Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET
Company Participants
Bin Jiang - Head of Investor Relations
Leonard Livschitz - Chief Executive Officer
Anil Doradla - Chief Financial Officer
Conference Call Participants
Mayank Tandon - Needham & Company
Joshua Siegler - Cantor Fitzgerald
Bryan Bergin - TD Cowen
Maggie Nolan - William Blair
Puneet Jain - JPMorgan
Bin Jiang
Good afternoon, everyone. Welcome to Grid Dynamics Third Quarter 2023 Earnings Conference Call. I'm Bin Jiang, Head of the Investor Relations. At this time, all participants are in a 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 to 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 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 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 Dynamics third quarter revenue and non-GAAP EBITDA were within guidance range and exceeded Wall Street expectations. Our results reflect the company's unrelentless commitment to our existing clients and our continued ability to execute to our stated goals. There was a lot of activity during the quarter. This includes strong momentum with new clients, great traction with artificial intelligence projects as it continues to garner significant interest across our customer base and progress with our GigaCube initiatives as we continue to operationalize it across the company.
On the macro, the demand environment points to a level of stabilization. While we still have some ways to go before calling it a strong snapback or back to normalized levels of demand I'm more optimistic than I was three months ago. In many ways, this is what not unexpected, as enterprises need to spend toward their business imperatives that include digital transformation initiatives. In other words for enterprises to remain competitive, they need to spend on crucial business, digital transformation needs.