Virtusa (VRTU) 10-K 28 May 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2020	May 22, 2020	Sep. 30, 2019
Document and Entity Information
Entity Registrant Name	VIRTUSA CORPORATION
Document Annual Report	true
Document Transition Report	false
Entity Central Index Key	0001207074
Document Type	10-K
Document Period End Date	Mar. 31, 2020
Trading Symbol	VRTU
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3512883
Current Fiscal Year End Date	--03-31
Entity Address, Address Line One	132 Turnpike Rd
Entity Address, City or Town	Southborough
Entity Address, Postal Zip Code	01772
Entity Address, State or Province	MA
City Area Code	508
Local Phone Number	389-7300
Entity File Number	001-33625
Title of 12(b) Security	Common Stock
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 914,194,732
Entity Common Stock, Shares Outstanding		30,132,817
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 290,837	$ 189,676
Short-term investments	9,785	33,138
Accounts receivable, net of allowance of $1,541 and $2,253 at March 31, 2020 and March 31, 2019, respectively	148,950	162,396
Unbilled accounts receivable	137,839	113,431
Prepaid expenses	55,574	42,314
Restricted cash	659	351
Asset held for sale	8,334	8,978
Other current assets	29,214	29,967
Total current assets	681,192	580,251
Property and equipment, net	101,250	119,865
Operating lease right-of-use assets	48,684
Investments accounted for using equity method	1,336	1,446
Long-term investments	4	322
Deferred income taxes	30,225	28,770
Goodwill	296,493	279,543
Intangible assets, net	130,903	92,440
Other long-term assets	46,980	29,836
Total assets	1,337,067	1,132,473
Current liabilities:
Accounts payable	38,537	46,471
Accrued employee compensation and benefits	79,373	74,801
Deferred revenue	8,054	6,421
Accrued expenses and other	95,124	70,050
Current portion of long-term debt	16,043	11,407
Operating lease liabilities	11,543
Income taxes payable	3,233	4,844
Total current liabilities	251,907	213,994
Deferred income taxes	16,067	15,824
Operating lease liabilities, noncurrent	41,697
Long-term debt, less current portion	480,154	351,320
Long-term liabilities	42,475	29,824
Total liabilities	832,300	610,962
Commitments and contingencies
Series A Convertible Preferred Stock: par value $0.01 per share, 108,000 shares authorized, 108,000 shares issued and outstanding at March 31, 2020 and March 31, 2019; redemption amount and liquidation preference of $108,000 at March 31, 2020 and March 31, 2019	107,326	107,161
Redeemable noncontrolling interest		23,576
Stockholders' equity:
Undesignated preferred stock, $0.01 par value; Authorized 5,000,000 shares at March 31, 2020 and March 31, 2019
Common stock, $0.01 par value; Authorized 120,000,000 shares at March 31, 2020 and March 31, 2019; issued 33,518,389 and 33,012,775 shares at March 31, 2020 and March 31, 2019, respectively; outstanding 30,132,825 and 30,132,776 shares at March 31, 2020 and March 31, 2019, respectively	335	330
Treasury stock, 3,385,564 and 2,879,999 common shares, at cost, at March 31, 2020 and March 31, 2019, respectively	(58,332)	(39,652)
Additional paid-in capital	246,862	239,204
Retained earnings	293,831	250,279
Accumulated other comprehensive loss	(85,255)	(59,387)
Total Virtusa stockholders' equity	397,441	390,774
Noncontrolling interest in subsidiaries
Total Stockholders' equity	397,441	390,774
Total liabilities, Series A convertible preferred stock, redeemable noncontrolling interest and stockholders' equity	$ 1,337,067	$ 1,132,473

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Consolidated Balance Sheets
Accounts receivable, allowance (in dollars)	$ 1,541	$ 2,253
Series A convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A convertible preferred stock, shares authorized	108,000	108,000
Series A convertible preferred stock, shares issued	108,000	108,000
Series A convertible preferred stock, shares outstanding	108,000	108,000
Series A convertible preferred stock, redemption amount	$ 108,000	$ 108,000
Series A convertible preferred stock, liquidation preference	$ 108,000	$ 108,000
Undesignated preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Undesignated preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	33,518,389	33,012,775
Common stock, shares outstanding	30,132,825	30,132,776
Treasury stock, common shares	3,385,564	2,879,999

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Income
Revenue	$ 1,312,283	$ 1,247,863	$ 1,020,669
Costs of revenue	959,143	884,652	725,445
Gross profit	353,140	363,211	295,224
Operating expenses:
Selling, general and administrative expenses	272,928	292,943	248,837
Income from operations	80,212	70,268	46,387
Other income (expense):
Interest income	2,239	2,672	4,264
Interest expense	(19,193)	(18,164)	(7,634)
Foreign currency transaction losses, net	(15,999)	(13,130)	(3,543)
Other, net	1,402	(3,482)	2,362
Total other expense	(31,551)	(32,104)	(4,551)
Income before income tax expense	48,661	38,164	41,836
Income tax expense	309	20,473	32,888
Net income	48,352	17,691	8,948
Less: net income attributable to noncontrolling interests, net of tax	450	1,545	7,694
Net income available to Virtusa stockholders	47,902	16,146	1,254
Less: Series A Convertible Preferred Stock dividends and accretion	4,350	4,350	3,963
Net income (loss) available to Virtusa common stockholders	$ 43,552	$ 11,796	$ (2,709)
Basic earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 1.45	$ 0.40	$ (0.09)
Diluted earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 1.42	$ 0.38	$ (0.09)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Comprehensive Income (Loss)
Net income	$ 48,352	$ 17,691	$ 8,948
Other comprehensive income (loss):
Foreign currency translation adjustment	(13,464)	(17,305)	8,262
Pension plan adjustment, net of tax effect of $234, $39, $(146)	(148)	(687)	(249)
Unrealized loss on available-for-sale debt securities, net of tax effect of $0, $78, $(138)		(69)	(15)
Unrealized loss on effective cash flow hedges, net of tax effect of $(3,972), $(912), $(4,230)	(11,857)	(1,866)	(10,986)
Other comprehensive loss	(25,469)	(19,927)	(2,988)
Comprehensive income (loss)	22,883	(2,236)	5,960
Less: comprehensive income attributable to noncontrolling interest, net of tax	849	324	5,638
Comprehensive income (loss) available to Virtusa stockholders	$ 22,034	$ (2,560)	$ 322

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Comprehensive Income (Loss)
Pension plan adjustment, tax	$ 234	$ 39	$ (146)
Unrealized loss on available-for-sale securities, tax	0	78	(138)
Unrealized loss on effective cash flow hedges, tax	$ (3,972)	$ (912)	$ (4,230)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	SubsidiariesTotal Virtusa Stockholders' Equity	SubsidiariesAdditional Paid In Capital	SubsidiariesRedeemable Noncontrolling Interest	Subsidiaries	Total Virtusa Stockholders' Equity	Common Stock	Treasury Stock	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling interest	Redeemable Noncontrolling Interest	Total
Balance at Mar. 31, 2017					$ 497,032	$ 318	$ (9,652)	$ 305,387	$ 240,728	$ (39,749)	$ 87,984		$ 585,016
Balance (in shares) at Mar. 31, 2017						31,762,214	(1,856,703)
Increase (Decrease) in Stockholders' Equity
Proceeds from the exercise of stock options	$ 1,837	$ 1,837		$ 1,837	4,063	$ 3		4,060					4,063
Proceeds from the exercise of stock options (in shares)						322,317
Restricted stock awards vested						$ 4		(4)
Restricted stock awards vested (in shares)						384,561
Restricted stock awards withheld for tax					(7,173)			(7,173)					(7,173)
Share-based compensation					27,230			27,230					27,230
Repurchase of common stock					(30,000)		$ (30,000)						(30,000)
Repurchase of common stock (in shares)							(1,023,296)
Subsidiary share-based compensation					181			181					181
Other											(42)		(42)
Purchase of Polaris additional noncontrolling interest, net of transactions costs					(70,906)			(70,906)			(76,120)		(147,026)
Series A Convertible Preferred Stock dividends and accretion					(3,963)				(3,963)				(3,963)
Other comprehensive income (loss)					(932)					(932)	(2,056)
Other comprehensive income (loss)													(2,988)
Net income					1,254				1,254				1,254
Net income											7,694		(7,694)
Net income													8,948
Balance at Mar. 31, 2018					418,623	$ 325	$ (39,652)	260,612	238,019	(40,681)	17,460		436,083
Balance (in shares) at Mar. 31, 2018						32,469,092	(2,879,999)
Increase (Decrease) in Stockholders' Equity
Proceeds from the exercise of stock options	$ 259	$ 259	$ 54	$ 259	1,019	$ 1		1,018					1,019
Proceeds from the exercise of stock options (in shares)						101,618
Restricted stock awards vested						$ 4		(4)
Restricted stock awards vested (in shares)						442,065
Restricted stock awards withheld for tax					(12,094)			(12,094)					(12,094)
Share-based compensation					27,892			27,892					27,892
Subsidiary share-based compensation					34			34					34
Reclassification of previously recognized stock compensation related to liabilities classified awards for Polaris to liabilities					(619)			(619)					(619)
Cumulative effect of adopting ASC Topic 606, net of tax					464				464				464
Other					(115)			(115)			(290)		(405)
Adjustments of redeemable noncontrolling interest to redemption value					(37,779)			(37,779)			(16,450)	$ 55,508	(54,229)
Purchase of redeemable noncontrolling interest related to Polaris												(31,979)	31,979
Foreign currency translation on redeemable noncontrolling interest												(1,051)
Series A Convertible Preferred Stock dividends and accretion					(4,350)				(4,350)				(4,350)
Other comprehensive income (loss)					(18,706)					(18,706)	(1,466)	245
Other comprehensive income (loss)													(20,172)
Net income					16,146				16,146				16,146
Net income											746	799	(1,545)
Net income													16,892
Balance at Mar. 31, 2019					390,774	$ 330	$ (39,652)	239,204	250,279	(59,387)		23,576	$ 390,774
Balance (in shares) at Mar. 31, 2019						33,012,775	(2,879,999)						30,132,776
Increase (Decrease) in Stockholders' Equity
Proceeds from the exercise of stock options					468			468				16	$ 468
Proceeds from the exercise of stock options (in shares)						31,830
Restricted stock awards vested						$ 5		(5)
Restricted stock awards vested (in shares)						473,784
Restricted stock awards withheld for tax					(10,544)			(10,544)					(10,544)
Share-based compensation					15,683			15,683					15,683
Repurchase of common stock					(18,680)		$ (18,680)						$ (18,680)
Repurchase of common stock (in shares)							(505,565)						(505,565)
Adjustments of redeemable noncontrolling interest to redemption value					44			44				262	$ 44
Purchase of redeemable noncontrolling interest related to Polaris												(8,674)
Reclassification of noncontrolling interest from temporary equity to permanent equity											15,093	(15,093)	15,093
Reclassification of noncontrolling interest from permanent equity to liability.											(13,564)		(13,564)
Adjustments for reclassification of noncontrolling interest					2,012			2,012			(2,049)		(37)
Foreign currency translation on redeemable noncontrolling interest												(417)
Series A Convertible Preferred Stock dividends and accretion					(4,350)				(4,350)				(4,350)
Other comprehensive income (loss)					(25,868)					(25,868)	256	144
Other comprehensive income (loss)													(25,612)
Net income					47,902				47,902				47,902
Net income											$ 264	$ 186	(450)
Net income													48,166
Balance at Mar. 31, 2020					$ 397,441	$ 335	$ (58,332)	$ 246,862	$ 293,831	$ (85,255)			$ 397,441
Balance (in shares) at Mar. 31, 2020						33,518,389	(3,385,564)						30,132,825

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 48,352	$ 17,691	$ 8,948
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,545	29,001	27,537
Share-based compensation expense	15,716	29,056	27,411
Provision (recovery) for doubtful accounts	(13)	(864)	1,248
Gain on disposal of property and equipment	(366)	(71)	(10)
Impairment of long-lived asset classified as held for sale		3,955
Impairment of investment	184	1,411
Foreign currency transaction losses, net	15,999	13,130	3,543
Amortization of discounts and premiums on investments	(6)	83	313
Amortization of debt issuance cost	1,188	1,092	1,057
Deferred income taxes, net	2,183	(1,770)	(9,946)
Net changes in operating assets and liabilities
Accounts receivable and unbilled receivable	(12,435)	(22,741)	(36,542)
Prepaid expenses and other current assets	(13,080)	(21,498)	(9,260)
Other long-term assets	(21,126)	(21,812)	(1,377)
Accounts payable	(3,008)	16,452	4,413
Accrued employee compensation and benefits	7,435	3,663	13,772
Accrued expenses and other current liabilities	12,489	13,059	3,931
Operating lease liabilities	289
Income taxes payable	(2,513)	4,120	12,683
Other long-term liabilities	(3,939)	4,662	14,978
Net cash provided by operating activities	79,894	68,619	62,699
Cash flows from investing activities:
Proceeds from sale of property and equipment	909	1,033	261
Purchase of short-term investments	(36,047)	(96,557)	(100,486)
Proceeds from sale or maturity of short-term investments	58,408	109,512	157,194
Purchase of long-term investments			(16,772)
Proceeds from sale or maturity of long-term investments			1,606
Payment for asset acquisitions	(9,542)
Payment of contingent consideration of asset acquisition	(1,051)
Business acquisitions, net of cash acquired	(29,162)		(78,376)
Payment of deferred consideration related to business acquisitions	(17,500)	(52,784)
Purchase of property and equipment	(13,034)	(35,912)	(16,096)
Net cash used in investing activities	(47,019)	(74,708)	(52,669)
Cash flows from financing activities:
Proceeds from debt			141,000
Payment of debt issuance costs	(808)		(2,716)
Proceeds from revolving credit facility	145,000	74,500	75,000
Payment of debt	(12,032)	(12,500)	(81,000)
Repayment of revolving credit facility			(20,000)
Payment of contingent consideration related to acquisitions	(2,685)	(100)
Acquisition of noncontrolling interest			(147,026)
Acquisition of other non controlling interest		(373)	(42)
Repurchase of common stock	(18,680)		(30,000)
Payments of withholding taxes related to net share settlements of restricted stock	(10,544)	(12,094)	(7,173)
Purchase of redeemable noncontrolling interest related to Polaris		(31,979)
Series A Convertible Preferred Stock proceeds, net of issuance costs of $1,154			106,846
Payment to acquire noncontrolling interest	(21,209)
Principal payments on capital lease obligation		(89)	(220)
Principal payments on capital lease obligation	(36)
Payment of dividend on Series A Convertible Preferred Stock	(4,184)	(4,184)	(3,127)
Net cash provided by financing activities	75,383	14,749	37,442
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,770)	(13,782)	2,677
Net increase (decrease) in cash and cash equivalents and restricted cash	101,488	(5,122)	50,149
Cash, cash equivalents and restricted cash, beginning of year	190,113	195,235	145,086
Cash, cash equivalents and restricted cash, end of year	291,601	190,113	195,235
Supplemental disclosure of cash flow information:
Cash paid for interest	17,949	16,900	5,573
Cash receipts from interest	2,500	3,229	4,322
Cash paid for income tax	21,888	23,591	16,116
Parent
Cash flows from financing activities:
Proceeds from exercise of common stock options	468	1,019	4,063
Subsidiaries
Cash flows from financing activities:
Proceeds from exercise of common stock options	$ 93	$ 549	$ 1,837

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Balance sheet classification
Cash and cash equivalents	$ 194,897	$ 290,837	$ 189,676
Restricted cash in current assets	301	659	351
Restricted cash in other long-term assets	37	105	86
Total restricted cash	338	764	437
Total cash, cash equivalents and restricted cash	195,235	$ 291,601	$ 190,113
Series A Convertible Preferred Stock
Issuance costs	$ 1,154

Nature of the Business

Nature of the Business	12 Months Ended
	Mar. 31, 2020
Nature of the Business
Nature of the Business	(1) Nature of the Business Virtusa Corporation (the “Company”, “Virtusa”, “we”, “us” or “our”) is a global provider of digital engineering and information technology (“IT”) outsourcing services that accelerate business outcomes for our clients. We support Forbes Global 2000 clients across large, consumer-facing industries like banking, financial services, insurance, healthcare, communications, technology, and media and entertainment, as these clients seek to improve their business performance through accelerating revenue growth, delivering compelling consumer experiences, improving operational efficiencies, and lowering overall IT costs. We provide services across the entire spectrum of the IT services lifecycle, from consulting, to technology and user experience (“UX”) design, development of IT applications, systems integration, digital engineering, testing and business assurance, and maintenance and support services, including cloud, infrastructure and managed services. We help our clients solve critical business problems by leveraging a combination of our distinctive consulting approach, unique platforming methodology, and deep domain and technology expertise. Our services enable our clients to accelerate business outcomes by consolidating, rationalizing and modernizing their core customer facing processes into one or more core systems. We help organizations realize the benefits of digital transformation (“DT”) and cloud transformation (“CT”) by bringing together digital infrastructure, analytics and intelligence and customer experience by engineering the digital enterprise of tomorrow on the cloud. We deliver cost effective solutions through a global delivery model, applying advanced methods such as Agile, an industry standard technique designed to accelerate application development. We use our Digital Transformation Studio (DTS), which is built by Virtusa’s engineering teams that have decades of industry knowledge and experience. These teams are certified and leverage Virtusa’s industry leading tools and assets, providing speed and transparency. DTS engineering tools drive software development lifecycle (SDLC) automation to improve quality, enabling speed and increasing productivity. Headquartered in Massachusetts, we have offices throughout the Americas, Europe, Middle East and Asia, with global delivery centers in the United States, India, Sri Lanka, Hungary, Singapore, Poland, Mexico and Malaysia. We also have many employees who work with our clients either onsite or virtually, which offers flexibility for both clients and employees.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Principles of Consolidation The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Virtusa Corporation and all of its subsidiaries that are directly or indirectly more than 50% owned or controlled. When the Company does not have a controlling interest in an entity, but exerts a significant influence on the entity, the Company applies the equity method of accounting. For those majority-owned subsidiaries that are not 100% owned by the Company, the interests of the minority owners are accounted for as noncontrolling interests. (b) Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the recoverability of tangible assets, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Management re-evaluates these estimates on an ongoing basis. The most significant estimates relate to the recognition of revenue and profits based on the percentage of completion method of accounting for fixed-price contracts, income taxes, including reserves for uncertain tax positions, deferred taxes and liabilities, intangible assets, valuation of financial instruments including derivative contracts and investments. Management bases its estimates on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements. (c) Foreign Currency Translation The functional currencies of the Company’s non-U.S. subsidiaries are the local currency of the country in which the subsidiary operates except for Hungary, which uses the euro and certain Netherlands entities, which use the U.S. dollar. Operating and capital expenditures of the Company’s subsidiaries located in India, Sri Lanka, the Netherlands, Australia, Canada, Singapore, Malaysia, the Philippines, Germany, Austria, Sweden and the United Kingdom, are denominated in their local currency which is the currency most compatible with their expected economic results. India and Sri Lanka local expenditures form the underlying basis for intercompany transactions which are subsequently conducted in both U.S. dollars and U.K. pounds sterling. U.K. client sales contracts are primarily conducted in U.K. pounds sterling. All transactions and account balances are recorded in the functional currency. The Company translates the value of these non-U.S. subsidiaries’ local currency denominated assets and liabilities into U.S. dollars at the rates in effect at the balance sheet date. Resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). The local currency denominated statement of income amounts are translated into U.S. dollars using the average exchange rates in effect during the period. Realized foreign currency transaction gains and losses are included in the consolidated statements of income (loss). The Company’s non-U.S. subsidiaries do not operate in “highly inflationary” countries. (d) Derivative Instruments and Hedging Activities The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies. The Company also enters into interest rate swaps to mitigate interest rate risk on the Company’s variable rate debt. The Company designates derivative contracts as cash flow hedges and any ineffective portions if they satisfy the criteria for hedge accounting. Changes in fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income, net of taxes, until the hedged transactions occur and are then recognized in the consolidated statements of income, the effective components are recognized in the same line item as the underlying and any ineffective components would be recognized as other income (expense). Changes in fair value of derivatives not designated as hedging instruments are recognized immediately in the consolidated statements of income. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses both at the inception of the hedge and on an ongoing basis, whether each derivative will be highly effective in offsetting changes in fair values or cash flows of the hedged item. If the Company determines that a derivative or a portion thereof is not highly effective as a hedge, or if a derivative ceases to qualify for hedge accounting, the Company prospectively discontinues hedge accounting with respect to that derivative. (e) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an initial maturity of three months or less from the date of purchase to be cash equivalents. At March 31, 2020, cash equivalents consisted of money market instruments and certificates of deposit. The Company had short-term and long-term restricted cash totaling $764 and $437 at March 31, 2020 and 2019, respectively. Restricted cash includes the restricted deposits with banks to secure the import of computer and other equipment and bank guarantees associated with the purchase of property and equipment of the Company’s facilities in India. (f) Investment Securities The Company classifies its investment securities as available for sale securities and equity securities. These securities are classified as short-term investments and long-term investments on the consolidated balance sheet based on their maturity dates and are carried at fair market value. Any unrealized gains and losses on available for sale securities are reported in accumulated other comprehensive income (loss), net of tax, as a separate component of stockholders’ equity unless the decline in value is deemed to be other-than-temporary, in which case, investments are written down to fair value and the loss is charged to the consolidated statements of income (loss). Any unrealized gains and losses on equity securities are charged to the consolidated statements of income (loss). The Company determines the cost of the securities sold based on the specific identification method. The Company conducts a periodic review and evaluation of its investment securities to determine if the decline in fair value of any security is deemed to be other-than-temporary. Other-than-temporary impairment losses are recognized on securities when: (i) the holder has an intention to sell the security; (ii) it is more likely than not that the security will be required to be sold prior to recovery; or (iii) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses are reflected in earnings as a charge against gain on sale of investments to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. The Company has no intention to sell any securities in an unrealized loss position at March 31, 2020 nor is it more likely than not that the Company would be required to sell such securities prior to the recovery of the unrealized losses. (g) Goodwill and Other Intangible Assets The Company accounts for its business combinations under the acquisition method of accounting. The Company records the assets acquired and liabilities assumed, including any contingent consideration based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized but is tested for impairment at the reporting unit level, defined as the Company level, in the fourth quarter of each fiscal year or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. In assessing goodwill for impairment, an entity has the option to assess qualitative factors to determine whether events or circumstances indicate that it is not more likely than not that fair value of a reporting unit is less than its carrying amount. If this is the case, then performing the quantitative two-step goodwill impairment test is unnecessary. An entity can choose not to perform a qualitative assessment for any or all of its reporting units, and proceed directly to the use of the two-step impairment test. The two-step process begins with an estimation of the fair value of a reporting unit. Goodwill impairment exists when a reporting unit’s carrying value of goodwill exceeds its implied fair value. Significant judgment is applied when goodwill is assessed for impairment. For the Company’s goodwill impairment analysis, the Company operates under one reporting unit. Any impairment would be measured based upon the fair value of the related assets. In performing the first step of the goodwill impairment testing and measurement process, the Company compares its entity-wide estimated fair value to net book value to identify potential impairment. Management estimates the entity-wide fair value utilizing the Company’s market capitalization, plus an appropriate control premium. Market capitalization is determined by multiplying the shares outstanding on the assessment date by the market price of the Company’s common stock. If the fair value of the reporting unit is less than the book value, the second step is performed to determine if goodwill is impaired. If the Company determines through the impairment evaluation process that goodwill has been impaired, an impairment charge would be recorded in the consolidated statement of income. The Company completed the annual impairment test required during the fourth quarter of the fiscal year ended March 31, 2020 and determined that there was no impairment. The Company continues to closely monitor its market capitalization. If the Company’s market capitalization, plus an estimated control premium, is below its carrying value for a period considered to be other-than-temporary, it is possible that the Company may be required to record an impairment of goodwill either as a result of the annual assessment that the Company conducts in the fourth quarter of each fiscal year, or in a future quarter if an indication of potential impairment is evident. The estimated fair value of the reporting unit on the assessment date significantly exceeded the carrying book value. Other intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods appropriate for the type of intangible asset and reported separately from goodwill. Other intangible assets acquired in an asset acquisition are recognized using cost accumulation model. Intangible assets with definite lives are amortized over the estimated useful lives and are tested for impairment when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. The Company tests other intangible assets with definite lives for impairment by comparing the carrying amount to the sum of the net undiscounted cash flows expected to be generated by the asset whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the carrying amount of the asset exceeds its net undiscounted cash flows, then an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value. (h) Fair Value of Financial Instruments The Company uses a framework for measuring fair value under U.S. generally accepted accounting principles and enhanced disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s financial assets and liabilities reflected in the consolidated financial statements at carrying value include marketable securities and other financial instruments which approximate fair value. Fair value for marketable securities is determined using a market approach based on quoted market prices at period end in active markets. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At March 31, 2020 and 2019, the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits, other accrued expenses and long-term debt, approximate their fair values due to the nature of the items. See Note 8 to the consolidated financial statements for further information of the fair value of the Company’s other financial instruments. (i) Concentration of Credit Risk and Significant Customers Financial instruments which potentially expose the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents, investments, derivatives, accounts receivable and unbilled accounts receivable. The Company places its cash, investments and derivatives in highly-rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. At March 31, 2020 and 2019, no client accounted for 10% of gross accounts receivable. Revenue from significant clients as a percentage of the Company’s consolidated revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Customer A ​ 16 % 18 % 19 % ​ (j) Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to income. Repair and maintenance costs are expensed as incurred. (k) Long-Lived Assets The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net undiscounted cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased. Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal. (l) Software Development Costs The Company capitalizes internally developed software costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation and testing. Costs incurred during the preliminary project stage, along with post-implementation stages of internal use computer software, are expensed as incurred. Capitalized development costs are typically amortized over the estimated life of the software, typically three The Company also capitalizes implementation costs incurred in a cloud computer hosting arrangement that is a service contract in the same manner as internally developed software. The Company amortizes the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. At March 31, 2020, implementation cost capitalized in a hosting arrangement, including work in progress, was approximately $6,581. These costs were recorded in other long-term assets. For the fiscal year ended March 31, 2020, amortization of capitalized hosting arrangement costs amounted to approximately $310 and was recorded in operating expenses. (m) Income Taxes Income taxes are accounted for using the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Changes to enacted tax rates would result in either increases or decreases in the provision for income taxes in the period of changes. The Company evaluates the realizability of deferred tax assets and recognizes a valuation allowance when it is more likely than not that all, or a portion of, deferred tax assets will not be realized. The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax regulations in multiple jurisdictions. The Company records liabilities for estimated tax obligations in the United States and other tax jurisdictions in which it has operations (see Note 17 to the consolidated financial statements). The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. (n) Revenue Recognition The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. ​ Revenues are recognized when control of the promised services is transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. ​ The Company generally recognizes revenue for services over time as the Company’s performance creates or enhances an asset that the customer controls from fixed price contracts related to complex design, development and customization. For these contracts, the Company measures the progress and recognizes revenue using effort-based input methods, as the Company performs, based on actual efforts spent compared to the total expected efforts for the contract. The use of the effort based input method requires significant judgment relative to estimating total efforts, including assumptions relative to the length of time to complete the project and the nature and complexity of the work to be performed. Estimates of total efforts are continuously monitored during the term of the contract and are subject to revision as the contract progresses. When revisions in estimated contract revenue and efforts are determined, such adjustments are recorded in the period in which they are first identified. An input method is used to recognize revenue as the value of services provided to the customer is best represented by the hours expended to deliver those services. ​ The Company generally recognizes revenue for services over time where the Company performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date for fixed-price contracts related to consulting or other IT services. For these contracts, we measure the progress and recognize revenue using effort-based input methods as we perform based on actual efforts spent compared to the total expected efforts for the contract. The cumulative impact of any change in estimates of the contract revenue is reflected in the period in which the changes become known. ​ The Company generally recognizes revenue for time and material contracts over time as the customer simultaneously receives and consumes the benefits as the Company performs services. The Company either applies the as-invoiced practical expedient to recognize revenues for services rendered on time and material basis, or a method that is otherwise consistent with the way in which value is delivered to the customer. ​ The Company generally recognizes revenue from fixed-price applications management, maintenance, or support engagements over time as customers receive and consume the benefits of such services and has applied the as-invoiced practical expedient to recognize revenue for services the Company renders to customers based on the amount the Company has a right to invoice, which is representative of the value being delivered. If our invoicing is not consistent with value delivered, revenues are recognized on a straight-line basis unless revenues are earned and obligations are fulfilled in a different pattern. ​ Contracts are often modified to account for changes in contract specification and requirements. The Company considers a contract modification when the modification either creates new or changes the existing enforceable rights and obligations. The accounting for modifications involves assessing whether the services added to an existing contract are distinct and whether the pricing is at the standalone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the standalone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the standalone selling price. ​ Certain customers may receive discounts, incentive payments or service level credits. A portion of the revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any revenue will not occur. The Company estimates these amounts based on the expected amount to be provided to customers and adjusts revenues recognized. The Company’s estimates the amount of variable consideration and determination of whether to include estimated amounts in the transaction price may involve judgment and are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available to us. ​ From time to time, the Company may enter into contracts with customers that include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on an expected cost plus a margin approach. ​ The Company’s warranties generally provide a customer with assurance that the related deliverable will function as the parties intended because it complies with agreed-upon specifications and is therefore not considered as an additional performance obligation in the contract. ​ When the Company receives consideration from a customer prior to transferring services to the customer under the terms of a contract, the Company records deferred revenue, which represents a contract liability. The Company recognizes deferred revenue as revenue after the Company has transferred control of the services to the customer and all revenue recognition criteria are met. Unbilled accounts receivable represent revenue earned on contracts to be billed, in subsequent periods, as per the terms of the related contracts. ​ The Company’s payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not significant. As a practical expedient, the Company does not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is one year or less. Revenue includes reimbursements of travel and out-of-pocket expenses, with equivalent amounts of expense recorded in costs of revenue, of $5,422, $13,271 and $12,924 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. Any tax assessed by a governmental authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from the Company’s assessment of transaction prices. (o) Costs of Revenue and Operating Expenses Costs of revenue consist principally of salaries, employee benefits and share-based compensation expense, reimbursable and non-reimbursable travel costs, subcontractor fees, and immigration related expenses for IT professionals. Selling and marketing expenses are charged to operating expenses as incurred. Selling and marketing expenses are those expenses associated with promoting and selling the Company’s services and include such items as sales and marketing personnel salaries, stock compensation expense and related fringe benefits, commissions, travel, and the cost of advertising and other promotional activities. Advertising and promotional expenses incurred were approximately $557, $477 and $306 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. General and administrative expenses include other operating items such as officers’ and administrative personnel salaries, share-based compensation expense and related fringe benefits, legal and audit expenses, public company related expenses, insurance, facility costs, provision for doubtful accounts, depreciation and amortization, including amortization of purchased intangibles and operating lease expenses. (p) Other income (expense) (q) Share-Based Compensation Share-based compensation cost is determined by estimating the fair value at the grant date of the Company’s common stock and expensing the total compensation cost on a straight-line basis over the requisite employee service period or for grants issued with performance conditions, on a graded-vesting basis over the requisite employee service period. The requisite service period is generally between three Standard Update (“ASU”) No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The allocation of total share-based compensation expense between costs of revenue and selling, general and administrative expenses is based on employee classification as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Costs of revenue ​ $ 365 ​ $ 499 ​ $ 895 Selling, general and administrative expenses ​ 15,351 ​ 28,557 ​ 26,516 Total share-based compensation expense ​ $ 15,716 ​ $ 29,056 ​ $ 27,411 ​ (r) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments. The allowance for doubtful accounts is determined by evaluating the relative credit worthiness of each client, historical collections experience and other information, including the aging of the receivables. We evaluate the collectability of our accounts receivables on an on-going basis and write-off accounts when they are deemed to be uncollectible. (s) Leases ​ ​ rate of the Company for a fully collateralized obligation with a term similar to the lease term, and adjusts the rate to reflect the incremental risk associated with the currency in which the lease is denominated. (t) Recent accounting pronouncements Recently Adopted Accounting Pronouncements ​ Unless otherwise discussed below, the adoption of new accounting standards did not have an impact on the consolidated financial statements. ​ In February 2016, the FASB issued an update (ASU 2016-02) to the standard on leases to increase transparency and comparability among organizations. The FASB subsequently issued ASU 2018-10 and ASU 2018-11 in July 2018, ASU 2018-20 in December 2018 and ASU 2019-01 in March 2019, which provide clarifications and improvements to this new standard. ASU 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new standard replaces the existing guidance on leases and requires the lessee to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with lease terms equal to or greater than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset, and for operating leases, the lessee would recognize total lease expense on a straight-line basis. For public business entities this standard is effective for the annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard permits the use of either retrospective to each prior reporting period presented with the cumulative effect of adoption recognized at the beginning of the earliest period presented or retrospective to the beginning of the period of adoption through a cumulative-effect adjustment (the “Modified Retrospective Effective Date Method”). ​ The Company adopted this standard, (“ASC Topic 842”) effective April 1, 2019, using a Modified Retrospective Effective Date Method. The Company has elected the package of practical expedients which permits the Company to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company also elected the short-term lease recognition exemption for all classes of lease assets with an original term of twelve months or less. The Company did not elect the use of hindsight practical expedient to reevaluate the lease term of existing contracts. Prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting policies. The impact of adoption primarily relates to the recognition of ROU operating lease assets and operating lease liabilities on the Company’s consolidated balance sheets for all operating leases with a term greater than twelve months. The adoption of this standard on April 1, 2019 resulted in the recognition of ROU assets for operating leases of $54,762 and operating lease liabilities of $59,157. The Company’s accounting for finance leases (formerly capital leases) remains substantially unchanged. The adoption of this stan

