GRID DYNAMICS HOLDINGS INC
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 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)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(483) | $(4,667) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 9,579 | 6,255 |
| Operating lease right-of-use assets amortization expense | 3,301 | 2,295 |
| Bad debt expense | 1,077 | 674 |
| Deferred income taxes | (1,516) | (2,451) |
| Change in fair value of contingent consideration | — | (4,220) |
| Stock-based compensation | 25,969 | 27,677 |
| Other (income)/expenses, net | (890) | 98 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (8,649) | 3,085 |
| Unbilled receivables | (1,027) | (1,509) |
| Prepaid income taxes | (5,866) | (5,295) |
| Prepaid expenses and other current assets | (2,894) | 28 |
| Accounts payable | (740) | (471) |
| Accrued compensation and benefits | 3,293 | 6,554 |
| Operating lease liabilities | (3,352) | (2,119) |
| Accrued income taxes | 4,363 | 5,638 |
| Accrued expenses and other current liabilities | 965 | 1,965 |
| Net cash provided by operating activities | 23,130 | 33,537 |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (9,126) | (5,593) |
| Acquisition of business, net of cash acquired | (32,144) | (17,830) |
| Other investing activities, net | (44) | — |
| Net cash used in investing activities | (41,314) | (23,423) |
| Cash flows from financing activities | ||
| Proceeds from exercises of stock options, net of shares withheld for taxes | 867 | 491 |
| Payments of tax obligations resulting from net share settlement of vested stock awards | (8,635) | (14,958) |
| Net cash used in financing activities | (7,768) | (14,467) |
| Effect of exchange rate changes on cash and cash equivalents | (14) | 1,337 |
| Net decrease in cash and cash equivalents | (25,966) | (3,016) |
| Cash and cash equivalents, beginning of period | 257,227 | 256,729 |
| Cash and cash equivalents, end of period | $231,261 | $253,713 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | $8,993 | $9,936 |
| Supplemental disclosure of non-cash activities | ||
| Acquisition fair value of contingent consideration issued for acquisition of business | $7,480 | $932 |
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