Epam Systems Inc (EPAM) 2025 Q4 法說會逐字稿

Good day, everyone. My name is Kahealani and I will be your conference operator today.

大家好。我叫卡赫拉尼，今天將由我擔任你們的會議接線生。

At this time, I would like to welcome you to the EPAM's fourth-quarter and full-year 2025 earnings release conference call.

此時此刻，我謹代表EPAM歡迎各位參加2025年第四季及全年財報發布電話會議。

(Operator Instructions)

（操作說明）

At this time, I would like to turn the call over to Mike Rowshandel, Head of Investor Relations.

此時，我想把電話交給投資人關係主管麥克‧羅尚德爾。

Good morning, everyone, and thank you for joining us today on our fourth-quarter and full-year 2025 earnings call.

各位早安，感謝各位今天參加我們2025年第四季及全年業績電話會議。

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 investor section.

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 的投資者關係部分找到副本。

With me on today's call are Balazs Fejes, CEO and President and Jason Peterson, Chief Financial Officer.

今天和我一起參加電話會議的有執行長兼總裁巴拉茲·費耶斯和財務長傑森·彼得森。

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 Investor section of our website.

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。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關係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.

謝謝你，麥克，大家早安。

It's a pleasure to be here with you all, and I look forward to seeing many of you again in just a few weeks at our Investor Day in Boston. Today, we are pleased to share another quarter of strong results as we close out a very successful 2025 and continue to execute our long-term growth strategy further positioning ourselves to win in the AI-native area. We are confident of our unique differentiation and look forward to building on the momentum we created throughout 2025.

很高興能和大家在這裡相聚，期待幾週後在波士頓舉行的投資者日上再次見到你們中的許多人。今天，我們很高興地宣布又一個季度取得了強勁的業績，為非常成功的 2025 年畫上了圓滿的句號，並繼續執行我們的長期增長戰略，進一步鞏固我們在人工智能原生領域的領先地位。我們對自身獨特的差異化優勢充滿信心，並期待在 2025 年繼續保持這一發展勢頭。

At the start of last year, we noted that for us it was going to be a year of transition. In fact, today marks my second earnings call and my very first year-end report, underscoring the fast pace at which we continue to operate and adapt to conditions both externally and operationally here at EPAM.

去年年初，我們就意識到這將是我們轉型的一年。事實上，今天是我第二次財報電話會議，也是我的第一個年終報告，這凸顯了 EPAM 在外部和營運方面持續快速運作和適應各種情況的能力。

As we look ahead to 2026, we see a year of AI momentum marked by our clients' ongoing shift in spending towards AI investments and strategic deployments. Importantly, we expect to build on our growing momentum in AI-native services supported by our AI foundational services that enable clients to scale AI across their enterprises. These offerings are becoming a more substantial piece of our total services mix, illustrating our ability to capture higher value and more strategic opportunities as AI investments accelerate across the market. Let me share why we believe EPAM is positioned to win this new AI-native services category.

展望 2026 年，我們看到人工智慧發展勢頭強勁，客戶的支出將持續轉向人工智慧投資和策略部署。重要的是，我們希望在人工智慧原生服務領域保持不斷增長的勢頭，並藉助我們的人工智慧基礎服務，幫助客戶在整個企業範圍內擴展人工智慧。這些產品和服務在我們整體服務組合中所佔比例越來越大，這表明隨著人工智慧投資在整個市場加速成長，我們有能力抓住更高的價值和更具戰略意義的機會。讓我來分享一下我們為什麼認為 EPAM 有能力贏得這個全新的 AI 原生服務類別。

While we are seeing measurable productivity gains at scale, we are also seeing complexity dramatically increase at faster pace than we have seen in prior cycles. Clients are facing growing pressure to continue to invest in AI and that means platform modernization, data and cloud foundations, security and critical AI-native upscaling. As a result, AI presents a favorable opportunity for EPAM within the build versus buy volume proposition. EPAM continues to be positioned in this sweet spot as we believe we are entering an age of building.

雖然我們看到生產效率在規模上得到了顯著提高，但我們也看到複雜性以比以往任何週期都更快的速度急劇增加。客戶面臨越來越大的壓力，需要繼續投資人工智慧，這意味著平台現代化、資料和雲端基礎架構、安全性以及關鍵的人工智慧原生擴展。因此，人工智慧為 EPAM 在自建而非購買的規模化方案中提供了一個有利的機會。EPAM 將繼續保持這一優勢地位，因為我們相信我們正在進入一個建設時代。

With our internal AI-native engineering transformation nearly complete, we are now shifting to develop more verticalized AI-native business offerings and consultancies. This positions us to deliver AI strategy and execution to clients simultaneously, helping them build their own AI-native businesses and platforms.

隨著我們內部人工智慧原生工程轉型接近完成，我們現在正轉向開發更多垂直化的人工智慧原生業務產品和諮詢服務。這使我們能夠同時為客戶提供人工智慧策略和執行方案，幫助他們建立自己的人工智慧原生業務和平台。

Before getting into details, I would like to quickly reflect on a few themes from the past year which highlight our differentiated position and underpin our confidence as we continue to grow our revenue and improve our bottom-line trajectory over the long-term.

在深入探討細節之前，我想快速回顧過去一年中的幾個主題，這些主題突顯了我們獨特的市場地位，並鞏固了我們對長期持續成長收入和改善獲利狀況的信心。

First, we believe we have clearly demonstrated, and we will continue to demonstrate that we are position to win in the AI-native engineering category. Our advantage comes from our highly differentiated engineering and AI-native talent, along with the tooling and workflows that enable us to deliver production grade AI at scale. Notably, in Q4, we generated more than $105 million in pure AI-native revenues where we continue to see solid momentum and strong sequential growth. As a reminder, our AI-native revenues are defined across two groupings.

首先，我們相信我們已經清楚證明，並且我們將繼續證明，我們有能力在人工智慧原生工程領域取得成功。我們的優勢在於我們高度差異化的工程技術和人工智慧原生人才，以及使我們能夠大規模交付生產級人工智慧的工具和工作流程。值得注意的是，在第四季度，我們純粹的 AI 原生收入超過 1.05 億美元，並且我們繼續看到穩健的成長勢頭和強勁的環比增長。再次提醒，我們的 AI 原生收入分為兩類。

Number 1, AI-native AIP products, platforms, and solutions where AI was the core of the solution versus simple work accelerated by the use of AI tools. And number 2, AI led transformation initiative across the entire enterprise. Importantly, our definition excludes all the AI foundational services along with any AI assisted work performed by EPAM employees within the software delivery life cycle. Looking ahead, we continue to see robust demand for our AI-native services and expect to scale these revenues in excess of $600 million in 2026.

第一類是 AI 原生 AIP 產品、平台和解決方案，其中 AI 是解決方案的核心，而不是透過使用 AI 工具來加速簡單的工作。第二，由人工智慧引領的轉型計畫將遍及整個企業。重要的是，我們的定義不包括所有 AI 基礎服務以及 EPAM 員工在軟體交付生命週期內執行的任何 AI 輔助工作。展望未來，我們持續看到市場對我們的人工智慧原生服務有著強勁的需求，並預計到 2026 年，這些服務的收入將超過 6 億美元。

Second, our developers' and builders' DNA forged by over 30 years of experience in custom software, product, and platform engineering, prepare us incredibly well for this new super cycle. To stay ahead of the curve, we expanded our three-year AI readiness mandate to keep pace with advancing technology, new agentic delivery, and new commercial models that help us meet our clients where they are, to enable their unique AI journeys. Even under extreme geopolitical and macroeconomic adversary, our business model and brand of very high-quality and execution have persisted and today give us a leading edge on AI strategy and delivery at scale.

其次，我們開發人員和建造者的 DNA 源自於 30 多年來在客製化軟體、產品和平台工程方面的經驗，這讓我們為這個新的超級週期做好了充分的準備。為了保持領先地位，我們延長了為期三年的 AI 準備任務，以跟上技術進步、新型代理交付和新型商業模式的步伐，從而幫助我們滿足客戶的需求，助力他們開啟獨特的 AI 之旅。即使在極端的地緣政治和宏觀經濟逆境下，我們高品質和高執行力的商業模式和品牌依然得以延續，如今這使我們在人工智慧戰略和大規模交付方面擁有領先優勢。

Third, we are supercharging our client zero mentality by extending AI capabilities across our entire business. We have been pioneers, builders, and change agents in transforming the software delivery life cycle and advancing the AI maturity model with talent, IP, and the ways of working. Now we are adopting our go to market approach for a more AI centric environment, focusing on industry and verticalized expertise, and innovating engagement and commercial models to adopt new and emerging trends.

第三，我們正在透過在整個業務中擴展人工智慧能力來大力推廣零客戶理念。我們一直是軟體交付生命週期轉型和人工智慧成熟度模型改進的先驅、建造者和變革推動者，憑藉人才、智慧財產權和工作方式不斷進步。現在，我們正在調整市場進入策略，以適應以人工智慧為中心的環境，專注於行業和垂直領域的專業知識，並創新參與和商業模式，以適應新的和新興的趨勢。

We are transforming the way we engage with existing and new buyers, expanding our market growth opportunities across all regions and buyers' personas. Our most recent announcement of Empathy Lab expansions demons demonstrates this AI-native momentum with our proven AI-native agency now expanding to help CMOs across North America become the growth architects for their businesses. We are bringing AI powered creative talent, accelerators, and innovation frameworks to the business of marketing. We will be sharing much more on this at our upcoming Investor Day in March.

我們正在改變與現有和新買家互動的方式，擴大我們在所有地區和各類買家群體中的市場成長機會。我們最近宣布的 Empathy Lab 擴展計劃表明了這種 AI 原生發展勢頭，我們這家久經考驗的 AI 原生機構現在正在擴展業務，以幫助北美各地的首席營銷官成為其業務增長的架構師。我們將人工智慧驅動的創意人才、加速器和創新框架引入行銷業務。我們將在三月即將舉行的投資者日活動上分享更多相關資訊。

Finally, our strategy is being validated by the market and our partners in a significant way that underscores our unique AI-native capabilities. With Microsoft, we are thrilled to be named the 2025 Microsoft Innovate with Azure AI Platform Partner of the Year. With AWS we were recognized as 2025 AWS Global Innovation Partner of the Year. With Google Cloud, we launched seven advanced AI agents on Google Cloud marketplace. Most recently, we announced a strategic partnership with Cursor to build and scale AI-native teams for global enterprises.

