Grid Dynamics Holdings Inc (GDYN) 2024 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to Grid Dynamics third quarter, 2024 earnings conference call.

大家下午好。歡迎參加 Grid Dynamics 2024 年第三季財報電話會議。

I'm Cary Savas, Director of Branding and Communications. (Operator Instructions) Joining us on the call today are CEO, Leonard Livschitz; CFO, Anil Doradla and COO, Yury Gryzlov. Following the prepared remarks, we will open up the call to your questions.

我是品牌和傳播總監卡里·薩瓦斯 (Cary Savas)。（操作員說明）今天加入我們電話會議的是執行長 Leonard Livschitz；財務長 Anil Doradla 和營運長 Yury Gryzlov。在準備好發言後，我們將開始電話詢問您的問題。

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 in a 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.

請注意，今天的會議正在開始之前進行錄製。我想提醒大家，今天的討論將包含前瞻性陳述。這包括我們業務的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 now turn the call over to Leonard, our CEO.

我現在將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 reported another solid quarter as positive trends continue to favor influence our business.

謝謝你，卡里。大家下午好，感謝您今天加入我們。由於積極的趨勢繼續有利於影響我們的業務，電網動態報告了另一個穩健的季度。

Our third quarter results were above our guidance range and exceeded Wall Street expectations, both in revenue and non-GAAP EBITDA. More importantly, our revenue and profitability were the highest in the company's history.

我們第三季的業績無論是收入或非公認會計準則 EBITDA 都高於我們的指導範圍，並超出了華爾街的預期。更重要的是，我們的收入和獲利能力是公司史上最高的。

Similar to the second quarter, we exited the third quarter with a record billable engineering headcount.

與第二季類似，我們在第三季結束時的計費工程人員數量創歷史新高。

Customers both existing and new are contributing to our strong results which is a testament to our technology differentiation and delivery excellence. The addition of Argentina based mobile computing enhances our follow the sun capabilities and the acquisition of U.K. based JUXT elevates our industry expertise in banking and financial services. With both acquisitions, our teams have started working together, and I expect them to generate immediate scalable synergies starting in the fourth quarter.

現有客戶和新客戶都為我們的強勁業績做出了貢獻，證明了我們的技術差異化和卓越交付。阿根廷行動運算的加入增強了我們追隨陽光的能力，收購英國 JUXT 則提升了我們在銀行和金融服務方面的行業專業知識。透過這兩次收購，我們的團隊已經開始合作，我預計他們將從第四季開始立即產生可擴展的協同效應。

There are many trends shaping the company, both in the fourth quarter of 2024 and in 2025. Some notable ones I will share with you today. As we exit 2024, our long-term targets around the company's growth, profitability and technical leadership remains unchanged. Now, come to the demand environment similar to the first half of 2024, demand trends improved across our customers.

2024 年第四季和 2025 年，有許多趨勢將塑造公司。今天我將與您分享一些值得注意的內容。隨著 2024 年的結束，我們圍繞著公司成長、獲利能力和技術領先地位的長期目標保持不變。現在，需求環境與 2024 年上半年類似，我們客戶的需求趨勢有所改善。

In the third quarter, we witnessed our customers funding key programs and initiatives. At many of our customers, there is a sense of urgency to complete projects by the end of the year. Numerous initiatives that were held back during the economic cycles are being prioritized for completion.

在第三季度，我們見證了客戶為關鍵項目和措施提供資金。我們的許多客戶都有一種在年底前完成專案的緊迫感。許多在經濟週期中受阻的措施正在優先完成。

This is something we witnessed across a wide range of customers and industries. In many ways, the foundation of the third quarter demand trends were set up in the first half of the year. If you recall from my last quarter commentary, I highlighted the first quarter was characterized by customers focusing on sharing their outlooks and forecast plans, but not aggressively spending. In the second quarter, customers were willing to release budgets and implement their plans. Bottom line, the positive demand environment that we witnessed in the third quarter was a result of steady improvements over the past couple of quarters, and we expect it to continue into the fourth quarter and beyond. We set a new record for partnership influence revenues. Year-to-date, partnership revenue contribution is 18% of the total revenue.

這是我們在廣泛的客戶和行業中親眼目睹的事情。從很多方面來說，第三季需求趨勢的基礎都是在上半年奠定的。如果您還記得我上一季的評論，我強調第一季的特點是客戶專注於分享他們的前景和預測計劃，但並不積極支出。第二季度，客戶願意發布預算並實施他們的計劃。最重要的是，我們在第三季度看到的積極的需求環境是過去幾季穩步改善的結果，我們預計這種情況將持續到第四季及以後。我們創造了合作影響力收入的新紀錄。年初至今，合作夥伴收入貢獻佔總營收的18%。

Our focus on hyperscalers paid off with 3 of the largest being in the top 5 for the partnership revenue. As I pointed out earlier, we are thrilled to welcome JUXT and Mobile Computing to Grid Dynamics. Each company brings in a unique set of capabilities. Founded in 2013, JUXT is known for delivering complex end-to-end solutions from design and user experience to the functionality and ongoing management services.

我們對超大規模企業的關注得到了回報，其中最大的 3 家躋身合作夥伴收入前 5 名。正如我之前指出的，我們很高興歡迎 JUXT 和行動運算加入網格動態。每家公司都擁有一套獨特的能力。JUXT 成立於 2013 年，以提供從設計和用戶體驗到功能和持續管理服務的複雜端到端解決方案而聞名。

Their specializations in mission-critical platforms and products for leading banks and financial institutions make them a strategically important addition to Grid Dynamics, especially as global demand for reliable, scalable future-proof data solutions continue to grow. Their focus on risk platform, structured products, equity derivatives and financial reporting is highly complementary to our current offering in financial services, which adds into our portfolio some of the world's largest banks and financial institutions.

他們在為領先銀行和金融機構提供關鍵任務平台和產品方面的專業知識使其成為 Grid Dynamics 的重要策略補充，特別是隨著全球對可靠、可擴展、面向未來的數據解決方案的需求持續增長。他們對風險平台、結構性產品、股票衍生性商品和財務報告的關注與我們目前的金融服務產品高度互補，我們的投資組合中加入了一些全球最大的銀行和金融機構。

The acquisition of mobile computing expands Grid Dynamics' global footprint and follow-the-sun delivery model. Founded in 1,998, Mobile computing is recognized as a leader in digital transformation, offering a comprehensive suite of solutions spanning industries, including manufacturing, CPG and financial services. By adding this talented team in Argentina, our clients now have expanded options in Americas, complementing our established presence in the United States, Mexico and Jamaica.

收購行動運算擴大了 Grid Dynamics 的全球足跡和全天候交付模式。行動運算成立於 1998 年，被公認為數位轉型領域的領導者，提供涵蓋製造業、消費品和金融服務等產業的一整套解決方案。透過在阿根廷增加這支才華橫溢的團隊，我們的客戶現在在美洲有了更多的選擇，補充了我們在美國、墨西哥和牙買加的現有業務。

During the last earnings call, I shared some insight around vendor consolidation across many of our clients. Over the past 12 months, customers have been scaling back on the number of IT vendors they work with. During the third quarter, the majority of vendor consolidation efforts across customers were completed.

在上次財報電話會議上，我分享了一些關於我們許多客戶的供應商整合的見解。在過去 12 個月中，客戶一直在減少與其合作的 IT 供應商數量。第三季度，大部分跨客戶的供應商整合工作已經完成。

Grid Dynamics' technology and operational excellence is highly valued, and this helped us join a short list of strategic partners for those customers.

Grid Dynamics 的技術和卓越營運受到高度重視，這幫助我們加入了這些客戶的策略合作夥伴名單。

Now turning to our AI initiatives. I'm pleased to report that our AI capabilities continue to gain significant traction across our customer base. We've substantially expanded our AI portfolio and now have over 30 service offerings and solutions, specifically targeting Fortune 500 companies across various industries. These solutions are designed to drive both top line growth and bottom-line efficiency for our enterprise clients.

現在轉向我們的人工智慧計畫。我很高興地報告，我們的人工智慧功能繼續在我們的客戶群中獲得巨大的吸引力。我們大幅擴展了人工智慧產品組合，現在擁有 30 多種服務產品和解決方案，專門針對各行業的財富 500 強公司。這些解決方案旨在推動我們的企業客戶的營收成長和利潤效率。

On the revenue side, we are focused on innovative customer experiences and enhanced marketing, pricing, and product decisions. On the cost side, our solutions center on efficiency improvements and enterprise knowledge management. What's particularly encouraging is the evolution we're seeing in our AI engagements. While previous quarters were dominated by POCs and user facing pilot programs, this quarter marked a significant shift as more projects move into the full production environment. Our pipeline of AI opportunities has grown to more than 100 active opportunities, representing a 50% increase from the last quarter.

在收入方面，我們專注於創新的客戶體驗以及增強的行銷、定價和產品決策。在成本方面，我們的解決方案以效率提高和企業知識管理為中心。特別令人鼓舞的是我們在人工智慧領域所看到的演變。雖然前幾季主要是 POC 和用戶導向的試點項目，但隨著更多項目進入完整的生產環境，本季發生了重大轉變。我們的 AI 機會管道已增至 100 多個活躍機會，較上季增加 50%。

This growth reflects the increasing enterprise readiness to move beyond experimentation to implementation of AI solutions at scale.

這種成長反映出企業越來越願意從實驗階段轉向大規模實施人工智慧解決方案。

Currently, we are seeing particularly strong demand in three areas of AI. AI-based search, conversational AI and catalog enrichment. This demand is driven by rapidly evolving customer expectations as interaction with the AI-based assistants become more commonplace in both consumer and enterprise context. To support this growing demand, we are expanding our partnerships with hyperscalers, building specialized accelerators based on their foundational models and AI-based services. Internally, we continue to invest in our own AI capabilities. We've made significant strides in improving our engineering productivity through the implementation of AI coding assistance.

