Grid Dynamics Holdings Inc (GDYN) 2024 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to Grid Dynamics fourth-quarter and full-year 2024 earnings conference call. I'm Cary Savvis, Director of Branding and Communications. At this time, our participants are in listen-only mode.

大家下午好。歡迎參加 Grid Dynamics 2024 年第四季和全年財報電話會議。我是品牌和傳播總監 Cary Savvis。目前，我們的參與者處於只聽模式。

Joining us on the call today are CEO, Leonard Livschitz; CFO, Anil Doradla; COO, Yury Gryzlov, and SVP Americas, Vasily Sizov. Following the prepared remarks, we will open the call to your questions. Please note that today's conference call is being recorded.

今天參加電話會議的有執行長 Leonard Livschitz；財務長 Anil Doradla；營運長 Yury Gryzlov 和美洲高級副總裁 Vasily Sizov。聽完準備好的發言後，我們將開始回答大家的提問。請注意，今天的電話會議正在錄音。

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.

在我們開始之前，我想提醒大家，今天的討論將包含前瞻性陳述。這包括我們業務的財務展望以及對您的一些問題的解答。此類聲明受到公司收益報告和向美國證券交易委員會提交的其他文件中所描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 8K 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準則的績效衡量指標。收益新聞稿和向美國證券交易委員會 (SEC) 提交的 8K 文件中提供了 GAAP 與非 GAAP 財務對帳和補充財務資訊。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.

現在我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. I'm delighted to share that Grid Dynamics delivered another strong quarter exceeding our own outlook and Wall Street expectations on revenue and non-GAAP EBIRTDA.

謝謝你，卡里。大家下午好，感謝大家今天的參與。我很高興地告訴大家，Grid Dynamics 又一個季度表現強勁，超出了我們自己的預期以及華爾街對營收和非 GAAP EBIRTDA 的預期。

Grid Dynamics revenue and profitability was the highest in the company's history and in the fourth quarter we achieved an important milestone $100 million revenue. These record-breaking results were fueled by contributions from both new and existing clients.

Grid Dynamics 的收入和盈利能力達到了公司歷史上的最高水平，第四季度我們實現了重要的里程碑，即 1 億美元的收入。這些破紀錄的業績得益於新舊客戶的貢獻。

To put it in perspective, we went public in early 2020; our annual revenue was in a $100 million range. And we achieved it now just in one quarter. I'm proud of this milestone, and I thank you, global team, for their numerous efforts and unwavering dedication.

具體來說，我們於 2020 年初上市；我們的年收入約1億美元。現在我們僅用一個季度就實現了這一目標。我為這一里程碑感到自豪，並感謝全球團隊的無數努力和堅定不移的奉獻。

Coming into the demand environment, we saw improvements across our customers and industry verticals in the fourth quarter. This has been a consistent pattern for our company over the past several quarters, and we anticipate it will carry forward in 2025. Furthermore, the foundation of business model are well intact, and our long-term targets for growth profitability and technical leadership remain unchanged.

進入需求環境後，我們在第四季看到客戶和產業垂直領域的改善。這是我們公司過去幾季以來的一貫模式，我們預計這種模式將在 2025 年繼續延續。此外，商業模式的基礎完好無損，我們對成長獲利能力和技術領先地位的長期目標保持不變。

In Q4 and into Q1 2025, we're seeing a continuation of improving trends in booking and pipeline. In fact, we reached some of the highest levels of these metrics in post-COVID revenue acceleration in 2021, indicating robust demand for our services.

在 2025 年第四季和第一季度，我們看到預訂量和通路量持續改善的趨勢。事實上，我們在 2021 年新冠疫情后收入加速成長中達到了這些指標的最高水平，顯示對我們服務的需求強勁。

In addition to growth and our new customers, we're witnessing new deal activity within existing customers across industry verticals. Partnerships are also playing a pivotal role in our growth strategy with a focus on hyper scales. After setting record levels in second and third quarter, the company once again attained its highest ever billable engineering headcount by the end of Q4, a leading indicator of future growth. And we have achieved that before factoring in contribution from recent acquisitions.

除了成長和新客戶之外，我們還看到各行業垂直領域現有客戶的新交易活動。合作夥伴關係在我們的成長策略中也發揮關鍵作用，我們的重點是超大規模。繼第二季和第三季創下歷史新高後，該公司在第四季末再次達到了有史以來最高的工程人員數量，這是未來成長的領先指標。在考慮最近的收購貢獻之前，我們已經實現了這一目標。

Additionally, in the fourth quarter, we witnessed the highest levels of open engineering positions during the last 3 years. Customers, both existing and new, are contributing to our strong results. At our top customers, we provide a significant proportion of our revenues which we continue to execute exceptionally well.

此外，第四季度，我們見證了過去三年來工程職缺數量的最高水準。現有客戶和新客戶都為我們的強勁業績做出了貢獻。我們的主要客戶為我們提供了很大一部分收入，並且我們繼續表現得非常出色。

Additionally, in the fourth quarter, we signed 3 notable enterprise clients. First one is related to automotive industry. The second one is one of the largest global auction company, and the third one is one of the world's largest grocery retail group.

此外，第四季我們簽約了3家知名企業客戶。第一個與汽車產業有關。第二家是全球最大的拍賣公司之一，第三家是全球最大的雜貨零售集團之一。

Now shifting our focus to AI initiatives. I'm pleased to share that our AI capabilities are gaining strong momentum across our customer base. We have significantly expanded our AI portfolio, offering tailored solutions and services designed specifically for Fortune 1000 companies across diverse industries.

現在我們將重點轉移到人工智慧計劃。我很高興地告訴大家，我們的人工智慧能力正在整個客戶群中獲得強勁發展勢頭。我們大幅擴展了我們的人工智慧產品組合，為不同行業的財富 1000 強公司提供量身定制的解決方案和服務。

These solutions aim to drive both revenue growth and operational efficiency for our enterprise clients. On the revenue side, we're enhancing customer experiences and optimizing marketing, pricing, and product strategies. On the cost side, our focus remains on improving efficiency and advancing enterprise knowledge management.

這些解決方案旨在推動我們的企業客戶的收入成長和營運效率。在收入方面，我們正在提升客戶體驗並優化行銷、定價和產品策略。在成本方面，我們的重點仍放在提高效率和推進企業知識管理。

There are several reasons to be optimistic in 2025. Improving trends in the demand, growth in our existing new customers, growth in our hyper scale partnership business, and increasing demand for IT partners with strong technology focus are just a few examples of why we believe 2025 will be a good year.

有幾個理由讓我們對 2025 年感到樂觀。需求趨勢的改善、現有新客戶的成長、超大規模合作夥伴業務的成長以及對具有強大技術重點的 IT 合作夥伴的需求的不斷增長只是我們相信 2025 年將是豐收的一年的幾個例子。

Given our incremental confidence, we're providing a full-year outlook. For 2025, we expect our revenues to be in the range of $415 million to $435 million with a potential growth of 20%-plus over 2024. To achieve our 2025 growth targets, we have identified 5 priorities to support our GigaCube strategy.

鑑於我們不斷增強的信心，我們提供了全年展望。到 2025 年，我們預計營收將在 4.15 億美元至 4.35 億美元之間，比 2024 年潛在成長 20% 以上。為了實現我們的 2025 年成長目標，我們確定了 5 個優先事項來支援我們的 GigaCube 策略。

First, leveraging our strengths and data and AI to enhance productivity across client business processes. Second, increasing the portfolio of accelerators and technological artifacts to address industry specific business needs. Third, increasing industry diversification by an enhanced focus and verticals such as finance, manufacturing, pharma and healthcare.

首先，利用我們的優勢、數據和人工智慧來提高客戶業務流程的生產力。第二，增加加速器和技術產品的組合，以滿足產業特定的業務需求。第三，透過加強關注和垂直領域（例如金融、製造、製藥和醫療保健）來提高行業多樣化。

Fourth, ensuring our follow-the-sun strategy provides global support to our clients. And finally, fifth, leveraging our strong relationship with our partners and new and existing customers.

第四，確保我們的「全天候」策略為我們的客戶提供全球支援。最後，第五，利用我們與合作夥伴以及新舊客戶的牢固關係。

To talk more about these five priorities of 2025, let me hand it over to our COO, Yury Gryzlov. Yury?

