Epam Systems Inc (EPAM) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the EPAM reports results for second-quarter 2025 conference call. (Operator Instructions)

感謝您的支持。我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 EPAM 2025 年第二季業績報告電話會議。（操作員指示）

I would now like to turn the call over to Mike Rowshandel, Head of Investor Relations. Please go ahead.

現在我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 on our second-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 年第二季財報公告。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 our earnings release we issued 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; Balazs Fejes, President of Global Business and Chief Revenue Officer; and Jason Peterson, Chief Financial Officer.

我們希望您有機會閱讀我們今天早些時候發布的收益報告。如果您還沒有，可以在 epam.com 的「投資者」部分找到副本。參加今天電話會議的還有執行長兼總裁 Arkadiy Dobkin、全球業務總裁兼首席營收長 Balazs Fejes 和財務長 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 risk 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. It's a pleasure to have you with us on this call, and thank you for joining us today. I'm pleased to share that our second-quarter efforts delivered results ahead of expectations, marking another consecutive quarter of our performance and further shaping what we believe will be our durable and truly differentiating market proposition, combining best-in-class AI-native services with our core engineering and practical consulting strengths.

謝謝你，麥克。大家早安。很高興您能參加這次電話會議，感謝您今天的加入。我很高興地告訴大家，我們第二季度的努力取得了超乎預期的成果，標誌著我們連續一個季度的業績，並進一步塑造了我們認為持久且真正差異化的市場主張，將一流的人工智慧原生服務與我們的核心工程和實踐諮詢優勢相結合。

Before we dive in, let me outline today's call. I will begin with our Q2 results and our performance and then walk through the foundational themes driving our improved growth rates. I will then hand it over to FB, who will share some highlights as the Chief Revenue Officer on how we position ourselves for continued sustainable growth. Finally, Jason will cover our detailed financial results and outlook. After that, the three of us will be available for questions during the Q&A session.

在我們深入探討之前，讓我先概述一下今天的電話會議。我將從我們的第二季業績和表現開始，然後介紹推動我們成長率提升的基本主題。然後，我將把發言權交給 FB，作為首席營收官，他將分享一些關於我們如何實現持續可持續成長的亮點。最後，Jason 將介紹我們的詳細財務表現和展望。之後，我們三人將在問答環節回答問題。

Now, turning to our Q2 results. As we shared in our last update, we have been focused on sustaining sequential growth momentum, even against the country's macroeconomic backdrop. In Q2, we once again delivered a double-digit year-over-year revenue growth, while inorganic contribution played a significant role. It's important to note that our organic growth accelerated from the low-single digits to the mid-single digits, exceeding the expectations set 90 days ago. This marks our third consecutive quarter of positive organic growth, reflecting steady improvements in our core business and a return to much more consistent performance.

現在，談談我們的第二季業績。正如我們在上次更新中分享的那樣，即使在國家宏觀經濟背景下，我們也一直致力於維持連續的成長勢頭。在第二季度，我們的營收再次實現了兩位數的同比增長，其中無機收入的貢獻發揮了重要作用。值得注意的是，我們的自然成長率從低個位數加速到中個位數，超過了 90 天前設定的預期。這是我們連續第三個季度實現正有機成長，反映出我們核心業務的穩定改善和業績的回歸。

Our Q2 growth was broad-based, with all six verticals growing year over year and sequentially. Notable standouts include financial services, emerging verticals, and software and high tech. Consumer goods, retail and travel, as well as business information and media, both returned to positive year-over-year growth this quarter. Geographically, all three regions delivered a strong year-over-year growth, reinforcing our view that while demand conditions remain dynamic, the environment for EPAM is stabilizing and possibly improving across the whole of our core business.

我們第二季度的成長基礎廣泛，所有六個垂直領域均實現逐年和連續成長。值得注意的突出表現包括金融服務、新興垂直行業以及軟體和高科技。本季度，消費品、零售和旅遊以及商業資訊和媒體均恢復了同比增長。從地理上看，這三個地區均實現了強勁的同比增長，這強化了我們的觀點：儘管需求條件依然動態，但 EPAM 的環境正在穩定，並且可能在我們整個核心業務中有所改善。

Now shifting to our positioning through the first half. While we anticipated earlier in the year that 2025 would remain a transitional period, we are encouraged to see our sequential momentum improve faster than anticipated. These continuous project ramp-ups in Q2, driving what we believe is among the strongest organic constant currency growth rates in the industry in this time.

現在轉向我們上半場的定位。雖然我們在今年稍早預計 2025 年仍將是一個過渡期，但我們很高興地看到，我們的連續成長勢頭比預期的要快。這些項目在第二季度持續增加，推動了我們認為本季業界最強勁的有機固定貨幣成長率之一。

As a reminder, our client base is almost exclusively large and mid-sized private sector enterprises. There's no exposure to federal or BPO and legacy managed services. And although we remain very prudent and mindful of our clients' own end markets in the current climate, we have seen no material impact on our business, unlike some of our peers.

提醒一下，我們的客戶群幾乎全部都是大型和中型私人企業。沒有接觸聯邦或 BPO 和傳統託管服務。儘管在當前環境下我們仍然非常謹慎並專注於客戶自己的終端市場，但與我們的一些同行不同，我們的業務並未受到實質影響。

Our clients remain focused on strategic efficiency and growth, with EPAM playing a key role in both. Our investments in domain expertise, AI-enabled delivery, quality standards across our global talent hubs, and complex client engagements are helping us to retain and expand wallet share and win new logos, positioning us for stronger growth in 2025 versus 2024.

我們的客戶始終專注於策略效率和成長，而 EPAM 在這兩方面都發揮關鍵作用。我們對領域專業知識、人工智慧交付、全球人才中心的品質標準以及複雜的客戶互動的投資，正在幫助我們保留和擴大錢包份額並贏得新的標誌，使我們在 2025 年相對於 2024 年實現更強勁的成長。

If we take a step back, there are three long-term foundational themes which, together, should help to explain why we should join a different trajectory in the current market. We believe these themes underpin our improving growth trends and position us for differentiated results in 2025 and beyond.

如果我們退一步來看，有三個長期的基礎主題，它們共同有助於解釋為什麼我們應該在當前市場中加入不同的軌跡。我們相信這些主題支撐著我們不斷改善的成長趨勢，並使我們能夠在 2025 年及以後取得差異化的成果。

Number one, we continue to see clients refocus on quality as execution matters. EPAM today is known as a trusted strategic partner that consistently delivers quality outcomes. While we are building our own AI-led consulting capabilities, our core focus is still on execution -- design, build, and deploy of mission-critical enterprise products and platforms.

首先，我們繼續看到客戶重新專注於質量，因為執行很重要。如今，EPAM 已被視為值得信賴的策略合作夥伴，始終如一地提供高品質的成果。雖然我們正在建立自己的人工智慧諮詢能力，但我們的核心重點仍然是執行——設計、建構和部署關鍵任務企業產品和平台。

Rooted in our heritage and culture, this differentiation is not easily replicated. The last several years have confirmed that. Our core engineering DNA, which has remained intact through multiple technology cycles, will be even more critical in the AI era. In Q2, more clients entrusted us with their most complex ROI-driven programs, often expanding engagements to include new commercial and delivery models. These programs are also growing in scale. As AI becomes more deeply embedded across enterprises, platform complexity will further increase disproportionately, driving even greater demand for the reliable end-to-end AI-optimized execution and deep specialization we provide.

這種差異植根於我們的傳統和文化，不易複製。過去幾年的情況已經證實了這一點。我們的核心工程 DNA 在多個技術週期中始終保持完好，在人工智慧時代將變得更加重要。在第二季度，更多客戶委託我們執行他們最複雜的投資回報率驅動計劃，並經常擴大合作範圍以包括新的商業和交付模式。這些項目的規模也不斷擴大。隨著人工智慧在企業中的滲透越來越深入，平台複雜性將進一步不成比例地增加，從而推動對我們提供的可靠的端到端人工智慧優化執行和深度專業化的需求不斷增加。

We are seeing some consolidation of demand, and we believe that EPAM is benefiting through our ability to bring a unique combination of AI-native consulting, engineering, organizational enablement, and transformational services. We are seeing more new RRPs, both for AI-ready solutions and for the core system migration and modernization that the client prefers for AI adoption.

我們看到了一些需求的整合，我們相信 EPAM 將透過我們提供獨特的 AI 原生諮詢、工程、組織支援和轉型服務組合的能力而受益。我們看到了更多新的 RRP，既包括適用於 AI 的解決方案，也包括客戶希望採用 AI 的核心系統遷移和現代化。

Number two, we continue to expand our market-leading positioning as an AI-native transformation company. Our early investments in AI are serving us well and have enabled us to achieve a high level of AI adoption and to build a highly advanced set of AI and AI-native capabilities, platforms, tools, and accelerators. We would like to stress that AI adoption alone, while essential, is not enough for long-term success which is why, today, we offer a full range of AI transformational capabilities, from engineering to organizational enablement, to our own proprietary and open-source platform, such as DIAL and AI/Run. As a result, our AI-native revenue is growing double digit sequentially, up from strong double digits last quarter.

第二，我們持續擴大作為人工智慧原生轉型公司的市場領先地位。我們早期在人工智慧方面的投資發揮了良好的作用，使我們能夠實現高水準的人工智慧採用，並建構一套高度先進的人工智慧和人工智慧原生功能、平台、工具和加速器。我們想強調的是，單靠人工智慧的應用雖然必不可少，但並不足以取得長期成功，因此，今天我們提供全方位的人工智慧轉型能力，從工程到組織支持，再到我們自己的專有和開源平台，例如 DIAL 和 AI/Run。因此，我們的人工智慧原生收入連續實現兩位數成長，高於上一季強勁的兩位數成長。

Looking at our top 100 clients, the vast majority continue to be actively engaged with AI initiatives that now have moved beyond experimental PVC to medium and larger-scale programs, and many are adapting EPAM platforms to accelerate those. These platforms go beyond enabling agentic workflows and data-native reasoning. They address the structural challenges of deploying AI at scale across the enterprise.

