Q3 2024 Innodata Inc Earnings Call
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Speaker Change: Good day, everyone, and welcome to the InnoData 3rd Quarter 2024 Earnings Conference Call.
Speaker Change: At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask questions at any time by pressing the star and 1 on your telephone keypad. You may withdraw your question by pressing star 2.
Speaker Change: Please note this call may be recorded and I will be sending by should you need any assistance.
Speaker Change: It is now my pleasure to turn the conference over to Amy Agress. Please go ahead.
Amy Agress: Thank you, Mickey. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abuhoff, CEO of InnoData, and Marissa Espineli, Interim CFO.
Amy Agress: Also on the call today is Aneesh Pandarkar, Senior Vice President, Finance and Corporate Development.
Amy Agress: We'll hear from Jack first, who will provide perspective about the business, and then Marissa will follow with a review of our results for the third quarter. We'll then take questions from analysts.
Amy Agress: Before we get started, I'd like to remind everyone that during this fall we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, assumptions, and estimates.
Amy Agress: subject to risks and uncertainties. Actual results could differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release in the risk factor section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking information. In addition, during this call, we may discuss certain non-GAAP financial measures. In our SEC filings, which are posted on our website, you will find additional disclosures regarding non-GAAP financial measures, including reconciliations of
Amy Agress: these measures with comparable gap measures. Thank you. I will now turn the call over to Jack. Thank you, Amy. And hello, everyone.
Speaker Change: Third quarter marked another leap forward for InnoData. We delivered record revenue of 52 million dollars representing a hundred thirty six year over year increase in organic growth.
Jack Abuhoff: Adjusted EBITDA was $13.9 million or 27% of revenue which was five times our adjusted EBITDA in Q2.
Jack Abuhoff: And our cash reserves increased to $26.4 million, up by $10 million from last quarter.
Jack Abuhoff: We are very pleased with our results this quarter, and as a result of strong business momentum, we are raising our 2024 full-year revenue guidance.
Jack Abuhoff: We now anticipate revenues between $52 and $55 million in Q4, which, if achieved, would translate to between 88% and 92% year-over-year growth for full year 2024.
Jack Abuhoff: Our strong business momentum is reflected in revenue growth, margin expansion, broadening customer relationships, and continuing progress on our strategic roadmap.
Jack Abuhoff: We are laser focused on providing big tech companies with the data engineering they require to develop generative AI frontier models.
Jack Abuhoff: We believe our efforts are paying off. In the third quarter, we generated $30.6 million of revenue from just one of our big tech customers.
Jack Abuhoff: Previously, we estimated that the programs and expansions we had won with this customer would result in approximately $110.5 million of annualized run rate revenue once fully ramped, which implies attaining $27.6 million in quarterly revenue once fully ramped.
Jack Abuhoff: We are pleased to find that revenue received in Q3 from this Big Tech customer exceeded this estimate.
Jack Abuhoff: We have seven other big tech customers as well, and we believe they will collectively become a significant part of our revenue makeup next year. They are all investing aggressively in generative AI.
Jack Abuhoff: These seven other big techs include a prominent social media platform that we won in Q3. Like the other big techs, they are building their own traditional and generative AI models and leveraging InnoData for data engineering.
Jack Abuhoff: We had mentioned last quarter that we expected this company would sign with us and we're excited to report that they indeed have.
Jack Abuhoff: We believe the initial value of the one engagements to be approximately three million dollars in annualized run rate revenue at full ramp.
Jack Abuhoff: Our confidence that these seven other Big Tech customers will collectively become a significant part of our revenue make-up next year is bolstered by the progress we made this quarter in building relationships
expanding work
securing new wins, gaining traction, and earning trust.
Jack Abuhoff: The number of projects and pilots we have underway with these customers significantly increased in Q3 and are expected to increase in Q4. This includes several pilots running now which hold the promise potentially of seven or even eight figure wins.
Jack Abuhoff: Last quarter, we also spoke about our pursuit of an agreement with an existing customer to collate our staff at their sites.
Jack Abuhoff: I'm pleased to report that we've signed this agreement and that we expect our resources to transition to working at one of their sites as early as next week.
