Virtusa Withdraws Fiscal Fourth Quarter and Full Year 2020 Financial Guidance
Summary
Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “Our fiscal fourth quarter results were impacted by pandemic-related business interruptions and project delays, as well as elongated client decision making cycles. With the challenges caused by the coronavirus we see a major opportunity to help on two critical fronts: enabling our clients’ employees to work remotely and moving their core development tasks off-premise to both reduce costs and increase operating flexibility. We will continue to closely monitor the situation and assess the longer-term impact of COVID-19 on our business and financial performance and plan to provide additional updates when we report our fiscal fourth quarter 2020 results.” About Virtusa Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption. Non-GAAP Financial Information This press release includes non-GAAP financial measures as defined by Regulation G by the Securities and Exchange Commission, including Non-GAAP diluted earnings per share: diluted earnings (loss) per share, as reported on Virtusa’s consolidated statements of income (loss) available to Virtusa common stockholders, excluding, when applicable, stock-based compensation expense, acquisition related charges, restructuring charges, foreign currency transaction gains and losses, impairment of investments, impairment of long-lived assets, non-recurring third party financing costs, the tax impact of dividends received from foreign subsidiaries, the initial impact of our election to treat certain subsidiaries as disregarded entities for US tax purposes, and the impact from the U.S. government enacted comprehensive tax legislation (“Tax Act”) to provide further insights into the comparison of Virtusa’s operating results among periods.