LONDON, February 13, 2019 - Luxoft Holding, Inc (NYSE:LXFT), a global IT service provider, today announced results for the three months ended December 31, 2018.


Highlights — Three months ended December 31, 2018

  • Revenue of $230.4 million, down 2.6% year-over-year and up 0.9% sequentially
  • Net income of $10.8 million, compared to $20.6 million in the year-ago quarter and diluted EPS of $0.32, compared to $0.60 in the year-ago quarter
  • Adjusted EBITDA of $32.6 million and adjusted EBITDA margin of 14.1%, compared to $40.0 million and 16.9% in the year-ago quarter
  • Non-GAAP diluted EPS of $0.61, compared to $0.89 in the year-ago quarter
  • As of December 31, 2018, total number of employees was 12,716; Annual revenue per billable engineer was $83,923, down 1.7% from the prior year.

Note: Reconciliations of non-GAAP to GAAP measures are included at the end of the release.

"First off, I'd like to express my excitement about the proposed acquisition of Luxoft by DXC Technology," said Dmitry Loschinin, Luxoft’s CEO and President. "The Luxoft board is committed to maximizing shareholder value, and we believe that this acquisition is a win-win for both DXC's and Luxoft's customers, employees, and stakeholders. Our shared vision of digital transformation makes this strategic combination a great fit. DXC's strong reputation will enable us to cross-sell our offerings across a much larger client portfolio, while DXC will gain a stronger competitive edge in the execution of end-to-end digital projects."

"While we undergo the regulatory review processes, Luxoft remains an independent company focused on continued diversification and growth. We are advancing our transformation and executing the strategy we've laid out in past quarters. Our third-quarter results demonstrate our progress on these initiatives, with results largely in line with our guidance. Growth in Financial Services ex-Top 2 is healthy, and our Automotive solutions continue to drive demand with over 50% Y/Y growth this quarter. We remain focused on digital transformation, investing in new solutions and advancing our competitive position to meet the growing needs of our clients."


Third Quarter Key Operating Highlights

  • Revenue generated in APAC and Europe grew 28.7% and 7.2% year over year, respectively.
  • Expanding global presence and growth outside of Financial Services is meaningfully reducing client concentration. Revenue by line of business was 50.5% Financial Services, 24.8% Digital Enterprise and 24.7% Automotive. Top Two(1) accounts amounted to 24.9% of revenue, representing a 9.5 percentage-point decrease over the prior year.
  • Top Five accounts amounted to 39.0% of revenue, an annual 7.0 percentage-point decrease, and Top Ten accounts amounted to 50.9% of revenue, a 6.3 percentage point decrease.

(1) Top Two accounts are UBS and Deutsche Bank and are included in our Financial Services line of business.


2019 Guidance & Conference Call

As announced on January 7, 2019, DXC Technology and Luxoft entered into a definitive agreement whereby DXC will acquire Luxoft for $59 per share in cash.

In light of the pending acquisition, Luxoft will not be providing further updates to its financial guidance or conducting a conference call.


About Luxoft

Luxoft (NYSE: LXFT) is a global technology services and consulting partner that provides bespoke technology solutions to customers in 22 countries across five continents. Founded in 2000, Luxoft combines engineering excellence with deep industry expertise to deliver and implement technology solutions that drive business change. Through a combination of strategy, consulting and engineering services, Luxoft's global teams use technology to enable business transformation, enhance customer experiences and boost operational efficiency. With over 280 active clients, Luxoft specializes in automotive, financial services, healthcare, life sciences, telecommunications and other industries. For more information, please visit www.luxoft.com and follow us on Twitter and LinkedIn.



