EPAM Systems, Inc. (EPAM) 2026 Q3 法說會逐字稿

Good day, everyone. My name is Ryan, and I will be your conference operator today. (Operator Instructions) At this time, I would like to welcome you to EPAM's third-quarter earnings release conference call.

各位好。我叫 Ryan，今天將擔任本次電話會議的接線員。（接線員指示）此刻，我謹歡迎各位參加 EPAM 第三季財報發布電話會議。

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

現在，我想把電話會議交給投資人關係主管 Mike Rowshandel。

Good morning, everyone, and thank you for joining us today on our third-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 年第三季財報公告電話會議。如接線員剛才所提到的，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。若尚未閱讀，副本可於 epam.com 的「投資人」專區取得。

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

今天與我一同出席電話會議的有執行長兼總裁 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 申報文件中所述之風險與不確定性影響。此外，所有提及之非 GAAP 報告結果均已與可比的 GAAP 指標進行調節，並可於我們網站「投資人」專區的季度財報資料中查閱。

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

話不多說，現在我把電話會議交給 FB。

Thank you, Mike, and good morning, everyone. It's a pleasure to be with you all again. Today, we are sharing positive progress and results. Our third-quarter came in better than expected, outperforming the high end of our outlook range for revenue, profitability, and earnings per share. In the quarter, the company generated over $185 million in AI-native revenues, once again delivering a sequential double-digit growth rate.

謝謝你，Mike，各位早安。很高興再次與各位相聚。今天我們將分享正向的進展與成果。我們第三季表現優於預期，在營收、獲利能力與每股盈餘方面皆超越我們展望區間的上緣。本季公司創造超過 1.85 億美元的 AI 原生（AI-native）營收，再次實現季對季雙位數成長。

EPAM now expects to generate at least $650 million in AI-native revenues in 2026, an increase from our original target of $600 million. We accomplished all of this while continuing to transform our core business. We are seeing accelerating momentum in the execution of our strategy and are pleased to deliver on many of the commitments we set out earlier this year.

EPAM 現在預期 2026 年 AI 原生營收至少可達 6.5 億美元，高於我們原先 6 億美元的目標。我們在達成上述成果的同時，也持續推動核心業務轉型。我們看到策略執行動能正在加速，並很高興能兌現今年稍早所提出的多項承諾。

On the new big strategic deals, we signed three in the quarter and continue to progress with deals in our pipeline, which continue to grow. With our strategic partnerships, we are ahead of our plan, both from a capability and enablement standpoint as well as in terms of building deal generation motion that put emphasis on hundreds of production deployments that deliver a unique value proposition with each partner.

在新的大型策略性交易方面，我們本季簽下三筆，並持續推進管線中的交易，且管線仍在成長。就策略夥伴關係而言，無論在能力建置與賦能（enablement）層面，或是在建立交易生成機制方面，我們都領先於原先計畫；該機制強調與各夥伴合作推動數百個正式上線（production）部署，並為每位夥伴提供獨特的價值主張。

In October, we launched our new Frontier AI service, and our new Frontier partnership channels are beginning to generate new opportunities. We are the client zero of our own AI transformation and taking what we learned with clients as proof points. We're also making solid progress on our go-to-market transformation with North America as the focus.

10 月，我們推出全新的 Frontier AI 服務，而新的 Frontier 夥伴通路也開始帶來新的機會。我們是自身 AI 轉型的「客戶零號」，並將我們與客戶合作所學到的經驗作為佐證案例。我們也在市場進入（go-to-market）轉型方面取得扎實進展，並以北美為重點。

And finally, our full year outlook now sits at or just above the midpoint of the range we set out in August. And as part of our commitment to return value to shareholders, today, we are announcing our long-term capital allocation framework. The framework aims to return at least half of our free cash flow to shareholders over the next three years and includes a new repurchase program, starting with an accelerated share repurchase. Jason will walk through the details a bit later.

最後，我們對全年展望目前落在或略高於我們 8 月所設定區間的中點。作為回饋股東價值承諾的一部分，我們今天宣布長期資本配置框架。該框架目標是在未來三年將至少一半的自由現金流回饋給股東，並包含一項新的庫藏股回購計畫，將以加速股份回購（ASR）作為起始。Jason 稍後將進一步說明細節。

Now let's turn to some quick Q3 highlights. Revenue grew 2.3% year-over-year on a reported basis with organic constant currency growth of 2.5% above the high end of our outlook range. Profitability led by the gross margin improved again, and adjusted earnings per share remained strong. Growth was led by financial services, our largest vertical, as well as life sciences and healthcare, which both delivered solid year-over-year growth. We're also seeing strength in our energy subvertical within our emerging vertical.

現在讓我們快速回顧第三季重點。以報告口徑計算，營收年增 2.3%；以有機固定匯率口徑計算，成長 2.5%，高於我們展望區間的上緣。獲利能力在毛利率帶動下再度改善，調整後每股盈餘維持強勁。成長主要由金融服務（我們最大的垂直產業）帶動，生命科學與醫療保健也都實現穩健的年增成長。我們也看到新興垂直產業中的能源次垂直領域展現強勢。

Across geographies, EMEA remained our growth leader, up middle single digits. Americas was roughly flat year-over-year and grew sequentially for the second-quarter in a row. Our diversified delivery capacity is growing to meet current and anticipated demand. Delivery professionals grew by nearly 700 in the quarter to more than 57,000, up 2.2% year-over-year after a roughly flat first half.

就地區而言，EMEA 仍是成長領先者，成長約為中個位數。美洲地區年對年大致持平，且連續第二季呈現季對季成長。我們多元化的交付產能正在擴張，以滿足目前與預期的需求。本季交付專業人員增加近 700 人，總數超過 57,000 人；在上半年大致持平後，年增 2.2%。

We will continue to hire for demand we see, and we expect net delivery headcount to grow faster in the fourth-quarter. On the demand environment, overall client sentiment and spending are stable to modestly better compared to last quarter, while the broad macroeconomic environment continues to experience volatility.

我們將持續依據所見需求進行招募，並預期第四季交付人力淨增將更快。就需求環境而言，整體客戶情緒與支出相較上季持平至略有改善，但整體宏觀經濟環境仍持續波動。

Despite the volatility, we believe that demand for our services will remain resilient over the long term, particularly related to our client propensity to spend on AI and technology transformation services. We are seeing stable budgets for the remainder of 2026 with some potential for further unlocking of scaled AI programs going into next year.

儘管波動存在，我們相信長期而言對我們服務的需求仍將具韌性，特別是與客戶在 AI 與科技轉型服務上的支出傾向相關。我們看到 2026 年剩餘期間的預算維持穩定，並且在進入明年時，規模化 AI 計畫仍有進一步解鎖的潛力。

To help them with their most complex technology programs, clients continue to turn to EPAM for our advanced AI and engineering capabilities. AI transformation is a business transformation, and nearly every client conversation today reflects the complexity of both business and technology challenges. Programs are moving up the value ladder from using AI as a workforce-enabling technology to scaling across systems to automating and identifying full processes.

為協助客戶推動最複雜的科技計畫，客戶持續倚重 EPAM 的先進 AI 與工程能力。AI 轉型就是商業轉型，而如今幾乎每一場客戶對話都反映出商業與技術挑戰的複雜性。各項計畫正沿著價值階梯向上移動：從將 AI 作為提升人力效能的技術，進一步擴展到跨系統規模化，再到自動化並識別完整流程。

And beyond that, the frontier use cases that drive new types of businesses. This is where clients are asking for our help and relying on EPAM to bridge the full maturity life cycle and value chain. Looking across our AI-native capabilities, notable revenue growth drivers include FDE-led platform engagements and global traction brought by our AI execution scaffolding and operating framework.

更進一步，是能驅動新型態業務的前沿（frontier）應用情境。這正是客戶向我們尋求協助之處，並仰賴 EPAM 來銜接完整的成熟度生命週期與價值鏈。綜觀我們的 AI 原生能力，值得注意的營收成長驅動因素包括由 FDE 主導的平台專案，以及我們的 AI 執行支架（scaffolding）與營運框架所帶來的全球牽引力。

We are also seeing significant acceleration in AI-native cyber resilience, which is driving both pure AI-native revenue as well as downstream core remediation work. Our focus going into the end of the year and looking forward into 2027 is to continue building our momentum in capturing AI-native demand by expanding our core services offering as AI fully transforms and accelerates our ability to drive key service lines in cloud, modernization, data, and managed services.

我們也看到 AI 原生的資安韌性（cyber resilience）顯著加速，這不僅帶動純 AI 原生營收，也推動後續的核心修復（remediation）工作。我們在年底前以及展望 2027 年的重點，是持續擴大動能，透過擴展核心服務供給來掌握 AI 原生需求；隨著 AI 全面轉型並加速我們在雲端、現代化、資料與託管服務等關鍵服務線的推進能力。

Let me share a few client examples to help illustrate how AI and core services are combining to create client value. First, for a leading route management firm, decades of business logic was buried in millions of lines of COBOL code. At risk was veteran specialists near retirement. EPAM used its MFLens platform, part of our EPAM AI/Run tools to reverse engineer expert business rules, dependencies, and lineage, cutting analysis effort by 60% and discovery costs by 80%.

我分享幾個客戶案例，說明 AI 與核心服務如何結合以創造客戶價值。首先，對一家領先的路線管理公司而言，數十年的業務邏輯深藏於數百萬行 COBOL 程式碼之中。面臨風險的是接近退休的資深專家。EPAM 使用其 MFLens 平台（屬於我們 EPAM AI/Run 工具的一部分）來逆向工程專家級業務規則、相依關係與譜系（lineage），將分析工作量降低 60%，並將探索成本降低 80%。

The client was able to move into modernization with greater confidence and less uncertainty compared to when it started. Next, for a US-based medical center specializing in complex bleeding and clotting disorders, EPAM designed and built a modular suite of AI custom applications, all embedded within the center's existing EMR.

相較於專案起始時，客戶得以在更有信心、較少不確定性的情況下推進現代化。接著，針對一家位於美國、專精於複雜出血與凝血障礙的醫療中心，EPAM 設計並建置一套模組化的 AI 客製化應用組合，且全部嵌入該中心既有的 EMR 系統中。

The approach prioritizes seamless integration, so clinicians gain new capabilities inside the tools they already use every day. The solution is driving $1 million in projected cost savings from digital forms and assessments while providing a scalable foundation for continued AI expansion. Next, Storio Group, a European leader in personalized photo products, wanted to unlock revenue growth by rethinking how the marquee product gets built and maintained.

