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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Globant SA | NYSE:GLOB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.15 | -0.09% | 171.36 | 171.38 | 168.50 | 170.47 | 66,250 | 15:31:59 |
Solid Finish to the Year and Positive Outlook Ahead
LUXEMBOURG, Feb. 15, 2024 /PRNewswire/ -- Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced results for the three months and year ended December 31, 2023.
Please see highlights below, including certain Non-IFRS measures. Note that reconciliations between Non-IFRS financial measures and IFRS operating results are disclosed at the end of this press release.
Fourth Quarter 2023 Financial Highlights
Full Year ended December 31, 2023 Financial Highlights
Other Metrics as of and for the quarter ended December 31, 2023
"Our journey of two decades has been marked by resilience, innovation and a commitment to delivering exceptional results. As we reflect on our achievements from the fourth quarter and full year of 2023, we are very proud of the progress we have made as a company. Throughout the year, we expanded into new markets, forged valuable relationships with top-notch new clients and diversified our service offering. Our dedication to being a trusted end-to-end partner has enabled us to craft multiple solutions and continuously expand the breadth of our services, platforms and capabilities. With a global footprint in five continents and a focus on AI and generative AI capabilities, we are well-positioned for future growth," said Martín Migoya, Globant's CEO and co-founder. "Our recent acquisitions of GUT and Iteris further strengthen our creative and digital capabilities. As we enter 2024, we remain optimistic about the growth potential of our total addressable market and our ability to deliver industry-leading results."
"Our strong results in 2023 reflect the strength inherent in our culture, the agility of our business model and the transformative impact of our work. We achieved a milestone of $2.1 billion in revenue, representing a remarkable 17.7% year-over-year growth, while capturing a significant market share and validating our value proposition. Our focus on profitability and operational efficiency resulted in solid financial health, as we maintained strong margins and generated meaningful profitability. With a robust financial position and significant free cash flow generation, we are strategically positioned to foster expansion and strengthen our strategic investments. We are grateful for the trust and support of our clients, shareholders and the entire Globant team as we continue our journey of growth and success," explained Juan Urthiague, Globant's CFO.
2024 First Quarter and Full Year Outlook
Based on current market conditions, Globant is providing the following estimates for the first quarter and the full year of 2024:
Conference Call and Webcast
Martin Migoya, Globant's CEO and co-founder, Juan Urthiague, Globant's CFO, Patricia Pomies, Globant's COO, and Diego Tártara, Globant's CTO, will discuss the fourth quarter 2023 results in a video conference call today beginning at 4:30pm ET.
Video conference call access information is:
https://more.globant.com/F4Q23EarningsCall
Webcast http://investors.globant.com/
About Globant (NYSE:GLOB)
We are a digitally native company that helps organizations reinvent themselves to create a way forward and unleash their potential. We are the place where innovation, design and engineering meet scale.
We have more than 29,000 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.
We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.
For more information, please visit www.globant.com
Non-IFRS Financial Measures
While the financial figures included in this press release have been computed in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". The financial information in this press release has not been audited.
Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS. Management believes these measures help illustrate underlying trends in the company's business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company's business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, and the related effect on income taxes of the pre-tax adjustments. Because the company's non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company's industry. Consequently, Globant's non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its consolidated statements of financial position as of December 31, 2023 and December 31, 2022 and its consolidated statements of comprehensive income for the three months and years ended December 31, 2023 and 2022, prepared in accordance with IFRS as issued by the IASB.
Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.
Forward Looking Statements
In addition to historical information, this release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading "Risk Factors" in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.
Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.