目前，我們看到人工智慧三個領域的需求特別強勁。基於人工智慧的搜尋、對話式人工智慧和目錄豐富。隨著與基於人工智慧的助手的互動在消費者和企業環境中變得越來越普遍，這種需求是由快速變化的客戶期望所推動的。為了滿足這一不斷增長的需求，我們正在擴大與超大規模企業的合作夥伴關係，根據他們的基礎模型和基於人工智慧的服務建立專門的加速器。在內部，我們繼續投資於我們自己的人工智慧能力。透過實施人工智慧編碼輔助，我們在提高工程生產力方面取得了重大進展。

This enhances our delivery efficiency and ensures our teams stay at the forefront of AI technology implementation.

這提高了我們的交付效率，並確保我們的團隊處於人工智慧技術實施的最前線。

Now let me share a few examples of our AI programs at large enterprises. At one iconic retailer, we've launched an AI solution that streamlines their product catalog management by automatically extracting and harmonizing product attributes from unstructured data, significantly improving operational efficiency and data quality.

現在我要跟大家分享幾個我們在大型企業的人工智慧專案的例子。在一家標誌性零售商中，我們推出了一款人工智慧解決方案，透過自動從非結構化資料中提取和協調產品屬性來簡化其產品目錄管理，從而顯著提高營運效率和資料品質。

For one of the largest U.S. auto parts providers, we are implementing an advanced AI assistant that connects customers with the store associates through instant messaging.

對於美國最大的汽車零件供應商之一，我們正在實施先進的人工智慧助手，透過即時訊息將客戶與商店員工聯繫起來。

This solution incorporates visual auto part recognition and conversation and part finding capabilities, enhancing both customer experience and operational efficiency.

該解決方案結合了視覺汽車零件識別以及對話和零件查找功能，增強了客戶體驗和營運效率。

As one of the largest beverage companies, we are developing a conversational knowledge, a platform focused on improving employee productivity by providing intelligent access to corporate knowledge and streamlining internal processes.

作為最大的飲料公司之一，我們正在開發一個對話式知識平台，該平台致力於透過提供對企業知識的智慧存取和簡化內部流程來提高員工生產力。

These implementations showcase our ability to deliver AI solutions that drive meaningful business outcomes across diverse industry verticals. As we look ahead, we remain confident in our positioning as a leader in enterprise AI implementation, supported by a growing pipeline and expanding partnership ecosystem. In the quarter, there were several trends, and I want to share some of the notable ones.

這些實施展示了我們提供人工智慧解決方案的能力，這些解決方案可在不同的垂直產業中推動有意義的業務成果。展望未來，在不斷增長的管道和不斷擴大的合作夥伴生態系統的支持下，我們仍然對自己作為企業人工智慧實施領導者的定位充滿信心。本季有幾個趨勢，我想分享一些值得注意的趨勢。

Number one, logo momentum. In the third quarter, we signed 6 new logos, which are large enterprises. Of these customers we signed in the quarter, one is a global food product and hospitality distribution company. Another one is an automotive part company. And another one is one of the largest grocery retailers in Europe. Partnerships. Revenues driven by strategic partnerships have shown sustained growth, contributing 18% of our total revenue in the first three quarters of 2024.

第一，標誌勢頭。第三季度，我們新簽了6個標誌，都是大企業。在我們本季簽約的這些客戶中，有一家是一家全球食品和酒店分銷公司。另一家是一家汽車零件公司。另一家是歐洲最大的雜貨零售商之一。夥伴關係。策略夥伴驅動的營收呈現持續成長，2024年前第三季貢獻了我們總營收的18%。

In response to this positive trend, we're investing in a joint sales and marketing and collaborating closely with hyperscale and SaaS providers.

為了應對這一積極趨勢，我們正在投資聯合銷售和行銷，並與超大規模和 SaaS 供應商密切合作。

These efforts span across critical areas such as digital commerce, application modernization, data platforms and engineering services allowing us to tap into an even broader range of opportunities.

這些努力跨越數位商務、應用程式現代化、數據平台和工程服務等關鍵領域，使我們能夠抓住更廣泛的機會。

Additionally, our partners are emerging as critical channels for seizing opportunities in artificial intelligence and generative AI as demand in these areas continue to rise. To further strengthen our footprint, we're actively deploying our AI and generative AI accelerators across hyperscaler platforms and marketplaces, enhancing accessibility and engagement for clients seeking advanced AI solutions.

此外，隨著人工智慧和生成人工智慧領域的需求持續成長，我們的合作夥伴正在成為抓住這些領域機會的關鍵管道。為了進一步加強我們的足跡，我們正在跨超大規模平台和市場積極部署人工智慧和生成式人工智慧加速器，增強尋求先進人工智慧解決方案的客戶的可及性和參與度。

India expansion. Our follow the sun strategy provides the framework of scaling our global locations. India is now in our top two countries by headcount, and it is an integral part of our global delivery model.

印度擴張。我們的「追隨太陽」策略為擴大我們的全球佈局提供了一個框架。印度目前在我們的員工人數方面位居前兩個國家之列，並且是我們全球交付模式不可或缺的一部分。

Bangalore, our third location in India is now scaling its team has been a successful addition to our Indian operation.

班加羅爾是我們在印度的第三個基地，目前正在擴大其團隊規模，這對我們的印度業務來說是一個成功的補充。

We're scaling relationship with India based GCCs, recently hosting a technology and innovation forum attended by more than a dozen GCCs.

我們正在擴大與印度海灣合作委員會的關係，最近舉辦了一個有十多個海灣合作委員會參加的技術和創新論壇。

European business. With roughly mid-teens of our revenue, Europe continues to be strategic to our growth. We are increasing our footprint with the European division of our large global accounts.

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。我們正在透過大型全球客戶的歐洲分部擴大我們的足跡。

We're also expanding our business with joint go to market strategies with hyper scaling across all our services.

我們也透過聯合市場策略來擴展我們的業務，並在我們所有的服務中進行超擴展。

We are witnessing significant AI adoption trends with clients engaging us to assess their AI and data platform capabilities in preparation for building AI platforms that will support multiyear business transformations.

我們目睹了人工智慧採用的重大趨勢，客戶讓我們評估他們的人工智慧和數據平台能力，為建立支援多年業務轉型的人工智慧平台做準備。

A major U.K.-based retail customer is engaging us not only on the e-commerce transformation, but also on their cloud migration journey this year.

一家英國主要零售客戶不僅讓我們參與電子商務轉型，也參與他們今年的雲端遷移之旅。

In Q4, we are launching a composable commerce B2C solution for a major auto parts distributor. We're working towards helping them further modernize and consolidate their complex technology landscape into 2025.

在第四季度，我們將為一家大型汽車零件經銷商推出可組合的商務 B2C 解決方案。我們正在努力幫助他們在 2025 年進一步現代化並鞏固其複雜的技術格局。

During the quarter, Grid Dynamics delivered some notable projects. A leading global technology company sought a solution to maintain user data in compliance with privacy regulations. Grid Dynamics successfully implemented a consolidated system, enabled centralized monitoring and management of datasets and user workflows.

在本季度，Grid Dynamics 交付了一些值得注意的項目。一家全球領先的科技公司尋求一種解決方案來維護用戶數據，使其符合隱私法規。Grid Dynamics 成功實施了整合系統，實現了資料集和使用者工作流程的集中監控和管理。

The UI application has been widely adapted across multiple cross functional teams within the organization. The new system provides business teams with a standardized method to ensure data sets meet current regulatory requirements. It also maintains a comprehensive audit trails for any changes, enhancing transparency and accountability.

UI 應用程式已在組織內的多個跨職能團隊中廣泛採用。新系統為業務團隊提供了標準化方法，以確保資料集符合當前的監管要求。它還對任何變更保持全面的審計跟踪，從而提高透明度和問責制。

A leading financial and investment services company aimed to enhance experience on its internal work which serves over 10,000 financial advisors. The goal was to improve search result accuracy by understanding financial advisors' intent and delivering the most relevant information. The solution incorporates a do no harm analysis to ensure reliability.

一家領先的金融和投資服務公司旨在增強其為 10,000 多名財務顧問提供服務的內部工作經驗。目標是透過了解財務顧問的意圖並提供最相關的資訊來提高搜尋結果的準確性。此解決方案採用無害分析來確保可靠性。

This feature prioritizes accuracy over completeness by withholding results which the system cannot confidently provide correct information.

此功能透過保留系統無法自信地提供正確資訊的結果，優先考慮準確性而不是完整性。

Grid Dynamics implemented the solution leveraging AWS and NVIDIA technologies.

Grid Dynamics 利用 AWS 和 NVIDIA 技術實作了此解決方案。

We recently introduced a contactless payment system for a major U.S. DIY retailer, enabling customers to complete purchases quickly and securely with the tap of their phone or a card.

我們最近為美國一家大型 DIY 零售商推出了非接觸式支付系統，讓客戶只需輕觸手機或銀行卡即可快速安全地完成購買。

This solution enhances the shopping experience by reducing checkout times and minimizing physical contact. The rollout is underway across more than 2,000 stores with overwhelmingly positive customer feedback.

此解決方案透過減少結帳時間並最大限度地減少身體接觸來增強購物體驗。該計劃已在 2,000 多家商店推出，並獲得了絕大多數的正面客戶回饋。

This upgrade underscores the impact of Grid Dynamics' work on our client's business operations.

此次升級強調了 Grid Dynamics 的工作對我們客戶業務營運的影響。

We successfully launched password-less biometrics-based identification that leverages cutting edge authentication standards to enable users to securely authenticate their online payments using biometric data such as fingerprints and our facial recognition in Summer Olympics starting from proof of concept to production in the record time of 6 months.

我們成功推出了基於無密碼生物識別技術的身份識別，利用最先進的身份驗證標準，使用戶能夠使用生物識別數據（例如指紋和我們在夏季奧運會上的面部識別）安全地驗證其在線支付，從概念驗證到生產，在創紀錄的時間內完成6個月。

With that, let me turn the call to Anil, who will discuss Q3 results in more details.

