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www. luxoft .com Luxoft Holding, Inc| Q2 FY2019 Call | November 15, 2018 Dmitry Loschinin, CEO & President Evgeny Fetisov, CFO
Luxoft Holding, Inc| Q2 FY2019 Call | November 15, 2018
Dmitry Loschinin, CEO & President
Evgeny Fetisov, CFOwww. luxoft .com
Non -GAAP Financial Measures
To supplement our financial results presented in accordance with US GAAP, this presentation 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. Prior year amounts were amended accordingly. 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
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