Epam Systems Inc (EPAM) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to the EPAM third quarter 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫貝拉，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 EPAM 2024 年第三季財報電話會議。 （操作員說明）

I would now like to turn over the call to Mike Rowshandel, head of investor relations. Please go ahead.

我現在想將電話轉給投資者關係主管 Mike Rowshandel。請繼續。

Good morning, everyone, and thank you for joining us today. As the operator just mentioned, I'm Mike Rowshandel, head of investor relations. By now, you should have received your copy of the earnings release for the company's third quarter 2024 results. If you have not, a copy is available on epam.com in the investors section.

大家早安，感謝您今天加入我們。正如接線員剛才提到的，我是投資者關係主管 Mike Rowshandel。到目前為止，您應該已經收到了該公司 2024 年第三季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。

With me on today's call are Arkadiy Dobkin, CEO and President; and Jason Peterson, chief financial officer. I would 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 measures and are available in our quarterly earnings materials located in the Investors section of our website.

與我一起參加今天電話會議的有執行長兼總裁 Arkadiy Dobkin；和財務長傑森彼得森。我想提醒聽眾，今天電話會議中發表的一些評論可能包含前瞻性陳述。這些聲明受到公司收益發布和 SEC 文件中所述的風險和不確定性的影響。此外，所有對非公認會計準則衡量標準的報告結果的引用均已與可比較的公認會計準則衡量標準進行了調整，並可在我們網站投資者部分的季度收益材料中找到。

With that said, I will now turn the call over to Ark.

話雖如此，我現在將把電話轉給 Ark。

Thank you, Mike. Good morning, everyone. Thank you for joining us today. It's good to share today that our third quarter results came in better than expected, reflecting our strong execution, core differentiations, and continued value and relevance across our global portfolio of clients.

謝謝你，麥克。大家早安。感謝您今天加入我們。今天很高興與大家分享，我們第三季的業績好於預期，反映出我們強大的執行力、核心差異化以及我們全球客戶組合的持續價值和相關性。

Further, we have been busy since its forecast signing two large acquisitions announced on Friday of last week. We closed NEORIS, which is the most significant addition in our history. From a strategic perspective, the acquisition of NEORIS does three things for us. Number one, it gives us an entry point into attractive new markets in Latin America and parts of Europe.

此外，自上週五宣布預計簽署兩項大型收購以來，我們一直很忙。我們關閉了 NEORIS，這是我們歷史上最重要的補充。從策略角度來看，收購 NEORIS 為我們帶來了三件事。第一，它為我們提供了進入拉丁美洲和歐洲部分地區有吸引力的新市場的切入點。

Number two, accelerate net new growth opportunities with our joint clients and brings significant new logos to our clients' portfolio. And number three, creates a powerful and unified NEORIS delivery platform in the region, which we believe will be highly regarded across Latin American, and Spanish- and Portuguese-speaking world in general while strengthening our services with local and near-shore value propositions. We will be talking more about it a bit later today. But first, let me share some key highlights across our business.

第二，加速與我們共同客戶的淨新成長機會，並為我們客戶的投資組合帶來重要的新標誌。第三，在該地區創建一個強大且統一的 NEORIS 交付平台，我們相信該平台將在整個拉丁美洲以及西班牙語和葡萄牙語世界中受到高度重視，同時透過本地和近岸價值主張加強我們的服務。今天晚些時候我們將詳細討論它。但首先，讓我分享一下我們業務的一些關鍵亮點。

During Q3, we delivered revenue growth both year over year and sequentially. We saw broad improvements in client engagement across all our verticals and geographies, which we believe demonstrate what we hope to be a more stable overall market outlook. The level of our performance in Q3 was driven by increased client trust and are now much more globally diversified capabilities and in our ability to continuously execute with a high level of quality. That triggered a better-than-expected client willingness to increase their budget share results.

在第三季度，我們的營收年增和季比均實現成長。我們看到所有垂直行業和地區的客戶參與度都得到了廣泛改善，我們相信這表明我們希望整體市場前景更加穩定。我們第三季的業績水準是由客戶信任度的提高所推動的，現在全球多元化的能力以及我們持續高品質執行的能力。這引發了客戶增加預算份額結果的意願好於預期。

Key verticals to call out includes life science and healthcare, emerging markets, and, notably, financial services and software and biotech, which both returned to sequential growth this quarter. In addition, we are seeing further signs of stabilization within business information and media and consumer goods, retail and travel, while clients still continue to navigate mix dynamics in their own end markets.

值得關注的關鍵垂直產業包括生命科學和醫療保健、新興市場，尤其是金融服務、軟體和生物技術，這些產業本季均恢復了連續成長。此外，我們看到商業資訊、媒體和消費品、零售和旅遊領域出現進一步穩定的跡象，而客戶仍在繼續應對自己終端市場的混合動態。

Today, we are encouraged to see first a more positive demand sentiment in both our existing portfolio and newly acquired clients in comparison with 90 days ago. Secondly, we are very pleased with our ability to maintain our reputation as a go-to partner for technology-led optimization and transformation programs while continuously expanding our unique offering in product and platform engineering services and advanced data cloud and general capabilities.

今天，與 90 天前相比，我們首先看到現有投資組合和新收購客戶的需求情緒更加積極，這讓我們深受鼓舞。其次，我們非常高興能夠保持作為技術主導的優化和轉型計劃首選合作夥伴的聲譽，同時不斷擴展我們在產品和平台工程服務以及先進數據雲和通用功能方面的獨特產品。

To summarize, we remain optimistic about certain sectors of our target market and about our broader portfolio as well to return to higher levels of growth over the coming quarters. So, we are continuing to strategically invest in referencing capabilities and capture increased market share in global demand returns in full.

總而言之，我們對目標市場的某些領域以及更廣泛的投資組合保持樂觀，並在未來幾季恢復更高的成長水平。因此，我們將繼續對參考能力進行策略性投資，並在全球需求回報中全面佔據更大的市場份額。

However, currently, we do still see broaden up caution and some delayed decision-making with a continued focus on cost optimization. With all of that, we are staying very close to our clients and adapting ourselves to meet their most critical needs while they continue to assess the investment appetite, prioritize transformational efforts, address their own end market conditions, and most likely think about a variety of (Inaudible) navigating around the world as we speak.

然而，目前，我們仍然看到更謹慎的態度和一些延遲的決策，同時繼續專注於成本優化。儘管如此，我們仍與客戶保持密切聯繫，並不斷調整自己以滿足他們最關鍵的需求，同時他們繼續評估投資興趣，優先考慮轉型工作，解決他們自己的終端市場條件，並很可能考慮各種（聽不清楚）就在我們說話的時候，正在環遊世界。

As we stated many times in the past, our global delivery strategy is focused on becoming the most diversified company in our industry from a global talent perspective, and based on that, on enabling us further to support our global clients and their new transformative business models realization around the world. We believe we are successfully executing this strategy by investing both organically and through acquisitions, into building new advanced capabilities and service reference is key for us, talent markets.

正如我們過去多次說過的那樣，我們的全球交付策略的重點是從全球人才的角度成為我們行業中最多元化的公司，並在此基礎上使我們能夠進一步支持我們的全球客戶及其新的變革性業務模式世界各地的實現。我們相信，透過有機投資和收購，我們正在成功執行這項策略，以建立新的先進能力，而服務參考對我們人才市場來說至關重要。

As a result, currently, we focus on four major global delivery hubs in EPAM. In Europe, we continue to remain highly differentiated in helping our clients to address their most complex business and technological challenges.

因此，目前我們將重點放在 EPAM 的四個主要全球交付中心。在歐洲，我們在幫助客戶解決最複雜的業務和技術挑戰方面繼續保持高度差異化。

Our core engineering DNA remains very strong and intact. As you can see with our better-than-expected Q3 results, we continue to deliver this high quality across existing clients, as well as the new logos from our European delivery hub, which operates around more than a dozen countries, including our largest in Ukraine and mainly with European Union zone. With the recent signing for derivative will further strengthen our future footprint in Europe with addition of user resourcing, especially for our financial services clients, but not limited to just those. We will be ready to talk about it in more details when we close the transaction later in Q4.

我們的核心工程 DNA 仍然非常強大且完好無損。正如您所看到的，我們第三季度的業績好於預期，我們繼續為現有客戶提供這種高品質的服務，以及我們的歐洲交付中心的新徽標，該中心在十幾個國家/地區運營，其中包括我們最大的歐洲交付中心。最近簽署的衍生性商品協議將進一步加強我們在歐洲的未來足跡，增加用戶資源，特別是對於我們的金融服務客戶，但不僅限於這些客戶。當我們在第四季度晚些時候結束交易時，我們將準備更詳細地討論它。

In India, we are very pleased with our level of growth based on demand for differentiating services and division which has more product engineering focus compared to majority of other service players. Our investment dating back to 2015 are paying off now. Today, we see robust growth in the country. And just this year, we added over 2,000 professionals and expect India to reach the 10,000 people by early 2025.

在印度，我們對基於差異化服務和部門需求的成長水準感到非常滿意，與大多數其他服務參與者相比，該部門更注重產品工程。我們自 2015 年以來的投資現已初見成效。今天，我們看到該國的強勁增長。就在今年，我們新增了 2,000 多名專業人員，預計到 2025 年初，印度的專業人員數量將達到 10,000 人。

In Latin America, we are following the similar process as India, investing in building for the future from 2015 as well. As mentioned already, on November 1st, we completed the acquisition of NEORIS. This acquisition represents a significant milestone for our company and will really scale up our global capabilities with local leadership, knowledge, depth and expertise. Now, with NEORIS, we immediately doubled our delivery footprint to approximately 7,500 people, notably expanding our presence in Mexico, Colombia, Argentina, and Brazil, among other countries in Latam, but also in Spain and Portugal.