為了進一步討論 2025 年的這五個優先事項，請容許我將主題交給我們的營運長 Yury Gryzlov。尤里？

Thank you, Leonard. Let's review our priorities in more detail. First, I'm pleased to share that our AI capabilities are gaining strong momentum across our customer base. We have significantly expanded our AI portfolio, offering tailored solutions and services designed specifically for Fortune 1000 companies across diverse industries.

謝謝你，倫納德。讓我們更詳細地回顧一下我們的優先事項。首先，我很高興地告訴大家，我們的人工智慧能力正在整個客戶群中獲得強勁發展勢頭。我們大幅擴展了我們的人工智慧產品組合，為不同行業的財富 1000 強公司提供量身定制的解決方案和服務。

In Q4, we identified 130 AI opportunities, a 30% increase over the third quarter. This growing demand reflects the changing expectations of customers, with AI-based systems becoming increasingly prevalent in both consumer and enterprise environments. Our top AI initiatives include search, agentic systems, and supply chain optimization. As 2025 unfolds, we expect the pipeline we've developed over the past couple of quarters to convert into meaningful projects.

在第四季度，我們發現了 130 個人工智慧機會，比第三季增加了 30%。這種不斷增長的需求反映了客戶不斷變化的期望，基於人工智慧的系統在消費者和企業環境中變得越來越普遍。我們最重要的人工智慧計劃包括搜尋、代理系統和供應鏈優化。隨著 2025 年的到來，我們預計過去幾季開發的管道將轉化為有意義的項目。

Second, expanding our technology offerings. Our portfolio continues to diversify, driven by our deep understanding of customer needs and aspirations. Our core strengths in data and AI, digital engagement platforms, and modern application development remain highly valued by our customers and align closely with their strategic priorities. Our CTO organization continues to develop innovative accelerators that shorten sale cycles and improve customer speed to value. This investment in our technology portfolio positions as well as enterprises increase their digital transformation investments.

第二，擴大我們的技術產品範圍。在我們對客戶需求和願望的深刻理解的推動下，我們的產品組合不斷多樣化。我們在數據和人工智慧、數位參與平台和現代應用程式開發方面的核心優勢仍然受到客戶的高度重視，並與他們的策略重點緊密結合。我們的 CTO 組織不斷開發創新加速器，以縮短銷售週期並提高客戶價值實現速度。對我們的技術組合職位以及企業的投資增加了他們的數位轉型投資。

Third, industry diversification. Our capabilities are in high demand across verticals. This, in turn, gives us the opportunity to expand beyond our established industries such as TMT, retail, and CPG. We achieve this organically or through acquisitions.

三是產業多元化。我們的能力在各個垂直領域都受到高度需求。這反過來又為我們提供了向TMT、零售和CPG等成熟行業以外擴張的機會。我們透過內部發展或收購來實現這一目標。

In the fourth quarter of 2024, we acquired UK-based JUXT, elevating our industry expertise in banking and financial services. Their focus on risk platforms, structured products, equity derivatives, and financial reporting is highly complementary to our current offerings. Since acquiring JUXT, several global banks based in the US have expressed interest in working with us. And we expect those opportunities to convert in 2025.

2024年第四季度，我們收購了英國的JUXT，提升了我們在銀行和金融服務方面的行業專業知識。他們對風險平台、結構化產品、股票衍生性商品和財務報告的關注與我們目前的產品高度互補。自從收購 JUXT 以來，幾家總部位於美國的全球銀行已表示有興趣與我們合作。我們預計這些機會將在 2025 年實現轉變。

Fourth, our follow-the-sun strategy. This continues to be our guiding principle enabling uninterrupted around-the-clock client service. In just 3 years, we have expanded our geographic footprint substantially, and I am proud of our ability to serve our customers across 19 countries spanning North America, Europe, and India.

第四，我們的「跟隨太陽」戰略。這仍然是我們實現全天候不間斷客戶服務的指導原則。在短短 3 年內，我們的地理覆蓋範圍已大幅擴大，我為我們能夠為北美、歐洲和印度 19 個國家的客戶提供服務而感到自豪。

We are committed to investing in our engineer skills and knowledge globally. We have launched a comprehensive AI training program that includes both introductory and advanced tracks, along with partnership centric training. Thousands of our engineers are currently participating in this program, and we're excited to see the innovative solutions they will develop as they apply their AI skills in billable roles.

我們致力於在全球範圍內投資我們的工程師技能和知識。我們推出了一項全面的人工智慧培訓計劃，其中包括入門和高級課程以及以合作夥伴為中心的培訓。目前，我們有數千名工程師正在參與該計劃，我們很高興看到他們在將他們的人工智慧技能應用於計費角色時將開發出的創新解決方案。

Since launching operations in India 3 years ago, the country has become a top 3 delivery location for the company. Most of our efforts in India are centered on supporting US businesses, and we continue to work closely with many global captive centers across industry domains. In the fourth quarter, we set up an AI innovation team to support a global financial client and expanded the team to support a global credit agency client.

自三年前在印度開展業務以來，該國已成為該公司三大交付地點之一。我們在印度的大部分努力都集中在支持美國企業上，並且我們繼續與各個行業領域的許多全球專屬中心密切合作。第四季度，我們成立了AI創新團隊來支持一家全球金融客戶，並擴大了團隊來支持一家全球信貸機構客戶。

Argentina-based mobile computing acquired in October of last year will also enhance our follow-the-sun capabilities. Several US-based customers have already engaged us to provide engineering skills from Argentina, and we expect to significantly scale operations in 2025. By aiding this talented team in Argentina, our clients now have expanded options in the Americas complementing our established presence in the United States, Mexico, and Jamaica.

去年 10 月收購的阿根廷行動運算公司也將增強我們的追蹤太陽的能力。幾家美國客戶已經與我們合作，希望我們提供來自阿根廷的工程技術，我們預計在 2025 年將大幅擴大業務規模。透過協助阿根廷這支才華橫溢的團隊，我們的客戶現在在美洲擁有了更多的選擇，補充了我們在美國、墨西哥和牙買加的現有業務。

Fifth, our partnerships. In 2024, 18% of our total revenue was driven by partnerships with hyperscalers planning a significant role. In 2025, we expect our hyper scale partnerships to continue growing significantly. Our confidence in 2025 is driven by three noteworthy trends.

第五，我們的合作關係。2024 年，我們總收入的 18% 來自與計劃發揮重要作用的超大規模企業的合作。到 2025 年，我們預計我們的超大規模合作夥伴關係將繼續大幅成長。我們對 2025 年的信心源自於三個值得注意的趨勢。

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 by many of our partners, Tier 1 customers. Second, our partner relationships are evolving. We are now more engaged in strategic discussions with senior management at our key partners. And third, at an operational level, we have enhanced collaboration between the sales and marketing teams at Grid Dynamics and our partners.

首先，我們致力於技術創新和工程卓越，贏得了全球企業客戶的更大讚賞。這使得我們許多的合作夥伴和一級客戶都選擇了 Grid Dynamics。第二，我們的夥伴關係正在不斷發展。我們現在更多地與主要合作夥伴的高階管理層進行策略討論。第三，在營運層面，我們加強了 Grid Dynamics 的銷售和行銷團隊與合作夥伴之間的協作。

All of this has translated into more opportunities for our entry into new global projects and programs across industry verticals. During the fourth quarter, there were several notable client achievements and updates. Let me now hand it over to our SVP Americas, Vasily Sizov.

所有這些都為我們進入各個行業垂直領域的新的全球項目和計劃創造了更多機會。第四季度，客戶取得了許多顯著成就和更新。現在，我將其交給我們的美洲高級副總裁 Vasily Sizov。

Thank you, Yury. During the quarter, Grid Dynamics delivered some notable projects. First, let me share a few examples of our AI programs at large enterprises. These implementations showcase how we are helping enterprises move beyond basic AI applications to create sophisticated solutions that deliver measurable business results.

謝謝你，尤里。本季度，Grid Dynamics 交付了一些值得注意的項目。首先，我來分享幾個我們在大型企業實施人工智慧專案的例子。這些實施展示了我們如何幫助企業超越基本的人工智慧應用程序，創建能夠帶來可衡量業務成果的複雜解決方案。

At one of the largest food distributors, our team is implementing comprehensive AI-driven catalog enrichment. Using generative AI, we are creating detailed product descriptions and high-quality product images to enhance product discoverability and appeal. This initiative has already demonstrated meaningful business impact with expected revenue uplift of over 5%.

