EPAM Systems, Inc. (EPAM) 2026 Q2 法說會逐字稿

(audio in progress) (Operator Instructions)

（音訊進行中）（接線員指示）

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

此時，我想把電話會議交給投資人關係主管 Mike Roeshandel。

Good morning, everyone, and thank you for joining us today on our second quarter 2026 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，感謝各位今天參加我們 2026 年第二季財報發布電話會議。如接線員剛才所提，我是投資人關係主管 Mike Rowshandel。我們希望各位已經有機會閱讀我們今天稍早發布的財報新聞稿。若尚未取得，epam.com 網站「投資人」專區提供相關文件。

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 risk and uncertainties as described in the company's earnings release and SEC filings.

今天與會的還有執行長兼總裁 Balazs Fejes，以及財務長 Jason Peterson。我想提醒各位，今天電話會議中的部分評論可能包含前瞻性陳述。這些陳述受公司財報新聞稿與向 SEC 提交文件中所述之風險與不確定性影響。

Additionally, all references to reporter 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，所有提及之非 GAAP 指標的報告結果，均已與相對應的 GAAP 指標進行調節，並載於我們網站「投資人」專區的季度財報資料中。

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

話不多說，我現在把電話會議交給 FB。

Thank you, Mike, and good morning, everyone. It's a pleasure to be with you all again. Since we last spoke, I've spent quarter with clients, partners and our own teams across global delivery centers and one team keeps sharpening. AI is transforming everything we do while adding more complexity across the enterprise. The gap between AI experimentation, adoption and optimization is Epam's opportunity.

謝謝你，Mike，各位早安。很高興再次與各位相聚。自上次通話以來，我花了一個季度與客戶、合作夥伴以及我們在全球交付中心的團隊共事，而有一件事持續變得更清晰。AI 正在改變我們所做的一切，同時也為企業各層面帶來更多複雜性。AI 的實驗、採用與最佳化之間的落差，就是 EPAM 的機會。

Revenue growth in the second quarter came in the high end of our outlook range with continued improvement in profitability and strong adjusted earnings per share. Our pure AI native revenues accelerated, reaching more than $160 million in the quarter.

第二季營收成長落在我們展望區間的高端，同時獲利能力持續改善，調整後每股盈餘表現強勁。我們純 AI 原生（AI-native）營收加速成長，本季達到超過 1.6 億美元。

Our operating momentum remains solid, and we will be direct today about the growth gaps we are experiencing, particularly in significant parts of the North American business and what we are already doing about it.

我們的營運動能仍然穩健；今天我們也會直接說明我們正在面臨的成長缺口，特別是在北美業務的重要部分，以及我們已經採取的因應作為。

We are executing the strategy we set out at the Investor Day back in March, and this quarter is more evidence that we are progressing in the right direction. It's been a noisy and volatile few months, both broadly and for our sector especially, and that volatility itself a reflection of how disruptive AI and the technology continues to be.

我們正在執行今年 3 月投資人日所提出的策略，而本季的表現進一步證明我們正朝正確方向前進。過去幾個月整體環境、尤其是我們所處產業都相當嘈雜且波動；而這種波動本身也反映出 AI 與科技持續帶來的顛覆性影響。

Our results this quarter support what we have been saying AI excel is demand for specialized talent and new ranges of capability, and we are executing against three strategic pillars to capitalize on these new demands.

本季的結果支持我們一直以來的觀點：AI 卓越（AI excel）帶動了對專業人才與全新能力範疇的需求，而我們正透過三大策略支柱來把握這些新需求。

Starting with the first pillar. Leading in AI-native software engineering, we are rebuilding how we engineer software from the inside out by taking clients beyond traditional SDLC into fully integrated agentic enterprise harnesses, real-time data modernization, cyber resilience and token cost engineering.

先從第一個支柱談起。在 AI 原生軟體工程領域領先，我們正由內而外重塑軟體工程方式，帶領客戶超越傳統 SDLC，走向完全整合的代理式（agentic）企業架構、即時資料現代化、資安韌性，以及 Token 成本工程。

Today, our advanced tools like AI Run, Dial and MF Lens are running complex use cases deployed by thousands of specially trained Epam engineers across hundreds of client engagements. Whenever I sat down with clients this quarter, the same question came up, how to deliver value from AI and generate a positive return on investment.

目前，我們的先進工具（如 AI Run、Dial 與 MF Lens）正支援複雜的使用案例，並由數千名受過專門訓練的 EPAM 工程師在數百個客戶專案中部署。我本季每次與客戶坐下來討論時，都會出現同一個問題：如何從 AI 交付價值並產生正向的投資報酬率。

My response is that this is a complex question in which AI does not offer a simple answer. The reason is that AI does not decrease complexity, it adds to it across talent, architecture, process, governance and models. Coding gets automated, engineering doesn't. The better AI gets at writing code, the more the last mile solution engineering and successful deployments matter.

我的回應是：這是一個複雜的問題，AI 並不提供簡單答案。原因在於，AI 不會降低複雜度，而是會在人才、架構、流程、治理與模型等面向增加複雜性。寫程式碼可以被自動化，但工程不會。AI 越擅長寫程式碼，最後一哩的解決方案工程與成功部署就越重要。

Every successful AI deployment we deliver surfaces new use cases and new scope, which is exactly why the foundational work of modernization, data engineering and retiring technical debt clients have carried for years presents the biggest opportunity for us. And one that is finally addressable because of AI. And yet we know that we are still in early in this cycle and it isn't linear. Some programs are starting, some are stopping and some are converting into a new ways of engaging, changing the mix and altering the market.

我們每一次成功交付的 AI 部署，都會浮現新的使用案例與新的範疇；這正是為什麼，資料現代化、資料工程，以及汰除客戶多年累積的技術債等基礎工作，對我們而言代表最大的機會。而且也因為 AI，這些工作終於變得可被有效處理。然而我們也知道，我們仍處於這個循環的早期階段，而且發展並非線性。有些計畫正在啟動，有些正在停止，也有些正在轉換為新的合作方式，改變組合並重塑市場。

On the second pillar, turning Epam into a full-stack AI-native organization, we continue to accelerate and expand or strategic partnership. These partnerships, along with others are on badges. They are how we build a multimodal bench that's already feeding NIM pipeline and many of our larger multi-year deals. This quarter, we joined the OpenAI partner network as an OpenAI advanced partner with a path to elite status.

第二個支柱是把 EPAM 打造成全端（full-stack）的 AI 原生組織；我們持續加速並擴大我們的策略合作夥伴關係。這些合作夥伴關係，以及其他合作，並不是徽章。它們是我們建立多模態人才儲備的方式，而這些儲備已在推動 NIM 管線以及我們許多更大型的多年期交易。本季，我們加入 OpenAI 夥伴網路，成為 OpenAI 進階合作夥伴，並具備邁向菁英等級的路徑。

Together, we are building forward-deployed engineering, cyber resilience and customer experience capabilities on OpenAI's frontier models with a first-year commitment to certify more than 5,000 OpenAI consultants and train over 10,000 Epem specialists. Beyond creating the expert force, we are extending into security, managed services and industry-specific solutions across our main geographies.

我們將共同在 OpenAI 的前沿模型上打造前線部署工程（forward-deployed engineering）、資安韌性與客戶體驗能力，並在第一年承諾認證超過 5,000 名 OpenAI 顧問，同時訓練超過 10,000 名 EPem 專家。除了建立專家部隊之外，我們也將延伸至資安、代管服務（managed services）以及在主要地理區域的產業別解決方案。

With Google, we have certified more than 2,000 of our 5,000 by Q3 target under the Gemini Certified Partner Specialist program, building our capabilities on Google's Gemini Enterprise ecosystem for building, running and governing multi-step AI agents. This is on top of our multi-year GCP relationship with over 2,000 certified Google Cloud practitioners, agentic GCP marketplace solutions and award-winning offerings.

在 Google 方面，我們已在 Gemini Certified Partner Specialist 計畫下，完成超過 2,000 人的認證，朝著第三季達到 5,000 人的目標前進，並在 Google 的 Gemini Enterprise 生態系上建立能力，用於建置、執行與治理多步驟 AI 代理（agents）。此外，我們也延續與 GCP 的多年合作關係，擁有超過 2,000 名取得認證的 Google Cloud 實務專家、代理式 GCP Marketplace 解決方案，以及獲獎的產品與服務。

With Anthropic, we are now among the top five globally certified partners with more than 5,700 certified engineers already ahead of the 5,000 by Q3 milestone we set out. We are building toward more than 10,000 closed certified architects by the year-end, with over half of our Delivo organization already through the Anthropic academic coursework, backed by a dedicated group of 250 forward-deployed engineering black belts. Notably, the practice now extends beyond the team enablement into security and into specific verticals and key accounts.

在 Anthropic 方面，我們目前已是全球前五大的認證合作夥伴之一，已認證工程師超過 5,700 名，並已提前達成我們設定的第三季 5,000 名里程碑。我們正朝年底超過 10,000 名 Claude 認證架構師的目標邁進；我們的 Delivo 組織已有超過一半完成 Anthropic 學術課程，並由一支 250 人的前線部署工程黑帶（black belts）團隊支援。值得注意的是，該實務如今已不僅限於團隊賦能，也延伸至資安、特定垂直產業與關鍵客戶。

And finally, on the third pillar, our go-to-market transformation, we are using our AI-native structure to open new go-to-market motions with a special focus right now in North America. Over the past quarter, we have launched a structured multi-quarter commercial transformation, standardizing how we prioritize and pursue our largest accounts, building more disciplined new logo pipeline management and investing in sales capabilities and training across the organization. This is a forward investment in commercial discipline and the back to fundamentals execution focus we are applying across the whole business.

最後是第三個支柱：我們的市場進入（go-to-market）轉型。我們正運用 AI 原生的組織架構，開啟新的市場推進模式，並特別聚焦目前的北美市場。在過去一季，我們啟動了一項結構化、跨多季的商務轉型，將我們如何優先排序並追求最大型客戶的方式標準化，建立更具紀律的新客戶（new logo）管線管理，並在全組織投資銷售能力與訓練。這是一項對商務紀律的前瞻性投資，也是我們在全公司推動的「回歸基本功」執行聚焦。

Now let's turn to some quick Q2 highlights. Revenue grew 4.5% year-over-year on a reported basis with organic constant currency growth of 3.4%. Four of our six verticals grew year-over-year, led by financial services and life sciences and healthcare. Our emerging verticals and consumer goods and retail and travel businesses both contributed to growth.

