Epam Systems Inc (EPAM) 2025 Q1 法說會逐字稿

Good day, and welcome to EPAM Systems first-quarter 2025 earnings conference call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Mike Rowshandel, Head of Investor Relations, to begin the conference. Mike, over to you.

大家好，歡迎參加 EPAM Systems 2025 年第一季財報電話會議。（操作員指示）最後，我想告知所有參與者，本次通話正在錄音。謝謝。現在，我歡迎投資者關係主管 Mike Rowshandel 開始會議。麥克，交給你了。

Good morning, everyone, and thank you for joining us today on our first quarter 2025 earnings announcement. As the operator just mentioned, I'm Mike Rowshandel, Head of Investor Relations.

大家早安，感謝您今天參加我們的 2025 年第一季財報公告。正如接線員剛才提到的，我是投資者關係主管 Mike Rowshandel。

We hope you've had an opportunity to review the two news releases we shared earlier today. If you have not, copies are 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.

我們希望您有機會閱讀我們今天早些時候分享的兩則新聞稿。如果您還沒有，可以在 epam.com 的「投資者」部分找到副本。今天與我一起參加電話會議的還有執行長兼總裁 Arkadiy Dobkin；以及財務長 Jason Peterson。

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.

我想提醒聽眾，今天電話會議上的一些評論可能包含前瞻性陳述。這些聲明受到公司收益報告和美國證券交易委員會文件中所述的風險和不確定性的影響。此外，所有引用非 GAAP 指標的報告結果均已與可比較 GAAP 指標進行協調，並可在我們網站「投資者」部分的季度收益資料中查閱。

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

話雖如此，我現在將電話轉給 Ark。

Thank you, Mike. Good morning, everyone. Thank you for joining us today. As you may have seen in our additional press release this quarter, we have one more update to share today that goes beyond our usual business performance.

謝謝你，麥克。大家早安。感謝您今天加入我們。正如您可能在本季度的補充新聞稿中看到的那樣，我們今天還有一項超出我們通常業務表現的更新要分享。

Alongside our strong Q1 results despite a tough market environment, we also announced our planned leadership succession. So before we get into the details of our performance and growth momentum, I want to take a moment to share a few thoughts on my planned transition from CEO.

儘管市場環境嚴峻，我們仍然取得了強勁的第一季業績，同時我們也宣布了領導層的繼任計畫。因此，在我們詳細討論我們的業績和成長動能之前，我想花點時間分享一些關於我從執行長職位過渡的想法。

After 32 years since starting in EPAM as the Chairman, CEO and President, I decided to transition into the role of the Executive Chairman. This move has been thoughtfully planned over the past several years, and I believe that the right moment is now, both for me personally and for the future of the company.

在 EPAM 擔任董事長、執行長和總裁 32 年後，我決定轉任執行董事長一職。這項舉措是經過精心策劃的，經過了過去幾年的深思熟慮，我相信現在是正確的時機，無論對我個人還是對公司的未來而言。

But I'm not leaving EPAM. As Executive Chairman, I plan to continue providing strategic guidance, combining my years of experience, stakeholder relationships and Board leadership, and ensuring that the CEO transition is smooth and effective. And that EPAM continues to advance in our mission, culture and growth.

但我不會離開 EPAM。身為執行主席，我計劃繼續提供策略指導，結合我多年的經驗、利害關係人關係和董事會領導能力，確保執行長的過渡順利有效。EPAM 將繼續在使命、文化和成長方面取得進步。

Beyond the transition period, I will be actively engaged as an employee of the company and helping to shape EPAM's long-term strategic direction, maintaining key relationships with clients, partners and investors, providing guidance on critical strategic initiatives and programs and promoting the company brand worldwide. I will be closely collaborating with the CEO and the leadership team to help encourage the various relationship and strategic focus that we have defined EPAM for decades, continue to grow the company in the future.

過渡期結束後，我將作為公司員工積極參與，幫助制定 EPAM 的長期策略方向，維護​​與客戶、合作夥伴和投資者的關鍵關係，為關鍵策略舉措和計劃提供指導，並在全球範圍內推廣公司品牌。我將與執行長和領導團隊密切合作，幫助促進我們幾十年來為 EPAM 定義的各種關係和策略重點，並在未來繼續發展公司。

With that said, I am pleased to announce today that Balazs Fejes will become our new Chief Executive Officer and President on September 1, 2025. Balazs, better known as FB, joined the company over 20 years ago, and has been a critical part of our growth story.

話雖如此，我今天很高興地宣布，Balazs Fejes 將於 2025 年 9 月 1 日成為我們的新任執行長兼總裁。巴拉茲（Balazs），更為人所知的名字是 FB，20 多年前加入公司，並且是我們成長歷程中至關重要的一部分。

His leadership has been instrumental to EPAM's development, serving as our first CTO, building our financial services business globally, leading our European and APAC markets, and most recently, serving as the President of Global Business and Chief Revenue Officer.

他的領導對 EPAM 的發展起到了至關重要的作用，他曾擔任我們的首任首席技術官，在全球範圍內建立我們的金融服務業務，領導我們的歐洲和亞太市場，最近還擔任全球業務總裁兼首席營收官。

FB is uniquely positioned to provide both strategic and operational leadership during our next phase of evolution. I'm confident that his rare combination of business and technical acumen will enable him to continue driving EPAM forward.

FB 具有獨特的優勢，可以在我們下一階段的發展中提供策略和營運領導。我相信，他罕見的商業和技術敏銳度的結合將使他能夠繼續推動 EPAM 向前發展。

FB brings not only deep operational experience, but also a strong sense of energy and vision for EPAM's continuous evolution into the world-leading AI native transformation company with a reputation for quality, execution and excellence, commitment to our customers, employees and communities. In terms of timing and priorities, we remain focused on Q2 and full 2025 execution, working hard to extend our sequential momentum by driving and winning more wallet share.

FB 不僅帶來了豐富的營運經驗，也為 EPAM 的持續發展帶來了強大的活力和遠見，使 EPAM 成為世界領先的 AI 原生轉型公司，以品質、執行力和卓越而聞名，並致力於為我們的客戶、員工和社群做出貢獻。在時間和優先事項方面，我們仍然專注於第二季度和 2025 年的全面執行，努力透過推動和贏得更多的錢包份額來延續我們的連續成長勢頭。

The CEO transition plan should be completed on September 1, 2025, at which point, we will provide a more comprehensive update with an opportunity to hear directly from FB. I look forward to working closely with him, our entire executive team and the Board, to support the continuous growth and long-term success of the company as EPAM enters the next phase of its evolution.

執行長過渡計畫應於 2025 年 9 月 1 日完成，屆時，我們將提供更全面的更新，並提供直接聽取 FB 意見的機會。我期待與他、我們的整個執行團隊和董事會密切合作，在 EPAM 進入發展的下一階段時支持公司的持續成長和長期成功。

Now let's turn to our Q1 results. I'm pleased to share today that our first quarter results came in better than expected. Despite a more challenging macroeconomic environment than most would have predicted 90 days ago. This marks also consecutive quarter of outperformance, and we are pleased to see sequential momentum, which we hope will continue throughout the remainder of this year.

現在讓我們來看看第一季的業績。今天我很高興地告訴大家，我們的第一季業績比預期好。儘管宏觀經濟環境比大多數人 90 天前預測的更具挑戰性。這也標誌著連續一個季度的優異表現，我們很高興看到連續的成長勢頭，我們希望這種勢頭能夠在今年剩餘時間內繼續保持。

In a climate where cost continues to be top of mind, our client conversations have been broadly positive. And we are encouraged to see EPAM benefit from supplier consolidation activity in our core portfolio. It continues to be our view that the pivot towards reliability and quality is slowly progressing. EPAM's proven track record and reputation for high-quality execution puts us in a sweet spot, and is driving increased levels of new deal activity, which is enabling us to maintain and grow our organic footprint with existing clients.

在成本繼續成為首要考慮因素的環境下，我們與客戶的對話總體上是正面的。我們很高興看到 EPAM 從我們核心產品組合中的供應商整合活動中受益。我們仍然認為，可靠性和品質的重點正在緩慢推進。EPAM 的卓越業績記錄和高品質執行的聲譽使我們處於有利地位，並推動了新交易活動水平的提高，這使我們能夠維持和擴大與現有客戶的有機聯繫。

Outside the volatility of the broader geopolitical economic environment, most of the growth, since we have been discussing over the past few quarters, especially AI related, have continued through Q1, and we expect will carry throughout the remainder of this year.

除了更廣泛的地緣政治經濟環境的波動之外，正如我們過去幾季所討論的那樣，大部分成長，特別是與人工智慧相關的成長，已經持續到了第一季度，我們預計這種成長將持續到今年剩餘時間。

During Q1, we returned to double-digit revenue growth year-over-year. And while our inorganic contribution was driving a large portion of that, we are notably delivering year-over-year organic growth as well, which was significantly above our initial Q1 expectations while being flat at the midpoint of our guidance. This marks our second quarter in a row of delivering positive year-over-year organic growth since 2022, and illustrates continuous improvement in the core business.

第一季度，我們的營收年增了兩位數成長。雖然我們的無機貢獻佔了很大一部分，但我們也顯著實現了同比增長，這大大高於我們最初的第一季預期，同時與我們的指導中點持平。這是我們自 2022 年以來連續第二季實現年比有機成長，顯示核心業務持續改善。

Overall, in Q1, client sentiment and engagement remain strong across most of our verticals and geographies, is particularly high interest in our rapidly expanding AI-related capabilities. Our performance this quarter was driven by meaningful progress in strengthening client engagement, enhancing cross-selling efforts and continuing to deliver advanced complex solutions. Our global footprint, supported by robust platforms, tools and diversified talent hubs is enabling us to effectively meet the evolving needs of our clients in a rapidly changing business environment.

