Innodata Reports Third Quarter 2024 Results; Record 136% Revenue Growth Year-Over-Year
Innodata (INOD) reported exceptional Q3 2024 results with record revenue of $52.2 million, representing 136% year-over-year growth. Net income reached $17.4 million ($0.60 per basic share), including a $5.6 million tax benefit. Adjusted EBITDA grew 337% to $13.9 million. Cash position strengthened to $26.4 million. The company raised its full-year 2024 guidance to 88-92% revenue growth. Innodata expanded its Big Tech customer base to include five Magnificent Seven companies and secured new wins, including a prominent social media company and a second federal government agency.
Innodata (INOD) ha riportato risultati eccezionali per il terzo trimestre del 2024 con un fatturato record di 52,2 milioni di dollari, che rappresenta una crescita del 136% rispetto all'anno precedente. L'utile netto ha raggiunto i 17,4 milioni di dollari (0,60 dollari per azione base), includendo un beneficio fiscale di 5,6 milioni di dollari. L'EBITDA rettificato è cresciuto del 337% per arrivare a 13,9 milioni di dollari. La posizione di cassa si è rafforzata a 26,4 milioni di dollari. L'azienda ha alzato le previsioni di crescita per l'intero anno 2024 a un aumento del fatturato compreso tra l'88% e il 92%. Innodata ha ampliato la propria base di clienti nel settore Big Tech, includendo cinque aziende delle Magnifiche Sette, e ha ottenuto nuovi successi, tra cui una nota azienda di social media e un secondo ente governativo federale.
Innodata (INOD) reportó resultados excepcionales para el tercer trimestre de 2024 con un ingreso récord de 52,2 millones de dólares, lo que representa un crecimiento del 136% en comparación con el año anterior. El ingreso neto alcanzó los 17,4 millones de dólares (0,60 dólares por acción básica), incluyendo un beneficio fiscal de 5,6 millones de dólares. El EBITDA ajustado creció un 337% hasta alcanzar los 13,9 millones de dólares. La posición de efectivo se fortaleció a 26,4 millones de dólares. La empresa elevó su pronóstico de crecimiento para el año completo 2024 a un aumento de ingresos del 88% al 92%. Innodata amplió su base de clientes en Big Tech para incluir a cinco compañías de las Magníficas Siete y logró nuevos éxitos, incluyendo una destacada empresa de redes sociales y una segunda agencia del gobierno federal.
Innodata (INOD)는 2024년 3분기에 5220만 달러의 기록적인 수익을 보고하며 예외적인 성과를 기록했습니다. 이는 전년 대비 136% 증가한 수치입니다. 순이익은 1740만 달러(주당 0.60 달러)에 달하며, 560만 달러의 세금 혜택이 포함되어 있습니다. 조정 EBITDA는 337% 증가한 1390만 달러에 도달했습니다. 현금 보유고는 2640만 달러로 강화되었습니다. 회사는 2024년 전체 연도 수익 성장 전망을 88-92%로 상향 조정했습니다. Innodata는 다섯 개의 Magnificent Seven 기업을 포함하여 Big Tech 고객 기반을 확장했으며, 저명한 소셜 미디어 회사 및 두 번째 연방 정부 기관을 포함한 새로운 성과를 확보했습니다.
Innodata (INOD) a publié des résultats exceptionnels pour le troisième trimestre 2024 avec un chiffre d'affaires record de 52,2 millions de dollars, représentant une croissance de 136% par rapport à l'année précédente. Le bénéfice net a atteint 17,4 millions de dollars (0,60 dollar par action de base), incluant un avantage fiscal de 5,6 millions de dollars. Le résultat EBITDA ajusté a augmenté de 337% pour atteindre 13,9 millions de dollars. La position de trésorerie s'est renforcée à 26,4 millions de dollars. L'entreprise a relevé ses prévisions de croissance des revenus pour l'année 2024 à 88-92%. Innodata a élargi sa base de clients dans le secteur des grandes technologies pour inclure cinq entreprises des Magnifices Sept, et a sécurisé de nouveaux succès, notamment avec une entreprise de médias sociaux de premier plan et une deuxième agence gouvernementale fédérale.
