Quarterly Results of Operations (unaudited)

12 Months Ended

Mar. 31, 2020

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

(26) Quarterly Results of Operations (unaudited)

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		September 30,		June 30,
	2020		2019		2019		2019		2019		2018		2018		2018
Revenue	$	329,651	$	335,107	$	328,501	$	319,024	$	327,631	$	314,681	$	305,520	$	300,031
Costs of revenue		249,397		236,427		238,584		234,735		230,364		221,461		216,346		216,481
Gross profit		80,254		98,680		89,917		84,289		97,267		93,220		89,174		83,550
Operating expenses		63,115		68,270		70,682		70,861		74,227		73,935		75,155		69,626
Income from operations		17,139		30,410		19,235		13,428		23,040		19,285		14,019		13,924
Other income (expense)		(14,516)		(7,209)		(7,157)		(2,669)		(9,930)		3,912		(12,461)		(13,625)
Income before income tax expense (benefit)		2,623		23,201		12,078		10,759		13,110		23,197		1,558		299
Income tax expense (benefit)		(19,623)		10,363		4,830		4,739		4,611		10,400		(402)		5,864
Net income (loss)		22,246		12,838		7,248		6,020		8,499		12,797		1,960		(5,565)
Noncontrolling interest		—		118		146		186		138		221		455		731
Net income (loss) available to Virtusa stockholders	$	22,246	$	12,720	$	7,102	$	5,834	$	8,361	$	12,576	$	1,505	$	(6,296)
Less: Series A Convertible Preferred Stock dividends and accretion		1,088		1,087		1,088		1,087		1,088		1,087		1,088		1,087
Net income (loss) available to Virtusa common stockholders		21,158		11,633	$	6,014	$	4,747	$	7,273		11,489	$	417	$	(7,383)
Basic earnings (loss) per share available to Virtusa common stockholders (1)	$	0.71	$	0.39	$	0.20	$	0.16	$	0.24	$	0.38	$	0.01	$	(0.25)
Diluted earnings (loss) per share available to Virtusa common stockholders (1)	$	0.66	$	0.38	$	0.20	$	0.15	$	0.24	$	0.37	$	0.01	$	(0.25)

(1) Earnings (loss) per share amounts for each quarter may not total to the yearly earnings (loss) per share due to the weighting of shares outstanding on a quarterly and year-to-date basis.