LONDON, UK / ACCESSWIRE / February 13, 2019 / Luxoft Holding, Inc (NYSE: LXFT), a global IT service provider, today announced results for the three months ended December 31, 2018.
Highlights - Three months ended December 31, 2018
- Revenue of $230.4 million, down 2.6% year-over-year and up 0.9% sequentially
- Net income of $10.8 million, compared to $20.6 million in the year-ago quarter and diluted EPS of $0.32, compared to $0.60 in the year-ago quarter
- Adjusted EBITDA of $32.6 million and adjusted EBITDA margin of 14.1%, compared to $40.0 million and 16.9% in the year-ago quarter
- Non-GAAP diluted EPS of $0.61, compared to $0.89 in the year-ago quarter
- As of December 31, 2018, total number of employees was 12,716; Annual revenue per billable engineer was $83,923, down 1.7% from the prior year.
Note: Reconciliations of non-GAAP to GAAP measures are included at the end of the release.
"First off, I'd like to express my excitement about the proposed acquisition of Luxoft by DXC Technology," said Dmitry Loschinin, Luxoft's CEO and President. "The Luxoft board is committed to maximizing shareholder value, and we believe that this acquisition is a win-win for both DXC's and Luxoft's customers, employees, and stakeholders. Our shared vision of digital transformation makes this strategic combination a great fit. DXC's strong reputation will enable us to cross-sell our offerings across a much larger client portfolio, while DXC will gain a stronger competitive edge in the execution of end-to-end digital projects."
"While we undergo the regulatory review processes, Luxoft remains an independent company focused on continued diversification and growth. We are advancing our transformation and executing the strategy we've laid out in past quarters. Our third-quarter results demonstrate our progress on these initiatives, with results largely in line with our guidance. Growth in Financial Services ex-Top 2 is healthy, and our Automotive solutions continue to drive demand with over 50% Y/Y growth this quarter. We remain focused on digital transformation, investing in new solutions and advancing our competitive position to meet the growing needs of our clients."
Third Quarter Key Operating Highlights
- Revenue generated in APAC and Europe grew 28.7% and 7.2% year over year, respectively.
- Expanding global presence and growth outside of Financial Services is meaningfully reducing client concentration. Revenue by line of business was 50.5% Financial Services, 24.8% Digital Enterprise and 24.7% Automotive. Top Two(1) accounts amounted to 24.9% of revenue, representing a 9.5 percentage-point decrease over the prior year.
- Top Five accounts amounted to 39.0% of revenue, an annual 7.0 percentage-point decrease, and Top Ten accounts amounted to 50.9% of revenue, a 6.3 percentage point decrease.
(1) Top Two accounts are UBS and Deutsche Bank and are included in our Financial Services line of business.
2019 Guidance & Conference Call
As announced on January 7, 2019, DXC Technology and Luxoft entered into a definitive agreement whereby DXC will acquire Luxoft for $59 per share in cash.
In light of the pending acquisition, Luxoft will not be providing further updates to its financial guidance or conducting a conference call.
About Luxoft
Luxoft (NYSE: LXFT) is a global technology services and consulting partner that provides bespoke technology solutions to customers in 22 countries across five continents. Founded in 2000, Luxoft combines engineering excellence with deep industry expertise to deliver and implement technology solutions that drive business change. Through a combination of strategy, consulting and engineering services, Luxoft's global teams use technology to enable business transformation, enhance customer experiences and boost operational efficiency. With over 280 active clients, Luxoft specializes in automotive, financial services, healthcare, life sciences, telecommunications and other industries. For more information, please visit www.luxoft.com and follow us on Twitter and LinkedIn.
Investor Inquiries
Tracy Krumme
Vice President, Investor Relations
212-964-9900 ext. 2460
[email protected]
Media Inquiries
Robert Maccabe
Director, Public Relations
+44 (0)20 3828 2346
[email protected]
Twitter: @Luxoft
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 and non-GAAP diluted Earnings per share (EPS). EBITDA is calculated as earnings before interest, tax, depreciation and amortization, where interest includes unwinding of the discount for contingent liabilities. Non-GAAP net income and non-GAAP EPS exclude stock-based compensation expense, amortization of purchased 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.