Investor Inquiries
Tracy Krumme
Vice President, Investor Relations
212-964-9900 ext. 2460
IR@luxoft.com
Media Inquiries
Robert Maccabe
Director, Public Relations
+44 (0)20 3828 2346
Press@luxoft.com
Twitter: @Luxoft

 

 

 


 



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). EBITDA is calculated as earnings before interest, tax, depreciation and amortization, where interest includes unwinding of the discount for contingent liabilities. Non-GAAP net income and non-GAAP EPS exclude stock-based compensation expense, amortization of purchased intangible assets and impairment thereof and other acquisitions related costs that may include changes in the fair value of contingent consideration liabilities. Non-GAAP diluted EPS are calculated as non-GAAP net income divided by weighted average number of diluted shares.

We adjust our non-GAAP financial measures to exclude stock based compensation, because it is a non-cash expense. We also adjust our non-GAAP financial measures to exclude the change in fair value of contingent consideration, because we believe these expenses are not indicative of what we consider to be normal course of operations. Our non-GAAP financial measures are adjusted to exclude amortization of purchased intangible assets in order to allow management and investors to evaluate our results from operating activities as if these assets have been developed internally rather than acquired in a business combination. Finally, we adjust our non-GAAP financial measures to exclude acquisition-related costs, which comprise payments to consulting firms as well as fees paid upon successful completion of acquisition; as well as certain incentive payments for members of management of the acquired companies as provided for in the acquisition agreements. These payments are based on performance of the acquired businesses and are classified as part of management compensation rather than part of purchase consideration. These costs vary with the size and complexity of each acquisition and are generally inconsistent in amount and frequency, and therefore, we believe that they may not be indicative of the size and volume of future acquisition-related costs.

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 and 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 revenue from our new clients; seasonal trends and the budget and work cycles of our clients; general economic and business conditions in our locations, including geopolitical instability and social, economic or political uncertainties, particularly in Russia and Ukraine, and any potential sanctions, restrictions or responses to such conditions imposed by some of the locations in which we operate; 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, or actual increases to our effective tax rate which we may experience from time to time; our expectations with respect to the proportion of our fixed price contracts; our expectation that we will be able to integrate and manage the companies we acquire and that our acquisitions will yield the benefits we envision; 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; 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 Annual Report on Form 20-F for the year ended March 31, 2018 and other documents filed with or furnished to 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share amounts)






 

 

As of December 31, 2018

 

As of March 31, 2018

 

 

(Unaudited)

 

 

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

107,395

 

 

$

104,357

 

Restricted cash, current

 

1,896

 

 

70

 

Trade accounts receivable, net of allowance for doubtful accounts of $1,652 at December 31, 2018 and $1,232 at March 31, 2018

 

177,068

 

 

186,991

 

Unbilled revenue

 

34,096

 

 

33,310

 

Work-in-progress

 

6,475

 

 

3,734

 

Due from related parties

 

4,290

 

 

1,272

 

VAT and other taxes receivable

 

3,423

 

 

4,082

 

Advances issued

 

1,683

 

 

1,777

 

Other current assets

 

7,496

 

 

8,041

 

Total current assets

 

$

343,822

 

 

$

343,634

 

Non-current assets

 

 

 

 

Restricted cash, non-current

 

1,680

 

 

2,775

 

Deferred tax assets

 

6,029

 

 

4,349

 

Property and equipment, net

 

50,924

 

 

52,739

 

Intangible assets, net

 

99,249

 

 

106,368

 

Goodwill

 

102,228

 

 

88,908

 

Other non-current assets

 

5,344

 

 

5,047

 

Total non-current assets

 

265,454

 

 

260,186

 

Total assets

 

609,276

 

 

603,820

 

Liabilities and shareholders’ equity

 

 

 

 

Current liabilities

 

 

 

Short-term borrowings

 

5,392

 

 

856

 

Accounts payable

 

11,327

 

 

25,964

 

Accrued liabilities

 

36,747

 

 

49,593

 

Deferred revenue

 

3,303

 

 

4,105

 

Due to related parties

 

14

 

 

14

 

Taxes payable

 

25,677

 

 

22,916

 

Payable on derivative financial instruments

 

1,222

 

