Epam Systems Inc (EPAM) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the EPAM Systems First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Straube, Head of Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 EPAM Systems 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係主管 David Straube。請繼續。

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's first quarter 2023 results. If you have not, a copy is available on epam.com in the Investors section. With me on today's call are Arkadiy Dobkin, CEO and President; and Jason Peterson, Chief Financial Officer. I'd like to remind those listening that some of the comments made on today's call may contain forward-looking statements. These statements are subject to risks and uncertainties as described in the company's earnings release and SEC filings. Additionally, all references to reported results that are non-GAAP measures have been reconciled to the comparable GAAP measure and are available in our quarterly earnings materials located in the Investors section of our website. With that said, I'll now turn the call over to Ark.

謝謝接線員，大家早上好。到目前為止，您應該已經收到公司 2023 年第一季度業績的收益發布副本。如果您還沒有，可以在 epam.com 的投資者部分找到一份副本。與我一起參加今天電話會議的有首席執行官兼總裁 Arkadiy Dobkin；和首席財務官 Jason Peterson。我想提醒聽眾，在今天的電話會議上發表的一些評論可能包含前瞻性陳述。這些聲明受公司收益發布和 SEC 文件中所述的風險和不確定性的影響。此外，所有對非 GAAP 衡量指標的報告結果的引用都已與可比的 GAAP 衡量指標進行了協調，並且可以在我們網站投資者部分的季度收益材料中找到。話雖如此，我現在將電話轉給方舟。

Thank you, David. Thank you, for joining us today. Three months ago, you shared some details of what we are thinking about 2023 and how we saw the main factors and trends driving our performance during the year. As you will recall, we anticipated some level of market slowdown in general demand but we are not certain of the impact level of this slowdown in our own portfolio yet. We also saw that some of our customers were mitigating the risk exposure due to the war in Ukraine, and we are showing signs of managing those risks by diversifying work streams to some other partners.

謝謝你，大衛。謝謝你今天加入我們。三個月前，您分享了我們對 2023 年的一些想法，以及我們如何看待推動我們這一年業績的主要因素和趨勢。您會記得，我們預計市場總體需求會出現一定程度的放緩，但我們尚不確定這種放緩對我們自己的投資組合的影響程度。我們還看到，我們的一些客戶正在減輕烏克蘭戰爭造成的風險敞口，並且我們正在通過將工作流分散到其他一些合作夥伴來顯示管理這些風險的跡象。

With understanding of all of that, we were proactively investing in building scalable quality delivery locations outside of our traditional comfort zone to consistently delivering comparable engineering quality across all of our growing global delivery markets. And we also said that we were expecting to continuously optimize operations across our global delivery locations to bring the cost structure back to our traditional metrics in near and medium time frame. And despite a number of the EPAM specific challenges, we believe that the market for our services continues to be strong, and our proposition remains extremely relevant. So we were broadly expecting a general uplift in demand going into the second half of 2023.

了解所有這些後，我們積極投資在傳統舒適區之外建設可擴展的優質交付地點，以在我們所有不斷增長的全球交付市場中始終如一地提供可比的工程質量。我們還表示，我們期望不斷優化我們全球交付地點的運營，以在中短期內將成本結構恢復到我們的傳統指標。儘管 EPAM 面臨許多具體挑戰，但我們相信我們的服務市場依然強勁，我們的主張仍然非常相關。因此，我們普遍預計到 2023 年下半年需求將普遍上升。

Today, 3 months later, we understand that the visibility we had in prior quarters, we underestimated the breadth of the macroeconomic slowdown and the depth of the impact specifically in the transformational sector of the IT services market. And as you know, we always stated that our customers are almost exclusively Global 2000 enterprises, leading global platform companies and venture-backed emerging tech firms who rely on EPAM to design, engineer and deploy exactly life scale transformational and digital engineering programs, helping them to grow and to differentiate themselves based on technology advanced solutions. Our work largely supports the disruptive business model, accelerates growth and specifically target new product data and cloud platform development and modernization programs.

今天，3 個月後，我們了解到我們在前幾個季度的可見性，我們低估了宏觀經濟放緩的廣度和影響的深度，特別是在 IT 服務市場的轉型部門。如您所知，我們總是說我們的客戶幾乎都是全球 2000 強企業、領先的全球平台公司和風險投資支持的新興科技公司，他們依靠 EPAM 來設計、設計和部署精確的生命規模轉型和數字工程項目，幫助他們以技術先進的解決方案為基礎發展壯大並脫穎而出。我們的工作在很大程度上支持顛覆性的商業模式，加速增長，並專門針對新產品數據和雲平台開發和現代化計劃。

Such work was an ease in our focus area and represents a very significant share of our revenue, especially in comparison with most of other companies within the global IT services segment. Exactly that type of work was largely responsible for a significantly stronger growth rates during the last few decades. Unfortunately, it is exactly those programs, are all currently showing visible signs of weakness. Instead, during the last 3 months, it became very clear that the economic environment is more focused than it has been for decades, on cost optimization, which for now benefiting more traditional outsourcing firms with strong cost take out offerings.

此類工作在我們的重點領域很容易，並且占我們收入的很大一部分，尤其是與全球 IT 服務領域的大多數其他公司相比。正是這種類型的工作在很大程度上促成了過去幾十年顯著強勁的增長率。不幸的是，正是這些項目目前都顯示出明顯的弱點。相反，在過去 3 個月中，很明顯，經濟環境比幾十年來更加關注成本優化，這目前有利於更多傳統外包公司提供強大的成本外包服務。

We understand this is likely a continuous story as the market adjusted to new economic conditions and the investment requirement changes. It means that with all global unusual impact on demand and the headwinds associated with the world, we must accept the picture for EPAM is more complex and nuanced, and yes, visibly changed today from what we were shared with you just 3 months ago.

我們理解，隨著市場適應新的經濟條件和投資需求的變化，這可能是一個連續的故事。這意味著，由於全球對需求的所有異常影響以及與世界相關的逆風，我們必須接受 EPAM 的情況更加複雜和微妙，是的，與我們 3 個月前與您分享的情況相比，今天發生了明顯變化。

But before we go into what we're doing to address the immediate challenges and to share some of our more tactical priorities and efforts, I want to restate our view on our mid- and long-term positioning in future beyond 2023 growth perspective. Let me start with something we all know well. Technology change and the disruption of traditional business models was the main growth driver during the last decades.

但在我們討論我們正在做些什麼來應對眼前的挑戰並分享我們的一些更具戰術性的優先事項和努力之前，我想重申我們對 2023 年以後增長前景的中長期定位的看法。讓我從眾所周知的事情開始。技術變革和傳統商業模式的顛覆是過去幾十年的主要增長動力。

During those decades, we saw only 3 relatively short recessional period for the technology sector. There is simple evidence that those companies who invested in their digital transformation during the slow periods, and those who adapted to new tech and applied new business models, realized by the faster versus those who just focused on straight cost-cutting becomes the new leaders in their markets.

在那幾十年裡，我們只看到科技行業經歷了 3 次相對較短的衰退期。有簡單的證據表明，那些在緩慢時期投資於數字化轉型的公司，以及那些適應新技術和應用新業務模式的公司，與那些只專注於直接削減成本的公司相比，更快地實現了這一目標，成為了新的領導者他們的市場。

For us, each of those short downturns led to resurgence in demand for our unique retail services and consequently, to our historical growth rate of 20-plus percent and on very consistent and long-term basis. We believe that nothing changed from that trend, and we are in the middle of another turn when we're about to adopt a new wave of technology impact.

對我們來說，每一次短暫的低迷都會導致對我們獨特的零售服務的需求復蘇，從而使我們的歷史增長率達到 20% 以上，而且是非常穩定和長期的。我們相信這一趨勢沒有任何改變，當我們即將採用新一波技術影響時，我們正處於另一個轉折點。

This is why we believe that the current situation is temporary and that in line with the past, we will see a similar come back pattern. -- pushing companies, we strive to lead for accelerated investments in new and disruptive complex solution based on rapid adoption of new advanced technologies.

這就是為什麼我們認為目前的情況是暫時的，與過去一樣，我們將看到類似的回歸模式。 -- 推動公司，我們努力在快速採用新的先進技術的基礎上，引領對新的、顛覆性的複雜解決方案的加速投資。

With that, we also believe that we will continue to benefit from our traditional capabilities and our delivery track record and that give us the confidence that we are fundamentally better positioned for future accelerated growth than most of other market players.

有了這一點，我們也相信我們將繼續受益於我們的傳統能力和我們的交付記錄，這讓我們相信，與大多數其他市場參與者相比，我們在未來加速增長方面處於更有利的地位。

Those critical pillars include: first, our continuous focus on differentiated product and platform development versus more traditional outsourcing BPO and packaging limitation deals. And our engineering DNA built over decades. Those make us the best partner to alone understand and implement new solutions which lies in the next-generation technologies.

這些關鍵支柱包括：首先，我們持續關注差異化產品和平台開發，而不是更傳統的外包 BPO 和包裝限制交易。我們的工程 DNA 建立了幾十年。這些使我們成為單獨理解和實施基於下一代技術的新解決方案的最佳合作夥伴。

And yes, we do want to share with you in anticipation of the like equation that is a public adoption of generative AI and widespread use of large language models or LLMs. We already have dozen active use cases across the global network of practitioners in all our verticals and horizontal functional areas that we are actively proceeding with both internally and with our customers.

是的，我們確實希望與您分享類似的等式，即公開採用生成式 AI 和廣泛使用大型語言模型或 LLM。我們已經在我們所有垂直和水平功能領域的全球從業者網絡中擁有十幾個活躍的用例，我們正在內部和與客戶一起積極處理這些用例。

Second, our investments and broad deployment of EPAM continuum, integrated consulting services push strategy and experience even closer with engineering, and together, accelerating the value we can bring from investments in data and machine learning and gen-AI technologies by advising on what is possible tomorrow and what can be made real today.

