RCS - Innodata Inc. - Innodata Reports Q3’23 Results; Signs New Big Tech
03/11/2023 08:15
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RNS Number : 2631S Innodata Inc. 02 November 2023
Innodata Reports Third Quarter 2023 Results and Signing New Big Tech for
Generative AI Development
Revenue Up 20% Year-Over-Year; Accelerating Growth in Q4 and 2024 Anticipated
NEW YORK, NY / ACCESSWIRE / November 2, 2023 / INNODATA INC. (NASDAQ:INOD)
today reported results for the third quarter ended September 30, 2023.
· Revenue for the quarter ended September 30, 2023 was $22.2
million, up 20% year over year. The comparative period included $1.0 million
in revenue from the large social media company that underwent a significant
management change in the second half of last year, as a result of which it
dramatically pulled back spending across the board. There was no revenue from
this company in the three months ended September 30, 2023.
· Net income for the quarter ended September 30, 2023 was $0.4
million, or $0.01 per basic and diluted share, compared to a net loss of $3.3
million, or $0.12 per basic and diluted share, in the same period last year.
· Revenue for the nine months ended September 30, 2023 was $60.7
million, compared to revenue of $59.6 million in the same period last year.
The comparative period included $7.9 million in revenue from the large social
media company referenced above. There was no revenue from this company in the
nine months ended September 30, 2023.
· Net loss for the nine months ended September 30, 2023 was $2.6
million, or $0.09 per basic and diluted share, compared to a net loss of $10.0
million, or $0.37 per basic and diluted share, in the same period last year.
· Adjusted EBITDA was $3.2 million in the third quarter of 2023,
compared to Adjusted EBITDA loss of $1.2 million in the same period last
year.*
· Adjusted EBITDA was $5.6 million for the nine months ended
September 30, 2023, compared to Adjusted EBITDA loss of $3.5 million in the
same period last year.*
· Cash, cash equivalents and short-term investments were $14.8
million at September 30, 2023, as compared to $10.3 million at December 31,
2022.
* Adjusted EBITDA is defined below.
The amounts in this press release have been rounded. All percentages have been
calculated using unrounded amounts.
Jack Abuhoff, CEO, said, "Today we are pleased to announce third quarter
revenue of $22.2 million, representing 20% year-over-year growth. It is worth
noting that year-over-year growth was 27% if we back out revenue from the
large social media company which contributed $1 million in revenue in the
prior quarter but dramatically cut spending after a significant and
highly-publicized management change.
"We are also very pleased to announce third quarter Adjusted EBITDA of $3.2
million, representing 100% sequential quarter-on-quarter growth. The $1.6
million of sequential Adjusted EBITDA growth, viewed together with the $2.5
million of sequential quarter-on-quarter revenue growth, demonstrates strong
operating leverage as well as successful cost management. Looked at year over
year, we see the same thing: we returned $4.4 million of Adjusted EBITDA
growth on $3.7 million of revenue growth.
"Third quarter growth was driven by the start of ramp up for generative AI
development work with one of the new big tech customers we announced this
summer. We expect our work with this customer to continue ramping up in the
fourth quarter and into the first quarter, potentially reaching a $23 to $25
million run rate at the end of the year with which to start next year. At the
very end of the third quarter, we also kicked off our generative AI
development program with the other new big tech customer we announced this
summer, and we expect it will also contribute to fourth quarter revenue. In
fact, we anticipate continuing to expand revenue with both of these new
customers through Q4 and in 2024.
"For the fourth quarter, we are forecasting revenue of $24.5 million or more,
representing 26% or higher year-over-year growth. Again, if we back out
revenue from the large social media company which contributed $0.5 million in
revenue in the fourth quarter of 2022, our fourth quarter forecast would
represent 30% or better year-over-year growth. Since there was no revenue from
this social media customer in Q1 2023, beginning in Q1 2024 revenue from this
social media customer will no longer provide a drag on year-over-year
comparisons.
"For the fourth quarter, we're forecasting Adjusted EBITDA of $3.7 million or
more, which would be approximately 15 or more times Adjusted EBITDA from
fourth quarter last year."
Abuhoff continued, "I am also very pleased to announce that in September we
signed a master services agreement for AI development with yet another of the
world's largest tech companies - a company whose AI programs we have been
trying to break into for a year now. Based on our research, this large tech
company is likely to spend several hundred million dollars on generative AI
data engineering services in 2024, so this win, like others we announced this
summer, packs a lot of potential. While this relationship is at an early
stage, we see huge potential in it.
"As we look ahead and plan for 2024, we foresee an exciting and transformative
year ahead. We believe we have the strategy, business momentum and customer
relationships to deliver significant revenue growth and Adjusted EBITDA
growth. We currently intend to provide guidance for 2024 revenue and Adjusted
EBITDA growth when we release our fourth quarter results.