接下來，讓我把電話轉給阿尼爾，他將更詳細地討論第三季的結果。

Thanks, Leonard. Good afternoon, everyone. Our third quarter results were solid as we exceeded our expectations, both on revenue and non-GAAP EBITDA. During the third quarter, we recognized a record revenue of $87.4 million that was organic and ahead of our guidance range of $84 million to $86 million. Our non-GAAP EBITDA of $14.8 million exceeded our guidance range of $12.3 million and $13.3 million. The better-than-expected results were driven by a combination of factors that included strength from existing and new customers and operational efficiencies.

謝謝，倫納德。大家下午好。我們第三季的業績穩健，無論是收入或非公認會計準則 EBITDA 都超出了我們的預期。第三季度，我們確認了創紀錄的 8,740 萬美元的有機收入，超出了我們 8,400 萬至 8,600 萬美元的指導範圍。我們的非 GAAP EBITDA 為 1,480 萬美元，超出了 1,230 萬美元和 1,330 萬美元的指導範圍。好於預期的業績是由多種因素共同推動的，其中包括現有和新客戶的實力以及營運效率。

During the third quarter, our retail and TMT were the two largest verticals at 34.1% and 27.7% of our revenues, respectively.

第三季度，我們的零售和TMT是最大的兩個垂直行業，分別占我們收入的34.1%和27.7%。

Our retail vertical grew 11.4% and 12.4% on a sequential and year-over-year basis, respectively.

我們的零售垂直業務環比和年比分別成長 11.4% 和 12.4%。

On a sequential basis, we witnessed growth from multiple customers in the specialty retail, home improvement space and department stores.

依序來看，我們見證了專業零售、家居裝修空間和百貨公司多個客戶的成長。

TMT saw an increase of 4.1% and 1.9% on a sequential and year-over-year basis, respectively. Similar to last quarter, our largest customers in TMT vertical grew both on a sequential and year-over-year basis.

TMT 環比和年比分別成長 4.1% 和 1.9%。與上季類似，我們在 TMT 垂直領域的最大客戶環比和年比均實現成長。

Here are the details of the revenue mix of other verticals. Our finance vertical was the strongest, both on a sequential and on a year-over-year basis and grew by 12.7% and 94%, respectively. As a result, its share in total revenues increased to 16.2% in the third quarter of 2024.

以下是其他垂直行業收入組合的詳細資訊。無論是環比還是同比，我們的金融垂直領域都是最強勁的，分別成長了 12.7% 和 94%。因此，其在 2024 年第三季總收入中的份額增至 16.2%。

Similar to last quarter, the growth was from customers across the fintech and insurance space.

與上季類似，成長來自金融科技和保險領域的客戶。

Our CPG and manufacturing, representing 11.2% of our revenue in the third quarter, remained relatively flat on a sequential basis and increased 1.4% on a year-over-year basis. Our health care and pharma, representing 2.9% of our revenues, decreased 20.5% and 26.9% sequentially and on a year-over-year basis, respectively.

我們的消費品和製造業佔第三季營收的 11.2%，季增 1.4%。我們的醫療保健和製藥業務占我們收入的 2.9%，環比和年比分別下降 20.5% 和 26.9%。

And finally, the other vertical represented 7.9% of our third quarter revenue and was down 6.9% on a sequential basis and up 3% on a year-over-year basis.

最後，其他垂直領域占我們第三季營收的 7.9%，季減 6.9%，較去年同期成長 3%。

We ended the third quarter with a total headcount of 4,298, up from 3,961 employees in the second quarter of 2024 and up from 3,823 in the third quarter of 2023.

截至第三季末，我們的員工總數為 4,298 人，高於 2024 年第二季的 3,961 名員工和 2023 年第三季的 3,823 名員工。

At the end of the third quarter of 2024, our total U.S. headcount was 345 or 8% of the company's total head count versus 8.4% in the year ago quarter.

截至 2024 年第三季末，我們的美國員工總數為 345 人，占公司總員工數的 8%，而去年同期為 8.4%。

Our non-U.S. headcount located in Europe, Americas and India was 3,953 or 92%. In the third quarter, revenues from our top 5 and top 10 customers were 39.8% and 59.2%, respectively, versus 36.8% and 54% in the same period a year ago, respectively.

我們位於歐洲、美洲和印度的非美國員工人數為 3,953 人，佔 92%。第三季度，來自前 5 名和前 10 名客戶的收入分別為 39.8% 和 59.2%，而去年同期分別為 36.8% 和 54%。

During the third quarter, we had a total of 201 customers, down from 208 in the second quarter of 2024 and 224 in the year ago quarter.

第三季度，我們共有 201 名客戶，低於 2024 年第二季的 208 名客戶和去年同期的 224 名客戶。

During the quarter, we added several customers, some of which Leonard referred to in his prepared remarks.

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。

The year-over-year decline in the number of customers was primarily driven by our continued efforts to rationalize our portfolio of nonstrategic customers.

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 $32.7 million or 37.4% compared to $29.6 million or 35.6% in the second quarter of 2024 and $28.2 million or 36.4% in the year ago quarter. On a non-GAAP basis, our gross profit was $33.3 million or 38%, up from $30.1 million or 36.2% in the second quarter of 2024 and up from $28.7 million or 37% 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.

轉向損益表，本季我們的 GAAP 毛利為 3,270 萬美元，即 37.4%，而 2024 年第二季為 2,960 萬美元，即 35.6%，去年同期為 2,820 萬美元，即 36.4%。以非公認會計原則計算，我們的毛利為 3,330 萬美元，即 38%，高於 2024 年第二季的 3,010 萬美元，即 36.2%，也高於去年同期的 2,870 萬美元，即 37%。毛利的成長（無論是美元還是環比百分比）主要是由於收入水準的提高和工程資源的更好利用共同推動的。

Our non-GAAP EBITDA during the third quarter that excluded stock-based compensation, depreciation and amortization, restructuring and expenses related to geographic reorganization, transaction and other related costs was $14.8 million or 16.9% of sales, up from $11.7 million or 14.1% of sales in the second quarter of 2024 and $10.7 million or 13.9% in the year ago quarter. The increase on a sequential basis was largely due to higher revenues partially offset by increase in operating expenses.

第三季度，不包括股票薪酬、折舊和攤銷、重組以及與地域重組相關的費用、交易和其他相關成本的非公認會計準則EBITDA 為1,480 萬美元，佔銷售額的16.9%，高於1,170 萬美元，佔銷售額的14.1%。環比成長主要是由於收入增加被營運費用增加部分抵銷。

Our GAAP net income in the third quarter was $4.3 million or $0.05 per share based on a diluted share count of 78.8 million shares compared to the second quarter loss of $0.8 million or $0.01 per share based on a diluted share count of 76.6 million and an income of $0.7 million or $0.01 per share based on 77.3 million diluted shares in the year ago quarter. Our sequential increase in GAAP net income was due to higher gross profit, lower levels of stock-based compensation and lower provision from income taxes. On a non-GAAP basis, in the third quarter, our non-GAAP net income was $8.1 million or $0.10 per share based on 78.8 million diluted shares compared to the second quarter, non-GAAP net income of $6 million or $0.08 per share based on 77.9 million diluted shares and $5.9 million or $0.08 per share based on 77.3 million diluted shares in the year ago quarter.

我們第三季的GAAP 淨利為430 萬美元，即每股0.05 美元，基於稀釋後的7,880 萬股股票數量，而第二季虧損80 萬美元，即每股0.01 美元，基於稀釋後的7,660 萬股股票數量和收入根據去年同期稀釋後的 7,730 萬股計算，每股收益為 70 萬美元，即每股 0.01 美元。我們的 GAAP 淨利潤連續成長是由於毛利增加、股票薪酬水準降低以及所得稅撥備減少。以非GAAP 計算，第三季我們的非GAAP 淨利為810 萬美元，即每股0.10 美元（基於7,880 萬股稀釋股票），而第二季的非GAAP 淨利為600 萬美元，即每股0.08 美元。

On September 30, 2024, our cash and cash equivalents totaled $231.3 million, down from $256 million in the second quarter of 2024.

截至 2024 年 9 月 30 日，我們的現金及現金等價物總額為 2.313 億美元，低於 2024 年第二季的 2.56 億美元。

Coming to the fourth quarter guidance, we expect revenues to be in the range of $95 million to $97 million.

根據第四季的指導，我們預計營收將在 9,500 萬美元至 9,700 萬美元之間。

We expect our recent acquisitions contributing 10% of the total revenue. We expect our non-GAAP EBITDA in the fourth quarter to be in the range of $13.5million to $15.5 million. For Q4 2024, we expect our basic share count to be in the range of 77 to 78 million and our diluted share count to be in the range of 80 million to 81 million.

我們預計最近的收購貢獻了總收入的 10%。我們預計第四季度的非 GAAP EBITDA 將在 1,350 萬美元至 1,550 萬美元之間。2024 年第四季度，我們預計基本股數將在 77 至 7,800 萬股之間，稀釋後股數將在 8,000 萬股至 8,100 萬股之間。

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

我準備好的發言就到此結束。我們已準備好回答您的問題。

Thank you, Anil. (Operator Instructions)

謝謝你，阿尼爾。（操作員說明）

And the first question is going to come from Mayank Tandon from Needham.

第一個問題將由來自尼達姆的 Mayank Tandon 提出。

Oh, great, thanks. Hi Leonard, congrats on the quarter.

哦，太好了，謝謝。嗨倫納德，恭喜本季。

So let me just clarify, sorry, I missed your last comment on the contribution from M&A in the fourth quarter. And then I just want to get a sense, sort of related, if you strip out the revenue from the fourth quarter, in terms of M&A, then can we expect this organic growth to continue in the future quarters? Why would it not continue? So, any color on your outlook for the next few quarters would be helpful just given what you've had in terms of performance the last several quarters.