其次，我們對 EPAM continuum 的投資和廣泛部署、集成諮詢服務推動戰略和經驗與工程更加緊密，並通過就可能發生的事情提供建議，共同加速我們從數據和機器學習以及 gen-AI 技術投資中帶來的價值明天和今天可以實現的東西。

And third, all of our customer engagements and our people are enabled by our own digital platforms, which preparing us much stronger pipeline and current capabilities of ML and AI and LLMs to drive increased work productivity and knowledge sharing at a new global scale for us.

第三，我們所有的客戶參與和我們的員工都是由我們自己的數字平台支持的，這使我們準備了更強大的管道和 ML 和 AI 以及 LLM 的當前能力，以在新的全球範圍內為我們提高工作效率和知識共享。

To sum up, in our view, even with complicated macroeconomic headwinds, the market still points towards disruption and demand companies to transform again to address the challenges posed by many emerging technologies, including such as generative AI, which everyone is talking about it today. But what is difficult to predict right now is when this come back, we'll start at full speed. We believe that it will be happening rather sooner than later in quarters, not in years. Still right now, we obviously have an immediate and different challenge. So let us talk about our last quarter and now thinking about the rest of 2023.

總而言之，在我們看來，即使存在復雜的宏觀經濟逆風，市場仍然指向顛覆，並要求公司再次轉型以應對許多新興技術帶來的挑戰，包括今天每個人都在談論的生成人工智能。但現在很難預測的是，當這種情況回來時，我們將全速開始。我們相信，它遲早會在幾個季度而不是幾年內發生。仍然是現在，我們顯然面臨著一個直接而不同的挑戰。因此，讓我們談談我們的最後一個季度，現在想想 2023 年的剩餘時間。

With all the complexities of current environment, our performance in the first quarter was solid. While that gives us a better start to move further into complex 2023 environment, we have to acknowledge that the combination of conditions we talked already today of general pullback and delays on transformation spend, and the new risks concerns taken by our customers has now translated into a revision to our initial revenue expectations for a year.

鑑於當前環境的所有復雜性，我們在第一季度的表現穩健。雖然這為我們進一步進入複雜的 2023 年環境提供了一個更好的開端，但我們必須承認，我們今天已經談到的普遍回調和轉型支出延遲的條件組合，以及我們客戶對新風險的擔憂現在已經轉化為對我們最初的一年收入預期的修訂。

With this new view, we are addressing visibly our full year revenues and EPS outlook. And during the year, we expect to be thinking more about sequential growth metric versus our traditional year-over-year trends. Jason will talk about all the relevant details in his section. For now, as long as we are seeing contracted budgets for new build business, we will be adopting a 3-pronged approach to navigate the current environment. First, putting all possible efforts to address our current customers' most pressing tactical items, including the mix of engagement models, cost takeouts and consolidation priorities, while protecting our shareholder wallet and long-term relationships, all possibly leading to lower short-term profitability metrics.

有了這個新觀點，我們正在明確地處理我們的全年收入和每股收益前景。在這一年中，我們希望更多地考慮連續增長指標與我們傳統的同比趨勢。 Jason 將在他的部分中討論所有相關細節。目前，只要我們看到新建業務的合同預算，我們就會採用三管齊下的方法來駕馭當前環境。首先，盡一切努力解決我們當前客戶最緊迫的戰術項目，包括參與模式的組合、成本削減和整合優先事項，同時保護我們的股東錢包和長期關係，所有這些都可能導致短期盈利能力下降指標。

Second, [winning] and quickly growing new business through increased focus on sales and GTM motions and partnerships, especially across those champions who would like to use this slow time to build a competitive advantage. Over the last 2, 3 quarters, our global business field organization and specialized practice teams have focused on developing new offerings, new engagement models and new ways of working with our customers and have done so with some success and new momentum in the logo acquisition, which will still take some time to realize a large revenue impact down the line, especially in the current economic climate. And third, continuously investing in our strategic priorities, which are stayed in line with what we communicated before.

其次，通過更加關註銷售和 GTM 動議和合作夥伴關係，[贏得] 并快速發展新業務，尤其是那些希望利用這段緩慢的時間建立競爭優勢的冠軍。在過去的 2、3 個季度中，我們的全球業務領域組織和專業實踐團隊專注於開發新產品、新參與模式和與客戶合作的新方式，並在徽標收購方面取得了一些成功和新勢頭，這仍然需要一些時間才能實現對收入的巨大影響，尤其是在當前的經濟環境下。第三，持續投資於我們的戰略重點，這與我們之前傳達的內容保持一致。

Expansion of differentiated consulting agencies, data, ML and cloud capabilities building, improving our working by delivering strategy and implementation simultaneously, expanding our engineering DNA across all strategic global delivery location, all in anticipation on the sharp return of demand for the next-generation transformation services.

擴展差異化諮詢機構、數據、ML 和雲能力建設，通過同時交付戰略和實施來改進我們的工作，在所有戰略性全球交付地點擴展我們的工程 DNA，所有這些都是為了迎接下一代轉型需求的急劇回歸服務。

With that, as part of our continuous investment strategy, I'm going to share some updates on our global delivery expansion programs. During the past quarter, we have made good progress in both maintaining the level of delivery quality this time in Central Europe and strengthening such quality in Central and Western Asia, where both years benefited from integrating strong EPAM talent moving to many new locations across the regions. As part of our heritage and our core differentiation, Eastern and Central Europe delivery and most notably, our Ukrainian operation will continue to be a cornerstone of our proposition.

因此，作為我們持續投資戰略的一部分，我將分享一些關於我們全球交付擴展計劃的最新消息。在過去的一個季度中，我們在保持這次中歐的交付質量水平和加強中亞和西亞的交付質量方面取得了良好進展，這兩年都受益於整合強大的 EPAM 人才，這些人才轉移到該地區的許多新地點.作為我們傳統和核心差異化的一部分，東歐和中歐交付以及最值得注意的是，我們的烏克蘭業務將繼續成為我們主張的基石。

While we accelerate our investments in new center of excellence and while we continue to hire across our global footprint for high-demand skills, as part of the global delivery strategy, we continue to focus on building out further our 2 currently fastest-growing regions, India and Latin America. In addition to opening several new locations across those geographies, we are happy to see sizable work streams starting and expanding there.

在我們加快對新卓越中心的投資並繼續在全球範圍內招聘高需求技能的同時，作為全球交付戰略的一部分，我們繼續專注於進一步建設我們目前增長最快的 2 個地區，印度和拉丁美洲。除了在這些地區開設幾個新地點外，我們很高興看到大量的工作流在那裡開始和擴展。

And now not only from our existing clients but also with brand new logos who are attracted by advantages demonstrated by EPAM in those regions. It's also important to mention that the configuration of our client footprint in those still relatively new for us geographies now very much represents our traditional client mix with some of our top 10 customers but also new ones across multiple verticals from large corporations to technology platforms, firms and to software product companies.

現在不僅來自我們現有的客戶，還有被 EPAM 在這些地區展示的優勢所吸引的全新標誌。同樣重要的是要提到，我們在那些對我們來說仍然相對較新的地區的客戶足跡配置現在非常代表我們的傳統客戶組合與我們的前 10 大客戶中的一些，但也代表了從大公司到技術平台、公司等多個垂直領域的新客戶和軟件產品公司。

In our view, it's a very good illustration of the quality of the services we are delivering from the region, confirming the continued investments into engineering platform programs, education and integrated delivery platforms bring the results we expected to achieve to date. Also, this experience over the past few years, we are now able to stand up new locations across upon global footprint in months versus years by leveraging all elements of our digital platform ecosystem and strong talent acquisition capabilities.

我們認為，這很好地說明了我們從該地區提供的服務質量，證實了對工程平台計劃、教育和集成交付平台的持續投資帶來了我們迄今為止預期取得的成果。此外，憑藉過去幾年的經驗，我們現在能夠利用我們數字平台生態系統的所有元素和強大的人才招聘能力，在數月而不是數年的時間內在全球範圍內建立新的地點。

We believe during the next few years, we will be able to build the most durable delivery talent platform on the market. To conclude, we believe that while we are experiencing and addressing accordingly, very specific but still temporary challenges, fundamentally, we are moving in the right direction. Our strategy for future accelerated growth is based on delivering concrete business solution, driven by advanced disruptive technology and quality engineering. Many of those solutions require unique alignments with consulting and implementation services and are specifically attracted to the client base consisting of leading global enterprises whose markets are driven and disrupted by continuous technological transformation.

我們相信在未來幾年內，我們將能夠建立市場上最持久的交付人才平台。總而言之，我們相信，雖然我們正在經歷和相應地應對非常具體但仍然是暫時的挑戰，但從根本上說，我們正朝著正確的方向前進。我們未來加速增長的戰略基於提供具體的業務解決方案，由先進的顛覆性技術和質量工程驅動。其中許多解決方案需要與諮詢和實施服務進行獨特的協調，並且特別吸引由全球領先企業組成的客戶群，這些企業的市場受到持續技術轉型的驅動和顛覆。

We do believe that such enterprises will have to come back to significant investments into technology build component to lead and disrupt further the respectful markets, and they will need partners like EPAM to progress. With that, I would like to pass to Jason to share more details and numbers for Q1 and for our change in outlook for the rest of the year.

我們確實相信，這些企業將不得不重新對技術構建組件進行大量投資，以進一步引領和擾亂受尊重的市場，他們將需要像 EPAM 這樣的合作夥伴才能取得進步。有了這個，我想轉交給傑森，分享更多關於第一季度的細節和數字，以及我們對今年剩餘時間的展望變化。

Thank you, Ark, and good morning, everyone. Before covering our Q1 results, I wanted to remind you that in addition to our customary non-GAAP adjustments, expenditures related to EPAM's manager and commitment to Ukraine and costs associated with the exit of our Russian operations business continuity resources and accelerated employee relocations have been excluded from non-GAAP financial results.

