Grid Dynamics Holdings Inc (GDYN) 2025 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to Grid Dynamics' second-quarter 2025 earnings conference call.

大家下午好。歡迎參加 Grid Dynamics 2025 年第二季財報電話會議。

I'm Cary Savas, Director of Branding and Communications.

我是品牌和傳播總監 Cary Savas。

(Operator Instructions)

（操作員指示）

Joining us on the call today are CEO, Leonard Livschitz; CFO, Anil Doradla; CTO, Eugene Steinberg; COO, Yury Gryzlov; and SVP, Americas, Vasily Sizov.

今天參加電話會議的有執行長 Leonard Livschitz、財務長 Anil Doradla、技術長 Eugene Steinberg、營運長 Yury Gryzlov 和美洲高級副總裁 Vasily Sizov。

(Operator Instructions) Please note that today's conference call is being recorded.

（操作員指示）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 and 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。這包括我們的業務和財務前景以及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 8-K filed with the SEC.

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 8-K 文件中提供了 GAAP 與非 GAAP 財務對帳和補充財務資訊。

You can find all the information I just described in the Investor Relations section of our website.

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. Thank you for joining us today.

謝謝你，卡里。大家下午好。感謝您今天加入我們。

I'm delighted to report another record quarter in revenue. Our second-quarter revenue of $101 million was another all-time high, driven by the continued growth in our engineering-building headcount. More importantly, we're witnessing a strong pipeline of opportunities across industry verticals. I will talk more about it in my prepared remarks.

我很高興地報告本季的營收再創紀錄。我們第二季的營收為 1.01 億美元，再創歷史新高，這得益於我們工程建設員工數量的持續成長。更重要的是，我們看到了各個垂直產業中大量湧現的機會。我將在準備好的演講中進一步談論這個問題。

Grid Dynamics is aligning every aspect of its business with an AI-first approach. This includes infusing AI into go-to market strategies, service offering, delivery, and talent management. We're doing that while preserving and expanding our core assets around high-caliber technology, consulting, and engineering services.

Grid Dynamics 正在將其業務的各個方面與 AI 優先的方法結合。這包括將人工智慧融入市場策略、服務提供、交付和人才管理。我們在這樣做的同時，也保留並擴大了圍繞高水準技術、諮詢和工程服務的核心資產。

While traditional programs face increased scrutiny, innovation-centric initiatives are being prioritized from a spending perspective. Enterprises are actively seeking AI-native partners capable of driving and leading adoption within the enterprise environment.

雖然傳統項目面臨越來越嚴格的審查，但從支出角度來看，以創新為中心的措施正受到優先考慮。企業正積極尋求能夠在企業環境中推動和引領人工智慧原生合作夥伴。

Furthermore, traditional functional structure within large enterprises are often lacking the adaptability needed for efficient, cross-functional decision-making regarding AI implementations, encompassing both technology and business aspects. This is precisely where Grid Dynamics plays a crucial role, empowering organizations to accelerate the adoption and enterprise skill.

此外，大型企業內的傳統職能結構往往缺乏涵蓋技術和業務方面的人工智慧實施所需的高效、跨職能決策的適應性。這正是 Grid Dynamics 發揮關鍵作用的地方，它使組織能夠加速採用和企業技能。

I'm happy to report that in the first half of 2025, AI and data was 23% of the company's overall organic revenue. The AI and data practice is growing almost 3 times faster than our overall organic business. I'm excited to see the growth in pipeline of opportunities as we enter the quarter with accelerated business momentum. This is the basis for our positive business outlook, even though microeconomic uncertainties persist.

我很高興地報告，2025 年上半年，人工智慧和數據占公司整體有機收入的 23%。人工智慧和數據實踐的成長速度幾乎是我們整體有機業務的三倍。隨著我們進入業務勢頭加速的季度，我很高興看到機會管道的成長。儘管微觀經濟的不確定性依然存在，但這仍然是我們對業務前景保持樂觀的基礎。

I'm also pleased to report on the progress with our recent acquisitions. JUXT has significantly elevated our industry expertise in banking and financial services, attracting considerable interest from global banking based in the United States. In the second quarter, a US-based global bank continued to be a top 10 customer. That was the reason the financial services vertical remained our second largest.

我也很高興地報告我們最近收購的進展。JUXT 顯著提升了我們在銀行和金融服務方面的行業專業知識，吸引了美國全球銀行的極大興趣。第二季度，一家美國全球性銀行繼續名列十大客戶。這就是金融服務垂直領域仍然是我們的第二大領域的原因。

Mobile Computing has enhanced our follow-the-sun capabilities and tele-acquisition effort, successfully integrating engineering teams to support our US enterprise accounts.

行動運算增強了我們的追蹤太陽的能力和遠端收購力度，成功整合了工程團隊來支援我們的美國企業帳戶。

Our partnership influence revenues reached 17.9% of the total revenue in Q2 2025. We continue to experience increased traction with all hyperscalers, notably with Google.

2025 年第二季度，我們的合作夥伴影響力收入達到總營收的 17.9%。我們繼續感受到所有超大規模企業的吸引力不斷增強，尤其是谷歌。

In our European business, we begin implementing a modular B2B digital search solution built on Microsoft Azure for one of the largest worldwide brewing companies. We also have launched AI expert agents at a Tier 1 investment bank to perform in-depth (inaudible) quality and security reviews as a part of the software development life cycle.

在我們的歐洲業務中，我們開始為全球最大的釀酒公司之一實施基於 Microsoft Azure 構建的模組化 B2B 數位搜尋解決方案。我們也在一家一級投資銀行推出了人工智慧專家代理，作為軟體開發生命週期的一部分，執行深入的（聽不清楚）品質和安全審查。

Our India expansion continues to be a strategic highlight. India is now one of two top countries by the headcount and has emerged as a hub for multi-agent, multi-modal platform engineering, demonstrating a strong talent attraction and upskilling.

我們的印度擴張繼續成為戰略亮點。印度目前是人才數量最多的兩個國家之一，並已成為多代理、多模式平台工程的中心，展現出強大的人才吸引力和技能提升能力。

Our internship program also saw strong momentum with over 16,000 applicants and high placement rates into the billable roles.

我們的實習計畫也呈現強勁勢頭，申請者超過 16,000 人，且職位安置率很高。

Across the majority of our customers, there is a profound impact of AI on the way they're planning their future initiatives and programs. Customers now expect a flavoring of AI across all of their service offerings, even traditional ones. We firmly believe the workforce pyramid of the IT industry space is shifting towards senior talent and AI-centric agents.

對於我們的大多數客戶來說，人工智慧對他們規劃未來計畫和專案的方式產生了深遠的影響。客戶現在期望其所有服務產品（甚至是傳統服務產品）都融入人工智慧元素。我們堅信，IT 產業領域的勞動力金字塔正在向高階人才和以人工智慧為中心的代理商轉變。

As you know, Grid Dynamics' workforce pyramid is more weighted toward senior, more experienced engineers in comparison to our peers in the IT industry. Our alignment in the workforce, along with the technology-centric DNA, positions us well as enterprises embrace AI.

如您所知，與 IT 行業的同行相比，Grid Dynamics 的員工金字塔更專注於資深、經驗豐富的工程師。我們在勞動力方面的一致性以及以技術為中心的 DNA 使我們在企業擁抱人工智慧時處於有利地位。

Given the critical role of AI, I would like to emphasize Grid Dynamics' unique market position. It's important for investors to remember that our company's core values are built upon a strong foundation in data and data platforms, as well as expertise in large scale data engineering for Fortune 1000 enterprises.

