What does foreign inclusion adjustments mean?

Reflects specific adjustments related to the inclusion of foreign-sourced income in the domestic tax base, such as those arising from global intangible low-taxed income (GILTI) or similar regulatory frameworks. It provides insight into the tax complexity of managing international operations.

Grid Dynamics Holdings, Inc. GDYN Foreign inclusion adjustments

Foreign inclusion adjustments at other companies

Albany International Inc.AIN

1%+0.3pp

Mativ HoldingsMATV

-4.3%-5.3pp

International Business MachinesIBM

4%—

BioCryst PharmaceuticalsBCRX

$310K+6.6%

CONMEDCNMD

$3.19M+11.4%

WhirlpoolWHR

$25.75M-44.0%

Other financials

Income statement

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Revenue$104.1M+3.7%

Gross profit$36.2M-2.1%

Operating income-$3.7M-80.7%

Net income-$1.5M-151%

EPS (diluted)-$0.02-167%

Balance sheet

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Cash & equivalents$327.5M+0.5%

Total debt$17.4M+50.4%

Total equity$530.1M+2.5%

Total assets$605.0M+2.4%

Cash flow

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Operating cash flow$8.4M-10.3%

CapEx$4.0M+18.6%

Free cash flow$4.4M-26.3%

Valuation

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Market cap$435.69M-55.2%

Enterprise value$125.64M-80.9%

P/E82.5×-6.8×

P/S1.1×-1.6×

Profitability

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Gross margin34.1%-2.7pp

Operating margin-1.3%-0.5pp

Net margin1.3%-1.7pp

FCF margin5.7%-0.9pp

Returns & leverage

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Return on equity1%-1.4pp

Debt / equity0×0.0×

Current ratio7.9×+0.6×

Where this comes from

Reported directly by Grid Dynamics Holdings, Inc. in its filing.

Tagged under the XBRL concept gdyn:EffectiveIncomeTaxRateReconciliationForeignInclusionAdjustmentsPercent.

The official record: Grid Dynamics Holdings, Inc.’s 10-K, filed March 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Grid Dynamics Holdings, Inc.'s foreign inclusion adjustments?: Grid Dynamics Holdings, Inc. (GDYN) reported foreign inclusion adjustments of 29.4% in Q4 2024.
What does foreign inclusion adjustments mean?: Reflects specific adjustments related to the inclusion of foreign-sourced income in the domestic tax base, such as those arising from global intangible low-taxed income (GILTI) or similar regulatory frameworks. It provides insight into the tax complexity of managing international operations.