謝謝你，方舟，大家早上好。在介紹我們的第一季度業績之前，我想提醒您，除了我們慣常的非 GAAP 調整外，與 EPAM 經理和對烏克蘭的承諾相關的支出以及與我們俄羅斯業務業務連續性資源退出和加速員工搬遷相關的成本已經排除在非 GAAP 財務業績之外。

We have included additional disclosures specific to these and other related items in our Q1 earnings release. In the first quarter, EPAM delivered solid results. The company generated revenue of $1.21 billion, a year-over-year increase of 3.4% on a reported basis and 4.9% in constant currency terms reflecting a negative foreign exchange impact of 150 basis points.

我們在第一季度的收益發布中包含了針對這些項目和其他相關項目的額外披露。第一季度，EPAM 取得了穩健的業績。公司收入為 12.1 億美元，按報告基礎同比增長 3.4%，按固定匯率計算同比增長 4.9%，反映了 150 個基點的負面外匯影響。

Additionally, the reduction in Russian customer revenues resulting from our decision to exit the market had a 220 basis point negative impact on revenue growth. Excluding Russia revenues year-over-year revenue growth would have been 5.6% reported and over 7% on a constant currency basis.

此外，我們決定退出市場導致俄羅斯客戶收入減少，對收入增長產生了 220 個基點的負面影響。如果不包括俄羅斯的收入，報告的收入同比增長將達到 5.6%，按固定匯率計算將超過 7%。

Beginning with our industry verticals. Travel and Consumer grew 4.9%, driven by solid growth in travel and hospitality and muted growth in retail. The ongoing exit of Russia operations also impacted growth in this vertical. Absent the impact growth would have been 6.7%. Financial Services grew 4.1%, with strong growth coming from asset management and insurance services.

從我們的垂直行業開始。旅遊和消費增長 4.9%，受旅遊和酒店業穩健增長以及零售業增長乏力的推動。俄羅斯業務的持續退出也影響了這一垂直領域的增長。如果沒有影響，增長率將為 6.7%。金融服務增長 4.1%，資產管理和保險服務增長強勁。

Excluding Russia customer revenues, growth would have been 12.5%. Business Information and Media delivered 4.2% growth in the quarter. Software and Hi-tech produced nil growth. The lack of growth in the quarter reflected a reduction in revenue from a former top 20 customer we mentioned on our Q4 earnings call and generally slower growth in revenues across the range of customers in the vertical.

不包括俄羅斯客戶收入，增長率為 12.5%。商業信息和媒體在本季度實現了 4.2% 的增長。軟件和高科技沒有增長。本季度缺乏增長反映了我們在第四季度財報電話會議上提到的前 20 大客戶的收入減少，以及垂直領域客戶範圍內的收入增長普遍放緩。

Life Sciences and Healthcare declined 10.1%. Growth in the quarter was impacted by the ramp down of a large transformational program mentioned during our Q4 earnings call. And finally, our emerging verticals delivered strong growth of 14.7%, driven by clients in manufacturing, automotive and energy.

生命科學和醫療保健下降了 10.1%。本季度的增長受到我們在第四季度財報電話會議上提到的一項大型轉型計劃的放緩影響。最後，在製造業、汽車業和能源業客戶的推動下，我們的新興垂直行業實現了 14.7% 的強勁增長。

From a geographic perspective, Americas, our largest region, representing 59% of our Q1 revenues, grew 3.4% year-over-year or 4% in constant currency. EMEA representing 38% of our Q1 revenues, grew 10% year-over-year or 13.3% in constant currency. CEE representing 1% of our Q1 revenues contracted 68.8% year-over-year or 70.8% in constant currency.

從地理角度來看，美洲是我們最大的地區，占我們第一季度收入的 59%，同比增長 3.4% 或按固定匯率計算增長 4%。 EMEA 占我們第一季度收入的 38%，同比增長 10%，按固定匯率計算增長 13.3%。中東歐占我們第一季度收入的 1%，同比收縮 68.8%，按固定匯率計算收縮 70.8%。

Revenue in the quarter was impacted by our decision to exit our Russian operations and the resulting ramp down of services to Russia customers. And finally, APAC declined 9.4% year-over-year or 6.7% in constant currency terms and now represents 2% of our revenues. Revenue in the quarter was impacted primarily by the ramp down of work at a financial services client.

本季度的收入受到我們退出俄羅斯業務的決定以及由此導致的對俄羅斯客戶的服務減少的影響。最後，亞太地區同比下降 9.4%，按固定匯率計算下降 6.7%，目前占我們收入的 2%。本季度的收入主要受到金融服務客戶工作量減少的影響。

In Q1, revenues from our top 20 clients grew 5.3% year-over-year, while revenues from clients outside our top 20 grew 2.3%. And moving down the income statement. Our GAAP gross margin for the quarter was 29.3% compared to 33.4% in Q1 of last year. Non-GAAP gross margin for the quarter was 31.5% compared to 33.3% for the same quarter last year.

第一季度，前 20 大客戶的收入同比增長 5.3%，而前 20 大客戶以外的客戶收入增長 2.3%。並向下移動損益表。我們本季度的 GAAP 毛利率為 29.3%，而去年第一季度為 33.4%。本季度非美國通用會計準則毛利率為 31.5%，而去年同期為 33.3%。

Gross margin in Q1 2023 reflects the negative impact of lower utilization and some year-over-year compression in account margins. GAAP SG&A was 17.5% of revenues compared to 20.3% in Q1 of last year. Non-GAAP SG&A came in at 15.3% of revenues compared to 15.6% in the same period last year.

2023 年第一季度的毛利率反映了較低利用率和賬戶利潤率同比壓縮的負面影響。 GAAP SG&A 佔收入的 17.5%，而去年第一季度為 20.3%。非 GAAP SG&A 佔收入的 15.3%，而去年同期為 15.6%。

Both GAAP and non-GAAP SG&A expense in Q1 2023 include $9.5 million in severance-related expense incurred as the company works to better align its cost structure with the current demand environment. GAAP income operations was $120 million, or 9.9% of revenue in the quarter compared to $129 million or 11% of revenue in Q1 of last year.

2023 年第一季度的 GAAP 和非 GAAP SG&A 費用均包括 950 萬美元的遣散費相關費用，因為公司努力使其成本結構更好地適應當前的需求環境。 GAAP 收入運營為 1.2 億美元，佔本季度收入的 9.9%，而去年第一季度為 1.29 億美元，佔收入的 11%。

Non-GAAP income from operations was $178 million or 14.7% of revenue in the quarter compared to $189 million or 16.1% of revenue in Q1 of last year. Our GAAP effective tax rate for the quarter came in at 19.6% versus our Q1 guide of 18%, primarily due to lower excess tax benefits related to stock-based compensation.

非美國通用會計準則運營收入為 1.78 億美元，佔本季度收入的 14.7%，而去年第一季度為 1.89 億美元，佔收入的 16.1%。我們本季度的 GAAP 有效稅率為 19.6%，而我們的第一季度指南為 18%，這主要是由於與基於股票的薪酬相關的超額稅收優惠減少。

Our non-GAAP effective tax rate, which excludes excess tax benefit was 22.9%. Diluted earnings per share on a GAAP basis was $1.73. Our non-GAAP diluted EPS was $2.47, reflecting a $0.02 decrease compared to the same quarter in 2022. In Q1, there were approximately 59.3 million diluted shares outstanding.

我們的非 GAAP 有效稅率（不包括超額稅收優惠）為 22.9%。按公認會計原則計算的每股攤薄收益為 1.73 美元。我們的非 GAAP 稀釋後每股收益為 2.47 美元，與 2022 年同期相比下降 0.02 美元。第一季度，流通在外的稀釋後股票約為 5930 萬股。

Turning to cash flow and our balance sheet. Cash flow from operations for Q1 was a positive $87 million compared to a negative $52 million in the same quarter of 2022. Q1 2022 cash flow was negatively impacted by an increase in DSO and the payment of a higher level of company-wide variable compensation based on our 2021 performance.

轉向現金流和我們的資產負債表。第一季度的運營現金流為正 8700 萬美元，而 2022 年同期為負 5200 萬美元。2022 年第一季度現金流受到 DSO 增加和支付更高水平的全公司可變薪酬的負面影響關於我們 2021 年的表現。

Free cash flow was $79 million compared to a negative free cash flow of $75 million in the same quarter last year. We ended the quarter with over $1.7 billion in cash and cash equivalents. At the end of Q1, DSO was 69 days and compares to 70 days for Q4 2022 and 69 days for the same quarter last year.

自由現金流為 7900 萬美元，而去年同期為負自由現金流 7500 萬美元。我們在本季度結束時擁有超過 17 億美元的現金和現金等價物。在第一季度末，DSO 為 69 天，而 2022 年第四季度為 70 天，去年同期為 69 天。

Looking ahead, we expect DSO will remain steady throughout 2023. Now moving on to a few operational metrics. We ended Q1 with more than 51,100 consultants, designers, engineers, trainers and architects.

展望未來，我們預計 DSO 將在整個 2023 年保持穩定。現在轉向一些運營指標。我們在第一季度結束時擁有超過 51,100 名顧問、設計師、工程師、培訓師和建築師。

Production head count declined 7.1% compared to Q1 2022. The net decrease in head count is a result of the reduction in Russia-based head count, a lower level of hiring across the organization and a largely completed program designed to produce modest levels of encouraged attrition. Our total head count for the quarter was more than 57,450 employees. Utilization was 74.9% compared to 78.4% in Q1 of last year and 73.6% in Q4 2022.

