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Virtusa Announces First Quarter Fiscal 2021 Consolidated Financial Results
|·||First quarter fiscal 2021 revenue of $301.1 million decreased 8.7% sequentially and 5.6% year-over-year.|
|·||First quarter fiscal 2021 GAAP operating income of $7.2 million. Non-GAAP operating income of $14.0 million.|
|·||First quarter fiscal 2021 GAAP diluted EPS of $(0.01). Non-GAAP diluted EPS of $0.20.|
|·||First quarter fiscal 2021 cash flow from operations of $56.0 million and ending cash, cash equivalents, and short-term and long-term investments of $289.3 million.|
Southborough, MA – (July 30, 2020) Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering and IT services and solutions that help clients change and disrupt markets through innovation engineering, today reported consolidated financial results for the first quarter fiscal 2021, ended June 30, 2020.
First Quarter Fiscal 2021 Consolidated Financial Results
Revenue for the first quarter of fiscal 2021 was $301.1 million, representing a decrease of 8.7% sequentially and 5.6% year-over-year. On a constant currency basis, (1) first quarter revenue decreased 8.2% sequentially and 5.2% year-over-year.
Virtusa reported GAAP income from operations of $7.2 million for the first quarter of fiscal 2021, compared to $17.1 million for the fourth quarter of fiscal 2020 and $13.4 million for the first quarter of fiscal 2020.
GAAP net loss available to common shareholders for the first quarter of fiscal 2021 was $(0.2) million, or $(0.01) per diluted share, compared to net income of $21.2 million, or $0.66 per diluted share, for the fourth quarter of fiscal 2020, and $4.7 million, or $0.15 per diluted share, for the first quarter of fiscal 2020.
Non-GAAP income from operations was $14.0 million for the first quarter of fiscal 2021, compared with $19.7 million for the fourth quarter of fiscal 2020 and $24.2 million for the first quarter of fiscal 2020.
Non-GAAP net income was $6.0 million, or $0.20 per diluted share, for the first quarter of fiscal 2021, compared to $13.6 million, or $0.41 per diluted share, for the fourth quarter of fiscal 2020, and $13.9 million, or $0.41 per diluted share, for the first quarter of fiscal 2020.
*Please refer to the Non-GAAP Financial Information section of this press release for definitions of our Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
The following information was filed by Virtusa Corp (VRTU) on Thursday, July 30, 2020 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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