Grid Dynamics Holdings Inc (GDYN) 2024 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to Grid Dynamics second quarter 2024 earnings conference call. I'm Cary Savas, Director of Branding and Communications. (Event Instructions) Joining us on the call today are CEO, Leonard Livschitz; and CFO, Anil Doradla.

大家下午好。歡迎參加 Grid Dynamics 2024 年第二季財報電話會議。我是品牌和傳播總監卡里·薩瓦斯 (Cary Savas)。（活動說明）今天加入我們電話會議的是執行長 Leonard Livschitz；和財務長阿尼爾·多拉德拉。

Following their prepared remarks, we will open the call to your questions. Please note that today's conference is being recorded. Before we begin, I would like to remind everyone that today's discussion will contain forward looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainty as described in the company's earnings release and other filings with the SEC.

在他們準備好的發言之後，我們將開始回答您的問題。請注意，今天的會議正在錄製中。在開始之前，我想提醒大家，今天的討論將包含前瞻性陳述。這包括我們的業務和財務前景以及您的一些問題的答案。此類聲明受到公司收益報告和向 SEC 提交的其他文件中所述的風險和不確定性的影響。

During this call, we will discuss certain non-GAAP measures of our performance. GAAP to non-GAAP financial reconciliations and supplemental financial information are provided in the earnings press release and the 8-K filed with the SEC. You can find all the information I just described in the Investor Relations section of our website.

在本次電話會議中，我們將討論某些非公認會計原則的績效衡量指標。獲利新聞稿和向 SEC 提交的 8-K 中提供了 GAAP 與非 GAAP 財務調節表和補充財務資訊。您可以在我們網站的投資者關係部分找到我剛才描述的所有資訊。

I'll now turn the call over to Leonard, our CEO.

現在我將把電話轉給我們的執行長倫納德。

Thank you, Cary. Good afternoon, everyone, and thank you for joining us today. Grid Dynamics second quarter results were above our guidance range and exceeded Wall Street expectations, both on revenue and non-GAAP EBITDA. We achieved important milestones in the quarter.

謝謝你，卡里。大家下午好，感謝您今天加入我們。Grid Dynamics 第二季業績超出了我們的指導範圍，並超越了華爾街的預期，無論是收入還是非公認會計原則 EBITDA。我們在本季實現了重要的里程碑。

I'm happy to report that our second quarter revenue was the highest in the company's history and all of it was an organic nature. We also exited the second quarter with the highest number of billable engineers in the company's history. The strong results were due to the strengths from both existing and new customers and are commendable given the recent backdrop of economic cycles. It is a clear testament that Grid Dynamics efforts to stay in the course and maintain laser focus in delivering value to our customers is paying off.

我很高興地報告，我們第二季的收入是公司歷史上最高的，而且所有這些都是有機的。第二季結束時，我們的計費工程師數量也達到了公司歷史上最高水準。強勁的業績得益於現有客戶和新客戶的優勢，考慮到最近的經濟週期背景，這一點值得稱讚。這清楚地證明了 Grid Dynamics 堅持到底並且始終專注於為客戶提供價值的努力正在獲得回報。

Our stated goals around the company grows profitability and becoming a $1 billion revenue company remaining unchanged. In many ways, our second quarter revenue growth of 4% on a sequential basis reflects the company's differentiation.

我們圍繞著公司提高獲利能力和成為一家營收 10 億美元的公司的既定目標保持不變。從很多方面來說，我們第二季營收季增 4% 反映了公司的差異化。

Last quarter, I highlighted the key factors influencing our growth and discuss how we're uniquely positioned across the IT industry. These were, first, our revenue represents a small proportion of our customers or on spend and therefore, the opportunities for growth significant.

上個季度，我強調了影響我們成長的關鍵因素，並討論了我們如何在 IT 產業中佔據獨特的地位。首先，我們的收入僅佔客戶或支出的一小部分，因此成長機會很大。

Second, the new deals that we're winning are tied up to our customer key area of focus, and in many cases, are mission critical.

其次，我們贏得的新交易與我們客戶關注的關鍵領域密切相關，並且在許多情況下，都是關鍵任務。

Third, across the majority of our customers who are seeing their spending level either being maintained in the current level or increasing. And finally, fourth, the headwind we were facing last year were driven by drops of the handful of customers. This trend has reversed. And many of those customers have reverted to growth.

第三，我們大多數客戶的支出水準要麼維持在當前水平，要麼增加。最後，第四，我們去年面臨的逆風是由少數客戶的減少所造成的。這種趨勢已經逆轉。其中許多客戶已經恢復成長。

There are many exciting trends that's just shaping our business, some of which I will share with you today. More important, I believe these trends will persist in shaping the company, both in he second half of 2024 leading into the 2025 to a brighter future.

有許多令人興奮的趨勢正在塑造我們的業務，我今天將與您分享其中一些趨勢。更重要的是，我相信這些趨勢將持續塑造公司，從 2024 年下半年到 2025 年，公司將迎來更光明的未來。

Now coming to the demand environment. Similar to the first quarter, we witnessed improving demand across the majority of our customers. Incrementally, last quarter when customers were more focused on sharing the outlook and forecast plans. This quarter, we were more willing to release the budget to implement those plans. We benefited from the trend in this quarter and expect such trend to continue as the year progresses.

現在來到需求環境。與第一季類似，我們看到大多數客戶的需求有所改善。上個季度，客戶越來越注重分享前景和預測計畫。本季度，我們更願意發布實施這些計劃的預算。我們受益於本季的趨勢，並預計隨著今年的進展，這種趨勢將持續下去。

Now coming to the third quarter. Trends that I highlighted regarding the second quarter extend into the next quarter as well. We have already seen then in March and July, our customer activity in June really headcount AI activities continue to be robust. We believe this formula the basis for our continued positive outlook as we look at the third quarter and remaining of 2024.

現在進入第三季。我強調的第二季的趨勢也將延續到下一個季度。我們已經在 3 月和 7 月看到，我們 6 月的客戶活動確實令人印象深刻，人工智慧活動持續強勁。我們認為，在展望第三季和 2024 年剩餘時間時，這個公式是我們持續樂觀展望的基礎。

We are in what I call the post vendor consolidation market. As we highlighted over the last two to three quarters, customers have been scaling back on the number of IT vendors they work with. As an example, in one of the global brand, they plan to reduce the number of IT providers by more than two third with Grid Dynamics being one of the remaining strategic partner.

我們正處於我所說的供應商整合後市場。正如我們在過去兩到三個季度中所強調的那樣，客戶一直在縮減與其合作的 IT 供應商數量。例如，在全球品牌中，他們計劃將 IT 供應商的數量減少三分之二以上，而 Grid Dynamics 是剩餘的策略合作夥伴之一。

With this customer and many more and similar situations, there is a heightening interest in partnering with IT vendors that are strong in technology and catalyst for them to achieving the business cost, both on revenue and cost saving. Time and again, our technological and operational excellence has risen to the top.