Earnings (loss) per Share

Earnings (loss) per Share	12 Months Ended
	Mar. 31, 2020
Earnings (loss) per Share
Earnings (loss) per Share	(3) Earnings (loss) per Share Basic earnings (loss) per share available to Virtusa common stockholders (“EPS”) is computed by dividing net income, less any dividends and accretion of issuance cost on the Series A Convertible Preferred Stock by the weighted average number of shares of common stock outstanding for the period. In computing diluted EPS, the Company adjusts the numerator used in the basic EPS computation, subject to anti-dilution requirements, to add back the dividends (declared or cumulative undeclared) applicable to the Series A Convertible Preferred Stock. Such add-back would also include any adjustments to equity in the period to accrete the Series A Convertible Preferred Stock to its redemption price. The Company adjusts the denominator used in the basic EPS computation, subject to anti-dilution requirements, to include the dilution from potential shares resulting from the issuance of restricted stock units, unvested restricted stock and stock options along with the conversion of the Series A Convertible Preferred Stock to common stock. The following table sets forth the computation of basic and diluted EPS for the periods set forth below: The components of basic earnings (loss) per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Numerators: ​ ​ ​ ​ Net income available to Virtusa stockholders ​ $ 47,902 ​ $ 16,146 ​ $ 1,254 Less: Series A Convertible Preferred Stock dividends and accretion ​ (4,350) ​ (4,350) ​ (3,963) Net income (loss) available to Virtusa common stockholders ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Denominators: ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 30,017,937 ​ 29,817,526 ​ 29,397,350 Basic earnings (loss) per share available to Virtusa common stockholders ​ $ 1.45 ​ $ 0.40 ​ $ (0.09) ​ The components of diluted earnings (loss) per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Numerators: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to Virtusa common stockholders ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Add : Series A Convertible Preferred Stock dividends and accretion ​ ​ — ​ ​ — ​ ​ — Net income (loss) available to Virtusa common stockholders and assumed conversion ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Denominators: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 30,017,937 ​ 29,817,526 ​ 29,397,350 Dilutive effect of Series A Convertible Preferred Stock if converted ​ ​ — ​ ​ — ​ ​ — Dilutive effect of employee stock options and unvested restricted stock awards and restricted stock units ​ 636,590 ​ 842,128 ​ — Weighted average shares—diluted ​ 30,654,527 ​ 30,659,654 ​ 29,397,350 Diluted earnings (loss) per share available to Virtusa common stockholders ​ $ 1.42 ​ $ 0.38 ​ $ (0.09) ​ During the fiscal years ended March 31, 2020, 2019, and 2018, unvested restricted stock awards and unvested restricted stock units issuable for, and options to purchase, 83,451, 13,336 and 918,305 shares of common stock in the aggregate for such fiscal years, respectively, were excluded from the calculations of diluted earnings per share as their effect would have been anti-dilutive. For the fiscal years ended March 31, 2020 and 2019, all of the 3,000,000 shares of Series A Convertible Preferred Stock were excluded from diluted earnings (loss) per share as their effect would have been anti-dilutive using the if-converted method.

Business Combinations

Business Combinations	12 Months Ended
	Mar. 31, 2020
Business Combinations
Business Combinations	(4) Business Combinations Fiscal 2020 The purchase price is also subject to adjustment after the closing of up to an additional $28,853 in contingent consideration, in the aggregate, upon the achievement of certain revenue and operating margin targets. The performance period for these targets are ranging from 12 months to 24 months from the respective acquisition date. As of March 31, 2020, the fair value of contingent consideration for these acquisitions is $25,012 . These acquisitions enhanced the breadth and depth of digital offerings and expanded the Company’s relationship with certain existing customers. Under the purchase method of accounting, assets acquired are recorded at their estimated fair values. The Company is in the process of obtaining additional information primarily regarding valuation assumptions, including contingent consideration and may continue to adjust the preliminary estimated fair values after obtaining more information regarding asset valuations and revision of preliminary estimates. The following table shows the aggregate preliminary purchase price allocation for these acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Useful Life Consideration Transferred: ​ ​ ​ ​ ​ ​ ​ Cash paid at closing $ 29,624 ​ ​ ​ ​ Deferred consideration payable ​ ​ 10,343 ​ ​ ​ ​ Fair value of contingent consideration ​ ​ 24,964 ​ ​ ​ ​ Fair value of consideration ​ ​ 64,931 ​ ​ ​ ​ Less: Cash acquired ​ ​ (462) ​ ​ ​ ​ Total purchase price, net of cash acquired $ 64,469 ​ ​ ​ ​ Assets and Liabilities: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ 462 ​ ​ ​ ​ Goodwill ​ ​ 27,316 ​ ​ ​ ​ Customer relationships ​ ​ 37,806 ​ 5 -7 years Other net ​ ​ (653) ​ ​ ​ ​ Total purchase price ​ $ 64,931 ​ ​ ​ ​ ​ The primary items that generated goodwill for these acquisitions are the value of the acquired assembled workforce and other benefits expected to result from combining the acquired operations with those of the Company, neither of which qualify as a separate intangible asset. The acquisitions completed during the fiscal year ended March 31, 2020 were not individually or in the aggregate material to our operations. Accordingly, pro forma results have not been presented. ​ Fiscal 2019 None. Fiscal 2018 To strengthen our digital engineering capabilities and establish a solid base in Silicon Valley, on March 12, 2018, the Company acquired all of the outstanding shares of eTouch Systems Corp (“eTouch US”), and its Indian subsidiary, eTouch Systems (India) Pvt. Ltd (“eTouch India,” together with eTouch US, “eTouch”) for approximately $140,000 in cash, subject to certain adjustments. As part of the acquisition, the Company set aside up to an additional $15,000 for retention bonuses to be paid to eTouch management and key employees, in equal installments on the first and second anniversary of the transaction. The Company agreed to pay the purchase price in three tranches, with $80,000 million paid at closing, $42,500 on the 12-month anniversary of the close of the transaction, and $17,500 on the 18-month anniversary of the close of the transaction, subject in each case to certain adjustments. During the fiscal year ended March 31, 2019, the Company paid the 12-month anniversary purchase price payment of $42,500 and the retention bonus amount of $7,000 to the eTouch management and key employees. During the fiscal year ended March 31, 2020, we paid the 18-month anniversary purchase price payment of $17,500 and the remaining retention bonus related to the employees.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets
Goodwill and Intangible Assets	(5) Goodwill and Intangible Assets Goodwill: The Company has one reportable segment at March 31, 2020 and 2019. The following are details of the changes in goodwill balance as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance $ 279,543 ​ $ 297,251 Goodwill arising from acquisitions ​ ​ 27,316 ​ ​ — Purchase price adjustment ​ ​ — ​ ​ (7,407) Foreign currency translation adjustments ​ ​ (10,366) ​ ​ (10,301) Ending balance $ 296,493 ​ $ 279,543 ​ The acquisition costs and goodwill balance deductible for our business acquisitions for tax purposes are $168,493. The acquisition costs and goodwill balance not deductible for tax purposes are $140,903 and relate to the Company’s TradeTech acquisition (closed on January 2, 2014), the Polaris acquisition and the eTouch acquisition. Intangible Assets: The following are details of the Company’s intangible asset carrying amounts acquired and amortization for the fiscal years ended March 31, 2020 and March 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Weighted ​ Gross ​ ​ ​ ​ Net ​ ​ Average Useful Life ​ Carrying ​ Accumulated ​ Carrying ​ at Acquisition Amount Amortization Amount Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 10.6 ​ $ 176,373 ​ $ 46,494 ​ $ 129,879 Trademark 2.0 ​ ​ 900 ​ ​ 900 ​ ​ — Technology 5.0 ​ ​ 500 ​ ​ 500 ​ ​ — Other 5.0 ​ ​ 1,214 ​ ​ 190 ​ ​ 1,024 ​ 10.5 ​ $ 178,987 ​ $ 48,084 ​ $ 130,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2019 ​ ​ Weighted ​ Gross ​ ​ ​ ​ Net ​ ​ Average Useful Life ​ Carrying ​ Accumulated ​ Carrying ​ at Acquisition Amount Amortization Amount Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 13.0 ​ $ 125,520 ​ $ 33,679 ​ $ 91,841 Trademark 2.0 ​ 900 ​ 431 ​ 469 Technology 5.0 ​ 500 ​ 370 ​ 130 ​ 12.9 ​ $ 126,920 ​ $ 34,480 ​ $ 92,440 ​ The Company’s amortization expense related to intangible assets acquired was $14,675, $11,394 and $10,089 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. The components included in the gross carrying amounts of amortization expense in the table above reflect the Company’s acquisitions during the fiscal year ended March 31, 2020 and the Company’s previous acquisitions. The intangible assets are being amortized on either a straight-line basis or using the most appropriate economic pattern of consumption over their estimated useful lives. ​ During the fiscal year ended March 31, 2020, the Company acquired certain assets of three consulting companies located in the United States, which were accounted as asset acquisitions and were not material to the Company. The purchase price was approximately $9,651 in cash and an additional earn-out consideration of up to $9,853 payable within one year based on achievement of certain revenue targets. During the fiscal year ended March 31, 2020, the Company paid $3,736 towards earn-out consideration based on achievement of revenue targets for the first measurement period. The remaining probable and estimable value of the contingent consideration as of March 31, 2020 is $3,994. The estimated amortization expense related to the purchased intangible assets listed in the table above at March 31, 2020 is as follows for the following fiscal years: ​ ​ ​ ​ ​ Fiscal year Amount 2021 ​ $ 18,292 2022 ​ 18,703 2023 ​ 18,744 2024 ​ 18,310 2025 ​ 16,158 Thereafter ​ 40,696 Total ​ $ 130,903 ​

Investment Securities

Investment Securities	12 Months Ended
	Mar. 31, 2020
Investment Securities.
Investment Securities	(6) Investment Securities At March 31, 2020 and 2019, all of the Company’s investment securities were classified as available-for-sale debt securities, time deposits and equity securities. These were carried on its balance sheet at their fair market value. A fair market value hierarchy based on three levels of inputs was used to measure each security (See Note 8 to our consolidated financial statements for a discussion of the fair value of the Company’s other financial instruments). The following is a summary of investment securities at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Time Deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 3,927 ​ $ — ​ ​ — ​ $ 3,927 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 5,623 ​ ​ 235 ​ ​ — ​ ​ 5,858 Equity Shares/ Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ 1 ​ ​ 3 ​ ​ — ​ ​ 4 Total investment securities ​ $ 9,551 ​ $ 238 ​ $ — ​ $ 9,789 ​ The following is a summary of investment securities at March 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Available-for-sale debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 2,779 ​ $ 1 ​ $ (2) ​ $ 2,778 Non-current ​ — ​ ​ — ​ ​ — ​ ​ — Preference shares: ​ ​ 188 ​ ​ — ​ ​ — ​ ​ 188 Agency and short-term notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 1,492 ​ ​ 1 ​ ​ — ​ ​ 1,493 Time deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 15,861 ​ ​ — ​ ​ — ​ ​ 15,861 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 12,912 ​ ​ 94 ​ ​ — ​ ​ 13,006 Equity Shares/ Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ 8 ​ ​ 126 ​ ​ — ​ ​ 134 Total investment securities ​ $ 33,240 ​ $ 222 ​ $ (2) ​ $ 33,460 ​ The Company evaluates investments with unrealized losses to determine if the losses are other than temporary. In making this determination, the Company considered the financial condition, credit ratings and near-term prospects of the issuers, the underlying collateral of the investments, and the magnitude of the losses as compared to the cost and the length of time the investments have been in an unrealized loss position. Additionally, while the Company classifies the securities as available for sale, the Company does not currently intend to sell such investments and it is more likely than not that the Company will not be required to sell such investments prior to the recovery of their carrying value. During the fiscal year ending March 31, 2019, the issuer of the Company’s investment in preference shares began showing signs of financial distress. This included down-grades to its credit rating and a decrease in trading activity and market pricing for this security. Due to the uncertainty in recovering the amortized cost of this security, the Company has determined the unrealized losses are other-than-temporary and recorded the impairment in earnings. The Company has determined that other unrealized losses at March 31, 2020 and 2019 are temporary. The following is a summary of other-than-temporary impairment unrealized losses recognized during the fiscal year ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ March 31, 2020 ​ March 31, 2019 Unrealized losses recognized in other comprehensive income (loss) beginning balance ​ $ — ​ $ 70 Add: unrealized losses recognized ​ ​ 184 ​ ​ 1,341 Less: Other-than-temporary impairment recognized in earnings ​ (184) ​ (1,411) Unrealized losses in other comprehensive income (loss) ending balance ​ $ — ​ $ — ​ The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and 2019: Less Than 12 Months ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Unrealized ​ Fair Value Loss Available-for-sale debt securities at March 31, 2020: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ — ​ $ — Agency bonds ​ — ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ — ​ $ — Available-for-sale debt securities at March 31, 2019: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ 253 ​ $ — Agency bonds ​ — ​ — Mutual funds ​ ​ — ​ ​ — Total ​ $ 253 ​ $ — ​ Greater Than 12 Months ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Unrealized ​ Fair Value Loss Available-for-sale debt securities at March 31, 2020: ​ ​ ​ ​ ​ ​ Corporate bonds $ — ​ $ — Agency bonds ​ ​ — ​ ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ — ​ $ — Available-for-sale debt securities at March 31, 2019: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ 2,297 ​ $ (2) Agency bonds ​ ​ — ​ ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ 2,297 ​ $ (2) ​ At March 31, 2020, there were no investment securities owned by the Company for which the fair value was less than the carrying value for a period greater than 12 months. Available-for-sale debt securities, time deposits and equity securities by contractual maturity were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 Due in one year or less ​ $ 9,785 Due after 1 year through 5 years ​ 4 Due after 5 years ​ — Total ​ $ 9,789 ​ Proceeds from sales of available-for-sale debt securities and equity securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Proceeds from sales or maturities of available-for-sale ​ $ 58,408 ​ $ 109,512 ​ $ 158,800 Gross gains ​ $ 679 ​ $ 1,023 ​ $ 1,655 Gross losses ​ — ​ (13) ​ (127) Net realized gains on sales of available-for-sale debt ​ $ 679 ​ $ 1,010 ​ $ 1,528 ​

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	12 Months Ended
	Mar. 31, 2020
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	(7) Investments in Unconsolidated Affiliates Investments in entities in which the Company owns between 20% and 50% of the voting interest or otherwise acquires management influence are accounted for using the equity method and initially recognized at cost. Under the equity method, the Company’s share of the post-acquisition profits and losses is recognized in the Consolidated Statements of Income. As of March 31, 2020, through its Polaris subsidiary, the Company owns a 50% interest in Intellect Polaris Design LLC, an LLC which holds certain real estate in New Jersey, which is being accounted for using the equity method of accounting. As of March 31, 2020, the difference between the carrying amount and our equity in net assets of this investment was $735. This is due to fair value measurement of the investment upon the Polaris acquisition.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2020
Fair Value of Financial Instruments
Fair Value of Financial Instruments	(8) Fair Value of Financial Instruments The Company carries certain assets and liabilities at fair value on a recurring basis on its consolidated balance sheets. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Investments: ​ ​ ​ ​ Time deposits—current ​ $ — ​ $ 3,927 ​ ​ — ​ $ 3,927 Equity securities—current ​ ​ — ​ ​ 5,858 ​ ​ — ​ ​ 5,858 Equity securities—non-current ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 4 Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ ​ 103 ​ ​ — ​ ​ 103 Foreign currency derivative contracts—non-current ​ — ​ 56 ​ ​ — ​ 56 Interest rate swap contracts ​ — ​ — ​ ​ — ​ — Total assets ​ $ — ​ $ 9,948 ​ $ — ​ $ 9,948 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ 3,689 ​ ​ — ​ 3,689 Foreign currency derivative contracts—non-current ​ ​ — ​ 364 ​ ​ — ​ 364 Interest rate swap contracts—non-current ​ ​ — ​ ​ 11,128 ​ ​ — ​ ​ 11,128 Contingent consideration ​ ​ — ​ ​ — ​ ​ 25,012 ​ ​ 25,012 Total liabilities ​ $ — ​ $ 15,181 ​ $ 25,012 ​ $ 40,193 ​ The Company estimates the fair value of our contingent consideration associated with our business combinations utilizing one or more significant inputs that are unobservable. The Company calculates the fair value of the contingent consideration based on the probability-weighted expected performance of the acquired business against the target performance metric, discounted to present value when appropriate. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities—current ​ $ — ​ $ 4,271 ​ ​ — ​ $ 4,271 Time deposits—current ​ ​ — ​ ​ 15,861 ​ ​ — ​ ​ 15,861 Equity securities—current ​ ​ — ​ ​ 13,006 ​ ​ — ​ ​ 13,006 Available-for-sale debt securities—non-current ​ — ​ 188 ​ — ​ 188 Equity securities—non-current ​ ​ — ​ ​ 134 ​ ​ — ​ ​ 134 Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ ​ 3,264 ​ ​ — ​ ​ 3,264 Foreign currency derivative contracts—non-current ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Interest rate swap contracts—non-current ​ ​ — ​ ​ 1,349 ​ ​ — ​ ​ 1,349 Total assets ​ $ — ​ $ 38,220 ​ $ — ​ $ 38,220 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ $ — ​ ​ 318 ​ $ — ​ ​ 318 Foreign currency derivative contracts—non-current ​ ​ — ​ ​ 3 ​ $ — ​ ​ 3 Interest rate swap contracts—non-current ​ ​ — ​ ​ 3,633 ​ ​ — ​ ​ 3,633 Total liabilities ​ $ — ​ $ 3,954 ​ $ — ​ $ 3,954 ​

Leases

Leases	12 Months Ended
	Mar. 31, 2020
Leases
Leases	​ (9) Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Leases Location on Consolidated Balance Sheets ​ March 31, 2020 Assets ​ ​ ​ ​ ​ ​ Operating lease assets Operating lease right-of-use of assets ​ $ 48,684 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities ​ $ 11,543 ​ Noncurrent ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities, noncurrent ​ $ 41,697 ​ ​ ​ Total ​ $ 53,240 ​ ​ The following table provides the components of lease expense related to our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Location on Consolidated Statements of Income ​ March 31, 2020 Operating lease cost: ​ ​ ​ ​ ​ Operating lease cost ​ Selling, general and administrative expenses ​ $ 15,246 Variable lease cost ​ Selling, general and administrative expenses ​ $ 116 Short-term lease cost ​ Selling, general and administrative expenses ​ $ 557 Less: Sublease income ​ Selling, general and administrative expenses ​ $ (1,222) Total operating lease cost ​ ​ ​ $ 14,697 ​ The following table provides supplemental cash flow information related to our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ March 31, 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 14,870 ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ Operating leases ​ $ 7,968 ​ ​ The Company’s leases have remaining lease terms ranging from 1 year to 9 years. The following table provides information on the weighted average remaining lease term and weighted average discount rate related to our operating leases: ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Weighted average remaining lease term, in years: ​ ​ ​ ​ Operating leases ​ ​ 5.39 ​ Weighted average discount rate: ​ ​ ​ ​ Operating leases ​ ​ 7.56 % ​ There were no lease agreements that contained restrictive covenants or material residual value guarantees as of March 31, 2020. The following table provides the schedule of maturities of the Company’s operating lease liabilities, under ASC Topic 842, as of March 31, 2020: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ March 31, 2020 ​ 2021 ​ $ 15,103 ​ 2022 ​ ​ 13,829 ​ 2023 ​ ​ 11,076 ​ 2024 ​ ​ 7,274 ​ 2025 ​ ​ 4,902 ​ 2026 and thereafter ​ ​ 12,231 ​ Total lease payments ​ $ 64,415 ​ Interest ​ ​ (11,175) ​ Total lease liabilities ​ $ 53,240 ​ ​ The following table provides the schedule of the Company’s future minimum payments on its operating leases at March 31, 2019, which were accounted for in accordance with its historic accounting policies under ASC Topic 840. ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ March 31, 2019 ​ 2020 ​ $ 14,685 ​ 2021 ​ ​ 13,895 ​ 2022 ​ ​ 12,663 ​ 2023 ​ ​ 9,879 ​ 2024 ​ ​ 5,686 ​ 2025 and thereafter ​ ​ 16,761 ​ Total lease payments ​ $ 73,569 ​ ​ Total rent expense for operating leases recognized during the fiscal year ended March 31, 2019 and 2018 was approximately $14,569 and $12,011. ​ As of March 31, 2020, the Company had committed to payments of $297 related to operating leases that had yet to commence and therefore are not included in consolidated balance sheets. These leases will commence on various dates in the calendar year 2020 and have lease terms ranging from 2 years to 5 years .

