Revenue of $77.4 million and GAAP Net Income
of $0.7 million
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics” or
“Company”), a leader in enterprise-level digital transformation,
today announced results for the third quarter ended September 30,
2023.
We are very pleased to report the third quarter 2023 revenue of
$77.4 million. Our non-retail industry verticals represented 65.7%
of revenue in the third quarter of 2023, a decrease of 0.8% on a
sequential basis and 9.0% on a year-over-year basis. Totaling 34.3%
of our third quarter revenue, Retail was our largest vertical and
grew 2.0% and 5.1% on a sequential and year-over-year basis,
respectively. Our Technology, Media and Telecom (“TMT”) vertical,
at 30.7% of our third quarter revenue, decreased 1.5% on a
sequential basis and 9.9% on a year-over-year basis. Our Finance
vertical, representing 9.4% of our third quarter revenue, grew 8.2%
on a sequential basis and 20.2% on a year-over-year basis and this
was largely due to growth from Financial Technology customers and
new logos. Our CPG and Manufacturing vertical, representing 12.5%
of our third quarter revenue, a decrease of 11.1% and 39.8% on a
sequential basis and a year-over-year basis, respectively.
“Our third quarter results reflect the company’s strong
commitment to our clients and ability to execute to our stated
goals. There were many positive trends in the quarter. We signed
ten new enterprise customers bringing the total to 28 since the
beginning of the year. Our AI capabilities continue to garner
significant interest and during the quarter we completed multiple
projects across industry verticals. At new and existing customers,
our AI success has led us to incremental digital transformation
opportunities beyond AI. On the demand environment, I am
incrementally positive. Some of the key reasons include a steady
rise in billable headcount, our core business is picking up, and
contributions from our recent customer wins grow. Although the
macro environment impacts customers at varying levels, our fourth
quarter outlook reflects improving trends. On November 16th, 2023
Grid Dynamics will host its first investor day in New York City. We
look forward to providing you all with a deeper dive into our
technological capabilities including AI, our global delivery
footprint, and our plans around the Company’s GigaCube strategy,”
said Leonard Livschitz, CEO.
Third Quarter of 2023 Financial
Highlights
- Total revenue was $77.4 million, flat on a year-over-year
basis.
- GAAP gross profit was $28.2 million or 36.4% of revenue in the
third quarter of 2023, compared to GAAP gross profit of $32.7
million or 40.3% of revenue in the third quarter of 2022. Non-GAAP
gross profit was $28.7 million or 37.0% of revenue in the third
quarter of 2023, compared to Non-GAAP gross profit of $33.0 million
or 40.7% of revenue in the third quarter of 2022.
- GAAP Net Income attributable to common stockholders was $0.7
million, or $0.01 per share, based on 75.5 million basic
weighted-average common shares outstanding in the third quarter of
2023, compared to GAAP Net loss of $6.7 million, or $(0.10) per
share, based on 68.6 million basic weighted-average common shares
outstanding in the third quarter of 2022. Non-GAAP Net income was
$5.9 million, or $0.08 per diluted share, based on 77.3 million
diluted weighted-average common shares outstanding in the third
quarter of 2023, compared to Non-GAAP Net income of $11.0 million,
or $0.15 per diluted share, based on 71.9 million diluted
weighted-average common shares outstanding in the third quarter of
2022.
- Non-GAAP EBITDA (earnings before interest, taxes, depreciation,
amortization, other income and expenses, fair value adjustments,
stock-based compensation, transaction and transformation-related
costs, restructuring costs as well as geographic reorganization
expenses), a non-GAAP metric, was $10.7 million in the third
quarter of 2023 compared to Non-GAAP EBITDA of $17.1 million in the
third quarter of 2022.
See “Non-GAAP Financial Measures” and “Reconciliation of
Non-GAAP Information” below for a discussion of our non-GAAP
measures.
Cash Flow and Other
Metrics
- Cash provided by operating activities was $33.5 million for the
nine months ended September 30, 2023, compared to cash provided by
operating activities of $19.6 million for the nine months ended
September 30, 2022.