鑑於人工智慧的關鍵作用，我想強調 Grid Dynamics 獨特的市場地位。投資者務必記住，我們公司的核心價值建立在強大的數據和數據平台基礎以及為財富 1000 強企業進行大規模數據工程的專業知識之上。

I will now turn the call over to Eugene Steinberg, our CTO, to elaborate on the important topic of AI. Eugene.?

現在，我將把電話交給我們的技術長 Eugene Steinberg，詳細闡述人工智慧這一重要主題。尤金？

Thank you, Leonard. Good afternoon, everyone.

謝謝你，倫納德。大家下午好。

I'm delighted to share how Grid Dynamics is actively [retooling] for an AI-first future, where AI capabilities are embedded into every aspect of our operations and service delivery from the ground up, rather than added as an afterthought.

我很高興與大家分享 Grid Dynamics 如何積極地為 AI 優先的未來進行 [重塑]，在這個未來中，AI 功能將從頭開始嵌入到我們營運和服務交付的各個方面，而不是事後才添加。

We are methodically building on a strong foundation of a decade of data and AI experience. We are expanding our key AI capabilities and strategic partnerships. We are delivering [production-already] solutions, with proven ROI for enterprise clients. We are innovating with major customers and building considerable experience across Agentic AI platforms and solutions and AI-first software delivery life cycle.

我們正在有條不紊地建立十年數據和人工智慧經驗的堅實基礎。我們正在擴展我們的關鍵人工智慧能力和策略合作夥伴關係。我們正在提供[已投入生產的]解決方案，並為企業客戶提供經過驗證的投資報酬率。我們正在與主要客戶一起創新，並在 Agentic AI 平台和解決方案以及 AI-first 軟體交付生命週期中累積豐富的經驗。

The investments we made are yielding positive results, many of which I'll discussed today. Grid Dynamics' whole AI framework is based on four foundational pillars. Let me walk you through each.

我們所做的投資正在產生積極的成果，其中許多我今天將進行討論。Grid Dynamics 的整個 AI 框架是基於四大基礎支柱。讓我帶您了解每一個。

First, AI-powered business transformation. We are delivering immediate and measurable impacts from our engagements in the areas of customer engagement, enterprise operations, and manufacturing. Conversational commerce is redefining customer engagements by driving hyper-personalized customer experiences.

第一，人工智慧賦能業務轉型。我們在客戶參與、企業營運和製造領域的參與正在產生直接且可衡量的影響。對話式商務透過推動超個人化的客戶體驗重新定義客戶參與度。

Our search solutions have become a key entry point for many new client relationships in retail and CPG industries. From there, we often expand to build conversational commerce capabilities. Our efforts routinely yield conversion improvements of over 5%. This success leads to follow-on engagements that average 2x, 3x -- the initial project value as client expand AI adoption across additional business units.

我們的搜尋解決方案已成為零售和快速消費品行業許多新客戶關係的關鍵切入點。從那裡開始，我們經常擴展以建立對話商務功能。我們的努力通常會使轉換率提高 5% 以上。隨著客戶在其他業務部門擴大 AI 應用，這項成功帶來了平均 2 倍、3 倍的後續合作——即初始專案價值。

We have specialized domain solutions for many sub-verticals that have been particularly differentiating. Take auto parts search, for example. Our fitted auto parts search capabilities have established Grid Dynamics as a preferred partner for most leading auto parts retailers. With over 150 AI search specialists deployed across customer projects, we are demonstrating our ability to grow within existing accounts while delivering measurable business impacts.

我們針對許多特別有差異化的子垂直領域提供專門的領域解決方案。以汽車零件搜尋為例。我們的合適汽車零件搜尋功能使 Grid Dynamics 成為大多數領先汽車零件零售商的首選合作夥伴。透過在客戶專案中部署 150 多名 AI 搜尋專家，我們展示了在現有帳戶內發展的能力，同時帶來了可衡量的業務影響。

Agentic AI significantly enhanced efficiency for a major financial services company by automating intelligent processes and facilitating data-driven decisions. Previously, the cost of covering the vast number of Tier 3 customers was prohibitive for digital sales. Our B2B customer 360-agent now conducts exhaustive research, aggregating client data from diverse sources such as CRM, contact databases, and spreadsheets. These detailed profiles integrate automated risk alerts, AI-powered insights, and intelligent recommendations informed by prior interactions, ultimately leading to improved customer retention and business growth.

Agentic AI 透過自動化智慧流程和促進數據驅動的決策，顯著提高了一家大型金融服務公司的效率。此前，覆蓋大量三級客戶的成本對於數位銷售而言過高。我們的 B2B 客戶 360 代理現在進行詳盡的研究，從 CRM、聯絡人資料庫和電子表格等不同來源匯總客戶資料。這些詳細的資料整合了自動風險警報、人工智慧洞察以及基於先前互動的智慧建議，最終提高了客戶保留率並促進了業務成長。

This initiative is expected to free up about 20% of seller capacity, allowing for high-touch approach with more clients and accelerated time to revenue.

預計這項措施將釋放約 20% 的賣家能力，從而能夠與更多客戶進行高接觸，並加快創收時間。

Within the manufacturing sector, we implemented the remaining useful life prediction system for a leading industrial equipment manufacturer, which enhances maintenance planning and reduces unplanned downtime.

在製造業，我們為一家領先的工業設備製造商實施了剩餘使用壽命預測系統，從而增強了維護計劃並減少了計劃外停機時間。

We have also delivered facility modeling with [J-code] generation for a global technology company, optimizing manufacturing processes and improving production efficiency.

我們也為一家全球科技公司提供了具有 [J-code] 生成的設施建模，優化了製造流程並提高了生產效率。

The rise of physical AI is fundamentally transforming the industrial robotics landscape, leading to the replacement of legacy robotic platforms with modern AI-enabled solutions. We collaborate with innovative platform providers such as Wandelbots, enhancing their offerings with advanced AI components for inspection, welding, and precision manufacturing applications. This represents a new and promising revenue stream for our company.

物理人工智慧的興起從根本上改變了工業機器人的格局，導致傳統機器人平台被現代人工智慧解決方案所取代。我們與 Wandelbots 等創新平台提供者合作，透過用於檢查、焊接和精密製造應用的先進 AI 組件來增強他們的產品。這對我們公司來說是一個嶄新且有前景的收入來源。

Second, AI and Agentic platforms. We partnered with large enterprises to develop in-house bespoke Agentic AI platforms. For instance, we are collaborating with a leading global payment technology company and a multi-national beverage giant to construct comprehensive AI platforms.

第二，AI和Agentic平台。我們與大型企業合作開發內部客製化的 Agentic AI 平台。例如，我們正在與一家全球領先的支付技術公司和一家跨國飲料巨頭合作，建立綜合人工智慧平台。

These platforms empower our clients to create a full spectrum of AI agents, both low-code and high-code, within a secure, scalable environment. They offer an expanding ecosystem of tools for agents to access enterprise data and systems. This platform-first strategy enables us to see substantial expansion opportunities by building AI solutions at top of the platforms we develop.

