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Virtusa CEO Discusses F2Q2011 Results – Earnings Call Transcript

Virtusa Corporation ( VRTU)

F2Q2011 (Qtr End 09/30/10) Earnings Conference Call

October 27, 2010 5:00 PM ET

Executives

Staci Strauss Mortenson – IR, ICR

Kris Canekeratne – Chairman and CEO

Ranjan Kalia – SVP and CFO

Analysts

Bhavan Suri – William Blair

Jon Maietta – Needham & Company

Puneet Jain – JPMorgan

Vincent Colicchio – Noble Financial

Presentation

Operator

Welcome to the Virtusa Corporation Second Quarter 2011 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this conference is being recorded.

And now I’d like turn the conference over to Ms. Staci Strauss Mortenson, ICR. Please go ahead.

Staci Strauss Mortenson

Thank you. Good evening and welcome to Virtusa’s second quarter fiscal year 2011 earnings conference call, where we will be discussing our financial results for Virtusa’s second quarter ended September 30, 2010.

On the call with me are Kris Canekeratne, Chairman and Chief Executive Officer; Tom Holler, Executive Vice President and Chief Operating Officer; and Ranjan Kalia, Senior Vice President and Chief Financial Officer of Virtusa.

Certain statements made in this call that are not based on historical information are forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

During this call, we may make express or implied forward-looking statements relating to among other things Virtusa’s expectations and assumptions concerning management’s forecast of financial performance. Virtusa’s ability to assimilate and integrate the operations of InSource and ConVista Consulting, the growth of Virtusa’s business, the ability Virtusa’s clients to realize benefits from the use of Virtusa’s IT services, the potential impact of currency exchange on our business and operation and management’s plan objectives and strategies.

These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Virtusa’s control which would cause actual result to differ materially from those contemplated in these forward-looking statements. Existing and perspective investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.

Virtusa undertakes no obligations to update and revise the information disclosed during this call, whether as a result of new information, future events or circumstances or otherwise.

Other statements in this call also include certain non-GAAP financial information as defined by the SEC. We present constant currency revenue to provide a framework for assessing how our revenue performed excluding the effect of foreign currency rate fluctuations. We also present a reconciliation of cash, cash equivalents, short-term and long-term investments that we believe provide insight into our total cash position and overall liquidity.

For additional disclosure regarding these and other risks faced by Virtusa, see the disclosures contained in Virtusa’s public filings with the Securities and Exchange Commission and on our earning press release.

With that, I would like turn the call over to Kris. Kris, please go ahead.

Kris Canekeratne

Thank you Staci and thank you for joining us on our second quarter fiscal year 2011 conference call. We are pleased with our second quarter results. The business environment remains stable and clients continue to expand their programs with us. Our value proposition resonates particularly well due to our unique ability to improve IT efficiencies and drive business outcome.

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