Innodata (INOD) meldete außergewöhnliche Ergebnisse für das dritte Quartal 2024 mit einem Rekordumsatz von 52,2 Millionen Dollar, was einem Wachstum von 136% im Vergleich zum Vorjahr entspricht. Der Nettogewinn belief sich auf 17,4 Millionen Dollar (0,60 Dollar pro Grundaktie), einschließlich eines Steuervorteils von 5,6 Millionen Dollar. Das bereinigte EBITDA wuchs um 337% auf 13,9 Millionen Dollar. Die liquide Mittelposition stärkte sich auf 26,4 Millionen Dollar. Das Unternehmen erhöhte seine Prognose für das Gesamtjahr 2024 auf ein Umsatzwachstum von 88-92%. Innodata erweiterte seine Kundenbasis im Bereich Big Tech und inkludierte fünf Unternehmen der Magnificent Seven, zudem wurden neue Erfolge erzielt, darunter ein prominentes Social-Media-Unternehmen und eine zweite Bundesbehörde.
- Record Q3 revenue of $52.2M, up 136% YoY
- Net income increased to $17.4M from $0.4M YoY
- Adjusted EBITDA grew 337% to $13.9M
- Cash position nearly doubled to $26.4M from $13.8M at year-end 2023
- Raised full-year revenue growth guidance to 88-92%
- Expanded customer base to include 5 of the Magnificent Seven tech companies
- None.
Insights
The Q3 results showcase exceptional performance with
The company's strategic positioning in the AI data engineering space, particularly with five Magnificent Seven tech companies as clients, indicates strong market penetration. The healthy balance sheet with
Innodata's strategic focus on generative AI and LLM data engineering services positions them perfectly in a high-growth market segment. The expansion of their Big Tech customer base to include five Magnificent Seven companies plus major AI and social media players demonstrates strong product-market fit and execution capability.
The significant revenue acceleration and new federal agency win indicate successful market penetration across both private and public sectors. The sequential revenue growth of
NEW YORK, NY / ACCESSWIRE / November 7, 2024 / INNODATA INC. (Nasdaq: INOD) today reported results for the third quarter ended September 30, 2024.
Revenue of
$52.2 million ,136% revenue growth year-over-year.Net income of
$17.4 million , or$0.60 per basic share and$0.51 per diluted share, compared to net income of$0.4 million , or$0.01 per basic and diluted share, in the same period last year. Third quarter net income included a$5.6 million benefit as a result of recognizing a deferred tax asset that related to our accumulated net operating losses and other deferred expenses from prior periods.Adjusted EBITDA of
$13.9 million , an increase of337% from$3.2 million in the same period last year.*Cash, cash equivalents and short-term investments of
$26.4 million at September 30, 2024 and$13.8 million at December 31, 2023.Guidance raised to between
88% and92% year-over-year revenue growth for full year 2024.
*Adjusted EBITDA is defined below.
Jack Abuhoff, CEO, said "Innodata continued to build on its recent progress, leading to record third quarter revenue of
"We are seeing strong business momentum reflected in revenue growth, margin expansion, broadening customer relationships, and continuing progress on our strategic roadmap. We believe increasing investments by the world's largest tech companies in generative AI and large language models (LLMs) will continue to be a growth catalyst for Innodata."
"The hard work and dedication of our talented team has enabled us to scale and to meet or exceed the expectations of some of the most demanding, fast-moving companies in the world. We believe Innodata is well positioned to capture the generative AI market opportunity and continue to drive value for shareholders."
Big Tech Customer Roster and New Win
Beyond the Big Tech customer we ramped up considerably this quarter, we have seven other Big Tech customers that we believe will collectively become a significant part of our revenue makeup next year. Our confidence is bolstered by the progress we made this quarter in broadening these relationships, expanding our engagements and securing new wins.
