Luxoft Holding, Inc (NYSE:LXFT), a leading provider of software
development services and innovative IT solutions to a global client
base, today announced results for the three months and the full
financial year ended March 31, 2017.
Highlights – Three Months Ended March 31, 2017
- US GAAP revenue amounted to $204.1
million, an increase of 20.6% year over year and an increase of
22.0% year over year on a constant currency basis
- Adjusted earnings before interest,
taxes, depreciation and amortization (Adjusted EBITDA) were $29.2
million and Adjusted EBITDA margin was 14.3%, compared to $26.5
million and 15.7% in the year-ago quarter
- Diluted earnings per share (EPS) on a
US GAAP basis was $0.40
- Diluted EPS on a non-GAAP basis was
$0.63
Highlights – Financial Year Ended March 31, 2017
- US GAAP revenue amounted to $785.6
million, an increase of 20.7% year over year and an increase of
22.0% on a constant currency basis
- Adjusted EBITDA was $133.8 million and
EBITDA margin was 17%
- Free cash flow amounted to $98.2
million, or 12.5% of revenue, and an increase of 29.0% year over
year
- Diluted EPS on a US GAAP basis was
$1.84
- Diluted EPS on a non-GAAP basis was
$2.89
- Employee productivity increased by 2.5%
to $78,265 per delivery engineer
Revenue for the three months ended March 31, 2017 increased to
$204.1 million, up 20.6% from $169.2 million for the same period a
year ago, and decreased 1.3% sequentially, reflecting the normal
seasonality of the business. Adjusted EBITDA was $29.2 million with
corresponding margins of 14.3%, as compared to $26.5 million and
15.7%, respectively, in the year ago quarter. US GAAP net income
was $13.7 million, or $0.40 per diluted share, compared to $14.6
million and $0.43 per diluted share for the same period a year ago,
and $18.5 million and $0.55 sequentially. Non-GAAP net income was
$21.5 million, or $0.63 per diluted share, compared to $18.8
million and $0.56 per diluted share for the same period a year ago,
and $27.9 million and $0.82 sequentially.
Revenue for the full financial year ended March 31, 2017
increased to $785.6 million, up 20.7% from $650.8 million a year
ago. US GAAP net income was $62.6 million, or $1.84 per diluted
share, compared to $70.3 million and $2.06 per diluted share a year
ago. Non-GAAP net income was $98.3 million, or $2.89 per diluted
share, compared to $92.9 million and $2.72 per diluted share a year
ago. Reconciliations between non-GAAP financial measures and US
GAAP operating results and diluted EPS are included at the end of
this release.
“We are pleased to report solid operating and financial results
for the fourth quarter and the full year ended March 31, 2017. They
reflect strong positive fundamental improvements in our client
dynamic and business composition, such as strong growth of HPA
accounts, substantial decline in client and vertical concentration,
and diversification of our client base,” said Dmitry Loschinin,
Luxoft's CEO and President. “We have been successfully executing on
several transformational initiatives, investing consistently to
become a more effective agile global company, capable of competing
for bigger deals and serving a wider variety of clients in various
markets, namely in Australia and South East Asia. Over the past
year we have significantly improved diversification of our client
base adding 18 new HPAs and lowering customer concentration by as
much as 10% for the top 3 and 5 accounts. Luxoft’s clients continue
to benefit from our higher value offerings that include premium
consulting services and engineering solutions as they aim to be
more competitive and smoothly transition to new
digitalization-driven operating models.”
Five of Luxoft's seven verticals experienced revenue growth,
with Telecom, Automotive and Transport, Technology, and Financial
Services delivering the strongest performance of 87.9%, 40.8%,
14.6% and 8.4% growth, respectively, on a year over year basis.
During the year we launched a new vertical – Healthcare, which
finished the year with $28.3 million in revenues, representing 3.6%
of the total annual turnover for the Company. The company also
exhibited solid performance across all of its core
revenue-generating geographies: revenues generated in Rest of
Europe increased 105.9%, Switzerland revenues increased 48.3%,
German revenues increased 33.6%, and the U.S. revenues increased
28.9% as compared to the last financial year.
