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Luxoft Holding, Inc Reports Results for Three and Nine Months Ended December 31, 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 nine months ended December 31, 2013.

Highlights – Three Months Ended December 31, 2013

  • US GAAP revenue amounted to $110.6 million, an increase of 32.5% year over year and 13.2% sequentially
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $22.7 million and EBITDA margin was 20.5%, compared to $17.7 million and 21.2% in the year ago quarter and $19.5 million and 19.9% sequentially
  • Diluted earnings per share (EPS) on a US GAAP basis was $0.54, compared to $0.42 in the year-ago quarter and $0.40 sequentially
  • Diluted EPS on a non-GAAP basis was $0.54, compared to $0.47 in the year-ago quarter, and $0.47 sequentially

Highlights – Nine Months Ended December 31, 2013

  • US GAAP revenue amounted to $292.1 million, an increase of 27.7% year over year
  • Adjusted EBITDA was $56.5 million and EBITDA margin was 19.3%, compared to $41.3 million and 18.1% for the same period last year
  • Diluted EPS on a US GAAP basis was $1.27, compared to $0.88 in the nine months of last year
  • Diluted EPS on a non-GAAP basis was $1.38, compared to $1.05 in the nine months of last year
  • Employee attrition declined to 10.4% from 12.7% for the same period a year ago

Revenue for the three months ended December 31, 2013 increased to $110.6 million, up 32.5% from $83.5 million for the same period a year ago, and 13.2% sequentially. Adjusted EBITDA was $22.7 million and corresponding margins of 20.5%, as compared to $17.7 million and 21.2%, respectively, in the year ago quarter, and $19.5 million and 19.9% sequentially. US GAAP net income was $17.7 million, or $0.54 per diluted share, compared to $12.5 million and $0.42 per diluted share for the same period a year ago, and $13.3 million and $0.40 sequentially. Non-GAAP net income was $17.7 million, or $0.54 per diluted share, compared to $14.1 million and $0.47 per diluted share for the same period a year ago, and $15.5 million and $0.47 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 nine months ended December 31, 2013 increased to $292.1 million, up 27.7% from $228.7 million for the same period a year ago. Operating income was $46.3 million, an increase of 48.4% year over year from $31.2 million in the first nine months of last year. US GAAP net income was $40.8 million, or $1.27 per diluted share, compared to $26.7 million and $0.88 per diluted share for the same period a year ago. Non-GAAP net income was $44.4 million, or $1.38 per diluted share, compared to $31.9 million and $1.05 per diluted share for the same period a year ago.

“We are glad to report that Luxoft had a very successful third quarter that translated into significant revenue growth and profitability. We have built new partnerships, generated first sales of our products, added multinational clients, created new solutions and expanded our global presence. The outsourcing industry is rapidly changing and clients are looking far beyond optimization and labor arbitrage opportunities when selecting their vendors. They are in need of engineering services with specialized domain expertise that are consistent, cost-predictable and efficient. This creates demand for tailored end-to-end solutions and managed delivery capabilities - one of the main reasons for our accelerated growth. We identified this trend over two years ago and built our growth strategy to become a go-to provider for such services within the areas of our focus, especially in the finance and automotive sectors,” said Dmitry Loschinin, President and Chief Executive Officer. “Also, on November 27, 2013 we successfully executed our secondary equity offering and would like to thank all of you for that support and interest in our story. I look with confidence to the end of this financial year and am excited for all of the opportunities that lie ahead of our company during financial year 2015 and beyond.”

Virtually all of Luxoft’s verticals experienced strong revenue growth, with Financial services and Automotive and transport delivering the strongest performance: 36% and 80% growth, respectively, for the first nine months of the year, on a year-over-year basis. The company continues to see dynamic growth across its core revenue-generating geographies: revenues generated in the U.S. increased 56%, and in the U.K. increased 34%, compared to the year-ago quarter. Luxoft finished the first nine months of this financial year with 7,273 employees, of which 6,142 were delivery professionals, who continued to drive average productivity during this period to a record of $70,000 per engineer.

