Globant S.A. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q4 2020 revenue was $232.6M, up 26.2% YoY and 12.3% QoQ. Full-year 2020 revenue grew 23.5% YoY to $814.1M.
  • Adjusted Operating Income: Q4 amounted to $37.9M (16.3% margin), up from $30.4M in Q4 2019. FY 2020 adjusted OI was $124M (15.2% margin), compared to $112M (17%) in 2019.
  • Adjusted Net Income: Q4 net income was $28.5M (12.3% margin), up from $24.2M (13.1%) in Q4 2019. FY 2020 net income reached $97.3M, up from $86.1M in 2019.
  • Adjusted EPS: Q4 2020 was $0.70 vs $0.64 in Q4 2019. FY EPS was $2.45, up from $2.29 in FY 2019.
  • Customer Metrics: 13 accounts >$10M in revenues (down from 14 YoY), but accounts >$1M increased to 129 from 107.
  • Revenue by Geography:
    • North America: 65.9%
    • Latin America & Others: 24.3% (54% YoY growth)
    • Europe: 9.8% (143% YoY growth)
  • Industry Vertical Share:
    • Banking, Finance & Insurance: 23.7%
    • Media & Entertainment: 21.8%
    • Retail & Manufacturing: 13.8%
  • Headcount: Ended Q4 with 16,251 employees. IT professionals grew by ~39% YoY with a record addition of 1,854 in Q4; attrition at 13% vs 14.6% in Q4 2019.

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Amit Singh: Good day and welcome to Globant's Fourth Quarter 2020 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 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 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’d now like to turn the c

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