有了這個客戶以及更多類似的情況，人們越來越有興趣與擁有強大技術和催化劑的 IT 供應商合作，以實現業務成本（收入和成本節省）。我們的技術和營運卓越性一次又一次上升到了頂峰。

Also thrilled to announce that in the second quarter, Grid Dynamics won four industry awards across a range of the categories, including Most Innovative Projects and Best Composable Ecommerce Project among others. This widespread industry recognition reinforces our company as a benchmark of engineering excellence and the digital transformation and empowering businesses to navigate the complexities of the modern technology landscape with agility and Innovation.

我們也很高興地宣布，在第二季度，Grid Dynamics 贏得了多個類別的四項行業獎項，包括最具創新項目和最佳可組合電子商務項目等。這種廣泛的行業認可鞏固了我們公司作為卓越工程和數位轉型標竿的地位，並使企業能夠以敏捷性和創新性應對現代技術領域的複雜性。

We expanded our AI capabilities considerably, and now have approximately 30 solution and service offering, targeting Fortune 500 companies across various industries. These solutions focus on enhancing revenue and reducing costs for enterprises.

我們大幅擴展了人工智慧能力，目前擁有約 30 種解決方案和服務，面向各行業的財富 500 強公司。這些解決方案著重於增加企業收入並降低成本。

On the revenue side, our solution is focused on relative customer experiences and enhance marketing pricing and product decisions. And on the cost side, the focus is centered on efficiency improvements and better regulatory complaints. Our broad offering position us well to positively impact the business results of our clients.

在收入方面，我們的解決方案專注於相關客戶體驗並增強行銷定價和產品決策。在成本方面，重點集中在效率提高和更好的監管投訴。我們廣泛的產品使我們能夠對客戶的業務成果產生積極影響。

We're witnessing a significant pickup in customers wanting to engage us on MVP and pilot programs beyond the initial approval concepts. Our sales pipeline continues to show robust growth with dozens of active AI opportunities in the progress.

我們看到越來越多的客戶希望與我們合作參與超出最初批准概念的 MVP 和試點項目。我們的銷售管道持續呈現強勁成長，數十個活躍的人工智慧機會正在開發中。

Enterprises are increasingly consecuting to incorporate AI in their business process as well as services and platform. It's worth noting that we continue to adapt and develop AI tools and best practices to improve the productivity of our own engineers. This goes beyond just coding copilots, extending to tools specifically designed for legacy modernization, test automation and quick prototype. This internal investments, not just boosting our efficiency, but also enhance our ability to deliver cutting-edge AI solutions to our clients.

企業越來越多地持續將人工智慧融入其業務流程以及服務和平台中。值得注意的是，我們不斷調整和開發人工智慧工具和最佳實踐，以提高我們自己工程師的生產力。這不僅僅是編碼副駕駛，還擴展到專門為遺留現代化、測試自動化和快速原型設計的工具。這種內部投資不僅提高了我們的效率，還增強了我們為客戶提供尖端人工智慧解決方案的能力。

Let me highlight a few noteworthy GenAI projects for the second quarter. And a top workforce solution company, we're developing a comprehensive AI ops and data platform. This platform will host numerous AI applications for job seekers, recruiters and business owners, significantly enhancing the efficiency and effectiveness of the workforce management process.

讓我重點介紹第二季幾個值得注意的 GenAI 專案。作為一家頂尖的勞動力解決方案公司，我們正在開發一個全面的人工智慧營運和數據平台。該平台將為求職者、招聘人員和企業主託管大量人工智慧應用程序，顯著提高勞動力管理流程的效率和有效性。

And one of the largest US auto part provider, we’re using GenAI to harmonize and enrich large commerce catalogs. This streamlines the product onboarding process. And additionally, and analyzing product attributes, create consistent product titles and descriptions that resonate with breath. This leads to enhanced customer experience and higher sales through all channels.

作為美國最大的汽車零件供應商之一，我們正在使用 GenAI 來協調和豐富大型商業目錄。這簡化了產品入門流程。此外，分析產品屬性，創建一致的產品標題和描述，與呼吸產生共鳴。這可以增強所有管道的客戶體驗並提高銷售額。

Additionally, for a leading European regulatory compliance firm, we're developing an AI enabled solution, we streamlined the product certification process. This project showcases how AI can significantly enhance efficiency in complex regulatory environments.

此外，對於一家領先的歐洲監管合規公司，我們正在開發人工智慧解決方案，我們簡化了產品認證流程。該專案展示了人工智慧如何在複雜的監管環境中顯著提高效率。

With our city organization, during the quarter, there was significant activity both in AI and non-AI areas. This included the completion of eight programs across AI, data, machine learning engineering, commerce solutions and search. Some of the projects completed, including intelligent document processing tailored for the financial industry, conversation powered interior design systems.

在我們的城市組織中，本季人工智慧和非人工智慧領域都開展了重大活動。這包括完成人工智慧、數據、機器學習工程、商業解決方案和搜尋領域的八個項目。已完成的部分項目包括為金融業量身定制的智慧文件處理、對話驅動的室內設計系統。

And like previous quarters, our architects and CTO team were instrumental in opening new accounts. In the quarter, there were several trends, I would like to share some of the notable ones with you.

與前幾季一樣，我們的架構師和技術長團隊在開設新帳戶方面發揮了重要作用。本季有幾個趨勢，我想與您分享一些值得注意的趨勢。

Logo momentum. In the second quarter, we signed new six logos, many of them in very large enterprises. Of these customers we signed in a quarter, one is a leading North America supply home improvement. One is a large American consumer goods focus on personal and household products, one of the largest lifestyle global company and a European-based large department store chains.

標誌勢頭。第二季度，我們簽署了六個新標誌，其中許多來自非常大的企業。在我們一個季度簽約的這些客戶中，有一個是北美領先的家居裝修供應商。一家是專注於個人和家居產品的美國大型消費品公司、全球最大的生活方式公司之一和總部位於歐洲的大型百貨連鎖店。

Partnerships are at an all-time high at 17% of revenue contribution in the first half of 2024. The quality and quantity of our partnership leads are changing. There are three noteworthy trends that are shaping our partnership business.

2024 年上半年，合作關係佔營收貢獻率達 17%，創歷史新高。我們的合作夥伴潛在客戶的品質和數量正在改變。三個值得注意的趨勢正在塑造我們的合作夥伴業務。

First, our commitment to technology innovation and engineering excellence has resulted in greater appreciation by global enterprise customers. This has resulted in Grid Dynamics being chosen as many of our partners, Tier 1 customers.

首先，我們對技術創新和卓越工程的承諾贏得了全球企業客戶的更大讚賞。這導致 Grid Dynamics 被選為我們的許多合作夥伴、一級客戶。

Second, our relationship with our partners are evolving. We're now more engaged in strategic discussions with senior management of our key partners. Third, at an operational level, we have enhanced level of collaboration between the sales and marketing and Grid Dynamics as well as our partners. All these translated into more opportunities that include GenAI initiatives and are entering to the global projects and program across industry verticals.

