Globant S.A. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $270.2 million, a record 41% year-over-year growth and 16.1% sequential increase. This is the highest YoY growth since Globant's IPO in 2014.
  • Adjusted Gross Profit: $107 million with a margin of 39.6% (vs. 39.5% in Q1 2020).
  • Adjusted Operating Income: $45 million (16.6% margin), up from $29.9 million (15.6%) in Q1 2020.
  • Adjusted Net Income: $34.2 million (12.7% margin) vs. $22.4 million (11.7%) in Q1 2020. Excluding tax impact of non-IFRS changes: $37M (13.7%).
  • Adjusted Diluted EPS: $0.83 vs. $0.59 in Q1 2020. Excluding tax impact: $0.90 (above Q1 guidance of at least $0.79).
  • Cash & Short-term Investments: $195.6 million as of March 31, 2021.
  • Headcount: 17,267 total employees; 16,284 in tech/design/innovation. Added 994 IT professionals YoY (+39%).
  • Attrition: 14.2% (down from 15% YoY). Expected to normalize between 14%-16%.
  • Geographic Revenue Growth:
    • Europe: +183.7% YoY, +43.3% QoQ
    • Latin America: +80.2% YoY, +17.9% QoQ
    • North America: +19.3% YoY, +11.2% QoQ
    • Asia: +78.7% YoY, +31.3% QoQ

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Amit Singh: Good day, and welcome to Globant's First Quarter 2021 Earnings Conference Call. I'm Amit Singh, Head of Finance and Investor Relations for the U.S. All participants on this call will be on listen-only mode. After today's presentation, there will be an opportunity to ask question. Please note this event is being recorded and streamed live on YouTube. By now, you should have received a copy of the earnings release. If you have not, a copy is available on our website, investors.globant.com. Our speakers today are Martin Migoya, Co-Founder and Chief Executive Officer; Juan Urthiague, Chief Financial Officer; Patricia Pomies, Chief Operating Officer; and Diego Tartara, Chief Technology Officer. Before we begin, I would like to remind you that some of the comments on our call today may be 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 IFRS and non-IFRS measures at the end of the press release we published on our Investor Relations website announcing this quarter's re

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