接著我們快速看一下第二季重點。以報告基礎計算，營收年增 4.5%，以有機固定匯率（organic constant currency）計算成長 3.4%。我們六大垂直產業中有四個年增成長，其中以金融服務以及生命科學與醫療保健領先。我們的新興垂直產業，以及消費品、零售與旅遊業務也都對成長有所貢獻。

Software and high-tech and business information and media both declined in the quarter. Business information and media's decline was driven by the completion of several client projects. Software and high-tech experienced project ramp downs concentrated in non-AI services, which outweighed the growth in AI, cloud, and cybersecurity work within the same vertical. Across geographies, EMEA continued to lead our growth with strong double-digit performance, while in contrast, Americas delivered significantly lower growth.

軟體與高科技，以及商業資訊與媒體，本季皆呈現下滑。商業資訊與媒體的下滑，主要是因為數個客戶專案已完成。軟體與高科技則出現專案縮減（ramp downs），且集中在非 AI 服務，因而抵銷了同一垂直領域中 AI、雲端與資安工作的成長。就地理區域而言，EMEA 仍以強勁的雙位數表現領先成長；相較之下，美洲地區的成長顯著較低。

Now turning to the Vivien environment. From micro perspective, client sentiment and budget behavior are sitting in roughly the same zone as last quarter. The environment has not materially improved nor worsened, and we continue to see prolonged decision-making as the war in the Middle East persists.

現在轉向 Vivien 的環境。從微觀角度來看，客戶情緒與預算行為大致與上一季處於相同區間。整體環境並未實質改善或惡化，而隨著中東戰事持續，我們仍看到決策流程拉長。

Against this background, we continue to see some real areas of strength. Let me share some specifics. EMEA continues to drive strong revenue growth, driven by an active pipeline created by proactive go-to-market sales motions that we have already implemented.

在此背景下，我們仍看到一些真正的強項領域。我來分享一些具體細節。EMEA 持續帶動強勁的營收成長，主要由我們已經落地的主動式 go-to-market 銷售動作所建立的活躍案源管線所驅動。

Financial Services were our Foster's growing vertical again this quarter, delivering growth across both EMEA and the Americas. A key driver for growth has been AI-led deployment of use cases, including mainframe modernization using Epam IP to reverse engineer, automate and rebuild with new forward-deployed capabilities.

金融服務本季再次成為我們成長最快的垂直領域，並在 EMEA 與美洲兩地皆實現成長。成長的一個關鍵驅動因素是以 AI 為主導的用例部署，包括使用 Epam 的 IP 進行主機（mainframe）現代化：透過逆向工程、自动化並重建，同時加入新的前置部署能力。

Life sciences and healthcare was our second fastest growing vertical this quarter, picking up momentum over the past two quarters led by pharma R&D and clinical trials paired with AI and continued momentum in MedTech products and services.

生命科學與醫療保健是本季我們第二快成長的垂直領域，在過去兩季動能回升，主要由製藥研發與臨床試驗結合 AI 所帶動，並且 MedTech 產品與服務也延續成長動能。

In energy, our book of business is significantly larger than it was 12 months ago, primarily driven by expanding scope of services across our existing client base as well as new logo revenues. While we historically focused on upstream, we are now expanding our book of business into midstream, downstream and data center work for this vertical.

在能源方面，我們的業務存量（book of business）較 12 個月前顯著擴大，主要由既有客戶群的服務範疇擴張以及新客戶（new logo）營收所驅動。過去我們歷來聚焦於上游（upstream），如今正將此垂直領域的業務存量擴展至中游（midstream）、下游（downstream）以及資料中心相關工作。

Now some of the offsetting factors. Let me be direct. North America is not going fast enough. We now expect it to operate below our expectations in the second-half. Based on where business sits today, I want to be clear that this is not a story about waiting for the macro to turn, we own it.

接著談一些抵銷因素。我直說。北美的進展不夠快。我們現在預期下半年其表現將低於我們的期待。基於目前業務狀況，我想清楚說明：這不是等待總體環境好轉的故事，這是我們必須承擔的責任。

Two things are driving conditions. First, there is a genuine shift in what North American clients are buying. Demand is moving away from tax-based services like manual testing, user experience, JavaScript front-end engineering and shifting toward AI-led modernization.

有兩件事在驅動目前的情況。第一，北美客戶的採購內容確實正在轉變。需求正從以人力為主的服務（如手動測試、使用者體驗、JavaScript 前端工程）轉向以 AI 主導的現代化。

This transition is happening faster than the replacement work is ramping, creating a growth gap that needs to be filled even faster. Separately, software and high-tech pulled back this quarter, primarily due to project ramp downs, and while the underlying client relationships remain solid, the timing is creating a drag in this part of the portfolio.

這個轉換發生得比替代性工作爬坡更快，造成一個成長缺口，需要更快補上。另外，軟體與高科技本季有所回落，主要因專案縮減（ramp downs）；雖然底層客戶關係仍然穩固，但時點因素正在拖累這一部分的組合表現。

Second, our own go-to-market in the region has not been operating at the level it needs to, and this is squarely within our control. That's exactly what the multi-quarter commercial transformation I described earlier is going to address by building forward selling momentum into subsequent quarters. But for now, we would rather set expectations honestly than ask you to wait on a recovery we haven't yet earned. Jason will take you through what this means for the numbers.

第二，我們在該區域的 go-to-market 自身運作未達到應有水準，而這完全在我們可控範圍內。這正是我先前提到的跨多季商業轉型要解決的問題：在後續季度建立前置銷售動能。但就目前而言，我們寧可誠實設定預期，也不希望你們等待一個我們尚未贏得的復甦。Jason 會帶各位了解這對數字意味著什麼。

Now turning to the new big deals pipeline. We are seeing good progress here. These AI-led opportunities are exclusively with existing clients, not new logos and they continue to actively move through our pipeline. All of them are AI-related, specifically agentic managed services and application maintenance. To be clear, none of them are signed yet and we are deliberately not getting ahead of ourselves in factoring them in. The potential is real and it's one of the things we are most encouraged by this quarter.

現在轉向新的大型交易管線。我們在這裡看到良好進展。這些以 AI 為主導的機會全部來自既有客戶，而非新客戶（new logos），並且持續在我們的管線中積極推進。它們全都與 AI 相關，具體而言是代理式（agentic）託管服務與應用維護。需要說清楚的是，目前都尚未簽約，我們也刻意不在預估中超前納入。其潛力確實存在，這也是本季最令我們振奮的事情之一。

What makes these deals notable is their composition, size and multi-year structure. We are using our AI-native capabilities to compete for portions of existing clients' business for which Epam's hasn't been historically positioned, thereby expanding our footprint and impact. It's complementary growth on top of our core business, and we have focused on executing it. At the same time, the natural procurement cycle runs longer than our typical deals. Based on our best view today, the likelihood of closing and ramp timing, we now expect more meaningful revenue contribution starting in the first half of 2027 versus the second-half of 2026.

這些交易之所以值得注意，在於其組成、規模以及多年期結構。我們運用 AI-native 能力，去競爭既有客戶部分業務，而這些部分過去 Epam 並未在歷史上具備良好定位，從而擴大我們的覆蓋面與影響力。這是在核心業務之上的互補性成長，而我們一直專注於執行。同時，自然的採購週期比我們典型交易更長。基於我們目前最佳判斷，考量成交可能性與爬坡時點，我們現在預期更有意義的營收貢獻將從 2027 年上半年開始，而非 2026 年下半年。

Now turning to AI. Our data business grew faster than the rest of the business this quarter. And that foundational demand is exactly what continues to feed our AI-native pipeline, underscoring our thesis of the largely untouched backlog underneath AI, technical debt, legacy modernization and foundational data and cloud work of all of which has to happen before AI can drive value for the enterprise.

現在轉向 AI。本季我們的資料業務成長速度快於其他業務。而這股基礎性需求正是持續餵養我們 AI-native 管線的來源，印證了我們的觀點：在 AI 之下仍有大量尚未觸及的待辦存量（backlog），包括技術債、舊系統現代化，以及基礎資料與雲端工作——而在 AI 能為企業創造價值之前，這些都必須先完成。

And yet, while AI native revenue growth is compounding nicely, extending its run of consecutive quarters of double-digit sequential growth, now representing over 11% of our business, getting it to a more sizable share of the business is going to take some time. The constraint we see isn't our ability to deliver. Our FDE teams, our AI-run platform and our partners can absorb considerably more than the backlog we see today.

然而，儘管 AI-native 營收成長良好並持續複利，連續多季維持雙位數的季增，且目前已占我們業務超過 11%，要把它提升到更大的業務占比仍需要一些時間。我們看到的限制並不是交付能力。我們的 FDE 團隊、AI-run 平台以及合作夥伴，能承接的量遠高於我們今天看到的待辦存量。

What is needed for reliable traction within complex enterprises is a motion to bring AI from enablement to business change and impact. Compared to a year ago, our progress is real and meaningful, but the industry overall is still relatively early in the process and set against a backdrop of rapidly changing and complex industry trade wins.

要在複雜企業中取得可持續、可預期的牽引力，需要一套推進方式，將 AI 從「賦能」帶到「業務變革與影響」。相較一年前，我們的進展確實且具意義，但整體產業仍處於相對早期階段，並且是在產業競爭格局快速變動且複雜的背景下推進。

Let me share a few client examples to help illustrate. For a leading financial services wealth management firm, we are modernizing with AI and accelerating mainframe transformation with reverse engineering over 10 million lines of code, delivering 60% times savings in reverse engineering effort while inserting new forward-deployed engineering capabilities into fundamentally new engagement modalities.

我分享幾個客戶案例來協助說明。對一家領先的金融服務財富管理公司，我們以 AI 進行現代化，並透過對超過 1,000 萬行程式碼的逆向工程加速主機轉型，使逆向工程工作量節省 60% 的時間，同時把新的前置部署工程能力導入全新的合作模式之中。

For a multinational beverage manufacturing company, we built a unified data platform to consolidate the fragmented enterprise data into a trusted AI foundation, enabling scale delivery more than 80 data and AI initiatives. Now live, the company has seen over EUR30 million in business operational impact over the past 12 months.