- Cash and cash equivalents totaled $253.7 million as of
September 30, 2023, compared to $256.7 million as of December 31,
2022.
- Total headcount was 3,823 as of September 30, 2023, compared
with 3,746 employees as of September 30, 2022.
Financial Outlook
- The Company expects its fourth-quarter outlook to be similar to
the third quarter outlook provided in August 2023 for both revenue
and Non-GAAP EBITDA. Revenue in the fourth quarter of 2023 is
expected to be between $76 million and $78 million and Non-GAAP
EBITDA is expected to be between $10 million and $11 million.
- For the fourth quarter of 2023, we expect our basic share count
to be in the 76-77 million range and diluted share count to be in
the 78-79 million range.
Grid Dynamics is not able, at this time, to provide GAAP targets
for net income for the fourth quarter of 2023 because of the
difficulty of estimating certain items excluded from Non-GAAP
EBITDA that cannot be reasonably predicted, such as interest
income, taxes, other income/(expenses), fair-value adjustments,
geographic reorganization expenses, restructuring expenses,
transaction-related costs and charges related to stock-based
compensation expense. The effect of these excluded items may be
significant.
Conference Call and
Webcast
Grid Dynamics will host a video conference call at 4:30 p.m. ET
on Thursday, November 2, 2023 to discuss its third quarter
financial results. Investors and other interested parties can
access the call in the following ways: A webcast of the video
conference call can be accessed on the Investor Relations section
of the Company's website at https://ir.griddynamics.com/.
A replay will also be available after the call at
https://ir.griddynamics.com/ with the passcode $Q3@2023.
About Grid Dynamics
Grid Dynamics (Nasdaq: GDYN) is a digital-native technology
services provider that accelerates growth and bolsters competitive
advantage for Fortune 1000 companies. Grid Dynamics provides a
range of digital transformation consulting and implementation
services that includes artificial intelligence, big data,
analytics, search, and cloud and DevOps. Grid Dynamics achieves
high speed-to-market, quality, and efficiency by using technology
accelerators, an agile delivery culture, and its pool of global
engineering talent. Founded in 2006, Grid Dynamics is headquartered
in Silicon Valley with offices across the globe, including US,
Europe, UK, India, Mexico and Jamaica.
To learn more about Grid Dynamics, please visit
http://www.griddynamics.com. Follow us on Facebook, Twitter, and
LinkedIn.
Non-GAAP Financial
Measures
To supplement the financial measures presented in Grid Dynamics
press release in accordance with generally accepted accounting
principles in the United States (“GAAP”), the Company also presents
Non-GAAP measures of financial performance.
A “non-GAAP financial measure” refers to a numerical measure of
Grid Dynamics historical or future financial performance or
financial position that is included in (or excluded from) the most
directly comparable measure calculated and presented in accordance
with GAAP. Grid Dynamics provides certain non-GAAP measures as
additional information relating to its operating results as a
complement to results provided in accordance with GAAP. The
non-GAAP financial information presented herein should be
considered in conjunction with, and not as a substitute for or
superior to, the financial information presented in accordance with
GAAP and should not be considered a measure of liquidity and
profitability.
Grid Dynamics has included these non-GAAP financial measures
because they are financial measures used by Grid Dynamics’
management to evaluate Grid Dynamics’ core operating performance
and trends, to make strategic decisions regarding the allocation of
capital and new investments and are among the factors analyzed in
making performance-based compensation decisions for key
personnel.
Grid Dynamics believes the use of non-GAAP financial measures,
as a supplement to GAAP measures, is useful to investors in that
they eliminate items that are either not part of core operations or
do not require a cash outlay, such as stock-based compensation
expense. Grid Dynamics believes these non-GAAP measures provide
investors and other users of its financial information consistency
and comparability with its past financial performance and
facilitate period to period comparisons of operations. Grid
Dynamics believes these non-GAAP measures are useful in evaluating
its operating performance compared to that of other companies in
its industry, as they generally eliminate the effects of certain
items that may vary for different companies for reasons unrelated
to overall operating performance.
