Q2 2024 Grid Dynamics Holdings Inc Earnings Call Transcript
Key Points
- Grid Dynamics Holdings Inc (GDYN) reported its highest-ever quarterly revenue, driven entirely by organic growth.
- The company achieved a record number of billable engineers, indicating strong operational capacity.
- Grid Dynamics Holdings Inc (GDYN) won four industry awards, highlighting its innovation and excellence in digital transformation.
- The company expanded its AI capabilities significantly, offering approximately 30 solutions targeting Fortune 500 companies.
- Grid Dynamics Holdings Inc (GDYN) demonstrated strong financial performance, exceeding guidance on both revenue and non-GAAP EBITDA.
- The TMT vertical experienced a decline in revenue, both sequentially and year-over-year, due to reduced spending from a technology startup.
- The healthcare and pharma vertical showed a significant year-over-year revenue decrease of 14.8%.
- The number of customers decreased year-over-year, reflecting efforts to rationalize the portfolio of nonstrategic customers.
- Despite strong performance, the company did not reinstate full-year guidance, indicating potential uncertainty in business visibility.
- Pricing remains largely flat, with limited room for significant increases, impacting potential revenue growth.
Good afternoon, everyone. Welcome to Grid Dynamics second quarter 2024 earnings conference call. I'm Cary Savas, Director of Branding and Communications. (Event Instructions) Joining us on the call today are CEO, Leonard Livschitz; and CFO, Anil Doradla.
Following their prepared remarks, we will open the call to your questions. Please note that today's conference is being recorded. Before we begin, I would like to remind everyone that today's discussion will contain forward looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainty as described in the company's earnings release and other filings with the SEC.
During this call, we will discuss certain non-GAAP measures of our performance. GAAP to non-GAAP financial reconciliations and supplemental financial information are provided in the earnings press release and the 8-K filed with the SEC. You can find all the information I just described in
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