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, 2018 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)
|
|
As of December 31, 2018 | As of March 31, 2018 | ||||||
|
|
(Unaudited) | |||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 107,395 | $ | 104,357 | ||||
|
Restricted cash, current
|
1,896 | 70 | ||||||
|
Trade
accounts receivable, net of allowance for doubtful accounts of
$1,652 at December 31, 2018 and $1,232 at March 31, 2018
|
177,068 | 186,991 | ||||||
|
Unbilled revenue
|
34,096 | 33,310 | ||||||
|
Work-in-progress
|
6,475 | 3,734 | ||||||
|
Due
from related parties
|
4,290 | 1,272 | ||||||
|
VAT
and other taxes receivable
|
3,423 | 4,082 | ||||||
|
Advances issued
|
1,683 | 1,777 | ||||||
|
Other
current assets
|
7,496 | 8,041 | ||||||
|
Total current assets
|
$ | 343,822 | $ | 343,634 | ||||
|
Non-current assets
|
||||||||
|
Restricted cash, non-current
|
1,680 | 2,775 | ||||||
|
Deferred tax assets
|
6,029 | 4,349 | ||||||
|
Property and equipment, net
|
50,924 | 52,739 | ||||||
|
Intangible assets, net
|
99,249 | 106,368 | ||||||
|
Goodwill
|
102,228 | 88,908 | ||||||
|
Other
non-current assets
|
5,344 | 5,047 | ||||||
|
Total non-current assets
|
265,454 | 260,186 | ||||||
|
Total assets
|
609,276 | 603,820 | ||||||
|
Liabilities and shareholders' equity
|
||||||||
|
Current liabilities
|
||||||||
|
Short-term borrowings
|
5,392 | 856 | ||||||
|
Accounts payable
|
11,327 | 25,964 | ||||||
|
Accrued liabilities
|
36,747 | 49,593 | ||||||
|
Deferred revenue
|
3,303 | 4,105 | ||||||
|
Due
to related parties
|
14 | 14 | ||||||
|
Taxes
payable
|
25,677 | 22,916 | ||||||
|
Payable on derivative financial instruments
|
1,222 | 776 | ||||||
|
Payable for acquisitions, current
|
4,903 | 6,415 | ||||||
|
Other
current liabilities
|
2,466 | 2,302 | ||||||
|
Total current liabilities
|
$ | 91,051 | $ | 112,941 | ||||
|
Deferred tax liability, non-current
|
7,787 | 10,830 | ||||||
|
Payable for acquisitions, non-current
|
2,658 | 2,895 | ||||||
|
Other
non current liabilities
|
5,742 | 7,205 | ||||||
|
Total liabilities
|
$ | 107,238 | $ | 133,871 | ||||
|
Shareholders' equity
|
||||||||
|
Share
capital (80,000,000 shares authorized; 33,743,430 issued and
outstanding with no par value as at December 31, 2018, and
80,000,000 shares authorized; 34,063,981 issued and outstanding
with no par value as at March 31, 2018)
|
- | - | ||||||
|
Additional paid-in capital
|
156,747 | 155,456 | ||||||
|
Common stock held in treasury, at cost (106,469 shares as of December 31, 2018; 61,874 shares as of March 31, 2018)
|
(4,920 | ) | (3,424 | ) | ||||
|
Retained earnings
|
355,706 | 320,521 | ||||||
|
Accumulated other comprehensive loss
|
(5,527 | ) | (2,636 | ) | ||||
|
Total shareholders' equity attributable to the
Group
|
$ | 502,006 | $ | 469,917 | ||||
|
Non-controlling interest
|
32 | 32 | ||||||
|
Total equity
|
$ | 502,038 | $ | 469,949 | ||||
|
Total liabilities and equity
|
$ | 609,276 | $ | 603,820 | ||||
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US dollars, except share and per share
amounts)
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||
|
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
|
|
(Unaudited) | (Unaudited) | ||||||||||||||
|
Sales of services
|
$ | 230,355 | $ | 236,613 | $ | 671,556 | $ | 673,885 | ||||||||
|
Operating expenses
|
||||||||||||||||
|
Cost
of services (exclusive of depreciation and amortization)
|
140,886 | 144,332 | 418,884 | 419,236 | ||||||||||||
|
Selling, general and administrative expenses
|
63,683 | 63,485 | 180,256 | 179,747 | ||||||||||||
|
Depreciation and amortization
|
11,035 | 11,050 | 32,774 | 31,695 | ||||||||||||
|
Gain