There are significant limitations associated with the use of
non-GAAP financial measures. Further, these measures may differ
from the non-GAAP information, even where similarly titled, used by
other companies and therefore should not be used to compare our
performance to that of other companies. Grid Dynamics compensates
for these limitations by providing investors and other users of its
financial information a reconciliation of non-GAAP measures to the
related GAAP financial measures. Grid Dynamics encourages investors
and others to review its financial information in its entirety, not
to rely on any single financial measure, and to view its non-GAAP
measures in conjunction with GAAP financial measures. Please see
the reconciliation of non-GAAP financial measures to the most
directly comparable GAAP measures attached to this release.
Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that are not
historical facts, and involve risks and uncertainties that could
cause actual results of Grid Dynamics to differ materially from
those expected and projected. These forward-looking statements can
be identified by the use of forward-looking terminology, including
the words “believes,” “estimates,” “anticipates,” “expects,”
“intends,” “plans,” “may,” “will,” “potential,” “projects,”
“predicts,” “continue,” or “should,” or, in each case, their
negative or other variations or comparable terminology. These
forward-looking statements include, without limitation, the
quotations of management, the section titled “Financial Outlook,”
and statements concerning Grid Dynamics’s expectations with respect
to future performance, particularly in light of the macroeconomic
environment and the Russian invasion of Ukraine, as well as its
GigaCube strategy.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Grid Dynamics’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (i) Grid Dynamics has a relatively short operating
history and operates in a rapidly evolving industry, which makes it
difficult to evaluate future prospects and may increase the risk
that it will not continue to be successful and may adversely impact
our stock price; (ii) Grid Dynamics may be unable to effectively
manage its growth or achieve anticipated growth, particularly as it
expands into new geographies, which could place significant strain
on Grid Dynamics’ management personnel, systems and resources;
(iii) Grid Dynamics’ revenues are highly dependent on a limited
number of clients and industries that are affected by seasonal
trends, and any decrease in demand for outsourced services in these
industries may reduce Grid Dynamics’ revenues and adversely affect
Grid Dynamics’ business, financial condition and results of
operations; (iv) macroeconomic conditions, inflationary pressures,
and the geopolitical climate, including the Russian invasion of
Ukraine, have and may continue to materially adversely affect our
stock price, business operations, overall financial performance and
growth prospects; (v) Grid Dynamics’ revenues are highly dependent
on clients primarily located in the United States, and any economic
downturn in the United States or in other parts of the world,
including Europe or disruptions in the credit markets may have a
material adverse effect on Grid Dynamics’ business, financial
condition and results of operations; (vi) Grid Dynamics faces
intense and increasing competition; (vii) Grid Dynamics’ failure to
successfully attract, hire, develop, motivate and retain highly
skilled personnel could materially adversely affect Grid Dynamics’
business, financial condition and results of operations; (viii)
failure to adapt to rapidly changing technologies, methodologies
and evolving industry standards may have a material adverse effect
on Grid Dynamics’ business, financial condition and results of
operations; (ix) failure to successfully deliver contracted
services or causing disruptions to clients’ businesses may have a
material adverse effect on Grid Dynamics’ reputation, business,
financial condition and results of operations; (x) risks and costs
related to acquiring and integrating other companies; and (xi)
other risks and uncertainties indicated in Grid Dynamics filings
with the SEC.
Grid Dynamics cautions that the foregoing list of factors is not
exclusive. Grid Dynamics cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Grid Dynamics does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based. Further
information about factors that could materially affect Grid
Dynamics, including its results of operations and financial
condition, is set forth under the “Risk Factors” section of the
Company’s quarterly report on Form 10-Q filed November 2, 2023 and
in other periodic filings Grid Dynamics makes with the SEC.