在最大的食品分銷商之一，我們的團隊正在實施全面的人工智慧驅動的目錄豐富。利用生成式人工智慧，我們正在創建詳細的產品描述和高品質的產品圖像，以增強產品的可發現性和吸引力。該計劃已顯示出顯著的業務影響，預計收入將增長 5% 以上。

At one of the largest beverage companies, we are expanding our knowledge AI system into a comprehensive agentic AI platform. This platform is designed to automate various aspects of enterprise operations, significantly enhancing efficiency across the organization.

在最大的飲料公司之一，我們正在將我們的知識 AI 系統擴展為一個全面的代理 AI 平台。該平台旨在實現企業營運各個方面的自動化，顯著提高整個組織的效率。

At a leading payment company, we are developing an innovative agentic AI platform that creates a multi-agent marketplace. This solution intelligently connects consumers with optimal deal offerings from card issuers, brands, and retailers, creating a more personalized and efficient shopping experience.

在一家領先的支付公司，我們正在開發一個創新的代理 AI 平台，以創建一個多代理市場。該解決方案智慧地將消費者與發卡機構、品牌和零售商的最佳交易優惠連結起來，創造更個人化和高效的購物體驗。

In addition to our AI projects, I also would like to highlight some notable projects around our other capabilities. We partnered with a leading multinational technology company to optimize their open-source machine learning compiler to implement their CPU strategy, address performance limitations, and integration challenges. The results of our work allowed it to achieve consistently high performance across various workloads.

除了我們的人工智慧專案之外，我還想強調一些圍繞我們其他能力的值得注意的項目。我們與一家領先的跨國科技公司合作，優化他們的開源機器學習編譯器，以實施他們的 CPU 策略，解決效能限制和整合挑戰。我們的工作成果使其能夠在各種工作負載下始終保持高效能。

This collaboration has notably accelerated the client's product roadmap, reducing time to market from 2 years to 1 and enabling end users to benefit from this advanced implementation much sooner. With another client, one of the top 10 global largest banks, we are working to create a cutting-edge technology platform for structured products, starting with structured notes.

這項合作顯著加快了客戶的產品路線圖，將上市時間從 2 年縮短至 1 年，並使最終用戶能夠更快地從這項先進的實施中受益。我們正與另一位客戶（全球十大銀行之一）合作，從結構性票據開始，為結構化產品創建一個尖端技術平台。

Instead of focusing on specific products, the platform is designed around key product features, giving the bank flexibility to create appealing offerings and quickly adapt to market changes. This approach speeds up the process of building, pricing, and launching structured products, driving business growth.

該平台並不專注於特定產品，而是圍繞關鍵產品功能進行設計，使銀行能夠靈活地創造有吸引力的產品並快速適應市場變化。這種方法加快了結構化產品的建置、定價和推出的過程，從而推動了業務成長。

Another example, a multi-chain restaurant and hospitality client with over 33,000 locations engaged Grid Dynamics to scale their data pipeline management solution. The scope involved scaling from dozens to thousands of concurrent pipelines with modern data transformation flows.

另一個例子是，一家擁有超過 33,000 家門市的多連鎖餐廳和飯店客戶與 Grid Dynamics 合作擴展其資料管道管理解決方案。其範圍涉及利用現代資料轉換流程從數十個並發管道擴展到數千個並發管道。

We delivered a system enabling data flows to operate at a truly massive scale with virtually unlimited growth potential due to its containerized architecture and load balancing capabilities. Additionally, the framework we designed significantly reduced the development life cycle for new pipelines or migrations, cutting it from days to hours. The solution is already being actively used by client data engineering teams for the development of hundreds of new pipelines to enhance their analytics platform.

我們提供了一個系統，使資料流能夠真正大規模地運行，並且由於其容器化架構和負載平衡功能，具有幾乎無限的成長潛力。此外，我們設計的框架顯著縮短了新管道或遷移的開發生命週期，從幾天縮短到幾小時。客戶資料工程團隊已經積極使用該解決方案來開發數百個新管道，以增強他們的分析平台。

Now shifting our focus to Europe, there were some noteworthy projects. A global medical device manufacturer selected Grid Dynamics to be a strategic partner on their data and AI platforms. This multi-year engagement is expected to bring efficiencies to their business processes. Additionally, at a leading meal preparation company, we're working on modernizing their customer service platform in partnership with one of the hyperscalers.

現在我們將焦點轉移到歐洲，有一些值得關注的項目。一家全球醫療設備製造商選擇 Grid Dynamics 作為其數據和 AI 平台的策略合作夥伴。預計此次多年的合作將提高他們的業務流程效率。此外，在一家領先的餐飲準備公司，我們正在與其中一家超大規模企業合作，對其客戶服務平台進行現代化改造。

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

說完這些，讓我把電話轉給阿尼爾，他將更詳細地討論第四季的結果。阿尼爾？

Thanks, Vasily. Good afternoon, everyone. Our fourth-quarter 2024 results were solid as we exceeded our expectations both on revenue and non-GAAP EBITDA. We achieved record revenues of $100.3 million, surpassing our guidance range of $95 million to $97 million. On a year-over-year basis, our fourth-quarter revenues grew at 28.5%; excluding our recent acquisitions, our organic revenues grew by 12.8% on a year-over-year basis.

謝謝，瓦西里。大家下午好。我們的 2024 年第四季業績穩健，營收和非 GAAP EBITDA 均超出預期。我們實現了創紀錄的 1.003 億美元收入，超過了我們 9,500 萬至 9,700 萬美元的預期範圍。與去年同期相比，我們第四季的營收成長了28.5%；不包括我們最近的收購，我們的有機收入年增 12.8%。

The impact of FX on our fourth-quarter revenues was minimal both on a sequential and year-over-year basis. Our non-GAAP EBITDA of $15.6 million exceeded our guidance range of $13.5 million and $15.5 million. The stronger than expected performance, both in revenue and profitability was driven by strength from both our organic business and recent acquisitions.

無論是按季度還是按年計算，外匯對我們第四季營收的影響都很小。我們的非公認會計準則 EBITDA 為 1560 萬美元，超過了我們的指導範圍 1350 萬美元和 1550 萬美元。營收和獲利能力均超出預期的表現得益於我們的有機業務和最近的收購的強勁成長。

The retail vertical remained the largest, accounting for 32.6% of our fourth-quarter revenues. It showed sequential and year-over-year growth of 9.7% and 33.1%, respectively. During the quarter, we witnessed growth across a wide range of retail customers that included specialty retail, home improvement space, and departmental store customers.

零售垂直業務仍然是最大的業務，占我們第四季營收的 32.6%。環比和年成長分別為 9.7% 和 33.1%。在本季度，我們見證了廣泛零售客戶的成長，其中包括專業零售、家居裝修空間和百貨公司客戶。

Our TMT and financial verticals contributed 23.5% and 23.1% of our fourth-quarter revenues, respectively. In the fourth quarter, our TMT vertical remained relatively flat on a dollar basis compared to the third quarter as we were impacted by the typical year-end slowdown at some of our large customers.

我們的 TMT 和金融垂直領域分別貢獻了我們第四季營收的 23.5% 和 23.1%。第四季度，我們的 TMT 垂直市場以美元計算與第三季度相比保持相對平穩，因為我們受到一些大客戶典型的年底放緩的影響。

The finance vertical showed the strongest performance with sequential and year-over-year growth of 63.8% and 180.1%, respectively. Strength in the financial vertical was driven by a combination of increased demand from fintech and insurance customers as well as our recent acquisitions.

金融垂直產業表現最為強勁，環比和年成長分別為 63.8% 和 180.1%。金融垂直領域的實力是由金融科技和保險客戶的需求成長以及我們最近的收購共同推動的。

Here are the details of the revenue mix of other verticals. Our CPG and manufacturing, representing 11.2% of our quarter revenues grew sequentially by 14.8% and 16.4% on a year-over-year basis. Strength in this vertical was driven by both our organic business and recent acquisitions.

以下是其他垂直行業收入結構的詳細資訊。我們的 CPG 和製造業占我們季度營收的 11.2%，季增 14.8% 和年增 16.4%。這個垂直領域的優勢是由我們的有機業務和最近的收購所推動的。

Our other vertical, which represented 7.2% of our fourth-quarter revenues grew slightly on a sequential basis but declined by 11.3% year over year. And finally, healthcare and pharma vertical represented 2.4% of our revenues.

