Epam Systems Inc (EPAM) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the EPAM Reports Results for Third Quarter 2025 Conference Call. [Operator Instructions].

感謝您的耐心等待。我叫麗貝卡，今天我將擔任你們的會議接線生。在此，我謹代表EPAM公司歡迎各位參加2025年第三季業績電話會議。[操作說明]。

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

現在我將把電話交給投資者關係主管麥克·羅尚德爾。請繼續。

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

各位早安，感謝大家今天參加我們2025年第三季財報發表會。正如剛才接線員提到的，我是投資人關係主管麥克‧羅尚德爾。希望您有機會查看我們今天早些時候發布的盈利報告。如果您還沒有，可以在 epam.com 的「投資者」欄位中找到副本。

With me on today's call are Balazs Fejes, CEO and President; and Jason Peterson, Chief Financial Officer. I would like to remind those listening that some of the comments made on today's call may contain forward-looking statements. These statements are subject to risks and uncertainties as described in the company's earnings release and SEC filings.

今天和我一起參加電話會議的有執行長兼總裁巴拉茲·費耶斯，以及財務長傑森·彼得森。我想提醒各位聽眾，今天電話會議上的一些評論可能包含前瞻性陳述。這些聲明存在風險和不確定性，詳情請參閱公司盈利報告和提交給美國證券交易委員會的文件。

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.

此外，所有提及的非GAAP指標的已報告結果均已與相應的GAAP指標進行了核對，並可在我們網站「投資者」部分的季度收益資料中找到。

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

綜上所述，我現在將把電話交給臉書。

Thank you, Mike, and good morning, everyone. It's a pleasure to be here with you on my very first earnings call as a CEO. And please just call me FB, be as Hungarian names are notoriously difficult to pronounce and why FB because in my native language feminine comes first. This quarterly call arrived faster than even my standard double espresso shot in the morning, and that's really the theme for the day. Things have been moving quickly since we spoke last, and today, we have positive news to share.

謝謝你，麥克，大家早安。非常榮幸能以CEO的身分與大家一起參加我的首次財報電話會議。請叫我 FB 就好，因為匈牙利語名字出了名的難發音，至於為什麼叫 FB，是因為在我的母語裡，陰性在前。這次季度電話會議來得比我早上喝的那杯雙份濃縮咖啡還快，這真是今天最貼切的形容。自從上次通話以來，事情進展迅速，今天，我們有好消息要和大家分享。

Our third quarter results came in better than expected, marking other quarter a broad outperformance and strong delivery execution. We continue to benefit from AI and AI native led demand or thesis that data and modern cloud architecture are critical for adoption and oralization is broadly being confirmed by what we are seeing. Our clients are prioritizing their AI build-outs, turning to EPAM to help them accelerate their investments and innovation in AI. The unique combination of our deeply rooted engineering DNA and our globally recognized best-in-class AI-native expertise continues to differentiate our offerings and help us further expand wallet share within our existing client portfolio and targeted new logo segments.

第三季業績優於預期，標誌著其他季度整體表現優異，交付執行力強勁。我們繼續受益於人工智慧和人工智慧原生驅動的需求，或者說，數據和現代雲端架構對於採用和推廣至關重要的論點，正被我們所看到的廣泛證實。我們的客戶正在優先考慮人工智慧建設，並尋求 EPAM 的幫助，以加速他們在人工智慧領域的投資和創新。我們深厚的工程技術基因與全球公認的一流人工智慧原生技術相結合，使我們的產品和服務脫穎而出，並幫助我們進一步擴大現有客戶群和目標新客戶群的市場份額。

At the same time, we are more focused than ever on upgrading our engineering skills advantage and investing for the future with new advanced AI playbooks and accelerators. Serving a client 0 for adoption, we believe innovation starts from inside, which is why in parallel, we continue to restlessly push our AI literacy and AI adoption rates.

同時，我們比以往任何時候都更加重視提升我們的工程技術優勢，並透過新的先進人工智慧方案和加速器為未來進行投資。我們相信創新始於內部，因此，我們不斷努力提高人工智慧素養和人工智慧採用率。

Looking at our progress year-to-date, more than 90% of EPAMers have completed their mandatory AI literacy education and approximately 95% of our engineers have completed foundational AI education. Additionally, our internal business processes are increasingly benefiting from AI-driven efficiencies. As you can see with the recent launch of EPAM AI Transform, which includes next-generation AI managed services, and EPAM agent in QA, we are programmatically expanding new offerings and highly specialized capabilities, often in conjunction with our clients and strategic partners, to help clients transform themselves into AI native organizations.

從我們今年迄今為止的進展來看，超過 90% 的 EPAM 員工已經完成了強制性的 AI 素養教育，約 95% 的工程師已經完成了基礎 AI 教育。此外，我們的內部業務流程也越來越受益於人工智慧帶來的效率提升。正如您最近看到的 EPAM AI Transform（包括下一代 AI 管理服務和 QA 中的 EPAM 代理），我們正在有計劃地擴展新的產品和服務以及高度專業化的能力，通常與我們的客戶和戰略合作夥伴一起，幫助客戶轉型為 AI 原生組織。

Our efforts are being recognized by our partners as well as industry analysts such as IDC Marketscape who have positioned EPAM as a leader across experienced engineering, custom build and AI consultancy capabilities. Further, [ Glader ] ranked EPAM #7 on their 2025 best led companies list along Grid Forbes, who recognized EPAM as one of the world's best employers or first time being recognized across both. We will dive into the details a bit later in the call, but first, I would like to provide a quick update from my early days of CEO and my recently completed [ Vertu. ]

我們的努力得到了合作夥伴以及 IDC Marketscape 等行業分析師的認可，他們已將 EPAM 定位為經驗豐富的工程、客製化建置和人工智慧諮詢能力方面的領導者。此外，[Glader] 將 EPAM 列入其 2025 年最佳領導力公司榜單第 7 位，與 Grid Forbes 並列，後者將 EPAM 評為全球最佳雇主之一，這是 EPAM 首次同時獲得這兩個機構的認可。我們稍後會在電話會議中深入探討細節，但首先，我想簡要介紹一下我擔任執行長初期以及我最近完成的專案。[ Vertu. ]

Over the past quarter, I met in person with many senior client executives, ecosystem partners, and of course, many, many EPAMers from all around the world. I experienced firsthand the high level of optimism appetite for EPAM proven quality of execution across our global deeply specialized talent base. I am pleased with our continued and growing ability to ensure higher levels of performance across a much more globally diversified footprint than ever before. But our work is not done.

在過去的一個季度裡，我與許多高級客戶主管、生態系統合作夥伴以及當然還有來自世界各地的許多 EPAM 人員進行了面對面的會晤。我親身感受到了 EPAM 在我們全球高度專業化的人才庫中，對公司久經考驗的執行品質所抱持的高度樂觀態度。我很高興我們能夠持續增強能力，在比以往任何時候都更加多元化的全球佈局中，確保更高的績效水準。但我們的工作還沒完成。

AI presents a permanent fleet change in our industry and across our clients' businesses, driving the need for investment in modernization, data and cloud foundations and critical AI native skills. EPAM is positioned to lead both the foundational and the transformational programs demanded by AI as clients need support from trusted partners who can reliably deliver through the need to [indiscernible] balance costs and productivity with an increasing need to reinvest, innovate and keep pace with change.

人工智慧正在為我們的行業和客戶的業務帶來永久性的變化，從而推動對現代化、數據和雲端基礎以及關鍵人工智慧原生技能的投資需求。EPAM 致力於引領人工智慧所需的各項基礎性和變革性計劃，因為客戶需要值得信賴的合作夥伴的支持，這些合作夥伴能夠可靠地交付成果，從而在不斷增長的再投資、創新和跟上變革步伐的同時，平衡成本和生產力。

In line with [Amara's] law, we believe that as the productivity growth and our cost to develop software declines, complexity will significantly accelerate pushing the bleeding edge and resulting the boundaries of what is possible. And triggering a flywheel effect of demand for EPAM's unique breed of capabilities and global scale. We believe that as complexity rises, so does enterprise risk, raising the importance of highly advanced engineering with proven enterprise-grade quality execution.

根據阿瑪拉定律，我們認為，隨著生產力成長和軟體開發成本的下降，複雜性將顯著加速發展，推動技術前沿，並最終突破可能性的界限。並引發對 EPAM 獨特能力和全球規模的飛輪效應需求。我們認為，隨著複雜性的增加，企業風險也會增加，因此，具有成熟企業級品質執行能力的先進工程技術的重要性就更加凸顯。

While we have seen the flashy white coding video shorts and headlines in our view, the absolute need for true engineering expertise, risk management, full terrace and reliability are overlooked and underestimated.

雖然我們看到了炫目的白色編碼視訊短片和標題，但真正的工程專業知識、風險管理、全面性和可靠性的絕對必要性卻被忽視和低估了。

Now let's turn to some Q3 highlights. In Q3, we delivered another quarter of double-digit revenue growth, including very strong year-over-year organic constant currency revenue growth of 7.1%, which exceeded our expectations set a quarter ago. This marks our fourth consecutive quarter of positive year-over-year organic constant currency growth, reflecting a steady build of improvement and strong execution in our core business as we continue to ramp our AI native services. Our broad-based growth momentum carried forward in Q3 with 5 out of 6 verticals growing year-over-year. Notable standouts included emerging verticals, financial services and software and high tech.

現在讓我們來看看第三季的一些亮點。第三季度，我們再次實現了兩位數的營收成長，其中包括非常強勁的同比有機固定匯率營收成長7.1%，超過了我們一個季度前設定的預期。這標誌著我們連續第四個季度實現了同比有機固定匯率成長，反映出隨著我們不斷擴大人工智慧原生服務，我們的核心業務穩步改善並強勁執行。第三季度，我們廣泛的成長勢頭得以延續，6 個垂直領域中有 5 個實現了同比增長。值得關注的亮點包括新興垂直產業、金融服務、軟體和高科技產業。

We also saw solid improvement in life sciences and health care, along with consumer goods, retail and travel while business information and media remains steady. Geographically, all 3 regions delivered strong year-over-year growth. We continue to add net organic headcount across key locations, such as India, Central Eastern Europe and South America. With increases partially offset by ongoing optimization in select pockets that we have discussed previously.