Jack Abuhoff: We believe co-locating on customer sites positions us to further build trust and expand our collaborative relationship with customers as we look to capitalize on opportunities together.
Jack Abuhoff: Additionally, last quarter, with another one of our Big Tech customers, we've won new engagements projected to result in approximately $3 million in revenue based on our customers' projections.
This followed the successful execution of two smaller projects.
Jack Abuhoff: We are pleased to see the relationship growing and we're in discussions with them on potentially other significant opportunities.
Jack Abuhoff: In our last call, we also mentioned the possibility of engaging with another Big Tech customer.
Jack Abuhoff: or Big Tech Company rather, which is one of the most valuable companies in the world and one of the companies most often talked about in connection with generative AI.
Jack Abuhoff: Based on discussions, we now anticipate getting a pilot off the ground with this company in the next several months.
Jack Abuhoff: We're also pleased to announce that in the third quarter we had our second win with the federal government. A deal to provide news briefs and media monitoring to a second federal government agency.
Jack Abuhoff: Similar to our agreement with the first government agency that we signed last quarter, this new agreement will leverage the new generative AI capabilities we have built into our Agility platform.
Jack Abuhoff: We are seeking to expand further into the public sector, and these federal sector wins are validating the success of that strategy.
Jack Abuhoff: Now let me talk a bit more about our Go Forward strategy and opportunities for growth.
Jack Abuhoff: Our strategy encompasses both services and platforms. On the services side, we intend to be a go-to partner for big techs that are building generative AI frontier models and enterprises that seek to transform their products and operations with generative AI technologies.
Jack Abuhoff: We believe these are lucrative markets which we are well positioned to serve.
Jack Abuhoff: On the platform side, we are utilizing our B2B industry platforms and enterprise platforms that leverage generative AI and traditional AI for particular niche use cases.
Jack Abuhoff: McKinsey recently released research showing six distinct opportunities in the generative AI value chain and it ranked services and applications as two of the three most attractive of these opportunities.
Jack Abuhoff: Now I'll give you some color on each of these three areas of focus for us.
Jack Abuhoff: The first focus area is big tech. We believe we are still in the early days for big techs in terms of their generative AI investments.
Jack Abuhoff: From recent disclosures, it's evident that these companies are seeing their generative AI investments yielding business benefits by enhancing current products and providing optionality for future growth and new products.
Jack Abuhoff: Several of the big techs also signaled increased generative AI investment in 2025.
Speaker Change: The report issued this past Monday, Morgan Stanley said they now see Amazon, Google, Meta and Microsoft's combined CapEx reaching approximately $300 billion in 2025.
Speaker Change: and $337 billion in 2026, as they continue to invest in multi-year Gen-AI and LLM-enabled opportunities.
A large component of this investment is training data.
Speaker Change: Big Techs require two types of data for training large language models. The first is pre-training data, which is data that has historically been scraped from the web. And the second is supervised fine-tuning data, which is the data that is purpose-built by humans.
Speaker Change: Currently, most of the work we do for the big techs involves creating supervised fine-tuning data, which consists of instruction tuning data, sometimes called demonstration data, and RLHF, or reinforcement learning from human feedback.
Speaker Change: You can think of instruction tuning data as the data that teaches models to think, to respond to user prompts, to follow user direction, and to perform complex reasoning. This is data we create specifically for them. It is not web data or third-party data.
Speaker Change: We anticipate over the next several years that Big Tech is requiring progressively more complex demonstration data to support foreign languages, long-context understanding, multi-modality, industry-specific models, and agentic capabilities.
Speaker Change: Models perform better when supervised fine-tuning data is high quality, large scale, highly consistent, and diverse. We believe InnoData will be at the forefront of providing this data.
Speaker Change: In addition to supplying supervised fine-tuning data, we are increasingly identifying opportunities to source and transform pre-training data.
Speaker Change: While today's models are mostly pre-trained on data scraped from the Internet, this approach is likely to become increasingly problematic for two reasons. First, there are IP-related issues around the use of unlicensed third-party data with little legal precedent.
Speaker Change: Second, web scrape data is increasingly likely to contain the output of generative AI models, and training new AI models from the data produced by AI models deteriorates performance of the new models.
a phenomenon known as model collapse.
