$GDYN
GRID DYNAMICS HOLDINGS, INC.

2021 Q4 Form 10-Q Financial Statement

#000162828021021805 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $66.54M $57.93M $26.33M
YoY Change 120.83% 120.01%
Cost Of Revenue $39.21M $32.67M $15.18M
YoY Change 119.54% 115.23%
Gross Profit $27.33M $25.27M $11.15M
YoY Change 122.9% 126.52%
Gross Profit Margin 41.07% 43.61% 42.36%
Selling, General & Admin $26.08M $21.16M $10.75M
YoY Change 90.38% 96.89% 1457.83%
% of Gross Profit 95.44% 83.76% 96.37%
Research & Development $2.772M $2.132M $2.076M
YoY Change 30.75% 2.7%
% of Gross Profit 10.14% 8.44% 18.61%
Depreciation & Amortization $1.529M $1.420M $670.0K
YoY Change 98.57% 111.94%
% of Gross Profit 5.59% 5.62% 6.01%
Operating Expenses $28.85M $23.30M $12.83M
YoY Change 82.39% 81.65% 1758.7%
Operating Profit -$1.526M $1.970M -$1.671M
YoY Change -57.13% -217.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.487M $114.0K $455.0K
YoY Change 726.11% -74.95%
Pretax Income -$3.013M $2.084M -$1.216M
YoY Change -19.44% -271.38% -389.52%
Income Tax $593.0K $2.600M -$100.0K
% Of Pretax Income 124.76%
Net Earnings -$3.606M -$549.0K -$1.117M
YoY Change -23.6% -50.85% -513.7%
Net Earnings / Revenue -5.42% -0.95% -4.24%
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$54.80K -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 65.25M shares 62.61M shares 49.65M shares
Diluted Shares Outstanding 62.61M shares 49.65M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.4M $199.3M $126.5M
YoY Change 28.1% 57.55% 31525.0%
Cash & Equivalents $144.4M $199.3M $126.5M
Short-Term Investments
Other Short-Term Assets $118.0K $5.995M $3.600M
YoY Change -69.43% 66.53% 3500.0%
Inventory
Prepaid Expenses $2.188M
Receivables $38.84M $30.77M $17.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $192.8M $240.9M $147.8M
YoY Change 43.2% 63.02% 29460.0%
LONG-TERM ASSETS
Property, Plant & Equipment $6.169M $5.395M $4.000M
YoY Change 50.65% 34.88%
Goodwill $35.96M $35.36M
YoY Change 144.78%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $3.258M $6.000M
YoY Change -100.0% -45.7% -97.32%
Total Long-Term Assets $63.96M $63.74M $10.00M
YoY Change 96.67% 537.4% -95.53%
TOTAL ASSETS
Total Short-Term Assets $192.8M $240.9M $147.8M
Total Long-Term Assets $63.96M $63.74M $10.00M
Total Assets $256.7M $304.7M $157.8M
YoY Change 53.6% 93.08% -29.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.053M $1.772M $500.0K
YoY Change 171.2% 254.4% 400.0%
Accrued Expenses $1.150M $1.148M $6.300M
YoY Change 83.12% -81.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.34M $24.22M $7.800M
YoY Change 90.3% 210.5% 2500.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.34M $24.22M $7.800M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $29.67M $29.12M $7.800M
YoY Change 92.51% 273.36% -96.44%
SHAREHOLDERS EQUITY
Retained Earnings $15.09M $18.70M
YoY Change -33.78%
Common Stock $7.000K $7.000K
YoY Change 40.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $227.1M $275.6M $150.0M
YoY Change
Total Liabilities & Shareholders Equity $256.7M $304.7M $157.8M
YoY Change 53.6% 93.08% -29.55%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.606M -$549.0K -$1.117M
YoY Change -23.6% -50.85% -513.7%
Depreciation, Depletion And Amortization $1.529M $1.420M $670.0K
YoY Change 98.57% 111.94%
Cash From Operating Activities $3.318M $8.005M $3.920M
YoY Change 13.24% 104.21% -526.09%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.076M -$500.0K
YoY Change 165.63% 115.2%
Acquisitions
YoY Change
Other Investing Activities -$65.00K $0.00
YoY Change -99.6%
Cash From Investing Activities -$1.765M -$1.076M -$500.0K
YoY Change -89.45% 115.2% -180.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -56.44M 124.5M 20.00K
YoY Change -282280.0% 622300.0%
NET CHANGE
Cash From Operating Activities 3.318M 8.005M 3.920M
Cash From Investing Activities -1.765M -1.076M -500.0K
Cash From Financing Activities -56.44M 124.5M 20.00K
Net Change In Cash -54.88M 131.4M 3.440M
YoY Change 298.28% 3720.03% -1246.67%
FREE CASH FLOW
Cash From Operating Activities $3.318M $8.005M $3.920M
Capital Expenditures -$1.700M -$1.076M -$500.0K
Free Cash Flow $5.018M $9.081M $4.420M
YoY Change 40.56% 105.45%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Deferred Compensation
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us-gaap Increase Decrease In Deferred Compensation
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us-gaap Increase Decrease In Accrued Taxes Payable
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us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Proceeds From Related Party Debt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
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gdyn Payments Of Equity Issuance Costs
PaymentsOfEquityIssuanceCosts
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gdyn Payments Of Equity Issuance Costs
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Warrant Exercises
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Of Stock Issuance Costs
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498000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
105570000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112745000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42189000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
199297000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126526000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1403000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1370000 USD
us-gaap Conversion Of Stock Amount Converted1
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0 USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
9187000 USD
gdyn Conversion Of Warrant Amount Converted
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979000 USD
gdyn Conversion Of Warrant Amount Converted
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0 USD
CY2021Q3 us-gaap Business Combination Contingent Consideration Liability
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2979000 USD
CY2020Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
0 USD
us-gaap Nature Of Operations