縱觀我們的前 100 名客戶，絕大多數客戶繼續積極參與人工智慧計劃，這些計劃現已從實驗性 PVC 擴展到中型和大型項目，許多客戶正在採用 EPAM 平台來加速這些計劃。這些平台不僅僅支援代理工作流程和資料原生推理。它們解決了在整個企業大規模部署人工智慧的結構性挑戰。

By integrating best-of-breed external products, client-specific tools, and more structured infrastructural data, they allow to close the integration gap faster, ensuring reliable cost-effective operation and fostering enterprise-wide use. Importantly, they achieve this without locking clients into proprietary tools, reflecting the open-source nature of most of our AI-enablement offerings. In short, we are making meaningful progress and gaining significant momentum and becoming an AI-native transformation company, and we expect this driver of growth to build further in the quarters ahead. FB will be sharing more updates along the way, including showcasing the new high-impact proposition we are taking on the market.

透過整合最佳的外部產品、客戶特定工具和更結構化的基礎設施數據，它們可以更快地縮小整合差距，確保可靠的、經濟高效的營運並促進企業範圍內的使用。重要的是，他們在實現這一目標時無需將客戶鎖定在專有工具中，這反映了我們大多數 AI 支援產品的開源性質。簡而言之，我們正在取得有意義的進展並獲得巨大的發展動力，並成為一家人工智慧原生轉型公司，我們預計這一成長動力將在未來幾季進一步增強。FB 將在此過程中分享更多更新，包括展示我們正在向市場推出的具有重大影響力的新主張。

Number three, we continue to scale and optimize our global delivery hubs, offering clients more attractive and scalable options than ever before. We remain convinced that talent will be a critical driver of our industry's future and growth. In a rapidly expanding market for AI-led transformation, the ability to scale specialized talent is essential. So we are relentlessly training and upskilling our teams, particularly as we deploy AI to enhance both individual and team productivities.

第三，我們持續擴大和優化我們的全球交付中心，為客戶提供比以往更具吸引力和可擴展性的選擇。我們始終堅信，人才將成為我們產業未來和成長的關鍵驅動力。在人工智慧主導的轉型快速擴張的市場中，擴大專業人才規模的能力至關重要。因此，我們堅持不懈地培訓和提升我們的團隊技能，特別是在我們部署人工智慧以提高個人和團隊生產力的時候。

Our global footprint spanning four diversified talent hubs in Europe, India, Latin America, and Western and Central Asia is connected through a single proprietary delivery platform and unified AI-enabled delivery methodology. This integrated model provides greater resilience and enables us to deliver truly strategic global capabilities to large enterprises that must constantly balance cost considerations and location strategy with business priorities. Each hub operates on the same delivery backbone, supported by advanced training and globally managed technical assessments. Together, they drive collaboration, co-innovation, and rapid client access to advance AI-native capabilities.

我們的全球業務遍及歐洲、印度、拉丁美洲以及西亞和中亞四個多元化人才中心，透過單一專有交付平台和統一的人工智慧交付方法連接起來。這種整合模型提供了更強的彈性，使我們能夠向必須不斷平衡成本考量和位置策略與業務優先事項的大型企業提供真正具有戰略意義的全球能力。每個中心都採用相同的交付主幹線，並由高級培訓和全球管理的技術評估提供支援。他們共同推動協作、共同創新和快速客戶訪問，以推進 AI 原生功能。

Our operating models also support centers of excellence that strengthen horizontal capabilities, such as data cloud and experience engineering, and vertical specialization, delivering end-to-end execution from strategies for implementation. These foundational themes are our core differentiators and are essential for our long-term growth. EPAM has taken the necessary steps to address our company's specific challenges of recent years while simultaneously positioning our underlying business for strong and sustainable organic constant currency growth and putting us in a much stronger position than we anticipated just six months ago.

我們的營運模式也支援卓越中心，以加強橫向能力，例如資料雲端和體驗工程以及垂直專業化，從而實現從策略到實施的端到端執行。這些基礎主題是我們的核心差異化因素，對我們的長期發展至關重要。EPAM 已採取必要措施應對公司近年來面臨的具體挑戰，同時使我們的基礎業務實現強勁、可持續的有機固定匯率增長，並使我們處於比六個月前預期更強大的地位。

Lastly, today is my 52nd and final call as a CEO of EPAM. It was indeed an incredible journey for me from founding EPAM back in 1993, and to our IPO day in 2012, and to this moment, with everything in between. So at this point, I would like to state that the CEO transition plan has been going well and is on track to be completed by September 1, 2025, in which FB will become our new Chief Executive Officer and President, and I'll transition into the role of Executive Chairman.

最後，今天是我擔任 EPAM 執行長的第 52 次也是最後一次任職。從 1993 年創立 EPAM，到 2012 年 IPO，再到現在，這段期間發生的一切，對我來說確實是一段不可思議的旅程。因此，此時此刻，我想聲明，執行長過渡計畫進展順利，預計將於 2025 年 9 月 1 日完成，屆時 FB 將成為我們的新任執行長兼總裁，而我將轉任執行董事長一職。

The title changes, but my commitment doesn't. I look forward to continue supporting the long-term success of the company. I want to thank the entire leadership team and all our employees around the world for their relentless drive, innovation, commitment to engineering excellence, and differentiation in value as they continue to deliver to our clients.

標題變了，但我的承諾沒變。我期待繼續支持公司的長期成功。我要感謝整個領導團隊和世界各地的所有員工，感謝他們不懈的努力、創新、對卓越工程的承諾以及價值差異化，繼續為我們的客戶提供服務。

With that, I want to welcome FB to provide some additional color. FB, over to you.

有了這一點，我想歡迎 FB 提供一些額外的色彩。FB，交給你了。

Thank you, Ark, and good morning, everyone. It's a pleasure to join you today. From my seat as a Chief Revenue Officer, I would like to take this opportunity to walk you through some commercial and operational highlights of the quarter, the evolving market landscape and how our AI investments across go-to-market, partnerships, client engagement, and technology are positioning us for continued sustainable growth.

謝謝你，阿克，大家早安。我很高興今天能和你們在一起。作為首席營收官，我想藉此機會向大家介紹本季的一些商業和營運亮點、不斷變化的市場格局，以及我們在市場進入、合作夥伴關係、客戶參與和技術方面的人工智慧投資如何幫助我們實現持續的可持續成長。

Now turning to market trends and demand environment. As Ark mentioned, we are seeing some positive trends in our markets globally. The increasing attention on AI is triggering incremental demand and improving our overall picture, more by accelerating cloud migration, growing demand for foundational data engineering, decisioning, and the need to modernize and operationalize platforms and systems at scale. And because our clients are still focused on optimizing their investments, they are relying on EPAM to ensure that AI initiatives are carried out with the right rigor and accuracy to enable maximum flexibility in deployment methods to meet business objectives.

現在轉向市場趨勢和需求環境。正如阿克所提到的，我們在全球市場看到了一些正面的趨勢。人們對人工智慧的日益關注正在引發增量需求並改善我們的整體狀況，更多的是透過加速雲端遷移、不斷增長的基礎資料工程、決策需求以及大規模現代化和營運平台和系統的需求。由於我們的客戶仍然專注於優化他們的投資，他們依靠 EPAM 來確保 AI 計劃以正確的嚴謹性和準確性進行，從而實現部署方法的最大靈活性，以滿足業務目標。

I'm encouraged by the client sentiment both in North America and in Europe, showing stable and modestly growing demand, especially in our banking and financial services and life sciences and healthcare verticals, along with really strong growth in emerging sectors, especially in energy and oil and gas, particularly in discretionary transformation programs. But we are seeing differentiation from EPAM bringing in net new opportunities across our portfolio, increasingly realized by our ability to orchestrate across our lines of business in core engineering, cloud, data, and experience led by our Empathy Lab proposition in Europe. Clients remain focused on value realization and speed of innovation, and this is where our reputation for quality above commercial models and client-centric hybrid teams continues to be relevant.

我對北美和歐洲的客戶情緒感到鼓舞，顯示出穩定且適度增長的需求，特別是在我們的銀行和金融服務以及生命科學和醫療保健垂直領域，以及新興領域的強勁增長，特別是能源和石油和天然氣領域，特別是在可自由支配的轉型計劃中。但是，我們看到 EPAM 的差異化為我們的投資組合帶來了全新的機遇，而這種差異化日益體現在我們在歐洲的 Empathy Lab 倡議的引領下，能夠在核心工程、雲端、數據和體驗等業務線上進行協調。客戶仍然專注於價值實現和創新速度，而這正是我們高於商業模式和以客戶為中心的混合團隊的品質聲譽繼續發揮作用的地方。

Shifting to our go-to-market and client-centric initiatives. We believe that the transformation in the IT services market opens new opportunities for us to capture additional market share. To better position ourselves, we have made meaningful progress on our go-to-market models.

轉向我們的行銷和以客戶為中心的舉措。我們相信，IT服務市場的轉型為我們獲得更多市場份額提供了新的機會。為了更好地定位自己，我們在市場進入模式上取得了有意義的進展。

Over the past quarter, you may have seen public announcements around our core engineering, cloud, and AI initiatives, both independently and in collaboration with partners. Today, we partner with over 150 global ecosystem partners and have achieved top-tier strategic partner status with all the core cloud and data platforms. Our partnership strategy is client-centric and has become a cornerstone of EPAM's ability to bring the best-of-breed solutions to our global client base, particularly around complex clouding architecture and operationalization of AI and agentic workflows.

在過去的一個季度中，您可能已經看到了有關我們核心工程、雲端和人工智慧計畫的公開公告，這些公告既有獨立的，也有與合作夥伴合作發布的。如今，我們與超過 150 個全球生態系統合作夥伴合作，並在所有核心雲端和資料平台上取得了頂級策略合作夥伴地位。我們的合作策略以客戶為中心，並已成為 EPAM 為全球客戶群提供最佳解決方案的基石，特別是圍繞複雜的雲端架構以及 AI 和代理商工作流程的運作。

As an interesting example, this is the recent Databricks announcement where EPAM won the EMEA Growth Partner of the Year award for rapidly expanding Databricks adoption through large-scale data platform modernization and AI/ML innovation. In Q2, we further operationalized our vertical-led sales and account engagement structure with deeper alignment between our industry teams and solution practices. This enabled us to have better visibility into high-potential deals and to improve win rates with new and existing strategic pursuits.

