LXFT
$62.35
Luxoft Holding
($1.70)
(2.65%)
Earnings Details
4th Quarter March 2017
Monday, May 22, 2017 6:00:01 PM
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Summary

Luxoft Holding Misses

Luxoft Holding (LXFT) reported 4th Quarter March 2017 earnings of $0.57 per share on revenue of $204.1 million. The consensus earnings estimate was $0.62 per share on revenue of $200.7 million. The Earnings Whisper number was $0.65 per share. Revenue grew 20.6% on a year-over-year basis.

The company said it expects fiscal 2018 non-GAAP earnings of at least $3.26 per share on revenue of at least $943.0 million. The current consensus earnings estimate is $3.54 per share on revenue of $952.4 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
$0.57
Earnings Whisper
$0.65
Consensus Estimate
$0.62
Reported Revenue
$204.1 Mil
Revenue Estimate
$200.7 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Luxoft Holding, Inc Reports Results for Three Months and Full Financial Year Ended March 31, 2017

Luxoft Holding, Inc (LXFT), a leading provider of software development services and innovative IT solutions to a global client base, today announced results for the three months and the full financial year ended March 31, 2017.

Highlights - Three Months Ended March 31, 2017

US GAAP revenue amounted to $204.1 million, an increase of 20.6% year over year and an increase of 22.0% year over year on a constant currency basis

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) were $29.2 million and Adjusted EBITDA margin was 14.3%, compared to $26.5 million and 15.7% in the year-ago quarter

-- Diluted earnings per share (EPS) on a US GAAP basis was $0.40

-- Diluted EPS on a non-GAAP basis was $0.63

Highlights - Financial Year Ended March 31, 2017

US GAAP revenue amounted to $785.6 million, an increase of 20.7% year over year and an increase of 22.0% on a constant currency basis

-- Adjusted EBITDA was $133.8 million and EBITDA margin was 17%

Free cash flow amounted to $98.2 million, or 12.5% of revenue, and an increase of 29.0% year over year

-- Diluted EPS on a US GAAP basis was $1.84

-- Diluted EPS on a non-GAAP basis was $2.89

Employee productivity increased by 2.5% to $78,265 per delivery engineer

Revenue for the three months ended March 31, 2017 increased to $204.1 million, up 20.6% from $169.2 million for the same period a year ago, and decreased 1.3% sequentially, reflecting the normal seasonality of the business. Adjusted EBITDA was $29.2 million with corresponding margins of 14.3%, as compared to $26.5 million and 15.7%, respectively, in the year ago quarter. US GAAP net income was $13.7 million, or $0.40 per diluted share, compared to $14.6 million and $0.43 per diluted share for the same period a year ago, and $18.5 million and $0.55 sequentially. Non-GAAP net income was $21.5 million, or $0.63 per diluted share, compared to $18.8 million and $0.56 per diluted share for the same period a year ago, and $27.9 million and $0.82 sequentially.

Revenue for the full financial year ended March 31, 2017 increased to $785.6 million, up 20.7% from $650.8 million a year ago. US GAAP net income was $62.6 million, or $1.84 per diluted share, compared to $70.3 million and $2.06 per diluted share a year ago. Non-GAAP net income was $98.3 million, or $2.89 per diluted share, compared to $92.9 million and $2.72 per diluted share a year ago. Reconciliations between non-GAAP financial measures and US GAAP operating results and diluted EPS are included at the end of this release.

"We are pleased to report solid operating and financial results for the fourth quarter and the full year ended March 31, 2017. They reflect strong positive fundamental improvements in our client dynamic and business composition, such as strong growth of HPA accounts, substantial decline in client and vertical concentration, and diversification of our client base," said Dmitry Loschinin, Luxoft’s CEO and President. "We have been successfully executing on several transformational initiatives, investing consistently to become a more effective agile global company, capable of competing for bigger deals and serving a wider variety of clients in various markets, namely in Australia and South East Asia. Over the past year we have significantly improved diversification of our client base adding 18 new HPAs and lowering customer concentration by as much as 10% for the top 3 and 5 accounts. Luxoft’s clients continue to benefit from our higher value offerings that include premium consulting services and engineering solutions as they aim to be more competitive and smoothly transition to new digitalization-driven operating models."

