VanceInfo Announces First Quarter 2012 Financial Results
BEIJING, May 15, 2012 /PRNewswire-Asia/ -- VanceInfo Technologies Inc. (NYSE:VIT) ("VanceInfo" or the "Company"), an IT service provider and one of the leading offshore software development companies in China, today reported its unaudited financial results for the first quarter ended March 31, 2012.
First Quarter 2012 Financial and Operating Highlights
- Net revenues for the first quarter of 2012 increased to $86.1 million, up 50.0% from $57.4 million for the first quarter of 2011.
- Net revenues from the Consulting and Solutions business increased to $9.8 million, up 109.1% over the same quarter last year.
- Diluted earnings per share ("EPS") and non-GAAP diluted EPS(1) were $0.08 and $0.16, respectively, for the first quarter of 2012.
- Employees totaled 15,693, including 14,111 billable professionals, as of March 31, 2012.
"We are pleased to report a strong quarter with revenue growth exceeding our expectation," said Chris Chen, Chairman and Chief Executive Officer of VanceInfo. "Demand remains healthy in both domestic and overseas markets. And we are beginning to see encouraging returns on our strategic investment in Consulting and Solutions capabilities, which has strengthened our client engagement model and further enhanced our competitive advantage. With continued growth opportunities ahead, we are confident in our ability to accomplish the financial and operational goals that we have laid out for 2012. "
First Quarter 2012 Financial Results
Due to the seasonal nature of its business, the Company presents its financial analysis on a year-over-year basis, comparing the first quarter of 2012 and the first quarter of 2011 as in the following paragraphs.
Net Revenues
Net revenues were $86.1 million in the first quarter of 2012, up 50.0% from $57.4 million for the first quarter of 2011. The increase in net revenues was primarily driven by the growing demand in both the Greater China (including mainland China, Hong Kong, Taiwan and Macau) and overseas markets.
Net Revenues by Service Lines
Beginning from the first quarter 2012, the Company reclassified its services into four broad sets: R&D Outsourcing Services, Consulting and Solutions Services, Application Management Services and Other Solutions & Services. R&D Outsourcing Services consist of the research & development service line and the globalization & localization service line. Consulting and Solutions Services consist of consulting, business intelligence, ERP implementation and industry-specific solutions. Application Management Services consist of application development and maintenance ("ADM") and quality assurance and testing services. Other Solutions & Services consist of business process outsourcing ("BPO") and system integration ("SI") services.
Consistent with the Company's growth strategy, net revenues from Consulting and Solutions Services grew 109.1% over the same period in 2011 and contributed 11.3% of total net revenues in the first quarter of 2012. Net revenues from Application Management Services accounted for 34.2% of total net revenues, increasing 58.2% compared to the first quarter of 2011. Net revenues from Other Solutions & Services increased to 3.9% of total net revenues in the first quarter of 2012, up 234.9% over the first quarter of 2011.
| Three Months Ended March 31, 2012 |
Three Months Ended March 31, 2011 |
|||
| (in thousands of US$, except percentages) |
||||
| R&D Outsourcing Services |
43,479 |
50.6% |
33,090 |
57.7% |
| Consulting and Solutions Services |
9,760 |
11.3% |
4,667 |
8.1% |
| Application Management Services |
29,484 |
34.2% |
18,640 |
32.5% |
| Other Solutions & Services |
3,387 |
3.9% |
1,011 |
1.7% |
| Total net revenues |
86,110 |
100.0% |
57,408 |
100.0% |
Net Revenues by Geographic Markets
Based on the location of our clients' headquarters, net revenues from clients headquartered in Greater China were $40.2 million, or 46.7% of total net revenues in the first quarter of 2012, followed by 35.2% from clients headquartered in the United States, 12.4% in Europe and 3.9% in Japan.
Measuring the Company's revenues by geographic markets based on the location of the contract signing entities, Greater China accounted for 67.0% of total net revenues in the first quarter of 2012, while the United States accounted for 25.6% in the same period.