Globant S.A. | |||||||
Twelve Months Ended | Three Months Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
Revenues | 2,095,939 | 1,780,243 | 580,705 | 490,724 | |||
Cost of revenues | (1,340,178) | (1,110,848) | (372,384) | (307,204) | |||
Gross profit | 755,761 | 669,395 | 208,321 | 183,520 | |||
Selling, general and administrative expenses | (537,075) | (456,324) | (147,011) | (123,800) | |||
Net impairment losses on financial assets | (18,808) | (6,364) | (4,829) | (4,541) | |||
Other operating income and expenses, net | (916) | — | (1,530) | — | |||
Profit from operations | 198,962 | 206,707 | 54,951 | 55,179 | |||
Finance income | 4,777 | 2,832 | 1,277 | 1,366 | |||
Finance expense | (23,753) | (16,552) | (8,690) | (5,142) | |||
Other financial results, net | 11,342 | 173 | (131) | 1,310 | |||
Financial results, net | (7,634) | (13,547) | (7,544) | (2,466) | |||
Share of results of investment in associates | 89 | 119 | (96) | 94 | |||
Other income and expenses, net | 6,602 | (395) | 2,527 | (2,414) | |||
Profit before income tax | 198,019 | 192,884 | 49,838 | 50,393 | |||
Income tax | (39,511) | (43,405) | (8,444) | (10,975) | |||
Net income for the period | 158,508 | 149,479 | 41,394 | 39,418 | |||
Other comprehensive income, net of income tax effects | |||||||
Items that may be reclassified subsequently to profit and loss: | |||||||
- Exchange differences on translating foreign operations | (16,721) | (21,770) | 12,040 | 20,044 | |||
- Net change in fair value on financial assets measured at FVOCI | 119 | (107) | 2,435 | 1,978 | |||
- Gains and losses on cash flow hedges | 9,327 | (3,171) | 9,210 | 3,047 | |||
Total comprehensive income for the period | 151,233 | 124,431 | 65,079 | 64,487 | |||
Net income attributable to: | |||||||
Owners of the Company | 158,538 | 148,891 | 42,133 | 39,185 | |||
Non-controlling interest | (30) | 588 | (739) | 233 | |||
Net income for the period | 158,508 | 149,479 | 41,394 | 39,418 | |||
Total comprehensive income for the period attributable to: | |||||||
Owners of the Company | 148,732 | 123,044 | 63,454 | 63,455 | |||
Non-controlling interest | 2,501 | 1,387 | 1,625 | 1,032 | |||
Total comprehensive income for the period | 151,233 | 124,431 | 65,079 | 64,487 | |||
Earnings per share | |||||||
Basic | 3.72 | 3.55 | 0.98 | 0.93 | |||
Diluted | 3.64 | 3.47 | 0.96 | 0.91 | |||
Weighted average of outstanding shares (in thousands) | |||||||
Basic | 42,601 | 41,929 | 42,976 | 42,153 | |||
Diluted | 43,594 | 42,855 | 43,970 | 43,079 |
Globant S.A. | ||||
December 31, 2023 | December 31, 2022 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 307,223 | 292,457 | ||
Investments | 16,070 | 48,408 | ||
Trade receivables | 499,283 | 424,810 | ||
Other assets | 31,753 | 15,197 | ||
Other receivables | 54,786 | 70,212 | ||
Other financial assets | 15,418 | 6,529 | ||
Total current assets | 924,533 | 857,613 | ||
Non-current assets | ||||
Investments | 1,833 | 1,513 | ||
Other assets | 4,088 | 10,657 | ||
Other receivables | 26,475 | 21,141 | ||
Deferred tax assets | 60,777 | 41,982 | ||
Investment in associates | 1,426 | 1,337 | ||
Other financial assets | 34,864 | 34,978 | ||
Property and equipment | 162,736 | 161,733 | ||
Intangible assets | 235,540 | 182,572 | ||
Right-of-use assets | 119,400 | 147,311 | ||
Goodwill | 1,163,683 | 734,952 | ||
Total non-current assets | 1,810,822 | 1,338,176 | ||
TOTAL ASSETS | 2,735,355 | 2,195,789 | ||
LIABILITIES | ||||
Current liabilities | ||||
Trade payables | 124,545 | 89,397 | ||
Payroll and social security taxes payable | 221,843 | 203,819 | ||
Borrowings | 156,916 | 2,838 | ||
Other financial liabilities | 81,504 | 59,316 | ||
Lease liabilities | 47,852 | 37,681 | ||
Tax liabilities | 33,229 | 23,454 | ||
Income tax payable | 11,287 | 11,276 | ||
Other liabilities | 896 | 808 | ||
Total current liabilities | 678,072 | 428,589 | ||
Non-current liabilities | ||||
Trade payables | 2,981 | 5,445 | ||
Borrowings | 2,191 | 861 | ||
Other financial liabilities | 163,318 | 78,055 | ||
Lease liabilities | 70,884 | 97,457 | ||
Deferred tax liabilities | 9,706 | 11,291 | ||
Payroll and social security taxes payable | 5,139 | 4,316 | ||
Provisions for contingencies | 16,448 | 13,615 | ||
Total non-current liabilities | 270,667 | 211,040 | ||
TOTAL LIABILITIES | 948,739 | 639,629 | ||
Capital and reserves | ||||
Issued capital | 51,705 | 50,724 | ||
Additional paid-in capital | 1,022,918 | 950,520 | ||
Other reserves | (42,048) | (32,242) | ||
Retained earnings | 697,089 | 538,551 | ||
Total equity attributable to owners of the Company | 1,729,664 | 1,507,553 | ||