 

776

 

Payable for acquisitions, current

 

4,903

 

 

6,415

 

Other current liabilities

 

2,466

 

 

2,302

 

Total current liabilities

 

$

91,051

 

 

$

112,941

 

Deferred tax liability, non-current

 

7,787

 

 

10,830

 

Payable for acquisitions, non-current

 

2,658

 

 

2,895

 

Other non current liabilities

 

5,742

 

 

7,205

 

Total liabilities

 

$

107,238

 

 

$

133,871

 

Shareholders’ equity

 

 

 

 

Share capital (80,000,000 shares authorized; 33,743,430 issued and outstanding with no par value as at December 31, 2018, and 80,000,000 shares authorized; 34,063,981 issued and outstanding with no par value as at March 31, 2018)

 

 

 

 

Additional paid-in capital

 

156,747

 

 

155,456

 

Common stock held in treasury, at cost (106,469 shares as of December 31, 2018; 61,874 shares as of March 31, 2018)

 

(4,920

)

 

(3,424

)

Retained earnings

 

355,706

 

 

320,521

 

Accumulated other comprehensive loss

 

(5,527

)

 

(2,636

)

Total shareholders’ equity attributable to the Group

 

$

502,006

 

 

$

469,917

 

Non-controlling interest

 

32

 

 

32

 

Total equity

 

$

502,038

 

 

$

469,949

 

Total liabilities and equity

 

$

609,276

 

 

$

603,820

 



LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US dollars, except share and per share amounts)






 

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2018

 

2017

 

2018

 

2017

 

 

(Unaudited)

 

(Unaudited)

Sales of services

 

$

230,355

 

 

$

236,613

 

 

$

671,556

 

 

$

673,885

 

Operating expenses

 

 

 

 

 

 

 

 

Cost of services (exclusive of depreciation and amortization)

 

140,886

 

 

144,332

 

 

418,884

 

 

419,236

 

Selling, general and administrative expenses

 

63,683

 

 

63,485

 

 

180,256

 

 

179,747

 

Depreciation and amortization

 

11,035

 

 

11,050

 

 

32,774

 

 

31,695

 

Gain from revaluation of contingent liability

 

(82

)

 

(3,930

)

 

(227

)

 

(6,020

)

Operating income

 

14,833

 

 

21,676

 

 

39,869

 

 

49,227

 

Other income and expenses

 

 

 

 

 


 

 

Interest income/ (loss), net

 

58

 

 

17

 

 

(53

)

 

76

 

Unwinding of discount for contingent liability, income/ (loss)

 

(82

)

 

(588

)

 

(181

)

 

(1,286

)

Other income, net

 

334

 

 

934

 

 

1,465

 

 

1,880

 

Gain from derivative financial instruments

 

461

 

 

57

 

 

1,782

 

 

146

 

Net foreign exchange gain/ (loss)

 

(1,681

)

 

177

 

 

(5,971

)

 

1,301

 

Income before income taxes

 

13,923

 

 

22,273

 

 

36,911

 

 

51,344

 

Income tax expense

 

(3,154

)

 

(1,723

)

 

(7,033

)

 

(6,037

)

Net income

 

$

10,769

 

 

$

20,550

 

 

$

29,878

 

 

$

45,307

 

Net income attributable to the non-controlling interest

 

 

 

 

 

 

 

Net income attributable to the Group

 

$

10,769

 

 

$

20,550

 

 

$

29,878

 

 

$

45,307

 

Basic EPS per Class A and Class B ordinary share

 

 

 

 

 

 

 

 

Net income attributable to the Group per ordinary share

 

$

0.32

 

 

$

0.61

 

 

$

0.89

 

 

$

1.35

 

Weighted average ordinary shares outstanding

 

33,621,614

 

 

33,756,866

 

 

33,751,591

 

 

33,611,350

 

Diluted EPS per Class A and Class B ordinary share

 

 

 

 

 

 