這些平台使我們的客戶能夠在安全、可擴展的環境中創建全方位的 AI 代理，包括低程式碼和高程式碼。它們為代理商存取企業資料和系統提供了不斷擴展的工俱生態系統。這種平台優先策略使我們能夠透過在開發的平台上建立人工智慧解決方案來看到巨大的擴展機會。

Third, AI-first SDLC. As enterprises embrace AI-first mentality, the entire approach to the software development life cycle, SDLC, is shifting. Last month, we introduced our proprietary AI-centric Grid Dynamics AI Native or, GAIN, engagement model. We are driving strong adoption of AI-first SDLC methodologies across Grid Dynamics.

第三，AI優先的SDLC。隨著企業接受 AI 優先的理念，整個軟體開發生命週期 (SDLC) 方法正在轉變。上個月，我們推出了專有的以人工智慧為中心的 Grid Dynamics AI Native 或 GAIN 參與模型。我們正在推動 Grid Dynamics 大力採用 AI-first SDLC 方法。

What is particularly exciting is that this enables our expansion into previously inaccessible market segment. Labor intensive legacy modernization projects that traditionally required large volume of relatively low skilled labor are now within our reach. This represents a significant market expansion opportunity, as we can now compete for projects that were previously economically unfeasible.

尤其令人興奮的是，這使我們能夠擴展到以前無法進入的細分市場。傳統上需要大量相對低技能勞動力的勞動密集遺留現代化計畫現在已觸手可及。這代表著一個重大的市場擴張機會，因為我們現在可以競爭以前經濟上不可行的項目。

For example, we are migrating 16,000 data processing jobs for a global technology leader, using a small specialized team equipped with AI-first SDLC tooling.

例如，我們正在為一家全球技術領先企業遷移 16,000 個資料處理作業，使用配備了 AI-first SDLC 工具的小型專業團隊。

The AI-first SDLC has dramatically improved our pre-sales and client acquisition. We now create high-quality proof of concepts and prototypes in hours, not weeks, significantly boosting conversion rates and shortening sales cycles.

AI-first SDLC 大大改善了我們的售前和客戶獲取。我們現在可以在數小時（而不是數週）內創建高品質的概念證明和原型，從而顯著提高轉換率並縮短銷售週期。

For example, when a leading specialty pet retailer requested a computer vision solution to automate fish counting in aquariums, previously acquiring manual fish transfer between tanks, our AI-first development team delivered a working prototype the next day.

例如，當一家領先的專業寵物零售商要求一種電腦視覺解決方案來自動計數水族館中的魚類（之前需要手動在魚缸之間轉移魚類）時，我們的 AI-first 開發團隊第二天就交付了一個工作原型。

And finally, fourth, Grid Dynamics' (inaudible) efficiency. Beyond client-facing complications, we are leveraging AI to transform our own internal operations. Our in-house Agentic AI platform is transforming and automating every aspect of our operations, including knowledge management, talent sourcing, project management, contractive use, and HR functions.

最後，第四，Grid Dynamics 的（聽不清楚）效率。除了解決客戶面臨的複雜問題之外，我們還利用人工智慧來改變我們自己的內部營運。我們的內部 Agentic AI 平台正在轉變和自動化我們營運的各個方面，包括知識管理、人才採購、專案管理、合約使用和人力資源職能。

AI is fundamental to driving our client business forward. Our continuous commitment to the AI-first future is unwavering. And I am excited about the road ahead.

人工智慧對於推動我們客戶業務的發展至關重要。我們對人工智慧優先未來的持續承諾堅定不移。我對未來的道路充滿期待。

I will now turn the call over to Vasily Sizov, our SVP of Americas, to discuss some notable project highlights from the quarter.

現在，我將把電話轉給我們美洲高級副總裁瓦西里·西佐夫 (Vasily Sizov)，討論本季度的一些值得注意的項目亮點。

Thank you, Eugene. Good afternoon, everyone.

謝謝你，尤金。大家下午好。

I am pleased to highlight some important accomplishments from the quarter that illustrate the value of our work. For a leading global technology company, we modernize (inaudible) data processing infrastructure by migrating Spark and Scala workflows from a legacy scheduling system to a next-generation cloud platform.

我很高興地強調本季的一些重要成就，這些成就體現了我們工作的價值。對於一家全球領先的科技公司，我們透過將 Spark 和 Scala 工作流程從傳統調度系統遷移到下一代雲端平台來實現資料處理基礎設施的現代化（聽不清楚）。

We developed a comprehensive data validation framework to ensure data consistency, optimized computer resource usage; and created reusable templates that accelerate future migrations to containerized environments. This initiative significantly improved platform stability and performance; reduced operational risks; and established the foundation for scalable, efficient development of future data-driven capabilities.

我們開發了全面的資料驗證框架，以確保資料一致性，優化電腦資源使用；並建立可重複使用的模板，以加速未來向容器化環境的遷移。這項措施顯著提高了平台穩定性和效能，降低了營運風險，並為未來數據驅動能力的可擴展、高效開發奠定了基礎。

Another example, we partnered with a leading multi-national technology company to develop [hermetic] C++ tool chains for their ML portfolio. This foundational initiative established a highly-reproducible, reliable, and efficient C++ build environment across their machine learning programs. Our team led the strategic architectural shift to a fully-hermetic C++ build system, delivering a tenfold improvement in build reliability, a 25% reduction in operational costs, and significant developer velocity gains for complex CPU- and GPU-accelerated workloads.

另一個例子是，我們與一家領先的跨國科技公司合作，為他們的 ML 產品組合開發 [密封] C++ 工具鏈。這項基礎措施在其機器學習程式中建立了高度可重複、可靠且高效的 C++ 建置環境。我們的團隊引領了向完全密封的 C++ 建置系統的策略架構轉變，使建置可靠性提高了十倍，營運成本降低了 25%，並且顯著提高了開發人員處理複雜 CPU 和 GPU 加速工作負載的速度。

We are developing an AI platform for a leading home improvements retailer, serving as the foundation for Generative AI tools that assist customers with how-to guidance and product inquiries. Already in production, this virtual assistant offers project inspiration, design concepts, product comparisons, and expert recommendations for both do-it-yourself and professional users. The solution is expected to drive significant improvements in conversion rates and average order value, particularly in maintenance and repair and aesthetic upgrades.

我們正在為一家領先的家居裝修零售商開發一個人工智慧平台，作為產生人工智慧工具的基礎，幫助客戶提供營運指導和產品諮詢。該虛擬助理目前已投入生產，為 DIY 用戶和專業用戶提供專案靈感、設計理念、產品比較和專家建議。該解決方案有望顯著提高轉換率和平均訂單價值，特別是在維護、維修和美學升級方面。

For one of the top fintech companies, we developed a spectrum of AI initiatives to showcase advancements across domains. A multi-agent marketplace validates Temporal as a scalable execution platform for complex multi-agent interactions, offering robust observability and reliability.

對於一家頂尖金融科技公司，我們制定了一系列人工智慧計畫來展示各個領域的進步。多代理市場驗證了 Temporal 作為複雜多代理互動的可擴展執行平台的有效性，提供了強大的可觀察性和可靠性。

A travel desk agent creates stateful agents with advanced memory components that generate personalized long-term itineraries, overcoming context limitations through sub-task execution.

旅行社代理創建具有高級記憶組件的狀態代理，可產生個性化的長期行程，並透過子任務執行克服上下文限制。

Another AI-based solution leverages public reviews to accurately categorize miscoded merchants, identifying system misuse, and potentially increasing revenue through corrected interchange fees.

另一個基於人工智慧的解決方案利用公眾評論來準確對錯誤編碼的商家進行分類，識別系統濫用，並可能透過更正交換費來增加收入。

Thank you. With that, let me turn the call to Anil, who will talk about our financials.

