Grid Dynamics(GDYN) - 2024 Q4 - Annual Results

Revenue Growth - Fourth quarter 2024 revenues reached $100.3 million, a year-over-year growth of 28.5%[2] - Full year 2024 revenues totaled $350.6 million, up from $312.9 million in 2023, representing a 12.0% increase[11] - Revenues for the three months ended December 31, 2024, were $100,282 thousand, a 28.4% increase from $78,069 thousand in the same period of 2023[26] - Total revenue for Q4 2024 was $100,282 million, a 28.4% increase from $78,069 million in Q4 2023[41] - The Finance vertical experienced significant growth, with a year-over-year increase of 180.1%[2] - The Finance vertical saw substantial growth, with revenue increasing to $23,190 million in Q4 2024 from $8,280 million in Q4 2023, representing a 179.4% increase[41] - Retail revenue for the year ended December 31, 2024, was $113,957 million, slightly up from $102,551 million in 2023, maintaining a stable market share[41] Income and Earnings - GAAP net income for Q4 2024 was $4.5 million, or $0.05 per share, compared to $2.9 million, or $0.04 per share, in Q4 2023[6] - Non-GAAP net income for the full year 2024 was $37.2 million, or $0.47 per share, compared to $31.7 million, or $0.42 per share, in 2023[11] - Non-GAAP net income for Q4 2024 reached $10,284 million, up from $7,489 million in Q4 2023, reflecting a growth of 37.5%[37] - The company's GAAP diluted EPS for Q4 2024 was $0.05, compared to $0.04 in Q4 2023[37] - Non-GAAP diluted EPS for Q4 2024 was $0.12, up from $0.10 in Q4 2023, indicating a 20% increase[37] - Net income for the year ended December 31, 2024, was $4,041 thousand, compared to a net loss of $1,765 thousand in 2023[26] Expenses and Costs - The company reported total operating expenses of $129,110 thousand for the year ended December 31, 2024, compared to $118,726 thousand in 2023, a rise of 8.5%[26] - The company incurred acquisition-related costs of $43,072 thousand for the year ended December 31, 2024, compared to $17,830 thousand in 2023[30] - The company incurred $34,167 million in stock-based compensation for the year ended December 31, 2024, compared to $35,516 million in 2023, showing a decrease[37] - The company has implemented a restructuring plan, resulting in restructuring costs of $1,413 million for the year ended December 31, 2024[39] Cash and Assets - Cash and cash equivalents as of December 31, 2024, totaled $334.7 million, up from $257.2 million a year earlier[11] - Cash and cash equivalents increased to $334,655 thousand as of December 31, 2024, from $257,227 thousand in 2023, representing a 30% increase[28] - Total assets grew to $592,192 thousand as of December 31, 2024, up from $435,165 thousand in 2023, reflecting a 36.2% increase[28] Future Outlook - The company expects full year 2025 revenues to be between $415.0 million and $435.0 million, indicating a growth of 18.4% to 24.1% year-over-year[11] - The AI opportunities pipeline grew to over 130, representing a 30% increase from the previous quarter[4] Employment - Total headcount increased to 4,730 employees as of December 31, 2024, compared to 3,920 a year prior[11] EBITDA - Non-GAAP EBITDA for Q4 2024 was $15.6 million, compared to $10.7 million in Q4 2023[6] - Non-GAAP EBITDA for the year ended December 31, 2024, was $52,474 thousand, compared to $44,246 thousand in 2023, indicating an 18.6% increase[36]