最後，我們的策略正在得到市場和合作夥伴的有力驗證，凸顯了我們獨特的AI原生能力。我們非常榮幸能與微軟一起被評為 2025 年微軟 Azure AI 平台年度創新合作夥伴。我們與 AWS 合作，榮獲 2025 年 AWS 全球年度創新合作夥伴獎。透過 Google Cloud，我們在 Google Cloud Marketplace 上推出了七款高階 AI 代理程式。最近，我們宣布與 Cursor 建立策略合作夥伴關係，為全球企業建立和擴展 AI 原生團隊。

Beyond partnerships or technical acumen is recognized by independent benchmarks. EPAM's AI run developer agent was recently ranked in the top 5 on SWE-bench verified leaderboard, an industry leading benchmark designed to evaluate large language models and AI agents on real world software engineering tasks. Furthermore, Gartner has positioned us as a leader in the emerging market quadrant for generative AI consulting and implementation of services, further solidifying or standing as a trusted guide in this complex landscape.

除了合作關係或技術能力之外，獨立基準也認可這些能力。EPAM 的 AI 運行開發代理最近在 SWE-bench 驗證排行榜上名列前 5 名，SWE-bench 是一個行業領先的基準測試，旨在評估大型語言模型和 AI 代理在真實世界軟體工程任務中的表現。此外，Gartner 已將我們定位為新興市場象限中生成式人工智慧諮詢和實施服務的領導者，進一步鞏固了我們在這一複雜領域中值得信賴的指導者地位。

Now let's turn to some Q4 highlights.

現在讓我們來看看第四季的一些亮點。

Our fourth-quarter results came in better than expected, marking another quarter of outperformance. In Q4, we delivered double-digit revenue growth, including solid year-over-year organic revenue growth of 5.6%. Or underlying growth momentum remains broadly intact, with five of this six verticals growing year over year and four out of the six verticals growing organically. Notable standouts included financial services, emerging verticals, and software and Hi-Tech. Across geographies, ML delivered strong year-over-year growth, followed them by the Americas and APAC. We continue to add talent across all key geographies.

我們第四季的業績優於預期，連續第二季表現優異。第四季度，我們實現了兩位數的營收成長，其中包括年增 5.6% 的穩健有機收入成長。或者說，潛在的成長動能依然保持良好，這六個垂直領域中有五個實現了同比增長，其中四個實現了有機增長。其中表現突出的領域包括金融服務、新興垂直產業以及軟體和高科技產業。從地理上看，ML 實現了強勁的同比增長，其次是美洲和亞太地區。我們持續在所有主要地區吸收人才。

Now, turning to the demand environment. Overall, the client sentiment remains intact with no material change over the past 90 days. AI continues to trigger both incremental and sustained demand and is driving positives in our pipeline. Based on our current visibility, we expect client budgets to remain relatively intact in 2026 compared to 2025 with a continuous shifts in spending towards scaled AI deployment. Even with the progression of AI towards larger programs, there is a growing emphasis on ROI and the need for scalable enterprise grade solutions.

現在，我們來看看需求環境。整體而言，客戶情緒保持穩定，過去 90 天內沒有實質變化。人工智慧持續引發增量和持續需求，並對我們的業務發展起到積極作用。根據我們目前的觀察，我們預計 2026 年客戶預算將與 2025 年相比保持相對穩定，支出將持續轉向大規模人工智慧部署。即使人工智慧正朝著更大規模的程式發展，人們仍然越來越重視投資報酬率，並且需要可擴展的企業級解決方案。

While these are larger programs, naturally introduced a more mature procurement process, including RFPs and a modest extension of sales cycle, it also represents a larger opportunity for EPAM to deliver even greater value through bigger and more strategic, higher impact initiatives. Something we are observing in our sales pipeline today.

雖然這些專案規模更大，自然也引入了更成熟的採購流程，包括 RFP 和銷售週期的適度延長，但這同時也為 EPAM 提供了一個更大的機會，透過更大、更具策略性、影響更大的舉措來創造更大的價值。這是我們目前在銷售管道中觀察到的情況。

Now turning to our AI progress.

現在來談談我們在人工智慧方面的進展。

EPAM is uniquely positioned to guide clients through the market towards AI-native transformation. We continue to invest in people, accelerators, and advanced tooling to capitalize on our expanding growth opportunities. As a part of evolution to a pure play AI-native company, last quarter we launched our AI run transform playbook and frameworks, along with our AI-native business transformation offering.

EPAM 擁有獨特的優勢，能夠引導客戶順利完成市場轉型，實現人工智慧原生應用。我們將繼續投資於人才、加速器和先進工具，以充分利用我們不斷擴大的成長機會。作為向純粹的 AI 原生公司轉型的一部分，上個季度我們推出了 AI 運行轉型手冊和框架，以及 AI 原生業務轉型產品。

Together, AI Run for SDLC and AI Run Transform are the building blocks for our IP enabled go-to-market strategy, and I'm pleased to say both are picking up early adoption in 2026. These frameworks and tools support the hundreds of AI-native projects we had active in Q4. In line with last quarter, between 60% to 70% have expanded from initial proof of concept into larger programs, a clear indicator of our ability to scale AI-native solutions into production and convert early wins into more meaningful revenue.

AI Run for SDLC 和 AI Run Transform 共同構成了我們基於 IP 的市場推廣策略的基石，我很高興地說，它們都將在 2026 年獲得早期採用。這些框架和工具為我們在第四季度開展的數百個 AI 原生專案提供了支援。與上一季的情況一致，60% 到 70% 的項目已從最初的概念驗證擴展到更大的項目，這清楚地表明了我們有能力將 AI 原生解決方案擴展到生產中，並將早期的成功轉化為更有意義的收入。

Incremental and highly connected to our AI-native services is our AI foundational services, which encompasses the critical AI readiness and preparation work for our clients are undertaking. Demand for these services remains quite strong, and the size of this portfolio is already significantly larger than our pure AI-native revenue base. Once again, in Q4, we saw outsized growth in both our data and cloud practices compared to the rest of the business.

與我們的 AI 原生服務密切相關且不斷發展的是我們的 AI 基礎服務，它涵蓋了我們客戶正在進行的關鍵 AI 準備和準備工作。對這些服務的需求仍然十分強勁，而且該業務組合的規模已經遠大於我們純粹的 AI 原生收入基礎。第四季度，我們的數據和雲端業務再次實現了遠超其他業務的顯著成長。

Now turning to some client examples to illustrate the impact we are making.

現在讓我們透過一些客戶案例來說明我們正在產生的影響。

EPAM partnered with EBSCO Information Services to enhance software development processes using the AI run transform framework. EPAM played a critical role by providing AI guidance, helping to establish governance framework and building an AI adoption dashboard to measure real-time performance metrics.

EPAM 與 EBSCO 資訊服務公司合作，利用 AI 運行轉換框架來增強軟體開發流程。EPAM 發揮了關鍵作用，它提供了人工智慧指導，幫助建立了治理框架，並建立了一個人工智慧採用儀表板來衡量即時效能指標。

Through each phase of the rollout, EPAM and EBSCO maintained a strong emphasis on measurable outcomes, using the dashboard to track metrics such as velocity, cycle time, code review, lead time, AI impact, and productivity gains. In addition to measurable productivity gains, EBSCO also established a robust foundation for future continuous improvement in the use of AI development tooling.

在推廣的每個階段，EPAM 和 EBSCO 都始終非常重視可衡量的結果，利用儀表板追蹤速度、週期時間、程式碼審查、交付週期、人工智慧影響和生產力提升等指標。除了可衡量的生產力提升外，EBSCO 還為未來持續改善 AI 開發工具的使用奠定了堅實的基礎。

Bayer partnered with EPAM to develop an AI powered pricing tool that optimized pricing strategies across 35 countries. Leveraging machine learning, the tool delivered EUR20 million to EUR30 million in incremental yearly profit, reduced analytics time by 10x, and provided advanced scenario planning capabilities. This collaboration transformed Bayer's pricing processes, enabling smarter data-driven decisions. We're also seeing compounding value of our long-term trusted partnerships with our clients like Zalando, where we're driving impact across data, analytics, AI, and cloud transformation. Our collaboration has yielded three significant outcomes.

拜耳與 EPAM 合作開發了一款人工智慧定價工具，優化了 35 個國家的定價策略。利用機器學習，該工具每年可帶來 2,000 萬至 3,000 萬歐元的額外利潤，將分析時間縮短 10 倍，並提供了進階情境規劃功能。此次合作改變了拜耳的定價流程，使其能夠做出更明智的數據驅動型決策。我們也看到了與 Zalando 等客戶建立的長期信任合作夥伴關係所帶來的複合價值，我們正在數據、分析、人工智慧和雲端轉型方面產生影響。我們的合作取得了三項重要成果。

First, we have developed the pilot for a GenAI powered [stylit] solution, giving mobile users an interactive, highly personalized, shopping experience.

首先，我們開發了基於 GenAI 的 [stylit] 解決方案的試點項目，為行動用戶提供互動式、高度個人化的購物體驗。

Second, Second, leveraging our proprietary Migwizer tool, we rapidly migrated their massive data warehouse platform, which fuels their business intelligence to Amazon Redshift.

其次，我們利用我們專有的 Migwizer 工具，迅速將他們龐大的資料倉儲平台（為其商業智慧提供支援）遷移到 Amazon Redshift。

Finally, we built a sophisticated machine learning solution that combines automated tagging with intelligent oversight to solve the complex challenge of managing extended producer responsibility compliance.

最後，我們建立了一個複雜的機器學習解決方案，將自動標記與智慧監督相結合，以解決管理生產者延伸責任合規性的複雜挑戰。

Lastly, we're also incredibly proud to announce a new multi-year partnership with National Geographic Society, where EPAM has been designated as Nat Geo's preferred digital transformation partner. This collaboration is about far more than modernization. It's about utilizing innovative technologies to inspire the next generation of explorers and solution seekers. By leveraging our engineering DNA to modernize their non-profit infrastructure, we are also helping Nat Goe to engage global audiences through distinctive experiences that bridge the physical and digital worlds.

