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Grid Dynamics(GDYN) - 2024 Q4 - Annual Results
GDYNGrid Dynamics(GDYN)2025-02-20 21:07

Revenue Growth - Fourth quarter 2024 revenues reached 100.3million,ayear−over−yeargrowthof28.5100.3 million, a year-over-year growth of 28.5%[2] - Full year 2024 revenues totaled 350.6 million, up from 312.9millionin2023,representinga12.0312.9 million in 2023, representing a 12.0% increase[11] - Revenues for the three months ended December 31, 2024, were 100,282 thousand, a 28.4% increase from 78,069thousandinthesameperiodof2023[26]−TotalrevenueforQ42024was78,069 thousand in the same period of 2023[26] - Total revenue for Q4 2024 was 100,282 million, a 28.4% increase from 78,069millioninQ42023[41]−TheFinanceverticalexperiencedsignificantgrowth,withayear−over−yearincreaseof180.178,069 million in Q4 2023[41] - The Finance vertical experienced significant growth, with a year-over-year increase of 180.1%[2] - The Finance vertical saw substantial growth, with revenue increasing to 23,190 million in Q4 2024 from 8,280millioninQ42023,representinga179.48,280 million in Q4 2023, representing a 179.4% increase[41] - Retail revenue for the year ended December 31, 2024, was 113,957 million, slightly up from 102,551millionin2023,maintainingastablemarketshare[41]IncomeandEarnings−GAAPnetincomeforQ42024was102,551 million in 2023, maintaining a stable market share[41] Income and Earnings - GAAP net income for Q4 2024 was 4.5 million, or 0.05pershare,comparedto0.05 per share, compared to 2.9 million, or 0.04pershare,inQ42023[6]−Non−GAAPnetincomeforthefullyear2024was0.04 per share, in Q4 2023[6] - Non-GAAP net income for the full year 2024 was 37.2 million, or 0.47pershare,comparedto0.47 per share, compared to 31.7 million, or 0.42pershare,in2023[11]−Non−GAAPnetincomeforQ42024reached0.42 per share, in 2023[11] - Non-GAAP net income for Q4 2024 reached 10,284 million, up from 7,489millioninQ42023,reflectingagrowthof37.57,489 million in Q4 2023, reflecting a growth of 37.5%[37] - The company's GAAP diluted EPS for Q4 2024 was 0.05, compared to 0.04inQ42023[37]−Non−GAAPdilutedEPSforQ42024was0.04 in Q4 2023[37] - Non-GAAP diluted EPS for Q4 2024 was 0.12, up from 0.10inQ42023,indicatinga200.10 in Q4 2023, indicating a 20% increase[37] - Net income for the year ended December 31, 2024, was 4,041 thousand, compared to a net loss of 1,765thousandin2023[26]ExpensesandCosts−Thecompanyreportedtotaloperatingexpensesof1,765 thousand in 2023[26] Expenses and Costs - The company reported total operating expenses of 129,110 thousand for the year ended December 31, 2024, compared to 118,726thousandin2023,ariseof8.5118,726 thousand in 2023, a rise of 8.5%[26] - The company incurred acquisition-related costs of 43,072 thousand for the year ended December 31, 2024, compared to 17,830thousandin2023[30]−Thecompanyincurred17,830 thousand in 2023[30] - The company incurred 34,167 million in stock-based compensation for the year ended December 31, 2024, compared to 35,516millionin2023,showingadecrease[37]−Thecompanyhasimplementedarestructuringplan,resultinginrestructuringcostsof35,516 million in 2023, showing a decrease[37] - The company has implemented a restructuring plan, resulting in restructuring costs of 1,413 million for the year ended December 31, 2024[39] Cash and Assets - Cash and cash equivalents as of December 31, 2024, totaled 334.7million,upfrom334.7 million, up from 257.2 million a year earlier[11] - Cash and cash equivalents increased to 334,655thousandasofDecember31,2024,from334,655 thousand as of December 31, 2024, from 257,227 thousand in 2023, representing a 30% increase[28] - Total assets grew to 592,192thousandasofDecember31,2024,upfrom592,192 thousand as of December 31, 2024, up from 435,165 thousand in 2023, reflecting a 36.2% increase[28] Future Outlook - The company expects full year 2025 revenues to be between 415.0millionand415.0 million and 435.0 million, indicating a growth of 18.4% to 24.1% year-over-year[11] - The AI opportunities pipeline grew to over 130, representing a 30% increase from the previous quarter[4] Employment - Total headcount increased to 4,730 employees as of December 31, 2024, compared to 3,920 a year prior[11] EBITDA - Non-GAAP EBITDA for Q4 2024 was 15.6million,comparedto15.6 million, compared to 10.7 million in Q4 2023[6] - Non-GAAP EBITDA for the year ended December 31, 2024, was 52,474thousand,comparedto52,474 thousand, compared to 44,246 thousand in 2023, indicating an 18.6% increase[36]