Thoughtworks Holding Inc

TWKS

Equity

ISIN US88546E1055 / Valor 113363476

NASDAQ (2024-09-18)

USD 4.38-0.23%

Thoughtworks Holding Inc
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About company

Thoughtworks Holding Inc. is a global technology consultancy firm that has significantly expanded since its inception in 1993. Originally starting as a small team in Chicago, the company now boasts over 10,500 employees spread across 48 offices in 19 countries. Thoughtworks provides a broad range of technology services, leveraging the expertise of cross-functional teams that include strategists, developers, data engineers, and designers. With over three decades of experience, the company has established itself as a leader in the technology consulting sector, offering innovative solutions to complex challenges. Thoughtworks' approach to consultancy emphasizes collaboration and the application of advanced technology practices to help businesses achieve their strategic objectives.

Summarized from source with an LLMView SourceSector: Technology

Revenue Decline

Thoughtworks Holding Inc. reported revenues of $251.7 million for the second quarter of 2024, marking a year-over-year decline of 12.4%. In constant currency terms, the decline was 11.3%. This decrease reflects the challenging macroeconomic environment and reduced client budgets.

Net Loss Margin

For the second quarter of 2024, Thoughtworks Holding Inc. experienced a net loss margin of 14.5%, compared to 4.3% in the same quarter of 2023. This significant increase in net loss margin indicates higher operational challenges and costs during the period.

Adjusted EBITDA Margin

Thoughtworks Holding Inc.'s adjusted EBITDA margin for the second quarter of 2024 was 2.3%, a sharp decline from 10.2% in the second quarter of 2023. This reduction highlights the impact of decreased revenues and increased costs on the company's profitability.

Diluted Loss Per Share

The diluted loss per share for Thoughtworks Holding Inc. in the second quarter of 2024 was $(0.11), compared to $(0.04) in the same period of the previous year. The adjusted diluted loss per share was $(0.03), down from an adjusted diluted EPS of $0.03 in the second quarter of 2023.

Restructuring Program

During the second quarter of 2024, Thoughtworks Holding Inc. incurred pre-tax cash charges of approximately $7.2 million as part of its restructuring program. This includes $6.2 million in wage-related costs and $1.0 million in non-wage related costs. The company aims to achieve additional savings of $85 million to $95 million, bringing the total expected savings to $185 million to $210 million by October 31, 2024.

Summarized from source with an LLMView Source

Key figures

4.78%1Y

-87.3%3Y

%5Y

Performance

68.9%1Y

64.1%3Y

64.1%5Y

Volatility