Globant S.A. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $191.6 million in Q1 2020, a 31.1% increase year-over-year (YoY), exceeding company guidance. Growth was 32.2% YoY in constant currency.
  • Adjusted Net Income: $24.4 million (12.7% margin), consistent with Q1 2019 margin (12.7%) but up in dollar value from $18.5 million.
  • Adjusted Diluted EPS: $0.64, up from $0.50 in Q1 2019.
  • Adjusted Gross Profit: $75.6 million (39.5% margin), a slight decline from 41.1% a year ago due to Argentine payroll and FX impact.
  • Adjusted Operating Income: $29.9 million (15.6% margin), up from $24.7 million (16.9%) in Q1 2019.
  • Top Client (Disney): Revenue from Disney grew over 45% YoY, remains Globant's largest customer.
  • Customer Metrics:
    • 12 clients generating >$10M annual revenue (up from 10 YoY).
    • 112 customers with >$1M annual revenue (up from 91 YoY).
  • Geographic Revenue Split:
    • North America: 74.5%
    • Latin America: 19.5%
    • Europe: 6%
  • Top Industries:
    • Entertainment: 24.2%
    • Financial Services: 23.7%

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Operator: Hello, and welcome to the Globant Q1 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask question. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to your host today, Paula Conde. Please go ahead. Paula Conde: Thank you, Operator, and thanks to everyone for joining us today on our call to review our first quarter 2020 financial results. By now, you should have received a copy of the earnings release. If you have not, a copy is available on our Web site investors.globant.com. Our speakers today are Martín Migoya, Co-Founder and Chief Executive Officer; Juan Urthiague, Chief Financial Officer; and Patricia Pomies, Chief Delivery and People Officer. Before we begin, I would like to remind you that some of the comments on our call today maybe deemed forward-looking statements. This includes our business and 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. Please note that we follow IFRS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures, which is how we track performance internally and the easiest way to compare Globant to our peers in the industry. You will find a reconciliation of I

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