Grid Dynamics Holdings Inc (GDYN) 2025 Q1 法說會逐字稿

(technical difficulty) And overall product quality. For a leading luxury retail group, Grid Dynamics transform their search experience by implementing Google Vertex AI search. This innovative solution delivered immediate and significant improvements across key business metrics. Conversion rates increased by 9%, click through rates by 21%, orders by 3%, and revenue per visit by 9%.

（技術難度）以及整體產品品質。對於一家領先的奢侈品零售集團，Grid Dynamics 透過實施 Google Vertex AI 搜尋改變了他們的搜尋體驗。這項創新解決方案為關鍵業務指標帶來了立竿見影的顯著改善。轉換率提高了 9%，點擊率提高了 21%，訂單量提高了 3%，每次訪問的收入提高了 9%。

Based on these impressive results, we anticipate significant interest in this solution from other clients within our portfolio. For a leading payments technology company, we modernized a costly legacy banking integration system by transforming it into a cloud native microservices platform on Microsoft Azure.

基於這些令人印象深刻的結果，我們預計我們投資組合中的其他客戶將對該解決方案產生濃厚興趣。對於一家領先的支付技術公司，我們將昂貴的傳統銀行整合系統轉變為 Microsoft Azure 上的雲端原生微服務平台，實現了現代化。

This modern architecture significantly reduces the total cost of ownership while delivering the scalability and resiliency demanded by today's banks.

這種現代架構顯著降低了整體擁有成本，同時提供了當今銀行所需的可擴展性和彈性。

With this new platform, continuous deployment pipelines now push new features to production without downtime, enabling the business to keep pace with evolving market demands and regulatory requirements. Additionally, we estimate that our solution reduced the integration cycle duration by 90%. Therefore, dramatically accelerating customer onboarding and driving faster revenue generation.

有了這個新平台，持續部署管道現在可以在不停機的情況下將新功能推向生產，使企業能夠跟上不斷變化的市場需求和監管要求。此外，我們估計我們的解決方案將整合週期時間縮短了 90%。因此，大大加快了客戶入職速度並推動了更快的收入成長。

For another client, a leading US specialty retailer with over 2,000 stores, we partnered to build a cutting edge generative AI platform. Specifically, we developed a retrieval augmented generation pipeline powered by Google Vertex AI. That solution analyses prior clicks, surveys, and local inventory to recommend the ideal product and bundled offers. We estimate that this platform will drive up to a 10% increase in user engagement and up to a 3% boost in revenues.

對於另一個客戶，一家擁有 2,000 多家門市的美國領先專業零售商，我們與其合作建立了一個尖端的生成式 AI 平台。具體來說，我們開發了由 Google Vertex AI 提供支援的檢索增強生成管道。此解決方案分析先前的點擊、調查和本地庫存，以推薦理想的產品和捆綁優惠。我們估計該平台將使用戶參與度提高 10%，收入提高 3%。

Now, let me turn this call over to our Chief Technology Officer, Eugene Steinberg. Eugene?

現在，讓我把這個電話轉給我們的技術長尤金·斯坦伯格 (Eugene Steinberg)。尤金？

Thank you, Vasily. Good afternoon, everyone. I'm honored to join this call as Grid Dynamics new Chief Technology Officer. I've been with Grid Dynamics since its founding. And help to establish our unique engineering culture and technology practices. I had the privilege to work with some of our best engineers to develop innovative solutions in the cloud, commerce platforms, AI and machine learning for Fortune 1,000 clients.

謝謝你，瓦西里。大家下午好。我很榮幸能以 Grid Dynamics 新任的技術長身分參加本次電話會議。自從 Grid Dynamics 成立以來，我就一直在該公司工作。並幫助建立我們獨特的工程文化和技術實踐。我有幸與我們一些最優秀的工程師合作，為財富 1,000 強客戶開發雲端、商業平台、人工智慧和機器學習的創新解決方案。

As [Rajeev] transitions to lead our APAC expansion, I am excited to build upon his foundation and drive our technology strategy forward. Let me outline five strategic priorities that will guide our technology direction. First Industry diversification. While maintaining our strength and retail in TMT, we are developing AI and data engineering solutions for manufacturing, pharmaceuticals, fintech, and insurance. We are leveraging our strong horizontal technology capabilities and industry expertise to address specific client challenges and expand into new business domains.

隨著 [Rajeev] 轉而領導我們的亞太地區擴張，我很高興能夠在他的基礎上繼續前進並推動我們的技術策略向前發展。讓我概述一下指導我們技術方向的五個策略重點。一是產業多元化。在保持我們在TMT領域的優勢和零售的同時，我們正在為製造業、製藥業、金融科技和保險業開發人工智慧和數據工程解決方案。我們正在利用強大的橫向技術能力和行業專業知識來解決特定的客戶挑戰並擴展到新的業務領域。

Second, Amplify our offerings with AI. We are implementing our AI as a spy strategy. Infusing AI capabilities throughout our service portfolio and engineering practices. Our engineering led approach delivers end to end a powered business solutions rather than fragmented experiences. Our grid you learning platform provides AI training for all engineering disciplines, enabling every team member to leverage AI in their work.

第二，利用人工智慧擴大我們的服務範圍。我們正在將人工智慧作為一種間諜策略來實施。在我們的服務組合和工程實踐中註入人工智慧能力。我們的工程主導方法提供端到端的強大業務解決方案，而不是零散的體驗。我們的網格學習平台為所有工程學科提供人工智慧培訓，使每個團隊成員都能在工作中利用人工智慧。

Third, operational excellence through AI. We are applying our AI expertise internally with our in-house agentic AI platform. The drive efficiency while showcasing our capabilities to our customers. This initiative has yielded productivity gains across multiple business functions in talent management, knowledge management, project management, and sales. It also helps to train engineers in the Atlantic AI and demonstrates our AI competence.

第三，透過人工智慧實現卓越營運。我們正在利用內部代理 AI 平台在內部應用我們的 AI 專業知識。在向客戶展示我們的能力的同時，也提高了效率。這項措施提高了人才管理、知識管理、專案管理和銷售等多個業務職能的生產力。它還有助於培訓大西洋人工智慧工程師並展示我們的人工智慧能力。

Fourth, strengthening technical leadership. Our CTO mentorship program expands our ranks of project and account starters. Technical leaders who identify opportunities and grow client engagements. Our global talent network across 19 countries gives us access to exceptional emerging talent that will nurture through focused development programs.

四是加強技術領導。我們的 CTO 指導計畫擴大了我們的專案和帳戶發起人的隊伍。發現機會並增加客戶參與度的技術領導者。我們遍佈 19 個國家的全球人才網絡使我們能夠接觸到傑出的新興人才，並透過有針對性的發展計畫進行培養。

Fifth. Thought leadership. Our technology point of view broadcasting and dynamic talks program established Grid Dynamics as the technology partner of choice. These initiatives generate quality leads and partnership opportunities. What sets the dynamics apart is our engineering led approach and eight years of experience in ML and AI development.

第五。思想領導力。我們的技術觀點廣播和動態談話節目使 Grid Dynamics 成為首選技術合作夥伴。這些措施帶來了優質的銷售線索和合作機會。我們的動態與眾不同之處在於我們以工程為主導的方法以及八年的機器學習和人工智慧開發經驗。

We've been building advanced analytics and solutions since 2017. Given us deeper expertise and proven methodologies for implementing AI at enterprise scale. We are seeing strong momentum in several key areas. AI-based search solutions remain a key entry points for new clients. We expand those relationships into broader engagements, including commerce platforms, frontend modernization, data engineering, and catalog enrichment. Agentic AI platforms represent a major growth area.

自 2017 年以來，我們一直在建立高階分析和解決方案。為我們提供了在企業規模實施人工智慧的更深厚的專業知識和成熟的方法。我們看到幾個關鍵領域呈現強勁勢頭。基於人工智慧的搜尋解決方案仍然是新客戶的關鍵切入點。我們將這些關係擴展到更廣泛的領域，包括商業平台、前端現代化、資料工程和目錄豐富。Agentic AI 平台代表著一個主要的成長領域。

We are partnering with enterprises in consumer goods and payment industries to develop platforms for creating and deploying AI agents. These systems drive operational improvements and enhance customer experience. Enterprise agentic AI solutions are seeing substantial demand.

