Globant S.A. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Annual Revenue (2024): $2.42 billion, up 15.3% YoY from 2023.
  • Q4 Revenue: $642.5 million, up 10.6% YoY and 4.5% QoQ.
  • AI Revenue Contribution: Over $350 million in 2024, up 110% from 2023.
  • Adjusted Diluted EPS (2024): $6.40, up 11.5% YoY.
  • Adjusted Operating Margin (2024): 15.4%, up 20 basis points YoY.
  • Free Cash Flow (2024): $138.1 million, FCF to adjusted net income ratio of 48.4%.
  • Q4 Adjusted EPS: $1.75, up 8% YoY.
  • Revenue by Region (Q4):
    • North America: 55.2% of total revenue, up 6.5% YoY and 3.7% QoQ.
    • Europe: Up 23.3% YoY.
    • New Markets (Middle East & Asia Pacific): Up 89% YoY, 43.8% QoQ.
    • Latin America: Down 1.3% YoY, but up 6.3% in constant currency.
  • Client Metrics:
    • 346 clients contributing over $1M annually (up from 311 last year).
    • 20 clients contributing over $20M annually (up from 16 last year).
    • Disney increased 23.7% YoY revenue and 5.1% QoQ, still top client.
  • Delivery & Workforce:
    • Total headcount: 31,280 (7.3% YoY increase), with 29,198 IT professionals.

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Arturo Langa: Good day, and welcome to Globant's Fourth Quarter and Full Year 2024 Earnings Conference Call. I'm 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. [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; and Diego Tartara, Global Chief Technology Officer. Before we begin, I would like to remind you that some of our 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 Relati

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