“This has been one of the strongest quarters in the history of Luxoft in terms of both, revenue and profitability. We have generated robust growth coupled with increased productivity, which on one hand was supported by strong demand from North America and across Europe, while on the other by the increasing contribution from the high potential account group and growth from the top 10 accounts. The profitability that we reported today on operating and net income margin levels is one of the highest since inception of the Company,“ said Roman Yakushkin, Chief Financial Officer. “In the third quarter we reached yet another record high on annualized revenue per delivery employee of approximately $73,000, while reducing attrition by 50 basis points from the last quarter to 10.4%. Financial year 2014 is shaping up to be a year of strong growth and profitability and thus, we increase our revenue and earnings per share guidance.”

Outlook for the Year Ending March 31, 2014:

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

  • Revenue is expected to be at least $396.0 million, an increase of at least 26.0% year over year, revised from previous guidance of at least $384.0 million and 22%, respectively
  • Adjusted EBITDA margin is expected to be in the range of 17.0% - 19.0%
  • Diluted EPS is expected to be at least $1.50 on a US GAAP basis and at least $1.70 on a non-GAAP basis, revised from previous guidance of at least $1.40 and $1.60, respectively
  • EPS is based on an estimated weighted average of 32,242,676 diluted shares

“It was another exciting quarter for us. Our current pipeline looks good and we made significant progress in several critical aspects outlined in our growth strategy. First, we started to monetize our product portfolio – our advanced visualization and risk management product Horizon and our mobile e-banking tool iStockTrack aided new client wins and contributed to our revenues for the past three months. Second, we unveiled two new solutions, AllView and Ulmo, for our clients in the automotive and telecom sectors, respectively. These solutions allow us to quickly demonstrate our capabilities and prove certain concepts, and enable our clients achieve better time-to-market and reduced development lifecycles that ultimately aid their results on the bottom line. Third, increased demand for our services and expertise, growth of our top 10 and high potential clients prompted us to further expand our global delivery model. I am pleased to report that we have expanded Luxoft’s presence in CEE and opened our 20th office and 15th global delivery location in Sofia, Bulgaria. Lastly, we have already started to see tangible results from the collaborations with various global players we discussed over the last several months with the market. We continue to build a strong company and look forward to further delivering on the promises made to our shareholders, clients, and partners, ” said Michael Friedland, Executive Vice President.

Conference Call Information:

Luxoft Holding, Inc will host a conference call on February 13, 2014 at 8:00 a.m. EST to discuss its financial results for the three and nine months ended December 31, 2013. To access the conference call, please dial 877-407-8293 (for U.S. callers) or 201-689-8349 (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=1028369. 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#13574724. The replay will be available from two hours as of the end of the call and up to 11:59 p.m. EST on February 27, 2014. The replay details will also be available at Luxoft’s Investor Relations section during the same time period.

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. Luxoft has 15 delivery centers world-wide, 20 offices and presence in 13 countries, employing over 7,200 people. Luxoft is domiciled in Tortola, British Virgin Islands, has its principal executive office in Zug, Switzerland and is listed on the 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, the final prospectus for our secondary 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

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,

  2012     2013         2012     2013  
(unaudited) (unaudited)
Sales of services $ 83,524 $ 110,621 $ 228,652 $ 292,050
Operating expenses - - - -
Cost of services (exclusive of depreciation and amortization) 47,618 62,669 135,862 166,832
Selling, general and administrative expenses 19,364 24,165 55,067 68,586
Depreciation and amortization 2,307 3,457 6,500 9,392
Loss from revaluation of contingent liability   -     181         -     909  
Operating income   14,235     20,149         31,223     46,331  
 
Other income and expenses
Interest expense, net (278 ) (392 ) (941 ) (1,199 )
Other gains/(loss), net 63 232 54 149
Gain (loss) from foreign currency exchange contract (406 ) (109 ) (703 ) (317 )
Net foreign exchange gain (loss)   243     (361 )       22     (620 )
Income from continuing operations before income taxes 13,857 19,519 29,655 44,344
Provision for income tax   (1,322 )   (1,809 )       (2,926 )   (3,516 )
Net income $ 12,535 $ 17,710 $ 26,729 $ 40,828
Net (income)/loss attributable to the non-controlling interest   -     -         -     -  
Net income attributable to the Group $ 12,535   $ 17,710       $ 26,729   $ 40,828  
 
