for Thank you, Will. you Good everyone evening joining today. thank and us
posed These by by I and affected of months few me have of saying, around to out the Virtusa, families world. on And past that all hope unprecedented you and safe pandemic. those your hearts Let all challenges healthy. begin are COVID-XX go our the behalf
of We Virtusa's our fronts, manner. work early a in to remain ability safety the the team in top crisis global and have team protecting on and of plan priorities our families serve their from today, rapidly our delivery moved to continuing global members the XX% and home. of sustainable and safe both members health and these
to service be digital clients during proven in ability times. our challenging tremendous internal infrastructure cloud-based secure to asset Our uninterrupted our has these a
to our team above going all serve time address needs continuity business we an continue technology and maintain critical that and beyond adapting at to ensure, situation of most can to circumstance. members swiftly clients and global rely to evolving their any proud agile incredibly I'm any this our and partner trusted under for to moving quickly as on
X.X% a total decline X.X% for of In fourth sequentially $XXX.X terms the was of million, our results, growth representing year-over-year. revenue and quarter
QX EPS Our was non-GAAP $X.XX.
posted non-GAAP EPS full up billion For fiscal revenue, $X.XX $X.XX. year XXXX, of we and generated of X.X%
elongated the fourth client interruptions quarter as COVID-XX and project late including pandemic announced, impact previously in delays, as March, business of we our results well As reflect decision-making the cycles.
with across you that some and client provide in spend would what I COVID-XX impacting geographies is the the It context color clear is are to around industries market pandemic and Now, seeing at today. we like levels. varying
Some clients reducing are budgets.
Some sitting the have they aggressive until are while on a at more visibility. have others sidelines off-shoring, more taken look
expect see the for short-term current we us. we headwinds, environment Although, opportunities secular creating
are costs transformation cut trends transformation, including concurrently play increase Virtusa's moving efficiency remoting, corporations support. strength. These are remote revenue and in seeking spend, discretionary As they to to improvement short-term areas, reduce investments and term longer workforce or digital and into generating cloud
and are and digital digital, in The to years. our term. driver of through view value evolved we has delivering our definition is marketplace our initiatives and our business Digital industry digital in clients, the the clients long to committed revenue in overall how short central and the the recent
often largely term, chasing was companies of describe end-to-end broader back to technology driving requires cloud deep end-to-end to view consumer efficient end That consumer-facing a demand. previously and set other middleware experiences. where delivering digital digital truly is and a today's represents, More critical the a used seamless task experience technologies to what more and applications, systems, are that, and now and front digital. digital their integrating, interfaces expanded referred digital interfaces, of is realizing the immersive as with and The end,
industry fiscal to in after non-digital in technologies, digital total that, of XX% view XXXX. proportion align With year increases of digital revenue revenue of Virtusa's with we specifically when our and our definition and mind, clients excluding
definition we forward, digital use report digital our percentage. our updated will of Moving to revenue
with And mix overall pipeline our digital year-on-year the to our quarter. revenue the pipeline expanded consistent has mix. of is Additionally, overall revised digital XX% pipeline fourth our in
are inextricably that the recessionary environment the cloud As operating demand essential. digital interest competitive strength are also efficiencies two cloud advantage. the in transformation We for believe our accelerate operate offering, continues transformation significant a and current pandemic flexibility will we and cost grow, represents and to and and in reduction, cloud Virtusa we demand are left. The increased seeing
the positioned have seen to already we encouraged help are are by We clients. early and our signs well
have growing. steady workforces up with setting remote and And call been the finally, for help
around are that this global technical were Employers Agile including for As remoting millions ready for home. and virtual execution, from abilities, Hyper of now Virtusa is estimated it and out reached services. have today, And tens solutions many working Distributed our workers transition. not of of our unique to
Alongside interest we in these vendor consolidation, that to Squad, Release seeing opportunities all overall proven including play discrete areas, Agile optimization performance and to Assurance cost essential and cost service strength, more down our are approaches driving up.