舉一個有趣的例子，這是 Databricks 最近發布的公告，EPAM 因透過大規模資料平台現代化和 AI/ML 創新迅速擴大 Databricks 的採用而榮獲 EMEA 年度成長合作夥伴獎。在第二季度，我們進一步實施了垂直主導的銷售和客戶參與結構，並在行業團隊和解決方案實踐之間進行了更深入的協調。這使我們能夠更好地了解高潛力交易，並透過新的和現有的策略追求來提高成功率。

Over the last couple of quarters, we have also progressively strengthened our field enablement. We rolled out a unified global CRM analytics platform, giving our sales and marketing teams real-time insights into deal velocity, deal qualification, pipeline health, and client behavior. This is already improving our sales cycle efficiency and cross-selling effectiveness.

在過去的幾個季度中，我們也逐步加強了我們的現場支援。我們推出了統一的全球 CRM 分析平台，讓我們的銷售和行銷團隊能夠即時了解交易速度、交易資格、通路健康狀況和客戶行為。這已經提高了我們的銷售週期效率和交叉銷售效率。

Now, turning to our transformation of services and key investments. Our services portfolio continues to evolve. A significantly higher proportion of our programs today are high-impact consultative transformation engagement. The vast majority of our new wins this quarter were anchored in digital product and platform transformation, cloud, and AI native services. We have made strategic investments in our key solutions areas focused on generative AI, industry cloud accelerators, cybersecurity, data factory, and customer experience transformation. These solution centers serve as co-innovation hubs with clients and have already contributed to increasing our total wallet share over the same quarter last year.

現在，我們來談談我們的服務轉型和重點投資。我們的服務組合不斷發展。我們目前進行的專案當中，很大一部分都是具有高影響力的諮詢轉型專案。本季我們的絕大多數新成果都來自數位產品和平台轉型、雲端和人工智慧原生服務。我們對關鍵解決方案領域進行了策略性投資，重點在於產生人工智慧、產業雲加速器、網路安全、資料工廠和客戶體驗轉型。這些解決方案中心作為與客戶的共同創新中心，並且已經為我們去年同期的總錢包份額的成長做出了貢獻。

We also deepened our capabilities with two recent larger acquisitions, one in regulated industries, including financial services; another in cloud native engineering and transformations, serving Latin and Spanish-speaking markets. These teams are quickly becoming integrated into selling and operational processes and already supporting our largest clients across most of our verticals.

我們也透過最近兩次較大規模的收購深化了我們的能力，一次是涉及受監管行業，包括金融服務；另一次是涉及雲端原生工程和轉型，服務於拉丁和西班牙語市場。這些團隊正在迅速融入銷售和營運流程，並已為我們大多數垂直領域的最大客戶提供支援。

Now, turning to our client engagement. Client centricity remains at the core of our operating model. We launched a new client success program this quarter focusing on our top 100 clients. We continue to experiment and work with clients to provide additional flexibility with new engagement models which have planned to scale in the future. For example, we have launched platform-based delivery for several AI operational engagements, allowing clients to consume AI as a service through our DIAL platform. This is delivering measurable efficiency gains and helping us to move up the volume chain.

現在，談談我們的客戶參與。以客戶為中心仍然是我們營運模式的核心。本季度，我們推出了一項新的客戶成功計劃，重點關注我們的前 100 名客戶。我們將繼續進行試驗並與客戶合作，為未來計劃擴展的新參與模式提供額外的靈活性。例如，我們已經為多個 AI 營運專案推出了基於平台的交付，讓客戶透過我們的 DIAL 平台使用 AI 即服務。這帶來了可衡量的效率提升，並幫助我們提升產量鏈。

And finally, moving to AI and data-driven revenue transformation. We are deeply committed to using AI not just for our clients but also to transform our internal operations. Effectively, we view EPAM as customer zero for anything we want to bring to the market with AI. This gives us a measurable edge in a competitive market. In addition, we have made strategic investment in our data platforms, and we now have a centralized data lake architecture powering everything from client 360-degree views to marketing personalization. This is enabling more constructional conversations and sharper targeting across all channels.

最後，轉向人工智慧和數據驅動的收入轉型。我們堅定地致力於將人工智慧不僅用於服務客戶，也用於改變我們的內部營運。實際上，我們將 EPAM 視為我們想要透過 AI 推向市場的任何產品的零號客戶。這使我們在競爭激烈的市場中擁有顯著的優勢。此外，我們對資料平台進行了策略性投資，現在我們擁有一個集中式資料湖架構，為從客戶 360 度視圖到行銷個人化的一切提供支援。這使得所有管道的對話更具建設性，定位也更加精準。

To close, our operating momentum is strong. We are executing with discipline, aligning closely to client priorities and bringing forward innovations that differentiate us in the marketplace. Looking ahead, we see continued differentiation in EPAM's AI-native services, cloud and data modernization, and agentic automation. Our commercial and operational foundations are strong, and we remain confident in our ability to capture net new demand and drive sustainable growth in the quarters to come.

總而言之，我們的經營勢頭強勁。我們嚴格執行，緊密關注客戶的優先事項，並不斷推出創新，使我們在市場上脫穎而出。展望未來，我們看到 EPAM 的 AI 原生服務、雲端和資料現代化以及代理自動化將繼續呈現差異化。我們的商業和營運基礎強勁，我們仍然有信心在未來幾季抓住淨新需求並推動永續成長。

Jason, over to you.

傑森，交給你了。

Thank you, FB, and good morning, everyone.

謝謝 FB，大家早安。

In the second quarter, EPAM generated revenue of $1.353 billion, a year-over-year increase of 18% on a reported basis, surpassing the upper end of our Q2 revenue outlook. On an organic constant currency basis, revenues grew 5.3% compared to the second quarter of 2024. This marks our third quarter in a row delivering positive year-over-year organic constant currency growth, reflecting steady and resilient execution.

第二季度，EPAM 的營收為 13.53 億美元，年增 18%，超過了我們對第二季營收預期的上限。以有機固定匯率計算，營收與 2024 年第二季相比成長了 5.3%。這是我們連續第三個季度實現年比有機固定匯率成長，反映出我們執行力的穩定和韌性。

Additionally, we've returned to growth amidst a macroeconomic climate that remains complex. Our outperformance in the quarter was broad-based, driven by improvements across all verticals and geographies. As Ark and FB mentioned, our strong results and continued sequential momentum are being driven by clients turning to EPAM for trusted quality, coupled with accelerating momentum across our AI and AI-native offerings.

此外，儘管宏觀經濟環境依然複雜，我們仍恢復成長。我們在本季的優異表現是廣泛的，這得益於所有垂直行業和地區的改善。正如 Ark 和 FB 所提到的，我們強勁的業績和持續的連續成長勢頭是由客戶轉向 EPAM 以獲得值得信賴的質量，再加上我們的 AI 和 AI 原生產品的加速發展勢頭所推動的。

Moving to our Q2 vertical performance. All six industry verticals showed encouraging momentum and improvement this quarter. Our recent acquisitions of NEORIS and First Derivative also contributed positively, particularly within financial services and emerging verticals, complementing the strong underlying performance of our organic business.

轉向我們的第二季垂直表現。本季度，所有六個垂直行業都表現出令人鼓舞的勢頭和改善。我們最近對 NEORIS 和 First Derivative 的收購也做出了積極貢獻，尤其是在金融服務和新興垂直領域，補充了我們有機業務強勁的基礎表現。

Financial services continued to deliver very strong double-digit growth, up 34.4% year over year on a reported basis, reflecting 6.5% organic growth in constant currency, driven by strength across banking and insurance. Software & high-tech grew 21.2% year over year, driven by strong execution and broad improvement across our existing clients as well as new logos. Life sciences and healthcare increased 11.7% on a year-over-year basis. Revenue growth in the vertical continues to be driven primarily by clients in life sciences and medtech.

金融服務業持續實現強勁的兩位數成長，報告顯示年增 34.4%，以固定匯率計算有機成長 6.5%，這主要得益於銀行業和保險業的強勁成長。軟體和高科技業務年增 21.2%，這得益於我們現有客戶的強勁執行力和廣泛改進以及新標誌。生命科學和醫療保健年增11.7%。垂直領域的收入成長仍然主要受到生命科學和醫療技術領域客戶的推動。

Consumer goods, retail, and travel delivered 6.2% year-over-year growth, showing improvement versus recent quarters. The vertical delivered positive organic sequential growth in constant currency across both consumer products and retail, as well as travel and hospitality. Business information and media also returned to growth, increasing 2.8% year over year. The return to growth within this vertical was driven by strong momentum across several key clients as well as revenue from new logos.

消費品、零售和旅遊業年增 6.2%，較最近幾季有所改善。該垂直行業在消費品和零售以及旅遊和酒店領域均實現了以固定匯率計算的正有機連續增長。商業資訊和媒體也恢復成長，年增2.8%。該垂直領域的恢復成長得益於幾位關鍵客戶的強勁發展勢頭以及新標誌帶來的收入。

Our emerging verticals delivered another quarter of very strong year-over-year growth of 28.7%, with NEORIS continuing to positively impact the vertical's performance. On an organic constant currency basis, growth was 3.3%, primarily driven by ongoing strength within energy, industrial materials, and real estate.

我們的新興垂直產業在本季再次實現了 28.7% 的強勁同比增長，其中 NEORIS 繼續對該垂直行業的業績產生積極影響。以有機固定匯率計算，成長率為 3.3%，主要得益於能源、工業材料和房地產的持續強勁成長。

From a geographic perspective, Americas, our largest region, representing 59% of our Q2 revenues, grew 15.9% year over year on a reported basis, reflecting 3.8% organic growth in constant currency. EMEA, comprising 39% of our Q2 revenues, increased 21.7% year over year, reflecting 7.6% organic growth in constant currency. And finally, APAC, making up 2% of our revenues, increased 13% year over year, reflecting 8.3% organic growth in constant currency.

