Luxoft Holding, Inc Reports Results For Three And Six Months Ended September 30, 2016

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, 2016.

Highlights - Three Months Ended September 30, 2016
  • US GAAP revenue amounted to $196.5 million, an increase of 21.6% year over year and 10.3% sequentially on the reporting currency basis and 22.8% increase on the constant currency basis
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for stock based compensation, acquisition related costs and change in fair value of contingent consideration was $37.4 million; adjusted EBITDA margin was 19.1%, compared to $29.6 million and 16.6% in the previous quarter
  • Operating income increased 15.1% sequentially, generating 9.6% margin on a US GAAP basis, as compared to 9.2% in the previous quarter
  • Diluted earnings per share (EPS) on a US GAAP basis was $0.48, compared to $0.42 in the previous quarter
  • Diluted EPS on a non-GAAP basis was $0.83, compared to $0.62 in the previous quarter

Highlights - Six Months Ended September 30, 2016
  • US GAAP revenue amounted to $374.5 million, an increase of 21.0% year over year on the reporting currency basis and 22.2% increase on the constant currency basis
  • Adjusted EBITDA increased 4.5% year over year to $67.1 million and adjusted EBITDA margin was 17.9%
  • US GAAP operating income amounted to $35.3 million
  • Diluted EPS on a US GAAP basis was $0.90
  • Diluted EPS on a non-GAAP basis was $1.44

Revenue for the three months ended September 30, 2016 increased to $196.5 million, up 21.6% from $161.5 million for the same period a year ago and 10.3% sequentially. Adjusted EBITDA was $37.4 million and corresponding margins of 19.1%, as compared to $37.0 million and 22.9% respectively in the year-ago quarter and $29.6 million and 16.6% sequentially. US GAAP net income was $16.3 million, or $0.48 per diluted share, compared to $23.0 million and $0.67 per diluted share for the same period a year ago and $14.1 million and $0.42 sequentially. Non-GAAP net income was $27.8 million, or $0.83 per diluted share, compared to $28.6 million and $0.84 per diluted share for the same period a year ago and $21.0 million and $0.62 sequentially. Reconciliations between non-GAAP financial measures and US GAAP operating results and diluted EPS are included at the end of this release.

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