在拉丁美洲，我們也遵循與印度類似的流程，從 2015 年開始投資建立未來。正如已經提到的，11 月 1 日，我們完成了對 NEORIS 的收購。此次收購對我們公司來說是一個重要的里程碑，並將透過當地的領導力、知識、深度和專業知識真正擴大我們的全球能力。現在，借助 NEORIS，我們的配送範圍立即增加了一倍，達到約 7,500 人，特別是擴大了我們在墨西哥、哥倫比亞、阿根廷和巴西以及拉美其他國家以及西班牙和葡萄牙的業務。

NEORIS' strong client portfolio and depth of relationship clearly demonstrate the market differentiation in the region. In addition to strong application development system implementation, cloud migration, and automation, NEORIS has developed very strong data AI and SAP practice. Today, NEORIS is recognized in Latin America, a regional market leader in SAP. It brings over thousand practitioners globally to our current effective practice and further enhancing our core enterprise platforms value proposition.

NEORIS 強大的客戶群和深度的關係清楚地表明了該地區的市場差異化。除了強大的應用程式開發系統實施、雲端遷移和自動化之外，NEORIS 還開發了非常強大的資料 AI 和 SAP 實踐。如今，NEORIS 在拉丁美洲已被公認為 SAP 區域市場的領導者。它讓全球數千名從業者參與我們當前的有效實踐，並進一步增強我們的核心企業平台價值主張。

Finally, they bring strong local capabilities across many of our key verticals and also in manufacturing and telco globally. In Western Central Asia, we're continuously building a relatively new delivery hub in addition to the previous three. Today, we have nearly 7,000 people in the region who are representing all our major global technology practices. We have a very healthy mix of strong senior talent along with a more junior energetic young population, hungry for new opportunities and future growth.

最後，他們在我們的許多關鍵垂直行業以及全球製造和電信領域帶來了強大的本地能力。在中亞西部，除了先前的三個交付中心外，我們還在不斷建造一個相對較新的交付中心。如今，我們在該地區擁有近 7,000 名員工，代表我們所有主要的全球技術實踐。我們擁有強大的高級人才和充滿活力的初級人才的健康組合，他們渴望新的機會和未來的成長。

Now, let's turn to important target that remains top of mind for many, gen AI. Last quarter, we talked about how our AI transformation approach is three dimensional. Dimension one is internally focused and represents what we do for ourselves. It's a parenteral transformation of gen AI talent using our own skill-based organization tools and methodologies, which is a key differentiator for us and deliver to our highly advanced and mitigated trainings, boot camps, and other upscaling efforts.

現在，讓我們轉向許多人最關心的重要目標：新一代人工智慧。上個季度，我們討論了我們的人工智慧轉型方法是如何實現三維的。第一維度關注內部，代表我們為自己所做的事情。這是使用我們自己的基於技能的組織工具和方法對新一代人工智慧人才進行的腸外轉變，這是我們的一個關鍵差異化因素，並為我們提供高度先進和輕鬆的培訓、訓練營和其他升級工作。

In this category, also, everything related to our efficiency and productivity advanced in back office and internal processes. Dimension two is all centered around client transformation opportunities and gen AI-enabled client solutions, which encompasses our gen AI platforms and methodologies, such as EPAM DIAL, EPAM AI/Run, and EPAM EliteA. And finally, dimension three is all about partner ecosystem network, helping us to enable life transformation of gen AI-driven programs when closed preparation in cloud data and other type of major digital partners must be in place for success. All those dimensions are closely interconnected.

在這一類別中，與我們的效率和生產力相關的一切都在後台和內部流程中得到了提升。第二維度都以客戶轉型機會和支援新一代人工智慧的客戶解決方案為中心，其中包括我們的新一代人工智慧平台和方法，例如 EPAM DIAL、EPAM AI/Run 和 EPAM EliteA。最後，第三個維度與合作夥伴生態系統網路有關，當雲端數據和其他類型的主要數位合作夥伴必須做好封閉準備才能取得成功時，幫助我們實現新一代人工智慧驅動程式的生活轉型。所有這些維度都是緊密相連的。

And currently, we continue to make very solid progress across all three of them. However, for today, we would like to focus a bit on combination of dimension two and three to illustrate how our efforts are driving client engagements and generating real pragmatic value. Throughout 2024, EPAM has seen very strong arrangement with most of our clients across the full spectrum of gen AI initiatives. For us, such programs cover all our core capabilities in engineering, including our specialized AI enabling services, internal and external platforms, and accelerators.

目前，我們繼續在這三個方面取得非常堅實的進展。然而，今天，我們想專注於第二個和第三個維度的組合，以說明我們的努力如何推動客戶參與並產生真正的務實價值。在整個 2024 年，EPAM 與我們的大多數客戶在整個新一代人工智慧計畫方面都達成了非常強大的安排。對我們來說，此類計劃涵蓋了我們在工程方面的所有核心能力，包括我們專業的人工智慧支援服務、內部和外部平台以及加速器。

Such programs also often include business consulting services with our approach to holistic business redesign and optimization, and experienced consulting including implementation of our gen AI interactive assistance by helping to bring AI to customer service operations across all our major verticals. When you look across our top 100 clients, we are directly engaged with about 70% of them on different type of gen AI initiatives. If we look at those from the size and maturity perspective, we will see inconsistent and expected picture. So, far this year, we saw a doubling of what we call stage 1 of early stage projects compared to last year, where we are demonstrating our ability to help our clients start their journey and quickly get to stage two or midsized AI projects with defined outcomes.

此類計劃通常還包括採用我們的整體業務重新設計和優化方法的業務諮詢服務，以及經驗豐富的諮詢服務，包括透過幫助將人工智慧引入我們所有主要垂直領域的客戶服務營運來實施我們的一代人工智慧互動協助。當你縱觀我們的前 100 名客戶時，我們會直接與其中約 70% 的客戶就不同類型的新一代人工智慧計畫進行合作。如果我們從規模和成熟度的角度來看，我們會看到與預期不一致的情況。因此，今年到目前為止，我們看到早期專案第一階段的數量比去年增加了一倍，我們正在展示我們有能力幫助我們的客戶開始他們的旅程，並快速進入第二階段或中型人工智慧項目結果。

This engagement are characterized by a more clear road map and defined top- and bottom-line outcomes based on vertical horizontally driven requirements. Stage three is where we are starting to see the readiness to focus on gen AI and AI-enabled transformations more broadly. These engagements are multiyear and multimillion dollar programs and combines our data factory construct with new gen AI capabilities to scale. Our most transformative work this year has involved establishing large-scale AI ecosystems or AI factories within our client organization.

這種參與的特點是更清晰的路線圖以及基於垂直水平驅動的需求定義的頂線和底線結果。第三階段是我們開始看到更廣泛地關注新一代人工智慧和人工智慧支援的轉型的準備階段。這些項目是為期數年、耗資數百萬美元的項目，並將我們的資料工廠結構與新一代人工智慧功能相結合以進行擴展。今年我們最具變革性的工作涉及在我們的客戶組織內建立大規模的人工智慧生態系統或人工智慧工廠。

Those are comprehensive enterprise-level solutions where we might manage the entire product life cycle, which includes complete separation of models and integrated services. During this year, we have already been engaged in a few of these programs which are sizable and could be in terms of millions of dollars range, which we believe will grow much faster in 2025. Now let me share a few client examples. Let's start from the story, which was being feature just a few days before almost in real time on the main stage as regarding Gartner IT Symposium in Barcelona, where our team presented jointly with our client, REI/kit, a global manufacturing of health and nutrition products.

這些是全面的企業級解決方案，我們可以在其中管理整個產品生命週期，其中包括模型和整合服務的完全分離。今年，我們已經參與了其中一些規模較大、可能達到數百萬美元的項目，我們相信這些項目在 2025 年將成長得更快。現在讓我分享一些客戶範例。讓我們從故事開始，幾天前，在巴塞隆納舉行的Gartner IT 研討會的主舞台上幾乎實時報道了這個故事，我們的團隊與我們的客戶REI/kit（一家全球健康和醫療產品製造商）聯合進行了展示。

This program is a large multiyear data transformation story that started with an organization ready for a variety of AI use cases, really covering the full life cycle transformation from data foundation to data governance, platform strategy, and the construction of responsible AI framework, setting the stage on operating and business model transformation for this 200-years-old, 50,000-person company.

該計劃是一個為期多年的大型數據轉型故事，始於為各種人工智慧用例做好準備的組織，真正涵蓋了從數據基礎到數據治理、平台策略以及負責任的人工智慧框架構建的全生命週期轉型，設定了這家擁有 200 年歷史、擁有 5 萬名員工的公司正處於營運和商業模式轉型階段。

Another story that we briefly mentioned three months ago is different but is continue making strong progress into the future. In collaboration with International Monetary Fund back in 2023, we built the first version of StatGPT, the platform that allowed users to talk about world economic and financial data using major language. It was developed based on our EPAM DIAL and EPAM Quanthub IP as a cornerstone for the next-generation conversational data exploration and little solution for economists and statisticians.

我們三個月前簡要提到的另一個故事有所不同，但未來將繼續取得強勁進展。早在 2023 年，我們就與國際貨幣基金組織合作，建立了 StatGPT 的第一個版本，該平台允許用戶使用主要語言談論世界經濟和金融數據。它是基於我們的 EPAM DIAL 和 EPAM Quanthub IP 開發的，作為下一代對話式數據探索的基石，為經濟學家和統計學家提供了很少的解決方案。

Since then, StatGPT was presented in numerous global SDMX events, where SDMX is a set of technical standards established by European Central Bank, Eurostar, IMF, United Nations Statistical Division, World Bank, and other government and semi-government agencies. This month, we delivered the next version of StatGPT 2.0, which significantly improves the way users access the world global economic data and can seamlessly guide users to the specific data they need. Just now StatGPT went over the evaluation process, which included eight large publicly available data sets from international and national statistical agencies and was conducted by more than 100 representatives from SDMX-sponsored institutions and national statistical organization. In result, this month, it will be presented as a 2024 IMR statistical forum in DC in the session called "Measuring and Implication of AI on the Economy" as an alternative data access simplification platform for SDMX user's community globally.