The company finished the year with 12,766 employees, of which
10,807 were delivery professionals who continued to drive average
productivity to $78,265 per engineer; this represents an annual
increase of 2.5%. The average delivery headcount increased by 17.8%
as compared to the financial year ended March 31, 2016, which is
2.9% slower than the revenue growth for the same period. The
effective tax rate for the full financial year ended March 31, 2017
was 11.2%.
“The financial year 2017 has been a challenging but positive
year for our company. We have been successfully rebalancing growth
from legacy clients into a group of newer, High Potential
Accounts, which now comprises nearly 30% of total revenues.
Revenues attributed to the HPA group grew close to 100% year over
year. We are happy to note that our pipeline of business is strong,
underpinned by demand for transformational engagements in all of
our core verticals. For example, excluding top legacy customers,
revenues from the financial services vertical grew 35% and revenues
from the automotive vertical grew over 90% on year over year
basis,” stated Evgeny Fetisov, Chief Financial Officer. “During the
past year we closed three strategic acquisitions, expanded in key
geographies, and launched a new healthcare and life sciences
vertical - all while maintaining high pace of top-line growth,
preserving our margins, staying free of long-term debt and
generating healthy levels of free cash flow: $98 million, or 13% of
total revenues and 157% of net income.”
Outlook for the Financial Year Ending March 31, 2018
- Revenue is expected to be at least $943
million, an increase of at least 20.0% year over year
- Adjusted EBITDA margin is expected to
be in the range of 17.0% - 19.0%
- Diluted EPS is expected to be at least
$1.90 on a US GAAP basis and at least $3.26 on a non-GAAP
basis
- EPS is based on an estimated weighted
average of 35,035 thousand diluted shares
Conference Call Information
A conference call will be conducted with the members of Luxoft's
senior management at 8:00 a.m. EDT on Tuesday, May 23, 2017 to
review the financial and operational performance of the company for
the above-mentioned periods.
To participate in the conference call please dial 877-407-8293
(for domestic U.S. callers) or 201-689-8349 (for international
callers). A live webcast will also be available during the call and
can be accessed at
http://edge.media-server.com/m/p/hi543zh3/lan/en. Participants,
please access the website at least 10 minutes prior to the call to
register and follow the instructions provided on the website to
download and install the necessary applications.
If you are unable to join our live event, a replay will be
available by dialing 877-660-6853 (for domestic U.S. callers) or
201-612-7415 (for international callers) and entering the
conference ID# 13660578. The replay will be available shortly after
the call and up to 11:59 p.m. EDT on June 6, 2017. The replay will
also be available at Luxoft's Investor Relations portal for 14 days
following the call.
About Luxoft
Luxoft Holding, Inc (NYSE:LXFT) is a leading provider of
software development services and innovative IT solutions to a
global client base consisting primarily of large multinational
corporations. Luxoft's software development services consist of
core and mission critical custom software development and support,
product engineering and testing, and technology consulting.
Luxoft's solutions are based on its proprietary products and
platforms that directly impact its clients' business outcomes and
efficiently deliver continuous innovation. The Company develops its
solutions and delivers its services from 34 cities with dedicated
delivery centers worldwide. It has over 12,700 employees across 39
cities in 19 countries in North America, Mexico, Western and
Eastern Europe, Asia Pacific, and South Africa. Luxoft is
incorporated in Tortola, British Virgin Islands, has its operating
headquarters office in Zug, Switzerland and is listed on the New
York Stock Exchange. For more information, please visit
http://www.luxoft.com.
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
US GAAP, this press release includes the following measures defined
by the Securities and Exchange Commission as non-GAAP financial
measures: earnings before interest, tax, depreciation and
amortization (EBITDA); adjusted EBITDA; non-GAAP net income;
non-GAAP diluted Earnings per share (EPS) and Free Cash Flow (FCF).
Non-GAAP net income and non-GAAP EPS exclude stock-based
compensation expense, amortization of fair value adjustments to
intangible assets and impairment thereof and other acquisitions
related costs that may include changes in the fair value of
contingent consideration liabilities. Non-GAAP diluted EPS are
calculated as non-GAAP net income divided by weighted average
number of diluted shares. Free Cash Flow is calculated as operating
cash flow less capital expenditure which consists of purchases of
property, plant and equipment and intangible assets as defined in
the cash flow statement.