Revenues

Revenues	12 Months Ended
	Mar. 31, 2020
Revenues
Revenues	​ 10) Revenues ​ ​ The table below presents disaggregated revenues from the Company’s contracts with customers by geography, industry groups, service offerings and contract-type. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by industry, market and other economic factors. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by geography: ​ 2020 ​ 2019 North America ​ $ 968,117 ​ $ 884,114 Europe ​ 230,965 ​ 261,967 Rest of World ​ 113,201 ​ 101,782 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by customer’s industry groups ​ 2020 ​ 2019 Banking, Financial Services and Insurance ​ $ 752,965 ​ $ 776,955 Communications and Technology ​ 449,661 ​ 360,967 Media & Information and Other ​ 109,657 ​ 109,941 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by service offerings ​ 2020 ​ 2019 Application outsourcing ​ $ 729,821 ​ $ 672,636 Consulting ​ ​ 582,462 ​ ​ 575,227 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by contract type ​ 2020 ​ 2019 Time-and-materials ​ $ 771,312 ​ $ 738,309 Fixed-price* ​ 540,971 ​ 509,554 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ *Fixed-price includes both retainer-billing basis and fixed-price progress towards completion ​ Receivables and Contract Balances ​ The Company classifies its right to consideration in exchange for deliverables as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). The Company presents such receivables in accounts receivable or unbilled accounts receivable, in its consolidated statements of financial position at their net estimated realizable value. ​ Contract assets included in unbilled accounts receivable are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Contracts assets are primarily related to unbilled amounts on fixed-price contracts utilizing the input method of revenue recognition. The timing between services rendered and timing of payment is less than one year. The Company recognizes an impairment loss when the contract carrying amount is greater than the remaining consideration receivable, less directly related costs to be incurred. ​ The table below shows significant movements during the fiscal year ended March 31, 2020 and 2019 in contract assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 18,538 ​ $ 15,998 Revenues recognized during the period but not yet billed ​ 85,432 ​ 120,536 Amounts billed ​ (89,483) ​ (117,687) Other ​ (246) ​ (309) Ending balance ​ $ 14,241 ​ $ 18,538 ​ Contract liabilities comprise amounts billed to customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. ​ The table below shows significant movements in the deferred revenue balances during the fiscal year ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 6,421 ​ $ 7,908 Amounts billed but not yet recognized as revenues ​ 7,308 ​ 5,844 Revenues recognized related to the opening balance of deferred revenue ​ (5,462) ​ (6,906) Other ​ (213) ​ (425) Ending balance ​ $ 8,054 ​ $ 6,421 ​ Remaining performance obligation ​ ASC Topic 606 - Revenue from Contracts with Customers requires that the Company discloses the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2020. This disclosure is not required for: ​ (1) contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty, (2) contracts for which the Company recognizes revenues based on the right to invoice for services performed, (3) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606- 10-32-40 have been met, or (4) variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property. ​ Many of the Company’s performance obligations meet one or more of these exemptions. As of March 31, 2020, the aggregate amount of transaction price allocated to remaining performance obligations, other than those meeting the exclusion criteria above, was $36,302 and will be recognized as revenue within 5 years. ​ From time to time, the Company enters into arrangements to deliver IT services that include upfront payments to its clients. As of March 31, 2020, the total unamortized upfront payments related to these services were $32,244 and are recorded in prepaid expenses and other long-term assets in the consolidated balance sheet. These upfront payments are expected to be amortized as a reduction to revenue over a benefit period of 5 years. ​ Costs to obtain and fulfill ​ The Company’s costs to obtain contracts are generally expensed as incurred, as the liability is not solely a result of obtaining the contract. The costs to obtain contracts are triggered by multiple conditions such as being contingent on future performance, including continued employment and revenue recognized associated with the contract. ​ The Company’s recurring operating costs for contracts with customers are recognized as expense as incurred. Certain eligible costs incurred in the initial phases of the Company’s application maintenance, business process outsourcing and infrastructure services contracts (i.e. set-up or transition costs) are capitalized when such costs (1) relate directly to the contract, (2) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future, and (3) are expected to be recovered. These costs are expensed ratably over the estimated life of the customer relationship, including expected renewals. In determining the estimated life of the customer relationship, the Company evaluates the contract term, the expected life of the enhanced assets as well as the rate of technological and industry change. Capitalized amounts are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows are not sufficient to recover the carrying amount of the capitalized costs to fulfill. ​ The following table presents information related to the capitalized costs to fulfill, such as set-up or transition activities, for the fiscal years ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 4,299 ​ $ 4,278 Costs capitalized ​ 391 ​ 2,382 Amortization expense ​ (2,251) ​ (2,248) Foreign currency translation adjustments ​ (158) ​ (113) Ending balance ​ $ 2,281 ​ $ 4,299 ​ Costs to fulfill are recorded in “Other current assets” and “Other long-term assets” in the consolidated balance sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2020
Property and Equipment
Property and Equipment	(11) Property and Equipment Property and equipment and their estimated useful lives in years consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Useful ​ March 31, ​ Life (Years) 2020 2019 Computer and other equipment ​ 3 5 ​ $ 61,653 ​ $ 60,771 Furniture and fixtures 7 ​ 16,122 ​ 15,764 Vehicles 3 5 ​ 806 ​ 1,232 Software 3 10 ​ 17,856 ​ 24,752 Leasehold improvements Shorter of the lease period or estimated useful life ​ ​ 14,404 ​ 14,642 Buildings 15 - 30 ​ 29,602 ​ 31,813 Land ​ ​ ​ 42,483 ​ 45,765 Capital work-in-progress ​ ​ ​ 1,329 ​ 4,269 ​ ​ ​ ​ $ 184,255 ​ $ 199,008 Less—accumulated depreciation and amortization ​ ​ ​ 83,005 ​ 79,143 Property and equipment, net ​ ​ ​ $ 101,250 ​ $ 119,865 ​ ​ Depreciation and amortization expense for the fiscal years ended March 31, 2020, 2019 and 2018 was $17,614, $17,174 and $17,448, respectively. Capital work-in-progress represents advances paid towards the acquisition of property and equipment, and the cost of property and equipment including internally developed software not placed in service before the balance sheet date. ​

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Mar. 31, 2020
Assets Held for Sale
Assets Held for Sale	(12) Asset Held for Sale During the fiscal year ended March 31, 2019, the Company recorded an impairment loss of $3,955 relating to the reclassification of land acquired in the Polaris acquisition to held for sale. The decision to sell this land was made as part of our annual planning process where the Company evaluated strategic alternatives to maximize return on the Company’s cash and assets. The reclassification to held for sale triggered a reduction in value to $8,334, which represents the lower of net book value and market value at March 31, 2020. The Company is actively marketing this land for sale and expects to complete a transaction during the fiscal year March 31, 2021.

Accrued Expenses and Other

Accrued Expenses and Other	12 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other
Accrued Expenses and Other	(13) Accrued Expenses and Other Accrued expenses and other consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Accrued other taxes ​ $ 7,373 ​ $ 9,177 Accrued professional fees ​ 29,566 ​ 21,908 Acquisition related liabilities ​ 29,523 ​ 18,519 Hedge liability ​ 3,689 ​ 527 Accrued discounts ​ 12,268 ​ 9,055 Accrued employee travel and other expense ​ ​ 7,327 ​ ​ 5,303 Accrued other ​ 5,378 ​ 5,561 Total ​ $ 95,124 ​ $ 70,050 ​

Debt

Debt	12 Months Ended
	Mar. 31, 2020
Debt
Debt	(14) Debt On February 6, 2018, the Company entered into a credit agreement (the “Credit Agreement”) dated as of February 6, 2018, by and among the Company, its guarantor subsidiaries party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book runners and lead arrangers. The Credit Agreement replaced the prior $300,000 credit agreement with J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith Incorporated. and provided for a $200,000 revolving credit facility, a $180,000 term loan facility, and a $70,000 delayed-draw term loan. The Company drew down $180,000 under the term loan of the Credit Agreement and $55,000 under the revolving credit facility under the Credit Agreement to repay in full the amount outstanding under the prior credit agreement and fund the Polaris delisting transaction (See Note 20 to our consolidated financial information for additional information). On March 12, 2018, we drew down the $70,000 delayed draw to fund the eTouch Systems Corp. acquisition. ​ On October 15, 2019, the Company entered into Amendment No. 2 to Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the “Administrative Agent”) and the lenders party thereto (the “Second Credit Agreement Amendment”), which amends the Company’s Amended and Restated Credit Agreement, dated as of February 6, 2018, with such parties (the “Credit Agreement”) to, among other things, increase the revolving commitments available to the Company under the Credit Agreement from $200,000 to $275,000, reduce the interest rate margins applicable to term loans and revolving loans outstanding under the Credit Agreement from time to time and reduce the commitment fee payable by the Company to the lenders in respect of unused revolving commitments under the Credit Agreement. The Company executed the Second Credit Agreement Amendment to provide additional lending capacity which the Company used to fund the completion of the Polaris delisting transaction, as well as to provide excess lending capacity in the event of future opportunistic, strategic, investment opportunities. The Second Credit Agreement Amendment contains customary terms for amendments of this type, including representations, warranties and covenants. Interest under the credit facility accrues at a rate per annum of LIBOR plus 2.75%, subject to step-downs based on the Company’s ratio of debt to EBITDA. For the fiscal year ending March 31, 2021, the Company is required to make principal payments of $4,336 per quarter 18-month ​ The Credit Facility is secured by substantially all of the Company’s assets, including all intellectual property and all securities in domestic subsidiaries (other than certain domestic subsidiaries where the material assets of such subsidiaries are equity in foreign subsidiaries), subject to customary exceptions and exclusions from the collateral. All obligations under the Credit Agreement are unconditionally guaranteed by substantially all of the Company’s material direct and indirect domestic subsidiaries, with certain exceptions. These guarantees are secured by substantially all of the present and future property and assets of the guarantors, with certain exclusions. In July 2016 and November 2018, the Company entered into interest rate swap transactions to mitigate Company’s interest rate risk on Company’s variable rate debt (See Note 24 to the consolidated financial statements). The Credit Agreement includes maximum debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) and minimum fixed charge coverage covenants. An event of default under the Credit Agreement includes customary events of default and failure to comply with financial covenants, including a maximum consolidated leverage ratio commencing on December 31, 2017, of not more than 3.50 to 1.00 for periods ending prior to December 31, 2019, of not more than 3.25 to 1.00 commencing December 31, 2019 and for periods ending prior to September 30, 2020, and 3.00 to 1.00 thereafter and a minimum consolidated fixed charge coverage ratio of 1.25 to 1.00. At March 31, 2020, the Company is in compliance with its debt covenants. Current portion of long-term debt The following summarizes our short-term debt balance as of: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Term loan- current maturities ​ $ 17,344 ​ $ 12,500 Less: deferred financing costs, current ​ (1,301) ​ (1,093) Total ​ $ 16,043 ​ $ 11,407 ​ Long-term debt, less current portion The following summarizes our long-term debt balance as of: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Term loan ​ $ 225,469 ​ $ 237,500 Borrowings under revolving credit facility ​ ​ 274,500 ​ ​ 129,500 Less: ​ ​ ​ ​ ​ ​ Current maturities ​ (17,344) ​ (12,500) Deferred financing costs, long-term ​ (2,471) ​ (3,180) Total ​ $ 480,154 ​ $ 351,320 ​ ​ The following represents the schedule of maturities of long-term debt: ​ ​ ​ ​ Fiscal year ending March 31 : March 31, 2020 2021 ​ $ 17,344 2022 ​ 23,125 2023 ​ 459,500 Total ​ $ 499,969 ​ from one client to such third party financial institution. During the course of the fiscal year ended March 31, 2020, $30,702 of receivables were sold under the terms of the financing agreement. Fees paid pursuant to this agreement were immaterial during the fiscal year ended March 31, 2020. No amounts were due as of March 31, 2020, but the Company may elect to use this program again in future periods. However, the Company cannot provide any assurances that this or any other financing facilities will be available or utilized in the future.

Series A Convertible Preferred

Series A Convertible Preferred Stock	12 Months Ended
	Mar. 31, 2020
Series A Convertible Preferred Stock.
Series A Convertible Preferred Stock	(15) Series A Convertible Preferred Stock On May 3, 2017, the Company entered into an investment agreement with The Orogen Group (‘‘Orogen’’) pursuant to which Orogen purchased 108,000 shares of the Company’s newly issued Series A Convertible Preferred Stock, initially convertible into 3,000,000 shares of common stock, for an aggregate purchase price of $108,000 with an initial conversion price of $36.00 (the ‘‘Orogen Preferred Stock Financing’’). Under the terms of the investment, the Series A Convertible Preferred Stock has a 3.875% dividend per annum, payable quarterly in additional shares of common stock and/or cash at the Company’s option. If any shares of Series A Convertible Preferred Stock have not been converted into common stock prior to May 3, 2024, the Company will be required to repurchase such shares at a repurchase price equal to the liquidation preference of the repurchased shares plus the amount of accumulated and unpaid dividends thereon. If the Company fails to effect such repurchase, the dividend rate on the Series A Convertible Preferred Stock will increase by 1% per annum and an additional 1% per annum on each anniversary of May 3, 2024 during the period in which such failure to effect the repurchase is continuing, except that the dividend rate will not increase to more than 6.875% per annum. In connection with the issuance of the Series A Convertible Preferred Stock, the Company incurred direct and incremental expenses of $1,154, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These issuance costs are recorded as a reduction to the proceeds received from issuance of Series A Convertible Preferred Stock. These direct and incremental expenses reduced the Series A Convertible Preferred Stock, and will be accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date, May 3, 2024. During the fiscal year ended March 31, 2020 and 2019, the Company recorded accretions to the Series A Convertible Preferred Stock related to its issuance cost. Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 3.875% per annum, payable quarterly in arrears. During the fiscal year ended March 31, 2020 and 2019 the Company has paid $4,184 required cash dividends on its Series A Convertible Preferred Stock. As of March 31, 2020 and 2019, the Company had declared and accrued dividends of $686 associated with the Series A Convertible Preferred Stock.

Stock Based Compensation Plans

Stock Based Compensation Plans	12 Months Ended
	Mar. 31, 2020
Stock-Based Compensation Plans
Stock-Based Compensation Plans	(16) Stock-Based Compensation Plans The Company’s Amended and Restated 2000 Stock Option Plan (the “2000 Plan”) was adopted in the fiscal year ended March 31, 2001. Under the 2000 Plan, shares were reserved for issuance to the Company’s employees, directors, and consultants. In May 2007, the Company’s board of directors determined that no further grants would be made under the 2000 Plan. As of March 31, 2020, there were no shares reserved for issuance under this plan. The Company’s board of directors and its stockholders approved the Company’s 2007 Stock Option and Incentive Plan (the “2007 Plan”), in May 2007, and the stockholders of the Company again approved the 2007 Plan in September 2008. The 2007 Plan permits the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, unrestricted stock awards, and dividend equivalent rights. The Company reserved 830,670 shares of its common stock for the issuance of awards under the 2007 Plan. The 2007 Plan provides that the number of shares reserved and available for issuance under the plan will be automatically increased each April 1, beginning in 2008, by 2.9% of the outstanding number of shares of common stock on the immediately preceding March 31 or such lower number of shares of common stock as determined by the board of directors. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. Generally, shares that are forfeited, cancelled or withheld to settle tax liabilities from awards under the 2007 Plan also will be available for future awards. In addition, available shares under the 2000 Plan and the Stock Appreciation Rights Plan, as a result of the forfeiture, expiration, cancellation, termination or net issuances of awards, are automatically made available for issuance under the 2007 Plan. In May 2015, the Company’s board of directors determined that no further grants would be made under the 2007 Plan. In May 2015, the Company adopted the 2015 Stock Option and Incentive Plan (“2015 Plan”) which was also approved the Company’s stockholders on September 1, 2015. The 2015 Plan replaces the 2007 Plan and permits the granting of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, unrestricted stock awards, performance share awards, performance-based awards to covered employees, cash-based awards and dividend equivalent rights. Stock options, restricted stock and restricted stock units generally vest over four years. Performance share awards and performance-based awards generally vest over three years. The Company reserved 3,000,000 shares of its common stock for the issuance of awards under the 2015 Plan as well as the number of shares of stock as is equal to the shares underlying any stock options and awards that are returned to the Company’s 2007 Plan after the 2015 Plan’s effective date as a result of the expiration, forfeiture, acquisition by the Company prior to vesting, cancellation or termination of such stock options and awards (other than by exercise) as set forth in the 2007 Plan. Additionally, shares that are forfeited or cancelled or otherwise terminated (other than by exercise) or held back by the Company or tendered by the grantee of any equity award to settle applicable taxes on any equity award under the 2015 Plan shall be added back to the shares of common stock available for future issuance under the 2015 Plan. At March 31, 2020, the number of shares reserved for issuance under the 2015 Plan was 945,643. The following tables summarize stock option and restricted stock activity under the 2000 Plan, the 2007 Plan and the 2015 Plan, as the case may be, for the fiscal years ended March 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Option Activity ​ ​ Number of ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Options ​ Weighted ​ Average ​ ​ ​ ​ ​ to Purchase ​ Average ​ Remaining ​ Aggregate ​ ​ Common ​ Exercise ​ Life ​ Intrinsic ​ Shares Price (in years) Value Outstanding at March 31, 2017 569,661 ​ $ 13.31 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (322,317) ​ 12.60 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2018 247,344 ​ 14.24 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (101,618) ​ 10.02 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2019 145,726 ​ ​ 17.18 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (31,830) ​ ​ 14.69 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2020 113,896 ​ $ 17.87 2.01 ​ $ 1,261 Exercisable at March 31, 2020 113,896 ​ $ 17.87 2.01 ​ $ 1,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Award Activity ​ ​ Number of ​ ​ ​ ​ ​ Restricted ​ Weighted Average ​ Stock Awards Grant Date Fair Value Unvested at March 31, 2017 ​ 217,560 ​ $ 35.55 Awarded — ​ — Vested (126,843) ​ 32.64 Forfeited (15,090) ​ 37.55 Unvested at March 31, 2018 75,627 ​ ​ 40.04 Awarded — ​ — Vested (57,822) ​ 37.93 Forfeited (3,786) ​ 45.88 Unvested at March 31, 2019 14,019 ​ ​ 47.17 Awarded — ​ — Vested (14,019) ​ 47.17 Forfeited — ​ — Unvested at March 31, 2020 — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Unit Activity ​ ​ Number of ​ ​ ​ ​ ​ Restricted ​ Weighted Average ​ Stock Units Grant Date Fair Value Unvested at March 31, 2017 ​ 1,979,616 ​ $ 27.29 Awarded 731,363 ​ ​ 35.99 Vested (436,225) ​ ​ 39.14 Forfeited (752,765) ​ ​ 25.06 Unvested at March 31, 2018 1,521,989 ​ ​ 29.18 Awarded 775,532 ​ ​ 46.27 Vested (612,854) ​ ​ 30.11 Forfeited (291,547) ​ ​ 31.66 Unvested at March 31, 2019 1,393,120 ​ ​ 37.76 Awarded ​ 761,467 ​ ​ 41.38 Vested ​ (704,207) ​ ​ 37.87 Forfeited ​ (100,216) ​ ​ 43.82 Unvested at March 31, 2020 1,350,164 ​ $ 39.30 ​ Under the restricted stock unit plan, the Company granted both service condition awards and performance condition awards. Performance awards are contingent upon meeting various departmental or company-wide performance goals in addition to service conditions. Stock compensation is recognized over the vesting period based on the probability of achievement of the performance condition. As of March 31, 2020, 315,780 performance shares granted are not expected to vest and therefore no compensation expense has been recorded. The aggregate intrinsic value of options exercised during the fiscal years ended March 31, 2020, 2019 and 2018 was $888, $4,215 and $7,816, respectively. There were no options granted during the fiscal year ended March 31, 2020, 2019 or 2018. During the fiscal years ended March 31, 2020, 2019 and 2018, the Company realized $1,024, $3,388 and $1,481 respectively, of income tax (expense) benefits from the exercise of stock options and vesting of restricted stock as a windfall (shortfall). The Company adopted ASU 2016-09 on April 1, 2017. All excess tax benefits and all tax deficiencies are recognized as income tax expense or benefit in the consolidated statement of income for the fiscal year ending March 31, 2020. As of March 31, 2020, there was $18,629 of total unrecognized compensation cost related to unvested stock options, restricted stock awards, deferred stock awards and restricted stock units granted under the Company’s 2007 Stock Option and Incentive Plan and the Company’s 2015 Stock Option and Incentive Plan. The unrecognized compensation cost is expected to be recognized over a remaining weighted average period of 1.39 years. ​

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	(17) Income Taxes The income before income tax expense shown below is based on the geographic location to which such income is attributed for each of the fiscal years ended March 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 United States ​ $ 25,528 ​ $ 9,454 ​ $ (31,526) Foreign ​ 23,133 ​ 28,710 ​ 73,362 Total ​ $ 48,661 ​ $ 38,164 ​ $ 41,836 ​ The provision for income taxes for each of the fiscal years ended March 31, 2020, 2019 and 2018 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 2018 Current provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (736) ​ $ 672 ​ $ 18,747 State ​ 995 ​ 447 ​ (108) Foreign ​ (2,133) ​ 21,124 ​ 24,195 Total current provision ​ $ (1,874) ​ $ 22,243 ​ $ 42,834 Deferred (benefit) provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (3,135) ​ $ (315) ​ $ (1,289) State ​ 1,692 ​ 1,105 ​ (2,726) Foreign ​ 3,626 ​ (2,560) ​ (5,931) Total deferred (benefit) provision ​ $ 2,183 ​ $ (1,770) ​ $ (9,946) Total provision for income taxes ​ $ 309 ​ $ 20,473 ​ $ 32,888 ​ The items which gave rise to differences between the income taxes in the statements of income and the income taxes computed at the U.S. statutory rate 21.0%, 21.0% and 30.7% for the year ended March 31, 2020, 2019 and 2018 respectively are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Tax on income before income tax expense at U.S. statutory rate ​ $ 10,124 ​ $ 8,014 ​ $ 12,865 U.S. state and local taxes (benefit), net of U.S. federal income tax effects ​ ​ 2,478 ​ ​ 1,459 ​ ​ (2,800) Benefit from foreign subsidiaries’ tax holidays ​ ​ (126) ​ ​ (5,778) ​ ​ (7,727) Foreign rate difference ​ ​ 7,668 ​ ​ 11,795 ​ ​ (2,215) Tax rate change ​ ​ (1,917) ​ ​ 431 ​ ​ 9,915 Nondeductible business costs ​ ​ 539 ​ ​ 1,032 ​ ​ 2,721 Repatriated foreign earnings ​ ​ — ​ ​ — ​ ​ — Deemed repatriated foreign earnings ​ ​ — ​ ​ (1,628) ​ ​ 17,834 GILTI and BEAT tax ​ ​ 3,367 ​ ​ 3,763 ​ ​ — Excess stock-based compensation benefits ​ ​ (1,024) ​ ​ (3,388) ​ ​ (1,674) Nondeductible interest ​ ​ — ​ ​ 6,213 ​ ​ 6,500 Other adjustments ​ ​ 4,118 ​ ​ (1,157) ​ ​ (342) Tax credit carry forwards ​ ​ (15,565) ​ ​ 548 ​ ​ (1,360) Income Tax Refundable ​ ​ (16,940) ​ ​ — ​ ​ — Valuation Allowance ​ ​ 7,587 ​ ​ (831) ​ ​ (829) Income tax expense ​ $ 309 ​ $ 20,473 ​ $ 32,888 ​ Deferred tax assets (liabilities) at March 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 Deferred revenue ​ $ 1,458 ​ $ 898 Bad debt reserve ​ 525 ​ 662 Tax credit carry forwards ​ 15,401 ​ 591 Accrued expenses and reserves ​ 23,116 ​ 14,087 Operating lease liabilities ​ ​ 20,428 ​ ​ — Share-based compensation expense ​ 1,929 ​ 4,911 Unrealized losses ​ ​ 4,630 ​ ​ 583 Intangible assets ​ ​ — ​ ​ 3,324 Net operating loss ​ 8,637 ​ 14,777 Total gross deferred tax assets ​ $ 76,124 ​ $ 39,833 Valuation allowance ​ ​ (9,644) ​ ​ (2,492) Total deferred tax assets ​ $ 66,480 ​ $ 37,341 Depreciable assets ​ (6,497) ​ (7,351) Intangible assets ​ ​ (13,236) ​ ​ — Operating lease right-of-use assets ​ ​ (18,829) ​ ​ — Acquisition and other liabilities ​ ​ (2,961) ​ ​ (8,890) Goodwill ​ (10,799) ​ (8,154) Total deferred tax liabilities ​ $ (52,322) ​ $ (24,395) Net deferred tax assets/(liabilities) ​ $ 14,158 ​ $ 12,946 ​ The ultimate realization of deferred tax assets is dependent upon management’s assessment of the Company’s ability to generate sufficient taxable income to realize the deferred tax assets during the periods in which the temporary differences become deductible. Management considers the historical level of taxable income, projections for future taxable income, and tax planning strategies in making this assessment. The Company has deferred tax assets in the United States, the United Kingdom and India, that are subject to realizability constraints for which a partial valuation allowance recoded. The Company assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to realize the existing deferred tax assets. The Company recorded an increase to the valuation allowance totaling $7,152 during the fiscal year ended March 31, 2020 related to provisions of foreign tax credits and net operating losses in the United Kingdom and capital losses in India, for which realization does not meet more likely than not requirements. At March 31, 2020, the Company has $15,401 of US foreign tax credits which begin to expire in March 2024 and for which a partial valuation allowance has been recorded. The Company also has $4,246 of net operating losses, as of March 31, 2020, which begin to expire in the next five years and $4,391 of capital loss carryover which begins to expire in 2026. The Company has determined that it is more likely than not that the results of future operations will generate sufficient taxable income to realize $14,393 of these deferred tax assets for which a valuation allowance is not provided. During the fiscal year ended March 31, 2020, the Company recorded $3,778 of net income tax benefit directly in other comprehensive income (loss) related to the unrealized gain (loss) on available-for-sale debt securities, the unrealized gain/loss on effective cash flow hedges and the foreign currency loss on certain long-term intercompany balances. During the fiscal year ended March 31, 2020, the Company recognized $1,024 of net income tax benefit related to a windfall in the tax benefits of share-based compensation which was recorded as an income tax benefit in the consolidated statement of income (loss) pursuant to ASU 2016-09. During the fiscal year ended March 31, 2020, the Company merged Polaris Consulting and Software Limited (“Polaris”) with into Virtusa Consulting Services Private Limited (“Virtusa India”). The merger of Polaris into Virtusa India is considered an entity liquidation for US income tax purposes. The earnings of this entity will be subject to US taxation as well as local taxation with a corresponding foreign tax credit or deduction, at the election of the Company. The election resulted in a deferred tax charge of $2,879 during fiscal year ended March 31, 2020. The election also makes available to the Company the benefits of future foreign tax credits. The Company’s income tax provision for the fiscal year ended March 31, 2020 includes the expected impact of GILTI and executive compensation limitations of the Tax Cuts and Jobs Act (the “Tax Act”) impacting the operating results for the Company’s fiscal year ended March 31, 2020. The Company’s aggregate income tax rate in foreign jurisdictions is comparable to its income tax rate in the United States, as a result of the Tax Act, other than in Singapore and Sri Lanka in which the Company has tax holiday benefits and eligible tax exemptions respectively. The Company’s effective tax rate for the fiscal year ended March 31, 2020 was significantly impacted by the merger of Polaris India into Virtusa India. The merger makes available to the Company tax deductions for interest on debt used to purchase the group as well as amortization of intangible assets. Under local Indian law, the merger was retroactive to April 1, 2018 resulting in amended tax return filing in India for the year ended March 31, 2019. The Company recorded an income tax benefit of $11,377 reflecting an expected refund of previously paid tax. The Company also recorded certain foreign tax credits totaling $14,324, which are expected to be available to reduce future federal income tax. During the fiscal year ended March 31, 2019, the Company elected to treat several foreign entities as disregarded entities. The earnings of these subsidiaries will be subject to US taxation as well as local taxation with a corresponding foreign tax credit or deduction, at the election of the Company. The GILTI provisions and executive compensation limitations enacted in the Tax Act, enacted on December 22, 2017 by the U.S. government continue to impact the results. The Company’s reported effective tax rate is also impacted by jurisdictional mix of profits and losses in which the Company operates, foreign statutory tax rates in effect, unusual or infrequent discrete items requiring a provision and certain exemptions or tax holidays applicable to the Company. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided for NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021, may be carried back to each of the five tax years preceding the tax year of such loss. Net operating losses have an unlimited carry forward period, although there are annual limitations on their use suspended for certain years as result of CARES Act. The Company intends to file an immediate carry back claim in the United States. The income tax expense for the fiscal year ended March 31, 2020 included the impact of the carryback claim for $1,524 benefit, net of valuation allowance. At March 31, 2020, the remaining deemed repatriation balance is $13,461, of which $1,282 is included in income tax payable and $12,179 is included in long-term liabilities in the consolidated balance sheet. The Company has elected to pay the deemed repatriation tax on unremitted earnings in eight installments through the fiscal year 2025. In July 2019, the Company paid approximately $1,137 representing the second yearly installment out of the eight yearly installments. The U.S. Tax Act subjects a U.S. shareholder to GILTI earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to provide for GILTI in the year incurred. The Company’s results for the fiscal year ended March 31, 2020 and 2019 include the expected impact of GILTI. The Company’s Indian subsidiaries operate several development centers in areas designated as a special economic zone, or SEZ, under the SEZ Act of 2005. In particular, the Company was approved as an SEZ Co-developer and has built a campus on a 6.3 acre parcel of land in Hyderabad, India that has been designated as an SEZ. As an SEZ Co-developer, the Company is entitled to certain tax benefits for any consecutive period of 10 years during the 15-year period starting in fiscal year 2008. The Company has elected to claim SEZ co-developer income tax benefits starting in the fiscal year ended March 31, 2013. Beginning April 1, 2019, the Company adopted the new tax ordinance of the income tax act of 1961 requiring the surrender of unexpired tax holidays. The Company had units at various stages of tax holiday benefit with many nearing expiration. On September 20, 2019, the Indian government issued Ordinance 2019 making certain amendments in the Income-tax Act 1961, which substantially reduces tax rates. The effective rate of tax on India-based companies was reduced from 34.9% to 25.17%, effective for fiscal years beginning April 1, 2019. The Company adopted the new ordinance for the fiscal year beginning April 1, 2019. The new rates require the surrendering of any tax holidays and other attributes of which the Company historically was taking advantage of and favorably impacting our tax rate. In addition, the Company’s Sri Lankan subsidiary, Virtusa (Private) Limited, is operating under a 12-year earnings per share in the fiscal years ended March 31, 2020, 2019 and 2018 by $126, $5,778 and $7,727, respectively, and by $0.00, $0.19 and $0.26, respectively. The Company has been under income tax examination in India, the U.K., Singapore and the United States. The Indian taxing authorities issued an assessment order with respect to their examination of the various tax returns for the fiscal years ended March 31, 2006 to March 31, 2017 of the Company’s Indian subsidiary, Virtusa (India) Private Ltd, and Polaris Consulting & Services Limited (Polaris India) now merged with and into Virtusa Consulting Services Private Limited (collectively referred to as “Virtusa India”). At issue were several matters, the most significant of which was the redetermination of the arm’s-length profit which should be recorded by Virtusa India on the intercompany transactions with its affiliates. These matters are currently at different level of appeals beginning with the fiscal year ended March 31, 2006. In the United Kingdom, the Company is currently under examination for transfer pricing and research benefits for the years ended March 31, 2014 to March 31, 2018. In Singapore, the Inland Revenue Authority is confirming the appropriateness of the Company’s deductions for the year ended March 31, 2017. In the United States, the Internal Revenue Service has concluded an examination of fiscal years ended March 31, 2015 and March 31, 2017. During the fiscal year ended March 31, 2020, the Company settled with the Internal Revenue Service employment tax matters for several years. The impact of these settlements with the Internal Revenue Service was not material to the consolidated statements of income and consolidated statements of cash flows. Undistributed Earnings of Foreign Subsidiaries ​ A substantial amount of the Company’s income before provision for income tax is from operations earned in its Indian and Sri Lankan subsidiaries and is subject to tax holiday. The Company intends to use accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and, accordingly, undistributed income is considered indefinitely reinvested. The Company does not provide for U.S. income taxes on foreign currency translation or applicable withholding tax until a distribution is declared. At March 31, 2020, the Company had approximately $194,789 of cash, cash equivalents, short-term and long-term investments that would otherwise be available for potential distribution, if not indefinitely reinvested. If required, such cash and investments could be repatriated to the United States. Due to the various methods by which such earnings could be repatriated in the future, the amount of taxes attributable to the undistributed earnings is not practicably determinable. Each fiscal year, unrecognized tax benefits may be adjusted upon the closing of the statute of limitations for income tax returns filed in various jurisdictions. The total amount of unrecognized tax benefits that would reduce income tax expense and the effective income tax rate, if recognized, is $6,627, $6,744 and $7,544 as of March 31, 2020, 2019 and 2018, respectively. Although it would be difficult to anticipate the final outcome on timing of resolution of any particular uncertain tax position, the Company anticipates that $10 of unrecognized tax benefits will reverse during the twelve- month period ending March 31, 2021 due to settlement or expiration of statute of limitations on open tax years. All of these benefits are expected to have an impact on the effective tax rate as they are realized. The following summarizes the activity related to the gross unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 2018 Balance at beginning of the fiscal year ​ $ 6,744 ​ $ 7,544 ​ $ 7,612 Foreign currency translation related to prior year tax positions ​ (467) ​ (472) ​ 105 Decreases related to prior year tax positions ​ — ​ (770) ​ (332) Decreases related to prior year tax positions due to settlements or lapse in applicable statute of limitations ​ (324) ​ (206) ​ (335) Increases related to prior year tax positions ​ 674 ​ 648 ​ 494 Balance at end of the fiscal year ​ $ 6,627 ​ $ 6,744 ​ $ 7,544 ​ The Company continues to classify accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended March 31, 2020 and 2019, the Company expensed accrued interest and penalties of $194 and $311, respectively, through income tax expense consistent with its prior positions, to reflect interest and penalties on certain unrecognized tax benefits as part of income tax. The total accrued interest and penalties, including foreign currency translation relating to certain foreign and domestic tax matters at March 31, 2020 and 2019, were $1,586 and $1,572, respectively. During the fiscal year ended March 31, 2020, the Company’s unrecognized tax benefits decreased by $117. The decrease in the unrecognized tax benefits during the fiscal year ended March 31, 2020 was predominantly due to foreign currency movements and the settlement of a prior period position offset by increases for United Kingdom audit matters and incremental interest accrued on existing uncertain tax positions. The net movement in unrecognized tax benefits for the fiscal year ended March 31, 2020 was as follows: $599 expense recorded to income tax expense, $249 for cash settlements and $467 to other comprehensive income (loss) for foreign currency impact. The Company has recorded unrecognized tax benefits in long-term liabilities if settlement is not expected in the next year.

