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Luxoft Reports Results for Second Quarter Fiscal 2019

November 15, 2018

LONDON, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Luxoft Holding, Inc (NYSE:LXFT), a global IT service provider, today announced results for the three months ended September 30, 2018.

Highlights — Three months ended September 30, 2018

-- Revenue of $228.4 million, up 0.2% year-over-year and up 7.3% sequentially -- Net income of $14.4 million, compared to $18.4 million in the year-ago quarter and diluted EPS of $0.43, compared to $0.54 in the year-ago quarter -- Adjusted EBITDA of $36.6 million and adjusted EBITDA margin of 16.0%, compared to $38.6 million and 16.9% in the year-ago quarter -- Non-GAAP diluted EPS of $0.74, compared to $0.82 in the year-ago quarter -- As of September 30, 2018, total number of employees was 12,897; Annual revenue per billable engineer was $83,043, up 0.4% from the prior year.

Note: Reconciliations of non-GAAP to GAAP measures are included at the end of the release.

“Our second quarter results demonstrate continued execution of our strategic priorities and transformational initiatives,” said Dmitry Loschinin, Luxoft’s CEO and President. “We continue to diversify our revenue and re-align our focus and resources to the highest growth opportunities. Growth in Financial Services remains healthy, despite challenges in the Investment Banking sector, while our leading Automotive solutions continue to drive strong customer demand. We remain sharply focused on enhancing our Digital solutions in order to advance our competitive position and meet the evolving needs of our clients.”

“Looking ahead, we remain focused on advancing our transformation and building a stronger and more diversified company. While we expect some headwinds during the second half of the year, we are confident that further execution of our strategy will strengthen our long-term growth profile and position us to deliver increasing shareholder returns.”

Second Quarter Key Operating Highlights

-- Revenue generated in APAC and Europe grew 64.7% and 16.8% year over year, respectively. -- Expanding global presence and growth outside of Financial Services is meaningfully reducing client concentration. Revenue by line of business was 54.9% Financial Services, 23.1% Digital Enterprise and 22.0% Automotive. -- Top Two1 accounts amounted to 30.2% of revenue, representing a 5.2 percentage-point decrease over the prior year. -- Top Five accounts amounted to 43.4% of revenue, an annual 3.3 percentage-point decrease, and Top Ten accounts amounted to 54.3% of revenue, a 3.3 percentage point decrease.

1 Top Two accounts are UBS and Deutsche Bank and are included in our Financial Services line of business.

Third Quarter Fiscal 2019 Outlook

-- Revenue is expected to be in the range of $230-$235M. -- Adjusted EBITDA is expected to be in the range of 14% to 15%. -- Diluted GAAP EPS is expected to be in the range of $0.29 to $0.37. -- Non-GAAP EPS is expected to be in the range of $0.62 to $0.69.

Conference Call Information

The Company will host a conference call to review the results on Thursday, November 15th, 2018 at 8:00 a.m. ET. To participate, please dial 877-407-8293 or 201-689-8349 (outside the U.S.) or access the live webcast here.

A replay will be available two hours after the call at http://investor.luxoft.com or by dialing 877-660-6853 or 201-612-7415 (outside the U.S.) and entering the conference ID 13683917. The replay will be available until November 29, 2018.

About Luxoft

Luxoft (NYSE:LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.

Luxoft has approximately 12,900 employees across 42 offices in 22 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit the website.

Investor Inquires Media Inquiries Tracy Krumme Robert Maccabe Vice President, Investor Relations Director, Public Relations 212-964-9900 ext. 2460 +44 (0)20 3828 2346 IR@luxoft.com Press@luxoft.com Twitter: @Luxoft