與 2022 年第一季度相比，生產人數下降了 7.1%。人數淨減少的原因是俄羅斯員工人數減少、整個組織的招聘水平較低以及旨在產生適度鼓勵水平的計劃基本完成減員。我們本季度的總人數超過 57,450 名員工。利用率為 74.9%，而去年第一季度為 78.4%，2022 年第四季度為 73.6%。

Now let's turn to our business outlook. We are beginning to see the results of our focus on generating demand from new programs and customers. However, we are also seeing a continuation in the uneven demand environment to begin in Q4 2022. And the global economic environment has not yet stabilized sufficiently to support client confidence. The demand environment continues to be characterized by slower decision-making, caution around spending and program ramp downs due to uncertainty in serving client end markets.

現在讓我們談談我們的業務前景。我們開始看到我們專注於從新計劃和客戶那裡產生需求的結果。然而，我們也看到從 2022 年第四季度開始，需求環境將持續不平衡。全球經濟環境尚未穩定到足以支持客戶信心的程度。由於服務客戶端市場的不確定性，需求環境的特點仍然是決策速度較慢、支出謹慎和計劃減少。

As a result, our overall level of demand is not improving sufficiently to support our initial revenue outlook. As highlighted during our Q4 earnings call, our operations in Ukraine have not been materially impacted, and our teams remain highly focused on maintaining uninterested production.

因此，我們的整體需求水平沒有得到充分改善，無法支持我們最初的收入前景。正如我們在第四季度財報電話會議上強調的那樣，我們在烏克蘭的業務沒有受到實質性影響，我們的團隊仍然高度關注維持不感興趣的生產。

Our guidance assumes that we will continue to be able to deliver from our Ukraine delivery centers to productivity levels at or somewhat lower than those achieved in 2022. Consistent with previous cycles, we will continue to thoughtfully calibrate our expense levels while investing in our capabilities and focusing on the preservation of our talent in preparation for a return of demand.

我們的指導假設我們將繼續能夠從我們的烏克蘭交付中心交付到 2022 年達到或略低於 2022 年達到的生產率水平。與之前的周期一致，我們將繼續深思熟慮地調整我們的費用水平，同時投資於我們的能力和專注於保留我們的人才，為需求的回歸做準備。

We expect head count will continue to decline somewhat in Q2 due to limited hiring and more typical attrition, and we will limit hiring in the second half until we see improving demand. We expect utilization in the mid-70s throughout the remainder of the year.

由於招聘有限和更典型的自然減員，我們預計第二季度員工人數將繼續有所下降，我們將限制下半年的招聘，直到我們看到需求有所改善。我們預計在今年剩餘時間內的利用率將達到 70 年代中期。

As a reminder, the exit of our Russian operations and the reduction in Russia customer revenues produces a tougher year-over-year revenue comparison primarily in the first half of 2023. Moving to our full year outlook. We now expect revenue will be in the range of $4.95 billion to $5 billion, reflecting a year-over-year growth rate of approximately 3%.

提醒一下，我們俄羅斯業務的退出和俄羅斯客戶收入的減少主要在 2023 年上半年產生了更嚴格的同比收入比較。轉向我們的全年展望。我們現在預計收入將在 49.5 億美元至 50 億美元之間，同比增長率約為 3%。

On an organic constant currency basis, excluding the impact of the exit from Russia, we expect revenue growth to be just over 3%, both at the midpoint of the range. We are currently expecting sequential growth in both Q3 and Q4. However, we no longer expect to be able to generate double-digit year-over-year growth in either quarter.

在有機不變貨幣的基礎上，排除退出俄羅斯的影響，我們預計收入增長將略高於 3%，均處於該範圍的中點。我們目前預計第三季度和第四季度將出現連續增長。然而，我們不再期望在任何一個季度都能實現兩位數的同比增長。

We expect GAAP income from operations to continue to be in the range of 11.5% to 12.5% and non-GAAP income from operations to continue to be in the range of 15.5% to 16.5%. We expect our GAAP effective tax rate to continue to be approximately 21%, our non-GAAP effective tax rate, which excludes excess tax benefits related to stock-based compensation will also continue to be 23%.

我們預計 GAAP 運營收入將繼續在 11.5% 至 12.5% 的範圍內，非 GAAP 運營收入將繼續在 15.5% 至 16.5% 的範圍內。我們預計我們的 GAAP 有效稅率將繼續保持在 21% 左右，我們的非 GAAP 有效稅率（不包括與股票薪酬相關的超額稅收優惠）也將繼續保持在 23%。

Earnings per share, we expect the GAAP diluted EPS will now be in the range of $8.11 to $8.31 for the full year, and non-GAAP diluted EPS will now be in the range of $10.60 to $10.80 for the full year. We now expect weighted average share count of 59.4 million fully diluted shares outstanding.

每股收益，我們預計全年 GAAP 稀釋後每股收益現在將在 8.11 美元至 8.31 美元之間，非 GAAP 全年稀釋後每股收益現在將在 10.60 美元至 10.80 美元之間。我們現在預計加權平均股數為 5940 萬股完全稀釋的流通股。

Now moving to our Q2 2023 outlook. We expect revenues to be in the range of $1.195 billion to $1.205 billion, producing year-over-year growth rate of less than 1%. On an organic constant currency basis, excluding the impact of the exit from Russia, we expect revenue growth to also be less than 1%, both at the midpoint of the range.

現在轉向我們的 2023 年第二季度展望。我們預計收入將在 11.95 億美元至 12.05 億美元之間，同比增長率將低於 1%。在有機不變貨幣的基礎上，排除退出俄羅斯的影響，我們預計收入增長也將低於 1%，均處於該範圍的中點。

For the second quarter, we expect GAAP income from operations to be in the range of 10% to 11% and non-GAAP income from operations to be in the range of 14% to 15%. We expect our GAAP effective tax rate to be approximately 20% and our non-GAAP effective tax rate, which excludes excess tax benefits related to stock-based compensation to be approximately 23%.

對於第二季度，我們預計 GAAP 運營收入將在 10% 至 11% 之間，非 GAAP 運營收入將在 14% 至 15% 之間。我們預計我們的 GAAP 有效稅率約為 20%，我們的非 GAAP 有效稅率（不包括與股票薪酬相關的超額稅收優惠）約為 23%。

For earnings per share, we expect GAAP diluted EPS to be in the range of $1.82 to $1.90 for the quarter and non-GAAP diluted EPS to be in the range of $2.38 to $2.46 for the quarter. We expect a weighted average share count of 59.4 million diluted shares outstanding.

對於每股收益，我們預計本季度 GAAP 稀釋後每股收益將在 1.82 美元至 1.90 美元之間，非 GAAP 稀釋後每股收益將在 2.38 美元至 2.46 美元之間。我們預計加權平均股數為 5940 萬股稀釋流通股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements in the second quarter and remainder of the year. Stock-based compensation expense is expected to be approximately $33 million for Q2 and $38 million for each of the remaining quarters.

最後，一些關鍵假設支持我們在第二季度和今年剩餘時間進行的 GAAP 與非 GAAP 衡量。第二季度基於股票的補償費用預計約為 3300 萬美元，其餘每個季度約為 3800 萬美元。

Amortization of intangibles is expected to be approximately $6 million for each of the remaining quarters. The impact of foreign exchange is expected to be negligible for the remainder of the year.

預計剩餘每個季度的無形資產攤銷約為 600 萬美元。在今年剩餘時間裡，外彙的影響預計可以忽略不計。

Tax effect of non-GAAP adjustments is expected to be around $9.5 million for Q2 and $9 million for each of the remaining quarters. We expect excess tax benefits to be around $6 million for Q2, $4 million for Q3 and $2 million for Q4.

非 GAAP 調整的稅收影響預計在第二季度約為 950 萬美元，其餘每個季度約為 900 萬美元。我們預計第二季度的超額稅收優惠約為 600 萬美元，第三季度為 400 萬美元，第四季度為 200 萬美元。

In addition to these customary GAAP to non-GAAP adjustments and consistent with the prior quarter in 2022, we expect to have ongoing non-GAAP adjustments in 2023, resulting from Russia's invasion of Ukraine. Please see our Q1 earnings release for a detailed reconciliation of our GAAP to non-GAAP guidance.

除了這些慣常的 GAAP 與非 GAAP 調整以及與 2022 年上一季度一致的調整外，我們預計由於俄羅斯入侵烏克蘭，2023 年將進行持續的非 GAAP 調整。請參閱我們的第一季度收益發布，了解我們的 GAAP 與非 GAAP 指南的詳細協調。

Finally, one more assumption outside of our GAAP to non-GAAP items. With our significant cash position, we are generating a healthy level of interest income. We had expected an elevated level of interest income relative to past years when we developed our original full year guidance.

最後，我們的 GAAP 之外的另一個假設是非 GAAP 項目。憑藉我們大量的現金頭寸，我們正在產生健康水平的利息收入。當我們制定最初的全年指引時，我們曾預計利息收入會比過去幾年有所提高。

However, due to the larger positive impact on EPS in 2023, we are updating our assumptions regarding interest income and making them explicit.

然而，由於 2023 年對 EPS 的積極影響更大，我們正在更新我們對利息收入的假設並使其明確化。

For the remainder of the year, we expect interest income to be $8 million for Q2 and $7 million for each of the remaining quarters. Lastly, I'd like to thank our employees for their continued dedication and focus on our customers.

在今年剩餘時間裡，我們預計第二季度的利息收入為 800 萬美元，其餘每個季度的利息收入為 700 萬美元。最後，我要感謝我們的員工一直以來的奉獻精神和對客戶的關注。

Operator, let's open the call for questions.

接線員，讓我們打開問題電話。

(Operator Instructions) The first question will come from James Faucette with Morgan Stanley.

（操作員說明）第一個問題將來自摩根士丹利的 James Faucette。

Great. Appreciate all the color and detail so far this morning. It sounds like most of your revision and view for the rest of the year is attributable to macroeconomic environment.

偉大的。欣賞今天早上到目前為止的所有顏色和細節。聽起來您對今年剩餘時間的大部分修正和看法都歸因於宏觀經濟環境。

Just wondering if you can kind of give more detail on the underlying assumptions there. And I know back in the previous quarter, you had talked about that there was some engagement and reengagement that you need to do with clients.

