2022 Q3 Form 10-Q Financial Statement

#000162828022021108 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $81.16M $77.34M $71.41M
YoY Change 40.09% 62.21% 82.48%
Cost Of Revenue $48.49M $48.47M $44.63M
YoY Change 48.44% 73.87% 87.55%
Gross Profit $32.67M $28.86M $26.78M
YoY Change 29.3% 45.78% 74.6%
Gross Profit Margin 40.25% 37.32% 37.5%
Selling, General & Admin $33.28M $35.87M $23.48M
YoY Change 57.25% 115.55% 53.14%
% of Gross Profit 101.87% 124.29% 87.68%
Research & Development $4.139M $3.840M $3.096M
YoY Change 94.14% 116.7% 73.64%
% of Gross Profit 12.67% 13.31% 11.56%
Depreciation & Amortization $1.627M $1.691M $1.589M
YoY Change 14.58% 47.04% 67.26%
% of Gross Profit 4.98% 5.86% 5.93%
Operating Expenses $37.42M $39.71M $26.58M
YoY Change 60.63% 115.66% 55.28%
Operating Profit -$4.750M -$10.85M $203.0K
YoY Change -341.12% -883.89% -111.42%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.450M -$626.0K -$700.0K
YoY Change 1171.93% 692.41% -33.33%
Pretax Income -$3.300M -$11.48M -$497.0K
YoY Change -258.35% -979.31% -82.43%
Income Tax $3.400M $1.700M $2.200M
% Of Pretax Income
Net Earnings -$6.659M -$13.19M -$2.667M
YoY Change 1112.93% 789.14% 29.34%
Net Earnings / Revenue -8.2% -17.05% -3.73%
Basic Earnings Per Share -$0.10 -$0.20 -$0.04
Diluted Earnings Per Share -$0.10 -$0.20 -$0.04
COMMON SHARES
Basic Shares Outstanding 67.30M shares 67.14M shares 66.92M shares
Diluted Shares Outstanding 68.62M shares 67.14M shares 66.92M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.2M $150.0M $153.3M
YoY Change 28.04% 120.7% 53.46%
Cash & Equivalents $255.2M $150.0M $153.3M
Short-Term Investments
Other Short-Term Assets $183.0K $156.0K $1.384M
YoY Change -96.95% -97.58% -69.24%
Inventory
Prepaid Expenses $3.852M $3.888M $3.431M
Receivables $49.95M $44.16M $41.37M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $319.4M $207.8M $206.6M
YoY Change 32.54% 93.32% 63.17%
LONG-TERM ASSETS
Property, Plant & Equipment $7.504M $7.343M $6.854M
YoY Change 39.09% 42.31% 55.77%
Goodwill $35.96M $35.96M $35.96M
YoY Change 1.7%
Intangibles
YoY Change
Long-Term Investments $1.000M $1.000M
YoY Change
Other Assets $1.165M $1.181M $2.665M
YoY Change -64.24% -75.72% -60.81%
Total Long-Term Assets $70.78M $70.42M $69.23M
YoY Change 11.05% 7.24% 105.44%
TOTAL ASSETS
Total Short-Term Assets $319.4M $207.8M $206.6M
Total Long-Term Assets $70.78M $70.42M $69.23M
Total Assets $390.1M $278.2M $275.8M
YoY Change 28.05% 60.67% 72.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.478M $3.394M $2.212M
YoY Change 152.71% 36.36% -3.83%
Accrued Expenses $1.780M $1.932M $1.019M
YoY Change 55.05% -84.65% -90.2%
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 $31.64M $38.57M $32.69M
YoY Change 30.63% 53.3% 81.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $4.806M
YoY Change
Other Long-Term Liabilities $3.775M $2.665M $2.882M
YoY Change
Total Long-Term Liabilities $3.775M $2.665M $4.806M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $31.64M $38.57M $32.69M
Total Long-Term Liabilities $3.775M $2.665M $4.806M
Total Liabilities $39.31M $45.25M $44.55M
YoY Change 34.97% 50.22% 121.64%
SHAREHOLDERS EQUITY
Retained Earnings -$7.419M -$760.0K $12.43M
YoY Change -139.68%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.8M $232.9M $231.3M
YoY Change
Total Liabilities & Shareholders Equity $390.1M $278.2M $275.8M
YoY Change 28.05% 60.67% 72.05%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$6.659M -$13.19M -$2.667M
YoY Change 1112.93% 789.14% 29.34%
Depreciation, Depletion And Amortization $1.627M $1.691M $1.589M
YoY Change 14.58% 47.04% 67.26%
Cash From Operating Activities $4.317M $5.805M $9.517M
YoY Change -46.07% 60.8% 212.65%
INVESTING ACTIVITIES
Capital Expenditures -$1.168M -$1.560M $1.653M
YoY Change 8.55% 43.12% 94.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000M
YoY Change -96.73%
Cash From Investing Activities -$1.168M -$2.560M -$1.653M
YoY Change 8.55% -91.92% 94.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 102.9M -5.753M $1.363M
YoY Change -17.34% 52.6% -109.01%
NET CHANGE
Cash From Operating Activities 4.317M 5.805M $9.517M
Cash From Investing Activities -1.168M -2.560M -$1.653M
Cash From Financing Activities 102.9M -5.753M $1.363M
Net Change In Cash 106.0M -2.508M $8.944M
YoY Change -19.3% -92.12% -169.37%
FREE CASH FLOW
Cash From Operating Activities $4.317M $5.805M $9.517M
Capital Expenditures -$1.168M -$1.560M $1.653M
Free Cash Flow $5.485M $7.365M $7.864M
YoY Change -39.6% 56.7% 258.6%

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Background and nature of operationsGrid Dynamics Holdings, Inc. (the “Company”) 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.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”).  On March 5, 2020, the Company consummated its business combination with Grid Dynamics International, Inc. In connection with the business combination, the Company changed its name from ChaSerg Technology Acquisition Corp. to Grid Dynamics Holdings, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “GDYN”
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<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 unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited 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>
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7689000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14170000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7250000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16506000 shares

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