此後，StatGPT在眾多全球SDMX活動中亮相，其中SDMX是由歐洲中央銀行、歐洲之星、國際貨幣基金組織、聯合國統計司、世界銀行以及其他政府和半政府機構制定的一套技術標準。本月，我們交付了下一版本的 StatGPT 2.0，它顯著改善了用戶訪問世界全球經濟數據的方式，並可以無縫引導用戶找到他們需要的特定數據。剛才 StatGPT 回顧了評估過程，其中包括來自國際和國家統計機構的八個大型公開資料集，由 SDMX 贊助機構和國家統計組織的 100 多名代表進行。因此，本月，它將在華盛頓舉行的 2024 年 IMR 統計論壇上，在題為「人工智慧對經濟的衡量和影響」的會議上展示，作為全球 SDMX 用戶社群的替代數據存取簡化平台。

To conclude, we are pleased with our stronger-than-expected Q3 results. Our core differentiation remains evident. We continue to deliver value, quality, and excellence for our clients. We are successfully executing our global growth and our main strategy while expending market and capabilities at the same time.

總而言之，我們對第三季的業績強於預期感到滿意。我們的核心差異化依然明顯。我們持續為客戶提供價值、品質和卓越。我們正在成功執行我們的全球成長和主要策略，同時擴大市場和能力。

Finally, we continuously and rapidly upskilling ourselves in the most advanced engineering and generic capabilities. We strongly believe EPAM continues to be well positioned to capture rebound in market demand and share. Let me now turn the call over to Jason, who will provide additional details on our Q3 results and outlook.

最後，我們不斷快速地提升自己在最先進的工程和通用能力方面的技能。我們堅信 EPAM 將繼續處於有利地位，能夠抓住市場需求和份額的反彈。現在讓我將電話轉給 Jason，他將提供有關我們第三季業績和前景的更多詳細資訊。

Thank you, Ark, and good morning, everyone. In the third quarter, EPAM generated revenue of $1.168 billion a year-over-year increase of 1.3% on a reported basis or 0.9% in constant currency terms, reflecting a positive foreign exchange impact of 40 basis points. Excluding the impact of our exit from Russia, year-over-year revenue for reported in constant currency would have increased by 1.5% and 1.1%, respectively. In addition to returning to year-over-year revenue growth, the company also saw four out of six reported industry verticals contribute positively to this growth.

謝謝你，方舟，大家早安。第三季度，EPAM 實現營收 11.68 億美元，按報告計算年增 1.3%，以固定匯率計算成長 0.9%，反映出 40 個基點的正面外匯影響。排除我們退出俄羅斯的影響，以固定匯率計算的年收入將分別成長 1.5% 和 1.1%。除了恢復同比收入成長外，該公司還發現六分之四的報告垂直行業對這一增長做出了積極貢獻。

Along with the revenue growth, EPAM also delivered solid operating performance and profitability. Additionally, the company recognized a benefit from Polish government incentive program to further improve the company's profitability in the quarter. During the third quarter, the company recognized $52 million of benefit resulting from government incentives the company expects to receive for qualifying research and development activities conducted in Poland. This benefit reduced cost of revenues, improving GAAP gross margin and IFO by 450 basis points.

隨著營收的成長，EPAM 也實現了穩健的經營業績和獲利能力。此外，該公司還認識到波蘭政府激勵計劃的好處，進一步提高了公司本季的獲利能力。第三季度，該公司確認了 5,200 萬美元的收益，該收益來自該公司預計在波蘭進行的合格研發活動將獲得的政府激勵措施。這項效益降低了收入成本，將 GAAP 毛利率和 IFO 提高了 450 個基點。

$22.9 million of the benefit pertains to incentives for activities conducted in 2023, and this amount has been adjusted out for non-GAAP purposes. The remaining $29.1 million in benefit derived from 2024 year-to-date R&D activities in Poland improved non-GAAP gross margin and adjusted IFO by approximately 250 basis points. We expect the incentive to be recurring and estimate that the company will receive a further benefit of approximately $9 million in Q4 2024, as well as benefits in 2025 and other future fiscal years. While the Poland R&D incentive is reflected as a benefit to operating expense for GAAP reporting purposes, the effective tax rate during the three and nine months ended September 30, 2024, was negatively impacted by the accounting with respect to the receipt of the incentive.

其中 2,290 萬美元用於獎勵 2023 年開展的活動，這筆金額已根據非公認會計準則目的進行調整。其餘 2,910 萬美元的收益來自 2024 年迄今在波蘭的研發活動，提高了非 GAAP 毛利率，並將調整後的 IFO 提高了約 250 個基點。我們預計該激勵措施將持續存在，並估計該公司將在 2024 年第四季獲得約 900 萬美元的進一步收益，以及 2025 年和其他未來財年的收益。雖然波蘭研發獎勵措施被反映為 GAAP 報告目的的營運費用收益，但截至 2024 年 9 月 30 日的三個月和九個月內的有效稅率受到與獲得激勵措施相關的會計處理的負面影響。

Therefore, the positive impact of the Polish R&D incentive on IFO, net of the increase in the GAAP effective tax rate, contributed $0.62 to Q3 GAAP EPS. For non-GAAP EPS, the contribution was $0.35. Moving to our vertical performance, financial services increased 3.3% year over year, driven by an improvement in demand from clients across fintech and banking, as well as continued strength in the insurance sector. The vertical also delivered solid sequential growth this quarter.

因此，波蘭研發激勵措施對 IFO 的正面影響（扣除 GAAP 有效稅率的增加）為第三季 GAAP 每股盈餘貢獻了 0.62 美元。對於非 GAAP 每股收益，貢獻為 0.35 美元。至於我們的垂直業績，由於金融科技和銀行業客戶需求的改善以及保險業的持續走強，金融服務年增 3.3%。該垂直行業本季也實現了穩健的連續成長。

Life sciences and healthcare delivered very strong year-over-year growth of 14.6%. Growth in the quarter was driven by clients in life sciences, pharmaceuticals, and med-tech. Consumer goods, retail, and travel decreased 4.5% on a year-over-year basis, largely due to declines in consumer products and retail, partially offset by solid growth in travel. Software and hi-tech grew 2.1% year over year.

生命科學和醫療保健領域年增 14.6%，非常強勁。本季度的成長是由生命科學、製藥和醫療技術領域的客戶所推動的。消費品、零售和旅遊業年減 4.5%，主要是由於消費品和零售業的下降，但部分被旅遊業的強勁成長所抵消。軟體和高新技術較去年同期成長2.1%。

Business information and media declined 9% compared to Q3 2023. Revenue in the quarter was substantially impacts ramp-down of a top 20 client. However, in the quarter, the vertical returned a slight positive sequential growth. And finally, our emerging verticals delivered solid year-over-year revenue growth of 8.5%, driven by clients in energy and manufacturing.

與 2023 年第三季相比，商業訊息和媒體下降了 9%。本季的營收對前 20 名客戶的縮減產生了重大影響。然而，在本季度，垂直行業恢復了輕微的正環比增長。最後，在能源和製造業客戶的推動下，我們的新興垂直產業實現了 8.5% 的年比收入穩健成長。

From the geographic perspective, Americas, our largest region, representing 60% of our Q3 revenues, grew 2.9% year over year on a reported basis and 2.9% in constant currency terms. EMEA, representing 38% of our Q3 revenues, contracted 0.3% year over year and 1.3% in constant currency. However, the region showed ongoing signs of stabilization returning to sequential growth in the quarter. And finally, APAC increased 1.8% year over year or 0.6% in constant currency terms and now represents 2% of our revenues.

從地理角度來看，美洲是我們最大的地區，占我們第三季營收的 60%，以報告資料計算，年增 2.9%，以固定匯率計算，較去年同期成長 2.9%。歐洲、中東和非洲地區占我們第三季營收的 38%，年減 0.3%，以固定匯率計算下降 1.3%。然而，該地區持續顯示出穩定跡象，本季恢復了環比增長。最後，亞太地區年增 1.8%，以固定匯率計算成長 0.6%，目前占我們營收的 2%。

In Q3, revenues from our top 20 clients grew 0.6% year over year, while revenues from clients outside our top 20 increased 1.7%. Moving down the income statement. Our GAAP gross margin for the quarter was 34.6% compared to 31.1% in Q3 of last year. Non-GAAP gross margin for the quarter was 34.3% compared to 32.9% for the same quarter last year.

第三季度，前 20 名客戶的營收年增 0.6%，前 20 名以外客戶的營收年增 1.7%。將損益表向下移動。我們本季的 GAAP 毛利率為 34.6%，去年第三季為 31.1%。本季非 GAAP 毛利率為 34.3%，去年同期為 32.9%。

Both GAAP and non-GAAP gross margin benefited from the Polish R&D incentive. For non-GAAP gross margin, the benefit associated with 2023 activities has been excluded. GAAP SG&A was 17.7% of revenue compared to 16.9% in Q3 of last year. Non-GAAP SG&A in Q3 2024 came in at 14% of revenue compared to 14.4% in the same period last year.