 

 

Diluted net income attributable to the Group per ordinary share

 

$

0.32

 

 

$

0.60

 

 

$

0.88

 

 

$

1.32

 

Diluted weighted average ordinary shares outstanding

 

33,935,924

 

 

34,102,625

 

 

34,002,695

 

 

34,254,345

 






LUXOFT HOLDING, INC

                                                                 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of US dollars)





 

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2018

 

2017

 

2018

 

2017

 

 

(Unaudited)

 

(Unaudited)

Net income

 

$

10,769

 

 

$

20,550

 

 

$

29,878

 

 

$

45,307

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

Gains/(losses) from derivative instruments, net of tax effect of $36 and $3; $(121) and $(120)

 

(899

)

 

(28

)

 

256

 

 

(681

)

Translation adjustments with no tax effects

 

(1,081

)

 

314

 

 

(3,147

)

 

1,679

 

Total other comprehensive income/ (loss)

 

(1,980

)

 

286

 

 

(2,891

)

 

998

 

Comprehensive income

 

$

8,789

 

 

$

20,836

 

 

$

26,987

 

 

$

46,305

 

Comprehensive income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

Comprehensive income attributable to the Group

 

$

8,789

 

 

$

20,836

 

 

$

26,987

 

 

$

46,305

 




LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(In thousands of US dollars)





 

For the nine months ended December 31,

 

 

2018

 

2017

 

 

(Unaudited)

Operating activities

 

 

 

 

Net income

 

$

29,878

 

 

$

45,307

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

32,774

 

 

31,695

 

Deferred tax benefit

 

(945

)

 

(3,449

)

Gain from derivative financial instruments

 

(1,782

)

 

(146

)

Net foreign exchange (gain)/ loss

 

5,971

 

 

(1,301

)

Provision for doubtful accounts

 

660

 

 

827

 

Gain from revaluation of contingent liability

 

(227

)

 

(6,020

)

Unwinding of discount for contingent liability, loss

 

181

 

 

1,286

 

Share-based compensation

 

19,411

 

 

22,940

 

Other

 

169

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

Trade accounts receivable and unbilled revenue

 

5,284

 

 

(36,581

)

Work-in-progress

 

(3,185

)

(1,436

)

Due to and from related parties

 

(3,083

)

 

45

 

Accounts payable and accrued liabilities

 

(21,646

)

 

(21,807

)

Deferred revenue

 

(667

)

 

(31

)

Changes in other assets and liabilities

 

8,416

 

 

1,564

 

Net cash provided by operating activities

 

71,209

 

 

32,893

 

Investing activities

 

 

 

Purchases of property and equipment

 

(17,476

)

 

(17,348

)

Purchases of intangible assets

 

(2,542

)

 

(3,395

)

Acquisitions, net of cash acquired

 

(19,590

)

 

(32,685

)

Net cash used in investing activities

 

(39,608

)

 

(53,428

)

Financing activities

 

 

 

 

Proceeds from/ Net repayment of short-term borrowings

 

4,113

 

 

(1,127

)

Acquisition of business, deferred consideration

 

(3,603

)

(12,945

)

Repayment of capital lease obligations

 

(1,842

)

 

(132

)

Repurchases of common stock

 

(21,482

)

 

(3,361

)

Net cash used in financing activities

 

(22,814

)

 

(17,565

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

 

(5,018

)

 

(623

)

Net increase/ (decrease) in cash, cash equivalents and restricted cash

 

3,769

 

 

(38,723

)

Cash, cash equivalents and restricted cash at beginning of period

 

107,202

 

 

114,957

 

Cash, cash equivalents and restricted cash at end of period

 

$

110,971

 

 

$

76,234

 




The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:



 

As of

 

December 31, 2018

 

March 31, 2018

 

(Unaudited)

 

 

Cash and cash equivalents

$

107,395

 

 

$

104,357

 

Restricted cash, current

1,896

 

 

70

 