Non-controlling interests | 56,952 | 48,607 | ||
Total equity | 1,786,616 | 1,556,160 | ||
TOTAL EQUITY AND LIABILITIES | 2,735,355 | 2,195,789 |
Globant S.A. | ||||
Three Months Ended | ||||
December 31, 2023 | December 31, 2022 | |||
Net Income for the period | 41,394 | 39,418 | ||
Non-cash adjustments, taxes and others | 56,119 | 50,219 | ||
Changes in working capital | 63,389 | 9,553 | ||
Cash flows from operating activities | 160,902 | 99,190 | ||
Capital expenditures | (36,323) | (14,903) | ||
Cash flows from investing activities | (141,829) | (71,272) | ||
Cash flows from financing activities | 90,336 | (31,059) | ||
Net decrease in cash & cash equivalents | 109,409 | (3,141) |
Globant S.A. | |||||||
Twelve Months Ended | Three Months Ended | ||||||
December | December | December | December | ||||
Reconciliation of adjusted gross profit | |||||||
Gross Profit | 755,761 | 669,395 | 208,321 | 183,520 | |||
Depreciation and amortization expense | 28,597 | 23,312 | 7,985 | 6,555 | |||
Share-based compensation expense - Equity settled | 15,155 | 4,917 | 4,179 | 1,497 | |||
Adjusted gross profit | 799,513 | 697,624 | 220,485 | 191,572 | |||
Adjusted gross profit margin | 38.1 % | 39.2 % | 38.0 % | 39.0 % | |||
Reconciliation of selling, general and administrative expenses | |||||||
Selling, general and administrative expenses | (537,075) | (456,324) | (147,011) | (123,800) | |||
Depreciation and amortization expense | 85,584 | 62,822 | 24,083 | 17,959 | |||
Share-based compensation expense - Equity settled | 57,016 | 50,296 | 15,574 | 13,035 | |||
Acquisition-related charges (a) | 21,092 | 13,612 | 6,604 | 4,611 | |||
Adjusted selling, general and administrative expenses | (373,383) | (329,594) | (100,750) | (88,195) | |||
Adjusted selling, general and administrative expenses as % of revenues | (17.8) % | (18.5) % | (17.3) % | (18.0) % | |||
Reconciliation of Adjusted Profit from Operations | |||||||
Profit from Operations | 198,962 | 206,707 | 54,951 | 55,179 | |||
Share-based compensation expense - Equity settled | 72,171 | 55,213 | 19,753 | 14,532 | |||
Acquisition-related charges (a) | 46,993 | 27,456 | 14,416 | 9,268 | |||
Adjusted Profit from Operations | 318,126 | 289,376 | 89,120 | 78,979 | |||
Adjusted Profit from Operations margin | 15.2 % | 16.3 % | 15.3 % | 16.1 % | |||
Reconciliation of Net income for the period | |||||||
Net income for the period | 158,538 | 148,891 | 42,133 | 39,185 | |||
Share-based compensation expense - Equity settled | 72,099 | 55,213 | 19,722 | 14,532 | |||
Acquisition-related charges (a) | 48,205 | 28,765 | 17,566 | 10,856 | |||
Tax effect of non-IFRS adjustments | (28,724) | (15,146) | (8,344) | (4,437) | |||
Adjusted Net income | 250,118 | 217,723 | 71,077 | 60,136 | |||
Adjusted Net income margin | 11.9 % | 12.2 % | 12.2 % | 12.3 % | |||
Calculation of Adjusted Diluted EPS | |||||||
Adjusted Net income | 250,118 | 217,723 | 71,077 | 60,136 | |||
Diluted shares | 43,594 | 42,855 | 43,970 | 43,079 | |||
Adjusted Diluted EPS | 5.74 | 5.08 | 1.62 | 1.40 | |||
(a) Acquisition-related charges include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, charges for impairment of acquired intangible assets and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.
Globant S.A. | |||||
Metrics | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 |
Total Employees | 27,122 | 26,288 | 25,947 | 27,505 | 29,150 |
IT Professionals | 25,331 | 24,496 | 24,163 | 25,575 | 27,116 |
North America Revenues % | 61.7 | 61.4 | 60.6 | 58.9 | 57.4 |
Latin America Revenues % | 22.7 | 21.8 | 22.0 | 21.6 | 22.9 |
EMEA Revenues % | 11.9 | 13.4 | 14.1 | 16.5 | 17.2 |
Asia and Oceania Revenues % | 3.7 | 3.4 | 3.3 | 3.0 | 2.5 |
USD Revenues % | 77.5 | 74.8 | 73.9 | 72.5 | 68.6 |
Other Currencies Revenues % | 22.5 | 25.2 | 26.1 | 27.5 | 31.4 |
Top Customer % | 10.8 | 9.4 | 8.8 | 8.7 | 8.2 |
Top 5 Customers % | 25.1 | 24.5 | 23.7 | 22.5 | 21.4 |
Top 10 Customers % | 34.3 | 34.8 | 33.3 | 32.2 | 30.8 |
Customers Served (Last Twelve Months)* | 1,249 | 1,342 | 1,388 | 1,544 | 1,610 |
Customers with >$1M in Revenues (Last Twelve Months) | 259 | 276 | 283 | 305 | 311 |
(*) Represents customers with more than $10,000 in revenues in the last twelve months. |
Investor Relations Contact:
Arturo Langa, Globant
investors@globant.com
+1 (877) 215-5230
Media Contact:
Wanda Weigert, Globant
pr@globant.com
+1 (877) 215-5230
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SOURCE Globant
Copyright 2024 PR Newswire
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