我們的其他垂直業務占我們第四季營收的 7.2%，較上季略有成長，但較去年同期下降了 11.3%。最後，醫療保健和製藥垂直領域占我們收入的 2.4%。

We ended the fourth quarter with a total headcount of 4,730, up from 4,298 employees in the third quarter of 2024, and up from 3,920 in the fourth quarter of 2023. The sequential growth in headcount was driven by both our organic business and recent acquisitions.

截至第四季度，我們的員工總數為 4,730 人，高於 2024 年第三季的 4,298 人，也高於 2023 年第四季的 3,920 人。員工人數的連續成長是由我們的有機業務和最近的收購所推動的。

At the end of the fourth quarter of 2024, our total US headcount was 351 or 7.4% of the company's total headcount versus 345 or 8% in the third quarter, and 331 or 8.4% in the year-ago quarter. Our non-US headcount located in Europe, Americas, and India was 4,379 or 92.6%, up from 3,953 or 92% in the third quarter, and 3,589 or 91.6% in the year-ago quarter.

截至 2024 年第四季末，我們在美國的員工總數為 351 人，占公司總員工總數的 7.4%，而第三季為 345 人，佔 8%，去年同期為 331 人，佔 8.4%。我們位於歐洲、美洲和印度的非美國員工數量為 4,379 人，佔 92.6%，高於第三季的 3,953 人，佔 92%，也高於去年同期的 3,589 人，佔 91.6%。

In the fourth quarter, revenues from our top 5 and top 10 customers were 35.6% and 55.8%, respectively, versus 39.8% and 59.2% in the third quarter and 39.7% and 55.3% in the same period a year ago, respectively.

第四季度，來自前五大和前十大客戶的收入分別為 35.6% 和 55.8%，而第三季度分別為 39.8% 和 59.2%，去年同期分別為 39.7% 和 55.3%。

During the fourth quarter, we had a total of 211 customers, up from 201 in the third quarter of 2024 and down from 218 in the year-ago quarter. The increase during the quarter was mainly due to customers coming from the acquisitions. The year-over-year decline in the number of customers was primarily driven by our continued efforts to rationalize our portfolio of non-strategic customers.

第四季度，我們共有 211 名客戶，高於 2024 年第三季的 201 名，低於去年同期的 218 名。本季的成長主要得益於收購帶來的客戶。客戶數量較去年同期下降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 $37 million, or 36.9% compared to $32.7 million, or 37.4% in the third quarter of 2024 and $28.1 million or 36% in the year-ago quarter. On a non-GAAP basis, our gross profit was $37.6 million or 37.5%, up from $33.3 million, or 38% in the third quarter of 2024, and up from $28.6 million or 36.6% in the year-ago quarter.

轉到損益表，本季我們的 GAAP 毛利為 3,700 萬美元，即 36.9%，而 2024 年第三季為 3,270 萬美元，即 37.4%，去年同期為 2,810 萬美元，即 36%。以非公認會計準則計算，我們的毛利為 3,760 萬美元，即 37.5%，高於 2024 年第三季的 3,330 萬美元，即 38%，也高於去年同期的 2,860 萬美元，即 36.6%。

Our non-GAAP EBITDA during the fourth quarter, which excluded interest income, expense, provision for income taxes, and depreciation and amortization and was further adjusted for the impact of stock-based compensation, restructuring expenses related to geographic reorganization and transaction, and other related costs was $15.6 million or 15.6% of revenues, up from $14.8 million or 16.9% of revenues in the third quarter of 2024 and $10.7 million or 13.7% in the year-ago quarter.

我們第四季度的非 GAAP EBITDA（不包括利息收入、支出、所得稅準備金以及折舊和攤銷，並根據股票薪酬、與地理重組和交易相關的重組費用以及其他相關成本的影響進行了進一步調整）為 1,560 萬美元，佔收入的 15.6%，高於 2024 年第三季度的 1,480 萬美元或占收入的 16.9% 和去年同期的 1,070 萬美元或 13.7%。

The dollar increase on a sequential basis was largely due to higher revenues, partially offset by increase in operating expenses. As a percentage of revenues, the decline in non-GAAP even a margin was primarily driven by a combination of lower gross margin as a percentage and higher levels of OpEx both from organic business and our recent acquisitions.

美元環比成長主要是由於收入增加，但部分被營運費用的增加所抵消。作為收入的百分比，非 GAAP 利潤率的下降主要是由於毛利率百分比較低以及有機業務和我們最近的收購導致的營運支出水平較高。

Our GAAP net income in the fourth quarter was $4.5 million or $0.05 per share based on a diluted share count of 83.8 million shares compared to the third quarter income of $4.3 million or $0.05 per share based on a diluted share count of 78.8 million and an income of $2.9 million or $0.04 per share based on 78 million diluted shares in the year-ago quarter.

我們第四季的 GAAP 淨收入為 450 萬美元或每股 0.05 美元（基於稀釋後股份數量 8380 萬股），而第三季度的收入為 430 萬美元或每股 0.05 美元（基於稀釋後股份數量 7880 萬股）以及去年同期的收入為 290 萬美元或每股 0.0 萬美元（基於 80 萬美元）。

On a non-GAAP basis in the fourth quarter of 2024, our non-GAAP net income was $10.3 million or $0.12 per share based on 83.8 million diluted shares compared to the third quarter non-GAAP net income of $10.8 million or $0.14 per share based on 78.8 million diluted shares and $7.5 million or $0.10 per share based on 78 million diluted shares in the year-ago quarter.

以非公認會計準則 (Non-GAAP) 計算，2024 年第四季我們的非公認會計準則淨收入為 1,030 萬美元，即基於 8,380 萬股稀釋股份的每股盈餘 0.12 美元，而去年同期第三季的非公認會計準則股淨收入為 1,080 萬美元，即基於 7,880 萬美元的每股收益 0.10 美元。

On December 31, 2024, our cash and cash equivalents totaled $334.7 million, up from $231.3 million in the third quarter of 2024. The increase in cash was largely driven by our follow-on offering in November of 2024.

截至 2024 年 12 月 31 日，我們的現金及現金等價物總額為 3.347 億美元，高於 2024 年第三季的 2.313 億美元。現金的增加主要是由於我們在 2024 年 11 月進行的後續發行。

Coming to the guidance, for the first quarter of 2025, we expect revenues to be in the range of $98 million to $100 million or growth of roughly 23% to 25% on a year-over-year basis. At the midpoint of $99 million, we expect our first quarter revenue to grow by 24% on a year-over-year basis. We expect our non-GAAP EBITDA in the first quarter to be in the range of $12.9 million to 13.9 million.

根據指引，對於 2025 年第一季度，我們預計營收將在 9,800 萬美元至 1 億美元之間，或年增約 23% 至 25%。以 9,900 萬美元的中間值，我們預計第一季營收將年增 24%。我們預計第一季非公認會計準則 EBITDA 將在 1,290 萬美元至 1,390 萬美元之間。

For Q1 2025, we expect our basic share count to be in the range of 84 million to 85 million, and our diluted share count to be in the range of 89 million to 90 million. For the full year 2025, we expect the revenues to be in the range of $415 million to $435 million, representing a growth of 18.4% to 24.1% on a year-over-year basis. At the midpoint of $425 million, we expect our 2025 revenues to grow by 21.2% on a year-over-year basis.

對於 2025 年第一季度，我們預計基本股數將在 8,400 萬至 8,500 萬股之間，稀釋股數將在 8,900 萬至 9,000 萬股之間。我們預計 2025 年全年營收將在 4.15 億美元至 4.35 億美元之間，年增 18.4% 至 24.1%。以 4.25 億美元的中點計算，我們預計 2025 年的營收將年增 21.2%。

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

我的準備好的發言到此結束。我們現在準備好回答問題。

(Event Instructions) Puneet Jain, JPMorgan.

（活動說明）摩根大通的 Puneet Jain。

Hey, very good quarter, guys. So today, it's kind of unique. So all of your peers, yourself reported results on the same day. And among the four companies, your results, particularly for 2025 guidance, definitely is, well above your peers, right? So what's driving that strength that your peers are not seeing? Like what's driving this outperformance in Grid Dynamics versus peers for this year?