生命科學和醫療保健、消費品、零售和旅遊業也出現了穩定成長，而商業資訊和媒體產業則保持穩定。從地理位置上看，這三個地區都實現了強勁的同比增長。我們持續在印度、中東歐和南美等重點地區增加淨有機員工人數。部分成長被我們之前討論過的特定領域的持續優化所抵消。

Now turning to demand environment. AI continues to trigger incremental demand and is driving positives in our pipeline globally. The majority of our top 100 clients remains highly engaged in AI-native initiatives. Clients engage EPAM to build out their data platforms and modernize their cloud, often redirecting work from other partners who successfully sold advanced capability, but failed to deliver it.

現在轉向需求環境。人工智慧持續引發增量需求，並在全球範圍內推動我們業務的積極發展。我們排名前 100 名的客戶中的大多數仍然積極參與 AI 原生項目。客戶聘請 EPAM 來建立他們的資料平台並實現雲端現代化，這通常是將原本由其他合作夥伴負責的工作轉移給 EPAM，這些合作夥伴雖然成功推銷了高級功能，但未能交付。

Overall, we continue to see improvement in the demand environment as we're seeing a continued upshift in investment towards everything that supports adoption and its deployment to production. This is where reputation for trusted quality and execution remains a significant competitive advantage and a key enabler for us to continue to maintain our pricing integrity.

總體而言，我們看到需求環境持續改善，因為我們看到投資不斷增加，轉向支援採用和將其部署到生產環境的一切方面。正是憑藉著值得信賴的品質和執行力，我們的聲譽仍然是一項重要的競爭優勢，也是我們持續維持價格誠信的關鍵因素。

We gained traction with our ongoing client-centric initiatives while at the same time, continuously strengthening and optimizing our global delivery footprint, which is enabling us to better meet market demand. When you look across the AI project life cycle from proof of concepts to medium-sized use cases and the large-scale project in production, we're seeing a continued shift in the volume of project towards medium- and large-sized projects. Many making use of our own IP, such as diode, AI run and other components, both open source and proprietary.

我們透過持續推動以客戶為中心的措施取得了進展，同時不斷加強和優化我們的全球交付佈局，從而更好地滿足市場需求。從概念驗證到中型用例，再到大規模生產項目，縱觀人工智慧專案的整個生命週期，我們發現專案數量正持續轉移到中型和大型專案中。許多產品都利用了我們自己的智慧財產權，例如二極體、AI 運作和其他元件，包括開源和專有元件。

Of the hundreds of individual AI-native projects, we had active in Q3 between 60% to 70% have expanded into larger programs from the origination of proof of concepts, illustrating our ability to scale and deliver AI native solutions in production. We are also seeing positive signs at the top of the funnel, enabling us to replenish our pipeline or some projects come to a natural clause.

在第三季我們開展的數百個獨立的 AI 原生項目中，有 60% 到 70% 的項目從概念驗證階段發展成為更大的項目，這表明我們有能力擴展並在生產環境中交付 AI 原生解決方案。我們也看到了銷售漏斗頂端的一些積極跡象，這使我們能夠補充銷售管道，或者一些項目自然而然地達成協議。

Our hard work and continuous effort to further position EPAM as a leader in AI native services is serving us well as our pure AI-native revenues continues to grow nicely with a third consecutive quarter of double-digit sequential growth. And of course, as we have discussed before, the foundational services necessary to meet AI work are a core fundamental to our business. In both our data and cloud practices, we saw outsized growth in Q3 compared to the rest of the business, which is incremental and highly connected to the momentum we are seeing with our pure AI native revenues.

我們為進一步將 EPAM 定位為 AI 原生服務領域的領導者而付出的辛勤努力和持續努力，正為我們帶來豐厚的回報，因為我們純粹的 AI 原生收入繼續穩步增長，連續第三個季度實現了兩位數的環比增長。當然，正如我們之前討論過的，滿足人工智慧工作所需的基礎服務是我們業務的核心基礎。與公司其他業務相比，我們在第三季的數據和雲端業務方面都實現了超乎尋常的成長，這種成長是漸進式的，並且與我們純人工智慧原生收入的成長勢頭密切相關。

Now turning to our AI around transform and agentic QA announcements. First, a couple of core beliefs to frame our evolving AI approach. Number one, AI is not just a technology. It's a transformative force that is already redefining how enterprises innovate, operate and create value in the future. And in this context, advanced engineering, bleeding edge, AI technology and tool sets on with deep knowledge across the software development industry, a new product life cycle are the core competencies that will drive the most tangible AI outcomes. This will become even more evident as we see further rise of AI in the global and regional lineups of players in both Western market and Broadcast APAC, LatAm and Middle East.

現在讓我們來看看我們圍繞轉換和代理式品質保證公告的人工智慧。首先，我們提出幾個核心信念來建構我們不斷發展的 AI 方法。首先，人工智慧不僅僅是一項技術。它是一種變革性的力量，正在重新定義企業未來創新、營運和創造價值的方式。在此背景下，先進的工程技術、前沿的人工智慧技術和工具，以及對軟體開發產業的深刻理解，以及全新的產品生命週期，是推動人工智慧最實質成果的核心競爭力。隨著人工智慧在全球和區域市場（包括西方市場以及亞太、拉丁美洲和中東地區的廣播市場）的參與者陣容中進一步崛起，這一點將變得更加明顯。

Number two, we believe in the building AI responsibly, with trust, transparency, governance and measurement outcomes at the core. AI must deliver real outcomes with proper traceability and risk management.

第二，我們相信應該以負責任的方式建構人工智慧，以信任、透明、治理和衡量結果為核心。人工智慧必須具備可追溯性和風險管理能力，並能帶來實際成果。

Number three, we believe we are creating a new AI native engineering profile or North Star when it comes to talent development strategy, embedding AI intelligence and orchestration of agents directly into the development process. Over time, this role becomes the architect of AI native products and experiences augmented by agents to expand the scope of what teams can achieve in the future.

第三，我們相信，在人才發展策略方面，我們正在創造一個新的AI原生工程人才培養模式或北極星，將AI智慧和代理的協調直接嵌入到開發過程中。隨著時間的推移，這個角色將發展成為人工智慧原生產品和體驗的架構師，並透過代理商增強這些產品和體驗，從而擴大團隊未來能夠取得的成就的範圍。

And finally, AI investments are in interest rates. Our approach is to invest in accelerators, tooling and people who help us deliver reliable outcomes on the promise of -- we do not sell foundation AI in a silo. Instead, we use our expertise and advanced IP to sell and deliver with AI, a with proven quality and execution that guarantees outcome and volume realization. This is true across our entire IP portfolio and is shaping into a structural blueprint we are calling AI Run.

最後，人工智慧投資也體現在利率領域。我們的做法是投資加速器、工具和人才，以幫助我們兌現承諾，交付可靠的成果——我們不單獨銷售基礎人工智慧。相反，我們利用我們的專業知識和先進的智慧財產權，透過人工智慧進行銷售和交付，以經過驗證的品質和執行力保證結果和數量的實現。這一點在我們整個智慧財產權組合中都適用，並且正在形成我們稱為 AI Run 的結構藍圖。

AI Run transform represent our unified AI strategy that harmonizes our go-to-market motions with better activation across strategy and consulting, frameworks, and methodologies, talent and advanced tool sets. We have 2 key offerings: AI innovation business transformation and AI native engineering transformation.

AI Run transform 代表了我們統一的 AI 策略，該策略協調了我們的市場推廣活動，並在策略和諮詢、框架和方法論、人才和高級工具集方面實現了更好的活化。我們提供兩大核心服務：人工智慧創新業務轉型和人工智慧原生工程轉型。

The first offering is focused on optimized expand runs across AI Industry Solutions, AI horizontal solutions and AI product design and experience. The second offering is focused on mostering the DLC advancing the Agentic delivery life cycle known as ADLC and preparing for product development life cycle known as PDLC. This is nooses AI-native delivery, AI-driven modernization and PDLC agenetic solutions. We will be talking more about these offerings in the quarters to come.

第一個產品專注於優化人工智慧產業解決方案、人工智慧橫向解決方案以及人工智慧產品設計和體驗方面的擴展運作。第二部分則聚焦在 DLC，推進代理商交付生命週期（ADLC），並為產品開發生命週期（PDLC）做好準備。這是 Nooses AI 原生交付、AI 驅動的現代化和 PDLC 基因解決方案。我們將在接下來的幾季中詳細討論這些產品和服務。

Our AI Run blueprints, encompasses or AI frameworks and include our AI 360 AI factory Iron SDLC and AI adoption and education frameworks, which are agnostic and provide critical flexibility, which help EPAM deliver more enterprise-grade AI solutions at scale for our clients. Our AI/Run talent, houses or verticalized industry teams, ontologies and accelerators, which includes strategic advisory, data models, process modeling and solution built with partners. Most importantly, this is the scaffolding we are using to define the forward skills of the future and the parts for upscaling people and organizations.

我們的 AI Run 藍圖涵蓋了我們的 AI 框架，包括我們的 AI 360 AI 工廠 Iron SDLC 和 AI 採用和教育框架，這些框架具有無關性，並提供了關鍵的靈活性，這有助於 EPAM 為我們的客戶大規模地交付更多企業級 AI 解決方案。我們的 AI/Run 人才、垂直產業團隊、本體與加速器，包括策略諮詢、資料模型、流程建模以及與合作夥伴共同建構的解決方案。最重要的是，這是我們用來定義未來發展所需技能以及提升個人和組織能力的各個組成部分的框架。

And finally, our AI Run tools combines our best-in-breed IP assets, such as [indiscernible] and Iron platform with our strong AI, data and cloud ecosystem partner solutions and many available today on our partner marketplaces. You may have seen we also recently announced one of these tools, Agentic QA, which reset the gap between automated and manual testing, enabling clients to move faster by reducing lead times and costs.