因此，讓我澄清一下，抱歉，我錯過了您上次對第四季度併購貢獻的評論。然後我只是想了解一下，如果你剔除第四季度併購的收入，那麼我們是否可以期望這種有機成長在未來幾季繼續下去？為什麼不繼續呢？因此，考慮到您過去幾個季度的表現，對未來幾個季度的展望的任何顏色都會有所幫助。

Yes. Mayank, we said10% right? Now, I think the most important thing you have to understand as we go from Q3 to Q4 is that you had some of the working time, the number of hours, the billable headcount will grow from Q3 to Q4.

是的。Mayank，我們說的是 10%，對吧？現在，我認為，當我們從第三季到第四季時，您必須了解的最重要的事情是，您的一些工作時間、小時數、計費人數將從第三季到第四季成長。

So, if you look at the underlying foundations, which is at the end of the day is driven by billable headcount, of course, working time moves around, as we're going through this seasonally part of the year into as we exit. You'll see some variations, but the billable headcount new customers, existing customers are continuing.

因此，如果你看看根本的基礎，歸根結底是由可計費員工人數驅動的，當然，工作時間會發生變化，因為我們正在經歷一年中的這個季節性部分，直到我們退出。您會看到一些變化，但新客戶和現有客戶的計費人數仍在繼續。

But so just to be clear in terms of the organic trends, it sounds like that can continue basically demand climate. I'm just trying to get a sense if there's anything on the horizon in terms of budget flush or companies going through their budgeting process for next year, that could maybe change the dynamic in terms of the current organic growth trajectory, you've seen quarter-to-quarter.

但為了明確有機趨勢，聽起來需求氣候基本上可以持續下去。我只是想了解一下，在預算充裕或公司明年的預算流程方面是否會出現任何情況，這可能會改變當前有機成長軌蹟的動態，你已經看到了每個季度。

So, look, there is nothing changed from what I call some abnormal or artificial movements. The trends that we're seeing it points to more fundamental. As we get into next year, obviously, we will talk next year. We don't guide beyond the quarter, but our underlying results which is 5% sequential growth, there's an acceleration in quarter-on-quarter, right? This is all driven by fundamentals. It was not driven by budget flush. It is not driven by some artificial behavior in the organic business. It is across the board, as Leonard pointed out, both from our existing customer and new customers.

所以，你看，我所說的一些異常或人為的運動並沒有任何變化。我們看到的趨勢指向了更根本的問題。顯然，當我們進入明年時，我們會在明年討論。我們不會指導超出季度的內容，但我們的基本結果是環比增長 5%，季度環比有所加速，對吧？這都是由基本面驅動的。它不是由預算充裕所驅動的。它不是由有機業務中的某些人為行為所驅動的。正如倫納德所指出的那樣，無論是我們現有的客戶還是新客戶，都是全面的。

Mayank, I'll add one more point just to make sure it's clear. October is a great month, we are very confident. We have numbers, right? But we don't guide yet all the details. The conservativeness in a guidance is driven by two factors. As you know, December has certain furloughs and holidays. It's we want to be a little bit more careful and also the revenue coming from the new customers will be unique and I'm sure we'll talk more with other guys who ask me similar questions and that's driven by the fact that we started to collaborate even before we closed. This is different from the previous acquisitions we had. So not sure how much result will be in Q4, but Q1 will see the additional revenue due to the synergies, so we're bullish on both fronts.

Mayank，我再補充一點以確保其清楚。十月是一個偉大的月份，我們非常有信心。我們有數字，對嗎？但我們還沒有指導所有細節。指導意見的保守性是由兩個因素所驅動的。如您所知，12 月有一定的休假和假期。我們希望更加小心，來自新客戶的收入也將是獨一無二的，我相信我們會與其他問我類似問題的人進行更多的交談，這是因為我們開始甚至在我們關閉之前就進行合作。這與我們之前的收購有所不同。因此，不確定第四季度會有多少結果，但由於協同效應，第一季將看到額外收入，因此我們對這兩方面都看好。

Got it. Can I squeeze one more in?

知道了。我可以再擠一顆嗎？

Sure.

當然。

So just want to get some perspective on pricing. It's been a point of debate in the services industry just given some of the demand headwinds. Are you seeing pricing stabilize, maybe even uptick a little bit? Any color around what your conversations are like with clients around pricing?

所以只是想了解定價方面的一些觀點。考慮到一些需求阻力，這一直是服務業爭論的焦點。您是否看到價格穩定，甚至可能略有上漲？您與客戶就定價進行的對話有什麼色彩嗎？

All right, I'll take this, Mayank. So first of all, we have Yury Gryzlov today. He's our not only COO, but also, he runs Europe. I will tell you a little bit about U.S., because next time, bring Vasily Sizov who runs U.S., but Yury will give you a few color on Europe. Fundamentally, we do see a bit of improvements in terms of the pricing performance. With new clients, also relate to this obviously, more engagements on the technology side, we'll talk more about. Hopefully, again, other people ask questions about how technology drives the differentiation of the new business for Grid Dynamics. So those colors are on the up growing business, upgrading business. You talk about the more traditional legacy business, pretty much stable. So, you can see the, I mean, again, Q3 was good every way you say. The proof is in the pudding. There's a Q4, there's Q1, you know, seasonality always works there, and we'll need to be on the rise as we go toward the middle of next year significantly, right? For now, we enjoy the run. We see good stable pricing. We see new improved pricing and at least on this U.S. So let Yury speak for the first time. Anil and I talked for 20 times together already. So, yeah. Yury?

好吧，我接受這個，Mayank。首先，今天有尤里·格里茲洛夫。他不僅是我們的首席營運官，而且還負責管理歐洲。我會告訴你一些關於美國的事情，因為下次請帶上管理美國的瓦西里·西佐夫，但尤里會給你一些關於歐洲的資訊。從根本上來說，我們確實看到了定價表現方面的一些改進。對於新客戶，顯然也與此相關，我們將更多地討論技術方面的更多參與。希望其他人再次提出有關技術如何推動 Grid Dynamics 新業務差異化的問題。因此，這些顏色正在推動業務的成長、升級。你談論的是更傳統的遺留業務，相當穩定。所以，你可以看到，我的意思是，第三季從各方面來說都很好。證據就在布丁裡。有第四季度，有第一季度，你知道，季節性總是在那裡起作用，隨著我們進入明年年中，我們需要大幅增長，對吧？現在，我們享受跑步。我們看到價格穩定良好。我們看到新的改進的定價，至少在美國是這樣，所以讓尤里第一次發言。阿尼爾和我已經聊過 20 次了。所以，是的。尤里？

I think I just wanted to add that it's the same in Europe. I think that, as Leonard just mentioned, the pricing has been stable, and we don't see those fluctuations anymore. It's pretty much business as usual as we see right now and then we'll see Q4 and Q1 next year.

我想我只是想補充一點，歐洲也是。我認為，正如倫納德剛才提到的，定價一直穩定，我們不會再看到這些波動。正如我們現在所看到的，一切都像往常一樣，然後我們將在明年看到第四季和第一季。

Congrats on the quarter. Good to hear you.

恭喜本季。很高興聽到你的聲音。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Puneet Jain of JPMorgan and just give me a second and I'll get the cameras going.

下一個問題來自摩根大通的 Puneet Jain，請稍等一下，我將啟動攝影機。

Okay.

好的。

We can't hear you, Puneet.

我們聽不到你的聲音，普尼特。

Hang on a second. Go ahead, Puneet.

等一下。繼續吧，普尼特。

You're still on mute. Unmute yourself.

你還處於靜音狀態。將自己取消靜音。

Okay. We can come back to you. No, no, no. Hold on. Give a second.

好的。我們可以回到你身邊。不，不，不。堅持，稍等。請稍等一下。

Okay, I think we're going to come back to him.

好吧，我想我們會回到他身邊。

Hold on.

堅持，稍等。

Did you move him?

你動了他嗎？

Until he took him off?

直到他把他帶走？

Sorry.

對不起。

Oh, here we go. Give it a try again.

哦，我們開始吧。再試一次。

All right. So why don't you Puneet. Why don't you do one thing? Just dial in you know, through the mobile, you know, and then we'll get back to you but just call in. You don't have to do the video. So, Cary, let's just go to the next question and Puneet you just call in or call me. I'll put you on speaker phone here.

好的。那你為什麼不普尼特呢？為什麼不做一件事呢？只需透過手機撥打電話即可，然後我們就會回覆您，只需撥打電話即可。你不必做影片。那麼，卡里，讓我們開始下一個問題，普尼特，你直接打電話或打電話給我。我會在這裡為您接通免持電話。

Okay. Then the next question comes from Bryan Bergin of TD Cowen. Count, please. Turn on your camera please and I'll make sure you're.

好的。那麼下一個問題來自 TD Cowen 的 Bryan Bergin。請數數。請打開你的相機，我會確保你的。

I hope you can hear me.

我希望你能聽到我的聲音。

All right. Very good. Let's start with demand recovery. So, you conveyed a sense of urgency here from clients before year end. It's definitely different from what we've heard from peers just as far as the urgency to complete deals. Are there any particular types of programs or subsets of clients that are demonstrating that behavior? Or is it more broad-based? And just as you think about that dynamic, are there any implications from that as we think about just the early '25 spend potential in those types of accounts?

