Globant S.A. (NYSE:GLOB) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 04:30 pm ET
Good day and welcome to the Globant Third Quarter 2019 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Paula Conde, Investor Relations Officer for LatAm and Europe. Please go ahead.
Thank you, operator, and thanks everyone for joining us today on our call to review our 2019 third quarter financial results. By now you should have received a copy of the earnings release. If you have not, a copy is available on our website investors.globant.com. Our speakers today are Martin Migoya, Chief Executive Officer; Juan Urthiague, Chief Financial Officer. Before we begin, I would like to remind you that some of the comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions.
Such statements are subject to the risks and uncertainties as described in the Company's earnings release and other filings with the SEC. Please note that we follow IFRS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures which is how we track performance internally and the easiest way to compare Globant to our peers in the industry. You will find a reconciliation of IFRS and non-IFRS measures at the end of the press release we published on our investor relations website announced in this quarter results.
I would like now to turn the call over to Martin Migoya, our CEO.
Thank you, Paula. Hi, everyone, and thanks for joining us today. I'm excited to share with you updates on our business and financial performance for the three months ended September 30, 2019. At the end of the call, Juan will share with you our outlook for Q4 and full year 2019. Q3 2019 was another record quarter for Globant closing at $171.3 million in revenues, a robust 27.3% year-over-year growth. This solid growth was mainly driven by strong performance of our top accounts growing at 27.2% over the third quarter of 2018, also due to the outstanding growth outside our top 10 accounts, increasing more than 44% year-over-year. As in previous periods we continue to expand our relationship with our key customers.
We now have 104 accounts over $1 million in annual revenues, compared to 90 accounts, one year ago. Additionally, during the last 12 months, we had 13 accounts over $10 million in annual revenues, compared to nine accounts for the same period last year. Later during the call, Juan will share more details on our financial performance. We continue to see strong demand coming from organizations looking to transform their companies. Consumer expectations are growing faster than technology, leading to continuous expansion of the market opportunity.
In the digital transformation technology and industry outlook presentation, IDC analyst Shawn Fitzgerald and Greg Simpson [Phonetic] point out they expected to see at least $6.1 trillion in direct investment and this is a transformation worldwide from 2019 upto 2022.This opportunity is touching every industry ranging from financial services and manufacturing