總體而言，在第一季度，客戶情緒和參與度在我們大多數垂直行業和地區仍然強勁，尤其對我們快速擴展的人工智慧相關能力表現出濃厚的興趣。我們本季的業績得益於在加強客戶參與、增強交叉銷售力度和持續提供先進的複雜解決方案方面取得的重大進展。我們的全球業務，加上強大的平台、工具和多元化的人才中心的支持，使我們能夠在快速變化的商業環境中有效滿足客戶不斷變化的需求。

Now turning to demand. Despite the notable changes over the past 90 days, we remain cautiously optimistic, given our strong Q1 results and the Q2 momentum we have built. The February and March project ramp-up dynamics that we signaled last quarter played better than expected, with the client sentiment continues to improve.

現在轉向需求。儘管過去 90 天發生了顯著變化，但鑑於我們第一季的強勁業績和第二季的強勁勢頭，我們仍然保持謹慎樂觀的態度。我們上個季度暗示的 2 月和 3 月專案成長動能優於預期，客戶情緒持續改善。

Further, we are encouraged by the incremental demand we continue to see for our AI capabilities, as focus on productivity and efficiency gains turns into more comprehensive AI native transformation programs and encompass multiple types of AI-centered solutions. In short, our baseline client demand in H1 is improving faster than anticipated.

此外，隨著對生產力和效率提升的關注轉變為更全面的人工智慧原生轉型計劃並涵蓋多種以人工智慧為中心的解決方案，我們對人工智慧能力的持續增長的需求感到鼓舞。簡而言之，我們上半年的基線客戶需求正在比預期更快改善。

While we remain mindful of external pressures caused by challenges in our clients and markets as well as related instances of increased caution and shift in decision-making due to macroeconomic uncertainty, we have not seen any material impact on our business to date. Overall, we feel good about the resilience of our performance so far this year.

雖然我們仍然注意到客戶和市場挑戰帶來的外部壓力，以及宏觀經濟不確定性導致的謹慎程度提高和決策轉變的相關情況，但迄今為止，我們尚未看到業務受到任何重大影響。總體而言，我們對今年迄今為止的表現的韌性感到滿意。

It's also important to emphasize that we are doing everything we can to stay closely aligned with our clients, taking proactive, disciplined steps to effectively manage our operations, ensuring we are well prepared to respond to any potential impact as we head into the second half of 2025.

同樣需要強調的是，我們正在竭盡全力與客戶保持緊密聯繫，採取積極主動、嚴謹的措施有效管理我們的運營，確保我們在進入 2025 年下半年時做好充分準備應對任何潛在影響。

In addition, reflecting our recent client conversations, one thing becomes clear. During the past few years of greater volatility, some clients who have prioritized cost above all else in selecting partners are now returning to EPAM. Their experience with underperforming programs has reinforced the critical value of deep expertise, consistent delivery quality and the trusted ability to execute at scale. That is why even as we expect 2025 to remain a year of transition with the potential to increase uncertainty in the second half, we believe clients will continue to focus on the most strategic priorities, which should translate into stronger growth for us compared to 2024.

此外，從我們最近與客戶的對話來看，有一件事變得很清楚。在過去幾年的劇烈波動中，一些在選擇合作夥伴時將成本放在首位的客戶現在又回歸了 EPAM。他們在表現不佳的專案方面的經驗強化了深厚的專業知識、始終如一的交付品質和值得信賴的大規模執行能力的關鍵價值。因此，儘管我們預計 2025 年仍將是過渡之年，下半年的不確定性可能會增加，但我們相信客戶將繼續專注於最具戰略意義的優先事項，這將為我們帶來比 2024 年更強勁的成長。

In our credibility and growing reputation as a leading partner in AI and AI native transformation are already driving greater market awareness and demand, a trend we expect to continue throughout the remainder of this year.

作為人工智慧和人工智慧原生轉型領域的領先合作夥伴，我們的信譽和日益增長的聲譽已經推動了更高的市場知名度和需求，我們預計這一趨勢將在今年剩餘時間內持續下去。

Now moving onto our four global delivery hubs, which now are working together in some new ways and with rapidly growing access to our advanced AI enabled productivity platforms. In Q1, we saw another quarter of sequential increase in net organic head count across India, Europe and Western Central Asia.

現在轉向我們的四個全球交付中心，它們現在正在以一些新的方式合作，並且正在迅速增加對我們先進的人工智慧生產力平台的訪問。在第一季度，我們看到印度、歐洲和西亞中亞地區的淨有機員工數量再次連續一個季度增加。

Central Eastern Europe continues to be a cornerstone geography for us and serves as a backbone for many long-term clients with growing global location strategies. We saw modest growth in Hungary, Poland, Croatia and Serbia and stability across the rest of the region. Ukraine as well remained stable in terms of scale and product capabilities as our nearly 9,000 people remain highly productive and continue to support both new and current clients across a diverse range of programs.

中東歐繼續成為我們的基石地區，並成為許多長期客戶不斷發展的全球定位策略的支柱。我們看到匈牙利、波蘭、克羅埃西亞和塞爾維亞實現了溫和成長，而該地區其他國家則保持穩定。烏克蘭在規模和產品能力方面也保持穩定，因為我們近 9,000 名員工保持高生產力，並繼續為各種專案的新舊客戶提供支援。

In India, we continue to see strong demand for our differentiated product engineering offerings alongside our core capabilities in platforms, cloud, data and AI. The momentum we built last quarter credit out into Q1, with additional net head count growth. We are also deepening our relationships with global capability centers or GCCs, reinforcing our role as a trusted transformation partner.

在印度，我們繼續看到對我們差異化產品工程產品的強勁需求以及我們在平台、雲端、數據和人工智慧方面的核心能力。我們在上個季度建立的勢頭延續到了第一季度，帶來了淨員工數量的成長。我們也正在深化與全球能力中心或 GCC 的關係，強化我們作為值得信賴的轉型合作夥伴的角色。

In Western and Central Asia, we continue to invest and expand our delivery presence with modest net additions across several locations. As we shared in the past, these locations allow us to have even greater adaptability when it comes to serving our clients by balancing cost, quality and execution, and in some cases, proximity to client locations. Finally, in Latin America, we continue to progress with our significantly expanding client and talent footprint with the addition of NEORIS.

在西亞和中亞，我們繼續投資並擴大我們的交付業務，並在多個地點適度增加淨交付量。正如我們過去所分享的，這些地點使我們在服務客戶時能夠透過平衡成本、品質和執行，以及在某些情況下與客戶地點的接近度，擁有更大的適應性。最後，在拉丁美洲，隨著 NEORIS 的加入，我們繼續取得進展，大幅擴大客戶和人才足跡。

Now shifting to AI. As highlighted in our recently published AI report, while improved productivity and operational efficiency remain universal goals, scaling AI adoption across the enterprise continues to be a challenge. In fact, only 30% of even the most advanced companies surveyed reported success in agreements in AI scale.

現在轉向人工智慧。正如我們最近發布的人工智慧報告所強調的那樣，雖然提高生產力和營運效率仍然是普遍的目標，但在整個企業範圍內擴大人工智慧的採用仍然是一個挑戰。事實上，即使是最先進的受訪公司，也只有 30% 的公司報告在 AI 規模的協議方面取得了成功。

Given that AI scale remains a relatively new concept today, we believe the broader transformation required, including modernizing platforms, data, organizational structures, skills and business processes. All of that represents a significant opportunity for EPAM. Our unique combination of deep engineering and consulting expertise, backed by our advanced suite of IP tools and accelerators, position us well to lead in this space.

鑑於人工智慧規模在今天仍然是一個相對較新的概念，我們認為需要更廣泛的轉型，包括現代化平台、數據、組織結構、技能和業務流程。所有這些對於 EPAM 來說都是一個重大機會。我們獨特的深厚工程和諮詢專業知識組合，加上我們先進的 IP 工具和加速器套件，使我們在該領域處於領先地位。

While the AI landscape is evolving rapidly, one thing is undeniable, AI continues to drive new demand for us. Even in the context of traditional modernization programs, AI plays a central role in majority of client discussions. We are currently engaged in a wide range of AI initiatives with the vast majority of our top country clients. Our early-stage AI engagements are maturing visibly with a strong year-over-year growth, with more of them evolving into a midsized projects with clearly defined outcomes and measurable ROIs.

雖然人工智慧領域正在快速發展，但有一點是不可否認的，那就是人工智慧繼續為我們帶來新的需求。即使在傳統的現代化計劃中，人工智慧在大多數客戶討論中也發揮著核心作用。目前，我們正在與絕大多數國家頂級客戶開展廣泛的人工智慧計畫。我們的早期人工智慧專案正在明顯成熟，逐年強勁成長，其中更多專案發展成為具有明確成果和可衡量投資回報率的中型專案。

As we expand into larger scale AI factories, these programs are becoming increasingly comprehensive, now incorporating Agentic AI and government frameworks while also scaling in volume and complexity. In Q1, our AI native revenues grew strong double-digit quarter-over-quarter, continues the strong momentum from the previous quarter.

隨著我們擴展到更大規模的人工智慧工廠，這些項目變得越來越全面，現在結合了 Agentic AI 和政府框架，同時規模和複雜性也在擴大。第一季度，我們的AI原生營收環比強勁成長兩位數，延續了上一季的強勁動能。

As we continue to mature our AI consulting and engineering offerings, we are also strengthening our overall value proposition by partnering with strategic players in cloud, data and platforms to deliver innovative, commercially attractive software assets focused on industry-specific transformation and productivity gains. One illustrative example of our progress is in oil and gas and manufacturing vertical, where we developed breakthrough innovation in AI-powered geospatial data visualization and insights. Built in partnership with Google Cloud Industry Solutions, this work led to EPAM being named Google 2025 Partners of the Year for Oil & Gas.