We adjust our non-GAAP financial measures to exclude stock based
compensation, because it is a non-cash expense. We also adjust our
non-GAAP financial measures to exclude the change in fair value of
contingent consideration, because we believe these expenses are not
indicative of what we consider to be normal course of operations.
Our non-GAAP financial measures are adjusted to exclude
amortization of purchased intangible assets in order to allow
management and investors to evaluate our results from operating
activities as if these assets have been developed internally rather
than acquired in a business combination. Finally, we adjust our
non-GAAP financial measures to exclude acquisition-related costs,
which comprise payments to consulting firms as well as fees paid
upon successful completion of acquisition; as well as certain
incentive payments for members of management of the acquired
companies as provided for in the acquisition agreements. These
payments are based on performance of the acquired businesses and
are classified as part of management compensation rather than part
of purchase consideration. These costs vary with the size and
complexity of each acquisition and are generally inconsistent in
amount and frequency, and therefore, we believe that they may not
be indicative of the size and volume of future acquisition-related
costs.
We provide these non-GAAP financial measures because we believe
that they present a better measure of our core business and
management uses them internally to evaluate our ongoing
performance. Accordingly, we believe that these non-GAAP measures
are useful to investors in enhancing and understanding of our
operating performance. These non-GAAP measures should be considered
in addition to, and not as a substitute for, comparable US GAAP
measures. The non-GAAP results and a full reconciliation between US
GAAP and non-GAAP results are provided in the accompanying tables
at the end of this press release.
Forward-Looking Statements
In addition to historical information, this release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements include information
about possible or assumed future results of our business and
financial condition, as well as the results of operations,
liquidity, plans and objectives. In some cases, you can identify
forward-looking statements by terminology such as "believe," "may,"
"estimate," "continue," "anticipate," "intend," "should," "plan,"
"expect," "predict," "potential," or the negative of these terms or
other similar expressions. These statements include, but are not
limited to, statements regarding: the persistence and
intensification of competition in the IT industry; the future
growth of spending in IT services outsourcing generally and in each
of our industry verticals, application outsourcing and custom
application development and offshore research and development
services; the level of growth of demand for our services from our
clients; the level of increase in revenues from our new clients;
seasonal trends and the budget and work cycles of our clients;
general economic and business conditions in our locations,
including geopolitical instability and social, economic or
political uncertainties, particularly in Russia and Ukraine, and
any potential sanctions, restrictions or responses to such
conditions imposed by some of the locations in which we operate;
the levels of our concentration of revenues by vertical, geography,
by client and by type of contract in the future; the expected
timing of the increase in our corporate tax rate, or actual
increases to our effective tax rate which we may experience from
time to time; our expectations with respect to the proportion of
our fixed price contracts; our expectation that we will be able to
integrate and manage the companies we acquire and that our
acquisitions will yield the benefits we envision; the demands we
expect our rapid growth to place on our management and
infrastructure; the sufficiency of our current cash, cash flow from
operations, and lines of credit to meet our anticipated cash needs;
the high proportion of our cost of services comprised of personnel
salaries; our plans to introduce new products for commercial resale
and licensing in addition to providing services; our anticipated
joint venture with one of our clients; and our continued financial
relationship with IBS Group Holding limited and its subsidiaries
including expectations for the provision and purchase of services
and purchase and lease of equipment; and other factors discussed
under the heading "Risk Factors" in the Annual Report on Form 20-F
for the year ended March 31, 2016 and other documents filed with or
furnished to the Securities and Exchange Commission. Except as
required by law, we undertake no obligation to publicly update any
forward-looking statements for any reason after the date of this
press release whether as a result of new information, future events
or otherwise.
