Globant S.A. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Globant Q2 2021 Earnings Summary

  • Revenue: $305.3 million, up 67.1% YoY and 13% QoQ – the strongest YoY growth since becoming a public company. Revenue for the 12 months exceeded $1 billion for the first time.
  • Net Income: Adjusted net income grew to $36.5 million (12% margin), versus $17.5 million (9.6%) in Q2 2020.
  • EPS: Adjusted diluted EPS was $0.88, up from $0.45 last year, a 94.3% YoY increase.
  • Gross Margin: Adjusted gross profit margin rose to 39.3%, up 110 bps from Q2 2020.
  • Operating Income: Adjusted operating income grew to $49.4 million (16.2% margin), up from $24.6 million (13.5%) YoY.
  • Employee Growth: End of Q2 headcount was 19,428; 18,350 were tech/design professionals. Over 2,000 new IT professionals added (59% YoY growth).
  • Attrition: 12-month attrition rate at 16.6%, expected to normalize between 15.5% and 17.5%.
  • Customer Growth: 18 accounts over $10M annual revenue vs 13 last year. 154 customers over $1M annual revenue vs 113 last year.
  • Disney: Top client, grew 61.3% YoY and 10.9% QoQ. Strong performance across other accounts as well (67.8% YoY growth).

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Amit Singh: Good day, and welcome to Globant Second Quarter 2021 Earnings Conference Call. I'm Amit Singh, Head of Finance for the U.S. and Global Head of Investor Relations. [Operator Instructions]. 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; Guibert Englebienne, President of Globant X and LatAm; and Diego Tartara, Global 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 results. I would now like to

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