公認會計準則和非公認會計準則毛利率均受惠於波​​蘭的研發獎勵措施。對於非 GAAP 毛利率，與 2023 年活動相關的收益已被排除。GAAP SG&A 佔營收的 17.7%，去年第三季為 16.9%。2024 年第三季的非 GAAP SG&A 佔營收的 14%，去年同期為 14.4%。

SG&A improvement in the quarter is a result of our ongoing focus on managing our cost base and increased efficiency in our spend. GAAP income from operations was $177 million or 15.2% of revenue in the quarter compared to $114 million or 9.9% of revenue in Q3 of last year. Non-GAAP income from operations was $223 million or 19.1% of revenue in the quarter compared to $196 million or 17% of revenue in Q3 of last year. Both GAAP and non-GAAP income from operations include a positive benefit from the Polish R&D incentive.

本季 SG&A 的改善是我們持續關注管理成本基礎和提高支出效率的結果。以 GAAP 計算的營運收入為 1.77 億美元，佔本季營收的 15.2%，而去年第三季為 1.14 億美元，佔營收的 9.9%。本季非 GAAP 營運收入為 2.23 億美元，佔營收的 19.1%，去年第三季為 1.96 億美元，佔營收的 17%。公認會計準則和非公認會計準則的營運收入都包括波蘭研發獎勵措施的正面效益。

For non-GAAP income from operations, the benefit from the 2023 activities has been excluded. Our GAAP effective tax rate for the quarter came in at 28.1%, and our non-GAAP effective tax rate was 24.1%. As mentioned earlier, the Polish R&D incentive had an adverse impact on both GAAP and non-GAAP effective tax rates. Diluted earnings per share on a GAAP basis was $2.37.

對於非 GAAP 營運收入，2023 年活動的收益已被排除。我們本季的 GAAP 有效稅率為 28.1%，非 GAAP 有效稅率為 24.1%。如前所述，波蘭的研發獎勵措施對 GAAP 和非 GAAP 有效稅率產生了不利影響。以 GAAP 計算的稀釋每股收益為 2.37 美元。

Our non-GAAP diluted EPS was $3.12 compared to $2.73 in Q3 of last year reflecting a $0.39 increase year over year. Both GAAP and non-GAAP EPS were positively impacted by the Polish R&D incentive. For non-GAAP diluted EPS, the benefit associated with 2023 activities has been excluded. In Q3, there were approximately $57.4 million diluted shares outstanding.

我們的非 GAAP 攤薄後每股收益為 3.12 美元，去年第三季為 2.73 美元，年增 0.39 美元。公認會計準則和非公認會計準則每股收益均受到波蘭研發獎勵措施的正面影響。對於非 GAAP 稀釋每股收益，與 2023 年活動相關的收益已被排除。第三季度，稀釋後流通股價值約 5,740 萬美元。

Turning to our cash flow and balance sheet. Cash flow from operations for Q3 was $242 million compared to $215 million in the same quarter of 2023. Free cash flow was $237 million compared to free cash flow of $211 million in the same quarter last year, representing our highest level of free cash flow in our history. At the end of Q3, DSO was 74 days and compares to 76 days for Q2 2024 and 73 days for the same quarter last year.

轉向我們的現金流和資產負債表。第三季營運現金流為 2.42 億美元，而 2023 年同一季為 2.15 億美元。自由現金流為 2.37 億美元，而去年同期的自由現金流為 2.11 億美元，這是我們歷史上自由現金流的最高水準。截至第三季末，DSO 為 74 天，而 2024 年第二季為 76 天，去年同期為 73 天。

Share repurchases in the third quarter were approximately 245,000 shares for $50 million at an average price of $204.32 per share. Cash and cash equivalents were $2 billion as of the end of the quarter. Moving on to a few operational metrics. We ended Q3 with more than 47,750 consultants, designers, engineers and architects, a decline of 1.5% compared to Q3 2023.

第三季的股票回購規模約為 245,000 股，回購價格為 5,000 萬美元，平均價格為每股 204.32 美元。截至本季末，現金和現金等價物為 20 億美元。接下來討論一些營運指標。截至第三季度，我們擁有超過 47,750 名顧問、設計師、工程師和建築師，與 2023 年第三季相比下降了 1.5%。

However, we returned to sequential growth for the first time in nine quarters with net additions of 750 employees. Our total headcount for the quarter was more than 53,250 employees. Utilization was 76.4% compared to 72.7% in Q3 of last year and 77.5% in Q2 2024. Now, let's turn to our business outlook.

然而，我們九個季度以來首次恢復環比成長，淨增員工 750 名。本季我們的員工總數超過 53,250 名。利用率為 76.4%，而去年第三季為 72.7%，2024 年第二季為 77.5%。現在，讓我們談談我們的業務前景。

In Q4, we expect demand in North America to continue to drive year-over-year revenue growth in the region. Additionally, we are beginning to see a degree of demand stability emerging in our European geography. As a result, we now expect Q4 2024 revenue to be approximately flat year over year, excluding the contribution from the NEORIS acquisition. Our guidance assumes that we will continue to deliver from Ukraine and productivity levels consistent with previous levels throughout 2024.

第四季度，我們預計北美的需求將繼續推動該地區營收年增。此外，我們開始看到歐洲地區出現了一定程度的需求穩定。因此，我們現在預計 2024 年第四季的營收將與去年同期大致持平，不包括收購 NEORIS 的貢獻。我們的指導假設我們將在 2024 年繼續從烏克蘭交付產品，生產力水準與先前的水準保持一致。

As mentioned earlier, we expect further benefit in Q4 related to Polish R&D government incentives. We expect our production headcount will continue to grow in Q4 and anticipate finally returning to year-over-year headcount growth after seven quarters of decline. Moving to our full year outlook. Revenue is now expected to be in the range of $4.685 billion to $4.695 billion, effectively flat year-over-year.

如前所述，我們預計第四季將進一步受惠於波蘭研發政府獎勵措施。我們預計我們的生產人數將在第四季度繼續增長，並預計在經歷七個季度的下降後最終恢復到同比增長。轉向我們的全年展望。目前預計營收在 46.85 億美元至 46.95 億美元之間，與去年同期基本持平。

The impact of foreign exchange on growth is expected to have a positive impact of approximately 0.2%. Our guidance reflects both improvement in organic revenues in the second half of our fiscal year plus a $54 million contribution from NEORIS for the months of November and December. We expect GAAP income from operations to now be in the range of 11% to 11.5% and non-GAAP income from operations to now be in the range of 16% to 16.5%. We expect our GAAP effective tax rate to now be 23%.

外匯對成長的影響預計將產生約0.2%的正面影響。我們的指導反映了我們財年下半年有機收入的改善以及 NEORIS 在 11 月和 12 月的 5,400 萬美元捐款。我們預計 GAAP 營運收入目前在 11% 至 11.5% 範圍內，非 GAAP 營運收入目前在 16% 至 16.5% 範圍內。我們預計 GAAP 有效稅率目前為 23%。

Our non-GAAP effective tax rate will continue to be 24%. For earnings per share, we expect the GAAP diluted EPS will now be in the range of $7.78 to $7.86 for the full year. And non-GAAP diluted EPS will now be in the range of $10.73 to $10.81 for the full year. We now expect weighted average share count of 57.9 million fully diluted shares outstanding.

我們的非 GAAP 有效稅率將繼續為 24%。對於每股收益，我們預計全年 GAAP 稀釋後每股收益將在 7.78 美元至 7.86 美元之間。目前，全年非 GAAP 攤薄後每股收益將在 10.73 美元至 10.81 美元之間。我們目前預計完全稀釋後的加權平均股數為 5,790 萬股。

Moving to our Q4 2024 outlook. We expect revenue to be in the range of $1.205 billion to $1.215 billion, producing a year-over-year increase of 4.6%. On a constant currency basis, we expect Q4 revenue to increase 4.3% year over year. Similar to our full year outlook, our Q4 guidance reflects a $54 million contribution from NEORIS for the months of November and December.

展望 2024 年第四季。我們預計營收將在 12.05 億美元至 12.15 億美元之間，年增 4.6%。以固定匯率計算，我們預計第四季營收將年增 4.3%。與我們的全年展望類似，我們的第四季度指引反映了 NEORIS 在 11 月和 12 月的 5,400 萬美元貢獻。

For the fourth quarter, we expect GAAP income from operations to be in the range of 10.5% to 11.5% and non-GAAP income from operations to be in the range of 16% to 17%. We expect our GAAP effective tax rate to be approximately 26% and our non-GAAP effective tax rate to be approximately 24%. For earnings per share, we expect GAAP diluted EPS to be in the range of $1.73 and to $1.81 for the quarter and non-GAAP diluted EPS to be in the range of $2.70 to $2.78 for the quarter. We expect a weighted average share count of 57.2 million diluted shares outstanding.

對於第四季度，我們預計 GAAP 營運收入將在 10.5% 至 11.5% 範圍內，非 GAAP 營運收入將在 16% 至 17% 範圍內。我們預期 GAAP 有效稅率約為 26%，非 GAAP 有效稅率約為 24%。對於每股收益，我們預計本季 GAAP 攤薄後每股收益將在 1.73 美元至 1.81 美元之間，非 GAAP 攤薄後每股收益將在 2.70 美元至 2.78 美元之間。我們預計稀釋後流通股的加權平均數為 5,720 萬股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements for Q4. Stock-based compensation expense is expected to be approximately $44 million. Amortization of intangibles is expected to be approximately $9 million. The impact of foreign exchange is expected to be a $1 million loss.

最後，有一些關鍵假設支持我們第四季的 GAAP 與非 GAAP 衡量結果。股票補償費用預計約 4,400 萬美元。無形資產攤銷預計約 900 萬美元。外匯影響預計將造成 100 萬美元的損失。

Tax effective non-GAAP adjustments is expected to be around $14 million. We expect a tax shortfall related to stock-based compensation of around $1 million. Severance driven by our cost optimization program is expected to be $9 million. Finally, one more assumption outside of our GAAP to non-GAAP items.

