Virtusa global business consulting and IT outsourcing company reported revenue for the third quarter of fiscal 2018 of US$263.8 million, an increase of 6.3% sequentially and 21.5% year-over-year. On a constant currency basis, third quarter revenue increased 6.1% sequentially and 19.9% year-over-year.
Virtusa reported GAAP income from operations of $13.7 million for the third quarter of fiscal 2018, compared to $10.3 million for the second quarter of fiscal 2018 and $6.5 million for the third quarter of fiscal 2017.
GAAP net loss available to common shareholders for the third quarter of fiscal 2018 was ($11.1) million, or ($0.38) per diluted share, compared to net income of $3.7 million, or $0.12 per diluted share, for the second quarter of fiscal 2018, and $4.4 million, or $0.15 per diluted share, for the third quarter of fiscal 2017.
Non-GAAP income from operations, which excludes stock-based compensation expense, restructuring charges and acquisition related charges, was $26.0 million for the third quarter of fiscal 2018, compared to $19.8 million for the second quarter of fiscal 2018, and $16.3 million for the third quarter of fiscal 2017.
The Company ended the third quarter of fiscal 2018 with $303.9 million of cash, cash equivalents, and short-term and long-term investments inclusive of $25.0 million drawn down from the existing revolving credit facility to fund the Polaris delisting offer. Cash flow from operations was $24.3 million for the third quarter of fiscal 2018.
Virtusa’s Chairman and CEO, Kris Canekeratne, said, “Virtusa’s competitive advantage lies in our deeply grounded and unique ability to deliver large scale digital transformation combined with legacy IT platform rationalization, cost reduction and effort compression.
As digital engineers, we understand how to bridge the tasks and deliver end-to-end digital programs that yield tangible results for our clients. Our strong third quarter and year-to-date results are proof positive that our strategy is working and our advantage is real.
In consequence, we believe we are well positioned to continue to generate above-industry growth.”
Chief Financial Officer, Virtusa Ranjan Kalia said, “We expect this momentum to carry over into our fiscal fourth quarter, and have raised the midpoint of our FY 2018 revenue and non-GAAP EPS guidance. Additionally, we are very pleased to be able to successfully close the Polaris delisting process, which will be accretive to our stockholders. ”
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment.
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