Post-retirement Benefits

Post-retirement Benefits	12 Months Ended
	Mar. 31, 2020
Post-retirement Benefits
Post-retirement Benefits	(18) Post-retirement Benefits The Company has noncontributory defined benefit plans (the “Benefit Plans”) covering its employees in India and Sri Lanka as mandated by the Indian and Sri Lankan governments. Benefits are based on the employee’s years of service and compensation at the time of termination. The Company uses March 31 as the measurement date for its plans. Cost of pension plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Components of net periodic pension expense ​ ​ ​ ​ ​ ​ Expected return on plan assets ​ $ (876) ​ $ (807) ​ $ (692) Service costs for benefits earned ​ 2,750 ​ 1,914 ​ 1,464 Interest cost on projected benefit obligation ​ 985 ​ 741 ​ 660 Amortization of prior service cost ​ 26 ​ 44 ​ 9 Recognized net actuarial loss ​ 276 ​ 146 ​ 138 Net periodic pension expense ​ $ 3,161 ​ $ 2,038 ​ $ 1,579 ​ In accordance with the recently adopted FASB ASU 2017-07, Compensation—Retirement Benefits (Topic 715), “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the Company presented the service cost component in costs of revenue and selling, general and administrative expenses. The other components of net periodic pension cost are presented within other (income) expense in the Consolidated Statements of Income (Loss). The adoption of this guidance did not have a material impact on the consolidated financial statements, therefore, the Company did not retrospectively change the presentation of the financial statements. ​ Actuarial assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2020 2019 2018 ​ Discount rate ​ 6.60 % - 9.25 % ​ 7.10 % - 11.16 % ​ 7.30 % - 10.34 % Compensation increases (annual) 6.50 % - 7.00 % ​ 5.00 % - 8.00 % ​ 5.00 % - 8.00 % Expected return on assets 7.00 % - 8.44 % ​ 7.00 % - 11.87 % ​ 7.50 % - 12.20 % ​ The discount rate is based upon high quality fixed income investments in India and Sri Lanka. The discount rates at March 31, 2020 were used to measure the year-end benefit obligations and the pension cost for the subsequent year. To determine the expected long-term rate of return on pension plan assets, the Company considers the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. The Company amortizes unrecognized actuarial gains or losses over a period no longer than the average future service of employees. The Company’s benefit obligations are described in the following tables. Accumulated and projected benefit obligations (“ABO” and “PBO”, respectively) represent the obligations of a pension plan for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current compensation levels. PBO is ABO increased to reflect expected future compensation. Accumulated benefit obligation and projected benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 Accumulated benefit obligation $ 9,867 ​ $ 8,208 Projected benefit obligation: ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 11,928 ​ $ 10,524 Service cost ​ 2,750 ​ 1,914 Interest cost ​ 985 ​ 741 Actuarial (gain) loss ​ 586 ​ 698 Benefits paid ​ (1,514) ​ (1,398) Plan combination ​ ​ 97 ​ ​ 259 Exchange rate adjustments ​ (1,003) ​ (810) Ending balance ​ $ 13,829 ​ $ 11,928 ​ Fair value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 Beginning balance ​ $ 10,055 ​ $ 9,885 Employer contributions ​ 2,505 ​ ​ 1,794 Actual return on plan assets ​ 997 ​ ​ 518 Actuarial loss ​ ​ — ​ ​ (3) Benefits paid ​ (1,495) ​ ​ (1,398) Exchange rate adjustments ​ (705) ​ ​ (741) Ending balance ​ $ 11,357 ​ $ 10,055 ​ At March 31, 2020 and 2019 India and Sri Lanka together had $2,472 and $1,873, respectively, net projected benefit obligation recorded in the consolidated balance sheets as “accrued employee compensation and benefits”. Plan asset allocation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Target ​ ​ Actual ​ Allocation ​ Allocation Government securities 40 % ​ 50 % ​ 52 % Corporate debt 30 % ​ 40 % ​ 37 % Other 1 % ​ 10 % ​ 11 % ​ The Company’s plan assets are being managed by insurance companies in India and Sri Lanka. Plan Assets The following table presents the fair values of the Company’s pension plan assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ ​ ​ ​ ​ Identical Assets ​ Inputs Asset Category Total (Level 1) (Level 2) At March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Bonds(1) ​ $ 5,896 ​ $ — ​ $ 5,896 Corporate Bonds(2) ​ 4,247 ​ ​ — ​ ​ 4,247 Equity Shares and Others(3) ​ 1,214 ​ ​ 427 ​ ​ 787 ​ ​ $ 11,357 ​ $ 427 ​ $ 10,930 At March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Bonds(1) ​ $ 4,975 ​ $ — ​ $ 4,975 Corporate Bonds(2) ​ 4,097 ​ — ​ 4,097 Equity Shares and Others(3) ​ 983 ​ ​ 346 ​ 637 ​ ​ $ 10,055 ​ $ 346 ​ $ 9,709 (1) This category comprises government fixed income investments with investments in India and Sri Lanka. (2) This category represents investment in bonds and debentures from diverse industries. (3) This category represents equity shares, money market investments and other investments. The fair values of the government bonds are measured based on market quotes. Corporate bonds and other bonds are valued based on market quotes as of the balance sheet date. Equity share funds are valued at their market prices as of the balance sheet date. Money market funds are valued at their market price. Pension liability ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 PBO ​ $ 13,829 $ 11,928 Fair value of plan assets ​ ​ 11,357 ​ 10,055 Funded status recognized ​ $ 2,472 ​ $ 1,873 Amount recorded in accumulated other comprehensive income ​ $ 2,298 ​ $ 2,402 ​ The amount in accumulated other comprehensive income (loss) that is expected to be recognized as a component of net periodic benefit cost over the fiscal year ended March 31, 2021 is $418. The Company expects to contribute $5,335 to its gratuity plans during the fiscal year ending March 31, 2021. The pretax amounts of prior service cost and actuarial gain (loss) recognized from accumulated other comprehensive income consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Prior service cost ​ $ (26) ​ $ (44) ​ $ (9) Net amortization gain (loss) ​ (276) ​ (146) ​ (138) Total ​ $ (302) ​ $ (190) ​ $ (147) ​ Estimated future benefits payments ​ ​ ​ ​ Fiscal year ending March 31 : ​ 2021 ​ $ 2,047 2022 ​ 1,768 2023 ​ 1,939 2024 ​ 2,406 2025 ​ 2,913 2026 - 2028 ​ $ 15,399 ​

401(k) Plan

401(k) Plan	12 Months Ended
	Mar. 31, 2020
401(k) Plan
401(k) Plan	(19) 401(k) Plan The Company sponsors a defined contribution retirement savings plan, qualified under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). Eligible employees may defer a portion of their compensation into the Company’s 401(k) Plan on a pre-tax and/or Roth basis. The Company’s 401(k) Plan currently offers a safe harbor match feature that provides Company matching contributions for certain employee contributions. For the fiscal periods ended March 31, 2020, 2019 and 2018, the Company recorded $2,761, $2,091 and $1,407 for the employer match, respectively. The Company’s 401(k) Plan may be amended at the discretion of the Company’s board of directors to discontinue the safe harbor match program at any time.

Noncontrolling interest

Noncontrolling interest	12 Months Ended
	Mar. 31, 2020
Noncontrolling interest
Noncontrolling interest	(20) Noncontrolling interest On March 3, 2016, the Company’s Indian subsidiary, Virtusa Consulting Services Private Limited (“Virtusa India”), acquired approximately 51.7% of the fully diluted shares of Polaris Consulting & Services Limited (“Polaris”) for approximately $168,257 in cash (the “Polaris Transaction”) pursuant to a share purchase agreement dated as of November 5, 2015, by and among Virtusa India, Polaris and the promoter sellers named therein. Through a series of transactions and in compliance with the applicable Indian rules on takeovers and SEBI Delisting Regulations, Virtusa increased its ownership interest in Polaris from 51.7% to 93.0% by February 12, 2018, when Virtusa consummated its Polaris delisting offer with respect to the public shareholders of Polaris. The delisting offer resulted in an accepted exit price of INR 480 per share (“Exit Price”), for an aggregate consideration of approximately $145,000, exclusive of transaction and closing costs. On July 11, 2018, the stock exchanges on which Polaris common shares are listed notified Polaris that trading in equity shares of Polaris would be discontinued and delisted effective on August 1, 2018. For a period of one year following the date of delisting, Virtusa India has, in compliance with SEBI Delisting Regulations, permitted the public shareholders of Polaris to tender their shares for sale to Virtusa India at the Exit Price. ​ In connection with the Polaris delisting offer, during the six months ended September 30, 2019, Virtusa India purchased 1,263,117 shares, or approximately 1.2% of Polaris common stock from shareholders for an aggregate purchase price of approximately $8,675. As of September 30, 2019, the number of shares of Polaris common stock held by noncontrolling interest shareholders was 2,009,365 or approximately 1.95% of Polaris’ basic shares of common stock outstanding. ​ Further to the Polaris delisting, in order to acquire the remaining noncontrolling interest, the Company filed an application for approval and authorization to purchase the remaining outstanding Polaris shares held by the Polaris shareholders (“the Polaris Repurchase”) as well as final approval of the merger of Polaris with and into Virtusa India (“Merger”). On December 9, 2019, the Company received a Common Order (“Court Order”) to move forward with the Polaris Repurchase and certain conditional approvals for the Merger. ​ In connection with the Polaris Repurchase under the Court Order, on December 20, 2019, upon the Company filing the required documents, all the outstanding equity shares of Polaris held by public shareholders were deemed cancelled, but converted to the right to receive payment for these shares from the Company. Within 30 days from December 20, 2019, the Company is required to pay consideration of INR 480 per share for each cancelled share held by these former Polaris shareholders. ​ At December 20, 2019, the total amount payable by the Company to the remaining Polaris public shareholders was $13,564. As of March 31, 2020, the Company paid the total amount of liability to the remaining Polaris public shareholders. ​ In connection with the Merger, the conditional approvals required were approved by the respective authorities on January 2, 2020 and the Merger is effective, with an effective date as of April 1, 2018. ​ ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Loss.
Accumulated Other Comprehensive Loss	(21) Accumulated Other Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Investment securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 12 $ 69 $ 57 Other comprehensive income (loss) (OCI) before reclassifications, net of tax of $0, $58, $108 ​ ​ (2) ​ ​ (219) ​ ​ 175 Reclassifications from OCI to other income, net of tax of $0, $20, $(246) ​ ​ 2 ​ ​ 150 ​ ​ (190) Less: Noncontrolling interests, net of tax of $0, $7, $15 ​ ​ — ​ ​ 12 ​ ​ 27 Comprehensive income (loss) on investment securities, net of tax of $0, $85, $(123) ​ ​ — ​ ​ (57) ​ ​ 12 Closing balance ​ $ 12 $ 12 $ 69 Currency translation adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ (57,354) $ (41,207) $ (50,415) OCI before reclassifications ​ ​ (13,464) ​ ​ (17,305) ​ ​ 8,262 Less: Noncontrolling interests ​ ​ (389) ​ ​ 1,158 ​ ​ 946 Comprehensive income (loss) on currency translation adjustments ​ ​ (13,853) ​ ​ (16,147) ​ ​ 9,208 Closing balance ​ $ (71,207) $ (57,354) $ (41,207) Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 39 $ 1,881 $ 11,789 OCI before reclassifications net of tax of $(3,050), $(1,966), $1,265 ​ ​ (8,616) ​ ​ (4,104) ​ ​ 2,428 Reclassifications from OCI to ​ ​ ​ ​ ​ ​ ​ ​ ​ —Revenue, net of tax of $4, $738 and $(3,036) ​ ​ 14 ​ ​ 1,375 ​ ​ (5,651) —Costs of revenue, net of tax of $(653), $392, $(1,543) ​ ​ (2,291) ​ ​ 1,089 ​ ​ (4,855) —Selling, general and administrative expenses, net of tax of $(265), $175, $(852) ​ ​ (943) ​ ​ 488 ​ ​ (2,748) —Interest expenses, net of tax of $(8), $(251), $(64) ​ ​ (21) ​ ​ (714) ​ ​ (160) Less: Noncontrolling interests, net of tax of $0, $13, $571 ​ ​ — ​ ​ 24 ​ ​ 1,078 Comprehensive income (loss) on cash flow hedges, net of tax of $(3,972), $(899), $(3,659) ​ ​ (11,857) ​ ​ (1,842) ​ ​ (9,908) Closing balance ​ $ (11,818) $ 39 $ 1,881 Benefit plans ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ (2,084) $ (1,424) $ (1,180) OCI before reclassifications net of tax of $232, $40, $(198) ​ ​ (633) ​ ​ (1,024) ​ ​ (364) Reclassifications from OCI for prior service credit (cost) to: ​ ​ ​ ​ ​ ​ ​ ​ ​ —Costs of revenue, net of tax of $0, $0, $34 ​ ​ — ​ ​ — ​ ​ 62 —Selling, general and administrative expenses, net of tax of $0, $0, $15 ​ ​ — ​ ​ — ​ ​ 27 Other income (expense), net of tax of $2, $13, $0 ​ ​ 24 ​ ​ 137 ​ ​ — Reclassifications from net actuarial gain (loss) amortization to: ​ ​ ​ ​ ​ ​ ​ ​ ​ —Costs of revenue, net of tax of $0, $0, $3 ​ ​ — ​ ​ — ​ ​ 5 —Selling, general and administrative expenses, net of tax of $0 for all periods ​ ​ — ​ ​ — ​ ​ 1 Other income (expense), net of tax of ​ ​ 279 ​ ​ 41 ​ ​ — Other adjustments, net of tax of $0, $(17), 0 ​ ​ 182 ​ ​ 159 ​ ​ 20 (Less): Noncontrolling interests, net of tax $0, $9, $2 ​ ​ (10) ​ ​ 27 ​ ​ 5 Comprehensive income (loss) on benefit plans, net of tax of $234, $48, $(144) ​ ​ (158) ​ ​ (660) ​ ​ (244) Closing balance ​ ​ (2,242) $ (2,084) $ (1,424) Accumulated other comprehensive loss ​ $ (85,255) $ (59,387) $ (40,681) ​

Treasury Stock

Treasury Stock	12 Months Ended
	Mar. 31, 2020
Treasury Stock.
Treasury Stock	(22) Treasury Stock On August 5, 2019, the Company's board of directors authorized a share repurchase program of up to $30,000 of the Company's common stock over 12 months from the approval date, subject to certain price and other trading restrictions as established by the Company. During the fiscal year ended March 31, 2020, the Company repurchased 505,565 shares of the Company’s common stock at a weighted average price of $36.93 per share for an aggregate purchase price of $18,680. As of March 31, 2020, the share repurchase program has been suspended due to the COVID-19 pandemic. ​

Commitments and Contingencies a

Commitments and Contingencies and Guarantees	12 Months Ended
	Mar. 31, 2020
Commitments and Contingencies and Guarantees
Commitments and Contingencies and Guarantees	(23) Commitments, Contingencies and Guarantees The Company indemnifies its officers and directors for certain events or occurrences under its charter or by-laws and under indemnification agreements while the officer or director is, or was, serving at its request in a defined capacity. The term of the indemnification period is with respect to the period that such person was an officer or director of the Company. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is unlimited. The costs incurred to defend lawsuits or settle claims related to these indemnification obligations have not been material. As a result, the Company believes that its estimated exposure on these obligations is minimal. Accordingly, the Company had no liabilities recorded for these obligations as of March 31, 2020. The Company is insured against any actual or alleged act, error, omission, neglect, misstatement or misleading statement or breach of duty by any current or former officer, director or employee while rendering information technology services. The Company believes that its financial exposure from such actual or alleged actions, should they arise, is minimal and no liability was recorded at March 31, 2020. From time to time the Company is involved in legal proceedings, claims and litigation related to employee claims, contractual disputes and taxes in the ordinary course of business. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. Although the Company cannot predict the outcome of such matters, the Company has no reason to believe the disposition of any current matter, other than the specific matters described below, could reasonably be expected to have a material adverse impact on the Company’s balance sheets, income of operations and cash flows or the ability to carry on any of its business activities. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future. One of the Company’s larger clients made a demand for damages related to a project in which the Company was performing services. The client alleges breaches of certain representations and warranties regarding the Company’s performance and is seeking indemnification for damages from those alleged breaches. No litigation has been filed. The Company believes that it has defenses against the claims described in the demand, and intends to zealously defend against those claims. However, the Company cannot provide any assurance that the Company will prevail in the dispute or even partially prevail. Further, if the Company is unsuccessful in any settlement discussions, the Company also cannot provide any assurance that the client will not use set off rights in the contract, even if the Company disputes the claims or amount of damages alleged. In the event the Company does not fully prevail in this dispute, the Company may have to pay damages in amounts for which it may not have reserved or which may or may not be covered by the Company’s insurance policies; further, even if the damages are covered, depending on the outcome, the Company’s insurance may not cover or be adequate to pay the entire claim. In addition, the Company cannot guarantee that the Company will not lose future business with such client as a result of such dispute. ​ On February 28, 2019, the Supreme Court of India issued a ruling interpreting certain statutory defined contribution obligations of employees and employers, which altered historical understandings of such obligations, extending them to cover additional portions of employee income. As a result, contributions by our employees and the Company will increase in future periods. There is uncertainty as to whether the Indian government will apply the Supreme Court's ruling on a retroactive basis and if so, how this liability should be calculated as it is impacted by multiple variables, including the period of assessment, the application with respect to certain current and former employees and whether interest and penalties may be assessed. As such, the ultimate amount of our obligation is difficult to quantify. If the Indian government were to apply the Supreme Court ruling retroactively, without assessing interest and penalties, the impact would be a charge of approximately $7,500 to the Company’s income from operations and cash flows. ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Mar. 31, 2020
Derivative Financial Instruments
Derivative Financial Instruments	(24) Derivative Financial Instruments The Company evaluates its foreign exchange policy on an ongoing basis to assess its ability to address foreign exchange exposures on its consolidated balance sheets, statements of income and consolidated statement of cash flows from all foreign currencies, including most significantly the U.K. pound sterling, Indian rupee and Sri Lankan rupee. The Company enters into hedging programs with highly rated financial institutions in accordance with its foreign exchange policy (as approved by the Company’s audit committee and board of directors) which permits hedging of material, known foreign currency exposures. There is no margin required, no cash collateral posted or received by us related to our foreign exchange forward contracts. Currently, the Company maintains four hedging programs, each with varying contract types, duration and purposes. The Company’s “Cash Flow Program” is designed to mitigate the impact of volatility in the U.S. dollar and U.K. Pound Sterling equivalents of the Company’s Indian rupee denominated expenses over a rolling 18-month The Company is exposed to credit losses in the event of non-performance by the counterparties on its financial instruments. All counterparties currently have investment grade credit ratings. The Company anticipates that these counterparties will be able to fully satisfy their obligations under the contracts. The Company has derivative contracts with four counterparties as of March 31, 2020. The Company's agreements with its counterparties contain provisions pursuant to which the Company could be declared in default of its derivative obligations. As of March 31, 2020, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2020, it could have been required to settle its obligations under these agreements at amounts which approximate the March 31, 2020 fair values reflected in the table below. During the fiscal year ended March 31, 2020, the Company was not in default of any of its derivative obligations. Changes in fair value of the designated cash flow hedges for our Cash Flow Program are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”), net of tax until the forecasted hedged transactions occur and are then recognized in the consolidated statements of income in the same line item as the item being hedged. The Company evaluates hedge effectiveness at the time a contract is entered into, as well as on an ongoing basis. If and when hedge relationships are discontinued, and should the forecasted transaction be deemed probable of not occurring by the end of the originally specified period or within an additional two-month period of time thereafter, any related derivative amounts recorded in equity are reclassified to earnings in other income (expense). There were no amounts reclassified to earnings as a result of hedge ineffectiveness for the fiscal year ended March 31, 2020 and 2019. Changes in the fair value of the hedges for the Economic Hedge Program, if any, are recognized in the same line item as the underlying exposure being hedged and the ineffective portion of cash flow hedges, if any, is recognized as other income (expense). The Company values its derivatives based on market observable inputs including both forward and spot prices for currencies. Any significant change in the forward or spot prices for hedged currencies would have a significant impact on the value of the Company’s derivatives. The U.S. dollar notional value of all outstanding foreign currency derivative contracts was $128,728 and $118,557 at March 31, 2020 and 2019, respectively. Unrealized net losses related to these contracts which are expected to be reclassified from accumulated other comprehensive income (loss) (“AOCI”) to earnings during the next 12 months are $3,586 at March 31, 2020. At March 31, 2020, the maximum outstanding term of any derivative instrument was 15 months. The Company also uses interest rate swaps to mitigate the Company’s interest rate risk on the Company’s variable rate debt. The Company’s objective is to limit the variability of cash flows associated with changes in LIBOR interest rate payments due on the Credit Agreement (See Note 14 to the consolidated financial statements), by using pay-fixed, receive-variable interest rate swaps to offset the future variable rate interest payments. The Company will recognize these transactions in accordance with ASC 815 "Derivatives and Hedging," and have designated the swaps as cash flow hedges. The Company purchased interest rate swaps in July 2016 with an effective date of July 2017 and in November 2018. The July 2016 interest rate swaps are at a blended weighted average of 1.025% and the Company will receive 1-month LIBOR on the same notional amounts. The November 2018 interest rate swaps were entered into to mitigate the interest rate risk associated with the Credit Agreement executed in February 2018 and subsequent additional borrowings. The November 2018 interest rate swaps are at a fixed rate of 2.85% and are designed to maintain a 50% coverage of our LIBOR debt, therefore the notional amount changes over the life of the swap to retain the 50% coverage target. At March 31, 2020, the total notional amounts of the interest rate swaps were $177,300 with remaining maturity of approximately 3 years. The unrealized loss in associated with the swap agreements was $11,128 and $2,284 at March 31, 2020 and March 31, 2019, respectively, which represents the estimated amount that the Company would pay to the counterparties in the event of an early termination. The following tables set forth the fair value of derivative instruments included in the consolidated balance sheets at March 31, 2020 and 2019: Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts: ​ ​ ​ ​ ​ ​ Other current assets ​ $ 103 ​ $ 3,264 Other long-term assets ​ $ 56 ​ $ 147 Accrued expenses and other ​ $ 3,689 ​ $ 318 Long-term liabilities ​ $ 364 ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Interest rate swap contracts ​ ​ Other long-term assets ​ $ — ​ $ 1,349 Long-term liabilities ​ $ 11,128 ​ $ 3,633 ​ The following tables set forth the effect of the Company’s foreign currency exchange and interest rate swap contracts on the consolidated financial statements of the Company for the fiscal years ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) ​ ​ Recognized in AOCI on Derivatives Designated as ​ Derivatives Cash Flow Hedging Relationships ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts ​ $ (2,851) ​ $ (2,266) Interest rate swaps ​ $ (8,814) ​ $ (3,804) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified ​ Reclassified from AOCI into from AOCI into Income (loss) (Effective ​ Income Portion) ​ March 31, 2020 March 31, 2019 Revenue ​ $ (18) ​ $ (2,113) Costs of revenue ​ $ 2,944 ​ $ (1,481) Operating expenses ​ $ 1,208 ​ $ (663) Interest Expenses ​ $ 29 ​ $ 965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) ​ ​ ​ ​ Recognized in Income Derivatives not Designated ​ Location of Gain Or (Loss) ​ on Derivatives as Hedging Instruments Recognized in Income (loss) on Derivatives ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts Revenue ​ $ 706 ​ $ 1,427 ​ Costs of revenue ​ $ (404) ​ $ (941) ​ Selling, general and administrative expenses ​ $ (27) ​ $ (41) ​

Business Segment Information

Business Segment Information	12 Months Ended
	Mar. 31, 2020
Business Segment Information
Business Segment Information	(25) Business Segment Information Accounting pronouncements establish standards for the manner in which public companies report information about operating segments in annual and interim financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker on deciding on how to allocate resources and in assessing performance. The Company’s chief operating decision-maker is considered to be the Company’s Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment. Geographic information: Total revenue is attributed to geographic areas based on location of the client. Geographic information is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Customer revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States of America ​ $ 912,063 ​ $ 843,791 ​ $ 628,147 United Kingdom ​ 182,365 ​ 209,232 ​ 195,547 Rest of World ​ 217,855 ​ 194,840 ​ 196,975 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ $ 1,020,669 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Long-lived assets, net of accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ United States of America ​ ​ $ 272,422 ​ $ 216,279 India ​ ​ 238,367 ​ 251,722 Rest of World ​ ​ 17,857 ​ 23,847 Consolidated long-lived assets, net ​ ​ $ 528,646 ​ $ 491,848 ​