最後，我們非常自豪地宣布與國家地理學會建立新的多年合作夥伴關係，EPAM 被指定為國家地理的首選數位轉型合作夥伴。這次合作的意義遠不止於現代化。它旨在利用創新技術來激勵下一代探索者和問題解決者。透過利用我們的工程技術基因來改造他們的非營利組織基礎設施，我們也在幫助 Nat Goe 透過連接物理世界和數位世界的獨特體驗來吸引全球觀眾。

Our efforts to lead in the age of AI and digital transformation, also being consistently recognized by the industry top analyst firms, validating our strategy and quality of our execution. Throughout 2025, we have been honored to receive several key leadership distinctions.

我們在人工智慧和數位轉型時代引領潮流的努力，也持續得到業界頂尖分析公司的認可，這驗證了我們的策略和執行品質。在2025年，我們榮幸地獲得了許多重要的領導力榮譽。

For example, EPAM has been named the top IT vendor in Europe for application services and general satisfaction by Whitelane Research for the third consecutive year, which included expanded coverage across categories, ranking first across multiple categories including application services, general satisfaction, innovation, and service delivery quality. The report highlights EPAM's commitment to delivering high-quality services and innovative solutions. This milestone reflects the trust and partnership of our clients and the dedication of our teams.

例如，EPAM 連續第三年被 Whitelane Research 評為歐洲應用服務和整體滿意度最高的 IT 供應商，此次評選涵蓋了多個類別，EPAM 在應用服務、整體滿意度、創新和服務交付品質等多個類別中均排名第一。該報告重點介紹了EPAM致力於提供高品質服務和創新解決方案的承諾。這個里程碑體現了客戶的信任與合作，以及我們團隊的奉獻精神。

Gartner recognized EPAM as a leader in the magic quadrant for custom software engineering, a testament to our deep-rooted engineering DNA. Furthermore, Gartner also named us as a leader in the emerging market quadrant for generative AI consulting and implementation services, highlighting our early and impactful entry into this transformative space. Forrester positioned EPAM as a leader in the Forrester Wave for modern application development services, reinforcing our strength in helping clients to modernize and innovate across their technology stacks.

Gartner 將 EPAM 評為客製化軟體工程魔力像限的領導者，證明了我們根深蒂固的工程基因。此外，Gartner 也將我們評為生成式人工智慧諮詢和實施服務新興市場象限的領導者，突顯了我們早期且有影響力地進入這一變革性領域。Forrester 將 EPAM 評為 Forrester Wave 現代應用開發服務的領導者，鞏固了我們在幫助客戶實現技術棧現代化和創新方面的優勢。

IDC Marketscape acknowledged our end-to-end capabilities by naming us a leader in two critical areas, our third year in the row of recognition, CX design services and CX build services. This underscores our unique ability to not only envision but also deliver world-class customer experiences. These recognitions, spanning engineering, generative AI, customer experience, and application development affirm our position as a trusted partner for enterprises, navigating complex transformations. They reflect the hard work and dedication of our global teams and unwavering commitment to delivering tangible, high value outcomes for our clients. We see this as a strong validation that our integrated approach from strategy and design to engineering and AI-native delivery, it's what the market needs today.

IDC Marketscape 認可了我們的端到端能力，將我們評為兩個關鍵領域的領導者，這是我們連續第三年獲得認可，這兩個領域分別是 CX 設計服務和 CX 建置服務。這凸顯了我們不僅能夠構想而且能夠提供世界一流客戶體驗的獨特能力。這些涵蓋工程、生成式人工智慧、客戶體驗和應用程式開發等領域的認可，鞏固了我們作為企業值得信賴的合作夥伴的地位，幫助企業應對複雜的轉型。這體現了我們全球團隊的辛勤工作和奉獻精神，以及我們為客戶帶來實際、高價值成果的堅定承諾。我們認為這有力地證明了我們從策略和設計到工程和人工智慧原生交付的一體化方法，正是當今市場所需要的。

To close, our operating momentum exiting 2025 is strong as AI continues to be the net growth driver for our business. We are encouraged by our progress, transforming our company, our go-to-market capabilities and our offerings. The EPAM Foundation, we have built over the past several years, diversifying our global delivery model, enabling our entire organization with AI and bringing, meaningful solutions to market with our AI run playbooks and underlining IP position us to continue delivering sustainable revenue growth while also expanding profitability.

最後，展望 2025 年末，我們的營運勢頭依然強勁，因為人工智慧將繼續成為我們業務的淨成長驅動力。我們對我們的進步感到鼓舞，我們正在改變我們的公司、我們的市場拓展能力和我們的產品。EPAM 基金會是我們過去幾年建立的，它使我們的全球交付模式多樣化，使我們的整個組織都能使用人工智慧，並透過我們的人工智慧運作手冊和重點智慧財產權，將有意義的解決方案推向市場，使我們能夠在擴大盈利能力的同時，繼續實現可持續的收入成長。

Jason, over to you.

傑森，該你了。

Thank you, FB, and good morning, everyone.

謝謝臉書，大家早安。

In the fourth-quarter, EPAM generated over $1.4 billion in revenues, a year-to-year increase of 12.8% on a reported basis, exceeding the high end of our Q4 revenue outlook. On an organic constant currency basis, revenues grew 5.6% compared to the fourth quarter of 2024. We delivered another quarter of very solid year -over-year organic constant currency growth, reflecting our steady and focused execution throughout 2025.

第四季度，EPAM 的營收超過 14 億美元，按報告數據計算年增 12.8%，超過了我們對第四季營收預期的上限。以自然成長（固定匯率）計算，營收比 2024 年第四季成長了 5.6%。我們又實現了非常穩健的同比有機成長（以固定匯率計算），這反映了我們在 2025 年全年的穩定和專注的執行力。

As FB mentioned, we continue to benefit from the momentum we've created across our AI-native and AI foundational services. One thing is clear, clients need help in their AI transformation journeys and our advanced engineering capabilities, AI assets, and strong delivery execution are helping clients address their most complex business challenges. Our growth this quarter was well balanced, reflecting our relevance and agility across our major geographic regions.

正如 FB 所提到的，我們將繼續受益於我們在 AI 原生服務和 AI 基礎服務領域所創造的發展勢頭。有一點很明確，客戶在人工智慧轉型過程中需要幫助，而我們先進的工程能力、人工智慧資產和強大的交付執行力正在幫助客戶應對他們最複雜的業務挑戰。本季我們的成長較為均衡，反映了我們在主要地理區域的相關性和靈活性。

Moving to our Q4 vertical performance, five of our six industry verticals posted year-over-year growth. As highlighted last quarter, Neoris and First Derivative revenues moved from inorganic to organic in November and December 2025, respectively.

接下來來看我們第四季的垂直產業業績，我們六大產業垂直產業中有五大產業實現了年成長。正如上個季度所強調的那樣，Neoris 和 First Derivative 的收入分別在 2025 年 11 月和 12 月從無機成長轉變為有機成長。

Financial services once again delivered very strong growth, up 19.8% year over year on a reported basis with 5% organic growth in constant currency. Growth was mostly driven by ongoing strength in insurance, banking, and asset management.

金融服務業再次實現強勁成長，按報告數據計算年增 19.8%，以固定匯率計算實現 5% 的有機成長。成長主要得益於保險、銀行和資產管理產業的持續強勁表現。

Software and Hi-Tech grew 18.1% year over year, driven by strong execution and broad improvement across large clients.

軟體和高科技產業年增 18.1%，這主要得益於強勁的執行力和大型客戶的廣泛改進。

Consumer goods, retail, and travel delivered 10.9% year over year growth, notably driven by retail and consumer goods.

消費品、零售和旅遊業年增 10.9%，其中零售和消費品產業成長尤為顯著。

Life sciences in Healthcare increased 2% on a year-over-year basis. Revenue growth in vertical continues to be driven primarily by clients in Life Sciences and med tech. Business information and media delivered flat year by year revenue performance.

醫療保健領域的生命科學年增 2%。垂直行業的收入成長主要由生命科學和醫療技術領域的客戶推動。商業資訊和媒體業務的收入與去年同期持平。

Our emerging verticals delivered another quarter of strong year over year growth of 19.1%. On an organic constant currency basis, growth was 9.7%, primarily driven by ongoing strength in energy and telecommunications.

我們的新興垂直行業連續第二個季度實現了強勁的同比增長，達到 19.1%。以固定匯率計算，有機成長率為 9.7%，主要得益於能源和電信產業的持續強勁成長。

From a geographic perspective, the Americas, our largest region, representing 58% of our Q4 revenues, grew 7.6% year over year on a reported basis and 2.2% in organic constant currency. EMEA, comprising 40% of our Q4 revenues, grew 21.8% year over year and 11.7% in organic constant currency. And finally, APAC, making up 2% of our revenues, grew 0.6% year over year and declined to 4.3% in organic constant currency.

從地理角度來看，美洲是我們最大的地區，占我們第四季營收的 58%，按報告資料計算年增 7.6%，以有機固定匯率計算年增 2.2%。歐洲、中東和非洲地區 (EMEA) 占我們第四季營收的 40%，年增 21.8%，以固定匯率計算成長 11.7%。最後，亞太地區占我們營收的 2%，年增 0.6%，以固定匯率計算則下降至 4.3%。

Lastly, in Q4, revenues from our top 20 clients grew 7.3% year over year, while revenues from clients outside our top 20 increased 15.5%.

最後，在第四季度，我們前 20 位客戶的營收年增 7.3%，而前 20 位客戶以外的客戶的收入成長了 15.5%。

Moving down the income statement, our GAAP gross margin for the quarter was 30.1% compared to 30.4% in Q4 of last year. Non-GAAP gross margin for the quarter was 31.7% compared to 32.2% for the same quarter last year. Relative to Q4 2024, gross margin in Q4 2025 was negatively impacted by higher variable compensation expense driven by our stronger second half performance.

從損益表來看，本季我們的 GAAP 毛利率為 30.1%，去年第四季為 30.4%。本季非GAAP毛利率為31.7%，去年同期為32.2%。與 2024 年第四季相比，2025 年第四季的毛利率受到下半年業績強勁成長導致的可變薪資支出增加的負面影響。

GAAP SG&A was 17.3% of revenue compared to 17.4% in Q4 of last year. Non-GAAP SG&A came in at 14.5% of revenue compared to 14.4% in the same period last year. GAAP income from operations was $149 million or 10.6% of revenue in the quarter compared to $137 million or 10.9% of revenues in Q4 of last year. Non-GAAP income from operations was $230 million or 16.3% of revenue in the quarter compared to $208 million or 16.7% of revenue in Q4 of last year. Our GAAP effective tax rate for the quarter came in at 24%, and our non-GAAP effective tax rate was 22.9%. Diluted earnings per share on a GAAP basis was $1.98. Our non-GAAP diluted EPS was $3.26, reflecting an increase of $0.42 or 14.8% compared to the same quarter in 2024. In Q4, there were approximately 55.3 million diluted shares outstanding.