其次，我們與合作夥伴的關係正在不斷發展。我們現在更參與與主要合作夥伴的高階管理層的策略討論。第三，在營運層面，我們增強了銷售和行銷與 Grid Dynamics 以及合作夥伴之間的協作程度。所有這些都轉化為更多機會，包括 GenAI 計劃，並正在進入跨行業垂直的全球項目和計劃。

Delivery allocation support. During the quarter, we made progress across multiple areas with our global strategic delivery organizations. As we highlighted in the past, our follow-on the sound strategy provides the framework of scaling our global locations. With Bangalore hub operationalized, we now have three fully functional locations in India. India is now in our top two countries by headcount and supports multiple accounts with over a dozen of them being key accounts.

配送分配支援。本季度，我們的全球策略交付組織在多個領域取得了進展。正如我們過去所強調的那樣，我們的後續合理策略提供了擴大我們全球分支機構的框架。隨著班加羅爾樞紐的投入運營，我們現在在印度擁有三個功能齊全的地點。印度目前在我們的員工數量方面位居前兩個國家之列，並支持多個帳戶，其中有十多個是關鍵帳戶。

Our focus on acquiring high-quality talent out of universities and our activities with interactions, Hekaton, dynamic tox continue during the quarter. In Europe, Poland continued to be the anchor point. And in Mexico, we continue to support our customer seeking nearshore capabilities.

我們的重點是從大學中獲取高素質人才，我們的互動、Hekaton、動態毒理學活動將在本季繼續進行。在歐洲，波蘭仍然是錨點。在墨西哥，我們繼續支持客戶尋求近岸能力。

European business. With roughly mid-teens of our revenue, Europe continue to be strategic to our growth. Our AI Heritage and GenAI expertise continue to attract enterprise customers who are serious about adapting GenAI to enable business product efficiencies and improve customer experiences.

歐洲業務。歐洲的收入約占我們收入的百分之十左右，對我們的成長仍然具有戰略意義。我們的 AI Heritage 和 GenAI 專業知識繼續吸引那些認真考慮採用 GenAI 來提高業務產品效率並改善客戶體驗的企業客戶。

At one of our client, a leader in food and pharma testing, we started development of AI-based or solution. In addition to our AI wins, we provide a platform organization road map to a major UK-based retailer customer that supports their expansion, and we were able to migrate their existing homegrown and commerce platform to the cloud.

我們的一位客戶是食品和藥品測試的領導者，我們開始開發基於人工智慧的解決方案。除了我們在人工智慧方面的勝利之外，我們還為一家英國主要零售商客戶提供了平台組織路線圖，支援他們的擴張，並且我們能夠將他們現有的本土和商業平台遷移到雲端。

When the existing global autopilot company, we are launching a composable commerce B2C solution orchestrated using MACH technologies. We expect this effort will continue in Q3 to enable the client to consolidate their technology landscapes and scale the business.

作為現有的全球自動駕駛公司，我們正在推出使用 MACH 技術精心策劃的可組合商業 B2C 解決方案。我們預計這項工作將在第三季繼續進行，以使客戶能夠鞏固其技術格局並擴大業務規模。

During the quarter, Grid Dynamics delivered some notable projects. As a leading global technology company, we modernize their data analytics platform, including data governance and data pipeline throughput. This ensured compliance with strict data privacy and security regulations. Our efforts led to reduce infrastructure costs and improved overall performance.

在本季度，Grid Dynamics 交付了一些值得注意的項目。作為全球領先的科技公司，我們對其數據分析平台進行現代化改造，包括數據治理和數據管道吞吐量。這確保了嚴格的資料隱私和安全法規的遵守。我們的努力降低了基礎設施成本並提高了整體績效。

For a leading home improvement retailer, we modernize the legacy monolithic commerce platform, which opened the path to implement AI-enabled services such as search on the Azure platform. For a major CPG breadth, we implemented a wholesale order platform for its North American business, significantly reducing manual labor associated with processing validated orders. This platform integrates order flow data in a client's next-generation ERP system, streamlining operations and enhancing efficiency.

對於一家領先的家居裝修零售商，我們對傳統的整體商務平台進行了現代化改造，這為在 Azure 平台上實施搜尋等人工智慧服務開闢了道路。對於主要的消費品領域，我們為其北美業務實施了批發訂單平台，顯著減少了與處理驗證訂單相關的體力勞動。該平台將訂單流數據整合到客戶的下一代 ERP 系統中，簡化營運並提高效率。

For a leading automotive parts supplier, we migrated product data to automotive industry standards and consolidating B2B as well as B2C search capabilities on a common platform. This will improve overall customer experience and enhance product sales. It's also the first step for the company rolling out a conversational AI shopping assistance.

對於一家領先的汽車零件供應商，我們將產品資料遷移到汽車行業標準，並將 B2B 和 B2C 搜尋功能整合到一個通用平台上。這將改善整體客戶體驗並提高產品銷售。這也是該公司推出對話式人工智慧購物協助的第一步。

For a global footwear brand, we launched 40 country-specific sites in under six months, providing localized features for in-country personalization, shipping and fulfillment. This achievement was made possible by leveraging the underlying MACH architecture we developed, further extending our long-term relationship with the brand.

對於一個全球鞋類品牌，我們在不到六個月的時間內推出了 40 個國家/地區特定網站，為國內個人化、運輸和履行提供在地化功能。這項成就是透過利用我們開發的底層 MACH 架構實現的，進一步擴展了我們與品牌的長期關係。

With that, let me turn the call over to Anil, who will discuss Q2 results in more detail. Anil?

接下來，讓我將電話轉給阿尼爾，他將更詳細地討論第二季的結果。阿尼爾？

Thanks, Leonard. Good afternoon, everyone. Our second quarter results were solid as we exceeded our expectations, both on revenue and non-GAAP EBITDA. Our second quarter revenue of $83 million was ahead of our guidance range of $80 million to $82 million, and our non-GAAP EBITDA of $11.7 million was ahead of our guidance range of $10.5 million and $11.5 million. The strong results were driven from a wide range of customers across industry verticals.

謝謝，倫納德。大家下午好。我們第二季的業績穩健，無論是收入或非公認會計準則 EBITDA 都超出了我們的預期。我們第二季的營收為 8,300 萬美元，高於我們的指引範圍 8,000 萬美元至 8,200 萬美元，我們的非 GAAP EBITDA 為 1,170 萬美元，高於我們的指導範圍 1,050 萬美元至 1,150 萬美元。強勁的業績得益於各垂直行業的廣泛客戶。

During the second quarter, our retail and TMT were the two largest verticals at 32.2% and 28% of our revenues, respectively. Our retail vertical grew 8.7% and 2.9% on a sequential and year-over-year basis, respectively. On a sequential basis, we witnessed growth from multiple customers in the specialty retail and home improvement space.

第二季度，我們的零售和 TMT 是兩個最大的垂直行業，分別占我們收入的 32.2% 和 28%。我們的零售垂直業務較上年同期分別成長 8.7% 和 2.9%。依序來看，我們見證了專業零售和家居裝修領域多個客戶的成長。

TMT decreased by 3.3% and 3.6% on a sequential and year-over-year basis, respectively. On a sequential basis, the decline largely came from a couple of factors that included a decline in revenue from a technology startup in the security space. Coming to our largest customer in our TMT vertical, it grew both on a sequential and year-over-year basis.