crisis. mandates regulatory were lines focused not of In we with for a clients seeing plans addition, COVID-XX as impacted with demand financial result or health created by the are services advance our banking either with that with projects, and compliance new time on complying income requirements existing particularly current
a challenges closer into few a discrete these provide on little on strength our some and is long Now, over details areas, play of Virtusa and which the clients I focus how today these term. would like address helping Virtusa's to specific
respond. seeing exceptionally are our believe to well larger positioned consolidation We several clients planning. strategic vendor Virtusa We enterprises is of their wrote name for
In teams. actionable addition, service to with clients extreme that stack we XX% our end-to-end are quickly from among a of full clients, has members our preferred leadership our providing of team enable virtually minority agility to our agile uninterrupted ability delivery thought work to WFH and provide to home, to the vendor
to do to take providers result, of and seeing level we that who not agility Virtusa want on additional have demonstrate. that are a from flexibility work been the clients As us some able other has
choosing their consolidation vendor cases, as had partner. already process that plans, a we started seeing are other Virtusa their In accelerate clients lead
represents Our tremendous is and is in success by number a an status, of us record and who across proven increasing clients opportunity. awarded regard this honor have which an highlighted globe track vendor the preferred
fully As cost optimization also exhibit initiatives deliberative. level intensify, seeing with are more clients we offshore comfort higher significantly
As demand. clients agile resources across operation an seek of technologies, projects model Agile in a wide and remote variety Squad experiencing increase our been has flexible of
deadlines certified capacity Squad and to to ensure operate virtually team provide up efficiently scrum teams agile model, set remote-ready and utilizes SBLC are not deployed distributor platform, Agile missed. Our a critical to scale
mentioned demand necessary the regulatory for comply client Lastly, COVID-XX. from I also mandates compliance with increased new resulting programs to
domain a deep years. of many regulatory Our for compliance our capabilities has expertise cornerstone been
create selected disbursement for loan servicing COVID-XX helping to operations passed package. package recently the to booking In Administration bank U.S. aids stimulus of related Small the U.S. a loan support by client the loan Paycheck as and by part Program was Business the digital are we infrastructure engagement, Virtusa leading accelerate the necessary this Protection process to our Congress. the recently
Given sees Virtusa the program, these in critical potential role strong loan government that playing support in banks executing the to clients going forward. multiple are efforts
to think highlight transformation showing important the I and is it remains signs. transformation encouraging digital and for universal cloud again is demand
is end-to-end Virtusa a and challenges importantly, well and their benefits with partner digitally provides help Virtusa them consumers to want not that COVID-XX, cloud but with to does digital and directives inherent and do, economic who well what the efficiency public solutions customers the digital engage cost they only with health better transformation. true address firm deliver what end-to-end of and fit most Clients These with fit best. we true to
As an our clientele, focus to with see COVID-XX demand platform and life cloud-native, U.S. example vaccination and research. for we rapidly our collaborative pivot healthcare as growing a on vLife clients sciences AI-driven treatment
is expedite sources, data lake than providing efforts models. vLife development data The intelligence data AI/ML to healthcare APIs conventional in HIPAA-compliant is of vLife platform. designed pattern a with data by comprised into insight platform and deeper and and research pre-built sciences life multiple
features. device simulation, visualization, population many offers models, data, platform ML and pre-built data The stimulated U.S. other analysis therapy
to helping resolve is present medical researchers solution empower night the global working health day and Our crisis. to
recently commercial security public At migrating data upgrading cloud the a execute we we unit. finally and client, their telecom a U.K. won to origination recently a data The strategic bank, won solution. leading program initiative infrastructure work within major And involves analytics migration, cloud. transformation legacy leading to and cloud for
win against entire five With and a estate, a upside as to centers market we strategic preferred at penetrated in large client. addressable And now potential. engagements IT strong we including this have partner significant incumbent client's significant across the this this access final these won well-known round. a buying have competition new We
XXXX beyond. challenges year Turning fiscal now to business. Like pandemic the our has our COVID-XX certain near-term and to created peers,
has revealed it with margin However, growth, diversification strategy, respect challenges, opportunities unique and it to to along in especially as place the relates three-pillar improvement. our with has which been