謝謝。說完這些，讓我把電話轉給阿尼爾，他將談論我們的財務狀況。

Thanks, Vasily. Good afternoon, everyone.

謝謝，瓦西里。大家下午好。

We recorded the second quarter revenue of $101.1 million, slightly higher than the midpoint of our $100 million to $102 million guidance. On a year-over-year basis., this represents a growth of 21.7%. Excluding the impact of our recent acquisitions, the year-over-year growth was 6.3%. Both on a quarter-over-quarter and year-over-year basis, there were roughly 73 bps and 40 bps of FX-related tailwinds, respectively.

我們第二季的營收為 1.011 億美元，略高於我們 1 億至 1.02 億美元預期的中位數。與去年同期相比，成長了 21.7%。不計最近收購的影響，年增 6.3%。與上一季和去年同期相比，外匯相關的順風因素分別約為 73 個基點和 40 個基點。

Non-GAAP EBITDA came in at $12.7 million within our guidance range of $12.5 million to $13.5 million in the second quarter of 2025 -- negative impacts on our cost from FX fluctuations, both on a quarterly and year-over-year basis.

2025 年第二季度，非公認會計準則 EBITDA 達到 1,270 萬美元，在我們 1,250 萬美元至 1,350 萬美元的預期範圍內——無論是按季度還是按年，外匯波動都對我們的成本產生了負面影響。

As you know, over the past months, the US dollar has weakened against most of the currencies. As Grid Dynamics is exposed to a currency basket across Europe, Latin America, and India, we have a natural hedge against some of these currencies. The net impact of it was approximately $1.4 million.

眾所周知，過去幾個月，美元兌大多數貨幣均走弱。由於 Grid Dynamics 的投資範圍涵蓋歐洲、拉丁美洲和印度的貨幣籃子，因此我們可以對其中一些貨幣進行自然對沖。其淨影響約為140萬美元。

Looking at the performance of our verticals, Retail remained our largest vertical, contributing 29.2% of total revenues for the second quarter of 2025. Revenues in this vertical grew 10.4% year over year, primarily driven by demand from our existing specialty retail customers and new customer engagements. On a sequential basis, however, revenues declined by 6.2%, largely from home improvement customers.

從我們垂直產業的表現來看，零售仍然是我們最大的垂直產業，貢獻了 2025 年第二季總收入的 29.2%。該垂直領域的營收年增 10.4%，主要受現有專業零售客戶和新客戶需求的推動。然而，與上一季相比，收入下降了 6.2%，主要來自家居裝飾客戶。

The Finance vertical accounted for 25.1% of total revenues in the quarter and remained our second largest vertical. Revenues grew 1.4% sequentially and doubled year over year. The substantial year-over-year growth was primarily driven by increased demand from our fintech customers, along with contributions from our 2024 acquisitions that brought in global banking customers.

金融垂直業務佔本季總收入的 25.1%，仍然是我們的第二大垂直業務。營收季增 1.4%，年增一倍。年比大幅成長主要得益於金融科技客戶需求的成長，以及我們 2024 年收購帶來的全球銀行客戶的貢獻。

TMT accounted for 24.9% of total revenues for the quarter, with the growth of 6.7% quarter over quarter and 8.4% compared to the same period last year. Largest growth driver was increased demand from our customers.

TMT業務佔本季總營收的24.9%，季增6.7%，較去年同期成長8.4%。最大的成長動力是客戶需求的成長。

Turning to the remaining verticals, CPG and Manufacturing represented 10.5% of quarterly revenues. While revenues remain flat in absolute value sequentially, it increased 7.7% year over year, primarily due to contributions from our recent acquisition.

轉向其餘垂直產業，CPG 和製造業佔季度收入的 10.5%。雖然營收絕對值與上一季持平，但年增 7.7%，這主要歸功於我們最近的收購帶來的貢獻。

Other vertical contributed 7.8% of total revenues, reflecting sequential growth of 10.1% and 4.6% increase compared to the second quarter of 2024. The year-over-year increase primarily came from customers tied to agriculture, marketplace, and service providers sub-verticals.

其他垂直行業貢獻了總收入的 7.8%，環比增長 10.1%，與 2024 年第二季度相比增長 4.6%。年比成長主要來自與農業、市場和服務提供者子垂直領域相關的客戶。

And finally, the Healthcare and Pharma made up 2.5% of our revenues for the quarter.

最後，醫療保健和製藥業務佔本季營收的 2.5%。

We ended the second quarter with a total headcount of 5,013, up from 4,926 employees in the first quarter of 2025 and up from 3,961 in the second quarter of 2024. At the end of the second quarter of 2025, our total US headcount was 359 or 7.2% of the company's total headcount versus 8.8% in the year-ago quarter. Our non-US headcount located in Europe, Americas, and India was 4,654, or 92.8%.

截至第二季度，我們的員工總數為 5,013 人，高於 2025 年第一季的 4,926 人，也高於 2024 年第二季的 3,961 人。截至 2025 年第二季末，我們在美國的員工總數為 359 人，占公司總員工總數的 7.2%，而去年同期為 8.8%。我們位於歐洲、美洲和印度的非美國員工總數為 4,654 人，佔 92.8%。

In the second quarter, revenues from our top 5 and top 10 customers were 37.5% and 57.3%, respectively, versus 38.5% and 57% in the same period a year ago, respectively.

第二季度，來自我們前五大和前十大客戶的收入分別為 37.5% 和 57.3%，而去年同期分別為 38.5% 和 57%。

During the second quarter, we had a total of 194 customers, down from 204 in the first quarter of 2025 and 208 in the year-ago quarter. The decline in the number of customers was primarily driven by our continued efforts to rationalize our portfolio of non-strategic customers.

第二季度，我們共有 194 名客戶，低於 2025 年第一季的 204 名和去年同期的 208 名。客戶數量的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 $34.5 million or 34.1% compared to $37 million or 36.8% in the first quarter of 2025 and $29.6 million or 35.6% in the year-ago quarter. On a non-GAAP basis, our gross profit was $35.1 million or 34.7% compared to $37.6 million or 37.4% in the first quarter of 2025 and up from $30.1 million or 36.2% in the year-ago quarter.

轉到損益表，本季我們的 GAAP 毛利為 3,450 萬美元或 34.1%，而 2025 年第一季為 3,700 萬美元或 36.8%，去年同期為 2,960 萬美元或 35.6%。以非公認會計準則計算，我們的毛利為 3,510 萬美元，即 34.7%，而 2025 年第一季為 3,760 萬美元，即 37.4%，高於去年同期的 3,010 萬美元，即 36.2%。

On a sequential basis, the decline in the gross margin was largely from FXs and wins, increased engineering headcount to support future growth, and timing of costs related to some fixed price contracts.

從環比來看，毛利率的下降主要是由於外匯和合約金額、為支持未來成長而增加的工程人員數量以及與一些固定價格合約相關的成本時間安排。

Non-GAAP EBITDA during the second quarter that excluded interest income, expense, provision from income taxes, depreciation and amortization, stock-based compensation, restructuring, expenses related to geographic reorganization, and transaction and other related costs was $12.7 million or 12.6% of revenues, down from $14.6 million or 14.5% of revenues in the first quarter of 2025 and up from $11.7 million or 14.1% in the year-ago quarter.