好的。非常好。讓我們從需求復甦開始。所以，你在年底前向客戶傳達了一種緊迫感。就完成交易的緊迫性而言，這絕對與我們從同行那裡聽到的不同。是否有任何特定類型的程式或客戶端子集正在展示這種行為？或者它的基礎更廣泛？正如您所思考這種動態一樣，當我們思考 25 世紀早期此類帳戶的支出潛力時，這是否會產生任何影響？

Hi, Bryan, you always good questions. So, I don't want to get too broad on the scope of the clients. Not everyone is in this accelerated mood to spend. And you know, there's we know there are some cases where people would like to kind of flush their old budgets and all this stuff, but that's a minor minority. What happened was when it relates to new activities and it just, it's not just a IA. AI is a good excuse to spend more money from the, you know, when your board room wants you to be more aggressive, it's the efficiency and capability and what I mean by efficiency and capability, there are more demand right now from very broad base of the customers to have a better reach with lower costs. So basically, working on various LLMs and Copilots and all the programs, just demonstrating to the clients what could be done with the good data. But data needs to be properly analyzed, it needs to be properly adjusted. There need to be proper formatting. So, they start getting to understand this is not just a magic bullet which turned their business in hugely profitable enterprise. So, they open the coffers for a longer- term activities and the focus is on applications, not just proof points that some models work. When it comes to AI assistant, Of course, it's clear it's about conversational part. We were talking about consuming, for example, vector search to Verdicts AI and many other features. It's just a much broader base. So, we see a lot of activities data related as well as customers right now having a little bit more confidence generally in the industry wide, right? So there's a little bit more planning going on. So you're absolutely right. Most of the activities on the spend usually comes around February/April time frame. That's usually we see this uplift last year is actually pushed more to the April/May. But this year we see it started as early as the mid of the third quarter.

嗨，布萊恩，你總是提出很好的問題。因此，我不想對客戶範圍過於寬泛。並不是每個人都有這種加速消費的情緒。你知道，我們知道在某些情況下人們想要沖掉他們的舊預算和所有這些東西，但那隻是少數。發生的事情是當它與新活動相關時，它不僅僅是一個IA。人工智慧是一個花更多錢的好藉口，你知道，當你的董事會希望你更加積極進取時，這就是效率和能力，我所說的效率和能力是指，現在有來自非常廣泛的基礎的更多需求以便以更低的成本更好地覆蓋客戶。所以基本上，從事各種法學碩士和副駕駛以及所有項目，只是向客戶展示可以用好的數據做什麼。但數據需要適當分析，需要適當調整。需要有正確的格式。因此，他們開始明白，這不僅僅是將他們的業務轉變為利潤豐厚的企業的靈丹妙藥。因此，他們為長期活動敞開了大門，重點是應用程序，而不僅僅是某些模型有效的證據。說到AI助手，當然很明顯是對話部分。例如，我們正在討論使用 Verdicts AI 的向量搜尋和許多其他功能。這只是一個更廣泛的基礎。因此，我們看到許多相關的活動數據以及客戶現在普遍對整個行業更有信心，對嗎？所以還有更多的計劃正在進行中。所以你是完全正確的。大多數支出活動通常發生在二月/四月的時間範圍內。通常我們看到去年的這種上漲實際上更多地被推到了四月/五月。但今年我們看到它早在第三季中期就開始了。

Okay. Okay. That's helpful. If we shift the profitability now, if revenue improvement continues to materialize, do you expect to see a commensurate improvement in margin or are there offsets that we need to consider here just near term, such as needing to scale the bench? Just key inputs and takes as you go into Q4 here on the profitability front.

好的。好的。這很有幫助。如果我們現在改變獲利能力，如果收入繼續改善，您是否預期利潤率會相應改善，或者我們短期內是否需要考慮抵銷措施，例如需要擴大工作台規模？只是進入第四季獲利能力的關鍵投入和需求。

So I will give you in a second because you know, you always like numbers and you can to him after the meeting, by the way, you know, he has everything for you. But I want to go a little bit on the, you know, more fundamental philosophical skill because it's important. So we're adding new regions, you know, India becomes a big part, but more technology solutions and we're adding more accelerators. When you have more at home house developed codes, your efficiency is higher, right? And you bring the ROI to the client, so you get a little bit better margin on it. Now, again, third quarter was somewhat unique from the overall, you know, billability perspective, you know, very well. And when we went to July, we almost were as you know, at 40/20, the magic number. So, we felt the taste of the target. Now this is not, and I bet October is going to be very good as well, but it's not just the bench. So bench is a function of our long-term visibility. So there's always a swap of the bench, but there is a training of enormous army of the AI-related specialists. And it comes from the internships, Grid Dynamics University and then Grid Dynamics labs. We expand more investment into our own AI labs for various functionality. Our partnerships with the Hyperscale and NVIDIA and a few other guys are taking more space. So this is nonlinear investments which I can allow myself to do. Even maybe not giving you an immediate short term, this glorious 20/40 because I see the return. Return on robotics. You know, it's not a true robotics automation for various clients, how to improve their production efficiency AI system. So we do balance, we would break down how bench is contributing and how innovation is contributing and how skillset modernization is contributing. But overall, of course, if we don't get, you know, efficiency longer term while we're in this game, right? You like me and all the shareholders want to see the profit in the end of the day.

所以我會馬上給你，因為你知道，你總是喜歡數字，你可以在會議結束後給他，順便說一句，你知道，他為你準備了一切。但我想談談更基本的哲學技能，因為它很重要。所以我們正在增加新的地區，你知道，印度成為一個重要組成部分，但更多的技術解決方案，我們正在增加更多的加速器。當你自己開發的程式碼越多，你的效率就越高，對嗎？而且您可以為客戶帶來投資報酬率，從而獲得更好的利潤。現在，從整體計費角度來看，第三季又有些獨特，你知道，非常清楚。當我們進入 7 月時，我們幾乎達到如你所知的 40/20，這個神奇的數字。於是，我們感受到了目標的味道。現在情況並非如此，我敢打賭十月也會非常好，但不僅僅是板凳席。因此，替補席是我們長期可見度的函數。因此，板凳席的更換總是存在的，但也有大量與人工智慧相關的專家的培訓。它來自實習、網格動態大學和網格動態實驗室。我們對自己的人工智慧實驗室進行了更多投資，以實現各種功能。我們與 Hyperscale 和 NVIDIA 以及其他一些公司的合作關係正在佔據更多空間。所以這是我可以允許自己做的非線性投資。即使可能不會立即給你一個短期的，這個光榮的 20/40，因為我看到了回報。回歸機器人技術。要知道，這並不是一個真正的機器人自動化，對於各種客戶來說，如何提高他們的生產效率的AI系統。因此，我們會進行平衡，我們會分解替補人員如何做出貢獻、創新如何做出貢獻以及技能現代化如何做出貢獻。但總的來說，當然，如果我們在這場遊戲中無法長期提高效率，對嗎？你和我一樣，所有股東都希望看到最終的利潤。

Bryan, just adding to what Leonard said, you got the gist of it. But this is something that, you know, we highlighted in a couple of quarters ago, right? So there are 3,4 factors that we're working on, right? As Leonard pointed out, we're doubling on internship programs. So you know, so the cost optimization for me, you know, that point of view helps us, we're scaling India too, the nature of our programs from T&M going to pod to fixed price, that also helps. And Leonard and Yury just pointed out the pricing environment is improving, right? So all these things put together point to the underlying fundamentals of our business improving. Now that has to be judged against what Leonard pointed out investments for growth, so that's the thing. But again, what I want to convey is the underlying price/cost, element is improving in our business.

布萊恩，只要補充倫納德的話，你就明白重點了。但這是我們在幾個季度前強調過的事情，對吧？那我們正在研究 3,4 個因素，對吧？正如倫納德所指出的，我們正在加倍開展實習計畫。所以你知道，所以對我來說成本優化，你知道，這種觀點對我們有幫助，我們也在擴大印度規模，我們的專案性質從 T&M 到 Pod 到固定價格，這也有幫助。倫納德和尤里剛剛指出定價環境正在改善，對吧？因此，所有這些因素加在一起都顯示了我們業務改善的根本基礎。現在必須根據倫納德指出的成長投資來判斷，所以事情就是這樣。但我想再次強調的是，我們業務的基本價格/成本因素正在改善。

Okay. Okay. And growth investments are appreciated there for sure. The AI commentary last question here, the AI commentary as far as actually scaling now beyond kind of the POCs and the science projects as you are scaling or are there any changes to the contracting structures or more of the same, you know, getting more productivity incremental volume of work, just talk to us about that nuance as these programs are becoming bigger.

好的。好的。增長型投資在那裡肯定會受到讚賞。人工智慧評論最後一個問題，就實際擴展而言，人工智慧評論現在已經超出了POC 和科學專案的範圍，因為你正在擴展，或者合約結構是否有任何變化，或者更多相同的變化，你知道，獲得更高的生產力隨著這些程序變得越來越大，工作量會不斷增加，請與我們討論其中的細微差別。

Yes. So there's no magic bullet there either, right? So the customers are still a bit shy from between technology visionary who say let's have performance-based compensation, outcome-based compensation versus fixed bids and T&Ms. It happens in a very rare occasion because most of the time those programs when they ramp up into the production implementation, they are part of the bigger initiative.

是的。那麼那裡也沒有靈丹妙藥，對吧？因此，客戶對技術遠見者仍然有點猶豫，他們說我們應該採用基於績效的薪酬、基於結果的薪酬，而不是固定出價和 T&M。這種情況發生的情況非常罕見，因為大多數情況下，這些程序在投入生產實施時，都是更大計劃的一部分。

So we're trying to actually it works fairly for both sides, but it's still a limited base. Now as we become smarter and we do more homegrown stuff, there's maybe a somewhat change to our model offering as well. But I know how you guys are cautious about when a service company start throwing some different models of compensation, right? So we're still being there, but we certainly offer our clients various methods which make a little bit more performance-based. Not often, to be compared, but we see that those solutions actually result in more efficient decline immediately.

因此，我們正在努力使其實際上對雙方都公平，但它仍然是一個有限的基礎。現在，隨著我們變得更加聰明，我們做了更多本土產品，我們的模型產品可能也會發生一些變化。但我知道當服務公司開始提供一些不同的補償模式時，你們會非常謹慎，對嗎？所以我們仍然在那裡，但我們當然為客戶提供了各種方法，這些方法更加基於性能。比較並不常見，但我們發現這些解決方案實際上會立即導致更有效的下降。

So hopefully, I can give you better news that we do get more performance-based outcome in the upcoming quarters.

因此，希望我能為您帶來更好的消息，我們確實在接下來的幾季中獲得了更多基於績效的成果。

All right, very good. Thanks for all the detail.

好的，非常好。感謝您提供所有詳細資訊。

Thank you for your questions, Bryan.