此方法優先確保無縫整合，使臨床人員能在每天已使用的工具內獲得新能力。該解決方案可望透過數位表單與評估帶來 100 萬美元的預估成本節省，同時提供可擴展的基礎，以支援持續擴大 AI 應用。接下來，歐洲個人化照片產品領導者 Storio Group 希望透過重新思考旗艦產品的建置與維護方式來釋放營收成長。

The company partnered with EPAM to build a strategic agentic AI workflow using Claude. In weeks, the team made the code legible, safe, and predictable to maintain. The cost savings were 10 times, a fraction of the cost of a conventional rebuild with a clear path to innovation. And last, for a medical technology and healthcare services company, we reduced the total cost of ownership by 20% with zero downtime on AWS.

該公司與 EPAM 合作，使用 Claude 建置具策略性的代理式（agentic）AI 工作流程。在數週內，團隊讓程式碼變得可讀、安全且可預期，便於維護。成本節省達 10 倍，僅為傳統重建成本的一小部分，且具備清晰的創新路徑。最後，針對一家醫療科技與醫療保健服務公司，我們在 AWS 上以零停機將總持有成本（TCO）降低 20%。

As an AWS Premier Tier Services Partner, EPAM was selected for its deep engineering and cloud innovation capabilities. Through our structured methodology, we helped the client migrate from Oracle to AWS, replace licensed infrastructure with AWS native services, modernize the operational layer, and build a scalable foundation without reintroducing unnecessary costs or complexity. And now the update I promised on our new big strategic deals. We continue to put emphasis on large transformational deal generation.

作為 AWS Premier Tier 服務合作夥伴，EPAM 因其深厚的工程實力與雲端創新能力而獲選。透過我們結構化的方法論，我們協助客戶從 Oracle 遷移至 AWS，以 AWS 原生服務取代授權式基礎設施，現代化營運層，並在不重新引入不必要成本或複雜度的情況下，建立可擴展的基礎。接著更新我先前承諾的最新大型策略性交易進展。我們持續強調大型轉型交易的開發。

These deals are a combination of both our current clients looking to accelerate value through scaled AI as well as new logos who see EPAM as a strategic entrant into their Tier 1 partner portfolio, specifically to enable AI transformation at scale. All the big deals are large multiyear strategic programs. The majority are incremental expansion of our footprint within existing client portfolios, specifically within agentic managed services and application maintenance.

這些交易結合了現有客戶希望透過規模化 AI 加速價值實現，以及將 EPAM 視為其第一級（Tier 1）合作夥伴組合中策略性新進者的新客戶（新標誌），特別是為了在規模上推動 AI 轉型。所有大型交易皆為多年期的大型策略性計畫。其中多數為在既有客戶組合內擴大我們的服務版圖，特別是在代理式託管服務與應用程式維護領域。

The new logos are opportunities to come in as a challenger to take out established legacy programs. I'm happy to report that three of these deals have been signed so far, and we are progressing on the remaining deals and expect to provide a further update during our Q4 earnings call. These three closed deals sit within financial services and energy, and we expect them to begin ramping in 2027.

新標誌客戶代表我們以挑戰者身分切入、取代既有傳統遺留計畫的機會。很高興報告，目前已有三筆交易完成簽署；其餘交易也在推進中，並預期在第四季財報電話會議提供進一步更新。這三筆已結案交易位於金融服務與能源領域，我們預期將於 2027 年開始放量成長。

Now turning to a second pillar of our strategy, strategic partnerships. Our list of partners is growing to include not only cloud and data providers, but also the frontier companies who are driving a significant number of opportunities into the top of our funnel. In terms of FDE capability building and domain-specific playbooks and certifications.

接著談到我們策略的第二支柱：策略夥伴關係。我們的合作夥伴名單持續擴大，除雲端與資料供應商外，也納入推動大量商機進入我們漏斗頂端的前沿公司。在 FDE 能力建置、以及特定產業領域的作戰手冊（playbooks）與認證方面亦是如此。

I'm pleased to report that we are on our way to meeting our stated year-end goals, so far earning more than 25,000 certifications in just six months across Anthropic, OpenAI, Google Gemini Enterprise, and Microsoft. With Anthropic, we have certified more than 8,300 Claude architects against our year-end target of 10,000. With OpenAI, we have certified more than 5,800 forward-deployed engineers within months of announcing the partnerships, and we are on pace for our first-year commitment of 10,000.

我很高興報告，我們正朝著達成先前宣示的年底目標邁進：截至目前，僅用六個月就在 Anthropic、OpenAI、Google Gemini Enterprise 與 Microsoft 等平台累計取得超過 25,000 張認證。在 Anthropic 方面，我們已認證超過 8,300 名 Claude 架構師，朝年底 10,000 名的目標前進。在 OpenAI 方面，我們在宣布合作夥伴關係後的數月內，已認證超過 5,800 名前線部署工程師（FDE），並正按進度達成首年承諾的 10,000 名。

With Google Gemini Enterprise, we have certified more than 8,700 under the Gemini Certified Partner Specialist program against our target of 10,000 by the end of the year. With Microsoft, more than 2,800 of our engineers have earned their frontier certification, one of the most demanding in the program. And with AWS, we are working on evolving our FDE propositions with our current team of more than 1,100 certified AI practitioners and professionals.

在 Google Gemini Enterprise 方面，我們在 Gemini 認證合作夥伴專家（Gemini Certified Partner Specialist）計畫下已認證超過 8,700 人，朝年底 10,000 人的目標邁進。在 Microsoft 方面，我們有超過 2,800 名工程師取得其前沿認證，這是該計畫中要求最嚴格的認證之一。而在 AWS 方面，我們正與目前超過 1,100 名已認證 AI 實務者與專業人士的團隊合作，持續演進我們的 FDE 方案主張。

As our partnership with frontier companies develop and mature, we are building focused GTM motions to include both vertical use cases and domains as well as horizontal specializations in high-growth areas like cybersecurity and cyber resilience. To date, there are more than 200 of these opportunities across the cohort of AI-native partners, and we will be sharing more public case studies as we scale production deployments.

隨著我們與前沿公司的合作關係發展並日益成熟，我們正在建立聚焦的上市（GTM）推進機制，涵蓋垂直產業使用案例與領域，同時也在資安與網路韌性等高成長領域打造水平化專長。截至目前，在 AI 原生合作夥伴群中已有超過 200 個此類商機；隨著我們擴大量產部署，我們也將分享更多公開案例研究。

With all of these new partners and new capabilities, EPAM is committed to being client zero, bringing more innovation, commercial and delivery models, and benchmarks together with the power of rising capabilities across the full enterprise landscape. Which brings me to our new Frontier AI service. A few weeks ago, we rolled out our new Frontier AI service, which helps our enterprise clients and frontier labs accelerate value creation from applied AI, spanning high-fidelity data generation, evaluation, reinforcement learning, and benchmarking.

在這些新夥伴與新能力的加持下，EPAM 承諾成為「客戶零號」（client zero），把更多創新、商業與交付模式，以及基準（benchmarks）整合起來，並結合全企業版圖中不斷提升的能力。這也引出我們全新的 Frontier AI 服務。幾週前，我們推出了新的 Frontier AI 服務，協助企業客戶與前沿實驗室加速從應用型 AI 創造價值，涵蓋高擬真資料生成、評估、強化學習與基準測試。

The same data muscle EPAM is building for frontier labs is exactly what enterprises will need as they refine their own AI systems, turning proprietary workflows and domain expertise into evaluations, environments, and feedback loops that measurably improve agent performance on the tasks that matter to their business. More to come on this in the future quarters as we build out our team and start to drive deal flow.

EPAM 為前沿實驗室打造的同一套資料能力，正是企業在精進自身 AI 系統時所需要的：將專有工作流程與領域專業轉化為可衡量地提升代理在關鍵業務任務上表現的評估、環境與回饋迴路。隨著我們擴編團隊並開始推動交易流量，未來幾個季度將有更多進展可分享。

A note on cyber, which is busy making headlines. As AI becomes prevalent, we are seeing accelerating cyber threats across a broader attack surface than ever before. It is both helping to create attack capabilities as well as assisting the cyber defense measures. Our AI-native cyber resilience offering was launched earlier this year, and we are seeing significant demand for AI-native cybersecurity advisory, assessment, architecture, and remediation.

補充一點關於資安：這個領域近期頻上新聞頭條。隨著 AI 日益普及，我們看到在比以往更廣的攻擊面上，網路威脅正加速升高。AI 一方面協助形成攻擊能力，另一方面也在強化資安防禦措施。我們的 AI 原生網路韌性產品於今年稍早推出，目前對 AI 原生資安諮詢、評估、架構設計與修復的需求顯著增加。

We are building our cyber capabilities in partnership with strategic partners and frontiers. In August, we announced our partnership with Wiz to help enterprises reduce cloud risk and strengthen cyber resilience through the use of agentic security postures. Now shifting to a progress update on our operational transformation. Here is what we see so far.

我們正與策略夥伴及前沿公司合作，建置資安能力。8 月，我們宣布與 Wiz 建立合作夥伴關係，透過採用代理式安全態勢，協助企業降低雲端風險並強化網路韌性。接著轉向我們營運轉型的進度更新。以下是我們目前觀察到的情況。

Revenue in the Americas, our largest reported region, which includes North America, was roughly flat year-over-year and grew sequentially for the second-quarter in a row. We are not calling that turn yet. We expect to take the next several quarters to go beyond implemented investments and changes into demonstrated results.

美洲地區（我們最大且對外揭露的區域，包含北美）營收年增大致持平，且已連續第二季呈現季增。我們尚未宣告已出現明確轉折。我們預期接下來數個季度，將從已落地的投資與變革，進一步走向可被驗證的成果。

In North America, we continue to see some drivers of slower growth from last quarter, including year-over-year declines in several software and high-tech clients and some drag across the consumer goods, retail, and travel vertical where impacts of persistent global inflation and selective consumer spending have brought more focus on operational efficiency.

在北美，我們仍看到一些導致成長較上季放緩的因素，包括多家軟體與高科技客戶的年減，以及在消費品、零售與旅遊等垂直領域的拖累；持續的全球通膨與選擇性消費支出，使企業更聚焦於營運效率。

That said, the global transformation of our go-to-market motion is well underway with the global and regional programs executing on the commitments to build enhanced sales, marketing, and commercial motions. With North America our focus, it's already evident in how we show up at the industry trade shows and client events.