最後，我們的 AI Run 工具結合了我們一流的 IP 資產（例如 [無法辨認] 和 Iron 平台）以及我們強大的 AI、數據和雲端生態系統合作夥伴解決方案，其中許多解決方案目前已在我們的合作夥伴市場中提供。您可能已經注意到，我們最近也發布了其中一款工具 Agentic QA，它縮小了自動化測試和手動測試之間的差距，使客戶能夠透過減少交付時間和成本來加快進度。

What's impressive is that our agentic QA is shown to be 10x more efficient than manual testing, driving a 50% reduction in manual efforts and a 30% reduction in testing costs covering 90% of the manual checks performed on standard releases while ensuring a high degree of quality and precision.

令人印象深刻的是，我們的智慧品質保證系統比手動測試效率高出 10 倍，可減少 50% 的人工工作量和 30% 的測試成本，涵蓋標準版本中 90% 的人工檢查，同時確保高度的品質和精確度。

Now turning to some client examples to illustrate some of our progress. This past quarter, we announced several collaborations with both new and existing clients which illustrate not only evolution of our client proposition, but also how EPAM is able to systematically address innovative needs while offering real volume. A few notable examples. Agentic customer service breakthroughs are real with [indiscernible], a major provider for telecommunications, cloud and Internet services in Germany.

現在讓我們來看一些客戶案例，以說明我們取得的一些進展。上個季度，我們宣布與新舊客戶進行多項合作，這不僅體現了我們客戶方案的演變，也體現了 EPAM 如何系統地滿足創新需求，同時提供真正的規模。幾個值得注意的例子。德國一家主要的電信、雲端和網際網路服務供應商 [indiscernible] 實現了代理式客戶服務的突破。

By deploying EPAM's AI/Run transform Blueprint and leveraging Microsoft Azure, this client launched AI voice agents that handle over 100,000 calls weekly with the first agents going live under 3 months into production; two, our collaboration with Hugo Boss and our empathy lab studio is reimagining what means to be a sports fan in the age of spatial computing. This innovation is shaping the next generation of motorsport tendon lifting the bar how luxury fashion, sports and technology intersects.

透過部署 EPAM 的 AI/Run 轉型藍圖並利用 Microsoft Azure，該客戶推出了 AI 語音代理，每週處理超過 10 萬個電話，首批代理在投入生產不到 3 個月後就上線了；其次，我們與 Hugo Boss 以及我們的同理心實驗室工作室的合作，正在重新定義在空間計算時代成為體育迷的意義。這項創新正在塑造下一代賽車運動的格局，提升奢侈時尚、運動和科技交叉融合的標準。

We are blending our deep expertise in groundbreaking user experiences with gaming, funnel engagement, advanced data and analytics and working with our clients to help package the 2025 TV award-winning solution for the AI native age.

我們將自身在突破性使用者體驗、遊戲、漏斗互動、進階資料和分析方面的深厚專業知識與客戶合作，共同打造 2025 年電視大獎得主解決方案，以適應人工智慧時代。

Three, finally, we are putting EPAM and NEORIS together in a way that goes beyond simple synergies. For a U.K.-headquartered global biopharmaceutical company, EPAM, with the addition of NEORIS recently became a global strategic supplier across a broad range of transformation pillars. A key joint win for us is in helping the client to build out a modern data and a center of excellence, which spans across multiple programs and new locations, including Ibero-America.

第三，最後，我們將 EPAM 和 NEORIS 結合起來，超越了簡單的綜效。對於總部位於英國的全球生物製藥公司 EPAM 而言，隨著 NEORIS 的加入，EPAM 近期已成為涵蓋廣泛轉型支柱的全球策略供應商。對我們來說，一個重要的共同勝利是幫助客戶建立一個現代化的數據和卓越中心，該中心涵蓋多個項目和新地點，包括伊比利亞美洲。

To close our operating momentum is strong. We are pleased with our performance throughout the year and continue to work on improving profitability. We are confident in the upward trajectory we have been working hard to build and sustain over the past several quarters and feel good about our Q4 positioning, which has improved over the past 90 days.

總之，我們的營運勢頭強勁。我們對全年的業績感到滿意，並將繼續努力提高獲利能力。我們對過去幾季以來努力建立和維持的上升趨勢充滿信心，並且對第四季度的業績定位感到滿意，過去 90 天以來，我們的業績定位有所改善。

We are focused on what's right in front of us and finishing 2025 strong, which we believe should set up a solid foundation to build upon in 2026 and as we continue to work on expanding our organic constant currency growth rate. we are prioritizing client-centric, disciplined execution while bringing a new level intentionality on building verticalized and differentiated horizontal go-to-market offerings.

我們專注於眼前的事務，力爭在2025年取得佳績，我們相信這將為2026年的發展奠定堅實的基礎。同時，我們將繼續努力提升以固定匯率計算的有機成長率。我們優先考慮以客戶為中心、嚴謹執行的策略，並更加重視建構垂直化和差異化的橫向市場推廣方案。

Looking ahead, we see our investments in upskilling differentiated AI playbooks, IP partnerships and new lines of services such as Agentic business process outsourcing, helping us to further capture new demand.

展望未來，我們看到，我們在提升差異化人工智慧策略、智慧財產權合作以及諸如智慧業務流程外包等新服務領域的投資，將有助於我們進一步抓住新的需求。

Jason, over to you.

傑森，該你了。

Thank you, FB, and good morning, everyone. In the third quarter, EPAM generated revenue of $1.394 billion a year-over-year increase of 19.4% on a reported basis, exceeding the high end of our Q3 revenue guidance. On an organic constant currency basis, revenues grew 7.1% compared to the third quarter of 2024. We delivered another consecutive quarter of very solid year-over-year organic constant currency growth, reflecting ongoing steady execution.

謝謝臉書，大家早安。第三季度，EPAM 的營收為 13.94 億美元，按報告基準計算年增 19.4%，超過了我們第三季營收預期的上限。以自然成長（固定匯率）計算，營收比 2024 年第三季成長了 7.1%。我們連續第二季實現了非常穩健的年比有機成長（以固定匯率計算），反映了我們持續穩定的執行力。

Our growth in the quarter was driven by a continued shift to quality and accelerating momentum across our AI native, data, cloud and AI foundational initiatives. We're making early headway with the launch of our AI run transform strategy, which complements our underlying growth momentum, positioning us well to continue to capture demand.

本季我們的成長得益於我們持續向品質轉型，以及我們在人工智慧原生、資料、雲端和人工智慧基礎計畫方面取得的加速進展。我們的人工智慧轉型策略已初見成效，該策略與我們現有的成長動能相輔相成，使我們能夠更好地繼續滿足市場需求。

Our outperformance in the quarter was broad-based. We also recently announced a new $1 billion share repurchase program. The underlying strength of our business and continued momentum coupled with our efficient free cash flow generation and a strong balance sheet enable us to take advantage of the current market dynamic while returning cash to shareholders.

本季我們的業績表現優異，且各方面都表現優異。我們最近也宣布了一項新的10億美元股票回購計畫。我們業務的內在實力和持續成長勢頭，加上高效的自由現金流產生能力和強勁的資產負債表，使我們能夠利用當前的市場動態，同時向股東返還現金。

Moving to our Q3 vertical performance. Five of our 6 industry verticals posted year-over-year growth, with 4 of the 6 growing double digits. NEORIS and first derivatives continue to contribute substantially to our financial services and emerging verticals.

接下來是我們的第三季垂直產業業績。我們 6 個行業垂直領域中有 5 個實現了同比增長，其中 4 個實現了兩位數的增長。NEORIS 和第一衍生性商品繼續為我們的金融服務和新興垂直領域做出重大貢獻。

Financial Services once again delivered very strong growth, up 32.7% year-over-year on a reported basis, with 6% organic growth in constant currency. Growth came from banking, asset management, and insurance clients. Software and [ Hi-Tech ] grew 19.1% year-over-year, driven by strong execution and broad improvement across large clients. Life Sciences and Health care increased 11.8% on a year-over-year basis. Revenue growth in the vertical continues to be driven primarily by clients in life sciences and med tech.

金融服務業再次實現了強勁增長，按報告數據計算同比增長 32.7%，按固定匯率計算有機增長率為 6%。成長主要來自銀行、資產管理和保險客戶。軟體和[高科技]年增19.1%，這得益於強大的執行力和大型客戶的廣泛改進。生命科學和醫療保健產業年增 11.8%。該垂直領域的收入成長主要由生命科學和醫療技術領域的客戶推動。

Consumer goods, retail and travel delivered 9.9% year-over-year growth, marking a notable rebound relative to prior quarters. The vertical also delivered solid sequential growth, which was driven by growth in consumer products and retail.

消費品、零售和旅遊業年增 9.9%，與前幾季相比出現了顯著反彈。該垂直產業也實現了穩健的環比成長，這主要得益於消費品和零售業務的成長。

Business Information & Media was steady and delivered flat year-over-year revenue performance. Our emerging verticals delivered another quarter of very strong year-over-year growth of 38.9% with New York continuing to contribute to the verticals performance. On an organic constant currency basis, growth was 15.1%, primarily driven by ongoing strength in energy and materials.

商業資訊與媒體業務表現穩定，營收與去年同期持平。我們的新興垂直產業再次實現了強勁的同比增長，達到 38.9%，其中紐約繼續為垂直行業的業績做出貢獻。以固定匯率計算，有機成長率為 15.1%，主要得益於能源和材料產業的持續強勁成長。

From a geographic perspective, Americas, our largest region, representing 58% of our Q3 revenues, grew 16% year-over-year on a reported basis and 3.9% in organic constant currency. EMEA comprising 40% of our Q3 revenues increased 24.9% year-over-year and 11.8% in organic constant currency.