Net Revenues by Industries
The Company classifies its clients into four broad industry segments: Telecommunications ("Telecom"), High Technology ("High Tech"), Banking, Financial Services and Insurance ("BFSI"), and other industry segments including manufacturing, retail, distribution, travel and transportation and public services, etc. ("Others").
| Three Months Ended March 31, 2012 |
Three Months Ended March 31, 2011 |
|||
| (in thousands of US$, except percentages) |
||||
| Telecom |
31,183 |
36.2% |
24,816 |
43.2% |
| High Tech |
30,037 |
34.9% |
18,970 |
33.0% |
| BFSI |
13,876 |
16.1% |
6,421 |
11.2% |
| Others |
11,014 |
12.8% |
7,201 |
12.6% |
| Total net revenues |
86,110 |
100.0% |
57,408 |
100.0% |
Largest Clients
Revenues from the top five clients totaled $46.0 million or 53.5% of total net revenues in the first quarter of 2012, down from 56.1% in the first quarter of 2011. The decline in customer concentration reflected our continued efforts to diversify our customer base. Excluding top five clients, net revenues in the first quarter of 2012 grew 59.1% over the same period in 2011.
Gross Profit and Gross Margin
Gross profit in the first quarter of 2012 was $27.0 million, an increase of 25.8% from $21.5 million in the first quarter of 2011. Gross margin was 31.4% in the first quarter of 2012, compared to 37.4% in the first quarter of 2011. Gross profit included $1.3 million and $1.2 million of government subsidies in the first quarter of 2012 and 2011, respectively. The lower gross margin in the first quarter of 2012 reflected the wage inflation in excess of billing rate increase as compared to the same period in 2011 as well as the near-term impact from our investment in the BFSI vertical and the Consulting and Solutions Services practice, which have been in the intensive build-up phase in the past three quarters.
Operating Expenses
Selling, general and administrative expenses totaled $24.3 million for the first quarter of 2012, up 54.5% from $15.8 million a year ago. The increase in selling, general and administrative expenses was primarily due to the investment in consulting oriented pre-sale activities and higher staff costs as compared to the first quarter of 2011.
Operating Income and Operating Margin
As a result of increased costs and expenses as described above, operating income in the first quarter of 2012 was $3.1 million, compared to $6.8 million in the first quarter of 2011. Non-GAAP operating income1 in the first quarter of 2012 was $6.7 million, compared to $8.9 million in the same period a year ago. Non-GAAP operating margin(1) was 7.8% in the first quarter of 2012, compared to 15.6% in the first quarter of 2011.
Provision for Income Taxes
The provision for income taxes was $0.7 million in the first quarter of 2012, compared to $0.8 million in the first quarter of 2011. The effective income tax rate was 17.4%, compared to 10.7% in the same period of 2011. The higher effective income tax rate reflected expiration of tax holiday at one of our major operating subsidies in China.
Net Income and EPS
Net income in the first quarter of 2012 was $3.3 million, compared to $6.9 million in the first quarter of 2011. Non-GAAP net income(1) was $6.9 million in the first quarter of 2012, compared to $9.1 million in the same period a year ago. Non-GAAP net margin(1) was 8.0% in the first quarter of 2012, compared with 15.8% in the year-ago quarter.
For the first quarter of 2012, diluted EPS and Non-GAAP diluted EPS(1) were $0.08 and $0.16, respectively, based on 43.9 million total ADS-equivalent average shares outstanding, compared with $0.15 and $0.20, respectively, for the first quarter of 2011.
The non-GAAP measures and related reconciliations to GAAP measures are described in the accompanying section of "About Non-GAAP Financial Measures" and the accompanying table of "Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures."
Cash and Cash Flow
As of March 31, 2012, VanceInfo had cash and cash equivalents, restricted cash, term deposits and short-term investments totaling $95.7 million. Operating cash flow in the first quarter of 2012 was a net outflow of approximately $11.0 million, compared with a net outflow of $6.2 million in the first quarter of 2011. The operating cash flow reflected the seasonality and annual bonus pay-out to employees in the first quarter. Investing cash flow in the first quarter of 2012 included a $5.9 million capital expenditure in the construction of our new headquarters.