GAAP SG&A 佔營收的 17.3%，去年第四季為 17.4%。非GAAP SG&A費用佔營收的14.5%，去年同期為14.4%。本季GAAP營業收入為1.49億美元，佔營收的10.6%，去年第四季為1.37億美元，佔營收的10.9%。本季非GAAP營業收入為2.3億美元，佔營收的16.3%，去年第四季為2.08億美元，佔營收的16.7%。本季我們的 GAAP 實際稅率為 24%，非 GAAP 實際稅率為 22.9%。以美國通用會計準則計算，稀釋後每股收益為 1.98 美元。以非美國通用會計準則計算，稀釋後每股收益為 3.26 美元，較 2024 年同期成長 0.42 美元，增幅達 14.8%。第四季度，稀釋後流通股數約5530萬股。

Turning to our cash flow and balance sheet. Cash flow from operations for Q4 was $283 million compared to $130 million in the same quarter of 2024. Free cash flow was $268 million compared to free cash flow of $115 million in the same quarter last year. We entered the quarter with approximately $1.3 billion in cash and cash equivalents. At the end of Q4, DSL was 72 days compared to 75 days in Q3 2025 and 70 days in the same quarter last year. Share repurchases in the fourth-quarter were approximately 1.2 million shares for $224 million at an average price of $192.33 per share.

接下來來看看我們的現金流量表和資產負債表。第四季經營活動產生的現金流量為 2.83 億美元，而 2024 年同期為 1.3 億美元。本季自由現金流為 2.68 億美元，去年同期自由現金流為 1.15 億美元。本季初，我們擁有約13億美元的現金及現金等價物。第四季末，DSL 為 72 天，而 2025 年第三季為 75 天，去年同期為 70 天。第四季股票回購額約 120 萬股，總計 2.24 億美元，平均每股價格為 192.33 美元。

Moving on to a few operational metrics from the quarter.

接下來來看本季的一些營運指標。

We ended Q4 with more than 56,600 consultants, designers, engineers, trainers, and architects, reflecting total growth of 2.7% and organic growth of 2.2% compared to Q4 2024. In the quarter, we added approximately 500 delivery professionals. Our total headcount at quarter end was more than 62,850 employees.

截至第四季末，我們擁有超過 56,600 名顧問、設計師、工程師、培訓師和建築師，與 2024 年第四季相比，總成長了 2.7%，有機成長了 2.2%。本季度，我們新增了約 500 名配送專業人員。截至季末，我們的員工總數超過 62,850 人。

Utilization was 75.4% compared to 76.2% in Q4 of last year and 76.5% in Q3 2025. Q4 2025 utilization was impacted by higher levels of vacation driven by the shift in delivery locations as well as the introduction of juniors who initially operate at lower levels of utilization. The addition of juniors is intended to improve our seniority index in 2026.

利用率為 75.4%，而去年第四季為 76.2%，2025 年第三季為 76.5%。2025 年第四季利用率受到假期增加的影響，假期增加是由於配送地點的轉移以及初級員工的加入，而初級員工最初的利用率較低。增加初級員工旨在提高我們2026年的資歷指數。

Turning to our 2025 full-year results, revenues for the year were $5.46 billion up 15.4% on a reported basis year over year. On an organic constant currency basis, revenues were up 4.9% year over year. GAAP income from operations was $520 million, a decrease of 4.5% year over year and represented 9.5% of revenue. Our non-GAAP income from operations was $831 million, a growth of 6.7% compared to the prior year and represented 15.2% of revenue.

展望 2025 年全年業績，該年度營收為 54.6 億美元，按報告基準計算年增 15.4%。以有機成長（固定匯率）計算，營收年增 4.9%。GAAP營業收入為5.2億美元，較去年同期下降4.5%，佔總收入的9.5%。我們的非GAAP營業收入為8.31億美元，比上年成長6.7%，佔營收的15.2%。

Our GAAP effective tax rate for the year was 25.3%. Our non-GAAP effective tax rate was 23.5%. Diluted earnings per share on a GAAP basis was $6.72. Non-GAAP EPS was $11.50, reflecting a 5.9% increase over 2024. In 2025, there were approximately 56 million weighted average diluted shares outstanding. Cash flow from operations was $655 million compared to $559 million for 2024. And free cash flow was $613 million, reflecting a 94.7% adjusted net income conversion. And finally, share repurchases in 2025 were approximately 3.5 million shares for $661 million at an average price of $186.67 per share.

本年度的GAAP有效稅率為25.3%。我們的非GAAP實際稅率為23.5%。以美國通用會計準則計算的稀釋後每股收益為 6.72 美元。以非美國通用會計準則計算的每股收益為 11.50 美元，比 2024 年增長 5.9%。2025年，加權平均稀釋後流通股數約為5,600萬股。經營活動產生的現金流量為 6.55 億美元，而 2024 年預計為 5.59 億美元。自由現金流為 6.13 億美元，調整後淨收入轉換率為 94.7%。最後，2025 年的股票回購約 350 萬股，總額為 6.61 億美元，平均價格為每股 186.67 美元。

Now let's turn to guidance. Before moving to the specifics of our 2026 and Q1 outlook, I would like to provide some thoughts to help frame our guidance.

現在我們來談談指導原則。在詳細介紹我們對 2026 年和第一季的展望之前，我想先提出一些想法，以幫助建立我們的指導方針。

We are encouraged by the underlying momentum of our business and the steady outperformance delivered throughout 2025. We step into 2026 with higher confidence in our long-term strategy and growth trajectory supported by healthy client sentiment, a solid pipeline, and strong momentum in AI-native and AI foundational services. We see relative stability in overall client budgets with a continued shift in spending towards build and strategic AI programs.

我們對公司業務的潛在發展動能以及2025年全年持續優異的業績感到鼓舞。進入 2026 年，我們對長期策略和成長軌跡更有信心，這得益於良好的客戶情緒、穩健的業務管道以及 AI 原生和 AI 基礎服務的強勁勢頭。我們看到客戶整體預算相對穩定，支出持續轉向建構和策略性人工智慧專案。

Similar to last year, we're seeing some slowness in decision making at the start of 2026 as clients finalize budgets and established priorities for the year. Our organic constant currency revenues now include Neoris and First Derivative. As we noted throughout 2025, Neoris' largest client headquartered in Mexico has been significantly impacted by a challenging economic environment, including the impact of US tariffs. Revenues from this client will decline sequentially from Q4 2025 to Q1 2026 and then are expected to stabilize throughout the remainder of the year. The full-year of 2026 revenues from this client will decrease relative to 2025. And this decrease is expected to have a negative 1% impact on EPAM's 2026 organic constant currency growth rate.

與去年類似，我們看到 2026 年初決策速度有所放緩，因為客戶需要敲定預算並確定年度優先事項。我們目前的有機固定匯率收入包括 Neoris 和 First Derivative。正如我們在 2025 年所指出的那樣，Neoris 最大的客戶總部位於墨西哥，受到了充滿挑戰的經濟環境的嚴重影響，其中包括美國關稅的影響。從 2025 年第四季到 2026 年第一季度，來自該客戶的收入將逐季下降，然後預計將在今年剩餘時間內保持穩定。2026 年來自該客戶的全年收入將比 2025 年下降。預計這一下降將對 EPAM 2026 年的有機固定匯率成長率產生 1% 的負面影響。

In 2026, we remain committed to improving overall profitability and specifically gross margin. Our guidance assumes that we will be able to continue to deliver from our Ukraine delivery centers at productivity levels similar to those achieved in 2025.

2026年，我們將繼續致力於提高整體獲利能力，特別是毛利率。我們的指導意見假設我們將能夠繼續從我們在烏克蘭的交付中心以與 2025 年類似的生產力水平進行交付。

Now starting with a full-year outlook.

現在開始展望全年情況。

Revenue growth will be in the range of 4.5% to 7.5%. Foreign exchange is expected to have a positive impact of 1.5%. Therefore, the organic constant currency growth rate is expected to be in the range of 3% to 6%. 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% to 16%. We expect our GAAP effective tax rates to be approximately 26%. Our non-GAAP effective tax rate will be approximately 24%.

營收成長率將在 4.5% 至 7.5% 之間。預計外匯市場將產生1.5%的正面影響。因此，預計有機成長率（以固定匯率計算）將在 3% 至 6% 之間。我們預計 GAAP 營業收入成長率將在 10% 至 11% 之間，非 GAAP 營業收入成長率將在 15% 至 16% 之間。我們預計以美國通用會計準則計算的有效稅率約為 26%。我們的非GAAP實際稅率約為24%。

For earnings per share, we expect the gap-diluted EPS will be in the range of $7.95 to $8.25 for the full year. And non-GAAP diluted EPS will be in the range of $12.60 to $12.90 for the full year. We expect a weighted average share count of 54.4 million diluted shares outstanding. For Q1 of 2026, we expect revenue to be in the range of $1.385 billion to $1.4 billion, reducing year-over-year growth of 7% at the midpoint of the range. Our guidance reflects a negligible inorganic contribution and estimated 4% positive FX impact during the quarter, producing an approximately 3% organic constant currency growth rate at the midpoint of the range.

對於每股收益，我們預計全年經調整後的每股收益將在 7.95 美元至 8.25 美元之間。全年非GAAP稀釋後每股盈餘將在12.60美元至12.90美元之間。我們預計加權平均稀釋後流通股數為 5,440 萬股。我們預計 2026 年第一季的營收將在 13.85 億美元至 14 億美元之間，以該區間的中點計算，年增幅為 7%。我們的指引反映了本季內非內生性貢獻微乎其微，預計匯率變動將帶來 4% 的正面影響，從而在區間中點產生約 3% 的有機固定匯率成長率。

For the first quarter we expect GAAP income from operations to be in the range of 7% to 8% and non-GAAP income from operations to be in the range of 13.5% to 14.5%. Our Q1 income from operations guide reflects the impact of resetting Social Security caps and slightly softer revenues in the month of January as clients in certain verticals finalized budgets, as well as the negative foreign exchange impact. We expect our GAAP effective tax rate to be approximately 30% and our non-GAAP effective tax rate, which excludes tax shortfall related to the stock-based compensation, to be approximately 24%.