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(In thousands of US dollars)
For the three
months For the year ended March 31,
ended March 31, 2017
2016 2017 2016
(Unaudited) (Unaudited)
Sales of services $
204,131 $ 169,209 $ 785,561
$ 650,752 Operating expenses Cost of services
(exclusive of depreciation and amortization) 129,632 103,496
474,980 379,331 Selling, general and administrative expenses 56,193
48,202 213,723 171,707 Depreciation and amortization 10,260 6,703
34,847 23,814 Gain from revaluation of contingent liability (8,668
) (3,356 ) (10,031 ) (2,511 ) Impairment loss 5,287
— 5,287
—
Operating income
11,427 14,164
66,755 78,411
Other income and expenses Interest
(expense) gain, net (91 ) 149 (81 ) 121 Other gains, net 755 2,346
5,119 3,947 (Loss) gain from foreign currency exchange contract —
(1,019 ) 1,314 261 Net foreign exchange gain (loss)
889 1,524 (2,604 )
(381 )
Income before income taxes
$ 12,980 $ 17,164 $
70,503 $ 82,359 Income tax benefit (expense)
755 (2,572 )
(7,865 ) (12,108 )
Net income
$ 13,735 $ 14,592 $
62,638 $ 70,251 Net (income) loss attributable
to the non-controlling interest —
— — —
Net income attributable to the Group $
13,735 $ 14,592
$ 62,638 $ 70,251
Basic EPS per Class A and Class B ordinary
share Net income attributable to the Group per ordinary
share $ 0.41 $
0.44 $ 1.88
$ 2.13 Weighted average ordinary
shares outstanding 33,493,847
33,140,451
33,280,771 32,949,807
Diluted EPS per Class A and Class B ordinary
share Diluted net income attributable to the Group per
ordinary share $ 0.40
$ 0.43 $ 1.84
$ 2.06 Diluted
weighted average ordinary shares outstanding
34,132,929 33,865,865
34,000,674
34,088,214
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands of US dollars except share
amounts)
As of March 31,
2017
(unaudited)
As of March 31,
2016
Assets Current assets Cash and cash
equivalents $ 109,558 $ 108,545 Restricted cash, current 4,000 —
Trade accounts receivable, net of allowance for doubtful accounts
of $435 at March 31, 2017 and $79 at March 31, 2016 144,862 131,204
Unbilled revenue 14,454 16,081 Work-in-progress 2,805 1,595 Due
from related parties 1,084 2,180 VAT and other taxes receivable
1,732 1,814 Advances issued 2,740 2,413 Other current assets
5,224 3,333
Total current assets $ 286,459
$ 267,165
Non-current assets Restricted cash, non-current 1,399 —
Deferred tax assets 3,423 3,174 Property and equipment, net 49,571
46,072 Intangible assets, net 120,430 43,780 Goodwill 76,918 30,285
Other non-current assets 9,007
4,066
Total non-current assets
$ 260,748 $
127,377 Total assets $
547,207 $ 394,542
Liabilities and shareholders’ equity
Current liabilities Short-term borrowings $ 633 $ 460
Accounts payable 24,402 8,266 Accrued liabilities 38,513 27,357
Deferred revenue 3,815 5,048 Due to related parties 460 518 VAT and
other taxes payable 21,283 22,532 Payable under foreign exchange
contracts 295 2,476 Payables for acquisitions, current 17,221 5,595
Other current liabilities 2,025
1,503
Total current liabilities
$ 108,647 $ 73,755
Deferred tax liability, non-current 16,907
5,511 Payables for acquisitions, non-current 32,206 11,786 Other
non-current liabilities 2,629
1,757
Total liabilities $
160,389 $ 92,809
Shareholders’ equity Share capital (80,000,000
shares authorized; 33,533,198 issued and outstanding with no par
value as at March 31, 2016, and 80,000,000 shares authorized;
33,178,641 issued and outstanding with no par value as at March 31,
2016) — — Additional paid-in capital 133,192 107,477 Common stock
