Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET

Company Participants

Bin Chiang - Head of IR

Leonard Livschitz - CEO

Anil Doradla - CFO

Conference Call Participants

Puneet Jain - JPMorgan

Josh Siegler - Cantor Fitzgerald

Maggie Nolan - William Blair

Bryan Bergin - TD Cowen

Ryan Potter - Citigroup

Mayank Tandon - Needham

Bin Chiang

Good afternoon, everyone. Welcome to Grid Dynamics Second Quarter 2023 Earnings Conference Call. I'm Bin Chiang, Head of Investor Relations. At this time, all participants are in listen-only mode.

Joining us on the call today are CEO, Leonard Livschitz; and CFO, Anil Doradla. Following their prepared remarks, we will open the call for your questions. Please note 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 uncertainties 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 have just described in the Investor Relations section of our website.

With that, I will now turn the call over to Leonard, our CEO.

Leonard Livschitz

Thank you, Bin. Good afternoon, everyone, and thank you for joining us today. As you have seen from our published results, Grid Dynamic's second quarter revenue was in our guidance range and non-GAAP EBITDA significantly exceeded expectations.

Also, on a GAAP basis, we achieved record net income since becoming a public company. Our results are commendable and reflect the company's un-relentless commitment to our clients.

There were some noteworthy trends, including strong new logo wins, meaningful contributions from logos that we won over the past couple of quarters, and deeper relationships with our partnership ecosystem. This has been a recurring theme for the past several quarters and reflects the strengths of our offering.

Additionally, a significant interest and engagement with our clients on artificial intelligence initiatives continued to positively impact our business. With our GigaCube initiative, we operationalized many KPIs across the company. On the macro, our opinions have remained unchanged. During the quarter, with many of our clients, we witnessed continued recalibration of spending priorities and investments.