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Background and nature of operations<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Grid Dynamics Holdings, Inc. (the “Company” or “GDH”) provides enterprise-level digital transformation in the areas of search, analytics, and release automation to Fortune 1000 companies. The Company’s headquarters and principal place of business is in San Ramon, California.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was originally incorporated in Delaware on May 21, 2018 as a special purpose acquisition company under the name ChaSerg Technology Acquisition Corp. (“ChaSerg”) for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving ChaSerg and one or more businesses. On March 5, 2020 (the “Closing”), the Company consummated its business combination with Grid Dynamics International, Inc. (“GDI”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated November 13, 2019 (the “Business Combination”). In connection with the Closing, the Company changed its name from ChaSerg Technology Acquisition Corp. to Grid Dynamics Holdings, Inc. The Company’s common stock is now listed on the NASDAQ under the symbol “GDYN” and warrants to purchase the common stock at an exercise price of $11.50 per share were listed on the NASDAQ under the symbol “GDYNW” until they all were delisted on August 30, 2021 following redemption.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Business Combination, “ChaSerg” refers to the Company prior to the Closing, and “GDI” refers to GDI prior to the Closing. Refer to Note 3 for further discussion of the Business Combination.</span></div>
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
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CY2020Q1 gdyn Proceeds From Trust
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85100000 USD
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated condensed financial statements in accordance with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates and such differences could be material. Significant estimates include allowances for receivables, calculation of accrued liabilities, capitalization of internally developed software, stock-based compensation, contingent consideration payable, determination of fair value, useful lives and recoverability of intangible assets and goodwill, determination of provision for income taxes and uncertain tax positions.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentrations of credit risk and significant customersThe Company records its accounts receivable and unbilled receivables at their face amounts less allowances. Accounts receivable and unbilled receivables are generally dispersed across the Company’s customers in proportion to their revenue. Two customers individually exceeded 10% of the Company’s accounts receivable balance as of September 30, 2021 and three customers individually exceeded 10% of the Company’s accounts receivable balance as of December 31, 2020. Two customers individually exceeded 10% of the unbilled receivables as of September 30, 2021 and three customers individually exceeded 10% of the unbilled receivables as of December 31, 2020. Two customers individually accounted for greater than 10% of the sales for the three and nine months ended September 30, 2021 and 2020, respectively.
CY2021Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
31027000 USD
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
17308000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
254000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
418000 USD
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
30773000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
16890000 USD
CY2021Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
4900000 USD
CY2020Q4 us-gaap Unbilled Receivables Current
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CY2020Q1 us-gaap Business Combination Acquisition Related Costs
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4700000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
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5395000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2021Q3 us-gaap Finite Lived Intangible Assets Net
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2021Q3 us-gaap Contract With Customer Refund Liability Current
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CY2021Q3 us-gaap Other Sundry Liabilities Current
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CY2020Q4 us-gaap Other Sundry Liabilities Current
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CY2021Q3 us-gaap Business Combination Contingent Consideration Liability Current
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1947000 USD
CY2021Q3 us-gaap Other Liabilities Current
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CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.263
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
8.298
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.313
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
15.03
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9100000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5100000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21459000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13584000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
30300000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-549000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-1117000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4094000 USD
us-gaap Net Income Loss
NetIncomeLoss
-7879000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62610000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62610000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49651000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49651000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56280000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56280000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43074000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43074000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13986000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22069000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22929000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25356000 shares

Files In Submission

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