held in treasury, at cost (92,191 shares as of March 31, 2017;
35,579 shares as of March 31, 2016) (6,028 ) (2,665 ) Retained
earnings 263,508 200,870 Accumulated other comprehensive loss
(3,886 ) (3,981 )
Total shareholders’ equity attributable to the Group
386,786 301,701
Non-controlling interest
32 32
Total equity $ 386,818
$ 301,733 Total liabilities
and equity $ 547,207
$ 394,542
LUXOFT HOLDING, INC
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOW
(In thousands of US dollars except share
amounts)
For the year ended March 31,
2017 2016 (Unaudited)
Operating
activities Income from operations
$ 62,638
$ 70,251 Adjustments to reconcile net income
to net cash provided by operating activities: Depreciation and
amortization 34,847 23,814 Deferred tax benefit (3,395 ) (902 )
Foreign currency exchange contracts loss (1,314 ) (261 ) Loss on
foreign exchange 2,604 381 Provision for doubtful accounts 380 311
Loss from revaluation of contingent liability (10,031 ) (2,511 )
Share-based compensation 28,984 17,745 Impairment loss 5,287
— Changes in operating assets and liabilities: Trade
accounts receivable and unbilled revenue 145 (10,261 )
Work-in-progress (1,210 ) (146 ) Due to and from related parties
1,001 (1,084 ) Accounts payable and accrued liabilities 8,879 4,942
Deferred revenue (1,761 ) (4,222 ) Changes in other assets and
liabilities (5,027 ) 7,332
Net cash
provided by operating activities 122,027
105,389 Investing activities
Purchases of property and equipment (19,614 ) (24,171 ) Purchases
of intangible assets (4,182 ) (5,069 ) Proceeds from disposal of
property and equipment
— 40 Acquisitions, net of cash
acquired (77,672 ) (3,525 ) Escrow deposits (5,000 )
— Net cash used in investing activities
(106,468 ) (32,725 )
Financing activities Proceeds from short-term borrowings
(5,897 ) (880 ) Acquisition of business, deferred consideration
(4,577 ) (6,126 ) Repurchases of common stock (3,611 ) (1,774 )
Repayment of capital lease obligations (133 ) (124 )
Net cash used in financing activities (14,218
) (8,904 ) Effect of exchange rate
changes on cash and cash equivalents (328 ) (808 )
Net increase in cash and cash equivalents
1,013 62,952 Cash and cash
equivalents at beginning of year 108,545
45,593 Cash and cash equivalents at end of
period $ 109,558 $ 108,545
LUXOFT HOLDING, INC
Reconciliations of Non-GAAP Financial
Measures to Comparable GAAP Measures
(Unaudited)
(In thousands of US dollars, except per
share amounts and percentages)
Three months ended March 31, Year
ended March 31, 2017 2017
2017 2017 2017 2017
GAAP Adjustments Non-GAAP GAAP
Adjustments Non-GAAP Operating income 11,427 9,878
(a) 21,305 66,755 40,717 (a) 107,472 Operating margin 5.6 % 4.8 %
10.4 % 8.5 % 5.2 % 13.7 %
Net income 13,735
7,760 (b) 21,495 62,638 35,673
(b) 98,311 Diluted earnings per share $ 0.40 — $ 0.63
$ 1.84 — $ 2.89
Three months ended March 31, Year
ended March 31, 2016 2016 2016 2016
2016 2016 GAAP Adjustments
Non-GAAP GAAP Adjustments Non-GAAP
Operating income 14,164 4,688 (a) 18,852 78,411 24,856 (a) 103,267
Operating margin 8.4 % 2.8 % 11.1% 12.0 % 3.8 % 15.9 %
Net
income 14,592 4,250 (b) 18,842
70,251 22,605 (b) 92,856 Diluted
earnings per share $ 0.43 — $ 0.56 $ 2.06 — $ 2.72
Three months ended For the year ended March
31, March 31, (a)
2017 2016 2017 2016
Adjustments to GAAP operating income Stock-based
compensation expense $ 7,470 $ 3,983 $ 28,984 $ 17,745 Amortization
of purchased Intangible assets 3,994 1,858 12,353 7,419 Gain from
revaluation of contingent liability (8,668 ) (3,356 ) (10,031 )