對一家跨國飲料製造公司，我們建立了一個統一資料平台，將分散的企業資料整合為可信賴的 AI 基礎，支援超過 80 個資料與 AI 計畫的規模化交付。該平台現已上線，過去 12 個月公司已看到超過 3,000 萬歐元的營運層面業務影響。

For a global energy commodity company, Epam helped migrate more than 1,000 workloads to AWS with zero downtime for users, resulting in a 40% reduction in infrastructure and operational costs and a 30% improvement in operational efficiency. The project came at a sensitive time after an acquisition when the company needed to extract a critical application from its legacy environment and constantly hundreds of aging on-premises servers.

對一家全球能源大宗商品公司，Epam 協助將超過 1,000 個工作負載遷移至 AWS，且使用者零停機，帶來基礎設施與營運成本降低 40%，以及營運效率提升 30%。該專案發生在一次併購後的敏感時點，當時公司需要將一個關鍵應用從其舊環境中抽離，並汰換數百台老舊的內部部署伺服器。

Since we spoke last, we have been honored to receive several key leadership distinctions. Databricks named Epam its 2026 Consulting and Systems Integrated AI Partner of the Year, recognizing Epam's work helping clients across industries, operationalize AI and turn fragmented data into production-grade AI applications and agents.

自上次交流以來，我們很榮幸獲得數項重要的領導力殊榮。Databricks 將 Epam 評選為其 2026 年度「年度諮詢與系統整合 AI 合作夥伴」，表彰 Epam 協助跨產業客戶將 AI 落地營運，並把碎片化資料轉化為可投入生產的 AI 應用與代理（agents）的成果。

Epam won the 2026 Fortress Cybersecurity Award in Cloud Security for migrating a Swiss private bank's entire IT landscape, hundreds of applications to Microsoft Azure while meeting strict FINMA requirements. Gartner positioned Epam as a specialist in its emerging market quadrant for physical AI services, spending out among established vendors.

Epam 以雲端安全項目獲得 2026 Fortress Cybersecurity Award，因我們在符合嚴格 FINMA 要求下，將一家瑞士私人銀行的整體 IT 版圖與數百個應用遷移至 Microsoft Azure。Gartner 在其新興市場象限中，將 Epam 定位為實體 AI 服務的專家，並在既有供應商中脫穎而出。

IDC marketscape named Epam a major player in its first worldwide life services R&D strategic consulting services 2026 vendor assessment. Forrester included Epam among the 28 most important vendors in the customer experience strategic consulting services landscape.

IDC Marketscape 在其首份「全球生命科學研發策略顧問服務」2026 年供應商評估中，將 Epam 評為主要參與者。Forrester 也在客戶體驗策略顧問服務版圖中，將 Epam 列為 28 家最重要的供應商之一。

And finally, the Wall Street Journal named Epam one of its best companies for the future. These recognitions continue to reflect the hard work and dedication of our global teams and our unwavering commitment to delivering tangible results and outcomes for our clients.

最後，《華爾街日報》將 EPAM 評選為其「未來最佳公司」之一。這些肯定持續反映出我們全球團隊的辛勤付出與投入，以及我們對為客戶交付可衡量成果與成效的堅定承諾。

In summary, our strong second quarter reflects real progress against our multi-year strategy and AI-specific goals. We outperformed despite the macro backdrop, made tangible headways on each of our three strategic pillars and took deliberate early steps on the areas that need it most, particularly in North America.

總結而言，我們強勁的第二季表現，反映出我們在多年期策略與 AI 專項目標上取得了實質進展。儘管宏觀環境不利，我們仍超越表現，在三大策略支柱上都取得具體進展，並在最需要的領域（尤其是北美）採取了審慎且及早的行動。

We remain confident in our long-term strategy to become a global leader in AI transformational services, serving as a trusted AI accelerator and a partner for our clients. Our AI native and AI foundational momentum continues to build. And overtime, these revenues will continue to make up a larger share of our overall business.

我們對長期策略仍充滿信心，將成為 AI 轉型服務的全球領導者，作為值得信賴的 AI 加速器與客戶的合作夥伴。我們在 AI 原生與 AI 基礎能力方面的動能持續累積。隨著時間推移，這些營收將在我們整體業務中占比持續提高。

We see this as a quarter as a solid step in that direction. We are clear-eyed that the second-half will be uneven, particularly in North America. But our conviction in the strategy, the team and the commercial transformation is high. The work ahead of us over the next couple of quarter is to keep converting focus into results with the same discipline that got us here. Lastly. I want to thank you all for your continued commitment, trust and support.

我們將本季視為朝該方向邁出的扎實一步。我們也清楚認知下半年將會不均衡，尤其是在北美。但我們對策略、團隊以及商業轉型的信念依然強烈。未來幾個季度我們要做的，是以帶領我們走到今天的同樣紀律，持續把聚焦轉化為成果。最後，我要感謝各位持續的投入、信任與支持。

Jason, over to you.

Jason，交給你。

Thank you, FB, and good morning, everyone. In Q2, we delivered strong quarterly results, outperforming the high end of our guidance ranges for organic constant currency revenue growth, profitability and EPS. Revenue was $1.415 billion, delivering year-over-year growth of 4.5%.

謝謝你，FB，各位早安。在第二季，我們交出強勁的季度成果，在有機固定匯率營收成長、獲利能力與每股盈餘（EPS）方面皆超越我們指引區間的高端。營收為 14.15 億美元，年增 4.5%。

On an organic constant currency basis, revenue grew 3.4% compared to the second quarter of 2025. GAAP and non-GAAP gross margins both improved year-over-year and exceeded our expectations for the quarter. With solid revenue growth and improved year-over-year profitability, GAAP income from operations grew by more than 20% and non-GAAP income from operations grew by 14.7%.

以有機固定匯率計算，營收較 2025 年第二季成長 3.4%。GAAP 與非 GAAP 毛利率皆較去年同期改善，並超出我們對本季的預期。在穩健的營收成長與年對年獲利能力提升下，GAAP 營業利益成長超過 20%，非 GAAP 營業利益成長 14.7%。

GAAP diluted EPS grew by 26.3% and non-GAAP diluted EPS grew by 22%. AI native and AI foundational revenues continue to contribute to year-over-year growth. With more than $160 million in AI native revenues in the quarter, this is the sixth consecutive quarter of sequential double-digit growth.

GAAP 稀釋 EPS 成長 26.3%，非 GAAP 稀釋 EPS 成長 22%。AI 原生與 AI 基礎相關營收持續貢獻年對年成長。本季 AI 原生營收超過 1.6 億美元，已連續第六個季度呈現環比雙位數成長。

Moving on to our Q2 industry performance, we delivered year-over-year growth across the majority of our verticals. Financial Services delivered strong growth and was our fastest-growing vertical in the quarter, up 11.5% year-over-year, driven significantly by insurance and asset management clients across both EMEA and the Americas.

接著看第二季各產業表現，我們在多數垂直領域都實現年對年成長。金融服務表現強勁，為本季成長最快的垂直領域，年增 11.5%，主要受 EMEA 與美洲地區的保險與資產管理客戶帶動。

We continue to generate double-digit revenue growth from the vertical with significant contributions from AI modernization programs. Consumer goods, retail and travel delivered 2.3% year-over-year growth, notably driven by retail and consumer goods. Life Sciences and Healthcare delivered solid growth and was our second fastest growing vertical in the quarter with growth of 8% on a year-over-year basis.

我們在該垂直領域持續創造雙位數營收成長，其中 AI 現代化計畫貢獻顯著。消費品、零售與旅遊年增 2.3%，主要由零售與消費品帶動。生命科學與醫療保健表現穩健，為本季第二快成長的垂直領域，年增 8%。

Revenue growth in the vertical continues to be driven primarily by clients in Life Sciences and MedTech. Notably, year-over-year revenue growth in this vertical continues to accelerate. Software and high tech declined 1.3% year-over-year, driven significantly by the expected ramp down of a large client program, as well as the shift in priorities that FB mentioned earlier.

該垂直領域的營收成長仍主要由生命科學與醫療科技（MedTech）客戶驅動。值得注意的是，該垂直領域的年對年營收成長持續加速。軟體與高科技年減 1.3%，主要受一項大型客戶專案如預期進入縮減階段，以及 FB 先前提到的優先順序調整所影響。

Business information and media decreased 2.1% year-over-year, driven primarily by the completion of several client projects. Our emerging verticals delivered year-over-year growth of 4.9%, primarily driven by ongoing strength in energy and manufacturing.

商業資訊與媒體年減 2.1%，主要因多個客戶專案完成所致。我們的新興垂直領域年對年成長 4.9%，主要由能源與製造業的持續強勁表現帶動。

From a geographic perspective, America is our largest region, representing 57% of our Q2 revenues, grew 0.5% year-over-year with strong growth in financial services revenue offset substantially by declines in the software and high tech and business information and media verticals. EMEA, comprising 41% of our Q2 revenues, increased 10.9% year-over-year and 9.4% in constant currency, with strong growth in financial services as well as contributions from travel and consumer goods and energy.

從地理區域來看，美洲是我們最大的區域，占第二季營收的 57%，年增 0.5%；金融服務營收強勁成長，但在很大程度上被軟體與高科技以及商業資訊與媒體垂直領域的下滑所抵銷。EMEA 占第二季營收的 41%，年增 10.9%，以固定匯率計年增 9.4%；金融服務成長強勁，旅遊、消費品與能源亦有貢獻。

And finally, APAC making up 2% of our revenues decreased 0.3% year-over-year. Lastly, in Q2, revenues from our top 20 clients grew 3.1% year-over-year, while revenues from clients outside our top 20 increased 5.2%. Now as we move down the income statement, our GAAP gross margin for the quarter was 30.4% compared to 28.8% in Q2 of last year.

最後，APAC 占我們營收的 2%，年減 0.3%。此外，第二季前 20 大客戶營收年增 3.1%，而前 20 大以外客戶的營收年增 5.2%。接著往下看損益表，本季 GAAP 毛利率為 30.4%，高於去年第二季的 28.8%。

Non-GAAP gross margin for the quarter was 32% compared to 30.1% for the same period a year ago, demonstrating our ability to improve profitability while continuing to invest in our AI capabilities and grow our AI native revenues.