稅收有效的非 GAAP 調整預計約為 1400 萬美元。我們預計與股票薪酬相關的稅收缺口約為 100 萬美元。我們的成本優化計劃帶來的遣散費預計為 900 萬美元。最後，我們的 GAAP 以外的非 GAAP 項目還有一個假設。

We maintain a significant level of cash and are generating a healthy level of interest income. However, we expect interest income to decline in Q4 due to the acquisitions of both NEORIS and First Derivative. Based on the reduction in cash resulting from these two acquisitions, we are now expecting interest and other income to be approximately $6 million for Q4. While we work our way through this cycle of stabilizing demand, we will continue to run an EPAM efficiently, positioning the company to capitalize on a more normalized demand environment.

我們保持大量現金，並產生健康水準的利息收入。然而，由於收購 NEORIS 和 First Derivative，我們預計第四季利息收入將下降。根據這兩次收購導致的現金減少，我們現在預計第四季的利息和其他收入約為 600 萬美元。在我們努力度過穩定需求週期的同時，我們將繼續有效運作 EPAM，使公司能夠利用更正常化的需求環境。

Lastly, my continued thanks to all our employees for their dedication and focus on serving our clients and driving results for EPAM. Operator, let's open the call for questions.

最後，我繼續感謝所有員工的奉獻精神和專注於服務客戶並推動 EPAM 取得成果。接線員，讓我們開始提問。

(Operator instructions)

（操作員說明）

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi, good morning. Thank you. It's good to hear the broad improvement here that you noted in client behavior over the last three months. Are there particular areas that are leading that recovery that you're most optimistic about? And as you just think about the discussions with these clients in recent weeks, any color you can share on early '25 budget discussions?

嗨，早安。謝謝。很高興聽到您在過去三個月中註意到客戶行為的廣泛改善。您對哪些特定領域的復甦最樂觀？當您想到最近幾週與這些客戶的討論時，您可以分享關於 25 年初預算討論的任何顏色嗎？

Yeah. I think clearly, we're seeing improvement in financial services. And, you know, obviously, it shows up in the results for Q3, and it's something we would expect to see as we exit the fiscal year. It does feel like those clients have reached a point where they do need to make investments and are beginning to recognize that they've got to start spending again.

是的。我清楚地認為，我們看到金融服務有所改善。而且，你知道，顯然，它會出現在第三季的業績中，這是我們預計在本財年結束時看到的情況。確實感覺這些客戶已經達到了他們確實需要進行投資的地步，並且開始認識到他們必須再次開始消費。

We're obviously seeing improvement in hi-tech, and then we continue with our domain investment in life sciences and healthcare. We continue to see good improvement there. I don't know that that's necessarily budget improvement with those clients, but probably relative success on our partner company. Probably still a little bit too early to sort of comment on what we see for 2025.

我們顯然看到了高科技的進步，然後我們繼續在生命科學和醫療保健領域進行投資。我們繼續看到那裡有良好的改善。我不知道這是否一定是這些客戶的預算改善，但可能是我們合作公司的相對成功。現在就對 2025 年的情況發表評論可能還為時過早。

But again, I think we just reiterate that, you know, there's certainly a degree of stability, and conversations feel incrementally more constructive.

但我想我們只是重申，你知道，肯定存在一定程度的穩定性，而且對話感覺逐漸更具建設性。

OK. And then a follow-up, just on the Poland R&D incentive benefit here. Understanding this is expected to continue. Just all else equal, can you give us a sense of how much this will help on gross margin and just, you know, the headwind as well on the effective tax rate as we think about refreshing '25 forward?

好的。接下來是關於波蘭研發激勵福利的後續行動。預計這一點將繼續被理解。在其他條件相同的情況下，您能否讓我們了解這對毛利率有多大幫助，以及在我們考慮刷新「25 未來」時，您知道，對有效稅率的不利影響？

Yeah. So, how I think about it is that the entire benefit, I guess, the $29 million for Q3, which was kind of a year-to-date number and the $9 million that we talked about Q4, all of that impacts gross margin. And so, I think one of the quick takeaways is that if you just looked at Q3 and if you adjusted out Poland, we'd be at about 31.8% for gross margin -- on the Polish tax benefit, sorry, and then the adjusted IFO would still be at a quite strong 16.6%. As we look ahead, we do expect to have a, let's call it, a similar level of kind of benefit, but we continue to have that challenge where we've got wage inflation.

是的。所以，我的想法是，我猜想，第三季的 2900 萬美元（這是今年迄今為止的數字）和我們談論的第四季度的 900 萬美元的全部收益，所有這些都會影響毛利率。因此，我認為快速得出的結論之一是，如果你只看第三季度，如果你調整了波蘭，我們的毛利率約為 31.8%——抱歉，根據波蘭稅收優惠，然後調整後的毛利率IFO 仍將保持在16.6% 的強勁水平。展望未來，我們確實期望獲得類似水準的福利，但我們仍面臨薪資通膨的挑戰。

And the pricing environment hasn't gotten worse. I mean, we do think there may be some opportunity for very modest price increases next year, but we still think we've got a disconnect between wage inflation and price improvement in 2025. So, I think that's still going to kind of pressurize 2025 profitability, somewhat consistent with what I've been talking about over the last couple of earnings calls.

而且定價環境並沒有變得更糟。我的意思是，我們確實認為明年可能會有一些非常溫和的價格上漲機會，但我們仍然認為 2025 年薪資通膨和物價改善之​​間存在脫節。因此，我認為這仍然會對 2025 年的獲利能力造成壓力，這與我在過去幾次財報電話會議中所談論的內容有些一致。

OK, thank you.

好的，謝謝。

Operator, we'll take the next question.

接線員，我們將回答下一個問題。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hey, guys. Congrats on the progress here. It's good to see. Can you just talk a little bit about revenue per head, what you're seeing there, and what the outlook is going into 4Q, and any kind of hiring and pickup in the European region that you guys are seeing that might be helping with the revenue, perhaps?

嘿，夥計們。恭喜這裡的進展。很高興看到。您能否簡單談談人均收入、您在那裡看到的情況、第四季度的前景，以及您在歐洲地區看到的任何可能有助於解決這一問題的招聘和接機情況。 ？

Yes, you're asking just about the mix is that, you know, we've talked about increases in headcount in Q3 and also said that we expect to see increases in headcount again in Q4, which is generally, as we've talked about, a positive leading indicator. We also think we're at a point now where we're beginning to see hiring more broadly globally. So, not just in India or Latin America, but also in other geographies in Eastern Europe and Western Asia. So, I think you're beginning to see something that is beginning to kind of broaden.

是的，您問的只是關於混合情況，您知道，我們已經討論過第三季度的員工數量增加，並且還表示我們預計第四季度的員工數量會再次增加，正如我們所說，這通常是約，積極的領先指標。我們也認為，現在我們開始看到全球範圍內更廣泛的招募。因此，不僅在印度或拉丁美洲，而且在東歐和西亞的其他地區也是如此。所以，我認為你開始看到一些正在開始擴大的東西。

Got it. And then, just looking at the guidance organically, the third quarter came a little bit better than the fourth quarter guide at the midpoint. Third quarter basically being flat. Fourth quarter, I mean, just down slightly in the midpoint, maybe a decline of like 1.5% or so.

知道了。然後，僅從有機角度來看，第三季的業績比第四季的中點業績要好一些。第三季基本持平。我的意思是，第四季中點略有下降，可能下降 1.5% 左右。

Just thinking about the plus and minuses going from third quarter to fourth quarter, is there any things to think about or callouts in terms of tougher comps or just some conservatism as we go into the fourth quarter versus the improvement we saw in the third? Thanks.

想想從第三季到第四季的優缺點，當我們進入第四季時，與我們在第三季看到的進步相比，在更嚴格的比較方面是否有任何需要考慮或標註的事情或只是一些保守主義？謝謝。

Yes, you've got a significant seasonality impact between Q3 and Q4. So, you've got more vacation, you've got more just classic holidays, and then you also have for low impact. So, that's kind of what's sort of in a sequential growth where you see a modest decline. The one thing I think I would call out, though, is that we have seen improved results in -- clearly in Q3 versus our guidance.

是的，第三季和第四季之間受到了顯著的季節性影響。所以，你有更多的假期，你有更多的經典假期，然後你也有低影響的假期。所以，這就是連續成長的情況，但你會看到適度的下降。不過，我想我要指出的一件事是，我們在第三季明顯看到了與我們的指導相比有所改善的結果。

But our Q4 results are stronger as a stand-alone business than we originally expected. So, if you think about the guide that we did pre-NEORIS, we talked about 45.90 to 46.25. If we adjust out the NEORIS, the updated guidance would be 46.31 to 46.41. So, again, with the stand-alone business, clearly, we saw better-than-expected Q3.

但作為一項獨立業務，我們第四季的業績比我們最初的預期要強。所以，如果你想想我們在 NEORIS 之前所做的指南，我們談論的是 45.90 到 46.25。如果我們調整 NEORIS，更新後的指引將為 46.31 至 46.41。因此，就獨立業務而言，顯然我們第三季的業績優於預期。

At this time, we're also expecting to see a stronger Q4 than we had expected when we did the Q2 earnings call.

目前，我們也預期第四季的業績將強於我們在第二季財報電話會議上的預期。

Got it. Appreciate all the disclosures especially in organic growth. Thanks.

知道了。感謝所有披露，尤其是有機增長方面的披露。謝謝。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, thank you for taking my question. I wanted to follow up on the R&D incentives from Poland. And I just -- I'm trying to understand, is that an amount that we should think will flow into the model from here on out, I suppose? In other words, does the amount change quarter to quarter or year to year?

你好，謝謝你回答我的問題。我想跟進波蘭的研發激勵措施。我只是 - 我想了解，我想，我們應該認為從現在開始，這個數量會流入模型嗎？換句話說，該金額會逐季度或逐年變化嗎？

And then secondarily, is there any other opportunity to look for incentives like that from other jurisdictions?