儘管如此，我們的全球上市（GTM）模式轉型已全面展開，全球與區域計畫正依承諾推進，以建立更強化的銷售、行銷與商務推進機制。以北美為重點，我們在產業展會與客戶活動中的呈現方式已明顯反映出這些變化。

Going into the end of the year, we are seeing increasing traction broadly and across our horizontals and verticals, including new logo revenue in the region. And since we spoke last, EPAM has received several key recognitions. Gartner named EPAM a Leader in the Magic Quadrant for Custom Software Development Services for the fourth consecutive year.

展望年底，我們看到整體動能持續提升，橫向與縱向領域皆有進展，包含該區域的新標誌營收。此外，自上次通話以來，EPAM 也獲得數項重要肯定。Gartner 連續第四年將 EPAM 評為「客製化軟體開發服務」魔力象限（Magic Quadrant）的領導者（Leader）。

IDC MarketScape named EPAM a Leader in multiple assessments, including Life Sciences R&D Lab of the Future Technology Solutions and Consulting Services for the second consecutive assessment, Worldwide AI-Driven Professional Services for Oil and Gas Companies in its inaugural assessment, and Adobe AI-Enabled Professional Services.

IDC MarketScape 在多項評估中將 EPAM 評為領導者（Leader），包括連續第二次評估的「生命科學研發未來實驗室技術解決方案與顧問服務」、首次評估的「全球面向油氣公司的 AI 驅動專業服務」，以及「Adobe AI 賦能專業服務」。

IDC MarketScape also named EPAM a Major Player in its 2026 Worldwide Cloud Professional Services in the AI Era Vendor Assessment. Whitelane Research 2026 IT Sourcing Study ranked EPAM number 1 for satisfaction and delivery in Switzerland, and EPAM NEORIS number one in Spain for using AI technology and tools to improve client services.

IDC MarketScape 亦在其《2026 年 AI 時代全球雲端專業服務供應商評估》中，將 EPAM 評為主要參與者（Major Player）。Whitelane Research《2026 年 IT 外包研究》在瑞士將 EPAM 的滿意度與交付表現排名第 1；而 EPAM NEORIS 在西班牙則因運用 AI 技術與工具提升客戶服務而排名第 1。

Forbes named EPAM a Most Trusted and the World's Best Employer for Tech, and Fast Company named EPAM a Best Workplace for Innovators. These recognitions reflect the work of our global teams and their commitment to delivering results for our clients. In summary, we are pleased with our third-quarter results. We outperformed the high end of our outlook range, continued growing our pure AI-native revenues, turned our partnerships into certified capacity, signed the first set of our large AI-led opportunities, and saw early evidence that our work in North America is moving from plans to delivery. Our conviction in our long-term strategy, the team, and the commercial transformation continues to build.

Forbes 將 EPAM 評為「最值得信賴」以及「科技領域全球最佳雇主」，Fast Company 則將 EPAM 評為「創新者最佳職場」。這些肯定反映了我們全球團隊的努力，以及他們為客戶交付成果的承諾。總結而言，我們對第三季業績表現感到滿意。我們超越了展望區間的高端，持續成長我們純 AI 原生營收，將合作夥伴關係轉化為可認證的產能，簽下首批由 AI 驅動的大型商機，並看到北美的工作正從計畫走向交付的早期跡象。我們對長期策略、團隊與商務轉型的信心持續增強。

Lastly, I want to thank all EPAMers for their commitment this quarter and all of you for continued trust and support. Jason, over to you.

最後，我要感謝所有 EPAM 同仁在本季的投入與承諾，也感謝各位持續的信任與支持。Jason，交給你。

Thank you, FB, and good morning, everyone. In Q3, we delivered strong quarterly results, outperforming the high end of our guidance range for revenue growth, profitability, and EPS. Revenue was $1.426 billion, delivering year-over-year growth of 2.3%. On an organic constant currency basis, revenue grew 2.5%. Both GAAP and non-GAAP gross margin improved year-over-year and exceeded our expectations for the quarter.

謝謝你，FB，各位早安。在第三季，我們交出強勁的單季成果，在營收成長、獲利能力與每股盈餘（EPS）方面皆優於我們指引區間的上緣。營收為 14.26 億美元，年增 2.3%。以有機、固定匯率基礎計算，營收成長 2.5%。GAAP 與非 GAAP 的毛利率皆較去年同期提升，並且超出我們對本季的預期。

With solid revenue growth and improved year-over-year profitability, GAAP income from operations grew by 21.4%, and non-GAAP income from operations grew by 7%. GAAP diluted EPS grew by 32.5%, and non-GAAP diluted EPS grew by 14%. Our AI-native offerings continue to gain traction and contribute to year-over-year growth. AI-native revenues were more than $185 million in the quarter, approximately 13% of total revenues, up from approximately 11% last quarter.

在穩健的營收成長與年對年獲利能力改善的帶動下，GAAP 營業利益年增 21.4%，非 GAAP 營業利益年增 7%。GAAP 稀釋 EPS 年增 32.5%，非 GAAP 稀釋 EPS 年增 14%。我們的 AI 原生（AI-native）產品與服務持續獲得市場動能，並對年對年成長做出貢獻。本季 AI 原生營收超過 1.85 億美元，約占總營收 13%，高於上季約 11%。

Before further discussion of company financial performance, I want to first provide an update on EPAM's capital allocation strategy. As we've communicated in the past, EPAM's capital allocation strategy prioritizes investments that enable sustainable growth. First and foremost, we will continue to make investments in capabilities, partnerships, and go-to-market motions that support our organic growth momentum, while also making limited tuck-in acquisitions to enhance our in-market domain expertise and create beachheads to facilitate entry into new markets.

在進一步討論公司財務表現之前，我想先更新 EPAM 的資本配置策略。如同我們過去所溝通的，EPAM 的資本配置策略優先投資於能夠支持永續成長的項目。首要之務，我們將持續投資於能力建置、合作夥伴關係與市場推進（go-to-market）策略，以支撐我們的有機成長動能；同時也會進行有限的補強型（tuck-in）併購，以強化我們在既有市場的產業領域專業，並建立灘頭堡以促進進入新市場。

While we make these investments, we also intend to increase the relative level of capital return to shareholders. Since 2023, EPAM's Board has authorized three repurchase programs. And since the initiation of the company's first share repurchase program, EPAM has returned approximately $1.7 billion to shareholders.

在進行上述投資的同時，我們也打算提高相對回饋股東的資本比例。自 2023 年以來，EPAM 董事會已核准三項庫藏股回購計畫。自公司啟動第一項股票回購計畫以來，EPAM 已向股東回饋約 17 億美元。

Today, we are making several announcements that together bolster the company's commitment to capital return. First, we plan to enter into a $500 million accelerated share repurchase agreement next week. Second, we are committing to returning at least 50% of free cash flow to shareholders annually over each of the next three years, 2027, 2028, and 2029. In support of these commitments, EPAM's Board has approved an increased share repurchase authorization of $1.8 billion through December 31, 2029. This authorization replaces the 2025 program and adds an incremental $1.5 billion of capacity.

今天，我們將宣布數項措施，合計將進一步強化公司對資本回饋的承諾。第一，我們計畫於下週簽訂 5 億美元的加速股票回購（ASR）協議。第二，我們承諾在未來三年（2027、2028 與 2029 年）每年將至少 50% 的自由現金流回饋給股東。為支持上述承諾，EPAM 董事會已核准將股票回購授權提高至 18 億美元，期限至 2029 年 12 月 31 日。此授權將取代 2025 年計畫，並新增 15 億美元的額外回購額度。

Our approach to repurchases will continue to be disciplined and dynamic, making necessary adjustments based on the price of the shares relative to the long-term value of the business. Let me now discuss EPAM's Q3 results. Moving to our Q3 verticals. Performance was mixed, and growth was led by financial services and life sciences and healthcare. Financial services grew 13.7% year-over-year, driven by insurance and asset management clients.

我們的回購方式將持續保持紀律並具彈性，並會依據股價相對於公司長期價值的水準進行必要調整。接下來我將說明 EPAM 的第三季業績。先看第三季各垂直產業。整體表現好壞參半，成長主要由金融服務以及生命科學與醫療保健帶動。金融服務年增 13.7%，主要由保險與資產管理客戶帶動。

Life sciences and healthcare increased 9.9% on a year-over-year basis, driven primarily by clients in life sciences and MedTech. Consumer goods, retail, and travel declined 2.5% year-over-year as several consumer goods companies became more cautious about spending due to the more challenging macroeconomic environment.

生命科學與醫療保健年增 9.9%，主要由生命科學與醫療科技（MedTech）客戶帶動。消費品、零售與旅遊年減 2.5%，因為在更具挑戰的總體經濟環境下，多家消費品公司對支出轉趨審慎。

Software and hi-tech declined 6.1% year-over-year due to lower spend from certain technology clients as discussed last quarter. Business information and media decreased 5.5% year-over-year, primarily driven by information services. Emerging verticals delivered a year-over-year decline of 0.5% with lower revenues from clients in materials, telecommunications, and real estate, partially offset by ongoing strength in the energy sector.

軟體與高科技年減 6.1%，原因是如同上季所提及，部分科技客戶支出降低。商業資訊與媒體年減 5.5%，主要由資訊服務業務所致。新興垂直產業年對年下滑 0.5%，材料、電信與不動產客戶營收較低，但能源產業持續強勁，部分抵銷了下滑。

From a geographic perspective, Americas, our largest region, representing 57% of our Q3 revenues, increased 0.2% year-over-year with strong growth in financial services, life sciences and healthcare, and energy, offset by a slowdown in consumer goods, retail, and travel and declines in the software and hi-tech and business information and media verticals. EMEA, comprising 41% of our Q3 revenues, increased 5.8% year-over-year despite FX headwinds with strong growth in financial services as well as contributions from life sciences and healthcare and energy.

從地理區域來看，美洲是我們最大的區域，占第三季營收 57%，年增 0.2%；金融服務、生命科學與醫療保健以及能源的強勁成長，被消費品、零售與旅遊放緩，以及軟體與高科技、商業資訊與媒體等垂直產業的下滑所抵銷。EMEA 占第三季營收 41%，儘管面臨匯率逆風，仍年增 5.8%；成長主要來自金融服務的強勁表現，並有生命科學與醫療保健及能源的貢獻。

Finally, APAC, making up 2% of our revenues, declined 4% year-over-year. In Q3, revenues from our top 20 clients grew 0.8% year-over-year, while revenues from clients outside our top 20 increased by 3.0%. Moving down the income statement. Our GAAP gross margin for the quarter was 31.3% compared to 29.5% in Q3 of last year.