第二季非公認會計準則 EBITDA（不包括利息收入、費用、所得稅準備金、折舊和攤銷、股票薪酬、重組、與地理重組相關的費用以及交易和其他相關成本）為 1,270 萬美元，佔收入的 12.6%，低於 2025 年第一季的 1,460 萬美元或占收入的 14.50 萬美元的 14.50 萬美元或佔收入的 14.50 萬美元的收入。 14.1%。

Sequential decline in EBITDA was largely due to the decline in gross profit and FX headwinds. The increase on a year-over-year basis was largely due to higher revenues, partially offset by increase in operating expenses and FX fluctuations.

EBITDA 的連續下降主要是由於毛利下降和外匯不利因素。年比成長主要是由於收入增加，但部分被營運費用增加和外匯波動所抵消。

Our GAAP net income in the second quarter was $5.3 million or $0.06 per share, based on a diluted share count of 86.4 million shares compared to the first -quarter net income of $2.9 million or $0.03 per share, based on a diluted share count of [87.8 million shares] and a net loss of $0.8 million or $0.01 per share, based on 76.6 million diluted shares in the year-ago quarter.

我們第二季的 GAAP 淨收入為 530 萬美元或每股 0.06 美元（基於稀釋後股份數量 8640 萬股），而第一季淨收入為 290 萬美元或每股 0.03 美元（基於稀釋後股份數量 [8780 萬股]）和淨虧損為 80 萬美元或每股 0.17 美元（基於去年同期的 60 萬美元）。

On a non-GAAP basis, in the second quarter, our non-GAAP net income was $8.3 million or $0.10 per share, based on 86.4 million diluted shares compared to the first-quarter non-GAAP net income of $10 million or $0.11 per share, based on 87.8 million diluted shares and $8.5 million or $0.11 per share, based on 77.9 million diluted shares in the year-ago quarter.

以非公認會計準則 (Non-GAAP) 計算，第二季度我們的非公認會計準則淨收入為 830 萬美元或每股 0.10 美元（基於 8,640 萬股稀釋股份），而第一季的非公認會計準則淨收入為 1,000 萬美元或每股 0.11 美元（基於 8,780 萬美元（基於 8,780 萬美元）萬股稀釋股份）。

On June 30, 2025, our cash and cash equivalent totaled $336.8 million, up from $325.5 million on March 31, 2025.

截至 2025 年 6 月 30 日，我們的現金及現金等價物總額為 3.368 億美元，高於 2025 年 3 月 31 日的 3.255 億美元。

Now, coming to the guidance, Over the past couple of quarters, the majority of enterprise clients across industry verticals have taken a certain degree of caution with traditional digital transformation spending. This is something we've seen across our customer base.

現在，談到指導，在過去的幾個季度中，各行各業的大多數企業客戶都對傳統的數位轉型支出採取了一定程度的謹慎態度。這是我們在整個客戶群中看到的情況。

That said, innovation-led projects, our client priorities, from a spending point of view -- Grid Dynamics has been one of the key beneficiaries of this trend.

也就是說，從支出的角度來看，創新主導的專案是我們的客戶優先事項——Grid Dynamics 一直是這一趨勢的主要受益者之一。

Coming to the third-quarter guidance, we expect revenues to be in the range of $103 million to $105 million. We expect our recent acquisitions contributing approximately. 12% of the revenues.

談到第三季的預期，我們預計營收將在 1.03 億美元至 1.05 億美元之間。我們預計最近的收購將貢獻約 12% 的收入。

We expect our third-quarter non-GAAP EBITDA to be in the range of $12 million to $13 million. For the third quarter of 2025, we expect 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 87 million to 89 million.

我們預計第三季非 GAAP EBITDA 將在 1,200 萬美元至 1,300 萬美元之間。對於 2025 年第三季度，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 8,700 萬至 8,900 萬股之間。

We are maintaining our full-year revenue outlook of $415 million to $435 million. All of this despite an estimated low-double digit annual percentage reduced revenue from cautionary spending on traditional business, which we projected early in the year. It was affected by uncertainty with the macro environment.

我們維持全年收入 4.15 億美元至 4.35 億美元的預期。儘管預計年增長率將達到兩位數，但所有這些都導致傳統業務的謹慎性支出收入減少，正如我們在今年年初所預測的那樣。受到宏觀環境不確定性的影響。

In spite of these events, we continue winning innovation-led projects and grow overall revenue. As Leonard pointed out, roughly 23% of our business is tied to AI and data. This momentum around AI business is growing. And we expect this to be higher in the quarters to come.

儘管發生了這些事件，我們仍然繼續贏得創新主導的項目並增加整體收入。正如倫納德所指出的，我們大約 23% 的業務與人工智慧和數據相關。圍繞人工智慧業務的勢頭正在不斷增長。我們預計未來幾季這數字還會更高。

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

我的準備好的發言到此結束。我們已準備好回答問題。

Thank you, Anil.

謝謝你，阿尼爾。

(Event Instructions)

（活動須知）

Mayank Tendon, Needham.

梅揚克·滕登，尼德姆。

Thank you. Can you guys hear me okay?

謝謝。你們聽得到我說話嗎？

Yes, we can, Mike.

是的，我們可以，麥克。

I wanted to just maybe focus a little bit more on the pipeline and the pace of deal conversion. And if you could just talk about -- as you look at the guidance for the rest of the year, and let's take the midpoint, for example, how much of the revenue would you say is in the bag under contract? And how much do you actually still have to go out and win? Just give us a sense of your confidence level in terms of getting to your guidance range.

我可能只是想更多地關注渠道和交易轉換的速度。如果您可以談談—當您查看今年剩餘時間的指導時，讓我們以中間點為例，您認為合約中的收入有多少？那麼你實際上還需要付出多少努力才能贏得勝利？只需讓我們了解您對達到指導範圍的信心水平。

Maybe, Bernard, if you want, I can kick off; and then, we can add. Yes.

也許，伯納德，如果你願意的話，我可以開始；然後，我們可以補充。是的。

Mayank, look, last quarter, there was this question, right? When we talked about $415 million to $435 million. And what we talked about is when you look at the low end of our guidance, that will be reached by some of the working-time benefits that we see.

Mayank，你看，上個季度就有這個問題，對吧？當我們談論 4.15 億美元到 4.35 億美元時。我們所討論的是，當你看到我們指導的低端時，我們看到的一些工作時間福利將達到這一水平。

And we still maintain that. There is obviously organic growth. So if you look at the low end of our guidance, for example, if you model something to the effect of high single digits for the full year in organic growth and we maintain this momentum of about 12% from our acquisitions, that gets you to the low end of the guidance, which is a good place to be.

我們仍然堅持這一點。顯然存在有機成長。因此，如果您看一下我們指導的低端，例如，如果您對全年有機增長進行高個位數建模，並且我們通過收購保持了約 12％ 的勢頭，那麼您就可以達到指導的低端，這是一個很好的位置。

Now, we also said that there are two things that are happening. There are other new pipeline business, which I'm sure Leonard and the team will talk about. But there's other opportunities that are there.

現在，我們還說過有兩件事正在發生。還有其他新的管道業務，我相信倫納德和他的團隊會討論。但還有其他機會。

As you go from the low end of the guidance to the high end of the guidance, obviously, there is a little bit more on expectations on the acquisitions. So with that, I'll pass it on.

當你從指導的低端走向指導的高端時，顯然，對收購的預期會更高一些。因此，我會將其傳遞下去。

Should I continue or --?

我應該繼續嗎？--？

Yeah. Go ahead, continue on.