Days sales outstanding ("DSO") was 132 days for the first quarter of 2012, compared with 115 days for the fourth quarter of 2011. DSO was 127 days for the trailing twelve months ended March 31, 2012, which is the same as the DSO for the trailing twelve months ended December 31, 2011.
DSO was calculated by dividing average accounts receivable, net of average deferred revenues, by the period's gross revenues before business tax, and multiplying by the number of days in the corresponding period.
| Three Months Ended |
Twelve Months Ended |
|||
| March 31, 2012 |
December 31, 2011 |
March 31, 2012 |
December 31, 2011 |
|
| ( in thousands of US$) |
||||
| Gross revenues before business tax |
88,155 |
90,127 |
320,048 |
290,583 |
| Average deferred revenues |
4,214 |
3,605 |
3,298 |
2,863 |
Note: Deferred revenues include advances from clients. Twelve-month average amounts are calculated based on the respective five quarter-end balances.
Outlook for the Second Quarter and Full Year 2012
For the second quarter of 2012, the Company expects:
- Second quarter 2012 net revenues to be at least $91 million, representing at least 33% increase from the corresponding period in 2011.
- Second quarter 2012 non-GAAP diluted EPS(1) to be between $0.19 and $0.20, based on 44.2 million total ADS-equivalent average shares outstanding.
For the full year of 2012:
- The Company raised its guidance and expects 2012 net revenues to be at least $368 million, representing at least 30% increase from 2011.
- The Company reaffirms its original 2012 non-GAAP diluted EPS(1) guidance of $0.86 to $0.92, representing an increase of 16.2% to 24.3% from 2011, based on 44.3 million total ADS-equivalent average shares outstanding. The non-GAAP diluted EPS guidance reflects the Company's commitment to investing in and diversifying its business, the continued wage inflation environment in China and higher effective income tax rate in 2012.
- The EPS outlook assumes an effective income tax rate of 14% to 16%.
Conference Call
The Company will host a corresponding conference call and live webcast to discuss the results at 8:00 AM Eastern Daylight Time (EDT) on Tuesday, May 15, 2012 (8:00 PM Beijing/Hong Kong time). Please dial-in five minutes prior to the call to register and receive further instruction.
The dial-in details for the live conference call are as below:
- U.S. Toll Free Dial-in Number: + 1.866.519.4004
- International Dial-in Number: +65.6723.9381
- Hong Kong Dial-in Number: +852.2475.0994
Passcode: 72161717
The conference call will be available live via webcast on the Investors section of VanceInfo Technologies website at http://ir.vanceinfo.com. The archive replay will be available on VanceInfo's website shortly after the call.
A dial-in replay of the conference call will be available until May 23, 2012:
- U.S. Toll Free Dial-in Number: +1.866.214.5335
- International Dial-in Number: +61.2.8235.5000
Passcode: 72161717
(1) Non-GAAP income from operations, net income, diluted EPS and related margins exclude share-based compensation expense, amortization of acquired intangible assets and land use right, and change in fair value of contingent consideration payable for business acquisition. The non-GAAP measures and related reconciliations to GAAP measures are described in the accompanying section of "About Non-GAAP Financial Measures" and the accompanying tables of "Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures" and "Reconciliations of Forward-Looking Guidance for Non-GAAP Financial Measures to Comparable GAAP Measures" at the end of the press release.
About VanceInfo
VanceInfo Technologies Inc. is an IT service provider and one of the leading offshore software development companies in China.
The Company ranked number one among Chinese offshore software development service providers for the North American and European markets as measured by 2010 revenues, according to International Data Corporation (IDC). This marks the fourth consecutive year that VanceInfo has been ranked number one by IDC in this category.
VanceInfo's comprehensive range of IT services includes R&D Outsourcing Services, Consulting and Solutions Services, Application Management Services and Other Solutions & Services. VanceInfo provides these services primarily to corporations headquartered in Greater China, the United States, Europe and Japan, targeting high-growth industries such as telecommunications, technology, financial services, travel and transportation services, manufacturing, retail and distribution.
