Q1 2024 Grid Dynamics Holdings Inc Earnings Call Transcript
Key Points
- Grid Dynamics Holdings Inc (GDYN) reported first quarter revenues that exceeded both guidance and Wall Street expectations.
- The company secured two multi-million dollar deals with enterprise customers in key verticals, enhancing its market position.
- Grid Dynamics Holdings Inc (GDYN) was recognized by the Everest Group as a leader in Google Cloud Services, validating its specialized capabilities.
- The company continues to expand its global footprint, with significant growth in India and strategic expansions in Europe and Latin America.
- Partnerships with major hyperscalers and software vendors have been strengthened, contributing to revenue growth and expanding service offerings.
- Despite overall growth, certain industry verticals like retail and TMT saw flat or decreased revenue on a year-over-year basis.
- The company experienced a decrease in gross margin percentages due to seasonal increases in employee-related costs and FX headwinds.
- GAAP net loss for the quarter was reported, indicating challenges in profitability under standard accounting measures.
- A decline in the number of total customers from the previous quarter suggests potential issues in customer retention or acquisition.
- The company faces ongoing challenges in the manufacturing vertical, indicating a need for strategic improvements to stabilize and grow this segment.
Good afternoon, everyone. Welcome to Grid Dynamics' First Quarter 2024 earnings conference call. I'm Carrie Savvas, Director of Branding and Communications. At this time, our participants are in listen only mode. Joining us on the call today are CEO, Leonard Lipschitz and CFO and Neil Europa. 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 in 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 eight K filed with the SEC. You can
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