Fourth Quarter Revenue of $78.1 million and
Full Year Revenue of $312.9 million
Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) (“Grid Dynamics”,
“the Company”), a leader in enterprise-level digital
transformation, today announced results for its fourth quarter and
full year ended December 31, 2023.
We are very pleased to report revenue of $78.1 million in the
fourth quarter 2023 that was higher than our outlook range of $76
million to $78 million that we provided in November 2023. For the
full year 2023, we achieved revenue of $312.9 million, up from
$310.5 million in 2022. In the fourth quarter we continued to
diversify our industry mix. Notable highlights included the
following. Our Technology, Media and Telecom (“TMT”) vertical, at
31.0% of our fourth quarter revenue, rebounded and grew 1.9% on a
sequential basis, driven by our large technology customers. Our
Finance vertical, representing 10.6% of our fourth quarter revenue,
grew 13.4% on a sequential basis. This was largely due to growth
from our existing customers and new logos. And Other vertical,
including life sciences and pharmaceutical customers, representing
14.5% of our fourth quarter revenue, grew 11.5% on a sequential
basis. Also, our CPG and Manufacturing vertical, representing 12.4%
of our fourth quarter revenue, remained unchanged on a sequential
basis. As a result of our continued efforts of diversifying our
business, our reliance on the Retail vertical diminished,
representing 31.5% of our fourth quarter revenue, down from 34.3%
on a sequential basis.
“I am pleased to report that the demand environment is improving
and this should favorably support our business in 2024. There were
many positives in this quarter. We added five new enterprise logos.
Notable inclusions were a large insurance company and a healthcare
company. AI is now infused across all of our industry practices,
with many new customers embracing AI in their solutions. Customers
recognize Grid Dynamics engineering quality in India leading to our
growth in the region. As such, we are expanding our footprint
beyond our two offices in Hyderabad and Chennai and opening a third
office in Bengaluru.
The last twelve months have proven that the company is adept in
navigating uncertainties as we executed across multiple areas of
our business. In 2023 we added 33 enterprise customers, scaled our
delivery locations across Poland, India, and Mexico, three areas
strategic to a follow-the-sun model, enhanced our sales and R&D
organizations with greater industry expertise, especially in
supply-chain, manufacturing, financial services, and
pharmaceutical. We were recognized by hyperscalers such as Google,
Amazon, and Microsoft for our AI capabilities and other technical
skills. In 2023, our partnership influenced business reached 13% of
our total revenue. This is impressive given that we embarked on
this strategy in 2021, and within a short period of two years we
achieved these results. I am very proud of the Company’s
achievements and I would like to thank all our employees for their
contribution and perseverance,” said Leonard Livschitz, CEO.
Fourth Quarter of 2023 Financial
Highlights
- Total revenue was $78.1 million, flat sequentially and
decreased 3.1% year-over-year.
- GAAP gross profit was $28.1 million or 36.0% of revenue,
compared to GAAP gross profit of $32.3 million or 40.1% of revenue
in the fourth quarter of 2022. Non-GAAP gross profit was $28.6
million or 36.6% of revenue, compared to Non-GAAP gross profit of
$32.7 million or 40.6% of revenue in the fourth quarter of
2022.
- GAAP net income attributable to common stockholders was $2.9
million, or $0.04 per share, based on 75.7 million weighted-average
basic shares outstanding in fourth quarter of 2023, compared to
GAAP net loss attributable to common stockholders of $6.7 million
or $(0.09) per share based on 74.0 million weighted-average basic
shares outstanding in the fourth quarter of 2022. GAAP diluted
earnings per share during the fourth quarter of 2023 were $0.04 per
share, based on 78.0 million weighted-average diluted shares
outstanding, compared to $(0.09) per share based on 74.0 million
weighted-average diluted shares outstanding in the fourth quarter
of 2022. Non-GAAP net income was $5.7 million, or $0.07 per diluted
share, based on 78.0 million weighted-average diluted shares
outstanding in the fourth quarter of 2023, compared to Non-GAAP net
income of $10.5 million or $0.14 per diluted share based on 76.5
million weighted-average diluted shares outstanding in the fourth
quarter of 2022.
- Non-GAAP EBITDA (earnings before interest, taxes, depreciation,
amortization, other income, fair value adjustments, stock-based
compensation, and transaction and transformation-related costs as
well as geographic reorganization expenses), a Non-GAAP metric, was
$10.7 million, compared with Non-GAAP EBITDA of $16.5 million in
the fourth quarter of 2022.
