Virtusa Corporation (NASDAQ:VRTU) Q1 2021 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


Virtusa Corporation (NASDAQ:VRTU) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Virtusa Corporation First Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] [Operator Instructions]

I'd now like to turn the conference over to Will Maina, Investor Relations. Please go ahead.

William Maina

Thank you, and welcome to Virtusa's First Quarter 2021 Earnings Conference Call. Where we'll be discussing our financial results for Virtusa's first quarter ended June 30, 2020. On the call with me are Kris Canekeratne, our Chairman and Chief Executive Officer; Anuranjan 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, the ability of Virtusa's clients to realize benefits from the use of Virtusa's IT services; the impact on our operations due to the COVID-19 pandemic; 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 today's date. Virtusa undertakes no obligation to update or revise the information disclosed during this call, whether as a result of new information, future events or circumstances or otherwise.

Other statements on this call also include certain non-GAAP financial information as defined by the SEC. We present constant currency revenue to provide a framework for assessing how our revenue performed, excluding the effect of foreign currency fluctuations. We provide non-GAAP 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 sight into the cash position of our overall liquidity. Please note that a supplemental data presentation to our first quarter results has also been posted to our Investor Relations website. For additional disclosures regarding these and other risks faced by Virtusa, see the disclosures contained in Virtusa's public filings with the SEC and in our earnings press release.

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

Kris Canekeratne

Thank you, Will, and good evening, everyone, and thank you for joining us today on our first fiscal quarter 2021 conference call. First, I would like to provide a brief update on the effects of COVID-19 on our operations and our response. Virtusa continues to do everything in its power to help ensure