Restricted cash, non-current

1,680

 

 

2,775

 

Total restricted cash

3,576

 

 

2,845

 

Total cash, cash equivalents and restricted cash

$

110,971

 

 

$

107,202

 





Luxoft Holding, Inc

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures (Unaudited)
(In thousands of US dollars, except per share amounts and percentages)





 

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2018

 

2018

 

 

 

2018

 

2018

 

2018

 

 

 

2018

 

 

GAAP

 

Adjustments

 

 

 

Non-GAAP

 

GAAP

 

Adjustments

 

 

 

Non-GAAP

Operating income

 

14,833

 

 

11,443

 

 

(a)

 

26,276

 

 

39,869

 

34,454

 

 

(a)

 

74,323

 

Operating margin

 

6.4

%

 

5.0

%

 

 

 

11.4

%

 

5.9

%

 

5.1

%

 

 

 

11.0

%

Net income

 

10,769

 

 

9,876

 

 

(b)

 

20,645

 

 

29,878

 

 

30,392

 

 

(b)

 

60,270

 

Diluted earnings per share

 

$

0.32

 

 

 

 

 

 

$

0.61

 

 

$

0.88

 

 

 

 

 

 

$

1.77

 




 

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2017

 

2017

 

 

 

2017

 

2017

 

2017

 

 

 

2017

 

 

GAAP

 

Adjustments

 

 

 

Non-GAAP

 

GAAP

 

Adjustments

 

 

 

Non-GAAP

Operating income

 

21,676

 

 

10,849

 

 

(a)

 

32,525

 

 

49,227

 

 

33,468

 

 

(a)

 

82,695

 

Operating margin

 

9.2

%

 

4.5

%

 

 

 

13.7

%

 

7.3

%

 

5.0

%

 

 

12.3

%

Net income

 

20,550

 

 

9,921

 

 

(b)

 

30,471

 

 

45,307

 

 

30,320

 

 

(b)

 

75,627

 

Diluted earnings per share

 

$

0.60

 

 

 

 

 

$

0.89

 

 

$

1.32

 

 

 

 

 

$

2.21

 







Luxoft Holding, Inc

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures (Unaudited)
(In thousands of US dollars, except per share amounts and percentages)




 

 

For the three months ended December 31,

 

For the nine months ended December 31,

(a)

 

2018

 

2017

 

2018

 

2017

Adjustments to GAAP operating income

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

$

5,203

 

 

$

8,703

 

 

$

19,411

 

 

$

22,940

 

Amortization of purchased intangible assets

 

3,843

 

 

4,711

 

 

11,377

 

 

12,741

 

Gain from revaluation of contingent liability

 

(82

)

 

(3,930

)

 

(227

)

 

(6,020

)

Acquisition related costs

 

2,479

 

 

1,365

 

3,893

 

 

3,807

 

Total Adjustments to GAAP income from operations:

 

$

11,443

 

 

$

10,849

 

 

$

34,454

 

 

$

33,468

 



 

 

For the three months ended December 31,

 

For the nine months ended December 31,

(b)

 

2018

 

2017

 

2018

 

2017

Adjustments to GAAP net income

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

$

5,203

 

 

$

8,703

 

 

$

19,411

 

 

$

22,940

 

Amortization of purchased intangible assets

 

3,843

 

 

4,711

 

 

11,377

 

 

12,741

 

Gain from revaluation of contingent liability and unwinding of discount for contingent liability

 

 

 

(3,342

)

 

(46

)

 

(4,734

)

Acquisition related costs

 

2,479

 

 

1,365

 

 

3,893

 

 

3,807

 

Tax effect of the adjustments

 

(1,649

)

 

(1,516

)

 

(4,243

)

 

(4,434

)

Total Adjustments to GAAP net income :

 

$

9,876

 

 

$

9,921

 

 

$

30,392

 

 

$

30,320

 



 

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2018

 

2017

 

2018

 