謝謝你的提問，布萊恩。

The next question comes from Maggie Nolan William Blair. Maggie, please turn on your camera and unmute your mic.

下一個問題來自瑪姬·諾蘭·威廉·布萊爾。Maggie，請開啟相機並取消麥克風靜音。

Hi. Let me get my video on here.

你好。讓我把我的影片放在這裡。

Nice quarter, congratulations. I wanted to ask a little bit about the end markets. And I know you gave some commentary for this quarter, but any thoughts on how your verticals might trend as you exit this year and then over the course of next year, are there particular areas where you anticipate growth is going to come from?

不錯的季度，恭喜。我想問一些有關終端市場的問題。我知道您對本季做了一些評論，但是您對今年退出和明年的垂直行業趨勢有何想法，您預計成長將來自哪些特定領域？

Okay. Well, I'll start and maybe Yury will share, I mean, in Europe may be slightly different and to some extent. And definitely in India with GCCs, we have some more dynamics. So the three drivers for our business today pretty much are unchanged, right? So it's TMTs, CPGs and retail.

好的。好吧，我會開始，也許尤里會分享，我的意思是，在歐洲可能會略有不同，並且在某種程度上。當然，在印度，有海灣合作委員會，我們有更多的活力。所以今天我們業務的三個驅動因素幾乎沒有改變，對吧？所以這是 TMT、CPG 和零售。

The notable addition to the growth vertical is actually various financial services, the payment system, the fintech. The other guys like manufacturing and you know, life science and others are a little bit behind. Now, the addition of insurance and other things to be emphasized.

垂直成長領域值得注意的補充其實是各種金融服務、支付系統和金融科技。其他人喜歡製造業，你知道，生命科學和其他人有點落後。現在，增加保險等事情需要強調。

And with acquisition as a matter of fact, in Europe and that's what you were talking about. There is a very big potential upswing on a top tier financial institution.

事實上，在歐洲，這就是您所說的收購。頂級金融機構的上升潛力非常大。

I think what is actually happening is very interesting, the dynamic of additional shift on the verticals. Now it's coming from our partners, particularly with the very notable hyperscaler who were doing a lot of initiatives together. So what happened is they see our successes in one or two industries and they are kind of passing the baton to their sales people in adjusting industries. So the horizontal capability around knowledge of the major factors and the major factors is a cloud behavior, cloud migration, various AI initiatives and now even going into the at least in the early stages, we're going to the today into the various application specific which is basically connected devices and everything around it. That creates the potential. So we are actually retuning it's more about sales, right? Because engineering services are more or less expendable and then a specialization in new tools. So we invest in partnerships with the industry specific software providers and that training is has been happening actually from Q1, so we'll see those dynamics early next year, but that's pretty much so the big players are still there. The new players come in existing industries but expanding on. The biggest notable expansion I would say is a fintech in Europe. Could you just.

我認為實際發生的事情非常有趣，即垂直方向上額外轉變的動態。現在它來自我們的合作夥伴，特別是與非常著名的超大規模提供者一起做了很多舉措。所以發生的事情是，他們看到我們在一兩個行業的成功，他們將調整行業的接力棒交給了銷售人員。因此，圍繞主要因素和主要因素的知識的橫向能力是雲端行為、雲端遷移、各種人工智慧計劃，現在甚至至少在早期階段，我們今天將進入各種特定應用程式基本上是連接的設備及其周圍的一切。這創造了潛力。所以我們實際上正在重新調整它更多的是關於銷售，對吧？因為工程服務或多或少是消耗性的，而且是新工具的專業化。因此，我們投資於與行業特定軟體供應商的合作夥伴關係，而培訓實際上從第一季就開始進行，因此我們將在明年初看到這些動態，但這幾乎意味著大玩家仍然存在。新參與者來自現有產業，但仍在不斷擴張。我想說最顯著的擴張是歐洲的金融科技。你可以嗎？

Just to add on fintech, I think that again, our distribution of industries in Europe are pretty much the same, they have been stable. But obviously with the, with the additional of JUXT, right that we just acquired, I think that brings us into kind of expanded into fintech and banking and financial services overall. So just as you know, as Leonard mentioned earlier today, they are specializing in data intensive systems for banking and financial services. And that's, you know, it's a highly complementary area to what we are offering in in this field. So from that perspective, I think we will see the immediate synergies and opportunities to go beyond that and offer their capabilities to our existing clients and obviously adding more clients in this area. But at the same time, transitioning to the U.S. as well is very, very important. Because while again, this acquisition accelerates the growth in Europe, but we see a very high potential of immediate expansion into the largest US financial institutions as well. So I think that's, that's pretty exciting. So we'll see the shift I think in Europe in particular because of the size, but that will be Q4 and beyond?

就金融科技而言，我再次認為，我們在歐洲的產業分佈幾乎相同，而且一直穩定。但顯然，加上我們剛收購的 JUXT，我認為這會讓我們擴展到金融科技、銀行和金融服務。正如您所知，正如倫納德今天早些時候提到的，他們專注於銀行和金融服務的數據密集型系統。你知道，這與我們在該領域提供的服務是一個高度互補的領域。因此，從這個角度來看，我認為我們將看到直接的協同效應和機會，超越這一點，為我們現有的客戶提供他們的能力，並顯然在這一領域增加更多的客戶。但同時，過渡到美國也非常非常重要。因為這次收購再次加速了歐洲的成長，但我們也看到了立即擴展到美國最大的金融機構的巨大潛力。所以我認為這非常令人興奮。因此，我認為我們會看到歐洲的轉變，特別是由於規模的原因，但這將是第四季度及以後的情況嗎？

Perfect. That makes sense. Thank you. And then I know you mentioned, balancing investments as we're thinking about profitability. Where are we in the investment cycle? You've made some investments in recent past, in the sales force. How do you feel the return is on those are, are those folks ramping up nicely? You know, how are you thinking about your ability to add new logos as the demand environment recovers? Are you well set up to scale the business from here or are there additional investments ahead?

完美的。這是有道理的。謝謝。然後我知道你提到，在我們考慮盈利能力時平衡投資。我們處於投資週期的哪個階段？您最近在銷售隊伍方面進行了一些投資。您覺得這些人的回報如何？您知道，隨著需求環境的恢復，您如何看待添加新徽標的能力？您是否已準備好從這裡擴展業務，或者未來是否有額外的投資？

Very good. So the biggest investment which pays off is a technology investment. I mean, that makes us differentiated. We remember we always when you talk about Grid Dynamics being a kind of a canary in the lean times in the good times and when our technology capabilities aligned with the market upswing, then it creates a double whammy, and we grow faster. So technology capabilities bespoke. Partnership capability, there's a significant investment which is again in the process. As a matter of fact, the good news is our partners demand us to invest, you know, and they are kind of really vigorous about making sure we balance our investments with the solutions they provide, and certification associated with it. So that that's going on. In terms of the new logo acquisitions a traditional way, right? So it's still a lot of new opportunities come because remember again, we work with a very large fortune 500 companies as the most comes from either referral, that's still the best way. Industry is dynamic so that works well. Or in the clients where our technical solutions implementations of the applications become reachable, and they want to do something very rapidly. And that's where salesforce is needed. The good news about our sales force, especially in U.S., we're positioned well virtually in every region. But the rate of return so far is more driven by individual clients rather than a planned area. I can say that you want X amount of productivity in certain Southeast and that's what I'm getting. Now we have investment in all the areas so that what we do in the sales force and account management force, the main investments is to make sure once we get into the first programs, the execution is flawless. And because people that are in rush right now on the client side to do something, we spend more time deliberately on defining the statement of works, to defining the milestones. Because the getting new clients is no longer a problem for us. How to make this $5 million, $10 million, $20 million revenue works driven by flawless execution. Today, it is not only on engineering as you always been, engineering has to be great delivery, has to be great. But in account management and front organization, we seek in line with the clients. So we're adding more consultancy on architecture side. We're adding more account management specialized and with the engineering background and understand coming from the execution background before. And we train delivery management guys to not just the timeline, but changes in the scope. Now, I'm giving you a lot of kitchen for a very small question, but it's not about acquisition about right now but rapidly scaling those top guys with the existing capabilities.

非常好。因此，最有回報的投資是技術投資。我的意思是，這使我們與眾不同。我們記得，當你談論網格動態是景氣時期的金絲雀時，當我們的技術能力與市場的上升相一致時，它就會產生雙重打擊，我們會成長得更快。因此，技術能力是客製化的。合作夥伴能力，這個過程中又進行了大量投資。事實上，好消息是我們的合作夥伴要求我們投資，你知道，他們非常積極地確保我們平衡我們的投資與他們提供的解決方案以及與之相關的認證。所以事情就這樣發生了。就新標誌的收購而言，是傳統方式，對嗎？因此，仍然會出現很多新機會，因為再次記住，我們與一家非常大的財富 500 強公司合作，因為大部分來自任何推薦，這仍然是最好的方式。產業是充滿活力的，因此運作良好。或者在客戶中，我們的應用程式的技術解決方案實施變得可行，並且他們希望非常快速地做一些事情。這就是需要銷售人員的地方。關於我們的銷售團隊的好消息，特別是在美國，我們幾乎在每個地區都處於有利地位。但到目前為止，回報率更多是由個人客戶而非規劃區域驅動的。我可以說你希望在東南部的某些地區獲得 X 的生產力，而這正是我所得到的。現在我們在所有領域都進行了投資，因此我們在銷售團隊和客戶管理團隊中所做的主要投資是確保一旦我們進入第一個項目，執行就完美無缺。由於人們現在急於在客戶端做某事，因此我們刻意花更多時間定義工作說明書，定義里程碑。因為獲得新客戶對我們來說不再是問題。如何透過完美的執行來實現 500 萬美元、1000 萬美元、2000 萬美元的收入。今天，不僅像以往那樣只注重工程，工程必須是出色的交付，必須是偉大的。但在客戶管理和前台組織方面，我們尋求與客戶保持一致。因此，我們在架構方面增加了更多諮詢服務。我們正在增加更多專業的客戶管理人員，他們具有工程背景，並且了解以前來自執行背景的知識。我們培訓交付管理人員不僅要了解時間表，還要了解範圍的變化。現在，我為一個非常小的問題提供了很多幫助，但這不是現在的收購，而是利用現有能力快速擴展那些頂尖人才。

Understood. That makes a lot of sense. And then you've just, I mean, you've transformed the business so much even since becoming public. You've become incredibly global as a company, and you continue to have that at the forefront of your acquisition strategy and imperatives.