只是想知道您是否可以提供有關那裡的基本假設的更多詳細信息。我知道在上一季度，您曾談到您需要與客戶進行一些互動和重新互動。

So I'm just wondering how that has gone and if that engagement and those kinds of conversations are impacting your outlook at all right now?

所以我只是想知道這是怎麼回事，這種參與和那種對話現在是否正在影響你的觀點？

Good morning, everybody. I think you're asking if -- because we were highlighting last quarter kind of 2 (inaudible) trends. One of them -- concerns coming from clients because of special conditions we are working and second was general slowdown of the economy.

大家早上好。我想你是在問——因為我們強調了上個季度的兩種（聽不清）趨勢。其中之一 - 由於我們正在工作的特殊條件而引起客戶的擔憂，其次是經濟普遍放緩。

And so what is the main driver here? And I think, definitely, both of them were playing a role in our previous estimations. I think at this point, we definitely see the economy driving the behavior of the clients and the biggest impact on our kind of guidance and forecasting what's happening. And on top of this, if you remember, our previous guidance calls at the beginning of February and already in the beginning of March, we will always hear the news from the banking sector from North America first and very quickly from Europe as well.

那麼這裡的主要驅動因素是什麼？我認為，毫無疑問，他們都在我們之前的估計中發揮了作用。我認為在這一點上，我們肯定看到經濟推動了客戶的行為，並對我們的指導和預測產生了最大的影響。最重要的是，如果你還記得的話，我們之前的指導電話是在 2 月初和 3 月初發出的，我們總是會首先從北美聽到銀行業的消息，然後很快也會從歐洲聽到。

And all this were translated to increased questions on supply, which was very visible, specifically on the transformational programs, as I mentioned. So I think, at this point, we believe that general slowdown is more critical than expense.

正如我提到的，所有這些都轉化為供應問題的增加，這是非常明顯的，特別是在轉型計劃上。所以我認為，在這一點上，我們認為普遍放緩比支出更重要。

Got it. And then I guess from the ramp downs and softness, any sense of how much of that -- it sounds like you feel like that, that is probably broad-based but any clarity on those ramp-downs and -- is that -- how much of that may be idiosyncratic to EPAM given delivery challenges?

知道了。然後我想從斜坡下降和軟化中，任何感覺有多少 - 聽起來你有這種感覺，這可能是廣泛的，但對這些斜坡下降的任何清晰度以及 - 是 - 如何考慮到交付挑戰，其中大部分可能與 EPAM 不同？

Or it sounds like you think it's more really macro-driven. I just want to make sure I understand that.

或者聽起來您認為它更像是宏觀驅動的。我只是想確保我理解這一點。

Yes, that's exactly what I would say that clearly, after our previous call, some new things were happening and now all of that were driven by client question based on the economy.

是的，這正是我要說的，在我們之前的電話會議之後，一些新的事情正在發生，現在所有這些都是由基於經濟的客戶問題驅動的。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

If you can help just by maybe dissecting a little bit more around the demand environment versus what you're seeing that's more specific to some of the regions you're in now, some of the newer regions.

如果您可以通過圍繞需求環境與您所看到的情況進行更多剖析來提供幫助，那將更具體地針對您現在所在的某些地區，以及一些較新的地區。

And what I mean by that is really just whether or not there's been anything that is tougher to execute from some of the new regions you look into post Russia post Ukraine. Or is that really not a factor? And instead, it's really just demand, at the end of the day, you have all the talent you need executing the way you should.

我的意思是，在俄羅斯和烏克蘭之後的一些新地區，是否有任何更難執行的事情。或者這真的不是一個因素？相反，它真的只是需求，在一天結束時，你擁有所有你需要的才能以你應該的方式執行。

And then I guess, a quick follow-on related to that is just pricing dynamics to pass through. What's the latest on the wage environment in those newer regions and how you're executing on that and your ability to pass around pricing around that.

然後我想，與此相關的快速跟進只是要通過的定價動態。這些較新地區的最新工資環境是什麼，你是如何執行的，以及你繞過它的定價能力。

I think that's what we were trying to bring kind of the color during this morning's speech, which we were doing. This is definitely like what economy market like this, clients definitely reaction of this accordingly as the cost and pricing and discounts all coming to the play.

我認為這就是我們在今天上午的演講中試圖帶來的色彩，我們正在做。這就像這樣的經濟市場，客戶肯定會對此做出相應的反應，因為成本、定價和折扣都在發揮作用。

And this is part of the life right now. It's started several quarters ago as we were talking about it but it becomes very visible specifically today. And that's exactly what we try to highlight that we're executing kind of with multiple -- with multiple approaches. One of them, yes, we do something which not necessarily our traditional approach. We try to put ourselves in client shoes.

這是現在生活的一部分。它是幾個季度前開始的，當時我們正在談論它，但它在今天變得非常明顯。而這正是我們試圖強調的，我們正在執行多種方式——多種方法。其中之一，是的，我們做了一些不一定是我們傳統方法的事情。我們試著設身處地為客戶著想。

We are trying to understand what we can do and help in short-term actively changing some models and focusing on the insurance that we maintain and the relationship with the client and continuously serving them. And that's a big portion of what's happening today. So that's the answer to your question.

我們正在努力了解我們可以做什麼，並在短期內幫助積極改變一些模式，專注於我們維護的保險和與客戶的關係，並持續為他們服務。這是今天發生的事情的很大一部分。這就是你問題的答案。

While at the same time, there are still transformational deals still happening, not at technology level which was like 12 months ago. And we're focusing on this as we're continuously doing this.

與此同時，仍有轉型交易仍在發生，而不是像 12 個月前那樣在技術層面。我們一直在關注這一點，因為我們一直在這樣做。

And I guess, we have to do it in the future as I mentioned. But definitely, cost pressure is here.

我想，正如我提到的，我們必須在未來這樣做。但可以肯定的是，成本壓力就在這裡。

So no real challenges in terms of delivery or the ability to add headcount or to get work done. But as Ark said, it's really an issue of kind of the uncertain macro environment and clearly more uncertain than we expected by the time we kind of get to summer.

因此，在交付或增加員工人數或完成工作的能力方面沒有真正的挑戰。但正如方舟所說，這確實是一個不確定的宏觀環境問題，顯然比我們在夏季到來時預期的更不確定。

And we think that's having an impact on customers' investment decisions. From a wage standpoint, we did do our promo campaign here in Q2. As we talked about, we clearly were seeing wage inflation over the last year but I think you're going to see a more muted wage inflation environment through the remainder of the year.

我們認為這對客戶的投資決策產生了影響。從工資的角度來看，我們確實在第二季度在這裡開展了促銷活動。正如我們所說，我們顯然看到了去年的工資通脹，但我認為你會在今年餘下的時間裡看到一個更加溫和的工資通脹環境。

And then just pricing environment is clearly not 1 that is super supportive of price increases. And we're finding both clients are cautious in terms of spend and in terms of rates and even sort of new engagements are requiring that we sort of sharpen our pencils a little bit.

然後只是定價環境顯然不是 1 超級支持價格上漲。我們發現這兩個客戶在支出和利率方面都很謹慎，甚至某種新的約定都要求我們稍微削尖我們的鉛筆。

Just a very quick follow-up. You guys have always done a good job of having more visibility than most, and you try to take that into accounting guidance being conservative at oftentimes.

只是一個非常快速的跟進。你們總是比大多數人做得更好，擁有更多的知名度，並且您經常嘗試將其納入保守的會計指南。

I mean how do we feel about it now? I know you've probably given the macro uncertainty wanted to take as much of [a stat of] being conservative as possible in this case, is that fair? Or...

我的意思是我們現在感覺如何？我知道你可能已經考慮到宏觀不確定性，希望在這種情況下盡可能多地採取 [a stat of] 保守，這公平嗎？或者...

Listen, we understand what you're asking but I think we reflect on exactly what we're seeing right now. And unfortunately, last quarter, we were seeing this differently. So -- and talking to temperature right now is very different, like this is a pretty new environment. I don't think we can compare this with second quarter of 2020, it was different reaction of the clients, much more sharpened.

聽著，我們明白你在問什麼，但我認為我們正在反思我們現在所看到的。不幸的是，上個季度，我們的看法有所不同。所以——現在談論溫度是非常不同的，就像這是一個非常新的環境。我不認為我們可以將這與 2020 年第二季度進行比較，這是客戶的不同反應，更加尖銳。

So right now, it's different but, yes, that's what we see. And I think everybody needs to think about quarter-by-quarter adjustments right now because perhaps -- what will be the next quarter.

所以現在，情況有所不同，但是，是的，這就是我們所看到的。而且我認為每個人現在都需要考慮逐季度調整，因為也許 - 下一個季度會是什麼。

The next question comes from Bryan Bergin with TD Cowen.

下一個問題來自 TD Cowen 的 Bryan Bergin。

First one, just a follow-up on budget behavior. So I'm curious if you're seeing clients cut an outright cancel programs or if this is more so deferral and delay of spend, so more like a wait-and-see approach?

第一個，只是預算行為的後續行動。所以我很好奇你是否看到客戶完全取消計劃，或者這是否更像是推遲和延遲支出，更像是一種觀望的方式？

I'm trying to understand if there is potential pent-up recovery that could actually form later this year or if the potential budget dollars are more or less out for 2023?

我試圖了解今年晚些時候是否可能真正形成潛在的被壓抑的複蘇，或者 2023 年的潛在預算美元是否或多或少會出現？

I think we also try to educate how we're thinking about it. And based on what we saw in our previous slide based on what we think happening with technology right now. We mentioned that we're thinking in terms of quarters but that's a question how many quarters 2, 3, 4 quarters. Not in terms of yes when the market will restore. That's our belief, we're making mistakes as everybody else. But in this case, still the same quarters versus years.