TMT 環比和年比分別下降 3.3% 和 3.6%。從環比來看，下降主要歸因於幾個因素，其中包括安全領域一家科技新創公司的收入下降。對於我們 TMT 垂直領域最大的客戶來說，它的環比和同比都在成長。

Here are the details of the revenue mix of other verticals. Our CPG and manufacturing represented 11.9% of our revenue in the second quarter, an increase of 3% on a sequential basis and a drop of 9.5% on a year-over-year basis.

以下是其他垂直行業收入組合的詳細資訊。我們的消費品和製造業佔第二季營收的 11.9%，季增 3%，年減 9.5%。

Revenues from the top three customers in our CPG and manufacturing vertical grew on a sequential basis. Our finance vertical was the strongest, both on a sequential and year-over-year basis. Similar to last quarter, the growth from customers across the fintech and insurance space. Our newly disaggregated health care and pharma represented 3.8% of our revenues and showed a 5% increase on a sequential basis and 14.8% decrease on a year-over-year basis.

我們的消費品和製造垂直領域前三大客戶的收入環比成長。無論是連續或同比，我們的金融垂直領域都是最強大的。與上季類似，金融科技和保險領域客戶的成長。我們新分類的醫療保健和製藥業務占我們收入的 3.8%，環比增長 5%，年減 14.8%。

And finally, the other vertical represented 9% of our second quarter revenue and was down 10.6% on a sequential basis and up 26.7% on a year-over-year basis. We ended the second quarter with a total headcount of 3,961 up from 3,892 employees in the first quarter of 2024 and up from 3,862 in the second quarter of 2023.

最後，其他垂直領域占我們第二季營收的 9%，季減 10.6%，較去年同期成長 26.7%。截至第二季末，我們的員工總數為 3,961 人，高於 2024 年第一季的 3,892 人，以及 2023 年第二季的 3,862 人。

At the end of the second quarter of 2024, our total US headcount was 347 or 8.8% of the company's total headcount versus 8.2% in the year ago quarter. Our non-US headcount located in Europe, Americas and India was 3,614 or 91.2%.

截至 2024 年第二季末，我們的美國員工總數為 347 人，占公司總員工數的 8.8%，而去年同期為 8.2%。我們位於歐洲、美洲和印度的非美國員工人數為 3,614 人，即 91.2%。

In the second quarter, revenues from our top five and top 10 customers were 38.5% and 57%, respectively, versus 37.6% and 56.6% in the same period a year ago, respectively. During the second quarter, we had a total of 208 customers, down from 210 in the first quarter of 2024 and 216 in the year ago quarter.

第二季度，前五名和前十名客戶的收入分別為38.5%和57%，而去年同期分別為37.6%和56.6%。第二季度，我們共有 208 名客戶，低於 2024 年第一季的 210 名和去年同期的 216 名。

During the quarter, we added several customers, some of which Leonard referred to in his prepared remarks. The year-over-year decline in the number of customers was primarily driven by our continued efforts to rationalize our portfolio of nonstrategic customers.

在本季度，我們增加了幾位客戶，倫納德在他準備好的演講中提到了其中一些客戶。客戶數量年減主要是因為我們不斷努力合理化非策略性客戶組合。

Moving to the income statement. Our GAAP gross profit during the quarter was $29.6 million or 35.6%compared to $27.7 million or 34.7% in the first quarter of 2024 and $28.3 million or 36.6% in the year ago quarter.

轉到損益表。我們本季的 GAAP 毛利為 2,960 萬美元，即 35.6%，而 2024 年第一季為 2,770 萬美元，即 34.7%，去年同期為 2,830 萬美元，即 36.6%。

On a non-GAAP basis, our gross profit was $30.1 million or 36.2%, up from $28.1 million or 35.3% in the first quarter of 2024 and up from $28.8 million or 37.3% in the year ago quarter. The increase in gross profit, both in dollar and as a percentage on a sequential basis was mainly driven by a combination of higher levels of revenue and better utilization of engineering resources.

以非公認會計準則計算，我們的毛利為 3,010 萬美元，即 36.2%，高於 2024 年第一季的 2,810 萬美元，即 35.3%，也高於去年同期的 2,880 萬美元，即 37.3%。毛利的成長（無論是美元還是環比百分比）主要是由於收入水平的提高和工程資源的更好利用共同推動的。

Our non-GAAP EBITDA during the second quarter that excluded stock-based compensation, depreciation and amortization, restructuring and expenses related to geographic reorganization, transaction and other related costs was $11.7 million or 14.1% of sales, up from $10.3 million or 12.9% of sales in the first quarter of 2024 and down from $12 million or 15.5% in the year-ago quarter. The increase on a sequential basis was largely due to higher revenues, partially offset by increase in operating expenses.

我們第二季的非公認會計準則EBITDA（不包括股票薪資、折舊和攤提、重組以及與地理重組相關的費用、交易和其他相關成本）為1,170 萬美元，佔銷售額的14.1%，高於1,030 萬美元，佔銷售額的12.9%。環比成長主要是由於收入增加，部分被營運費用增加所抵銷。

Our GAAP net loss in the second quarter was $0.8 million or a loss of $0.01 based on a basic share count of 76.6 million shares compared to the first quarter loss of $3.9 million or a loss of $0.05 based on a basic share count of 76.2 million and an income of $2.6 million or $0.03 per share based on 75.1 million basic shares in the year ago quarter. Our sequential decrease in GAAP net loss was largely from higher gross profit, lower levels of stock-based compensation, and this was partially offset by provision for income taxes.

我們第二季的 GAAP 淨虧損為 80 萬美元，或基於 7,660 萬股基本股數計算的虧損 0.01 美元，而第一季虧損 390 萬美元，或基於 7,620 萬股基本股數計算的虧損 0.05 美元，基於去年同期的7,510 萬股基本股，營收為260 萬美元，即每股收入0.03 美元。我們公認會計準則淨虧損的環比下降主要是由於毛利的增加和股票薪酬水準的降低，這部分被所得稅撥備所抵銷。

On a non-GAAP basis, in the second quarter, our non-GAAP net income was $6 million or $0.08 per share based on 77.9 million diluted shares compared to the first quarter non-GAAP net income of $5.2 million or $0.07 per share based on 78.4 million diluted shares and $7 million or $0.09 per share based on 76.9 million diluted shares in the year ago quarter.

以非GAAP 計算，第二季我們的非GAAP 淨利為600 萬美元，即每股0.08 美元（基於7,790 萬股稀釋股票），而第一季非GAAP 淨利為520 萬美元，即每股0.07美元（基於7790 萬股稀釋股票）。

On June 30, 2024, our cash and cash equivalent totaled $256 million, up from $249.4 million in the first quarter of 2024.