從地理角度來看，美洲是我們最大的地區，占我們第三季營收的 58%，按報告資料計算年增 16%，以有機固定匯率計算年增 3.9%。歐洲、中東和非洲地區 (EMEA) 占我們第三季營收的 40%，年增 24.9%，以固定匯率計算成長 11.8%。

And finally, APAC making up 2% of our revenues increased 17.7% year-over-year and 14.2% in organic constant currency.

最後，亞太地區占我們營收的 2%，年成長 17.7%，以固定匯率計算成長 14.2%。

Lastly, in Q3, revenues from our top 20 clients grew 10.2% year-over-year while revenues from clients outside our top 20 increased 24.4%.

最後，在第三季度，我們前 20 位客戶的營收年增 10.2%，而前 20 位客戶以外的客戶的營收成長了 24.4%。

Moving down the income statement. Our GAAP gross margin for the quarter was 29.5% compared to 34.6% in Q3 of last year. Non-GAAP gross margin for the quarter was 31% compared to 34.3% for the same period a year ago. As a reminder, the prior year period benefited from a cumulative catch-up related to the Poland R&D credit. The third quarter of 2025 includes a single quarter's benefit of $13.2 million.

從損益表向下看。本季我們的 GAAP 毛利率為 29.5%，去年第三季為 34.6%。本季非GAAP毛利率為31%，去年同期為34.3%。需要提醒的是，上一年期間受惠於與波蘭研發稅收抵免相關的累計補繳。2025 年第三季包含 1,320 萬美元的單季財報。

Additionally, for Q3 2025, we recognized higher variable compensation driven by expected stronger second half performance. combined with ongoing lower profitability associated with recent acquisitions, both contributed to the lower gross margin level. GAAP SG&A was 16.8% of revenue compared to 17.7% in Q3 of last year. Non-GAAP SG&A in Q3 2025 came in at 14.1% of revenue compared to 14% in the same period last year.

此外，2025年第三季度，我們確認了更高的可變薪酬，這主要得益於預期下半年業績走強。加上近期收購導致獲利能力持續下降，這兩方面因素共同導致了毛利率的降低。以美國通用會計準則計算，銷售、一般及行政費用佔收入的 16.8%，去年第三季為 17.7%。2025 年第三季非 GAAP 銷售、一般及行政費用佔營收的 14.1%，去年同期為 14%。

GAAP income from operations was $145 million or 10.4% of revenue in the quarter compared to $177 million or 15.2% of revenue in Q3 of last year. Non-GAAP income from operations was $222.8 million or 16% of revenue in the quarter compared to $222.9 million or 19.1% of revenue in Q3 of the previous year. Non-GAAP income from operations in Q3 2024 was similarly impacted by the Polish R&D credit.

本季GAAP營業收入為1.45億美元，佔營收的10.4%，去年同期為1.77億美元，佔營收的15.2%。本季非GAAP營業收入為2.228億美元，佔營收的16%，去年同期為2.229億美元，佔營收的19.1%。2024 年第三季非 GAAP 營業收入也同樣受到波蘭研發信貸的影響。

Our GAAP effective tax rate for the quarter came in at 25.6%, and our non-GAAP effective tax rate was 24.1%. The Diluted earnings per share on a GAAP basis was $1.91. Our non-GAAP diluted EPS was $3.08 compared to $3.12 from Q3 of last year, reflecting a $0.04 decrease year-over-year. In Q3, there were approximately 55.8 million diluted weighted average shares outstanding.

本季我們的 GAAP 實際稅率為 25.6%，非 GAAP 實際稅率為 24.1%。以美國通用會計準則計算，稀釋後每股收益為 1.91 美元。以非美國通用會計準則計算，稀釋後每股收益為 3.08 美元，而去年第三季為 3.12 美元，年減 0.04 美元。第三季度，稀釋後加權平均流通股約 5,580 萬股。

Turning to our cash flow and balance sheet. Cash flow from operations for Q3 was $295 million. compared to $242 million in the same quarter of 2024. Although seasonality always has a positive impact from Q3 cash flow, cash flow from operations in the quarter exceeded the impact of typical seasonality and resulting in the highest level of quarterly cash flow from operations in EPM's history.

接下來來看看我們的現金流量表和資產負債表。第三季經營活動產生的現金流量為 2.95 億美元，而 2024 年同期為 2.42 億美元。儘管季節性因素總是對第三季現金流產生積極影響，但本季經營活動產生的現金流超過了典型的季節性因素的影響，從而實現了EPM歷史上最高的季度經營活動現金流水平。

Free cash flow was $286 million compared to free cash flow of $237 million in the same quarter last year and also represented an all-time high. Cash and cash equivalents were just over $1.2 billion as of the end of the quarter. At the end of Q3, DSO was 75 days compared to 78 days for Q2 2025 and 74 days for the same quarter last year. Share repurchases in the third quarter were approximately 493,000 shares for $82 million at an average price of $167 per share.

自由現金流為 2.86 億美元，去年同期自由現金流為 2.37 億美元，也創下歷史新高。截至本季末，現金及現金等價物略高於12億美元。第三季末，應收帳款週轉天數為 75 天，而 2025 年第二季為 78 天，去年同期為 74 天。第三季股票回購量約 493,000 股，總額為 8,200 萬美元，平均價格為每股 167 美元。

Moving on to operational metrics. We ended Q3 with more than 6,100 consultants, designers, engineers and architects, reflecting total growth of 17.5% and organic growth of 6.4% compared to Q3 2024. In the quarter, we added approximately 300 net delivery professionals. Our total headcount at quarter end was 62,350 employees. Utilization was 76.5% compared to 76.4% in Q3 of last year and 78.1% in Q2 2025.

接下來是營運指標。第三季末，我們擁有超過 6,100 名顧問、設計師、工程師和建築師，與 2024 年第三季相比，總成長了 17.5%，有機成長了 6.4%。本季度，我們淨增加了約 300 名配送專業人員。截至季末，我們的員工總數為 62,350 人。利用率為 76.5%，而去年第三季為 76.4%，2025 年第二季為 78.1%。

Now let's turn to guidance. Before moving to the specifics of our 2025 and Q4 outlook, I would like to provide some thoughts to help frame our guidance. Based on the strength of our Q3 and solid Q4 visibility, we are expecting a strong Q4 exit ending the year with higher organic constant currency growth rates than we forecasted just 90 days ago. At the same time, we are not expecting to see a significant release of excess client budgets and typical seasonality will also have an impact.

現在我們來談談指導原則。在詳細介紹我們 2025 年和第四季度的展望之前，我想先提出一些想法，以幫助建立我們的指導方針。基於我們第三季的強勁表現和第四季的良好前景，我們預計第四季將取得強勁的業績，並使全年有機固定匯率成長率高於我們90天前的預測。同時，我們預計不會出現大量客戶預算超支的情況，而且典型的季節性因素也會產生影響。

Compared to Q3, Q4 is negatively impacted by a higher number of holidays, vacations and potential furloughs. As a reminder, we acquired NEORIS first derivative in Q4 2024 in November and December, respectively. As per our usual reporting practice, revenues from these acquisitions were moved from inorganic to organic in Q4 2025 as contemplated in our previous guidance.

與第三季相比，第四季受到假日、休假和潛在停薪留職人數增加的負面影響。提醒一下，我們分別在 11 月和 12 月收購了 NEORIS 2024 年第四季的第一衍生性商品。按照我們通常的報告慣例，這些收購產生的收入在 2025 年第四季從無機成長轉為有機成長，正如我們先前的指導意見中所設想的那樣。

Facing a better-than-expected performance in the second half, coupled with improving visibility into Q4, we are raising the bottom end of the range for 2025 full year organic constant currency revenue growth and now expect the midpoint of the range to be 4.6%, an increase from the guidance we gave 90 days ago, which was 4% at the midpoint of the range. While driving top line revenue growth, we also remain focused on improving profitability. While there is more work to be done, we've been pleased with the results of our ongoing focus on improving account profitability, which is evident in our improved profitability outlook for Q4 and full year 2025.

鑑於下半年業績優於預期，加上第四季度前景更加明朗，我們將 2025 年全年有機固定匯率收入增長的預期下限上調，目前預計該區間的中位數為 4.6%，高於 90 天前我們給出的 4% 的預期值。在推動營收成長的同時，我們也始終致力於提高獲利能力。雖然還有更多工作要做，但我們對持續專注於提高帳戶盈利能力所取得的成果感到滿意，這從我們對 2025 年第四季度和全年盈利能力預期的提高中可見一斑。

Lastly, we continue to work on improving utilization and we continue to reduce isolated pockets of bench while adding that 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.

最後，我們繼續努力提高員工利用率，並繼續減少零星的閒置人員，同時增加人員數量以支持成長。我們的指導意見仍然假設我們能夠以與 2024 年類似的生產力水平從我們在烏克蘭的交付中心進行交付。

Moving to our full year outlook. We now expect revenue to be in the range of $5.0 million to $5.45 billion, reflecting a year-over-year growth of 15% at the midpoint, with inorganic continuing to contribute approximately 9.1% for 2025. Based on current spot rates, foreign exchange is now expected to have a positive impact on revenue growth of 1.3% and we expect year-over-year revenue growth on an organic constant currency basis to now be 4.6% at the midpoint.

接下來展望全年情勢。我們現在預計營收將在 500 萬美元至 54.5 億美元之間，年增 15%（取中間值），其中非有機成長在 2025 年將繼續貢獻約 9.1%。根據目前的即期匯率，預計外匯將對收入成長產生 1.3% 的正面影響，我們預計以有機固定匯率計算，年收入成長率將達到 4.6%（取中間值）。

We expect GAAP income from operations to now be in the range of 9.4% to 9.7%, and non-GAAP income from operations to now be in the range of 15% to 15.3%. And we expect our GAAP effective tax rate to now be 25%. Our non-GAAP effective tax rate, which excludes the impact of benefits and shortfalls related to stock-based compensation will continue to be 24%.