Quarterly Results of Operations

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 . ​

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	​ ​ (27) Subsequent Event ​ On May 27, 2020, the Company entered into Amendment No. 3 to Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the “ Administrative Agent” ) and the lenders par ty thereto (the “ Third Credit Agreement Amendment” ), which amends the Company’s Amended and Restated Credit Agreement, dated as of February 6, 2018, with such parties (as amended, “Credit Agreement” ) to, among other things, (i) provide for $62,492 in incremental 364-day delayed draw term loans (the “New Delayed Draw Term Loans” ), which can be drawn down up to three times on or before September 27, 2020 and (ii) extend out the debt to EBITDA ratio covenant step down by two quarters such that the leverage covenant remains at 3.25:1.00 through December 31, 2020. The Administrative Agent increased the LIBOR floor to 1.00% from 0% as part of the Third Credit Agreement Amendment. The Company executed the Third Credit Agreement Amendment to provide additional liquidity in light of the COVID-19 pandemic which the Company could use to fund general working capital and refinance existing indebtedness under the credit facility. On May 27, 2020, the Company prepaid $55,000 on its existing revolving facility as a condition to closing the Third Credit Agreement Amendment. At May 27, 2020, the total amount outstanding under the credit facility was $444,969. The Third Credit Agreement Amendment contains customary terms for amendments of this type, such as representations, warranties and covenants, including pro forma compliance with the Credit Agreement debt to EBITDA covenant as a condition to borrowing. Interest under the New Delayed Draw Term Loans accrues at a rate per annum of LIBOR plus 3.50%. The New Delayed Draw Term Loans mature on May 26, 2021 and do not amortize.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2020
Schedule II-Valuation and Qualifying Accounts
Schedule II-Valuation and Qualifying Accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ ​ ​ ​ Balance at ​ ​ Beginning ​ Costs and ​ Deductions/ ​ End of Description of Period Expenses Other Period ​ ​ (In thousands) Accounts receivable allowance for doubtful accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended March 31, 2018 ​ $ 1,805 ​ $ 1,248 ​ $ 275 ​ $ 3,328 Year ended March 31, 2019 ​ $ 3,328 ​ $ 864 ​ $ (1,939) ​ $ 2,253 Year ended March 31, 2020 ​ $ 2,253 ​ $ 13 ​ $ (725) ​ $ 1,541

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Principles of Consolidation	(a) Principles of Consolidation The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Virtusa Corporation and all of its subsidiaries that are directly or indirectly more than 50% owned or controlled. When the Company does not have a controlling interest in an entity, but exerts a significant influence on the entity, the Company applies the equity method of accounting. For those majority-owned subsidiaries that are not 100% owned by the Company, the interests of the minority owners are accounted for as noncontrolling interests.
Use of Estimates	(b) Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the recoverability of tangible assets, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Management re-evaluates these estimates on an ongoing basis. The most significant estimates relate to the recognition of revenue and profits based on the percentage of completion method of accounting for fixed-price contracts, income taxes, including reserves for uncertain tax positions, deferred taxes and liabilities, intangible assets, valuation of financial instruments including derivative contracts and investments. Management bases its estimates on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements.
Foreign Currency Translation	(c) Foreign Currency Translation The functional currencies of the Company’s non-U.S. subsidiaries are the local currency of the country in which the subsidiary operates except for Hungary, which uses the euro and certain Netherlands entities, which use the U.S. dollar. Operating and capital expenditures of the Company’s subsidiaries located in India, Sri Lanka, the Netherlands, Australia, Canada, Singapore, Malaysia, the Philippines, Germany, Austria, Sweden and the United Kingdom, are denominated in their local currency which is the currency most compatible with their expected economic results. India and Sri Lanka local expenditures form the underlying basis for intercompany transactions which are subsequently conducted in both U.S. dollars and U.K. pounds sterling. U.K. client sales contracts are primarily conducted in U.K. pounds sterling. All transactions and account balances are recorded in the functional currency. The Company translates the value of these non-U.S. subsidiaries’ local currency denominated assets and liabilities into U.S. dollars at the rates in effect at the balance sheet date. Resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). The local currency denominated statement of income amounts are translated into U.S. dollars using the average exchange rates in effect during the period. Realized foreign currency transaction gains and losses are included in the consolidated statements of income (loss). The Company’s non-U.S. subsidiaries do not operate in “highly inflationary” countries.
Derivative Instruments and Hedging Activities	(d) Derivative Instruments and Hedging Activities The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies. The Company also enters into interest rate swaps to mitigate interest rate risk on the Company’s variable rate debt. The Company designates derivative contracts as cash flow hedges and any ineffective portions if they satisfy the criteria for hedge accounting. Changes in fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income, net of taxes, until the hedged transactions occur and are then recognized in the consolidated statements of income, the effective components are recognized in the same line item as the underlying and any ineffective components would be recognized as other income (expense). Changes in fair value of derivatives not designated as hedging instruments are recognized immediately in the consolidated statements of income. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses both at the inception of the hedge and on an ongoing basis, whether each derivative will be highly effective in offsetting changes in fair values or cash flows of the hedged item. If the Company determines that a derivative or a portion thereof is not highly effective as a hedge, or if a derivative ceases to qualify for hedge accounting, the Company prospectively discontinues hedge accounting with respect to that derivative.
Cash and Cash Equivalents and Restricted Cash	(e) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an initial maturity of three months or less from the date of purchase to be cash equivalents. At March 31, 2020, cash equivalents consisted of money market instruments and certificates of deposit. The Company had short-term and long-term restricted cash totaling $764 and $437 at March 31, 2020 and 2019, respectively. Restricted cash includes the restricted deposits with banks to secure the import of computer and other equipment and bank guarantees associated with the purchase of property and equipment of the Company’s facilities in India.
Investment Securities	(f) Investment Securities The Company classifies its investment securities as available for sale securities and equity securities. These securities are classified as short-term investments and long-term investments on the consolidated balance sheet based on their maturity dates and are carried at fair market value. Any unrealized gains and losses on available for sale securities are reported in accumulated other comprehensive income (loss), net of tax, as a separate component of stockholders’ equity unless the decline in value is deemed to be other-than-temporary, in which case, investments are written down to fair value and the loss is charged to the consolidated statements of income (loss). Any unrealized gains and losses on equity securities are charged to the consolidated statements of income (loss). The Company determines the cost of the securities sold based on the specific identification method. The Company conducts a periodic review and evaluation of its investment securities to determine if the decline in fair value of any security is deemed to be other-than-temporary. Other-than-temporary impairment losses are recognized on securities when: (i) the holder has an intention to sell the security; (ii) it is more likely than not that the security will be required to be sold prior to recovery; or (iii) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses are reflected in earnings as a charge against gain on sale of investments to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. The Company has no intention to sell any securities in an unrealized loss position at March 31, 2020 nor is it more likely than not that the Company would be required to sell such securities prior to the recovery of the unrealized losses.
Goodwill and Other Intangible Assets	(g) Goodwill and Other Intangible Assets The Company accounts for its business combinations under the acquisition method of accounting. The Company records the assets acquired and liabilities assumed, including any contingent consideration based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized but is tested for impairment at the reporting unit level, defined as the Company level, in the fourth quarter of each fiscal year or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. In assessing goodwill for impairment, an entity has the option to assess qualitative factors to determine whether events or circumstances indicate that it is not more likely than not that fair value of a reporting unit is less than its carrying amount. If this is the case, then performing the quantitative two-step goodwill impairment test is unnecessary. An entity can choose not to perform a qualitative assessment for any or all of its reporting units, and proceed directly to the use of the two-step impairment test. The two-step process begins with an estimation of the fair value of a reporting unit. Goodwill impairment exists when a reporting unit’s carrying value of goodwill exceeds its implied fair value. Significant judgment is applied when goodwill is assessed for impairment. For the Company’s goodwill impairment analysis, the Company operates under one reporting unit. Any impairment would be measured based upon the fair value of the related assets. In performing the first step of the goodwill impairment testing and measurement process, the Company compares its entity-wide estimated fair value to net book value to identify potential impairment. Management estimates the entity-wide fair value utilizing the Company’s market capitalization, plus an appropriate control premium. Market capitalization is determined by multiplying the shares outstanding on the assessment date by the market price of the Company’s common stock. If the fair value of the reporting unit is less than the book value, the second step is performed to determine if goodwill is impaired. If the Company determines through the impairment evaluation process that goodwill has been impaired, an impairment charge would be recorded in the consolidated statement of income. The Company completed the annual impairment test required during the fourth quarter of the fiscal year ended March 31, 2020 and determined that there was no impairment. The Company continues to closely monitor its market capitalization. If the Company’s market capitalization, plus an estimated control premium, is below its carrying value for a period considered to be other-than-temporary, it is possible that the Company may be required to record an impairment of goodwill either as a result of the annual assessment that the Company conducts in the fourth quarter of each fiscal year, or in a future quarter if an indication of potential impairment is evident. The estimated fair value of the reporting unit on the assessment date significantly exceeded the carrying book value. Other intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods appropriate for the type of intangible asset and reported separately from goodwill. Other intangible assets acquired in an asset acquisition are recognized using cost accumulation model. Intangible assets with definite lives are amortized over the estimated useful lives and are tested for impairment when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. The Company tests other intangible assets with definite lives for impairment by comparing the carrying amount to the sum of the net undiscounted cash flows expected to be generated by the asset whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the carrying amount of the asset exceeds its net undiscounted cash flows, then an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value.
Fair Value of Financial Instruments	(h) Fair Value of Financial Instruments The Company uses a framework for measuring fair value under U.S. generally accepted accounting principles and enhanced disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s financial assets and liabilities reflected in the consolidated financial statements at carrying value include marketable securities and other financial instruments which approximate fair value. Fair value for marketable securities is determined using a market approach based on quoted market prices at period end in active markets. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At March 31, 2020 and 2019, the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits, other accrued expenses and long-term debt, approximate their fair values due to the nature of the items. See Note 8 to the consolidated financial statements for further information of the fair value of the Company’s other financial instruments.
Concentration of Credit Risk and Significant Customers	(i) Concentration of Credit Risk and Significant Customers Financial instruments which potentially expose the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents, investments, derivatives, accounts receivable and unbilled accounts receivable. The Company places its cash, investments and derivatives in highly-rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. At March 31, 2020 and 2019, no client accounted for 10% of gross accounts receivable. Revenue from significant clients as a percentage of the Company’s consolidated revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Customer A ​ 16 % 18 % 19 %
Property and Equipment	(j) Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to income. Repair and maintenance costs are expensed as incurred.
Long-Lived Assets	(k) Long-Lived Assets The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net undiscounted cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased. Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal.
Software Development Costs	(l) Software Development Costs The Company capitalizes internally developed software costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation and testing. Costs incurred during the preliminary project stage, along with post-implementation stages of internal use computer software, are expensed as incurred. Capitalized development costs are typically amortized over the estimated life of the software, typically three The Company also capitalizes implementation costs incurred in a cloud computer hosting arrangement that is a service contract in the same manner as internally developed software. The Company amortizes the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. At March 31, 2020, implementation cost capitalized in a hosting arrangement, including work in progress, was approximately $6,581. These costs were recorded in other long-term assets. For the fiscal year ended March 31, 2020, amortization of capitalized hosting arrangement costs amounted to approximately $310 and was recorded in operating expenses.
Income Taxes	(m) Income Taxes Income taxes are accounted for using the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Changes to enacted tax rates would result in either increases or decreases in the provision for income taxes in the period of changes. The Company evaluates the realizability of deferred tax assets and recognizes a valuation allowance when it is more likely than not that all, or a portion of, deferred tax assets will not be realized. The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax regulations in multiple jurisdictions. The Company records liabilities for estimated tax obligations in the United States and other tax jurisdictions in which it has operations (see Note 17 to the consolidated financial statements). The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in income tax expense.
Revenue Recognition	(n) Revenue Recognition The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. ​ Revenues are recognized when control of the promised services is transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. ​ The Company generally recognizes revenue for services over time as the Company’s performance creates or enhances an asset that the customer controls from fixed price contracts related to complex design, development and customization. For these contracts, the Company measures the progress and recognizes revenue using effort-based input methods, as the Company performs, based on actual efforts spent compared to the total expected efforts for the contract. The use of the effort based input method requires significant judgment relative to estimating total efforts, including assumptions relative to the length of time to complete the project and the nature and complexity of the work to be performed. Estimates of total efforts are continuously monitored during the term of the contract and are subject to revision as the contract progresses. When revisions in estimated contract revenue and efforts are determined, such adjustments are recorded in the period in which they are first identified. An input method is used to recognize revenue as the value of services provided to the customer is best represented by the hours expended to deliver those services. ​ The Company generally recognizes revenue for services over time where the Company performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date for fixed-price contracts related to consulting or other IT services. For these contracts, we measure the progress and recognize revenue using effort-based input methods as we perform based on actual efforts spent compared to the total expected efforts for the contract. The cumulative impact of any change in estimates of the contract revenue is reflected in the period in which the changes become known. ​ The Company generally recognizes revenue for time and material contracts over time as the customer simultaneously receives and consumes the benefits as the Company performs services. The Company either applies the as-invoiced practical expedient to recognize revenues for services rendered on time and material basis, or a method that is otherwise consistent with the way in which value is delivered to the customer. ​ The Company generally recognizes revenue from fixed-price applications management, maintenance, or support engagements over time as customers receive and consume the benefits of such services and has applied the as-invoiced practical expedient to recognize revenue for services the Company renders to customers based on the amount the Company has a right to invoice, which is representative of the value being delivered. If our invoicing is not consistent with value delivered, revenues are recognized on a straight-line basis unless revenues are earned and obligations are fulfilled in a different pattern. ​ Contracts are often modified to account for changes in contract specification and requirements. The Company considers a contract modification when the modification either creates new or changes the existing enforceable rights and obligations. The accounting for modifications involves assessing whether the services added to an existing contract are distinct and whether the pricing is at the standalone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the standalone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the standalone selling price. ​ Certain customers may receive discounts, incentive payments or service level credits. A portion of the revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any revenue will not occur. The Company estimates these amounts based on the expected amount to be provided to customers and adjusts revenues recognized. The Company’s estimates the amount of variable consideration and determination of whether to include estimated amounts in the transaction price may involve judgment and are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available to us. ​ From time to time, the Company may enter into contracts with customers that include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on an expected cost plus a margin approach. ​ The Company’s warranties generally provide a customer with assurance that the related deliverable will function as the parties intended because it complies with agreed-upon specifications and is therefore not considered as an additional performance obligation in the contract. ​ When the Company receives consideration from a customer prior to transferring services to the customer under the terms of a contract, the Company records deferred revenue, which represents a contract liability. The Company recognizes deferred revenue as revenue after the Company has transferred control of the services to the customer and all revenue recognition criteria are met. Unbilled accounts receivable represent revenue earned on contracts to be billed, in subsequent periods, as per the terms of the related contracts. ​ The Company’s payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not significant. As a practical expedient, the Company does not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is one year or less. Revenue includes reimbursements of travel and out-of-pocket expenses, with equivalent amounts of expense recorded in costs of revenue, of $5,422, $13,271 and $12,924 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. Any tax assessed by a governmental authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from the Company’s assessment of transaction prices.
Costs of Revenue and Operating Expenses	(o) Costs of Revenue and Operating Expenses Costs of revenue consist principally of salaries, employee benefits and share-based compensation expense, reimbursable and non-reimbursable travel costs, subcontractor fees, and immigration related expenses for IT professionals. Selling and marketing expenses are charged to operating expenses as incurred. Selling and marketing expenses are those expenses associated with promoting and selling the Company’s services and include such items as sales and marketing personnel salaries, stock compensation expense and related fringe benefits, commissions, travel, and the cost of advertising and other promotional activities. Advertising and promotional expenses incurred were approximately $557, $477 and $306 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. General and administrative expenses include other operating items such as officers’ and administrative personnel salaries, share-based compensation expense and related fringe benefits, legal and audit expenses, public company related expenses, insurance, facility costs, provision for doubtful accounts, depreciation and amortization, including amortization of purchased intangibles and operating lease expenses. (p) Other income (expense)
Other income (expense)	(p) Other income (expense)
Share-Based Compensation	(q) Share-Based Compensation Share-based compensation cost is determined by estimating the fair value at the grant date of the Company’s common stock and expensing the total compensation cost on a straight-line basis over the requisite employee service period or for grants issued with performance conditions, on a graded-vesting basis over the requisite employee service period. The requisite service period is generally between three Standard Update (“ASU”) No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The allocation of total share-based compensation expense between costs of revenue and selling, general and administrative expenses is based on employee classification as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Costs of revenue ​ $ 365 ​ $ 499 ​ $ 895 Selling, general and administrative expenses ​ 15,351 ​ 28,557 ​ 26,516 Total share-based compensation expense ​ $ 15,716 ​ $ 29,056 ​ $ 27,411
Allowance for Doubtful Accounts	(r) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments. The allowance for doubtful accounts is determined by evaluating the relative credit worthiness of each client, historical collections experience and other information, including the aging of the receivables. We evaluate the collectability of our accounts receivables on an on-going basis and write-off accounts when they are deemed to be uncollectible.
Leases	(s) Leases ​ ​ rate of the Company for a fully collateralized obligation with a term similar to the lease term, and adjusts the rate to reflect the incremental risk associated with the currency in which the lease is denominated.
Recent accounting pronouncements	(t) Recent accounting pronouncements Recently Adopted Accounting Pronouncements ​ Unless otherwise discussed below, the adoption of new accounting standards did not have an impact on the consolidated financial statements. ​ In February 2016, the FASB issued an update (ASU 2016-02) to the standard on leases to increase transparency and comparability among organizations. The FASB subsequently issued ASU 2018-10 and ASU 2018-11 in July 2018, ASU 2018-20 in December 2018 and ASU 2019-01 in March 2019, which provide clarifications and improvements to this new standard. ASU 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new standard replaces the existing guidance on leases and requires the lessee to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with lease terms equal to or greater than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset, and for operating leases, the lessee would recognize total lease expense on a straight-line basis. For public business entities this standard is effective for the annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard permits the use of either retrospective to each prior reporting period presented with the cumulative effect of adoption recognized at the beginning of the earliest period presented or retrospective to the beginning of the period of adoption through a cumulative-effect adjustment (the “Modified Retrospective Effective Date Method”). ​ The Company adopted this standard, (“ASC Topic 842”) effective April 1, 2019, using a Modified Retrospective Effective Date Method. The Company has elected the package of practical expedients which permits the Company to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company also elected the short-term lease recognition exemption for all classes of lease assets with an original term of twelve months or less. The Company did not elect the use of hindsight practical expedient to reevaluate the lease term of existing contracts. Prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting policies. The impact of adoption primarily relates to the recognition of ROU operating lease assets and operating lease liabilities on the Company’s consolidated balance sheets for all operating leases with a term greater than twelve months. The adoption of this standard on April 1, 2019 resulted in the recognition of ROU assets for operating leases of $54,762 and operating lease liabilities of $59,157. The Company’s accounting for finance leases (formerly capital leases) remains substantially unchanged. The adoption of this standard did not have an impact on the consolidated statements of income and comprehensive income (loss), consolidated statement of changes in stockholders’ equity or the consolidated statement of cash flows. ​ See Note 9 “Leases” for additional information regarding leases. ​ In August 2018, the FASB issued ASU No. 2018-15, Intangibles (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement. For public companies, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company early adopted this standard, as of July 1, 2019, on a prospective basis for applicable implementation costs. The adoption of this standard did not have a material impact on the consolidated balance sheet, consolidated statements of income, consolidated statement of changes in stockholders’ equity or the consolidated statement of cash flows. ​ New Accounting Pronouncements ​ Unless otherwise discussed below, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements. ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Measurement of Credit Losses on Financial Instruments, which modifies the measurement of expected credit losses of certain financial instruments. The FASB subsequently issued ASU 2019-04 in April 2019, ASU 2019-05 in May 2019 and ASU 2019-11 in November 2019 which provide clarifications and improvements to this new standard. The FASB also issued ASU 2019-10 in November 2019, which amends the mandatory effective date for all other than public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This standard update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This update is effective for public entities from fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The effect on the consolidated financial statements will largely depend on the composition and credit quality of our investment portfolio and the economic conditions and forecasts at the time of adoption. Based on the current composition of our investment portfolio, current market conditions, and historical credit loss activity, the impact on our consolidated financial statements and related disclosures is not expected to be material. ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Schedule of revenue from significant clients as a percentage of Company's consolidated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Customer A ​ 16 % 18 % 19 %
Schedule of allocation of total share-based compensation expense between costs of revenue and selling, general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Costs of revenue ​ $ 365 ​ $ 499 ​ $ 895 Selling, general and administrative expenses ​ 15,351 ​ 28,557 ​ 26,516 Total share-based compensation expense ​ $ 15,716 ​ $ 29,056 ​ $ 27,411

Earnings (loss) per Share (Tabl

Earnings (loss) per Share (Tables)	12 Months Ended
	Mar. 31, 2020
Earnings (loss) per Share
Schedule of components of basic earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Numerators: ​ ​ ​ ​ Net income available to Virtusa stockholders ​ $ 47,902 ​ $ 16,146 ​ $ 1,254 Less: Series A Convertible Preferred Stock dividends and accretion ​ (4,350) ​ (4,350) ​ (3,963) Net income (loss) available to Virtusa common stockholders ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Denominators: ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 30,017,937 ​ 29,817,526 ​ 29,397,350 Basic earnings (loss) per share available to Virtusa common stockholders ​ $ 1.45 ​ $ 0.40 ​ $ (0.09)
Schedule of components of diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Numerators: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to Virtusa common stockholders ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Add : Series A Convertible Preferred Stock dividends and accretion ​ ​ — ​ ​ — ​ ​ — Net income (loss) available to Virtusa common stockholders and assumed conversion ​ $ 43,552 ​ $ 11,796 ​ $ (2,709) Denominators: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 30,017,937 ​ 29,817,526 ​ 29,397,350 Dilutive effect of Series A Convertible Preferred Stock if converted ​ ​ — ​ ​ — ​ ​ — Dilutive effect of employee stock options and unvested restricted stock awards and restricted stock units ​ 636,590 ​ 842,128 ​ — Weighted average shares—diluted ​ 30,654,527 ​ 30,659,654 ​ 29,397,350 Diluted earnings (loss) per share available to Virtusa common stockholders ​ $ 1.42 ​ $ 0.38 ​ $ (0.09)

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Mar. 31, 2020
Business Combinations
Summary of preliminary purchase price allocation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Useful Life Consideration Transferred: ​ ​ ​ ​ ​ ​ ​ Cash paid at closing $ 29,624 ​ ​ ​ ​ Deferred consideration payable ​ ​ 10,343 ​ ​ ​ ​ Fair value of contingent consideration ​ ​ 24,964 ​ ​ ​ ​ Fair value of consideration ​ ​ 64,931 ​ ​ ​ ​ Less: Cash acquired ​ ​ (462) ​ ​ ​ ​ Total purchase price, net of cash acquired $ 64,469 ​ ​ ​ ​ Assets and Liabilities: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ 462 ​ ​ ​ ​ Goodwill ​ ​ 27,316 ​ ​ ​ ​ Customer relationships ​ ​ 37,806 ​ 5 -7 years Other net ​ ​ (653) ​ ​ ​ ​ Total purchase price ​ $ 64,931 ​ ​ ​ ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets
Schedule of changes in goodwill balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance $ 279,543 ​ $ 297,251 Goodwill arising from acquisitions ​ ​ 27,316 ​ ​ — Purchase price adjustment ​ ​ — ​ ​ (7,407) Foreign currency translation adjustments ​ ​ (10,366) ​ ​ (10,301) Ending balance $ 296,493 ​ $ 279,543
Schedule of intangible asset carrying amounts acquired and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Weighted ​ Gross ​ ​ ​ ​ Net ​ ​ Average Useful Life ​ Carrying ​ Accumulated ​ Carrying ​ at Acquisition Amount Amortization Amount Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 10.6 ​ $ 176,373 ​ $ 46,494 ​ $ 129,879 Trademark 2.0 ​ ​ 900 ​ ​ 900 ​ ​ — Technology 5.0 ​ ​ 500 ​ ​ 500 ​ ​ — Other 5.0 ​ ​ 1,214 ​ ​ 190 ​ ​ 1,024 ​ 10.5 ​ $ 178,987 ​ $ 48,084 ​ $ 130,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2019 ​ ​ Weighted ​ Gross ​ ​ ​ ​ Net ​ ​ Average Useful Life ​ Carrying ​ Accumulated ​ Carrying ​ at Acquisition Amount Amortization Amount Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 13.0 ​ $ 125,520 ​ $ 33,679 ​ $ 91,841 Trademark 2.0 ​ 900 ​ 431 ​ 469 Technology 5.0 ​ 500 ​ 370 ​ 130 ​ 12.9 ​ $ 126,920 ​ $ 34,480 ​ $ 92,440
Schedule of amortization expense related to the purchased intangible assets	​ ​ ​ ​ ​ Fiscal year Amount 2021 ​ $ 18,292 2022 ​ 18,703 2023 ​ 18,744 2024 ​ 18,310 2025 ​ 16,158 Thereafter ​ 40,696 Total ​ $ 130,903

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Mar. 31, 2020
Investment Securities.
Summary of investment securities	The following is a summary of investment securities at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Time Deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 3,927 ​ $ — ​ ​ — ​ $ 3,927 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 5,623 ​ ​ 235 ​ ​ — ​ ​ 5,858 Equity Shares/ Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ 1 ​ ​ 3 ​ ​ — ​ ​ 4 Total investment securities ​ $ 9,551 ​ $ 238 ​ $ — ​ $ 9,789 ​ The following is a summary of investment securities at March 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Available-for-sale debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 2,779 ​ $ 1 ​ $ (2) ​ $ 2,778 Non-current ​ — ​ ​ — ​ ​ — ​ ​ — Preference shares: ​ ​ 188 ​ ​ — ​ ​ — ​ ​ 188 Agency and short-term notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 1,492 ​ ​ 1 ​ ​ — ​ ​ 1,493 Time deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 15,861 ​ ​ — ​ ​ — ​ ​ 15,861 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 12,912 ​ ​ 94 ​ ​ — ​ ​ 13,006 Equity Shares/ Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ 8 ​ ​ 126 ​ ​ — ​ ​ 134 Total investment securities ​ $ 33,240 ​ $ 222 ​ $ (2) ​ $ 33,460
Summary of other-than-temporary impairment unrealized losses recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ March 31, 2020 ​ March 31, 2019 Unrealized losses recognized in other comprehensive income (loss) beginning balance ​ $ — ​ $ 70 Add: unrealized losses recognized ​ ​ 184 ​ ​ 1,341 Less: Other-than-temporary impairment recognized in earnings ​ (184) ​ (1,411) Unrealized losses in other comprehensive income (loss) ending balance ​ $ — ​ $ —
Schedule of gross unrealized losses and fair value of the Company's investment securities with unrealized losses that are not deemed to be other-than-temporarily impaired	The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and 2019: Less Than 12 Months ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Unrealized ​ Fair Value Loss Available-for-sale debt securities at March 31, 2020: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ — ​ $ — Agency bonds ​ — ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ — ​ $ — Available-for-sale debt securities at March 31, 2019: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ 253 ​ $ — Agency bonds ​ — ​ — Mutual funds ​ ​ — ​ ​ — Total ​ $ 253 ​ $ — ​ Greater Than 12 Months ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Unrealized ​ Fair Value Loss Available-for-sale debt securities at March 31, 2020: ​ ​ ​ ​ ​ ​ Corporate bonds $ — ​ $ — Agency bonds ​ ​ — ​ ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ — ​ $ — Available-for-sale debt securities at March 31, 2019: ​ ​ ​ ​ ​ ​ Corporate bonds ​ $ 2,297 ​ $ (2) Agency bonds ​ ​ — ​ ​ — Preference shares ​ ​ — ​ ​ — Total ​ $ 2,297 ​ $ (2)
Schedule of available-for-sale securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 Due in one year or less ​ $ 9,785 Due after 1 year through 5 years ​ 4 Due after 5 years ​ — Total ​ $ 9,789
Schedule of proceeds from sales of available-for-sale debt and equity securities and the gross gains and losses included in earnings as a result	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Proceeds from sales or maturities of available-for-sale ​ $ 58,408 ​ $ 109,512 ​ $ 158,800 Gross gains ​ $ 679 ​ $ 1,023 ​ $ 1,655 Gross losses ​ — ​ (13) ​ (127) Net realized gains on sales of available-for-sale debt ​ $ 679 ​ $ 1,010 ​ $ 1,528