截至 2024 年 6 月 30 日，我們的現金及現金等價物總額為 2.56 億美元，高於 2024 年第一季的 2.494 億美元。

Coming to the third quarter guidance, we expect revenues to be in the range of $84 million to $86 million. We expect non-GAAP EBITDA in the third quarter to be in the range of $12.3 million to $13.3 million. For Q3 2024, we expect our basic share count to be in the range of 77 million to 78 million and our diluted share count to be in the range of 79 million to 80 million.

根據第三季指引，我們預計營收將在 8,400 萬美元至 8,600 萬美元之間。我們預計第三季非 GAAP EBITDA 將在 1,230 萬美元至 1,330 萬美元之間。對於 2024 年第三季度，我們預計基本股數將在 7,700 萬至 7,800 萬股之間，稀釋後股數將在 7,900 萬股至 8,000 萬股之間。

That concludes my prepared remarks. We are now ready to take questions.

我準備好的發言就到此結束。我們現在準備好回答問題。

(Event Instructions) Maggie Nolan, William Blair.

（活動說明）瑪姬諾蘭、威廉布萊爾。

Hi, How are you? Good. Congratulations.

你好你好嗎？好的。恭喜。

Good. Thanks, Maggie.

好的。謝謝，瑪吉。

Congratulations. So I wanted to ask about the talent landscape for you all. So you're back to hiring some time has passed since you've reorganized the footprint of the business since you started talking about Follow-the-Sun as well as the thought structure that you rolled out.

恭喜。所以我想向大家詢問一下人才狀況。自從你開始談論「追隨太陽」以及你推出的思想結構以來，你重新開始招募已經有一段時間了。

So I'm curious how you're thinking about managing margins from here on an account-by-account basis now that you have all these different pieces in place and how we might start to see that manifest in the P&L?

因此，我很好奇，既然您已經擁有所有這些不同的部分，那麼您如何考慮在逐個帳戶的基礎上管理利潤，以及我們如何開始在損益表中看到這一點？

Well, you just answered the question, right Maggie? So managing the margins account per account for the key accounts is that what really it comes down to right now. As you can see from the hiring perspective, we continue to hire across all the regions where we execute Follow-the-Sun program.

好吧，你剛剛回答了問題，對吧瑪姬？因此，管理關鍵客戶的每個帳戶的保證金帳戶才是現在真正要做的事情。正如您從招募角度看到的那樣，我們繼續在執行「Follow-the-Sun」計畫的所有地區進行招募。

There is definitely emphasis on India. India continues to expand. We still put a lot of effort in Europe, but we are doing a little bit more, I would say, smart hiring because we're again adding more interns for the program which we bring engineers and we promote within.

毫無疑問，印度是重點。印度繼續擴張。我們仍然在歐洲付出了很多努力，但我想說的是，我們正在做更多的明智招聘，因為我們再次為該專案增加了更多實習生，我們帶來了工程師並在其中進行了晉升。

And as the projects have stabilized and grow with the part solution offering, we're able to expand on the breadth of the keeps. And when you have a deeper projects, you can actually manage your cost efficiency within the teams as well. But the short answer is yes. The key is to manage profitability for key client.

隨著專案的穩定並隨著零件解決方案的提供而成長，我們能夠擴大保留的廣度。當您有更深層的專案時，您實際上也可以管理團隊內的成本效率。但簡短的回答是肯定的。關鍵是管理主要客戶的獲利能力。

Thank you. And then you also talked about maybe an increased willingness of customers to either maintain or even increase their spend. I'm wondering if there is a notable change in the scope of projects, type of projects, duration of projects as you see that resurgence of willingness to spend. Any thoughts you might have on why this is slightly different from some of your competitors in the space?

謝謝。然後您也談到，客戶維持甚至增加支出的意願可能會增強。我想知道，當你看到支出意願的復甦時，專案範圍、專案類型、專案持續時間是否有顯著變化。對於為什麼這與該領域的一些競爭對手略有不同，您可能有任何想法嗎？

Well, -- So I think that fundamentally, when we talk about our differentiation, it's always been the market for Grid Dynamics to be focused on technology projects. And when we do technology projects, the scope is around solutions, which greatly impact the sales.

嗯，--所以我認為從根本上來說，當我們談論我們的差異化時，Grid Dynamics 的市場始終專注於技術專案。當我們做技術專案時，範圍是圍繞解決方案的，這極大地影響了銷售。

So the reason -- as you know a big part of my conversation was about AI. It's not about just being fashionable. But it's also we have a possibility to implement the number of the internal solutions, which we continue to roll out which I also noted from the pro concept state point to the implementation of the broader base.

所以原因——正如你所知，我談話的很大一部分是關於人工智慧的。這不僅僅是為了時尚。但我們也有可能實施一些內部解決方案，我們將繼續推出這些解決方案，我也從專業概念狀態點到更廣泛基礎的實施指出了這一點。

So yes, technology still stays in the core focus. We are quite broadened the number of platforms, which we use for our innovative AI projects starting around the open source products to specialized solutions to the private models, building the co-pilots together with the clients. And also as we expand our partnerships, there is a deeper breadth of, again, implementation of those projects with the clients.

所以，是的，技術仍然是核心焦點。我們大大拓寬了用於創新人工智慧專案的平台數量，從開源產品到私有模型的專業解決方案，與客戶一起建立副駕駛。而且，隨著我們擴大合作夥伴關係，與客戶一起實施這些專案的範圍也會更廣。

So just to summarize, technology focus breadth of AI, I'm moving from the conceptual stage to broad implementation. And certainly, reputation, which come with that over years of Grid Dynamics managing various data aspects of our clients.

總而言之，我正在從概念階段轉向廣泛的實施階段，技術重點是人工智慧的廣度。當然，還有聲譽，這是 Grid Dynamics 多年來管理客戶各個資料所獲得的。

Great. Thanks, Leonard, and Anil, congrats again.

偉大的。謝謝倫納德和阿尼爾，再次恭喜。

Thank you so much, Maggie

非常感謝你，瑪姬

Can we go to the next question?

我們可以進入下一個問題嗎？

Gates Schwarzmann, Citi.

蓋茲‧施瓦茨曼，花旗銀行。

Gate, will come back you. Cary, why don’t we go to the next?

門，會回來的。卡里，我們為什麼不去下一個呢？

Brian Bergen, TD Cohen.

布萊恩·伯根，TD·科恩。

Hi, guys. Thanks, good to see you. I wanted to start on the guidance. It's nice to see the sequential performance in the 2Q and then what's implied in the 3Q, the continued momentum there. As you develop the 3Q plan and consider the balance of the year into 4Q, can you just share some perspective on whether there was thought to reinstating that full year outlook? I'm asking just curious as a signal around overall business visibility.

嗨，大家好。謝謝，很高興見到你。我想從指導開始。很高興看到第二季的連續表現以及第三季的持續成長動能。當您制定第三季計劃並考慮第四季度的年度餘額時，您能否分享一些關於是否考慮恢復全年展望的觀點？我只是好奇地問這個問題，作為整體業務可見性的一個信號。

So Bryan, this is a very good question because this is a constant discussion. I think let me leave a couple of thoughts here. Number one is that things are improving. So the likelihood of me installing a full year guidance is higher than what it was maybe a month ago, two months ago or three months ago. So we're moving in that right direction.