我們預計，GAAP 營業收入成長率將在 9.4% 至 9.7% 之間，非 GAAP 營業收入成長率將在 15% 至 15.3% 之間。我們預計，以美國通用會計準則計算的有效稅率現在將為 25%。我們的非GAAP有效稅率（不包括與股票選擇權相關的福利和虧損的影響）將繼續為24%。

And Earnings per share, we expect the GAAP diluted EPS will now be in the range of $6.75 to $6.83 for the full year, and non-GAAP diluted EPS will now be in the range of $11.36 to $1.44 for the full year. We now expect weighted average share count of 56.2 million fully diluted shares outstanding.

至於每股收益，我們預計全年GAAP稀釋後每股收益將在6.75美元至6.83美元之間，非GAAP稀釋後每股收益將在11.36美元至1.44美元之間。我們現在預計完全稀釋後的加權平均流通股數為 5,620 萬股。

Moving to our Q4 2025 outlook. We expect revenue to be in the range of $1.38 to $1.395 billion, producing a year-over-year growth of 11.1% at the midpoint of the range. Our guidance reflects an inorganic contribution of 4.3% with a 2.4% positive FX impact during the quarter, producing a 4.4% organic constant currency growth rate at the midpoint of the range.

接下來展望2025年第四季。我們預計營收將在 13.8 億美元至 13.95 億美元之間，以區間中位數計算，年增 11.1%。我們的預期反映了本季非有機成長貢獻為 4.3%，匯率變動帶來 2.4% 的正面影響，按區間中點計算，有機固定匯率成長率為 4.4%。

For the fourth 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 24% and our non-GAAP effective tax rate to be approximately 23%. Earnings per share, we expect GAAP diluted EPS to be in the range of $2 to $2.08 for the quarter and non-GAAP diluted EPS to be in the range of $3.10 to $3.18 for the quarter. We expect a weighted average share count of 55.1 million diluted shares outstanding.

我們預期第四季GAAP營業收入成長率將介於10%至11%之間，非GAAP營業收入成長率將介於15.5%至16.5%之間。我們預期 GAAP 實際稅率約為 24%，非 GAAP 實際稅率約為 23%。每股收益方面，我們預計本季 GAAP 稀釋後每股收益將在 2 美元至 2.08 美元之間，非 GAAP 稀釋後每股收益將在 3.10 美元至 3.18 美元之間。我們預計加權平均稀釋後流通股數為 5,510 萬股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements for Q4. Stock-based compensation expense is expected to be $44 million. Amortization of intangibles is expected to be approximately $18 million. The impact of foreign exchange is expected to be $1 million. Tax effective non-GAAP adjustments is expected to be around $16 million. We expect a tax shortfall related to stock-based compensation of around $1 million. Severance driven by our cost optimization program is expected to be around $10 million. And one more assumption outside of our GAAP to non-GAAP items, we now expect interest and other income to be $3 million for the remaining quarter.

最後，我們提出一些關鍵假設，以支持我們對第四季度 GAAP 與非 GAAP 指標的衡量。預計股權激勵費用為 4,400 萬美元。預計無形資產攤銷額約 1800 萬美元。預計外匯影響將達100萬美元。預計稅收有效的非GAAP調整約為1600萬美元。我們預計與股票選擇權相關的稅收缺口約為 100 萬美元。受成本優化計畫影響，預計遣散費約 1,000 萬美元。除 GAAP 到非 GAAP 項目外，我們還有一個假設，即我們現在預計本季度剩餘時間的利息和其他收入將為 300 萬美元。

We remain focused on driving revenue growth and enhancing profitability. -- we are confident in our strong positioning as we enter Q4. We will continue to run EPAM efficiently, maintaining our focus on both growth and 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.

我們將繼續專注於推動營收成長和提升獲利能力。 ——我們對進入第四季時的強勁市場地位充滿信心。我們將繼續高效運作 EPAM，並在今年剩餘的時間內繼續專注於成長和獲利能力。再次感謝我們所有員工的奉獻和專注，感謝他們為客戶服務並為EPAM取得業績。

Let's open the call for questions.

現在開始接受提問。

[Operator Instructions]. And your first question comes from the line of Maggie Nolan, William Blair.

[操作說明]。你的第一個問題來自 Maggie Nolan 和 William Blair 的名言。

So, I wanted to start with the push that you mentioned into Agentic BPO. Do you intend to enter that space with proprietary products? Or can you talk about maybe build versus buy decisions from clients for processes?

所以，我想先談談你提到的進軍 Agentic BPO 的計畫。您打算用自主研發的產品進入這個領域嗎？或者您能否談談客戶在流程方面，是選擇自建還是購買？

And then just like the ability to automate this, how that may be or may not be any different from the robotic process automation wave that we saw several years ago that ended up being sort of difficult to accomplish given the variability of processes.

就像實現自動化的能力一樣，這可能與我們幾年前看到的機器人流程自動化浪潮沒有任何區別，考慮到流程的可變性，機器人流程自動化最終很難實現。

Good morning, Maggie. Thank you for the question. Actually, it's a really interesting subject. It's early days for us. As you know, we made 2 acquisitions in this space. First was first date where the line of business better in business services, that's where we really went after that acquisition with the pieces that we could automate with Agentic AI, the KYC and fincrime elements of their business.

早安，瑪姬。謝謝你的提問。實際上，這真是一個非常有趣的話題。對我們來說，現在還處於起步階段。如您所知，我們在這個領域進行了兩項收購。首先是第一次約會，當時業務線在商業服務方面表現更好，收購後，我們真正著手的就是利用 Agentic AI 實現業務的自動化部分，例如 KYC 和金融犯罪部分。

The second acquisition was [Lynxus] which was this year, and it was a small BPO to really understand the space itself. So going back to what we are seeing. We are seeing our clients are keen to try out, but it's early days. We are using EPAM build platform itself, in order to really deliver the automation, but it's a very different than RPO in the past. What we try to do is we're trying to experiment on simple and more complex agentic flows, which requires high level of degree of engineering going beyond simple RPO or BO or simple [indiscernible] capabilities.

今年我們收購了 [Lynxus]，這是一次小型業務流程外包 (BPO) 收購，目的是真正了解這個領域本身。所以讓我們回到我們所看到的現象。我們看到客戶們很想嘗試，但現在還處於早期階段。我們正在使用 EPAM 建立平臺本身來實現真正的自動化，但這與過去的 RPO 非常不同。我們嘗試做的是，我們正在嘗試對簡單和更複雜的代理流程進行實驗，這需要高度的工程技術，超越了簡單的 RPO 或 BO 或簡單的 [無法區分的] 能力。

We don't know yet where the market will go. We don't know the very best when it's leading. Right now, we are seeing a big momentum from the clients, which we are -- but it's a very small sample that you've been talking about in its early days for us.

我們目前還無法預測市場走向。我們不知道什麼時候才是最好的。目前，我們看到了來自客戶的巨大勢頭，但正如你所說，這只是我們早期階段的一個非常小的樣本。

Your next question comes from the line of Bryan Bergin, TD Cal

你的下一個問題來自加州大學柏克萊分校TD校隊布萊恩·伯金。

I wanted to ask about is we think on your 4Q exit rate considerations. And I think beyond that, as we move forward to 26, I should be thinking about growth potential? And specifically, if you can kind of comment on the impact of bill bays and furloughs and things like that as you go through 3Q and 4Q and then into 1Q as well as just any other important factors such as how growth in NEORIS and [ FP ] may affect your organic growth rate as you fold those in going forward?

我想問一下，我們對您第四季的退出率有何看法？而且我認為，展望未來，當我們邁向26歲時，我應該考慮成長潛力？具體來說，您能否就第三季、第四季以及第一季期間的帳單結算、員工休假等因素的影響，以及其他重要因素（例如 NEORIS 和 [ FP ] 的成長將如何影響您未來的自然成長率）發表一些看法？

Yes. Brian, this is Jason. So, as I think most people know, there's a negative impact from a seasonality standpoint, if you look at sequential Q3 to Q4 -- and so that impact is kind of 3 things, which is 1 is fewer build as, you've got more vacation. And then you also have a higher degree of orals. So all of those things produced some tens of millions of kind of headwind on sequential growth Q3 to Q4.

是的。布萊恩，這是傑森。所以，我想大多數人都知道，從季節性角度來看，如果按季度比較第三季度和第四季度，就會產生負面影響——這種影響主要體現在三個方面：1. 由於假期增多，建設量減少。而且你的口語能力也更強。因此，所有這些因素對第三季到第四季的環比成長造成了數千萬美元的不利影響。

When I look at the performance of our business throughout 2025, Q1 to Q2, Q2 to Q3 and Q3 to Q4, if you adjust for foreign exchange and you adjust for sequential factors, our sequential growth rate has actually been surprisingly consistent, the other thing I would add is you've got probably a little bit of headwind on foreign exchange sequentially Q3 to Q4. Just to sort of maybe answer a question that you hadn't asked, is that our guide at the midpoint of the range contemplates, I think I said 4.4% organic constant currency growth. If we operate at the high end of the range in Q4, we'd be at about 5% organic constant currency growth.

當我審視我們公司在 2025 年全年的業務表現，從第一季度到第二季度，從第二季度到第三季度，再從第三季度到第四季度，如果調整匯率和環比因素，我們的環比增長率實際上出奇地穩定。另外，我想補充的是，從第三季到第四季度，匯率可能會帶來一些不利影響。我只是想回答一個你可能沒問的問題，我們的指導方針在區間的中點考慮的是，我想我說過，4.4% 的有機固定匯率增長率。如果我們在第四季度按照預期範圍的高端運營，那麼按固定匯率計算，我們的有機成長率將達到約 5%。

Your next question comes from the line of Jason Kupferberg, Wells Fargo.

你的下一個問題來自富國銀行的傑森·庫柏伯格。

So the organic constant currency in the quarter, obviously, the 7%, I think, kind of best-in-class now among the peer group. But just to kind of build on the last question, I guess, can you kind of break down the sources of what looks to be some deceleration in the Q4 on a year-over-year basis, you just walked us through the sequential Jason, I just want to make sure you kind of -- we have the puts and takes right there and then how we should just at least directionally be thinking about where the organic growth can go in '26 versus, call it, a 4.5% exit rate for this year.