Schedule 1:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME/(LOSS) AND
COMPREHENSIVE
INCOME/(LOSS)
Unaudited
(In thousands, except per
share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenues
$
77,419
$
81,161
$
234,841
$
229,906
Cost of revenues
49,267
48,491
149,809
141,596
Gross profit
28,152
32,670
85,032
88,310
Operating expenses
Engineering, research, and development
3,402
4,139
10,878
11,075
Sales and marketing
6,132
5,084
17,729
14,431
General and administrative
18,475
28,197
60,940
78,200
Total operating expenses
28,009
37,420
89,547
103,706
Income/(loss) from operations
143
(4,750
)
(4,515
)
(15,396
)
Other income/(expenses)
3,159
1,450
7,849
124
Income/(loss) before income
taxes
3,302
(3,300
)
3,334
(15,272
)
Provision for income taxes
2,626
3,359
8,001
7,240
Net income/(loss)
$
676
$
(6,659
)
$
(4,667
)
$
(22,512
)
Foreign currency translation adjustments,
net of tax
(561
)
(872
)
1,337
(1,937
)
Comprehensive income/(loss)
$
115
$
(7,531
)
$
(3,330
)
$
(24,449
)
Income/(loss) per share
Basic
$
0.01
$
(0.10
)
$
(0.06
)
$
(0.33
)
Diluted
$
0.01
$
(0.10
)
$
(0.06
)
$
(0.33
)
Weighted average shares
outstanding
Basic
75,464
68,623
75,026
67,566
Diluted
77,339
68,623
75,026
67,566
Schedule 2:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
Unaudited
(In thousands, except share
and per share data)
As of
September 30,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
253,713
$
256,729
Accounts receivable, net of allowance of
$1,063 and $443 as of September 30, 2023 and December 31, 2022,
respectively
46,576
48,358
Unbilled receivables
7,762
5,591
Prepaid income taxes
9,728
4,294
Prepaid expenses and other current
assets
8,274
8,154
Total current assets
326,053
323,126
Property and equipment, net
10,443
8,215
Operating lease right-of-use assets,
net
10,470
7,694
Intangible assets, net
27,587
20,375
Goodwill
54,633
45,514
Deferred tax assets
4,880
4,998
Other noncurrent assets
1,684
1,224
Total assets
$
435,750
$
411,146
Liabilities and equity
Current liabilities
Accounts payable
$
3,721
$
3,897
Accrued compensation and benefits
20,557
13,065
Accrued income taxes
16,737
10,718
Operating lease liabilities, current
4,205
2,505
Accrued expenses and other current
liabilities
7,250
8,525
Total current liabilities
52,470
38,710
Deferred tax liabilities
3,422
3,756
Operating lease liabilities,
noncurrent
6,934
5,636
Total liabilities
62,826
48,102
Stockholders’ equity
Common stock, $0.0001 par value;
110,000,000 shares authorized; 75,588,741 and 74,156,458 issued and
outstanding as of September 30, 2023 and December 31, 2022,
respectively
7
7
Additional paid-in capital
391,216
378,006
Accumulated deficit
(18,788
)
(14,121
)
Accumulated other comprehensive
income/(loss)
489
(848
)
Total stockholders’ equity
372,924
363,044
Total liabilities and stockholders’
equity
$
435,750
$
411,146
Schedule 3:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
Unaudited
(In thousands)
Nine Months Ended
September 30,
2023
2022
Cash flows from operating
activities
Net loss
$
(4,667
)
$
(22,512
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
6,255
4,907
Operating lease right-of-use assets
amortization expense
2,295
2,218
Bad debt expense
674
113
Deferred income taxes
(2,451
)
(1,032
)
Change in fair value of contingent
consideration issued for acquisition of business
(4,220
)
—
Stock based compensation
27,677
42,599
Other expenses
98
36
Changes in assets and liabilities:
Accounts receivable
3,085
(11,228
)
Unbilled receivables
(1,509
)
(40
)
Prepaid income taxes
(5,295
)
(1,553
)
Prepaid expenses and other current
assets
28
(3,067
)
Accounts payable
(471
)
2,425
Accrued compensation and benefits
6,554
2,971
Operating lease liabilities
(2,119
)
(2,268
)
Accrued income taxes
5,638
5,821
