Virtusa Corporation (NASDAQ:VRTU) Q1 2018 Earnings Conference Call - Final Transcript

Aug 08, 2017 • 08:00 am ET

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Virtusa Corporation (NASDAQ:VRTU) Q1 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Virtusa Corporation Fiscal First Quarter 2018 Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Will Maina of ICR. Please go ahead.

Executive
Will Maina

Thanks, Matt. And thank you and welcome to Virtusa's first quarter fiscal year 2018 earnings conference call, where we will be discussing our financial results for Virtusa's first quarter ended June 30, 2017. On the call with me are Kris Canekeratne, Chairman and Chief Executive Officer; and Ranjan Kalia, Executive Vice President and Chief Financial Officer. Certain statements made on this call that are not based on historical information are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

During this call, we may make, express or implied forward-looking statements relating to, among other things, Virtusa's expectations and assumptions, concerning management's forecast of financial performance, the growth of Virtusa's business, Virtusa's ability to realize the intended benefits, revenues and other synergies of the Polaris acquisition, the ability of Virtusa's clients to realize benefits from the use of Virtusa's IT services and management's plans, objectives and strategies. These statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, many of which are beyond Virtusa's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Virtusa undertakes no obligation to update or revise the information disclosed during this call, whether as a result of new information, future events, circumstances or otherwise. Other statements on this call also includes certain non-GAAP financial information as defined by the SEC.

We present constant currency to provide a framework for assessing how our revenue performed, excluding the effect of foreign currency rate fluctuations. We provide non-GAAP adjusted operating income, non-GAAP adjusted net income and non-GAAP earnings per share, which we believe provide insight into the operational performance of our business.

Reconciliations of non-GAAP to GAAP measures are included in today's earnings press release and data sheet, which can be found on the Investor Relations page of our website. We also present a reconciliation of cash, cash equivalents, short-term and long-term investments that we believe provides insight into our total cash position and overall liquidity. Please note a supplemental data presentation to our fiscal first quarter results has been posted into our Investor Relations website. For additional disclosures regarding these and other risks factors faced by Virtusa, see the disclosures contained in Virtusa's public filings with the Securities and Exchange Commission and our earnings press release.

With that, I'd like to turn the call over to Kris.

Executive
Kris Canekeratne

Thanks, Will. And good morning, everyone. Thank you for joining us on our first quarter fiscal year 2018 conference call. Overall, we are pleased with our first quarter results. We generated Q1 revenue of $227.3 million, an