我們正在與消費品和支付行業的企業合作，開發用於創建和部署人工智慧代理的平台。這些系統推動營運改善並增強客戶體驗。企業代理 AI 解決方案的需求龐大。

For example, we recently launched an agentic AI system for leading specialty retailer. This system coaches sales associates through AI powered role playing. To provide products and services knowledge and salesmanship training and improve customer interactions. AI enabled development tools, accelerates software deliveries through custom tools for legacy systems modernization and end to end quality engineering.

例如，我們最近為領先的專業零售商推出了代理 AI 系統。該系統透過人工智慧角色扮演來指導銷售人員。提供產品和服務知識和銷售技巧培訓並改善客戶互動。人工智慧支援的開發工具，透過客製化工具加速軟體交付，以實現遺留系統的現代化和端到端品質工程。

These engagements often expand into broader digital transformation initiatives. I am committed to furthering our spirit of innovation and technical excellence while expanding our capabilities in AI and platform engineering to deliver measurable impact for clients.

這些合作通常會擴展到更廣泛的數位轉型計劃。我致力於進一步發揚我們的創新精神和技術卓越，同時擴展我們在人工智慧和平台工程方面的能力，為客戶帶來可衡量的影響。

Thank you. And let me come back to Anil, who will talk about financials.

謝謝。讓我回到阿尼爾，他將談論財務問題。

Good afternoon, everyone. Our first quarter results exceeded our expectations both on revenue and non-GAAP EBITDA. We recorded revenues of $100.4 million slightly ahead of our guidance range of $98 million to $100 million. On a year-over-year basis, this represents a growth of 25.8%. Excluding the impact of our recent acquisitions, the year to year growth was 10.1%. Both on a quarter-over-quarter and year-over-year basis, there were roughly 38 bps and 26 bps of FX related headwinds respectively.

大家下午好。我們第一季的業績無論是收入或非公認會計準則 EBITDA 都超出了我們的預期。我們的營收為 1.004 億美元，略高於我們預期的 9,800 萬至 1 億美元範圍。與去年同期相比，成長率為 25.8%。不計最近收購的影響，年增 10.1%。與上一季和去年同期相比，外匯相關不利因素分別約為 38 個基點和 26 個基點。

Our non-GAAP EBITDA came in at $14.6 million, outperforming our guidance range of $12.9 million to $13.9 million. In the first quarter, we benefited from timing of revenue recognition with some of our fixed price contracts in line with project milestone completions.

我們的非公認會計準則 EBITDA 達到 1,460 萬美元，超過了我們 1,290 萬美元至 1,390 萬美元的預期範圍。在第一季度，我們受益於部分固定價格合約的收入確認時間與專案里程碑完成時間一致。

Looking at performance of our verticals. Retail remained our largest vertical, accounting for 31.4% of total revenues in the quarter. Revenues in this vertical grew 28% on a year-over-year, with a slight decline of 3.7% on a sequential basis. The year-over-year growth was primarily driven by strong demand from our specialty retail customers, along with contributions from new client engagements.

查看我們垂直行業的表現。零售仍然是我們最大的垂直領域，佔本季總收入的 31.4%。該垂直產業的營收年增28%，較上季略有下降3.7%。年比成長主要得益於我們專業零售客戶的強勁需求以及新客戶的參與貢獻。

Finance contributed 24.9% of total revenues for the first quarter of 2025. And became the second largest vertical. Finance continued its strong performance with revenues increasing 7.9% sequentially and 144.3% year-over-year. The strong year growth was largely driven by a combination of our recent acquisitions. That added global banking customers along with strength from our fintech and insurance customers. TMT accounted for 23.5% of revenues in the first quarter and remained flat compared to the fourth quarter of 2024. On a year-over-year basis, TMT declined by 1.8%.

2025 年第一季度，金融收入佔總營收的 24.9%。並成為第二大垂直產業。金融業務持續保持強勁表現，營收季增 7.9%，年增 144.3%。今年的強勁成長很大程度上得益於我們近期的一系列收購。這不僅增加了全球銀行客戶，也增強了我們的金融科技和保險客戶實力。TMT 佔第一季營收的 23.5%，與 2024 年第四季相比持平。與去年同期相比，TMT下降了1.8%。

Turning to the remain verticals, CPG and manufacturing represented 10.7% of our revenues in the first quarter. It remained relatively flat on a sequential basis, but grew 12.7% year-over-year basis. The year-over-year growth was primarily from our recent acquisition.

轉向剩餘的垂直領域，CPG 和製造業在第一季占我們營收的 10.7%。與上一季相比保持相對平穩，但年增 12.7%。年比成長主要得益於我們最近的收購。

Other vertical contributed 7.1% of total revenues remained flat sequentially, and declined 15.1% compared to the same quarter of 2024. The year-over-year decrease primarily came from customers tied to the hospitality industry.

其他垂直行業貢獻了總收入的 7.1%，與上一季持平，與 2024 年同期相比下降了 15.1%。年比下降主要來自與酒店業相關的客戶。

And finally, healthcare and pharma made up 2.4% of our revenues for the quarter. We ended the first quarter with a total headcount of 4,926, up from 4,730 employees in the fourth quarter of 2024, and up from 3,892 in the first quarter of 2024.

最後，醫療保健和製藥業務佔本季營收的 2.4%。截至第一季，我們的員工總數為 4,926 人，高於 2024 年第四季的 4,730 人，也高於 2024 年第一季的 3,892 人。

At the end of the first quarter of 2025, our total US headcount was 354, or 7.2% of the company's total headcount versus 8.5% in the year ago quarter. Our non-US headcount, located in Europe, America's, and India was 4,572, or 92.8%.

截至 2025 年第一季末，我們在美國的員工總數為 354 人，占公司總員工總數的 7.2%，而去年同期為 8.5%。我們位於歐洲、美洲和印度的非美國員工總數為 4,572 人，佔 92.8%。

In the first quarter, revenues from our top 5 and top 10 customers were 35.6% and 56.6% respectively, versus 39.6% and 55.3% in the same period a year ago, respectively. During the first quarter, we had a total of 204 customers, down from 211 in the fourth quarter of 2025 and 210 in the year ago quarter.

第一季度，我們來自前五名和前十大客戶的收入分別為35.6%和56.6%，而去年同期分別為39.6%和55.3%。第一季度，我們共有 204 名客戶，低於 2025 年第四季的 211 名和去年同期的 210 名。

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. Moving to the income statement, our GAAP gross profit during the quarter was $37 million, or 36.8% compared to $37 million or 36.9% in the fourth quarter of 2024 and $27.7 million, or 34.7% in the year go quarter.

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。轉到損益表，本季我們的 GAAP 毛利為 3,700 萬美元，即 36.8%，而 2024 年第四季為 3,700 萬美元，即 36.9%，去年同期為 2,770 萬美元，即 34.7%。

On a non-GAAP basis, our gross profit was $37.6 million or 37.4% compared to $37.6 million or 37.5% in the fourth quarter of 2024 and up from $28.1 million or 35.3% in the year ago quarter. Non-GAAP EBITDA during the first quarter that excluded interest income expenses. Provision for income taxes, depreciation amortization, stock-based compensation, restructuring. Expenses related to the geographic reorganization and transaction and other related costs was $14.6 million or 14.5% of revenues, down from $15.6 million or 15.6% of revenues in the fourth quarter of 2024, and up from $10.3 million or 12.9% in the year go quarter.

以非公認會計準則計算，我們的毛利為 3,760 萬美元，即 37.4%，而 2024 年第四季為 3,760 萬美元，即 37.5%，高於去年同期的 2,810 萬美元，即 35.3%。第一季非公認會計準則 EBITDA 不包括利息收入費用。所得稅、折舊攤提、股票薪酬、重組準備金。與地理重組和交易相關的費用以及其他相關成本為 1,460 萬美元或占收入的 14.5%，低於 2024 年第四季度的 1,560 萬美元或占收入的 15.6%，高於去年同期的 1,030 萬美元或占收入的 12.9%。

The increase on a year-over-year basis was largely due to higher revenues, partially offset by increase in operating expenses. Our GAAP net income in the first quarter was $2.9 million or $0.03 per share, based on a diluted share count of $87.8 million shares compared to the fourth quarter net income of $4.5 million or $0.05 per share based on a diluted share count of $83.8 million and a net loss of $3.9 million or $0.05 per share based on $76.2 million diluted shares in the year ago quarter.

