Virtusa corp (VRTU)
CashFlow / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10
Cash flows from operating activities:
Net income

12,838

7,248

6,020

8,499

12,797

1,960

-5,565

4,630

-7,921

7,592

4,647

11,770

5,541

4,456

-5,510

12,508

11,313

11,086

10,113

11,549

11,780

10,114

9,003

10,047

9,328

7,478

7,522

9,091

7,405

5,763

6,139

5,798

5,594

4,688

3,955

5,226

4,205

3,717

3,052

Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization

7,961

7,946

7,765

7,305

7,103

7,320

7,273

6,826

7,065

7,003

6,643

6,667

6,706

6,291

6,188

4,617

4,223

3,999

3,640

3,093

3,308

3,510

3,641

3,610

2,739

2,547

2,606

2,531

2,349

2,111

2,049

2,136

2,184

2,179

1,806

1,989

2,184

2,091

2,134

Share-based compensation expense

5,775

5,834

6,676

4,952

7,042

9,124

7,938

7,363

9,118

6,142

4,788

5,100

4,748

6,142

6,133

5,862

3,683

3,105

3,529

3,124

3,043

2,460

2,471

2,441

2,195

1,820

1,710

1,695

1,561

1,270

1,350

1,244

1,271

1,358

1,229

978

939

1,110

894

Reversal of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-1,833

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision (recovery) for doubtful accounts

339

-249

-64

-315

-313

-30

-206

223

302

312

411

313

285

422

-5

4

1

66

137

-104

145

-209

34

226

-115

153

486

-241

-6

250

190

-

-

-

-

-

-

-

-

Gain on disposal of property and equipment

52

393

-42

-44

-44

151

8

-30

-9

41

8

46

278

33

77

45

1

-3

-2

-

-

-

-

-43

9

-22

3

-9

-1

0

110

-22

4

0

2

-

-

-

-

Foreign currency transaction losses, net

-3,065

-3,437

1,202

-1,336

8,319

-9,355

-10,758

-4,562

2,576

-1,480

-77

5,811

-1,252

2,030

-3,580

6,655

201

219

-25

-157

-131

86

-155

38

139

-960

387

176

-195

-490

441

291

199

-81

-182

-271

-532

-470

-163

Amortization of discounts and premiums on investments

0

2

4

1

-8

-25

-51

-55

-73

-92

-93

-98

-104

-607

-96

39

-907

179

193

-2,204

326

320

316

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance cost

317

273

273

273

273

273

273

210

282

281

284

282

282

282

283

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes, net

-1,032

134

-72

4,455

297

-2,928

-3,594

-

-

-

-

-

-

-

-

-

-

-

-

-3,042

-49

-228

350

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax (benefits) expense from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

759

454

1,673

724

1,131

1,376

1,461

224

1,191

0

1,783

-

-

-

-

-

-

-

-

-

-

-

-

Net changes in operating assets and liabilities
Accounts receivable and unbilled receivable

