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Virtusa Announces Third Quarter 2018 Consolidated Financial Results
· Third quarter fiscal 2018 revenue of $263.8 million increased 6.3% sequentially and 21.5% year-over-year.
· Third quarter fiscal 2018 GAAP operating income of $13.7 million, up 32.9% sequentially, and non-GAAP operating income of $26.0 million, up 31.5% sequentially.
· Third quarter fiscal 2018 GAAP diluted EPS was ($0.38), inclusive of an impact from U.S. tax reform of ($0.68). Non-GAAP diluted EPS was $0.47, up 34.3% sequentially and 27.0% year-over-year.
· Generated $24.3 million of cash flow from operating activities during the third quarter of fiscal 2018, representing 9.2% of revenue.
· Successful Polaris delisting process results in increasing ownership to at least 93% for a cash outlay of approximately $145 million.
Westborough, MA (February 8, 2018) 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 third quarter fiscal 2018, ended December 31, 2017.
Third Quarter Fiscal 2018 Consolidated Financial Results
Revenue for the third quarter of fiscal 2018 was $263.8 million, an increase of 6.3% sequentially and 21.5% year-over-year. On a constant currency basis, (1) third quarter revenue increased 6.1% sequentially and 19.9% year-over-year.
Virtusa reported GAAP income from operations of $13.7 million for the third quarter of fiscal 2018, compared to $10.3 million for the second quarter of fiscal 2018 and $6.5 million for the third quarter of fiscal 2017.
GAAP net loss available to common shareholders for the third quarter of fiscal 2018 was ($11.1) million, or ($0.38) per diluted share, compared to net income of $3.7 million, or $0.12 per diluted share, for the second quarter of fiscal 2018, and $4.4 million, or $0.15 per diluted share, for the third quarter of fiscal 2017. The U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Act) in December 2017. This resulted in a tax expense of $19.8 million, or ($0.68) per share, for the third quarter of fiscal 2018, comprised of an estimated repatriation tax expense of $14.6 million and a tax expense for re-measurement of U.S. deferred tax asset of $5.2 million.
Non GAAP Results:
Non-GAAP income from operations, which excludes stock-based compensation expense, restructuring charges and acquisition related charges, was $26.0 million for the third quarter of fiscal 2018, compared to $19.8 million for the second quarter of fiscal 2018, and $16.3 million for the third quarter of fiscal 2017.
The following information was filed by Virtusa Corp (VRTU) on Thursday, February 8, 2018 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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