本季非 GAAP 毛利率為 32%，高於去年同期的 30.1%，顯示我們在持續投資 AI 能力並擴大 AI 原生營收的同時，仍能提升獲利能力。

GAAP SG&A was 17.3% of revenues compared to 17.1% in Q2 of last year. Non-GAAP SG&A in Q2 2026 came in at 14.5% of revenue compared to 14.1% in the same period last year. GAAP income from operations was $152 million or 10.8% of revenue compared to $126 million or 9.3% of revenue in Q2 of last year and grew by 20.4% year-over-year. Non-GAAP income from operations was $233 million or 16.4% of revenue compared to $203 million or 15% of revenue in Q2 of the previous year and grew by 14.7% year-over-year.

本季 GAAP 銷售、一般及行政費用（SG&A）占營收比為 17.3%，去年第二季為 17.1%。2026 年第二季非 GAAP SG&A 占營收比為 14.5%，去年同期為 14.1%。GAAP 營業利益為 1.52 億美元，占營收 10.8%，去年第二季為 1.26 億美元、占營收 9.3%，年增 20.4%。非 GAAP 營業利益為 2.33 億美元，占營收 16.4%，去年第二季為 2.03 億美元、占營收 15%，年增 14.7%。

Our GAAP effective tax rate, which includes a higher level of tax shortfalls related to stock-based compensation came in at 26.7% and our non-GAAP effective tax rate was 24%. Diluted earnings per share on a GAAP basis was $1.97 compared to $1.56 in Q2 of last year, a $0.41 increase year-over-year reflecting growth of 26.3%. Our non-GAAP diluted EPS was $3.38 compared to $2.77 in Q2 of last year, a $0.61 increase year-over-year reflecting growth of 22%. In Q2, there were approximately 52.3 million diluted shares outstanding.

我們的 GAAP 有效稅率（包含與股票基礎薪酬相關、較高水準的稅務短缺）為 26.7%，非 GAAP 有效稅率為 24%。GAAP 基礎的稀釋每股盈餘為 1.97 美元，去年第二季為 1.56 美元，年對年增加 0.41 美元，反映 26.3% 的成長。非 GAAP 稀釋 EPS 為 3.38 美元，去年第二季為 2.77 美元，年對年增加 0.61 美元，反映 22% 的成長。第二季稀釋後流通股數約為 5,230 萬股。

Turning to our cash flow and balance sheet, cash flow from operations for Q2 was negative $2 million compared to a positive $53 million in the same quarter of 2025. Q2 cash flow was negatively impacted by higher variable compensation payments related to 2025 performance as well as an increase in DSO in the quarter.

接著看現金流與資產負債表，第二季營運活動現金流為負 200 萬美元，相較 2025 年同季為正 5,300 萬美元。第二季現金流受到較高的變動薪酬支付（與 2025 年績效相關）以及本季應收帳款週轉天數（DSO）上升的負面影響。

Free cash flow was negative $18 million compared to positive free cash flow of $43 million in the same quarter last year. Cash and cash equivalents were approximately $800 million as of the end of the quarter. At the end of Q2, DSO was 82 days in compares to 76 days for Q1 2026 and 78 days for the same quarter last year.

自由現金流為負 1,800 萬美元，相較去年同季自由現金流為正 4,300 萬美元。截至本季末，現金及約當現金約為 8 億美元。第二季末 DSO 為 82 天，相較 2026 年第一季為 76 天，去年同季為 78 天。

During the quarter, we purchased approximately 1.3 million shares, which included open market purchases of approximately 800,000 shares for $80 million and approximately 0.5 million shares from the final settlement of our accelerated share repurchase that was paid in the first quarter. To date, since the initiation of our share repurchase program, we've returned approximately $1.6 billion in cash to shareholders.

在本季度內，我們回購了約130萬股股份，其中包括在公開市場以8,000萬美元回購約80萬股，以及來自我們加速股份回購（ASR）最終交割所取得的約50萬股（該ASR已於第一季支付）。截至目前，自我們啟動股份回購計畫以來，我們已向股東返還約16億美元現金。

Moving on to operational metrics. We ended Q2 with more than 56,650 delivery professionals, reflecting total growth of 1.5% compared to Q2 2025. Our total headcount at quarter end was more than 62,850 employees. Utilization was 78.3% compared to 78.1% in Q2 of last year and 77% in Q1 2026.

接下來談營運指標。第二季（Q2）結束時，我們擁有超過56,650名交付專業人員，較2025年第二季總體成長1.5%。本季末公司總人數超過62,850名員工。產能利用率為78.3%，相較去年第二季的78.1%以及2026年第一季（Q1）的77%。

Now let's turn to guidance. Before moving to the specifics of our 2026 and Q3 outlook, I'd like to provide some thoughts to help frame our guidance. We're encouraged by our performance in the second quarter and by the continued momentum in our pure AI-native revenues, keeping us on track to meet our goal of $600 million in AI-native revenues in 2026.

現在我們來看財測指引。在進入2026年全年與第三季（Q3）展望的細節之前，我想先提供一些想法，協助大家理解我們的指引。我們對第二季的表現以及純AI原生（AI-native）營收持續的動能感到鼓舞，這讓我們仍按計畫在2026年達成AI原生營收6億美元的目標。

We have also been able to improve company profitability and most notably gross margin while continuing to invest in our expanding AI capabilities. However, we are now expecting a slowdown in our revenue growth rate in the second-half of the year.

同時，在持續投資擴展AI能力的情況下，我們也得以提升公司獲利能力，尤其是毛利率。然而，我們目前預期今年下半年營收成長率將放緩。

I'll try to be clear about the underpinnings of our updated outlook. As FB indicated, we delivered modest growth from North America in Q2 and now expect to continue to see very slow revenue growth in the geography for the remainder of the year.

我會盡量清楚說明我們更新後展望的基礎。如FB所指出，我們在第二季來自北美的成長幅度不大，且目前預期今年剩餘期間該地區仍將維持非常緩慢的營收成長。

We believe our lower growth in North America is largely idiosyncratic to Epam and something we are working to address. At the same time, our emerging pipeline of larger opportunities continues to develop. And we remain encouraged by the size of this pipeline and the progress we're making in client negotiations.

我們認為北美較低的成長在很大程度上是Epam特有的情況，我們正在著手改善。同時，我們正在形成的較大型機會案源（pipeline）仍持續發展。我們對該案源的規模以及在客戶談判上取得的進展仍感到鼓舞。

However, none of these deals have been closed. As a result, we are not expecting meaningful revenues from these deals to contribute to growth until early in 2027. We now expect modest sequential growth in Q3 as well as flattish revenues as we move from Q3 to Q4. Therefore, we will be lowering our revenue guidance for 2026.

然而，這些交易目前都尚未完成簽約。因此，我們預期這些交易帶來的顯著營收貢獻要到2027年初才會開始反映在成長上。我們目前預期第三季將呈現溫和的季增，且從第三季到第四季營收大致持平。因此，我們將下調2026年的營收指引。

At the same time, based on our solid profitability in the first half of the year and updated forecast for the second-half, we now expect to operate at the high end of our previous adjusted IFO range of 15% to 16% and have updated our guidance to reflect this.

同時，基於上半年穩健的獲利表現以及對下半年的最新預測，我們目前預期調整後IFO將落在先前15%至16%區間的高端，並已更新指引以反映此點。

Compared to 90 days ago, we see no material improvement or worsening in the broader macro environment, and we're not assuming any change, better or worse, for the remainder of the year. Client budgets remain intact for AI and other strategic priorities. Non-AI discretionary spending continues to be muted.

與90天前相比，我們未見整體宏觀環境有任何實質改善或惡化，因此我們也不假設今年剩餘期間會有任何變化（不論變好或變差）。客戶在AI及其他策略性優先事項上的預算仍維持不變。非AI的可自由支配支出仍然偏弱。

As in past years, we expect to generate significant free cash flows in the second-half of the year with our free cash flow conversion rate forecasted to be above 100% in both Q3 and Q4. However, with the lower free cash generation in the first half of the year, we are now expecting our free cash flow conversion rate in 2026 to be around 70%, below our typical 80% to 90% conversion rate. As usual, our guidance assumes we can continue to deliver from our Ukraine delivery centers at productivity levels similar to those achieved in 2025.

如同過往年度，我們預期在下半年將產生可觀的自由現金流，且預估第三季與第四季的自由現金流轉換率都將高於100%。然而，由於上半年自由現金產生較低，我們目前預期2026年全年自由現金流轉換率約為70%，低於我們典型的80%至90%轉換率。一如既往，我們的指引假設我們能持續由烏克蘭交付中心提供服務，其生產力水準與2025年達成的水準相近。

Moving to our full year outlook. Revenue growth will now be in the range of 3.2% to 4.2%. Foreign exchange is expected to have a positive impact of approximately 1.2%. Therefore, the organic constant currency growth is now expected to be in the range of 2% to 3%. We now expect GAAP income from operations to be in the range of 10.5% to 11% and non-GAAP income from operations to be in the range of 15.5% to 16%.

接著看全年展望。營收成長率目前預期將落在3.2%至4.2%之間。外匯預期將帶來約1.2%的正面影響。因此，有機的固定匯率成長率目前預期將落在2%至3%之間。我們目前預期GAAP營業利益率將落在10.5%至11%之間，非GAAP營業利益率將落在15.5%至16%之間。

We continue to expect our GAAP effective tax rate to be 27%. Our non-GAAP effective tax rate will continue to be 24%. For earnings per share, we now expect the GAAP diluted EPS will be in the range of $8.22 to $8.38 for the full year. And non-GAAP diluted EPS will now be in the range of $13.08 to $13.24 for the full year, producing year-over-year growth of over 14% at the midpoint of the range. We now expect weighted average share count of 52.2 million fully diluted shares outstanding.

我們仍預期GAAP有效稅率為27%。非GAAP有效稅率將維持為24%。就每股盈餘而言，我們目前預期全年GAAP稀釋後EPS將落在8.22美元至8.38美元之間。全年非GAAP稀釋後EPS目前預期將落在13.08美元至13.24美元之間，以區間中點計算的年增率超過14%。我們目前預期加權平均股數為5,220萬股完全稀釋流通股。

Moving to our Q3 2026 outlook, we expect revenue to be in the range of $1.410 billion to $1.425 billion, producing year-over-year growth of 1.7% at the midpoint of the range. Our guidance reflects a 0.1% negative foreign exchange impact during the quarter, producing organic constant currency growth of 1.8% at the midpoint of the range.