因此，本季有機成長率（以固定匯率計算）顯然為 7%，我認為，這在同業中算是最好的了。但我想接著上一個問題繼續探討，您能否分析一下第四季年增率放緩的原因？您剛才已經向我們分析了連續數據，Jason，我只是想確認一下——我們現在掌握了各種利弊，以及我們應該如何至少在方向上思考2026年的有機增長方向，而不是像今年4.5%的退出率那樣。

Okay. Still -- yes, so from a year-over-year standpoint, I think maybe the biggest difference is we see clients continue to make investments and move forward on programs. What we're not seeing is the release of excess budget at the end of the year, the way we saw in Q4 of last year. And so I think that is probably the biggest difference. Clients continue to invest, but there isn't a big kind of opening up the wallet at the end of the year.

好的。不過——是的，從同比來看，我認為最大的區別可能是我們看到客戶繼續進行投資並推進專案。我們沒有看到像去年第四季一樣，在年底釋放超支預算的情況。所以我覺得這可能是最大的差別。客戶仍在繼續投資，但年底並沒有出現大規模的支出。

From a demand standpoint, it still feels broad-based and it still feels, again, like we're continuing to see growth in financial services, high tech and also kind of the emerging energy portion of the portfolio [indiscernible] thoughts on 2026? Or -- at our content, we believe that organic country will be higher than this year. we see the moment is driven by very much, as we mentioned, some of the E and the F fundamental up until build out the foundational build-outs. And we see the pipeline for 2026 plating vetiver nicely at this point of time. It's early days, but we see positive signals.

從需求角度來看，它仍然感覺基礎廣泛，而且我們仍然感覺到金融服務、高科技以及新​​興能源領域的成長勢頭仍然強勁。 [聽不清楚] 對 2026 年有什麼看法？或者——根據我們的預測，我們認為有機農業的產量將高於今年。正如我們之前提到的，我們認為目前的趨勢很大程度上是由一些基本面因素所驅動的，這些因素包括經濟和金融領域的一些基本面因素，直到基礎建設完成。目前來看，2026 年電鍍香根草的計畫進展順利。現在下結論還為時過早，但我們看到了一些正面的訊號。

Your next question comes from the line of Jonathan Lee, Guggenheim Partners.

你的下一個問題來自古根漢合夥公司 Jonathan Lee 的發言。

Welcome to the first, hopefully, many earnings calls as CEO it's interesting to hear that clients are redirecting work from partners who failed to deliver effectively highlighting that you're winning share from peers. Can you help size that contribution and unpack your competitive advantage here versus your peers? And how do you expect to maintain that gap going forward?

歡迎參加我作為執行長的第一次（希望也是多次）財報電話會議。有趣的是，客戶正在將工作從未能有效交付的合作夥伴那裡轉移過來，這表明你正在從同行那裡贏得市場份額。您能否幫助我們評估這項貢獻，並分析您相對於同業的競爭優勢？那麼，你打算如何繼續保持這種差距呢？

Jonathan, thank you very much for the kind words.

喬納森，非常感謝你的鼓勵。

I don't think we can size it yet, right? I don't think we can size it how much work is actually redirecting to us. We are seeing that major programs, competitors who failed to deliver. Now clients are interacting the work to us -- and the reason why because it's actually delivering these solutions in enterprises, much more difficult than what it seems on a YouTube short retic dokie. -- unitary deep engineering skill set capabilities across the foundation elements on data, on data platforms on cloud or enterprise platform themselves or actually modernization in order to deliver on that as we to consider the cost you need to end cost engineers, but stopes are quite expensive.

我覺得我們現在還不能確定它的尺寸，對吧？我認為我們無法準確衡量究竟有多少工作實際上轉移到了我們這裡。我們看到，一些大型專案和競爭對手未能兌現承諾。現在客戶正在與我們互動，原因在於，在企業中實際交付這些解決方案遠比在 YouTube 短影片中看起來困難得多。這需要具備全面的工程技能，涵蓋資料、雲端或企業平臺本身的基礎要素，或需要進行現代化改造才能實現。我們還要考慮最終成本，因為聘請最終工程師的成本相當高。

You need to consider risk aetnactual reliability and performance. All of these requires deep engineering skills. So how are we going to keep our advantage because we are investing in our people is investing in our in our engineering talent, investing into tooling methodologies and investing into the playbooks, and we actually try and get out and experimenting on ourselves. That's why we believe being that the customer is being the client sale is so important for our future.

你需要考慮風險、實際可靠性和性能。所有這些都需要深厚的工程技術技能。那麼，我們要如何保持優勢呢？因為我們投資於我們的人才，投資我們的工程人才，投資於工具方法和策略手冊，而且我們實際上還嘗試走出去，親自進行試驗。這就是為什麼我們認為以客戶為中心進行銷售對我們的未來至關重要。

[Operator Instructions] And your next question comes from the line of Jim Schneider, Goldman Sachs.

【操作員說明】您的下一個問題來自高盛的吉姆·施耐德。

In some of your public commentary and interviews recently, I think you've kind of struck a cord about focus on costs for the company. Can you maybe give us a sense about how that focus on cost is being manifest across the company and how that might materialize in terms of SG&A or other kind of cost savings or margins over time?

我覺得在你最近的一些公開評論和訪談中，你提到了公司應該關注成本的問題，這引起了大家的共鳴。您能否簡要介紹一下公司是如何注重成本的，以及隨著時間的推移，這種注重成本的方式可能會如何轉化為銷售、管理及行政費用或其他方面的成本節約或利潤率？

Thank you very much. So I think in the last 3 of months, I was talking about the focus on pyramids. We focus on actually balancing the pyramid. -- when we diversified our delivery. We actually went into certain geographies due to certain locations, we were not able to really create the ideal pyramid structure. Now we're working on that and we're trying to balance the rebalancing the com is actually allowing us to really focus on and bring down some of the costs.

非常感謝。所以我覺得在過去的三個月裡，我一直在談論對金字塔的關注。我們專注於真正實現金字塔的平衡——當我們實現交付方式多元化時。實際上，由於某些地理位置的限制，我們進入了某些地區，無法真正建立理想的金字塔結構。現在我們正在努力解決這個問題，我們試圖平衡重新平衡公司運營，這實際上使我們能夠真正專注於降低一些成本。

Second is also the CEO and putting more emphasis on profitability on the deals emphasis on the capabilities to actually deliver profitable projects profitable growth, which is really manifesting for us selecting the right clients being more picky and more selective on the field, what we take, which we can only do because our demand is changing and the demand is up for us and that's what you are seeing the effect of that.

其次，執行長也更重視交易的獲利能力，更重視交付獲利項目和實現獲利成長的能力。這確實體現在我們選擇合適的客戶，在實地更加挑剔和謹慎地選擇我們承接的項目。我們之所以能夠這麼做，是因為我們的需求正在改變，對我們的需求正在上升，而這就是你們現在所看到的成效。

Yes. I think I'll add a piece on this as well. So as FB indicated, with that focus, we are seeing an improvement in account margin in the second half of the fiscal year. And I think probably what is most notable is throughout the year, we've been talking about a 15% midpoint of our profitability range. And at this time, we feel pretty strongly that we'll operate in the upper half of the 14.5% to 15.5% range. And as we talked about in my prepared remarks, is we expect to operate in the 15% to 15.3%. And that is a result of a number of things, including a better account margin as we work through the fiscal year.

是的。我想我也會就此寫一篇文章。正如 FB 所指出的，在這一重點的推動下，我們看到本財年下半年帳戶利潤率有所提高。我認為最值得注意的是，在過去一年中，我們一直在談論獲利範圍的中點為 15%。目前，我們非常有信心，我們的營運利率將在 14.5% 到 15.5% 區間的上半部。正如我在事先準備好的演講稿中所談到的，我們預計營運比例將在 15% 到 15.3% 之間。這是多種因素共同作用的結果，其中包括隨著財政年度的推進，帳戶利潤率的提高。

That's helpful. And then maybe as a follow-up, you gave many data points relative to your AI project traction and increasing size of deals in AI. Can you maybe give us or level set any kind of quantification in terms of the size of your average AI project today? And then where you hope it may go in, say, 2 years?

那很有幫助。然後，作為後續跟進，您提供了許多與您的人工智慧專案進度和人工智慧交易規模不斷擴大相關的數據點。您能否提供或設定一個關於您目前平均人工智慧專案規模的量化數據？那麼，你希望它在兩年後會發展成什麼樣子呢？

I think in our prepared remarks, we had kind of explain how the projects are evolving, moving from protofconcepts to medium- to large-scale engagements. So it's an evolving set. We have hundreds of engagements right now. And most engagements typically start on a solid the proof of concept and also they're scaling up some of them get into the tens of millions of dollars range as we go forward. We do see most of our top 100 clients are actually engaging with with large AI initiatives, which looks like. So it won't mean that right now, we are executing large projects, but they have large initiatives.

我認為，在我們準備的演講稿中，我們已經解釋了這些項目是如何發展的，從原型概念到中型到大型的參與。所以這是一個不斷發展的系列。我們現在有數百個項目正在進行中。大多數合作計畫通常都從堅實的理論驗證開始，而且隨著計畫的推進，它們也不斷擴大規模，其中一些計畫的規模甚至達到了數千萬美元。我們看到，我們前 100 名客戶中的大多數實際上都在參與大型人工智慧計劃，看起來確實如此。所以這並不意味著我們現在正在執行大型項目，但他們確實有一些大型計劃。

We are hoping to -- most of our revenue will be coming in the coming years from these initiatives, either because of transformation, either because introducing or creating the foundational event for the AI deployment, which is right now 1 of the main driver for our business.

我們希望——未來幾年，我們的大部分收入將來自這些舉措，要么是因為轉型，要么是因為引入或創建了人工智慧部署的基礎性事件，而人工智慧部署目前是我們業務的主要驅動力之一。

Your next question comes from the line of Jamie Friedman, Susquehanna.

