Stock Monitor: QAD Inc. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 26, 2018 / If you want access to our free earnings report on Luxoft Holding, Inc. (NYSE: LXFT), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LXFT. Luxoft reported its fourth quarter and fiscal 2018 operating and financial results on May 24, 2018. The software and IT Company beat revenue estimates while earnings were in-line with market expectations. Additionally, the Company provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter ended March 31, 2018, Luxoft's revenue was $232.9 million, up 14.1% as compared to revenue of $204.1 million in Q4 FY17. The Company's reported numbers beat analysts' estimate of $228.1 million.
During Q4 FY18, Luxoft’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $29.4 million compared to $29.2 million in Q4 FY17. The Company's reported quarter adjusted EBITDA margin was 12.6%, compared to 14.3% in the year ago same quarter.
For Q4 FY18, Luxoft's GAAP net income was $11.7 million, or $0.34 per diluted, compared to net income of $13.7 million, or $0.30 per share, in Q4 FY17.The Company's reported quarter non-GAAP net income was $20.5 million, or $0.59 per diluted share, versus $21.5 million, or $0.63 per diluted share, in the year corresponding earlier quarter. Luxoft’s reported numbers met Wall Street's estimates of $0.59 per share.
For the fiscal year 2018, Luxoft reported revenue of $906.8 million, up 15.4% compared to revenue of $785.6 million in fiscal year 2017.
For FY18, Luxoft recorded GAAP net income of $57.0 million, or $1.66 per diluted share, compared to $62.6 million, or $1.84 per diluted share, in FY17. For FY18, the Company posted non-GAAP earnings of $2.81 per diluted share compared to $2.89 per diluted share in the year earlier same quarter.
As of March 31, 2018, Luxoft's total number of employees was 12,898. The Company's annual revenue per billable engineer was $84,923, up 10.5% from on a y-o-y basis.
During Q4 FY18, Luxoft’s top two accounts amounted to 34.1% of revenue, representing a 3.4 percentage-point drop compared to the year ago corresponding period. The Company's top five accounts amounted to 46.8% of revenue, an annual 4.9 percentage-point decrease, and top ten accounts amounted to 56.3% of revenue, a 6.0 percentage point decline
Excluding Luxoft's top-two accounts, the Company's consolidated revenue increased 20.3% and its Financial Services’ surged 37.4%. This was Luxoft's 13th consecutive quarter of over 20% annual growth in Financial Services, excluding top-two accounts.
During Q4 FY18, Luxoft's revenue in APAC soared 103.2% to $13.1 million, while the Company's revenue from Europe advanced 34.9% to $84.7 million. For Q4 FY18, Luxoft’s revenue from North America totaled $71.5 million, down 9% on a y-o-y basis, and represented 30.7% of overall sales compared to 38.5% in the prior year's same quarter.
For the first quarter of fiscal 2019, Luxoft is forecasting revenue and adjusted EBITDA margin to be in the range of $210 million to $215 million and 8.5% to 9.5%, respectively. Based on project timing, seasonality, ramp down of the large Financial Services account and planned expenses related to SG&A optimization, the Company expects Q1 FY19 to be its slowest quarter, and Luxoft is estimating growth to accelerate as it moves through fiscal 2019.
Stock Performance Snapshot
June 25, 2018 - At Monday's closing bell, Luxoft's stock slightly fell 0.97%, ending the trading session at $35.65.
Volume traded for the day: 122.69 thousand shares.
Stock performance in the last month - up 9.19%
After yesterday's close, Luxoft's market cap was at $1.21 billion.
Price to Earnings (P/E) ratio was at 21.39.
The stock is part of the Technology sector, categorized under the Application Software industry.
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