We participated at COP28, taking part in multiple discussion on innovation around carbon and biodiversity credits, Energy Transitions, Water Management, and Climate. In all of these critical areas, Globant has a technology offering and a charted way for business to be both successful and beneficial to our planet. We’re also proud to be working with the US Green Building Council, best known for their LEED certification product. Through our strategic multi-program partnership, we are developing a new platform for the USGBC that will simplify the Green Building Certification process for large construction projects. Through this new interactive platform, property managers and owners will be able to seamlessly and interactively assess and manage sustainability criteria regarding energy, water, air quality, and waste, among other factors.
We are optimistic about the impact of our work, led by our sustainable business studio, as buildings are responsible for 30% to 40% of the global carbon footprint. Finally, we keep working to get more people involved with the tech industry. In line with our commitment to provide coding scholarships to 15, 000 individuals worldwide by 2025, we have already awarded a total of 11, 500 scholarships, over 4, 000 during 2023 alone. Now, let me introduce Juan, our CFO. See you all in some minutes for the live Q&A. Thank you.
Juan Urthiague : Thank you and good afternoon, everyone. It’s always a pleasure to reconnect and reflect on last year’s performance. In 2023, we’ve achieved results that stand as evidence of our resilience, innovation, the dedication of all our Globers, and trust of our clients. 2023 has been a year of dynamic growth and strategic execution. Our full year revenues reached a milestone of $2, 096 million, a remarkable 17.7% year-over-year growth. In a challenging year, we went on the offensive and our bets paid off, reflecting our company’s hunger for more, our focus on execution, and our commitment and passion for what we do. In 2023, we’ve not only grown our top line but also captured significant market share, which stands as a clear endorsement of our value proposition.
We are optimistic about the future of the company. Our pipeline is strong and we see a positive change of tone regarding discussions of our client’s long-term strategies relative to the start of last year. We still have plenty of room to grow with many of our clients, and as we scale, we seek to add more and more companies who wish to have the Globant experience. Let’s now review our solid Q4 and 2023 results. We are very proud of the positive top line growth we were able to deliver. 2023 revenues were up 17.7% year-over-year. This strong growth was mainly driven by an industry-leading 11% organic growth for the year. Also, we delivered another strong quarter of profitability, solid cash generation, and a strong balance sheet position. These results were driven by our strong execution across all of our growth pillars.
In the fourth quarter, we’ve seen our revenues reach $580.7 million, a remarkable 18.3% year-over-year growth, which markedly outstrips industry averages and speaks to our strategic initiatives paying dividends. These results demonstrate our ability to navigate through headwinds with agility and capitalize on our diversified offerings and global reach. Our organic growth remains a core strength, contributing 11 points to our overall expansion for the quarter, signaling the effectiveness of our 100 squared strategy and our commitment to deepening relationships with existing clients while forging new ones. The performance across our verticals reflects our solid execution. We saw year-on-year and quarter-over-quarter growth across virtually all of our business segments in 2023 and in Q4 respectively.
In a similar fashion, all of our key geographies performed strongly in Q4, witnessing a strong recovery when compared to the first half of 2023. Media and entertainment energized by digital consumption trends at our biggest client and our efforts in the sports and entertainment segment saw a positive quarterly revenue expansion. Travel and hospitality grew strongly relative to Q3, supported by innovative partnerships and a resurgence in global mobility. Consumer, retail, and manufacturing also showed strong sequential growth as companies continue to invest in their digital transformation efforts in the space. Technology, after a period of moderation, has stabilized, reflecting the essential nature of our services in an increasingly digital world.
We continue to be laser focused on profitability. We closed 2023 and the fourth quarter with an adjusted gross profit margin of 38.1% and 38% respectively. For the full year, despite a tough pricing environment, currency fluctuations, and macroeconomic shifts, we’ve managed to maintain an adjusted operating margin of 15.2% staying within guidance. Similarly for Q4, our adjusted operating margin stood at 15.3%, also within our guidance. This demonstrates our focus on operational efficiency and our ability to leverage revenue growth into meaningful profitability. Adjusted SG&A as a percent of sales stood at 17.8% in the full year 2023, versus 18.5% in 2022, representing 70 basis points of improvement. Our adjusted net income in Q4 reached $71.1 million within 12.2% adjusted net income margin, up 30 basis points quarter-over-quarter.