隨著我們不斷完善人工智慧諮詢和工程產品，我們也透過與雲端、數據和平台領域的策略參與者合作來加強我們的整體價值主張，以提供專注於產業特定轉型和生產力提升的創新、具有商業吸引力的軟體資產。我們所取得的進步的一個典型例子是石油、天然氣和製造業垂直領域，我們在人工智慧地理空間資料視覺化和洞察方面取得了突破性創新。這項工作與 Google Cloud Industry Solutions 合作完成，使 EPAM 被評為 Google 2025 年度石油和天然氣合作夥伴。

The solution, which integrates with Google Gemini models, can also apply to broader data challenges across manufacturing and supply chain use cases, demonstrating our deep domain expertise, our ability to handle large, incomplete data sets and our proven track in delivering AI native cloud-based applications at scale.

該解決方案與 Google Gemini 模型集成，還可應用於製造和供應鏈用例中更廣泛的數據挑戰，展示了我們深厚的領域專業知識、處理大型不完整數據集的能力以及我們在大規模交付基於 AI 原生雲的應用程序方面的成功經驗。

Another strong example is our ongoing effort to advance global engineering productivity through AI. Our focus extends beyond individual cogeneration to full life cycle transformation in team environments. In Q3 of last year, we introduced EPAM AI/RUN, our AI native SDLC framework and toolkit. And we are now well positioned to build on this foundation through a strategic collaboration agreement with AWS.

另一個有力的例子是我們不斷努力透過人工智慧提高全球工程生產力。我們的重點不僅限於單獨的熱電聯產，還擴展到團隊環境中的完整生命週期轉型。去年第三季度，我們推出了 EPAM AI/RUN，這是我們的 AI 原生 SDLC 框架和工具包。現在，透過與 AWS 達成的策略合作協議，我們已經做好了充分的準備來在此基礎上繼續發展。

By leveraging advanced generative AI services, including Amazon Bedrock, drilling power plants to develop specialized agent in AI native solution that addresses SDLC productivity challenges for large teams. This collaboration creates a robust platform for accelerating cloud and data modernization through AI-driven workflow and tooling automation.

透過利用包括 Amazon Bedrock 在內的先進生成式 AI 服務，鑽井發電廠開發 AI 原生解決方案中的專用代理，解決大型團隊的 SDLC 生產力挑戰。此次合作創建了一個強大的平台，透過人工智慧驅動的工作流程和工具自動化來加速雲端和資料現代化。

Finally, to restate our continuous innovation with the EPAM DIAL platform, we continue to integrate advanced AI technologies into custom tailored business strategies, which is driving significant impact across the industry and open source community. DIAL has a role through several advancements and iterations since we started building it. Today, DIAL is a complete Gen AI platform with orchestration, including Agentic marketplace, mind maps and DIAL expressive logic and so much more. DIAL is evolving into a complete AI platform for enterprises.

最後，重申我們透過 EPAM DIAL 平台不斷創新，我們繼續將先進的人工智慧技術融入客製化的商業策略中，這對整個產業和開源社群產生了重大影響。自從我們開始建立 DIAL 以來，它已經經歷了多次改進和迭代。如今，DIAL 是一個具有編排功能的完整的 Gen AI 平台，包括 Agentic 市場、心智圖和 DIAL 表達邏輯等等。DIAL 正在發展成為一個完整的企業 AI 平台。

To conclude, we are pleased with our stronger-than-expected Q1 results, the improvement in organic growth and the sequential momentum we continue to build. Our increasingly diversified and agile global delivery hubs, combined with advanced AI native capabilities and deepening strategic partnerships are having real impact. As we shared last quarter, we expected 2025 to be a transformative year, and that outlook is proving true, perhaps even more reasonably than we anticipated three months ago.

總而言之，我們對第一季業績好於預期、有機成長有所改善以及我們持續建立的連續成長勢頭感到滿意。我們日益多樣化和敏捷的全球交付中心，結合先進的人工智慧原生能力和不斷深化的策略合作夥伴關係，正在產生真正的影響。正如我們上個季度所分享的，我們預計 2025 年將是變革的一年，事實證明這一前景是正確的，甚至可能比我們三個月前的預期更加合理。

We are encouraged by the opportunities ahead and remain cautiously optimistic about the second half of 2025, even as macro uncertainty persists. Our focus and disciplined execution remains our top priority.

儘管宏觀不確定性依然存在，但我們對未來的機會感到鼓舞，並對 2025 年下半年保持謹慎樂觀的態度。我們的專注和嚴謹的執行仍然是我們的首要任務。

Let me now turn call over to Jason, who will provide additional details on our Q1 results and 2025 outlook.

現在，我將電話轉給 Jason，他將提供有關我們第一季業績和 2025 年展望的更多詳細資訊。

Thank you, Ark, and good morning, everyone. In the first quarter, EPAM generated revenue of $1.3 billion, a year-over-year increase of 11.7% on a reported basis. On an organic constant currency basis, revenue grew 1.4% compared to the first quarter of 2024, exceeding our expectations of flat organic growth anticipated at the midpoint of our Q1 guidance.

謝謝你，阿克，大家早安。第一季度，EPAM 營收為 13 億美元，年增 11.7%。以有機固定匯率計算，營收與 2024 年第一季相比成長了 1.4%，超過了我們在第一季指引中期預期的自然成長持平的預期。

We are pleased to deliver another quarter of year-over-year organic growth in constant currency, reflecting ongoing demand for EPAM services and strong execution across our global portfolio of clients. As Ark mentioned, we believe the outperformance is in part driven by client recognition of EPAM's superior delivery quality and momentum across our AI offerings.

我們很高興地看到，以固定匯率計算，本季度我們又實現了同比有機增長，這反映了對 EPAM 服務的持續需求以及我們全球客戶組合的強勁執行力。正如 Ark 所提到的，我們認為，這一優異表現部分源自於客戶對 EPAM 卓越交付品質以及我們 AI 產品發展勢頭的認可。

Moving to our Q1 vertical performance. Four out of the six industry verticals delivered strong to very strong revenue growth. Revenues from our FD and NEORIS acquisitions had the most impact on our financial services and emerging verticals. So I will break out the organic and inorganic contribution within these two verticals.

轉向我們的第一季垂直表現。六個垂直行業中有四個實現了強勁甚至非常強勁的收入成長。我們從 FD 和 NEORIS 收購中獲得的收入對我們的金融服務和新興垂直產業影響最大。因此，我將逐一列出這兩個垂直領域內的有機和無機貢獻。

Financial Services delivered very strong growth of 29.3% year-over-year, reflecting 4.5% organic growth in constant currency, driven by continued strength in insurance, banking and payments. Software and Hi-Tech grew 9.6% year-over-year, driven by strong execution and broad improvement across our existing portfolio as well as new logo activity.

金融服務業務年增 29.3%，以固定匯率計算，有機成長 4.5%，這主要得益於保險、銀行和支付業務的持續強勁成長。軟體和高科技業務年增 9.6%，這得益於我們現有產品組合的強勁執行和廣泛改進以及新標誌活動的推動。

Life Sciences and Health care increased 10.5% on a year-over-year basis. Growth in the quarter was driven primarily by clients in life sciences and med tech. Consumer goods, retail and travel decreased 1.4% year-over-year, largely due to declines in consumer products and retail, partially offset by growth in travel. Business information and media declined 2.2% year-over-year.

生命科學和醫療保健年增10.5%。本季度的成長主要受到生命科學和醫療技術領域客戶的推動。消費品、零售和旅遊業年減 1.4%，主要原因是消費品和零售業的下滑，但卻被旅遊業的成長部分抵銷。商業資訊和媒體較去年同期下降2.2%。

Our emerging verticals delivered very strong growth of 22.8%. Growth was positively impacted by NEORIS Industrial Materials customers. Emerging verticals organic revenue in constant currency contracted by 3.5% and was negatively impacted by softness across manufacturing and telecom clients.

我們的新興垂直產業實現了 22.8% 的強勁成長。NEORIS 工業材料客戶對成長產生了正面影響。新興垂直產業的有機收入按固定匯率計算下降了 3.5%，並受到製造業和電信客戶疲軟的負面影響。

From a geographic perspective, Americas is our largest region, representing 60% of our Q1 revenues, grew 12.6% year-over-year. EMEA, representing 38% of our Q1 revenues, increased 10.7% year-over-year. And finally, APAC, representing 2% of our revenues, increased 4.3% year-over-year. Each of our geographies delivered year-over-year organic constant currency revenue growth in the quarter. Lastly, in Q1, revenues from our top 20 clients grew 6.1% year-over-year, while revenues from clients outside our top 20 increased 14.6%.

從地理角度來看，美洲是我們最大的地區，占我們第一季營收的 60%，年增 12.6%。歐洲、中東和非洲地區占我們第一季營收的 38%，年增 10.7%。最後，亞太地區占我們營收的 2%，年增 4.3%。本季度，我們每個地區的有機固定匯率收入均實現了同比增長。最後，在第一季度，我們來自前 20 名客戶的營收年增 6.1%，而來自前 20 名以外客戶的營收成長了 14.6%。

Moving down the income statement. Our GAAP gross margin for the quarter was 26.9% compared to 28.4% in Q1 of last year. Non-GAAP gross margin for the quarter was 28.7% compared to 30.4% for the same quarter last year. Relative to Q1 2024, gross margin in Q1 2025 was negatively impacted by 2024 compensation increases, which were only partially offset through pricing. Additionally, lower profitability from recent acquisitions negatively impacted gross margin.

向下移動損益表。本季我們的 GAAP 毛利率為 26.9%，去年第一季為 28.4%。本季非公認會計準則毛利率為 28.7%，去年同期為 30.4%。與 2024 年第一季相比，2025 年第一季的毛利率受到 2024 年薪資成長的負面影響，但僅透過定價部分抵消了這一影響。此外，近期收購帶來的獲利能力下降也對毛利率產生了負面影響。

The negative impacts from compensation and lower profitability from acquisitions exceeded the benefits of improved utilization and the positive impact from the Polish R&D incentive. The company will be focused on improving gross margin throughout the remainder of the year.