Accrued expenses and other current
liabilities
1,965
249
Net cash provided by operating
activities
33,537
19,639
Cash flows from investing
activities
Purchase of property and equipment
(5,593
)
(4,381
)
Purchase of investment
—
(1,000
)
Acquisition of business, net of cash
acquired
(17,830
)
—
Net cash used in investing
activities
(23,423
)
(5,381
)
Cash flows from financing
activities
Payments of tax obligations resulted from
exercises of stock options, net of proceeds
491
1,144
Payments of tax obligations resulted from
net share settlement of vested stock awards
(14,958
)
(4,791
)
Payment of contingent consideration
related to previously acquired businesses
—
(6,933
)
Proceeds from debt
—
5,000
Repayment of debt
—
(5,000
)
Debt issuance costs
—
(201
)
Proceeds from issuance of Common Stock
from 2022 Offerings
—
109,537
Equity issuance cost
—
(253
)
Net cash (used in)/provided by
financing activities
(14,467
)
98,503
Effect of exchange rate changes on cash
and cash equivalents
1,337
(1,937
)
Net increase/(decrease) in cash and cash
equivalents
(3,016
)
110,824
Cash and cash equivalents, beginning of
period
256,729
144,364
Cash and cash equivalents, end of
period
$
253,713
$
255,188
Supplemental disclosure of cash flow
information:
Cash paid for income taxes
$
9,936
$
4,060
Supplemental disclosure of non-cash
activities
Acquisition fair value of contingent
consideration issued for acquisition of business
$
932
$
—
Schedule 4:
GRID DYNAMICS HOLDINGS,
INC.
RECONCILIATION OF NON-GAAP
INFORMATION
Unaudited
(In thousands, except per
share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
77,419
$
81,161
$
234,841
$
229,906
Cost of revenue
49,267
48,491
149,809
141,596
GAAP gross profit
28,152
32,670
85,032
88,310
Stock-based compensation
502
367
1,482
888
Non-GAAP gross profit
$
28,654
$
33,037
$
86,514
$
89,198
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
GAAP net income/(loss)
$
676
$
(6,659
)
$
(4,667
)
$
(22,512
)
Adjusted for:
Depreciation and amortization
2,478
1,627
6,255
4,907
Provision for income taxes
2,626
3,359
8,001
7,240
Stock-based compensation
7,267
17,551
27,677
42,599
Transaction and transformation-related
costs(1)
436
—
1,519
—
Geographic reorganization(2)
306
2,658
1,528
9,633
Restructuring costs(3)
103
—
1,086
—
Other (income)/expense, net(4)
(3,159
)
(1,450
)
(7,849
)
(124
)
Non-GAAP EBITDA
$
10,733
$
17,086
$
33,550
$
41,743
__________________________
(1)
Transaction and transformation-related
costs include, when applicable, external deal costs,
transaction-related professional fees, transaction-related
retention bonuses, which are allocated proportionally across cost
of revenue, engineering, research and development, sales and
marketing and general and administrative expenses as well as other
transaction-related costs including integration expenses consisting
of outside professional and consulting services.
(2)
Geographic reorganization includes
expenses connected with military actions of Russia against Ukraine
and the exit plan announced by the Company and includes travel and
relocation-related expenses of employees from the aforementioned
countries, severance payments, allowances as well as legal and
professional fees related to geographic repositioning in various
locations. These expenses are incremental to those expenses
incurred prior to the crisis, clearly separable from normal
operations, and not expected to recur once the crisis has subsided
and operations return to normal.
(3)
We implemented a restructuring plan during
the first quarter of 2023. Our restructuring costs comprised of
severance charges and respective taxes and are included in General
and administrative expenses in the Company’s unaudited condensed
consolidated statement of income/(loss) and comprehensive
income/(loss).