嘿，夥計們，這是一個非常好的季度。所以今天，它有點獨特。因此，您和您所有的同事都在同一天報告了結果。在這四家公司中，你們的業績，特別是 2025 年的預期，肯定遠高於同行，對嗎？那麼，是什麼推動了這種同行所沒有看到的優勢呢？那麼，是什麼因素推動了 Grid Dynamics 今年的表現優於同業呢？

Oh, thank you, Puneet. Well, I can't comment for my colleagues. Let's focus on Grid Dynamics. I believe what we've been consistent in the story in 2024, we're just continued to pick up our business relationship with a number of clients, the top clients as well as the new clients we acquired.

哦，謝謝你，Puneet。嗯，我無法代表我的同事發表評論。讓我們專注於網格動態。我相信我們在 2024 年的故事中始終保持一致，我們只是繼續與許多客戶、頂級客戶以及我們獲得的新客戶建立業務關係。

And the introduction of technology, introduction of AI and scaling the solution offerings and hyperscaler relationship just gave us a confidence which we decided it's time for us to we were back and issue the annual guidance.

技術的引入、人工智慧的引入、解決方案的擴展以及超大規模關係給了我們信心，我們決定是時候回來發布年度指導了。

So we feel comfortable about where we are. We feel comfortable about the appreciation of the appreciation by the customers or capabilities. And more important, we feel really good about our -- returning back to the scale of the GigaCube strategy with our follow-the-sun employment and servicing. So all the indicators look good.

因此我們對自己的現狀感到滿意。我們對客戶的讚賞或能力的認可感到很欣慰。更重要的是，我們對透過全天候就業和服務恢復到 GigaCube 策略規模感到非常高興。所以所有指標看起來都很好。

And is the growth for 2025, will it be broad-based? Which vertical and perhaps which client will drive the outperformance, like 20% growth?

2025 年的成長是否會具有廣泛的基礎？哪個垂直產業以及哪個客戶將推動績效優異，例如 20% 的成長？

Yeah, of course. So I would not name a specific client because it may give them some kind of leverage. So basically, we're strong in our CPG. We're strong in our technology TMT. I think we see a really good ramp up in our fintech business that kind of helps us.

是的，當然。所以我不會說出具體客戶的名字，因為這可能會為他們帶來某種優勢。所以基本上，我們的 CPG 實力很強。我們在技術TMT領域實力雄厚。我認為我們的金融科技業務確實取得了良好的成長，這對我們有幫助。

We also see a pickup from our relationships with I would say the GCC clients and particularly in India, so we're adding more people both US and India. Europe is picking up too. But fundamentally, the appreciation of our technology which comes from the actual implementations give a very broad-based positioning.

我們也看到與海灣合作委員會客戶，特別是印度客戶的關係有所改善，因此我們在美國和印度都增加了更多的員工。歐洲也正在復甦。但從根本上來說，來自實際實施的對我們的技術的評價給出了非常廣泛的定位。

Now, you fully understand, we've been around for a long time that you must have growth from the top 10 clients. We see that happening. We also see a pickup of the newer clients. Now, how much of new business is going to come up, that's something we will talk about next couple of quarters. But overall, we do see broad-based TMT, CPGs, fintech.

現在，您完全明白了，我們已經存在很長時間了，您一定從前 10 名客戶那裡獲得了成長。我們看到這種情況正在發生。我們也看到新客戶的數量增加。現在，有多少新業務將會出現，這是我們將在接下來的幾季討論的問題。但總體而言，我們確實看到了廣泛的TMT、CPG和金融科技。

And AI, you talked about agentic AI helping your clients embrace generative AI solution. How should we think about revenue contribution that AI generates for you, whether it's agentic AI or implementation of the Gen AI solutions for your clients whether it's for code efficiency or whatnot?

關於人工智慧，您談到了代理人工智慧如何幫助您的客戶採用生成式人工智慧解決方案。我們應該如何看待人工智慧為您帶來的收入貢獻，無論是代理人工智慧還是為您的客戶實施通用人工智慧解決方案，無論是為了提高程式碼效率還是其他什麼？

So I will let Vasily Sizov to have his first answer to the questions. We were privilege having him on the call, so Vasily.

因此，我將讓瓦西里·西佐夫先回答這些問題。我們很榮幸能邀請到他，瓦西里。

Sure, thank you for the question, Puneet. So AI becomes a component for almost every engagement right now. So if we were talking about like POCs like last year, right now, it's a component of every big program. So it's very difficult to discern like which particular piece belongs to AI. Actually it's, I would say it can be attributed to most of the bigger engagements.

當然，謝謝你的提問，Puneet。因此，人工智慧現在已成為幾乎所有活動的一個組成部分。因此，如果我們談論的是像去年那樣的 POC，那麼現在，它就是每個大型專案的組成部分。因此很難辨別哪個特定部分屬於人工智慧。事實上，我想說這可以歸因於大多數大型活動。

But I can tell for sure that there are two general trends. So first of all, our biggest customers are changing the balance from looking into optimizing the cost to more revenue generation initiatives. And that's historically has been a very strong area for Grid Dynamics that's actually represents our positioning.

但我可以肯定地說，有兩種總體趨勢。首先，我們最大的客戶正在將重點從優化成本轉向更多的創收措施。從歷史上看，這一直是 Grid Dynamics 非常強大的領域，實際上代表了我們的定位。

And secondly, as AI becomes a big interest, and that's where Grid Dynamics historically has been very strong. If you recall, we wrote the first book about AI in 2017, and right now, everyone is talking about that as a new thing. So having both components, actually we see a lot of opportunity for us to grow and fulfill that demand which exists on the market.

其次，隨著人工智慧成為人們關注的焦點，Grid Dynamics 在這方面一直表現強勁。如果你還記得的話，我們在 2017 年寫了第一本關於人工智慧的書，現在，每個人都在談論它，把它當作一個新事物。因此，擁有這兩個組成部分，我們實際上看到了許多發展機會，可以滿足市場上現有的需求。

Thank you.

謝謝。

Mayank Tandon, Needham.

梅揚克·坦登，尼德姆。

Great. Thank you. Congrats, Anil and Leonard and the team. Great quarter. And as Puneet said, you guys are the outlier today. All your peers are stumbling, and you guys have put up another really strong quarter and guide for 2025.

偉大的。謝謝。恭喜 Anil、Leonard 和團隊。很棒的一個季度。正如 Puneet 所說，今天你們就是異類。你們所有的同行都在跌跌撞撞，而你們卻又為 2025 年創造了一個非常強勁的季度和指南。

So I'll ask you sort of more on the drivers of revenue growth. As we think about that 21.2% midpoint growth for 2025, how do you think about that in terms of recruiting, impact of pricing? And then is there any utilization improvement built in as well? How would that underlying growth come from these three key drivers of growth?

因此，我想向您進一步詢問有關收入成長的驅動因素。當我們考慮 2025 年 21.2% 的中點成長率時，您如何看待這對招募、定價的影響？那麼是否也存在任何內建的利用率改進？這三大關鍵成長動力將如何帶來潛在成長？

Okay, great. Well, let me start with giving a forum to Yury. He's wearing two hats, being the head of Europe but also COO, so it's one of the key responsibilities he carries, so Yury.

好的，太好了。好吧，首先讓我給 Yury 一個論壇。他身兼兩職，既是歐洲區總裁，又是首席營運官，所以這是他的主要職責之一，尤里就是這樣。

Yeah, thank you, Leonard. Thanks for the question, Mayank. I think that, obviously, as Leonard mentioned, when I'm talking from the perspective of operational activities that we have and the priorities that we have, as you just mentioned, right, recruiting is a big thing.

是的，謝謝你，倫納德。謝謝你的提問，Mayank。我認為，顯然，正如倫納德所提到的，當我從我們的營運活動和優先事項的角度談論時，正如你剛才提到的，招募是一件大事。

And obviously, as we continue following our GigaCube strategy and, in particular, the follow-the-sun delivery model, I think the key point here is how do we make sure that we continue to recruit the best talent, right, that we can get and go through the same machine of training the talent and basically getting the right talent from the market and also again from the universities going back and back, going back to the training and putting back into the system.

顯然，隨著我們繼續遵循 GigaCube 策略，特別是「跟隨太陽」交付模式，我認為這裡的關鍵點在於我們如何確保繼續招募最優秀的人才，對吧，我們可以透過同樣的機器來培訓人才，基本上從市場上和大學中獲得合適的人才，一遍又一遍地進行培訓，然後重新投入到系統中。

So I think this is where on one side it's a challenge. But on the other side obviously growing from just a few countries a few years ago to 19 countries as of today is kind of relatively still straightforward because we have the machine. And if you go back and look at our composition of our locations within those countries even before, you will see that we had a relatively big amount of relative small countries.