Speaker Change: We're also finding expanded opportunities in the LLM safety and evaluation. We presently have six engagements in this area and we're leveraging a lot of what we're learning from these engagements into a new platform that we're currently developing.
Speaker Change: In the past couple of months, we have demonstrated a prototype of our new platform to three of our big tech customers and several enterprises, and it has been well received.
Our next focus area is Enterprise Services.
Speaker Change: On the enterprise side, our strategy is to provide a range of services to help businesses adopt enterprise Gen AI.
Speaker Change: Our focus will be on integration and customization, providing strategic consulting services, AI services, digital services, and managed services.
Speaker Change: everything necessary to enable enterprise IT teams and business teams to drive the shift from legacy systems to AI-first solutions.
Speaker Change: We believe we are in the early days of enterprise generative AI investment and that enterprises are on the cusp of significantly increasing...
Thank you. Thank you.
Speaker Change: And finally, our third focus area is enterprise platforms. On the platform side, we are working on B2B industry applications and enterprise applications for niche specialized workflows in which humans apply knowledge and judgment in their interactions with unstructured data.
Speaker Change: One such application is Agility. We were particularly pleased with Agility's 26% year-over-year growth in the quarter and acceleration in new bookings.
Speaker Change: Before I pass the call to Marissa, I'd also like to say a word about the significant progress we have made this year in building a strong company with talent across key areas of the organization and a great workplace for our employees.
Speaker Change: We believe the work we have done on these fronts has been instrumental in enabling us to scale and meet or exceed the expectations of some of the most demanding, fast-moving companies in the world.
This year we made
Speaker Change: We have made several senior-level hires across delivery, technology, solutioning, pre-sales, recruiting, and sales and marketing. We have plans in place for additional strategic hires in Q4 and early 2025.
Speaker Change: In terms of brand building at a facility level, we have for the second year in a row been certified by Great Place to Work. And we're also certified as Most Preferred Workplace and Most Preferred Workplace for Women by Team Marksman.
Speaker Change: We also won an award for Asia's Best Employer Brand 2024 by the World HRD Congress and Employer Branding Institute. And we were one of 10 companies to receive the 2024 Asian Leaders Award.
Speaker Change: We also won the 2024 Trailblazer Excellence Award for pioneering leadership and innovative contribution to the IT business process management industry in terms of employee engagement, job satisfaction, culture and work environment, growth, development, and recognition.
Speaker Change: Two of our country managers received awards for their exemplary leadership. The National Awards for Excellence named us a best organization to work for and also awarded us for our environmental responsibility initiatives, women's empowerment initiatives, and corporate social responsibility initiatives.
Speaker Change: I'll now turn the call over to Marissa to go over the financial results, after which Marissa, Anish, and I will be available to take questions from analysts.
Marissa Espineli: Thank you Jack and good afternoon everyone. Revenue for Q3 2024 reached 52.2 million, reflecting a year-over-year increase of 136 percent.
Marissa Espineli: and 83% on a year-to-date basis. On a sequential basis, we observed a 60% increase of $19.7 million from Q2 2024 revenue of $32.6 million.
Marissa Espineli: Adjusted gross margin for Q3 2024 was 44% reflecting a sequential increase from 33% we achieved in Q2 2024.
Marissa Espineli: The comparatively higher growth margin in Q3 was attributable to the fact that we incurred $3.6 million of recruiting costs in the second quarter to support a substantial expansion of our organization to prepare for a significantly larger revenue base.
Marissa Espineli: including the unusually high recruiting cost in Q2, adjusted gross margin in the second quarter would have been approximately 44% consistent with the third quarter. In Q3, this recruiting cost came down significantly to $500,000.
Thank you very much.
Marissa Espineli: Adjusted EBITDA for the third quarter was $13.9 million, or 27% of revenue up from $3.2 million year-over-year, in approximately five times last quarter's adjusted EBITDA.
Marissa Espineli: Net income was $17.4 million in the third quarter, up from $371,000 in the same period last year, and $0 last quarter.
Marissa Espineli: Our cash position at the end of Q3 was approximately $26.4 million, up from $16.5 million at the end of Q2, and up from $13.8 million at year-end 2023.