你的下一個問題來自薩斯奎哈納的傑米·弗里德曼家族。

Some of your comments were considerably more technical than what some of us sort of accustomed to, and we appreciate that because that's where the industry is going. So we'll adjust. I wanted to ask specifically about a genetic delivery, life cycle management. Yes, that one. So what -- in terms of like the vectors or phases that the customers need in order to proceed with the genetic delivery, how would you describe the chronology of that aspect and the relative size of that 1 in delivery life cycle relative to some of the others that you mentioned.

你們的一些評論比我們一些人習慣的要技術性得多，我們很欣賞這一點，因為這正是行業的發展方向。所以我們會做出調整。我想具體諮詢基因傳遞和生命週期管理的問題。對，就是那個。那麼——就客戶進行基因遞送所需的載體或階段而言，您會如何描述這方面的先後順序，以及這在遞送生命週期中相對於您提到的其他一些階段的相對大小。

Thank you for the question. So we need to start considering is when clients were just delivering software products, they still have to master SBLC cycles cost clients. Most of our clients and most of the industry haven't really fully mustered the SBIC. When you start deploying agenting capabilities and trying to automate large scale of processes and works using agenting AI capabilities. You need to really following an agent development process, agent life cycle. And it is also conflicts even more complex than compared to SDLC. So it's not a simple of impost looks in order to make it really work in the enterprise, right?

謝謝你的提問。所以我們需要開始考慮的是，當客戶只是交付軟體產品時，他們仍然需要掌握 SBLC 週期成本。我們的大多數客戶和業內大多數人士還沒有真正充分地利用 SBIC。當你開始部署代理功能並嘗試使用代理 AI 功能來自動化大規模流程和工作。你需要真正遵循經紀人發展流程和經紀人生命週期。而且，它所引發的衝突甚至比軟體開發生命週期（SDLC）更複雜。所以，要讓它在企業中真正發揮作用，並不是簡單地偽裝一下，對吧？

So I know that everybody believing that this is a simple step and adjusting development life cycle. It is a complex of any SDLC lifestyle, and you need to really oster it. And this is going to -- we think it's going to be a bigger problem because you were going forward than fostering PLC. The reason being is now no longer just touching on certain elements of your software spec, but now you really need to consider how you automate processes, which you never automated before.

所以我知道大家都認為這是一個簡單的步驟，需要調整開發生命週期。這是任何軟體開發生命週期（SDLC）生活方式中一個複雜的問題，你需要真正重視它。我們認為這將成為一個更大的問題，因為你們一直在向前發展，而不是促進專業學習社群（PLC）。原因在於，現在你不再只是專注於軟體規格中的某些要素，而是真正需要考慮如何自動化以前從未自動化過的流程。

You are going to step into automating previously very manually intensive components and automating those are very, very complicated and difficult and ever prudent process itself, migrating and it's not just you need to upskill your teams who are doing it. And it's no longer just engineers who we're talking about. You need to also introduce the right tooling, the right processes across the enterprise. And if you want to really take -- get the benefit and it also started considering not just the element of can I actually automate this during automation, I really also want to achieve a certain line because if the automation results into a higher cost, then you kind of deliver on your product.

你將開始自動化以前非常依賴人工操作的元件，而自動化這些元件本身就是一個非常複雜、困難且需要謹慎對待的過程，遷移過程不僅需要你提升執行遷移的團隊的技能。我們現在談論的不再只是工程師了。你還需要在整個企業範圍內引入合適的工具和流程。如果你真的想獲得好處，並且開始考慮的不僅僅是「我能否在自動化過程中真正實現自動化」這個要素，我還想達到一定的目標，因為如果自動化導致成本更高，那麼你就無法兌現你的產品承諾。

So we think this is a large shift. It is not going to be a very quarter requires tremendous amount of work to make apron. And companies will have to partner with organizations such as income to actively do that in what we call an ER factory model where you are introduce the foundation, build a foundational component build the right process in place, the right governance itself and then you go process by process and building the agented operations.

所以我們認為這是一個巨大的轉變。製作圍裙需要耗費大量精力，而且不會很快見效。公司必須與收入等組織合作，積極地在我們所謂的 ER 工廠模型中做到這一點，在這個模型中，你要引入基礎，構建基礎組件，建立正確的流程，正確的治理本身，然後逐個流程地構建代理運營。

Your next question comes from the line of David Grossman, Stifel.

你的下一個問題來自 David Grossman 和 Stifel 的產品線。

Just kind of looking at a high level of the business and how it's been performing. It looks like the revenue per head is up for the first time in 3 quarters despite flat utilization. So -- maybe you could just talk a few minutes about what's going on under the covers here? Is it geographic mix, where you're delivering from? Is it perhaps growth outside the top 20, which has been very strong and historically a pretty good leading indicator of kind of new business activity and funnel. So maybe you could just illuminate what's happening there.

只是想從宏觀層面了解一下公司的業務狀況和營運狀況。儘管利用率保持不變，但人均收入似乎三個季度以來首次出現成長。所以——或許您可以花幾分鐘談談這裡到底發生了什麼事？是地域分佈方面的問題嗎？你們的配送地點在哪裡？或許是前 20 名以外的成長，這種成長一直非常強勁，而且從歷史上看，它是新業務活動和管道的良好領先指標。所以或許你可以解釋一下那裡發生了什麼事。

David, good question. And one of the things about the revenue per head count number is that there is a lot of, I guess, what I'd have to call noise. And so utilization, as you pointed out, is 1 of the factors on exchange actually impacts as well. And so it is a number that I think most people will look at and try to sort of draw a conclusion from how much price uplift is the company getting as the increased revenue per head count. But I think there's more noise in it that I think people realize, okay, -- but as we look at our number and I subtract out some of these factors that I just referred to.

戴維，問得好。關於人均收入這個數字，有一點要注意，那就是其中有很多，我只能稱之為噪音的因素。因此，正如你所指出的，利用率也是影響匯率的因素之一。因此，我認為大多數人都會關注這個數字，並試圖從中得出結論：隨著人均收入的增加，公司獲得了多少價格提升。但我認為其中存在比人們意識到的更多的噪音，好吧，——但是當我們審視我們的數字，並減去我剛才提到的一些因素時。

What we're really seeing is we are getting somewhat better price than we've gotten in the past. Some of that is probably mix related Again, I'd say more kind of customer mix. And as we talked about, it's consistent with the account margin improvement that I referred to earlier in the call. And so again, some of it is foreign exchange but some of the really is actual price.

我們現在實際看到的情況是，我們得到的價格比過去好一些。其中一些可能與客戶組合有關。我再次強調，這更多的是客戶組合方面的問題。正如我們之前討論的那樣，這與我之前在電話會議中提到的帳戶保證金改善情況是一致的。所以，其中一部分是外匯波動，但一部分確實是實際價格。

And when did the contract profitability, when -- is this the first quarter that it really inflected -- or has it been inflecting and just not visible.

合約獲利能力是什麼時候開始改變的？是本季真正出現變化，還是一直在變化只是沒有顯現出來？

Yes. I think we've been working on it throughout the year. I think we've talked about it a fair bit last quarter. And so it's all the things that drive that, including pyramid -- and again, the pyramid that they will probably have more of an impact on 2026. And I think it's just really beginning to probably show up in this discussion as we see both solid profitability in Q3. And what we're now expecting is much better for offerability in Q4 than we originally anticipated 90 days ago.

是的。我認為我們一整年都在為此努力。我認為上個季度我們已經多次討論過這個問題了。因此，所有驅動這一趨勢的因素，包括金字塔——再次強調，金字塔可能會在 2026 年產生更大的影響。我認為，隨著第三季獲利狀況良好，這一點可能才真正開始在討論中顯現出來。我們現在預計，第四季的供貨能力將比90天前我們最初的預期要好得多。

And so again, some of that is account profitability improvement. And I think, as I said earlier, I was very convinced that we were going to operate at about 15% this year. And now, as you heard me, we're talking about operating in the 15% to 15.3% range.

所以，其中一部分原因在於帳戶獲利能力的提升。而且我認為，正如我之前所說，我非常確信我們今年的營運效率將達到 15% 左右。正如你們剛才聽到的，我們現在討論的是在 15% 到 15.3% 的範圍內運作。

Next question comes from the line of Bryan Keane, Citi.

下一個問題來自花旗銀行的布萊恩·基恩。

Congrats on the solid results. Jason, let me just follow up on that discussion. What does that mean for headcount growth going forward in this model and maybe even revenue per head going forward? How should we think about that as we get into the fourth quarter and into next year? And then my second question is just the organic growth of FD and NEORIS, maybe you can help us with that.

恭喜取得如此優異的成績。傑森，讓我接著剛才的討論說幾句。在這種模式下，未來員工人數成長以及人均所得會受到怎樣的影響？進入第四季和明年，我們該如何看待這個問題？我的第二個問題是關於 FD 和 NEORIS 的有機成長，也許您能幫我們解答一下。

Yes. So you would -- you'd expect us to see us add headcount in Q4. It will be similar to what we've been doing throughout the year, where we do have some pockets of ex expense that we continue to kind of reduce and we'll be making net additions globally. And so you'll see an increase in head count in Q4.

是的。所以你會期望我們在第四季增加員工人數。這與我們今年一直在做的事情類似，我們會繼續削減一些額外的開支，並在全球範圍內進行淨增長。因此，你會看到第四季員工人數增加。

From an FD and our standpoint, be talking about very early in the year, the lead customer at ERS was impacted early by U.S. tariffs and kind of generally kind of political and economic instability in Mexico. And so we definitely see a decline in that customer on a year-over-year basis. And so it probably has a modestly negative impact on organic constant currency growth. But both of those businesses have kind of stabilized at this point, and we think there's a lot of strategic benefits. But again, particularly with that big customer from NEORIS has a modestly negative impact on organic constant currency growth for.