我們預期第一季GAAP營業收入成長率將介於7%至8%之間，非GAAP營業收入成長率將介於13.5%至14.5%之間。我們第一季的營業收入預期反映了社會安全繳款上限重置的影響，以及由於某些垂直行業的客戶最終確定預算，1 月份收入略有下降，還有外匯匯率的負面影響。我們預期 GAAP 實際稅率約為 30%，非 GAAP 實際稅率（不包括與股票選擇權相關的稅收缺口）約為 24%。

For earnings per share, we expect GAAP-diluted EPS to be in the range of $1.32 to $1.40 for the quarter. And non-GAAP diluted EPS to be in the range of $2.70 to $2.78 for the quarter. We expect a weighted average share count of 54.7 million diluted shares outstanding.

對於每股收益，我們預計本季按美國通用會計準則 (GAAP) 計算的稀釋後每股收益將在 1.32 美元至 1.40 美元之間。預計本季非GAAP稀釋後每股盈餘將在2.70美元至2.78美元之間。我們預計加權平均稀釋後流通股數為 5,470 萬股。

Finally, a few key assumptions that support our GAAP to non-GAAP measurements for 2026. Stock-based compensation expense is expected to be approximately $202 million with $53 million in Q1, $53 million in Q2, $48 million in Q3, and $47 million in Q4. Amortization of the intangibles is expected to be approximately $69 million for the year, with approximately $18 million in Q1 and $17 million in each remaining quarter. The impact of foreign exchange is expected to be an approximate $3 million loss each quarter. Tax effective non-GAAP adjustments is expected to be approximately $70 million for the year, with $19 million in Q1, $19 million in Q2, $16 million in Q3, and $15 million in Q4. We expect tax shortfall upon vesting our exercise of stock awards to be around $4 million for the full year, with an approximate $4 million shortfall in Q1 and minimal excess tax benefits or shortfalls in the remaining quarters.

最後，我們提出一些關鍵假設，以支持我們對 2026 年 GAAP 與非 GAAP 指標的測量。預計股權激勵費用約為 2.02 億美元，其中第一季為 5,300 萬美元，第二季為 5,300 萬美元，第三季為 4,800 萬美元，第四季為 4,700 萬美元。預計全年無形資產攤銷額約為 6,900 萬美元，其中第一季約為 1,800 萬美元，其餘各季約 1,700 萬美元。預計外匯波動將導致每季約 300 萬美元的損失。預計全年稅收有效的非GAAP調整額約為7,000萬美元，其中第一季為1,900萬美元，第二季為1,900萬美元，第三季為1,600萬美元，第四季為1,500萬美元。我們預計，全年行使股票獎勵後，稅收缺口約為 400 萬美元，其中第一季缺口約為 400 萬美元，其餘季度稅收優惠或缺口將微乎其微。

Expenses associated with the 2025 cost optimization program are expected to be $14 million in Q1 and $11 million in Q2. And one more assumption outside of our GAAP to non-GAAP items. We expect interest and other income to be $12 million for the 2026 full year, with $3 million in Q1, $2 million in Q2, $3 million in Q3, and $4 million in Q4.

預計 2025 年成本優化計畫的相關支出將在第一季為 1,400 萬美元，在第二季為 1,100 萬美元。還有一個關於 GAAP 和非 GAAP 項目的假設。我們預計 2026 年全年利息和其他收入將達到 1,200 萬美元，其中第一季為 300 萬美元，第二季為 200 萬美元，第三季為 300 萬美元，第四季為 400 萬美元。

My thanks to all the EPAMers who made 2025 a successful year and will help us drive growth throughout 2026.

感謝所有 EPAM 的成員，是你們讓 2025 年成為成功的一年，也必將幫助我們在 2026 年繼續成長。

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

接線員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

I wanted to ask about the first quarter guidance, at the midpoint. It's a little bit lower than the full year organic revenue and margin guidance. So how do you expect the year to build and how is the visibility when we think about the larger deals, ramping, bookings, pipeline, those types of factors?

我想詢問一下第一季業績指引的中點狀況。這比全年有機收入和利潤率預期略低。那麼，您預計今年的發展趨勢如何？當我們考慮大型交易、業務成長、預訂、銷售管道等因素時，前景如何？

Okay, let me talk a little bit about Q1 and then I'll hand it over to FB to talk about the remainder of the year.

好的，我先簡單談談第一季的情況，然後把麥克風交給 Facebook，讓他們談談今年剩下的時間。

So I think probably the incremental piece of information that we received between our last earnings call and the one obviously we're doing today is that Neoris's largest customer was going to ramp down business between Q4 and Q1. Now we have met with them in their headquarters in Mexico and we do think it stabilizes from this point forward, but we have kind of a mid-single-digit decline in their business between Q4 and Q1. And that probably is the biggest kind of incremental factor. Even with that, if we can run closer to the high end of the range, we're talking about a 3% or maybe somewhat better organic constant currency growth rate in the quarter.

所以我認為，從上次財報電話會議到今天這次財報電話會議之間，我們得到的最新資訊可能是，Neoris 最大的客戶將在第四季到第一季之間逐步減少業務。現在我們已經在他們在墨西哥的總部與他們會面，我們認為從現在開始情況會趨於穩定，但是他們的業務在第四季度和第一季度之間出現了中等個位數的下滑。而這或許是影響最大的增量因素。即使如此，如果我們能夠接近預期範圍的上限，那麼本季有機成長率（以固定匯率計算）將達到 3% 甚至更高。

Maggie, hi, this is FB.

Maggie，你好，這裡是FB。

For the remaining quotas, I mean, I think we already have a very nicely built pipeline and as we are seeing the opportunities arriving, we are actually seeing how that would be converting from it. We see very good traction in the European and the Middle East markets which we feel that's going to allow us to deliver on the year.

至於剩餘的配額，我的意思是，我認為我們已經建立了一個非常完善的管道，隨著機會的到來，我們實際上正在看到如何將其轉化為實際成果。我們看到歐洲和中東市場發展勢頭良好，我們認為這將使我們能夠實現今年的目標。

Okay, great. Thank you.

好的，太好了。謝謝。

And then, FB you had made a comment on wanting to bolster the vertical industry expertise. Are there investments that you need to make in sales or delivery in order to achieve this? And are those going to be material to the P&L? Maybe a few comments on how that will impact your competitive positioning as well.

然後，Facebook，你曾表示希望加強垂直產業的專業知識。為了實現這一目標，您是否需要在銷售或交付方面進行投資？這些會對損益表產生實質影響嗎？或許還可以就此對你的競爭地位產生哪些影響發表一些看法。

So I think our current P&L reflects -- or the guidance reflects the investments which we're planning to make in 2026. Yes, we are prioritizing investment into business development and prioritizing developing, besides just the AI which is our biggest investment area, building out our industry capabilities and vertical accelerators and expertise themselves.

所以我認為我們目前的損益表反映了——或者說，該指引反映了我們計劃在 2026 年進行的投資。是的，我們優先投資於業務發展，除了人工智慧（我們最大的投資領域）之外，我們還優先發展我們的行業能力、垂直加速器和專業知識。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥公司。

Last quarter, you called that an expectation of 2026 organic growth being faster than that of 2025. With that in mind, can you help us reconcile that commentary to the 2026 outlook that came at the midpoint on organic constant currency basis is slower than what you delivered in 2025. Is that due to Neoris's largest client? Are there any other factors there?

上個季度，您曾預測 2026 年的有機成長速度將快於 2025 年。考慮到這一點，您能否幫助我們解釋一下，2026 年的展望（按有機增長和固定匯率計算的中點）與 2025 年的預測相比，該展望的增長有所放緩？這是因為Neoris最大的客戶嗎？還有其他因素嗎？

Yeah, Jonathan, thanks for the question, and it's certainly a good one. And so you're right, I think we have 4.9% organic constant currency growth in 2025. The midpoint of the range would produce 4.5%. since the last time we talked, as I told Maggie, we did get incremental information on the Neoris's largest client, as I called out in my fixed remarks. We expect it will have the decline on a year over year basis will have a negative 100 basis point impact on growth. So you've got the 4.5% of the midpoint of our range, obviously it would be 100 basis points higher on the rest of the business.

是的，喬納森，謝謝你的提問，這確實是個好問題。所以你說得對，我認為到 2025 年，我們的自然成長率（以固定匯率計算）將達到 4.9%。該範圍的中點將產生 4.5% 的收益。正如我告訴 Maggie 的那樣，自從我們上次談話以來，我們確實獲得了關於 Neoris 最大客戶的更多信息，正如我在固定發言中提到的那樣。我們預期年減將對經濟成長產生100個基點的負面影響。所以，我們價格區間的中點是 4.5%，顯然，其他業務的價格會高出 100 個基點。

I think the other thing that we're trying to do from a guidance standpoint is to make certain that we guide to kind of what we can see today. We're not assuming improvement in the environment. Clearly, we've got some opportunities that we talked about throughout the remainder of the year and so we're clearly going to work to drive towards better and we'll update you on our progress throughout the year.

我認為，從指導的角度來看，我們正在努力做的另一件事是確保我們的指導方向與我們今天所看到的方向相符。我們並不假定環境會有所改善。顯然，我們有一些機會，我們在今年餘下的時間裡也討論過這些機會，所以我們肯定會努力朝著更好的方向前進，我們會在今年內向大家匯報我們的進展。

Understood.

明白了。

With that in mind, can you help us -- can you help us walk through what's contemplated across the low end and the high end? How much go-get is still needed? And are there any verticals that you would expect to accelerate versus decelerate in the near to medium term?

考慮到這一點，您能否幫助我們—您能否幫助我們梳理一下低端和高端市場都在考慮哪些方面？還需要多少進取心？在短期到中期內，您認為哪些垂直產業會加速成長，哪些產業會減速成長？

Let me start with the verticals.

讓我先從垂直方向說起。

We continue seeing very strong demand in financial services and energy. We also kind of forecast or expect or Life Sciences and Healthcare to gain momentum later part of the year, which is typically pretty much calendar dependent. So that's very -- and clearly Hi-Tech and -- software and Hi-Tech is continues to be a growth area for us.