from revaluation of contingent liability
|
(82 | ) | (3,930 | ) | (227 | ) | (6,020 | ) | ||||||||
|
Operating income
|
14,833 | 21,676 | 39,869 | 49,227 | ||||||||||||
|
Other income and expenses
|
0 | |||||||||||||||
|
Interest income/ (loss), net
|
58 | 17 | (53 | ) | 76 | |||||||||||
|
Unwinding of discount for contingent liability, income/ (loss)
|
(82 | ) | (588 | ) | (181 | ) | (1,286 | ) | ||||||||
|
Other
income, net
|
334 | 934 | 1,465 | 1,880 | ||||||||||||
|
Gain
from derivative financial instruments
|
461 | 57 | 1,782 | 146 | ||||||||||||
|
Net
foreign exchange gain/ (loss)
|
(1,681 | ) | 177 | (5,971 | ) | 1,301 | ||||||||||
|
Income before income taxes
|
13,923 | 22,273 | 36,911 | 51,344 | ||||||||||||
|
Income tax expense
|
(3,154 | ) | (1,723 | ) | (7,033 | ) | (6,037 | ) | ||||||||
|
Net income
|
$ | 10,769 | $ | 20,550 | $ | 29,878 | $ | 45,307 | ||||||||
|
Net
income attributable to the non-controlling interest
|
- | - | - | - | ||||||||||||
|
Net income attributable to the Group
|
$ | 10,769 | $ | 20,550 | $ | 29,878 | $ | 45,307 | ||||||||
|
Basic EPS per Class A and Class B ordinary
share
|
||||||||||||||||
|
Net income attributable to the Group per ordinary
share
|
$ | 0.32 | $ | 0.61 | $ | 0.89 | $ | 1.35 | ||||||||
|
Weighted average ordinary shares outstanding
|
33,621,614 | 33,756,866 | 33,751,591 | 33,611,350 | ||||||||||||
|
Diluted EPS per Class A and Class B ordinary
share
|
||||||||||||||||
|
Diluted net income attributable to the Group per ordinary
share
|
$ | 0.32 | $ | 0.60 | $ | 0.88 | $ | 1.32 | ||||||||
|
Diluted weighted average ordinary shares
outstanding
|
33,935,924 | 34,102,625 | 34,002,695 | 34,254,345 | ||||||||||||
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(In thousands of US dollars)
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||
|
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
|
|
(Unaudited) | (Unaudited) | ||||||||||||||
|
Net income
|
$ | 10,769 | $ | 20,550 | $ | 29,878 | $ | 45,307 | ||||||||
|
Other comprehensive income (loss), net of tax
|
||||||||||||||||
|
Gains/(losses) from derivative instruments, net of tax effect of $36 and $3; $(121) and $(120)
|
(899 | ) | (28 | ) | 256 | (681 | ) | |||||||||
|
Translation adjustments with no tax effects
|
(1,081 | ) | 314 | (3,147 | ) | 1,679 | ||||||||||
|
Total other comprehensive income/ (loss)
|
(1,980 | ) | 286 | (2,891 | ) | 998 | ||||||||||
|
Comprehensive income
|
$ | 8,789 | $ | 20,836 | $ | 26,987 | $ | 46,305 | ||||||||
|
Comprehensive income attributable to the non-controlling interest
|
- | - | - | - | ||||||||||||
|
Comprehensive income attributable to the Group
|
$ | 8,789 | $ | 20,836 | $ | 26,987 | $ | 46,305 | ||||||||
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(In thousands of US dollars)
|
|
For the nine months ended December 31, | |||||||
|
|
2018 | 2017 | ||||||
|
|
(Unaudited) | |||||||
|
Operating activities
|
||||||||
|
Net
income
|
$ | 29,878 | $ | 45,307 | ||||
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
|
Depreciation and amortization
|
32,774 | 31,695 | ||||||
|
Deferred tax benefit
|
(945 | ) | (3,449 | ) | ||||
|
Gain
from derivative financial instruments
|
(1,782 | ) | (146 | ) | ||||
|
Net
foreign exchange (gain)/ loss
|
5,971 | (1,301 | ) | |||||
|
Provision for doubtful accounts
|
660 | 827 | ||||||
|
Gain
from revaluation of contingent liability
|
(227 | ) | (6,020 | ) | ||||
|
Unwinding of discount for contingent liability, loss
|
181 | 1,286 | ||||||
|
Share-based compensation
|
19,411 | 22,940 | ||||||
|
Other
|
169 | - | ||||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Trade
accounts receivable and unbilled revenue
|
5,284 | (36,581 | ) | |||||
