Luxoft Holding, Inc Reports Results for Three and Six Months Ended September 30, 2013 | Boats and Yacht Catalog

Luxoft Holding, Inc Reports Results for Three and Six Months Ended September 30, 2013

15 мая 2014 | Author: | No comments yet »
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Luxoft Holding, Inc Reports Results for Three and Six Months Ended September 30, 2013

Luxoft Holding, Inc (NYSE:LXFT), a leading provider of software development services and innovative IT solutions to a global client base, today announced results for the three and six months ended September 30, 2013.


Highlights — Three Months Ended September 30, 2013

Highlights — Six Months Ended September 30, 2013

Revenue for the three months ended September 30, 2013 increased to $97.7 million, up 31.8% from $74.1 million for the same period a year ago and 16.6% sequentially. Adjusted EBITDA was $19.5 million and corresponding margins of 19.9%, as compared to $13.8 million and 18.7% respectively in the year-ago quarter and $14.4 million and 17.1% sequentially. US GAAP net income was $13.3 million, or $0.40 per diluted share, compared to $9.1 million and $0.30 per diluted share for the same period a year ago and $9.8 million and $0.32 sequentially. Non-GAAP net income was $15.5 million, or $0.47 per diluted share, compared to $10.7 million and $0.36 per diluted share for the same period a year ago and $11.1 million and $0.36 sequentially. Reconciliations between non-GAAP financial measures and US GAAP operating results and diluted EPS are included at the end of this release.

Revenue for the six months ended September 30, 2013 increased to $181.4 million, up 25% from $145.1 million for the same period a year ago. Operating income was $26.2 million, an increase of 54.1% year over year from $17 million in the first half of last year. US GAAP net income was $23.1 million, or $0.73 per diluted share, compared to $14.2 million and $0.47 per diluted share for the same period a year ago. Non-GAAP net income was $26.7 million, or $0.84 per diluted share, compared to $17.8 million and $0.59 per diluted share for the same period a year ago.

We are pleased to deliver another solid quarter of financial and operational performance for our shareholders, one of the best quarters in the Company’s history. This robust dynamic illustrates the nature of our ‘Anchor-Develop-Grow’ strategy and our ability to grow high potential account base. Over the past six months business accelerated as we have been capitalizing on prevailing trends, making positive contributions to technology areas affecting the immediate environment of our clients: from regulatory, compliance and reporting to connectivity and new network testing standards, said Dmitry Loschinin, President and Chief Executive Officer. We have made significant progress in forging strategic partnerships with global leaders within several key verticals of our focus, including financial, automotive and telecom, successfully executing on the strategy we outlined to investors during our IPO process earlier this year. We continue on the path of growth, obtaining new clients and investing into our solutions and core competencies.

Virtually all verticals experienced strong revenue growth, with financial services and automotive and transport delivering a strong performance: 32% and 65% growth for the first six months of the year, on year over year basis. Solid dynamic was also pronounced across core revenue generating geographies: revenues generated in the U.S. increased 52%, in the U.K. increased 31% and in Germany increased 16%, compared to the year ago quarter. Our headcount growth accelerated 22% year over year, a net addition of 1,234 employees, to reach 6,803 as of September 30, 2013, still pacing far behind the revenue growth dynamic. As of today our company employs over 7,000 people.

We are on the path of aggressive but efficient growth, where every additional employee makes greater contribution to our top line and profitability and helps us realize new efficiency gains, said Roman Yakushkin, Chief Financial Officer. Revenues from every one of top ten clients increased in the second quarter. We are also excited to note that the landscape of these top ten accounts has changed: we added two new clients over the last six months, from the automotive and the financial services segments, one of which entered the top ten list in the past quarter. Our revenue per billable employee increased to an all-time high of approximately $68,000, while our attrition decelerated significantly to 10.9%. We are happy with such outcomes and we remain committed to further decouple revenue from headcount growth and generate premium returns and performance for our shareholders. As a result of this solid dynamic and a growth momentum during the first six months of the year, we are increasing our annual guidance for both, revenue growth and earnings per share.

Outlook for the Year Ending March 31, 2014:

The Company is providing the following guidance for the financial year ending March 31, 2014:

It was a great quarter of strong growth and client wins, including high potential clients. We continued investments into RD, enhancing our solutions, such as TEORA, Horizon and Twister, that help clients achieve desired outcomes faster and in more economical ways. We also make progressive investments into our expertise and into our people, supporting our internal mobility and other human resources programs. There are many exciting developments that fueled quarterly and annual growth, especially in financial services, automotive and telecom verticals. We were able to create cross-selling opportunities within our existing clients, requiring our expertise in big data, advanced visualization and business intelligence, as well as in testing and quality assurance areas. There is an ongoing expansion and a wide adoption of managed service offering within front office functions of clients — another trend that contributed to our revenue growth in the past quarter and this year, since we bring a unique value proposition into such engagements, said Michael Friedland, Executive Vice President.

Conference Call Information:

Luxoft Holding, Inc will host a conference call on November 13, 2013 at 8:00 a.m. EST to discuss its financial results for the three and six months ended September 30, 2013. To access the conference call, please dial 877-407-0666 (for U.S. callers) or 201-689-8023 (for international callers). A live webcast of the conference call will also be available during the call and can be accessed at https://event.webcasts.com/starthere.jsp?ei=1020470. 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. An archived recording of the conference call will be available for a limited time by dialing one of the following numbers: 877-660-6853 (for U.S. callers) or 201-612-7415 (for international callers) and entering the conference ID# 418801. The replay will be available from two hours as of the end of the call and up to 11:59 p.m. EST on November 27, 2013. The replay details will also be available at Luxoft’s Investor Relations section during the same time period.

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About Luxoft:

Luxoft Holding, Inc (NYSE: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’s core resources are located in Central and Eastern Europe, where Luxoft has 14 delivery centers, 19 offices and presence in 12 countries, employing over 7,000 people. Luxoft is domiciled in Tortola, British Virgin Islands, has its principal executive office in Zug, Switzerland and is listed on New York Stock Exchange (LXFT US). 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 and non-GAAP diluted Earnings per share (EPS). Non-GAAP diluted EPS are calculated as non-GAAP net income divided by weighted average number of diluted shares. 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 their 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; 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; our expectations with respect to the proportion of our fixed price contracts; our expectation that our Freedom Professional Services and Technologies LLC acquisition will help us develop new practice expertise; 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; IBS Group Holding Limited and its subsidiaries consideration of further divesting all or a portion of its ownership interest in us; 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 final prospectus for our initial public offering and other documents filed with 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.

Alina V. Plaia, 212-964-9900 (ext. 2404)

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