2023 Full Year Financial
Highlights
- Total revenue was $312.9 million, an increase of 0.8%
year-over-year.
- GAAP gross profit was $113.1 million or 36.2% of revenue,
compared to GAAP gross profit of $120.6 million or 38.8% of revenue
in 2022. Non-GAAP gross profit was $115.1 million or 36.8% of
revenue, compared to Non-GAAP gross profit of $121.9 million or
39.3% of revenue in 2022.
- GAAP net loss attributable to common stockholders was $1.8
million, or $(0.02) per share, based on 75.2 million
weighted-average common shares outstanding, compared to GAAP net
loss attributable to common stockholders of $29.2 million or
$(0.42) per share based on 69.2 million weighted-average common
shares outstanding in 2022. Non-GAAP net income was $25.1 million,
or $0.32 per diluted share, based on 77.7 million weighted-average
common shares outstanding, compared to Non-GAAP net income of $36.6
million or $0.51 per diluted share based on 72.2 million
weighted-average common shares outstanding in 2022.
- Non-GAAP EBITDA (earnings before interest, taxes, depreciation,
amortization, other income, fair value adjustments, stock-based
compensation, and transaction and transformation-related costs as
well as geographic reorganization expenses), a Non-GAAP metric, was
$44.2 million, compared with Non-GAAP EBITDA of $58.2 million in
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 $41.1 million for the
year ended December 31, 2023, compared to cash provided by
operating activities of $31.7 million for the year ended December
31, 2022.
- Cash and cash equivalents totaled $257.2 million as of December
31, 2023, compared to $256.7 million as of December 31, 2022.
- Total headcount was 3,920 as of December 31, 2023, compared
with 3,798 employees as of December 31, 2022.
Financial Outlook
- The Company expects revenue in the first quarter of 2024 to be
in the range of $77 million to $79 million.
- Non-GAAP EBITDA in the first quarter of 2024 is expected to be
between $9.5 million and $10.5 million.
- For the first quarter of 2024, we expect our basic share count
to be in the 76.5-77.5 million range and diluted share count to be
in the 78.5-79.5 million range.
Grid Dynamics is not able, at this time, to provide GAAP targets
for net income for the first quarter of 2024 because of the
difficulty of estimating certain items excluded from non-GAAP
EBITDA that cannot be reasonably predicted, such as interest,
taxes, other income, fair-value adjustments, geographic
reorganization expenses, 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 conference call at 4:30 p.m. ET on
Thursday, February 22, 2024 to discuss its fourth quarter and full
year 2023 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 $Q4@2023.
About Grid Dynamics
Grid Dynamics (NASDAQ: GDYN) is a leading provider of technology
consulting, platform and product engineering, and advanced
analytics services. Fusing technical vision with business acumen,
we enable positive business outcomes for enterprise companies
undergoing business transformation by solving their most pressing
technical challenges. A key differentiator for Grid Dynamics is our
7+ years of experience and leadership in enterprise AI, supported
by profound expertise and ongoing investment in data, analytics,
cloud & DevOps, application modernization, and customer
experience. Founded in 2006, Grid Dynamics is headquartered in
Silicon Valley with offices across the Americas, Europe, and India.