|
Work-in-progress
|
(3,185 | ) | (1,436 | ) | ||||
|
Due
to and from related parties
|
(3,083 | ) | 45 | |||||
|
Accounts payable and accrued liabilities
|
(21,646 | ) | (21,807 | ) | ||||
|
Deferred revenue
|
(667 | ) | (31 | ) | ||||
|
Changes in other assets and liabilities
|
8,416 | 1,564 | ||||||
|
Net cash provided by operating activities
|
71,209 | 32,893 | ||||||
|
Investing activities
|
||||||||
|
Purchases of property and equipment
|
(17,476 | ) | (17,348 | ) | ||||
|
Purchases of intangible assets
|
(2,542 | ) | (3,395 | ) | ||||
|
Acquisitions, net of cash acquired
|
(19,590 | ) | (32,685 | ) | ||||
|
Net cash used in investing activities
|
(39,608 | ) | (53,428 | ) | ||||
|
Financing activities
|
||||||||
|
Proceeds from/ Net repayment of short-term borrowings
|
4,113 | (1,127 | ) | |||||
|
Acquisition of business, deferred consideration
|
(3,603 | ) | (12,945 | ) | ||||
|
Repayment of capital lease obligations
|
(1,842 | ) | (132 | ) | ||||
|
Repurchases of common stock
|
(21,482 | ) | (3,361 | ) | ||||
|
Net cash used in financing activities
|
(22,814 | ) | (17,565 | ) | ||||
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(5,018 | ) | (623 | ) | ||||
|
Net increase/ (decrease) in cash, cash equivalents and
restricted cash
|
3,769 | (38,723 | ) | |||||
|
Cash, cash equivalents and restricted cash at beginning of
period
|
107,202 | 114,957 | ||||||
|
Cash, cash equivalents and restricted cash at end of
period
|
$ | 110,971 | $ | 76,234 | ||||
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
|
|
As of | |||||||
|
|
December 31, 2018 | March 31, 2018 | ||||||
|
|
(Unaudited) | |||||||
|
Cash
and cash equivalents
|
$ | 107,395 | $ | 104,357 | ||||
|
Restricted cash, current
|
1,896 | 70 | ||||||
|
Restricted cash, non-current
|
1,680 | 2,775 | ||||||
|
Total restricted cash
|
3,576 | 2,845 | ||||||
|
Total cash, cash equivalents and restricted
cash
|
$ | 110,971 | $ | 107,202 | ||||
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)
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||||||||||
|
|
2018 | 2018 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||||||
|
|
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
|
Operating income
|
14,833 | 11,443 | (a) | 26,276 | 39,869 | 34,454 | (a) | 74,323 | ||||||||||||||||
|
Operating margin
|
6.4 | % | 5.0 | % | 11.4 | % | 5.9 | % | 5.1 | % | 11.0 | % | ||||||||||||
|
Net income
|
10,769 | 9,876 | (b) | 20,645 | 29,878 | 30,392 | (b) | 60,270 | ||||||||||||||||
|
Diluted earnings per share
|
$ | 0.32 | - | $ | 0.61 | $ | 0.88 | - | $ | 1.77 | ||||||||||||||
|
|
For the three months ended December 31, | For the 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 | ||||||||||||||
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)
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||
|
(a)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
|
Adjustments to GAAP operating income
|
||||||||||||||||
|
Stock-based compensation expense
|
$ | 5,203 | $ | 8,703 | $ | 19,411 | $ | 22,940 | ||||||||
|
Amortization of purchased intangible assets
|
3,843 | 4,711 | 11,377 | 12,741 | ||||||||||||
|
Gain
from revaluation of contingent liability
|
(82 | ) | (3,930 | ) | (227 | ) | (6,020 | ) | ||||||||
|
Acquisition related costs
|
2,479 | 1,365 | 3,893 | 3,807 | ||||||||||||
|
Total Adjustments to GAAP income from
operations:
|
$ | 11,443 | $ | 10,849 | $ | 34,454 | $ | 33,468 | ||||||||
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||
|
(b)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
|
Adjustments to GAAP net income
|
||||||||||||||||
|
Stock-based compensation expense
|
$ | 5,203 | $ | 8,703 | $ | 19,411 | $ | 22,940 | ||||||||
