estimate was $0.53 per share on revenue of $227.7 million. Revenue grew 16.1% on a year-over-year basis.

The company said it continues to expect fiscal 2018 non-GAAP earnings of at least $2.85 per share on revenue of at least $920.0 million. The current consensus earnings estimate is $2.85 per share on revenue of $921.4 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
$0.66
Earnings Whisper
-
Consensus Estimate
$0.53
Reported Revenue
$228.0 Mil
Revenue Estimate
$227.7 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Luxoft Holding, Inc Reports Results for Second Quarter FY2018

Luxoft Holding, Inc (LXFT), a global IT service provider, today announced results for the three months ended September 30, 2017.

Second Quarter FY2018 Highlights

Revenue of $228.0 million, up 16.1% year-over-year and up 9.0% sequentially

Adjusted EBITDA of $38.6 million and adjusted EBITDA margin of 16.9%, compared to $37.4 million and 19.1% in the year-ago quarter

GAAP net income of $18.4 million, up 13.2% year-over-year and up 191.9% sequentially

Non-GAAP net income of $28.0 million, up 0.7% from $27.8 million in the year-ago quarter and up 63.8% from $17.1 million last quarter

-- Diluted GAAP EPS of $0.54, compared to $0.48 in the year-ago quarter

Non-GAAP diluted EPS of $0.82, compared to $0.83 in the year-ago quarter

As of September 30, 2017, total number of employees was 13,090; Annual revenue per billable engineer was $82,800, up 4.9% year-over-year and up 9.0% sequentially

Note: Reconciliations of non-GAAP to GAAP measures are included at the end of the release.

"Second quarter results were largely in line with our expectations as execution of our strategic transformation drove strong growth in several verticals and offset moderating demand patterns among our top two accounts," said Dmitry Loschinin, Luxoft’s CEO and President. "Key highlights of our progress include year-over-year revenue growth of 75.6% in Automotive, 43.2% in Financial Services excluding the top two accounts, and 26.0% in Telecom. Overall, we generated 37.5% revenue growth year-over-year outside our top two accounts, which demonstrates the steady progress we are making in transforming our business through new vertical growth, strengthened key platform-architecture expertise and expanded delivery-center scale. Importantly, we also further increased our High Performance Accounts (HPAs) which reached nearly 36.6% of revenue."

During the quarter, the Company continued to expand its global sales and delivery, including opening a new office in Bangalore, India and increasing its presence in Asia Pacific (APAC) through the acquisition of derivIT. In addition to diversifying across attractive new verticals, emphasis was placed on generating balanced growth across key global markets. Progress here includes Q2 year-over-year revenue growth of 54.9% in APAC, 21.2% in Europe and 17.1% in North America.

The Company continued to decrease client concentration of its top two accounts while driving improved operating and financial performance. The top two accounts in the second quarter amounted to 35.4% of revenue, representing a 10.1% point decrease year-over-year. On the same basis, the top five accounts amounted to 46.7% of revenue, representing an 11.4% point decrease and the top ten accounts amounted to 57.5% of revenue, a decrease of 11.1% points.

Mr. Loschinin concluded, "We continue to place strategic emphasis on accelerating our shift to digital innovation as demand for complex digital and cloud-based deployments remain strong. Looking ahead, we are confident that our overall strategy is aligned with the long-term trends across each of our verticals as we look to become an increasingly critical strategic partner for our customers. The entire management team is focused on driving stronger execution, building momentum across our verticals and further driving our business transformation. We believe we are taking the right steps to best position Luxoft for long-term sustainable growth and value creation for our shareholders."

Outlook for the Financial Year Ending March 31, 2018

The Company is reiterating its full-year outlook which includes:

Revenue is expected to be at least $920 million, which represents an increase of at least 17.1% year over year

-- Adjusted EBITDA margin is expected to be in the range of 15.5% - 16.5%

Diluted EPS on GAAP basis is expected to be at least $1.53, and diluted EPS on a non-GAAP basis at least $2.85

EPS is 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 Friday, November 17, 2017 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 13672381. The replay will be available until December 1, 2017.

