Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number 001-36535

GLOBANT S.A.

(Translation of registrant's name into English)

37A, Avenue J.F. Kennedy

L-1855, Luxembourg

Tel: + 352 20 30 15 96

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F

or Form 40-F:

x Form 20-F

¨ Form 40-F

GLOBANT S.A.

FORM 6-K

Globant S.A. (the “Company”) is furnishing under the cover of Form 6-K the following:

Earnings Release

Exhibit 99.1

Press release, dated November 14, 2024, entitled “Globant Reports 2024 Third Quarter Financial Results.”

Incorporation by Reference

The unaudited condensed interim consolidated statements of comprehensive income, unaudited condensed interim consolidated statements of financial position, unaudited selected cash flow data, unaudited supplemental non-IFRS financial information and unaudited schedule of supplemental information contained in the press release attached as Exhibit 99.1 to this report on Form 6-K are hereby incorporated by reference into the Company’s registration statements on Form S-8 (File Nos. 333-201602, 333-211835, 333-232022, 333-255113, 333-266204 and 333-281049), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBANT S.A.

	By:	/s/ JUAN URTHIAGUE
		Name: Juan Urthiague
		Title: Chief Financial Officer

Date: November 14, 2024

Exhibit 99.1

November 14, 2024

Globant Reports 2024 Third Quarter Financial Results

Strong, Broad Based Results

Third quarter revenues of $614.7 million, up 12.7% year-over-year

IFRS Diluted EPS of $0.98 for the third quarter

Non-IFRS Adjusted Diluted EPS of $1.63 for the third quarter

LUXEMBOURG / November 14, 2024 - Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced results for the three and nine months ended September 30, 2024.

Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.

Third Quarter 2024 Financial Highlights

Revenues rose to $614.7 million, representing 12.7% year-over-year growth.

IFRS Gross Profit Margin was 36.2% compared to 36.4% in the third quarter of 2023.

Non-IFRS Adjusted Gross Profit Margin was 38.5% compared to 38.2% in the third quarter of 2023.

IFRS Profit from Operations Margin was 10.6% compared to 9.7% in the third quarter of 2023.

Non-IFRS Adjusted Profit from Operations Margin was 15.6% compared to 15.3% in the third quarter of 2023.

IFRS Diluted EPS was $0.98 compared to $0.98 in the third quarter of 2023.

Non-IFRS Adjusted Diluted EPS was $1.63 compared to $1.48 in the third quarter of 2023.

Nine months ended September 30, 2024 Financial Highlights

Revenues rose to $1,773.2 million, representing 17.0% year-over-year growth.

IFRS Gross Profit Margin was 35.8% compared to 36.1% in the first nine months of 2023.

Non-IFRS Adjusted Gross Profit Margin was 38.2% compared to 38.2% in the first nine months of 2023.

IFRS Profit from Operations Margin was 9.4% compared to 9.5% in the first nine months of 2023.

Non-IFRS Adjusted Profit from Operations Margin was 15.2% compared to 15.1% in the first nine months of 2023.

IFRS Diluted EPS was $2.88 compared to $2.68 in the first nine months of 2023.

Non-IFRS Adjusted Diluted EPS was $4.67 compared to $4.12 in the first nine months of 2023.

Other Metrics as of and for the quarter ended September 30, 2024

Cash and cash equivalents and Short-term investments were $213.5 million as of September 30, 2024, a decrease of $109.8 million from $323.3 million as of December 31, 2023, driven mainly by the expansion into new geographies and a number of M&A earnout payments. As of September 30, 2024, we had a total amount of $165 million drawn from our credit facility.

Globant completed the third quarter of 2024 with 29,998 Globers, 27,927 of whom were technology, design and innovation professionals.

The geographic revenue breakdown for the third quarter of 2024 was as follows: 55.7% from North America (top country: US), 21.8% from Latin America (top country: Argentina), 17.6% from Europe (top country: Spain) and 4.9% from New Markets¹ (top country: Saudi Arabia).