最後，APAC 占我們營收 2%，年減 4%。第三季，我們前 20 大客戶的營收年增 0.8%，而前 20 大以外客戶的營收年增 3.0%。接著往下看損益表。本季 GAAP 毛利率為 31.3%，去年第三季為 29.5%。

Non-GAAP gross margin for the quarter was 32.8% compared to 31% for the same period a year ago, demonstrating our ability to improve profitability while growing our AI-native revenues. GAAP SG&A was 16.7% of revenue compared to 16.8% in Q3 of last year. Non-GAAP SG&A in Q3 2026 came in at 15% of revenue compared to 14.1% in the same period last year.

本季非 GAAP 毛利率為 32.8%，去年同期為 31%，顯示我們在擴大 AI 原生營收的同時，仍具備提升獲利能力的能力。GAAP 銷售、一般及管理費用（SG&A）占營收比重為 16.7%，去年第三季為 16.8%。2026 年第三季非 GAAP SG&A 占營收比重為 15%，去年同期為 14.1%。

The increase in non-GAAP SG&A reflects incremental investments in our go-to-market motions and AI capabilities. GAAP income from operations was $176 million or 12.3% of revenue compared to $145 million or 10.4% of revenue in Q3 of last year and grew by 21.4% year-over-year. Non-GAAP income from operations was $238 million or 16.7% of revenue compared to $223 million or 16% of revenue in Q3 of the previous year and grew 7% year-over-year.

非 GAAP SG&A 的增加反映我們在市場推進（go-to-market）策略與 AI 能力上的增量投資。GAAP 營業利益為 1.76 億美元，占營收 12.3%；去年第三季為 1.45 億美元，占營收 10.4%，年增 21.4%。非 GAAP 營業利益為 2.38 億美元，占營收 16.7%；去年第三季為 2.23 億美元，占營收 16%，年增 7%。

Our GAAP effective tax rate, which includes a higher level of tax shortfalls related to stock-based compensation, came in at 26.1%, and our non-GAAP effective tax rate was 24.7%. Diluted earnings per share on a GAAP basis was $2.53 compared to $1.91 in Q3 of last year, a $0.62 increase year-over-year, reflecting growth of 32.5%. Our non-GAAP diluted EPS was $3.51 compared to $3.08 in Q3 of last year, a $0.43 increase year-over-year, reflecting growth of 14%.

我們的 GAAP 有效稅率（包含與股票基礎薪酬相關、較高水準的稅務不足額）為 26.1%，非 GAAP 有效稅率為 24.7%。GAAP 基礎的稀釋每股盈餘為 2.53 美元，去年第三季為 1.91 美元，年對年增加 0.62 美元，成長 32.5%。非 GAAP 稀釋 EPS 為 3.51 美元，去年第三季為 3.08 美元，年對年增加 0.43 美元，成長 14%。

In Q3, there were approximately 51.5 million diluted shares outstanding. Turning to our cash flow and balance sheet. Cash flow from operations for Q3 was $289 million compared to $295 million in the same quarter of 2025. Free cash flow was $274 million compared to free cash flow of $286 million in the same quarter last year. Cash and cash equivalents were $965 million as of the end of the quarter.

第三季稀釋後流通在外股數約為 5,150 萬股。接著看現金流與資產負債表。第三季營運活動現金流為 2.89 億美元，2025 年同季為 2.95 億美元。自由現金流為 2.74 億美元，去年同季自由現金流為 2.86 億美元。截至季末，現金及約當現金為 9.65 億美元。

At the end of Q3, DSO was 78 days and compares to 82 days for Q2 2026 and 75 days for the same quarter last year. Share repurchases in the third-quarter were approximately 700,000 shares for $80 million at an average price of $113.06 per share. Moving on to operational metrics. We ended Q3 with more than 57,350 delivery professionals, reflecting total growth of 2.2% compared to Q3 2025 and a net increase of 700 people sequentially. Our total headcount at quarter end was approximately 63,650 employees.

第三季末，應收帳款週轉天數（DSO）為 78 天，對比 2026 年第二季的 82 天，以及去年同季的 75 天。第三季股票回購約 70 萬股，金額 8,000 萬美元，平均每股價格 113.06 美元。接著看營運指標。第三季末我們擁有超過 57,350 名交付專業人員（delivery professionals），相較 2025 年第三季總體成長 2.2%，且較前一季淨增加 700 人。季末員工總數約為 63,650 人。

Utilization was 76.5%, unchanged from Q3 of last year compared to 78.3% in Q2 of 2026. Now let's turn to guidance. Before moving to the specifics of our 2026 and Q4 outlook, I would like to provide some thoughts to help frame our guidance. We're pleased with the third-quarter performance, which included solid revenue growth and profitability improvement, which exceeded our expectations.

利用率為 76.5%，與去年第三季持平，相較於 2026 年第二季的 78.3%。現在我們來談指引。在進入 2026 年與第四季展望的細節之前，我想先分享一些想法，協助大家理解我們的指引框架。我們對第三季表現感到滿意，其中包含穩健的營收成長與獲利能力改善，且優於我們的預期。

As FB mentioned, the company won three large multiyear client engagements and delivered ongoing growth in AI-native revenues. EPAM now expects to deliver at least $650 million in AI-native revenues in the year, an increase from our earlier guidance of $600 million. We also began to see some benefit from our go-to-market investments with improving new customer revenue in the quarter.

如 FB 所提到，公司贏得三項大型多年期客戶合作案，並持續推動 AI 原生營收成長。EPAM 現在預期今年 AI 原生營收至少可達 6.5 億美元，高於先前指引的 6 億美元。我們也開始看到市場拓展（go-to-market）投資帶來一些效益，本季新客戶營收有所改善。

With regards to Q4 reported revenue guidance, we currently expect FX to have a negative $11 million impact on sequential growth in the quarter. Excluding the impact of the strengthening US dollar, which is creating FX headwinds, Q4 is shaping up as expected. We are encouraged by ongoing strength in demand in EMEA and in our financial services and life sciences and healthcare verticals.

就第四季報告營收指引而言，我們目前預期匯率（FX）將對本季的季增造成 1,100 萬美元的負面影響。排除美元走強所造成的匯率逆風影響後，第四季的走勢符合預期。我們對 EMEA 地區，以及金融服務與生命科學及醫療保健垂直領域需求持續強勁感到鼓舞。

Additionally, we are seeing stabilization in our Ibero-American business. Although we're beginning to see some improvement in pockets of demand in the North American region, our North American business is expected to continue to underperform in Q4. For the full year, the company expects to deliver organic constant currency revenue growth of 2.5% to 2.7% at or just above the midpoint of the most recent guidance range. As in past years, we expect strong free cash flows in Q4 with our free cash flow conversion rate forecasted to be above 100%.

此外，我們也看到伊比羅美洲業務趨於穩定。雖然我們開始在北美地區的部分需求面看到一些改善，但預期北美業務在第四季仍將持續表現落後。就全年而言，公司預期有機固定匯率營收成長為 2.5% 至 2.7%，位於或略高於最近一次指引區間的中點。如同過往年度，我們預期第四季自由現金流強勁，自由現金流轉換率預估將高於 100%。

As usual, our guidance assumes we can continue to deliver from our Ukraine delivery centers at productivity levels similar to those achieved in 2025. Now turning to 2027. EPAM will provide detailed guidance for its 2027 year in February of 2027 during its Q4 2026 earnings call. However, at this time, I want to provide some current thinking about the 2027 year.

一如往常，我們的指引假設我們能持續由烏克蘭交付中心提供服務，且生產力水準與 2025 年相近。接著談 2027 年。EPAM 將於 2027 年 2 月、在 2026 年第四季財報電話會議中，提供 2027 年度的詳細指引。不過在此刻，我想先分享一些我們對 2027 年的初步看法。

With regards to revenue and despite ongoing volatility, we are encouraged by the sequential growth of EPAM's AI-native revenues as well as the expected future impacts of large multiyear deals we have already won and those we expect to win in coming months. Those deals that we recently won will ramp in the first half of 2027, contributing to revenues in Q1 with greater contributions in Q2.

就營收而言，儘管波動仍在，我們對 EPAM 的 AI 原生營收逐季成長感到鼓舞；同時，我們也看好已贏得的大型多年期合約，以及未來幾個月預期將贏得的合約所帶來的後續影響。我們近期贏得的這些合約將在 2027 年上半年逐步放量，第一季開始貢獻營收，第二季貢獻將更為顯著。

As we exit the 2026 year, we are adding headcount to meet future demand, including demand related to these large deal wins. With regards to profitability in 2027, we are currently expecting to operate in the 15% to 16% range for non-GAAP income from operations. As we have discussed throughout 2026, we will continue to invest in our AI capabilities and make incremental investments in go-to-market motions.

在 2026 年結束之際，我們正增加人力以滿足未來需求，包括與這些大型合約得標相關的需求。就 2027 年獲利能力而言，我們目前預期非 GAAP 營業利益率將落在 15% 至 16% 區間。如同我們在 2026 年多次討論的，我們將持續投資 AI 能力，並在市場拓展動能（go-to-market motions）上進行增量投資。

For 2027, we are also expecting a lower level of benefit from the Poland R&D tax incentive program. Over the last three years, we've seen ongoing P&L benefit related to this program, which is booked as a reduction to cost of revenue. In 2027 and future years, we are expecting to derive ongoing P&L benefits from this program at reduced levels.

對於 2027 年，我們也預期波蘭研發（R&D）稅務優惠計畫帶來的受益程度將降低。過去三年，我們持續看到該計畫對損益表（P&L）的正面效益，並以降低營收成本的方式入帳。在 2027 年及往後年度，我們預期仍可從該計畫取得持續的損益表效益，但水準將較以往降低。

We are focused on actions that will improve gross margin in the future. However, due to the impact of the reduced R&D benefit and expected normalization in variable compensation expense, we are not expecting a further increase in gross margin in the coming year, and we may operate at modestly lower levels of gross margin in 2027. Now moving on to our 2026 full year outlook.

我們正專注於能在未來改善毛利率的行動。然而，由於研發優惠受益降低的影響，以及變動薪酬費用預期回歸常態，我們預期來年毛利率不會再進一步提升，且 2027 年毛利率可能會在略低的水準運作。接著談我們 2026 年全年展望。

Revenue growth will now be in the range of 3.5% to 3.7%. Foreign exchange is expected to have a positive impact of approximately 1%. Therefore, organic constant currency growth is now expected to be in the range of 2.5% to 2.7%. We expect GAAP income from operations to now be in the range of 10.7% to 10.9% and non-GAAP income from operations to now be in the range of 15.9% to 16.1%.