Adjusted diluted EPS for the quarter was $1.62, $0.02 above our guidance, representing a 15.7% year-over-year increase, based on 44 million average diluted shares. Adjusted EPS for the year stood at $5.74, above our full year guidance, growing 13% versus 2022, and representing an adjusted net profit margin of 11.9%. We continue to believe that the long-term health of the company rests on growing while producing profits and we remain committed to this. Our balance sheet remains strong. We’ve strategically managed our net cash position, ending the year with $323.3 million in cash and short-term investments. As of December 31st, 2023, we had a total amount of $155 million drawn from our credit facility to finance some of the acquisitions done during the year.
Our proactive approach to capital management has yielded a significant free cash flow of $192 million in 2023, compared to a cash generation of $102.1 million in 2022, reflecting our team’s priority on sound capital management, liquidity, and financial discipline. Our free cash flow to adjusted net income conversion ratio stands as of 2023 at 76.8% and 121.1% on an IFRS basis. This strong cash generation provides the company with solid funding to focus on growth, reinforce our strategic investments and reinforce our liquidity and net cash position. We remain committed to driving strong free cash flow generation. Turning to the future outlook, we remain cautiously optimistic for 2024. For Q1 2024, we project at least a 20.7% year-over-year growth in revenue, with a total top line of at least $570 million.
For the first quarter of 2024, we expect our adjusted operating income margin in the 15%-16% range. IFRS effective income tax rate is expected to be in the 22% to 24% range. As discussed in prior call, Pillar 2, which implies a minimum level of taxation at 15% rate for all jurisdiction, has been approved in Luxembourg starting January 1st, 2024, increasing our overall tax rate. Our adjusted EPS for Q1 is expected to be at least $1.53, assuming 44.1 million average diluted shares outstanding for the quarter. Now let’s move toward the full year guidance. We continue to be very confident about delivering another year of industry leading growth. Our outlook considers a demand environment that while showing signs of a recovery relative to 2023, is still below a normalized level of demand.
Based on current visibility, we are providing our full year 2024 guidance of at least $2 billion and $435 million, or 16.2% year-over-year growth. This guidance figure considers a neutral FX outlook. This outlook embeds a certain level of conservatism but one that we feel is prudent considering the still fluid macro and industry conditions. For the full year, we expect our adjusted operating margin in the 15% to 16% range. 2024 IFRS effective income tax rate is expected to be in the 22% to 24% range. Finally, our adjusted diluted EPS for 2024 is expected to be at least $6.50, assuming 44.3 million average diluted shares for the year. As we conclude, I want to express my gratitude for the trust placed in us by our clients, shareholders and the entire global team.
The past year has been a powerful reminder of the strength inherent in our culture, the agility of our business model and the transformative impact of our work. Thank you everyone for joining the call today and for your continued support and belief in our vision and strategy. We look forward to updating you on our progress throughout the coming year.
Operator: [Operator Instructions]
Arturo Langa: Thank you, Juan. And hi, everyone. So as we go through the question and answer section of this call, I will announce your name. At that point, please unmute your line and ask your questions. Please meet your line after your question is done. I would also ask to please limit your time to one question only, please. So thank you very much. And with that in mind, the first question comes from Tien-Tsin Huang from JPMorgan.
Tien Huang: Thanks. Good to see you all. Maybe I’ll start and ask just some of the guidance, of course, on fiscal ‘24, especially Q1, thinking about the sequential decline. I know there’s a lot of complexity with FX and M&A, but can you just comment on visibility and what we should consider for the first quarter in sequential growth for the rest of the year here versus history? Maybe we’ll start with that.
