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Virtusa Announces First Quarter 2018 Consolidated Financial Results
· First quarter fiscal 2018 revenue of $227.3 million increased 0.6% sequentially and 10.6% year-over-year.
· First quarter fiscal 2018 GAAP diluted EPS was $0.10. Non-GAAP diluted EPS was $0.25, up 39% year-over-year.
· Purchased $27.3 million of shares under previously disclosed share buyback program.
· Raj Rajgopal appointed President Digital Business Strategy to expand Virtusas addressable market in digital.
· Samir Dhir, appointed President of Virtusa, assumes leadership of BFS and ETS industry groups.
Westborough, MA (August 8, 2017) Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, today reported consolidated financial results for the first quarter fiscal 2018, ended June 30, 2017.
First Quarter Fiscal 2018 Consolidated Financial Results
Revenue for the first quarter of fiscal 2018 was $227.3 million, an increase of 0.6% sequentially and 10.6% year-over-year. On a constant currency basis, (1) first quarter revenue was flat sequentially and increased 12.7% year-over-year.
Virtusa reported GAAP income from operations of $6.1 million for the first quarter of fiscal 2018, compared to income from operations of $10.2 million for the fourth quarter of fiscal 2017 and a loss from operations of $1.8 million for the first quarter of fiscal 2017.
On a GAAP basis, net income available to common shareholders for the first quarter of fiscal 2018 was $3.0 million, or $0.10 per diluted share, compared to $10.5 million, or $0.34 per diluted share, for the fourth quarter of fiscal 2017, and a net loss of $6.3 million, or $(0.21) per diluted share, for the first quarter of fiscal 2017.
Non GAAP Results:
Non-GAAP income from operations, which excludes stock-based compensation expense, restructuring charges and acquisition related charges, was $13.4 million for the first quarter of fiscal 2018, compared to $18.8 million for the fourth quarter of fiscal 2017 (2), and $7.7 million for the first quarter of fiscal 2017.
Non-GAAP net income available to common shareholders, which excludes stock-based compensation expense, restructuring charges, acquisition related charges, and foreign currency transaction gains and losses, each net of tax, for the first quarter of fiscal 2018 was $7.4 million, or $0.25 per diluted share, compared to $12.9 million, or $0.43 per diluted share (3), for the fourth quarter of fiscal 2017 (2), and $5.3 million, or $0.18 per diluted share, for the first quarter of fiscal 2017.
The following information was filed by Virtusa Corp (VRTU) on Tuesday, August 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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