所以我認為從一方面來說這是一個挑戰。但另一方面，顯然從幾年前的幾個國家發展到今天的 19 個國家還是比較簡單的，因為我們有機器。如果你回顧我們之前在這些國家內的地點分佈，你會發現我們擁有相對較大的相對較小的國家。

So from that perspective, the machine is there, and I think that it's quite natural. And as we're guiding right now, we're not doing anything extra outside of our comfort zone in the way of bringing the talent, training the talent, and putting that through the billable engagements. And also, the big portion of what we do is tied to our R&D work and CT office activities.

所以從這個角度來看，機器就在那裡，我認為這是很自然的。正如我們現在所指導的那樣，在引進人才、培訓人才和透過可計費的活動進行這些方面，我們不會在自己的舒適區之外做任何額外的事情。而且，我們所做的大部分工作都與我們的研發工作和 CT 辦公室活動有關。

That, I think, is the most important because we have to make sure that in each and every location that we have, we have the portion of the people assigned to those R&D projects assigned to those CTO activities. So that's, I think, is quite normal for us. So I don't believe that we're doing something extraordinary here, to be honest. I think it's just a normal gradual growth as we've been doing over the last few years.

我認為這是最重要的，因為我們必須確保在我們擁有的每一個地點，都有一部分人員負責那些研發專案並負責那些 CTO 活動。所以我認為這對我們來說很正常。所以說實話，我不認為我們在這裡做了什麼了不起的事情。我認為這只是我們過去幾年來經歷的正常的逐步增長。

Okay, terrific. Let me -- for my follow up, I'll just ask a softball question from Anil. Anil, can you please just repeat what you said in terms of the M&A impact in the fourth quarter? And then what's embedded in your guide for 1Q and fiscal '25?

好的，太棒了。作為我的後續提問，我只想向 Anil 詢問一個簡單的問題。阿尼爾，您能否重複一下關於第四季併購影響的說法？那麼，您對 2025 年第一季和財政年度的指南中都包含哪些內容？

Yeah, so for the fourth quarter, Mayank, what we said the organic was 12.8% year-on-year growth, so that was roughly about 1% sequential growth rate, right? Now, when you, look at the first quarter, I'll just kind of give you a little bit of a sense. We expect on the high end of the guidance, the organic business to be flattish from Q4.

是的，對於第四季度，Mayank，我們所說的有機成長是年成長 12.8%，所以這大約是 1% 的連續成長率，對嗎？現在，當你看第一季時，我會給你一點感覺。我們預計，在指導價值的高端，有機業務將從第四季開始持平。

So there's a $2 million spread there. So really, we're talking about organic will be around $86 million to $88 million. And then for the full year, the organic business will be in the teens. We're starting the year -- let's start off with low teens, and we'll come back and, hopefully, continue talking about some positive trends.

因此，那裡的差額為 200 萬美元。所以實際上，我們談論的有機收入將在 8,600 萬美元到 8,800 萬美元左右。全年有機業務的成長率將達到十幾歲。我們開始新的一年——讓我們從青少年低齡化開始，然後我們會回來，希望繼續談論一些積極的趨勢。

Terrific. I'll get back in queue. Thank you so much. Congrats again.

了不起。我會回到隊列中。太感謝了。再次恭喜。

Jared Levine, TD Cowen.

賈里德·萊文 (Jared Levine)，TD Cowen。

Thank you. Jared Levine for Bryan Bergin tonight. In terms of your, top customer did show up performance in 2024, is higher, growth relative to the company average expected to continue here in 2025? And if so, can you share more color on what gives you the confidence there?

謝謝。今晚，傑瑞德雷文 (Jared Levine) 將為布萊恩伯金 (Bryan Bergin) 表演。就您而言，頂級客戶在 2024 年的表現是否高於公司平均水平，預計 2025 年的成長會持續嗎？如果是的話，您能否進一步解釋一下是什麼讓您有信心呢？

Well, as I mentioned before, we had -- actually, Puneet asked this question, where the revenue growth come from. It comes from top 5, it comes from top 10, it comes from the broader base. But when you look at the confidence we put in in terms of the ability to guide numbers, we obviously believe the growth in the top 5.

嗯，正如我之前提到的，我們——實際上，Puneet 問了這個問題，收入成長來自哪裡。它來自前 5 名，來自前 10 名，來自更廣泛的基礎。但是，當你看到我們在引導數字的能力方面的信心時，我們顯然相信前五名的成長。

And when I mentioned the areas, so they kind of cover three parts, right? It's a technology, it's CPGs, and it's fintech. So since we have representation in top 5 from all three categories, they're some of the drivers. When it comes to the broader base of clients, I must say that relationship with the hyper scales, their AI platform, their models create this necessary engagement with the newer clients to demonstrate the capabilities of not just enhancing their value but become a supreme into capturing the market.

當我提到這些領域時，它們涵蓋了三個部分，對嗎？它是一種技術，它是快速消費品，它是金融科技。因此，由於我們在所有三個類別中都有前五名代表，所以他們是一些驅動因素。當談到更廣泛的客戶群時，我必須說，與超大規模、他們的人工智慧平台、他們的模型的關係與新客戶創造了這種必要的互動，以展示他們不僅能提升價值，而且能成為佔領市場的最高力量的能力。

We've seen some amazing results from the first production implementation increase of the revenue. That touches not only the existing clients who trust us anyways, right? But with the new broad base of the clients which we partner either with hyperscaler or drive ourselves, and attraction is it's like an early day of the cloud migration, automation, any kind of digitalization. The first runners get the best results.

我們從第一次生產實施的收入成長中看到了一些令人驚訝的成果。這不僅會影響到信任我們的現有客戶，對嗎？但是，隨著我們與超大規模企業合作或自行推動的廣泛新客戶群的建立，吸引力就在於它就像是雲端遷移、自動化和任何類型數位化的早期階段。第一名的選手取得了最好的成績。

So we are at this early phase of the implementation of various products. And [Gen AI] is one of them, but there are many more, and that just gives us the broad base. So hopefully, I answered the question. It comes from top 5, but it comes from the broad based on the technology implementations.

因此，我們正處於實施各種產品的早期階段。[Gen AI] 就是其中之一，但還有更多，這只是為我們提供了廣泛的基礎。所以希望我回答了這個問題。它來自前五名，但它來自基於技術實現的廣泛領域。

Got it. And then wanted to touch on margins for FY25 here. Can you discuss one of the key puts and takes here as 2025 progresses and anything regarding cadence here would be helpful?

知道了。然後想在這裡談談 FY25 的利潤率。您能否討論一下 2025 年進展中的一個關鍵點以及有關節奏的任何信息是否會有所幫助？

Anil?

阿尼爾？

So look, for 2025, we've given you a full-year revenue guidance. Over time, we'll give you a little bit more color on the margins. What I've told over the last couple of months' talk to investors, don't model any margin compression of '25 over '24. So the slope of the curve will come back, we'll give you a little bit more color. But that's how we would set up the margin profile for '25.

所以，對於 2025 年，我們為您提供了全年收入指引。隨著時間的推移，我們會為你的邊緣添加更多色彩。我在過去幾個月與投資者的談話中說過，不要模擬 25 年對 24 年的利潤率壓縮。因此曲線的斜率將會恢復，我們會給你多一點顏色。但這就是我們為 25 年設定的保證金概況的方式。

Got it, thank you.

知道了，謝謝。

Jesse Wilson, William Blair.

傑西威爾森、威廉布萊爾。

Hi guys, it's Jesse Wilson on for Maggie Nolan. Thanks for taking our questions, and congrats on the results this evening. I wanted to start by asking, of the five initiatives you laid out to achieve 2025 guidance, which do you think you've gotten a head start on, and which do you think require a bit more focus or muscle this year?

大家好，我是傑西威爾森 (Jesse Wilson)，為瑪姬諾蘭 (Maggie Nolan) 主持。感謝您回答我們的問題，並祝賀今晚的成果。首先我想問一下，您為實現 2025 年目標所提出的五項舉措中，您認為哪些舉措已經取得了領先，哪些舉措您認為今年需要更加關注或加大力度？

Yeah, so definitely, further investment in AI and technology is probably one of the major top priorities. Because we definitely see a big pick up on the market or the adoption of AI technology as I mentioned, if we are talking about PSC, now, we are talking about massive implementations, and finally about implementation of platforms, Gen AI platforms.

