Q1 2024 Thoughtworks Holding Inc Earnings Call Transcript
Key Points
- Thoughtworks Holding Inc (TWKS) exceeded revenue expectations in Q1, achieving $249 million in revenue.
- The company saw strong bookings in Q1 and expects sequential growth in Q2 2024.
- Thoughtworks Holding Inc (TWKS) successfully contracted with 49 new clients in Q1, showing strength in new-client acquisition.
- The company has been recognized in the Innovation Consulting Services Landscape Q1 2024 report by Forrester Research.
- Thoughtworks Holding Inc (TWKS) is expanding its service offerings, including AI and data services, which are seeing strong demand.
- Thoughtworks Holding Inc (TWKS) reported a year-over-year revenue decline of 19% in Q1.
- Adjusted EBITDA margin fell short of guidance, only reaching 2.7% due to ongoing supply rebalancing impacting gross margins.
- The company experienced a significant decline in revenue across all regions, with North America and LATAM seeing the steepest drops.
- Free cash flow was negative $20 million in Q1, a decrease from a positive cash flow of $31 million in the previous year.
- There was a year-over-year decline in revenue across all industry verticals, with financial services and insurance experiencing the largest drop of 29%.
Hello, everyone, and welcome to Thoughtworks earnings call for the first quarter of 2024. We'll be recording today's call. (Event Instructions) Joining us today will be Thoughtworks' President and CEO, Guo Xiao; and CFO, Erin Cummins.
The earnings press release was issued earlier today and is also available on our Investor Relations page at thoughtworks.com. Some of the matters we'll discuss on this call, including our expected business outlook and anticipated costs and benefits of our restructuring actions are forward-looking, and as such, are subject to known and unknown risks and uncertainties.
These include, but are not limited to those factors described in today's press release and discussed in the Risk Factors section of our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports we may file with the SEC from time to time. These risks and uncertainties could cause actual results to differ materially from those expressed on this call.
These forward-looking statements are made
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