從地理角度來看，美洲是我們最大的地區，占我們第二季營收的 59%，以報告基礎計算年增 15.9%，以固定匯率計算有機成長 3.8%。歐洲、中東和非洲地區占我們第二季營收的 39%，年增 21.7%，以固定匯率計算，有機成長 7.6%。最後，亞太地區占我們營收的 2%，年成長 13%，以固定匯率計算，有機成長 8.3%。

Lastly, in Q2, revenues from our top 20 clients grew 8.8% year over year, while revenues from clients outside our top 20 increased 23%.

最後，在第二季度，來自我們前 20 名客戶的營收年增 8.8%，而來自前 20 名以外客戶的營收成長了 23%。

Moving down the income statement. Our GAAP gross margin for the quarter was 28.8%, compared to 29.3% in Q2 of last year. Non-GAAP gross margin for the quarter was 30.1%, compared to 30.8% for the same period a year ago. Somewhat higher variable compensation, combined with lower profitability associated with recent acquisitions, both contributed to the lower gross margin level. The company continues to focus on improving utilization and gross margin and will maintain this focus throughout the remainder of the year.

向下移動損益表。本季我們的 GAAP 毛利率為 28.8%，去年第二季為 29.3%。本季非公認會計準則毛利率為 30.1%，去年同期為 30.8%。略高的浮動薪酬，加上近期收購帶來的獲利能力下降，都導致了毛利率水準的下降。該公司將繼續致力於提高利用率和毛利率，並將在今年剩餘時間內保持這一重點。

GAAP SG&A was 17.1% of revenue, compared to 16.9% in Q2 of last year. Non-GAAP SG&A in Q2 2025 came in at 14.1% of revenue, compared to 14.3% in the same period last year.

GAAP 銷售、一般及行政費用佔收入的 17.1%，去年第二季為 16.9%。2025 年第二季非公認會計準則銷售、一般及行政費用佔收入的 14.1%，去年同期為 14.3%。

GAAP income from operations was $126 million, or 9.3% of revenue in the quarter, compared to $121 million, or 10.5% of revenue in Q2 of last year. Non-GAAP income from operations was $203 million, or 15% of revenue in the quarter, compared to $175 million, or 15.2% of revenue in Q2 of the previous year.

本季 GAAP 營業收入為 1.26 億美元，佔營收的 9.3%，去年第二季為 1.21 億美元，佔營收的 10.5%。本季非公認會計準則營業收入為 2.03 億美元，佔營收的 15%，而去年同期第二季為 1.75 億美元，佔營收的 15.2%。

Our GAAP effective tax rate for the quarter came in at 28.9%. And our non-GAAP effective tax rate was 24%.

本季我們的 GAAP 有效稅率為 28.9%。我們的非公認會計準則有效稅率為 24%。

Diluted earnings per share on a GAAP basis was $1.56. Our non-GAAP diluted EPS was $2.77, compared to $2.45 in Q2 of last year, reflecting a $0.32 increase year over year. In Q2, there were approximately 56.5 million diluted shares outstanding.

以美國通用會計準則 (GAAP) 計算，每股攤薄收益為 1.56 美元。以非美國通用會計準則 (Non-GAAP) 計算，每股攤薄收益為 2.77 美元，較去年同期的 2.45 美元增加 0.32 美元。第二季度，稀釋流通股數約 5,650 萬股。

Turning to our cash flow and balance sheet. Cash flow from operations for Q2 was $53 million, compared to $57 million in the same quarter of 2024. Free cash flow was $43 million, compared to free cash flow of $52 million in the same quarter of last year. Cash and cash equivalents were just over $1 billion as of the end of the quarter.

轉向我們的現金流和資產負債表。第二季的經營現金流為 5,300 萬美元，而 2024 年同期為 5,700 萬美元。自由現金流為 4,300 萬美元，而去年同期的自由現金流為 5,200 萬美元。截至本季末，現金和現金等價物略高於 10 億美元。

At the end of Q2, DSO was 78 days, and compares to 75 days for Q1 2025, and 76 days for the same quarter of last year. Share repurchases in the second quarter were approximately 1.1 million shares for $195 million at an average price of $179.23 per share.

第二季末，DSO 為 78 天，而 2025 年第一季為 75 天，去年同期為 76 天。第二季股票回購量約 110 萬股，回購金額為 1.95 億美元，平均價格為每股 179.23 美元。

Moving on to operational metrics. We ended Q2 with more than 55,800 consultants, designers, engineers, and architects, reflecting total growth of 18.7% and organic growth of 6.7%, compared to Q2 2024. In the quarter, we added approximately 200 delivery professionals. Our total headcount at quarter-end was just over 62,000 employees. Utilization was 78.1%, compared to 77.5% in both Q2 of last year and Q1 2025, driven by bench optimization efforts.

繼續討論營運指標。截至第二季度，我們擁有超過 55,800 名顧問、設計師、工程師和建築師，與 2024 年第二季度相比，整體成長 18.7%，有機成長 6.7%。本季度，我們增加了約 200 名送貨專業人員。截至季末，我們的員工總數剛超過 62,000 人。利用率為 78.1%，而去年第二季和 2025 年第一季均為 77.5%，這得益於基準優化工作的推動。

Now, let's turn to guidance. Before moving to the specifics of our 2025 and Q3 outlook, I would like to provide some thoughts to help frame our guidance. Our solid financial performance in H1 amidst economic and tariff-related uncertainty continues to be driven by clients who value our strong delivery execution across all our global delivery locations. We are also highly encouraged to see accelerating growth in our advanced AI-native offerings, which contributed to our improving revenue growth rates.

現在，讓我們轉向指導。在討論我們 2025 年和第三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。在經濟和關稅相關的不確定性中，我們上半年的穩健財務表現繼續受到客戶的推動，他們重視我們在全球所有交付地點的強大交付執行力。我們也非常高興地看到我們先進的人工智慧原生產品正在加速成長，這有助於提高我們的收入成長率。

With good visibility in Q3, we expect further improvement in our year-over-year organic constant currency growth rate in the quarter. With regards to the full year, I would like to remind everyone of the typical seasonal impacts in the second half. Relative to Q2, Q3 benefits from more build days, contributing positively to sequential revenue growth. Compared to Q3, Q4 is negatively impacted by a higher number of holidays, vacations, and potential furloughs.

由於第三季的良好可見性，我們預計本季的年比有機固定匯率成長率將進一步提高。對於全年而言，我想提醒大家注意下半年典型的季節性影響。與第二季相比，第三季受益於更多的建造天數，對連續收入成長做出了積極貢獻。與第三季相比，第四季受到假期、休假和潛在休假數量增加的負面影響。

EPAM's revenues in our Q3 pipeline have developed nicely throughout the year, but we also realize that we're still operating in a dynamic demand environment. We want to continue to be prudent with our approach to guidance and currently expect Q4 revenue to be predominantly driven by seasonal factors, which will likely result in flat to a modest decline sequentially from Q3 to Q4. We expect to continue to see strong inorganic revenue contributions from NEORIS and First Derivative, particularly in the financial services and emerging verticals.

EPAM 在第三季的營收全年都發展良好，但我們也意識到我們仍然在動態的需求環境中運作。我們希望繼續採取謹慎的指導方針，目前預計第四季度收入將主要受季節性因素驅動，這可能會導致第三季至第四季營收環比持平或略有下降。我們預計 NEORIS 和 First Derivative 將繼續帶來強勁的無機收入貢獻，尤其是在金融服務和新興垂直領域。

Based on our strong H1 performance and good visibility into Q3, we are raising the bottom end of the range for 2025 full-year organic constant currency revenue growth. Additionally, due to further appreciation in the euro and GBP, we will also be increasing the FX contribution to reported revenue growth. While driving top-line revenue growth, we will also remain focused on improving gross margin. We are working on improving utilization and will continue to reduce isolated pockets of bench while adding net headcount to support growth. 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.

基於我們強勁的上半年業績和對第三季的良好預期，我們將提高 2025 年全年有機固定匯率營收成長的最低預期。此外，由於歐元和英鎊進一步升值，我們還將增加外匯對報告收入成長的貢獻。在推動營業收入成長的同時，我們也將持續致力於提高毛利率。我們正在努力提高利用率，並將繼續減少孤立的替補席位，同時增加淨員工人數以支持成長。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。

Moving to our full-year outlook. Revenue growth will now be in the range of 13% to 15%, with inorganic continuing to contribute approximately 9% for 2025. Based on today's spot exchange rates, coupled with the 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 0.9%. We expect year-over-year revenue growth on an organic constant currency basis to now be in the range of 3% to 5%.

轉向我們的全年展望。目前營收成長率將在 13% 至 15% 之間，其中無機收入到 2025 年將繼續貢獻約 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 0.9% 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 3% 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 26%. Our non-GAAP effective tax rate, which excludes the impact of benefits and shortfalls related to stock-based compensation, will continue to be 24%. Earnings per share, we expect the GAAP diluted EPS will now be in the range of $6.48 to $6.64 for the full year. And non-GAAP diluted EPS will now be in the range of $10.96 to $11.12 for the full year. We now expect weighted average share count of 56.4 million fully diluted shares outstanding.

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 26%。我們的非公認會計準則有效稅率（不包括與股票薪資相關的福利和缺口的影響）將繼續為 24%。每股收益，我們預計全年 GAAP 稀釋每股收益將在 6.48 美元至 6.64 美元之間。全年非 GAAP 稀釋每股收益將在 10.96 美元至 11.12 美元之間。我們現在預計，加權平均流通股數為 5,640 萬股（完全稀釋）。

Moving to our Q3 2025 outlook. We expect revenue to be in the range of $1.365 billion to $1.380 billion, producing year-over-year growth of 17.6% at the midpoint of the range. Our guidance reflects an inorganic contribution of 10.4%, with a 1.0% positive FX impact during the quarter, producing a 6.2% organic constant currency growth rate at the midpoint of the range.