補償和收購帶來的獲利能力下降所帶來的負面影響超過了利用率提高帶來的好處和波蘭研發激勵帶來的正面影響。該公司將在今年剩餘時間內致力於提高毛利率。

GAAP SG&A was 16.8% of revenue compared to 17% in Q1 of last year. Non-GAAP SG&A in Q1 2025 came in at 14.2% of revenue compared to 14.1% in the same period last year. GAAP income from operations was $99 million or 7.6% of revenue in the quarter compared to $111 million or 9.5% of revenues in Q1 of last year.

GAAP 銷售、一般及行政費用佔收入的 16.8%，去年第一季為 17%。2025 年第一季非公認會計準則銷售、一般及行政費用佔收入的 14.2%，去年同期為 14.1%。本季 GAAP 營業收入為 9,900 萬美元，佔營收的 7.6%，去年第一季為 1.11 億美元，佔營收的 9.5%。

Non-GAAP income from operations was $176 million or 13.5% of revenue in the quarter compared to $174 million or 14.9% of revenue in Q1 of last year. Our GAAP effective tax rate for the quarter came in at 22.2% and our non-GAAP effective tax rate was 23.1%.

本季非公認會計準則營業收入為 1.76 億美元，佔營收的 13.5%，而去年第一季為 1.74 億美元，佔營收的 14.9%。本季我們的 GAAP 有效稅率為 22.2%，非 GAAP 有效稅率為 23.1%。

Diluted earnings per share on a GAAP basis was $1.28. Our non-GAAP diluted EPS was $2.41 compared to $2.46 in Q1 of last year, reflecting a $0.05 decrease year-over-year. In Q1, there were approximately 57.3 million diluted shares outstanding.

根據 GAAP 計算的每股攤薄收益為 1.28 美元。我們的非 GAAP 稀釋每股收益為 2.41 美元，去年第一季為 2.46 美元，年減 0.05 美元。第一季度，稀釋流通股數約為 5,730 萬股。

Turning to our cash flow and balance sheet. Cash flow from operations for Q1 was $24 million compared to $130 million in the same quarter of 2024. Higher bonus payments in Q1 2025 and a higher DSO resulting from the impact of an increasing share of fixed fee revenues with associated milestone billing, both contributed to the year-over-year decline in operating cash flows. Free cash flow was $15 million compared to free cash flow of $123 million in the same quarter last year. Cash and cash equivalents were $1.2 billion as of the end of the quarter.

轉向我們的現金流和資產負債表。第一季的經營現金流為 2,400 萬美元，而 2024 年同期為 1.3 億美元。2025 年第一季的獎金支付增加以及固定費用收入份額增加和相關里程碑計費的影響導致的 DSO 增加，這兩者都導致了營運現金流同比下降。自由現金流為 1,500 萬美元，而去年同期的自由現金流為 1.23 億美元。截至本季末，現金和現金等價物為 12 億美元。

At the end of Q1, DSO was 75 days and compares to 70 days for Q4 2024, and 73 days for the same quarter last year. Share repurchases in the first quarter were approximately 796,000 shares for $160 million at an average price of $201.07 per share.

第一季末，DSO 為 75 天，而 2024 年第四季為 70 天，去年同期為 73 天。第一季股票回購量約為 796,000 股，回購金額為 1.6 億美元，平均價格為每股 201.07 美元。

Moving on to a few operational metrics. We ended Q1 with more than 55,600 consultants, designers, engineers and architects, reflecting total growth of 18.2% and organic growth of 6.4% compared to Q1 2024. In the quarter, we added over 500 professionals. Our total head count for the quarter was more than 61,700 employees. Utilization was 77.5% compared to 76.8% in Q1 of last year and 76.2% in Q4 2024.

接下來討論一些營運指標。截至第一季度，我們擁有超過 55,600 名顧問、設計師、工程師和建築師，與 2024 年第一季相比，整體成長 18.2%，有機成長 6.4%。本季度，我們新增了 500 多名專業人員。本季我們的員工總數超過 61,700 名。利用率為 77.5%，而去年第一季為 76.8%，2024 年第四季為 76.2%。

Now let's turn to guidance. Before moving to the specifics of our 2025 and Q2 outlook, I'd like to provide some thoughts to help frame our guidance. While the macroeconomic environment remains highly dynamic, we are pleased with our strong Q1 performance, with year-over-year organic constant currency revenue growth exceeding our expectations.

現在讓我們轉向指導。在討論我們 2025 年和第二季展望的具體內容之前，我想提供一些想法來幫助制定我們的指導。儘管宏觀經濟環境仍然高度活躍，但我們對第一季的強勁表現感到滿意，以固定匯率計算的有機收入同比增長超出了我們的預期。

This has resulted in three consecutive quarters of sequential organic revenue growth. With good visibility into Q2, we expect ongoing improvement in our organic revenues with both year-over-year and sequential growth in the quarter.

這導致連續三個季度的有機收入成長。由於第二季的前景看好，我們預期本季有機營收將持續改善，年比和季比均成長。

We continue to experience improving demand for our highly differentiated services, and client budgets appear to remain substantially intact with a few pockets of caution, which we are closely monitoring. Clients are turning to EPAM for trusted quality of execution and our advanced AI offerings.

我們的高度差異化服務的需求持續成長，客戶預算似乎基本上保持不變，但也存在一些謹慎之處，我們正密切關注這些方面。客戶正在向 EPAM 尋求值得信賴的執行品質和我們先進的 AI 產品。

To date, we have not seen a material slowdown in client spending as evidenced by our stronger-than-expected Q1 performance and sequential momentum we have seen thus far in Q2. That said, we acknowledge the elevated uncertainty in macroeconomic risk.

到目前為止，我們尚未看到客戶支出出現實質放緩，這從我們第一季強於預期的業績和第二季迄今的連續成長勢頭可以看出。話雖如此，我們承認宏觀經濟風險的不確定性較高。

Considering our stronger-than-expected first half balanced with a thoughtful assessment of client demand in our second half, we are raising the lower end of our organic full year revenue guidance, while leaving the upper end of the range unchanged.

考慮到我們上半年的業績好於預期，加上對下半年客戶需求的深思熟慮的評估，我們提高了全年有機收入預期的下限，同時維持上限不變。

There were several additional factors impacting our view of revenue growth during the remainder of the year. Since we issued guidance last quarter, certain currencies have strengthened considerably relative to the US dollar. At the same time, due to the elevated uncertainties resulting from tariffs and impacts on the manufacturing and materials industries, we are seeing a reduction in demand from a top customer acquired as part of our NEORIS acquisition.

還有一些其他因素影響了我們對今年剩餘時間收入成長的看法。自從我們上個季度發布指導以來，某些貨幣相對於美元已大幅走強。同時，由於關稅造成的不確定性增加以及對製造業和材料行業的影響，我們發現作為 NEORIS 收購的一部分而獲得的頂級客戶的需求正在減少。

With our improved organic revenue contribution, the expected benefit from foreign exchange, partially offset by a modest reduction in expected inorganic revenues, we are raising both the upper and lower end of our reported revenue guidance. Our guidance continues to assume that we will be able to deliver out of our Ukraine delivery centers at productivity levels similar to those achieved in 2024.

由於我們有機收入貢獻的提高、預期外匯收益的增加（部分被預期無機收入的適度減少所抵消），我們提高了報告收入預期的上限和下限。我們的指導意見繼續假設我們將能夠從烏克蘭交付中心實現與 2024 年類似的生產力水準。

So moving on to the full year outlook. Revenue growth will now be in the range of 11.5% to 14.5%, with an inorganic contribution of approximately 9% for 2025. Based on today's spot exchange rates, coupled with an assumption of modest strengthening in the US dollar in the second half, foreign exchange is now expected to have a positive impact on revenue growth of 0.4%. We expect year-over-year revenue growth on an organic constant currency basis to now be in the range of 2% to 5%.

接下來是全年展望。目前營收成長率將在 11.5% 至 14.5% 之間，到 2025 年無機貢獻率將達到約 9%。根據今天的現貨匯率，加上下半年美元溫和走強的假設，預計外匯將對收入成長產生 0.4% 的正面影響。我們預計，以有機固定匯率計算的年收入成長率將在 2% 至 5% 之間。

We expect GAAP income from operations to continue to be in the range of 9% to 10% and non-GAAP income from operations to continue to be in the range of 14.5% to 15.5%. We expect our GAAP effective tax rate to now be 25%, our non-GAAP effective tax rate, which excludes excess tax benefits related to stock-based compensation, will continue to be 24%.

我們預計 GAAP 營業收入將繼續維持在 9% 至 10% 的範圍內，非 GAAP 營業收入將繼續維持在 14.5% 至 15.5% 的範圍內。我們預計我們的 GAAP 有效稅率現在為 25%，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）將繼續為 24%。

For earnings per share, we expect the GAAP diluted EPS will now be in the range of $6.78 to $7.03 for the full year, and non-GAAP diluted EPS will now be in the range of $10.70 to $10.95 for the full year. The increase in non-GAAP diluted EPS is in part driven by our assumption of a reduced share count resulting from our plan to increase share repurchases within the constraints of the current share repurchase authorization. We now expect weighted average share count of 56.5 million fully diluted shares outstanding.

對於每股收益，我們預計全年 GAAP 稀釋每股收益將在 6.78 美元至 7.03 美元之間，非 GAAP 稀釋每股收益將在 10.70 美元至 10.95 美元之間。非公認會計準則稀釋每股盈餘的成長部分是由於我們假設在目前股票回購授權的限制下我們計劃增加股票回購，從而導致股票數量減少。我們現在預計，加權平均流通股數為 5,650 萬股（完全稀釋）。

Moving to our Q2 2025 outlook. We expect revenue to be in the range of $1.325 billion to $1.340 billion, producing year-over-year growth of 16.2% at the midpoint of the range. Our guidance reflects an inorganic contribution of 10.6%, with a 1.8% positive foreign exchange impact during the quarter. For the second quarter, we expect GAAP income from operations to be in the range of 9% to 10% 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 26% and our non-GAAP effective tax rate to be approximately 24%.

