GRID DYNAMICS HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
GDYN$14.06+5.7%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(3,948) | $(7,970) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,914 | 1,645 |
| Operating lease right-of-use assets amortization expense | 998 | 650 |
| Bad debt expense | 86 | 20 |
| Deferred income taxes | (912) | (923) |
| Stock-based compensation | 11,339 | 13,257 |
| Other (income)/expenses, net | (287) | 23 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (3,301) | (2,613) |
| Unbilled receivables | (1,914) | (921) |
| Prepaid income taxes | (1,611) | (1,639) |
| Prepaid expenses and other current assets | 382 | (368) |
| Accounts payable | (728) | (691) |
| Accrued compensation and benefits | 651 | 6,054 |
| Operating lease liabilities | (1,105) | (462) |
| Accrued income taxes | 1,067 | 3,306 |
| Accrued expenses and other current liabilities | (391) | 2,306 |
| Net cash provided by operating activities | 3,240 | 11,674 |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (3,197) | (1,589) |
| Other investing activities, net | (739) | — |
| Net cash used in investing activities | (3,936) | (1,589) |
| Cash flows from financing activities | ||
| Proceeds from exercises of stock options | 571 | 10 |
| Payments of tax obligations resulted from net share settlement of vested stock awards | (7,569) | (8,951) |
| Net cash used in financing activities | (6,998) | (8,941) |
| Effect of exchange rate changes on cash and cash equivalents | (96) | 495 |
| Net increase/(decrease) in cash and cash equivalents | (7,790) | 1,639 |
| Cash and cash equivalents, beginning of period | 257,227 | 256,729 |
| Cash and cash equivalents, end of period | $249,437 | $258,368 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | $2,495 | $2,926 |
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