其次，是否有其他機會從其他司法管轄區尋求類似的激勵措施？

No, that's a great question. And we have taken this year to evaluate opportunities, particularly as we've moved into somewhat more expensive geographies in Central Europe. And there are some incentives that we have begun to take advantage of. And obviously, we will continue to look at that.

不，這是一個很好的問題。我們利用今年來評估機會，特別是當我們進入中歐一些更昂貴的地區時。我們已經開始利用一些激勵措施。顯然，我們將繼續關注這一點。

Poland, we do think we will offer a, let's say, a similar level of kind of benefit next year, OK? I do think at the same time, what I said earlier with Bryan is that, you know, there continues to be, I would say, not a worsening in the pricing environment, but just not an improvement in the price environment. And at the same time, we have wage inflation. So, I have kind of been talking for a while about thinking about profitability in somewhat below our 16% to 17% range in 2025. So, again, somewhat below 16% to 17%.

波蘭，我們確實認為明年我們會提供類似水準的福利，好嗎？我確實認為，同時，我之前與布萊恩所說的是，我想說，定價環境不會繼續惡化，而只是價格環境沒有改善。同時，我們也面臨薪資上漲的問題。因此，我已經討論了一段時間，考慮將 2025 年的盈利能力控制在略低於 16% 至 17% 的範圍內。所以，還是略低於 16% 到 17%。

And I think that even with the Polish incentive, I would still encourage people to think about our business in that way, again, just because I think what you'll see is a modest price improvement environment next year. And at the same time, we will still be exposed to some degree of wage inflation.

我認為，即使有波蘭的激勵措施，我仍然會再次鼓勵人們以這種方式思考我們的業務，只是因為我認為明年您將看到的是適度的價格改善環境。同時，我們仍將面臨一定程度的薪資通膨。

OK. A quick follow-up for me. On M&A, you mentioned continuing to strategically invest in capabilities. You guys have obviously been pretty active lately.

好的。對我來說是一個快速跟進。關於併購，您提到繼續對能力進行策略性投資。看得出來你們最近很活躍。

Should we expect a similar level of activity in the quarters ahead and sort of what types of assets are you looking for?

我們是否應該預期未來幾季會有類似的活動水平以及您正在尋找哪些類型的資產？

I think -- I don't think we expect the same level of size impact. And in general, our approach for acquisition didn't change much. We always were sensitive, ready to entertain bigger ones, but it's function of components. It just happens that Polish just play right in our opinion during the last quarter.

我認為——我認為我們預計不會產生同樣程度的規模影響。總的來說，我們的收購方式沒有太大變化。我們總是很敏感，準備好招待更大的人，但這是組件的功能。碰巧波蘭人在最後一節的表現在我們看來是正確的。

But in the future, we will be focusing as we did in the past one, focus in expectation that would be more in line with what you saw before. It would be small acquisitions with specific purposes on capabilities or very specific regions.

但未來我們會像過去一樣聚焦，聚焦在期望上，會更符合你們之前所看到的。這將是針對能力或特定區域的特定目的的小型收購。

Okay. Thank you.

好的。謝謝。

Jonathan Lee, Guggenheim Securities.

喬納森李，古根漢證券公司。

Great. Thanks for taking our questions and tremendous to see the improvement in demand here. Historically, you have talked about expecting a reversion back to delivery in Eastern and Central Europe as demand picks back up. Have you seen any meaningful evidence of that in your customer conversations just yet?

偉大的。感謝您提出我們的問題，並非常高興地看到這裡的需求改善。從歷史上看，您曾談到，隨著需求回升，預計東歐和中歐將恢復交貨。您在與客戶的對話中是否看到任何有意義的證據？

We begun to see some recovery in demand for Eastern Europe.

我們開始看到東歐的需求有所復甦。

Yes. I think as Jason mentioned already, we are starting to carry across all locations. During the previous quarters, India was absolutely champion, and Latin America was probably the second. Right now, Eastern and Central Europe becoming -- is the focus for us to increase capacity because it's what we see in some clients, 2022 kind of trust that we stabilize majority of the things.

是的。我認為正如傑森已經提到的，我們開始在所有地點開展業務。在前幾季中，印度絕對是冠軍，拉丁美洲可能是第二名。目前，東歐和中歐正在成為我們增加產能的重點，因為這是我們在一些客戶中看到的，到 2022 年我們會穩定大部分事情。

And they also much more than right now for the diversified teams, not only India. So, we will see how it works. Again, as we mentioned before, we don't want to predict future too much, but that's a trend which we are seeing right now.

對於多元化團隊來說，它們也比現在多得多，不僅僅是印度。那麼，我們將看看它是如何工作的。同樣，正如我們之前提到的，我們不想過多地預測未來，但這是我們現在看到的趨勢。

Thanks for that. And a follow-up. You know, it's good to see improvement across your top accounts. Are you seeing any shifts in the makeup of that cohort? And have there been any notable changes to the type of work or, again, delivery geographies that you are seeing pursued from those accounts?

謝謝你。以及後續行動。您知道，很高興看到您的頂級帳戶有所改善。您是否發現該群體的組成發生了任何變化？您從這些帳戶中看到的工作類型或交付地域是否有任何顯著變化？

Yes. We are seeing positive changes in general from just stabilization to activation of more transformational programs. And we have seen not necessarily consistently, but much more offer when programs started to go to realization much faster than we saw several quarters ago. So, it's, again, positive movement from our side.

是的。我們總體上看到了從穩定到激活更多變革計劃的積極變化。當專案開始比幾個季度前更快實現時，我們看到的報價不一定一致，但會提供更多的報價。所以，這又是我們方面的積極舉措。

Even now, we're getting into a situation when suddenly plan to start as to accelerate much faster than we would expect if anyone go to it like again during the next -- or last couple of quarters. There is positive opinion while, again, we all need to understand that it even changes quickly, plus there are too many external factors which [Inaudible] projections. But it's a much better show.

即使是現在，我們也陷入了這樣一種情況：突然計劃開始，其加速速度比我們預期的要快得多，如果有人在下一個或最後幾個季度再次這樣做的話。有正面的意見，但我們都需要明白，它甚至變化得很快，而且有太多的外部因素[聽不清楚]預測。但這是一個更好的節目。

Thanks for that detail.

謝謝你的詳細資料。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Thank you. Could you talk a little bit about any underlying profitability improvements you have seen this quarter, either sequentially or year over year when you exclude the Poland-related benefit?

謝謝。您能否談談本季度您看到的任何潛在的盈利能力改善，無論是連續還是同比（當您排除波蘭相關的收益時）？

Yeah. When we have been working to, obviously, improve utilization, and that's had a positive impact. You have also seen, obviously, the improvement in SG&A as a percentage of revenue. So, I think those are the two positives.

是的。顯然，當我們一直致力於提高利用率時，這產生了積極的影響。顯然，您也看到了 SG&A 佔收入百分比的改善。所以，我認為這是兩個正面因素。

And as we have been talking about, we continue to have not a pricing impact that is changing, but just we have a promotion campaign early in the fiscal year. We haven't seen much price improvement throughout the year. And so, when you do year-over-year comparisons, that still shows up. But, you know, we still have an opportunity to work on pyramid.

正如我們一直在談論的，我們仍然沒有變化的定價影響，只是我們在本財年初期進行了促銷活動。全年我們沒有看到價格有太大改善。因此，當你進行逐年比較時，這一點仍然會出現。但是，你知道，我們仍然有機會從事金字塔工作。

And you know, again, we are beginning to introduce more juniors as well as beginning to, as Ark talked about, staff a little bit more broadly globally.

你知道，我們再次開始引進更多初級員工，並開始在全球擴大員工規模，正如 Ark 所說。

Thank you. And then, could you spend a little time on your plans for integrating these acquisitions and, in particular, driving synergies, maybe some commentary around the margin profiles of these acquisitions and your plans for the trajectory there?

謝謝。然後，您能否花一點時間討論整合這些收購的計劃，特別是推動協同效應，也許對這些收購的利潤狀況以及您的發展軌跡計劃進行一些評論？

Yeah. So, let me first say that with NEORIS, we have been specific that we expect a contribution of $54 million in Q4. And then, we have not provided any direction for First Derivative, which has not closed yet. We do expect that it would close later in the quarter.

是的。因此，我首先要說的是，對於 NEORIS，我們具體預計第四季將貢獻 5,400 萬美元。然後，我們還沒有為一階導數提供任何指示，該項目尚未結束。我們確實預計它將在本季晚些時候關閉。

But we don't have any contribution from that acquisition in today's guidance. From an integration standpoint, the clear focus right now is really on revenue opportunities. And, you know, we are already pursuing quite actively a number of engagements where we are kind of jointly working with NEORIS as sort of NEORIS-EPAM combined to meet the needs of some existing clients and some newer opportunities. And so, I would say that the first focus really is on, again, revenue growth.

但在今天的指引中，我們並沒有從這項收購中獲得任何貢獻。從整合的角度來看，目前的明確焦點其實是收入機會。而且，您知道，我們已經在相當積極地開展多項合作，與 NEORIS 進行某種形式的 NEORIS-EPAM 共同合作，以滿足一些現有客戶和一些新機會的需求。因此，我想說，首要關注點確實是收入成長。

And that's one of the things that we think is very exciting about the combination of EPAM and NEORIS. Just to pick up the profitability question, we do expect that both of these acquisitions will have somewhat lower profitability than EPAM stand-alone. And so whereas we have talked about historically sort of 16% to 17%, and I have said, we would probably be a little bit below that in 2025. Both First Derivative and NEORIS would likely to contribute more in sort of the low-teens.