Follow us on 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 December
31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
78,069
$
80,576
$
312,910
$
310,482
Cost of revenue
49,955
48,296
199,764
189,892
Gross profit
28,114
32,280
113,146
120,590
Operating expenses
Engineering, research, and development
3,863
4,697
14,741
15,772
Sales and marketing
6,422
5,377
24,151
19,808
General and administrative
18,894
27,818
79,834
106,018
Total operating expenses
29,179
37,892
118,726
141,598
Loss from operations
(1,065
)
(5,612
)
(5,580
)
(21,008
)
Other income/(expenses), net
2,569
431
10,418
555
Income/(loss) before income
taxes
1,504
(5,181
)
4,838
(20,453
)
Provision for/(benefit from) income
taxes
(1,398
)
1,521
6,603
8,761
Net income/(loss)
$
2,902
$
(6,702
)
$
(1,765
)
$
(29,214
)
Foreign currency translation
adjustments
785
1,215
2,122
(722
)
Comprehensive income/(loss)
$
3,687
$
(5,487
)
$
357
$
(29,936
)
Income/(loss) per share
Basic
$
0.04
$
(0.09
)
$
(0.02
)
$
(0.42
)
Diluted
$
0.04
$
(0.09
)
$
(0.02
)
$
(0.42
)
Weighted average shares
outstanding
Basic
75,690
74,036
75,193
69,197
Diluted
78,033
74,036
75,193
69,197
Schedule 2:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
Unaudited
(In thousands, except share
and per share data)
As of
December 31,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
257,227
$
256,729
Accounts receivable, net of allowance of
$1,363 and $443 as of December 31, 2023 and December 31, 2022,
respectively
49,824
48,358
Unbilled receivables
3,735
5,591
Prepaid income taxes
3,998
4,294
Prepaid expenses and other current
assets
9,196
8,154
Total current assets
323,980
323,126
Property and equipment, net
11,358
8,215
Operating lease right-of-use assets,
net
10,446
7,694
Intangible assets, net
26,546
20,375
Goodwill
53,868
45,514
Deferred tax assets
6,418
4,998
Other noncurrent assets
2,549
1,224
Total assets
$
435,165
$
411,146
Liabilities and equity
Current liabilities
Accounts payable
$
3,621
$
3,897
Accrued compensation and benefits
19,263
13,065
Accrued income taxes
8,828
10,718
Operating lease liabilities, current
4,235
2,505
Accrued expenses and other current
liabilities
6,276
8,525
Total current liabilities
42,223
38,710
Deferred tax liabilities
3,274
3,756
Operating lease liabilities,
noncurrent
6,761
5,636
Total liabilities
$
52,258
$
48,102
Stockholders’ equity
Common stock, $0.0001 par value;
110,000,000 shares authorized; 75,887,475 and 74,156,458 issued and
outstanding as of December 31, 2023 and December 31, 2022,
respectively
$
8
$
7
Additional paid-in capital
397,511
378,006
Accumulated deficit
(15,886
)
(14,121
)
Accumulated other comprehensive
income/(loss)
1,274
(848
)
Total stockholders’ equity
382,907
363,044
Total liabilities and stockholders’
equity
$
435,165
$
411,146
Schedule 3:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Unaudited
(In thousands)
Twelve Months Ended
December 31,
2023
2022
Cash flows from operating
activities
Net loss
$
(1,765
)
$
(29,214
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
8,926
6,626
Operating lease right-of-use assets
amortization expense
3,192
3,021
Bad debt expense
945
132
Deferred income taxes
(4,140
)
(3,633
)
Change in fair value of contingent
consideration
(4,220
)
—
Stock-based compensation
35,516
60,968
Other expenses
324
71
Changes in assets and liabilities:
Accounts receivable
(434
)
(8,738
)
Unbilled receivables
2,518
(1,116
)
Prepaid income taxes
435
(3,450
)
Prepaid expenses and other assets
(511
)
(3,371
)
Accounts payable
(538
)
1,729
Accrued compensation and benefits
5,260
1,694
Operating lease liabilities
(3,135
)
(2,574
)
Accrued income taxes
(2,271
)
8,525
Accrued expenses and other current
liabilities
991
982
Net cash provided by operating
activities
41,093
31,652
Cash flows from investing
activities
Purchase of property and equipment
(7,870
)
(6,069
)
Purchase of investments
(250
)
(1,000
)
Acquisition of business, net of cash
acquired
(17,830
)
(9,254
)
Net cash used in investing
activities
(25,950
)
(16,323
)
Cash flows from financing
activities
Payments of tax obligations resulted from
net share settlement of vested stock awards
(16,831
)
(5,755
)
Proceeds from exercises of stock options,
net of shares withheld for taxes
510
1,432
Proceeds from issuance of Common Stock
from 2022 and 2021 Offerings
—
109,537
Proceeds from debt
—
5,000
Payment of contingent consideration
related to previously acquired businesses
—
(6,933
)
Repayment of debt
—
(5,000
)
Debt issuance cost
—
(270
)
Equity issuance costs
—
(253
)
Net cash (used in)/provided by
financing activities
(16,321
)
97,758
Effect of exchange rate changes on cash
and cash equivalents
1,676
(722
)
Net increase in cash and cash
equivalents
498
112,365
Cash and cash equivalents, beginning of
period
256,729
144,364
Cash and cash equivalents, end of
period
$
257,227
$
256,729
Schedule 3:
GRID DYNAMICS HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Unaudited
(In thousands)
(Continued)
Twelve Months Ended
December 31,
2023
2022
Supplemental disclosure of cash flow
information:
Cash paid for income taxes
$
12,365
$
7,474
Supplemental disclosure of non-cash
activities
Acquisition fair value of contingent
consideration issued for acquisition of business
$
932
$
3,288
Schedule 4:
GRID DYNAMICS HOLDINGS,
INC.