"Our strategy for growth is two-fold. First, we will support large technology
companies building generative AI foundation models. Second, we will support
enterprises across a wide range of verticals that seek to integrate and
fine-tune generative AI models.
"We now have master service agreements in place with five of the largest
technology companies in the world under which we are providing generative AI
program support. Landing these agreements was non-trivial. Our success at
having done so, I believe, testifies to the strength of our value proposition
and our capabilities. With these agreements now in hand, we believe we are
poised to deliver significant growth in 2024.
"Over the next several years, we believe that these technology companies will
be building bigger and better generative AI models. Indeed, when you listen to
the large-tech companies' earnings calls this quarter what emerges is an
overwhelming sense that generative AI is their number-one strategic priority;
that it's their biggest investment area for 2024; and that they believe
generative AI is a fundamental platform shift that is just at its very
beginning. One of these companies specifically stated that it believes it will
drive tens of billions of dollars of revenue over the next several years from
generative AI innovation.
"The product-centric large-tech companies are talking about creating
generative AI-powered experiences across their product lines, transforming the
way people use their products. The infrastructure-centric large-tech companies
are talking about deploying new and differentiating generative AI services and
bolstering their AI infrastructure to serve their customers' AI training and
inferencing needs. And both product-centric and infrastructure-centric
large-tech companies are talking about increasing capital investment into
generative AI as a result of the strong demand that they see. This, we
believe, bodes very well for us.
"During the summer, we announced winning two new "Big Five" tech customers and
both a program expansion and a new program with an existing "Big Five" tech
customer, all to help develop and train large language models.
"We announced the first new "Big Five" customer win on July 18, and on August
29 we announced that the program had been expanded. Our program began ramping
up in early August. We anticipate that we will continue to ramp the program
through Q4 and into Q1, reaching a revenue runrate on just this one customer
of potentially $23 to $25 million by the end of the year with which to start
next year. We are now in discussions with this customer about potential
further program expansions and potential additional programs.
"We announced our second new "Big Five" customer win on August 10, and on
August 22 we announced that our agreement got signed. While in our
announcements we stated that rampup would begin early in the fourth quarter,
I'm pleased to report that we were able to kick things off at the tail end of
the third quarter. While we had a bit of revenue from this customer in the
third quarter, we anticipate that revenue from this customer will impact our
fourth quarter results more significantly. We are now in discussions with this
customer about scope of the initial program - which has the potential to be
quite large - as well as other programs. The customer has authorized $2.5
million in spend to get us started, has promised that an additional $1.5
million authorization will arrive soon, and has stated that it intends to
supplement these authorizations as we move forward with program expansion.
"On June 27, we announced that an existing Big Five customer had selected us
to perform AI data annotation and LLM fine-tuning as a while-labeled service
for its cloud and platform customers, and on June 14, we announced that this
same customer had engaged us for its LLM build program. In this latter
announcement, we stated that we anticipated potentially exceeding $8 million
in revenue from this customer in 2023, up from approximately $3 million last
year. We believe that we are on track to meet or exceed this target. Included
in this year's forecast is approximately $330 thousand of revenue from the
white label program, consisting of six won or late-stage opportunities. We
believe this white label program will contribute more significantly to 2024.
For 2024, we already have several million in pipeline opportunities, including
two opportunities that we value at $2 million and $1 million, respectively. It
is worth noting that we believe the $2 million opportunity could potentially
open an exciting new market for us. We are hoping to close both of these
opportunities in Q1. Under the white label program, we are seeing a mix of
requirements from our customer's enterprise customers. Requirements range from
generative AI data pipelines to two- and three-dimensional data annotation;
chatbot fine-tuning; LLM-based search and retrieval; and training LLMs for
multi-lingual, domain-specific summarization and conversation. Importantly,
the program is enabling us to potentially scale an enterprise offering
independent of our own sales and marketing; to leverage both our customer's
brand and its significant customer reach; and to gain exposure to a wide range
of early-adopter generative AI use cases.
"We believe this exposure will set us up well for what we believe will
potentially be our largest and most significant opportunity - LLMs for the
enterprise. These are still early days in terms of enterprise adoption of
generative AI, but we believe that a decade from now, virtually all successful
businesses will have adopted generative AI technologies into their products
and operations. To do so, they will require one or more of the capabilities
that we offer. Enterprise data sciences teams will require support to train
and fine-tune open source and proprietary LLMs and to conduct specialized
testing and evaluations to ensure that the LLMs are helpful, honest, and
harmless. They will also require support to implement retrieval augmented
generation, or RAG for short, a technique for harnessing enterprise data
assets within LLM prompts. Meanwhile, enterprise line-of-business managers
will require support to build customized generative AI models and
applications. Additionally, these line-of-business managers will require
support to deliver the kind of business process and workflow transformation
that will be possible with generative AI. And when we identify opportunities
to deliver AI-enabled transformation via a subscription-based platform, as we
have now with PR workflows, underwriting workflows, and compliance workflows,
we will enable them to subscribe to our platforms rather than having to
undertake complex and expensive builds themselves.