年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。我們第一季的 GAAP 淨收入為 290 萬美元或每股 0.03 美元，基於稀釋後股份數量為 8780 萬股，而去年第四季度的淨收入為 450 萬美元或每股 0.05 美元，基於稀釋後股份數量為 8380 萬美元，淨虧損為 390 萬美元或每股 0.50 萬美元的 6.50 萬美元，淨虧損為 390 萬美元或每股 70 萬美元的 6.50 萬美元，淨虧損為 390 萬美元或每股 70 萬美元的 6.50 萬美元，淨虧損為 390 萬美元或每股 70 萬。

A sequential decrease in GAAP net income was due to higher levels of operating costs, including stock-based compensation. On a non-GAAP basis in the first quarter, our non-GAAP net income was $10 million or $0.11 per share based on $87.8 million diluted shares compared to the fourth quarter non-GAAP net income of $10.3 million or $0.12 per share based on 83.8 million diluted shares and $7.6 million or $0.10 per share based on $78.4 million diluted shares in the year ago quarter. On March 31, 2025, our cash and cash equivalents totaled $325.5 million, down from $334.7 million on December 31, 2024.

依照美國通用會計準則計算的淨收入的環比下降是由於包括股票薪酬在內的營運成本上升所致。以非公認會計準則 (Non-GAAP) 計算，第一季我們的非公認會計準則淨收入為 1,000 萬美元，即每股 0.11 美元（基於 8,780 萬美元稀釋股份），而去年同期第四季度的非公認會計準則淨收入為 1,030 萬美元，即每股 0.1286 8 萬美元，即淨收入為 38 萬淨收入，即每股 0.1286 萬美元，即每股 3,000 萬淨收入，即每股 0.1286 80 萬美元，即淨收入為 38 萬淨收入，即每股 0.1286 萬美元，即 38 萬淨收入，即每股 0.1286 萬美元，即每股收益 38 萬淨收入，即每股 0.1280 萬美元），即每股 30 萬美元，即每股 0.1286 萬美元），即每股收益 30 萬淨收入，即每股 0.1280 萬美元，即每股收益 38 萬淨收入，即每股 0.1280 萬美元），即每股 30 萬美元，即每股 0.128 萬美元）為0.10 美元（基於 7,840 萬股稀釋股份）。截至 2025 年 3 月 31 日，我們的現金及現金等價物總額為 3.255 億美元，低於 2024 年 12 月 31 日的 3.347 億美元。

Coming to the second quarter guidance, we expect revenues to be in the range of $100 million to $102 million. We expect our recent acquisitions contributing roughly 12% of their revenues. We expect second quarter non-GAAP EBITDA to be in the range of $12.5 million to $13.5 million.

談到第二季的預期，我們預計營收將在 1 億美元至 1.02 億美元之間。我們預計我們最近的收購將為其貢獻約 12% 的收入。我們預計第二季非 GAAP EBITDA 將在 1,250 萬美元至 1,350 萬美元之間。

For Q2 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 $88 million to $89 million. For 2025, we are maintaining our full year revenue outlook of $415 million to $435 million that we provided in February. The revenue outlook represents a growth of 18.4% to 24.1% on a year to year basis. At the midpoint of $425 million, we expect our 2025 revenues to grow by 21.2% on a year to year basis. That concludes my prepared remarks. We are now ready to take questions.

對於 2025 年第二季度，我們預計基本股數將在 8,400 萬美元至 8,500 萬美元之間，稀釋股數將在 8,800 萬美元至 8,900 萬美元之間。對於 2025 年，我們維持 2 月給予的 4.15 億美元至 4.35 億美元的全年營收預期。營收預期年增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%。我的準備好的發言到此結束。我們現在準備好回答問題。

(Operator Instructions)

（操作員指示）

Bryan Bergin, TD Cowan.

布萊恩·伯金 (Bryan Bergin)，TD Cowan。

(technical difficulty) Thank you. Why don't we try digging in more on client behavior. If we can dig in as far as clients activity through the month, I know [Leonard], you had some of that commentary, but then into April, can you go into more detail as it relates to the pace of client decision making and then just on the margin, kind of that deferral cancellation question. Obviously you guys affirmed the outlook for the year, so it sounds good, but if you could give more detail on that behavior, it would be helpful.

（技術難題）謝謝。我們為什麼不嘗試進一步深入了解客戶行為呢？如果我們可以深入了解整個月的客戶活動，我知道 [Leonard]，您已經發表了一些評論，但是到了 4 月份，您能否更詳細地介紹一下客戶決策的速度，以及邊際上關於延期取消的問題。顯然，你們肯定了今年的前景，所以聽起來不錯，但如果你們能提供有關這種行為的更多細節，那將會很有幫助。

All right. I'll answer the first part and I'll have, and you to comment on that margins, so. As I mentioned about the clients in general, we are -- we just finished April, so we're going to have data for three months of the Q1 and some more information about April as well. Obviously it's a very fluid situation, but right now we haven't seen any major impact of the recent, economic political activities.

好的。我會回答第一部分，然後你會對邊距進行評論，所以。正如我所提到的關於客戶的整體情況，我們——四月剛結束，所以我們將獲得第一季三個月的數據以及四月份的更多資訊。顯然，這是一個非常不穩定的情況，但目前我們還沒有看到最近的經濟和政治活動產生任何重大影響。

Our clients obviously exhibit some cautious, in terms of the long-term projections, but, in general, the projects, especially the project of strategic importance for our clients, continue uninterrupted, saying that we don't know what's going to be happening soon with additional impacts, but I tell you that, with my personal conversation with the leadership of the clients and my Executive team conversation with other executives of our clients, pretty stable and confident. So that's pretty much the best way I can do. I'm sure you'll have some follow up questions, but let's, Anil talk about [so] much.

我們的客戶顯然​​在長期預測方面表現出一些謹慎，但總的來說，項目，特別是對我們的客戶具有戰略重要性的項目，仍在繼續，說我們不知道很快會發生什麼並產生額外的影響，但我告訴你，通過我與客戶領導層的個人談話以及我的執行團隊與客戶其他高管的談話，我們相當穩定和自信。這幾乎是我能做的最好的方法。我相信你會有一些後續問題，但是，阿尼爾，讓我們來談談這麼多。

So Bryan, you said, some deferrals, so can you -- I'm trying to understand, are you talking about -- can you just go through that?

所以布萊恩，你說了一些延期，所以你能——我想了解一下，你在說什麼——你能經歷這些嗎？

Yeah, sure. I didn't mean kind of like deferred expenses. I was talking more so about project deferrals or anything like that, which it doesn't sound like you're experiencing, which is good. Maybe though, I will follow up Leonard a little bit on the guidance for the year. So just based on what you do see for 2025 and the growth guidance midpoint that you have, how much of that work is in hand so to speak, so contractually committed. You mentioned some of these deals you've signed that will ramp. How do you -- can you just talk to that dynamic as far as contractually committed versus pipeline conversion that you may need to get still?

是的，當然。我的意思並不是遞延費用。我更多地談論的是專案延期或類似的事情，聽起來你並沒有遇到這種情況，這很好。不過，我可能會稍微跟進一下倫納德今年的指導方針。因此，僅根據您對 2025 年的預測以及您所掌握的成長指導中點，就可以知道有多少工作正在進行中，也就是合約承諾的。您提到，您簽署的一些協議將會逐步增加。您如何 - 您能否談談您可能仍需要實現的合約承諾與管道轉換之間的動態關係？

Yeah, I mean, our business dynamics, well, contractual commit only works if there is a -- the more stable business, right? So obviously all the budgets which we are talking about, they are being committed, right? So there is a longer term arrangement on the deliverables. We seldom do a few month projects anymore.

是的，我的意思是，我們的業務動態，嗯，合約承諾只有在業務更穩定的情況下才有效，對嗎？所以顯然我們正在討論的所有預算都已投入，對嗎？因此，對於交付成果有一個長期的安排。我們很少再做幾個月的專案了。

It's not like 5 years, 10 years ago. So all the programs, especially on a plat platforming on implementation of the AI technologies on moving forward with the, various cloud solutions, recently agentic AI is a little bit different, but, they're all part of the longer term plan and the plan comes from the business decisions.

這和五年前、十年前不一樣了。因此，所有程序，特別是在平台上實施人工智慧技術，推進各種雲端解決方案，最近的代理人工智慧有點不同，但它們都是長期計劃的一部分，而該計劃來自商業決策。

Again, the business decisions have been made for 2025. And that's going to result in a good January, and seasonally good January. We've seen a little bit of February, it's kind of a reaction to some of our clients as some of the retail CPG related clients, they have the adjustments because most of them the fiscal year starts in February. But overall, the ramp up which we expected in March continues into April and with plan to make as well.