營收成長目前預期將落在 3.5% 至 3.7% 區間。外匯預期將帶來約 1% 的正面影響。因此，有機固定匯率成長目前預期為 2.5% 至 2.7%。我們預期 GAAP 營業利益率將落在 10.7% 至 10.9%，非 GAAP 營業利益率將落在 15.9% 至 16.1%。

We expect our GAAP effective tax rate to be 27%. Our non-GAAP effective tax rate will be 24%. For earnings per share, we expect that GAAP diluted EPS will now be in the range of $8.41 to $8.49 for the full year, and non-GAAP diluted EPS will now be in the range of $13.23 to $13.31 for the full year. We now expect a weighted average share count of 52 million fully diluted shares outstanding.

我們預期 GAAP 有效稅率為 27%。非 GAAP 有效稅率將為 24%。就每股盈餘而言，我們預期全年 GAAP 稀釋 EPS 將落在 8.41 美元至 8.49 美元，全年非 GAAP 稀釋 EPS 將落在 13.23 美元至 13.31 美元。我們目前預期加權平均股數為 5,200 萬股完全稀釋流通股。

Moving to our Q4 2026 outlook. We expect revenue to be in the range of $1.405 billion to $1.420 billion, producing year-over-year growth in the range of negative 0.2% to positive 0.9%. Our guidance reflects approximately 0.7% negative foreign exchange impact, and organic constant currency growth is expected to be positive and in the range of 0.5% to 1.6%.

接著看 2026 年第四季展望。我們預期營收將落在 14.05 億美元至 14.20 億美元區間，對應年增率介於 -0.2% 至 +0.9%。我們的指引反映約 0.7% 的外匯負面影響，而有機固定匯率成長預期為正，介於 0.5% 至 1.6%。

For the fourth-quarter, we expect GAAP income from operations to be in the range of 11.5% to 12.5% and non-GAAP income from operations to be in the range of 16% to 17%. We expect our GAAP effective tax rate to be approximately 26% 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 $2.43 to $2.51 for the quarter and non-GAAP diluted EPS to be in the range of $3.50 to $3.58 for the quarter.

就第四季而言，我們預期 GAAP 營業利益率將落在 11.5% 至 12.5%，非 GAAP 營業利益率將落在 16% 至 17%。我們預期 GAAP 有效稅率約為 26%，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 EPS 將落在 2.43 美元至 2.51 美元，非 GAAP 稀釋 EPS 將落在 3.50 美元至 3.58 美元。

We expect a weighted average share count of 49.9 million diluted shares outstanding, which reflects the expected initial delivery of shares under the accelerated share repurchase. Finally, a few key assumptions that support our GAAP to non-GAAP measurements for Q4. Stock-based compensation expense is expected to be approximately $45 million.

我們預期加權平均股數為 4,990 萬股稀釋流通股，反映加速股票回購（accelerated share repurchase）項下預期的初始交付股份。最後，說明幾項支撐我們第四季 GAAP 與非 GAAP 衡量的關鍵假設。以股票為基礎的薪酬費用預期約為 4,500 萬美元。

Amortization of intangibles is expected to be approximately $17 million. The impact of foreign exchange is expected to be an approximate $1 million loss. Tax effect of non-GAAP adjustments is expected to be around $15 million. We expect a tax shortfall related to stock-based compensation of around $1 million. And one more assumption outside of our GAAP to non-GAAP items.

無形資產攤銷預期約為 1,700 萬美元。外匯影響預期約為 100 萬美元損失。非 GAAP 調整項目的稅務影響預期約為 1,500 萬美元。我們預期與以股票為基礎的薪酬相關的稅務短缺（tax shortfall）約為 100 萬美元。另外還有一項不屬於 GAAP 與非 GAAP 調整項目的假設。

We now expect interest and other income to be negative $1 million for the quarter. Lastly, my continued thanks to all our EPAMers for their dedication and focus on serving our clients and driving results throughout 2026.

我們目前預期本季利息及其他收益為負 100 萬美元。最後，我持續感謝所有 EPAM 同仁在 2026 年全年度的投入與專注，致力於服務客戶並推動成果。

Operator, let's open the call for questions.

接線員，請開放提問。

(Operator Instructions) Bryan Bergin, TD Cowen.

（接線員指示）Bryan Bergin，TD Cowen。

Maybe let's start on fiscal '27. So I appreciate the initial thoughts that you commented on there, Jason. And it looks like the faster 4Q '26 headcount expansion, which is encouraging. I imagine that could be tied to the signing of the three strategic deals, which is good to hear. But I wanted to dig in here on the impact of these deals for next year.

或許我們先從 2027 財年談起。Jason，感謝你剛才在那部分分享的初步想法。看起來 2026 財年第四季的人力擴張速度更快，這令人鼓舞。我想這可能與簽下三筆策略性交易有關，這點也很高興聽到。不過我想更深入了解這些交易對明年帶來的影響。

So can you comment on the shape of these as far as how they'll contribute to the year? It sounds like just a modest 1Q contribution, but I'm curious like at what point do they hit a steady state? And how does the investment needs and the margin profile of these ultimately evolve?

所以你能否談談這些交易在全年貢獻的節奏／形狀會是如何？聽起來第一季的貢獻只是溫和，但我好奇它們大概在什麼時點會達到穩態？另外，相關投資需求以及這些交易的利潤率輪廓最終會如何演進？

Yes, good questions. And so as we discussed during our -- I guess, as we just discussed, we have closed 3 deals, but I -- probably what's important is we intend to close more as we exit the fiscal year. So I expect that we'll be talking about further large deal closures in our next earnings call. Is -- what we are thinking is that we'll see ramping of these deals in Q1 with greater contributions in Q2 of 2027.

是的，問題很好。如同我們在——我想，如同我們剛才討論的，我們已經完成了 3 筆交易，但我——可能更重要的是，我們打算在財年結束前再完成更多交易。因此我預期在下一次財報電話會議上，我們會談到更多大型交易的結案。我們的想法是，這些交易會在 2027 年第一季開始爬坡，並在第二季帶來更大的貢獻。

And so we -- as we look from Q4 to Q1, we clearly are expecting a higher level of organic constant currency growth relative to the Q4 exit but what we think we'll see is continued ramping as we move from Q1 to Q2. From a profitability standpoint, on average, these deals are expected to be kind of within the EPAM norm. If we look at some of the deals, they probably have some start-up costs in the first couple of quarters, so maybe a little bit lower margin. But over time, they should operate kind of substantially where we expect the business to operate in coming years.

因此，當我們從第四季看到第一季時，我們顯然預期有機固定匯率成長率會高於第四季的退出水準；但我們認為，從第一季到第二季仍會持續爬坡。就獲利能力而言，平均來看，這些交易預期大致會落在 EPAM 的常態水準之內。如果看其中一些交易，前一兩個季度可能會有一些啟動成本，因此利潤率可能略低。但隨著時間推進，它們應該會在很大程度上運作在我們預期未來幾年業務應有的水準。

Okay. Okay. I appreciate that. And then maybe on the consulting led model. So can you talk about the progress in the revised North America go-to-market. What else is needed to reinvigorate growth in the region? I'm just curious, do you have to senior leadership in place that you need any further reorg needed there? Or is it really just about building the muscle with the foundation in place?

好的。好的。我理解，謝謝。接著可能談一下以顧問帶動（consulting-led）的模式。你能談談北美修訂後的 go-to-market（市場進入）策略進展嗎？要重新帶動該區域成長，還需要做些什麼？我想確認一下，你們是否已經把所需的資深領導團隊到位，還需要進一步重組嗎？或者其實就是在基礎已就緒的情況下，把能力肌肉練起來？

Bryan, I think as we've highlighted before, we're basically increasing our sales capacity, stratifying accounts, changing the way we go to market, how we actually are packaging our services. Clearly, it involves hiring people and also the way we show up in the marketplace, which is the marketing efforts in events or in conferences, we are actually creating a different posture.

Bryan，我想如同我們之前強調的，我們基本上是在提升銷售產能、對客戶分層、改變我們的市場進入方式，以及我們實際上如何打包我們的服務。很明顯，這包含招募人才，也包含我們在市場上的呈現方式——也就是在活動或研討會上的行銷投入——我們確實正在建立不同的姿態。

So that's what's really happening. Yes, there is going to be continued investments into marketing and sales going forward. But so far, the results are encouraging.

所以這就是正在發生的事情。是的，未來我們會持續在行銷與銷售上投入。但到目前為止，結果令人鼓舞。

Maggie Nolan, William Blair.

Maggie Nolan，William Blair。

I wanted to follow up on those large deals again. I'm curious, are you primarily taking share from incumbents there? Are you expanding work with existing clients? Is there anything like vendor consolidation happening? What do you feel is contributing to your traction in this area?

我想再追問一下那些大型交易。我很好奇，你們主要是在那裡從既有供應商（incumbents）手上搶市占嗎？還是在擴大與既有客戶的合作範圍？是否有類似供應商整併（vendor consolidation）的情況？你覺得是什麼因素促成你們在這個領域的進展與動能？

Maggie, I think as we highlighted that most of these deals are coming from existing clients, right, where we've already proven our engineering capability. Clearly, we are showing up with a different proposition, which is very AI-led, AI forward. Most cases, these deals are representing something where we are not so much in the vendor consolidation space, but actually, we are taking share from maybe in-house or with other vendors in application maintenance, IT operations, BPO, using agentic operations.

Maggie，我想如同我們強調的，這些交易大多來自既有客戶，對吧？我們已經證明了我們的工程能力。很明顯，我們以不同的主張進入市場，也就是非常以 AI 為主導、以 AI 為前瞻。多數情況下，這些交易並不是我們在供應商整併的空間裡拿到的，而是我們在應用維護、IT 營運、BPO 等領域，透過代理式（agentic）營運，從內部團隊或其他供應商那裡取得市占。

I think our AI forward and overall the way we are approaching it, which is a little bit disruptive and novel way, I think that's what resonates with our clients. Yes, in some cases, they are bringing us in as a challenger to also in newer logos to challenge the incumbents and to change overall dynamics of the vendor landscape.