布萊恩，這是一個非常好的問題，因為這是一個持續的討論。我想讓我在這裡留下一些想法。第一是情況正在改善。因此，我安裝全年指導的可能性比一個月前、兩個月前或三個月前還要高。所以我們正在朝著正確的方向前進。

Look, we tend to be conservative. When we are ready for it, we will put it out. But the bias internally is for a full year guidance, Leonard's inclination is to try to give as much visibility as we can for the Street. So that's what we're working on. So at the right time, we will go out and put it. But definitely, we have more of a bias to get to that point.

看，我們傾向保守。當我們準備好時，我們就會把它拿出來。但內部的偏見是全年指導，而倫納德的傾向是盡力為華爾街提供盡可能多的可見性。這就是我們正在努力的方向。所以在對的時候，我們就會出去放。但毫無疑問，我們有更多的偏見來達到這一點。

Okay, make sense. And then just on the new logos, can you speak to some of the pace of the scaling of these larger enterprise logos you've had good momentum in each quarter here signing several, but those that are ramping faster too. Can you maybe speak to some of the trends in those new relationships that may be common?

好吧，有道理。然後，就新徽標而言，您能否談談這些大型企業徽標的擴展速度，您在每個季度都有良好的勢頭，簽署了幾個徽標，但那些徽標的增長速度也更快。您能否談談這些新關係中可能常見的一些趨勢？

Well, the story is not any different from the years of growth, Byran. Each with the client on a RapidScale, and I'm talking about RapidScale, Usually, there is a familiarity with Grid Dynamics from the past. So when you sign a logo where you come from the, I would say, new relationship or partnerships, typically, the projects start relatively small. So it's still land and expect.

好吧，這個故事和拜倫的成長歲月沒有什麼不同。每個客戶都使用RapidScale，我正在談論RapidScale，通常，人們對過去的網格動態很熟悉。因此，當你簽署一個徽標時，我想說的是，你來自新的關係或夥伴關係，通常，專案開始時相對較小。所以它仍然是陸地和期待。

Usually, it's from highly technical field. Basically, the big enterprise approach Grid Dynamics on referrals to become their technology partners. In a couple of influences the thought that help from very large rapid firms. Perhaps they didn't find that reflection of the specific needs or maybe focused, I would say, attention.

通常，它來自高科技領域。基本上，大企業透過推薦來接觸 Grid Dynamics，成為他們的技術合作夥伴。在一些影響中，這種想法受到了大型快速公司的幫助。也許他們沒有找到具體需求的反映，或者我想說，可能沒有集中註意力。

And we rapidly picked it up. And we're kind of shifting our relationship with the clients also to understand their business models. So it helps to be a technically astute, but also a bit more business saving. But a couple of instances where we had the leadership of the clients known us for a long time.

我們很快就發現了它。我們正在改變與客戶的關係，以了解他們的商業模式。因此，技術上的精明是有幫助的，但也能節省更多的業務。但有幾個例子表明，我們的客戶領導層認識我們很久了。

And those kind of best to thrust because you don't need to prove yourself anymore. You basically get to the point that you're giving business based on your past performance, but you have to rapidly adapt and deliver. And there are a couple of instances of that has happened.

這些都是最好的推動力，因為你不再需要證明自己了。基本上，你會根據過去的表現來提供業務，但你必須快速適應和交付。這樣的事例已經發生好幾個了。

As we grow, we've been around for 18 years. Those it are more common. So three cases. The new relationships as well as the partnerships, they grow from technology up. The existing relationship, RapidScale in terms of major implementation across multiple fields.

隨著我們的成長，我們已經走過了18年。那些比較常見。那麼三種情況。新的關係以及合作關係是從技術上發展起來的。就現有關係而言，RapidScale主要實現跨多個領域。

That's helpful. Thank you very much.

這很有幫助。非常感謝。

Thanks, Bryan.

謝謝，布萊恩。

Mayank Tandon, Needham.

馬雅克坦登，尼達姆。

I’m trying to restart my video, let’s see. Yeah, hi. Thank you for taking my question. Good evening, Leonard, Anil. Congrats on the quarter. I wanted to ask you on the revenue growth for the third quarter. And as you look ahead, could you unpack the growth in terms of headcount additions, utilization? How much more room do you have to expand it and also pricing? Is there more leverage on the upside? Or is pricing basically running flattish at this time?

我正在嘗試重新啟動我的視頻，讓我們看看。是的，嗨。感謝您回答我的問題。晚上好，倫納德，阿尼爾。恭喜本季。我想問你第三季的營收成長情況。展望未來，您能否從員工數量增加和利用率分析成長？您還有多少空間來擴展它以及定價？上行空間是否有更多槓桿？還是目前定價基本持平？

I’m taking it as the privilege of Anil. Obviously he rolls on (laughter) where you’ll never understand you have some (laughter). But let me try to focus on the key areas because it's a very fundamental question. So I don't see a rapid increase of the pricing per client. In some instances, it's not about increasing the pricing. It's about fair value for the solutions. So when you go to T&M, it's seldom.

我認為這是阿尼爾的特權。顯然他一直在滾動（笑聲），你永遠不會明白你有一些（笑聲）。但讓我試著專注在關鍵領域，因為這是一個非常基本的問題。因此，我認為每個客戶的定價不會快速增加。在某些情況下，這並不是為了提高定價。這是關於解決方案的公允價值。所以你去T&M的時候很少。

But when you go into the project base, when you offer a customer a complete proposals that does happen in some of the impact because, again, at end of the day, it’s ROI. At the end of the day, it’s total amount of dollars looked at how much business, how competitive advance is. So the big part is there's no miracle there. Demand is still to the point we have to be smart about pricing. But we see some of those improvements definitely.

但是，當您進入專案庫時，當您向客戶提供完整的提案時，確實會產生一些影響，因為歸根結底，這就是投資回報率。歸根究底，美元總額取決於業務量、競爭優勢。所以最重要的是那裡沒有奇蹟。需求仍然如此，我們必須明智地定價。但我們確實看到了其中一些改進。

The other thing is balancing the teams, as I mentioned, that Maggie asked the question, bringing this broader vertically integrated organizations created a higher, I would say, utilization of the broader base people.

另一件事是平衡團隊，正如我所提到的，瑪姬提出了這個問題，使這個更廣泛的垂直整合組織創造了更高的，我想說，更廣泛的基礎人員的利用率。

When you are studying projects, and Bryan asked us who grows and how that impacts. You typically start with very experienced people. And that is not the best margin solution unless you build broader capabilities with all the clients, and we see those broader capabilities coming into play.

當你研究專案時，布萊恩問我們誰在成長以及這會產生什麼影響。您通常會從非常有經驗的人開始。這並不是最好的利潤解決方案，除非您與所有客戶建立更廣泛的能力，而我們看到這些更廣泛的能力正在發揮作用。

So if I summarize some of them, I'm making up the growth. Demand is definitely present to Grid Dynamics. When we purely focus on one area, then maybe there's no like a big change of the financial performance, but were expanding now into multiple areas.

