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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Thoughtworks
Thoughtworks (TWKS) investor relations material
Thoughtworks has been delisted
Thoughtworks Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary12 Nov, 2024
Executive summary
Q3 2024 revenue was $261.4 million, down 6.7% year-over-year; net loss narrowed to $6.1 million with net loss margin improving to -2.3% from -9.2% in Q3 2023.
Adjusted EBITDA for Q3 2024 was $30.7 million (11.7% margin), slightly down from $33.6 million (12.0%) in Q3 2023.
Announced a definitive merger agreement with Apax Funds/Partners to take the company private at $4.40 per share, expected to close in Q4 2024.
Restructuring program completed in October 2024, targeting $180–$210 million in annualized savings.
Financial highlights
Nine-month 2024 revenue was $761.7 million, down 12.9% year-over-year.
Adjusted Net Income for Q3 2024 was $9.7 million, down 16.1% year-over-year.
Gross margin for Q3 2024 increased to 35.2% from 33.6% in Q3 2023; adjusted gross margin was 37.2%.
Cash and cash equivalents at quarter-end were $47.0 million, with $300 million available under the revolver.
Free cash flow for the nine months was $(42.7) million, compared to $30.2 million in 2023.
Outlook and guidance
Merger with Apax Funds/Partners expected to close in Q4 2024; company will be delisted from Nasdaq upon completion.
No forward guidance provided due to the pending acquisition.
Management expects to record an immaterial amount of restructuring expense in Q4 2024 as the program closes.
Company believes existing liquidity and cash flow from operations are sufficient for at least the next twelve months.
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Frequently asked questions
Thoughtworks Holding Inc. is a global technology consultancy specializing in digital transformation and software development. The company provides services in cloud computing, artificial intelligence, data engineering, and agile software delivery to help businesses modernize their technology infrastructure. Thoughtworks serves clients across various industries, including finance, healthcare, retail, and automotive. Thoughtworks Holding Inc. is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.