我認為我們也試圖教育我們如何思考它。並且基於我們在上一張幻燈片中看到的內容以及我們認為現在技術正在發生的事情。我們提到我們正在考慮季度，但這是第 2、3、4 個季度有多少個季度的問題。不是說市場何時恢復。這是我們的信念，我們和其他人一樣都會犯錯誤。但在這種情況下，仍然是相同的季度與年份。

And then, we saw those couple of ramp downs that we talked about, which -- 1 in the healthcare space and 1 in the tech space and those were largely -- not largely, they were very much sort of economy-based. A client making a decision just based on kind of how they were looking at their future revenues and profits.

然後，我們看到了我們談到的那幾次下滑，其中 1 次在醫療保健領域，1 次在科技領域，而這些在很大程度上——不是很大，它們在很大程度上是基於經濟的。客戶只是根據他們對未來收入和利潤的看法來做出決定。

What we're seeing today is more kind of, let's say, trimming or adjustment to spend, which is generally a contraction. So Bryan, it's not a people saying, "Hey, look, I'm not going to do any more work." Its just people sort of reducing their spend.

我們今天看到的更多是削減支出或調整支出，這通常是收縮。所以布萊恩，不是人們說，“嘿，看，我不會再做任何工作了。”只是人們減少了開支。

And as Ark said, eventually, we think that, that people have returned to a need to make the investments to make their businesses competitive and successful in the future.

正如方舟所說，最終，我們認為，人們已經重新需要進行投資，以使他們的企業在未來具有競爭力和成功。

And it's definitely combination across all of this, and when somebody telling you that we will delay for 1 quarter, we will start next quarter and the next quarter, we said we have to do it for another quarter and what is happening for several then -- Okay, that's not a cancellation but it's definitely not allowing us to count on this.

這絕對是所有這些的結合，當有人告訴你我們將延遲一個季度時，我們將在下個季度和下個季度開始，我們說我們必須再做一個季度，然後發生了幾個季度 - - 好吧，這不是取消，但絕對不允許我們指望這一點。

Okay. That's helpful. Okay. And then just shifting over to margin here. So can you just talk about any update around your thoughts on structural margin as the business does recover? And then near-term levers to balance the profitability and the global diversification efforts. I'm just trying to get a sense on how you're expecting gross margin really to trend forward.

好的。這很有幫助。好的。然後只是轉移到保證金這裡。那麼，隨著業務的複蘇，您能否談談您對結構性利潤率的看法的任何更新？然後是平衡盈利能力和全球多元化努力的近期槓桿。我只是想了解您如何期望毛利率真正向前發展。

Yes. So I think with the updated guidance is that we're probably thinking that utilization is going to remain more in the mid-70s rather than the high 70s in the second half.

是的。因此，我認為根據更新的指南，我們可能認為利用率將在 70 年代中期保持更多，而不是下半年的 70 年代高位。

However, we do have characteristics in the second half, with generally the higher bill dates in Q3, there are social security caps and a little bit of trend up in utilization. So I am expecting that gross margin will be maybe somewhere around the 33% for the second half. SG&A and other areas of variable expense, we're definitely working to control. And so SG&A will likely be below 15% as a percentage of revenue.

然而，我們在下半年確實有一些特點，第三季度的賬單日期普遍較高，社會保障上限和利用率有一點上升趨勢。所以我預計下半年的毛利率可能會在 33% 左右。 SG&A 和其他可變費用領域，我們肯定在努力控制。因此，SG&A 佔收入的百分比可能會低於 15%。

And then what we're looking to do is still run the business at sort of close to 16% for the full year. But what that means is the second half will probably be closer to our -- the top end of our traditional 16% to 17% range.

然後我們要做的是全年的業務運營率仍然接近 16%。但這意味著下半年可能會更接近我們傳統的 16% 到 17% 範圍的上限。

The next question comes from David Grossman with Stifel.

下一個問題來自 Stifel 的 David Grossman。

I wonder if I could just go back to a question that was asked a little bit earlier. If I look at your guidance for the year, just take the midpoint of about $5 billion, it looks like you are kind of guiding to sequential increases in revenue in the back half of the year.

我想知道我是否可以回到之前提出的問題。如果我看一下你今年的指導，只取大約 50 億美元的中點，看起來你在某種程度上指導了今年下半年收入的連續增長。

So I think, Ark, you said you're guiding to what you see. So does that imply that you have some visibility on backlog or new ramps that give you confidence that revenue growth will kind of accelerate sequentially in the back half of the year?

所以我想，方舟，你說你正在引導你所看到的。那麼，這是否意味著您對積壓或新的斜坡有一定的了解，讓您相信收入增長將在今年下半年連續加速？

I think we see programs which started to show up in conversations and based on this, we seek for moderate increase in demand.

我認為我們看到開始出現在對話中的程序，並基於此，我們尋求適度增加需求。

Especially like if you think about how much technology is potentially changing as we speak, a lot of experimentation starting, and we've seen a lot of conversation across practically all industry components. So that's how we'll get right now for the H2 but it would be moderate increase.

特別是如果你在我們說話時考慮有多少技術可能會發生變化，大量的實驗開始了，我們已經看到了幾乎所有行業組成部分的大量對話。這就是我們現在如何獲得 H2，但它會適度增加。

Yes. And despite, obviously, the guidance for Q2 and some of the growth figures you see in the top 20 and the below top 20 is we aren't seeing a significant amount of new logo activity. So there's a fair number of wins, a lot of new MSAs being signed.

是的。顯然，儘管有第二季度的指導以及您在前 20 名和前 20 名以下看到的一些增長數據，但我們沒有看到大量的新徽標活動。所以有相當多的勝利，很多新的 MSA 正在簽署。

The challenge right now, David, is that most of those new programs are relatively small. And so they're not contributing to the same extent of revenue growth as they might have in the past years but we are sort of hopeful that they'll grow over time.

大衛，現在的挑戰是大多數新項目都相對較小。因此，他們對收入增長的貢獻程度不如過去幾年，但我們有點希望他們會隨著時間的推移而增長。

And then just a quick comment on the growth rates that we saw with the top 20 and the below top 20 is with the movement of clients between those cohorts and particularly the 2 clients we've talked about in technology and healthcare when they move from the top 20 to out of the top 20, it tends to distort the growth rates, particularly in the below top 20. And so that's why we're seeing a somewhat lower level of growth outside our top 20 clients.

然後快速評論我們看到的前 20 名和前 20 名以下的增長率是客戶在這些群體之間的流動，特別是我們在技術和醫療保健領域談到的 2 個客戶，當他們從從前 20 名到前 20 名之外，它往往會扭曲增長率，特別是在前 20 名以下。這就是為什麼我們看到前 20 名客戶之外的增長水平略低。

Got it. And just to go back to your comments, I guess, 90 days ago when you -- I think you talked about client that shifted a workload to another vendor and you just really didn't get notification, I guess, until late last year.

知道了。回到你的評論，我想，90 天前，當你 - 我想你談到客戶將工作量轉移到另一個供應商時，你真的沒有收到通知，我想，直到去年年底。

Have you seen any other major clients shift workloads to other vendors over the course of the last 90 days or any activity that would suggest that's still a possibility this year.

在過去 90 天的過程中，您是否看到任何其他主要客戶將工作負載轉移到其他供應商，或者任何表明今年仍有可能發生這種情況的活動。

I don't think we saw during the last 90 days, specifically as we saw more delays and more delays with decisions and delays with the strategic programs, which we were promising. At the same time, there is a pretty big consolidation efforts across the industry. And specifically, consolidation efforts versus pricing and cost cuts, cost kind of sales. So it could be impact across the portfolio in this area, for sure.

我認為在過去 90 天內我們沒有看到，特別是我們看到更多的延遲和更多的決策延遲以及我們承諾的戰略計劃的延遲。與此同時，整個行業都在進行相當大的整合。具體來說，整合努力與定價和成本削減、銷售成本。因此，這肯定會影響該領域的整個投資組合。

So just to be clear, I can...

所以為了清楚起見，我可以...

This is a whole part of the pressure. That's exactly what we try to -- I try to explain this morning that when transformational progress on hold was becoming the main driver. We all know it.

這是整個壓力的一部分。這正是我們試圖做的——我今天早上試圖解釋，當暫停的轉型進展成為主要驅動力時。我們都知道。

And the recent redistribution of the budgets is results. But again, that's why we show the stat which we're sure. On the other side, it's critically important, and that's what we believe is the reason.

最近的預算重新分配就是結果。但同樣，這就是我們顯示我們確定的統計數據的原因。另一方面，它非常重要，這就是我們認為的原因。

Now both quarters, the situation will be changing as we -- many times we see how this redistribution of work were coming back because then you need like actually to deliver and deliver with the quality and deliver on new technologies and business changes.

現在兩個季度，情況都會發生變化，因為我們多次看到這種工作的重新分配是如何回歸的，因為那時你需要像實際一樣交付和交付質量並交付新技術和業務變化。

We unfortunately have to share our projections right now as is exactly because of this, because of cost situation and many decisions which clients make it right now.

不幸的是，由於成本情況和客戶現在做出的許多決定，我們現在不得不分享我們的預測。

The next question comes from Maggie Nolan with William Blair.

下一個問題來自 Maggie Nolan 和 William Blair。

Jason, you started to get into this a little bit but you've mentioned in past quarters that new client additions were kind of a big focus area for the sales force for 2023 after focusing more on delivery in 2022. Is that still an area that you're really focused on investing into for 2023? Or is that sort of changing alongside the demand environment?

Jason，你開始有點關注這個問題，但你在過去幾個季度提到，在 2022 年更加關注交付之後，新客戶的增加是 2023 年銷售團隊的一個重要關注領域。這仍然是一個需要關注的領域嗎？您真的專注於為 2023 年投資嗎？或者這種變化是否與需求環境一起發生？

No. That continues to be a really significant focus of the company, right? So in addition to maintaining the existing relationships and growing in existing accounts, there's a huge focus on new logo activity.