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 13,000 employees across 42 offices in 21 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 revenues 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)
September 30,
As of March 31,
2017
2017
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
56,102
$
109,558
Restricted cash, current
3,946
4,000
Trade accounts receivable, net of allowance for doubtful accounts
182,526
144,862
of
$1,217 at September 30, 2017 and $435 at March 31, 2017
Unbilled revenue
37,727
14,454
Work-in-progress
2,073
2,805
Due from related parties
952
1,084
VAT and other taxes receivable
2,579
1,732
Advances issued
3,415
2,740
Other current assets
6,829
5,224
Total current assets
296,149
286,459
Non-current assets
Restricted cash, non-current
2,917
1,399
Deferred tax assets
4,925
3,423
Property and equipment, net
48,076
49,571
Intangible assets, net
126,818
120,430
Goodwill
93,378
76,918
Other non-current assets
6,894
9,007
Total non-current assets
283,008
260,748
Total assets
$
579,157
$
547,207
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
1,504
$
633
Accounts payable
19,663
24,402
Accrued liabilities
44,554
38,513
Deferred revenue
6,433
3,815
Due to related parties
562
460
Taxes payable
23,613
21,283
Payable under foreign exchange contracts
1,283
295
Payable for acquisitions, current
15,265
17,221
Other current liabilities
1,817
2,025
Total current liabilities
114,694
108,647
Deferred tax liability, non-current
13,815
16,907
Payable for acquisitions, non-current
19,605
32,206
Other non-current liabilities
4,609
2,629
Total liabilities
152,723
160,389
Shareholders’ equity
Share capital (80,000,000 shares authorized; 33,697,103 issued and
outstanding
--
with no par value as at September 30, 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
149,291
133,192
Common stock held in treasury, at cost (124,664 shares as of
(7,980)
(6,028)
September
30, 2017; 93,813 shares as of March 31, 2017)
Retained earnings
288,265
263,508
Accumulated other comprehensive loss
(3,174)
(3,886)
Total shareholders’ equity attributable to the Group
426,402
386,786
Non-controlling interest
32
32
Total equity
426,434
386,818
Total liabilities and equity
$
579,157
$
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
For the six months ended
ended September 30,
September 30,
2017
2016
2017
2016
Unaudited
Unaudited
Sales of services
$
228,030
$
196,457
$
437,272
$
374,506
Operating expenses
Cost of services (exclusive of depreciation and amortization)
139,305
114,908
274,904
220,660
Selling, general and administrative expenses
58,199
54,315
116,262
103,239
Depreciation and amortization
9,915
7,990
20,645
15,225
Gain from revaluation of contingent liability
(870)
(44)
(2,090)
(444)
Operating income
21,481
19,288
27,551
35,826
Other income and expenses
Interest income/(expense), net
42
(28)
59
4
Unwinding of discount rate for contingent liability
103
(388)
(698)
(505)
Other gains/(losses), net
457
327
946
734
Gain/(Loss) from derivative financial instruments
(3)
(30)
89
361
Net foreign exchange (loss)/ gain
(356)
21
1,124
(646)
Income before income taxes
21,724
19,190
29,071
35,774
Income tax expense
(3,284)
(2,899)
$
(4,314)
$
(5,403)
Net income
$
18,440
$
16,291
$
24,757
$
30,371
Net income attributable to the non-controlling interest
--
--
--
--
Net income attributable to the Group
$
18,440
$
16,291
$
24,757
$
30,371
Basic EPS per Class A and Class B ordinary share
Net income attributable to the Group per ordinary share
$
0.55
$
0.49
$
0.74
$
0.91
Weighted average ordinary shares outstanding
33,570,633
33,208,472
33,537,185
33,202,121
Diluted EPS per Class A and Class B ordinary share
Diluted net income attributable to the Group per ordinary share
$
0.54
$
0.48
$
0.72
$
0.90
Diluted weighted average ordinary shares outstanding
34,116,417