我認為我們的 AI 前瞻定位，以及我們整體採取的方式——有點顛覆、也更具新意——這正是能引起客戶共鳴的地方。是的，在某些情況下，他們也會把我們作為挑戰者引入，甚至在一些新客戶（new logos）中，用來挑戰既有供應商並改變整體供應商版圖的動態。

Okay. And then Jason, I think you mentioned that your -- as you exit 2026, you're adding head count for future demand, how closely should we be watching that as a leading indicator of growth? Or do you expect some level of efficiency in terms of revenue per head different from maybe what we would have seen in the past out of EPAM?

好的。接著 Jason，我想你提到在 2026 年退出時，你們會為了未來需求而增加人力；我們應該多密切關注這點，把它視為成長的領先指標？或者你預期在人均營收（revenue per head）的效率上，會與過去 EPAM 的表現有所不同？

Yes. I mean we continue to believe that to grow revenue that we do need to add head count. So I still think that it certainly is a forward-leading indicator. Clearly, it depends somewhat on where the head count is being added, and we continue to grow in India. But we also feel that our pricing continues to improve. We do expect some -- at least some modest improvements in pricing again as we enter 2027.

是的。我們仍然相信，要成長營收確實需要增加人力。所以我仍認為這確實是一個前瞻性的領先指標。當然，這也部分取決於人力增加的地點，而我們持續在印度擴張。但我們也覺得我們的定價持續改善。我們預期在進入 2027 年時，定價至少還會有一些溫和的改善。

So generally, I think, yes, it's a reasonable way to sort of think about our forward trajectory. Clearly, we wouldn't be adding head count if we didn't see demand.

所以整體而言，我認為，是的，這是一個合理的方式來思考我們未來的走勢。很明顯，如果我們看不到需求，就不會增加人力。

Jonathan Lee, Guggenheim.

Jonathan Lee，Guggenheim。

The pipeline now also includes new logos where you could come in as a challenger to displace established legacy programs around these larger transformational deals. Can you upsize the pipeline, how large the new logo portion is? How you may be faring against incumbents? And how many of the remaining deals do you expect to potentially sign in the coming months?

目前的管線也包含新客戶（new logos），你們可以以挑戰者的身分切入，在這些更大型的轉型交易中取代既有的傳統專案。你能否量化一下管線規模，新客戶部分大概占多大？你們與既有供應商競爭的情況如何？以及你們預期在接下來幾個月內，剩餘的交易中有多少可能會簽下來？

So Jonathan, we are -- overall, the pipeline is -- continues to be tens of deals. So it's not just that we are signing those deals, but actually, we are backfilling them or kind of we are pursuing and landing new deals into the pipeline in the large deal sizes. I think the new logo is very much the minority in this pipeline itself. I think sizing, it's difficult. It's difficult.

Jonathan，整體而言，管線——仍然是數十筆交易。所以不只是我們在簽下那些交易；實際上，我們也在補回（backfilling）它們，或者說我們正在追求並把新的大型交易持續放進管線。我認為在這個管線裡，新客戶占比確實是少數。至於規模量化，很難。很難。

But all of them, what we are tracking in this strategic deals are logos. And how many we expecting to win, I think we have probably going to talk to you about a couple of more as we are closing out the year because as we see the progress in how the negotiations are going. But we are still not sure about our win ratio because eventually, I don't think it's going to be significantly higher than EPAM average on the longer run.

但我們在追蹤的這些策略性交易，全部都是以客戶標的（logos）為單位。至於我們預期能贏下多少，我想在年底結束前，隨著我們看到談判進展，我們可能會再跟你們談到另外幾筆，因為我們正在推進結案。但我們仍不確定勝率，因為最終我不認為長期來看它會顯著高於 EPAM 的平均水準。

But it's still early days. I think we were talking to you about this for now for almost six months. This is the third earnings call where we're addressing it. So it took some time for us to really close this. And probably this shows our relative inexperience in this space that we are actually don't underestimate in the beginning how much time it takes to size all these logos. Jason?

但現在還在早期階段。我想我們跟你們談這件事到現在大概快六個月了。這是我們第三次財報電話會議在回應這個議題。所以我們確實花了一些時間才真正把它們關掉。而這可能也反映出我們在這個領域相對缺乏經驗：一開始我們沒有充分估計要評估所有這些客戶標的（logos）需要花多少時間。Jason？

Yes. Jonathan, so as we've talked about over the last couple of quarters, so we've had more than 10 deals in the pipeline, those deals -- the number of deals continue to grow. As FB said, we closed three -- and all of the deals are generally in the, let's call it, high tens of millions of dollars to over $100 million of TCV but all multiyear deals. So three years, in some cases, three plus two in others.

是的。Jonathan，正如我們在過去幾個季度所談到的，我們的管線裡有超過 10 筆交易，而且交易數量仍在持續增加。如 FB 所說，我們已經完成了三筆——而且所有交易一般都在（我們姑且稱之為）數千萬美元的高位到超過 1 億美元的 TCV（合約總價值）區間，但全部都是多年期合約。因此是三年期，在某些情況下是三年加二年。

And I wanted to dig in a little bit around the software clients in North America. Have the pressures you flagged among SaaS and software clients, including spend being redirected toward tokens, GPUs and infrastructure, stabilized, intensified or broadened since July, especially since you had cited the year-on-year declines again this quarter. When do you expect that vertical to trough? And how are you positioning the company to recapture some of that spend over time?

我想再深入追問一下北美的軟體客戶。你先前提到在 SaaS 與軟體客戶之間的壓力，包括支出被重新導向到 tokens、GPU 與基礎設施；自 7 月以來，這些壓力是已經穩定、加劇，還是擴散了？尤其是你們本季又再次提到年對年下滑。你預期該垂直領域何時觸底？以及你們如何定位公司，以便隨時間重新拿回部分支出？

I don't think the pressure got worse sequentially and it hasn't been reversed. It stayed concentrated in non-AI services space. And I think it just continues to be the same in somewhat. Where I think it's shifting a little bit as we're talking more and more to some of our clients about forward deployed engineers. We're talking about supporting them in the rollouts. But it's not yet pivoted. It will take some quarters to stabilize.

我不認為壓力在序列上變得更糟，也沒有出現反轉。它仍然集中在非 AI 服務領域。我認為整體上大致維持同樣的狀況。我覺得稍微有些轉移的是，我們與部分客戶談得越來越多的是前線部署工程師（forward deployed engineers）。我們在談協助他們進行上線推廣（rollouts）。但目前還沒有真正轉向。要穩定下來還需要幾個季度。

Jamie Friedman, Susquehanna International Group.

Jamie Friedman，Susquehanna International Group。

Congratulations on a good quarter here. So at a very high level, FB, do you see the company returning to the double-digit growth trajectory over time that you had articulated at the Analyst Day last year?

恭喜本季表現不錯。所以從非常高的層面來看，FB，你是否認為公司隨時間推進，會回到你們去年分析師日所闡述的雙位數成長軌跡？

Jamie, at a very high level, definitely not in 2027. I do foresee that we can actually get to double-digit growth. But over time, it's not (technical difficulty), right?

Jamie，從非常高的層面來看，肯定不是在 2027 年。我確實預見我們最終可以達到雙位數成長。但需要時間，這不是（技術性困難），對吧？

And then, FB, part of, I thought, the strategy was that what was working for you in Europe, you could duplicate or attempt to duplicate or at least transfer to the US, if I'm remembering that right. So -- and it looks like that's happening. But where are you in the journey of that footprint?

另外，FB，我原本理解策略的一部分是：你們在歐洲行之有效的做法，可以複製——或嘗試複製——或至少移轉到美國，如果我沒記錯的話。所以——看起來確實正在發生。但你們在擴展這個版圖（footprint）的旅程中，目前走到哪一步了？

It's a multi-quarter journey. I think we -- I don't think we're going to declare a turning point yet. We're making the investment. We changed the organization. We continue increasing the sales force. We're changing the way we are pursuing clients. So I think we are well underway. I think it will take a couple of more quarters to actually really turn it, but we see a good sign because of the new logos, which are arriving, the stabilizing of the -- somewhat of the revenues and also the tractions what we're having with our clients.

這是一段跨越多個季度的旅程。我想我們——我不認為我們現在就會宣告出現轉折點。我們正在進行投資。我們調整了組織。我們持續擴增銷售團隊。我們正在改變追求客戶的方式。所以我認為我們已經在路上、進展良好。我認為還需要再過幾個季度才能真正扭轉，但我們看到一些正面訊號，因為新的客戶標誌（new logos）正在進來，營收也在某種程度上趨於穩定，並且我們與客戶之間的牽引力（traction）也在提升。

David Grossman, Stifel.

David Grossman，Stifel。

If I'm understanding the guidance correctly, it implies a deceleration in year-over-year organic constant currency growth in the fourth-quarter. And I assume that reflects some of the challenges you talked about in some of the verticals in the US Perhaps you could just help us understand that dynamic in terms of where we are in the cycle, if you will, with these verticals? And at what point do these newer deals that you've signed more than compensate for the headwinds that you're experiencing in those verticals?

如果我對你們的指引理解正確，它意味著第四季的年對年有機固定匯率成長將會放緩。我猜這反映了你們談到的美國某些垂直領域所面臨的挑戰。或許你可以幫我們理解一下這個動態：就這些垂直領域而言，我們在週期中的位置大概在哪裡？以及在什麼時間點，你們已簽下的這些新交易會超過並抵消你們在那些垂直領域所面臨的逆風？

Yes. So just to clarify, so we do expect at or above 1% organic constant currency growth as we exit Q4. And we do expect that as we enter 2027 that you'd see improving organic constant currency growth rates. But you're right, David, it clearly is a deceleration versus Q3 and Q2. We did have a very strong Q4, including some revenue that -- in 2025, including some revenue that was recognized where the work had been done in prior periods, but we weren't able to book the revenue in those quarters.

是的。先澄清一下：我們預期在第四季結束時，有機固定匯率成長將達到或高於 1%。而且我們也預期進入 2027 年時，你會看到有機固定匯率成長率有所改善。但你說得對，David，相較於第三季與第二季，這確實是放緩。我們在去年第四季表現非常強勁，其中包含一些——在 2025 年——包含一些已認列的營收：相關工作其實在更早的期間就已完成，但我們當時無法在那些季度入帳認列營收。

So the compare is a little difficult. But maybe I'll now turn over the harder part of this question to FB as to kind of what we see as we look forward.