接著看2026年第三季（Q3）展望，我們預期營收將落在14.10億美元至14.25億美元之間，以區間中點計算的年增率為1.7%。我們的指引反映本季外匯影響為負0.1%，因此以區間中點計算的有機固定匯率成長率為1.8%。

The third quarter, we expect GAAP income from operations to be in the range of 11% to 12% and non-GAAP income from operations to be in the range of 15.5% to 16.5%. We expect our GAAP effective tax rate to be approximately 25% and our non-GAAP effective tax rate to be approximately 24%. For earnings per share, we expect GAAP diluted EPS to be in the range of $2.33 to $2.41 for the quarter. And non-GAAP diluted EPS to be in the range of $3.38 to $3.46 for the quarter, reducing year-over-year growth of over 11% at the midpoint of the range.

第三季我們預期GAAP營業利益率將落在11%至12%之間，非GAAP營業利益率將落在15.5%至16.5%之間。我們預期GAAP有效稅率約為25%，非GAAP有效稅率約為24%。就每股盈餘而言，我們預期本季GAAP稀釋後EPS將落在2.33美元至2.41美元之間。本季非GAAP稀釋後EPS將落在3.38美元至3.46美元之間，以區間中點計算的年增率超過11%。

We expect a weighted share count of 51.4 million diluted shares outstanding. Following a few key assumptions that support our GAAP to non-GAAP measurements for Q3 and the remainder of the year, stock-based compensation expense is expected to be approximately $44 million for Q3 and $45 million for Q4.

我們預期加權股數為5,140萬股稀釋後流通股。基於幾項支撐我們第三季及今年剩餘期間GAAP與非GAAP衡量的關鍵假設，股票基礎薪酬費用預期第三季約為4,400萬美元、第四季約為4,500萬美元。

Amortization of intangibles is expected to be approximately $17 million for each of the remaining quarters. The impact of foreign exchange is expected to be an approximate $3 million loss in Q3 and a $1 million loss in Q4. We completed our 2025 cost optimization program in the second quarter.

無形資產攤銷預期在今年剩餘各季每季約為1,700萬美元。外匯影響預期第三季約為300萬美元損失、第四季約為100萬美元損失。我們已於第二季完成2025年成本優化計畫。

As a result, for the remainder of the year, the company will no longer adjust for severance-related expenditures and those expenses will be recognized as part of the company's GAAP and non-GAAP results. Tax effective non-GAAP adjustments is expected to be around $14 million for Q3 and $14 million for Q4.

因此，在今年剩餘期間，公司將不再就遣散相關支出進行調整，這些費用將作為公司GAAP與非GAAP結果的一部分予以認列。稅後的非GAAP調整項目預期第三季約為1,400萬美元、第四季約為1,400萬美元。

We expect negligible tax shortfall related to stock compensation in Q3 and $2 million tax shortfall in Q4. And one more assumption outside of GAAP to non-GAAP volumes, we now expect interest and other income to be $1 million in Q3 and $0.5 million in Q4.

我們預期第三季與股票薪酬相關的稅負短缺可忽略不計，第四季則為 200 萬美元的稅負短缺。另外一項從 GAAP 到非 GAAP 口徑的假設是，我們目前預期第三季利息及其他收入為 100 萬美元，第四季為 50 萬美元。

Lastly, my continued thanks to all our Epamers for their dedication and focus on serving our clients and driving results throughout 2026.

最後，我持續感謝所有 Epamers 的投入與專注，在整個 2026 年為客戶提供服務並推動成果。

Operator, let's open the call for questions.

接線員，讓我們開放提問。

We will now move to our question-and-answer session. (Operator Instructions)

我們現在進入問答環節。（接線員指示）

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi, thanks for taking the question. So maybe I just wanted to start with unpacking fiscal '26 guide and maybe the demand here and dig in on the primary headwinds in this reduced outlook. Just based on the biz info and the high-tech vertical slowdown does seem to be more than something macro related and I think you owned up to that with some of the IDEO pressures.

嗨，謝謝讓我提問。我想先從拆解 2026 會計年度的指引開始，談談目前的需求情況，並深入了解在這次下修展望中主要的逆風因素。就業務資訊來看，高科技垂直領域的放緩似乎不只是總體因素所致，我認為你們也承認其中有一些 IDEO 的壓力。

Just curious what you saw there specifically in decision-making cycles and then on the North American IDEO weakness, can you talk about what you're specifically changing to restart that growth, what's near-term versus kind of long-term fixes?

想請教你們在決策週期方面具體看到了什麼？另外，針對北美 IDEO 的疲弱，你們具體會做哪些改變來重新啟動成長？哪些是短期措施、哪些是偏長期的修正？

Hi, Bryan, how are you doing? So let's start with the hard questions. So overall, the demand environment didn't really change, but we are still in the same macro space. What started to change somewhere in July, and first of all, really explain it, I need to remind everybody that most of our business is time and material contracts, right? It's not annuity-based, so you need to resell or renew the contracts quite regularly.

嗨，Bryan，你好嗎？那我們就從難題開始。整體而言，需求環境其實沒有真正改變，我們仍處在相同的總體環境中。大約從 7 月開始出現一些變化；首先，為了說明清楚，我需要提醒大家，我們大部分業務是按工時與材料（time and material）的合約，對吧？這不是年金式（annuity-based）的模式，因此你需要相當頻繁地重新銷售或續約合約。

And somewhere in July, we started to see that clients are prioritizing AI budgets, reprioritizing away from task-based services like manual testing, user experience and as I mentioned from JavaScript or front-end engineering.

而在 7 月左右，我們開始看到客戶在優先配置 AI 預算，並把資源從以任務為主的服務（例如人工測試、使用者體驗，以及我提到的 JavaScript 或前端工程）重新調整出去。

And the shifting towards modernization. And this shift is happening faster than the replacement work is ramping, right, creating a growth gap for us. And the clients are planning to do the ramp-ups of the AI-native services, mainly from savings from what AI is delivering. At the same time, they are funding tokens, hardware and infrastructure.

並轉向現代化（modernization）。而這個轉向發生得比替代性工作量爬坡更快，對我們造成成長落差。客戶規劃擴大 AI 原生服務的投入，主要是依靠 AI 帶來的節省來支應。同時，他們也在支出 token、硬體與基礎設施。

So as the savings are realizing or appearing slower than this as expected, this creates a gap. So this is what we are seeing. This is actually very much impacted in North America and it's mostly are confined in our SaaS client base, which is largely confined inside the software and high-tech. Clearly, they have others in other places, but most of the SaaS clients are in the software and high-tech sector.

因此，當節省的實現或顯現速度比預期更慢時，就會形成缺口。這就是我們所看到的情況。這在北美受到的影響非常明顯，而且主要集中在我們的 SaaS 客戶基礎上，而這些客戶大多集中在軟體與高科技領域。當然，我們在其他領域也有客戶，但大多數 SaaS 客戶都在軟體與高科技產業。

In this sector also, we are seeing some level of project ram downs. And the outside of AI areas and this is being the ramp downs are outweighing or growth in AI cloud or cybersecurity. So that's kind of the demand environment as we see it right now.

在這個產業中，我們也看到一定程度的專案縮減（ramp downs）。而在 AI 以外的領域，這些縮減的幅度正超過我們在 AI、雲端或資安方面的成長。這大致就是我們目前所看到的需求環境。

Your second question was what are we going to do about the sales, right? I think already in our Q1 earnings call, we started to talk about the structural changes which we are making and how we go into market and we kicked this off, it takes time, it's a process, but our clients, what we're seeing that they are increasingly want to see business cases, commercial proposals rather than just engineering go-to-market motions, which was the priority in the past.

你的第二個問題是我們要如何改善銷售，對吧？我想在第一季財報電話會議時，我們就開始談到正在進行的結構性調整，以及我們如何進入市場；我們已經啟動了這件事，這需要時間，是一個流程。但我們看到客戶愈來愈希望看到商業案例、商務提案，而不只是工程導向的 go-to-market 動作——過去那是優先事項。

I think already we talked about this in our [Investment] Analyst Day, this is a part of our transformation. We are building this depth and domain and consulting capability, which allows us to actually spend on these demands. This has worked before and the evidence is in the EMEA growth rate where we actually made this investment in the past and made the transformation.

我想我們在（投資人）分析師日也談過，這是我們轉型的一部分。我們正在建立更深的產業知識與顧問能力，讓我們能夠真正回應這些需求。這以前是有效的，證據就在 EMEA 的成長率——我們過去在那裡投入並完成了轉型。

So we put a multi-quarter program in place where we're changing how we're going to market from marketing all the way to sales motions, how we prioritize clients, how we create proposals, and we are building out hiring and building a bigger sales force in the North America, especially focused in North America.

因此我們制定了一個跨多季的計畫，從行銷一路到銷售動作，全面改變我們的 go-to-market 方式：如何優先排序客戶、如何製作提案；同時我們也在擴編招募，在北美建立更大的銷售團隊，尤其聚焦於北美。

Okay, make sense. And then, Jason, on free cash flow, can you just unpack some of the moving pieces there as far as the added working capital headwind? And was there anything kind of one-time in contracting? I want to just understand that and your confidence in the second-half free cash flow improvement and whether anything maybe beyond this year changes as you think about conversion?

好的，明白。另外，Jason，關於自由現金流，你能否拆解一下其中一些變動因素，特別是新增的營運資金逆風？合約方面是否有任何一次性因素？我想了解這點，以及你對下半年自由現金流改善的信心；還有當你思考轉換率時，是否有任何超出今年、會影響未來年度的變化？

No, we would still have high confidence in the 80% to 90% as we move past 2026 into 2027 and 2028. What we did see at the end of Q2 was we had clients who were expected to make payments in the last two days of the quarter and those payments ended up being made in the first two days of the next quarter or in Q3. And so effectively, it was a fairly significant amount of money that supposedly required an additional level review before they made payment.

沒有，我們仍然對在 2026 年之後、進入 2027 與 2028 年時達到 80% 到 90% 的轉換率非常有信心。我們在第二季末看到的是：有些客戶原本預計在季度最後兩天付款，但最後是在下一季度的前兩天、也就是第三季才付款。因此，實際上那是一筆相當可觀的金額，據稱在付款前需要額外層級的審核。

And so that was really what sort of drove the less than expected sort of free cash flow in Q2. We are seeing a somewhat higher level of DSO. I do think that probably is going to continue throughout the year. It's not going to stay at the level it was at Q2. But I think as you compare each quarter, Q1, Q2, Q3, Q4 to the corresponding quarter in 2025, DSO is probably going to be a bit higher and that's probably a cost.