這是我們認為 EPAM 和 NEORIS 的結合非常令人興奮的事情之一。就獲利能力問題而言，我們確實預期這兩項收購的獲利能力將略低於 EPAM 單獨收購的獲利能力。因此，雖然我們歷史上談論過 16% 到 17%，但我說過，到 2025 年我們可能會略低於這個數字。一階導數和 NEORIS 都可能在低青少年方面做出更多貢獻。

And so, we will have a modestly negative impact on adjusted IFO. But again, when I guide in this, you know, sort of slightly below 16, most of the impact really is more on the sort of pricing wage inflation disconnect.

因此，我們將對調整後的 IFO 產生適度的負面影響。但同樣，當我指導這一點時，你知道，略低於 16，大部分影響實際上更多的是定價工資通膨脫節。

I think I would add that when we were selecting these companies, we are focusing very much on the quality of capabilities and quality of engineering in most cases. So, because from integration perspective, we are also very carefully focusing right now to understand deeper capabilities, deeper characters of the company because when you do the due diligence under pressure, to win these deals, time is very compressed. So, at the same time, we know there are some areas where we definitely have benefits, and we understand the areas on how to improve all the financial parameters as well. Because like in what market this company is placed today, more traditional capabilities and capacity we can bring to their clients.

我想我想補充一點，當我們選擇這些公司時，在大多數情況下我們非常關注能力品質和工程品質。所以，因為從整合的角度來看，我們現在也非常仔細地關注公司更深層的能力、更深層的特徵，因為當你在壓力下進行盡職調查以贏得這些交易時，時間非常壓縮。因此，同時，我們知道在某些領域我們肯定會受益，我們也了解如何改善所有財務參數的領域。因為就像這家公司今天所處的市場一樣，我們可以為他們的客戶帶來更多傳統的能力和能力。

It's all -- we will be [Inaudible] because it's not, again, right -- on its kind of one plus one equal something (inaudible) but the core synergies being realized in the next couple of years.

就是這樣——我們將[聽不清楚]，因為它再一次是不對的——一加一等於某種東西（聽不清楚），但核心協同效應將在未來幾年內實現。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank you. Jason, can you maybe comment on margins more from a structural perspective as you think about a more diversified global delivery footprint. Anything we should be aware of there versus maybe having a more concentrated footprint in the past?

謝謝。傑森，當您考慮更多元化的全球交付足跡時，您能否從結構角度更多地評論利潤率。與過去可能有更集中的足跡相比，我們應該注意什麼？

Yeah. We have talked about this, I think, throughout, and this is a question about India versus Eastern Europe versus Western [Inaudible] the margin profiles of the businesses are, I think more similar than I think people understand or have believed. And so, I don't think a shift into one geography or another produces a, you know, radical change or a significant change in the profitability levels. I think what really has been kind of impactful has been both the increasing sort of seniority pyramid globally.

是的。我認為我們自始至終都討論過這個問題，這是一個關於印度與東歐與西方[聽不清楚]企業利潤狀況的問題，我認為比我認為人們理解或相信的更相似。因此，我認為向一個或另一個地區的轉變不會產生根本性的變化或獲利水準的顯著變化。我認為真正有影響力的是全球範圍內資歷金字塔的不斷增加。

And then just this environment that has, again, has us still do it from us in appropriate wage increases without being able to pass those done to clients. And so, what, you know, Ark and I were talking about yesterday, is it -- you know, with a change in the demand environment, clearly, the first thing that you would see is an improvement in revenue. And then, you might see a lag in terms of the ability to also improve pricing. But we do think that that comes eventually with a future improvement in the demand environment.

然後，正是在這種環境下，我們仍然透過適當的薪資成長來實現這一目標，但無法將這些成果轉嫁給客戶。所以，你知道，方舟和我昨天談論的是——你知道，隨著需求環境的變化，顯然，你首先看到的是收入的改善。然後，您可能會發現提高定價的能力有滯後。但我們確實認為，這最終會隨著未來需求環境的改善而實現。

That's helpful. And then, in terms of just the pyramid at this point and the reshaping of the pyramid, is there a way that you can, perhaps, quantify the opportunity in terms of the seniority versus the general employees? Or how we should think about that on a go-forward basis?

這很有幫助。那麼，就目前的金字塔和金字塔的重塑而言，是否有一種方法可以量化資歷與一般員工的機會？或者我們應該如何在未來的基礎上思考這個問題？

I think we need to think about it on an ongoing basis. And the simple answer is that even pyramid and everything else that it might depend on how demand market will change, how much it will be accelerated and across good locations. Because we definitely wish a seniority (inaudible) doing whatever we can in current environment. But we think exactly how it will be benefit like 12 months from now.

我認為我們需要持續思考這個問題。簡單的答案是，即使金字塔和其他一切可能取決於需求市場將如何變化，它將加速多少以及在良好的地點。因為我們絕對希望有資歷（聽不清楚），在當前環境下盡我們所能。但我們確切地思考 12 個月後它將如何受益。

We need to understand how the next 12 months will look like from the demand perspective. But we have all the mechanisms. We have different models to address it. And we never stop our kind of educational and recruitment improvement platform development.

我們需要從需求角度了解未來 12 個月會是什麼樣子。但我們擁有所有的機制。我們有不同的模型來解決這個問題。我們從未停止我們的教育和招募改進平台的開發。

So, we're comfortable that we would be able to start hiring and scaling better, whether it will be necessary, specifically in the engineering component.

因此，我們很高興能夠開始更好地招募和擴大規模，無論是否有必要，特別是在工程方面。

Go ahead, Jason.

來吧，傑森。

(inaudible) that takes time to show benefit. Both the demand environment needs to be somewhat better, and then it takes some time. So, I'll just --

（聽不清楚）這需要時間才能顯示出好處。兩者的需求環境都需要好一些，然後需要一些時間。所以，我就--

But we --

但我們--

Yeah.

是的。

But we definitely have an opportunity because our pyramid right now is more senior than in traditional time -- back in the time. So, we have opportunity to benefit.

但我們絕對有機會，因為我們現在的金字塔比傳統時代（過去）更高級。因此，我們有機會受益。

Thank you.

謝謝。

David Grossman, Stifel.

大衛·格羅斯曼，斯蒂菲爾。

Good morning. Thank you. And I know you've talked quite a bit about the overall demand environment, and sorry if I missed the nuance here. But, perhaps, you could just repeat how much of the improvement you are seeing is, you know, macro demand-related, you know, factors as opposed to clients just becoming more comfortable with the new diversified delivery platform?

早安.謝謝。我知道您已經談論了很多關於整體需求環境的問題，如果我錯過了這裡的細微差別，我很抱歉。但是，也許您可以重複您所看到的改善有多少是與宏觀需求相關的因素，而不是客戶只是對新的多元化交付平台感到更加滿意？

That's a great question and almost impossible answer, unfortunately, because macro and geopolitics play huge work in direct. And at the same time, more like anecdotal level, I can say that what we were talking about it in the past, then all benefits from new technology whereas gen AI platform (inaudible) implied to understand that they need to do something now to be eligible for the benefits in the future. And some clients really starting to pay much more attention to data and general cloud infrastructure maturity and started to invest in this. We see a change versus several quarters ago, but how to quantify (inaudible)

不幸的是，這是一個很好的問題，但幾乎不可能得到答案，因為宏觀和地緣政治直接發揮巨大的作用。同時，更像是軼事層面，我可以說我們過去談論的一切都受益於新技術，而一代人工智慧平台（聽不清楚）暗示要理解他們現在需要做一些事情才能成為現實。資格享受福利。一些客戶確實開始更加關注數據和通用雲端基礎設施的成熟度，並開始對此進行投資。我們看到與幾個季度前相比發生了變化，但如何量化（聽不清楚）

I mean, there is a lot of different things that are kind of moving the needle. And maybe in some of the markets, financial services are a little bit in hi-tech. It feels like there is maybe some improvement in budget. One of the other things we are seeing, David, and we have talked about it over the years is that we are beginning to see some clients return to us based on quality challenges they have had with other vendors.

我的意思是，有很多不同的事情都在推動事情的發展。也許在某些市場，金融服務有點高科技。感覺預算可能有所改善。大衛，我們看到的另一件事是，我們多年來一直在談論它，我們開始看到一些客戶因為與其他供應商遇到的品質挑戰而回到我們這裡。

It's still, again, on the margin. But, you know, as we do our own internal channel checks, we have multiple examples of accounts that are beginning to grow again or new logos that are growing because of clients, you know, being somewhat exhausted with the experience they have had with other vendors, kind of return to quality method.

它仍然處於邊緣。但是，你知道，當我們進行內部管道檢查時，我們有多個帳戶開始再次增長的例子，或者新徽標正在增長，因為客戶，你知道，他們與其他客戶的經歷有些疲憊。返還品質的方法。

Yeah. And in total basis, we have visibly more clients come back to us. I didn't mean the clients who stopped working with us, clients who decrease to a lot starting to come back with visible level of growth, one point. And then, we started to see clients which we started relatively recently and scaling up [Inaudible] for us at least kind of tens of millions in revenue annually, which wasn't really often for us during the last probably 18 months to 24 months.

是的。總的來說，我們有明顯更多的客戶回到我們身邊。我並不是說那些停止與我們合作的客戶，那些減少很多的客戶開始以明顯的成長水平回來，一點點。然後，我們開始看到最近才開始的客戶，並為我們擴大[聽不清楚]每年至少數千萬的收入，這在過去可能的 18 個月到 24 個月內對我們來說並不常見。

Got it. And I just -- I know you have talked quite a bit about Poland and margins, and sorry again to ask this question. But just to be clear, Jason, do you want us to start slightly below the 16% to 17% level next year and then add the benefit from Poland, which would be roughly equivalent to the 38 million you got in '24?

