GRID DYNAMICS HOLDINGS, INC.

Annual Trend FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Net income/(loss) $9.2m ($3.3m) ($12.6m) ($7.7m) ($29.2m) ($1.8m) $4.0m $9.7m
Depreciation and amortization $1.3m $2.3m $2.7m $5.0m $6.6m $8.9m $14.2m $19.7m
Operating lease right-of-use assets amortization expense $0 $0 $3.0m $3.2m $4.5m $5.1m
Deferred income taxes ($566k) ($425k) ($4.1m) $2.6m ($3.6m) ($4.1m) ($4.0m) ($1.3m)
Operating lease liabilities $0 $0 ($2.6m) ($3.1m) ($4.5m) ($5.0m)
Bad debt expense $0 $398k $45k $132k $945k $2.3m $1.0m
Stock-based compensation $1.8m $2.4m $20.0m $33.0m $61.0m $35.5m $34.2m $30.3m
Other income, net $979k $71k $324k ($3.1m) ($6.9m)
Trade receivable ($1.4m) ($885k) ($1.4m) ($18.7m) ($8.7m) ($434k) ($9.5m) ($11.1m)
Prepaid expenses and other assets ($564k) $57k $373k ($1.2m) ($3.4m) ($511k) ($8.3m) $544k
Accounts payable $219k $301k ($49k) $957k $1.7m ($538k) ($1.5m) ($378k)
Accrued compensation and benefits $1.7m $1.4m ($255k) $873k $1.7m $5.3m ($274k) $4.0m
Income taxes, net ($36k) $712k ($166k) $532k $8.5m ($2.3m) $415k ($5.6m)
Accrued expenses and other current liabilities ($1.7m) $2.1m $982k $991k $1.8m $556k
Purchase of property and equipment ($3.1m) ($2.8m) ($2.3m) ($4.7m) ($6.1m) ($7.9m) ($11.8m) ($15.3m)
Proceeds from sale of equity securities $0 $0 $3.6m $0
Proceeds from exercises of stock options $1.7m $99k $1.4m $510k $2.3m $469k
Payments of tax obligations resulted from net share settlement of vested stock awards $0 ($49.3m) ($5.8m) ($16.8m) ($8.7m) ($18.2m)
Acquisition fair value of contingent consideration issued for acquisition of business $0 $1.9m $5.0m $3.3m $932k $10.2m $0
Net cash provided by operating activities $10.6m ($3.0m) $5.9m $18.0m $31.7m $41.1m $30.2m $40.6m
Acquisition of business, net of cash acquired $0 ($16.1m) ($30.6m) ($9.3m) ($17.8m) ($43.1m) $198k
Other investing activities, net $0 $0 ($44k) $0
Net cash used in investing activities ($3.1m) $1.8m ($18.3m) ($35.4m) ($16.3m) ($25.9m) ($51.3m) ($15.1m)
Debt and equity issuance costs ($2.3m) $0 ($472k) ($253k)
Proceeds from common stock offering $25k $0 $0 $78.3m $109.5m $0 $108.1m $0
Payments for repurchases of common stock $0 ($123.9m) $0 $0 $0 $0 ($2.0m)
Net cash (used in)/provided by financing activities $221.3m $309k $83.0m $49.1m $97.8m ($16.3m) $101.2m ($19.9m)
Effect of exchange rate changes on cash, cash equivalents and restricted cash $0 ($4k) ($122k) ($722k) $1.7m ($2.1m) $1.4m
Net increase in cash, cash equivalents, and restricted cash $24.3m $70.6m $31.6m $112.4m $498k $77.9m $6.9m
Cash, cash equivalents and restricted cash, beginning of period $17.9m $42.2m $112.7m $144.4m $256.7m $257.2m $335.2m $342.1m
Cash and cash equivalents $1.0m $256.7m $257.2m $334.7m $342.1m
Restricted cash $0 $0 $500k $0
Cash paid for income taxes, net of refunds $1.5m $1.0m $2.1m $2.4m $7.5m $12.4m $11.0m $12.4m