這就是導致第二季自由現金流低於預期的主要原因。我們也看到應收帳款週轉天數（DSO）略為上升。我確實認為這可能會在今年持續。但不會維持在第二季那樣的水準。不過我認為，若將今年各季（第一季、第二季、第三季、第四季）與 2025 年對應季度相比，DSO 可能會略高一些，而這大概會是一項成本。

We also have some additional sort of tax-related expenses. But again, I think it's very much kind of confined to 2027 and again, it will be 2026. And I expect beyond 2026, you'll see a return to the 80% to 90% conversion range.

我們也有一些額外的稅務相關支出。但同樣地，我認為這很大程度上會侷限在 2026 年（以及延伸到 2027 年的部分）。我預期在 2026 年之後，你會看到轉換率回到 80% 到 90% 的區間。

This is clear. Thank you.

了解。謝謝。

Margaret Nolan, William Blair.

Margaret Nolan，William Blair。

Hi, thank you. So it sounds like there's also a bit of a timing gap in North America. And so I'm wondering if you're talking about this go-to-market transformation. I'm wondering if you can draw some parallels between what you've done in EMEA and what you're doing in North America and maybe help us understand how long the rebuild phase is, when you can see maybe an inflection point in North America, any information on maybe some of those large deals and TCD there and ability to see contribution from those in '27 would be helpful.

嗨，謝謝。聽起來北美也存在一些時點上的落差。因此我想問，既然你們提到這個 go-to-market 轉型，能否把你們在 EMEA 做過的事情與目前在北美做的事情做一些對照，並幫助我們理解重建階段大概需要多久、何時可能在北美看到拐點？另外，若能提供一些關於那些大型交易與其中的 TCD，以及在 2027 年能否看到它們的貢獻，會很有幫助。

So I think we already started to talk about this during Investor Analyst Day that Epam was very focused on fulfillment, very much focused on delivering engineering excellence and selling to the Head of Engineering or Head of Products and it was especially true in North America where we have a large concentration of our software and high-tech business.

我想我們在投資人分析師日已經開始談到：Epam 過去非常專注於交付（fulfillment），非常專注於提供工程卓越，並且主要是向工程主管或產品主管銷售；而這在北美尤其明顯，因為我們在那裡的軟體與高科技業務占比很高。

And very much we were focused on fulfilling that demand instead of focusing and formulating business solutions, which was more predominant in the European portfolio. You have to address different buyers, you have to have different propositions in place and engineering excellence is just not enough in the current environment as clients are looking to receive ROIs or -- actually realizing business goals.

而且我們當時非常專注於滿足那個需求，而不是專注於聚焦並制定商業解決方案；在歐洲的產品組合中，後者其實更為主導。你必須面對不同的買方，你必須準備不同的價值主張，而在當前環境下，工程卓越本身已經不夠，因為客戶希望獲得投資報酬率（ROI），或——更確切地說——實現商業目標。

So this is actually what we've done in Europe and we invested into it is we are actually created very specific domain led go to market motions, pairing it with a larger seller capabilities, which is in terms of numbers and processes and methods go-to-market motions. We are bringing this investment, which we've done into North America, expanding and starting to build it out.

所以這其實就是我們在歐洲所做的事情；我們也對此進行了投資，也就是我們實際上建立了非常具體、以產業領域為主導的市場進入（go-to-market）打法，並搭配更強的銷售能力——無論是在人數規模，或流程與方法等 go-to-market 動作上。我們正把在歐洲所做的這些投資帶到北美，並擴大、開始建置與落地。

We start a transformation programs as how we are approaching the big deals and building out a new growth movement inside Epam, which is focused differently than in the past, which was very much focused on purely engineering excellence. We need to pair it with business development excellence. How much time it will take? I think it's hard to say it's actually taking probably longer than we anticipated, but we are making big strides during this year.

我們啟動了轉型計畫，來改變我們如何切入大型交易，並在 EPAM 內部打造一個新的成長動能；其聚焦方式不同於過去——過去非常著重於純粹的工程卓越。我們需要把它與商務開發卓越結合起來。需要多久時間？我認為很難說；實際上可能比我們預期更久，但我們今年已經取得了很大的進展。

In terms of big deals, I think Jason updated and also added that, it is progressing very well. We actually, the number of big deals are increasing. We are very optimistic about it and we're seeing that as they're going through the pipeline. But as we have less experience in some of these things, that's why we are still reluctant to do that into our guidance or into our early on into our forecast.

就大型交易而言，我想 Jason 已經更新並補充過了，進展非常順利。實際上，大型交易的數量正在增加。我們對此非常樂觀，也看到它們正在管線中推進。但由於我們在其中一些方面的經驗較少，所以我們仍然不太願意把這些納入我們的指引，或在早期就納入預測。

But they are going through the pipeline and we have emphasis to actually continue building this pipeline for the future and this is going to be part of our normal go-to-market notions going forward. Expect to see results of it in 2027 in terms of significant revenue contribution.

但它們確實在管線中推進，我們也強調要持續為未來建立這條管線，而這將成為我們未來常態化的 go-to-market 作法之一。預期在 2027 年會看到其在顯著營收貢獻上的成果。

Okay, thank you. And then Jason, maybe can you comment a little bit on the margin durability, maybe what is foreign currency and cost optimization and whether or not you can sort of hold these margin levels into 2027 if the organic growth is in sort of the low single-digits range here?

好的，謝謝。接著 Jason，也許你可以談談毛利率的持久性，例如外匯與成本優化的影響，以及如果有機成長大概落在低個位數區間，你們是否能把這樣的毛利率水準維持到 2027 年？

Yeah, I'm probably going to stay away from commenting on 2027, but happy to talk about 2026 and gross margin levels. We're actually not getting a lot of benefit from foreign exchange. So despite the fact that we've got a significant India workforce, India as a percentage of our total cost is not near as significant as it is for many of our competitors.

是的，我大概會避免評論 2027 年，但很樂意談談 2026 年以及毛利率水準。我們其實沒有從外匯獲得太多好處。所以儘管我們在印度有相當規模的人力，印度占我們總成本的比例並不像許多競爭對手那麼高。

So we still have very significant costs in places like Poland and Hungary and Mexico and even Colombia where those currencies have all appreciated. And so actually foreign exchange has not been a contributor, actually has been somewhat negative. What we did get is the price some of the increases that we got at the beginning of the year, which has been helpful. We also have been working to improve our fixed fee profitability, our non-TNM profitability, so that's improved nicely on a year-over-year basis.

我們在波蘭、匈牙利、墨西哥，甚至哥倫比亞等地仍有非常顯著的成本，而這些貨幣都已升值。因此外匯其實不是貢獻因素，反而有些負面影響。我們獲得的則是年初取得的一些價格上調，這很有幫助。我們也一直在改善固定價格（fixed fee）專案的獲利能力、非 TNM（非按時按量）模式的獲利能力，因此年對年表現改善得很不錯。

And then we continue to do all the work that we've been doing to continue to improve the cost efficiency in places like India. So I feel good about the gross margin performance in the first half. I also expect that we'll continue to see gross margin in excess of 32% for each of the quarters Q3 and Q4. Again, we're trying to do the right things to sort of preserve profitability and EPS for the remainder of the year.

此外，我們也持續推進一直在做的各項工作，以提升像印度等地的成本效率。所以我對上半年毛利率表現感到滿意。我也預期第三季與第四季每一季的毛利率都會維持在 32% 以上。同樣地，我們正努力做正確的事情，以在今年剩餘期間維持獲利能力與每股盈餘（EPS）。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

Hey, thanks for taking my question. I wanted to follow-up on earlier question on go-to-market. Would you say like it's a capability gap versus like the more business use cases and outcomes that clients are looking for? Or would you say it's merely an issue around messaging positioning account coverage in North America?

嗨，謝謝讓我提問。我想追問先前關於 go-to-market 的問題。你會說這是能力缺口——相較於客戶正在尋求的更偏商業的使用案例與成果？還是你會說這只是北美在訊息傳遞、定位、帳戶覆蓋上的問題？

I think it's a capability gap, Puneet in business development. It's not a capability gap in terms of delivery. We can actually deliver it because we are delivering from a global workforce and it's proven that in Europe with different go-to-market notion and different business development capability, you can actually deliver double-digit growth, which we delivered this quarter. So, I am actually very optimistic if we fix or go-to-market notion in North America, if we increase or growth organization, if we retarget them, equip them with other tools, then the capabilities, the product, which we bring into the market, that product resonates with our clients.

Puneet，我認為這是商務開發能力上的缺口。在交付能力方面並沒有缺口。我們其實能交付，因為我們是以全球人力來交付；而且在歐洲已經證明，透過不同的 go-to-market 作法與不同的商務開發能力，你確實可以實現雙位數成長——我們本季就做到了。所以我其實非常樂觀：如果我們修正北美的 go-to-market 作法、擴大我們的成長組織、重新鎖定目標並為他們配備其他工具，那麼我們帶到市場上的能力與產品——這個產品是能引起客戶共鳴的。

And we are serving global organizations. So I think what works in Europe in terms of the product what we are selling will be also delivering the same type of growth or similar growth figures in North America if we bring it to the market in a correct way.

而且我們服務的是全球型組織。所以我認為，在歐洲有效的產品與銷售內容，如果我們以正確方式帶到北美市場，也將帶來同樣類型的成長，或相近的成長數字。

Got it. And then your Financial Services vertical was up double-digits growing their capital clip related to the rest of the business. What's driving higher growth there? And could that vertical be a precursor to better growth rates in the rest of the business?

了解。另外，你們的金融服務垂直領域呈現雙位數成長，成長速度明顯快於公司其他業務。是什麼在推動那裡更高的成長？而那個垂直領域是否可能成為公司其他業務更佳成長率的前兆？

We were successful, Puneet, in Financial Services to actually combine our domain knowledge with our AI-native capabilities and actually driving large transformation programs in this case. Also, we are modernizing using AI, utilizing with Epam's IP, which I actually call Dell MF Lens or clients' legacy systems. And actually, all of them is a precursor in what we call AI foundation elements, which has been more successful.