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). EBITDA is calculated as earnings before interest, tax, depreciation and amortization, where interest includes unwinding of the discount rate for contingent liabilities. 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 revenue 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, 2018 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 BALANCE SHEETS (In thousands of US dollars, except share amounts) As of As of March September 31, 2018 30, 2018 ----------- ----------- (Unaudited) Assets Current assets Cash and cash equivalents $ 100,382 $ 104,357 Restricted cash, current 1,901 70 Trade accounts receivable, net of allowance for doubtful accounts of $1,399 at 184,627 186,991 September 30, 2018 and $1,232 at March 31, 2018 Unbilled revenue 37,610 33,310 Work-in-progress 7,102 3,734 Due from related parties 1,078 1,272 VAT and other taxes receivable 3,889 4,082 Advances issued 2,172 1,777 Other current assets 8,671 8,041 --------- - --------- - Total current assets $ 347,432 $ 343,634 - ------- - - ------- - Non-current assets Restricted cash, non-current 1,691 2,775 Deferred tax assets 5,877 4,349 Property and equipment, net 50,858 52,739 Intangible assets, net 103,541 106,368 Goodwill 102,228 88,908 Other non-current assets 5,231 5,047 --------- - --------- - Total non-current assets 269,426 260,186 --------- - --------- - Total assets 616,858 603,820 --------- - --------- - Liabilities and shareholders’ equity Current liabilities Short-term borrowings 11,627 856 Accounts payable 22,294 25,964 Accrued liabilities 42,563 49,593 Deferred revenue 4,616 4,105 Due to related parties 73 14 Taxes payable 23,833 22,916 Payable on derivative financial instruments 515 776 Payable for acquisitions, current 4,936 6,415 Other current liabilities 2,674 2,302 --------- - --------- - Total current liabilities $ 113,131 $ 112,941 - ------- - - ------- - Deferred tax liability, non-current 8,211 10,830 Payable for acquisitions, non-current 2,652 2,895 Other non current liabilities 5,833 7,205 --------- - --------- - Total liabilities $ 129,827 $ 133,871 - ------- - - ------- - Shareholders’ equity Share capital (80,000,000 shares authorized; 33,695,454 issued and outstanding with no par value as at September 30, 2018, and 80,000,000 shares authorized; 34,063,981 — — issued and outstanding with no par value as at March 31, 2018) Additional paid-in capital 150,069 155,456 Common stock held in treasury, at cost (91,983 shares as of September 30, 2018; (4,460 ) (3,424 ) 61,874 shares as of March 31, 2018) Retained earnings 344,937 320,521 Accumulated other comprehensive loss (3,547 ) (2,636 ) --------- - --------- - Total shareholders’ equity attributable to the Group $ 486,999 $ 469,917 - ------- - - ------- - Non-controlling interest 32 32 --------- - --------- - Total equity $ 487,031 $ 469,949 - ------- - - ------- - Total liabilities and equity $ 616,858 $ 603,820 - ------- - - ------- -

LUXOFT HOLDING, INC CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands of US dollars, except share and per share amounts) For the three months For the six months ended ended September 30, September 30, 2018 2017 2018 2017 ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) Sales of services $ 228,411 $ 228,030 $ 441,201 $ 437,272 Operating expenses Cost of services (exclusive of depreciation and 140,631 139,305 277,998 274,904 amortization) Selling, general and administrative expenses 59,864 58,199 116,573 116,262 Depreciation and amortization 10,969 9,915 21,739 20,645 Gain from revaluation of contingent liability (145 ) (870 ) (145 ) (2,090 ) Operating income 17,092 21,481 25,036 27,551 --------- - --------- - --------- - --------- - Other income and expenses 0 Interest income/ (loss), net (77 ) 42 (111 ) 59 Unwinding of discount for contingent liability, income/ (32 ) 103 (99 ) (698 ) (loss) Other income, net 433 457 1,131 946 Gain/ (loss) from derivative financial instruments 469 (3 ) 1,321 89 Net foreign exchange loss (836 ) (356 ) (4,290 ) 1,124 --------- - --------- - --------- - --------- - Income before income taxes 17,049 21,724 22,988 29,071 Income tax expense (2,638 ) (3,284 ) (3,879 ) (4,314 ) --------- - --------- - --------- - --------- - Net income $ 14,411 $ 18,440 $ 19,109 $ 24,757 - ------- - - ------- - - ------- - - ------- - Net income attributable to the non-controlling interest — — — — --------- - --------- - --------- - --------- - Net income attributable to the Group $ 14,411 $ 18,440 $ 19,109 $ 24,757 - ------- - - ------- - - ------- - - ------- - Basic EPS per Class A and Class B ordinary share Net income attributable to the Group per ordinary share $ 0.43 $ 0.55 $ 0.57 $ 0.74 - ------- - - ------- - - ------- - - ------- - Weighted average ordinary shares outstanding 33,606,144 33,570,633 33,816,836 33,537,185 --------- - --------- - --------- - --------- - Diluted EPS per Class A and Class B ordinary share Diluted net income attributable to the Group per ordinary $ 0.43 $ 0.54 $ 0.56 $ 0.72 share - ------- - - ------- - - ------- - - ------- - Diluted weighted average ordinary shares outstanding 33,736,322 34,116,417 33,883,981 34,206,683 --------- - --------- - --------- - --------- -