所以如果我總結其中一些，我就是在彌補成長。Grid Dynamics 確實存在需求。當我們純粹專注於一個領域時，也許財務表現不會有很大的變化，但現在我們正在擴展到多個領域。

We see the efficiencies. And the efficiency come with a pyramid of talent, which is -- even during the most dairies downturns, we did not slow down on the internship program on the training program on the internal university program. So those kind of things picked up.

我們看到了效率。效率來自於人才金字塔，即使在乳製品產業最不景氣的時期，我們也沒有放慢實習計畫、內部大學計畫的培訓計畫。所以這些事情就開始發生了。

And of course, the investment in R&D, when we build more than 30 solutions. They're not just a resolution, they're almost like auction. When people say, I did 100, I did 200, some 5,000, we are more conservative. When we're talking about solutions, it's a fundamental actionable set of rules we drive immediate customer implementation. And when you talk about Fortune 500 that brings that kind of implementation to both performance and financial efficiency. I hope I gave you a little bit of flavor, but ---

當然，還有研發投資，我們建構了 30 多個解決方案。它們不僅僅是一個決議，它們幾乎就像拍賣。當人們說，我做了 100 個，我做了 200 個，有的 5,000 個時，我們更加保守。當我們談論解決方案時，這是一套基本的、可操作的規則，我們推動客戶立即實施。當您談論財富 500 強時，這種實施方式會帶來績效和財務效率。我希望我給你帶來了一點味道，但是---

Yeah. As a quick follow-up, Leonard and Anil, I wanted to also dive into the clients where you have top five, top 10. Where do you see them in terms of penetration? Is there more headroom to grow within these clients? Or do you think the growth is going to really come from your non-top 10 as you look beyond 2024 to 2025 and other?

是的。作為快速跟進，倫納德和阿尼爾，我還想深入了解排名前五、前十名的客戶。您認為它們的滲透率在哪裡？這些客戶是否還有更多的發展空間？或者，當您展望 2024 年至 2025 年及其他時期時，您認為成長真的會來自非前 10 名嗎？

Well, let me start. We just went through our internal executive reviews because it's good on a semi-annual basis assess where you are. So we just finished it. Our strategy comes threefold. The top client, the second most potential plans, meaning the large companies where our footprint is still smaller and the new innovative clients coming either through the hunting or the partnerships.

好吧，讓我開始吧。我們剛剛進行了內部高階主管審查，因為每半年評估您的情況是很好的。所以我們剛剛完成了它。我們的戰略有三個面向。頂級客戶，第二大潛在計劃，意味著我們的足跡仍然較小的大公司，以及透過尋找或合作夥伴關係而來的新創新客戶。

And as you look at our breakdown, no matter what we do, there is still concentration. And this is a different form of shape. Not the same as was some years ago, we were more diverse on an industry basis, but still we have heavy hitters.

當你看看我們的細分時，無論我們做什麼，仍然保持專注。這是一種不同形式的形狀。與幾年前不同，我們在行業基礎上更加多樣化，但我們仍然有重量級人物。

And with those heavy hitters, you need to make sure you leave with the 24/7 because our success and their success so tightly coupled and when some of them went down in the past quarters, it had damage for us. We're carefully selecting the companies together with the client, which not only inspired to grow and have funds to grow, but dynamic for their own markets help them. So that's from the top tier.

對於那些重量級人物，你需要確保你帶著24/7 離開，因為我們的成功和他們的成功如此緊密地結合在一起，當其中一些在過去幾個季度出現故障時，這對我們造成了損害。我們與客戶一起精心挑選公司，這些公司不僅能夠激發發展動力並擁有發展資金，而且對自己的市場充滿活力也能幫助他們。這是來自頂層的。

From the second tier, we have growth with every client potential. Because you only have some millions of dollars, and those are large clients, then it's our responsibility to offer them competitively, something which makes their business more successful.

從第二層開始，我們隨著每個客戶的潛力而成長。因為您只有幾百萬美元，而且這些都是大客戶，所以我們有責任為他們提供有競爭力的服務，從而使他們的業務更加成功。

And this is where we doubled down on technology penetration. So the first rows 24/7. The second one, very selective. And we have those green shoots already start to fruition which means some of them take off, some of them don't, and then we need to understand why not?

這就是我們加倍加大技術滲透力度的地方。所以第一行 24/7。第二個，非常有選擇性。我們的綠芽已經開始開花結果，這意味著其中一些已經起飛，有些則沒有，然後我們需要了解為什麼不呢？

And the third group, we are spending disproportionate amount of attention to the partnerships because those roles are amazing, but the scope of projects are limited. So we have enough trust with our partners that we can work with them on their own implementations, but also look in parallel to something complete incomparable with. Their mission will help direct clients to grow together. So together, that's kind of focus. So it's a one, two, three.

第三組，我們對合作關係投入了太多的關注，因為這些角色令人驚嘆，但專案範圍有限。因此，我們對合作夥伴有足夠的信任，我們可以與他們合作實施自己的方案，但同時也可以看到一些完全無法比擬的東西。他們的使命將幫助指導客戶一起成長。所以在一起，這就是焦點。所以這是一、二、三。

Perfect. Thank you so much, Leonard. And Thank you, Anil.

完美的。非常感謝你，倫納德。謝謝你，阿尼爾。

Thank you.

謝謝。

Puneet Jain, JP Morgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

I just asked all my questions, but answer then, anyway. So great quarter -- the last couple of years, you have added like around 50, 60 enterprise customers. Some of them, for example, the one in financial therapies have done really well. But give us like the state of union on those enterprise clients that you added for some of them, like certainly the ones that might still be somewhat under scale, like what's keeping them from ramping up? And what the potential is for that client?

我只是問了我所有的問題，但無論如何還是要回答。這是一個非常棒的季度——過去幾年，您增加了大約 50、60 個企業客戶。其中一些，例如金融治療領域的，做得非常好。但是，請給我們介紹一下您為其中一些添加的企業客戶的情況，例如那些可能仍然規模較小的客戶，例如是什麼阻止了他們的成長？該客戶的潛力是什麼？

Basically expanding on the previous question of my about the second group not the top one. Everybody based about successes, what happened with the quiet group, the silent majority. Well, that's why we had this very deep account by account review. And because, again, there are not a huge number of them. There may be 25 to 30 of those clients who stuck in this position of transitioning from two, five, 10 to five, 10, 20, but still more between five and 10 instead of 10 and 20. This is exactly where I would say, the thrust is because once you pass a certain level of capacity relationship, you certainly become a preferred supplier.