Puneet，我們在金融服務領域的成功，在於把我們的產業領域知識與 AI 原生能力結合起來，並在這個案例中推動大型轉型計畫。同時，我們也在用 AI 進行現代化改造，運用 EPAM 的 IP——我其實稱之為 Dell MF Lens——來處理客戶的舊有系統。而且，這些其實都是我們所稱的 AI 基礎要素（AI foundation elements）的前置條件，而這部分更為成功。

Packaging it and bringing to our clients and our clients who have a large legacy, they are responding to that. They are also building out the data platforms and data products, which they need to ground the AI models when they get implemented.

把它打包並帶給客戶；而那些擁有大量舊系統的客戶，對此反應很正面。他們也在建置資料平台與資料產品，這是他們在導入 AI 模型時用來「落地」與「對齊」模型所需要的基礎。

Got it. Thank you.

了解。謝謝。

Jonathan Lee, Guggenheim Partners.

Jonathan Lee，Guggenheim Partners。

Great. Thanks for taking my questions. The fact that the demand shift happened in July after you set the TQ framework in early May raises questions about forward visibility. Given most of your business is T&M rather than annuity-based and clients can reprioritize budgets relatively quickly, how should we think about the durability of the revised calendar '26 outlook? And what gives you the confidence that a similar dynamic doesn't play out in August or September within a different client cohort?

很好。謝謝回答我的問題。你們在 5 月初設定 TQ 架構之後，需求轉變卻發生在 7 月，這讓人對前瞻能見度產生疑問。鑑於你們大部分業務是 T&M（按時按量）而非年金型，且客戶可以相對快速地重新排序預算優先順序，我們應該如何看待你們修訂後 2026 年曆年展望的持久性？以及你們有什麼信心認為，類似的動態不會在 8 月或 9 月、在另一批客戶群中再次上演？

It's a fair question, Jonathan. When we look at the guide that we have for the full year, the midpoint of the guide is going to give you, as we said in the prepared remarks, a 1.8% year-over-year growth and then midpoint just requires that we kind of remain flat. We continue to see growth as we discussed in Europe. We continue to see growth, particularly in financial services and life sciences.

這是個合理的問題，Jonathan。當我們看全年指引時，指引中點如同我們在事先準備的講稿中所說，代表年對年成長 1.8%，而且中點其實只要求我們大致維持持平。我們持續看到歐洲如我們討論的那樣在成長。我們也持續看到成長，特別是在金融服務與生命科學領域。

So we think we do have a strong series of kind of growers in the business, while we will probably see some ongoing underperformance in both North America and in the high-tech portion of the portfolio. But again, I feel very confident that the ability to sort of operate in this midpoint of the range or higher and then to be able to operate with a flat execution as we move from Q3 to Q4. I don't -- you would need a material sequential decline from Q3 to Q4 to end up in the low end of this range. So again, I really do feel quite confident that this one is derisked.

因此我們認為，我們在業務中確實擁有一批相當強勁、可持續成長的客戶群，同時我們可能仍會在北美以及投資組合中的高科技部分看到一些持續的表現落後。但再次強調，我對於我們能夠在這個區間的中點或更高水準運作，以及在從Q3到Q4的過渡中維持平穩執行的能力非常有信心。我不認為——你需要看到從Q3到Q4出現實質性的連續下滑，才會落到這個區間的低端。所以再次說明，我確實相當有信心，這個指引已經去風險化了。

I appreciate that color. And just as a follow-up, to what extent is the growth gap in North America a function of clients gravitating toward more diversified peers who can bundle AI-led savings on infrastructure or managed services with the transformation work effectively self-funding the ramp within a single commercial construct? I mean, Epam's more concentrated engineering services model doesn't necessarily naturally offer the same savings pool to redeploy. So if that's the case, how are you thinking about the commercial response?

感謝你提供這些補充說明。再追問一下，北美的成長落差在多大程度上是因為客戶傾向於選擇更多元化的同業，能把以AI帶動的基礎設施或託管服務節省，與轉型工作打包在一起，從而在單一商業架構下有效地以節省來自我資助導入爬坡？我的意思是，EPAM較為集中的工程服務模式，未必能自然提供同樣可重新配置的節省池。所以如果是這樣，你們如何思考商業上的應對？

I mean, I think that's a good question. We haven't seen that actual demand actually migrated to our peers. What we are seeing is that some of the spend is migrated to tokens, which we can also offer, but most of our clients buying them directly or migrated toward infrastructure or into GPUs.

我認為這是個好問題。我們並沒有看到實際需求真的轉移到同業那邊。我們看到的是，有一部分支出轉移到token（代幣）上——我們也能提供——但多數客戶是直接購買，或是把支出轉向基礎設施或GPU。

I think with our larger go-to-market notion, we are actually want to transform the savings what our clients are going to achieve with AI-driven services into reinvest them into to grow themselves. But what you are asking, I haven't seen that one yet. So we're not losing to competitors, if that's what you're asking.

我認為以我們更大型的市場推進（go-to-market）構想，我們其實希望把客戶透過AI驅動服務所能達成的節省，轉化為再投資，讓他們能夠自我成長。但你所問的那種情況，我目前還沒有看到。所以我們並不是輸給競爭對手——如果你問的是這個。

Thanks for the color.

謝謝補充說明。

Tyler DuPont, Wells Fargo.

Tyler DuPont，富國銀行。

Good morning, FB and Jason. This is Tyler on for Jason Kupferberg. Thanks for taking the questions. I want to start within North America. There are a few moving pieces in the updated outlook. I just want to ask about some of the drivers there. You mentioned macro is largely unchanged. So if we just put that to one side.

早安，FB和Jason。我是Tyler，代替Jason Kupferberg提問。謝謝讓我提問。我想先從北美談起。更新後的展望裡有幾個變動因素。我想問一下其中一些驅動因素。你提到總體環境大致沒有改變。所以如果我們先把這點放一邊。

How much of this updated outlook is due to your current go-to-market capability set versus clients actually shifting spend away from services altogether towards other tech priorities like tokens and memory as you mentioned in a previous response?

這次更新的展望，有多少是因為你們目前的市場推進能力組合所致，相對於客戶其實是把支出從服務整體移開，轉向你在前面回覆提到的其他科技優先事項，例如token和記憶體？

I think it's both, right, happening in the same time, right? Or the clients are trying to buy different things different ways, right? We are, and we have a large concentration of which is, so I think so number one, it's both, right? But i think each of them is in a different bucket.

我認為兩者都有，而且是同時發生的，對吧？也就是客戶正嘗試用不同方式去購買不同的東西，對吧？我們——而且我們的集中度很高，所以我認為第一點是兩者都有，對吧？但我覺得它們各自屬於不同的類別。

Clients who are really shifting away the spend from us is very much comprised in the or SaaS client portfolio, which is predominantly inside our software and high-tech sector. Those are the clients who are shifting their spend toward tokens, toward GPUs, which we clearly are not delivering.

真正把支出從我們這裡移走的客戶，主要是SaaS客戶組合，這些客戶大多在我們的軟體與高科技產業部門裡。這些客戶正把支出轉向token、轉向GPU，而這些我們顯然不是在交付的。

The rest of the portfolio and the clients, their demand is shifting, right? And I called out shifting from, let's say, manual testing, front-end capabilities, more from task-based setups towards AI-native, AI-driven solution. And here, our capability around driving the business is lagging. That's where the business development strengthening or go-to-market notions or growth community is what's needed to actually push through and actually see the same results because we have that type of capability available, we have that knowledge, we have the certified engineers, we actually know how to make it work for our clients, we just need to make sure that we are able to sell it too.

至於投資組合中其餘的客戶，他們的需求是在轉移，對吧？我提到過，例如從手動測試、前端能力，更多地從以任務為基礎的配置，轉向AI原生、AI驅動的解決方案。而在這裡，我們在推動業務的能力上是落後的。這就是為什麼需要強化業務開發、go-to-market構想或成長社群，才能真正推進並看到同樣的成果；因為我們具備那類能力、具備相關知識、有認證工程師，也確實知道如何為客戶落地，我們只是需要確保我們也能把它賣出去。

Okay, that's helpful. And then I guess just an update on the pricing environment right now would be pretty helpful. Some of your peers have recently mentioned more, let's call it competitive pricing dynamics to win work or challenges getting as much net pricing realization as they'd hoped due to increasing levels of productivity savings. Are you guys seeing any of that at this moment or not so much?

好的，這很有幫助。接著我想請你更新一下目前的定價環境。你們一些同業最近提到，為了拿下案子出現更激烈的競爭性定價動態，或因生產力節省幅度提高，導致淨定價實現不如預期的挑戰。你們目前有看到這種情況嗎？還是不太明顯？

Yes, as we've talked about, we did see price improvement at the beginning of the year. We are seeing ongoing sort of vendor consolidation exercises across certain customers. Generally, those are done where a client obviously expects to see some economic advantage from those consolidations. They obviously do give upside kind of revenue potential as well.

有的，正如我們之前談到的，我們在年初確實看到價格有所改善。我們也看到部分客戶持續在進行供應商整併。一般而言，這些整併會在客戶明顯期待從整併中獲得一些經濟利益的情況下進行。同時，這些整併也確實會帶來上行的營收潛力。

I think whenever we've talked about these larger deals, what we are talking about using agentic solutions to produce a more cost-effective offering. The advantage for us is that we currently don't really participate in the market for agentic managed services. So it is a significant revenue opportunity at what we believe can be appropriate, solid and good profits profitability.

我認為每當我們談到這些較大型的交易時，我們指的是使用代理式（agentic）解決方案來提供更具成本效益的方案。對我們而言的優勢在於，我們目前其實並未真正參與代理式託管服務（agentic managed services）的市場。因此，這是一個重大的營收機會，而且我們相信可以在適當、穩健且良好的利潤水準下實現。

It may look like a price haircut if you're sitting there delivering managed services today. And so I could understand why some competitors might refer to that. Again, for us, it's an incremental opportunity and as a result, doesn't represent the reduction in price.

如果你現在正坐在那裡交付託管服務，這看起來可能像是價格被砍了一刀。所以我能理解為什麼有些競爭對手會這麼形容。但對我們來說，這是增量機會，因此不代表價格下調。

Great. Well, I appreciate all the color. Thanks again.

很好。我很感謝這些補充說明。再次感謝。

Jamie Friedman, Susquehanna.