所以比較基期有點難。不過接下來我把這個問題比較難的部分交給 FB，談談我們往前看時所看到的情況。

I mean the vertical performance are mixed, right? As we mentioned, the new deals are in energy and in financial services. So that's going to drive -- continue to drive the growth of the large deals in the coming year, once we're ramping them up. But at the same time, I think each sector has -- and each vertical has its own particular issues and challenges. I think we talked quite a bit about software and hi-tech, and I think we addressed that for a while.

我的意思是，各垂直領域的表現是分歧的，對吧？如我們提到的，新交易是在能源與金融服務。因此一旦我們把這些案子拉升（ramp up）起來，明年這將會推動——並持續推動——大型交易的成長。但同時，我認為每個產業——每個垂直領域——都有其特定的問題與挑戰。我們已經談了不少軟體與高科技，我想我們也已經針對那部分討論了一段時間。

Business information and media is a sector which is -- continues to be challenged by AI itself and that's a sector-wide challenge which we are facing. I think we will see a turning point due to the energy -- subvertical of energy in the emerging vertical of ours. But I think the consumer and retail is the one which somewhat changed and they are under pressure due to the continued global inflation -- inflationary pressures and cost pressures, which is very much the fuel prices.

商業資訊與媒體是一個產業，仍持續受到 AI 本身的衝擊；這是整個產業面臨的挑戰，我們也正在承受。我認為我們會因為能源——我們新興垂直領域中的能源子垂直——而看到一個轉折點。但我認為消費與零售是有所變化的那一塊，他們正承受壓力，原因是全球通膨——通膨壓力與成本壓力仍在延續，其中很大一部分來自燃料價格。

This is where it manifests. When are they going to turn? I think that's very much going to tie to where the macro is leading. So I believe that vertical is very much tied to the macro environment today.

這就是壓力呈現出來的地方。他們什麼時候會轉好？我認為這很大程度會取決於總體經濟走向。所以我相信，該垂直領域目前與總體環境高度連動。

Do you see -- you said stability in hi-tech. What about the other two? Are they still declining in the fourth-quarter?

你提到高科技已經穩定。那另外兩個呢？它們在第四季仍在下滑嗎？

I think so, yes.

我想是的。

Okay. Got it. And then a question on the gross margin. I know there's some noise in there from -- it sounds like the tax credits that you're getting in -- or the tax programs, I guess, in Poland. But it looks like you had a pretty strong gross margin improvement even with utilization, not providing a tailwind, maybe even sequentially a little bit of a headwind.

好的，了解。接著問一下毛利率。我知道裡面有一些雜訊——聽起來像是你們在波蘭取得的稅額抵減——或我想應該說稅務方案。但看起來即使在稼動率（utilization）沒有提供順風、甚至序列上可能還有點逆風的情況下，你們的毛利率仍有相當強的改善。

So I'm just curious what's going on in the gross margin? And I think, Jason, you said gross margin just by virtue of what's going on in Poland could be flattish to down next year. But just trying to understand that dynamic.

所以我很好奇毛利率到底發生了什麼事？而且我想 Jason 你說過，單就波蘭那邊的情況，明年的毛利率可能持平到下滑。只是想理解這個動態。

Yes. So we continue to focus on gross margin improvement. We clearly got price improvement in 2026, and that has kind of helped throughout the 2026 fiscal year. We also expect to see some price in 2027, the early indications that we will be able to get some price increases. We've been focused on improving non-T&M or what is referred to as fixed fee revenue profitability.

是的。我們持續聚焦在提升毛利率。我們在 2026 年確實取得了價格改善，而這在 2026 財年期間都提供了幫助。我們也預期在 2027 年會看到一些價格動能；目前的早期跡象顯示，我們將能取得一些漲價。我們一直專注於提升非 T&M（非工時與材料計價）——或所謂固定費用（fixed fee）營收——的獲利能力。

It's still below company average, but it's definitely improving on a year-over-year basis, David. So that has contributed. We've been focused on sort of basic sort of blocking and tackling, including better efficiency in India. So that's been a positive. And then the AI native revenues generate profitability somewhat greater than company average.

它仍低於公司平均，但年對年來看確實在改善，David。因此這也有所貢獻。我們也專注在一些基本功的落實，包括提升印度的效率。所以這是正面的。另外，AI 原生（AI native）營收所帶來的獲利能力也略高於公司平均。

So that also probably has a modest positive impact. So I think all of those things have kind of contributed to the improvement in gross margin throughout the year. Gross margin actually came in a little bit better than we expected in Q3. Utilization was slightly higher than we thought it was going to be as we entered the quarter. As a result, we have somewhat lower bench costs.

因此這也可能帶來溫和的正面影響。所以我認為這些因素在全年都對毛利率的改善有所貢獻。第三季的毛利率實際上比我們預期的略好一些。進入該季度時，利用率也略高於我們原先的預估。因此，我們的閒置人力成本（bench costs）也相對較低。

I do want to just be a little bit more specific on the Poland R&D benefit. So we have been getting benefit for the last couple of years. And actually, in 2026, the benefit is actually somewhat lower than it was in 2025. And then as we look ahead, the benefit is going to go from about $40 million in 2026 to about $20 million in 2027. So it definitely will have some tens of basis points of impact. At the same time, all the things that we talked about in 2026, we intend to continue to focus on in 2027.

我確實想就波蘭研發（R&D）優惠再具體說明一下。過去幾年我們一直都有享受到這項效益。而且實際上在2026年，這項效益會比2025年略低。再往前看，這項效益將從2026年約4,000萬美元降至2027年約2,000萬美元。所以它確實會帶來數十個基點的影響。同時，我們在2026年談到的所有事項，打算在2027年持續聚焦。

Tyler DuPont, Wells Fargo.

Tyler DuPont，富國銀行（Wells Fargo）。

This is Tyler DuPont on for Jason Kupferberg. It's nice to see the outperformance in the quarter. I want to start, it was encouraging to see AI native revenue guidance ticked up in the quarter, $185 million in 3Q, implying over 130% year-on-year growth. But just to play devil's advocate for a second, on the flip side of that is that the non-AI business declined 6% year-on-year.

我是Tyler DuPont，代替Jason Kupferberg提問。很高興看到本季表現優於預期。我想先從一點開始：看到AI原生（AI native）營收指引在本季上調令人鼓舞，第三季為1.85億美元，意味著年增超過130%。但如果我稍微唱反調一下，另一方面是非AI業務年減6%。

So maybe if you can just take a minute to help us understand the demand dynamics between these two opportunities? And to what extent you're seeing these AI opportunities beginning to pressure the non-AI part of the business, if at all?

所以也許你可以花一點時間幫我們理解這兩個機會之間的需求動態？以及你們在多大程度上看到這些AI機會開始對非AI業務造成壓力（如果有的話）？

So Tyler, good talking to you. The AI native revenues did grow to $185 million per quarter in Q3. And clearly, we see good trajectory until the end of the year. That's why we increased the $650 million -- to $650 million, the guide for that. I think the way we are thinking about this is, as we highlighted in the past call, there are parts of our services, which in Q3 did experience some level of shrinkage.

Tyler，很高興和你交流。第三季AI原生營收確實成長到每季1.85億美元。而且很明顯，我們看到到年底之前都有不錯的走勢。這也是為什麼我們把該項指引提高到6.5億美元。我們的看法是，如同我們在上一通電話會議中強調的，我們的部分服務在第三季確實出現一定程度的萎縮。

So it went down, the clients are not looking for that skill set. But other parts of our business, people just really transforming the spend. They are no longer building digital platforms. They are building the new AI native solutions. But also you need to remember that our AI native revenue definition is very, very narrow and does not include any part of our AI assisted revenues, which is -- continues to grow or anything which is AI foundation elements. But you are right, mathematically, non-AI revenue is not growing with the same state.

也就是說它下滑了，客戶不再尋求那樣的技能組合。但我們業務的其他部分，客戶其實是在真正地轉換支出結構。他們不再建置數位平台。他們正在打造新的AI原生解決方案。但你也要記得，我們對AI原生營收的定義非常、非常狹窄，並不包含任何AI輔助（AI assisted）營收的部分——那部分仍在成長——也不包含任何AI基礎（AI foundation）要素。不過你說得對，從數學上來看，非AI營收的成長速度確實沒有那麼快。

Great. And then just as a follow-up, I wanted to like take a step back and ask about macro backdrop, particularly in the context of this week's election results. How are you guys looking at the potential state of play in the market now versus this time last week? Are there any call-outs worth mentioning on a vertical basis or just broad strokes for the market? Just how are you guys thinking about demand within that context?

了解。接著追問一下，我想退一步問一下總體環境，特別是結合本週的選舉結果。你們如何看待現在市場可能的局勢，相較於上週同一時間？在產業別（vertical）層面是否有任何值得特別點出的地方，或是就市場整體概況來看？在這樣的背景下，你們如何思考需求？

I think it's too early to sort of guesstimate kind of what the impact could be on the business. I think we're seeing the same thing that everyone else is seeing. We wouldn't have -- we wouldn't have changed our expectations based on the election results.

我認為現在要去推估它可能對業務造成的影響還太早。我想我們看到的情況跟其他人看到的一樣。我們不會——我們不會因為選舉結果而改變我們的預期。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通（JPMorgan）。

Nice quarter. So as we think about growth rate for next year, you've highlighted several potential tailwinds like contribution from large deals, potential benefit from go-to-market investments, or your commentary around demand, it seems like more favorable. So we recognize it's too early to provide like a specific guidance for next year, but directionally, how are you thinking about trajectory of growth as these tailwinds evolve? What would need to come together for growth to go from where it is right now to potentially what you delivered last year in 2025?

本季表現不錯。那麼在思考明年的成長率時，你們提到幾個可能的順風因素，例如大型交易的貢獻、go-to-market投資可能帶來的效益，或是你們對需求的評論看起來也更有利。我們理解現在要提供明年的具體指引還太早，但就方向性而言，隨著這些順風因素發展，你們如何看待成長軌跡？要讓成長從目前的水準回到、甚至接近你們在2025年交出的水準，需要哪些條件到位？

I'll start, and then I'll let FB kind of provide some additional sort of clarification. I think what you're going to see, Puneet, is, as we said, the contribution from some of the new deals that we've won and others that we expect to win will contribute revenues somewhat in Q2 and somewhat more in Q2 and as we begin to sort of build somewhat more in the second half of 2027.