Five of Luxoft’s seven verticals experienced revenue growth, with Telecom, Automotive and Transport, Technology, and Financial Services delivering the strongest performance of 87.9%, 40.8%, 14.6% and 8.4% growth, respectively, on a year over year basis. During the year we launched a new vertical - Healthcare, which finished the year with $28.3 million in revenues, representing 3.6% of the total annual turnover for the Company. The company also exhibited solid performance across all of its core revenue-generating geographies: revenues generated in Rest of Europe increased 105.9%, Switzerland revenues increased 48.3%, German revenues increased 33.6%, and the U.S. revenues increased 28.9% as compared to the last financial year.

The company finished the year with 12,766 employees, of which 10,807 were delivery professionals who continued to drive average productivity to $78,265 per engineer; this represents an annual increase of 2.5%. The average delivery headcount increased by 17.8% as compared to the financial year ended March 31, 2016, which is 2.9% slower than the revenue growth for the same period. The effective tax rate for the full financial year ended March 31, 2017 was 11.2%.

"The financial year 2017 has been a challenging but positive year for our company. We have been successfully rebalancing growth from legacy clients into a group of newer, High Potential Accounts, which now comprises nearly 30% of total revenues. Revenues attributed to the HPA group grew close to 100% year over year. We are happy to note that our pipeline of business is strong, underpinned by demand for transformational engagements in all of our core verticals. For example, excluding top legacy customers, revenues from the financial services vertical grew 35% and revenues from the automotive vertical grew over 90% on year over year basis," stated Evgeny Fetisov, Chief Financial Officer. "During the past year we closed three strategic acquisitions, expanded in key geographies, and launched a new healthcare and life sciences vertical - all while maintaining high pace of top-line growth, preserving our margins, staying free of long-term debt and generating healthy levels of free cash flow: $98 million, or 13% of total revenues and 157% of net income."

Outlook for the Financial Year Ending March 31, 2018

Revenue is expected to be at least $943 million, an increase of at least 20.0% year over year

-- Adjusted EBITDA margin is expected to be in the range of 17.0% - 19.0%

Diluted EPS is expected to be at least $1.90 on a US GAAP basis and at least $3.26 on a non-GAAP basis

EPS is based on an estimated weighted average of 35,035 thousand diluted shares

Conference Call Information

A conference call will be conducted with the members of Luxoft’s senior management at 8:00 a.m. EDT on Tuesday, May 23, 2017 to review the financial and operational performance of the company for the above-mentioned periods.

To participate in the conference call please dial 877-407-8293 (for domestic U.S. callers) or 201-689-8349 (for international callers). A live webcast will also be available during the call and can be accessed at http://edge.media-server.com/m/p/hi543zh3/lan/en. Participants, please access the website at least 10 minutes prior to the call to register and follow the instructions provided on the website to download and install the necessary applications.

If you are unable to join our live event, a replay will be available by dialing 877-660-6853 (for domestic U.S. callers) or 201-612-7415 (for international callers) and entering the conference ID# 13660578. The replay will be available shortly after the call and up to 11:59 p.m. EDT on June 6, 2017. The replay will also be available at Luxoft’s Investor Relations portal for 14 days following the call.

About Luxoft

Luxoft Holding, Inc (LXFT) is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Luxoft’s software development services consist of core and mission critical custom software development and support, product engineering and testing, and technology consulting. Luxoft’s solutions are based on its proprietary products and platforms that directly impact its clients’ business outcomes and efficiently deliver continuous innovation. The Company develops its solutions and delivers its services from 34 cities with dedicated delivery centers worldwide. It has over 12,700 employees across 39 cities in 19 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa. Luxoft is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland and is listed on the New York Stock Exchange. For more information, please visit http://www.luxoft.com.

