Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Q2 2024 Earnings Conference Call August 1, 2024 4:30 PM ET
Company Participants
Cary Savas - Director of Branding and Communications
Leonard Livschitz - CEO
Anil Doradla - CFO
Conference Call Participants
Maggie Nolan - William Blair
Bryan Bergin - TD Cowen
Mayank Tandon - Needham
Puneet Jain - JPMorgan
Cary Savas
Good afternoon, everyone. Welcome to Grid Dynamics Second Quarter 2024 Earnings Conference Call. I'm Cary Savas, Director of Branding and Communications. 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 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 the Investor Relations section of our website.
I'll now turn the call over to Leonard, our CEO.
Leonard Livschitz
Thank you, Cary. Good afternoon, everyone, and thank you for joining us today. Grid Dynamics second quarter results were above our guidance range and exceeded Wall Street expectations, both on revenue and non-GAAP EBITDA. We achieved important milestones in the quarter.
I'm happy to report that our second quarter revenue was the highest in the company's history and all of it was an organic nature. We also exited the second quarter with the highest number of billable engineers in the company's history. The strong results were due to the strengths from both existing and new customers and are commendable given the recent backdrop of economic cycles.
It is a clear testament that Grid Dynamics efforts to stay in the course and maintain laser focus in delivering value to our customers is paying off. Our stated goals around the company grows profitability and becoming a $1 billion revenue company remaining unchanged. In many ways, our second quarter revenue growth of 4% on a sequential basis reflects the company's differentiation.