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2020
Fair Value of Financial Instruments
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Investments: ​ ​ ​ ​ Time deposits—current ​ $ — ​ $ 3,927 ​ ​ — ​ $ 3,927 Equity securities—current ​ ​ — ​ ​ 5,858 ​ ​ — ​ ​ 5,858 Equity securities—non-current ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 4 Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ ​ 103 ​ ​ — ​ ​ 103 Foreign currency derivative contracts—non-current ​ — ​ 56 ​ ​ — ​ 56 Interest rate swap contracts ​ — ​ — ​ ​ — ​ — Total assets ​ $ — ​ $ 9,948 ​ $ — ​ $ 9,948 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ 3,689 ​ ​ — ​ 3,689 Foreign currency derivative contracts—non-current ​ ​ — ​ 364 ​ ​ — ​ 364 Interest rate swap contracts—non-current ​ ​ — ​ ​ 11,128 ​ ​ — ​ ​ 11,128 Contingent consideration ​ ​ — ​ ​ — ​ ​ 25,012 ​ ​ 25,012 Total liabilities ​ $ — ​ $ 15,181 ​ $ 25,012 ​ $ 40,193 ​ The Company estimates the fair value of our contingent consideration associated with our business combinations utilizing one or more significant inputs that are unobservable. The Company calculates the fair value of the contingent consideration based on the probability-weighted expected performance of the acquired business against the target performance metric, discounted to present value when appropriate. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities—current ​ $ — ​ $ 4,271 ​ ​ — ​ $ 4,271 Time deposits—current ​ ​ — ​ ​ 15,861 ​ ​ — ​ ​ 15,861 Equity securities—current ​ ​ — ​ ​ 13,006 ​ ​ — ​ ​ 13,006 Available-for-sale debt securities—non-current ​ — ​ 188 ​ — ​ 188 Equity securities—non-current ​ ​ — ​ ​ 134 ​ ​ — ​ ​ 134 Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ ​ — ​ ​ 3,264 ​ ​ — ​ ​ 3,264 Foreign currency derivative contracts—non-current ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Interest rate swap contracts—non-current ​ ​ — ​ ​ 1,349 ​ ​ — ​ ​ 1,349 Total assets ​ $ — ​ $ 38,220 ​ $ — ​ $ 38,220 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency derivative contracts—current ​ $ — ​ ​ 318 ​ $ — ​ ​ 318 Foreign currency derivative contracts—non-current ​ ​ — ​ ​ 3 ​ $ — ​ ​ 3 Interest rate swap contracts—non-current ​ ​ — ​ ​ 3,633 ​ ​ — ​ ​ 3,633 Total liabilities ​ $ — ​ $ 3,954 ​ $ — ​ $ 3,954

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2020
Leases
Components of operating leases	​ ​ ​ ​ ​ ​ ​ ​ Leases Location on Consolidated Balance Sheets ​ March 31, 2020 Assets ​ ​ ​ ​ ​ ​ Operating lease assets Operating lease right-of-use of assets ​ $ 48,684 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities ​ $ 11,543 ​ Noncurrent ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities, noncurrent ​ $ 41,697 ​ ​ ​ Total ​ $ 53,240 ​
Components of lease expense related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Location on Consolidated Statements of Income ​ March 31, 2020 Operating lease cost: ​ ​ ​ ​ ​ Operating lease cost ​ Selling, general and administrative expenses ​ $ 15,246 Variable lease cost ​ Selling, general and administrative expenses ​ $ 116 Short-term lease cost ​ Selling, general and administrative expenses ​ $ 557 Less: Sublease income ​ Selling, general and administrative expenses ​ $ (1,222) Total operating lease cost ​ ​ ​ $ 14,697
Summary of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ March 31, 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 14,870 ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ Operating leases ​ $ 7,968 ​
Summary of weighted average remaining lease term and weighted average discount rate	​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Weighted average remaining lease term, in years: ​ ​ ​ ​ Operating leases ​ ​ 5.39 ​ Weighted average discount rate: ​ ​ ​ ​ Operating leases ​ ​ 7.56 %
Schedule of maturities of the Company's operating lease liabilities, under ASC Topic 842, as of March 31, 2020	The following table provides the schedule of maturities of the Company’s operating lease liabilities, under ASC Topic 842, as of March 31, 2020: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ March 31, 2020 ​ 2021 ​ $ 15,103 ​ 2022 ​ ​ 13,829 ​ 2023 ​ ​ 11,076 ​ 2024 ​ ​ 7,274 ​ 2025 ​ ​ 4,902 ​ 2026 and thereafter ​ ​ 12,231 ​ Total lease payments ​ $ 64,415 ​ Interest ​ ​ (11,175) ​ Total lease liabilities ​ $ 53,240 ​
Schedule of the Company's future minimum payments on its operating leases at March 31, 2019, which were accounted for in accordance with its historic accounting policies under ASC Topic 840	​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ March 31, 2019 ​ 2020 ​ $ 14,685 ​ 2021 ​ ​ 13,895 ​ 2022 ​ ​ 12,663 ​ 2023 ​ ​ 9,879 ​ 2024 ​ ​ 5,686 ​ 2025 and thereafter ​ ​ 16,761 ​ Total lease payments ​ $ 73,569 ​

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Mar. 31, 2020
Revenues
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by geography: ​ 2020 ​ 2019 North America ​ $ 968,117 ​ $ 884,114 Europe ​ 230,965 ​ 261,967 Rest of World ​ 113,201 ​ 101,782 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by customer’s industry groups ​ 2020 ​ 2019 Banking, Financial Services and Insurance ​ $ 752,965 ​ $ 776,955 Communications and Technology ​ 449,661 ​ 360,967 Media & Information and Other ​ 109,657 ​ 109,941 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by service offerings ​ 2020 ​ 2019 Application outsourcing ​ $ 729,821 ​ $ 672,636 Consulting ​ ​ 582,462 ​ ​ 575,227 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, Revenue by contract type ​ 2020 ​ 2019 Time-and-materials ​ $ 771,312 ​ $ 738,309 Fixed-price* ​ 540,971 ​ 509,554 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ *Fixed-price includes both retainer-billing basis and fixed-price progress towards completion
Schedule of significant movements in contract assets and deferred revenue balances	The table below shows significant movements during the fiscal year ended March 31, 2020 and 2019 in contract assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 18,538 ​ $ 15,998 Revenues recognized during the period but not yet billed ​ 85,432 ​ 120,536 Amounts billed ​ (89,483) ​ (117,687) Other ​ (246) ​ (309) Ending balance ​ $ 14,241 ​ $ 18,538 ​ Contract liabilities comprise amounts billed to customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. ​ The table below shows significant movements in the deferred revenue balances during the fiscal year ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 6,421 ​ $ 7,908 Amounts billed but not yet recognized as revenues ​ 7,308 ​ 5,844 Revenues recognized related to the opening balance of deferred revenue ​ (5,462) ​ (6,906) Other ​ (213) ​ (425) Ending balance ​ $ 8,054 ​ $ 6,421
Schedule of capitalized costs to fulfill	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ March 31, 2019 Beginning balance ​ $ 4,299 ​ $ 4,278 Costs capitalized ​ 391 ​ 2,382 Amortization expense ​ (2,251) ​ (2,248) Foreign currency translation adjustments ​ (158) ​ (113) Ending balance ​ $ 2,281 ​ $ 4,299

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2020
Property and Equipment
Schedule of property and equipment and their estimated useful lives in years	Property and equipment and their estimated useful lives in years consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Useful ​ March 31, ​ Life (Years) 2020 2019 Computer and other equipment ​ 3 5 ​ $ 61,653 ​ $ 60,771 Furniture and fixtures 7 ​ 16,122 ​ 15,764 Vehicles 3 5 ​ 806 ​ 1,232 Software 3 10 ​ 17,856 ​ 24,752 Leasehold improvements Shorter of the lease period or estimated useful life ​ ​ 14,404 ​ 14,642 Buildings 15 - 30 ​ 29,602 ​ 31,813 Land ​ ​ ​ 42,483 ​ 45,765 Capital work-in-progress ​ ​ ​ 1,329 ​ 4,269 ​ ​ ​ ​ $ 184,255 ​ $ 199,008 Less—accumulated depreciation and amortization ​ ​ ​ 83,005 ​ 79,143 Property and equipment, net ​ ​ ​ $ 101,250 ​ $ 119,865 ​ ​

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	12 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other
Schedule of accrued expenses and other	Accrued expenses and other consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Accrued other taxes ​ $ 7,373 ​ $ 9,177 Accrued professional fees ​ 29,566 ​ 21,908 Acquisition related liabilities ​ 29,523 ​ 18,519 Hedge liability ​ 3,689 ​ 527 Accrued discounts ​ 12,268 ​ 9,055 Accrued employee travel and other expense ​ ​ 7,327 ​ ​ 5,303 Accrued other ​ 5,378 ​ 5,561 Total ​ $ 95,124 ​ $ 70,050

Debt (Tables)

Debt (Tables)	12 Months Ended
	Mar. 31, 2020
Debt
Summary of short-term debt balances	The following summarizes our short-term debt balance as of: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Term loan- current maturities ​ $ 17,344 ​ $ 12,500 Less: deferred financing costs, current ​ (1,301) ​ (1,093) Total ​ $ 16,043 ​ $ 11,407
Summary of long-term debt balances	The following summarizes our long-term debt balance as of: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Term loan ​ $ 225,469 ​ $ 237,500 Borrowings under revolving credit facility ​ ​ 274,500 ​ ​ 129,500 Less: ​ ​ ​ ​ ​ ​ Current maturities ​ (17,344) ​ (12,500) Deferred financing costs, long-term ​ (2,471) ​ (3,180) Total ​ $ 480,154 ​ $ 351,320
Schedule of maturities of long-term debt	​ The following represents the schedule of maturities of long-term debt: ​ ​ ​ ​ Fiscal year ending March 31 : March 31, 2020 2021 ​ $ 17,344 2022 ​ 23,125 2023 ​ 459,500 Total ​ $ 499,969

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Mar. 31, 2020
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Summary of stock option activity under the 2000 Plan, the 2007 Plan and the 2015 Plan	The following tables summarize stock option and restricted stock activity under the 2000 Plan, the 2007 Plan and the 2015 Plan, as the case may be, for the fiscal years ended March 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Option Activity ​ ​ Number of ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Options ​ Weighted ​ Average ​ ​ ​ ​ ​ to Purchase ​ Average ​ Remaining ​ Aggregate ​ ​ Common ​ Exercise ​ Life ​ Intrinsic ​ Shares Price (in years) Value Outstanding at March 31, 2017 569,661 ​ $ 13.31 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (322,317) ​ 12.60 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2018 247,344 ​ 14.24 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (101,618) ​ 10.02 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2019 145,726 ​ ​ 17.18 ​ ​ ​ ​ ​ Granted — ​ — ​ ​ ​ ​ ​ Exercised (31,830) ​ ​ 14.69 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2020 113,896 ​ $ 17.87 2.01 ​ $ 1,261 Exercisable at March 31, 2020 113,896 ​ $ 17.87 2.01 ​ $ 1,261
Restricted Stock
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Summary of restricted stock activity under the 2000 Plan, the 2007 Plan and the 2015 Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Award Activity ​ ​ Number of ​ ​ ​ ​ ​ Restricted ​ Weighted Average ​ Stock Awards Grant Date Fair Value Unvested at March 31, 2017 ​ 217,560 ​ $ 35.55 Awarded — ​ — Vested (126,843) ​ 32.64 Forfeited (15,090) ​ 37.55 Unvested at March 31, 2018 75,627 ​ ​ 40.04 Awarded — ​ — Vested (57,822) ​ 37.93 Forfeited (3,786) ​ 45.88 Unvested at March 31, 2019 14,019 ​ ​ 47.17 Awarded — ​ — Vested (14,019) ​ 47.17 Forfeited — ​ — Unvested at March 31, 2020 — ​ $ —
Restricted Stock Units R S U
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Summary of restricted stock activity under the 2000 Plan, the 2007 Plan and the 2015 Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Unit Activity ​ ​ Number of ​ ​ ​ ​ ​ Restricted ​ Weighted Average ​ Stock Units Grant Date Fair Value Unvested at March 31, 2017 ​ 1,979,616 ​ $ 27.29 Awarded 731,363 ​ ​ 35.99 Vested (436,225) ​ ​ 39.14 Forfeited (752,765) ​ ​ 25.06 Unvested at March 31, 2018 1,521,989 ​ ​ 29.18 Awarded 775,532 ​ ​ 46.27 Vested (612,854) ​ ​ 30.11 Forfeited (291,547) ​ ​ 31.66 Unvested at March 31, 2019 1,393,120 ​ ​ 37.76 Awarded ​ 761,467 ​ ​ 41.38 Vested ​ (704,207) ​ ​ 37.87 Forfeited ​ (100,216) ​ ​ 43.82 Unvested at March 31, 2020 1,350,164 ​ $ 39.30

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2020
Income Taxes
Schedule of income before income tax expense based on the geographic location	The income before income tax expense shown below is based on the geographic location to which such income is attributed for each of the fiscal years ended March 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 United States ​ $ 25,528 ​ $ 9,454 ​ $ (31,526) Foreign ​ 23,133 ​ 28,710 ​ 73,362 Total ​ $ 48,661 ​ $ 38,164 ​ $ 41,836
Schedule of provision for income taxes	The provision for income taxes for each of the fiscal years ended March 31, 2020, 2019 and 2018 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 2018 Current provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (736) ​ $ 672 ​ $ 18,747 State ​ 995 ​ 447 ​ (108) Foreign ​ (2,133) ​ 21,124 ​ 24,195 Total current provision ​ $ (1,874) ​ $ 22,243 ​ $ 42,834 Deferred (benefit) provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (3,135) ​ $ (315) ​ $ (1,289) State ​ 1,692 ​ 1,105 ​ (2,726) Foreign ​ 3,626 ​ (2,560) ​ (5,931) Total deferred (benefit) provision ​ $ 2,183 ​ $ (1,770) ​ $ (9,946) Total provision for income taxes ​ $ 309 ​ $ 20,473 ​ $ 32,888
Summary of items which gave rise to differences between the income taxes in the statements of income and the income taxes computed at the U.S. statutory rate	The items which gave rise to differences between the income taxes in the statements of income and the income taxes computed at the U.S. statutory rate 21.0%, 21.0% and 30.7% for the year ended March 31, 2020, 2019 and 2018 respectively are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Tax on income before income tax expense at U.S. statutory rate ​ $ 10,124 ​ $ 8,014 ​ $ 12,865 U.S. state and local taxes (benefit), net of U.S. federal income tax effects ​ ​ 2,478 ​ ​ 1,459 ​ ​ (2,800) Benefit from foreign subsidiaries’ tax holidays ​ ​ (126) ​ ​ (5,778) ​ ​ (7,727) Foreign rate difference ​ ​ 7,668 ​ ​ 11,795 ​ ​ (2,215) Tax rate change ​ ​ (1,917) ​ ​ 431 ​ ​ 9,915 Nondeductible business costs ​ ​ 539 ​ ​ 1,032 ​ ​ 2,721 Repatriated foreign earnings ​ ​ — ​ ​ — ​ ​ — Deemed repatriated foreign earnings ​ ​ — ​ ​ (1,628) ​ ​ 17,834 GILTI and BEAT tax ​ ​ 3,367 ​ ​ 3,763 ​ ​ — Excess stock-based compensation benefits ​ ​ (1,024) ​ ​ (3,388) ​ ​ (1,674) Nondeductible interest ​ ​ — ​ ​ 6,213 ​ ​ 6,500 Other adjustments ​ ​ 4,118 ​ ​ (1,157) ​ ​ (342) Tax credit carry forwards ​ ​ (15,565) ​ ​ 548 ​ ​ (1,360) Income Tax Refundable ​ ​ (16,940) ​ ​ — ​ ​ — Valuation Allowance ​ ​ 7,587 ​ ​ (831) ​ ​ (829) Income tax expense ​ $ 309 ​ $ 20,473 ​ $ 32,888
Schedule of deferred tax assets (liabilities)	Deferred tax assets (liabilities) at March 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 Deferred revenue ​ $ 1,458 ​ $ 898 Bad debt reserve ​ 525 ​ 662 Tax credit carry forwards ​ 15,401 ​ 591 Accrued expenses and reserves ​ 23,116 ​ 14,087 Operating lease liabilities ​ ​ 20,428 ​ ​ — Share-based compensation expense ​ 1,929 ​ 4,911 Unrealized losses ​ ​ 4,630 ​ ​ 583 Intangible assets ​ ​ — ​ ​ 3,324 Net operating loss ​ 8,637 ​ 14,777 Total gross deferred tax assets ​ $ 76,124 ​ $ 39,833 Valuation allowance ​ ​ (9,644) ​ ​ (2,492) Total deferred tax assets ​ $ 66,480 ​ $ 37,341 Depreciable assets ​ (6,497) ​ (7,351) Intangible assets ​ ​ (13,236) ​ ​ — Operating lease right-of-use assets ​ ​ (18,829) ​ ​ — Acquisition and other liabilities ​ ​ (2,961) ​ ​ (8,890) Goodwill ​ (10,799) ​ (8,154) Total deferred tax liabilities ​ $ (52,322) ​ $ (24,395) Net deferred tax assets/(liabilities) ​ $ 14,158 ​ $ 12,946
Summary of the activity related to the gross unrecognized tax benefits	The following summarizes the activity related to the gross unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 2018 Balance at beginning of the fiscal year ​ $ 6,744 ​ $ 7,544 ​ $ 7,612 Foreign currency translation related to prior year tax positions ​ (467) ​ (472) ​ 105 Decreases related to prior year tax positions ​ — ​ (770) ​ (332) Decreases related to prior year tax positions due to settlements or lapse in applicable statute of limitations ​ (324) ​ (206) ​ (335) Increases related to prior year tax positions ​ 674 ​ 648 ​ 494 Balance at end of the fiscal year ​ $ 6,627 ​ $ 6,744 ​ $ 7,544

Post-retirement Benefits (Table

Post-retirement Benefits (Tables)	12 Months Ended
	Mar. 31, 2020
Post-retirement Benefits
Schedule of cost of pension plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Components of net periodic pension expense ​ ​ ​ ​ ​ ​ Expected return on plan assets ​ $ (876) ​ $ (807) ​ $ (692) Service costs for benefits earned ​ 2,750 ​ 1,914 ​ 1,464 Interest cost on projected benefit obligation ​ 985 ​ 741 ​ 660 Amortization of prior service cost ​ 26 ​ 44 ​ 9 Recognized net actuarial loss ​ 276 ​ 146 ​ 138 Net periodic pension expense ​ $ 3,161 ​ $ 2,038 ​ $ 1,579
Schedule of actuarial assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2020 2019 2018 ​ Discount rate ​ 6.60 % - 9.25 % ​ 7.10 % - 11.16 % ​ 7.30 % - 10.34 % Compensation increases (annual) 6.50 % - 7.00 % ​ 5.00 % - 8.00 % ​ 5.00 % - 8.00 % Expected return on assets 7.00 % - 8.44 % ​ 7.00 % - 11.87 % ​ 7.50 % - 12.20 %
Schedule of accumulated benefit obligation and projected benefit obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 Accumulated benefit obligation $ 9,867 ​ $ 8,208 Projected benefit obligation: ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 11,928 ​ $ 10,524 Service cost ​ 2,750 ​ 1,914 Interest cost ​ 985 ​ 741 Actuarial (gain) loss ​ 586 ​ 698 Benefits paid ​ (1,514) ​ (1,398) Plan combination ​ ​ 97 ​ ​ 259 Exchange rate adjustments ​ (1,003) ​ (810) Ending balance ​ $ 13,829 ​ $ 11,928
Schedule of fair value of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 Beginning balance ​ $ 10,055 ​ $ 9,885 Employer contributions ​ 2,505 ​ ​ 1,794 Actual return on plan assets ​ 997 ​ ​ 518 Actuarial loss ​ ​ — ​ ​ (3) Benefits paid ​ (1,495) ​ ​ (1,398) Exchange rate adjustments ​ (705) ​ ​ (741) Ending balance ​ $ 11,357 ​ $ 10,055
Schedule of plan asset allocation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Target ​ ​ Actual ​ Allocation ​ Allocation Government securities 40 % ​ 50 % ​ 52 % Corporate debt 30 % ​ 40 % ​ 37 % Other 1 % ​ 10 % ​ 11 %
Schedule of fair values of the Company's pension plan assets	The following table presents the fair values of the Company’s pension plan assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ ​ ​ ​ ​ Identical Assets ​ Inputs Asset Category Total (Level 1) (Level 2) At March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Bonds(1) ​ $ 5,896 ​ $ — ​ $ 5,896 Corporate Bonds(2) ​ 4,247 ​ ​ — ​ ​ 4,247 Equity Shares and Others(3) ​ 1,214 ​ ​ 427 ​ ​ 787 ​ ​ $ 11,357 ​ $ 427 ​ $ 10,930 At March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Bonds(1) ​ $ 4,975 ​ $ — ​ $ 4,975 Corporate Bonds(2) ​ 4,097 ​ — ​ 4,097 Equity Shares and Others(3) ​ 983 ​ ​ 346 ​ 637 ​ ​ $ 10,055 ​ $ 346 ​ $ 9,709 (1) This category comprises government fixed income investments with investments in India and Sri Lanka. (2) This category represents investment in bonds and debentures from diverse industries. (3) This category represents equity shares, money market investments and other investments.
Schedule of pension liability	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2020 2019 PBO ​ $ 13,829 $ 11,928 Fair value of plan assets ​ ​ 11,357 ​ 10,055 Funded status recognized ​ $ 2,472 ​ $ 1,873 Amount recorded in accumulated other comprehensive income ​ $ 2,298 ​ $ 2,402
Schedule of pretax amounts of prior service cost and actuarial gain (loss) recognized from accumulated other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2020 2019 2018 Prior service cost ​ $ (26) ​ $ (44) ​ $ (9) Net amortization gain (loss) ​ (276) ​ (146) ​ (138) Total ​ $ (302) ​ $ (190) ​ $ (147)
Schedule of estimated future benefits payments	​ ​ ​ ​ Fiscal year ending March 31 : ​ 2021 ​ $ 2,047 2022 ​ 1,768 2023 ​ 1,939 2024 ​ 2,406 2025 ​ 2,913 2026 - 2028 ​ $ 15,399

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Loss.
Schedule of changes in accumulated other comprehensive loss by component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Investment securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 12 $ 69 $ 57 Other comprehensive income (loss) (OCI) before reclassifications, net of tax of $0, $58, $108 ​ ​ (2) ​ ​ (219) ​ ​ 175 Reclassifications from OCI to other income, net of tax of $0, $20, $(246) ​ ​ 2 ​ ​ 150 ​ ​ (190) Less: Noncontrolling interests, net of tax of $0, $7, $15 ​ ​ — ​ ​ 12 ​ ​ 27 Comprehensive income (loss) on investment securities, net of tax of $0, $85, $(123) ​ ​ — ​ ​ (57) ​ ​ 12 Closing balance ​ $ 12 $ 12 $ 69 Currency translation adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ (57,354) $ (41,207) $ (50,415) OCI before reclassifications ​ ​ (13,464) ​ ​ (17,305) ​ ​ 8,262 Less: Noncontrolling interests ​ ​ (389) ​ ​ 1,158 ​ ​ 946 Comprehensive income (loss) on currency translation adjustments ​ ​ (13,853) ​ ​ (16,147) ​ ​ 9,208 Closing balance ​ $ (71,207) $ (57,354) $ (41,207) Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 39 $ 1,881 $ 11,789 OCI before reclassifications net of tax of $(3,050), $(1,966), $1,265 ​ ​ (8,616) ​ ​ (4,104) ​ ​ 2,428 Reclassifications from OCI to ​ ​ ​ ​ ​ ​ ​ ​ ​ —Revenue, net of tax of $4, $738 and $(3,036) ​ ​ 14 ​ ​ 1,375 ​ ​ (5,651) —Costs of revenue, net of tax of $(653), $392, $(1,543) ​ ​ (2,291) ​ ​ 1,089 ​ ​ (4,855) —Selling, general and administrative expenses, net of tax of $(265), $175, $(852) ​ ​ (943) ​ ​ 488 ​ ​ (2,748) —Interest expenses, net of tax of $(8), $(251), $(64) ​ ​ (21) ​ ​ (714) ​ ​ (160) Less: Noncontrolling interests, net of tax of $0, $13, $571 ​ ​ — ​ ​ 24 ​ ​ 1,078 Comprehensive income (loss) on cash flow hedges, net of tax of $(3,972), $(899), $(3,659) ​ ​ (11,857) ​ ​ (1,842) ​ ​ (9,908) Closing balance ​ $ (11,818) $ 39 $ 1,881 Benefit plans ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ (2,084) $ (1,424) $ (1,180) OCI before reclassifications net of tax of $232, $40, $(198) ​ ​ (633) ​ ​ (1,024) ​ ​ (364) Reclassifications from OCI for prior service credit (cost) to: ​ ​ ​ ​ ​ ​ ​ ​ ​ —Costs of revenue, net of tax of $0, $0, $34 ​ ​ — ​ ​ — ​ ​ 62 —Selling, general and administrative expenses, net of tax of $0, $0, $15 ​ ​ — ​ ​ — ​ ​ 27 Other income (expense), net of tax of $2, $13, $0 ​ ​ 24 ​ ​ 137 ​ ​ — Reclassifications from net actuarial gain (loss) amortization to: ​ ​ ​ ​ ​ ​ ​ ​ ​ —Costs of revenue, net of tax of $0, $0, $3 ​ ​ — ​ ​ — ​ ​ 5 —Selling, general and administrative expenses, net of tax of $0 for all periods ​ ​ — ​ ​ — ​ ​ 1 Other income (expense), net of tax of ​ ​ 279 ​ ​ 41 ​ ​ — Other adjustments, net of tax of $0, $(17), 0 ​ ​ 182 ​ ​ 159 ​ ​ 20 (Less): Noncontrolling interests, net of tax $0, $9, $2 ​ ​ (10) ​ ​ 27 ​ ​ 5 Comprehensive income (loss) on benefit plans, net of tax of $234, $48, $(144) ​ ​ (158) ​ ​ (660) ​ ​ (244) Closing balance ​ ​ (2,242) $ (2,084) $ (1,424) Accumulated other comprehensive loss ​ $ (85,255) $ (59,387) $ (40,681)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2020
Derivative Financial Instruments
Schedule of fair value of derivative instruments included in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts: ​ ​ ​ ​ ​ ​ Other current assets ​ $ 103 ​ $ 3,264 Other long-term assets ​ $ 56 ​ $ 147 Accrued expenses and other ​ $ 3,689 ​ $ 318 Long-term liabilities ​ $ 364 ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Interest rate swap contracts ​ ​ Other long-term assets ​ $ — ​ $ 1,349 Long-term liabilities ​ $ 11,128 ​ $ 3,633
Schedule of effect of the Company's foreign currency exchange and interest rate swap contracts on the consolidated financial statements	The following tables set forth the effect of the Company’s foreign currency exchange and interest rate swap contracts on the consolidated financial statements of the Company for the fiscal years ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) ​ ​ Recognized in AOCI on Derivatives Designated as ​ Derivatives Cash Flow Hedging Relationships ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts ​ $ (2,851) ​ $ (2,266) Interest rate swaps ​ $ (8,814) ​ $ (3,804) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified ​ Reclassified from AOCI into from AOCI into Income (loss) (Effective ​ Income Portion) ​ March 31, 2020 March 31, 2019 Revenue ​ $ (18) ​ $ (2,113) Costs of revenue ​ $ 2,944 ​ $ (1,481) Operating expenses ​ $ 1,208 ​ $ (663) Interest Expenses ​ $ 29 ​ $ 965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) ​ ​ ​ ​ Recognized in Income Derivatives not Designated ​ Location of Gain Or (Loss) ​ on Derivatives as Hedging Instruments Recognized in Income (loss) on Derivatives ​ March 31, 2020 March 31, 2019 Foreign currency exchange contracts Revenue ​ $ 706 ​ $ 1,427 ​ Costs of revenue ​ $ (404) ​ $ (941) ​ Selling, general and administrative expenses ​ $ (27) ​ $ (41)

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	Mar. 31, 2020
Business Segment Information
Schedule of revenue attributed to geographic areas based on location of the client	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ ​ 2020 2019 2018 Customer revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States of America ​ $ 912,063 ​ $ 843,791 ​ $ 628,147 United Kingdom ​ 182,365 ​ 209,232 ​ 195,547 Rest of World ​ 217,855 ​ 194,840 ​ 196,975 Consolidated revenue ​ $ 1,312,283 ​ $ 1,247,863 ​ $ 1,020,669
Schedule of long-lived assets, net of accumulated depreciation and amortization, attributed to geographic areas based on location of assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 March 31, 2019 Long-lived assets, net of accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ United States of America ​ ​ $ 272,422 ​ $ 216,279 India ​ ​ 238,367 ​ 251,722 Rest of World ​ ​ 17,857 ​ 23,847 Consolidated long-lived assets, net ​ ​ $ 528,646 ​ $ 491,848

Quarterly Results of Operatio_2

Quarterly Results of Operations (unaudited) (Tables)	12 Months Ended
	Mar. 31, 2020
Quarterly Results of Operations (unaudited)
Schedule of quarterly results of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 .

