Globant S.A. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $587.5 million for Q2 2024, up 18.1% year-over-year (YoY) and nearly 3% quarter-over-quarter (QoQ).
  • EPS: Adjusted diluted EPS of $1.51, up 11% YoY.
  • Adjusted Operating Margin: 15.1%, up 10 bps QoQ.
  • Bookings: Up 17% in H1 2024 vs. H2 2023, indicating solid future demand.
  • AI Revenue: AI-related revenue rose ~130% YoY in H1 2024, surpassing $150 million vs. $100 million in November 2023.
  • Geographic Revenue Growth:
    • Europe: +44.7% YoY
    • New Markets: +25.1% YoY
    • Latin America: +23.2% YoY
    • North America: +9.7% YoY
  • Revenue Distribution:
    • North America: 56.3%
    • Latin America: 23%
    • Europe: 16.9%
    • MENA & APAC: 3.8%
  • Client Highlights:
    • 19 clients generating over $20M in annual revenue
    • 329 clients generating over $1M annually (up 16.3% YoY)
    • Top client (Disney): +11.1% YoY and +3% QoQ
  • Vertical Growth:
    • Travel & Hospitality: +58.9% YoY
    • Consumer, Retail & Manufacturing: +38.7% YoY

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Operator: Good day and welcome to Globant's Second Quarter 2024 Earnings Conference Call. I am Arturo Langa, Investor Relations Officer at Globant. All participants on this call will be on listen-only mode. After today's presentation, there will be an opportunity to ask questions. Kindly refrain from raising hands, as we'll aim to address a select number of questions to assure efficiency. 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, 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 a

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