不，這仍然是公司真正重要的重點，對吧？因此，除了維護現有關係和增加現有客戶外，還非常關注新徽標活動。

And just the only challenge right now -- in past years, you might have initiated a new relationship and seen millions of dollars of revenue in the first quarter and maybe over $10 million in the second or third.

現在唯一的挑戰是——在過去的幾年裡，你可能已經建立了新的關係，並在第一季度看到數百萬美元的收入，第二或第三季度可能超過 1000 萬美元。

And right now, just people are more cautious about their budgets. So those relationships are starting with kind of smaller projects. But I think over the period of quarters, may take into 2024. I think a number of those new relationships are going to produce growth, and I think, it will begin to show up in our numbers.

而現在，只是人們對他們的預算更加謹慎。所以這些關係是從一些較小的項目開始的。但我認為在幾個季度內，可能會持續到 2024 年。我認為這些新關係中的一些將產生增長，而且我認為，它將開始出現在我們的數字中。

And at the same time, and I think, I talked with some of you kind of face-to-face is we got a little bit of a 2 steps forward, 1 step back scenario where we are having some of the larger clients, not discontinued relationship or shift work to another vendor. But what they are doing is they're trimming their budgets.

與此同時，我想，我與你們中的一些人進行了面對面的交談，我們向前邁進了一步，向後退了一步，我們有一些更大的客戶，而不是終止關係或將工作轉移到另一家供應商。但他們正在做的是削減預算。

And so while we get some of these incremental revenues from new clients, then we also have these offsets that are coming from larger clients looking to sort of trim their spend, and that's kind of the behavior that we see in Q2 and was more pronounced than we have expected when we guided in our way in February.

因此，雖然我們從新客戶那裡獲得了一些增量收入，但我們也有來自希望削減支出的大客戶的這些抵消，這就是我們在第二季度看到的行為，而且比第二季度更明顯我們在 2 月份以我們的方式進行指導時就已經預料到了。

Okay. And then can you comment on how much of a priority M&A is right now or share repurchase?

好的。然後你能評論一下現在有多少優先併購或股票回購？

Yes. So M&A continues to be a priority. As always, we want to make certain that we're acquiring assets that we think can be integrated successfully and will help us sort of drive and evolve our business. And so we have active discussions going on today.

是的。因此，併購仍然是優先事項。一如既往，我們希望確保我們正在收購我們認為可以成功整合的資產，並將幫助我們推動和發展我們的業務。因此，我們今天進行了積極的討論。

I can't comment what we're going to close and when but certainly, we've got some active conversations occurring and you likely would see something in the future. And then from a share buyback standpoint, we did initiate our program in Q1, it was modest, less than $10 million, bought back, I think, 30,000 shares.

我無法評論我們將要關閉什麼以及何時關閉，但可以肯定的是，我們正在進行一些積極的對話，你可能會在未來看到一些東西。然後從股票回購的角度來看，我們確實在第一季度啟動了我們的計劃，規模不大，不到 1000 萬美元，我認為回購了 30,000 股。

And I would expect that we would continue to move forward with participation, although we don't have a predetermined level for Q2 but expect to be active in terms of share buybacks in the quarter.

我希望我們會繼續參與，儘管我們沒有為第二季度設定預定水平，但預計本季度將積極參與股票回購。

And on M&A, I would as it -- it's pretty much same approach we have before. We're looking for things, which is longer term or strategic, and there is no any specific efforts to make situation better for the short term. So it's all about longer term and what would be happening in a year or 2 [visibilities.]

在併購方面，我認為這與我們以前採用的方法幾乎相同。我們正在尋找長期或戰略性的東西，並且沒有任何具體的努力來改善短期情況。所以這一切都是關於長期的，以及一年或兩年內會發生什麼 [visibilities]。

The next question comes from Ramsey El-Assal with Barclays.

下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about the -- some comments you made about clients, obviously, shifting to more kind of cost takeout focused work, how much of an internal pivot is required for you to address and meet that shifting demand?

我想問的是——你對客戶的一些評論，顯然，轉向更多以成本支出為重點的工作，你需要多少內部支點來解決和滿足這種不斷變化的需求？

Do you have to reskill or invest? Or is it just a -- does it take time to get there? Or is it just a matter of -- you have the skills on hand, you just have to sort of change the orientation a little bit in terms of kind of getting there with your clients?

你必須重新學習或投資嗎？或者它只是——到達那裡需要時間嗎？或者這只是一個問題——你有手頭的技能，你只需要稍微改變一下方向，以便與你的客戶一起到達那裡？

So we do believe we have -- as you know, as we communicated, it's not a primary focus of our services lines, so -- but at the same time, we have the skills, we were building (inaudible) we have people who understand what to do in this area. And from technology skills in some situations we have definitely capabilities to apply this for cost-out engagements.

所以我們確實相信我們有——正如你所知，正如我們所傳達的那樣，這不是我們服務線的主要重點，所以——但與此同時，我們有技能，我們正在培養（聽不清）我們有這樣的人了解在這方面要做什麼。從某些情況下的技術技能來看，我們絕對有能力將其應用於成本支出項目。

So we put in our efforts around it. I don't think it's about specific risks (inaudible) events. It's still -- even with this effort, it's relatively a small portion of what we do it in general, and there is no goal to repurpose company for this type of cases. So this is much more tactical effort for us within those quarters, which we believe this type of threat will be happening before the market will come back. So we still invest in very specific area for the future growth.

所以我們圍繞它努力。我認為這與特定風險（聽不清）事件無關。它仍然 - 即使付出了這種努力，它也只是我們一般所做工作的一小部分，並且沒有目標為此類案件重新調整公司的用途。因此，這對我們來說是在這些季度內進行的更多戰術努力，我們相信這種威脅將在市場回歸之前發生。所以我們仍然投資於非常具體的領域以實現未來的增長。

Okay. And could you also provide a little more color on the pipeline right now? Is it -- has there been a shift to any particular type of deal, large versus small? Is it more new logo versus expansion? Are there easier -- is there a path of least resistance there? How is the composition of the pipeline evolving?

好的。你現在還能在管道上提供更多顏色嗎？是否 - 是否有任何特定類型的交易發生轉變，無論是大交易還是小交易？是新標識還是擴展？有沒有更容易的——那裡有阻力最小的路徑嗎？管道的組成是如何演變的？

I mean there are still a handful of large deals that are out there. They were expected to generate revenues in the second half that are significant mainframe to cloud type engagements that will have significant revenues but -- and I think, we talked about this in the last conference call as well, which is that most of the new work that we're seeing is generally smaller in size.

我的意思是仍然有少數大型交易在那裡。預計他們將在下半年產生收入，這是重要的大型機到雲類型的參與，將產生可觀的收入，但我認為，我們在上次電話會議中也談到了這一點，這是大部分新工作我們看到的通常尺寸較小。

There are relatively fewer clients who are kicking off large-scale transformation programs. At this time, they're looking for kind of near-term return on their investment. They're looking for modifications, updates to existing platforms rather than sort of creating new platforms.

啟動大規模轉型計劃的客戶相對較少。此時，他們正在尋找某種短期的投資回報。他們正在尋找對現有平台的修改和更新，而不是創建新平台。

And again, it's back to the -- let's say, the instability in the macroeconomic view as long as people aren't certain whether the bottoms are going to be in Q3 or Q4 or Q1 of 2024, it just makes it more difficult for people to make investments in larger-scale transformation programs.

再一次，這又回到了——比如說，只要人們不確定底部是否會在 2024 年第三季度、第四季度或第一季度觸底，宏觀經濟觀點的不穩定性就會讓人們更加困難對更大規模的轉型計劃進行投資。

The next question comes from Ashwin Shirvaikar with Citi.

下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I appreciate the thoughtful comments at the top of the call. First question goes to Jason. Is the idea, Jason, to hold the line on operating margins because you kind of mentioned quarter-to-quarter variability and the need to be flexible based on revenues -- not having visibility into revenues. So is that the idea that you will hold the line on margins?

我感謝電話會議頂部的深思熟慮的評論。第一個問題交給傑森。賈森，這個想法是為了保持營業利潤率，因為你提到了季度到季度的可變性，並且需要根據收入保持靈活性——而不是對收入的可見性。那麼，你會堅持利潤率的想法嗎？

Yes, so -- our focus continues to be on a return to stronger demand over some period of time as Ark talked about, whether that's 2 or 3 or 4 quarters. And to make sure that we're making investments in the business that will allow us to continue to advance our capabilities and be successful in the market.

是的，所以——我們的重點仍然是在一段時間內恢復更強勁的需求，正如方舟所說，無論是 2、3 還是 4 個季度。並確保我們正在對業務進行投資，這將使我們能夠繼續提高我們的能力並在市場上取得成功。

And at the same time, we are being very careful in terms of spending, really addressing discretionary costs, controlling anything that's more variable in nature. And Ashwin trying to drive the business at least to the -- do it around a 16% or maybe slightly below that range. So trying to maintain profitability throughout the year at 16%.

與此同時，我們在支出方面非常謹慎，真正解決可自由支配的成本，控制任何本質上變化更大的東西。 Ashwin 試圖將業務至少推動到 16% 左右或略低於該範圍。因此試圖將全年的盈利能力維持在 16%。

And what you'll find then is that the second half will have stronger profitability just because there are characteristics that make gross margin stronger. And then with continued focus on SG&A efficiency, I expect that SG&A will go below 15%. So again, it will be a focus on the longer term, so we don't want to do anything that hinders ourselves to return to growth. And at the same time, we want to be careful about our discretionary static.

