Virtusa Corporation, has reported a revenue of $281.3 million for the fourth quarter of fiscal 2018 , an increase of 6.6% sequentially and 24.5% year-over-year. On a constant currency basis, fourth quarter revenue increased 5.7% sequentially and 21.7% year-over-year. Virtusa’s previously announced acquisition of eTouch, which closed on March 12, 2018, contributed approximately $5.7 million of revenue to the fiscal fourth quarter.
Virtusa reported generally accepted accounting principles (GAAP) income from operations of $16.4 million for the fourth quarter of fiscal 2018, an increase from $13.7 million for the third quarter of fiscal 2018 and $10.2 million for the fourth quarter of fiscal 2017.
Fourth quarter fiscal 2018 GAAP net income includes $4.6 million of net unrealized foreign exchange losses and $3.2 million of mandatory repatriation tax due to increased ownership in Polaris, which were not included in Virtusa’s prior guidance.
For the fiscal year ended March 31, 2018, revenue was $1,020.7 million; an increase of 18.9% compared to $858.7 million for the fiscal year ended March 31, 2017. On a constant currency basis, revenue increased 18.2% year-over-year.The Company ended fiscal year 2018 with $244.9million of cash, cash equivalents, and short-term and long-term investments. Cash flow from operations was $8.5 million for the fourth quarter and $ 62.7 million for fiscal year 2018. Virtusa’s Chairman and CEO, Kris Canekeratne, stated, “We see a strong fiscal 2018 financial results, increasing our top-line by 19% and ending the year in excess of $1 billion of revenue for the first time in our company’s history.”
“Our continued above-industry growth is a testament to the success of our strategy. As we look to fiscal 2019 and beyond, we believe Virtusa is in a position of strength, given our ability to help transform our clients’ businesses at every level through end-to-end digital transformation and IT platform rationalization and modernization, driving significant ROI for our clients.”
Chief Financial Officer, Ranjan Kalia, said, “We delivered strong fiscal year 2018 financial results highlighted by approximately 19% revenue growth, 200 basis points of non-GAAP operating margin accretion, and 30% non-GAAP earnings per share growth.”
“Our fourth quarter revenue was modestly below the midpoint of our guidance range, and our non-GAAP EPS was above the midpoint driven by slightly better than expected eTouch contribution.”
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