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Cash and cash equivalents and restricted cash
Restricted cash	$ 764	$ 437

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill and other intangible assets (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)item
Summary of Significant Accounting Policies
Number of reporting units for goodwill impairment analysis | item	1
Goodwill impairment charge | $	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Concentration of credit risk and significant customers (Details) - client	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Accounts Receivable
Significant Customers
Concentration risk percentage	10.00%	10.00%
Credit Concentration Risk | Accounts Receivable
Significant Customers
Number of clients	0	0
Customer A | Customer Concentration Risk | Sales Revenue Net
Significant Customers
Concentration risk percentage	16.00%	18.00%	19.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Internally-developed software (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Other non current assets
Software Development Costs
Capitalized implementation costs of a hosting arrangement	$ 6,581
Amortization of capitalized hosting arrangement costs	310
Software
Software Development Costs
Capitalized software development costs	9,948	$ 13,083
Amortization of capitalized software development costs	$ 1,392	$ 1,749	$ 2,377
Software | Minimum
Software Development Costs
Estimated useful life	3 years
Software | Maximum
Software Development Costs
Estimated useful life	10 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue recognition, cost of revenue and operating expenses, and other income (expense) (Details) ₨ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2020INR (₨)	Mar. 31, 2020USD ($)
Revenue Recognition
Reimbursements of travel and out-of-pocket expenses	$ 5,422	$ 13,271	$ 12,924
Costs of Revenue and Operating Expenses
Advertising and promotional expenses	$ 557	$ 477	$ 306
Other income (expense)
Intercompany note				₨ 20,000,000	$ 267,341

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Share based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based compensation
Total share-based compensation expense	$ 15,716	$ 29,056	$ 27,411
Costs of revenue
Share-based compensation
Total share-based compensation expense	365	499	895
Selling General And Administrative Expenses
Share-based compensation
Total share-based compensation expense	$ 15,351	$ 28,557	$ 26,516
Minimum
Share-based compensation
Requisite service period	3 years
Maximum
Share-based compensation
Requisite service period	4 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Recent accounting pronouncements ASC 606 (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019
Recently Adopted Accounting Pronouncements
Operating Lease, Right-of-Use Asset	$ 48,684
Operating Lease, Liability	$ 53,240
ASU 2016-02
Recently Adopted Accounting Pronouncements
Operating Lease, Right-of-Use Asset		$ 54,762
Operating Lease, Liability		$ 59,157

Earnings per Share - Basic earn

Earnings per Share - Basic earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income (loss) available to Virtusa stockholders	$ 22,246	$ 12,720	$ 7,102	$ 5,834	$ 8,361	$ 12,576	$ 1,505	$ (6,296)	$ 47,902	$ 16,146	$ 1,254
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)	(4,350)	(4,350)	(3,963)
Net income (loss) available to Virtusa common stockholders	$ 21,158	$ 11,633	$ 6,014	$ 4,747	$ 7,273	$ 11,489	$ 417	$ (7,383)	$ 43,552	$ 11,796	$ (2,709)
Denominator:
Basic weighted average common shares outstanding (in shares)									30,017,937	29,817,526	29,397,350
Basic earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 0.71	$ 0.39	$ 0.20	$ 0.16	$ 0.24	$ 0.38	$ 0.01	$ (0.25)	$ 1.45	$ 0.40	$ (0.09)

Earnings per Share - Diluted ea

Earnings per Share - Diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income (loss) available to Virtusa common stockholders	$ 21,158	$ 11,633	$ 6,014	$ 4,747	$ 7,273	$ 11,489	$ 417	$ (7,383)	$ 43,552	$ 11,796	$ (2,709)
Net income (loss) available to Virtusa common stockholders and assumed conversion									$ 43,552	$ 11,796	$ (2,709)
Denominator:
Basic weighted average common shares outstanding (in shares)									30,017,937	29,817,526	29,397,350
Dilutive effect of employee stock options and unvested restricted stock awards and restricted stock units									636,590	842,128
Weighted average shares-diluted (in shares)									30,654,527	30,659,654	29,397,350
Diluted earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 0.66	$ 0.38	$ 0.20	$ 0.15	$ 0.24	$ 0.37	$ 0.01	$ (0.25)	$ 1.42	$ 0.38	$ (0.09)

Earnings per Share - Anti-dilut

Earnings per Share - Anti-dilutive securities (Details) - shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Unvested restricted stock awards, unvested restricted stock units and options to purchase
Anti-dilutive securities
Shares excluded from computation of earnings (loss) per share	83,451	13,336	918,305
Series A Convertible Preferred Stock
Anti-dilutive securities
Shares excluded from computation of earnings (loss) per share	3,000,000	3,000,000

Business Combinations - Transac

Business Combinations - Transaction details (Details) $ in Thousands	Sep. 12, 2019USD ($)	Mar. 12, 2019USD ($)	Mar. 12, 2018USD ($)tranche	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)
Fiscal 2020 aquisitions
Acquisitions
Number of business acquired | item				3
Deferred consideration payable				$ 10,343
Fair value of contingent consideration				$ 25,012
Deferred consideration payment term				1 year
Aggregate purchase price				$ 29,624
Fiscal 2020 aquisitions | Minimum
Acquisitions
Target performance period				12 months
Fiscal 2020 aquisitions | Maximum
Acquisitions
Amount of additional contingent consideration				$ 28,853
Target performance period				24 months
eTouch
Acquisitions
Cash purchase price			$ 140,000
Maximum additional amount set aside for retention bonuses			$ 15,000
Number of tranches for payment of purchase price | tranche			3
Aggregate purchase price		$ 42,500	$ 80,000	$ 17,500	$ 42,500
Anniversary payment of eTouch	$ 17,500
Retention bonus					$ 7,000

Business Combinations - Purchas

Business Combinations - Purchase price allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Assets and Liabilities:
Goodwill	$ 296,493	$ 279,543	$ 297,251
Weighted Average Useful Life at Aquisition	10 years 6 months	12 years 10 months 24 days
Trademarks
Assets and Liabilities:
Weighted Average Useful Life at Aquisition	2 years	2 years
Customer Relationships
Assets and Liabilities:
Weighted Average Useful Life at Aquisition	10 years 7 months 6 days	13 years
Fiscal 2020 aquisitions
Consideration Transferred
Cash paid at closing	$ 29,624
Deferred consideration payable	10,343
Fair value of contingent consideration	24,964
Fair value of consideration	64,931
Less: Cash acquired	(462)
Total purchase price, net of cash acquired	64,469
Assets and Liabilities:
Cash and cash equivalents	462
Goodwill	27,316
Other net	(653)
Total purchase price	64,931
Fiscal 2020 aquisitions | Customer Relationships
Assets and Liabilities:
Intangible assets	$ 37,806
Fiscal 2020 aquisitions | Customer Relationships | Minimum
Assets and Liabilities:
Weighted Average Useful Life at Aquisition	5 years
Fiscal 2020 aquisitions | Customer Relationships | Maximum
Assets and Liabilities:
Weighted Average Useful Life at Aquisition	7 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)
Goodwill:
Number of reportable segments | item	1
Changes in goodwill
Beginning balance	$ 279,543	$ 297,251
Goodwill arising from acquisitions	27,316
Purchase price adjustment		(7,407)
Foreign currency translation adjustments	(10,366)	(10,301)
Ending balance	296,493	$ 279,543
Acquisition costs and goodwill deductible for tax purposes	168,493
Acquisition costs and goodwill not deductible for tax purposes	140,903
Acquired certain assets of a small consulting company purchase price
Amount paid towards earn-out consideration	1,051
Fiscal 2020 aquisitions
Changes in goodwill
Ending balance	27,316
Acquired certain assets of a small consulting company purchase price
Cash paid at closing	9,651
Amount paid towards earn-out consideration	3,736
Probable and estimable value of the contingent consideration	3,994
Maximum | Fiscal 2020 aquisitions
Acquired certain assets of a small consulting company purchase price
Additional earn-out consideration	$ 9,853

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Intangible Assets
Weighted Average Useful Life at Aquisition	10 years 6 months	12 years 10 months 24 days
Gross Carrying Amount	$ 178,987	$ 126,920
Accumulated Amortization	48,084	34,480
Net Carrying Amount	130,903	92,440
Amortization of Intangible Assets	14,675	$ 11,394	$ 10,089
Estimated amortization expense related to the purchased intangible assets
2021	18,292
2022	18,703
2023	18,744
2024	18,310
2025	16,158
Thereafter	40,696
Total	$ 130,903
Customer Relationships
Intangible Assets
Weighted Average Useful Life at Aquisition	10 years 7 months 6 days	13 years
Gross Carrying Amount	$ 176,373	$ 125,520
Accumulated Amortization	46,494	33,679
Net Carrying Amount	$ 129,879	$ 91,841
Trademarks
Intangible Assets
Weighted Average Useful Life at Aquisition	2 years	2 years
Gross Carrying Amount	$ 900	$ 900
Accumulated Amortization	$ 900	431
Net Carrying Amount		$ 469
Technology
Intangible Assets
Weighted Average Useful Life at Aquisition	5 years	5 years
Gross Carrying Amount	$ 500	$ 500
Accumulated Amortization	$ 500	370
Net Carrying Amount		$ 130
Other
Intangible Assets
Weighted Average Useful Life at Aquisition	5 years
Gross Carrying Amount	$ 1,214
Accumulated Amortization	190
Net Carrying Amount	$ 1,024

Investment Securities (Details)

Investment Securities (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Total available-for-sale debt securities and equity securities
Amortized Cost	$ 9,551	$ 33,240
Gross Unrealized Gains	238	222
Gross Unrealized Losses		(2)
Fair Value	9,789	33,460
Other-than-temporary impairment losses recognized
Unrealized losses recognized in other comprehensive income (loss) beginning balance		70
Add: unrealized losses recognized	184	1,341
Less: Other than temporary impairment recognized in earnings	$ (184)	(1,411)
Unrealized losses in other comprehensive income (loss) ending balance			$ 70
Fair Value
Less Than 12 Months		253
Greater Than 12 Months		2,297
Gross Unrealized Loss
Greater Than 12 Months		(2)
Number of investment securities in unrealized loss positions for greater than 12 months | item	0
Available-for-sale securities by contractual maturity
Due in one year or less	$ 9,785
Due after 1 year through 5 years	4
Total	9,789
Proceeds from sales or maturities of available-for-sale investment and equity securities
Proceeds from sales or maturities of available-for-sale investment securities and equity securities	58,408	109,512	158,800
Gross gains	679	1,023	1,655
Gross losses		(13)	(127)
Net realized gains on sales of available-for-sale investment securities and equity securities	679	1,010	$ 1,528
Corporate Debt Securities
Fair Value
Less Than 12 Months		253
Greater Than 12 Months		2,297
Gross Unrealized Loss
Greater Than 12 Months		(2)
Corporate Debt Securities | Current
Available-for-sale debt securities
Amortized Cost		2,779
Gross Unrealized Gains		1
Gross Unrealized Losses		(2)
Fair Value		2,778
Preference shares
Available-for-sale debt securities
Amortized Cost		188
Fair Value		188
Agency And Short Term Notes | Current
Available-for-sale debt securities
Amortized Cost		1,492
Gross Unrealized Gains		1
Fair Value		1,493
Time Deposits. | Current
Available-for-sale debt securities
Amortized Cost	3,927	15,861
Fair Value	3,927	15,861
Mutual funds | Current
Equity securities
Amortized Cost	5,623	12,912
Gross Unrealized Gains	235	94
Fair Value	5,858	13,006
Equity Shares/ Options | Noncurrent
Equity securities
Amortized Cost	1	8
Gross Unrealized Gains	3	126
Fair Value	$ 4	$ 134

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Details) $ in Thousands	Mar. 31, 2020USD ($)
Investments in Unconsolidated Affiliates
Difference between carrying amount and equity in net assets	$ 735
Intellect Polaris Design LLC
Investments in Unconsolidated Affiliates
Subsidiaries ownership percentage that is directly or indirectly owned or controlled	50.00%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial assets and liabilities measured at fair value on a recurring basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Investments:
Available-for-sales debt securities - current		$ 4,271
Time deposits-current	$ 3,927	15,861
Equity securities - current	5,858	13,006
Available-for-sales debt securities - non-current		188
Equity securities - non-current	4	134
Derivative financial instruments:
Foreign currency derivative contracts-current	103	3,264
Foreign currency derivative contracts-non-current	56	147
Interest rate swap contracts--non-current		1,349
Total assets	9,948	38,220
Liabilities:
Foreign currency derivative contracts-current	3,689	318
Foreign currency derivative contracts-non-current	364	3
Interest rate swap contracts - non-current	11,128	3,633
Contingent consideration	25,012
Total liabilities	40,193	3,954
Fair Value Inputs Level2
Investments:
Available-for-sales debt securities - current		4,271
Time deposits-current	3,927	15,861
Equity securities - current	5,858	13,006
Available-for-sales debt securities - non-current		188
Equity securities - non-current	4	134
Derivative financial instruments:
Foreign currency derivative contracts-current	103	3,264
Foreign currency derivative contracts-non-current	56	147
Interest rate swap contracts--non-current		1,349
Total assets	9,948	38,220
Liabilities:
Foreign currency derivative contracts-current	3,689	318
Foreign currency derivative contracts-non-current	364	3
Interest rate swap contracts - non-current	11,128	3,633
Total liabilities	15,181	$ 3,954
Fair Value Inputs Level3
Liabilities:
Contingent consideration	25,012
Total liabilities	$ 25,012

Leases - Supplemental balance s

Leases - Supplemental balance sheet information (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases
Operating lease right-of-use assets	$ 48,684
Operating lease asset location on balance sheet	us-gaap:OperatingLeaseRightOfUseAsset
Operating lease liabilities, current	$ 11,543
Operating lease liabilities current location on balance sheet	us-gaap:OperatingLeaseLiabilityCurrent
Operating lease liabilities, noncurrent	$ 41,697
Operating lease liabilities non current location on balance sheet	us-gaap:OperatingLeaseLiabilityNoncurrent
Total lease liabilities	$ 53,240

Leases - Components of lease ex

Leases - Components of lease expense (Details) - Selling General And Administrative Expenses $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Operating lease cost:
Operating lease cost	$ 15,246
Variable lease cost	116
Short-term lease cost	557
Less: Sublease income	(1,222)
Total operating lease cost	$ 14,697

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Leases
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases	$ 14,870
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 7,968
Minimum
Leases
Remaining lease terms, operating lease	1 year
Maximum
Leases
Remaining lease terms, operating lease	9 years

Leases - Lease terms and discou

Leases - Lease terms and discount rates (Details)	Mar. 31, 2020agreement
Leases
Weighted average remaining lease term (Years) - Operating leases	5 years 4 months 20 days
Weighted average discount rate - Operating) - Operating leases	7.56%
Number of lease agreements that contained restrictive covenants or material residual guarantees	0

Leases - Lease maturities (Deta

Leases - Lease maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases maturities:
2021	$ 15,103
2022	13,829
2023	11,076
2024	7,274
2025	4,902
2026 and thereafter	12,231
Total lease payments	64,415
Interest	(11,175)
Total lease liabilities	$ 53,240

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounted for in accordance with its historic accounting policies under ASC Topic 840
2020	$ 14,685
2021	13,895
2022	12,663
2023	9,879
2024	5,686
2025 and thereafter	16,761
Total lease payments	73,569
Operating lease rental expense	$ 14,569	$ 12,011

Leases - Leases not yet commenc

Leases - Leases not yet commenced (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases not yet commenced
Amount of operating lease that has yet to commence	$ 297
Minimum
Leases not yet commenced
Term of lease	2 years
Maximum
Leases not yet commenced
Term of lease	5 years

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue
Revenue	$ 1,312,283	$ 1,247,863
Time-and-materials
Disaggregation of Revenue
Revenue	771,312	738,309
Fixed-price
Disaggregation of Revenue
Revenue	540,971	509,554
Application outsourcing
Disaggregation of Revenue
Revenue	729,821	672,636
Consulting
Disaggregation of Revenue
Revenue	582,462	575,227
Banking Financial Services and Insurance
Disaggregation of Revenue
Revenue	752,965	776,955
Communications and Technology
Disaggregation of Revenue
Revenue	449,661	360,967
Media & Information and Other
Disaggregation of Revenue
Revenue	109,657	109,941
North America
Disaggregation of Revenue
Revenue	968,117	884,114
Europe
Disaggregation of Revenue
Revenue	230,965	261,967
Rest Of World
Disaggregation of Revenue
Revenue	$ 113,201	$ 101,782

Revenues - Receivable and Contr

Revenues - Receivable and Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Significant movements in contract assets
Beginning balance	$ 18,538	$ 15,998
Revenues recognized during the period but not yet billed	85,432	120,536
Amounts billed	(89,483)	(117,687)
Other	(246)	(309)
Ending balance	14,241	18,538
Significant movements in deferred revenue balances
Beginning balance	6,421	7,908
Amounts billed but not yet recognized as revenues	7,308	5,844
Revenues recognized related to the opening balance of deferred revenue	(5,462)	(6,906)
Other	(213)	(425)
Ending balance	$ 8,054	$ 6,421

Revenues - Remaining performanc

Revenues - Remaining performance obligation (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Remaining performance obligation
Aggregate amount of transaction price allocated to remaining performance obligations	$ 36,302
Upfront payments
Unamortized upfront payments for services	$ 32,244
Amortization period for upfront payments for services	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-31
Remaining performance obligation
Remaining performance obligation, expected period of recognition	5 years

Revenues - Capitalized costs (D

Revenues - Capitalized costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Capitalized costs to fulfill
Beginning balance	$ 4,299	$ 4,278
Costs capitalized	391	2,382
Amortization expense	(2,251)	(2,248)
Foreign currency translation adjustments	(158)	(113)
Ending balance	$ 2,281	$ 4,299

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Property and Equipment
Property and equipment, gross	$ 184,255	$ 199,008
Less-accumulated depreciation and amortization	83,005	79,143
Property and equipment, net	101,250	119,865
Depreciation and amortization expense	17,614	17,174	$ 17,448
Computer And Other Equipment
Property and Equipment
Property and equipment, gross	$ 61,653	60,771
Computer And Other Equipment | Minimum
Property and Equipment
Estimated Useful Life	3 years
Computer And Other Equipment | Maximum
Property and Equipment
Estimated Useful Life	5 years
Furniture And Fixtures
Property and Equipment
Estimated Useful Life	7 years
Property and equipment, gross	$ 16,122	15,764
Vehicles
Property and Equipment
Property and equipment, gross	$ 806	1,232
Vehicles | Minimum
Property and Equipment
Estimated Useful Life	3 years
Vehicles | Maximum
Property and Equipment
Estimated Useful Life	5 years
Software
Property and Equipment
Property and equipment, gross	$ 17,856	24,752
Software | Minimum
Property and Equipment
Estimated Useful Life	3 years
Software | Maximum
Property and Equipment
Estimated Useful Life	10 years
Leasehold Improvements
Property and Equipment
Property and equipment, gross	$ 14,404	14,642
Building
Property and Equipment
Property and equipment, gross	$ 29,602	31,813
Building | Minimum
Property and Equipment
Estimated Useful Life	15 years
Building | Maximum
Property and Equipment
Estimated Useful Life	30 years
Land
Property and Equipment
Property and equipment, gross	$ 42,483	45,765
Capital work in progress
Property and Equipment
Property and equipment, gross	$ 1,329	$ 4,269

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2020
Assets Held for Sale
Impairment loss relating to the reclassification of land acquired in the Polaris acquisition to held for sale	$ 3,955
Asset held for sale	$ 8,978	$ 8,334

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Accrued Expenses and Other
Accrued other taxes	$ 7,373	$ 9,177
Accrued professional fees	29,566	21,908
Acquisition related liabilities	29,523	18,519
Hedge liability	3,689	527
Accrued discounts	12,268	9,055
Accrued employee travel and other expense	7,327	5,303
Accrued other	5,378	5,561
Total	$ 95,124	$ 70,050

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) $ in Thousands	Sep. 12, 2019USD ($)	Oct. 15, 2018	Mar. 12, 2018USD ($)	Feb. 06, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Oct. 15, 2019USD ($)	Oct. 14, 2019USD ($)	Feb. 05, 2018USD ($)
Debt
Amount under term loan					$ 499,969	$ 499,969
Amount drawn down on credit facility						$ 145,000	$ 74,500	$ 75,000
Repayment of line of credit balance								$ 20,000
Fixed coverage ratio						1.25
eTouch
Debt
Anniversary payment term						18 months
Anniversary payment of eTouch	$ 17,500
Debt Instrument, From December 31, 2017 And Not More Than Period Ending Prior To December 31, 2019
Debt
Consolidated leverage ratio						3.50
Debt Instrument, From December 31, 2019 And Not More Than Period Ending Prior To September 30, 2020
Debt
Maximum leverage ratio for next nine months						3.25
Debt Instrument, Period Thereafter
Debt
Consolidated leverage ratio						3
Credit Agreement | JPM | Revolving credit facility
Debt
Maximum borrowing capacity under the credit agreement				$ 200,000	$ 499,969	$ 499,969
Amount drawn down on credit facility				55,000		145,000
Credit Agreement | JPM | Delayed-draw term loan
Debt
Maximum borrowing capacity under the credit agreement				70,000
Amount drawn down on credit facility			$ 70,000
Credit Agreement | JPM | Term loan facility
Debt
Maximum borrowing capacity under the credit agreement				180,000
Amount drawn down on credit facility				$ 180,000
Required principal payments per quarter						$ 4,336
Frequency of required principal payments						quarterly
Term of credit facility						5 years
Weighted average interest rate					3.18%	3.18%
Credit Agreement | JPM | COVID-19
Debt
Amount drawn down on credit facility					$ 84,000
Prior Credit Agreement | JPM
Debt
Maximum borrowing capacity under the credit agreement											$ 300,000
Credit Agreement Amendment | JPM | London Interbank Offered Rate L I B O R
Debt
Interest rate (as a percent)		2.75%
Credit Agreement Amendment | JPM | Revolving credit facility
Debt
Maximum borrowing capacity under the credit agreement									$ 275,000	$ 200,000

Debt - Current portion of long-

Debt - Current portion of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current portion of long-term debt
Total	$ 16,043	$ 11,407
JPM
Current portion of long-term debt
Term loan - current maturities	17,344	12,500
Less: deferred financing costs, current	(1,301)	(1,093)
Total	$ 16,043	$ 11,407

Debt - Long-term debt, less cur

Debt - Long-term debt, less current portion (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Less:
Total	$ 480,154	$ 351,320
JPM
Less:
Current maturities	(17,344)	(12,500)
Deferred financing costs, long-term	(2,471)	(3,180)
Total	480,154	351,320
Delayed-draw term loan | JPM
Long-term debt, less current portion
Term loan and borrowings under revolving credit facility	225,469	237,500
Revolving credit facility | JPM
Long-term debt, less current portion
Term loan and borrowings under revolving credit facility	$ 274,500	$ 129,500

Debt - Long term debt maturitie

Debt - Long term debt maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Maturities of long-term debt
2021	$ 17,344
2022	23,125
2023	459,500
Total	$ 499,969

Debt - Sale of accounts receiva

Debt - Sale of accounts receivable (Details) - U.K. Subsidiary $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Debt
Receivables sold under the terms of the financing agreement	$ 30,702
Amounts due related to a financing agreement to sell certain accounts receivable balances	$ 0

Series A Convertible Preferre_2

Series A Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Series A Convertible Preferred Stock
Cash dividends paid		$ 4,184	$ 4,184	$ 3,127
Series A Convertible Preferred Stock
Series A Convertible Preferred Stock
Declared and accrued dividends		686	686
Cash dividends paid		$ 4,184	$ 4,184
Series A Convertible Preferred Stock | Orogen
Series A Convertible Preferred Stock
Sale of convertible preferred stock (in shares)	108,000
Shares issuable upon conversion (in shares)	3,000,000
Aggregate purchase price	$ 108,000
Conversion price (in dollars per share)	$ 36
Dividend rate (as a percent)	3.875%
Direct and incremental expenses incurred	$ 1,154
Series A Convertible Preferred Stock | Orogen | After May 3, 2024
Series A Convertible Preferred Stock
Increase in preference dividend rate, per annum upon failure to repurchase (as a percent)	1.00%
Additional increase in preference dividend rate, per annum on each anniversary of the date that the Company is required to effect such repurchase (as a percent)	1.00%
Series A Convertible Preferred Stock | Orogen | After May 3, 2024 | Maximum
Series A Convertible Preferred Stock
Dividend rate (as a percent)	6.875%

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	May 31, 2015	May 31, 2007
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Share-based compensation expense	$ 15,716	$ 29,056	$ 27,411
Additional disclosure
Unrecognized compensation cost related to unvested stock options, restricted stock awards, deferred stock awards and restricted stock units	$ 18,629
Weighted average period for recognition of unrecognized compensation cost	1 year 4 months 20 days
Employee Stock Option
Number of Options to Purchase Common Shares
Outstanding at the beginning of the period (in shares)	145,726	247,344	569,661
Granted (in shares)	0	0	0
Exercised (in shares)	(31,830)	(101,618)	(322,317)
Outstanding at the end of the period (in shares)	113,896	145,726	247,344
Exercisable at the end of the period (in shares)	113,896
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 17.18	$ 14.24	$ 13.31
Exercised (in dollars per share)	14.69	10.02	12.60
Outstanding at the end of the period (in dollars per share)	17.87	$ 17.18	$ 14.24
Exercisable at the end of the period (in dollars per share)	$ 17.87
Weighted Average Remaining Life (in years)
Outstanding at the end of the period	2 years 3 days
Exercisable at the end of the period	2 years 3 days
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 1,261
Exercisable at the end of the period	1,261
Additional disclosure
Aggregate intrinsic value of options exercised	888	$ 4,215	$ 7,816
Income tax (expense) benefits realized from the exercise of stock options	$ 1,024	$ 3,388	$ 1,481
Restricted Stock
Number of Restricted Stock Awards
Unvested at the beginning of the period (in shares)	14,019	75,627	217,560
Vested (in shares)	(14,019)	(57,822)	(126,843)
Forfeited (in shares)		(3,786)	(15,090)
Unvested at the end of the period (in shares)		14,019	75,627
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 47.17	$ 40.04	$ 35.55
Vested (in dollars per share)	$ 47.17	37.93	32.64
Forfeited (in dollars per share)		45.88	37.55
Unvested at the end of the period (in dollars per share)		$ 47.17	$ 40.04
Performance-based awards
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Number of shares granted not expected to vest	315,780
Share-based compensation expense	$ 0
Restricted Stock Units R S U
Number of Restricted Stock Awards
Unvested at the beginning of the period (in shares)	1,393,120	1,521,989	1,979,616
Awarded (in shares)	761,467	775,532	731,363
Vested (in shares)	(704,207)	(612,854)	(436,225)
Forfeited (in shares)	(100,216)	(291,547)	(752,765)
Unvested at the end of the period (in shares)	1,350,164	1,393,120	1,521,989
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 37.76	$ 29.18	$ 27.29
Awarded (in dollars per share)	41.38	46.27	35.99
Vested (in dollars per share)	37.87	30.11	39.14
Forfeited (in dollars per share)	43.82	31.66	25.06
Unvested at the end of the period (in dollars per share)	$ 39.30	$ 37.76	$ 29.18
Amended And Restated Stock Option Plan 2000
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Shares available for future grant (in shares)	0
Number of shares reserved for issuance	0
2015 Plan
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Number of shares reserved for issuance	945,643			3,000,000
2015 Plan | Stock options, restricted stock and restricted stock units
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Vesting period	4 years
2015 Plan | Performance-based awards
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Vesting period	3 years
Stock Option And Incentive Plan 2007
Stock Options, Restricted Stock Awards and Stock Appreciation Rights
Shares available for future grant (in shares)	0
Number of shares reserved for issuance					830,670
Percentage of increase in authorized shares on each April 1, beginning in 2008	2.90%

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income before income tax expense based on the geographic location
United States									$ 25,528	$ 9,454	$ (31,526)
Foreign									23,133	28,710	73,362
Income before income tax expense	$ 2,623	$ 23,201	$ 12,078	$ 10,759	$ 13,110	$ 23,197	$ 1,558	$ 299	48,661	38,164	41,836
Current provision:
Federal									(736)	672	18,747
State									995	447	(108)
Foreign									(2,133)	21,124	24,195
Total current provision									(1,874)	22,243	42,834
Deferred (benefit) provision:
Federal									(3,135)	(315)	(1,289)
State									1,692	1,105	(2,726)
Foreign									3,626	(2,560)	(5,931)
Total deferred (benefit) provision									2,183	(1,770)	(9,946)
Total provision for income taxes	$ (19,623)	$ 10,363	$ 4,830	$ 4,739	$ 4,611	$ 10,400	$ (402)	$ 5,864	$ 309	$ 20,473	$ 32,888