再次，我們已經做出了 2025 年的商業決策。這將帶來一個好的一月，而且是一個季節性的好一月。我們已經看到了二月份的一些情況，這是對我們的一些客戶的一種反應，因為一些零售 CPG 相關客戶做出了調整，因為他們中的大多數財政年度從二月開始。但總體而言，我們預期 3 月份的成長將持續到 4 月份，並且也將按照計劃進行。

So as far as annual guidance, right, I think, there are a couple of important points that I have to mention. Look, we haven't been in a guidance world for a full year for a very long time, and you guys have been asking us so when are we going to build the confidence. So we shared the confidence in our guidance with a high level of conservatism when we did it a quarter ago. That conservatives still poss, but maybe not to the same level of conservative is a quarter goal.

就年度指導而言，我認為有幾個要點我必須提及。你看，我們已經很久沒有進入指導世界整整一年了，你們一直在問我們什麼時候才能建立信心。因此，當我們在一個季度前做出這一決定時，我們以高度的保守態度表達了對我們的指導的信心。保守派仍然有力量，但可能不會達到同樣的保守程度，這是四分之一的目標。

So we have a still a pretty good run in terms of the understanding how we're going to rise with the numbers, and I'm talking about the business we're not just observing today. But we know in the not just in the pipeline, but in the execution stage, right? When we'll see a little bit more dynamics between May and July, it will give us a little bit more factual assessment where we're going to be.

因此，就理解如何實現數位成長而言，我們仍然處於相當不錯的狀態，而且我所說的業務不僅僅是我們今天觀察到的。但我們知道這不僅在管道中，而且在執行階段，對嗎？當我們看到五月到七月之間的更多動態時，它將為我們提供更多事實評估。

The confidence there, but, ultimately we're not reading on the coffee grounds, which is based on what the world is and where we are. So we're not really naive in terms of what's going on around us, it's just been a little bit smaller, more nimble, more technology focused on the customer revenue creation. Well, maybe a little bit more confidence than some others.

我們有信心，但最終我們不是在閱讀咖啡渣，而是基於世界是什麼以及我們在哪裡。因此，我們對周圍發生的事情並不是真的天真，只是規模變小了一點，更加靈活，更加註重技術，專注於為客戶創造收入。嗯，也許比其他人更有信心一點。

Okay, that's clear. That's helpful as it relates to the initial outlook you gave, understand that. One more for you, just as it relates to hiring, so nice to see the record billable employee base. Talk about your hiring intentions here in 2Q and maybe for the balance of the year. How are you thinking about that versus balancing utilization and bench optimization?

好的，很清楚。這很有幫助，因為它與您給出的初步觀點有關，請理解這一點。再給你提一個問題，就像與招募有關一樣，很高興看到創紀錄的可計費員工基礎。請談談您第二季以及今年剩餘時間的招募意願。您如何看待這一點以及平衡利用率和工作台優化？

Well, look, the hiring machine as with Grid Dynamics has been pretty consistent. We've been blessed not to go through a lot of rationalization up and down depending on the flavor of the day. So we're -- we've been very consistent with the internship program, with the Grid Dynamics University, with Grid Dynamics labs, with rotational tech technology, with expansion of technology.

嗯，你看，Grid Dynamics 的招募機制一直都非常穩定。我們很幸運，不需要根據當天的氣氛進行大量的合理化調整。因此，我們一直非常堅持實習計畫、網格動力學大學、網格動力學實驗室、輪調技術和技術擴展。

So the technical talent is harder to acquire, but tend to stand longer if the projects are there, right? So obviously region to region dependent. There's no, secret. There's certain regions, you need to put a little bit more effort to build that stability, but in terms of expanding the hiring, it's never been a big issue with us. It's just relevance of technical skills, and what we do, Bryan, many times more now, we really don't depend on the market capability from hiring of the specialty talent. But internal, kind of polishing and honing the skills as they present because as dynamics of the technologies techs change quite fluently. That helps us to kind of stay strong on the streamline of hiring.

因此，技術人才雖然更難獲得，但如果有專案的話，他們往往會堅持更長時間，對嗎？因此顯然因地區而異。沒有什麼秘密。在某些地區，你需要付出更多努力來建立這種穩定性，但就擴大招募而言，這對我們來說從來都不是一個大問題。這只是技術技能的相關性，布萊恩，我們現在所做的很多事情，實際上並不依賴僱用專業人才的市場能力。但在內部，需要不斷改進和磨練他們所呈現的技能，因為隨著技術的動態變化，技術變化得相當流暢。這有助於我們保持高效率的招募流程。

Okay, makes sense. Thank you for the all the detail.

好的，有道理。感謝您提供的所有詳細資訊。

Of course.

當然。

Thank you, Bryan.

謝謝你，布萊恩。

Puneet Jain, JP Morgan. Puneet, (Operator Instructions)

摩根大通的 Puneet Jain。普尼特，（操作員指示）

Hey, thanks for taking my question and a very nice quarter. So I understand like the macro environment, like it's uncertain, but are you seeing any change in your client behavior, maybe especially like in the retail vertical TMT vertical, Apple being the largest customer there. Are you seeing like clients could be prioritizing more cost cutting deals instead of revenue generating? Any change that you have seen in the last one month? What in Q1?

嘿，感謝您回答我的問題，這是一個非常愉快的季度。所以我理解宏觀環境是不確定的，但是您是否看到客戶行為有任何變化，尤其是在零售垂直 TMT 垂直領域，蘋果是那裡最大的客戶。您是否發現客戶可能會優先考慮削減成本的交易而不是創造收入？在過去的一個月裡您看到什麼改變了嗎？Q1 中有什麼？

I'm going to answer your question genuinely, but I will have Vasily to talk about Apple as his baby been from the day we started the account. So that I had a pretty substantial client tour in the past three weeks, four weeks, myself, plus we've been a pretty substantial contributor to Google Next with a nice booth and we met many clients there as well, not just specifically related to individual projects.

我會真誠地回答你的問題，但我會讓瓦西里談論蘋果，因為從我們開設帳戶那天起，蘋果就是他的寶貝。因此，在過去的三、四周裡，我自己進行了一次相當重要的客戶之旅，此外，我們還為 Google Next 做出了相當大的貢獻，擁有一個漂亮的展位，我們在那裡也遇到了許多客戶，而不僅僅是與個別項目具體相關的客戶。

So we can have a pretty good assessment where we are. So first of all, our client base is not really China dependent. I think it's very important for the industry to understand that dependency on a labor in China is much lesser than it used to be, but in our clients, we ask this question specifically, it's usually high single digits. This is not my field of comp. That's what they tell me.

因此我們可以很好地評估我們的現狀。首先，我們的客戶群並不真正依賴中國。我認為，對於業界來說，了解對中國勞動力的依賴程度遠低於以前是十分重要的，但在我們的客戶中，我們特別詢問了這個問題，這個數字通常很高。這不是我的計算機領域。他們就是這麼告訴我的。

Now, the other country is also a bit more questionable, but we're not, feeding Amazon and Stein -- [shine] with some kind of available and products. So we're pretty stable there. Again. the supply, the logistics, we all know we read the news that amount of the containers is lowering, so what does it mean? We certainly, believe that we need to be very careful in terms of understanding the business, but as of today, May 1, we're good. Now, Apple is a bit interesting story, which is again, it's quite good for us, and you see the announcements and all this good stuff, but I don't want to steal the thunder from Vasily, so pleasesily.

現在，其他國家也存在一些疑問，但我們不會向亞馬遜和史坦因（shine）提供某種可用產品。所以我們在那裡相當穩定。再次。供應、物流，我們都知道我們看到新聞說貨櫃數量正在下降，那麼這又意味著什麼呢？我們當然認為，我們需要非常小心地了解業務，但截至今天（5 月 1 日），我們的情況還不錯。現在，蘋果的故事有點有趣，這對我們來說非常好，你看到了公告和所有這些好東西，但我不想搶瓦西里 (Vasily) 的風頭，所以請放心。

Yes, sure. So talking about anything related to any expected slowdowns, so that's the fact.

是的，當然。因此，談論與預期放緩相關的任何事情，這就是事實。

Got it. No, that's very helpful. And then it seems like on delivery side, like the rest of the world, which I'm assuming most of it is India, grew nicely in the quarter like added like 100+ employees on a sequential basis and with Rajiv also focusing more on India delivery from here on. How should we think about your India as a delivery center? Like can it ramp, like how large can it become? Can it become like the largest location for you over the next few years?