是的，因此，對人工智慧和技術的進一步投資無疑是首要任務之一。因為我們確實看到市場或人工智慧技術的採用大幅成長，正如我所提到的那樣，如果我們談論的是 PSC，那麼現在，我們談論的是大規模實施，最後是平台的實施，即 Gen AI 平台。

And we started seeing particular business impact from implementation of those things. So just to give you an example, things like -- which would generate revenue when we're talking about, let's say a typical B2C business like browsability of the products, discoverability of the products. We implement things like catalog enrichment.

我們開始看到這些措施的實施對業務產生的特定影響。舉個例子，當我們談論典型的 B2C 業務時，哪些東西會產生收入，例如產品的可瀏覽性、產品的可發現性。我們實施諸如目錄豐富之類的事情。

Let's say you have a catalog with subpar quality meta information, we use Gen AI to generate proper descriptions, images, and et cetera, which allows the customers to better pick the product. And it directly impacts the revenues of our customers because more products in the cars are getting converted and generate additional revenue.

假設您的目錄的元資訊品質不佳，我們使用 Gen AI 產生適當的描述、圖像等，以便客戶更好地挑選產品。它直接影響我們客戶的收入，因為汽車中更多的產品被轉換並產生額外的收入。

So I would say that would be the number one priority. Our CT office invests in development of artifacts, accelerators to help with that. So I would say that's kind of would be the number one.

所以我想說這將是首要任務。我們的 CT 辦公室投資開發工件和加速器來幫助實現這一目標。所以我想說這可以說是第一位的。

I just wanted to add that I think that after that, I think the next priority and it's a little bit new, right, over the last couple of years is obviously our close relationship with hyperscalers. Leonard mentioned that; I mentioned that before. I think that's also kind of -- think about it as a kind of something new that we are focusing on right now.

我只是想補充一點，我認為在那之後，我認為下一個優先事項有點新，對吧，在過去幾年裡，顯然是我們與超大規模企業的密切關係。倫納德提到；我之前提到過這一點。我認為這也是一種——把它看作是我們目前關注的一種新事物。

I think we started last year, we moved very quickly with hyperscalers in particular. And this is where I believe the further investment will be required across the globe on one side. But so far, we mentioned that we have 18% of our revenues driven by those partnerships and hyperscalers playing a very big role. So I think this is an incremental change on one side, but I think strategically, it's very, very important for us to continue investing in this area.

我想我們是從去年開始的，特別是在超大規模方面我們進展非常迅速。我相信，一方面，全球在這方面需要進一步的投資。但到目前為止，我們提到，我們的 18% 的收入是由那些發揮了巨大作用的合作夥伴和超大規模企業推動的。所以我認為從一方面來說這是一個漸進式的變化，但從策略上來說，繼續投資這個領域對我們來說非常非常重要。

So just to summarize, if you look at the technology offering and follow-the-sun strategy, those have been happening for a while, so we are pretty strong on that. And technology becomes always the pivotal part of our new engagements.

總而言之，如果你看一下科技產品和跟隨太陽的策略，這些都已經發生了一段時間了，所以我們在這方面相當強大。科技始終成為我們新業務的關鍵部分。

Now, as guys mentioned, basically the AI is very critical hyperscale, which is kind of warming up, but there's some very strategic partnerships. And you will see this year we are part of this very strong initiatives and participate with the very core relationship with the key players.

現在，正如大家所提到的，人工智慧基本上是超大規模的關鍵，這正在升溫，但也存在一些非常策略性的合作關係。您將會看到，今年我們參與了這項非常有力的舉措，並與主要參與者建立了非常核心的關係。

And when it comes to the restoration in the industry, frankly, to be a serious player in some new industries, that's where acquisitions come into play. So the recent acquisition really puts us more on the map with the various large financial institutions, so it's outside of fintech. So diversification is really the fifth and the most kind of up and coming.

坦白說，當談到產業的復甦時，要成為一些新興產業的重要參與者，收購就必須發揮作用。因此，最近的收購確實使我們與各大金融機構的聯繫更加緊密，因此它超出了金融科技的範圍。因此，多樣化實際上是第五種也是最有前途的。

Got it, and then just to involve everyone, I had a follow up for Anil. So you've previously talked about your efforts to rationalize your portfolio of accounts so that you can focus on those accounts with the most potential over time. And now, you're talking about enhanced collaboration between Grid Dynamics, sales force, and your hyperscalers, sales forces. So do you expect to get any benefit on the SG&A line from those two developments?

明白了，為了讓每個人都參與進來，我對 Anil 進行了跟進。因此，您之前談到了為合理化您的帳戶組合所做的努力，以便您可以專注於那些長期內最具潛力的帳戶。現在，您正在談論 Grid Dynamics、銷售人員和超大規模企業、銷售人員之間的加強協作。那麼，您是否預期這兩項發展會對銷售、一般和行政費用 (SG&A) 產生任何好處？

Good question. The answer is yes, but there's always some investments. It's never a straightforward thing. So if your question, Jesse, is the amount of efforts that we have to put in to receive some of these marquee global customers, yes, we're getting huge value, right? But on the other hand, as you said, we are co-investing with our partners, so there's going to be a little bit of that.

好問題。答案是肯定的，但總是需要一些投資。這從來都不是一件簡單的事。所以傑西，如果你的問題是，為了獲得這些全球大客戶，我們需要付出多少努力，是的，我們獲得了巨大的價值，對嗎？但另一方面，正如你所說，我們正在與我們的合作夥伴共同投資，所以會有一點這樣的情況。

I think if the question is, as you look at our growth vector over the next couple of years, is our OpEx going to grow faster than the revenue growth? The answer is no. Our revenue is going to outgrow the OpEx trends. But I don't know, Vasily, you're in sales, you might want to add something.

我認為，如果問題是，當你觀察我們未來幾年的成長向量時，我們的營運支出成長速度是否會快於收入成長速度？答案是否定的。我們的收入將超過營運支出的成長趨勢。但我不知道，瓦西里，你是做銷售的，你可能想補充一些東西。

No, I concur with what you've just said. I mean, our partnerships will definitely give us a boost on the introduction of new relationships. Talking specifically about the sales force, I would say we of course do some reshufflings internally from the perspective of a little bit more focus on developing those relationships with partners and supporting them with their pursuits and also bringing them leads. I would say it's more of a qualitative change which should result in the better future outcomes overall, but it's a little difficult to say quantitatively the back for the 2025.

不，我同意你剛才所說的。我的意思是，我們的合作關係肯定會促進我們建立新的關係。具體談到銷售隊伍，我想說我們當然會從內部進行一些改組，更加重視發展與合作夥伴的關係，支持他們的追求，並為他們帶來潛在客戶。我想說這更像是一種質的變化，總體上會帶來更好的未來結果，但從數量上來說，2025 年的情況有些困難。

So I'm going to use the earnings call as a little bit of a marketing for Grid Dynamics. For salespeople with a good technical background and understanding of the core of hyperscale capabilities, please apply. So that actually works very well with your question, Jesse, because we actually would need to increase the positioning with the sales force and technology supported program management and implementation team, not just high-quality engineers, and that pace needs to accelerate.

因此，我將利用收益電話會議稍微推銷 Grid Dynamics。對於具有良好技術背景並了解超大規模功能核心的銷售人員，請申請。所以，傑西，這實際上很好地回答了你的問題，因為我們實際上需要增加銷售人員和技術支援專案管理和實施團隊的定位，而不僅僅是高品質的工程師，而且這個步伐需要加快。

So I would say that Anil answered the question the most pragmatically. The rate of growth revenue will surpass, but you will see a quite rate of growth of the front facing organization both on sales account management and delivery management side. Thank you for a good question.

所以我想說阿尼爾對這個問題的回答是最務實的。收入的成長率將會超過，但你會看到銷售帳戶管理和交付管理的前端組織的成長率相當高。感謝您提出這麼好的問題。

Thanks everyone, nice job.

謝謝大家，幹得好。

Ladies and gentlemen, this concludes the Q&A part of our call. Now, I'm going to turn it over to --

女士們、先生們，本次電話會議的問答部分到此結束。現在，我要把它交給--

Cary, Mayank might have had a follow-up. Mayank, do you have a follow-up question?

