$VRTU (Virtusa Corporation)

$VRTU {{ '2016-05-16T14:25:02+0000' | timeago}} • Webcast

Moshe Katri of Sterne Agee asks $VRTU about Citi's impact on FY17 revenue and growth excluding the impact. CEO Kris Canekeratne said Citi is expected to contribute about $120MM. Revenue in this one account has come down by approx. $26MM.

$VRTU {{ '2017-07-05T21:33:01+0000' | timeago}} • Announcement

IT consulting firm $VRTU said Martin Trust and Robert E Davoli have retired from the company’s BoD. Davoli will continue to serve as a director of Virtusa until the annual meeting to be held on September 7, 2017. Davoli has been a board member since 2000, while Trust serves as a member since 2004.

$VRTU {{ '2017-05-16T14:59:20+0000' | timeago}} • Webcast

$VRTU said its overall pipeline grew approx. 47% YoY in 4Q17. The standard deal pipeline grew by 44% and the big deal pipeline grew 75% YoY. The digital pipeline grew about 67% YoY.

$VRTU {{ '2017-05-16T14:54:04+0000' | timeago}} • Webcast

$VRTU is estimating a 170BP increase primarily on the gross margin side going forward. The company believes there will be a negative leverage on the SG&A side primarily because it is making slightly more investments in the digital area.

$VRTU {{ '2017-05-16T14:33:58+0000' | timeago}} • Webcast

In 4Q17, $VRTU’s gross margin was 29.1%, up 40BP from 3Q17. The sequential increase in gross margin was primarily driven by increased billable utilization and benefits from cost savings programs. Operating income was $10.2MM, up from $5.5MM in 4Q16.

$VRTU {{ '2017-05-16T14:14:10+0000' | timeago}} • Webcast

$VRTU estimates that approx. one-third of its total revenue is currently generated by digital services. Driven by increased spending in this area, the company’s strategic position and its robust suite of digital offering, $VRTU’s overall digital revenue is growing well above the company average. $VRTU will increase investments in digital in FY18.

$VRTU {{ '2017-05-16T12:22:43+0000' | timeago}} • Announcement

$VRTU ended FY17 with $237.0MM of cash, cash equivalents, and short-term and long-term investments. Cash flow from operations was $0.6MM for 4Q17 and $22.2MM for the fiscal year. Virtusa used proceeds from the Orogen investment, which closed on May 3, 2017, to pay down $81MM of debt and to establish a $30MM stock buyback program.

$VRTU {{ '2017-05-16T12:20:56+0000' | timeago}} • Announcement

$VRTU now sees 1Q18 revenue at $222.5-227.5MM, generating a GAAP diluted EPS of $0.07-0.13 and non-GAAP diluted EPS of $0.24-0.30. FY18 revenue is expected at $920.0-950.0MM, with GAAP diluted EPS of $0.81-1.07, and non-GAAP diluted EPS of $1.42-1.66.

$VRTU {{ '2017-05-16T12:20:33+0000' | timeago}} • Announcement

$VRTU's revenue jumped 35% to $226.0MM in 4Q17, even as it posted a slump in net attributable income to $10.5MM from $12.3MM. Earnings were down to $0.34 per diluted share from last year's $0.41 a share, impacted by $0.5MM of restructuring charges related to certain cost savings initiatives.

$VRTU {{ '2016-09-07T15:55:14+0000' | timeago}} • Announcement

$VRTU has promoted its Chief People Officer & Global Head of Human Resources Sundararajan Narayanan to EVP, Chief People Officer & Global Head of Human Resources and an executive officer of the company. Mr. Narayanan has over 20 years of experience in human resources and related disciplines within the information technology industry.

$VRTU {{ '2016-05-16T14:34:11+0000' | timeago}} • Webcast

Anil Doradla of William Blair asks about $VRTU's growth composition going into 2018. CEO Kris Canekeratne said beyond the softness in 1Q17, starting in 2Q17, $VRTU expects to see strong industry-leading growth in the ensuing quarters of 2017 which sets the platform for a strong year of growth in 2018.

$VRTU {{ '2016-05-16T14:25:02+0000' | timeago}} • Webcast

Moshe Katri of Sterne Agee asks $VRTU about Citi's impact on FY17 revenue and growth excluding the impact. CEO Kris Canekeratne said Citi is expected to contribute about $120MM. Revenue in this one account has come down by approx. $26MM.

$VRTU {{ '2016-05-16T14:12:08+0000' | timeago}} • Webcast

Michael Reid of Cantor Fitzgerald asks if $VRTU's insurance softness in 1Q17 will be due to one large client or is it spread out among more. CEO Kris Canekeratne said it is spread out across a few clients in the insurance segment. One of the larger clients is going through a restructuring and also some other clients are seeing slowness.

$VRTU {{ '2016-05-16T13:51:19+0000' | timeago}} • Webcast

$VRTU said North America revenue grew 24.4% YoverY in 4Q16. Europe revenue increased 6.4% YoverY on a reported basis and 11.3% on a constant currency basis. Rest of World increased 42.6% YoverY. Results were driven by growth at banking clients.

$VRTU {{ '2016-05-16T13:45:21+0000' | timeago}} • Webcast

$VRTU's cash at March 31, 2016 was $231.7MM inclusive of cash equivalents and short-term and long-term investments, including $65MM of cash from Polaris. Cash from operating activities was $5MM in 4Q16 or 2.9% of revenue. Capex was $3.2MM.

$VRTU {{ '2016-05-16T13:34:58+0000' | timeago}} • Webcast

$VRTU said its 4Q16 organic sequential revenue growth was in line with prior guidance range and industry growth trends. GM was 35.1% in 4Q16. Other income was $7.5MM including a $6.6MM unrealized FX gain.

$VRTU {{ '2016-05-16T13:03:07+0000' | timeago}} • Webcast

$VRTU recently won a multi-million dollar deal with an existing large banking client as a strategic partner to expand resources for the client's consumer business. $VRTU has identified over $100MM of cumulative revenue synergies over the next three fiscal years from the Polaris acquisition.

$VRTU {{ '2016-05-16T12:55:27+0000' | timeago}} • Webcast

$VRTU said it has created two growth engines inside VirtusaPolaris - Global Banking and Financial Services, which includes all the banking and financial services operations of Virtusa and Polaris and Enterprise Technology Services, which includes insurance, communications & technology, media, information and other.

$VRTU {{ '2016-05-16T12:36:10+0000' | timeago}} • Webcast

IT services company $VRTU said its new business pipeline is growing and its win rates remain consistent. This gives the company confidence that despite softness in 1Q17, revenue growth will begin to improve in 2Q17. Within the current demand environment, clients continue to look to reduce the costs of their legacy IT environment.

$VRTU {{ '2016-05-16T11:57:35+0000' | timeago}} • Announcement

On March 3, 2016, $VRTU closed its acquisition of approx. 51.7% of the fully diluted outstanding shares of Polaris Consulting & Services, Ltd. for $168.3MM. On April 6, 2016, $VRTU acquired an additional 26% of Polaris shares for $86.8MM. The total purchase consideration for the combined 77.7% share of Polaris' shares was $255.1MM.

$VRTU {{ '2016-05-16T11:54:33+0000' | timeago}} • Announcement

$VRTU expects 1Q17 revenue to be $202.5-207.5MM and non-GAAP diluted EPS to be $0.14-0.18. FY17 revenue is expected to be $890-920MM and non-GAAP diluted EPS is expected to be $2.10-2.30. The 1Q17 and FY17 diluted EPS estimates an avg. share count of approx. 30.1MM and 30.3MM, respectively, and assumes a stock price of $35.88.

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