轉向我們的 2025 年第三季展望。我們預計營收將在 13.65 億美元至 13.80 億美元之間，中間值年增 17.6%。我們的指引反映了 10.4% 的無機貢獻，其中本季外匯影響為 1.0%，在範圍中點產生了 6.2% 的有機恆定貨幣成長率。

For the third quarter, we expect GAAP income from operations to be in the range of 10% to 11% and non-GAAP income from operations to be in the range of 15.5% to 16.5%. We expect our GAAP effective tax rate to be approximately 25% 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 $1.89 to $1.97 for the quarter and non-GAAP diluted EPS to be in the range of $2.98 to $3.06 for the quarter. We expect a weighted average share count of 55.9 million diluted shares outstanding.

對於第三季度，我們預計 GAAP 營業收入將在 10% 至 11% 之間，非 GAAP 營業收入將在 15.5% 至 16.5% 之間。我們預計我們的 GAAP 有效稅率約為 25%，非 GAAP 有效稅率約為 24%。對於每股收益，我們預計本季 GAAP 稀釋每股收益在 1.89 美元至 1.97 美元之間，非 GAAP 稀釋每股收益在 2.98 美元至 3.06 美元之間。我們預計加權平均流通股數為 5,590 萬股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements for Q3 and Q4. Stock-based compensation expense is expected to be approximately $44 million for Q3 and $45 million for Q4. Amortization of intangibles is expected to be approximately $18 million for each of the remaining quarters. The impact of foreign exchange is expected to be an approximate $2 million loss for Q3 and to be negligible for Q4. Tax-effective non-GAAP adjustments is expected to be around $17 million for Q3 and $16 million for Q4. We expect minimal excess tax benefits or shortfalls in the remaining quarters. Severance, driven by our cost optimization program, is expected to be around $9 million for Q3 and $8 million for Q4. And one more assumption outside of our GAAP to non-GAAP items, we now expect interest and other income to be $3 million for each of the remaining quarters.

最後，有幾個關鍵假設支持我們對第三季和第四季的 GAAP 到非 GAAP 衡量。預計第三季股票薪資費用約為 4,400 萬美元，第四季股票薪資費用約為 4,500 萬美元。預計剩餘季度的每個季度的無形資產攤銷約為 1800 萬美元。預計外匯的影響將對第三季造成約 200 萬美元的損失，而對第四季的影響則微乎其微。預計第三季非 GAAP 稅收有效調整約 1,700 萬美元，第四季約為 1,600 萬美元。我們預計剩餘季度的超額稅收優惠或缺口將很小。在我們的成本優化計畫的推動下，遣散費預計第三季約為 900 萬美元，第四季約為 800 萬美元。除了我們的 GAAP 到非 GAAP 專案之外，還有一個假設，我們現在預計剩餘每季的利息和其他收入為 300 萬美元。

We remain committed to driving revenue growth and improving profitability in the second half, and we are confident in our strong positioning entering Q3, despite the dynamic environment. We will continue to run EPAM efficiently, maintaining our focus on profitability throughout the remainder of the year. Thanks again to all our employees for their dedication and focus on serving our clients and driving results for EPAM.

我們仍然致力於推動下半年的營收成長和提高獲利能力，儘管環境充滿活力，但我們對進入第三季的強勁定位充滿信心。我們將繼續高效運作 EPAM，並在今年剩餘時間內繼續專注於獲利能力。再次感謝我們所有員工的奉獻和專注於服務我們的客戶以及為 EPAM 帶來成果。

I would now like to take a moment to acknowledge Ark's leadership and the profound impact he has had across the industry, our clients, and our company. Ark has successfully led EPAM through multiple tax cycles over multiple decades, and he has positioned the company to capture the next wave of AI-driven growth.

現在，我想花點時間感謝 Ark 的領導能力以及他對整個行業、我們的客戶和我們公司的深遠影響。數十年來，Ark 成功帶領 EPAM 度過了多個稅收週期，並幫助公司抓住了下一波人工智慧驅動的成長浪潮。

Leading the company through a challenging couple of years and a near existential crisis resulting from the Russian invasion of Ukraine, Ark has played an instrumental role in our return to growth. Today, EPAM is in a better position than ever as a truly global company, offering industry-leading delivery execution across all of our geographic delivery hubs. On a personal note, it has been an honor working with Ark, and I look forward to continuing to work with him in his new role as Executive Chairman.

在帶領公司度過充滿挑戰的幾年以及俄羅斯入侵烏克蘭導致的生存危機的過程中，阿克在我們恢復成長過程中發揮了重要作用。如今，EPAM 作為一家真正的全球性公司，地位比以往任何時候都更加優越，能夠在我們所有的地理交付中心提供業界領先的交付執行服務。就我個人而言，我很榮幸能與 Ark 合作，並期待在他擔任執行主席的新職位上繼續與他合作。

Operator, let's open the call up for questions.

接線員，讓我們開始提問吧。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

Hi, guys. Good morning. FB, welcome, and congrats to you and to Ark. First question for you, kind of on the workforce here and the intentions, it's good to see the organic growth acceleration. But despite that improved quarter-over-quarter organic growth, I noticed you slowed the net quarter-over-quarter billable increase in 2Q versus 1Q. So I just wanted to reconcile that.

嗨，大家好。早安.FB，歡迎您，並祝賀您和 Ark。第一個問題是關於這裡的勞動力和意圖，很高興看到有機成長加速。但是，儘管有機成長率較上一季有所提高，但我注意到，第二季的淨可計費收入較上一季放緩。所以我只是想調和這一點。

Can you just comment on kind of how you're balancing new talent addition versus bench optimization? Are you making any lasting gains in agentic delivery capabilities? Just anything you can give some more detail on there.

您能否評論一下如何平衡新人才的增加和替補席的優化？您在代理交付能力方面是否取得了持久的進步？您可以提供更多詳細資訊。

Yeah, hey. So that's a good question. I think I'll take that. This is Jason.

是啊，嘿。這是個好問題。我想我會接受的。這是傑森。

So we continue to hire to support revenue growth, and I think you see in our guide that we intend to continue to grow throughout the year. At the same time, I think we have been a little bit more thoughtful about pockets of bench that we have globally. And we, let's say, have been somewhat more active to address the bench issue.

因此，我們將繼續招募員工來支持收入成長，我想您在我們的指南中看到，我們打算全年繼續成長。同時，我認為我們對全球範圍內的替補席位更加深思熟慮了。我們可以這麼說，我們在解決替補席問題上已經採取了更積極的措施。

So we are seeing improvement in utilization, and we look forward to continuing to maintain utilization at a somewhat higher level than we did last year. And Bryan, that's generally why you see a somewhat lower headcount addition. I think that you'll see net additions clearly in Q3 and probably greater net additions in Q4 as we exit and prepare for 2026.

因此，我們看到利用率正在提高，我們期待繼續將利用率保持在比去年略高的水平。布萊恩，這通常就是為什麼你會看到員工人數增加較少的原因。我認為，當我們退出並為 2026 年做準備時，您會在第三季度清楚地看到淨增值，並且在第四季度可能會看到更大的淨增值。

Okay, understood. And then my follow-up, so obviously, a very complex macro environment. In your conversations with client leaders, what do you really think it's going to take for them to lean back in more notably in discretionary areas just to sustainably recover growth? Is it as simple as trade deals and rate cuts? Or do you sense there's just prior levels of outsized discretionary spend where there wasn't ample ROI that may have changed lasting changes in behavior to discretionary activities?

好的，明白了。接下來是我要說的，顯然這是一個非常複雜的宏觀環境。在與客戶領導的對話中，您認為他們需要採取什麼措施才能更加顯著地向可自由支配的領域傾斜，從而實現可持續的恢復成長？就像貿易協議和降息那麼簡單嗎？或者您是否感覺到之前存在過多的可自由支配的支出，而沒有足夠的投資回報率，這可能會改變人們將行為轉向可自由支配的活動的持久變化？

Bryan, this is FB. I think it's a very good question because what's really happening on the field is clients have to go back to discretionary spending for two reasons. One is that they were suspending discretionary investment for a while now, and they're no longer able to do that due to regulatory requirements or due to platform shifts, which they have.

布萊恩，這是 FB。我認為這是一個非常好的問題，因為實際情況是，客戶必須出於兩個原因重新進行自由支配支出。一是他們已經暫停了一段時間的自由裁量投資，但由於監管要求或平台轉變，他們不再能夠這樣做。

Also, most of our clients started to prepare themselves for AI adoption. In order to do AI adoption, they have to really touch upon their fundamentals. Fundamentals, meaning they have to take a close look at their legacy infrastructure, start doing modernization, going back, shifting to the cloud, and really addressing the backbone, which is data. In order to really adopt AI and actually roll out AI solutions in the enterprise, you need to make sure that your data environment, your core data assets are in a good shape.

此外，我們的大多數客戶也開始為採用人工智慧做好準備。為了採用人工智慧，他們必須真正觸及其基本原理。基礎知識，意味著他們必須仔細審視其遺留基礎設施，開始進行現代化改造，回歸，轉向雲端，並真正解決骨幹問題，即數據。為了真正採用人工智慧並在企業中實際推出人工智慧解決方案，您需要確保您的資料環境和核心資料資產處於良好狀態。

This is very much playing to the sweet spot of EPAM. This is very much playing to our strengths. That's kind of what's happening right now.

這非常符合 EPAM 的最佳效果。這非常發揮我們的優勢。這就是現在正在發生的事情。

Okay. Thank you for that detail.

好的。感謝您提供的詳細資訊。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

Great. Thanks for taking my questions. Ark, congratulations on your final earnings call. It's been a remarkable journey. And FB, looking forward to working with you.

偉大的。感謝您回答我的問題。Ark，恭喜你完成最後一次收益電話會議。這是一次非凡的旅程。還有FB，期待與您合作。

Jason, this one's for you. Appreciate some of the context you provide around the outlook. Can you dig into some of the specifics across what's contemplated at the high end and the low end of the range, particularly from a macro perspective? And can you help unpack some of your assumptions around the range of your implied 4Q exit rate?

傑森，這個是給你的。感謝您提供的一些有關展望的背景資訊。您能否從宏觀角度深入探討一下該範圍的高端和低端的具體情況？您能否幫助解釋一下有關隱含的第四季度退出率範圍的一些假設？

Okay, excellent. Thank you, Jonathan. And I think I'll give you kind of a bonus. I'll start with the midpoint of the range, and then we'll talk about low end and high end.