我們看到金融服務和能源領域的需求依然非常強勁。我們也預測或預期生命科學和醫療保健產業將在今年下半年獲得發展勢頭，但這通常很大程度上取決於日曆。所以這非常——而且很明顯是高科技——軟體，而高科技將繼續是我們成長的領域。

In terms of between the low end and the high end, I think we're not contemplating anything like changing macro environment in order to achieve the high end of the range. Just like this year we are expecting that we are going to winning the deals and/or -- and some of the clients start accelerating expenditure in later quarters.

就低端和高端之間而言，我認為我們並沒有考慮改變宏觀環境以達到高端水平。就像今年一樣，我們預計我們將贏得訂單，並且/或一些客戶將在後面的幾個季度開始加快支出。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

So I wanted to come back to some of the commentary around the elongated sale cycles, and then I think Jason, you mentioned some client indecision at the outset of the year. So are those dynamics impacting the full year guide or just the shape of the year, i.e., the Q1 outlook? So putting Neoris's largest client on the side, I just wanted to understand those broader dynamics that you both alluded to in prepared remarks.

所以我想回到之前關於銷售週期延長的評論，然後我想傑森，你提到了年初客戶的一些猶豫不決。那麼，這些因素會影響全年業績指引，還是只會影響全年業績走向，也就是第一季的業績展望？因此，暫且不談 Neoris 最大的客戶，我只是想了解你們兩位在事先準備好的演講稿中提到的那些更廣泛的動態。

So I think as the year started, it's starting similarly to last year, right? We actually do have better visibility in 2026 what we had in 2025, but it's kind of starting in the same way in terms of shape of the revenue -- decision-making process. The same time as clients are now really decided to actually embark on large AI transformation programs, that's naturally drives them towards a more, stringent, let's call it slower process, which involves procurement, which is naturally going to slow down the decision-making process itself.

所以我覺得今年年初的情況跟去年差不多，對吧？實際上，我們對 2026 年的可見度比 2025 年要好，但就收入結構和決策過程而言，情況似乎還差不多。同時，客戶們也真正下定決心要啟動大型人工智慧轉型項目，這自然會促使他們採取更加嚴格、更為緩慢的流程，其中涉及採購，而採購自然會減慢決策過程本身。

But I think this is just, makes things bigger, right? And it's actually, as the programs are bigger now and more substantial, this is actually just makes a little bit of a delay and that's going to be realized on those project starts will become in the later part of the year. But I think it's more natural to the shift what we are experiencing.

但我認為這只會讓事情變得更複雜，對吧？實際上，由於這些項目現在規模更大、內容更豐富，這實際上只會造成一點延誤，而這些項目的啟動時間將會推遲到今年稍後。但我認為，我們正在經歷的這種轉變才是更自然的。

Okay, so it sounds like those dynamics didn't really impact how you guided the full year. It's just more about the shape of the year. Is that right?

好的，聽起來這些因素並沒有真正影響你全年的工作安排。關鍵在於年份的形狀。是這樣嗎？

Yes, that's correct.

是的，沒錯。

Okay. And then, Jason, just real quick, anything you can give us on gross margin and free cash flow expectations for this year? Thanks, guys.

好的。傑森，最後再快速問一句，你能否透露一下今年的毛利率和自由現金流預期？謝謝各位。

Yeah, so that's great. So we had obviously really strong free cash flow in 2025. The only thing I would say is, as we look ahead towards 2026. We did come out in 2025 above our traditional 80% to 90% conversion guide, and to think to not think that we'll continue to do that, I think that we should operate within the 80% to 90% range.

是的，那太好了。因此，我們顯然在 2025 年擁有非常強勁的自由現金流。我唯一想說的是，當我們展望2026年時。我們在 2025 年的轉換率確實超過了我們傳統的 80% 到 90% 的轉換率指導目標，但我認為我們不應該認為我們會繼續保持這個目標，我們應該在 80% 到 90% 的範圍內運作。

And then from a gross margin standpoint, and this also would kind of answer one of Maggie's questions, is we do intend to continue to make investments in business development and partnership programs to drive top-line revenue growth.

從毛利率的角度來看，這也算是回答了 Maggie 的一個問題，那就是我們確實打算繼續投資於業務發展和合作項目，以推動營收成長。

With that said, I don't expect as much benefit from productivity and efficiency in SG&A again because we're going to recycle some of those benefits into investments in business development, so most of the improvement will become from gross margin. What we are seeing is better execution in some of our expanding geographies like Western and Central Europe, and India, as we've talked about and the profitability in each of those geographies continues to improve on a year-over-year basis. Plus we're getting a little bit of price as we enter the year and so all those things give us confidence that we can improve our gross margin between 2025 and 2026.

也就是說，我不指望銷售、一般及行政費用方面的生產力和效率能再次帶來那麼多收益，因為我們將把其中一些收益再投資於業務發展，所以大部分的改善將來自毛利率。正如我們之前討論過的，我們在西歐、中歐和印度等一些不斷擴張的地區看到了更好的執行力，而且這些地區的盈利能力逐年持續提高。此外，隨著年初的到來，價格也略有上漲，所有這些因素都讓我們有信心在 2025 年至 2026 年期間提高毛利率。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

First on the growth guidance, Jason, on the large client, I think I heard you said you expect that to be down, I think sequentially mid-single-digits. What does that translate to as a headwind to year-over-year growth for the first quarter. And also for the first quarter growth guide, are there any build dynamics to consider?

首先是關於成長預期，Jason，關於大客戶，我想我聽到你說你預計它會下降，我認為環比下降個位數中段。這意味著第一季年增速將面臨怎樣的不利因素？另外，對於第一季的成長預期，有哪些建置動態需要考慮？

Yes, so it's 100 basis points approximately for the full year and it's also about 100 basis points impact on the Q1 number. And so again you could do the same thing. You could add 100% to our guide for organic constant currency, and that would be our book of business excluding that one large customer.

是的，全年大約會下降 100 個基點，對第一季的數據也會產生約 100 個基點的影響。所以你也可以做同樣的事情。您可以在我們的自然成長指南中加上 100%（以固定匯率計算），這就是我們除那位大客戶之外的業務總額。

The bill day impact, you have fewer bill days as you go from Q4 to Q1, so that clearly has some impact on both profitability and on revenues. You probably will have lower vacation though, so maybe there's a you know kind of a net, net on that when I think about the revenue going from Q4 to Q1.

帳單日的影響：從第四季度到第一季度，帳單日會減少，這顯然會對獲利能力和收入產生一定影響。不過你的假期可能會減少，所以從第四季到第一季的收入來看，也許會有一些淨收益。

Okay.

好的。

And then as it relates to the workforce, can you give us an update on pyramiding and global delivery optimization kind of the effort and progress there and your expectations around billable engineering resource additions for '26?

那麼，關於勞動力方面，您能否向我們介紹一下金字塔式招聘和全球交付優化方面的工作和進展，以及您對 2026 年可計費工程資源增加的預期？

Yeah, the interesting thing is in Q4 we actually did see better utilization Q3 to Q4 if you adjust for vacation. As I kind of hinted in my prepared remarks is we finally have gotten to that shift where we do have more people taking their year-end holiday around December 25 rather than January 7. And so what we did see is lower bench. We continue to focus on that through our cost optimization program. We are getting -- I would say, better cost outcomes. I would say great execution in Western and Central Asia, Eastern Europe, and India. And at the same time, we're moving to make certain that we're cost efficient in those geographies. So we are seeing improving profitability in each of those more rapidly growing geographies, and we continue to work on utilization improvements throughout the year.

是的，有趣的是，如果將假期因素考慮在內，第四季度我們實際上看到利用率比第三季度有所提高。正如我在事先準備好的演講稿中暗示的那樣，我們終於迎來了這種轉變，越來越多的人選擇在 12 月 25 日左右而不是 1 月 7 日左右休年終假。所以我們看到的是下層替補席。我們將繼續透過成本優化計劃來關注這一點。我認為，我們獲得了更好的成本效益。我認為在西亞、中亞、東歐和印度都取得了巨大的成功。同時，我們正在努力確保在這些地區實現成本效益。因此，我們看到在這些成長較快的地區，獲利能力都在提高，我們將繼續在全年努力提高利用率。

In addition to that throughout 2026, we'll continue working and optimizing our pyramid and that's why we started to onboard the juniors already in Q4 in 2025. So that's very much -- it's going to play out throughout the year and we will continue working on it as we talked about it in previous quarters, on -- optimizing or delivery organization or delivery pyramid itself to actually go back to shape which is more healthy in a -- or and more sustainable in a going forward basis.

除此之外，在 2026 年，我們將繼續努力優化我們的金字塔結構，這就是為什麼我們從 2025 年第四季就開始招收初級員工的原因。所以，這將會貫穿全年，我們將繼續努力，就像我們在前幾個季度討論的那樣，優化交付組織或交付金字塔本身，使其恢復到更健康、更永續的狀態。

David Grossman, Stifel.

David Grossman，Stifel。

So Jason, you did a good job of kind of explaining the impact of the acquisitions on growth in '26. I'm just curious, maybe you could do the same and help characterize what impact pricing is having either positive or negative year over year in '26 and also whether there's any kind of makeshift dynamics that may still be impacting revenue growth, and I'm speaking specifically of makeshift to India.

傑森，你很好地解釋了收購對 2026 年成長的影響。我只是好奇，或許您也能做同樣的事情，幫助描述一下定價在 2026 年同比產生了哪些積極或消極的影響，以及是否存在任何臨時性的動態因素可能仍在影響收入增長，我特別指的是對印度的臨時性措施。

Yes, that's fair. Thank you.

是的，這很合理。謝謝。

So we did get a little bit of price improvement in the second half of 2025. And what we are seeing as we enter 2026 is a quite significant number of clients in both Europe and North America are giving us at least low-single-digit rate increases, and so it's not the way it would have been, let's say four or five years ago, but it's definitely a somewhat improving pricing environment relative to the last couple of years.

因此，我們在 2025 年下半年確實獲得了一些價格改善。進入 2026 年，我們看到歐洲和北美相當多的客戶都要求至少降低個位數的費率，所以這與四五年前的情況有所不同，但與過去幾年相比，定價環境無疑有所改善。

I think, to your point with India, we continue to execute successfully across the broad range of geographies. India is growing faster than the other geographies. We are still priced at a premium there and the profitability in India continues to sort of expand beyond our average. So last year I said, hey, India's operating at profitability higher than EPAM average. This year, we expect it'll operate at an even higher level of profitability getting closer to our most mature geographies.