基本上擴展了我之前關於第二組而不是第一組的問題。每個人都以成功為基礎，以沉默的群體、沉默的大多數人所發生的事情為基礎。嗯，這就是為什麼我們透過帳戶審查進行瞭如此深入的帳戶。再說一遍，因為它們的數量並不多。其中可能有 25 到 30 名客戶陷入了從 2、5、10 到 5、10、20 的過渡狀態，但更多的是在 5 到 10 人之間，而不是 10 到 20 人之間。這正是我要說的，其推力是因為一旦你通過了一定程度的產能關係，你肯定會成為首選供應商。

And then hedge of the consolidation, which we also mentioned, staying relevant, you have to be useful, not just to one team, but to many. So from that perspective, we selected about half of those clients as you can run after everyone which they are in different industries, but they have a couple of major, I would say, factors. First of all, we have an alignment on technology road map.

然後是對合併的對沖，我們也提到過，保持相關性，你必須有用，不僅對一個團隊，而且對許多團隊。因此，從這個角度來看，我們選擇了大約一半的客戶，因為你可以追蹤他們來自不同行業的每個人，但我想說，他們有幾個主要因素。首先，我們對技術路線圖進行了調整。

With all the greatness of technology, technology by itself, even AI makes zero value unless it's fully supported and expanded and plan for with the clients. They need to have a mindset. They need to have capability, they need to willingness, business cases and patients. It's very easy to do pro of concept.

技術的偉大之處，技術本身，甚至人工智慧的價值也為零，除非它得到客戶的充分支援、擴展和規劃。他們需要有一種心態。他們需要有能力，需要意願、業務案例和患者。進行概念驗證非常容易。

And then they report to the top management saying, okay, we've done it. It's not business. So with about half of those clients, I would say, a dozen and they have or something like that, we want to go much deeper to actually engage into the more business key studies answering ourselves and then the question is, why not? We're not changing our business now.

然後他們向最高管理層報告說，好吧，我們已經做到了。這不是生意。因此，對於大約一半的客戶，我想說，一打，他們有或類似的東西，我們想要更深入地實際參與更多的業務關鍵研究來回答我們自己，然後問題是，為什麼不呢？我們現在不會改變我們的業務。

We're not doing like BPOs or any kind of low-end services. So for us, expansion and it's how to proliferate the data business, the cloud business, assessment of cyber securities, learning from that horrible essence of the IT challenges, which happened on the cloud, how to create mission-critical solutions with all the predictable models but still relevant to them. So that group, which we're going to continue to focus, and that's where the, I would say, short term growth comes from.

我們不做業務流程外包或任何類型的低階服務。因此，對我們來說，擴展就是如何擴散資料業務、雲端業務、網路安全評估、從雲端發生的 IT 挑戰的可怕本質中學習、如何創建具有所有可預測性的關鍵任務解決方案模型，但仍然與它們相關。所以我們將繼續關注這個群體，我想說，這就是短期成長的來源。

That’s very helpful. And then you have like about $250 million in cash on balance sheet. And in the press release, I noticed like you talked about that most of the growth or all the growth is organic now, meaning that it's been more than a year since you last did an acquisition. So talk to us about your use of cash priorities over the near term? And what are you looking for in potential M&A target?

這非常有幫助。然後資產負債表上大約有 2.5 億美元的現金。在新聞稿中，我注意到就像您談到的那樣，現在大部分成長或所有成長都是有機成長，這意味著距離您上次進行收購已經過去一年多了。那麼，請與我們談談您近期對現金優先事項的使用？您在潛在的併購目標中尋找什麼？

So the person you don't see in a room because he's got behind the scene is our Head of M&A group. So I'm going to put them on the stage to tell you what to do because he may tell you way too much than what we want to tell you. But I think that the level of engagement is tremendous right now.

因此，你在房間裡看不到的人是我們的併購團隊負責人，因為他在幕後。所以我會讓他們上台告訴你該怎麼做，因為他可能告訴你的比我們想告訴你的還要多。但我認為現在的參與度是巨大的。

I think there are a couple of reasons. First of all, remember, the geographic. We're talking about technology with clients and geography. I think the stars kind of aligned, we have all the geography we're looking for, all of them right now. And technology is pretty decent. I would not say we're going to make a breakthrough. If everybody can make a breakthrough then why would companies exit?

我認為有幾個原因。首先，請記住地理。我們正在與客戶和地理討論技術。我認為星星有點對齊，我們擁有我們正在尋找的所有地理位置，所有這些現在都可以。而且技術也相當不錯。我不會說我們會取得突破。如果每個人都能取得突破，那麼企業為什麼要退出呢？

They need to have -- we found the companies which need to have help from the (inaudible) call me a big brother. We're still a modern-sized company, but from a technology perspective, we're quite formidable. And they're passionate about to continue the journey as a part of the bigger teams.

他們需要──我們發現那些需要幫助的公司（聽不清楚）稱我為老大哥。我們仍然是一家現代化規模的公司，但從技術角度來看，我們相當強大。他們熱衷於作為更大團隊的一部分繼續前進。

Now I can't tell you when the date is going to come. What did you say about that going for an annual report? You are more inclined to do now than before. It sounds like we're all waiting for fans to change the rate. So I'm also inclined to be very positive in the next couple of weeks and months, but you have to be very patient. And the reason we're very bullish on it because I think we found the rhythm. It was very important because when you look at the past our four acquisitions, we look at the value we need to bring in 2025 and on.

現在我無法告訴你這個日期什麼時候會到來。您對年度報告有何看法？你現在比以前更願意這樣做。聽起來我們都在等待粉絲改變費率。因此，我也傾向於在接下來的幾週和幾個月內保持非常積極的態度，但你必須非常有耐心。我們之所以非常看好它，是因為我認為我們找到了節奏。這非常重要，因為當你回顧我們過去的四筆收購時，我們會著眼於 2025 年及以後需要帶來的價值。

And I think the company, when we go through this period of the slowdown, it matures. Like you all say, if you can't find a job going extend your education. So it's worked for the last 12 months. I believe we're on a very good path now.

我認為，當我們經歷這段放緩時期時，公司就成熟了。就像你們都說的，如果找不到工作就繼續深造。所以它在過去 12 個月裡一直有效。我相信我們現在正走在一條非常好的道路上。

That’s good to know. Thank you.

很高興知道這一點。謝謝。

Thank you, Puneet.

謝謝你，普尼特。

Ladies and gentlemen, this concludes the Q&A session of our call today. I will now turn it over to Leonard for closing comments.

女士們先生們，我們今天電話會議的問答環節到此結束。我現在將其轉交給倫納德以徵求結束意見。

Thank you, everybody, for joining us on the call today. Our message today is consistent with the commentary over the past couple of quarters, steady improvement in Grid Dynamics business. Visibility is getting better. Customers are more willing to put their plans into spend and more importantly, customers are laser-focused on evaluating the technological competencies of their IT partners. I'm excited about these opportunities in the second half of 2024 as well as the coming 2025.

謝謝大家今天加入我們的電話會議。我們今天的訊息與過去幾季的評論一致，網格動態業務穩步改善。能見度越來越好。客戶更願意將他們的計劃付諸支出，更重要的是，客戶更專注於評估其 IT 合作夥伴的技術能力。我對 2024 年下半年以及即將到來的 2025 年的這些機會感到興奮。

Looking forward to giving you all updates in the next earnings call. Thank you.

期待在下一次財報電話會議上為您提供所有最新資訊。謝謝。