轉向我們的 2025 年第二季展望。我們預計營收將在 13.25 億美元至 13.40 億美元之間，中間值年增 16.2%。我們的指導反映了本季 10.6% 的無機貢獻和 1.8% 的正外匯影響。對於第二季度，我們預計 GAAP 營業收入將在 9% 至 10% 之間，非 GAAP 營業收入將在 14% 至 15% 之間。我們預計我們的 GAAP 有效稅率約為 26%，非 GAAP 有效稅率約為 24%。

For earnings per share, we expect GAAP diluted EPS to be in the range of $1.67 to $1.75 for the quarter and non-GAAP diluted EPS to be in the range of $2.56 to $2.64 for the quarter. With increases in share repurchases during the year, we expect a weighted average share count of 56.7 million diluted shares outstanding.

對於每股收益，我們預計本季 GAAP 稀釋每股收益在 1.67 美元至 1.75 美元之間，非 GAAP 稀釋每股收益在 2.56 美元至 2.64 美元之間。隨著年內股票回購的增加，我們預計加權平均流通股數將達到 5,670 萬股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements for Q2 and the full year. Stock-based compensation expense is expected to be approximately $40 million for Q2, $45 million for Q3 and $46 million for Q4. Amortization of intangibles is expected to be approximately $17 million for each of the remaining quarters. The impact of foreign exchange is expected to be negligible for each of the remaining quarters.

最後，有幾個關鍵假設支持我們對第二季和全年的 GAAP 到非 GAAP 測量。預計第二季股票薪資費用約 4,000 萬美元，第三季約 4,500 萬美元，第四季約 4,600 萬美元。預計剩餘季度的每個季度的無形資產攤銷約為 1700 萬美元。預計外匯對剩餘每季的影響可忽略不計。

Tax effective non-GAAP adjustments is expected to be around $13 million for Q2 and $15 million for Q3 and $14 million for Q4. We expect excess tax shortfall to be around $1 million for Q2, with minimal excess tax benefits or shortfalls in the remaining quarters. Severance driven by our cost optimization programs is expected to be around $2 million in Q2 and $3 million for each of the remaining quarters.

預計第二季非 GAAP 稅收有效調整約 1,300 萬美元，第三季約 1,500 萬美元，第四季約 1,400 萬美元。我們預計第二季的超額稅收缺口約為 100 萬美元，其餘季度的超額稅收優惠或缺口將很小。我們的成本優化計畫所驅動的遣散費預計在第二季約為 200 萬美元，在剩餘的每季約為 300 萬美元。

Finally, one more assumption outside of our GAAP to non-GAAP items. With the increased share repurchases, we will have a lower level of interest generating cash. Therefore, we now expect interest and other income to be $2 million in both Q2 and Q3 and $3 million in Q4.

最後，我們對 GAAP 和非 GAAP 項目還有一個假設。隨著股票回購的增加，我們的利息產生現金水準將會降低。因此，我們現在預計第二季和第三季的利息和其他收入均為 200 萬美元，第四季的利息和其他收入為 300 萬美元。

We remain committed to continuing to drive sequential momentum and are confident in our positioning entering Q2 despite the dynamic environment. We will continue to run EPAM efficiently while remaining focused on strong execution and profitability throughout the year. Lastly, my continued thanks to all our employees for their dedication and focus on serving our clients and driving results for EPAM.

儘管環境動態，我們仍然致力於繼續推動連續成長勢頭，並且對我們進入第二季的定位充滿信心。我們將繼續高效運作 EPAM，同時全年繼續專注於強勁的執行力和獲利能力。最後，我要繼續感謝我們所有的員工，感謝他們為客戶服務和推動 EPAM 取得成果所付出的奉獻和努力。

Operator, let's open the call for questions.

接線員，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hi. Good morning. Thank you. Ark, first, just congrats on all the success you built here, and congrats to FB for his promotion. My first question is the '25 growth guide. You raise your organic view here on the low end by point looks to be a good 1Q and 2Q view. Can you give more color on that second half confidence? Just what are you seeing in underlying macro? And how did you think about what you have contracted versus what you need to still go get?

你好。早安.謝謝。Ark，首先，恭喜你在這裡取得的所有成功，並祝賀 FB 的晉升。我的第一個問題是 25 年成長指南。您在此從低端提高了您的有機觀點，這看起來是一個良好的第一季和第二季觀點。能否進一步闡述下半場的信心？您在底層巨集中看到了什麼？您如何看待您已簽訂的合約與您仍需取得的合約？

So we still continue our kind of look forward views in line with what we were doing for the last couple of quarters. So our view for the year didn't change much, but we definitely saw the first half of the year better than we expected. So our projection for the second part, practically in line with what we communicated during the last quarter. And as soon as we will see better visibility later on, we will kind of address this. But right now, it's what we see. And basically, we didn't see any specifics, which is changing this view again outside of normal.

因此，我們仍然延續過去幾季的展望。因此，我們對今年的看法沒有太大變化，但我們肯定看到上半年的表現比我們預期的要好。因此，我們對第二部分的預測實際上與我們上個季度傳達的內容一致。一旦我們看到更好的可見性，我們就會解決這個問題。但現在，這就是我們所看到的。基本上，我們沒有看到任何具體細節，這再次改變了這種不正常的觀念。

Yeah. To go back to the last earnings call, we talked about the fact that we've seen a soft January, and then we expect to see improvement in February and March. We easily saw that. We're still seeing improvement in demand in April and May. It's difficult, obviously, to forecast during the remainder of the year, but we are looking into Q3, still feeling like the book of business looks quite solid.

是的。回顧上次財報電話會議，我們談到，一月份業績疲軟，我們預計二月和三月業績將會改善。我們很容易就看到了這一點。我們仍然看到四月和五月的需求有所改善。顯然，在今年剩餘時間內進行預測是困難的，但我們正在展望第三季度，仍然感覺業務狀況看起來相當穩健。

And then the guide would reflect the fact that things could be soft in Q4. But again, we're not seeing any change in client purchasing behavior at this time. And generally, what we are seeing is some amount of return to EPAM for quality of execution, which we think has probably been helpful for us and maybe explains the difference in our results relative to some of our peers.

然後該指南將反映第四季度情況可能疲軟的事實。但目前我們還沒有看到客戶購買行為有任何改變。整體而言，我們看到的是 EPAM 因執行品質而獲得一定程度的回報，我們認為這可能對我們有幫助，或許可以解釋我們的結果與一些同行之間的差異。

Okay. Makes sense. And my follow-up is just kind of around the bookings dynamics. Any detail you can just give us around bookings to help convey the magnitude of the positive directionality that's forming here? And you're attributing better performance and optimism partly from a pickup in AI-related work? Just any numbers you can put around these?

好的。有道理。我的後續行動只是圍繞預訂動態。您能否向我們提供有關預訂的任何細節，以幫助傳達這裡正在形成的積極方向的程度？您認為，績效的提升與樂觀情緒的上升部分源自於人工智慧相關工作的興起嗎？您能在這些數字周圍加上什麼數字嗎？

Yes. I think the only specific that we would have is on the AI native work that we talked about last quarter, as we look from Q1 to Q2, we would say that we probably have double-digit, let's say, strong double-digit sort of growth in AI-related revenues between Q1 and Q2. So again, nice improvement in those revenues.

是的。我認為我們唯一具體能說的就是關於上個季度我們談到的 AI 原生工作，從第一季度到第二季度，我們可以說在第一季度和第二季度之間，AI 相關收入可能會實現兩位數，可以說是強勁的兩位數增長。因此，這些收入再次取得了良好的成長。

Okay. Thank you.

好的。謝謝。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi. Thank you very much for taking my question. Congratulations from me as well to both Ark and FB. I wanted to ask about free cash flow. And I know you called out some of the drivers of the lower free cash flow result this quarter on a year-over-year basis. How should we expect that to trend as we move through the year? Are some of these drivers more persistent? Or do you expect things to normalize soon?

你好。非常感謝您回答我的問題。我也要祝賀 Ark 和 FB。我想問一下自由現金流。我知道您指出了本季自由現金流較去年同期下降的一些原因。我們應該如何預期這一趨勢會隨著時間而改變？其中一些司機是否更加執著？或者您預計情況很快就會恢復正常？

Yeah, I think the -- you always have seasonality with us, right? So Q1 is usually low. Q1 was a lot better last year. And again, some of it has to do with all the payments we have associated with bonuses and things that happened in Q1.

是的，我認為——我們總是關注季節性，對嗎？因此 Q1 通常較低。去年第一季的情況好多了。再次強調，其中一些與我們在第一季發生的獎金和事情相關的所有付款有關。

I still would say that we expect kind of the 80% to 90% kind of cash flow conversion, which is consistent. The only thing that I would say is maybe a little bit of a change is I do think DSO is probably going to stay a little bit elevated. I think in the past, we would have talked maybe around 73. I think it is likely to stay a few days higher. And as we see more fixed fee revenues, we do see some milestone billings and some of that stuff, which usually means the invoices go up a little bit later, and we are seeing a little bit of an impact on DSO related to that.

我仍然會說，我們預計現金流轉換率將在 80% 到 90% 之間，這是一致的。我唯一想說的是，可能會有一點變化，我確實認為 DSO 可能會保持略高的水平。我認為過去我們可能會談論 73 左右。我認為它可能會繼續保持高位幾天。隨著我們看到更多的固定費用收入，我們確實看到了一些里程碑帳單和一些類似的東西，這通常意味著發票會稍後上漲，我們看到與此相關的對 DSO 的一點影響。

Okay. A follow-up for me is on the pricing environment. And as you're seeing organic demand pickup, are you starting to sense now that you might be able to deploy a little bit of pricing later in the year? Or is that still too early to call?

好的。對我來說，後續關注的是定價環境。當您看到有機需求回升時，您是否開始意識到您可能能夠在今年稍後部署一點定價？還是現在下結論還為時過早？

I think it's too early to call. And we indicated last time that I think it is going to be and it is a gap between this. It will be some lagging changes. So it's not going to happen too quickly. That's what we saw. And I think I would like to put in perspective also. Yes, we're seeing improvement, but this improvement is still relatively small. So it should be a bigger change and to start to impact rates.