Globant’s top customer, top five customers and top ten customers for the third quarter of 2024 represented 9.1%, 21.0% and 30.1% of revenues, respectively.

During the twelve months ended September 30, 2024, Globant served a total of 969 customers (with revenues over $100,000 in the last twelve months) and continued to increase its wallet share, with 331 accounts generating more than $1 million of annual revenues, compared to 305 for the same period one year ago.

In terms of currencies, 66.6% of Globant’s revenues for the third quarter of 2024 were denominated in US dollars.

“As we reflect on another remarkable quarter, I am thrilled to share that Globant continues on a trajectory of strong growth, solidifying our role as an industry leader. The level of demand we are witnessing across verticals and markets fuels our optimism for continued expansion in 2024. Our strategic investments in AI have lead to year-to-date AI-related initiatives increasing by 120% compared to the same period last year, enhancing our capabilities and driving productivity gains that translate into unique client experiences. With a strong pipeline and a commitment to redefining industries through our Studios, we are well-positioned to lead in this new era of digital innovation,” said Martín Migoya, Globant’s CEO and co-founder.

“As we conclude this quarter, I am pleased to report that Globant has achieved another quarter of record revenues, at $614.7 million, reflecting strong sequential growth driven by our top client and several key accounts. This performance aligns with our guidance and showcases our ability to enhance profitability while maintaining a prudent balance sheet. Our healthy margins are a reflection to our focus on profitability, while we see early recovery signs in specific verticals that previously faced headwinds. We are confident in our ability to sustain this momentum and build on our strong performance as we approach 2025,” explained Juan Urthiague, Globant’s CFO.

2024 Fourth Quarter and Full Year Outlook

Based on current market conditions, Globant is providing the following estimates for the fourth quarter and the full year of 2024:

Fourth quarter 2024 Revenues are estimated to be in the range of $642.0 million to $648.0 million, or 10.6% to 11.6% year-over-year growth.

Fourth quarter 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 16.0%.

Fourth quarter 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $1.71 to $1.75 (assuming an average of 44.7 million diluted shares outstanding during the fourth quarter).

Fiscal year 2024 Revenues are estimated to be in the range of $2,415.0 million to $2,421.0 million, implying a 15.2% to 15.5% year-over-year revenue growth.

Fiscal year 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 15.5%.

Fiscal year 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $6.37 to $6.43 (assuming an average of 44.5 million diluted shares outstanding during 2024).

¹ Represents Asia, Oceania and the Middle East.

Conference Call and Webcast

Martin Migoya, Globant’s CEO and co-founder, Juan Urthiague, Globant’s CFO, Patricia Pomies, Globant’s COO, and Diego Tártara, Globant’s CTO, will discuss the third quarter 2024 results in a video conference call today beginning at 4:30pm ET.

Video conference call access information is:

https://more.globant.com/F3Q24EarningsCall

Webcast http://investors.globant.com/

About Globant (NYSE:GLOB)

At Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our expertise in AI. We dare to digitally transform organizations and strive to delight their customers.

We have more than 29,900 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.

We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.

For more information, please visit www.globant.com

Non-IFRS Financial Measures

While the financial figures included in this press release have been computed in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited.

Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of September 30, 2024 and December 31, 2023 and its condensed interim consolidated statements of comprehensive income for the three and nine months ended September 30, 2024 and 2023, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.

Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

Forward Looking Statements

In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.

Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Globant S.A.

Condensed Interim Consolidated Statements of Comprehensive Income

(In thousands of U.S. dollars, except per share amounts, unaudited)