"In the third quarter, we closed three important enterprise generative AI
opportunities with large companies. Their scope ranges from strategy to
implementation. In one of the engagements, we will be helping a leading
information company create a strategic roadmap for AI/LLM integration for its
products and internal operations and will be building LLM proofs-of-concept.
In another, we will be helping fine-tune LLMs for three customer use cases
pertaining to legal services. In the third deal, we will be creating datasets
to train an LLM to support doctor/patient interactions."
Abuhoff concluded, "We ended Q3 with $14.8 million in cash and short-term
investments, up from $13.7 million last quarter. We continue to have no
appreciable debt. To support our growth and future working capital
requirements, we have a revolving line of credit with Wells Fargo that
provides up to $10 million of financing subject to a borrowing base
limitation."
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:
1-888-506-0062 (Domestic)
+1 973-528-0011 (International)
Participant Access Code 584598
1-877-481-4010 (Domestic Replay)
+1 919-882-2331 (International Replay)
Replay Passcode 49254
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
(https://pr.report/nP7YzIeL) . Please note that the Webcast feature will be in
listen-only mode.
Call-in or Webcast replay will be available for 30 days following the
conference call.
About Innodata
Innodata (NASDAQ:INOD) is a global data engineering company delivering the
promise of AI to many of the world's most prestigious companies. We provide
AI-enabled software platforms and managed services for AI data
collection/annotation, AI digital transformation, and industry-specific
business processes. Our low-code Innodata AI technology platform is at the
core of our offerings. In every relationship, we honor our 30+ year legacy
delivering the highest quality data and outstanding service to our customers.
Visit www.innodata.com to learn more.
Forward Looking Statements
This press release may contain 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. Words such as "project,"
"believe," "expect," "can," "continue," "could," "intend," "may," "should,"
"will," "anticipate," "indicate," "forecast," "predict," "likely," "goals,"
"estimate," "plan," "potential," "promises," "possible," or the negatives
thereof and other similar expressions generally identify forward-looking
statements, which speak only as of the date hereof.
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 the
continuing conflict between Russia and the Ukraine and Hamas' attack against
Israel and the ensuing conflict; 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; 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; the likelihood of continued
development of the markets, particularly new and emerging markets, that our
services support; continuing DDS segment revenue concentration in a limited
number of customers; potential inability to replace projects that are
completed, canceled or reduced; our dependency on content providers in our
Agility segment; difficulty in integrating and deriving synergies from
acquisitions, joint venture 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 ability
and willingness of our customers and prospective customers to execute business
plans that give rise to requirements for our services; 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
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 February 24, 2023, 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 Federal securities
laws.
Company Contact
Marcia Novero
Innodata Inc.
Mnovero@innodata.com (mailto:Mnovero@innodata.com)
(201) 371-8015
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 Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
Revenues $ 22,169 $ 18,447 $ 60,663 $ 59,626
Operating costs and expenses:
Direct operating costs 13,945 12,389 39,534 38,795
Selling and administrative expenses 7,401 9,117 22,772 29,584
Interest expense (income), net 66 (1) 122 1
21,412 21,505 62,428 68,380
Income (loss) before provision for income taxes $ 757 $ (3,058) $ (1,765) $ (8,754)
Provision for income taxes 374 268 780 1,293
Consolidated net income (loss) 383 (3,326) (2,545) (10,047)
Income (loss) attributable to non-controlling interests 12 1 15 (72)
Net income (loss) attributable to Innodata Inc. and Subsidiaries $ 371 $ (3,327) $ (2,560) $ (9,975)
Income (loss) per share attributable to Innodata Inc. and Subsidiaries:
Basic $ 0.01 $ (0.12) $ (0.09) $ (0.37)
Diluted $ 0.01 $ (0.12) $ (0.09) $ (0.37)
Weighted average shares outstanding:
Basic 28,459 27,331 27,930 27,239