我認為，正如你所提到的印度市場，我們在廣泛的地域範圍內持續取得成功。印度的成長速度超過其他地區。我們在印度的定價仍然偏高，而且在印度的獲利能力也持續高於我們的平均值。所以去年我說，嘿，印度的獲利能力高於EPAM的平均值。今年，隨著業務向我們最成熟的地區推進，我們預計其盈利能力將進一步提高。

But you know India still obviously prices at a somewhat lower rate on a dollars per hour basis, so there's probably some impact there, but again, we continue to feel that actually it's probably positive or marginally creative any expansion that we see in that geography.

但你知道，印度的定價顯然仍然比其他地方低一些（以美元/小時計算），所以這可能會產生一些影響，但我們仍然認為，我們在該地區看到的任何擴張實際上都可能是積極的，或者說略有創造性的。

Great, thanks for that.

太好了，謝謝。

And then I think there were some commentary in the prepared remarks about and I think FB said this again in the Q&A about decision making slowing, however, the deals are getting larger. I think the industry's been talking about this for the past 12 to 18 months. When does [that EPAM] have to break at some point, when does, the spending have to accelerate despite uncertainty.

然後，我認為在事先準備好的演講稿中提到了一些評論，而且我認為 Facebook 在問答環節中也再次提到了這一點，即決策速度正在放緩，但是交易規模卻越來越大。我認為在過去 12 到 18 個月裡，業內人士一直在討論這個問題。[EPAM] 何時會崩潰？支出何時會在不確定性中加速成長？

I wish I would have a crystal ball for that, but I think we are seeing more and more larger programs, which makes me optimistic that we are getting close to that point. So I think right now, there are clearly in certain industries, financial services, for example, in Europe, people are no longer able to hold back the transformation and non-discretionary CapEx expenditure.

我希望我能預知未來，但我認為我們看到越來越多的大型項目，這讓我樂觀地認為我們離那個目標越來越近了。所以我認為，目前在某些產業，例如歐洲的金融服務業，人們顯然已經無法再阻止轉型和非酌情資本支出。

Plus, in certain modern industries, we're already seeing people are no longer able to delay their decision making around AI investments and that's triggering larger programs. But as larger programs are being requested or being executed, clearly the governance around the selection process, the procurement is actually -- becomes a little bit more bureaucratic and when all the enterprises that are making larger decisions, the selection process naturally slows down.

此外，在某些現代產業中，我們已經看到人們無法再推遲對人工智慧投資的決策，這正在引發更大規模的項目。但隨著更大專案的提出或執行，很明顯，圍繞著選擇過程的管理，採購實際上變得有點官僚化，當所有企業都在做出更大的決策時，選擇過程自然會放慢速度。

Yeah, are there any data points you can share that would kind of help us understand the momentum that may be building or accelerating in terms of conversion?

是的，您能否分享一些數據點，以幫助我們了解轉換率方面可能正在形成或加速成長的勢頭？

I think in AI Day, we're definitely going to start sharing one, but I think what the data point, which is also was part of my opening remarks is that the scale of the AI-native revenues, we expect to reach $600 million in 2026 for EPAM. So it's actually scaling up growing very rapidly, but it's still a smaller part of our business.

我認為在人工智慧日，我們肯定會開始分享一個，但我認為數據點，也是我開場白的一部分，是人工智慧原生收入的規模，我們預計到 2026 年 EPAM 的收入將達到 6 億美元。所以它實際上正在迅速擴大規模，成長非常快，但它仍然是我們業務中較小的一部分。

James Friedman, Susquehanna

詹姆斯‧弗里德曼，薩斯奎哈納

I had a couple of more quantitative questions. By my math, the revenue per utilized head year over year grew about 10 -- almost 11%. And because pricing conversations can be quite subjective that we think of as price. So I'm just wondering if you would react to that is that revenue per utilized head reflecting a better pricing environment.

我還有幾個定量分析的問題。據我計算，每利用人的收入年增約 10%——接近 11%。而且，由於定價討論可能相當主觀，我們所認為的價格也是如此。所以我想知道，您對此的反應是否是，每利用人頭的收入反映了更好的定價環境。

And then I had one quick follow-up.

然後我還有一個簡短的後續問題。

Yes, I think as we've talked about over the years, the revenue per head calculation is not one that we usually do internally because there's just an awful lot of noise, but I know it is something that people do externally just to remind people of the noise, foreign exchange can have an impact. Obviously, price can have an impact. Utilization can have an impact, and then there's different kind of revenue recognition elements that can also have an impact where you might have done work earlier in the year and then recognized revenue later in the year. So all those things can kind of impact that number.

是的，我認為正如我們這些年來討論的那樣，人均收入的計算通常不是我們內部會做的，因為有很多幹擾因素，但我知道外部人員會這樣做，只是為了提醒人們注意這些幹擾因素，外匯可能會產生影響。價格顯然會產生影響。使用率可能會產生影響，此外，還有不同類型的收入確認因素也會產生影響，例如，您可能在年初完成了一些工作，然後在年末確認了收入。所以所有這些因素都會對這個數字產生影響。

The other thing that I do want to remind people of is that we are reporting numbers that are employees only. We do have some contractors. If the contractors grow, they might, they obviously would generate revenue, but it wouldn't necessarily be in the denominator in that headcount figure. So with all those things said, Jamie, I would do the same math that you would do, and I would see that revenue has improved. I would say some of that is foreign exchange base, some of that is price, and then we did have a specific one or two revenue recognition -- recognized revenue where the work was done earlier and that was recognized in Q4. So all those things contributed somewhat to that beat and at the same time, even if I adjusted out any of those benefits, we still had a beat relative to our original guidance for Q4.

我還要提醒大家的是，我們報告的數字只指員工人數。我們確實有一些承包商。如果承包商發展壯大，他們當然會創造收入，但這不一定會反映在員工人數的分母上。綜上所述，傑米，我會像你一樣進行計算，然後我會發現收入有所提高。我認為其中一些是外匯基礎，一些是價格因素，然後我們確實有一兩筆特定的收入確認——確認了之前完成的工作所獲得的收入，這筆收入在第四季度得到了確認。所以所有這些因素都在某種程度上促成了業績超出預期，同時，即使我剔除了這些有利因素，我們第四季的業績仍然超出了我們最初的預期。

Okay, and then just to follow-up with that, Jason.

好的，傑森，我還要補充一點。

The other thing that makes the math -- that limits the math is the shift to fixed price. And you had a 150 basis point increase in fixed price as a percentage of total revenue to 20.2%, and I would imagine that that's since it's not time materials, it's not gated by headcount. So could you -- but at the same time your free cash flow was really good and your DSO was good. So anyway, in terms of the journey to fixed price, which you've been talking about for a while and it clearly evolved last year quite a bit.

另一個影響數學計算結果的因素——或者說限制數學計算結果的因素——是價格固定化。固定價格佔總收入的比例上升了 150 個基點，達到 20.2%，我想這是因為它不是按工時和材料計費，也不受人員編制的限制。所以你也可以這樣做——但同時，你的自由現金流非常好，你的應收帳款週轉天數也很理想。總而言之，關於您已經談論了一段時間的固定價格轉型之路，而且顯然去年它有了很大的發展。

How should we be thinking about that as the impact on, say, free cash flow because we don't see like on-billed revenue and it's hard for us to get other details. So any comment about how the fixed price transaction impacts free cash flow and I'm sorry, someone asked me to ask you about the implications of that for repurchase would be helpful -- free cash flow repurchase.

我們該如何看待這會對自由現金流產生的影響呢？因為我們看不到已開票收入，也很難獲得其他細節。所以，關於固定價格交易如何影響自由現金流，以及（抱歉）有人讓我問您關於這對回購的影響，任何評論都將很有幫助——自由現金流回購。

Thank you.

謝謝。

Excellent. There are a lot of questions in that. So let me.

出色的。這裡面有很多問題。那就讓我來吧。

Sorry about that. (multiple speakers)

抱歉。（多位發言者）

Yes, no, that's fine. Okay, so you're correct that we are seeing an evolution towards more fixed fee. Yes, I think I have said in my prepared remarks, I do think that at least in the past, it does give us an opportunity to improve pricing as we introduce, let's say, somewhat different commercial models in response to the changing mix of AI-native and AI foundational revenues and so I think you will continue to see an increasing mix of fixed fee. Again, we don't think it goes from 20% to 50%, but in 2026, but it is -- I would suspect it will continue to increase throughout the year.

是的，不，沒關係。好的，你說得對，我們正在看到一種轉變為固定收費模式的趨勢。是的，我想我在準備好的演講稿中已經說過，我認為至少在過去，隨著我們引入一些不同的商業模式來應對人工智慧原生和人工智慧基礎收入組合的變化，這確實給了我們一個改進定價的機會，所以我認為你會看到固定費用的比例繼續增加。我們並不認為它會在 2026 年從 20% 增長到 50%，但確實會——我懷疑它會在今年繼續增長。

From a cash flow standpoint, I think it's hard for me to say exactly how the fixed fee impacts that because there are different types of fixed fee. So some do have a monthly fixed kind of element associated with them, and that would have a very similar feel to T&M in terms of how we get paid. There might be some opportunities to have milestone payments that may occur before revenue recognition which would give you an increase in deferred revenue, and at the same time allow you to sort of drive potentially collect cash in advance of revenue recognition.

從現金流的角度來看，我很難確切地說固定費用會對此產生什麼影響，因為固定費用有多種類型。所以有些薪水確實有每月固定的金額，這與我們獲得報酬的方式非常相似，就像按時計費一樣。可能會有一些里程碑付款的機會，這些付款可能會在收入確認之前發生，這將增加遞延收入，同時也能讓你有機會在收入確認之前收取現金。

But I think I'd take us back to what I said earlier, which is, I really think as we look ahead that we'll operate in the [80s, not in the 90s] the way we did in 2025 from a free cash flow conversion.

但我認為，我還是要回到我之前說的，那就是，展望未來，我真的認為我們將在（80年代，而不是90年代）以我們在2025年通過自由現金流轉換的方式運營。

And then just quickly to fork in that share repurchase, clearly with the share price where it is today, you'll continue to see us reasonably active in terms of share repurchases, particularly in the first half of 2026.