明白了。這很有意義。然後，我的意思是，自從上市以來，您已經使業務發生了很大的變化。作為一家公司，您已經變得非常全球化，並且您將繼續將其置於收購策略和必要事項的最前沿。

So I'm wondering, how this global expansion has impacted conversations with your clients, maybe comment on how adding Argentina for instance as a delivery location has impacted conversations with clients.

所以我想知道，這種全球擴張如何影響與客戶的對話，也許評論一下添加阿根廷作為交貨地點如何影響與客戶的對話。

All right. Well, nearshoring has been always on the list of our clients, right? And for many of them especially, and when I talk nearshoring now being a global company, I assume the clients are in the United States. Because of the customer in Europe, there's a different nearshoring and the customers now in India is near showing and you know, and now we have customers Latin America, right? But if we talk about our traditional U.S. business, they rush in and then they want to have the same quality, the same performance and the same conversation as they had with the U.S. colleagues.

好的。那麼，近岸外包一直在我們的客戶名單上，對吧？尤其是對他們中的許多人來說，當我談論現在的近岸外包是一家全球性公司時，我假設客戶都在美國。由於歐洲的客戶，有一個不同的近岸外包，現在印度的客戶也接近展示，你知道，現在我們有拉丁美洲的客戶，對嗎？但如果我們談論我們傳統的美國業務，他們會蜂擁而至，然後希望獲得與美國同事相同的品質、相同的績效和相同的對話。

Well, it's not always happened that way, right? And you know, in our case, our Mexican team is very good. But you know, the passa was appreciating for a long time now, it's a bit declining. So it was not as much productivity. One, good people, good people cost you money no matter what. System solutions and approach to that, that matters. So what happened, you know, we started as you know, Mexico, we started in Jamaica. Now we have first green shoots in Canada, some consultants, we're not opening yet office, but you know, that's not impossibility because we have now clients in Canada. But Argentina is kind of unique. For a long time, it was you know, there's very, very successful our you know, peer in the industry, I mean, they might like us to call them peers, but you know, I treat them as peers who come from Argentina and they're doing a great job. They extend in Colombia now they're investing into India and Eastern Europe, right? And for that matter, I always had a strong affinity to the culture, to the education and to people in Argentina. It's just very close and the connection with them, it's also strong with the European organization. So I see that our clients again, remember I mentioned we started working on the integration in advance. So with the clients from JUXT, we're talking about our positioning for a while already. But with the clients in the U.S., we obtained an approval for expanding in Argentina before the ink right on the contract. So once we finish the acquisition, there are already a demand coming for a supply from Argentina organization, which is pretty cool. Let's try Puneet again.

嗯，事情並不總是這樣，對吧？你知道，就我們而言，我們的墨西哥隊非常出色。但你知道，帕薩已經升值了很長一段時間了，現在有點下降了。所以生產力沒有那麼高。一、好人，好人無論如何都要花錢。系統解決方案和方法很重要。所以發生了什麼，你知道，我們從墨西哥開始，我們從牙買加開始。現在我們在加拿大有了第一個萌芽，一些顧問，我們還沒有開設辦事處，但你知道，這不是不可能的，因為我們現在在加拿大有客戶。但阿根廷是獨一無二的。很長一段時間，你知道，業內有非常非常成功的同行，我的意思是，他們可能喜歡我們稱他們為同行，但你知道，我將他們視為來自阿根廷的同行，他們做得很好。他們在哥倫比亞擴張，現在又投資印度和東歐，對吧？就此而言，我一直對阿根廷的文化、教育和人民有著強烈的熱愛。與他們的聯繫非常密切，與歐洲組織的聯繫也很牢固。所以我再次看到我們的客戶，記得我提到我們提前開始進行整合。因此，我們已經與 JUXT 的客戶討論了我們的定位一段時間了。但對於美國的客戶，我們在合約簽署之前就獲得了在阿根廷擴張的批准。因此，一旦我們完成收購，就已經有來自阿根廷組織的供應需求，這非常酷。讓我們再來試試普尼特。

Thank you for taking my questions. I hope you can hear me now.

感謝您回答我的問題。我希望你現在能聽到我的聲音。

We can hear you. What happened?

我們能聽到你的聲音。發生了什麼事？

I don't know.

我不知道。

Maybe because you should not be working today, but it's a day of prosperity for all of us, right? So let's make it prosperous.

也許是因為你今天不應該工作，但這對我們所有人來說都是繁榮的一天，對吧？所以我們要讓它繁榮起來。

This was the time, that was the time maybe my wife did something here.

就是這個時候，也許我妻子在這裡做點什麼。

Okay.

好的。

But anyway, no, very strong quarter. So let me ask like about overall demand, like many fears, like you reported, they all are talking about seeing the trend. Your tone, your growth rates definitely indicate like that things are better now than what they were 6 months ago. So what's driving the separation in growth rate for you? Like you, it grew like about 13% year-on-year this quarter, right? What driving the separation and growth for you? But the many of your digital peers.

但無論如何，不，這個季度非常強勁。因此，讓我問一下整體需求，就像許多恐懼一樣，就像您報導的那樣，他們都在談論看到這一趨勢。你的語氣、你的成長率肯定表明現在的情況比 6 個月前更好。那麼是什麼因素導致您的成長率出現差異呢？和你一樣，本季年增約 13%，對嗎？是什麼推動了你的分離與成長？但你的許多數位同行。

So I mentioned before a few things. The AI solutions open the door for bigger implementations, so that's obviously, but you know, I'm sure you, you sit through many, many, you know, earnings calla and I guarantee that my good friends from other companies, regardless of where they are tell the same story. Right? And you know, I read one of the reports yesterday, we were talking about 100 early engagements, people talk about thousands. Size matters, right? The reality is we are a truly technology partner and as we mature and grow and become more global, more people learn about us early.

所以我之前提到了一些事情。人工智慧解決方案為更大的實施打開了大門，所以這很明顯，但你知道，我相信你，你經歷了很多很多，你知道，收益馬蹄蓮，我保證我來自其他公司的好朋友，無論在哪裡他們講述的是同一個故事。正確的？你知道，我昨天讀了一份報告，我們談了 100 個早期約會，人們談論了數千個。尺寸很重要，對吧？現實情況是，我們是真正的技術合作夥伴，隨著我們的成熟、成長和全球化，更多的人會儘早了解我們。

Remember about this concentration, right? So you know, the reality is we still have some of it, the top clients to some extent may actually invest more of that because they trust us more, especially when it's innovative projects. But we see some rapidly increasing demand from certain clients which are new, much faster. And the reason is the ramp up happens is because they put more bets on us. What I told Maggie, we need to make sure we have not only flawless execution but a very well-established expectation. People rush to have some results and it's all about applications. You know, probably well and trust me, you know, we live through that the customer wants to do something immediate and we are kind of pulling back and we're talking about longer road map once they appreciate what we do. And it happened, not just Q3 happened even earlier, they're more comfortable to lay larger dollars in front of us. So to some extent, it's still size, but more important is in the times of investment of technology, we ramp up quicker and we are more in a strategic critical application for the business. You know, because it's very important, people always say, okay, you go fast, you fall fast, we'll see how next turn cycle goes. But I think we're holding our line pretty well because we're having this stream of technology innovation into the larger execution. And also, Anil mentioned probably before to you as well, some of the clients who measured to decline in 2023, now also in a rebound, right? So that helps too. So it's a combination of the factors. I don't know, Yury, you want to mention something notable in Europe.

還記得這個濃度嗎？所以你知道，現實是我們仍然有一些，在某種程度上，頂級客戶實際上可能會投資更多，因為他們更信任我們，特別是當它是創新項目時。但我們看到某些新客戶的需求正在迅速增長，而且速度要快得多。之所以會出現這種情況，是因為他們在我們身上下了更多的賭注。我告訴瑪吉，我們需要確保我們不僅有完美的執行，而且有一個非常明確的期望。人們急於獲得一些結果，而這一切都與應用有關。你知道，可能很好，相信我，你知道，我們經歷過客戶想要立即做一些事情，但我們有點後退，一旦他們欣賞我們所做的事情，我們就會談論更長的路線圖。事情確實發生了，不僅第三季發生得更早，他們更願意在我們面前投入更多資金。所以在某種程度上，它仍然是規模，但更重要的是在科技投資時代，我們的成長速度更快，我們更處於業務的策略關鍵應用中。你知道，因為這非常重要，人們總是說，好吧，你走得快，你跌得也快，我們會看看下一個回合週期如何進行。但我認為我們很好地堅持了我們的路線，因為我們正在將這股技術創新融入更大的執行中。而且，Anil 之前可能也向您提到過，一些在 2023 年預計會下降的客戶現在也在反彈，對嗎？所以這也有幫助。所以這是多種因素的結合。我不知道，尤里，你想提一下歐洲值得注意的嗎？

I think it's, yeah, it's pretty much aligned with what Leonard mentioned. I just want also to add that the inorganic strategy as well, right? Every time when we are looking at those companies and you know, those two that we just acquired, no exceptions. I think that we are always trying to understand if they can bring some nonlinear value to us, right, in terms of like our GigaCube strategy, technology expertise, footprint expansion and things like that. I think it's also very, very important and if you look at those and you know, as you mentioned, right, they are contributing some amount of revenue already. I think it's very important for us to stay focused and if we go too broad, then we will kind of fall into the same category of many bigger players. But if we stay focused, I believe that's the key.