好的，非常好。謝謝你，喬納森。我想我會給你一些獎勵。我將從範圍的中點開始，然後我們再討論低端和高端。

So from the midpoint of the range for the full year, which would be 3% to 5%, which I guess midpoint would be around 4%, it would require that we achieve the midpoint of the guided range for Q3 and then some sequential decline Q3 to Q4, largely driven by the seasonal factors I mentioned. And so nothing heroic involved in hitting the midpoint of the range.

因此，從全年範圍的中點（即 3% 到 5%）來看，我猜中點會在 4% 左右，這需要我們達到第三季度指導範圍的中點，然後在第三季度到第四季度出現連續下降，這主要是受我提到的季節性因素的影響。因此，要達到該範圍的中間點並不需要什麼英雄氣概。

On the low end of the range, that would say you probably achieved the low end of the Q3 guide, and then you see a significant deterioration in demand, and then, as a result, a significant decline in revenues Q3 to Q4 due to both the seasonal and the demand impacts. On the high end of the range, that would say you achieved the high end of Q3 guide, and then you see some sequential growth Q3 to Q4. And again, you'd have to see some improvement in the demand environment because you do have the negative impact of seasonality.

從範圍的低端來看，這意味著你可能已經達到了第三季度指南的低端，然後你會看到需求顯著惡化，結果，由於季節性和需求的影響，第三季度至第四季度的收入大幅下降。在該範圍的高端，這意味著你達到了第三季指南的高端，然後你會看到第三季到第四季出現連續成長。而且，你必須看到需求環境有所改善，因為確實受到季節性的負面影響。

On the midpoint of the guide, your Q4 exit would be sort of 3% and change to maybe 4% organic constant currency year-over-year growth rate. On the high end of the guide, again, if you were to exit closer to the 5% for the full year, you would actually exit Q4 at an organic constant currency growth rate in excess of 5%.

在指南的中間點，您的第四季退出率將為 3%，並可能變為 4% 的有機恆定貨幣年成長率。再次強調，在指南的高端，如果您要以接近全年 5% 的成長率退出，那麼您實際上將以超過 5% 的有機固定貨幣成長率退出第四季。

That's great color there. As a follow-up, can you provide incremental color on the net new discretionary transformation program that you're seeing, especially given that most peers have cited challenges in discretionary spending? And how are these new wins factoring into the outlook for the back half and perhaps even into '26?

那裡的顏色真漂亮。作為後續問題，您能否逐步介紹一下您所看到的新的可自由支配支出轉型計劃，特別是考慮到大多數同行都提到了可自由支配支出方面的挑戰？這些新的勝利對於下半年甚至26年的前景有何影響？

I think it's a kind of continuation of what we've already mentioned. Because if you think about EPAM, we were pointing to this multiple times. Our client portfolio of our engagements is different. And when there is a pressure, for example, more traditional services, including like large money service contracts, usually it goes because of automation involved and, specifically, today, AI-driven parts. And this is where we see an increment for us.

我認為這是我們已經提到的一種延續。因為如果您考慮 EPAM，我們就會多次指出這一點。我們合作的客戶組合是不同的。當出現壓力時，例如更傳統的服務，包括大額資金服務合同，通常是因為涉及自動化，特別是今天的人工智慧驅動的部分。這就是我們看到的成長點。

And if you remember, we were talking for quarter after quarter that we're waiting when actually AI will start to put additional pressure and drive for the new type of build. And I think this is a sign which we see during the last couple of quarters, which is kind of confirming our growth and discretionary increase, not at the level which we would like to, but at least in the right direction. And I think this is how it's shaped right now.

如果你還記得的話，我們每個季度都在談論，我們正在等待人工智慧真正開始為新型構建施加額外的壓力和動力。我認為這是我們在過去幾個季度看到的一個跡象，這在某種程度上證實了我們的成長和可自由支配的成長，雖然沒有達到我們希望的水平，但至少朝著正確的方向發展。我認為這就是它現在的形態。

So we don't see impact with some others see based on their portfolio configuration. And we see some incremental increase.

因此，我們根據其他人的投資組合配置來看，並沒有發現任何影響。我們看到了一些增量。

Thanks for that, Ark. Congrats again.

謝謝你，阿克。再次恭喜。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi. Thank you. How are you measuring your progress in upskilling the employee base? And how far are you in this process and the related investments? Is this an outsized investment compared to typical training initiatives? And maybe kind of reconcile that with the impact of your efforts to increase utilization.

你好。謝謝。您如何衡量員工技能提升的進展？你們在這進程和相關投資方面進展如何？與典型的培訓計劃相比，這是否是一項過大的投資？或許可以將其與您提高利用率的努力所產生的影響進行協調。

Maggie, nice meeting with you. This is FB. So in 2024, we launched the AI upskilling of our employee base, which we actually accomplished with 80%-plus of our employees went through that process. We continue this effort, and we're regularly making sure that our population are being updated with the latest trends. We rolled out a very special program which provides them the necessary boot camp materials to get started.

瑪吉，很高興見到你。這是 FB。因此，在 2024 年，我們啟動了員工隊伍的人工智慧技能提升計劃，實際上我們已經完成了這項計劃，80% 以上的員工都經歷了這個過程。我們將繼續努力，並定期確保我們的人口了解最新趨勢。我們推出了一項非常特殊的計劃，為他們提供開始訓練所需的訓練營材料。

Also, we are going through the process of having more and more of our engineers AI-certified. So going through the process of mastering the skill set itself. But now, we're no longer just focusing on the engineering teams, but actually rolling it out for client-facing organizations and also to our back office teams to be certified and understand how to best use AI.

此外，我們正在讓越來越多的工程師獲得 AI 認證。因此要經歷掌握技能本身的過程。但現在，我們不再僅僅關注工程團隊，而是將其推廣到面向客戶的組織以及我們的後台團隊，以獲得認證並了解如何最好地使用人工智慧。

What we are seeing is that we are going to an AI adoption. The curve is accelerating. We're not where we are -- we wanted to be, but clearly, it is improving as we go along. And we try to -- because it's a two -- it takes two to play this. It's also -- we need to work with our clients to allow us to adopt AI in our deliveries. But we are progressing quite well, and we are hoping to really have the full population continuously uplift it to the right level.

我們看到的是，我們正在走向人工智慧的採用。曲線正在加速。我們還沒有達到我們想要達到的水平，但顯然，隨著我們的前進，情況正在改善。我們嘗試 — — 因為這是兩個人的事 — — 玩這個遊戲需要兩個人。我們還需要與客戶合作，以便我們在交付過程中採用人工智慧。但我們的進展相當順利，我們希望真正讓全體人口不斷將其提升到正確的水平。

Thank you. Jason, you mentioned some efforts to improve gross margin and profitability, operating margin as well. Can you give us a sense of where you would like to exit the year on some of those metrics compared to maybe an early look at where you're expecting 2026 to be? Thank you.

謝謝。傑森，您提到了一些提高毛利率、獲利能力和營業利潤率的努力。您能否告訴我們，您希望在今年年底時達到哪些指標，並提前展望一下 2026 年的水平？謝謝。

Yeah. So from a utilization standpoint, which is one of the big areas of focus right now, it's to exit the year at, let's say, 77% or maybe a little above. And again, Q4 is usually a quarter when you've got a lot of vacation, and that does impact utilization. So you look back to last Q4, that shows improvement.

是的。因此，從利用率的角度來看（這是目前關注的重點領域之一），今年的利用率應該會達到 77% 或略高一些。再說一次，第四季度通常是假期較多的季度，這確實會影響利用率。因此，回顧去年第四季度，情況有所改善。

We are somewhat more focused on account margin, making sure that we're taking deals with kind of appropriate kind of pricing profitability. And so it continues to be a work in progress, but it's certainly part of our focus as we work through the second half of 2025.

我們更加關注帳戶保證金，確保我們以適當的定價獲利能力進行交易。因此，這項工作仍在進行中，但這無疑是我們 2025 年下半年工作重點的一部分。

Thank you.

謝謝。

David Grossman, Stifel.

大衛·格羅斯曼（David Grossman），Stifel。

Hi. Good morning. Thanks. Wondering if I could just quickly follow up that last question on margin. And Jason, just looking at the exit rate, given all the moving pieces in 2025, is it fair to use the fourth-quarter exit rate as a base to build upon for next year? Or are there other dynamics that we need to consider as we look out beyond the fourth quarter? And maybe you can weave in any updated commentary on kind of the pricing wage dynamic that you've been experiencing over the last several months.

你好。早安.謝謝。我想知道我是否可以快速跟進關於保證金的最後一個問題。傑森，僅從退出率來看，考慮到 2025 年的所有變動因素，使用第四季度的退出率作為明年的基礎是否公平？或者，當我們展望第四季之後時，是否還需要考慮其他動態？也許您可以對過去幾個月所經歷的定價工資動態提出一些最新評論。

Okay. So I think it's sometimes hard to use Q4 because, usually, the second half has got somewhat better profitability than the first half. I do think for the full year, you're looking at us hitting kind of the midpoint of our guided range of 14.5% and 15.5%. And clearly, there's focus on trying to improve profitability as we enter the next year.

好的。所以我認為有時很難使用第四季的數據，因為通常下半年的獲利能力會比上半年好。我確實認為，就全年而言，我們將達到指導範圍 14.5% 和 15.5% 的中間點。顯然，進入明年，我們的重點是努力提高獲利能力。

I think right now, what you've got is again a focus on utilization. We are seeing an environment where clients are looking for EPAM to either take over troubled programs or to help them execute, as FB said, on kind of foundational kind of data or AI-related programs. Generally, clients are willing to pay us for that, and so the profitability is probably improving somewhat from a deal standpoint. But at the same time, it's still a, let's call it, somewhat kind of cautious environment. But I would say that we feel better about the pricing environment today than we felt six months ago.