是的。來吧，繼續前行。

Okay. My follow-up question would be around just the key underlying drivers of the model. So how should we think about the pricing climate? How much more leverage do you have on utilization? And what are your hiring plans, just given some of the demand trends you talked about.

好的。我的後續問題將圍繞該模型的關鍵潛在驅動因素。那我們該如何看待定價環境呢？您在利用率方面還有多少影響力？鑑於您談到的一些需求趨勢，您的招募計畫是什麼？

So if you could just touch on those three metrics, that would be helpful from a margin standpoint.

因此，如果您能談談這三個指標，從利潤的角度來看這將會很有幫助。

Let me take it because Anil is not in the room. That's connection itself.

因為阿尼爾不在房間裡，所以請讓我來接手。這就是連接本身。

So first of all, let me finish the first part of your question. The pipeline is very robust. We have a little bit of a conservative point of view because if you remember, when we were last time in the earnings call, we were talking about very good -- and indeed, there was a very optimistic part of the growth but we want to be cautious because we don't know.

首先，讓我完成你問題的第一部分。該管道非常堅固。我們的觀點有些保守，因為如果你還記得的話，我們上次召開收益電話會議時，我們談論的是非常好的——事實上，增長中確實有一個非常樂觀的部分，但我們希望謹慎，因為我們不知道。

Then, a lot of macro impact happened next couple of months. And even though we finished the quarter -- had a solid record number, still, it was not to the full expectations of where it would be. The pipeline, which was created in Q2, is extremely good.

然後，接下來的幾個月發生了很多宏觀影響。儘管我們在本季度取得了創紀錄的成績，但仍然沒有達到預期。該管道於第二季度創建，非常好。

Again, jumping forward, the July numbers (inaudible) but I don't want to jinx it again. But we look optimistic for the second half of the year quite a bit because the convergence of the projects, especially related to any data and AI platforms, is growing fast. We're talking about 3 times more than regular business.

再次向前看，七月份的數字（聽不清楚）但我不想再帶來厄運。但我們對於下半年相當樂觀，因為項目的融合，特別是與任何數據和人工智慧平台相關的項目，正在快速成長。我們談論的是比常規業務多 3 倍的業務。

But reality is almost all the customers across our universe are taken on the business associated, either with innovative projects or with a substantial migration. And we're talking about not just POCs or quite big projects, some hyperscaler (inaudible) with it as well.

但現實情況是，我們全球幾乎所有的客戶都從事與創新專案或大規模遷移相關的業務。我們談論的不僅僅是 POC 或相當大的項目，還包括一些超大規模（聽不清楚）。

So when we look at the -- how much in the (inaudible) versus how much is a bit of a stretch, Anil you mentioned to you that getting from low end to the midrange require quite a bit of effort. And at this point, we just stay in the range and I think we'll have much better view by the end of the quarter. But right now, we're very optimistic on the new, big deals.

因此，當我們看一下 - （聽不清楚）中有多少與多少有點牽強，阿尼爾，你提到過，從低端到中端需要相當大的努力。目前，我們只是保持在這個範圍內，我認為到本季末我們會有更好的視野。但現在，我們對新的大交易非常樂觀。

At the same time, coming back to your second part, how we structured the pricing around the business associated with it. There are several aspects.

同時，回到您的第二部分，我們如何根據與之相關的業務來建立定價。有幾個方面。

So first of all, we (inaudible). So when we are engaged with the technology-innovated projects, as you can imagine, the price (inaudible) because clients are trying to reach the goal of their internal value-add to the business and to, also, the cost system. So there's a little bit of a competition for the talent and as you know, (inaudible) is quite well positioned.

首先，我們（聽不清楚）。因此，當我們參與技術創新專案時，正如您所想像的，價格（聽不清楚）是因為客戶試圖實現其內部對業務和成本系統增值的目標。因此，人才競爭有點激烈，而且如你所知，（聽不清楚）處於相當有利的位置。

Now, on the traditional business, there are various factors. We see a lot more pressure, right now, from the clients to scale the business with (inaudible). The price structure (inaudible) is different. So as you see, we continue to grow our headcount but it's highly more proportional, at least at this point, to what we were when we were purely driven by the European engineering.

現在，就傳統業務而言，存在各種因素。我們現在看到客戶在擴大業務規模方面面臨更大的壓力（聽不清楚）。價格結構（聽不清楚）不同。因此，如您所見，我們的員工人數正在增加，但至少目前，與我們純粹由歐洲工程驅動時相比，我們的員工人數是成比例的。

Also with this global follow-the-sun model, we're signing the deals across various regions, particularly in Europe and in LatAm, which, again, has a different pricing model. So it's very hard to create a common denominator for all these factors.

此外，透過這種全球跟隨模式，我們正在各個地區簽署協議，特別是在歐洲和拉丁美洲，這些地區也有不同的定價模式。因此，很難為所有這些因素創建一個共同點。

But we see the vector is solid. We went through negotiations, most of all, for this year. But there are some longstanding negotiations for 2026. But very importantly, we're also addressing that with the weakening US dollar, some of the value factors for the European engineering cannot be addressed by purely (inaudible) .

但我們看到向量是實心的。我們今年進行的談判最為重要。但針對 2026 年的談判仍需長期進行。但非常重要的是，我們也在解決美元疲軟的問題，歐洲工程的一些價值因素不能只透過（聽不清楚）。

So (inaudible) -- and now, the game work is becoming very, very much into the into the solution-based. And that gives us more positive attributes to how we build the business.

所以（聽不清楚）——現在，遊戲工作變得非常、非常以解決方案為基礎。這為我們的業務建設提供了更多積極的屬性。

But overall, to summarize it, we embed heavily on our AI data business to grow. It's a fantastic positioning where we are today with our technology capable.

但總的來說，我們大力依賴人工智慧數據業務來實現成長。憑藉我們目前強大的技術實力，我們目前所處的定位非常好。

If you want to clarification, I'll do more. But I tried to cover a very broad base in one answer.

如果您想澄清，我會做更多。但我試圖在一個答案中涵蓋非常廣泛的內容。

That's great. I'll pass it on. Thank you so much for that. Appreciate it.

那太棒了。我會傳達的。非常感謝。非常感謝。

Puneet Jain, J.P. Morgan

摩根大通的Puneet Jain

Thanks for taking my question. .

感謝您回答我的問題。。

I wanted to ask about how -- like, Eugene, I think you talked about, like, how AI is changing the nature of work, specifically in this traditional SDLC cycle. But can you talk about, like, need for training or hiring employees differently?

我想問一下——比如，尤金，我想你談到了人工智慧如何改變工作的性質，特別是在這個傳統的 SDLC 週期中。但是您能否談談培訓或僱用員工的不同需求？

It feels like your high experience within your workforce could be helpful. But I'd like to know your thoughts. Like, I'd like to hear like how you think you might have to hire or train employees different, as you prepare (inaudible) dynamics for the changes to traditional SDLC.

感覺您在工作中的豐富經驗可能會有所幫助。但我想知道你的想法。例如，我想聽聽您認為在為傳統 SDLC 的變化準備（聽不清楚）動態時，您可能需要以不同的方式僱用或培訓員工。

Yes. Thank you, Puneet. Great question. This is not something which we started to do just today, right? We started to do it quite some time ago, preparing for AI-first future.

是的。謝謝你，Puneet。好問題。這不是我們今天才開始做的事情，對吧？我們很早就開始這麼做了，為人工智慧優先的未來做準備。

And as we already said, we've always been a little bit of (inaudible) on our talent, making a strong preference to the more senior; more capable; more, I would say, broad engineers. And in the new AI-first software development life cycle, the engineers who are working on the actual projects supported by the AI agents, which are actually writing code and making modification to the code base, we are, I think, the judges, right?