然後你會發現，下半年的盈利能力會更強，因為有一些特徵可以讓毛利率更高。然後隨著對 SG&A 效率的持續關注，我預計 SG&A 將低於 15%。同樣，這將是一個長期的重點，所以我們不想做任何阻礙我們恢復增長的事情。同時，我們要小心我們的自由裁量靜電。

Understand. And as it sort of relates to the portfolio of services and your delivery, do your clients, particularly the older, more -- the more tenured clients, do they all understand at this point that you have a more diversified delivery than before that it's not primarily 3 Central and East European countries? Or does that come up as a factor?

理解。由於它與服務組合和您的交付有關，所以您的客戶，尤其是年長的，更多 - 更老的客戶，在這一點上是否都明白您的交付比以前更多樣化，這不是主要是 3 個中歐和東歐國家？或者這是一個因素嗎？

And I just wanted to also clarify from Ark. Is there an intent here to get into things like application management and so on, more deeply broaden out the service portfolio in response to what's going on.

我也想從方舟那裡澄清一下。這裡是否有意進入應用程序管理等領域，更深入地擴大服務組合以響應正在發生的事情。

So this is what we do as we speak. At the same time -- okay, let's -- from the beginning. First of all, absolutely, clients understand that we have a different delivery kind of structure today. So that's what also I was talking this morning about that we bringing new clients and existing clients coming to new geographies, which they didn't experience with the bank before.

這就是我們說話時所做的。同時——好吧，讓我們——從頭開始。首先，絕對，客戶明白我們今天有一種不同的交付結構。所以這也是我今天早上所說的，我們將新客戶和現有客戶帶到新的地區，這是他們以前沒有在銀行體驗過的。

And we have pretty good progress because it's not already like 1 or 2 quarters. It's already almost like 18 months. And we have a new client, which is very typical clients as a -- which strive for engineering differentiation and technology [services,] which come into new locations with us as well and appreciate the differentiation which we show them because again, as I mentioned, the direction was taken even before -- before war started for globalization of our services and investments were done in different regions for some time.

我們取得了很好的進展，因為它還沒有像 1 或 2 個季度那樣。已經快18個月了。我們有一個新客戶，這是非常典型的客戶——他們致力於工程差異化和技術[服務]，他們也和我們一起進入新的地點，並欣賞我們向他們展示的差異化，因為正如我提到的，甚至在戰爭開始之前就已經確定了方向，我們的服務全球化和投資在不同地區進行了一段時間。

First of all, India but then very actively in Latin America as well. (inaudible) Central Western Asia, which is benefiting strongly from the talent coming from our traditional historical locations as well. So which is a little bit more predictable from this point of view for clients, too, because some projects move in there because of the talent coming there as well.

首先是印度，但隨後在拉丁美洲也非常活躍。 （聽不清）中西亞也從我們傳統歷史地點的人才中受益匪淺。因此，從這個角度來看，對於客戶來說，這也更容易預測，因為一些項目因為人才的到來而轉移到那裡。

So from this point of view, there is (inaudible) everybody that this is the direction and that's what we do. So from the portfolio of the business, definitely, we are doing more (inaudible) experiencing with new staff. We also were growing over the years application management component as well but it's still a relatively smaller portion of what we do.

因此，從這個角度來看，（聽不清）每個人都認為這是方向，這就是我們所做的。因此，從業務組合來看，我們肯定會與新員工進行更多（聽不清）體驗。多年來，我們的應用程序管理組件也在增長，但它仍然是我們所做工作中相對較小的一部分。

And its addition -- usually in addition to transformational work, which we do as soon as we're doing big modernization, we have taken on increasing components of application management as well. But still focused on transformation program, as I mentioned.

它的添加——通常除了轉型工作之外，我們在進行大規模現代化改造時就會這樣做，我們還承擔了越來越多的應用程序管理組件。但正如我提到的，仍然專注於轉型計劃。

What we've seen right now is the delayed and we do believe that while Q2 definitely was impacted, I think, some of that will start to be realizing in H2, and that's why we believe that it would be some growth there because there are too many programs and we don't believe that clients will be able to afford to delay the full load count.

我們現在看到的是延遲，我們確實相信，雖然第二季度肯定受到影響，但我認為，其中一些將在下半年開始實現，這就是為什麼我們認為那裡會有所增長，因為有程序太多，我們認為客戶無法承受延遲全部加載計數。

They already delayed them for multiple quarters. So I think it's -- it will start with H2.

他們已經推遲了多個季度。所以我認為它是 - 它將從 H2 開始。

The next question comes from Jason Kupferberg with Bank of America.

下一個問題來自美國銀行的 Jason Kupferberg。

This is Tyler DuPont on for Jason. I know I'm cutting up on time, so I'll try to be quick. I think you briefly touched on this but maybe just to ask it in a different way and just to clarify on my end, if you could spend a bit of time talking about the linearity of the quarter.

這是傑森的泰勒杜邦。我知道我要趕時間了，所以我會盡量快點。我認為您簡要地談到了這一點，但也許只是想以不同的方式提出這個問題，並在我這邊澄清一下，如果您能花點時間談談本季度的線性度。

For example, the last point was in the second week of February. And at that time, you talked about some positive green shoots. Did the demand picture fall off significantly in March, particularly?

例如，最後一點是在 2 月的第二週。那時，你談到了一些積極的萌芽。尤其是在 3 月份，需求情況是否顯著下降？

And if so, is that fully attributable to the banking sector crisis? Or just any clarity there would be helpful.

如果是這樣，這是否完全歸因於銀行業危機？或者只是任何澄清都會有所幫助。

All right. I think we do believe that the news of the market was -- impacted a lot of decisions. And it's not necessarily impacting just banking or financial services but most of the other industries put a lot of programs on hold.

好的。我認為我們確實相信市場消息 - 影響了很多決定。而且它不一定只影響銀行或金融服務，但大多數其他行業都擱置了很多計劃。

And you can see with company like this announcement of other technology-driven companies due to the last couple of months. So this is the sole part of the same very kind of sharp reaction of the situation, for transformational aspect of all the services which we provide, and I am reminded that this is majority, big majority of what we do.

你可以看到像這樣的公司在過去幾個月發布了其他技術驅動型公司的公告。因此，對於我們提供的所有服務的轉型方面，這是對情況的同樣非常強烈的反應的唯一部分，我被提醒這是我們所做的大部分，絕大部分。

Okay. Great. And then just as a follow-up, it seems like while financials and travel seem to put up pretty solid growth numbers ex Russia, I was a little bit more surprised to see the Life Sciences and, to a lesser degree, Hi-tech experienced a bit of a slowdown.

好的。偉大的。然後作為後續行動，雖然金融和旅遊似乎在俄羅斯以外的地區出現了相當穩健的增長數字，但我更驚訝地看到生命科學，在較小程度上，高科技經歷了有點放緩。

So I was just wondering if you could parse out what you're seeing in those verticals, like how much of that decline, for example, was from the ramp down of those large clients mentioned on the last call compared to, I guess, as Jason described, more of a trimming of spend across the client base?

所以我只是想知道你是否可以分析出你在這些垂直領域看到的情況，例如，這種下降有多少是由於上次電話會議中提到的那些大客戶的減少，而我猜，作為Jason 描述說，更多的是削減整個客戶群的支出？

Yes. So quickly, on the Life Sciences and Healthcare, it's largely -- significant sort of ramp down. And specifically, they put a program. They effectively sort of ended a program and kind of restarted some work but not specific to that program, and there's been very significant difference in the revenues we generated last year from that client from the revenues we expect we'll generate this year.

是的。如此之快，在生命科學和醫療保健領域，它在很大程度上 - 顯著下降。具體來說，他們放了一個程序。他們實際上結束了一個項目並重新開始了一些工作，但不是針對該項目，我們去年從該客戶那裡獲得的收入與我們預計今年將產生的收入之間存在很大差異。

And then from a Hi-tech standpoint, again, you've got the 1 client but then you also just have a generalized kind of slowdown in spend, and I think, we all see in the news from the Hi-tech sector.

然後從高科技的角度來看，再次，你有 1 個客戶，但你也只是有一種普遍的支出放緩，我想，我們都從高科技行業的新聞中看到了。

And if you will, this is, in some ways, it could be sometimes accidental or driven by a couple of clients but in some ways, very logical industries, if you see, because Software and Hi-tech, more obvious Life Sciences, if you've seen how much investment was done there during the COVID time and how much all the investment was done as well with current situation, some things should be done and a lot of thinking should be that way investments are put.

如果你願意的話，在某些方面，這有時可能是偶然的或由幾個客戶驅動，但在某些方面，如果你看到的話，這是非常合乎邏輯的行業，因為軟件和高科技，更明顯的是生命科學，如果您已經看到在 COVID 期間在那裡進行了多少投資，以及在當前情況下完成了多少投資，應該做一些事情，並且應該以這種方式進行大量思考。

So I think it's a lot of thinking inside of Life Science industry right now after a huge spread due to the pandemic or big portion of pandemic.

因此，我認為在由於大流行或大部分大流行導致大規模傳播之後，現在生命科學行業內部有很多想法。

At this time, I would now like to turn the call back to Ark for closing remarks.

在這個時候，我現在想把電話轉回方舟以作結束語。

Thank you again for joining us. And yes, it's unusual period in our kind of life after a significant growth and now seeing a little bit different world but again, our belief that technology will be derived in the future. We didn't talk too much about all this nice conversation about open AI et cetera.

再次感謝您加入我們。是的，在經歷了顯著增長之後，這是我們這種生活中不尋常的時期，現在看到了一個有點不同的世界，但同樣，我們相信技術將在未來衍生。我們沒有過多談論關於開放 AI 等的所有這些愉快的對話。

But we do believe that a lot of engagement, digital ecosystem will have to be rebuilt very, very soon and it will be inclined for competition and those who would like to drive the future will come to us for help as well.

但我們確實相信，必須非常非常快地重建大量參與的數字生態系統，並且它將傾向於競爭，那些想要推動未來發展的人也會向我們尋求幫助。

So thank you, and talk to you in 3 months.

所以謝謝你，並在 3 個月後與你交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。