Marissa Espineli: In the third quarter, we did not draw down our $30 million Wells Fargo credit facility. The amount drawable under this facility at any point in time is determined based on borrowing-based formulas.
Marissa Espineli: On our last earnings call, we reported filing a Universal Registration Statement on Form S-3 with the SEC. On October 10, 2024, the SEC declared the registration statement effective.
Marissa Espineli: give us the flexibility to sell up to an aggregate of 50 million worth of our security in registered offerings. However, at this time, we have no specific plan to raise money.
Speaker Change: Lastly, as Jack mentioned, we are raising our 2020 full-year revenue guidance.
Speaker Change: We now anticipate revenues between $52 and $55 million in Q4, which if achieved would translate to between 88% to 92% year-over-year growth for full year 2024.
Speaker Change: Thank you everyone for joining us today. Please open the line for questions.
Speaker Change: And at this time, if you would like to ask a question, please press the star and 1 on your telephone keypad. You may withdraw your question at any time by pressing star 2.
Speaker Change: Once again, to ask a question, please press the star and 1 on your telephone keypad. We'll pause a moment to allow questions to queue.
I will take our first question from George Sutton with...
Craig Holm, please go ahead, your line is open.
Speaker Change: Thank you. Jack, obviously an outstanding quarter. Congratulations. So I was
Jack Abuhoff: Thrilled with the results in the quarter, but frankly even more thrilled with the ability to guide for the same revenue
Speaker Change: in Q4, which is obviously suggestive of both your number one customers staying very large. But I wondered if you could just give us deltas quarter over quarter as you think through the composition of the equivalent revenue growth in Q4.
Well, first of all, welcome to the call.
Speaker Change: restate the question a little bit for me I wasn't quite following what you're looking for
You're guiding to Q4 revenues equivalent to Q3.
Q3 was...
Speaker Change: So I just want to make sure I understood what kind of deltas we should anticipate within that number from Q3 to Q4. Is it the large customer taking the same amount? Is it...
Speaker Change: New customers coming in with initial programs, which ultimately could give us some upside potential, just trying to get a sense of the delta.
Speaker Change: Okay, thank you. So I think that, you know, obviously there are a lot of moving pieces. What we're very enthusiastic about is first, you know, with our largest customer,
Speaker Change: You know, we see them, you know, continuing, we see the opportunity, you know, for them to grow and expand in 2025, actually. You know, as we look out...
Speaker Change: over Q4 and next year, what we see is a lot of momentum. And we've seen that momentum in Q3, we see that momentum continuing in Q4.
We measure that momentum in terms of...
relationships, trust.
Speaker Change: but also in terms of expansions, pilots, you know, new wins, traction. We're confident in saying that we believe now that, you know, that group of companies is collectively going to become a very significant part of our revenue makeup next year.
Speaker Change: In terms of Q4, we think that we'll start to see that, but we believe that it will become even more prominent in 2025 and help us drive continued growth.
Speaker Change: So, a question as I read through the large GPU users for training models.
Speaker Change: What they're talking about is, yes, we're spending billions on GPUs, but what we need to spend more on is...
Speaker Change: the ability to create new use cases for the AI, and the way we do that is we have to train the data. That's the data engineering part of that. That is exactly what you do, correct? So I just want to be clear, when we read these transcripts of some of the players in the space,
Speaker Change: making these very eloquent, logical reasoning why they're spending so much now on data. I believe that's exactly what is benefiting you, correct?
That's exactly right. You know where the action is...
Speaker Change: in terms of building out those capabilities is in supervised fine-tuning data. There's no aspect.
Speaker Change: When you think about compute and algorithms, in addition to data as the key ingredients for the models, we don't believe that there is any ingredient that is as critical to high performance and to building out those use cases as data.
Speaker Change: And when we look at the trends that would be taking place in data and the requirements in order to train for, you know, domain specificity, multimodality,
Speaker Change: more complex reasoning capabilities, agenda capabilities, it all comes back to data. And we're very excited about that. We're doing a lot of work internally to make sure we're prepared for those needs.
Speaker Change: doing a lot of experimentation work that's going to continue into next year as well so we think we're you know we're very well positioned to continue to serve their needs as their needs
to form around those things that you're referring to.
Speaker Change: I'll turn it over to others who can come up with other adjectives for the quarter.
