Financial results for six months 1H FY16 – Luxoft Holding, Inc.
Luxoft Holdings, Inc. have released the financial results for first two quarters of 2015. The results are very positive, with an increase in revenue of 29.1% year over year, now amounting to $161.5 million.
As part of the Luxoft group, Excelian are pleased to see these positive results. Since the acquisition back in February 2015, Excelian has become a strong brand within the Luxoft group and as a result of the positive integration which has taken place, Excelian is now emerging as an even more powerful player in the Financial Services domain. With Excelian’s expertise and consulting capabilities combined with Luxoft’s domain-focused software engineering services, Excelian are now able to compete successfully amongst the leading global technology services and consulting powerhouses.
Highlights Highlights – Six Months Ended September 30, 2015:
US GAAP revenue amounted to $309.6 million, an increase of 30.4% year over year on the reporting currency basis and 42.1% increase on the constant currency basis
Adjusted EBITDA increased 47.7% year over year to $64.2 million and adjusted EBITDA margin was 20.7%, as compared to $43.4 million and 18.3% in a year ago period
US GAAP operating income increased to $41.2 million or 18.7% year over year
Diluted EPS on a US GAAP basis was $1.11, compared to $0.92 in the first half of last year, representing 20.7% increase over the same period last year
Diluted EPS on a non-GAAP basis was $1.45, compared to $1.03 in the first half of last year, representing 40.8% increase over the same period last year
Dmitry Loschinin, CEO and President of Luxoft Holding, Inc. commented on the results, saying that he is pleased “to announce another strong set of earnings for the quarter and the first half of our financial year built upon a continuously high level of demand for complex software development services, end-to-end solutions, and technology consulting.”
Mr. Loschinin has remarked on cooperation with Excelian and the benefits it brought about in the last month - "(…) we realized some important cross-selling opportunities between Luxoft and Excelian, leading to (…) deals with North American, Western European and Asian clients. We continue building our premium consulting services capabilities, moving upwards in the value chain, and rapidly expanding relationships with packaged solution providers".
He also mentioned that the results prove that the "strategy of focusing on select niche domain expertise and becoming a business IT solutions specialist provider is paying off”.
Furthermore, Luxoft has published the “Outlook for the Year Ending March 31, 2016”, which includes information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. It states that the Company is increasing its original revenue and EPS guidance for the financial year ending March 31, 2016:
Revenue is expected to reach at least $645.5 million, an increase of at least 24.0% year over year. In constant currency terms the management increase guidance to 28% year over year increase, up from previous 26%
EBITDA margin adjusted for stock-based compensation is expected to be in the range of 17.0% - 19.0%
Fully diluted EPS is expected to reach at least $2.05 on a US GAAP basis, compared to $2.02 previously; fully diluted EPS is expected to reach at least $2.60 on a non-GAAP basis, compared to at least $2.55 previously
EPS is based on an estimated weighted average of 34,159,416 diluted shares