Safe Harbor
This news release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, should, expects, anticipates, future, intends, plans, believes, estimates, and similar statements. Among other things, the management's quotations and "Outlook for the Second Quarter and Full Year 2012" contain forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Potential risks and uncertainties include, but are not limited to, the company's dependence on a limited number of clients for a significant portion of its revenues, the economic slowdown in its principal geographic markets, the quality and portfolio of its service lines and industry expertise, and the availability of a large talent pool in China and inflation of qualified professionals' wages, as well as the PRC government's investment in infrastructure construction and adoption of various incentives in the IT service industry. Further information regarding these and other risks is included in VanceInfo's filings with the U.S. Securities and Exchange Commission. All information provided in this news release and in the attachments is as of May 15, 2012, and VanceInfo does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement VanceInfo's consolidated financial results presented in accordance with GAAP, VanceInfo uses the following measures defined as non-GAAP financial measures by the SEC: income from operations, net income and diluted EPS excluding share-based compensation expense, amortization of acquired intangible assets and land use right, and change in fair value of contingent consideration payable for business acquisition. The non-GAAP income from operations, net income and diluted EPS for prior periods have been reclassified so that the presentations are consistent. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures" and "Reconciliations of Forward-Looking Guidance for Non-GAAP Financial Measures to Comparable GAAP Measures" set forth at the end of this release.
VanceInfo believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain expenses and expenditures that may not be indicative of its operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and when planning and forecasting future periods. A limitation of using non-GAAP net income and diluted EPS is that these non-GAAP measures exclude the share-based compensation charges, amortization of acquired intangible assets and land use right, and change in fair value of contingent consideration payable for business acquisition that have been and will continue to be, for the foreseeable future, a significant recurring expense in the business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are comparable to non-GAAP financial measures. The reconciliations of the forward-looking guidance for non-GAAP financial measures to the most directly comparable GAAP financial measures in the accompanying table include all information reasonably available to VanceInfo at the date of this press release. The table includes adjustments that the Company can reasonably predict.
| VANCEINFO TECHNOLOGIES INC. |
|||
| Condensed Consolidated Balance Sheets (Unaudited) |
|||
| (US dollars in thousands, except share data) |
|||
| March 31, |
December 31, |
||
| 2012 |
2011 |
||
| Assets |
|||
| Current assets |
|||
| Cash and cash equivalents |
83,256 |
96,170 |
|
| Term deposits |
- |
5,000 |
|
| Restricted cash |
3,176 |
1,587 |
|
| Held-to-maturity securities-current |
9,307 |
9,401 |
|
| Accounts receivable, net of allowance for doubtful accounts of $2,779 |
137,463 |
126,389 |
|
| Other current assets |
22,566 |
16,042 |
|
| Total current assets |
255,768 |
254,589 |
|
| Property and equipment, net |
36,170 |
36,580 |
|
| Long-term investment |
200 |
- |
|
| Goodwill and other intangible assets |
76,986 |
67,807 |
|
| Land use right |
23,776 |
23,884 |
|
| Other long-term assets |
3,433 |
3,036 |
|
| Total assets |
396,333 |
385,896 |
|
| Liabilities and equity |
|||
| Current liabilities |
63,050 |
66,438 |
|
| Non-current liabilities |
20,882 |
16,014 |
|
| Total liabilities |