Specifically, will and pandemic financial and our overall operational that our us to we market, enable positioning believe changes forward. incorporating and the COVID-XX-related furthering strengthen economic going near-term plans impacts navigate
in pandemic place. we In had initiatives some fact, as may the a to already the accelerant positive of serve
XXXX fiscal the year on year fiscal three Building pillars. XXXX fundamental consists of our plan planning,
geography, growth; and third, revenue margin. net can be client; First, profitable revenue and and gross which categorized diversification, second, by increasing industry
and each areas. strategies, deliver We timetables have in in tactics place concrete to of these
With revenue the clear the Global are in first XXXX that respect today's growth, environment. is buying changing it behaviors pillar, to profitable
will workload. cost important that critically on For future, predominantly be reduction focused the involve clients foreseeable projects strategic and/or
manage better and versus which essential margins. provides longer are projects with generally ability discretionary These improve nature, and in recurring us to and the term
like scale track work development our and Our positions by combined share. the It's us agility belief out positive launched, Global their well campaigns size, with to digital record and significant with strength this, response recent several we strategic borne go-to-market a win our needs. targeting XXXX to
Turning to our pillar. second the efforts, diversification
year increase the fiscal have efforts made separated EMEA our time in aligned the Our each on in diversification geographical local key Middle to Director, focused We executives XXXX strengthened our leadership Managing a during, Europe P&L. efforts hires and oversee which and to and was Americas we senior East. including out region
and enable our strengthen changes position closer regionally revenue these expect We diversification will EMEA. particularly and growth client in our base, client expand relationships, drive
as the XXXX. past our industry in sales revenue, growth in over group marketing resulted attractive healthcare as year XX% our strategic year-over-year client well of and year M&A growth group fiscal XX% increased diversification, in terms investments In half, have and C&T verticals and in our in
revenue basis XXX up technology in communications fiscal industry XXXX fiscal year from BFSI points Our of over same year basis XXXX period. group by XXX while the our represented and dropped points XX%
XXXX imports calls. Additionally approximately from scale we increasing evaluating on XX% our healthcare business our into of group and a year whether of separate in our subsequent to healthcare fiscal industry are Healthcare perspective, margin clients a to revenue break growth, represented the given out
of it the client capture continue our geographic base. accompany greater reduce our of our We with believe account growth increasing diversification accounts remainder is long-term concentration diversification the level. to we organic critically at industry opportunities across important over growth Lastly, largest and efforts in to the and
areas. marketing To we by to focus and high accounts in on sales plan do these potential increasing spend so,
over account have diversification work We plan accounts apply very at is drive same to important strategic our as and that this accelerate our inherently high-potential here revenue note to to accretion these is well successfully our efforts techniques and strategy margin should grow time. It expansion seen all accounts organic diversification. of to
plan from XXXX include improve XXXX Coming both level. fiscal our margins reduce costs several also our QX, third strategies pillar, year to and to and gross underway net
build and mobility, direct optimizing have our the to our programs And supply use cost initiatives business, profitability pyramid profit our We initiated subcontractors and programs spread. project core labor of have reduction. pyramid. people cost initiated G&A the are reduce of staffing versus on The efficiencies, focused improve drivers utilization chain, also we while to
We these are the fiscal the course with preliminary and models a immediate seeing our we plan, right increasing results. believe, actions whole, what XXXX on are year COVID-XX pipeline negative impacts of as and based beyond the momentum,
and as and fiscal revenue from plan recessionary XXXX a the year generated. and XXXX, emerge than growth and QX margin the has We forms growth post believe accretion from to pandemic and for levels, to this growth earnings top it the then improve line above-industry strong both faster year they basis headwind revenue fiscal return
by we are deliver remains right well especially turmoil in plan our value that out. saying to times. have the for the now, the these laid disclose I uncertain positioned all clients, confident we world in Virtusa to in
Although, place I'm come to clients incredibly the right positioned members out have proud and better stronger Virtusa we tools, the commitment the on to we unwavering have will other challenges, our serve. short-term strategy of the teams three-pillar team all its their side. and and global in and to environment
Thank your you time. for
respect the Now XXXX. fiscal results, provide our on I'd details turn fourth year remainder over more Ranjan? like full Ranjan, for of to will outlook and who quarter provide the will some year our with and details call to to