知道了。不，這非常有幫助。然後看起來在交付方面，就像世界其他地區一樣，我認為其中大部分是印度，本季度增長良好，連續增加了 100 多名員工，而且從現在開始 Rajiv 也將更多關注印度交付。我們該如何看待你們的印度作為交付中心？例如它能否成長，能夠變得多大？未來幾年它能成為您最大的辦公地點嗎？

Well, so for people who don't know who Rajeev is, Rajeev Sharma was our CTO for a while. Now we have our first and only, first CTO of the company, Eugene Steinberg, who took the role, and, he came back to the role many years later, so he's more mature and definitely positions, and a technology capabilities, as a leader, not just a scientist, and you guys know Eugene well. So there are a couple of reasons why Rajeev is going to be an India, but it's not delivered. So the number one priority is scaling technical talent in the region.

好吧，對於那些不知道 Rajeev 是誰的人來說，Rajeev Sharma 曾擔任我們的技術長一段時間。現在，我們公司的第一位首席技術長是尤金·斯坦伯格 (Eugene Steinberg)，他擔任了這一職務，多年後他又回到了這一職位，因此，他更加成熟，在職位和技術能力方面也更具優勢，他是一位領導者，而不僅僅是一位科學家，你們都很了解尤金。因此，有幾個原因可以解釋為什麼 Rajeev 會成為印度人，但他並沒有這樣做。因此，首要任務是擴大該地區的技術人才規模。

I mean, he is a fantastic technology spiritual leader of not just the global world, but specifically in India and many people look upon him with the greatest level of respect. And that's one region which we need to scale technology capabilities because we are truly follow the sun strategy. I would not deviate it from one region to another with the Latam in the Europe or whatever we're going to end up in next because if we are not the same, it's no renamic DNA.

我的意思是，他不僅是全球的傑出技術精神領袖，而且在印度尤其如此，許多人都對他懷有極大的敬意。這是我們需要擴大技術能力的一個地區，因為我們真正遵循太陽戰略。我不會將它從一個地區轉移到另一個地區，例如歐洲的拉丁美洲地區，或者我們下一個要去的地方，因為如果我們不一樣，那就不是重命名的 DNA。

So we continue to push hard with many facets to grow India, with the equal level of technology capabilities, and we have three locations, right? So whether Bengal, Hyderabad or Chennai, they're well they're all not the same, but for the size of re dynamics, there are no brilliance to tapping. So that's his number 1 priority.

因此，我們將繼續從多方面努力推動印度的發展，並保持同等水平的技術能力，而且我們有三個地點，對嗎？因此，無論是孟加拉、海得拉巴還是金奈，它們都是不一樣的，但就再生能源的規模而言，沒有什麼出色的挖掘方法。所以這是他的首要任務。

Number 2 priority obviously there, we have a large number of GCCs. And GCCs are very critical for our business because many decision-making process is happening right now in India. So Rajeev was instrumental in working there and it's easier when you are in your home base in Bangalore. We have a nice office there and then sit in Jersey and going back and forth. It made a lot of sense.

顯然，第二大優先事項是我們擁有大量的 GCC。GCC 對我們的業務至關重要，因為許多決策過程目前正在印度進行。因此，Rajeev 在那裡的工作中發揮了重要作用，當你在班加羅爾的家鄉時，一切都會變得更容易。我們在那裡有一個漂亮的辦公室，然後坐在澤西島來回奔波。這很有道理。

The third one, he's really a managing director of APEC. So I just don't want people think it's just a glorified title because we are expanding our business relationship with other countries in the region, particularly more near term Singapore. So it's a very fundamental thing. I trust Rajeev, he's a very good friend.

第三位，他其實是亞太經合組織的常務董事。所以我不想讓人們認為這只是一個被美化的頭銜，因為我們正在擴大與該地區其他國家的業務關係，特別是近期的新加坡。所以這是一件非常基本的事情。我信任 Rajeev，他是一位非常好的朋友。

So the delivery remains as a global organization and [Vozorkova] is there, by the way, very likely you will hear from him next time and as you noticed, I tried to rotate the executives and there's a size of the table. It's only right now.

因此，交付仍然是一個全球性組織，順便說一句，[Vozorkova] 也在那裡，很可能你下次會聽到他的消息，正如你所注意到的，我試圖輪換高管，並且有一個桌子的大小。只是現在而已。

So it used to be two, now we have two tables, it's four, right? And I just want you guys to understand it's not 25, 20, it's only going to be 25th event for Anil and Leonard. We have a really great team in the company. So Benhamou is in hell. He is a great leadership person in India. We trust him wholeheartedly, so he will continue to do his work. And the growth is going to be very consistent because again we're not offering India as a low cost alternative to other regions.

以前是兩個，現在有兩張桌子，一共有四個，對嗎？我只是想讓你們明白，這不是 25 或 20，這只是 Anil 和 Leonard 的第 25 場比賽。我們公司有一支非常優秀的團隊。所以 Benhamou 身處地獄。他是印度一位偉大的領導人。我們全心全意地信任他，所以他會繼續做他的工作。而且成長將會非常穩定，因為我們不會將印度作為其他地區的低成本替代方案。

We are basically working to complement local decision making in India. So very seldom when we have just Indian team or just European team or just the [TAM] team because we're trying to build this McKenzie management idea, but for GCC's locally, it makes sense to have more talented people in India. So it's not as staffing, it's growth, but it's become the Number one country in the world? Absolutely it will. I mean, yes, it's like on the country basis, who can compete, there are only two populous countries in the world and we're not in China today.

我們的主要工作是補充印度當地的決策。因此，我們很少只有印度團隊、歐洲團隊或 [TAM] 團隊，因為我們正在嘗試建立這種麥肯齊管理理念，但對於 GCC 當地來說，在印度擁有更多人才是有意義的。所以，它不是因為人員配備，而是因為成長，而是因為它已經成為了世界第一大國家？絕對會的。我的意思是，是的，就像從國家角度來看，誰可以競爭，世界上只有兩個人口大國，而我們今天不在中國。

So the answer is absolutely yes. Now, on the regional level, I mentioned many times we're going to do the balance work because it depends on the customer base, but the growth in India. Not absolute numbers, but percentage numbers is greatly driven by scaling technology capabilities. Sorry, it's a long answer, but I just wanted to use the whole overview of what we do in India.

所以答案是肯定的。現在，在區域層面，我多次提到我們將做好平衡工作，因為這取決於客戶群，但也要考慮印度的成長。這不是絕對數字，但百分比數字很大程度上受到擴展技術能力的影響。抱歉，答案很長，但我只是想概述我們在印度所做的事情。

It's okay. If I can quickly squeeze in another one, like follow up to Bryan's question on the guidance. So it seems like the guidance implies like slight growth, like 0% to 2% sequential growth in 2nd quarter followed. By quite nice ramp in the second half, we calculated 4% to 9% on average sequential basis in the second half. So what drives this visibility on second half ramp, like which type of customers existing new, which vertical regions will drive that high growth in the second half of this year?

沒關係。如果我可以快速擠進另一個，就像跟進布萊恩關於指導的問題一樣。因此，該指引似乎暗示著略微增長，例如第二季度環比增長 0% 至 2%。透過下半年相當不錯的成長，我們計算出下半年平均連續成長 4% 至 9%。那麼，是什麼推動了下半年這種可見性的提升，例如哪些類型的現有新客戶、哪些垂直區域將推動今年下半年的高成長？

Do you want to get the financial answer or business answer? That's your choice.

您想獲得財務答案還是商業答案？這是你的選擇。

I'll have both.

我兩個都要。

Alright, so we'll have your friend to answer first. So Anil, I need please give me the answer.

好的，我們讓你的朋友先回答。所以 Anil，我需要請給我答案。

So look, we put it, let's look at the range that we have, right? 450 to 435, very simple, I know what you're trying to do is you're trying to understand the risk, right, to those numbers. Let's start with a very basic math, right? You have 100, 102, that's 202, right? If you look at the first half versus second half, you have 3% to 4% purely on working days. So if I do not add a single person for the rest of the year, don't add a single client for the rest of the year, that will give me some, tail.

那麼看，我們把它放進去，讓我們看看我們擁有的範圍，對嗎？450 到 435，非常簡單，我知道您想要做的就是了解這些數字的風險。讓我們從非常基本的數學開始吧，對嗎？你有 100、102，那就是 202，對嗎？如果將上半年與下半年進行比較，你會發現純工作日的銷售額佔比為 3% 到 4%。因此，如果我在今年剩餘時間裡沒有增加一個人，也沒有增加一個客戶，那將給我帶來一些損失。

Now the second part is if you look at Leonard's commentary, right, he talked about January through March and April, and as we said, we're dealing with some record billable headcounts. So if I take that number as I have today and extrapolate even for the second half, then what you'll see is that there's another level of tailwind, so to speak.