卡里 (Cary)，瑪雅克 (Mayank) 可能有後續行動。Mayank，您還有其他問題嗎？

Yes, please. Thank you for squeezing me in here at the end. Great. Two quick ones. I just wanted to clarify one thing. I think Vasily gave me a very detailed response on the recruiting efforts. But I didn't quite catch any comments around utilization if there is still some room to expand it. And also, any commentary on pricing because we've been hearing sort of mixed reviews from some of your peers around pricing. That would be one question, and I have another one after that.

是的，請。謝謝你最後把我擠到這裡。偉大的。兩個簡單的。我只是想澄清一件事。我認為瓦西里就招募工作給了我非常詳細的答案。但如果仍有擴展空間，我還沒有聽到有關利用率的任何評論。另外，對於定價，您有什麼評論嗎？因為我們聽到一些同行對定價給了褒貶不一的評價。這是一個問題，之後我還有另一個問題。

All right. Well, Mayank, since you came extra, I'm not going to give you a chance to torture my guys anymore. It was actually Yury who talked about recruiting, but you'll learn the names. That's fine. So first and foremost, when you start talking about the recruiting and scaling people and pricing and all this good stuff, well, as you know that when you grow with the clients, the positioning of the value becomes more critical because you become mutually more dependent, right?

好的。好吧，Mayank，既然你是多餘的，我就不會再給你機會折磨我的人了。實際上是尤里 (Yury) 談到了招募，但你會知道名字。沒關係。因此，首先，當您開始談論招聘、擴大人員規模、定價以及所有這些好東西時，正如您所知，當您與客戶一起成長時，價值定位變得更加關鍵，因為您變得更加相互依賴，對嗎？

So we continue to implement our fixed bid offering, pod solutions. Vasily is right at the forefront of that. So that's kind of incrementally positioning us for a good value on the pricing. Now, when it comes to annual negotiation and positioning, obviously, there's a pressure from the vendor management. How we position ourselves? Very simple.

因此，我們將繼續實施我們的固定出價產品和 pod 解決方案。瓦西里 (Vasily) 正是這方面的先鋒人物。因此，這在某種程度上會逐步使我們獲得良好的定價價值。現在，當談到年度談判和定位時，顯然，供應商管理層會面臨壓力。我們如何定位自己？非常簡單。

If we ever commoditize our business, it's going to be a problem. So when we do our negotiation, when we're doing our positioning, we really strictly following the follow-the-sun strategy that regardless where the people of Grid has come from, they bring the value. Now, that comes from not just traditional European organizations but also from India and now, Americas.

如果我們將業務商品化，就會出現問題。因此，當我們進行談判時，當我們進行定位時，我們嚴格遵循跟隨太陽的策略，無論 Grid 的人來自哪裡，他們都會帶來價值。現在，這不僅來自傳統的歐洲組織，也來自印度和美洲。

So we see generally that the trend continues to be positive. Of course, there's also the rate of inflation because some of the cost improves for the engineers, but we compensate that with a very strong internship program and retraining. So basically, we we're trying to do -- to make -- to optimize on the pricing but also optimize on basically the utilization is to do heavy retraining people.

因此我們總體上看到趨勢繼續保持積極。當然，還有通貨膨脹率，因為工程師的部分成本增加了，但我們透過非常強大的實習計劃和再培訓來彌補這一點。所以基本上，我們正​​在嘗試優化定價，同時也優化利用率，也就是對人員進行大量再培訓。

We're not afraid of bench, but we see bench is a need -- the churn on bench need to accelerate, and the people who have experience with our clients, they -- and have good talent, they're easier to retrain. A lot of training now goes around the advanced technology and the tools. So I would say on utilization, there's always, upside, but we're quite diligent on that.

我們不害怕替補，但我們認為替補是一種需求——替補的流失需要加速，而那些有客戶經驗的人，他們——有很好的才能，更容易重新訓練。現在很多培訓都圍繞著先進的技術和工具。所以我想說，就利用率而言，總是有好處的，但我們對此非常勤奮。

On the pricing, the vector is that you can't just go to the client and ask for increases. That just doesn't work; it's very competitive. But the logical conversation which is those three parties, Grid Dynamics, the technical leadership, and the business leadership from the clients give us a pretty good vector.So I would not say it's mixed. I think it's actually -- we're pretty comfortable in Grid Dynamics pricing position.

關於定價，關鍵在於你不能直接去找客戶並要求漲價。那是行不通的；競爭非常激烈。但是，Grid Dynamics、技術領導層和客戶的業務領導層這三方之間的邏輯對話為我們提供了一個很好的載體。所以我不會說它是混合的。我認為事實上——我們對 Grid Dynamics 的定價地位非常滿意。

Got it. And one final question -- by the way, thank you for that color, very helpful. One final question for me is the fact that you're giving full-year guidance, and again, it's very healthy growth that you're forecasting at this stage for 2025, that would suggest that you have pretty good visibility, is a lot of that have to do with the fact that deals are larger in scope and size? Is that part of the equation here, or is there more to it just based on client interactions?

知道了。最後一個問題——順便說一句，謝謝你的顏色，非常有幫助。對我來說，最後一個問題是，您給出了全年指導，並且您再次預測 2025 年將實現非常健康的增長，這表明您有相當好的預見性，這是不是與交易範圍和規模更大有關？這是等式的一部分嗎，還是僅僅基於客戶互動？

Vasily, since you, you're the one who drives a lot of those numbers.

瓦西里，因為你，你就是推動這些數字的人。

Absolutely, yeah. Actually, both components were just mentioned. So from one perspective, we definitely have, I would say, historically better position with many of our customers, where we were recognized as a preferred vendor. So we have high confidence not only on continuation of the work, but also on the gradual growth of this amount of the work we do together.

絕對是的。實際上，剛才已經提到了這兩個組成部分。因此，從某個角度來看，我想說，我們在許多客戶眼中佔據著更有利的地位，被視為首選供應商。因此，我們不僅對工作的持續性充滿信心，而且對我們共同完成的工作量的逐步增長也充滿信心。

The second thing which you already also mentioned is the size of the opportunities. I would say historically we have probably the biggest number of opportunities of what we consider to be big deals, which means not like small teams here and there, but actually programs which require, coordination, implementation. And we have like a longer tenure by its nature.

您剛才提到的第二件事是機會的大小。我想說，從歷史上看，我們可能擁有最多的機會來完成我們認為的大交易，這意味著不是像這裡或那裡的小團隊，而是實際上需要協調和實施的項目。從本質上來說，我們的任期更長。

So basically, Mayank, to summarize it, there's one more important factor. We're in many more large RFPs. So that kind of opens up as for the success.

所以基本上，Mayank，總結一下，還有一個重要因素。我們參與了更多大型 RFP。這樣就為成功打開了大門。

Excellent. Again, thank you so much. Congrats.

出色的。再次感謝您。恭喜。

Thank you, ladies and gentlemen. This concludes the Q&A part of our call. Now I'm going to turn it back to Leonard for closing statements.

謝謝各位，女士們、先生們。我們的電話問答部分到此結束。現在我要把話題交還給倫納德，請他做最後陳述。

2025 is off to a great start. The demand environment is improving, and these results highlight our strengths and unique position in the AI-driven digital transformation industry. With our GigaCube framework in mind, we have identified our key priorities.

2025 年開局良好。需求環境正在改善，這些結果凸顯了我們在人工智慧驅動的數位轉型產業中的優勢和獨特地位。考慮到我們的 GigaCube 框架，我們確定了我們的重點優先事項。

We're implementing numerous technology enhancements around AI and other advanced computing technologies. We continue to expand our follow-the-sun strategy, adding more capabilities worldwide. We're deepening our vertical expertise and significantly enhancing our partnership capabilities.

我們正在圍繞人工智慧和其他先進計算技術實施多項技術改進。我們繼續擴大我們的「跟隨太陽」戰略，在全球範圍內增加更多能力。我們正在深化我們的垂直專業知識並顯著增強我們的合作能力。

In summary, Grid Dynamics has a strong foundation and is well positioned for continued growth in 2025, and I'm confident in our ability to execute. I look forward to updating all of you our next earnings call.

總而言之，Grid Dynamics 擁有強大的基礎，為 2025 年的持續成長做好了準備，我對我們的執行能力充滿信心。我期待在下次收益電話會議上向大家通報最新情況。