-14,908

2,982

-7,203

27,521

-6,755

-10,775

12,750

29,788

2,262

-340

4,832

9,839

12,049

-1,091

-7,289

7,028

-4,073

6,348

7,820

6,473

7,233

-4,590

8,012

9,634

-3,285

-9,915

6,995

10,117

-18

9,810

-447

2,535

3,788

7,211

4,349

3,737

1,235

-126

7,822

Prepaid expenses and other current assets

-6,477

1,720

6,015

13,769

-3,509

3,719

7,519

5,400

-590

1,783

2,667

-5,431

5,061

-935

296

3,026

-117

-1,046

5,969

-4,388

-1,036

8

919

1,883

1,459

3,188

-1,625

2,461

982

321

-263

2,874

326

-516

512

1,198

230

-433

1,788

Other long-term assets

-1,434

4,943

7,730

10,110

7,693

-141

4,150

-1,383

1,945

636

179

2,537

-6,029

-145

-4,579

-9

-74

154

55

-102

319

-67

453

675

606

-9

326

-1,554

151

722

210

-698

1,738

978

787

726

162

208

-419

Accounts payable

-4,432

-3,819

-4,479

4,438

11,782

-986

1,218

4,765

-1,092

-618

1,358

-13,838

9,702

1,920

-4,266

-9,162

1,166

850

-180

686

-11

-1,076

189

943

1,161

192

-2,524

990

3,535

346

-3,267

4,093

-496

440

-2,458

1,650

-928

-709

232

Accrued employee compensation and benefits

5,755

10,888

-15,632

12,704

-3,207

9,021

-14,855

11,605

2,746

8,845

-9,424

9,897

323

3,775

-16,202

10,921

-1,431

4,623

-5,382

4,325

-2,133

3,455

-10,032

4,385

730

4,179

-4,842

-5

2,494

1,217

-5,146

1,431

3,789

1,587

-2,719

-92

2,008

968

612

Accrued expenses and other current liabilities

-5,887

928

10,454

-76

1,956

4,617

6,562

-2,924

2,143

1,577

3,135

818

2,700

4,104

-5,771

6,996

-1,640

703

2,675

-1,066

3,006

60

2,774

-796

905

-2,648

-178

1,452

3,259

-838

10

1,430

670

995

888

1,705

483

-457

881

Operating lease liabilities

-31

-266

125

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes payable

5,285

-5,368

2,620

1,145

-158

-3,279

6,412

16,983

-714

-938

-2,648

5,864

-6,939

-221

-7,433

2,149

1,596

-1,549

2,107

182

547

-50

874

-753

959

2,370

1,310

-2,521

1,491

545

1,035

7,313

1,370

126

1,156

1,644

590

-497

37

Other long-term liabilities

-2,316

4,340

-3,744

957

3,778

-1,505

1,432

3,160

13,312

-880

-614

-63

57

-2,477

-3,039

-6

17

113

103

582

106

136

403

82

-161

-121

-4

-133

-266

102

65

62

218

-121

-829

-112

256

38

-1,283

Net cash provided by operating activities

50,650

21,568

2,236

-1,203

36,539

40,013

-6,730

8,518

24,349

28,768

1,064

2,796

13,856

25,409

-14,451

14,702

22,394

17,049

1,445

17,146

12,550

21,721

-2,500

9,392

17,622

23,688

-1,783

-927

20,903

403

2,374

11,152

8,545

3,660

-2,440

6,403

8,801

7,031

-2,469

Proceeds from sale of property and equipment

174

632

19

465

117

265

186

44

37

150

30

95

37

2,253

246

77

10

1

2

-

-

-

-

9

15

45

11

0

1

0

116

0

4

0

110

-

-

-

-

Purchase of short-term investments

14,690

15,657

4,622

12,372

15,382

30,795

38,008

12,453

37,484

41,682

8,867

12,521

53,618

27,180

19,333

14,325

0

26,500

2,761

-

-

-

-

11,011

3,198

7,703

1,401

5,105

2,653

3,628

2,290

2,843

4,791

-72

1,919

837

8,639

3,471

7,700

Proceeds from sale or maturity of short-term investments

9,476

18,423

19,817

21,308

27,633

31,279

29,292

38,580

55,785

33,827

29,002

31,228

23,355

36,894

39,639

47,086

41,906

10,451

15,954

22,679

5,220

6,499

4,298

5,778

2,131

1,093

1,800

4,742

3,619

3,519

837

5,846

3,105

5,120

22,754

5,000

6,600

9,058

9,783

Payments for asset acquisitions

1,941

3,000

4,251

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of long-term investments

-

-

-

-

-

-

-

0

4,499

3,520

8,753

6,115

5,871

16,854

6,259

7,403

4,042

14,754

3,419

7,809

10,906

9,426

5,579

63,077

2,188

1,028

3,858

2,882

2,584

2,891

2,946

698

3,822

-20

1,400

8,309

6,144

9,281

7,081

Proceeds from sale or maturity of long-term investments

-

-

-

-

-

-

-

-

-

-

-

0

894

5,422

800

0

1,000

5,100

3,100

6,112

5,500

1,000

1,000

0

200

0

600

0

208

850

200

0

450

2,925

7,031

2,500

1,400