現在第二部分是，如果你看一下倫納德的評論，對吧，他談到了 1 月到 3 月和 4 月的情況，正如我們所說，我們正在處理一些創紀錄的可計費員工人數。因此，如果我按照今天的數字來推算下半年的情況，那麼你會看到，可以說還有另一層順風。

And right there, you'll get minimum, your low end of the guidance right there. And then obviously I'm not taking into account any other things now. There are many other business aspects that I'm not taking into account and many other positive things, but I'll pass it on to Leonard, who'll talk a little bit about what is going on there. So our guidance, we can get to that range by taking some very conservative approaches to the numbers.

就在那裡，您將獲得最低限度的指導。顯然我現在沒有考慮任何其他事情。還有許多其他商業方面我沒有考慮到，還有很多其他積極的事情，但我會把它傳達給倫納德，他會稍微談一下那裡發生的事情。因此，我們的指導是，我們可以透過對數字採取一些非常保守的方法來達到這個範圍。

All right, so that, you heard the financial answer. Now the business answer, we grow on all the fronts. Even in Q1, if you look at Q1 versus Q4, it's a flattish quarter, right? I mean, numbers don't like. But the dynamics was very interesting. There were a couple of clients, we there were some resets, from February because of their internal challenges which were on the way to, recovery from there and we had a growth.

好的，這樣，您就聽到了財務方面的答案。現在，商業答案是，我們在各方面都在成長。即使在第一季度，如果你將第一季與第四季度進行比較，你會發現這是一個持平的季度，對嗎？我的意思是，數字不喜歡。但其動態非常有趣。有幾個客戶，我們從二月開始進行了一些調整，因為他們面臨內部挑戰，他們正在恢復，我們也獲得了成長。

Now, Q2, we do plan quite nice growth in a few accounts, but we also anticipate one or two ramp downs. That usually happens. Now, by the end of this Q2. We definitely expect the ramp up. Now, which way it's going to go, is it going to be again, it's a slow ramp up or faster ramp up. We don't have it right now. We don't anticipate a slowdown in in the second hell unless, hell breaks loose and excuse me, there's some other non anticipated events happening.

現在，第二季度，我們確實計劃在一些帳戶上實現相當不錯的成長，但我們也預計會出現一兩次下滑。這通常是會發生的。現在，到第二季末。我們確實期待著成長。現在，它會如何發展？是緩慢上升還是更快上升。我們現在沒有。我們預計第二個地獄不會出現放緩，除非地獄爆發，對不起，還有一些其他未預料到的事件發生。

So we are not really conservative internally because we continue spending, but we want to be very careful not to do what sometimes happens. People get excited too much about throwing numbers, then they have to restart the guidance, then they have to modify something, but it's dealing with you guys is a -- not as a significant challenge as internally to disturb the process.

因此，我們內部並不是真正保守，因為我們會繼續支出，但我們希望非常小心，避免有時發生的事情。人們對拋出數字過於興奮，然後他們必須重新開始指導，然後他們必須修改一些東西，但與你們打交道——並不像在內部擾亂這個過程那樣是一個重大挑戰。

So we're bullish on it, on our growth. We believe it is happening right now. We're bullish on a growth in not just -- not in traditional retail and CPG but other segments which is you as nice certification. But, when it comes to numbers, and you is a king, she wants to be something which we will not be looking with excuses later. That's pretty much where we are.

所以我們對此、對我們的成長充滿信心。我們相信它正在發生。我們不僅看好傳統零售和快速消費品領域的成長，還看好其他領域的成長，這是很好的證明。但是，當談到數字時，而你又是國王，她想成為某種我們以後不會找藉口尋找的東西。這就是我們現在的狀況。

That's great. Thank you so much.

那太棒了。太感謝了。

Thank you, Puneet.

謝謝你，Puneet。

Mayank Tandon, Needham.

梅揚克·坦登，尼德姆。

Great, thanks, good to see you guys. Congrats on the quarter.

太好了，謝謝，很高興見到你們。恭喜本季取得佳績。

Thanks, Mayank.

謝謝，Mayank。

Leonard, I might have missed this. Did you comment on new logos, and if you could just go through that again, if you did, apologize for that, and which verticals did you see the most traction in terms of new plan activity?

倫納德，我可能錯過了這個。您是否對新標誌發表了評論？是否可以再說一次？如果是，請為此道歉。您認為哪些垂直領域在新計畫活動方面最有吸引力？

Of course, by the way, guys, next time I'm going to bring CTO. We're not going to ask him, so, don't do, he feels like a war pi yeah. so, Mike, you ask one question on please.

當然，順便說一下，夥計們，下次我要帶 CTO 來。我們不會問他，所以，不要問，他感覺自己就像一個戰爭派，是的。那麼，麥克，請你問一個問題。

Soliciting you guys to, not only worry about what's going to happen with the tariffs but also understand what value would bring. There's a lot of really cool stuff. Again, maybe it's going to be better talk next quarter then you just, give me a couple encouragements that I'll keep the CTO on the call, but I didn't forget your question.

希望你們不僅要擔心關稅會帶來什麼後果，還要了解關稅會帶來什麼價值。有很多非常酷的東西。再說一次，也許下個季度再談會更好，然後你再鼓勵我一下，我會讓 CTO 繼續通話，但我沒有忘記你的問題。

So the new logos, so there are two parts of new logos, as great dynamics, and you've been with us for a very long time from the beginning, has a fairly generic strategy which is called 80, 15, 5.

所以新標誌有兩個部分，作為偉大的動力，而且你從一開始就和我們在一起很長時間了，有一個相當通用的策略，叫做 80、15、5。

80, it's a stable business with the growth of the matured accounts, of the revenue, 15% something we acquired from the previous calendar year roughly and 5% in new logos, like brand new logos. So on the brand new logos in Q1, it was a very minimal financial impact, which is usually it is the case. If you look at the ramp up, if we don't get a lot of contribution by Q3, then this 5% is going to be very difficult. So, but we did see the numbers, but they're small.

80，這是一項穩定的業務，成熟帳戶的成長，收入的成長，大約15％來自上一日曆年，5％來自新標識，例如全新的標識。因此，對於第一季的全新標誌而言，其財務影響非常小，通常情況如此。如果你看一下成長情況，如果我們到第三季沒有獲得很多貢獻，那麼這 5% 將非常困難。所以，我們確實看到了數字，但它們很小。

Now, we did very well for us in those 15%. So some of the key logos we acquired last year are giving us really nice ramp up in Q1 and going into Q2 as well. And the reason being is we're much more diversified in the verticals, and it's not just the verticals, when we talk about the fintech, we talk about technology, when we talk about, CPGs, now we start talking about manufacturing where we didn't forget the -- even the healthcare because some of the payment systems, the new acquired accounts, they're directly type. Tied to the medical field, health insurances.

現在，我們在這 15% 中表現得非常好。因此，我們去年獲得的一些關鍵標誌為我們在第一季和第二季帶來了非常好的成長。原因在於我們在垂直領域的多元化程度更高，而不僅僅是垂直領域，當我們談論金融科技時，我們談論技術，當我們談論快速消費品時，現在我們開始談論製造業，我們沒有忘記 - 甚至醫療保健，因為一些支付系統，新獲得的帳戶，它們是直接類型。與醫療領域、健康保險相關。

When we take insurance business, which we were very muted because it was not a huge revenue, now we're picking up and health insurance payment, logistics and all this stuff. So the business are becoming more compounded pharma. So Still small, but the number of accounts growing and why? Because again we apply the same algorithms and now the -- I accelerators which we put in place.

當我們開展保險業務時，我們非常謹慎，因為它的收入並不大，但現在我們正在進行健康保險支付、物流和所有這些東西。因此，製藥業務正變得更加複合化。雖然規模仍然很小，但帳戶數量卻在增長，為什麼？因為我們再次應用了相同的演算法，現在我們採用了相同的加速器。

So the short answer for your question, we got a good uplift from the accounts from their last year, especially the second half of last year, and it's just an initial stage of the logos which we're working with as a brand new logos in 2025.

所以對於你的問題，簡短的回答是，我們從去年的賬目中獲得了很好的提升，特別是去年下半年，這只是標識的初始階段，我們將在 2025 年推出全新的標識。

And let me add one thing to that, Mayan, you see, the definition of our logo edition when we come are significant enterprises. So we -- in the quarter we did add. We did add logos, but internally we don't want to. Each time we have a logo, we're just not going to come out and talk about it. We -- Leonard makes his comments and we make these are significant enterprise logos. So in the quarter we had, and we did not believe that it elevated the talk, but there were additions.