83,932 |
82,452 |
|
| Equity(a) |
312,401 |
303,444 |
|
| Total liabilities and equity |
396,333 |
385,896 |
|
| Note: |
|||
| (a) As of March 31, 2011, there were 44,714,963 ordinary shares issued and 42,320,390 ordinary shares outstanding, excluding |
|||
| VANCEINFO TECHNOLOGIES INC. |
|||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
|||
| (US dollars in thousands, except per share data) |
|||
| Three months ended March 31, |
|||
| 2012 |
2011 |
||
| Net revenues |
86,110 |
57,408 |
|
| Cost of revenues(a) |
(59,061) |
(35,909) |
|
| Gross profit |
27,049 |
21,499 |
|
| Selling, general and administrative expenses(a) |
(24,340) |
(15,759) |
|
| Change in fair value of contingent consideration payable |
(89) |
89 |
|
| Other operating income |
502 |
952 |
|
| Income from operations |
3,122 |
6,781 |
|
| Interest income, net |
529 |
468 |
|
| Exchange difference |
363 |
15 |
|
| Gain on re-measurement of fair value of noncontrolling equity |
- |
514 |
|
| Provision for income taxes |
(698) |
(832) |
|
| Income before earnings in equity method investment |
3,316 |
6,946 |
|
| Earnings(Loss) in equity method investment |
16 |
(20) |
|
| Net income |
3,332 |
6,926 |
|
| Income attributable to VanceInfo Technologies Inc. shareholders |
3,332 |
6,926 |
|
| Earnings per share |
|||
| Basic - ordinary shares |
0.08 |
0.16 |
|
| Diluted - ordinary shares |
0.08 |
0.15 |
|
| Net income |
3,332 |
6,926 |
|
| Other comprehensive income, net of tax |
280 |
1,213 |
|
| Comprehensive income |
3,612 |
8,139 |
|
| Comprehensive income attributable to VanceInfo Technologies Inc. |
3,612 |
8,139 |
|
| Weighted average shares outstanding (in thousands) |
|||
| Basic - ordinary shares |
42,098 |
43,822 |
|
| Diluted - ordinary shares |
43,938 |
46,159 |
|
| Note: |
|||
| (a) Depreciation and amortization expenses included in cost of revenues and selling, general and administrative expenses totaled $3,069 |
|||
| VANCEINFO TECHNOLOGIES INC. |
|||||
| Condensed Consolidated Statements of Cash Flow (Unaudited) |
|||||
| (US dollars in thousands) |
|||||
| Three months ended March 31, |
|||||
| 2012 |
2011 |
||||
| Cash flows from operating activities: |
|||||
| Net income |
3,332 |
6,926 |
|||
| Adjustments to reconcile net income to net cash provided by |
|||||
| operating activities: |
|||||
| Share-based compensation |
2,382 |
1,745 |
|||
| Depreciation and amortization of property and equipment |
1,956 |
1,654 |
|||
| Amortization of intangible assets |
992 |
494 |
|||
| Amortization of land use right |
121 |
- |
|||
| Gain on foreign currency exchange forward contracts |
(233) |
(9) |
|||
| Loss (gain) on disposal of property and equipment |
10 |
(3) |
|||
| Allowance for doubtful accounts |
611 |
54 |
|||
| Change in fair value of contingent consideration payable for |
89 |
(89) |
|||
| (Earnings) loss in equity method investment |
(16) |
20 |
|||
| Gain on remeasurement of fair value of noncontrolling |
- |
(514) |
|||
| Changes in operating assets and liabilities |
|||||
| Rental deposits and prepaid rentals |
(103) |
(49) |
|||
| Accounts receivable |
(10,922) |
(10,228) |
|||
| Prepaid expenses and other current assets |
(1,032) |
(893) |
|||
| Deferred income tax assets-current |
817 |
969 |
|||
| Deferred income tax assets-non current |
- |
(7) |
|||
| Other long term asstes |
(291) |
- |
|||
| Accounts payable |
(1,642) |
(439) |
|||
| Deferred revenue |
610 |
(263) |
|||
| Accrued expenses and other payables |
(6,670) |
(5,272) |
|||
| Income tax payable |
(674) |
(901) |
|||
| Deferred income |
(120) |
713 |
|||
| Deferred income tax liability-non current |
(187) |
(92) |
|||
| Net cash used in operating activities |
(10,970) |
(6,184) |
|||
| Cash flows from investing activities |
|||||
| Purchase of property and equipment |
(1,335) |
(1,384) |
|||
| Payment for construction in progress |
(5,947) |
- |
|||
| Consideration paid for business acquisitions |
(603) |
(1,763) |
|||
| Cash received upon maturity of term deposit |
5,000 |
5,000 |
|||