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). 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, 2016 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 STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of US dollars)
For the three months
For the year
ended March 31,
ended March 31,
2017
2016
2017
2016
(Unaudited)
(Unaudited)
Sales of services
$
204,131
$
169,209
$
785,561
$
650,752
Operating expenses
Cost of services (exclusive of depreciation and amortization)
129,632
103,496
474,980
379,331
Selling, general and administrative expenses
56,193
48,202
213,723
171,707
Depreciation and amortization
10,260
6,703
34,847
23,814
Gain from revaluation of contingent liability
(8,668 )
(3,356 )
(10,031 )
(2,511 )
Impairment loss
5,287
--
5,287
--
Operating income
11,427
14,164
66,755
78,411
Other income and expenses
Interest (expense) gain, net
(91 )
149
(81 )
121
Other gains, net
755
2,346
5,119
3,947
(Loss) gain from foreign currency exchange contract
--
(1,019 )
1,314
261
Net foreign exchange gain (loss)
889
1,524
(2,604 )
(381 )
Income before income taxes
$
12,980
$
17,164
$
70,503
$
82,359
Income tax benefit (expense)
755
(2,572 )
(7,865 )
(12,108 )
Net income
$
13,735
$
14,592
$
62,638
$
70,251
Net (income) loss attributable to the non-controlling interest
--
--
--
--
Net income attributable to the Group
$
13,735
$
14,592
$
62,638
$
70,251
Basic EPS per Class A and Class B ordinary share
Net income attributable to the Group per ordinary share
$
0.41
$
0.44
$
1.88
$
2.13
Weighted average ordinary shares outstanding
33,493,847
33,140,451
33,280,771
32,949,807
Diluted EPS per Class A and Class B ordinary share
Diluted net income attributable to the Group per ordinary share
$
0.40
$
0.43
$
1.84
$
2.06
Diluted weighted average ordinary shares outstanding
34,132,929
33,865,865
34,000,674
34,088,214
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars except share amounts)
As of March 31,
As of March 31,
2017
2016
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
109,558
$
108,545
Restricted cash, current
4,000
--
Trade accounts receivable, net of allowance for doubtful accounts of
144,862
131,204
$435 at March 31, 2017 and $79 at March 31, 2016
Unbilled revenue
14,454
16,081
Work-in-progress
2,805
1,595
Due from related parties
1,084
2,180
VAT and other taxes receivable
1,732
1,814
Advances issued
2,740
2,413
Other current assets
5,224
3,333
Total current assets
$
286,459
$
267,165
Non-current assets
Restricted cash, non-current
1,399
--
Deferred tax assets
3,423
3,174
Property and equipment, net
49,571
46,072
Intangible assets, net
120,430
43,780
Goodwill
76,918
30,285
Other non-current assets
9,007
4,066
Total non-current assets
$
260,748
$
127,377
Total assets
$
547,207
$
394,542
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
633
$
460
Accounts payable
24,402
8,266
Accrued liabilities
38,513
27,357
Deferred revenue
3,815
5,048
Due to related parties
460
518
VAT and other taxes payable
21,283
22,532
Payable under foreign exchange contracts
295
2,476
Payables for acquisitions, current
17,221
5,595
Other current liabilities
2,025
1,503
Total current liabilities
$
108,647
$
73,755
Deferred tax liability, non-current
16,907
5,511
Payables for acquisitions, non-current
32,206
11,786
Other non-current liabilities
2,629
1,757
Total liabilities
$
160,389
$
92,809
Shareholders’ equity
Share capital (80,000,000 shares authorized; 33,533,198 issued and
--
--
outstanding with no par value as at March 31, 2016, and 80,000,000
