Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Q3 2024 Earnings Conference Call October 31, 2024 4:30 PM ET
Company Participants
Cary Savas - Director, Branding and Communications
Leonard Livschitz - Chief Executive Officer
Anil Doradla - Chief Financial Officer
Yury Gryzlov - Chief Operating Officer
Conference Call Participants
Mayank Tandon - Needham
Bryan Bergin - TD Cowen
Maggie Nolan - William Blair
Puneet Jain - JPMorgan
Cary Savas
Good afternoon, everyone. Welcome to Grid Dynamics Third Quarter 2024 Earnings Conference Call. I’m Cary Savas, Director of Branding and Communications. At this time, our participants are in listen-only mode. Joining us on the call today are CEO, Leonard Livschitz; CFO, Anil Doradla; and COO, Yury Gryzlov. Following the prepared remarks, we will open up 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 in a 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 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 reported another solid quarter as positive trends continued to favorably influence our business. Our third quarter results were above our guidance range and exceeded Wall Street expectations, both in revenue and non-GAAP EBITDA. More importantly, our revenue and profitability were the highest in a company’s history.
Similar to the second quarter, we exited the third quarter with a record billable engineering headcount. Customers, both existing and new, are contributing to our strong results, which is a testament to our technology differentiation and delivery excellence.
The addition of Argentina-based Mobile Computing enhances our Follow-the-Sun capabilities, and the acquisition of U.K.-based JUXT elevates our industry expertise in Banking and Financial Services.
With both acquisitions, our teams have started working together and I expect them to generate immediate, scalable synergies starting in the fourth quarter. There are many trends shaping the company, both in the fourth quarter of 2024 and in 2025. Some notable ones I will share with you today. As we exit 2024, our long-term targets around the company’s growth, profitability and technical leadership remain unchanged.