然後，簡單來說，關於股票回購，很明顯，以目前的股價來看，你們會看到我們繼續在股票回購方面保持相當活躍，尤其是在 2026 年上半年。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

I wanted to ask just on the big debate going on with AI and software and potential implications for the IT services market. Obviously, software stocks have sold off and as a result, we've seen the IT services stocks also under pressure. So how do you think about, FB, especially the AI pressure potentially from anthropic and OpenAI as those some of their modules get pushed out?

我想問目前關於人工智慧和軟體的大討論，以及它們對IT服務市場的潛在影響。顯然，軟體股遭到拋售，因此，我們看到IT服務股也面臨壓力。那麼，您如何看待 Facebook，特別是來自 Humantic 和 OpenAI 的人工智慧壓力，因為他們的一些模組可能會被擠出去？

So Brian, thank you very much for the question. I think we're actually very, very bullish and optimistic. This is going to open up a tremendous opportunity for EPAM. It's going to turn -- flip the buy versus build question, right? And EPAM is a builder. We're going to build much, much more software, right? There is no limit how much software people would like to build.

布萊恩，非常感謝你的提問。我認為我們其實非常非常看好市場，也很樂觀。這將為EPAM帶來巨大的機會。情況將會轉變——買入還是自建的問題將會被顛覆，對吧？EPAM是一家建築商。我們將開發更多更多的軟體，對吧？人們想要開發的軟體數量沒有上限。

Yes, the coding part of the activity will be automated, but it opens up the potential for all the high-end work what EPAM is famous and known for, right? It is going to make us stand out because we can use these tools. We can bring our engineering capabilities to it and we can deliver the solutions our clients are looking for. So actually, I'm much more on the side of AI will enable building more software, more capability. We are a builder. We are not maintaining software. We are not running business processes. We are not in what people call it, we are not input limited. We are what we want to build. There is a tremendous appetite out there.

是的，編碼部分將實現自動化，但這為EPAM賴以成名和聞名的所有高端工作提供了可能，對吧？這將使我們脫穎而出，因為我們可以使用這些工具。我們可以運用我們的工程技術能力，為客戶提供他們所需的解決方案。所以實際上，我更傾向於認為人工智慧將能夠開發出更多軟體，並擁有更強大的功能。我們是建築商。我們不負責軟體維護。我們沒有運行業務流程。我們不處於人們所說的那種境地，我們不受輸入限制。我們就是我們所想成為的樣子。市場需求龐大。

And if you listen carefully for the comments from Anthropic, comments from OpenAI, and a couple of podcasters, they all talk about how much more software people want to build and right now because building software becomes easier per unit, people are going to build more. That's what I think about and that's how I see the situation. I think the market is a little bit confused. It's very hard to decipher all the signals, but on the long run we are optimistic and actually very, very bullish what this is going to mean for us.

如果你仔細聽聽 Anthropic、OpenAI 和一些播客的評論，他們都在談論人們想要開發多少軟體，而現在由於開發軟體變得越來越容易，人們將會開發更多軟體。這就是我的想法，也是我對情勢的看法。我認為市場現在有點混亂。雖然很難解讀所有的訊號，但從長遠來看，我們持樂觀態度，並且非常非常看好這將對我們意味著什麼。

Got it. Got it.

知道了。知道了。

And we see the pure AI revenues growing significantly for you guys now. I guess the flip side of that, is there any AI pressure as a result of some of the productivity and pricing that gets passed on to the consumer? Do you see some pressure as a res -- also in addition to the pure actual revenue growth that you see from the AI revenue?

我們看到你們的純人工智慧收入現在顯著成長。我想反過來想，人工智慧是否會因為一些生產力和定價方面的問題而給消費者帶來壓力？除了人工智慧帶來的純粹實際收入成長之外，您是否也看到了其他方面的壓力？

Yeah, I think the one thing I'd say is just into to echo FB is we don't have BPO, we don't have application maintenance that probably is more likely or really large testing practices that might be more impacted. The other thing I just need to make certain that it's communicated is we're not seeing a pressure on our pricing due to AI. Again, most of the pricing that we have is time and materials, as I talked about earlier in our -- earlier with some of the earlier questions is that we did see rate improvement in the second half of 2025 and are seeing rate improvement again here in 2026.

是的，我想說的一點是，就像 Facebook 所說的那樣，我們沒有業務流程外包 (BPO)，也沒有應用程式維護（這可能更容易受到影響），或者沒有大規模的測試實踐（這可能更容易受到影響）。我還需要確保傳達的訊息是，人工智慧並沒有給我們的價格帶來壓力。再次強調，我們的大部分定價都是按時間和材料計算的，正如我之前在回答一些早期問題時提到的那樣，我們在 2025 年下半年看到了利率的改善，並且在 2026 年再次看到了利率的改善。

So I certainly understand that if you've got a large book of a multi-year fixed fee business that might be to sort of pressure in certain types of revenue streams, but with the build work that we've historically done and this more advanced AI work, we aren't seeing bill rate compression associated with that.

所以我當然理解，如果你有大量多年固定費用的業務，這可能會對某些類型的收入來源造成壓力，但憑藉我們過去所做的建設工作和更先進的人工智慧工作，我們並沒有看到與此相關的帳單費率壓縮。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Relative to what was just referenced in terms of the pressure on the software stocks and the services stocks, maybe share with us your thoughts on capital allocation. What are you thinking? What is the Board thinking in terms of the desire to potentially do more inorganic actions versus potentially be significantly more aggressive with buyback?

針對剛才提到的軟體股和服務股所面臨的壓力，能否請您分享您對資本配置的看法？你在想什麼？董事會對於是否應該採取更多非內生性成長措施，還是應該更積極地進行股票回購，是持何種態度？

Jim, thanks for the question.

吉姆，謝謝你的提問。

I think we continue to -- on the share buybacks, which as Jason also already communicated, we announced the share buyback plan earlier the previous quarter. And in the next couple of quarters, at least definitely in the first half year, we were going to come to make acquisition as appropriate and repurchase shares and especially what we really want to execute is small tokens. But that's our plans at this point in time and once we stabilize our previous acquisition, that's when we look for other opportunities.

我認為我們將繼續推進股票回購計劃，正如傑森之前也提到的那樣，我們在上個季度早些時候宣布了股票回購計劃。在接下來的幾個季度裡，至少在上半年，我們將酌情進行收購和回購股份，尤其我們真正想執行的是小額代幣發行。但這是我們目前的計劃，一旦我們穩定了先前的收購項目，我們就會尋找其他機會。

Yeah. So Jim, in the near term, you probably still have a focus on share repurchases, and then over time I think you -- we'd be more open to kind of scaled M&A activity.

是的。所以吉姆，短期內你可能仍然會專注於股票回購，然後隨著時間的推移，我認為你——我們會對規模化的併購活動持更開放的態度。

Fair enough.

很公平。

And then just one question on the AI-native revenue that you called out in the quarter. By my math, it kind of gets you to for the full year sort of an 80% increase in the run rate of AI-native revenues as we exit Q4. Can you maybe comment on whether that's directionally correct?

最後，關於您在本季提到的 AI 原生收入，我還有一個問題。據我計算，到第四季末，全年人工智慧原生收入的運行率將成長約 80%。能否幫忙判斷一下這個方向是否正確？

And then more importantly, can you talk about how you believe that maybe your AI-native revenue is different from some of the AI revenue or bookings numbers being reported by your peers?

更重要的是，您能否談談您認為您的 AI 原生收入與同業報告的 AI 收入或預訂量數據有何不同之處？

Thank you.

謝謝。

Yes, so I would say kind of, directionally correct, so very high rates of growth on a year-over-year basis, and we talked about the fact that we were seeing strong sequential growth throughout the year and expect to continue to see solid sequential growth in the quarters going forward. I think our definition is very tight and I think FB did pick that up during his prepared remarks.

是的，所以我覺得方向基本上正確，同比增長率非常高，我們也談到了全年持續強勁的環比增長，並預計未來幾季將繼續保持穩健的環比增長。我認為我們的定義非常嚴謹，我認為 FB 在他的事先準備好的發言中也注意到了這一點。

But if you want to provide some more color, FB?

但如果你想增添一些色彩，Facebook？

So I think it's very important that our definition of AI-native revenue is super tight, which means that we're not including a lot of things which probably some of our competitors do include. So just a reminder, we basically include type one, which is new types of solution where the center of it is AI itself and the AI model is making it possible. We're not including anything in this, which is AI assisted, i.e., you're delivering with AI. The solutions which you need to be, which we are delivering has to be built on top of AI.

所以我認為，我們對 AI 原生收入的定義非常嚴格，這一點非常重要，這意味著我們沒有包括一些競爭對手可能包括的很多東西。所以再次提醒一下，我們基本上包括第一類，即以人工智慧為核心的新型解決方案，人工智慧模型使其成為可能。這裡不包含任何人工智慧輔助的內容，也就是說，你不是在用人工智慧進行交付。您需要的解決方案，也就是我們提供的解決方案，必須建立在人工智慧之上。

Number 2 is when somebody embarks on an end-to-end enterprise transformation which we call AI 360. That's what we include in the second type. We're not including in the second number any kind of work which is what we call a data or AI foundational elements. Actually, those revenues are much, much larger for us than our AI-native revenues themselves.

第 2 種情況是，當有人開始進行端到端的企業轉型時，我們稱之為 AI 360。這就是我們歸入第二類的內容。第二個數字不包括任何類型的工作，也就是我們所謂的數據或人工智慧基礎要素。事實上，這些收入對我們來說比我們自身人工智慧產品的收入要大得多。

This concludes the time allotted for Q&A. And now I'd like to turn the call over to Balazs Fejes for closing remarks.

問答環節到此結束。現在我把電話交給巴拉茲·費耶斯，請他作總結發言。

Thank you very much. I would like to thank all EPAMers who made 2025 a successful year and who will make us deliver throughout 2026. And thank you all for attending the call. And I'm looking forward to seeing many of you on our March Investor Analyst Day in Boston.

非常感謝。我要感謝所有 EPAM 員工，是你們讓 2025 年成為成功的一年，也正是你們的付出，讓我們在 2026 年繼續取得成功。感謝各位參加電話會議。我期待在三月於波士頓舉行的投資者分析師日上見到各位。

Thank you very much.

非常感謝。