Comprehensive income, net of tax
Foreign currency translation adjustment   (162 )   74         (1,298 )   1,141  
Comprehensive income $ 12,373 $ 17,784 $ 25,431 $ 41,969
Other comprehensive income/(loss) attributable to the non-controlling interest - - - -
Comprehensive income attributable to the Group $ 12,373   $ 17,784       $ 25,431   $ 41,969  
 
 

Luxoft Holding, Inc

Condensed consolidated Balance Sheet

(In thousands of US dollars except share amounts)

         

As of March 31,

2013

   

As of

December 31,

2013

(unaudited)

Assets
Current assets:
Cash and cash equivalents $ 4,499 $ 42,304

Trade accounts receivable, net of allowance for doubtful

accounts of $487 at March 31, 2013 and $609 at

December 31, 2013

77,562 86,929
Work-in-progress 3,478 3,793
Due from related parties 6,811 2,842
VAT and other taxes receivable 810 1,678
Deferred tax assets 238 -
Advances issued 1,964 5,264
Other current assets   1,650       2,152
Total current assets   97,012       144,962
 
Non-current assets:
Property and equipment, net 21,860 26,320
Intangible assets, net 22,357 21,405
Goodwill 11,351 11,351
Due from related parties 430 -
Other non-current assets   2,212       2,164
Total non-current assets   58,210       61,240
Total assets $ 155,222     $ 206,202
 
 

Luxoft Holding, Inc

Condensed consolidated Balance Sheet

(In thousands of US dollars except share amounts)

         

As of March 31,

2013

   

As of

December 31,

2013

(unaudited)

Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings $ 16,576 $ 27,850
Accounts payable 9,177 6,121
Advances received 1,384 1,050
Accrued liabilities 12,592 10,580
Deferred revenue - 261
Due to related parties 136 464
Capital lease obligations, current portion 183 24
VAT and other taxes payable 4,489 5,376
Payable for business acquisition, current 2,015 2,376
Dividends payable to shareholders (Note 9) 125 19
Deferred tax liability, current 230 91
Foreign currency exchange contract financial liabilities - 123
Payable for software acquisition, current 3,265 3,652
Other current liabilities   178         357  
Total current liabilities 50,350 58,344
 
Deferred tax liability, non-current 3,464 2,830
Capital lease obligations, less current portion 6 -
Payable for business acquisition, non-current 3,790 4,803
Payable for software acquisition, non-current   2,317         1,703  
Total liabilities   59,927         67,680  
 
Shareholders’ equity:

Share capital (36,400,000 shares authorized, 30,593,080

issued and outstanding with no par value as at March 31,

2013; 80,000,000 shares authorized, and 32,758,535

issued and outstanding with no par value as at

December 31, 2013)

- -
Additional paid-in capital 50,936 82,674
Retained earnings 46,720 57,068
Accumulated other comprehensive loss   (2,393 )       (1,252 )
Total shareholders’ equity attributable to the Group 95,263 138,490
Non-controlling interest   32         32  
Total equity   95,295         138,522  
Total liabilities and equity $ 155,222       $ 206,202  
 
 

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)

         
Three Months Ended December 31, Nine Months Ended December 31,
2013     2013   2013 2013     2013   2013
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Operating income   20,149   (16 ) (a)   20,133     46,331   3,534   (a)   49,865  
Operating margin   18.21 % (0.01 )%   18.20 %   15.86 % 1.21 %   17.07 %
Net income   17,710   (16 ) (b)   17,694     40,828   3,534   (b)   44,362  
Diluted earnings per share $ 0.54   -   $ 0.54   $ 1.27   -   $ 1.38  
 
      Three Months Ended December 31,     Nine Months Ended December 31,
2012     2012   2012 2012     2012   2012
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Operating income   14,235   1,576   (a)   15,811     31,223   5,191   (a)   36,414  
Operating margin   17.04 % 1.89 %   18.93 %   13.66 % 2.27 %   15.93 %
Net income   12,535   1,576   (b)   14,111     26,729   5,191   (b)   31,920  
Diluted earnings per share $ 0.42   -   $ 0.47   $ 0.88   -   $ 1.05  
         