正如我們已經說過的，我們一直對人才有點（聽不清楚），強烈傾向於更資深、更有能力、更全面的工程師。在新的 AI-first 軟體開發生命週期中，那些致力於 AI 代理支援的實際專案的工程師，實際上正在編寫程式碼並修改程式碼庫，我認為，我們是評委，對嗎？

And the deep experience of engineers help to determine the (inaudible) suggestions, which are made by the agent -- is good or bad suggestion. And this is where we see a lot of value, which is coming from more senior engineers.

工程師的豐富經驗有助於確定代理提出的（聽不清楚）建議是好建議還是壞建議。我們看到了很多價值，這些價值來自於更資深的工程師。

And at the same time, we invested quite a bit in the, I would say, AI-native engineers who grown with (inaudible) AI agents from the very beginning of their careers and very natively, coming out of our internship already armed with the understanding [of these scales].

同時，我們在 AI 原生工程師身上投入了相當多的資金，他們從職業生涯一開始就與 AI 代理一起成長，非常自然，在實習結束後就已經具備了理解[這些尺度]

Our platform, which we are developing, right now, which we call GAIN, it's a combination of the technology. It's not only about porting right, it's all through the whole cycle of development, starting from requirement understanding and (inaudible) and ending with deployment and testing (inaudible) and production.

我們目前正在開發的平台，我們稱之為 GAIN，它是多種技術的結合。這不僅涉及正確移植，還涉及整個開發週期，從需求理解和（聽不清楚）開始，到部署和測試（聽不清楚）和生產結束。

It's all supported by the different kinds of AI agents. Engineers -- seniors engineers and AI engineers -- are supervising those agents and correcting them and guiding them through. And of course, our review training program is preparing those engineers with, like, the traditional set-prompt engineering. But right now, it's more like a context engineering, like a little bit new term in the industry which everybody is using, to help those agents to be successful and to drive on further.

這一切都由不同類型的人工智慧代理支援。工程師——高級工程師和人工智慧工程師——正在監督這些代理，糾正他們並指導他們。當然，我們的審查培訓計劃正在為這些工程師提供類似於傳統的設定提示工程的培訓。但現在，它更像是一種背景工程，就像行業中每個人都在使用的新術語，旨在幫助這些代理商取得成功並進一步發展。

So that's a shorter (multiple speakers).

所以這是一個較短的（多位發言者）

That context engineering, this year, we've been here impact a lot of the -- (inaudible). No, I appreciate the response.

今年，我們在這裡的環境工程影響了許多——（聽不清楚）。不，我很感謝你的回覆。

Obviously, like from investor standpoint, we take a lot of questions on the reasons for slower growth in broader IT services, like whether it's macro, whether it's AI, let me ask that question this way: like, you have, let's say, verticals -- say for example, Financial Services, which has been doing great -- and then, verticals like Retail, Healthcare, CPG, not as great.

顯然，從投資者的角度來看，我們會對更廣泛的 IT 服務成長放緩的原因提出很多疑問，比如是宏觀因素還是人工智慧，讓我這樣問這個問題：比如說，垂直行業——比如金融服務，它一直表現得很好——然後，零售、醫療保健、快速消費品等垂直行業表現就沒那麼好了。

So are there any differences in AI adoption across these verticals? Or would you see, like, that growth difference across those verticals is purely like a function of macro or sector-specific challenges?

那麼這些垂直產業在人工智慧的採用上是否存在差異？或者您認為這些垂直行業之間的成長差異純粹是宏觀或特定行業挑戰的結果？

Puneet, I'll let other people talk about it more specifically. I think it's a very fundamental question.

Puneet，我會讓其他人更具體地談論它。我認為這是一個非常基本的問題。

There's no slowdown on AI adoption across all the verticals. What happened is in certain verticals, we're gaining momentum because the existing business -- the traditional business, the cloud migration, new platforms and software development -- continues to expand while they adopt AI.

所有垂直領域對人工智慧的採用均沒有放緩的跡象。在某些垂直領域，我們正在獲得發展動力，因為現有業務——傳統業務、雲端遷移、新平台和軟體開發——在採用人工智慧的同時不斷擴展。

The AI platform, their own homegrown platform to use our partnership, there's a lot of (inaudible) going on. We even started getting some press from participation in reduction in physical area. So we're really at the cutting edge of all the (inaudible).

人工智慧平台，他們自己開發的平台，利用我們的合作關係，有很多（聽不清楚）的事情發生。我們甚至開始因為參與減少物理面積而獲得一些關注。所以我們確實處於所有領域的前沿（聽不清楚）。

There are some other verticals where the traditional business has been somewhat mute. And obviously, because the Retail and CPG was a substantial part of our business and there are some traditional large legacy business, which has participation in (inaudible) -- not mentioning all these [emotions] around the tariff strategies, they're slowing down on traditional software development, infrastructure, and expense -- all that stuff.

在其他一些垂直領域，傳統業務相對沉寂。顯然，由於零售和快速消費品是我們業務的重要組成部分，並且還有一些傳統的大型遺留業務，這些業務參與其中（聽不清楚）——更不用說圍繞關稅策略的所有這些[情緒]，他們正在放慢傳統軟體開發、基礎設施和費用——所有這些東西。

They continue to invest into AI front. But what -- if you noticed Anil brought in some flavor, talking about what could have been at that business will be slow down, it will be way above the upper range of the guidance. But it wasn't. And what we see, right now, is the redeployment of resources in a more traditional conservative fuels, which the, I would say, potential expansion is very limited, where the other more aggressive expansion combined with the traditional (inaudible).

他們繼續投資人工智慧領域。但是——如果你注意到阿尼爾帶來了一些味道，談論那項業務可能會放緩，它將遠遠高於指導的上限。但事實並非如此。我們現在看到的是，資源重新部署到更傳統的保守燃料上，我想說，這種燃料的潛在擴張非常有限，而其他更積極的擴張與傳統燃料相結合（聽不清楚）。

So the bottom-line conclusion: AI growth supports very dynamic growth, wholeheartedly. We have more than one platform. We have internal platform and external platform. We participate in many activities, which actually make decent dollars.

因此，最終的結論是：人工智慧的成長全心全意地支持非常動態的成長。我們有多個平台。我們有內部平台和外部平台。我們參與了許多活動，確實賺了不少錢。

So that's muted -- current business -- in terms of the more traditional areas -- start dragging a little bit down and is driven by those matters.

因此，就較為傳統的領域而言，目前的業務開始受到一些拖累，並且是由這些問題所驅動的。

Okay. Thank you.

好的。謝謝。

Brian Bergin, TD Cowen

布萊恩·伯金（Brian Bergin），TD Cowen

I wanted to ask on the AI-powered engagement model. Can you talk about the early client testing and reception to that model? And how are you thinking about how fast JUXT ultimately gets adopted in your business.

我想問一下人工智慧驅動的參與模式。您能談談早期客戶對該模型的測試和接受度嗎？您認為 JUXT 最終會在您的業務中得到多快的應用？

So what I'm specifically curious about it as it gets adopted by more, what's the impact going to be on the financial profile of the business as we think about growth and gross margin?

因此，我特別好奇的是，隨著它被越來越多的人採用，當我們考慮成長和毛利率時，它將對企業的財務狀況產生什麼影響？

All right. Maybe, let me answer these questions. Thank you, Brian, for the question.