Diluted 32,463 27,331 27,930 27,239
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents $ 14,812 $ 9,792
Short term investments - other 13 507
Accounts receivable, net of allowance for doubtful accounts 10,676 9,528
Prepaid expenses and other current assets 3,826 3,858
Total current assets 29,327 23,685
Property and equipment, net 2,373 2,511
Right-of-use-asset, net 5,177 4,309
Other assets 2,515 1,498
Deferred income taxes, net 1,552 1,475
Intangibles, net 13,449 12,526
Goodwill 2,032 2,038
Total assets $ 56,425 $ 48,042
LIABILITIES, NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued expenses and other $ 10,547 $ 9,880
Accrued salaries, wages and related benefits 7,154 6,136
Income and other taxes 3,427 3,230
Long-term obligations - current portion 1,041 877
Operating lease liability - current portion 752 693
Total current liabilities 22,921 20,816
Deferred income taxes, net 19 65
Long-term obligations, net of current portion 6,464 5,079
Operating lease liability, net of current portion 4,873 4,036
Total liabilities 34,277 29,996
Non-controlling interests (712) (727)
STOCKHOLDERS' EQUITY 22,860 18,773
Total liabilities, non-controlling interests and stockholders' equity $ 56,425 $ 48,042
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
2023 2022
Cash flows from operating activities:
Consolidated net loss $ (2,545) $ (10,047)
Adjustments to reconcile consolidated net loss to net cash
provided by operating activities:
Depreciation and amortization 3,479 2,836
Stock-based compensation 2,998 2,370
Deferred income taxes (120) 242
Pension cost 791 577
Loss on lease termination - 125
Changes in operating assets and liabilities:
Accounts receivable (1,198) 1,690
Prepaid expenses and other current assets 449 (235)
Other assets (243) 734
Accounts payable, accrued expenses and other 970 (253)
Accrued salaries, wages and related benefits 1,019 498
Income and withholding taxes 189 (197)
Net cash provided by (used in) operating activities 5,789 (1,660)
Cash flows from investing activities:
Capital expenditures (4,320) (5,253)
Proceeds from short term investments - other 494 -
Net cash used in investing activities (3,826) (5,253)
Cash flows from financing activities:
Proceeds from stock option exercises 3,158 276
Payment of long-term obligations (329) (510)
Net cash provided by (used in) financing activities 2,829 (234)
Effect of exchange rate changes on cash and cash equivalents 228 (1,026)
Net increase (decrease) in cash and cash equivalents 5,020 (8,173)
Cash and cash equivalents, beginning of period 9,792 18,902
Cash and cash equivalents, end of period $ 14,812 $ 10,729
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 2023 2022 2023 2022
Net income (loss) attributable to Innodata Inc. and Subsidiaries $ 371 $ (3,327) $ (2,560) $ (9,975)
Provision for income taxes 374 268 780 1,293
Interest expense 163 (1) 295 1
Depreciation and amortization 1,237 1,011 3,479 2,836
Severance** - - 580 -
Stock-based compensation 1,017 805 2,998 2,370
Non-controlling interests 12 1 15 (72)
Adjusted EBITDA (loss) $ 3,174 $ (1,243) $ 5,587 $ (3,547)
Three Months Ended September 30, Nine Months Ended September 30,
DDS Segment 2023 2022 2023 2022
Net income (loss) attributable to DDS Segment $ 444 $ (324) $ (751) $ (211)
Provision for income taxes 371 265 772 1,196
Interest expense 162 (1) 291 1
Depreciation and amortization 328 201 811 483
Severance** - - 33 -
Stock-based compensation 854 761 2,524 1,929
Non-controlling interests 12 1 15 2
Adjusted EBITDA $ 2,171 $ 903 $ 3,695 $ 3,400
Three Months Ended September 30, Nine Months Ended September 30,
Synodex Segment 2023 2022 2023 2022
Net loss attributable to Synodex Segment $ (154) $ (779) $ (19) $ (2,244)
Depreciation and amortization 155 171 479 483
Severance** - - 6 -
Stock-based compensation 60 30 177 129
Non-controlling interests - - - (74)
Adjusted EBITDA (loss) $ 61 $ (578) $ 643 $ (1,706)
Three Months Ended September 30, Nine Months Ended September 30,
Agility Segment 2023 2022 2023 2022
Net income (loss) attributable to Agility Segment $ 81 $ (2,224) $ (1,790) $ (7,520)
Provision for income taxes 3 3 8 97
Interest expense 1 - 4 -
Depreciation and amortization 754 639 2,189 1,870
Severance** - - 541 -
Stock-based compensation 103 14 297 312
Adjusted EBITDA (loss) $ 942 $ (1,568) $ 1,249 $ (5,241)
**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,
2023 2022 2023 2022
Revenues:
DDS $ 16,003 $ 12,852 $ 41,929 $ 42,944
Synodex 1,728 1,762 5,705 5,376
Agility 4,438 3,833 13,029 11,306
Total Consolidated $ 22,169 $ 18,447 $ 60,663 $ 59,626
SOURCE: Innodata Inc.
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