讓我補充一點，瑪雅人，你知道，當我們成為重要的企業時，我們的標誌版本的定義。因此，我們在本季確實增加了。我們確實添加了徽標，但內部我們不想這樣做。每次我們有了標誌，我們就不會出來談論它。我們—倫納德發表了他的評論，我們認為這些都是重要的企業標誌。因此，在本季度，我們並不認為這會使討論更加深入，但確實有一些補充。

And when there is a big logo and a big enterprise, we just started. We'll also be a little bit careful because, you guys, as we do, we don't like infant mortality, right? So I don't want to go through that, we had these great guys and they're fantastic business, and they have, $50 billion dollar revenue and then something and we're silent two quarters later.

當有了一個大標誌和一個大企業時，我們才剛開始。我們也會稍微小心一點，因為，你們和我們一樣，不喜歡嬰兒死亡率，對吧？所以我不想經歷這些，我們有這些很棒的傢伙，他們的生意很棒，他們有 500 億美元的收入，然後我們在兩個季度後就沉默了。

So now we have a pleasure and a choice to be selecting what we call new business acquisition. So I'd rather have this [80, 55] continue. Of course, there's addition on the top of the acquisition, all the stuff, but this, I'm pretty satisfied with this rate of growth of innovative clients which we acquired from 2024.

因此，現在我們很高興並且可以選擇所謂的「新業務收購」。所以我寧願讓這個[80，55]繼續下去。當然，除了收購之外，還有其他附加價值，但是，我對我們自 2024 年以來獲得的創新客戶的成長率感到非常滿意。

That's a very helpful color. Thank you so much for that. And I have one quick follow up for you on around margins. How should we think about the cadence of gross margins? What are the puts and takes in the same question for EI margins. Your guidance implies a downtick in the 2nd quarter, but any perspective you can share for the full year. I know you haven't given formal guidance on EBITDA margins for the year, I believe, but any thoughts around how that will trend would be helpful.

這是一種非常有用的顏色。非常感謝。我還有一個關於利潤率的快速跟進問題需要您回答。我們該如何看待毛利率的節奏？在同一問題中，EI 利潤的投入和產出分別是什麼？您的指導意味著第二季度會出現下滑，但您可以分享對全年的看法。我知道您還沒有對今年的 EBITDA 利潤率給出正式指導，但有關該趨勢的任何想法都會有所幫助。

So sure, let's talk about the Q1 to Q2, right? Now, as I said in my prepared remarks, we benefited from the timing of some of my fixed price contracts, right? So as you can see, Q1 was what, 37.4%, which is Kind of flattish over Q4 and historically, you always see as we go from Q4 to Q1, there's compression, right?

那當然，我們來談談 Q1 到 Q2，對嗎？現在，正如我在準備好的發言中所說的那樣，我們從一些固定價格合約的時機中受益，對嗎？所以正如您所看到的，第一季的成長率是 37.4%，與第四季度相比持平，從歷史上看，您總是會看到從第四季度到第一季度，會出現壓縮，對嗎？

Now, if you look at that moment, there were, 100 plus bps and over margin movement because of that particular thing, that is one thing. Now, as we go from Q1 to Q2, this year, we don't have a uplift on the number of days, so it's kind of, flattish. Again, year to year, it might depend on that.

現在，如果你看一下那個時刻，你會發現由於那個特定因素，保證金變動超過了 100 個基點，這是一回事。現在，隨著我們從今年第一季進入第二季度，天數並沒有增加，所以有點持平。再說了，每年可能都取決於此。

The other thing is that we are making investments as we speak right now. There's a lot of stuff going on AI, there's a lot of work going on AI scaling and training. So there's some investments, that we are working on. And that has an impact on, some of, to look at the businesses, the margin profile should improve as we go a quarter to quarter.

另一件事是，我們現在正在進行投資。人工智慧領域有很多事情要做，人工智慧擴展和訓練方面也有很多工作要做。因此，我們正在進行一些投資。這對一些企業產生了影響，從業務角度來看，利潤率狀況應該會隨著季度的推移而改善。

The only question is, what is, what do I need to do to support the growth? What do I need to do to support the investments? That's the only question that we debate, but as we progress in the course of the year, yes, you should see margin expansion.

唯一的問題是，我需要做什麼來支持成長？我需要做什麼來支持這些投資？這是我們討論的唯一問題，但隨著我們在今年的進程中不斷進步，是的，你應該會看到利潤率的擴大。

Right, so I also want to give you again a business, so it's usually it's a news domain, right? .What we need to ask the question how quickly we're going to ramp up India, right? There is another fact, obviously, from the war which started more than three years ago. We are having a bit excessive number of countries to really clamp down on the operating costs beyond the technology. We're not going to slow down technology, right? This is no way. This is our key and we want to rule the world in our business.

對，所以我還想再次給你一個生意，所以它通常是一個新聞領域，對嗎？我們需要問的問題是，我們將以多快的速度擴大印度的規模，對嗎？顯然，這場三年多前開始的戰爭也揭示了另一個事實。我們有太多的國家來真正限制科技以外的營運成本。我們不會放慢技術進步的速度，對吧？這沒辦法。這是我們的關鍵，我們希望在我們的業務中統治世界。

We're not going to slow down investment into quality engineering, operational excellence on the delivery management and all this good stuff. However, we anticipate. The scaling of the key, locations, which is not just India, I mean [Laden] was a great investment into Argentina and we would like to think the way how we plan the convergence on a successful locations as we grow will actually give us meaningful impact. This is on a back end stuff, on the front end stuff.

我們不會減緩對品質工程、交付管理卓越營運以及所有這些好東西的投資。然而，我們預料到。關鍵的擴展，地點，不僅僅是印度，我的意思是 [Laden] 對阿根廷的一項巨大投資，我們希望，隨著我們的發展，我們如何規劃在成功地點的融合，實際上會給我們帶來有意義的影響。這是關於後端的東西，也是關於前端的東西。

We continue to push hard on the, from the [2510 to 10], basically [510 to 20] strategy, which means, we want to build the client's $5 million to $20 million dollar annual revenue as a core, at least $5 million. That successful, implementation is actually picking up a bit too because it's not about client concentration. It's a client meaningful work and operational efficiency, not just a margin, but the operational efficiency is driven by the depth of the relationship. We see that picking up too.

我們繼續大力推進，從[2510到10]，基本上是[510到20]策略，這意味著，我們希望以客戶每年500萬美元到2000萬美元的收入為核心，至少500萬美元。成功的實施實際上也逐漸好轉，因為它與客戶集中度無關。這是對客戶有意義的工作和營運效率，而不僅僅是利潤，而且營運效率是由關係深度驅動的。我們也看到這種情況正在好轉。

So those are kind of three elements which we kind of look from the business perspective to increase. When it comes to variation quarter to quarter, and you will tell you 20 convincing stories and next quarter you'll find another convincing story.

因此，從商業角度來看，這些都是我們需要增加的三個要素。當談到每季的變化時，你會講述 20 個令人信服的故事，而下個季度你又會發現另一個令人信服的故事。

So I'm not terribly worried about it. I just want to make sure we continue to rate grow the business. We have a net cash generation which is very critical. We need to be in the business of self-sustainable position, and Anil is doing a fantastic job on controlling the cost as we continue to expand into the technology world.

所以我對此並不太擔心。我只是想確保我們的業務能夠繼續快速成長。我們擁有淨現金產生能力，這非常關鍵。我們需要在業務上自給自足，隨著我們繼續向技術領域擴張，阿尼爾在控製成本方面做得非常出色。

Great, thank you so much. Appreciate all the color. Congrats.

太好了，非常感謝。欣賞所有的色彩。恭喜。

It's okay.

沒關係。

Let him go pass it on to the others. They're waiting.

讓他去傳給其他人。他們在等待。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. Well, I'll ask a somewhat engineering question. You've talked a lot about your Agentic AI solutions and several of your examples. Are these custom built by grid? To what extent are there kind of pre-built solutions by your partners, and is this a primary driver of your partner revenue growth?