我認為現在下結論還為時過早。我們上次就指出過，我認為這兩者之間會有差距。這將會是一些滯後的變化。所以這不會發生得太快。這就是我們所看到的。我想我也想提出一些看法。是的，我們看到了改善，但這種改善仍然相對較小。因此這應該是一個更大的變化，並開始對利率產生影響。

Thank you very much.

非常感謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi. Thank you. Can you talk a little bit more in specifics about plans to improve gross margin over the remainder of the year, particularly in light of mentioning that the guidance allows for some softening in the fourth quarter?

你好。謝謝。您能否更詳細地談談今年剩餘時間內提高毛利率的計劃，特別是考慮到指導意見中提到允許第四季度出現一些疲軟？

Yeah. So the -- there's always some benefit that results in the second half just due to kind of seasonal factors and pushing past social security sort of spend caps and some of that type of stuff. And so to be fair, usually you would have a stronger Q3 because of more bill days and some other factors.

是的。因此，由於季節性因素以及突破社會安全支出上限等因素，下半年總是會有一些好處。因此公平地說，由於更多的帳單天數和其他一些因素，通常你的第三季業績會更強勁。

And at the same time, we are focused on improving utilization. And so we continue to sort of focus on taking some amount of actions and obviously working to drive revenue growth. But with a commitment to kind of getting utilization back to sort of 77% and then over time, probably in 2026 kind of better. And so we've just got kind of a renewed focus on improving utilization.

同時，我們也注重提高利用率。因此，我們將繼續專注於採取一些行動，並努力推動收入成長。但如果承諾將利用率恢復到 77% 左右，然後隨著時間的推移，到 2026 年可能會更好。因此，我們重新將重點放在提高利用率上。

Okay. Thank you. And can you size partnership revenue within the business or give an idea of how it's trended in the last couple of years? And is this an important growth driver for the business going forward?

好的。謝謝。您能否估算一下業務中的合作夥伴收入，或是談談過去幾年的趨勢？這是否是未來業務發展的重要成長動力？

I can answer the last question, which would be yes. Unfortunately, I don't think I can give you a specific kind of impact. But yes, it's been obviously very helpful, both the co-funding and the introductions to clients, and it is definitely part of what has driven revenue growth over time. And our commitment to the partnerships has certainly -- and investment in the partnerships has certainly been helpful.

對於最後一個問題，我的答案是肯定的。不幸的是，我認為我無法給你一種具體的影響。但是，是的，它顯然非常有幫助，無論是共同出資還是向客戶介紹，它肯定是推動收入長期成長的部分因素。我們對合作關係的承諾確實——對合作關係的投資確實很有幫助。

David Grossman, Stifel.

大衛·格羅斯曼（David Grossman），Stifel。

Good morning. Thank you. I wonder if you could just speak a little bit more about the growth dynamics within the customer cohorts. I think the growth outside the top 20 has obviously reaccelerated. And maybe in the context of that question, maybe speak a little bit about when the customer losses comp out and if it remains a headwind in the second quarter. I think you said in your prepared remarks that certain customers are coming back to you. And maybe if you could just flesh out that dynamic a little bit more.

早安.謝謝。我想知道您是否可以再多談談客戶群的成長動態。我認為前20名以外的成長明顯已經重新加速。也許在回答這個問題時，我們可以稍微談談客戶損失補償何時結束，以及這在第二季是否仍然是一個阻力。我想您在準備好的發言中說過，某些客戶會回來找您。也許你可以進一步充實一下這種動態。

I think there, that's what we were mentioning for some time. And each quarter, we see a little bit more and a little bit more. Clearly, it's not compensated, and it's not like all coming back. But the trend is very visible. And I think partially why we're seeing this improvements and because this trend is repeating and kind of accumulating quarter after quarter.

我想這就是我們一段時間以來所提到的。每個季度，我們都會看到一點點的成長。顯然，這並沒有得到補償，也不意味著一切都會恢復。但這種趨勢非常明顯。我認為我們之所以能看到這種改善，部分原因是因為這種趨勢正在第一季又一季度地重複和累積。

And maybe explain that dynamic, Ark, outside the top 20, why that growth rate is kind of accelerating versus the top 20?

也許可以解釋一下這種動態，Ark，在前 20 名之外，為什麼與前 20 名相比，成長率有所加快？

Yeah. I think sometimes when you have M&A and particularly larger scale M&A like we have, there are a larger number of sort of small customers introduced. And I think it's a little hard to do an apples-to-apples comparison just because of the magnitude of the M&A introduced in Q4.

是的。我認為，有時當你進行併購，特別是像我們這樣的大規模併購時，會引入大量的小客戶。我認為，由於第四季度引入的併購規模很大，因此很難進行同類比較。

And so I think some of what you're seeing is probably M&A driven, but we are seeing improvements in kind of new logos and the introduction of kind of new customers that are clearly kind of helping relationships. One of the things we've talked about a little bit is growth in the Middle East, where we see a number of new engagements. So yes, that's probably what I would say at this point.

因此，我認為您所看到的一些情況可能是由併購推動的，但我們看到新標誌的改進和新客戶的引入顯然有助於建立關係。我們討論過的事情之一是中東地區的成長，我們在那裡看到了許多新的合作。是的，這可能就是我現在想說的。

Got it. And then just on the supply side, maybe you could speak just a little bit about where you think India is today versus your most mature geographies in terms of the whole dynamic around recruiting, the relationships, your ability to kind of fill kind of demand for resources at the price points that you want.

知道了。然後，就供應方面而言，也許您可以稍微談談您認為印度目前與最成熟的地區相比在招聘、關係以及以您想要的價格滿足資源需求的能力方面所處的位置。

Just -- I don't know if there's a way to really characterize that, but just somehow compare because you've been in India since what, 2015, 2016. I know there was a lot of work done there to modify that model. But just curious where we are in India today versus your most mature recruiting kind of infrastructure in the Ukraine.

只是——我不知道是否有辦法真正描述這一點，但只是以某種方式比較一下，因為你自 2015 年、2016 年就一直在印度。我知道已經做了很多工作來修改該模型。但我只是好奇我們今天在印度的情況與烏克蘭最成熟的招募基礎設施相比如何。

I think, David, it will be a difficult comparison because it's not like in -- because very different dynamic. Like if you ask me like 20 years ago where our -- today consider mature locations, it will be probably from dynamics point of view, very similar because the ratio of senior people versus junior was very different.

我認為，大衛，這將是一個困難的比較，因為它不像——因為動態非常不同。就像如果你問我 20 年前我們的——今天考慮成熟地點，從動態的角度來看，它可能非常相似，因為高級人員和初級人員的比例非常不同。

India right now is growing fast, and there is a very strong level of maturity in the top of the pyramid, which is comparable with anything else, but the number of more junior people and accommodated to our requirements still bigger versus like mature like Ukraine or something which is not growing for the last couple of years.

印度目前正在快速發展，金字塔頂端的成熟度非常高，與其他任何國家都相當，但初級人員的數量更多，能夠滿足我們的要求，與像烏克蘭這樣的成熟國家相比，後者在過去幾年中沒有增長。

But I think this general gap is shrinking and quality is growing, and there are perceptions from rates and everything else, which build up not by us over the last couple of decades. So I think we're working to manage all of this. But again, India is extremely important part. It's practically 20% of our capacity right now, and we will be growing, and it's growing right now fast.

但我認為，整體差距正在縮小，品質正在提高，而且人們對利率和其他所有方面的看法並不是我們在過去幾十年中累積的。所以我認為我們正在努力管理這一切。但印度再次成為極為重要的一部分。這實際上占我們目前產能的 20%，而且還會成長，而且現在成長很快。

All right. Great. Thanks for that.

好的。偉大的。謝謝。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Great. Thanks for taking my questions. Let me echo my congrats to Ark and FB on your respective positions. Look, you highlighted strength stemming from the GCCs. Can you talk through how much of the growth you're expecting in this year is driven by GCC-related work? And how does that impact any of your contract structures, duration or contract profitability?

偉大的。感謝您回答我的問題。讓我再次向 Ark 和 FB 表示祝賀，祝賀你們所取得的各自職位。你看，你強調了海灣合作委員會的力量。您能否談談今年預計的成長有多少是由 GCC 相關工作推動的？這對您的合約結構、期限或合約獲利能力有何影響？

So I don't think we can share specific numbers here. We're just not doing this. And the contract there, fortunately very much in line with other contracts in our industry. So while it could be any type of lag, still there is no guarantee that something will be here tomorrow because usually, there are pretty simple cancellations, terminations kind of terms there. So -- and profitability mostly in line with what we see across other clients.

所以我認為我們不能在這裡分享具體的數字。我們只是不這樣做。幸運的是，那裡的合約與我們行業的其他合約非常一致。因此，雖然可能是任何類型的滯後，但仍不能保證明天就會出現某些事情，因為通常情況下，都會有非常簡單的取消、終止之類的條款。因此，獲利能力與我們在其他客戶身上看到的獲利能力基本一致。

That's part of the growth, but I wouldn't say it's the big part of the growth story. And then the other thing I'd just say is that they continue to sort of value EPAM's differentiated engineering capabilities. So that continues to be a selling point for us with the GCCs.

這是成長的一部分，但我不會說這是成長故事的重要組成部分。我想說的另一件事是，他們繼續重視 EPAM 的差異化工程能力。因此，這仍然是我們與 GCC 合作的賣點。

Understood. And look, it's good to hear the traction that you're seeing around the native AI volumes. How are you thinking about the level of reinvestment needed to continue to drive that AI-related volume, particularly as it relates to the 90-basis point headwind you called out on margins last quarter?