LUXOFT HOLDING, INC CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands of US dollars) For the three months ended September 30, For the six months ended September 30, 2018 2017 2018 2017 ---------- --------------------------- ---------- ---------- (Unaudited) (Unaudited) Net income $ 14,411 $ 18,440 $ 19,109 $ 24,757 Other comprehensive income (loss), net of tax Gains/(losses) on derivative instruments, net of tax effect of $(6) and $(21); $(157) 151 80 1,155 (653 ) and $72 Translation adjustments with no tax effects (220 ) 690 (2,066 ) 1,360 Total other comprehensive income (69 ) 770 (911 ) 707 -------- - -------- ------------------ -------- - -------- - Comprehensive income $ 14,342 $ 19,210 $ 18,198 $ 25,464 - ------ - - ------ ------------------ - ------ - - ------ - Comprehensive income (loss) attributable to — — — — the non-controlling interest -------- - -------- ------------------ -------- - -------- - Comprehensive income attributable to the $ 14,342 $ 19,210 $ 18,198 $ 25,464 Group - ------ - - ------ ------------------ - ------ - - ------ -

LUXOFT HOLDING, INC CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (In thousands of US dollars) For the six months ended September 30, 2018 2017 ----------- ---------- (Unaudited) Operating activities Net income $ 19,109 $ 24,757 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 21,739 20,645 Deferred tax benefit (265 ) (1,711 ) Gain from derivative financial instruments (1,321 ) (89 ) Net foreign exchange (gain)/ loss 4,290 (1,124 ) Provision for doubtful accounts 215 622 Gain from revaluation of contingent liability (145 ) (2,090 ) Unwinding of discount for contingent liability, loss 99 698 Share-based compensation 14,208 14,237 Other 111 — Changes in operating assets and liabilities: Trade accounts receivable and unbilled revenue (2,532 ) (45,423 ) Work-in-progress (3,772 ) 732 Due to and from related parties 233 234 Accounts payable and accrued liabilities (7,948 ) (4,114 ) Deferred revenue 625 2,604 Changes in other assets and liabilities 4,798 (792 ) --------- - -------- - Net cash provided by operating activities 49,444 9,186 --------- - -------- - Investing activities Purchases of property and equipment (10,997 ) (11,332 ) Purchases of intangible assets (1,856 ) (2,127 ) Acquisitions, net of cash acquired (19,590 ) (32,685 ) Net cash used in investing activities (32,443 ) (46,144 ) --------- - -------- - Financing activities Proceeds from/ Net repayment of short-term borrowings 10,353 (138 ) Acquisition of business, deferred consideration (3,604 ) (12,707 ) Repayment of capital lease obligations (1,842 ) (69 ) Repurchases of common stock (21,022 ) (2,017 ) --------- - -------- - Net cash used in financing activities (16,115 ) (14,931 ) --------- - -------- - Effect of exchange rate changes on cash and cash equivalents and restricted cash (4,114 ) (103 ) --------- - -------- - Net decrease in cash, cash equivalents and restricted cash (3,228 ) (51,992 ) Cash, cash equivalents and restricted cash at beginning of period 107,202 114,957 --------- - -------- - Cash, cash equivalents and restricted cash at end of period $ 103,974 $ 62,965 - ------- - - ------ -

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:

