Globant Reports 2024 Fourth Quarter and Full Year Financial Results

Core Insights - Globant reported a strong financial performance for Q4 and the full year 2024, with revenues reaching $642.5 million for the fourth quarter, representing a 10.6% year-over-year growth, and $2,415.7 million for the full year, up 15.3% year-over-year [6][9][20] - The company emphasized its strategic investments in AI over the past decade, which have differentiated it from competitors and contributed to its growth [6][9] - Globant's operational efficiency is reflected in its healthy profit margins, despite navigating evolving market dynamics [9] Fourth Quarter 2024 Financial Highlights - Revenues for Q4 2024 were $642.5 million, a 10.6% increase from Q4 2023 [7][20] - IFRS Diluted EPS for Q4 was $0.85, down from $0.96 in Q4 2023, while Non-IFRS Adjusted Diluted EPS increased to $1.75 from $1.62 [7][20] - IFRS Gross Profit Margin was 35.7%, slightly down from 35.9% in Q4 2023, while Non-IFRS Adjusted Gross Profit Margin improved to 38.3% from 38.0% [7][20] Full Year 2024 Financial Highlights - Full year revenues reached $2,415.7 million, a 15.3% increase from 2023 [6][20] - IFRS Diluted EPS for the full year was $3.72, compared to $3.64 in 2023, and Non-IFRS Adjusted Diluted EPS rose to $6.40 from $5.74 [7][20] - The company reported a total gross profit of $863.4 million for the year, with a Gross Profit Margin of 35.7% [20] Other Metrics - As of December 31, 2024, Globant had 31,280 employees, with 29,198 being technology, design, and innovation professionals [7][20] - Geographic revenue breakdown for Q4 2024: 55.2% from North America, 20.4% from Latin America, 17.7% from Europe, and 6.7% from New Markets [7][20] - The company served 1,012 customers in the last twelve months, with 346 accounts generating over $1 million in annual revenues, up from 311 the previous year [7][20] 2025 Outlook - For Q1 2025, revenues are estimated to be between $618.0 million and $628.0 million, reflecting an 8.2% to 10.0% year-over-year growth [13] - Full year 2025 revenues are projected to be between $2,635.0 million and $2,705.0 million, indicating a 9.1% to 12.0% year-over-year growth [13]