Income Taxes - Rate reconciliat

Income Taxes - Rate reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Taxes
Statutory tax rate (as a percent)									21.00%	21.00%	30.70%
Items which gave rise to differences between the income taxes in the statements of income and the income taxes computed at the U.S. statutory rate
Tax on income before income tax expense at U.S. statutory rate									$ 10,124	$ 8,014	$ 12,865
U.S. state and local taxes (benefit), net of U.S. federal income tax effects									2,478	1,459	(2,800)
Benefit from foreign subsidiaries' tax holidays									(126)	(5,778)	(7,727)
Foreign rate difference									7,668	11,795	(2,215)
Tax rate change									(1,917)	431	9,915
Nondeductible business costs									539	1,032	2,721
Deemed repatriated foreign earnings										(1,628)	17,834
GILTI and BEAT tax									3,367	3,763
Excess stock-based compensation benefits									(1,024)	(3,388)	(1,674)
Nondeductible interest										6,213	6,500
Other adjustments									4,118	(1,157)	(342)
Tax credit carry forwards									(15,565)	548	(1,360)
Income Tax Refundable									(16,940)
Valuation Allowance									7,587	(831)	(829)
Total provision for income taxes	$ (19,623)	$ 10,363	$ 4,830	$ 4,739	$ 4,611	$ 10,400	$ (402)	$ 5,864	$ 309	$ 20,473	$ 32,888

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Deferred tax assets (liabilities)
Deferred revenue	$ 1,458				$ 898				$ 1,458	$ 898
Bad debt reserve	525				662				525	662
Tax credit carry forwards	15,401				591				15,401	591
Accrued expenses and reserves	23,116				14,087				23,116	14,087
Operating lease liabilities	20,428								20,428
Share-based compensation expense	1,929				4,911				1,929	4,911
Unrealized losses	4,630				583				4,630	583
Intangible assets					3,324					3,324
Net operating loss	8,637				14,777				8,637	14,777
Total gross deferred tax assets	76,124				39,833				76,124	39,833
Valuation allowance	(9,644)				(2,492)				(9,644)	(2,492)
Total deferred tax assets	66,480				37,341				66,480	37,341
Depreciable assets	(6,497)				(7,351)				(6,497)	(7,351)
Intangible assets	(13,236)								(13,236)
Operating lease right-of-use assets	(18,829)								(18,829)
Acquisition and other liabilities	(2,961)				(8,890)				(2,961)	(8,890)
Goodwill	(10,799)				(8,154)				(10,799)	(8,154)
Total deferred tax liabilities	(52,322)				(24,395)				(52,322)	(24,395)
Net deferred tax assets/(liabilities)	14,158				12,946				14,158	12,946
Increase in valuation allowance									7,152
Income tax benefit	(19,623)	$ 10,363	$ 4,830	$ 4,739	$ 4,611	$ 10,400	$ (402)	$ 5,864	309	$ 20,473	$ 32,888
Deferred tax charge for disregarded entity election									2,879
Expected refund from income taxes									11,377
Expected foreign tax credits									14,324
Income tax expense included in impact of carry back claim									1,524
Net operating loss carry forwards which begin to expire in next five years	4,246								4,246
Capital loss carryover which begin to expire in 2026	4,391								4,391
Deferred tax assets likely to be realized for which a valuation allowance is not provided	14,393								14,393
Other comprehensive income (loss)
Deferred tax assets (liabilities)
Income tax benefit									(3,778)
ASU 2016-09
Deferred tax assets (liabilities)
Income tax benefit									1,024
United States
Deferred tax assets (liabilities)
Total deferred tax assets	28,218								28,218
Foreign Country
Deferred tax assets (liabilities)
Tax credits which begin to expire in March 2024	15,401								15,401
United Kingdom
Deferred tax assets (liabilities)
Total deferred tax assets	$ 673								$ 673

Income Taxes - Tax Act (Details

Income Taxes - Tax Act (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018USD ($)installment	Mar. 31, 2020USD ($)installment
Income Taxes
Deemed repatriation liability		$ 13,461
Deemed repatriation included in income taxes payable		1,282
Deemed repatriation included in long-term liabilities		$ 12,179
Number of installments to pay deemed repatriation tax on unremitted earnings | installment	8	8
Payment for deemed repatriation	$ 1,137

Income Taxes - Income tax holid

Income Taxes - Income tax holiday and other (Details) $ / shares in Units, $ in Thousands	Apr. 01, 2019	Mar. 31, 2020USD ($)a$ / shares	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares
Income Taxes
Parcel of land (in acres) | a		6.3
Consecutive period of income tax exemption		10 years
Income tax benefits total eligibility period		15 years
Cash, cash equivalents, short-term investments and long-term investments available for distribution if not indefinitely reinvested		$ 194,789
Total amount of unrecognized tax benefits that would reduce income tax expense and the effective income tax rate, if recognized		6,627	$ 6,744	$ 7,544
Unrecognized tax benefits to be realized through settlement with tax authorities or expiration of statute of limitations during next twelve months		$ 10
Virtusa India Private Limited
Income Taxes
Income tax exemption period		12 years
India
Income Taxes
Effective tax rate (as a percent)	25.17%		34.90%
India and Sri Lanka
Income Taxes
Increase in net income due to income tax holiday		$ 126	$ 5,778	$ 7,727
Increase in diluted earning per share due to income tax holiday (in dollars per share) | $ / shares		$ 0	$ 0.19	$ 0.26

Income Taxes - Activity related

Income Taxes - Activity related to gross unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Activity related to the gross unrecognized tax benefits
Balance as of beginning of the fiscal year	$ 6,744	$ 7,544	$ 7,612
Foreign currency translation related to prior year tax positions			105
Foreign currency translation related to prior year tax positions	(467)	(472)
Decreases related to prior year tax positions		(770)	(332)
Decreases related to prior year tax positions due to settlements or lapse in applicable statute of limitations	(324)	(206)	(335)
Increases related to prior year tax positions	674	648	494
Balance at end of the fiscal year	6,627	6,744	$ 7,544
Accrued interest and penalties	194	311
Total accrued interest and penalties, including foreign currency translation relating to certain foreign and domestic tax matters	1,586	$ 1,572
Decrease in unrecognized tax benefits	117
Cash settlements
Activity related to the gross unrecognized tax benefits
Decrease in unrecognized tax benefits	249
Other comprehensive income (loss)
Activity related to the gross unrecognized tax benefits
Decrease in unrecognized tax benefits	467
Income Tax Expense
Activity related to the gross unrecognized tax benefits
Decrease in unrecognized tax benefits	$ 599

Post-retirement Benefits (Detai

Post-retirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Post-retirement Benefits
Type of defined benefit plans	us-gaap:PensionPlansDefinedBenefitMember	us-gaap:PensionPlansDefinedBenefitMember	us-gaap:PensionPlansDefinedBenefitMember
Components of net periodic pension expense
Expected return on plan assets	$ (876)	$ (807)	$ (692)
Service costs for benefits earned	2,750	1,914	1,464
Interest cost on projected benefit obligation	985	741	660
Amortization of prior service cost	26	44	9
Recognized net actuarial loss	276	146	138
Net periodic pension expense	3,161	2,038	1,579
Accumulated benefit obligation and projected benefit obligation
Accumulated benefit obligation	9,867	8,208
Projected benefit obligation:
Beginning balance	11,928	10,524
Service cost	2,750	1,914
Interest cost	985	741	660
Actuarial (gain) loss	586	698
Benefits paid	(1,514)	(1,398)
Plan combination	97	259
Exchange rate adjustments	(1,003)	(810)
Ending balance	13,829	11,928	10,524
Fair value of plan assets
Beginning balance	10,055	9,885
Employer contributions	2,505	1,794
Actual return on plan assets	997	518
Actuarial loss		(3)
Benefits paid	(1,495)	(1,398)
Exchange rate adjustments	(705)	(741)
Ending balance	11,357	10,055	$ 9,885
Accrued employee compensation and benefits	79,373	74,801
India and Sri Lanka
Fair value of plan assets
Accrued employee compensation and benefits	$ 2,472	$ 1,873
Minimum
Actuarial assumptions
Discount rate (as a percent)	6.60%	7.10%	7.30%
Compensation increases (annual) (as a percent)	6.50%	5.00%	5.00%
Expected return on assets (as a percent)	7.00%	7.00%	7.50%
Maximum
Actuarial assumptions
Discount rate (as a percent)	9.25%	11.16%	10.34%
Compensation increases (annual) (as a percent)	7.00%	8.00%	8.00%
Expected return on assets (as a percent)	8.44%	11.87%	12.20%

Post-retirement Benefits - Plan

Post-retirement Benefits - Plan asset allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Plan asset allocation
Fair values of the pension plan assets	$ 11,357	$ 10,055	$ 9,885
Fair Value Inputs Level1
Plan asset allocation
Fair values of the pension plan assets	427	346
Fair Value Inputs Level2
Plan asset allocation
Fair values of the pension plan assets	$ 10,930	9,709
Foreign Government Debt Securities
Plan asset allocation
Actual Allocation (as a percent)	52.00%
Fair values of the pension plan assets	$ 5,896	4,975
Foreign Government Debt Securities | Minimum
Plan asset allocation
Target Allocation (as a percent)	40.00%
Foreign Government Debt Securities | Maximum
Plan asset allocation
Target Allocation (as a percent)	50.00%
Foreign Government Debt Securities | Fair Value Inputs Level2
Plan asset allocation
Fair values of the pension plan assets	$ 5,896	4,975
Corporate Debt Securities
Plan asset allocation
Actual Allocation (as a percent)	37.00%
Fair values of the pension plan assets	$ 4,247	4,097
Corporate Debt Securities | Minimum
Plan asset allocation
Target Allocation (as a percent)	30.00%
Corporate Debt Securities | Maximum
Plan asset allocation
Target Allocation (as a percent)	40.00%
Corporate Debt Securities | Fair Value Inputs Level2
Plan asset allocation
Fair values of the pension plan assets	$ 4,247	4,097
Other Assets
Plan asset allocation
Actual Allocation (as a percent)	11.00%
Fair values of the pension plan assets	$ 1,214	983
Other Assets | Minimum
Plan asset allocation
Target Allocation (as a percent)	1.00%
Other Assets | Maximum
Plan asset allocation
Target Allocation (as a percent)	10.00%
Other Assets | Fair Value Inputs Level1
Plan asset allocation
Fair values of the pension plan assets	$ 427	346
Other Assets | Fair Value Inputs Level2
Plan asset allocation
Fair values of the pension plan assets	$ 787	$ 637

Post-retirement Benefits - Pens

Post-retirement Benefits - Pension liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Pension liability
PBO	$ 13,829	$ 11,928	$ 10,524
Fair value of plan assets	11,357	10,055	9,885
Funded status recognized	2,472	1,873
Amount recorded in accumulated other comprehensive income	2,298	2,402
Amount in accumulated other comprehensive income (loss) that is expected to be recognized as a component of net periodic benefit cost	418
Expected contribution to gratuity plans by employer	5,335
Pretax amounts of prior service cost recognized in accumulated other comprehensive income
Prior service cost	(26)	(44)	(9)
Net amortization gain (loss)	(276)	(146)	(138)
Total	(302)	$ (190)	$ (147)
Estimated future benefits payments
2021	2,047
2022	1,768
2023	1,939
2024	2,406
2025	2,913
2026- 2028	$ 15,399

401(k) Plan (Details)

401(k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
401(k) Plan
Employer matching contribution recorded	$ 2,761	$ 2,091	$ 1,407

Noncontrolling interest - (Deta

Noncontrolling interest - (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 20, 2019	Aug. 01, 2018	Feb. 12, 2018	Mar. 03, 2016	Sep. 30, 2019	Mar. 31, 2019
Acquisitions
Aggregate purchase price of shares of delisted entity						$ 31,979
Polaris
Acquisitions
Shares held by noncontrolling interest shareholders of delisted entity (as a percent)					1.95%
Polaris Public Shareholders | Polaris
Acquisitions
Amount payable to remaining Polaris public shareholders	$ 13,564
Polaris
Acquisitions
Number of shares held by noncontrolling interest shareholders of delisted entity					2,009,365
Virtusa India Private Limited | Polaris
Acquisitions
Shares acquired (as a percent)				51.70%
Cash paid at closing				$ 168,257
Number of shares purchased from stockholders of delisted subsidiary					1,263,117
Shares purchased from stockholders of delisted subsidiary (as a percent)					1.20%
Aggregate purchase price of shares of delisted entity					$ 8,675
Virtusa India Private Limited | Polaris
Acquisitions
Shares acquired (as a percent)				51.70%
Ownership interest of diluted shares (as a percent)			93.00%
Exit price (in INR per share)	$ 480		$ 480
Expected amount of payment to settle the delisting offer			$ 145,000
Maximum period for public shareholders to tender shares after delisting		1 year

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Changes in the components of accumulated other comprehensive income (loss)
Balance				$ 390,774				$ 436,083	$ 390,774	$ 436,083	$ 585,016
Reclassifications from OCI to:
Other income									(1,402)	3,482	(2,362)
Revenue	$ (329,651)	$ (335,107)	$ (328,501)	(319,024)	$ (327,631)	$ (314,681)	$ (305,520)	(300,031)	(1,312,283)	(1,247,863)	(1,020,669)
Costs of revenue	249,397	236,427	238,584	234,735	230,364	221,461	216,346	216,481	959,143	884,652	725,445
Selling, general and administrative expenses	63,115	68,270	70,682	70,861	74,227	73,935	75,155	69,626	272,928	292,943	248,837
Interest expense									19,193	18,164	7,634
Less: comprehensive income attributable to noncontrolling interest, net of tax									849	324	5,638
Other income (expense), net of tax	14,516	$ 7,209	$ 7,157	2,669	9,930	$ (3,912)	$ 12,461	13,625	31,551	32,104	4,551
Balance	397,441				390,774				397,441	390,774	436,083
Investment securities, including noncontrolling interests
Changes in the components of accumulated other comprehensive income (loss)
OCI before reclassifications net of tax									(2)	(219)	175
Other Comprehensive Income (Loss), Tax
OCI before reclassifications, Tax									0	58	108
Investment securities, including noncontrolling interests | Other income (expense)
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	20	(246)
Investment securities, including noncontrolling interests | Reclassification Out Of Accumulated Other Comprehensive Income
Reclassifications from OCI to:
Other income									2	150	(190)
Investment securities, noncontrolling interests
Reclassifications from OCI to:
Less : Noncontrolling interests, net of tax										12	27
Other Comprehensive Income (Loss), Tax
Noncontrolling interests, Tax									0	7	15
Accumulated Net Unrealized Investment Gain Loss
Changes in the components of accumulated other comprehensive income (loss)
Balance				12				69	12	69	57
Reclassifications from OCI to:
Comprehensive income (loss)										(57)	12
Balance	12				12				12	12	69
Other Comprehensive Income (Loss), Tax
Comprehensive income (loss), Tax									0	85	(123)
Currency Translation Adjustments, including noncontrolling interests
Changes in the components of accumulated other comprehensive income (loss)
OCI before reclassifications net of tax									(13,464)	(17,305)	8,262
Foreign currency translation noncontrolling interests
Reclassifications from OCI to:
Less : Noncontrolling interests, net of tax									(389)	1,158	946
Accumulated Translation Adjustment [Member]
Changes in the components of accumulated other comprehensive income (loss)
Balance				(57,354)				(41,207)	(57,354)	(41,207)	(50,415)
Reclassifications from OCI to:
Comprehensive income (loss)									(13,853)	(16,147)	9,208
Balance	(71,207)				(57,354)				(71,207)	(57,354)	(41,207)
Cash Flow Hedges, including noncontrolling interests.
Changes in the components of accumulated other comprehensive income (loss)
OCI before reclassifications net of tax									(8,616)	(4,104)	2,428
Other Comprehensive Income (Loss), Tax
OCI before reclassifications, Tax									(3,050)	(1,966)	1,265
Cash Flow Hedges, including noncontrolling interests. | Revenue
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									4	738	(3,036)
Cash Flow Hedges, including noncontrolling interests. | Costs of revenue
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									(653)	392	(1,543)
Cash Flow Hedges, including noncontrolling interests. | Selling General And Administrative Expenses
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									(265)	175	(852)
Cash Flow Hedges, including noncontrolling interests. | Interest expenses
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									(8)	(251)	(64)
Cash Flow Hedges, including noncontrolling interests. | Reclassification Out Of Accumulated Other Comprehensive Income
Reclassifications from OCI to:
Revenue									14	1,375	(5,651)
Costs of revenue									(2,291)	1,089	(4,855)
Selling, general and administrative expenses									(943)	488	(2,748)
Interest expense									(21)	(714)	(160)
Cash Flow Hedges, noncontrolling interests.
Reclassifications from OCI to:
Less : Noncontrolling interests, net of tax										24	1,078
Other Comprehensive Income (Loss), Tax
Noncontrolling interests, Tax									0	13	571
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges.
Changes in the components of accumulated other comprehensive income (loss)
Balance				39				1,881	39	1,881	11,789
Reclassifications from OCI to:
Comprehensive income (loss)									(11,857)	(1,842)	(9,908)
Balance	(11,818)				39				(11,818)	39	1,881
Other Comprehensive Income (Loss), Tax
Comprehensive income (loss), Tax									(3,972)	(899)	(3,659)
Benefit plans, including noncontrolling interests
Changes in the components of accumulated other comprehensive income (loss)
OCI before reclassifications net of tax									(633)	(1,024)	(364)
Reclassifications from OCI to:
Other adjustments									182	159	20
Other Comprehensive Income (Loss), Tax
OCI before reclassifications, Tax									232	40	(198)
Benefit plans, prior service credit (cost), including noncontrolling interests | Costs of revenue
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	0	34
Benefit plans, prior service credit (cost), including noncontrolling interests | Selling General And Administrative Expenses
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	0	15
Benefit plans, prior service credit (cost), including noncontrolling interests | Other income (expense)
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									2	13	0
Benefit plans, prior service credit (cost), including noncontrolling interests | Reclassification Out Of Accumulated Other Comprehensive Income
Reclassifications from OCI to:
Costs of revenue											62
Selling, general and administrative expenses											27
Other income (expense), net of tax									24	137
Benefit plans, net actuarial gain (loss), including noncontrolling interest | Costs of revenue
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	0	3
Benefit plans, net actuarial gain (loss), including noncontrolling interest | Selling General And Administrative Expenses
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	0	0
Benefit plans, net actuarial gain (loss), including noncontrolling interest | Other income (expense)
Other Comprehensive Income (Loss), Tax
OCI before reclassifications, Tax									0	3	0
Benefit plans, net actuarial gain (loss), including noncontrolling interest | Other adjustments
Other Comprehensive Income (Loss), Tax
Reclassifications from OCI, Tax									0	(17)	0
Benefit plans, net actuarial gain (loss), including noncontrolling interest | Reclassification Out Of Accumulated Other Comprehensive Income
Reclassifications from OCI to:
Costs of revenue											5
Selling, general and administrative expenses											1
Other income (expense), net of tax									279	41
Benefit plans, noncontrolling interests
Reclassifications from OCI to:
Less : Noncontrolling interests, net of tax									(10)	27	5
Other Comprehensive Income (Loss), Tax
Noncontrolling interests, Tax									0	9	2
Accumulated Defined Benefit Plans Adjustment
Changes in the components of accumulated other comprehensive income (loss)
Balance				(2,084)				(1,424)	(2,084)	(1,424)	(1,180)
Reclassifications from OCI to:
Comprehensive income (loss)									(158)	(660)	(244)
Balance	(2,242)				(2,084)				(2,242)	(2,084)	(1,424)
Other Comprehensive Income (Loss), Tax
Comprehensive income (loss), Tax									234	48	(144)
Accumulated Other Comprehensive Income
Changes in the components of accumulated other comprehensive income (loss)
Balance				$ (59,387)				$ (40,681)	(59,387)	(40,681)	(39,749)
Reclassifications from OCI to:
Other comprehensive income (loss)									(25,868)	(18,706)	(932)
Balance	$ (85,255)				$ (59,387)				$ (85,255)	$ (59,387)	$ (40,681)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2019	Mar. 31, 2020
Treasury Stock.
Amount authorized	$ 30,000
Number of months from the approval date	12 months
Common stock repurchased (in shares)		505,565
Common stock at a weighted average price (in dollars per share)		$ 36.93
Aggregate purchase price		$ 18,680

Commitments, Contingencies and

Commitments, Contingencies and Guarantees - Loss contingencies (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)item	Feb. 28, 2019USD ($)
Loss contingencies
Impact on income from operations and cash flows		$ 7,500
Number of litigation filled | item	0
Indemnification Guarantee
Loss contingencies
Liability recorded	$ 0
Acts Under Information Technology Services
Loss contingencies
Liability recorded	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Hedging Programs (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Derivative Financial Instruments
Number of parties under derivative contact | item	4								4
Other income (expense), net of tax	$ (14,516)	$ (7,209)	$ (7,157)	$ (2,669)	$ (9,930)	$ 3,912	$ (12,461)	$ (13,625)	$ (31,551)	$ (32,104)	$ (4,551)
Foreign Exchange Contract
Derivative Financial Instruments
Number of hedging programs maintained | item									4
Designated As Hedging Instrument | Foreign Exchange Contract
Derivative Financial Instruments
Period hedged by Cash Flow Program									18 months
Additional period after which the contract is deemed ineffective									2 months
Notional value of outstanding contracts	$ 128,728				$ 118,557				$ 128,728	118,557
Unrealized net losses expected to be reclassified from AOCI to earnings during the next 12 months									$ 3,586
Designated As Hedging Instrument | Foreign Exchange Contract | Maximum
Derivative Financial Instruments
Outstanding term of derivative instruments									15 months
Designated As Hedging Instrument | Foreign Exchange Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges.
Derivative Financial Instruments
Other income (expense), net of tax									$ 0	$ 0
Nondesignated | Foreign Exchange Contract | Maximum
Derivative Financial Instruments
Outstanding term of derivative instruments									92 days

Derivative Financial Instrume_4

Derivative Financial Instruments - Interest rate swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest rate swaps
Derivative Financial Instruments
Notional value of outstanding contracts	$ 177,300
Outstanding term of derivative instruments	3 years
Unrealized loss on derivative	$ 11,128	$ 2,284
Interest rate swap 2018
Derivative Financial Instruments
Fixed interest rate	2.85%
Percentage of coverage target retain	50.00%
Interest rate swap 2018 | London Interbank Offered Rate L I B O R
Derivative Financial Instruments
Percentage of coverage on debt	50.00%
2016 interest rate swaps | 1-month LIBOR
Derivative Financial Instruments
Blended weighted average rate	1.025%

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivatives designated as hedging instruments (Details) - Designated As Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Foreign Exchange Contract
Foreign currency exchange and interest rate swap contracts
Other current assets	$ 103	$ 3,264
Other long-term assets	56	147
Accrued expenses and other	3,689	318
Long-term liabilities	364	3
Interest rate swaps
Foreign currency exchange and interest rate swap contracts
Other long-term assets		1,349
Long-term liabilities	$ 11,128	$ 3,633

Derivative Financial Instrume_6

Derivative Financial Instruments - Effect of foreign currency exchange and interest rate swap contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Designated As Hedging Instrument | Cash flow hedges. | Revenue
Derivative Financial Instruments
Amount of Gain or (Loss) Reclassified from AOCI into Income (loss)	$ (18)	$ (2,113)
Designated As Hedging Instrument | Cash flow hedges. | Costs of revenue
Derivative Financial Instruments
Amount of Gain or (Loss) Reclassified from AOCI into Income (loss)	2,944	(1,481)
Designated As Hedging Instrument | Cash flow hedges. | Operating Expense
Derivative Financial Instruments
Amount of Gain or (Loss) Reclassified from AOCI into Income (loss)	1,208	(663)
Designated As Hedging Instrument | Cash flow hedges. | Interest expenses
Derivative Financial Instruments
Amount of Gain or (Loss) Reclassified from AOCI into Income (loss)	29	965
Designated As Hedging Instrument | Cash flow hedges. | Foreign Exchange Contract
Derivative Financial Instruments
Amount of Gain or (Loss) Recognized in AOCI on Derivatives	(2,851)	(2,266)
Designated As Hedging Instrument | Cash flow hedges. | Interest rate swaps
Derivative Financial Instruments
Amount of Gain or (Loss) Recognized in AOCI on Derivatives	(8,814)	(3,804)
Nondesignated | Foreign Exchange Contract | Revenue
Derivative Financial Instruments
Amount of Gain or (Loss) Recognized in Income (loss) on Derivatives	706	1,427
Nondesignated | Foreign Exchange Contract | Costs of revenue
Derivative Financial Instruments
Amount of Gain or (Loss) Recognized in Income (loss) on Derivatives	(404)	(941)
Nondesignated | Foreign Exchange Contract | Selling General And Administrative Expenses
Derivative Financial Instruments
Amount of Gain or (Loss) Recognized in Income (loss) on Derivatives	$ (27)	$ (41)

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Business Segment Information
Revenues.	$ 329,651	$ 335,107	$ 328,501	$ 319,024	$ 327,631	$ 314,681	$ 305,520	$ 300,031	$ 1,312,283	$ 1,247,863	$ 1,020,669
Long-lived assets, net	528,646				491,848				528,646	491,848
United States of America
Business Segment Information
Revenues.									912,063	843,791	628,147
Long-lived assets, net	272,422				216,279				272,422	216,279
United Kingdom
Business Segment Information
Revenues.									182,365	209,232	195,547
India
Business Segment Information
Long-lived assets, net	238,367				251,722				238,367	251,722
Rest Of World
Business Segment Information
Revenues.									217,855	194,840	$ 196,975
Long-lived assets, net	$ 17,857				$ 23,847				$ 17,857	$ 23,847

Quarterly Results of Operatio_3

Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Quarterly Results of Operations (unaudited)
Revenue	$ 329,651	$ 335,107	$ 328,501	$ 319,024	$ 327,631	$ 314,681	$ 305,520	$ 300,031	$ 1,312,283	$ 1,247,863	$ 1,020,669
Costs of revenue	249,397	236,427	238,584	234,735	230,364	221,461	216,346	216,481	959,143	884,652	725,445
Gross profit	80,254	98,680	89,917	84,289	97,267	93,220	89,174	83,550	353,140	363,211	295,224
Operating expenses	63,115	68,270	70,682	70,861	74,227	73,935	75,155	69,626	272,928	292,943	248,837
Income from operations	17,139	30,410	19,235	13,428	23,040	19,285	14,019	13,924	80,212	70,268	46,387
Other income (expense)	(14,516)	(7,209)	(7,157)	(2,669)	(9,930)	3,912	(12,461)	(13,625)	(31,551)	(32,104)	(4,551)
Income befor income tax expense (benefit)	2,623	23,201	12,078	10,759	13,110	23,197	1,558	299	48,661	38,164	41,836
Income tax expense (benefit)	(19,623)	10,363	4,830	4,739	4,611	10,400	(402)	5,864	309	20,473	32,888
Net income (loss)	22,246	12,838	7,248	6,020	8,499	12,797	1,960	(5,565)	48,352	17,691	8,948
Noncontrolling interest		118	146	186	138	221	455	731	450	1,545	7,694
Net income (loss) available to Virtusa stockholders	22,246	12,720	7,102	5,834	8,361	12,576	1,505	(6,296)	47,902	16,146	1,254
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	4,350	4,350	3,963
Net income (loss) available to Virtusa common stockholders	$ 21,158	$ 11,633	$ 6,014	$ 4,747	$ 7,273	$ 11,489	$ 417	$ (7,383)	$ 43,552	$ 11,796	$ (2,709)
Basic earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 0.71	$ 0.39	$ 0.20	$ 0.16	$ 0.24	$ 0.38	$ 0.01	$ (0.25)	$ 1.45	$ 0.40	$ (0.09)
Diluted earnings (loss) per share available to Virtusa common stockholders (in dollars per share)	$ 0.66	$ 0.38	$ 0.20	$ 0.15	$ 0.24	$ 0.37	$ 0.01	$ (0.25)	$ 1.42	$ 0.38	$ (0.09)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	May 27, 2020USD ($)item	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	May 26, 2020
Subsequent Events
Amount drawn down on credit facility		$ 145,000	$ 74,500	$ 75,000
Credit Agreement Amendment
Subsequent Events
Amount prepaid	$ 55,000
Third Credit Agreement Amendement
Subsequent Events
Total amount outstanding under the credit facility	$ 444,969
London Interbank Offered Rate L I B O R | Third Credit Agreement Amendement
Subsequent Events
Interest rate (as a percent)	3.50%
Delayed-draw term loan | Third Credit Agreement Amendement
Subsequent Events
Amount under term loan	$ 62,492
Term of credit facility	364 days
Minimum | London Interbank Offered Rate L I B O R | Third Credit Agreement Amendement
Subsequent Events
LIBOR floor interest rate	1.00%				0.00%
Maximum | Delayed-draw term loan | Third Credit Agreement Amendement
Subsequent Events
Number of draw downs before September 24,2020 | item	3
Debt Instrument, From December 31, 2019 And Not More Than Period Ending Prior To September 30, 2020
Subsequent Events
Maximum leverage ratio for next nine months		3.25

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 2,253	$ 3,328	$ 1,805
Charged to Costs and Expenses	13	864	1,248
Deductions/ Other	(725)	(1,939)	275
Balance at End of Period	$ 1,541	$ 2,253	$ 3,328