Thank you, George. Thanks so much.
Speaker Change: Thank you. Our next question comes from Allen Klee with Maxim Group LLC. Please go ahead. Your line is open.
Speaker Change: Yes, hi, and congrats on a strong quarter. You mentioned that your recruiting costs came down. Do you feel like the cost
Speaker Change: Could you talk a little about your direct costs, and do you think that is that kind of a good run right now, or is there a reason why that may grow at a different rate than revenues?
Speaker Change: Sure, so I think first, again, Alan, welcome to the call, thank you for joining.
Speaker Change: I think that the recruiting costs will somewhat be a function of, you know, what we see coming down the pike. At the same time, we're looking to manage those down by having established strong internal recruiting capabilities that are enabling us.
to drive the unit costs of recruiting down quite considerably.
Speaker Change: You know the growth that we see coming. We're we were happy with the 500,000 You know going forward Again, you know I think it'll be somewhat responsive to what we're seeing has been modified by what we're able to do internally
Speaker Change: Thank you. One of the things that stood out to me is
If I looked at your operating expenses year over year,
excluding direct costs or...
Speaker Change: I wrote it down. I don't have it in front of me. It's something like it was up only 33% versus your revenues up significantly higher. So very good operating leverage to the bottom line. Is there any, so the reason I'm mentioning that is
Speaker Change: I know as you're growing, you're also gonna have to spend more, but do you still, how do you feel about, you know, on the operating expenses, the ability to continue to get operating leverage?
Speaker Change: Q2 and Q3, you know, the delta on adjusted EBITDA was about 8 million, so that's suggestive of, you know, 40% flow-through, which, you know, 41% flow-through, which is great.
Speaker Change: For us, in addition to that, it's very efficient from an OPEX perspective in terms of go-to-market. You know, you have deep wells of spend, you have to build those relationships out, you have to service them well. But you don't need a giant...
Speaker Change: sales organization in order to do that well, you need talent. And, you know, I think I continue to see that.
as a driver.
Speaker Change: At the same time, you know, in 2025, and we're thinking a lot about how we leverage where we've gotten to and where we go with this.
Speaker Change: We've got an exciting 2025 plan. We have an incredible team, incredible energy, you know, right now as a team. We're preparing to launch our plan internally at a global off-site in Athens in January.
Speaker Change: And we're very much thinking out of the box, you know, we're thinking about, you know, where we can go from here.
Speaker Change: just this week, another high-level PhD in AI and machine learning who is going to be helping us along that path. Incredible talent. We are encouraging the team and each other to think outside the box.
Speaker Change: and you know I'm optimistic that some of the most exciting things that we might come up with over the next
Speaker Change: year haven't even been things that we've talked about yet or put on display.
Speaker Change: So, very exciting times for us, and as you said, a very efficient model where we get the benefits of that operating leverage and enable ourselves to expand and do things that are strategic for the company.
Speaker Change: Thank you. And then, I mean, two key factors for your growth are just the demand outlook, which
Speaker Change: I believe is going to definitely be there. And then also critical is that you keep the quality of what you're doing.
Speaker Change: given that so that you keep winning the business competitively and keeping the business. So can you talk a little about what you've done and will be doing to make sure that the quality of what you offer is top-notch?
Speaker Change: Sure, you know, there's no single factor that's more critical than data quality.
We've...
Speaker Change: created and borrowed from our legacy a lot of processes and capabilities in terms of driving quality and consistency.
Speaker Change: that have benefited the largest information providers in the past and are now benefiting the big tech companies that are using the data not for information products, but in order to train models.
Speaker Change: Next to data quality and what we've clearly established with our largest customer is we became the choice for their engineering teams in terms of a data engineering partner on quality.
But in addition to quality, it's agility.
Speaker Change: to work hand-in-glove with the engineering teams, responding to where they're going, responding to the needs of the model as the model is tested and retested for the attributes that they're building on.
Speaker Change: and we think we've distinguished ourselves on that front also. So, you know, we've got the relationships in place, we've got the capabilities in terms of data quality, we've got the practices in terms of agility.
Speaker Change: and we think we're seeing the benefits of that in, you know, growing momentum at all of the big tech customers and excited about 2025 and where this goes.