shares authorized; 33,178,641 issued and outstanding with no par
value as at March 31, 2016)
Additional paid-in capital
133,192
107,477
Common stock held in treasury, at cost (92,191 shares as of March
(6,028 )
(2,665 )
31, 2017; 35,579 shares as of March 31, 2016)
Retained earnings
263,508
200,870
Accumulated other comprehensive loss
(3,886 )
(3,981 )
Total shareholders’ equity attributable to the Group
386,786
301,701
Non-controlling interest
32
32
Total equity
$
386,818
$
301,733
Total liabilities and equity
$
547,207
$
394,542
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(In thousands of US dollars except share amounts)
For the year ended March 31,
2017
2016
(Unaudited)
Operating activities
Income from operations
$
62,638
$
70,251
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
34,847
23,814
Deferred tax benefit
(3,395 )
(902 )
Foreign currency exchange contracts loss
(1,314 )
(261 )
Loss on foreign exchange
2,604
381
Provision for doubtful accounts
380
311
Loss from revaluation of contingent liability
(10,031 )
(2,511 )
Share-based compensation
28,984
17,745
Impairment loss
5,287
--
Changes in operating assets and liabilities:
Trade accounts receivable and unbilled revenue
145
(10,261 )
Work-in-progress
(1,210 )
(146 )
Due to and from related parties
1,001
(1,084 )
Accounts payable and accrued liabilities
8,879
4,942
Deferred revenue
(1,761 )
(4,222 )
Changes in other assets and liabilities
(5,027 )
7,332
Net cash provided by operating activities
122,027
105,389
Investing activities
Purchases of property and equipment
(19,614 )
(24,171 )
Purchases of intangible assets
(4,182 )
(5,069 )
Proceeds from disposal of property and equipment
--
40
Acquisitions, net of cash acquired
(77,672 )
(3,525 )
Escrow deposits
(5,000 )
--
Net cash used in investing activities
(106,468 )
(32,725 )
Financing activities
Proceeds from short-term borrowings
(5,897 )
(880 )
Acquisition of business, deferred consideration
(4,577 )
(6,126 )
Repurchases of common stock
(3,611 )
(1,774 )
Repayment of capital lease obligations
(133 )
(124 )
Net cash used in financing activities
(14,218 )
(8,904 )
Effect of exchange rate changes on cash and cash equivalents
(328 )
(808 )
Net increase in cash and cash equivalents
1,013
62,952
Cash and cash equivalents at beginning of year
108,545
45,593
Cash and cash equivalents at end of period
$
109,558
$
108,545
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 March 31,
Year ended March 31,
2017
2017
2017
2017
2017
2017
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
11,427
9,878
(a)
21,305
66,755
40,717
(a)
107,472
Operating margin
5.6
%
4.8
%
10.4
%
8.5
%
5.2
%
13.7
%
Net income
13,735
7,760
(b)
21,495
62,638
35,673
(b)
98,311
Diluted earnings per share
$ 0.40
--
$ 0.63
$ 1.84
--
$ 2.89
Three months ended March 31,
Year ended March 31,
2016
2016
2016
2016
2016
2016
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
Operating income
14,164
4,688
(a)
18,852
78,411
24,856
(a)
103,267
Operating margin
8.4
%
2.8
%
11.1%
12.0
%
3.8
%
15.9 %
Net income
14,592
4,250
(b)
18,842
70,251
22,605
(b)
92,856
Diluted earnings per share
$ 0.43
--
$ 0.56
$ 2.06
--
$ 2.72
Three months ended
For the year ended
March 31,
March 31,
(a)
2017
2016
2017
2016
Adjustments to GAAP operating income
Stock-based compensation expense
$
7,470
$
3,983
$
28,984
$
17,745
Amortization of purchased Intangible assets
3,994
1,858
12,353
7,419
Gain from revaluation of contingent liability
(8,668 )
(3,356 )
(10,031 )
(2,511 )
Acquisition related costs
1,795
2,203
4,124