明白了。很高興聽到您在原生 AI 領域看到的進展。您如何看待繼續推動人工智慧相關業務量所需的再投資水平，特別是考慮到它與您上個季度指出的利潤率 90 個基點的逆風有關？

Yeah. I think that the investment that we're making, probably no change in terms of what we said during the last earnings call. So we are making investment. We do think it's producing real benefit. Again, we are getting really positive feedback from clients around, again, our differentiation -- and I think that what you see is maybe some reduction in the spend as a percentage of revenue once you get more into 2026. But right now, I would say it's generally similar to what we talked about at the beginning of the year and in the last earnings call.

是的。我認為，我們正在進行的投資可能與我們在上次財報電話會議上所說的一樣，不會有任何變化。所以我們正在進行投資。我們確實認為它正在產生真正的效益。再次，我們從客戶那裡得到了非常積極的回饋，再次，關於我們的差異化——我認為，一旦進入 2026 年，您會看到支出佔收入的百分比可能會有所減少。但現在，我想說的是，它與我們在年初和上次財報電話會議上討論的內容大致相似。

Appreciate the color.

欣賞色彩。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning, guys. Appreciate it and congrats on the management transition. I wanted to ask a little bit more about the vendor consolidation point. I think that came up a couple of times. It sounds like there are certain instances where clients are coming back to EPAM. Can you just talk about some of the specific project types where you're seeing that happen? And which delivery centers are seeing that work get processed in when you have these situations where work is coming back to EPAM from competitors. I'm curious where the clients are having that work get done. Thank you.

大家早安。對此表示感謝並祝賀管理層的過渡。我想進一步詢問有關供應商整合點的問題。我認為這種情況出現過幾次。聽起來有些情況下客戶會回到 EPAM。您能否談談您所見過的某些具體項目類型？當工作從競爭對手回到 EPAM 時，哪些交付中心會看到工作得到處理。我很好奇客戶在哪裡完成這項工作。謝謝。

Yeah. It is pretty broad because even when it's coming back, it's not necessarily the work coming back exactly to the location where it was delivered before, because during the last several years, as we shared, there were a lot of changes and kind of restructuring of our delivery centers.

是的。它的意義相當廣泛，因為即使它回來了，也不一定意味著工作會準確地回到先前交付的位置，因為在過去幾年裡，正如我們所分享的，我們的交付中心發生了很多變化和重組。

So -- but work coming back to Eastern Europe, work coming back with the switch to India. So work coming back to Western Central Asia. So it's a pretty broad, okay? But some specifically if sometimes possible coming back exactly the locations where it was starting from. But again, it's pretty diverse.

所以——但是工作又回到了東歐，工作又回到了印度。因此工作又回到了西亞中亞。所以它的範圍相當廣泛，好嗎？但有些具體的情況是，如果可能的話，會回到它出發的確切位置。但同樣，它還是相當多樣化的。

Okay. Understood. And the second thing I wanted to ask was just in the Q1 revenue, just from a quarter-over-quarter perspective, financial services really stood out. You were up 12% there. I'm assuming, since it was quarter-over-quarter, it was all organic. And I'm just wondering if there were a couple of sizable contract ramps there or any additional color on that vertical, what you saw there and the sustainability of that into Q2 and beyond?

好的。明白了。我想問的第二件事是，僅從第一季的收入來看，從環比角度來看，金融服務確實表現突出。你在那裡上漲了 12%。我假設，因為它是季度環比的，所以它都是有機的。我只是想知道那裡是否有幾個相當大的合約坡道或垂直領域的任何其他顏色，您在那裡看到了什麼以及它在第二季度及以後的可持續性？

Yeah. So in the Q4 to Q1 compare, you would have had two months of NEORIS and two months of FD in Q4 and three months of NEORIS and three months of FD in Q1. Both of those acquisitions have got a significant financial services component. So some of it is that. And at the same time, we are seeing improvement in the organic business, and we do expect to continue to see improvement in the organic business in financial services. Banking, some amount of growth in insurance, and we've also seen some growth in payers at least in Q1. But probably banking would be maybe the biggest area of improvement.

是的。因此，在第四季度與第一季的比較中，您將在第四季度擁有兩個月的 NEORIS 和兩個月的 FD，而在第一季擁有三個月的 NEORIS 和三個月的 FD。這兩次收購都涉及重要的金融服務內容。部分情況確實如此。同時，我們看到有機業務正在改善，我們確實預期金融服務有機業務將繼續改善。銀行業、保險業都有一定程度的成長，而且至少在第一季度，我們也看到付款人的數量增加。但銀行業可能是最大的改進領域。

Thanks, Jason.

謝謝，傑森。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Hey. Good morning and let me echo my congratulations to Ark. I learned a lot from you over the years and to FB, on your future endeavors. So I'll just ask my two upfront. The fixed price, Jason, that you called out, that did grow 19.4%, up from 15.1%. I'm just -- I'd be interested in your perspective, both on your confidence on the delivery side because when you move in a fixed price, the risk does get reassigned. So that's the first one. And then on the second one, just to go back to Jon's question earlier, the dip in the gross margins to 26.9%, Jason, is that the wage increment? Or is that still to come? Thank you.

嘿。早安，請容許我再次向 Ark 表示祝賀。這些年來，我從您和 FB 身上學到了很多關於您未來努力的事情。所以我只會提前問我的兩個孩子。傑森，您提到的固定價格確實成長了 19.4%，高於 15.1%。我只是——我對您的觀點很感興趣，包括您對交付方面的信心，因為當您以固定價格移動時，風險確實會被重新分配。這是第一個。然後關於第二個問題，回到喬恩之前的問題，毛利率下降到 26.9%，傑森，這是薪資成長嗎？還是這仍未發生？謝謝。

Yeah. Okay. So let me -- let me do the last question first, okay. On the gross margin, you have to -- when you look at the Q1 to Q1 compare, we would have a salary increase that would occur in Q2 of 2024, and we would probably also have some market adjustments in Q3 and Q4. And so when you do a Q1 to Q1 compare, you don't have the salary increase in the Q1 of 2024, but it does show up in the Q1 2025.

是的。好的。那麼讓我——讓我先回答最後一個問題，好嗎？就毛利率而言，當你將第一季與第二季進行比較時，你會發現，我們的薪資將在 2024 年第二季上漲，我們可能還會在第三季和第四季進行一些市場調整。因此，當你將第一季與第二季進行比較時，你會發現 2024 年第一季的薪資並沒有增加，但 2025 年第一季的薪資確實會增加。

And then what we've been talking about is just there isn't as much ability to pass on the salary increases with rate increases to clients, although we're seeing a little bit of improvement. In the case of -- and then the other thing, as we've talked about is that the margin reduction that comes from the two acquisitions, which has about a 50-basis point negative impact. So I guess that's the first question. The second question -- the first question was?

我們一直在談論的是，雖然我們看到了一些改善，但將工資上漲和費率上漲轉嫁給客戶的能力並不強。在這種情況下，另一件事，正如我們所討論的，是兩次收購導致的利潤率下降，產生了約 50 個基點的負面影響。我想這是第一個問題。第二個問題──第一個問題是什麼？

Yeah, fixed price.

是的，固定價格。

Yeah, fixed price, again, a little bit complicated. Some of it is evolution of our pricing models. And it's not always -- we're going to do something for tens of millions of dollars for two years. Sometimes it's just a monthly fixed fee arrangement for either a team. It may assume some productivity. But again, there isn't as much kind of risk associated with that.

是的，固定價格，同樣，有點複雜。其中一些是我們的定價模式的演變。但情況並不總是如此——我們將在兩年內花費數千萬美元做一些事情。有時，這只是雙方球隊每月固定費用的安排。它可能會產生一定的生產力。但同樣，這並不會帶來太大的風險。

And then also with NEORIS and FD, they've got more fixed fee in their engagements, although usually shorter term. And so that's what kind of caused the shift as you look into Q1. But I think you'll continue to see a little bit of evolution. It may be also part of the model with the use of AI, which is to introduce some productivity but do it with a fixed monthly fee type component and be able to produce some benefit for the client, but also some better margin for us.

此外，對於 NEORIS 和 FD 來說，他們在合約中收取更多固定費用，儘管期限通常較短。所以當你觀察 Q1 時，這就是導致這種轉變的原因。但我認為你會繼續看到一點點的進化。它也可能是使用人工智慧模型的一部分，即引入一些生產力，但採用固定的月費類型組件來實現，並且能夠為客戶帶來一些利益，同時也為我們帶來更好的利潤。

Got it. Thank you. I'll drop back in the queue.

知道了。謝謝。我會回到隊列中。

Puneet Jain.

普尼特·賈恩。

Thanks for taking my question and please accept my congratulations as well. It's been great working with you Ark, over the last so many years. I wanted to ask, Jason, about the guidance and the billing days dynamics that are baked in second half for this year. Can you remind us, like I know in the past, I think you talked about that you expect higher billing days in the second half. Can you remind us like what does this guidance assume from first half to second half and the visibility you have on second half?

感謝您回答我的問題，也請接受我的祝賀。過去這麼多年，和你合作非常愉快，Ark。傑森，我想問一下有關今年下半年的指導和計費天數動態。您能否提醒我們，就像我過去所知道的那樣，我認為您談到預計下半年的計費天數會更高。您能否提醒我們，該指導對上半年到下半年的假設是什麼，以及您對下半年的預見性是什麼？

Yeah. So we never assumed improvement in billing throughout the year. What we did say is that we did expect that as the demand environment improved that there would be the ability to pass on more rate increases next year. So right now, I would say that no real change in the environment. You still have some cost takeout exercises going on with clients.

是的。因此，我們從未期望全年的帳單情況會有所改善。我們確實說過，我們確實預計，隨著需求環境的改善，明年將有能力轉嫁更多利率上調。所以現在，我想說環境沒有真正的改變。您仍需與客戶進行一些成本支出活動。

There's some modest opportunity for rate increases. And so again, maybe not as bad. The pricing isn't, let's say, as challenging as it was last year, but still not significantly improved. And then as I just kind of look ahead, again, we do quite good visibility in Q2. And all indications are that, that would carry through into Q3. But of course, as we know, the things are subject to change.