Our Big Tech customer roster now includes five of the Magnificent Seven, one of the most prominent AI research and development companies and a prominent social media company. We are proud to announce that we won this prominent social media company, our eighth Big Tech customer, in the third quarter. These companies are all investing significantly in generative AI development initiatives, for which Innodata is providing data engineering support.
The Company also secured its second federal government agency win. The agency will be leveraging the new generative AI capabilities built into Innodata's Agility platform.
Record Revenue and Strong Balance Sheet
Revenue for third quarter 2024 reached
Innodata continues to operate a strong balance sheet, which enables the Company to invest in growth. As of September 30, 2024, the Company's cash balances were
Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.
Timing of Conference Call with Q&A
Innodata will conduct an earnings conference call, including a question-and-answer period, at 5:00 PM eastern time today. You can participate in this call by dialing the following call-in numbers:
The call-in numbers for the conference call are:
1-800-343-4136 (Domestic)
+1 203-518-9848 (International)
Participant Access Code INNODATA
888-562-2817 (Domestic Replay)
402-220-7354 (International Replay)
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. Investors are also invited to access a live Webcast of the conference call at the Investor Relations section of www.innodata.com. Please note that the Webcast feature will be in listen-only mode.
Call-in replay will be available for 7 days following the conference call, and Webcast replay will be available for 30 days following the conference call.
About Innodata
Innodata (Nasdaq: INOD) is a global data engineering company. We believe that data and Artificial Intelligence (AI) are inextricably linked. That's why we're on a mission to help the world's leading technology companies and enterprises drive Generative AI / AI innovation. We provide a range of transferable solutions, platforms, and services for Generative AI / AI builders and adopters. In every relationship, we honor our 35+ year legacy delivering the highest quality data and outstanding outcomes for our customers.
Visit www.innodata.com to learn more.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These forward-looking statements include, without limitation, statements concerning our operations, economic performance, financial condition, developmental program expansion and position in the generative AI services market. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "predict," "likely," "estimate," "plan," "potential," "possible," or the negatives thereof, and other similar expressions generally identify forward-looking statements.
These forward-looking statements are based on management's current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including, without limitation, impacts resulting from ongoing geopolitical conflicts, including between Russia and Ukraine, Hamas' attack against Israel and the ensuing conflict and increased hostilities between Hezbollah and Israel and Iran and Israel; investments in large language models; that contracts may be terminated by customers; projected or committed volumes of work may not materialize; pipeline opportunities and customer discussions which may not materialize into work or expected volumes of work; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; the ability and willingness of our customers and prospective customers to execute business plans that give rise to requirements for our services; continuing reliance on project-based work in the Digital Data Solutions (DDS) segment and the primarily at-will nature of such contracts and the ability of these customers to reduce, delay or cancel projects; potential inability to replace projects that are completed, canceled or reduced; our DDS segment's revenue concentration in a limited number of customers; our dependency on content providers in our Agility segment; the Company's ability to achieve revenue and growth targets; difficulty in integrating and deriving synergies from acquisitions, joint ventures and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; a continued downturn in or depressed market conditions; changes in external market factors; the potential effects of U.S. monetary policy, including the interest rate policies of the Federal Reserve; changes in our business or growth strategy; the emergence of new, or growth in existing competitors; various other competitive and technological factors; our use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.
Our actual results could differ materially from the results referred to in any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 4, 2024, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the U.S. federal securities laws.
Company Contact
Jelena Sutovic
Innodata Inc.
Jsutovic@innodata.com
(201) 371-8024
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity with U.S. GAAP ("GAAP"), we provide certain non-GAAP financial information. We believe that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results. In some respects, management believes non-GAAP financial measures are more indicative of our ongoing core operating performance than their GAAP equivalents by making adjustments that management believes are reflective of the ongoing performance of the business.