Jamie Friedman，Susquehanna。

Hi. Thank you, FB and Jason. Sixth consecutive quarter of double-digit sequential AI native revenue growth. Wondering if you could roughly size what percentage of revenue is AI native today? And when can we expect it to lift total consolidated company growth? How are you thinking about that? Thank you.

嗨。謝謝你們，FB和Jason。AI原生營收已連續第六個季度呈現雙位數的季增。想請問你們能否大致說明一下，目前AI原生約占營收的百分之多少？以及我們何時可以期待它帶動公司整體合併成長？你們是如何思考這件事的？謝謝。

So I think we already mentioned it's 11% of our business right now, it's AMD and it continues to grow, it's a very fast-growing segment. I think once it's crossing a certain threshold, we think 5%, that's when you're going to start seeing that it's going to lead to the growth itself and remember this is a very narrow definition how we call this out. It's very narrow what we are calling AI Native. We're not including what others would call AI Assisted Revenue.

我想我們已經提過，目前約占我們業務的11%，而且它持續成長，是一個成長非常快的區塊。我認為一旦跨過某個門檻——我們認為是5%——你就會開始看到它會帶動成長本身；而且請記得，我們對「AI原生」的定義非常狹義。我們所稱的AI原生範圍非常窄。我們沒有把其他人可能稱為「AI輔助營收」的部分納入。

Thank you. I will get back in queue.

謝謝。我會回到隊列中。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

Good morning. Thanks for taking my question. I was wondering if you could maybe just follow-up on the last response. I may have missed it, but with the $160 million of AI native revenue you reported in Q2, you still expect to hit the $600 million target you talked about earlier?

早安。謝謝讓我提問。我想針對上一個回覆再追問一下。我可能漏聽了，但你們在Q2公布AI原生營收為1.6億美元的情況下，仍然預期能達到你們先前談到的6億美元目標嗎？

So clearly, that's our $600 million is our declared goal in 2026. If we over blew it, then. That we actually went toward one of the KPIs we set ourselves, right?

所以很明確地說，我們在 2026 年宣告的目標是 6 億美元。如果我們超出這個目標的話，那就代表我們確實朝著我們為自己設定的其中一項 KPI 前進了，對吧？

Yeah. So I think with that set piece where you're saying absolutely. Yeah. So yeah.

對。所以我認為就你說的那個既定安排來看，你說得完全沒錯。對。所以，是的。

Okay, fine. That makes sense. And then, are there as you look at the vertical performance, would you expect financial services to sort of maintain the stronger growth rates heading into 2027 and maybe with respect to the larger deals you see kind of pushing into '27. If you could address where are those verticals or is it broadly dispersed across a bunch of verticals? Maybe just talk a little bit about the vertical composition of those deals? Thank you.

好，行。這很合理。接著，當你看各垂直產業的表現時，你是否預期金融服務在邁向 2027 年時仍能維持較強的成長率？另外，關於你看到一些較大型的交易推進到 2027 年，你能否說明這些交易主要集中在哪些垂直產業，還是說分布在多個垂直產業之間？也請你稍微談談這些交易的垂直產業組成？謝謝。

I think we are going to stay away from talking about 2027, although maybe we'll talk a little bit about the large deals. I will say throughout the remainder of this year, we are continuing to see strong growth in financial services.

我想我們會避免談論 2027 年，雖然也許我們會稍微談一下大型交易。我會說，在今年剩餘的時間裡，我們持續看到金融服務的強勁成長。

All of the AI-supported modernization, including programs which use Epam MIP, continue to deliver nice revenue growth for the company. And then we're also continuing and expecting to see good growth in life sciences.

所有由 AI 支援的現代化（modernization），包括使用 Epam MIP 的專案，持續為公司帶來不錯的營收成長。另外，我們也持續看到並預期生命科學將有良好成長。

I don't know, Fejes, you want to talk about some of the color around the big deals?

我不知道，Fejes，你要不要補充一些關於大型交易的細節？

So I think in the big deals bucket, we have quite a few from regulated industries, which for us is financial services, banking and insurance. So there's a large portion of that. So I think once we see that how it converts, we're going to update you, but we do expect some of them is going to convert and some of the large deals coming from the financial services sector.

我想在大型交易這一塊，我們有相當多來自受監管產業；對我們而言就是金融服務、銀行與保險。所以其中占了很大一部分。因此我想等我們看到它如何轉換之後，我們會再向各位更新；但我們確實預期其中一些會轉換，而且部分大型交易會來自金融服務領域。

Paul Obrecht, Wolfe Research.

Paul Obrecht，Wolfe Research。

Hi, thanks. This is Paul Obrecht on for Darrin Peller. FB, outside of the new large deals emerging in areas such as BPO and agentic managed services, your guide also included some larger deals in your traditional markets. Just curious as the year has progressed how these deals have evolved relative to your initial expectations?

嗨，謝謝。我是 Paul Obrecht，代替 Darrin Peller 提問。FB，除了在 BPO 與代理式（agentic）託管服務等領域出現的新大型交易之外，你們的指引也包含了一些在傳統市場中的較大型交易。我想了解的是，隨著今年進展，這些交易相較於你們最初的預期，演變情況如何？

So we didn't lose them. They are progressing. They are progressing through our pipeline. And some of these deals are actually in the smaller phases started to convert. But I think what's more interesting for us is that even if it's more traditional vendor consolidation, for example, larger deals, they are also triggering other type of deals, which is agentic BPO or let's say legacy mainframe transformation. So we are seeing it that it's progressing, we are not losing them, they are still in the pipeline and we will update you in, I think on the next earnings score, how successful we have been in closing them and converting them.

所以我們沒有失去它們。它們正在推進。它們正在我們的管線中推進。而其中一些交易其實已在較小的階段開始轉換。但我認為對我們更有意思的是，即便是較傳統的供應商整併（vendor consolidation）這類大型交易，它們也會觸發其他類型的交易，例如代理式 BPO，或是所謂的傳統主機（legacy mainframe）轉型。因此我們看到它正在推進，我們沒有失去它們，它們仍在管線中；我們會在我想是下一次財報電話會議時，向各位更新我們在結案與轉換方面的成果。

And Paul, some of the deals were AI-specific and you're clearly seeing wins with those, including the ones that use Epam IP. And then you also have had some vendor consolidation exercises where we've had some wins. And so those would be outside of the Agentic managed services and we've made progress there. But as we pointed out, it's been somewhat uneven with good growth in Europe as we talked about financial services, life science and less so in some of the other verticals and geographies.

另外，Paul，其中一些交易是 AI 專案，你也很清楚我們在這些方面持續拿下案子，包括使用 Epam IP 的那些。此外，你們也有一些供應商整併的專案，我們在其中也取得了一些勝利。因此這些會是在代理式託管服務之外的部分，而我們在那裡也有進展。但如同我們指出的，整體表現有些不均衡：歐洲有不錯的成長，正如我們談到的金融服務、生命科學；而在其他一些垂直產業與地理區域則相對較弱。

Right, that makes sense, that's helpful color. And then just as a follow-up, FB, can you provide a bit more detail on the path forward to develop full-stack Agentic engineers? Just curious how much of that will be coming from internal training versus external hiring? And for the internal, what level of training is really required to get there relative to current talent?

對，這很合理，這些補充很有幫助。接著再追問一下，FB，你能否更詳細說明未來培養全端代理式（Agentic）工程師的路徑？我想了解其中有多少會來自內部訓練、多少會來自外部招募？至於內部培訓，相較於現有人才，要達到那個水準究竟需要多大程度的訓練？

So Forward Depot FDEs are actually part of our sales motion, that's what we are partnering with our AI partners and also with the hyperscalers to actually build this Epam is building it. We're building it from internally, there's a clear deliberate motion to ramp up and it's part of how we go to market and how we sell solutions with our new partners.

所以 Forward Depot 的 FDE 其實是我們銷售推進方式的一部分；也就是我們與 AI 合作夥伴以及超大規模雲端業者（hyperscalers）合作來建立這個能力，而 Epam 正在打造它。我們會從內部建立；有一個清楚且刻意的推進節奏來加速擴充，這也是我們市場進入策略以及與新夥伴一起銷售解決方案的一部分。

We are expecting to build it inside. So we set up a training programs academy around it. This is a big part of our effort in 2026. I think as we updated you on the certifications, what we've done around Anthropic with Google or so what we actually announced around OpenAI, you're clearly going to see that Epam will have the largest concentration of certified engineering software engineering professionals in the industry, and we aim to be the source and the solution for all our partners to solve and get their needs around FDEs sold and not just sold, but we want to be the source and the supplier to work with them and solve their clients' problems using FDEs. So that's kind of what's our aim, and this is what we are pushing for. This is what we are aiming for in 2026.

我們預期會在公司內部建立它。因此我們為此設立了一個訓練計畫／學院。這是我們在 2026 年努力的很大一部分。我想如同我們先前向各位更新的認證進展——我們與 Google 在 Anthropic 方面所做的，以及我們實際上宣布的 OpenAI 相關內容——你會清楚看到 Epam 將在業界擁有最多取得認證的工程與軟體工程專業人才的集中度；我們的目標是成為所有合作夥伴的來源與解決方案，協助他們滿足與 FDE 相關的需求，不只是把 FDE 的案子賣出去，我們也希望成為與他們合作的來源與供應方，透過 FDE 來解決他們客戶的問題。所以這大概就是我們的目標，也是我們正在推動的方向。這就是我們在 2026 年要達成的目標。

There are no more questions at this time. I now would like to turn the call over to Balazs Fejes for closing remarks.

目前沒有更多問題。現在我想把電話交給 Balazs Fejes 做結語。

Thank you very much for joining us in our Q2 earnings calls. Clearly, we have work cut out for us. And on the next earnings call, we're going to update you how we're progressing in transforming our go-to-market notion and also around the big deals, which we will talk about and also what progress we're going to make around transforming Epam to an AI-native engineering services organization. Thank you very much. See you next time.

非常感謝各位參加我們的第二季財報電話會議。很明顯地，我們還有很多工作要做。在下一次財報電話會議上，我們會向各位更新我們在轉型市場進入（go-to-market）理念方面的進展，以及大型交易的進展（我們也會談到），並且說明我們在把 Epam 轉型為 AI 原生（AI-native）的工程服務組織方面將取得哪些進展。非常感謝。下次見。