(2,511 ) Acquisition related costs 1,795 2,203 4,124 2,203
Impairment loss 5,287 — 5,287
—
Total Adjustments to GAAP income from
operations: $ 9,878 $ 4,688
$ 40,717 $ 24,856
Three months ended For the year ended March
31, March 31, (b)
2017 2016 2017 2016 Adjustments to
GAAP net income Stock-based compensation expense $ 7,470 $
3,983 $ 28,984 $ 17,745 Amortization of purchased Intangible assets
3,994 1,858 12,353 7,419 Gain from revaluation of contingent
liability (8,668 ) (3,356 ) (10,031 ) (2,511 ) Acquisition related
costs 1,795 2,203 4,124 2,203 Impairment loss 5,287 — 5,287 — Tax
effect of the adjustments (2,118 ) (438 )
(5,044 ) (2,251 )
Total Adjustments to GAAP net
income $ 7,760 $ 4,250
$ 35,673 $ 22,605
Three months
ended For the year ended March 31,
March 31, 2017 2016 2017
2016 Net income $ 13,735 $
14,592 $ 62,638 $ 70,251
Adjusted for: Interest Expense (Income) 91 (149 ) 81 (121 ) Income
tax (755 ) 2,572 7,865 12,108 Depreciation and Amortization
10,260 6,703 34,847
23,814
EBITDA $ 23,331 $
23,718 $ 105,431 $
106,052 Adjusted for Stock based compensation 7,470
3,983 28,984 17,745 Gain from revaluation of contingent liability
(8,668 ) (3,356 ) (10,031 ) (2,511 ) Acquisition related costs
1,795 2,203 4,124 2,203 Impairment loss 5,287
— 5,287 —
Adjusted EBITDA
$ 29,215 $ 26,548
$ 133,795 $ 123,489
LUXOFT HOLDING, INC
Schedule of supplemental information
(unaudited)
(In thousands, except percentages)
Revenue for the three months ended March
31, 2017 2016 Client location
Amount % of sales
Amount % of sales U.S. $ 76,953 37.7 %
$ 53,420 31.6 % UK 44,976 22.0 % 51,526 30.5 % Germany
29,683 14.5 % 24,211 14.3 % Russia 9,272 4.5 % 6,523 3.9 %
Switzerland 9,243 4.5 % 8,712 5.1 % Poland 8,943 4.4 % 6,227 3.7 %
Romania 5,747 2.8 % 5,747 3.4 % Singapore 984 0.5 % 2,936 1.7 %
Rest of Europe 10,035 4.9 % 4,142 2.4 % Other 8,295
4.2 % 5,765 3.4 %
Total $
204,131 100 % $
169,209 100
%
Revenue for the year ended March
31,
2017 2016 Client location
Amount % of sales Amount
% of sales U.S. $ 261,443 33.3 % $ 202,855 31.2 % UK 213,547
27.2 % 223,566 34.4 % Germany 115,301 14.7 % 86,332 13.3 % Russia
36,905 4.7 % 32,748 5.0 % Switzerland 34,833 4.4 % 23,489 3.6 %
Poland 30,940 3.9 % 17,009 2.6 % Romania 21,403 2.7 % 14,381 2.2 %
Singapore 4,889 0.6 % 10,154 1.6 % Rest of Europe 36,148 4.7 %
17,554 2.7 % Other 30,152 3.8 % 22,664
3.4 %
Total $ 785,561 100 %
$ 650,752 100 %
Revenue for the three months ended
March 31,
2017 2016 Industry vertical
Amount % of sales Amount
% of sales Financial Services $ 115,964 56.8 % $
115,330 68.2 % Automotive and transport 29,443 14.4 % 22,740 13.4 %
Telecom 23,087 11.3 % 9,927 5.9 % Technology 14,512 7.1 % 8,989 5.3
% Healthcare 9,587 4.7 % — — % Travel and Aviation 6,146 3.0 %
7,429 4.4 % Energy 4,042 2.0 % 3,358 2.0 % Other 1,350
0.7 % 1,436 0.8 %
Total $
204,131 100 % $ 169,209
100 %
Revenue for the year ended March
31,
2017 2016 Industry vertical
Amount % of sales Amount
% of sales Financial Services $ 483,801 61.6 % $
446,138 68.6 % Automotive and transport 110,839 14.1 % 78,698 12.1
% Telecom 69,900 8.9 % 37,200 5.7 % Technology 48,581 6.2 % 42,398
6.5 % Healthcare 28,258 3.6 % — — % Travel and Aviation 27,744 3.5
% 29,232 4.5 % Energy 13,345 1.7 % 12,873 2.0 % Other 3,093
0.4 % 4,213 0.6 %
Total $
785,561 100 % $ 650,752
100 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170522006405/en/
Luxoft Holding, IncAlina V. Plaia, +1-212-964-9900 ext.
2404Vice-President, Global Communications &
IROIR@luxoft.com
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