	Nine Months Ended						Three Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Revenues		1,773,206			1,515,234			614,667			545,282
Cost of revenues		(1,139,161	)		(967,794	)		(392,392	)		(346,980	)
Gross profit		634,045			547,440			222,275			198,302
Selling, general and administrative expenses		(460,877	)		(390,064	)		(154,178	)		(142,531	)
Net impairment losses on financial assets		(8,994	)		(13,979	)		(3,667	)		(2,621	)
Other operating income and expenses, net		2,738			614			777			—
Profit from operations		166,912			144,011			65,207			53,150
Finance income		3,876			3,500			1,349			1,324
Finance expense		(20,536	)		(15,063	)		(7,034	)		(5,661	)
Other financial results, net		7,341			11,473			1,735			3,044
Financial results, net		(9,319	)		(90	)		(3,950	)		(1,293	)
Share of results of investment in associates		161			185			105			170
Other income and expenses, net		6,142			4,075			(4,464	)		2,774
Profit before income tax		163,896			148,181			56,898			54,801
Income tax		(34,401	)		(31,067	)		(11,357	)		(10,978	)
Net income for the period		129,495			117,114			45,541			43,823
Other comprehensive income, net of income tax effects
Items that may be reclassified subsequently to profit and loss:
- Exchange differences on translating foreign operations		(20,458	)		(28,761	)		22,555			(30,013	)
- Net change in fair value on financial assets measured at FVOCI		1,019			(2,316	)		—			15
- Gains and losses on cash flow hedges		(12,768	)		117			365			(3,762	)
Total comprehensive income for the period		97,288			86,154			68,461			10,063
Net income attributable to:
Owners of the Company		127,324			116,405			43,606			42,993
Non-controlling interest		2,171			709			1,935			830
Net income for the period		129,495			117,114			45,541			43,823
Total comprehensive income for the period attributable to:
Owners of the Company		94,864			85,278			64,266			10,251
Non-controlling interest		2,424			876			4,195			(188	)
Total comprehensive income for the period		97,288			86,154			68,461			10,063
Earnings per share
Basic		2.94			2.74			1.00			1.01
Diluted		2.88			2.68			0.98			0.98
Weighted average of outstanding shares (in thousands)
Basic		43,248			42,474			43,419			42,696
Diluted		44,271			43,442			44,442			43,664

Globant S.A.

Condensed Interim Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023

(In thousands of U.S. dollars, unaudited)

	September 30, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		199,031			307,223
Investments		14,425			16,070
Trade receivables		631,632			499,283
Other assets		24,033			31,753
Other receivables		60,417			54,786
Other financial assets		3,795			15,418
Total current assets		933,333			924,533
Non-current assets
Investments		2,212			1,833
Other assets		6,358			4,088
Other receivables		28,634			26,475
Deferred tax assets		67,528			60,777
Investment in associates		1,587			1,426
Other financial assets		37,010			34,864
Property and equipment		152,440			162,736
Intangible assets		286,161			285,661
Right-of-use assets		124,159			119,400
Goodwill		1,259,622			1,105,073
Total non-current assets		1,965,711			1,802,333
TOTAL ASSETS		2,899,044			2,726,866
LIABILITIES
Current liabilities
Trade payables		102,202			124,545
Payroll and social security taxes payable		225,193			221,843
Borrowings		186,284			156,916
Other financial liabilities		105,473			68,750
Lease liabilities		29,744			47,852
Tax liabilities		25,858			33,229
Income tax payable		11,043			11,287
Other liabilities		465			896
Total current liabilities		686,262			665,318
Non-current liabilities
Trade payables		2,627			2,981
Borrowings		1,220			2,191
Other financial liabilities		117,132			135,238
Lease liabilities		90,421			70,884
Deferred tax liabilities		18,381			21,098
Income tax payable		6,526			—
Payroll and social security taxes payable		5,050			5,139
Provisions for contingencies		17,367			28,336
Total non-current liabilities		258,724			265,867
TOTAL LIABILITIES		944,986			931,185
Capital and reserves
Issued capital		52,286			51,705
Additional paid-in capital		1,087,711			1,022,918
Other reserves		(74,508	)		(42,048	)
Retained earnings		824,413			697,089
Total equity attributable to owners of the Company		1,889,902			1,729,664
Non-controlling interests		64,156			66,017
Total equity		1,954,058			1,795,681
TOTAL EQUITY AND LIABILITIES		2,899,044			2,726,866

Globant S.A.