2017

Net income

 

$

10,769

 

 

$

20,550

 

 

$

29,878

 

 

$

45,307

 

Adjusted for:

 

 

 

 

 

 

 

 

Interest (income)/ loss

 

(58

)

(17

)

 

53

 

 

(76

)

Unwinding of discount for contingent liability, (income)/ loss

 

82

 

 

588

 

 

181

 

 

1,286

Income tax

 

3,154

 

 

1,723

 

 

7,033

 

 

6,037

 

Depreciation and Amortization

 

11,035

 

 

11,050

 

 

32,774

 

 

31,695

 

EBITDA

 

$

24,982

 

 

$

33,894

 

 

$

69,919

 

 

$

84,249

 

Adjusted for

 

 

 

 

 

 

 

 

Stock based compensation

 

5,203

 

 

8,703

 

 

19,411

 

 

22,940

 

Gain from revaluation of contingent liability

 

(82

)

 

(3,930

)

 

(227

)

 

(6,020

)

Acquisition related costs

 

2,479

 

 

1,365

 

 

3,893

 

 

3,807

 

Adjusted EBITDA

 

$

32,582

 

 

$

40,032

 

 

$

92,996

 

 

$

104,976

 








Luxoft Holding, Inc
Schedule of supplemental information
(Unaudited)
(In thousands; except percentages)





 

 

Revenue for the three months ended December 31,

 

Revenue for the nine months ended December 31,

 

 

2018

 

2017

 

2018

 

2017

Client location

 

Amount

 

% of sales

 

Amount

 

% of sales

 

Amount

 

% of sales

 

Amount

 

% of sales

North America

 

$

73,452

 

 

31.9

%

 

$

78,609

 

 

33.2

%

 

$

214,238

 

 

31.9

%

 

$

237,270

 

 

35.2

%

Europe (excl. U.K.)

 

83,139

 

 

36.1

%

 

77,526

 

 

32.8

%

 

235,789

 

 

35.1

%

 

211,060

 

 

31.3

%

U.K.

 

38,394

 

 

16.7

%

 

52,446

 

 

22.2

%

 

129,249

 

 

19.2

%

 

152,739

 

 

22.7

%

APAC

 

16,032

 

 

7.0

%

 

12,456

 

 

5.3

%

 

45,770

 

 

6.8

%

 

29,483

 

 

4.4

%

Russia

 

16,604

 

 

7.2

%

 

13,159

 

 

5.6

%

 

38,303

 

 

5.7

%

 

38,593

 

 

5.7

%

Other

 

2,734

 

 

1.1

%

 

2,417

 

 

0.9

%

 

8,207

 

 

1.3

%

 

4,740

 

 

0.7

%

Total

 

$

230,355

 

 

100.0

%

 

$

236,613

 

 

100.0

%

 

$

671,556

 

 

100.0

%

 

$

673,885

 

 

100.0

%



 

 

Revenue for the three months ended December 31,

 

Revenue for the nine months ended December 31,

 

 

2018

 

2017

 

2018

 

2017

Line of Business

 

Amount

 

% of sales

 

Amount

 

% of sales

 

Amount

 

% of sales

 

Amount

 

% of sales

Financial Services

 

$

116,275

 

 

50.5

%

 

$

138,119

 

 

58.4

%

 

$

359,748

 

 

53.6

%

 

$

380,763

 

 

56.5

%

Digital Enterprise

 

57,283

 

 

24.8

%

 

62,039

 

 

26.2

%

 

160,767

 

 

23.9

%

 

181,315

 

 

26.9

%

Automotive

 

56,797

 

 

24.7

%

 

36,455

 

 

15.4

%

 

151,041

 

 

22.5

%

 

111,807

 

 

16.6

%

Total

 

$

230,355

 

 

100.0

%

 

$

236,613

 

 

100.0

%

 

$

671,556

 

 

100.0

%

 

$

673,885

 

 

100.0

%