(4)
Other (income)/expense, net consist
primarily of gains and losses on foreign currency transactions,
fair value adjustments, and other miscellaneous non-operating
expenses, potential loss contingencies as well as other income
consists primarily of interest on cash held at banks and returns on
investments in money-market funds.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
GAAP net income/(loss)
$
676
$
(6,659
)
$
(4,667
)
$
(22,512
)
Adjusted for:
Stock-based compensation
7,267
17,551
27,677
42,599
Transaction and transformation-related
costs (1)
436
—
1,519
—
Geographic reorganization (2)
306
2,658
1,528
9,633
Restructuring costs(3)
103
—
1,086
—
Other (income)/expense, net(4)
(3,159
)
(1,450
)
(7,849
)
(124
)
Tax impact of non-GAAP adjustments(5)
232
(1,124
)
86
(3,442
)
Non-GAAP Net Income
$
5,861
$
10,976
$
19,380
$
26,154
Number of shares used in the GAAP Diluted
EPS
77,339
68,623
75,026
67,566
GAAP Diluted EPS
$
0.01
$
(0.10
)
$
(0.06
)
$
(0.33
)
Number of shares used in the Non-GAAP
Diluted EPS
77,339
71,857
77,298
70,739
Non-GAAP Diluted EPS
$
0.08
$
0.15
$
0.25
$
0.37
__________________________
(1)
Transaction and transformation-related
costs include, when applicable, external deal costs,
transaction-related professional fees, transaction-related
retention bonuses, which are allocated proportionally across cost
of revenue, engineering, research and development, sales and
marketing and general and administrative expenses as well as other
transaction-related costs including integration expenses consisting
of outside professional and consulting services.
(2)
Geographic reorganization includes
expenses connected with military actions of Russia against Ukraine
and the exit plan announced by the Company and includes travel and
relocation-related expenses of employees from the aforementioned
countries, severance payments, allowances as well as legal and
professional fees related to geographic repositioning in various
locations. These expenses are incremental to those expenses
incurred prior to the crisis, clearly separable from normal
operations, and not expected to recur once the crisis has subsided
and operations return to normal.
(3)
We implemented a restructuring plan during
the first quarter of 2023. Our restructuring costs comprised of
severance charges and respective taxes and are included in General
and administrative expenses in the Company’s unaudited condensed
consolidated statement of income/(loss) and comprehensive
income/(loss).
(4)
Other (income)/expense, net consist
primarily of gains and losses on foreign currency transactions,
fair value adjustments, and other miscellaneous non-operating
expenses, potential loss contingencies as well as other income
consists primarily of interest on cash held at banks and returns on
investments in money-market funds.
(5)
Reflects the estimated tax impact of the
non-GAAP adjustments presented in the table.
Schedule 5:
GRID DYNAMICS HOLDINGS,
INC.
REVENUE BY VERTICALS
Unaudited
(In thousands)
Three Months Ended September
30,
2023
% of revenue
2022
% of revenue
Retail
$
26,544
34.3
%
$
25,260
31.1
%
Technology, Media and Telecom
23,732
30.7
%
26,335
32.4
%
CPG/Manufacturing
9,668
12.5
%
16,058
19.8
%
Finance
7,299
9.4
%
6,073
7.5
%
Other
10,176
13.1
%
7,435
9.2
%
Total
$
77,419
100.0
%
$
81,161
100.0
%
Nine Months Ended September
30,
2023
% of revenue
2022
% of revenue
Retail
$
77,972
33.2
%
$
74,019
32.2
%
Technology, Media and Telecom
74,639
31.8
%
71,170
31.0
%
CPG/Manufacturing
33,186
14.1
%
47,127
20.5
%
Finance
20,562
8.8
%
15,649
6.8
%
Other
28,482
12.1
%
21,941
9.5
%
Total
$
234,841
100.0
%
$
229,906
100.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102856976/en/
Grid Dynamics Investor Relations:
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