Selected Cash Flow Data

(In thousands of U.S. dollars, unaudited)

	Three Months Ended
	September 30, 2024			September 30, 2023
Net Income for the period		45,541			43,823
Non-cash adjustments, taxes and others		76,819			53,723
Changes in working capital		(31,823	)		(10,141	)
Cash flows from operating activities		90,537			87,405
Capital expenditures		(20,810	)		(26,758	)
Cash flows from investing activities		(89,596	)		(140,663	)
Cash flows from financing activities		41,044			7,931
Net increase/decrease in cash & cash equivalents		41,985			(45,327	)

Globant S.A.

Supplemental Non-IFRS Financial Information

(In thousands of U.S. dollars, unaudited)

	Nine Months Ended						Three Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Reconciliation of adjusted gross profit
Gross profit		634,045			547,440			222,275			198,302
Depreciation and amortization expense		25,415			20,612			9,457			7,579
Share-based compensation expense - Equity settled		18,010			10,976			5,109			2,198
Adjusted gross profit		677,470			579,028			236,841			208,079
Adjusted gross profit margin		38.2	%		38.2	%		38.5	%		38.2	%

Reconciliation of selling, general and administrative expenses
Selling, general and administrative expenses		(460,877	)		(390,064	)		(154,178	)		(142,531	)
Depreciation and amortization expense		74,751			61,501			24,244			21,012
Share-based compensation expense - Equity settled		42,722			41,442			16,008			16,447
Acquisition-related charges (a)		17,230			14,488			1,646			5,370
Adjusted selling, general and administrative expenses		(326,174	)		(272,633	)		(112,280	)		(99,702	)
Adjusted selling, general and administrative expenses as % of revenues		(18.4	)%		(18.0	)%		(18.3	)%		(18.3	)%

Reconciliation of adjusted profit from operations
Profit from operations		166,912			144,011			65,207			53,150
Share-based compensation expense - Equity settled		60,732			52,418			21,117			18,645
Acquisition-related charges (a)		42,668			32,577			9,788			11,435
Adjusted profit from operations		270,312			229,006			96,112			83,230
Adjusted profit from operations margin		15.2	%		15.1	%		15.6	%		15.3	%

Reconciliation of net income for the period
Net income for the period		127,324			116,405			43,606			42,993
Share-based compensation expense - Equity settled		60,618			52,377			21,192			18,628
Acquisition-related charges (a)		41,334			30,639			14,954			9,878
Tax effect of non-IFRS adjustments		(22,516	)		(20,380	)		(7,399	)		(6,720	)
Adjusted net income		206,760			179,041			72,353			64,779
Adjusted net income margin		11.7	%		11.8	%		11.8	%		11.9	%

Calculation of adjusted diluted EPS
Adjusted net income		206,760			179,041			72,353			64,779
Diluted shares		44,271			43,442			44,442			43,664
Adjusted diluted EPS		4.67			4.12			1.63			1.48

(a)

Acquisition-related charges include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.

Globant S.A.

Schedule of Supplemental Information (unaudited)

Metrics	Q3 2023		Q4 2023		Q1 2024		Q2 2024		Q3 2024
Total Employees		27,505		29,150		28,991		29,112		29,998
IT Professionals		25,575		27,116		26,933		27,133		27,927

North America Revenues %		58.9		57.4		56.0		56.3		55.7
Latin America Revenues %		21.6		22.9		22.9		23.0		21.8
Europe Revenues %		15.9		15.8		17.2		16.9		17.6
New Markets Revenues %		3.6		3.9		3.9		3.8		4.9

USD Revenues %		72.5		68.6		68.4		67.1		66.6
Other Currencies Revenues %		27.5		31.4		31.6		32.9		33.4

Top Customer %		8.7		8.2		8.3		8.3		9.1
Top 5 Customers %		22.5		21.4		21.8		21.0		21.0
Top 10 Customers %		32.2		30.8		30.1		30.3		30.1

Customers Served (Last Twelve Months)*		889		930		955		958		969
Customers with >$1M in Revenues (Last Twelve Months)		305		311		318		329		331