2,203
Impairment loss
5,287
--
5,287
--
Total Adjustments to GAAP income from operations:
$
9,878
$
4,688
$
40,717
$
24,856
Three months ended
For the year ended
March 31,
March 31,
(b)
2017
2016
2017
2016
Adjustments to GAAP net income
Stock-based compensation expense
$
7,470
$
3,983
$
28,984
$
17,745
Amortization of purchased Intangible assets
3,994
1,858
12,353
7,419
Gain from revaluation of contingent liability
(8,668 )
(3,356 )
(10,031 )
(2,511 )
Acquisition related costs
1,795
2,203
4,124
2,203
Impairment loss
5,287
--
5,287
--
Tax effect of the adjustments
(2,118 )
(438 )
(5,044 )
(2,251 )
Total Adjustments to GAAP net income
$
7,760
$
4,250
$
35,673
$
22,605
Three months ended
For the year ended
March 31,
March 31,
2017
2016
2017
2016
Net income
$ 13,735
$
14,592
$
62,638
$
70,251
Adjusted for:
Interest Expense (Income)
91
(149 )
81
(121 )
Income tax
(755 )
2,572
7,865
12,108
Depreciation and Amortization
10,260
6,703
34,847
23,814
EBITDA
$ 23,331
$
23,718
$ 105,431
$
106,052
Adjusted for
Stock based compensation
7,470
3,983
28,984
17,745
Gain from revaluation of contingent liability
(8,668 )
(3,356 )
(10,031 )
(2,511 )
Acquisition related costs
1,795
2,203
4,124
2,203
Impairment loss
5,287
--
5,287
--
Adjusted EBITDA
$ 29,215
$
26,548
$ 133,795
$
123,489
LUXOFT HOLDING, INC
Schedule of supplemental information (unaudited)
(In thousands, except percentages)
Revenue for the three months ended March 31,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
U.S.
$
76,953
37.7 %
$
53,420
31.6 %
UK
44,976
22.0 %
51,526
30.5 %
Germany
29,683
14.5 %
24,211
14.3 %
Russia
9,272
4.5 %
6,523
3.9 %
Switzerland
9,243
4.5 %
8,712
5.1 %
Poland
8,943
4.4 %
6,227
3.7 %
Romania
5,747
2.8 %
5,747
3.4 %
Singapore
984
0.5 %
2,936
1.7 %
Rest of Europe
10,035
4.9 %
4,142
2.4 %
Other
8,295
4.2 %
5,765
3.4 %
Total
$ 204,131
100 %
$
169,209
100 %
Revenue for the year ended March 31,
2017
2016
Client location
Amount
% of sales
Amount
% of sales
U.S.
$ 261,443
33.3 %
$
202,855
31.2 %
UK
213,547
27.2 %
223,566
34.4 %
Germany
115,301
14.7 %
86,332
13.3 %
Russia
36,905
4.7 %
32,748
5.0 %
Switzerland
34,833
4.4 %
23,489
3.6 %
Poland
30,940
3.9 %
17,009
2.6 %
Romania
21,403
2.7 %
14,381
2.2 %
Singapore
4,889
0.6 %
10,154
1.6 %
Rest of Europe
36,148
4.7 %
17,554
2.7 %
Other
30,152
3.8 %
22,664
3.4 %
Total
$ 785,561
100 %
$
650,752
100 %
Revenue for the three months ended March 31,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 115,964
56.8 %
$
115,330
68.2 %
Automotive and transport
29,443
14.4 %
22,740
13.4 %
Telecom
23,087
11.3 %
9,927
5.9 %
Technology
14,512
7.1 %
8,989
5.3 %
Healthcare
9,587
4.7 %
--
-- %
Travel and Aviation
6,146
3.0 %
7,429
4.4 %
Energy
4,042
2.0 %
3,358
2.0 %
Other
1,350
0.7 %
1,436
0.8 %
Total
$ 204,131
100 %
$
169,209
100 %
Revenue for the year ended March 31,
2017
2016
Industry vertical
Amount
% of sales
Amount
% of sales
Financial Services
$ 483,801
61.6 %
$
446,138
68.6 %
Automotive and transport
110,839
14.1 %
78,698
12.1 %
Telecom
69,900
8.9 %
37,200
5.7 %
Technology
48,581
6.2 %
42,398
6.5 %
Healthcare
28,258
3.6 %
--
-- %
Travel and Aviation
27,744
3.5 %
29,232
4.5 %
Energy
13,345
1.7 %
12,873
2.0 %
Other
3,093
0.4 %
4,213
0.6 %
Total
$ 785,561
100 %
$
650,752
100 %

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170522006405r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170522006405/en/

SOURCE: Luxoft Holding, Inc

Luxoft Holding, Inc
Alina V. Plaia, +1-212-964-9900 ext. 2404
Vice-President, Global Communications & IRO
IR@luxoft.com