存在一定幅度的升息機會。所以，也許情況並沒有那麼糟。可以說，定價並不像去年那麼具有挑戰性，但仍然沒有顯著改善。然後，當我展望未來時，我發現我們在第二季度的可見度相當高。所有跡像都表明，這種情況將持續到第三季。但當然，正如我們所知，事情可能會改變。

As Ark said in his prepared remarks, we're not seeing almost any sort of changes in demand from clients or slowdown in project spend. And so that's kind of how we're thinking about Q3. Clearly, we got some benefit from foreign exchange, and we try to be clear on that, that, particularly the appreciation of the euro, should take up anybody's revenue guide. And I'm having sure specifically the assumptions that we used in the production of the guidance.

正如阿克在其準備好的演講中所說，我們幾乎沒有看到客戶需求有任何變化或專案支出有所放緩。這就是我們對第三季的看法。顯然，我們從外匯中獲得了一定的好處，我們試圖明確這一點，特別是歐元的升值，應該成為任何人的收入指南。我確信我們在製定指南時所使用的具體假設。

That's great. But I'm sorry, I meant to ask like billing days, number of like the days, like people can work excluding holiday indication in the quarter.

那太棒了。但很抱歉，我的意思是問計費天數，例如人們可以工作的天數（不包括季度假期指示）。

Yeah. So Q3 is always more bill days. And so it would have a natural -- you should get growth in Q2 to Q3 just based on seasonality. Q2 has got less bill days than Q3, but it's got -- it still has got relatively good bill days. And so if you just look at seasonal patterns, you would expect an improvement of Q2 to Q3 and then arguably, a decline in Q3 to Q4.

是的。因此第三季的帳單天數總是更多。因此，這將是自然的——僅根據季節性，你應該在第二季到第三季實現成長。第二季的帳單天數比第三季少，但帳單天數仍然相對較好。因此，如果您只看季節性模式，您會預期第二季到第三季會有所改善，然後可以說第三季到第四季會下降。

The last couple of years, we haven't seen that. We've seen growth between Q3 and Q4, even in challenging demand environment. But right now, particularly the midpoint of the guide would have the more kind of the seasonal deal to it. Again, with a little bit of improvement in revenue between Q2 and Q3, driven by seasonality and some softness in Q4 which could be demand related, but also is just generally what can be a seasonal pattern.

過去幾年，我們還沒有看到這種情況。即使在充滿挑戰的需求環境下，我們也看到了第三季和第四季之間的成長。但目前，特別是指南的中點將包含更多的季節性交易。同樣，由於季節性因素，第二季和第三季之間的收入略有改善，而第四季度的收入有所疲軟，這可能與需求有關，但通常只是一種季節性模式。

Okay. Thank you,

好的。謝謝你，

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Got it. Thanks. And Ark, congrats on everything. As your head count showed notable year-over-year growth even after accounting for the employees added from the two recent acquisitions. So maybe just a little bit more color on your overall head count strategy for this year, where you're really sourcing talent from on a relative basis versus, let's just say, a couple of years back and really what roles you're hiring for would be helpful for now.

知道了。謝謝。還有 Ark，恭喜你一切順利。即使算上最近兩筆收購所增加的員工，你們的員工人數仍顯示出顯著的年成長。因此，也許您今年的整體員工人數策略可以再詳細一點，與幾年前相比，您實際上是在相對基礎上尋找人才，而您真正招募的職位現在會很有幫助。

So I think we, in general, clearly much more careful even with this result that is better than we expected first half of the year we already wasn't careful about what would be happening. So -- and we're trying to maintain better, better bench from this point of view. And when we bring in people, we bring in people in locations where we expect in this type of environment more demand until again to inform that situation really changes because yes, I would like to still keep a well be positive results of H1 and reality of H2 is very difficult to predict.

因此，我認為，總的來說，我們顯然要更加謹慎，即使這個結果比我們預期的要好，但今年上半年我們還沒有對將要發生的事情保持謹慎。所以——從這個角度來看，我們正努力保持更好、更好的陣容。當我們引進人才時，我們會把人才引進到我們預計在這種環境下會有更多需求的地方，直到再次告知情況真的發生變化，因為是的，我仍然希望保持 H1 的積極結果，而 H2 的現實情況很難預測。

So basically, India is still is the fastest growing, and we bring in people from the market with very specific skills and juniors as well because we believe that we can train better with all advances of AI impacting the SDLC process. The same balance happening in other locations. But again, as you see from the numbers, the number of new employees in other locations is relatively small right now. We see enhancing our training capabilities because we would like to be ready, if necessary, to increase recruitment. But right now, we're very, very far.

因此，基本上，印度仍然是成長最快的市場，我們從市場中引進具有特定技能的人才和初級人才，因為我們相信，隨著人工智慧的所有進步對 SDLC 過程產生影響，我們可以進行更好的培訓。其他地方也出現了同樣的平衡現象。但正如你從數字中看到的那樣，目前其他地區的新員工數量相對較少。我們看到培訓能力的增強，因為如果有必要，我們希望能夠增加招募。但目前，我們還差得很遠。

That makes sense. Ark, where are we in terms of size of average engagement on AI deals now? And just maybe a little more color on how that's trended and where you see that going? I'm just kind of curious for any kind of quantitative update to the best you can provide on AI.

這很有道理。Ark，就人工智慧交易的平均參與規模而言，我們現在處於什麼位置？您是否可以更詳細地說明這一趨勢以及您認為其將如何發展？我只是有點好奇，想知道您能否提供有關 AI 的最佳量化更新。

I think here, we can repeat what we were saying during the last quarter, and this is happening and this trend continues. The size is increasing, and going to more production type of situation with more number of use cases and functionality. So size of the deals definitely increases.

我認為，我們可以重複上個季度所說的內容，這種情況正在發生，而且這種趨勢還在持續。規模不斷擴大，並進入更多生產類型的情況，具有更多的用例和功能。因此交易規模肯定會增加。

Another thing is the type of what we verify is AI, what type of application is dynamically changing as well. That's why sometimes it's very difficult to have real apple-to-apple comparison. With what we do and can do this internally because it's much easier to do than external announcement and some competition. The size of the deals definitely increasing. Number of deals increasing. So when we were talking about a few deals like $10 million-plus, then this number increases.

另一件事是我們驗證的人工智慧的類型，應用程式的類型也在動態變化。這就是為什麼有時很難進行真正的同類比較。透過我們的努力，我們可以在內部做到這一點，因為這比對外發佈公告和進行一些競爭要容易得多。交易規模肯定在增加。交易數量不斷增加。因此，當我們談論幾筆 1000 萬美元以上的交易時，這個數字就會增加。

Operator, we have time for one more question, please.

接線員，我們還有時間再回答一個問題。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my questions and Ark congrats on a well deserved transition. Two, if I may. One is your commentary on client conversations and the outlook appears significantly better atleast from my perception relative to some of your peers. So you mentioned the -- some clients returning, but can you attribute that to any other sort of specific kinds of project work for other clients specific factors that you're seeing in terms of the better client outlook?

早安.感謝您回答我的問題，並祝賀 Ark 取得了當之無愧的轉變。如果可以的話，我想說兩個。一是您對客戶對話的評論，至少從我的看法來看，與您的一些同行相比，前景似乎要好得多。所以您提到了——一些客戶回歸了，但您能否將其歸因於為其他客戶開展的任何其他特定類型的專案工作，以及就更好的客戶前景而言您所看到的具體因素？

And then maybe in terms of your visibility into the second half, any way of sort of quantifying your second half backlog covered perhaps being better, worse or the same as a typical time after Q1? Thank you.

那麼，就您對下半年的預見性而言，是否有任何方法可以量化您下半年的積壓訂單情況，可能比第一季後的典型時間更好、更差還是相同？謝謝。

So I think you would expect -- I think this is exactly what's happening is that with clients coming back to us is sometimes we're getting exactly the same work, which we were kind of doing before. Sometimes, it's a very new engagement. So that spread around these things.

所以我想你會想​​到——我認為這正是正在發生的事情，當客戶回到我們身邊時，有時我們會得到與我們以前所做的完全相同的工作。有時，這是一種非常新的約定。這些事情就這樣傳開。

If you're talking about second half of the year, I only can -- only can repeat what we said already. So with all kind of better environment, visibility is still relatively difficult. What we've seen for the second part of the year, approximately what we were seeing a quarter ago. So decisions still making more in the real time. That's what we benefited in Q1 and Q2 grow. Predicting Q3 and Q4, better than we predicted so far is difficult, including the size of the deals as well. So I think we can share more next quarter.

如果您談論的是下半年，我只能——只能重複我們已經說過的話。因此，儘管環境越來越好，能見度仍然相對困難。我們對今年下半年所看到的情況，大約與我們一個季度前所看到的情況相同。因此，決策仍更多是即時做出的。這就是我們在第一季和第二季成長中受益的原因。預測第三季和第四季的表現比我們迄今為止的預測更好是困難的，包括交易規模。所以我認為我們可以在下個季度分享更多。

Thank you very much. I think -- hopefully it was a little bit better message from us than before. So at the same time, is all this encouragement about opportunities ahead of us. We -- thinking about the future with cautious optimism based on everything that's happening and everything, which is relatively uncertain from macro macro environment. I would like to make sure that we are balancing the good message with a difficult, very difficult environment.

非常感謝。我想——希望我們傳達的訊息比以前更好。所以同時，這一切都是對我們面前機會的鼓勵。我們——基於正在發生的一切以及宏觀環境下相對不確定的一切，以謹慎樂觀的態度思考未來。我想確保我們能夠在困難、非常困難的環境中平衡好消息。

Thank you, and still talking to you next quarter. Thank you very much.

謝謝，下個季度我們還會繼續聯絡您。非常感謝。

That concludes our conference call for today. Thank you for participating. You may now all disconnect.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。