|
Amortization of purchased intangible assets
|
3,843 | 4,711 | 11,377 | 12,741 | ||||||||||||
|
Gain
from revaluation of contingent liability and unwinding of discount
for contingent liability
|
- | (3,342 | ) | (46 | ) | (4,734 | ) | |||||||||
|
Acquisition related costs
|
2,479 | 1,365 | 3,893 | 3,807 | ||||||||||||
|
Tax
effect of the adjustments
|
(1,649 | ) | (1,516 | ) | (4,243 | ) | (4,434 | ) | ||||||||
|
Total Adjustments to GAAP net income :
|
$ | 9,876 | $ | 9,921 | $ | 30,392 | $ | 30,320 | ||||||||
|
|
For the three months ended December 31, | For the nine months ended December 31, | ||||||||||||||
|
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
|
Net income
|
$ | 10,769 | $ | 20,550 | $ | 29,878 | $ | 45,307 | ||||||||
|
Adjusted for:
|
||||||||||||||||
|
Interest (income)/ loss
|
(58 | ) | (17 | ) | 53 | (76 | ) | |||||||||
|
Unwinding of discount for contingent liability, (income)/ loss
|
82 | 588 | 181 | 1,286 | ||||||||||||
|
Income tax
|
3,154 | 1,723 | 7,033 | 6,037 | ||||||||||||
|
Depreciation and Amortization
|
11,035 | 11,050 | 32,774 | 31,695 | ||||||||||||
|
EBITDA
|
$ | 24,982 | $ | 33,894 | $ | 69,919 | $ | 84,249 | ||||||||
|
Adjusted for
|
||||||||||||||||
|
Stock
based compensation
|
5,203 | 8,703 | 19,411 | 22,940 | ||||||||||||
|
Gain
from revaluation of contingent liability
|
(82 | ) | (3,930 | ) | (227 | ) | (6,020 | ) | ||||||||
|
Acquisition related costs
|
2,479 | 1,365 | 3,893 | 3,807 | ||||||||||||
|
Adjusted EBITDA
|
$ | 32,582 | $ | 40,032 | $ | 92,996 | $ | 104,976 | ||||||||
Luxoft Holding, Inc
Schedule of supplemental information
(Unaudited)
(In thousands; except percentages)
|
|
Revenue for the three months ended December 31, | Revenue for the nine months ended December 31, | ||||||||||||||||||||||||||||||
|
|
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||
|
Client location
|
Amount | % of sales | Amount | % of sales | Amount | % of sales | Amount | % of sales | ||||||||||||||||||||||||
|
North
America
|
$ | 73,452 | 31.9 | % | $ | 78,609 | 33.2 | % | $ | 214,238 | 31.9 | % | $ | 237,270 | 35.2 | % | ||||||||||||||||
|
Europe (excl. U.K.)
|
83,139 | 36.1 | % | 77,526 | 32.8 | % | 235,789 | 35.1 | % | 211,060 | 31.3 | % | ||||||||||||||||||||
|
U.K.
|
38,394 | 16.7 | % | 52,446 | 22.2 | % | 129,249 | 19.2 | % | 152,739 | 22.7 | % | ||||||||||||||||||||
|
APAC
|
16,032 | 7.0 | % | 12,456 | 5.3 | % | 45,770 | 6.8 | % | 29,483 | 4.4 | % | ||||||||||||||||||||
|
Russia
|
16,604 | 7.2 | % | 13,159 | 5.6 | % | 38,303 | 5.7 | % | 38,593 | 5.7 | % | ||||||||||||||||||||
|
Other
|
2,734 | 1.1 | % | 2,417 | 0.9 | % | 8,207 | 1.3 | % | 4,740 | 0.7 | % | ||||||||||||||||||||
|
Total
|
$ | 230,355 | 100.0 | % | $ | 236,613 | 100.0 | % | $ | 671,556 | 100.0 | % | $ | 673,885 | 100.0 | % | ||||||||||||||||
|
|
Revenue for the three months ended December 31, | Revenue for the nine months ended December 31, | ||||||||||||||||||||||||||||||
|
|
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||
|
Line of Business
|
Amount | % of sales | Amount | % of sales | Amount | % of sales | Amount | % of sales | ||||||||||||||||||||||||
|
Financial Services
|
$ | 116,275 | 50.5 | % | $ | 138,119 | 58.4 | % | $ | 359,748 | 53.6 | % | $ | 380,763 | 56.5 | % | ||||||||||||||||
|
Digital Enterprise
|
57,283 | 24.8 | % | 62,039 | 26.2 | % | 160,767 | 23.9 | % | 181,315 | 26.9 | % | ||||||||||||||||||||
|
Automotive
|
56,797 | 24.7 | % | 36,455 | 15.4 | % | 151,041 | 22.5 | % | 111,807 | 16.6 | % | ||||||||||||||||||||
|
Total
|
$ | 230,355 | 100.0 | % | $ | 236,613 | 100.0 | % | $ | 671,556 | 100.0 | % | $ | 673,885 | 100.0 | % | ||||||||||||||||
SOURCE: Luxoft Holding, Inc