知道了。我只是——我知道你已經談論了很多關於波蘭和邊緣的問題，很抱歉再次問這個問題。但要明確的是，Jason，您是否希望我們明年開始時略低於 16% 至 17% 的水平，然後加上來自波蘭的收益，這大約相當於您在 24 年獲得的 3800 萬？

So, I am glad we are having this very explicit opportunity to clarify. We do expect to see benefits from Poland. And at the same time, I would prefer that you continue to use something slightly below 16% as you think about 2025.

因此，我很高興我們有這個非常明確的機會來澄清。我們確實希望看到波蘭的好處。同時，在考慮 2025 年時，我更希望您繼續使用略低於 16% 的比例。

So, slightly below 16%, inclusive of the 38 million that you would get from Poland next year, is that correct?

那麼，略低於 16%（包括明年從波蘭獲得的 3800 萬），這是正確的嗎？

That is correct.

這是正確的。

Got it. And, sorry, just if I could sneak one last one in here. Just the headcount, I did see the headcount grew, you know, 600 people sequentially. However, it looks like 550 of those were non-IT people.

知道了。抱歉，如果我能偷偷溜進這裡最後一張就好了。就員工人數而言，我確實看到員工人數連續增加了 600 人。然而，其中 550 人似乎是非 IT 人員。

Did I read that right with only 50 being IT? If I got that right, is there a reason there is such a big increase in nonproduction folks?

我沒看錯吧，只有 50 個是 IT 嗎？如果我沒猜錯的話，非生產人員數量大幅增加是否有原因？

I thought we had 750 headcount that were production. So, we can go back over that with you, but now we have production headcount increases. Most of the increase -- and again, we expect the production headcount increase again in Q4.

我以為我們有 750 位生產人員。所以，我們可以和你一起回顧這個問題，但現在我們的生產人數有所增加。大部分成長－我們再次預計第四季生產人數將再次增加。

Got it. OK, guys. Thanks very much.

知道了。好吧，夥計們。非常感謝。

Sure.

當然。

Jason Kupferberg, Bank of America/Merrill Lynch.

Jason Kupferberg，美國銀行/美林。

Thank you, guys. I just wanted to come back on organic year-over-year growth. So, you were flat in Q3. You are down, call it, 1.5% in Q4 at the midpoint, but it does sound like demand is getting better.

謝謝你們，夥計們。我只是想恢復年比有機成長。所以，你在第三季持平。第四季中點下降了 1.5%，但聽起來需求確實在改善。

I mean, is there any reason to think that you won't return to meaningfully positive organic revenue growth year over year in 2025?

我的意思是，有什麼理由認為您不會在 2025 年恢復顯著的有機收入同比增長？

Yeah, we would definitely expect to return to organic revenue growth in 2025. I guess the question is what's the definition of meaningful. But, yes, we are looking to return to growth next year.

是的，我們肯定希望在 2025 年恢復有機收入成長。我想問題是有意義的定義是什麼。但是，是的，我們希望明年恢復成長。

OK. And then just on NEORIS, can you clarify what the organic revenue growth profile of that asset is, as well as the client concentration, I think, from CEMEX there, just given the captive model.

好的。然後就 NEORIS 而言，您能否澄清一下該資產的有機收入成長情況，以及我認為來自 CEMEX 的客戶集中度（僅考慮到自保模型）。

Yes. So, we talked about $54 million in November and December. December is usually a somewhat soft month just because of the holidays and vacations and that type of thing. And so I think if you go to take those two months and multiply it by six, you probably add a little bit to the two months to kind of get to a number.

是的。因此，我們在 11 月和 12 月討論了 5,400 萬美元。由於假期和諸如此類的事情，十二月通常是一個有點疲軟的月份。所以我認為如果你把這兩個月乘以六，你可能會在這兩個月上加上一點點來得到一個數字。

It is a growing business. cloud infrastructure. CEMEX, obviously, is a significant customer for NEORIS and will be a significant customer on NEORIS. But it's not a huge percentage of their business, right? It's just a significant customer.

這是一項不斷成長的業務。雲端基礎設施。顯然，CEMEX 是 NEORIS 的重要客戶，也將是 NEORIS 的重要客戶。但這不是他們業務的很大一部分，對嗎？這只是一個重要客戶。

They have got, you know, other customers in that same kind of space, let's call it, manufacturing or materials. They also have some presence in financial services. So, again, it's not as if, you know, CEMEX is a majority customer or anything.

你知道，他們在同一類型的領域（我們稱之為製造或材料）擁有其他客戶。他們在金融服務領域也有一定的影響力。所以，再說一次，你知道，CEMEX 並不是主要客戶或其他什麼。

Okay. Sorry, how fast is with CEMEX -- I am sorry, how fast was NEORIS growing on its own organically before you bought it?

好的。抱歉，CEMEX 的速度有多快 - 抱歉，在您購買 NEORIS 之前，NEORIS 的自身發展速度有多快？

Yeah, I don't think we have talked about that yet. And I probably won't do it right now. But we will decide what we discuss probably as we get into next year. But again, it's a growing business, and we have talked about in excess of $300 million, you can take the November-December.

是的，我認為我們還沒有討論過這個問題。我現在可能不會這樣做。但我們可能會在明年決定要討論什麼。但同樣，這是一個不斷成長的業務，我們已經討論過超過 3 億美元，你可以選擇 11 月至 12 月。

And as I said, add a little bit to it and probably multiple by six to kind of get a $0.01. But again, we are not only excited about the growth of the business, but also specifically our opportunity to grow in aggregate as we combine our two capabilities and address markets that EPAM has not historically addressed.

正如我所說，加一點點，可能乘以 6 就可以得到 0.01 美元。但同樣，我們不僅對業務的成長感到興奮，而且特別對我們的整體成長機會感到興奮，因為我們結合了我們的兩種能力並解決了 EPAM 歷史上從未涉足的市場。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Hi. Thanks for taking my question. So, earlier this year, you talked about improving employee productivity in new regions, which were still slightly below what you had in Eastern European countries. Can you update us on Latam, specifically with NEORIS acquisition there, Latam being like a much larger region for you? And India, like how is employee productivity there?

你好。感謝您提出我的問題。因此，今年早些時候，您談到了提高新地區的員工生產力，但這些地區的員工生產力仍略低於東歐國家。您能否向我們介紹拉丁美洲的最新情況，特別是 NEORIS 在那裡收購的情況，拉丁美洲對您來說是一個更大的地區？印度的員工生產力如何？

So, I think it would be much more comfortable to talk about it like in a couple of quarters. But based on our current assessment, we expect that engineering level is [Inaudible] many areas comparable to what we see across our centers as well. So, when you talk about productivity how (inaudible) very different metric and the best very much from the market where they operate. And as you know, (inaudible)coming from Latin America, which is different markets.

因此，我認為在幾個季度內討論這個問題會更舒服。但根據我們目前的評估，我們預期許多領域的工程水平[聽不清楚]與我們在各個中心看到的水平相當。因此，當您談論生產力時，（聽不清楚）指標與他們所在市場的最佳指標有何不同。如你所知，（聽不清楚）來自拉丁美洲，這是不同的市場。

We hope that we will be able to impact this, but we also hope we will be served together (inaudible) global companies operating in Latin America and also increase opportunity and impact on our North American clients is very scalable now. So, then that's what I mean really. We'll need to talk about this (inaudible)

我們希望我們能夠對此產生影響，但我們也希望我們能夠共同為在拉丁美洲運營的全球公司提供服務（聽不清楚），並增加機會，並且對我們北美客戶的影響現在非常可觀。那麼，這就是我真正的意思。我們需要談談這個（聽不清楚）

Got it. And as we think about 2025, are there any client-specific headwinds that we should consider or most of them are behind you by now?

知道了。當我們思考 2025 年時，是否有任何我們應該考慮的特定於客戶的逆風，或者大多數逆風現在已經過去了？

We -- as we mentioned, again, don't want to predict what we cannot right now. There are too many moving factors even today, Okay? At the same time, like we think about (inaudible) in calculations like very visible for us even for Q4 right after elections. So, there are a lot of things which are unpredictable. There are some (inaudible) which didn't happen one year ago when we were a little bit more optimistic, and we are trying to predict the future.

正如我們再次提到的，我們不想預測我們現在無法預測的事情。即使到了今天，感動的因素也太多了吧？同時，就像我們在計算中考慮的那樣（聽不清楚），即使在選舉後的第四季度，這對我們來說也非常明顯。所以，有很多事情是不可預測的。有些（聽不清楚）在一年前我們還比較樂觀的時候並沒有發生，我們正在嘗試預測未來。

So, let's see what will happen, how we saw global politics will be shaped, how it's going to impact the market, and what will pressure our plants will have to actually starting to fight the technical depth, which is, in our opinion, still very, very deep.

因此，讓我們看看會發生什麼，我們如何看待全球政治將如何形成，它將如何影響市場，以及什麼會給我們的工廠帶來壓力，使我們的工廠必須真正開始對抗技術深度，在我們看來，技術深度仍然是一個挑戰。

Thank you.

謝謝。

Thank you very much for listening to us today. I think in summary, we would like to say again that we are pretty glad with our Q3 results. We also are realistically optimistic how Q4 is shaping, which is good. And we would like to remind that we definitely believe that EPAM continues to be well-positioned and to capture rebound in market demand in the future as well.

非常感謝您今天聆聽我們的演講。我認為總而言之，我們想再次表示，我們對第三季的業績感到非常高興。我們對第四季的情況也持現實樂觀的態度，這很好。我們想提醒大家的是，我們堅信 EPAM 將繼續處於有利地位，並在未來抓住市場需求的反彈。

So, with this, let's see reality in three months from now. Thank you very much.

那麼，讓我們來看看三個月後的現實吧。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。