我認為，是的，這與倫納德提到的非常一致。我還想補充一下無機策略，對吧？每次當我們關注這些公司時，你都知道，我們剛收購的兩家公司也不例外。我認為我們一直在努力了解它們是否能為我們帶來一些非線性價值，對吧，例如我們的 GigaCube 策略、技術專長、足跡擴張等等。我認為這也非常非常重要，如果你看看這些，你就會知道，正如你所提到的，他們已經貢獻了一定數量的收入。我認為保持專注對我們來說非常重要，如果我們太過寬泛，那麼我們就會落入許多更大玩家的同一類別。但如果我們保持專注，我相信這就是關鍵。

And the other thing I think worth mentioning that GCCs is not just the ultimate definition of India. It's also Europe. So some of our big U.S. notable clients trust us with a strong position in European organization as well. So in India, it's a big thing, the bangalore office was the best investment recently. And you know, all we're doing is a fighting for talent and to some extent, you know, successful because people are curious about us and there's a good, you know, you know, having 3 major areas good. But we also have a very large pool from the GCCs in India. But recent pool from, you know, they don't even call the GCCs but from the big clients that are engineering organization in Europe becomes quite valuable as we continue to balance growth in Europe with the growth in India.

我認為值得一提的另一件事是，海灣合作委員會不僅僅是印度的最終定義。這也是歐洲。因此，我們的一些美國知名大客戶也信任我們在歐洲組織中的強大地位。所以在印度，這是一件大事，班加羅爾辦事處是最近最好的投資。你知道，我們所做的一切都是為了爭取人才，在某種程度上，你知道，成功是因為人們對我們感到好奇，而且有一個很好的，你知道的，你知道的，有3 個主要領域的好處。但我們也有來自印度海灣合作委員會的一個非常大的人才庫。但是，隨著我們繼續平衡歐洲的成長與印度的成長，最近來自歐洲工程組織大客戶的資金池變得非常有價值，他們甚至不稱為海灣合作委員會。

And let me ask on that, like how are clients deciding between like the work that should go to like a vendor like yourself, especially like a digital vendor, like yourself versus their in-house operations? I understand like you're working more with GCCs there. But like how like the work allocated between GCCs and vendors?

讓我問一下，客戶如何決定應該把工作交給像你這樣的供應商，特別是像你這樣的數位供應商，還是他們的內部運作？據我了解，您正在與那裡的海灣合作委員會進行更多合作。但是 GCC 和供應商之間的工作分配情況如何？

Yeah, so working with the U.S. centers of excellence are, is definitely easier than with GCCs in India. I mean, this is perfect because we have very smart, not like us guys are not smart, but the people who naturally been brought in for GCC in India, they do a pretty good job themselves. But remember, when you have a client base recruiting and you have a supplier-based recruiting, there are very two different tasks, right? So there are some very notable clients which may go very broad, and the competition is very fierce. When it comes to suppliers, they know the job will stay for one client with another client, with the third client. So some of the GCC guys, what they're saying is we want to give you a part partial work and we say, look, we need to be cooperating so that we want some project work as well. We're not a staffing company, there was a bit of a discussion on that, but over time, they give us more because they feel we're part of the team. You know, sometimes we work in their offices, there's a, there's a big, by the way, reverse back to the office thing. So a little bit remote is not as helpful but also the competition for the specific talent, when we double down on a fewer narrow but extremely deep expertise driven by the technology experts locally, then they open up. But I I agree with you, you know, we just finished a really nice tech conference in Bangalore. More than a dozen GCC guys send their participants. There were more than 30 technical and business executives. And this is the first one. So I'm sure next year we'll have a bigger and these guys don't come just to write the notes. There's a lot of active discussions so that give us a bit of a testament of respect of the capabilities.

是的，與美國卓越中心合作肯定比與印度海灣合作委員會合作容易。我的意思是，這是完美的，因為我們非常聰明，不像我們這些人不聰明，而是自然而然地被帶到印度海灣合作委員會的人，他們自己做得很好。但請記住，當您進行客戶群招聘和基於供應商的招聘時，有兩個不同的任務，對吧？所以有一些非常有名的客戶，可能範圍很廣，競爭也非常激烈。對於供應商來說，他們知道這項工作將留給一個客戶、另一個客戶、第三個客戶。所以一些海灣合作委員會的人，他們說的是我們想給你們部分工作，我們說，看，我們需要合作，這樣我們也想要一些專案工作。我們不是一家人力資源公司，對此進行了一些討論，但隨著時間的推移，他們給了我們更多，因為他們覺得我們是團隊的一部分。你知道，有時我們在他們的辦公室工作，順便說一句，有一個很大的逆向回到辦公室的事情。因此，稍微偏遠一點並沒有那麼有幫助，而且還會引發對特定人才的競爭，當我們在當地技術專家驅動的較少狹窄但極其深入的專業知識上加倍努力時，他們就會開放。但我同意你的觀點，你知道，我們剛剛在班加羅爾結束了一次非常好的技術會議。十多個海灣合作委員會成員派出了他們的參與者。技術、業務管理人員30餘人。這是第一個。所以我確信明年我們會有一個更大的會議，這些人不只是來寫筆記的。有很多積極的討論，證明了我們對這些功能的尊重。

Yeah. No, that's good to know. And thanks for the answer. And then like the clients Leonard, you talked about like the clients spending on AI projects, like they're getting ready for AI projects, investing in data and all that. Does this represent incremental spend, which should result in overall increase in budget for clients or are they just like reclassifying or shifting budget from one area to spend in this?

是的。不，很高興知道這一點。感謝您的回答。然後就像客戶倫納德一樣，你談到了客戶在人工智慧專案上的支出，就像他們正在為人工智慧專案做好準備，投資數據等等。這是否代表增量支出，這應該會導致客戶預算整體增加，還是他們只是將預算從一個領域重新分類或轉移到這個領域？

Well, they're both, right? Some people are mesmerized by demonstration from Elon Musk, having robots walking on the stage, right? Not everybody knows exactly what goes into that, and I will leave it at that level. But it gives you the perspective of level automation, which goes into the foundation of our society.

嗯，他們都是，對吧？有些人對 Elon Musk 在舞台上行走的機器人演示感到著迷，對吧？並不是每個人都確切地知道其中的內容，我將把它保留在這個水平上。但它為您提供了關卡自動化的視角，這已成為我們社會的基礎。

And that's very critical to some of the clients because they are revolutionizing the things around our daily work. Consumer work, recruiting assistance, AI assistance. So robotics just start changing. There are a few of them, they're experimenting obviously, but there's a big cost in the regulatory stuff. But most of the guys, what they spend in application, they want to be very, very specific. I have this number of generative AI cases I want to improve it. I have this veterinary clinic, I want to increase the throughput. I want to, you know, as you know, pets don't speak. So there's a lot of things we go around that. Some clients say look, we would like to have a lot more bundled inventory. And the wealth management system, we are revolutionizing the conversational AI is basically video search assistance and putting the data together. So it's a lot more with the fewer capabilities, but people would like to have a repetitive. So those drips now has a mainstream of the new larger implementations where this big world of dreamers are doing more of the proof concepts. But both are important because the impact of the of the dreamers is significantly larger over time. And we talk about our investment into AI. We can't compare with the big guys, but there are certain areas where we believe it's fundamental and we're going to continue to hone and shift the offering for the future because it's not traditional. It's not only that particular software development skill. And if we need to cannibalize some of the business, we will. But right now, the revenue comes from the applications and the future business positioning comes from those tectonic shifts.

這對一些客戶來說非常重要，因為他們正在徹底改變我們日常工作中的事情。消費者工作、招募協助、人工智慧協助。所以機器人技術才剛開始改變。其中有一些，他們顯然正在試驗，但監管方面的成本很高。但大多數人，他們在申請上花的錢，他們想要非常非常具體。我有這麼多生成人工智慧案例，我想改進它。我有一家獸醫診所，我想增加吞吐量。我想，你知道，正如你所知，寵物不會說話。所以我們做了很多事情來解決這個問題。一些客戶說，看，我們希望有更多的捆綁庫存。對於財富管理系統，我們正在徹底改變對話式人工智慧，基本上是視訊搜尋輔助並將資料放在一起。因此，功能越少，功能越多，但人們希望有重複的功能。因此，這些點滴現在已經成為新的更大實現的主流，這個偉大的夢想家世界正在做更多的證明概念。但這兩者都很重要，因為隨著時間的推移，夢想家的影響力會變得更大。我們談論了我們對人工智慧的投資。我們無法與大公司進行比較，但在某些領域我們認為這是基礎，我們將繼續磨練和改變未來的產品，因為它不是傳統的。這不僅僅是特定的軟體開發技能。如果我們需要蠶食一些業務，我們會的。但目前，收入來自應用程序，未來的業務定位來自這些結構性轉變。

That's great. And thank you. Thank you so much.

那太棒了。謝謝你。太感謝了。

Thank you very much. Ladies and gentlemen, this concludes the Q&A session for today. And then I'll turn it over to Leonard for closing statements.

非常感謝。女士們、先生們，今天的問答環節到此結束。然後我會把它交給萊納德做結案陳詞。

Just give me second.

就給我第二個吧。

Thank you, everybody for joining us on the call. Today's results reinforce our strengths and unique position within the AI digital transformation industry. Grid Dynamics approaches the end of 2024 with strong momentum across our business, and we are set up well for a solid 2025. There are many reasons to be optimistic of our future and I'm confident of Grid Dynamics' solid execution.

謝謝大家加入我們的電話會議。今天的成果鞏固了我們在人工智慧數位轉型產業的優勢和獨特地位。Grid Dynamics 的業務勢頭強勁，到 2024 年底即將到來，我們已為 2025 年的穩健發展做好了準備。有很多理由對我們的未來持樂觀態度，我對 Grid Dynamics 的穩健執行充滿信心。

I'm looking forward to updating you all during our next earnings call. Thank you.

我期待在下次財報電話會議上向大家通報最新情況。謝謝。