Globant S.A. (NYSE:GLOB) Q3 2023 Earnings Conference Call November 16, 2023 4:30 PM ET

Company Participants

Arturo Langa - Investor Relations

Martin Migoya - Co-Founder and Chief Executive Officer

Diego Tartara - Chief Technology Officer

Patricia Pomies - Chief Operating Officer

Juan Urthiague - Chief Financial Officer

Conference Call Participants

Tien-Tsin Huang - JPMorgan

Ashwin Shirvaikar - Citi

Jason Kupferberg - BofA

Moshe Katri - Wedbush

Bryan Bergin - TD Cowen

Kate Kronstein - William Blair

Divya Goyal - Scotiabank

Surinder Thind - Jefferies

Arturo Langa

[Starts Abruptly] Before we begin, I would like to remind you that some of the comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC.

Please note that we follow IFRS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures, which is how we track performance internally and the easiest way to compare Globant to our peers in the industry. You will find a reconciliation of IFRS and non-IFRS measures at the end of the press release we published on our Investor Relations website announcing this quarter's results.

I now like to turn the call over to Martin Migoya, our CEO.

Martin Migoya

Good afternoon, and welcome everyone. It's a pleasure for me to be back to deliver this earnings call speech and to share with you how we're progressing on our growth vision. Let's begin with our quarterly performance.

In Q3, we brought in $545.3 million in revenue, representing 18.8% year-over-year growth and 9.6% quarter-over-quarter growth. Our revenue for the last 12 months has now surpassed $2 billion, a first for Globant. Over the past quarter, we saw expansion across our key geographies, all of our verticals, as well as among our top clients. We are exceptionally proud to have delivered this market-leading growth, even in a period of global economic challenges. We have maintained profitability, a healthy balance sheet and free cash flow. We look forward to executing our commercial strategy to increase market share worldwide.

As a nod to this expansion, Fortune has recently included Globant on its list of 100 Fastest-Growing Companies. Globant was ranked first among peers in the information technology services category, recognized for its revenue, profit and stock return over the last three years. We are optimistic as we see technology spending continue to lead the global growth story, affecting nearly every area and function of organizations of all sectors. Globant's service offering now encompasses sophisticated technology consultancy and digital solutions, breakthroughs in the creative industry, and from a broad array of AI-based solutions to our expertise in working with world-class enterprise systems. We are in a position to take advantage of the fastest-growing areas of the technology sector.