| Purchase of term deposit |
- |
(5,000) |
|||
| Restricted cash |
(1,584) |
- |
|||
| Purchase of non-current investment - held-to-maturity |
- |
(6,079) |
|||
| Purchase of current investment - held-to-maturity |
- |
(3,156) |
|||
| Proceeds from maturity of investments - held-to-maturity |
- |
1,021 |
|||
| Proceeds from disposal of property and equipment |
7 |
- |
|||
| Net cash used in investing activities |
(4,462) |
(11,361) |
|||
| Cash flows from financing activities |
|||||
| Proceeds from exercise of options |
1,081 |
553 |
|||
| Proceeds from discounted nonvested shares granted |
- |
1,870 |
|||
| Payment for issuance costs of ordinary shares upon |
- |
(52) |
|||
| Consideration paid for business acquisitions |
(91) |
- |
|||
| Proceeds of short-term bank loan |
1,584 |
- |
|||
| Net cash provided by financing activities |
2,574 |
2,371 |
|||
| Effect of exchange rate changes on cash |
(56) |
337 |
|||
| Net decrease in cash and cash equivalents |
(12,858) |
(15,174) |
|||
| Cash and cash equivalents, beginning of period |
96,170 |
161,265 |
|||
| Cash and cash equivalents, end of period |
83,256 |
146,428 |
|||
|
VANCEINFO TECHNOLOGIES INC. |
|||||||||||
| Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures |
|||||||||||
| (US dollars in thousands, except per share data and percentages) |
|||||||||||
| Three Months Ended March 31, 2012 |
Three Months Ended March 31, 2011 |
||||||||||
| GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||
| Income from operations |
$3,122 |
$3,584 |
(a) |
$6,706 |
$6,781 |
$2,150 |
(b) |
$8,931 |
|||
| Operating margin |
3.6% |
4.2% |
(a) |
7.8% |
11.8% |
3.8% |
(b) |
15.6% |
|||
| Net income |
$3,332 |
$3,584 |
(a) |
$6,916 |
$6,926 |
$2,150 |
(b) |
$9,076 |
|||
| Net margin |
3.9% |
4.1% |
(a) |
8.0% |
12.1% |
3.7% |
(b) |
15.8% |
|||
| Diluted EPS |
$0.08 |
$0.08 |
(c) |
$0.16 |
$0.15 |
$0.05 |
(c) |
$0.20 |
|||
| Notes: |
|||||||||||
| (a) Adjustment to exclude acquisition related intangible assets amortization expense of $992, land use right amortization expense compensation of $2,382 from the unaudited condensed consolidated statements of operations. |
|||||||||||
| (b) Adjustment to exclude acquisition related intangible assets amortization expense of $494, change in fair value of contingent consideration payable for business acquisition of $(89) and share-based compensation of $1,745 from the unaudited condensed |
|||||||||||
| (c) Non-GAAP diluted EPS is computed by dividing non-GAAP net income attributable to VanceInfo Technologies Inc. by the |
|||||||||||
|
VANCEINFO TECHNOLOGIES INC. |
|||||||||||||||
| Reconciliations of Forward-Looking Guidance for |
|||||||||||||||
| Non-GAAP Financial Measures to Comparable GAAP Measures |
|||||||||||||||
| (US dollars in thousands, except per share data) |
|||||||||||||||
| (Unaudited) |
|||||||||||||||
| Three Months Ending June 30, 2012 |
Year Ending December 31, 2012 |
||||||||||||||
| GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||
| Range of Estimate |
Range of Estimate |
Range of Estimate |
Range of Estimate |
||||||||||||
| From |
To |
From |
To |
||||||||||||
| Diluted EPS (a) |
0.10 |
0.11 |
0.09 |
(b) |
0.19 |
0.20 |
0.54 |
0.60 |
0.32 |
(b) |
0.86 |
0.92 |
|||
| Notes: |
|||||||||||||||
| (a) Based on 44.2 million and 44.3 million total ADS-equivalent average shares outstanding for the second quarter 2012 and full year 2012, respectively. |
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| (b) Reflects estimated adjustment for acquisition related intangible assets amortization expenses, land use right amortization expense and share-based compensation expenses of approximately $3.8 million for the second quarter 2012 and $14.1 million for the full year 2012. |
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For further information, please contact:
Sheryl Zhang
Investor Relations
VanceInfo Technologies Inc.
Tel: +86-10-8282-5330
E-mail: [email protected]
SOURCE VanceInfo Technologies Inc.
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