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Grid Dynamics Holdings, Inc. (GDYN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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GDYN Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021

Grid Dynamics Holdings, Inc.

CIK: 1743725 Ticker: GDYN

Exhibit 99.1
Grid Dynamics Reports Fourth Quarter and Full Year 2021 Financial Results
Record Fourth Quarter Revenue of $66.5 million and Full Year Revenue of $211.3 million
San Ramon Calif. – March 3, 2022 – Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a leader in enterprise-level digital transformation, today announced results for its fourth quarter and full year ended December 31, 2021.
We are very pleased to report another record quarter of revenue in the company’s history. Our revenue of $66.5 million in the fourth quarter 2021 was up 14.9% on a sequential basis and 120.9% on a year-over-year basis. During the fourth quarter we witnessed growth across our verticals and customers. After factoring out revenues of $15.2 million from our recent acquisitions of Daxx Web Industries B.V. (“Daxx”) and Tacit Knowledge (“Tacit”) in fourth quarter of 2021 and $1.0 million for the same period of 2020, our fourth quarter revenue of $51.3 million grew 76.0% on a year-over-year basis and was another all-time high for the company.

During the fourth quarter we had 221 customers, 163 coming from our acquisitions of Daxx and Tacit and the remaining of 58 from our organic business. Of these 58 customers, we added 5 new customers, and this brought our year-to-date new customer total to 23, higher than the 16 we added in all of 2020.

“2021 has been a transformational year for Grid Dynamics, as we achieved multiple milestones. We almost doubled our annual revenue over 2020, accelerated our new logo additions, elevated our status with tier-one Cloud Providers, successfully completed our second acquisition, redeemed all our warrants, and conducted a successful capital raise. We significantly exceeded everyone’s expectations and such a high-level of execution is a testament to our strong fundamentals. More importantly, we continue to find ourselves playing pivotal roles in influencing our customers’ growth strategies around digital transformation initiatives,” said Leonard Livschitz, CEO.

“As you all know, on February 24th Russia launched an invasion against Ukraine. There is a war raging in Ukraine right now. The situation continues to evolve daily, and we are providing continuous humanitarian assistance to our employees, their families, and others. We have activated our business continuity plan to maximize the safety of our employees and minimize disruptions to our customers. We have taken care of a majority of our Ukrainian employees and their families. They currently reside in Western Ukraine and neighboring countries. Additionally, we have rapidly accelerated hiring efforts in Central and Western Europe as well as Latin America. We expanded our Global Mobility Program to support our presence across even more geographies. This includes our strategic plan to invest into India. This week Grid Dynamics announced the formation of Grid Dynamics India, and we expect to scale rapidly. On the operational front, our actions are paying off as productivity ramps up. We are grateful to all of our customers for their overwhelming support to our employees and their families and for the commitment they are demonstrating to their relationship with Grid Dynamics”.
Fourth Quarter of 2021 Financial Highlights
Total revenue was $66.5 million, an increase of 14.9% sequentially and 120.9% year-over-year.
GAAP gross profit was $27.3 million or 41.1% of revenue, compared to GAAP gross profit of $12.3 million or 40.7% of revenue in the fourth quarter of 2020. Non-GAAP gross profit was $27.6 million or 41.4% of revenue, compared to non-GAAP gross profit of $12.4 million or 41.0% of revenue in the fourth quarter of 2020.
GAAP Net loss attributable to common stockholders was $(3.6) million, or $(0.05) per share, based on 65.7 million weighted-average common shares outstanding in fourth quarter of 2021, compared to GAAP Net loss attributable to common stockholders of $(4.7) million or $(0.10) per share based on 49.7 million weighted-average common shares outstanding in the fourth quarter of 2020. Non-GAAP Net income was $7.1 million, or $0.10 per diluted share, based on 71.7 million weighted-average common shares outstanding in the fourth quarter of 2021, compared to non-GAAP Net income of $2.2 million or $0.04 per diluted share based on 54.9 million weighted-average common shares outstanding in the fourth quarter of 2020.
Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, other income, fair value adjustments, stock-based compensation, and transaction and transformation-related costs), a non-GAAP metric, was $11.6 million, compared with non-GAAP EBITDA of $4.1 million in the fourth quarter of 2020.


The following information was filed by Grid Dynamics Holdings, Inc. (GDYN) on Thursday, March 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Grid Dynamics Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Parenthetical)
Consolidated Statements Of Convertible Preferred Stock And Stockholders??? Equity
Consolidated Statements Of Income/(Loss) And Comprehensive Income/(Loss)
Acquisitions
Acquisitions (Tables)
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Intangible Assets Acquired (Details)
Acquisitions - Narrative (Details)
Acquisitions - Pro Forma Information (Details)
Background And Nature Of Operations
Background And Nature Of Operations (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Details)
Business Combination - Schedule Of Consideration For Business Combination (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Schedule Of Contractual Obligations Related To The Non-Cancellable Ssa (Details)
Commitments And Contingencies - Schedule Of Future Minimum Payments (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Earnings Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Fair Value
Fair Value (Tables)
Fair Value - Fair Value Of Contingent Consideration Payable (Details)
Fair Value - Narrative (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Narrative (Details)
Goodwill And Intangible Assets, Net - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets, Net - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details) - Schedule Of Net Operating Losses And Tax Credit Carryforwards
Income Taxes (Details) - Schedule Of Provision/(Benefit) For Income Tax
Income Taxes (Details) - Schedule Of Unrecognized Tax Benefits
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liability (Details)
Income Taxes - Schedule Of Federal And State Income Tax Provision/ (Benefit) (Details)
Income Taxes - Schedule Of Income Before Provision For Income Taxes (Details)
Line Of Credit
Line Of Credit (Details)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Narrative (Details)
Property And Equipment, Net - Schedule Of Property And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Narrative (Details)
Segment And Geographic Information - Schedule Of Long-Lived Assets, Net Of Accumulated Depreciation And Amortization (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Fair Value Of Vested Rsus And Psus Issued (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Conversion Of The Vested And Unvested Options (Details)
Stock-Based Compensation - Schedule Of Employee Stock-Based Compensation Recognized (Details)
Stock-Based Compensation - Schedule Of Estimated Grant Using The Black-Scholes (Details)
Stock-Based Compensation - Schedule Of Option Activity (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit And Performance Stock Unit Activity (Details)
Stockholders' Equity
Stockholders' Equity - Common Stock (Details)
Stockholders' Equity - Founders And Underwriter Shares Subject To Earnout Provisions (Details)
Stockholders' Equity - Preferred Stock (Details)
Stockholders' Equity - Warrants (Details)
Subsequent Events
Ticker: GDYN
CIK: 1743725
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-004939
Submitted to the SEC: Thu Mar 03 2022 4:33:59 PM EST
Accepted by the SEC: Thu Mar 03 2022
Period: Friday, December 31, 2021
Industry: Prepackaged Software

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