你好，謝謝。好吧，我想問一個有點工程的問題。您已經談了很多有關 Agentic AI 解決方案和一些範例。這些是網格客製化的嗎？您的合作夥伴在多大程度上提供了預先建立的解決方案，這是您合作夥伴收入成長的主要驅動力嗎？

Yeah, thank you for the question. This Dynamics is mostly working in the mode and we are developing some of the solutions in a kind of from the first principles. And some of the solutions, of course, we're using a lot of the open source components. In some of the cases, we are also leveraging cloud native technologies.

是的，謝謝你的提問。這種動力學主要在模式下運作，我們正在從第一原理出發開發一些解決方案。當然，在一些解決方案中我們使用了大量開源元件。在某些情況下，我們也利用雲端原生技術。

Pretty rarely, we are deploying solutions which are completely kind of black box and to end solutions because this is mostly work for the system integrators, mostly engineering company. So we are building solutions for larger enterprise organizations with unique requirements when it comes to security, when it comes to access to very diverse and very proprietary data sources, when it comes to very specific workflows and official solutions do not fit them. And in these cases, we are building, custom solutions, building custom agentic platforms, leveraging a lot of open source components and cloud native services which deliver and automate those workflows.

我們很少部署完全黑盒的解決方案和最終解決方案，因為這主要是為系統整合商（主要是工程公司）工作。因此，我們正在為大型企業組織建立解決方案，這些組織在安全性、存取非常多樣化和非常專有的資料來源、非常具體的工作流程方面具有獨特的要求，而官方解決方案並不適合它們。在這些情況下，我們正在建立客製化解決方案、建立客製化代理平台，利用大量開源元件和雲端原生服務來交付和自動化這些工作流程。

Thank you for that. Maybe, and a quick follow up to that, are you discussing different, fixed price or outcome-based pricing models to go along with that with the clients?

謝謝你。也許，快速跟進一下，您是否正在與客戶討論不同的固定價格或基於結果的定價模型？

That's a good question, Maggie and, I don't have an exact answer at this stage because these are new things. That are moving around, but yes, we are open to everything. My preference is more fixed price because we have more control, but this is as we speak right now, many of these new things are happening. I don't know Whether --

這是個好問題，瑪姬，目前我還沒有確切的答案，因為這些都是新事物。這些都在發生變化，但是是的，我們對一切都持開放態度。我傾向於固定價格，因為我們擁有更多的控制權，但正如我們現在所說，許多新事物正在發生。我不知道是否--

Maggie, I know ask him, he's the wrong guy to ask this question. He's just signing the checks. The guy who really isn't driving the scale of the fixed bid arrangements, which Anil really alluded to, is Vasily. So let Vasily answer because it's very critical to understand. It's not just we innovate technology. We do not do technology for technology. It has to be a good business value proposition for the clients to check on ROI and for us to be able to enjoy the fruits of the partnerships, please.

瑪吉，我知道該問他，他不是問這個問題的合適人選。他只是在簽支票。阿尼爾真正提到的那個真正沒有推動固定出價安排規模的人是瓦西里。因此讓瓦西里來回答，因為理解這一點非常關鍵。我們不僅僅創新技術。我們不是為了技術而做技術。這必須是一個好的商業價值主張，以便客戶能夠檢查投資報酬率，並且讓我們能夠享受合作的成果。

Sure, thank.

當然，謝謝。

Yeah, so, when we were talking last time and maybe like a year ago, we were talking about small POCs like to see how the technology really helps the business and those engagements were pretty small in size, I would say, and they were like almost 100% were fixed bit.

是的，所以，當我們上次談話時，大概是一年前，我們談論的是小型 POC，例如看看技術如何真正幫助業務，我想說，那些合作的規模非常小，而且幾乎 100％ 都是固定的。

So nowadays, there is a good understanding of what the technology can do for the business. Therefore, there are more popular, I would say fixed capacity type of engagements when we set up the team, which develops the platform and then there is a roadmap for building business cases on top of that.

如今，人們已經充分理解了這項技術能為企業帶來什麼。因此，當我們組建團隊時，我會說有更受歡迎的固定容量類型的參與，該團隊開發平台，然後在此基礎上建立商業案例的路線圖。

And of course, the customers are not interested in losing the team which build the platform after the implementation, just to come up with an idea that we need to -- we need to gather the team together now to build the business cases.

當然，客戶並不想在實施後失去建立平台的團隊，只是想提出一個我們需要的想法——我們現在需要召集團隊來建立商業案例。

So we see nowadays, AI drives more of a kind of long-term engagements, which are linked to specific, business impacts. And of course, as I said, business cases and financial impact is one of the key decision factors where the customers are making decisions on investment in certain areas. So that's for sure, surely happens.

因此，我們現在看到，人工智慧推動的是一種更多的長期合作，與具體的商業影響有關。當然，正如我所說，商業案例和財務影響是客戶在某些領域做出投資決策的關鍵決策因素之一。所以這是肯定的，肯定會發生的。

Thanks, Vasily. If I could just squeeze one in on talent, are you comfortable just given all the recent hiring? Are you comfortable with the balance of junior versus senior talent? Are you trying to rebalance the pyramid and maybe tie that back to your margin commentary? Thanks.

謝謝，瓦西里。如果我只能在人才方面擠出一點時間，考慮到最近所有的招聘，您是否願意這樣做？您對初級人才和高級人才之間的平衡滿意嗎？您是否試圖重新平衡金字塔並將其與您的保證金評論聯繫起來？謝謝。

We're never satisfied with our pyramids, maybe, our historic business requires a lot of, seasoned experienced people, not just foundation, but this is inverted pyramid, right, and the inverted pyramid cannot scale as efficient as a traditional pyramid. So we observed it all at the time, we have actually the two nodal distribution.

我們永遠不會對我們的金字塔感到滿意，也許，我們的歷史業務需要很多經驗豐富的人才，而不僅僅是地基，但這是倒金字塔，對，倒金字塔不能像傳統金字塔那樣有效地擴展。所以我們當時觀察了這一切，實際上我們有兩個節點分佈。

We have a lot of senior people and quite a few junior guys and we squeeze the middle guys, right? And what Vasily eluded you when you start building more longer term fixed capacity programs and project on the business, then you create a more normalized distribution.

我們有很多資深員工和不少初級員工，我們都擠壓了中間層的員工，對嗎？當您開始建立更多長期固定容量計劃和業務項目時，Vasily 就沒有想到您會創建更規範的分佈。

A matter of fact, the brightest and the best of interns are the best addition to the more junior people instead of bringing them from the market. So what we start doing is we obviously, from the hiring perspective, focus on the mid mid-level people. Why? Because good mid-level people become more senior view. Senior people usually you train yourself together with the R&D team.

事實上，最聰明、最優秀的實習生是初級員工的最佳補充，而不是從市場引進。因此，從招募的角度來看，我們顯然開始關注中階人員。為什麼？因為優秀的中階人員會變得更資深。資深人員一般會和研發團隊一起進行自我訓練。

And the junior guys finding in the market. They sometimes, don't possess the, all the skills we need to bring them into the actions right away. So the interns who become part of this fixed capacity pods, they're wonderful because in a very few months and they're brilliant. Remember, using our AI tools, we reach out to [1000] now, 10,000s of applicants to create. This full body of the top-notch intellectually technical interns. So that process propagates. I'm not super happy yet for the full distribution, but I think it's become a little bit more normal as we.

初級員工也在市場上尋找機會。他們有時不具備我們所需的所有技能，無法立即讓他們採取行動。因此，成為這個固定容量艙一部分的實習生非常棒，因為在短短幾個月內他們就變得非常出色。請記住，使用我們的人工智慧工具，我們現在可以聯繫 [1000] 名申請人，即 10,000 名申請人來創建。這群都是知識和技能都很頂尖的實習生。因此該過程得以傳播。我對全面分發還不是很滿意，但我認為隨著我們的推進，它已經變得更加正常了。

Thank you.

謝謝。

Thank you, Maggie.

謝謝你，瑪吉。

Thank you, Maggie.

謝謝你，瑪吉。

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

女士們、先生們，今天的問答環節到此結束。現在我將把發言權交給 Leonard，請他發表最後評論。

And I have complete confidence in great dynamics ability to execute with excellence. While we must navigate the uncertainties of the current global economic environment, I'm confident that Grid Dynamics will continue to uphold the quotas that set us apart. We're building strong momentum across our business, and I look forward to giving you an update on the next earnings call. Thank you.

我對偉大動力卓越執行的能力充滿信心。雖然我們必須應對當前全球經濟環境的不確定性，但我相信 Grid Dynamics 將繼續堅持讓我們脫穎而出的配額。我們的業務正在蓬勃發展，我期待在下次財報電話會議上向您通報最新情況。謝謝。