Innodata Inc. (NASDAQ:INOD) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Amy Agress - SVP and General Counsel
Jack Abuhoff - CEO and President
Marissa Espineli - Interim Chief Financial Officer

Conference Call Participants

George Sutton - Craig-Hallum
Allen Klee - Maxim Group
John Katsingris - Wedbush Securities
Hamed Khorsand - BWS Financial

Operator

Good day, everyone, and welcome to the Innodata Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Amy Agress. Please go ahead.

Amy Agress

Thank you, Nicky. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abuhoff, CEO of Innodata; and Marissa Espineli, interim CFO. Also on the call today is Aneesh Pendharkar, Senior Vice President, Finance and Corporate Development. We'll hear from Jack first, who will provide perspective about the business and then Marissa will follow with the review of our results for the third quarter. We'll then take questions from analysts.

Before we get started, I'd like to remind everyone that during this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations, assumptions and estimates and are subject to risks and uncertainties.

Actual results could differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release in the Risk Factor section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission.

We undertake no obligation to update forward-looking information. In addition, during this call, we may discuss certain non-GAAP financial measures. In our SEC filings, which are posted on our website, you will find additional disclosures regarding non-GAAP financial measures, including reconciliation of these measures with comparable GAAP measures.

Thank you. I will now turn the call over to Jack.

Jack Abuhoff

Thank you, Amy, and hello, everyone. Third quarter marked another leap forward for Innodata. We delivered record revenue of $52 million representing 136% year-over-year increase in organic growth. Adjusted EBITDA was $13.9 million, or 27% of revenue, which was 5x our adjusted EBITDA in Q2. And our cash reserves increased to $26.4 million, up by $10 million from last quarter. We're very pleased with our results this quarter and as a result of strong business momentum, we are raising our 2024 full year revenue guidance.