As of September 30, 2018 March 31, 2018 ------------------ -------------- (Unaudited) Cash and cash equivalents $ 100,382 $ 104,357 Restricted cash, current 1,901 70 Restricted cash, non-current 1,691 2,775 Total restricted cash 3,592 2,845 --------- -------- --------- ---- Total cash, cash equivalents and restricted cash $ 103,974 $ 107,202 - ------- -------- - ------- ----

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) For the three months ended For the six months ended September 30, September 30, 2018 2018 2018 2018 2018 2018 -------- -------- -------- -------- -------- -------- GAAP Adjustmen Non-GAAP GAAP Adjustmen Non-GAAP ts ts -------- -------- -------- -------- -------- -------- Operating income 17,092 12,058 (a) 29,150 25,036 23,011 (a) 48,047 ------ - Operating margin 7.5 % 5.3 % 12.8 % 5.7 % 5.2 % 10.9 % ------ - ------ - ------ - ------ - ------ - ------ - Net income 14,411 10,691 (b) 25,102 19,109 20,516 (b) 39,625 ------ - ------ - ------ - ------ - ------ - ------ - Diluted earnings per share $ 0.43 — $ 0.74 $ 0.56 — $ 1.17 - ---- - ------ - - ---- - - ---- - ------ - - ---- -

For the three months ended For the six months ended September 30, September 30, 2017 2017 2017 2017 2017 2017 -------- -------- -------- -------- -------- -------- GAAP Adjustmen Non-GAAP GAAP Adjustmen Non-GAAP ts ts -------- -------- -------- -------- -------- -------- Operating income 21,481 10,715 (a) 32,196 27,551 22,619 (a) 50,170 Operating margin 9.4 % 4.7 % 14.1 % 6.3 % 5.2 % 11.5 % ------ - ------ - ------ - ------ - ------ - ------ - Net income 18,440 9,596 (b) 28,036 24,757 20,399 (b) 45,156 ------ - ------ - ------ - ------ - ------ - ------ - Diluted earnings per share $ 0.54 — $ 0.82 $ 0.72 — $ 1.32 - ---- - ------ - - ---- - - ---- - ------ - - ---- -

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) For the three months For the six months ended September 30, ended September 30, (a) 2018 2017 2018 2017 ------------------------------------------------- ---------- ---------- ---------- ---------- Adjustments to GAAP operating income Stock-based compensation expense $ 8,022 $ 6,185 $ 14,208 $ 14,237 Amortization of purchased intangible assets 3,574 3,657 7,534 8,030 Gain from revaluation of contingent liability (145 ) (870 ) (145 ) (2,090 ) Acquisition related costs 607 1,743 1,414 2,442 Total Adjustments to GAAP income from operations: $ 12,058 $ 10,715 $ 23,011 $ 22,619 - ------ - - ------ - - ------ - - ------ -

For the three months For the six months ended September 30, ended September 30, (b) 2018 2017 2018 2017 -------------------------------------------------------------- ---------- --------- ---------- ---------- Adjustments to GAAP net income Stock-based compensation expense $ 8,022 $ 6,185 $ 14,208 $ 14,237 Amortization of purchased intangible assets 3,574 3,657 7,534 8,030 Gain from revaluation of contingent liability and unwinding of (113 ) (973 ) (46 ) (1,392 ) discount for contingent liability Acquisition related costs 607 1,743 1,414 2,442 Tax effect of the adjustments (1,399 ) (1,016 ) (2,594 ) (2,918 ) -------- - ------- - -------- - -------- - Total Adjustments to GAAP net income : $ 10,691 $ 9,596 $ 20,516 $ 20,399 - ------ - - ----- - - ------ - - ------ -

For the three months For the six months ended September 30, ended September 30, 2018 2017 2018 2017 ---------- ---------- ---------- ---------- Net income $ 14,411 $ 18,440 $ 19,109 $ 24,757 Adjusted for: Interest (income)/ loss 77 (42 ) 111 (59 ) Unwinding of discount for contingent liability, (income)/ loss 32 (103 ) 99 698 Income tax 2,638 3,284 3,879 4,314 Depreciation and Amortization 10,969 9,915 21,739 20,645 -------- - -------- - -------- - -------- - EBITDA $ 28,127 $ 31,494 $ 44,937 $ 50,355 - ------ - - ------ - - ------ - - ------ - Adjusted for Stock based compensation 8,022 6,185 14,208 14,237 Gain from revaluation of contingent liability (145 ) (870 ) (145 ) (2,090 ) Acquisition related costs 607 1,743 1,414 2,442 Adjusted EBITDA $ 36,611 $ 38,552 $ 60,414 $ 64,944 - ------ - - ------ - - ------ - - ------ -