我先回答，然後我會請FB再補充一些說明。Puneet，我認為你會看到的是，如同我們所說，我們已贏得的一些新案子，以及我們預期將贏得的其他案子，其貢獻會在第二季帶來一些營收，並在第二季帶來更多貢獻，且當我們在2027年下半年開始逐步放量時，貢獻會更明顯。

I think you're also beginning to see some, let's call it, somewhat encouraging signs around North American opportunities. And I think those also will factor in throughout the year. So again, I don't think you're going to see anything dramatic in the first-quarter. But we are looking ahead towards, let's say, improving organic currency growth, certainly off of this very low Q4 exit and generally, obviously -- or generally, we wouldn't be adding head count if we didn't expect to see some additional demand, including ramping of these new deals that we talked about today.

我認為你也開始看到一些——姑且稱之為——北美機會方面較令人鼓舞的跡象。而我認為這些也會在全年逐步反映出來。所以再說一次，我不認為你會在第一季看到任何戲劇性的變化。但我們展望未來，目標是改善有機固定匯率成長，特別是從第四季這個非常低的期末水準（exit）往上；而且很明顯——或者說一般而言——如果我們不預期看到額外需求，我們也不會增加人力編制，其中包括我們今天談到的這些新案子的逐步爬坡（ramping）。

Puneet, I want to just go back to one thing which I think we kind of talked about the Frontier AI service and partnerships, which we started to invest this year. That shows a good promise at this point of time just from the partnerships. We have over 200 new opportunities, which we are tracking. So we are -- we think that has legs and potential to scale and provide the necessary support to lift us up into previous growth rates but it will be later next year or a little bit later after that.

Puneet，我想回到一點：我們談到的Frontier AI服務與合作夥伴關係，我們今年開始投入。就合作夥伴關係而言，目前看起來展現出不錯的潛力。我們正在追蹤超過200個新的機會。所以我們——我們認為這項業務有後勁，且有擴大規模的潛力，並能提供必要的支撐，協助我們回升到先前的成長率，但那會是在明年較後段，或再稍晚一些。

Got it. And it's nice to see your AI native services like continue to grow, 13% of revenue. Why is this traction not accompanied with a corresponding increase in non-T&M revenue? Like 77%, 78% of revenue, it seems like still stems from T&M. So how fast should we expect this non-T&M revenue to evolve over the next two or three years?

了解。另外也很高興看到你們的AI原生服務持續成長，占營收13%。為什麼這樣的動能沒有伴隨非按工時與材料計價（non-T&M）營收的相應提升？例如營收的77%、78%看起來仍然來自T&M。那麼未來兩到三年，我們應該預期非T&M營收占比會以多快的速度演進？

Yes. So certainly, the newer deals that we've talked about, particularly, again, these three larger deals and then much of the AI native does have sort of a fixed fee or non-T&M component to it. Now it's not to say that there isn't still some T&M revenue streams embedded in those deals and in the AI native. But I think what you'll continue to see is ongoing increase in the percentage of non-T&M throughout 2027.

是的。當然，我們談到的較新的案子，特別是這三個較大型的案子，以及AI原生業務中有相當一部分確實包含固定費用（fixed fee）或非T&M的組成。但這並不是說在那些案子以及AI原生業務中就完全沒有嵌入一些T&M的營收流。不過我認為你會持續看到的是，非T&M占比在2027年將持續提高。

So I think again, as we've always said, we didn't expect it to change overnight, but you'll see a steady increase in the percentage of non-T&M over time.

所以我想再重申一次，正如我們一直說的，我們不預期它會在一夜之間改變，但你會看到非T&M占比隨時間穩步上升。

But it is changing. It is improving.

但它確實正在改變。確實在改善。

Paul Obrecht, Wolfe Research.

Paul Obrecht，Wolfe Research。

This is Paul Obrecht on for Darrin Peller. FB, clearly, cybersecurity has become top of mind for many enterprises this year. And in your prepared remarks, it sounds like you're seeing that accelerated demand. Can you discuss whether the cyber demand is resulting in net new investment? Or more so a reallocation of existing spend? And then shifting to EPAM specifically, can you just touch on where your cyber capabilities stand today and maybe what investments you're making to strengthen them?

我是 Paul Obrecht，代替 Darrin Peller 提問。FB，很明顯，今年資安已成為許多企業最關注的議題。從你準備好的發言聽起來，你們也看到需求正在加速。你能否談談，資安需求是否帶來淨新增投資？還是更多是既有支出的重新配置？另外聚焦到 EPAM，你能否簡要說明目前你們的資安能力處於什麼位置，以及你們正在進行哪些投資來強化這些能力？

Paul, so as you might remember, EPAM made specific acquisitions in the past to build out our initial cyber capability. That's very much allowed us to build some level of scanning capabilities and also advisory around cyber. But most recently, and actually, it's really just only since late August, early September, cyber remediation became a big theme that's where not just with our partnership with the Frontier Labs and with Wiz is playing a part.

Paul，如你可能記得，EPAM 過去曾進行特定收購，以建立我們最初的資安能力。這讓我們得以建立一定程度的掃描能力，以及資安顧問諮詢服務。但最近其實是從 8 月下旬、9 月初才開始，資安修復（remediation）成為一個重要主題；不僅是我們與 Frontier Labs 以及 Wiz 的合作在其中扮演角色。

But also with our clients who are realizing that they need to remediate hundreds, sometimes thousands, sometimes tens of thousands of vulnerabilities, which requires either a lot of engineering skills or AI native remediation, which we brought to the market in the form of AI native remediation service. So we see this as a growth opportunity. We see this as an ongoing spend from our clients.

同時也因為我們的客戶意識到，他們需要修復數百個、有時是數千個、甚至數萬個弱點；這需要大量工程技能，或是 AI 原生的修復能力，而我們已以 AI 原生修復服務的形式將其推向市場。因此我們將其視為成長機會。我們也將其視為客戶的持續性支出。

And our clients are reallocating their budgets to address these things. And it's clearly playing to our strengths, not just the strength on our advising on cybersecurity. But in order to fix those issues or to remediate the tens of thousands of issues in enterprise systems, you require a massive and very capable engineering skill set. And it's very much in our forte. So we're focusing on this. This is what we're tracking, and we expect to see other major revenue source going forward.

我們的客戶正在重新配置其預算來處理這些事項。這顯然發揮了我們的優勢，不僅是我們在資安諮詢方面的強項。而且要修復這些問題、或在企業系統中修復數以萬計的問題，你需要龐大且非常有能力的工程技能組合。這正是我們的專長所在。因此我們正聚焦於此。這是我們正在追蹤的方向，我們預期未來它將成為另一個主要營收來源。

That's helpful color. And then, Jason, can you provide a bit more detail on the strength you're seeing in the financial services vertical? It really seems like this is an industry-wide phenomenon. And how durable you view this trend, especially as we look forward to 2027?

這些補充很有幫助。接著，Jason，你能否更詳細說明你們在金融服務垂直領域看到的強勁表現？看起來這確實是全產業的現象。尤其展望到 2027 年，你如何看待這個趨勢的持續性？

Certainly, we're seeing strength in banking. We're seeing strength in asset management. We're seeing strength in insurance. We're seeing strength in insurance in both Europe and in North America. And we do expect to continue to see strength as we exit the year.

當然，我們看到銀行業表現強勁。我們看到資產管理表現強勁。我們看到保險業表現強勁。我們在歐洲與北美的保險業都看到強勁表現。而且我們確實預期在今年結束之際，仍將持續看到強勁動能。

Sean Kennedy, Mizuho.

Sean Kennedy，瑞穗（Mizuho）。

Congrats on the AI led deals and the results here. So I was wondering if you could just discuss a bit more about the types of services in these deals, what you're specifically doing for these customers? And EPAM's right to win, is it primarily a tech advantage?

恭喜你們在 AI 驅動的交易以及本次成果上的表現。我想請你們再多談一些，這些交易中所包含的服務類型，你們具體為這些客戶做了哪些事情？以及 EPAM 的致勝優勢（right to win）是什麼——主要是技術優勢嗎？

I mean we launched an AI/Run.Transform Playbook, which we go to the market back in 2025, that's basically a go-to-market notion, and we continue executing on that. We are seeing how -- in this -- how you are transforming delivery, engineering itself. We're helping clients building the platforms, helping changing how they engineer solutions, how they upscale their talents bring tooling, how they build out their factories.

我們推出了 AI/Run.Transform Playbook，並在 2025 年把它推向市場；這基本上是一個 go-to-market 的概念，而我們持續在執行。我們正在看到——在這當中——你如何改造交付模式，以及工程本身。我們協助客戶建置平台，協助改變他們如何進行解決方案工程化、如何提升人才技能並導入工具、以及如何打造他們的工廠化交付能力。

This is one aspect. The second aspect is how you're transforming overall their businesses. That's the business transformation element with ideas with engineering the right contacts, the semantic players and actually building this out, which is, a, sustainable, b, delivers the right results and become something you can rely on is predictable.

這是一個面向。第二個面向是你如何改造他們整體業務。這是業務轉型的要素：透過想法、以工程化方式建立正確的連結、語意層（semantic）元件，並真正把它建構出來——也就是，a，可持續；b，能交付正確結果；並成為你可以依賴、且可預測的能力。

What EPAM's advantage is the engineering skill set, building these solutions are difficult, to make it real working that enterprise requires integration, requires you to do the data work, tackling legacy problems, tackling integration issues, and that's where I think it plays to our strength.

EPAM 的優勢在於工程技能組合；要打造這些解決方案很困難，要讓它在企業中真正落地運作，需要整合、需要做資料工作、需要處理舊系統問題、處理整合議題，而我認為這正好發揮我們的強項。

Got it. And then as we look to '27, nice to hear the momentum with the large deals. But is there anything else to look out for in terms of large project ramp downs or anything other to note?

了解。那麼展望到 2027 年，很高興聽到大型交易的動能。但在大型專案的放量下滑（ramp downs）或其他需要注意的事項方面，還有什麼值得留意嗎？

I mean right now, at this point of time, we are state as we see it, right? And this is what we can provide. This is what we have visibility too.

我的意思是，就目前這個時間點，我們只能就我們所看到的狀況來說，對吧？而這就是我們能提供的資訊。這也是我們目前可見度所及的範圍。

And we'll provide more color in February.

我們會在二月提供更多補充說明。

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

目前沒有更多問題。接下來我想把電話會議交回給 Balazs Fejes 作結語。

Thank you very much for joining us, and I would like to thank again our (technical difficulty) and our shareholders and stakeholders to making this quarter successful and looking forward to talk to you in three months' time.

非常感謝各位參與；我也想再次感謝我們的（技術問題）以及我們的股東與利害關係人，讓本季得以成功，並期待三個月後再與各位交流。

This concludes today's call.

今天的電話會議到此結束。