$GDYN
GRID DYNAMICS HOLDINGS, INC.

2022 Q4 Form 10-Q Financial Statement

#000162828022028238 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $80.58M $81.16M
YoY Change 21.1% 40.09%
Cost Of Revenue $48.30M $48.49M
YoY Change 23.18% 48.44%
Gross Profit $32.28M $32.67M
YoY Change 18.12% 29.3%
Gross Profit Margin 40.06% 40.25%
Selling, General & Admin $33.20M $33.28M
YoY Change 27.27% 57.25%
% of Gross Profit 102.83% 101.87%
Research & Development $4.697M $4.139M
YoY Change 69.44% 94.14%
% of Gross Profit 14.55% 12.67%
Depreciation & Amortization $1.719M $1.627M
YoY Change 12.43% 14.58%
% of Gross Profit 5.33% 4.98%
Operating Expenses $37.89M $37.42M
YoY Change 31.32% 60.63%
Operating Profit -$5.612M -$4.750M
YoY Change 267.76% -341.12%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $431.0K $1.450M
YoY Change -128.98% 1171.93%
Pretax Income -$5.181M -$3.300M
YoY Change 71.95% -258.35%
Income Tax $1.521M $3.400M
% Of Pretax Income
Net Earnings -$6.702M -$6.659M
YoY Change 85.86% 1112.93%
Net Earnings / Revenue -8.32% -8.2%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.09 -$0.10
COMMON SHARES
Basic Shares Outstanding 74.00M shares 67.30M shares
Diluted Shares Outstanding 68.62M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $256.7M $255.2M
YoY Change 77.83% 28.04%
Cash & Equivalents $256.7M $255.2M
Short-Term Investments
Other Short-Term Assets $227.0K $183.0K
YoY Change 92.37% -96.95%
Inventory
Prepaid Expenses $3.323M $3.852M
Receivables $48.36M $49.95M
Other Receivables $0.00 $0.00
Total Short-Term Assets $323.1M $319.4M
YoY Change 67.63% 32.54%
LONG-TERM ASSETS
Property, Plant & Equipment $8.215M $7.504M
YoY Change 33.17% 39.09%
Goodwill $45.51M $35.96M
YoY Change 26.58% 1.7%
Intangibles
YoY Change
Long-Term Investments $1.000M $1.000M
YoY Change
Other Assets $1.224M $1.165M
YoY Change -64.24%
Total Long-Term Assets $88.02M $70.78M
YoY Change 37.63% 11.05%
TOTAL ASSETS
Total Short-Term Assets $323.1M $319.4M
Total Long-Term Assets $88.02M $70.78M
Total Assets $411.1M $390.1M
YoY Change 60.15% 28.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.897M $4.478M
YoY Change 89.82% 152.71%
Accrued Expenses $1.302M $1.780M
YoY Change 13.22% 55.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.71M $31.64M
YoY Change 52.74% 30.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.636M $3.775M
YoY Change
Total Long-Term Liabilities $5.636M $3.775M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $38.71M $31.64M
Total Long-Term Liabilities $5.636M $3.775M
Total Liabilities $48.10M $39.31M
YoY Change 62.13% 34.97%
SHAREHOLDERS EQUITY
Retained Earnings -$14.12M -$7.419M
YoY Change -193.56% -139.68%
Common Stock $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $363.0M $350.8M
YoY Change
Total Liabilities & Shareholders Equity $411.1M $390.1M
YoY Change 60.15% 28.05%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$6.702M -$6.659M
YoY Change 85.86% 1112.93%
Depreciation, Depletion And Amortization $1.719M $1.627M
YoY Change 12.43% 14.58%
Cash From Operating Activities $12.01M $4.317M
YoY Change 262.06% -46.07%
INVESTING ACTIVITIES
Capital Expenditures $1.688M -$1.168M
YoY Change -199.29% 8.55%
Acquisitions
YoY Change
Other Investing Activities -$9.254M $0.00
YoY Change 14136.92%
Cash From Investing Activities -$10.94M -$1.168M
YoY Change 519.94% 8.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -745.0K 102.9M
YoY Change -98.68% -17.34%
NET CHANGE
Cash From Operating Activities 12.01M 4.317M
Cash From Investing Activities -10.94M -1.168M
Cash From Financing Activities -745.0K 102.9M
Net Change In Cash 326.0K 106.0M
YoY Change -100.59% -19.3%
FREE CASH FLOW
Cash From Operating Activities $12.01M $4.317M
Capital Expenditures $1.688M -$1.168M
Free Cash Flow $10.33M $5.485M
YoY Change 105.76% -39.6%

Facts In Submission

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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 </span></div>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.
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67566000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56280000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56280000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8151000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10128000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7632000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11766000 shares

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