Three Months Ended

December 31,

Nine Months Ended

December 31,

(a) 2012     2013 2012     2013
Adjustments to GAAP operating income
Stock-based compensation expense $ 1,254 $ (838 ) $ 4,225 $ 702
Amortization of purchased Intangible assets 322 641 966 1,923
Loss from revaluation of contingent liability   -   181     -   909
Total Adjustments to GAAP income from operations: $ 1,576 $ (16 ) $ 5,191 $ 3,534
 
     

Three Months Ended

December 31,

   

Nine Months Ended

December 31,

(b) 2012     2013 2012     2013
Adjustments to GAAP net income
Stock-based compensation expense $ 1,254 $ (838 ) $ 4,225 $ 702
Amortization of purchased Intangible assets 322 641 966 1,923
Loss from revaluation of contingent liability   -   181     -   909
Total Adjustments to GAAP net income $ 1,576 $ (16 ) $ 5,191 $ 3,534
 
         

Three Months Ended

December 31,

   

Nine Months Ended

December 31,

2012     2013 2012     2013
Net income $ 12,535 $ 17,710 $ 26,729 $ 40,828
Adjusted for:
Interest Expense 278 392 941 1,199
Income tax 1,322 1,809 2,926 3,516
Depreciation and Amortization   2,307   3,457     6,500   9,392
EBITDA $ 16,442 $ 23,368   $ 37,096 $ 54,935
Adjusted for
Stock based compensation 1,254 (838 ) 4,225 702
Change in fair value of contingent consideration   -   181     -   909
Adjusted EBITDA $ 17,696 $ 22,711   $ 41,321 $ 56,546
 
 

Luxoft Holding, Inc

Schedule of supplemental information (unaudited)

(In thousands of US dollars, percentages)

     
Revenue for the three Months Ended December 31,
2012   2013
Client location Amount   % of sales Amount   % of sales
U.S. $ 31,393 37.6 % $ 49,033 44.3 %
UK 23,464 28.1 % 31,488 28.5 %
Germany 9,284 11.1 % 7,454 6.7 %
Russia 10,038 12.0 % 13,141 11.9 %
Canada 4,762 5.7 % 2,945 2.7 %
Rest of Europe 3,824 4.6 % 5,931 5.4 %
Other   759 0.9 %   629 0.5 %
Total $ 83,524   100 %   $ 110,621   100 %
Revenue for the nine Months Ended December 31,
2012 2013
Client location Amount % of sales Amount % of sales
U.S. $ 85,078 37.2 % $ 122,632 42.0 %
UK 65,804 28.8 % 83,570 28.6 %
Germany 27,825 12.2 % 30,011 10.3 %
Russia 22,933 10.0 % 29,507 10.1 %
Canada 13,252 5.8 % 10,247 3.5 %
Rest of Europe 10,497 4.6 % 14,907 5.1 %
Other   3,263 1.4 %   1,176 0.4 %
Total $ 228,652 100 % $ 292,050 100 %
       
Revenue for the three Months Ended December 31,
2012   2013
Industry vertical Amount   % of sales Amount   % of sales
Financial Services $ 45,635 54.6 % $ 65,840 59.5 %
Automotive and transport 6,143 7.4 % 12,988 11.7 %
Travel and Aviation 11,877 14.2 % 10,859 9.8 %
Technology 9,431 11.3 % 9,472 8.6 %
Telecom 7,644 9.2 % 8,060 7.3 %
Energy 2,364 2.8 % 2,825 2.6 %
Other   430 0.5 %   577 0.5 %
Total $ 83,524 100 % $ 110,621 100 %
       
Revenue for the nine Months Ended December 31,
2012   2013
Industry vertical Amount   % of sales Amount   % of sales
Financial Services $ 124,333 54.4 % $ 169,525 58.0 %
Automotive and transport 18,751 8.2 % 33,823 11.6 %
Travel and Aviation 29,660 13.0 % 29,567 10.1 %
Technology 25,082 11.0 % 26,242 9.0 %
Telecom 23,225 10.1 % 24,142 8.3 %
Energy 6,264 2.7 % 7,124 2.4 %
Other   1,337 0.6 %   1,627 0.6 %
Total $ 228,652 100 % $ 292,050 100 %

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