We believe that the presentation of this non-GAAP financial information provides investors with greater transparency by providing investors a more complete understanding of our financial performance, competitive position, and prospects for the future, particularly by providing the same information that management and our Board of Directors use to evaluate our performance and manage the business. However, the non-GAAP financial measures presented in this press release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures that we present may differ from similar non-GAAP financial measures used by other companies.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) attributable to Innodata Inc. and its subsidiaries in accordance with U.S. GAAP before interest expense, income taxes, depreciation and amortization of intangible assets (which derives EBITDA), plus additional adjustments for loss on impairment of intangible assets and goodwill, stock-based compensation, income (loss) attributable to non-controlling interests, non-recurring severance, and other one-time costs.
We use Adjusted EBITDA to evaluate core results of operations and trends between fiscal periods and believe that these measures are important components of our internal performance measurement process.
A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is included in the tables that accompany this release.
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per-share amounts)
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues |
| $ | 52,224 |
|
| $ | 22,169 |
|
| $ | 111,281 |
|
| $ | 60,663 |
|
Direct operating costs |
|
| 30,893 |
|
|
| 13,945 |
|
|
| 70,964 |
|
|
| 39,534 |
|
Selling and administrative expenses |
|
| 9,910 |
|
|
| 7,401 |
|
|
| 27,235 |
|
|
| 22,772 |
|
Interest (income) expense, net |
|
| (26 | ) |
|
| 66 |
|
|
| (55 | ) |
|
| 122 |
|
|
| 40,777 |
|
|
| 21,412 |
|
|
| 98,144 |
|
|
| 62,428 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before provision for income taxes |
|
| 11,447 |
|
|
| 757 |
|
|
| 13,137 |
|
|
| (1,765 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for (benefit from) income taxes |
|
| (5,944 | ) |
|
| 374 |
|
|
| (5,235 | ) |
|
| 780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Consolidated net income (loss) |
|
| 17,391 |
|
|
| 383 |
|
|
| 18,372 |
|
|
| (2,545 | ) |
Income attributable to non-controlling interests |
|
| 2 |
|
|
| 12 |
|
|
| 8 |
|
|
| 15 |
|
Net Income (loss) attributable to Innodata Inc. and Subsidiaries |
| $ | 17,389 |
|
| $ | 371 |
|
| $ | 18,364 |
|
| $ | (2,560 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) per share attributable to Innodata Inc. and Subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.60 |
|
| $ | 0.01 |
|
| $ | 0.64 |
|
| $ | (0.09 | ) |
Diluted |
| $ | 0.51 |
|
| $ | 0.01 |
|
| $ | 0.55 |
|
| $ | (0.09 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 28,994 |
|
|
| 28,459 |
|
|
| 28,873 |
|
|
| 27,930 |
|
Diluted |
|
| 34,007 |
|
|
| 32,463 |
|
|
| 33,297 |
|
|
| 27,930 |
|
Tax provision for the three months and nine months ended September 30, 2024 includes a net tax benefit of
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| September 30, |
| December 31, |
| ||||
ASSETS |
|
| ||||||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 26,364 |
|
| $ | 13,806 |
|
Short term investments - other |
|
| 14 |
|
|
| 14 |
|
Accounts receivable, net |
|
| 23,186 |
|
|
| 14,288 |
|
Prepaid expenses and other current assets |
|
| 5,221 |
|
|
| 3,969 |
|
Total current assets |
|
| 54,785 |
|
|
| 32,077 |
|
Property and equipment, net |