33,739,017
34,206,683
33,855,169
LUXOFT HOLDING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of US dollars)
For the three months
For the six months ended
ended September 30,
September 30,
2017
2016
2017
2016
Unaudited
Unaudited
Net income
$
18,440
$
16,291
$
24,757
$
30,371
Other comprehensive (loss) income, net of tax
Gains on derivative financial instruments, net of tax effect of
80
(253)
(653)
610
$(21) and $54; $72 and $166
Translation adjustments with no tax effects
695
(740)
1,365
(1,645)
Total other comprehensive (loss) income
775
(993)
712
(1,035)
Comprehensive income
19,215
15,298
25,469
29,336
Comprehensive income (loss) attributable to the non-controlling
--
--
--
--
interest
Comprehensive income attributable to the Group
$
19,215
$
15,298
$
25,469
$
29,336
LUXOFT HOLDING, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(In thousands of US dollars)
For the six months ended
ended September 30,
2017
2016
(unaudited)
Operating activities
Income from operations
$
24,757
$
30,371
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
20,645
15,225
Deferred tax benefit
(1,711)
(781)
Income from derivative financial instruments
(89)
(361)
(Income)/ Loss on foreign exchange
(1,124)
646
Provision for doubtful accounts
622
60
Gain from revaluation of contingent liability
(2,090)
(444)
Unwinding of discount rate for contingent liability, loss
698
505
Share-based compensation
14,237
13,889
Changes in operating assets and liabilities:
Trade accounts receivable and unbilled revenue
(45,423)
(14,150)
Work-in-progress
732
(2,026)
Due to and from related parties
234
396
Accounts payable and accrued liabilities
(4,114)
2,903
Deferred revenue
2,605
(813)
Changes in other assets and liabilities
(793)
2,772
Net cash provided by operating activities
9,186
48,192
Investing activities
Purchases of property and equipment
(11,332)
(8,354)
Purchases of intangible assets
(2,127)
(1,907)
Acquisitions, net of cash acquired
(34,155)
(54,464)
Restricted cash
125
--
Net cash used in investing activities
(47,489)
(64,725)
Financing activities
Net repayment of short-term borrowings
(138)
(6,028)
Acquisition of business, deferred consideration
(12,707)
(4,534)
Repurchases of common stock
(2,017)
(930)
Repayment of capital lease obligations
(69)
(60)
Net cash used in financing activities
(14,931)
(11,552)
Effect of exchange rate changes on cash and cash equivalents
(222)
(271)
Net decrease in cash and cash equivalents
(53,456)
(28,356)
Cash and cash equivalents at beginning of year
109,558
108,545
Cash and cash equivalents at end of period
$
56,102
$
80,189
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 September 30,
Six Months Ended September 30,
2017
2017
2017
2017
2017
2017
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
21,481
10,715
(a)
32,196
27,551
22,619
(a)
50,170
Operating margin
9.4
%
4.7
%
14.1
%
6.3
%
5.2
%
11.5
%
Net income
18,440
9,596
(b)
28,036
24,757
20,399
(b)
45,156
Diluted earnings per share
$
0.54
0.82
$
0.72
1.32
Three Months Ended September 30,
Six Months Ended September 30,
2016
2016
2016
2016
2016
2016
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
19,288
12,286
(a)
31,574
35,826
20,103
(a)
55,929
Operating margin
9.8
%
6.3
%
16.1
%
9.6
%
5.4
%
14.9
%
Net income
16,291
11,555
(b)
27,846
30,371
18,497
(b)
48,868
Diluted earnings per share
$
0.48
$
0.83
$
0.90
$
1.44
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
Six Months Ended
September 30,
(a)
2017
2016
2017
2016
Adjustments to GAAP operating income
Stock-based compensation expense
$
6,185
$
9,029
$
14,237
$
13,889
Amortization of purchased Intangible assets
3,657
2,446
8,030
4,553
Gain from revaluation of contingent liability
(870)
(44)
(2,090)
(444)
Acquisition related costs
1,743
855
2,442
2,105
Total Adjustments to GAAP income from operations
$
10,715
$
12,286
$