5,301

2,607

(Increase) decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-53

-5

-879

-91,767

67,538

20,328

560

2,860

-1,970

-684

-48

63

1,958

684

-332

10

-118

-3

-2,729

306

-33

-99

2,781

-4

-686

-3,302

113

171

Business acquisition, net of cash acquired

-

-

-

-

-

-

-

77,776

0

0

600

0

0

854

2,606

127,475

0

6,290

30,877

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of property and equipment

2,386

3,704

4,775

11,197

5,840

5,414

13,461

4,854

3,047

5,151

3,044

4,394

2,156

5,513

3,278

3,177

3,001

5,175

2,138

5,583

2,753

1,945

4,448

1,657

2,338

1,809

1,678

4,070

3,070

2,331

3,116

3,334

2,459

4,395

3,369

2,189

1,848

2,652

3,029

Net cash used in investing activities

-10,309

-20,806

6,188

-52,661

4,643

-4,699

-21,991

-56,617

12,398

-16,376

7,768

8,346

-37,354

-4,953

100,976

-172,755

15,545

-37,727

-22,999

9,999

-8,971

-6,313

-4,792

-87,220

-12,218

-9,070

-4,536

-7,197

-4,476

-4,527

-7,505

-996

-7,414

-24,094

23,211

-3,134

-8,462

-1,158

-5,591

Cash flows from financing activities:
Payment of debt

2,891

5,375

875

3,125

3,125

5,375

875

0

0

0

81,000

2,500

2,500

2,500

2,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Series A Convertible Preferred Stock proceeds, net of issuance costs of $1,154

-

-

-

-

-

-

-

0

0

0

106,846

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

0

0

2,681

27,319

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,408

-

-

-

-

-

-

-

-

Payments of withholding taxes related to net share settlements of restricted stock

125

1,647

2,011

4,266

226

5,152

2,450

4,420

322

1,015

1,416

2,295

323

1,204

2,276

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of redeemable noncontrolling interest related to Polaris

0

3,126

5,549

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

0

0

0

89,147

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on capital lease obligation

4

14

18

24

22

21

22

59

37

93

31

22

45

30

43

45

36

22

29

29

69

19

3

6

3

4

5

5

3

0

1,018

0

0

0

932

0

0

589

527

Payment of contingent consideration related to acquisitions

-

-

-

-

-

-

-

-

-

-

-

0

0

0

830

-

-

-

-

1,646

0

0

441

-

-

-

-

-

-

-

-

0

0

0

1,620

-

-

-

-

Payment of dividend on Series A Convertible Preferred Stock

1,046

1,046

1,046

1,046

1,046

1,046

1,046

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax (expense) benefits from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

759

454

1,673

724

1,131

1,376

1,461

224

1,191

0

1,783

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-8,675

-2,347

-9,253

33,056

-6,578

-7,826

-3,903

17,604

24,669

-3,682

-1,149

-3,345

4,399

-3,375

-94,063

184,133

710

766

2,058

-746

1,947

2,566

1,458

66,448

21,843

378

3,071

2,213

94

481

-2,294

1,644

245

94

-1,151

3,219

1,386

-205

-109

Effect of exchange rate changes on cash, cash equivalents and restricted cash

3,881

-5,157

1,145

-252

-1,836

-4,415

-7,279

-1,448

2,370

202

1,551

3,233

-5,920

1,477

-1,109

3,164

-1,165

-1,678

-1,458

125

-1,215

-933

-1

735

1,220

-1,025

-2,983

487

-494

2,060

-2,501

-2,630

-1,142

-890

93

203

-163

729

-114

Net increase in cash and cash equivalents and restricted cash

35,547

-6,742

316

-21,060

32,768

23,073

-39,903

-31,943

63,786

8,912

9,234

11,030

-25,019

18,558

-8,647

29,244

37,484

-21,590

-20,954

26,524

4,311

17,041

-5,835

-10,645

28,467

13,971

-6,231

-5,424

16,027

-1,583

-9,926

9,170

234

-21,230

19,713

6,691

1,562

6,397

-8,283

Parent
Proceeds from exercise of common stock options

233

0

194

591

0

134

294

712

634

1,088

1,629

663

64

276

476

-

339

334

414

205

885

1,209

441

245

655

382

1,293

1,459

97

481

132

222

245

94

1,401

2,461

1,386

384

418

Subsidiaries
Proceeds from exercise of common stock options

0

41

52

18

205

130

196

1,201

440

54

142

809

17

83

257

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-