Luxoft Holding, Inc Schedule of supplemental information (Unaudited) (In thousands; except percentages) Revenue for the three months ended Revenue for the six months ended September 30, September 30, 2018 2017 2018 2017 Client location Amount % of Amount % of Amount % of Amount % of sales sales sales sales ------------------- ---------- ------- ---------- ------- ---------- ------- ---------- ------- North America $ 72,639 31.8 % $ 78,835 34.6 % $ 140,786 31.9 % $ 158,661 36.3 % Europe (excl. U.K.) 79,488 34.8 % 68,033 29.8 % 152,650 34.6 % 133,534 30.5 % U.K. 45,455 19.9 % 52,164 22.9 % 90,855 20.6 % 100,293 22.9 % APAC 16,470 7.2 % 10,002 4.4 % 29,738 6.7 % 17,027 3.9 % Russia 11,381 5.0 % 17,872 7.8 % 21,699 4.9 % 25,434 5.8 % Other 2,978 1.3 % 1,124 0.5 % 5,473 1.3 % 2,323 0.6 % --------- ----- - --------- ----- - --------- ----- - --------- ----- - Total $ 228,411 100.0 % $ 228,030 100.0 % $ 441,201 100.0 % $ 437,272 100.0 %

Revenue for the three months ended Revenue for the six months ended September 30, September 30, 2018 2017 2018 2017 Line of Business Amount % of Amount % of Amount % of Amount % of sales sales sales sales ------------------ ---------- ------- ---------- ------- ---------- ------- ---------- ------- Financial Services $ 125,384 54.9 % $ 129,174 56.6 % $ 243,473 55.2 % $ 242,644 55.5 % Digital Enterprise 52,725 23.1 % 58,868 25.9 % 103,484 23.4 % 119,276 27.3 % Automotive 50,302 22.0 % 39,988 17.5 % 94,244 21.4 % 75,352 17.2 % --------- ----- - --------- ----- - --------- ----- - --------- ----- - Total $ 228,411 100.0 % $ 228,030 100.0 % $ 441,201 100.0 % $ 437,272 100.0 %

LUXOFT HOLDING, INC. Reconciliations of Non-GAAP Forward-looking Financial Measures to Comparable GAAP Forward-looking Measures (Unaudited) (In thousands of US dollars, except share, per share amounts and percentages) Three Months Ended December 31, 2018 ----------- Revenue $ 230,000 - ------- - Net income $ 9,918 - ------- - Adjusted for: Interest expense and unwinding of discount for contingent liability 40 Income tax 1,943 Depreciation and Amortization 11,546 EBITDA $ 23,448 - ------- - Adjusted for: Stock based compensation 7,524 Change in fair value of contingent consideration — Acquisition related costs 1,158 --------- - Adjusted EBITDA $ 32,130 - ------- - Adjusted EBITDA margin 14.0 % --------- - Net income $ 9,918 - ------- - Adjusted for: Stock-based compensation expense 7,524 Amortization of purchased Intangible assets 3,869 Change in fair value of contingent consideration — Unwinding of discount rate for contingent liability, loss 30 Acquisition related costs 1,158 Tax effect of the adjustments (1,650 ) --------- - Total adjustments to Net income $ 10,931 - ------- - Adjusted Net income $ 20,849 - ------- - Diluted weighted average ordinary shares outstanding 33,805,337 --------- - Adjusted EPS $ 0.62

Three Months Ended December 31, 2018 GAAP Adjustments Non-GAAP -------- ----------- --------- Net income $ 9,918 $ 10,931 $ 20,849 - ----- - ------ -- - ------ Diluted earnings per share $ 0.29 $ 0.62

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