|
| 3,325 |
|
|
| 2,281 |
|
Right-of-use-asset, net |
|
| 4,435 |
|
|
| 5,054 |
|
Other assets |
|
| 1,771 |
|
|
| 2,445 |
|
Deferred income taxes, net |
|
| 7,890 |
|
|
| 1,741 |
|
Intangibles, net |
|
| 13,880 |
|
|
| 13,758 |
|
Goodwill |
|
| 2,084 |
|
|
| 2,075 |
|
Total assets |
| $ | 88,170 |
|
| $ | 59,431 |
|
|
|
|
|
|
|
|
| |
LIABILITIES, NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
|
| ||||||
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
| $ | 7,692 |
|
| $ | 5,722 |
|
Accrued salaries, wages and related benefits |
|
| 9,619 |
|
|
| 7,799 |
|
Deferred revenues |
|
| 6,500 |
|
|
| 3,523 |
|
Income and other taxes |
|
| 3,961 |
|
|
| 3,848 |
|
Long-term obligations - current portion |
|
| 1,166 |
|
|
| 1,261 |
|
Operating lease liability - current portion |
|
| 855 |
|
|
| 782 |
|
Total current liabilities |
|
| 29,793 |
|
|
| 22,935 |
|
|
|
|
|
|
|
|
| |
Deferred income taxes, net |
|
| 30 |
|
|
| 22 |
|
Long-term obligations, net of current portion |
|
| 7,311 |
|
|
| 6,778 |
|
Operating lease liability, net of current portion |
|
| 4,027 |
|
|
| 4,701 |
|
Total liabilities |
|
| 41,161 |
|
|
| 34,436 |
|
|
|
|
|
|
|
|
| |
Non-controlling interests |
|
| (700 | ) |
|
| (708 | ) |
STOCKHOLDERS' EQUITY: |
|
| 47,709 |
|
|
| 25,703 |
|
Total liabilities, non-controlling interests and stockholders' equity |
| $ | 88,170 |
|
| $ | 59,431 |
|
The company's Deferred Tax Assets as of September 30, 2024 includes deferred tax assets related to the company's accumulated net loss carry forward (NOLCO) and other deferred expenses previously with a full valuation allowance.
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| Nine Months Ended |
| ||||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
|
| ||
Consolidated net income (loss) |
| $ | 18,372 |
|
| $ | (2,545 | ) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: |
| |||||||
Depreciation and amortization |
|
| 4,219 |
|
|
| 3,479 |
|
Stock-based compensation |
|
| 2,881 |
|
|
| 2,998 |
|
Deferred income taxes |
|
| (6,153 | ) |
|
| (120 | ) |
Pension cost |
|
| 948 |
|
|
| 791 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (8,834 | ) |
|
| (1,198 | ) |
Prepaid expenses and other current assets |
|
| (1,222 | ) |
|
| 449 |
|
Other assets |
|
| 673 |
|
|
| (243 | ) |
Accounts payable and accrued expenses |
|
| 1,892 |
|
|
| 268 |
|
Deferred revenues |
|
| 2,977 |
|
|
| 702 |
|
Accrued salaries, wages and related benefits |
|
| 1,822 |
|
|
| 1,019 |
|
Income and other taxes |
|
| 109 |
|
|
| 189 |
|
Net cash provided by operating activities |
|
| 17,684 |
|
|
| 5,789 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
| (5,522 | ) |
|
| (4,320 | ) |
Proceeds from sale of short term investments - others |
|
| - |
|
|
| 494 |
|
Net cash used in investing activities |
|
| (5,522 | ) |
|
| (3,826 | ) |
|
|
|
|
|
|
|
| |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
| 810 |
|
|
| 3,158 |
|
Withholding taxes on net settlement of restricted stock units |
|
| (97 | ) |
|
| - |
|
Payment of long-term obligations |
|
| (516 | ) |
|
| (329 | ) |
Net cash provided by financing activities |
|
| 197 |
|
|
| 2,829 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
| 199 |
|
|
| 228 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
| 12,558 |
|
|
| 5,020 |
|
Cash and cash equivalents, beginning of period |
|
| 13,806 |
|
|
| 9,792 |
|
Cash and cash equivalents, end of period |
| $ | 26,364 |
|
| $ | 14,812 |
|
INNODATA INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands)
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| |||||||||||