從財務長和我們的角度來看，今年年初，ERS 的主要客戶受到了美國關稅以及墨西哥整體政治和經濟不穩定的影響。因此，我們確實看到該客戶數量較去年同期下降。因此，它可能對有機成長（以固定匯率計算）產生輕微的負面影響。但目前這兩家企業都已趨於穩定，我們認為這有許多戰略優勢。但再次強調，尤其是來自 NEORIS 的大客戶，對有機固定匯率成長產生了輕微的負面影響。

Okay. That's helpful. And then any comments on revenue per head on what that might look like going forward?

好的。那很有幫助。那麼，您對未來人均收入的發展前景有何看法？

So it's always -- utilization and foreign exchange really moves the needle on this one. So it's difficult for me to tell. What I will just do is comment on pricing. What we do think is that pricing is better at this time than it was last year at the same time. maybe it hasn't improved a lot over the last 90 days, but it is a somewhat better pricing environment. And we are expecting modest price increases as we enter 2026. Again, maybe not at the level that we would have gotten 4 or 5 years ago, but in kind of the low single-digit kind of range, which is [indiscernible] environment then certainly, 2023 was, so...

所以，關鍵始終在於──利用率和外匯匯率真的會對這個問題產生很大影響。所以我很難判斷。我只想就定價問題發表一下看法。我們認為，目前的價格比去年同期好。雖然過去90天裡價格改善幅度不大，但整體價格環境確實有改善。我們預計進入 2026 年後價格將出現小幅上漲。再次強調，或許達不到四、五年前的水平，但應該在個位數低位，這在當時的[聽不清楚]環境下肯定算得上是…2023年，所以…

Next comes from the line of Sean Kennedy, Mizuho.

接下來是肖恩肯尼迪旗下的瑞穗品牌。

Very nice results. Great to see the growth momentum in the business. So I have a follow-up on the AI projects. I appreciate it's still early, but how does the AI work differ from EPAM's non-AI projects? in terms of duration and profitability now? And how do you think that could evolve in the future? Also, are you seeing certain clients in terms of size and industry engage in AI projects more than others? mine.

結果非常好。很高興看到公司業務發展勢頭良好。所以，我還有一些關於人工智慧專案的後續工作要做。我知道現在還為時過早，但人工智慧的工作與EPAM的非人工智慧專案有何不同？就目前的持續時間和盈利能力而言？你認為這種情況未來會如何發展？另外，您是否觀察到某些規模和行業的客戶比其他客戶更積極參與人工智慧專案？礦。

So I think -- the project, I don't think it's fundamentally different in required to see engineering discipline, engineering capability. It might have more skew towards data or so towards data platform or the capability around AI. So it requires a little bit different engineering as different understanding.

所以我認為——這個項目，我認為它在本質上並沒有不同，它仍然需要工程學科和工程能力。它可能更側重於數據，或更側重於數據平台或人工智慧方面的能力。因此，它需要不同的工程技術和不同的理解。

On the other hand, it also requires a combination of the business domain understanding. And really you need to combine it because now you are start automating processes which were not automated before. So building the platform is probably very similar to what we've done in the past. -- preparing the foundation, cloud migration, data platform build-out, data engineering or building -- modernizing the back end. This is very, very typical for EPAM. But when you are really start automating new processes, that's where the main capabilities. select people is an understanding of how to automate that process and understand the specific industry is where needed.

另一方面，它也需要對業務領域有深入的了解。實際上，你需要將它們結合起來，因為現在你開始自動化以前沒有自動化的流程。因此，建構平台可能與我們過去所做的非常相似——包括準備基礎架構、雲端遷移、資料平台建置、資料工程或建置——以及後端現代化。這對EPAM來說非常非常典型。但當你真正開始自動化新流程時，關鍵能力就體現出來了。挑選合適的人才，需要了解如何自動化流程，並且了解特定產業。

Profitability wise, at this point, probably similar than others. But I think there is a clear potential for later for better profitability also you are potentially not just delivering the projects maybe on a material basis, what we can export alternative business models, too.

就目前而言，獲利能力可能與其他公司類似。但我認為，未來很有可能獲得更高的獲利能力，而且我們可能不只是交付項目，或許還可以出口其他商業模式。

And I'm hoping, of course, that with these kind of projects, we are able to charge probably higher rates to begin with.

當然，我希望透過這類項目，我們一開始就能收取更高的費用。

Your next question comes from the line of Darrin Peller, Wolfe Research.

你的下一個問題來自達林·佩勒（Darrin Peller），沃爾夫研究公司（Wolfe Research）。

This is [Paul Bragg] on for Darrin. Jason, I appreciate all the color on headcount. Just curious, longer term, if you think the greater usage of AI will perhaps impact the need to hire in any way? And just to what degree as you increasingly embed AI internally? Is that perhaps allowing for lower delivery requirements?

這是保羅·布拉格替達林上場。傑森，我很欣賞你對人員統計的細緻描述。我只是好奇，從長遠來看，您認為人工智慧的更廣泛應用是否會對招募需求產生任何影響？隨著人工智慧在企業內部的嵌入程度不斷加深，這種程度的提升又會是怎麼樣的呢？這或許可以降低交付要求？

I'm going to turn that one over to FB.

我打算把這件事交給臉書處理。

So we continue to be that the to AI does create efficiency against your -- the demand increase or outstream any kind of efficiency gains that we are seeing. So we believe that going forward basis, we continue to hire continue to grow. -- or organization will grow, we need to bring in maybe differently trained teams.

因此，我們仍然認為人工智慧確實能提高效率，但需求增加或抵消了我們所看到的任何效率提升。因此，我們相信，展望未來，隨著組織的發展壯大，我們將繼續招募並持續擴張。 ——或許我們需要引進接受過不同訓練的團隊。

And we also bring them on is anticipating that your next question, we're going to continue ranking in junior engineers because with the right training, with the right background with the right education, we do believe that the balance pyramid is the best serving not just our clients, but also intact.

我們引進他們也預料到你會問下一個問題，我們將繼續對初級工程師進行排名，因為我們相信，透過正確的培訓、正確的背景和正確的教育，平衡的金字塔結構不僅能更好地服務我們的客戶，而且也能保持完整。

Your next question comes from the line of James Faucette, Morgan Stanley.

你的下一個問題來自摩根士丹利的詹姆斯‧福塞特。

It's Antonio on for James Faucet. I wanted to ask more on -- back to the like AI part of the equation. Just on on your build versus buy strategy? I know that you had touched on that earlier, but I'm just trying to get a sense of like what is the growth like of your like Gen AI like revenue?

安東尼奧替補詹姆斯·福塞特上場。我想進一步詢問──回到人工智慧這部分問題。你對自建還是購買策略有什麼看法？我知道您之前已經提到過這一點，但我只是想了解一下您的 Gen AI 收入成長如何？

Yes, a little bit hard for me to tell exactly what you're looking for there, but -- what we continue to see is this strong sequential improvement in revenues for what we call the G&A native. And so that continues to be kind of double digits sequentially. We saw again during this quarter. And then as that has been talking about and maybe you want to add some color is that we continue to see strong growth in the, what we call the foundational side, which is the cloud modernization and data and that piece of the business.

是的，我有點難以確切地知道您在尋找什麼，但是——我們持續看到的是，我們稱之為 G&A 原生收入的強勁連續增長。因此，這個數字繼續保持兩位數的連續成長。本季我們再次看到了這種情況。正如我們剛才討論的，也許你想補充一些細節，那就是我們繼續看到我們稱之為基礎方面的強勁增長，也就是雲端現代化和數據以及業務的這一部分。

So, we continue to see lots of demand coming in. As Jason mentioned, the AI native revenue is growing sequentially very strongly, up double digits. -- we are seeing our clients building more solutions and actually the taking advantage of AI software engineering feature or capability functionality because of functionality close to it decreases, they're actually building more. So we believe that before going forward basis, they will build more than buys actually. -- the equation or the percentages will start skewing towards pillars the buy side. So that's -- that's our thesis, and we are seeing evidence around that.

因此，我們持續看到大量需求湧入。正如Jason所提到的，AI原生業務的營收環比成長非常強勁，實現了兩位數的成長。 ——我們看到客戶正在建立更多解決方案，並且由於功能相近的產品減少，他們實際上正在建立更多解決方案來利用AI軟體工程特性或功能。因此我們認為，在繼續推進之前，他們實際上會建造比購買更多的資產——等式或百分比將開始向買方傾斜。所以，這就是我們的論點，而且我們已經看到了支持這個論點的證據。

Got it. Got it. That's helpful. And then as a follow-up, I wanted to ask on the software and high-tech vertical. What are some of the key drivers for that growth? I know it's grown pretty nicely sequentially. Any like onetime factors there? Or is this just a broadening out of demand there?

知道了。知道了。那很有幫助。然後，作為後續問題，我想詢問一下軟體和高科技垂直領域的情況。推動這項成長的關鍵因素有哪些？我知道它一直生長得很好。是否存在一次性因素？或者這只是當地需求擴大的結果？

Yes. I mean we've had a few large customers that are growing nicely. We've got 1 client that particularly has a large kind of platform program that they've been investing in -- you won't see the growth rates stay like that forever in that space, but we've been pleased with the ongoing revenue generation from the Hi-Tech portion across.

是的。我的意思是，我們有一些發展勢頭良好的大客戶。我們有一位客戶，他們特別重視一個大型平台項目，並一直在進行投資——在這個領域，你不會看到成長率永遠保持這樣，但我們對高科技領域持續的收入成長感到滿意。

At this time, there are no further questions. I will now turn the call back over to FB for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給FB，請他作總結發言。

Thank you very much for attending my first earnings call. Really, I would like to thank all the EPAM employees for delivering a successful quarter, and we talk next time in 90 days approximately. Thank you.

非常感謝各位參加我的第一次財報電話會議。我衷心感謝EPAM全體員工，感謝他們為公司成功完成本季的工作。我們下次再聊，大約90天後。謝謝。

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。感謝各位的參與。您現在可以斷開連線了。