我認為現在，你要再次關注的是利用率。我們看到這樣一種環境：客戶正在尋求 EPAM 來接管陷入困境的項目，或幫助他們執行（如 FB 所說的）基礎數據或 AI 相關項目。一般來說，客戶願意為此付錢給我們，因此從交易的角度來看獲利能力可能會有所提高。但同時，這仍然是一種，我們稱之為，有點謹慎的環境。但我想說的是，我們今天對定價環境的感覺比六個月前要好。

Got it. And then I think everybody on this call and everyone in the team knows the narrative is weighing pretty heavily on the group. And I think you understand those concerns as it relates to productivity gains and revenue. You provided some information on it in your prepared remarks, but are there any other trends or data points that you can share that may provide better insight in both the opportunities and the risks? I think you talked a lot about the opportunities, so maybe more on the risks, at least in terms of the market's perception versus what you think are the realities.

知道了。然後我認為參加這次電話會議的每個人和團隊中的每個人都知道這個故事對團隊來說影響很大。我認為您理解這些與生產力提高和收入相關的擔憂。您在準備好的發言中提供了一些相關信息，但您是否可以分享其他趨勢或數據點，以便更好地洞察機會和風險？我認為您談了很多關於機會的問題，因此也許更多地談論的是風險，至少就市場的看法與您認為的現實情況而言。

Yeah. I think -- it's Arkadiy. So let me clarify. You're basically correct to ask how scared we are about the future because of AI will take our jobs. And I think we are definitely very carefully watching everything that's happening. And as you know, we have a pretty strong part of our portfolio, which is very much high-tech product companies. Some of them actually is a driver for what's happening in adoption of AI, not only for building new solutions, but also how to build it, basically, how it deals with.

是的。我認為——是 Arkadiy。所以讓我澄清一下。你問我們對未來有多害怕，因為人工智慧會搶走我們的工作，這個問題基本上是正確的。我認為我們確實在非常仔細地觀察正在發生的一切。如你所知，我們的投資組合中有很大一部分是高科技產品公司。其中一些實際上是推動人工智慧應用的因素，不僅在於建立新的解決方案，還在於如何建構它，基本上，如何處理它。

We invest in tremendous amount of time in this. And I think we understand and see that it's pretty well, specifically for the complex enterprise. And with all of this, we do believe that the complexity of the new landscape of enterprise enabled by AI would be so high that it would require very good engineers, solutions, people. The type of work they're going to do, again, I'm not telling anything new. It's going to be different, but this would be slightly developed over the next years. And the amount of people who can do something like this would be very, very high demand. We really do believe this.

我們為此投入了大量的時間。我認為我們理解並看到它非常好，特別是對於複雜的企業。綜上所述，我們確實相信，人工智慧賦能的企業新格局的複雜性將非常高，需要非常優秀的工程師、解決方案和人才。至於他們要做的工作類型，我再說一遍，我不會透露任何新資訊。情況將會有所不同，但在接下來的幾年裡會略有發展。而對於能夠做這樣的事情的人的需求會非常非常大。我們確實相信這一點。

And we do believe this, even from what we've seen right now, like a lot of clients, we wanted to do it themselves. They're picking our brands and saying, thank you guys. We will do it ourselves. Then, three, six, nine months later, coming back to us and engaging us back for both the DLC itself and the new solution. This is practically the threat. This is part of the sequential increases as well.

我們確實相信這一點，即使從我們現在看到的情況來看，像許多客戶一樣，我們也想自己做這件事。他們選擇我們的品牌並說謝謝大家。我們將自己做這件事。然後，三個月、六個月、九個月後，他們又回來找我們，並讓我們再次討論 DLC 本身和新的解決方案。這實際上就是威脅。這也是連續成長的一部分。

FB, do you want to add something?

FB，您想添加一些內容嗎？

I just wanted to add, we just made a public press release, a case study, which we released with Walter Slivers. Just I think yesterday, we released that, which kind of points out where we're working with our core clients to help their adoption and actually do the education itself, which is not all easy. I know that everybody believes that watching the YouTube videos that you can white-code an ERP application, but that's not how it works. So I would --

我只是想補充一下，我們剛剛發布了一份公開新聞稿，一份案例研究，與 Walter Slivers 一起發布。我想昨天我們發布了這個消息，這表明我們正在與我們的核心客戶合作，幫助他們採用並實際進行教育，這並不容易。我知道每個人都相信透過觀看 YouTube 影片就可以編寫 ERP 應用程序，但事實並非如此。所以我會--

I think we are more optimistic. We're very, very in the beginning of the enterprise transformation, and it's very difficult to predict. Most of the predictions, today, it's kind of individual productivity or very specific use cases, not the complexity which we will see or already actually see today.

我認為我們更加樂觀。我們正處於企業轉型的初期，很難預測。今天的大多數預測都與個人生產力或非常特定的用例有關，而不是我們今天將會看到或已經實際看到的複雜性。

Right. And if I could just -- just a quick follow-up there to that, your comment, just to clarify, Ark. So I think you said that you're seeing a trend to clients trying to do it themselves, but then coming back to you to do the work to -- correctly?

正確的。如果我可以的話——只是快速跟進一下你的評論，只是為了澄清一下，阿克。所以我認為您說您看到了一種趨勢，即客戶嘗試自己做，但後來又回到您這裡來做工作——對嗎？

Yes. That's like -- because like initial thing for it's easy because it's very easy use case. Like I'm comparing this -- again, sorry for my history, a long, long time being here. I'm comparing this to -- I know people argue that it's not comparable because AI will be thinking and all of this. Still, I cannot like hold myself, but when HTML come up, a lot of applications were starting to build by junior people and inside of operation. And then when it's supposed to go to real production, to scale, to provide scalability and flexibility and performance and maintainability in some way, all of this come back to very complex platforms, very strong, professional leaders, this very complex architecture.

是的。這就像——因為就像最初的事情一樣，它很容易，因為它是非常容易的用例。就像我在比較這個——再次抱歉，我在這裡已經很久很久了。我將其與——我知道人們認為這是不可比擬的，因為人工智慧會思考等等。儘管如此，我還是無法控制自己，但是當 HTML 出現時，許多應用程式開始由初級人員在作業內部建立。然後，當它要投入實際生產、擴大規模、以某種方式提供可擴展性、靈活性、性能和可維護性時，所有這些都需要非常複雜的平台、非常強大、專業的領導者以及非常複雜的架構。

And again, work job was changed back then. It just wasn't so much popular in media that this transition happened. And I'm pretty sure it will be different this time. But directionally, I think it would require a lot of very professional people to understand how it works inside.

而當時工作崗位又發生了變化。只是媒體不太歡迎這種轉變。我確信這次情況會有所不同。但從方向上看，我認為需要很多非常專業的人員來了解它的內部運作。

Got it. Very helpful. Thanks, Ark, and good luck in the next phase here.

知道了。非常有幫助。謝謝，Ark，祝你下一階段好運。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. I guess, Ark, just big picture. When we think about all of the change in the organization and all the adaptability to the new tools and technology, how are you thinking about the shape of the actual delivery footprint itself? Are we thinking about more senior people, less senior people being used? And how does that kind of shake out as we look in the years ahead?

謝謝。我想，阿克，只是一幅大圖。當我們考慮組織中的所有變化以及對新工具和技術的所有適應性時，您如何看待實際交付足跡本身的形狀？我們是否考慮過使用資歷較深的人員，還是資歷較淺的人員？展望未來幾年，這種情況將如何發展？

So thank you for the question. And I'll pass it to FB because he's smiling and wanted to answer. So go ahead.

謝謝你的提問。我會把它傳到 FB，因為他微笑著想要回答。所以繼續吧。

So I think right now, where we are is everybody still believes that in order to really use the AI tooling, you only need senior people, but that's not sustainable. That's not sustainable proposition. We're all observing how our kids are using AI in their studying efforts. Imagine that couple of years out, all those kids are using AI not just for one or two years, but now five years in. They have experience. They have instincts how to ask the right question, how to actually do the right prompting.

所以我認為現在，每個人仍然相信，為了真正使用人工智慧工具，你只需要高級人員，但這是不可持續的。這不是一個可持續的主張。我們都在觀察我們的孩子如何在學習中運用人工智慧。想像幾年後，所有這些孩子使用人工智慧不只是一兩年，而是五年了。他們有經驗。他們有本能地知道如何提出正確的問題，如何真正做出正確的提示。

So we do believe that we need to continue investing to our people. We need to continue building a balanced setup. Yes, you need to make the right hires, but maybe the hires going forward are not going to be based on coding skills, but it's going to be based on engineering skills. Engineering remains; coding is changing. That's how we think about this.

因此，我們確實相信我們需要繼續投資我們的人民。我們需要繼續建立一個平衡的設定。是的，你需要進行正確的招聘，但未來的招聘可能不再基於編碼技能，而是基於工程技能。工程仍然存在；編碼正在改變。我們就是這樣想的。

Going forward, our delivery teams are going to be probably different maybe in shape. But the challenges, what they need to tackle, the number of features they need to deliver is going to be much, much more. So we are not seeing dramatic shift in terms of population or size of our delivery team. We continue to believe that we should be investing into it.

展望未來，我們的交付團隊的形態可能會有所不同。但他們面臨的挑戰、需要解決的問題以及需要提供的功能數量將會越來越多。因此，我們的送貨團隊在人口或規模方面並沒有發生巨大變化。我們仍然相信我們應該對此進行投資。

We continue to believe that the future is to create a right shape pyramid, if this is what you were asking, and the right setup. It's not just seniors and not just the most senior people who can really use it. The key is the education and have the right engineering background to be able to understand the basics, understand the concepts, and then use AI for the most effective way to actually deliver the solution for you.

如果這是您所問的，我們仍然相信未來將創建一個正確形狀的金字塔和正確的設置。真正可以使用它的不僅僅是老年人，也不僅僅是最資深的人。關鍵在於教育和擁有正確的工程背景，以便能夠理解基礎知識，理解概念，然後以最有效的方式使用人工智慧為您提供解決方案。

And I would add that -- and from this point of view, it's also not much change from the past. The same was happening in the past. Sometimes with the right education and the right desire, the junior people were outperforming senior people very, very quickly. And at the same time, experience matters. So it's all balanced. I don't think there is -- yes, we are reading the same stuff as you're reading. But we're also doing this with thousands of people, and we have a background to understand what was happening like 10 years ago and 20 years ago.