Consolidated |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) attributable to Innodata Inc. and Subsidiaries |
| $ | 17,389 |
|
| $ | 371 |
|
| $ | 18,364 |
|
| $ | (2,560 | ) |
Provision for (benefit from) income taxes |
|
| (5,944 | ) |
|
| 374 |
|
|
| (5,235 | ) |
|
| 780 |
|
Interest expense |
|
| 21 |
|
|
| 163 |
|
|
| 190 |
|
|
| 295 |
|
Depreciation and amortization |
|
| 1,535 |
|
|
| 1,237 |
|
|
| 4,219 |
|
|
| 3,479 |
|
Severance** |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 580 |
|
Stock-based compensation |
|
| 855 |
|
|
| 1,017 |
|
|
| 2,881 |
|
|
| 2,998 |
|
Non-controlling interests |
|
| 2 |
|
|
| 12 |
|
|
| 8 |
|
|
| 15 |
|
Adjusted EBITDA - Consolidated |
| $ | 13,858 |
|
| $ | 3,174 |
|
| $ | 20,427 |
|
| $ | 5,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| |||||||||||
DDS Segment |
|
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to DDS Segment |
| $ | 16,526 |
|
| $ | 444 |
|
| $ | 16,492 |
|
| $ | (751 | ) |
Provision for (benefit from) income taxes |
|
| (5,887 | ) |
|
| 371 |
|
|
| (5,183 | ) |
|
| 772 |
|
Interest expense |
|
| 20 |
|
|
| 162 |
|
|
| 187 |
|
|
| 291 |
|
Depreciation and amortization |
|
| 670 |
|
|
| 328 |
|
|
| 1,513 |
|
|
| 811 |
|
Severance** |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 33 |
|
Stock-based compensation |
|
| 760 |
|
|
| 854 |
|
|
| 2,523 |
|
|
| 2,524 |
|
Non-controlling interests |
|
| 2 |
|
|
| 12 |
|
|
| 8 |
|
|
| 15 |
|
Adjusted EBITDA - DDS Segment |
| $ | 12,091 |
|
| $ | 2,171 |
|
| $ | 15,540 |
|
| $ | 3,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| |||||||||||
Synodex Segment |
|
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to Synodex Segment |
| $ | 381 |
|
| $ | (154 | ) |
| $ | 973 |
|
| $ | (19 | ) |
Depreciation and amortization |
|
| 112 |
|
|
| 155 |
|
|
| 406 |
|
|
| 479 |
|
Severance** |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 6 |
|
Stock-based compensation |
|
| 38 |
|
|
| 60 |
|
|
| 136 |
|
|
| 177 |
|
Adjusted EBITDA - Synodex Segment |
| $ | 531 |
|
| $ | 61 |
|
| $ | 1,515 |
|
| $ | 643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| |||||||||||
Agility Segment |
|
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to Agility Segment |
| $ | 482 |
|
| $ | 81 |
|
| $ | 899 |
|
| $ | (1,790 | ) |
Provision for (benefit from) income taxes |
|
| (57 | ) |
|
| 3 |
|
|
| (52 | ) |
|
| 8 |
|
Interest expense |
|
| 1 |
|
|
| 1 |
|
|
| 3 |
|
|
| 4 |
|
Depreciation and amortization |
|
| 753 |
|
|
| 754 |
|
|
| 2,300 |
|
|
| 2,189 |
|
Severance** |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 541 |
|
Stock-based compensation |
|
| 57 |
|
|
| 103 |
|
|
| 222 |
|
|
| 297 |
|
Adjusted EBITDA - Agility Segment |
| $ | 1,236 |
|
| $ | 942 |
|
| $ | 3,372 |
|
| $ | 1,249 |
|
** Represents non-recurring severance incurred for a reduction in headcount in connection with the re-alignment of the Company's cost structure.
INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED REVENUE BY SEGMENT
(Unaudited)
(In thousands)
| For the Three Months Ended September 30, |
|
| For the Nine Months Ended September 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
DDS |
| $ | 44,694 |
|
| $ | 16,003 |
|
| $ | 89,810 |
|
| $ | 41,929 |
|
Synodex |
|
| 1,935 |
|
|
| 1,728 |
|
|
| 5,792 |
|
|
| 5,705 |
|
Agility |
|
| 5,595 |
|
|
| 4,438 |
|
|
| 15,679 |
|
|
| 13,029 |
|
Total Consolidated |
| $ | 52,224 |
|
| $ | 22,169 |
|
| $ | 111,281 |
|
| $ | 60,663 |
|
SOURCE: Innodata Inc.
View the original press release on accesswire.com
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