Speaker Change: That's great. My last question is on agility. Good growth there. Could you talk about some of the initiatives you have going on there?
Speaker Change: So on the agility side, we're all in on generative AI.
Speaker Change: that spends identifying prospects for distributing news to all the way through to monitoring pickup and monitoring the issues that people care about to analytics. And we've infused
the technology in several aspects of that
Speaker Change: and we have more to come. And what we've seen as a result of that is that where our win rate and, you know, demo to win has significantly increased.
Speaker Change: We're winning more market share. Analysts are now rating us based on a whole lot of factors as well as AI integration. We're off the charts in terms of AI integration and we're winning on most, I believe most all of the other.
Speaker Change: criteria as well. So we're very excited about where that business is taking us.
That's great. Thank you and congratulations again.
Thank you.
Speaker Change: Thank you. Our next question comes from John Gatsingris with Webush. Please go ahead. Your line is open.
Speaker Change: Thanks so much for taking the question and congrats again on a great quarter. So looking into recent federal wins and I guess contrasting that to the enterprise opportunities that you guys are executing in the field, what do these engagements mean for InterNATA's broader strategy and how can we look at that relationship between the two, I guess longer term from the bird's eye view, thanks.
Sure, a great question. So the work that we've
Speaker Change: talked about last quarter and this quarter is on the agility side.
It's a very sharp edge of the wedge.
Speaker Change: in terms of bringing immediate value to the agencies that we're working with. We've got a lot of distinguishing capabilities there.
Speaker Change: We believe that we will be able to continue to expand the importance of that market. We don't see that as something that's going to contribute necessarily.
Speaker Change: in an extensive way in 2025, but we plan on making inroads, and we think that that will be likely a contributor as we...
We go forward beyond that.
Speaker Change: increase the level of those investments and increase their focus on winning in that sector and you know it's our goal to to figure out the space
build our business there.
Got it. Thank you.
Speaker Change: Thank you. Our next question comes from Hamad Korsund with BWS Financial. Please go ahead. Your line is open.
Speaker Change: Hi, so my question was, how have you been in the conversations with your other large tech companies as far as being able to scale it as fast as possible, just like your largest customer?
Speaker Change: So, you know, a few things that we see there. Firstly, that
Speaker Change: All of these customers have significant spend, significant ambitions. We find that we're competing largely with the same other companies.
Speaker Change: And that's why we're optimistic that the playbooks that we've executed and the capabilities that we've brought to the largest customer will be
Speaker Change: will be valued in a similar way with these others. We've seen a lot of momentum building in terms of the vectors that we track.
Speaker Change: POCs and small projects that are then leading to larger projects. And we see all of that, you know, really forming up exactly the way that we were hoping that it would. That's giving us the confidence to say that, you know, we believe those companies will be a more significant part of our revenue next year.
Great, thank you.
Speaker Change: Thank you, and we show no further questions at this time. I will turn the call back to Jack Abuhoff for closing comments.
Great, thank you.
Jack Abuhoff: So, yeah, we're thrilled with our results this quarter. We've really never felt more excited about our business and our ability to execute our strategy with the current market opportunities that we're seeing.
Jack Abuhoff: We believe generative AI is a transformative technology that's still in its earliest innings.
Jack Abuhoff: that high-quality training data will be among the most important contributors to high-performing frontier models of the future.
Jack Abuhoff: And, you know, we believe that we are and will continue to be ideally suited to support big tech companies who are building these models and enterprises that are adopting them. So again, thank you all for participating in the call today.
Speaker Change: Q3, obviously it was a record quarter. We're very proud of what we've accomplished, but we're equally excited about where we're going.
Speaker Change: Thank you. Thank you. And this does conclude today's program. Thank you for your participation, and you may disconnect at any time.
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Speaker Change: Jack Abuhoff, Marissa Espineli, Jack Abuhoff, Jack Abuhoff, Jack Abuhoff, Jack Abuhoff, Jack
Lib Lead & Don Correia Thanks for watching.
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Speaker Change: Edith G. W. M. G. M. G. M. G. M. G. M. G. M. G. M. G. M. G. M. G. M. M. G. M. G. M. G. M. M.
and William J. Ashcroft
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