我想補充一點——從這個角度來看，與過去相比也沒有太大變化。過去也發生過同樣的事情。有時，只要接受正確的教育並懷抱正確的願望，初級員工的表現就能很快超越高階員工。同時，經驗也很重要。所以一切都是平衡的。我認為沒有——是的，我們讀的內容和你讀的內容是相同的。但我們也與數千人一起做這件事，我們有背景來了解 10 年前和 20 年前發生的事情。

That's helpful. And then when we think about this idea of building these new products and solutions, how do you think about the idea of being a pure-play engineering firm? I thought you went out of your way to say that you don't do managed services. And yet one of the thesis out there is this idea that you have to be --because agentic starts to get into the workflow itself, that you need some component of managed services. Like other companies are going with a much more integrated approach. How do you feel like you fit into this? Can you just do the engineering and walk away?

這很有幫助。然後，當我們考慮建立這些新產品和解決方案時，您如何看待成為純粹的工程公司的想法？我以為您特意說您不提供託管服務。然而，其中的一個論點是，你必須——因為代理商開始進入工作流程本身，所以你需要一些託管服務元件。就像其他公司正在採取更全面的方法一樣。您覺得自己適合這樣嗎？你能只做工程然後走開嗎？

Yeah, let me clarify one point. When we're talking about we don't do many services, we mean we don't do much of traditional managed services. And there are different how things happen. And for example, in platform build-up, many kind of products, we do this, but it's very different than traditional legacy stuff. That's what we mean. And we definitely build in this expertise because when we help clients to build, very often, we continuously maintain this, but it's a very big mix of managing build constantly. That's what we do. And this is much more kind of existing now. So I think it's important. And I think that's the answer to your question.

是的，讓我澄清一點。當我們說我們不提供很多服務時，我們的意思是我們不提供很多傳統的託管服務。事情發生的方式也各有不同。例如，在平台建置中，我們會建立多種產品，但這與傳統的遺留產品非常不同。這就是我們的意思。我們肯定會建立這種專業知識，因為當我們幫助客戶建立時，我們經常會不斷維護這一點，但這是一個不斷管理構建的非常大的組合。這就是我們所做的。現在這種情況已經更加普遍了。所以我認為這很重要。我想這就是你問題的答案。

Thank you.

謝謝。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, thanks. And congrats, Ark and FB. I just, I wanted to touch on how much of your business that sequentially incremental revenue we're seeing is coming from these existing clients or pre-existing customers returning now. Like how much does that make up of the actual incremental dollars that's new business for you today? And then maybe just help us a little more on where they're choosing delivery out of, whether it's more India now or it's still a mix between India and Eastern Europe. Just curious kind of what the demand is for from them.

夥計們，謝謝。祝賀 Ark 和 FB。我只是想談談，我們所看到的連續增量業務收入有多少來自這些現有客戶或現在回頭的既有客戶。例如，這占到您今天新業務的實際增量金額的多少？然後也許可以幫我們更多地了解他們選擇送貨的地方，無論現在主要是印度，還是印度和東歐的混合。只是好奇他們的需求是什麼。

Okay. So let me take the first half. So you get a little bit of benefit with the additional build in Q2 to Q3. Certainly, we think some of the improvement in our revenue versus our earlier expectations and probably versus peers has to do with this return to a decamped quality. It's hard for us to sort of turn that into a dollar figure, but we think it is what is likely separating us from an organic constant currency growth rate relative to peers.

好的。那麼讓我來談談前半部。因此，您將從第二季到第三季的額外建置中獲得一些好處。當然，我們認為，與先前的預期以及與同行相比，我們的收入有所提高，這與品質的回歸有關。我們很難將其轉化為美元數字，但我們認為這可能是我們與同業相比有機恆定貨幣成長率的差異所在。

I don't know if either Ark or FB want to take the question about where the demand is coming, India versus -- Europe versus India. I think the demand right now is quite balanced. It is a broad base. So we are clearly able to serve our client base with the four large geographies where we are delivering from, from Latin America, from Central Eastern Europe, from Western Central Asia and from India. And depending on client needs and their own location strategy, we are equally serving them from all locations right now. So we are seeing growth. We are seeing demand going into all our four major centers.

我不知道 Ark 或 FB 是否想回答有關需求來自哪裡的問題，印度與歐洲與印度。我認為目前的需求是相當平衡的。這是一個廣泛的基礎。因此，我們顯然能夠為來自四大地區的客戶群提供服務，即拉丁美洲、中東歐、西亞中亞和印度。根據客戶的需求和自己的位置策略，我們現在從各個位置平等地為他們提供服務。因此我們看到了成長。我們看到需求正在進入我們所有四個主要中心。

So okay. That's helpful. Thanks. So you guys are -- so do you think you're at the end of your repositioning geographically and then -- versus what you were trying to do over the last few years? And then maybe just a quick one on attrition. Where are the trends recently? Have they been stable year to date? Thanks again, guys. Nice job.

好吧。這很有幫助。謝謝。那麼你們──你們認為你們的地理重新定位已經走到盡頭了嗎──與過去幾年你們試圖做的事情相比呢？然後也許只是快速地談論一下人員減員。最近的趨勢如何？今年到目前為止情況穩定嗎？再次感謝大家。幹得好。

I'm going to let Ark talk about positioning, but let me just say, on the attrition, involuntary is up a little bit for the reasons that I talked -- we talked about earlier. But the voluntary attrition is actually in very good shape and actually running below 10%.

我會讓 Ark 談論定位，但我只想說，就人員流失而言，非自願的流失率略有上升，原因我之前已經討論過了——我們之前也討論過。但自願離職率實際上狀況良好，低於 10%。

And you answered already kind of yourself. Yes, we were focusing on rebalancing and derisking and trying to see where there is a right talent globally. And I think we believe we're in good state right now between four major hubs. Still, Central Eastern Europe is the biggest one if you combine all of this and then India, Latin America, and Western Central Asia.

您已經回答得很清楚了。是的，我們專注於重新平衡和降低風險，並試圖在全球範圍內尋找合適的人才。我認為我們現在四大樞紐之間的狀態良好。不過，如果把這一切加上印度、拉丁美洲和西亞中亞，那麼中東歐就是最大的。

So I think from this point of view, it's not going to be any additional kind of use. We grow in all of them, and we do believe that we're in good shape. And we also do believe that with the increasing demand, we cannot predict whether it's really -- so all of that is very, very much in position to grow from the quality of (inaudible), and now, I believe it's a debate which we invest in all the time to make sure we're ready for it.

所以我認為從這個角度來看，它不會有任何額外的用途。我們在所有方面都不斷成長，我們確實相信我們處於良好的狀態。我們也確實相信，隨著需求的不斷增長，我們無法預測它是否真的 - 所以所有這些都非常非常有可能從質量（聽不清）中增長，現在，我相信這是一場我們一直投入的辯論，以確保我們為此做好準備。

Okay. Thanks, guys.

好的。謝謝大家。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hey. Thanks for squeezing me in, and good quarter, guys. Are there any differences in AI adoption across different verticals, like financial services, like tech vertical has been doing better than others? Is that in any way driven by AI adoption like the different level of AI adoption in that vertical?

嘿。謝謝你們抽空給我，大家好。不同垂直產業在人工智慧的採用上是否存在差異，例如金融服務和科技垂直產業的表現是否比其他產業更好？這是否在某種程度上是由人工智慧的採用所推動的，例如該垂直領域中不同層級的人工智慧採用？

I think right now, we see AI adoption across all the different verticals. It's broad-based adoption for each vertical. Each has its own champions. I think there are -- in each vertical, there are players front running it and there are players who are still waiting to start up. We don't see differences between verticals right now.

我認為現在我們看到人工智慧已在各個不同垂直領域中得到應用。它在每個垂直領域都得到了廣泛的採用。每個領域都有自己的冠軍。我認為，在每個垂直領域，都有領先者，也有等待起步的參與者。目前我們還沒有看到垂直行業之間的差異。

I don't think it's any connection right now between vertical performance and AI.

我認為目前垂直性能和人工智慧之間沒有任何關聯。

So the vertical performance, you would say, is mostly attributed to differences in macro, like the tariffs and macro-related factors? Appreciate it.

所以您會說，垂直表現主要歸因於宏觀差異，例如關稅和宏觀相關因素？非常感謝。

And then as you include more proprietary or third-party AI solutions in your delivery, could there be like a change in delivery models, perhaps to a model that encourages your sales team and account teams to include more AI models?

然後，當您在交付中包含更多專有或第三方 AI 解決方案時，交付模型是否會改變，也許是鼓勵您的銷售團隊和客戶團隊包含更多 AI 模型的模型？

So we're continuously experimenting with engagement models. And in my opening remarks, I kind of talked about it as we are working with our clients. We see certain subscription models already taking up with our EPAM platforms. I think it's not settled yet. It is changing as we go. And we continue to see how we can best adapt to our client needs and also able to really capture the benefits of our AI and share the benefits with our customers.

因此，我們一直在不斷嘗試參與模式。在我的開場白中，我談到了我們與客戶合作的情況。我們發現某些訂閱模式已應用於我們的 EPAM 平台。我認為事情還沒有解決。隨著我們的前進，它正在改變。我們將繼續探索如何才能最好地適應客戶的需求，並真正抓住人工智慧的優勢並與客戶分享。

Got it. Thank you.

知道了。謝謝。

I will now turn the call back over to Arkadiy Dobkin for closing remarks.

現在我將把電話轉回給 Arkadiy Dobkin 做結束語。

Thank you, again, as always, for the last 50-plus times. So it was pretty good to have this call. And I guess, we are doing, as we mentioned, better than we expected. This third quarter of growing organically is an important kind of milestone for us to continue.

一如既往，再次感謝您過去 50 多次的支持。所以接到這通電話感覺非常好。我想，正如我們所提到的，我們做得比我們預期的要好。第三季的有機成長對於我們繼續發展來說是一個重要的里程碑。

And I request to see you next time and do the call. Thank you very much.

我希望下次再見到你並打電話。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。