22,619
$
20,103
Three Months Ended
Six Months Ended
September 30,
(b)
2017
2016
2017
2016
Adjustments to GAAP net income
Stock-based compensation expense
$
6,185
$
9,029
$
14,237
$
13,889
Amortization of purchased Intangible assets
3,657
2,446
8,030
4,553
(Gain)/ Loss from revaluation of contingent liability and
(973)
344
(1,392)
61
unwinding
of discount rate for contingent liability
Acquisition related costs
1,743
855
2,442
2,105
Tax effect of the adjustments
(1,016)
(1,119)
(2,918)
(2,111)
Total Adjustments to GAAP net income
$
9,596
$
11,555
$
20,399
$
18,497
Three Months Ended
Six Months Ended
September 30,
2017
2016
2017
2016
Net income
$
18,440
$
16,291
$
24,757
$
30,371
Adjusted for:
Interest (Income)/ Expense
(42)
28
(59)
(4)
Unwinding of discount rate for contingent liability, (gain)/ loss
(103)
388
698
505
Income tax
3,284
2,899
4,314
5,403
Depreciation and Amortization
9,915
7,990
20,645
15,225
EBITDA
$
31,494
$
27,596
$
50,355
$
51,500
Adjusted for
Stock based compensation
6,185
9,029
14,237
13,889
Gain from revaluation of contingent liability
(870)
(44)
(2,090)
(444)
Acquisition related costs
1,743
855
2,442
2,105
Adjusted EBITDA
$
38,552
$
37,436
$
64,944
$
67,050
LUXOFT HOLDING, INC.
Schedule of supplemental information
(Unaudited)
(In thousands; except percentages)
Revenue for the three Months Ended September 30,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
North America
$
78,835
34.6
%
$
67,345
34.3
%
Europe (excl. U.K.)
68,033
29.8
%
56,116
28.6
%
U.K.
52,164
22.9
%
57,221
29.1
%
Russia
17,872
7.8
%
8,055
4.1
%
APAC
10,002
4.4
%
6,456
3.3
%
Other
1,124
0.5
%
1,264
0.6
%
Total
$
228,030
100.0
%
$ 196,457
100.0
%
Revenue for the six Months Ended September 30,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
North America
$
158,661
36.3
%
115,341
30.8
%
Europe (excl. U.K.)
133,534
30.5
%
109,181
29.2
%
U.K.
100,293
22.9
%
118,341
31.6
%
Russia
25,434
5.8
%
15,000
4.0
%
APAC
17,027
3.9
%
14,305
3.8
%
Other
2,323
0.6
%
2,338
0.6
%
Total
$
437,272
100.0
%
374,506
100.0
%
Revenue for the three Months Ended September 30,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 129,174
56.6
%
123,137
62.7
%
Automotive and transport
40,778
17.9
%
23,227
11.8
%
Digital
26,067
11.4
%
22,071
11.2
%
Telecom
24,023
10.5
%
19,059
9.7
%
Healthcare
7,684
3.4
%
8,570
4.4
%
Other
304
0.2
%
393
0.2
%
Total
$ 228,030
100.0
%
196,457
100.0
%
Revenue for the six months ended September 30,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 242,644
55.5
%
245,504
65.6
%
Automotive and transport
75,912
17.4
%
48,679
13.0
%
Digital
51,898
11.9
%
41,943
11.2
%
Telecom
49,566
11.3
%
28,993
7.7
%
Healthcare
16,417
3.8
%
8,570
2.3
%
Other
835
0.1
%
817
0.2
%
Total
$ 437,272
100.0
%
374,506
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
$
920,000
Net income
$
53,695
Adjusted for:
Interest Expense
(236)
Income tax
9,476
Depreciation and Amortization
45,368
EBITDA
$
108,303
Adjusted for:
Stock based compensation
29,501
Loss from revaluation of contingent liability
(350)
Acquisition related costs
5,185
Adjusted EBITDA
$
142,639
Adjusted EBITDA margin
15.5 %
Net income
$
53,695
Adjusted for:
Stock-based compensation expense
29,501
Amortization of purchased Intangible assets
17,437
Loss from revaluation of contingent liability
(350)
Acquisition related costs
5,185
Tax effect of the adjustments
(6,960)
Total adjustments to Net Income
$
44,813
Adjusted Net Income
$
98,508
Diluted weighted average ordinary shares outstanding
34,397,900
Adjusted EPS
$
2.86
Year Ended March 31, 2018
GAAP
Adjustments
Non-GAAP
Net income
$ 53,695
$
44,813
$
98,508
Diluted earnings per share
$
1.56
$
2.86

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Luxoft Holding, Inc
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or
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