RECONCILIATION OF NON-GAAP
INFORMATION
Unaudited
(In thousands, except per
share data)
Three Months Ended December
31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
78,069
$
80,576
$
312,910
$
310,482
Cost of revenue
49,955
48,296
199,764
189,892
GAAP gross profit
28,114
32,280
113,146
120,590
Stock-based compensation
477
446
1,959
1,334
Non-GAAP gross profit
$
28,591
$
32,726
$
115,105
$
121,924
Three Months Ended December
31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
GAAP net income/(loss)
$
2,902
$
(6,702
)
$
(1,765
)
$
(29,214
)
Adjusted for:
Depreciation and amortization
2,671
1,719
8,926
6,626
Provision for/(benefit from) income
taxes
(1,398
)
1,521
6,603
8,761
Stock-based compensation
7,839
18,369
35,516
60,968
Geographic reorganization (1)
330
1,390
1,858
11,023
Transaction and transformation-related
costs (2)
519
604
2,038
604
Restructuring costs (3)
402
—
1,488
—
Other (income)/expenses, net (4)
(2,569
)
(431
)
(10,418
)
(555
)
Non-GAAP EBITDA
$
10,696
$
16,470
$
44,246
$
58,213
__________________________
(1)
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.
(2)
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.
(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 consolidated statement
of income/(loss) and comprehensive income/(loss).
(4)
Other (income)/expenses, net consist
primarily of losses and gains on foreign currency transactions,
fair value adjustments, and other miscellaneous non-operating
expenses and other income consists primarily of interest on cash
held at banks and returns on investments in money-market funds.
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP net income/(loss)
$
2,902
$
(6,702
)
$
(1,765
)
$
(29,214
)
Adjusted for:
Stock-based compensation
7,839
18,369
35,516
60,968
Geographic reorganization (1)
330
1,390
1,858
11,023
Transaction and transformation-related
costs (2)
519
604
2,038
604
Restructuring costs (3)
402
—
1,488
—
Other (income)/expenses, net (4)
(2,569
)
(431
)
(10,418
)
(555
)
Tax impact of non-GAAP adjustments (5)
(3,726
)
(2,757
)
(3,640
)
(6,199
)
Non-GAAP net income
$
5,697
$
10,473
$
25,077
$
36,627
Number of shares used in the GAAP diluted
EPS
78,033
74,036
75,193
69,197
GAAP diluted EPS
$
0.04
$
(0.09
)
$
(0.02
)
$
(0.42
)
Number of shares used in the Non-GAAP
diluted EPS
78,033
76,543
77,651
72,223
Non-GAAP diluted EPS
$
0.07
$
0.14
$
0.32
$
0.51
__________________________
(1)
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.
(2)
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.
(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 consolidated statement
of income/(loss) and comprehensive income/(loss).
(4)
Other (income)/expenses, net consist
primarily of losses and gains on foreign currency transactions,
fair value adjustments, and other miscellaneous non-operating
expenses and 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 December
31,
2023
% of revenue
2022
% of revenue
Retail
$
24,579
31.5
%
$
25,662
31.8
%
Technology, Media and Telecom
24,191
31.0
%
27,164
33.7
%
CPG/Manufacturing
9,675
12.4
%
14,089
17.5
%
Finance
8,280
10.6
%
6,244
7.7
%
Other
11,344
14.5
%
7,417
9.3
%
Total
$
78,069
100.0
%
$
80,576
100.0
%
Twelve Months Ended December
31,
2023
% of revenue
2022
% of revenue
Retail
$
102,551
32.8
%
$
99,681
32.1
%
Technology, Media and Telecom
98,830
31.6
%
98,334
31.7
%
CPG/Manufacturing
42,861
13.7
%
61,216
19.7
%
Finance
28,842
9.2
%
21,893
7.1
%
Other
39,826
12.7
%
29,358
9.4
%
Total
$
312,910
100.0
%
$
310,482
100.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222291677/en/
Grid Dynamics Investor Relations:
investorrelations@griddynamics.com
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