好的。也許，讓我來回答這些問題。謝謝 Brian 提出的問題。

So I would say first that we definitely see increasing demand for new types of engagements and AI-powered engagements. So this definitely should fuel future growth. So that's the first statement.

因此，我首先要說的是，我們確實看到對新型參與和人工智慧驅動的參與的需求不斷增長。因此這肯定會推動未來的成長。這是第一條聲明。

As for the -- particularly, gain implementation, as Eugene mentioned, it's a very comprehensive, I would say, holistic approach in how you approach the software and development life cycle by embracing those processes, technical tools, team composition, and also the new commercial model.

至於——特別是收益實施，正如 Eugene 所提到的，這是一種非常全面、整體的方法，透過採用這些流程、技術工具、團隊組成以及新的商業模式來處理軟體和開發生命週期。

As a matter of fact, right now, we already apply certain aspects of this new platform at selected customers. Primarily, the easiest thing for us is basically to bring this platform and process into fixed-price engagements, which basically doesn't require the customer to rethink the (inaudible) process on how they engage us.

事實上，目前我們已經在選定的客戶中應用了這個新平台的某些方面。首先，對我們來說最簡單的事情基本上就是將這個平台和流程納入固定價格的約定中，這基本上不需要客戶重新考慮他們與我們合作的（聽不清楚）流程。

So from that perspective, we already see benefits by primarily reducing the timeline, which allows us to be more competitive also on the pricing side, right?

因此從這個角度來看，我們已經看到了主要透過縮短時間表的好處，這也使我們在定價方面更具競爭力，對嗎？

As for the full-fledged GAIN implementation, including the commercial, we are in the phase of fine-tuning this whole model because it's truly innovative things. So (inaudible) are not ready to be a learning curve for them and it will be a learning experience for us to fine-tune that.

至於包括商業在內的全面 GAIN 實施，我們正處於對整個模型進行微調的階段，因為它確實是創新的東西。因此（聽不清楚）還沒有準備好成為他們的學習曲線，而對我們來說這將是一次學習經歷，以對其進行微調。

But the good thing is that we are talking to, actually, 2 out of our top 15 customers, right now -- started piloting this model. As soon as we make it -- the process -- as smooth as possible to go into production.

但好消息是，我們實際上正在與我們前 15 名客戶中的 2 名進行洽談，他們目前已開始試行這種模式。一旦我們使這個過程盡可能順利地投入生產。

It's a margin question. I think what Vasily -- Vasily is the foundational father of the model. So in running Americas, gives him a bit of upper hand with others. And when I was in Chicago, at the conference, the first time, I'd briefly mentioned the ideas and turns out, obviously, we're not alone.

這是一個邊際問題。我認為瓦西里—瓦西里是該模型的奠基者。因此，在管理美洲方面，他比其他人略佔優勢。當我第一次在芝加哥參加會議時，我簡要地提到了這些想法，結果顯然我們並不孤單。

But what's important is the proven (inaudible), how much business we generate. But what's more important, how beneficial it becomes to (inaudible).

但重要的是已證實（聽不清楚），我們創造了多少生意。但更重要的是，它對（聽不清楚）。

I would not talk about, directly, gross margin. I was talking -- I would refer to the profit margin as we grow. And you can really translate it back because it includes the partial ownership of the people, the (inaudible) platforms -- as proving the conceptual business basically become a technology consultant to the client, understanding their business flavor of those verticals.

我不會直接談論毛利率。我剛才說的是──我會參考我們成長過程中的利潤率。你真的可以把它翻譯回來，因為它包括人員的部分所有權，（聽不清楚）平台——證明概念業務基本上成為客戶的技術顧問，了解他們對這些垂直行業的業務風格。

So we're trying to prove -- there are interesting points which you guys were [torching] us from the beginning of AI. Well, the engineers will disappear and how the new world is going to work? What it is going to do to us -- and this is going to be very important if we scale this program properly -- it will substantially increase revenue per person.

因此，我們試圖證明──從人工智慧誕生之初，你們就向我們提出了一些有趣的觀點。那麼，工程師將會消失，新世界又將如何運作？它對我們有何影響——如果我們適當擴大該計劃，這將非常重要——它將大幅增加人均收入。

And why would it be is because we can use our top talent. It's just growing but, obviously, never enough, right? You see some of the notable big companies growing with eight-digit, nine-digit numbers, right, into the people.

原因在於我們可以利用我們的頂尖人才。它只是在增長，但顯然永遠不夠，對吧？你會看到一些著名的大公司以八位數、九位數的數字不斷成長，對吧，融入人們的生活中。

Now, for us, since they have such a good pyramid up, we've forced the clients to see what's important to them. And what's important to them is not only individual talents but having a partnership with Grid Dynamics, which makes measurable results.

現在，對我們來說，由於他們擁有如此好的金字塔，我們已經迫使客戶看到什麼對他們來說是重要的。對他們來說，重要的不僅是個人才能，還有與 Grid Dynamics 的合作，從而帶來可衡量的成果。

And those two clients, which Vasily mentioned, are far along the way. And the reason they realize why it's important is because the pace of innovation substantially increases for the time and surpass their ability internally to conceptualize the business.

瓦西里提到的那兩個客戶已經走了很遠了。他們意識到這一點的重要性的原因是，創新的步伐隨著時間的推移大幅加快，超出了他們內部概念化業務的能力。

So we're innovating, deploying, and analyzing business at the same time. And the key point of that today, actually, if you look at the crux of the GAIN offering (inaudible) platforms -- because without a reliable and logical dedicated data platform on the client side of the business, it will be risky because the conversion may not be as valuable for the business.

因此，我們同時在創新、部署和分析業務。事實上，今天的關鍵點在於，如果你看一下 GAIN 提供（聽不清楚）平台的關鍵——因為如果在業務的客戶端沒有可靠且合乎邏輯的專用資料平台，那麼這將是有風險的，因為轉換對業務的價值可能不那麼高。

So I would look at the revenue per person as we scale our company, rather than purely margin, which, obviously, will be addressed by increasing margins.

因此，在擴大公司規模時，我會專注於人均收入，而不是單純的利潤率，顯然，利潤率可以透過提高利潤率來解決。

Okay. Makes sense. I get that.

好的。有道理。我明白。

I'll also follow up, just in the near term, we'll talk about near-term margin and just understanding demand is choppy, you do have -- you've increased head count against -- how are you balancing keeping quality bench for a growth recovery and potentially investing around non-billable R&D right now versus optimizing cost structure. Can you just talk about that dynamic in the near term, specific to '25?

我還將跟進，就在短期內，我們將討論短期利潤率，並且了解需求是波動的，您確實 - 您增加了員工人數 - 您如何在保持質量基準以實現增長復甦和潛在投資於非計費研發之間取得平衡，以及優化成本結構。能否談談近期的動態，具體到 25 年？

Anil, you have the numbers.

阿尼爾，你有數據。

As you would expect -- I'm laughing, Brian, because this is exactly what we're doing day in and day out, right now. So it's something very interesting that we are doing within the company. There are two very important things that I'm working on.

正如你所料——布萊恩，我笑了，因為這正是我們現在日復一日所做的事情。所以這是我們在公司內部所做的事情非常有趣的事情。我正在做兩件非常重要的事情。

One, as you pointed out, is there is a certain degree of financial discipline that we have to embark upon, right, in the short term to ensure that -- as a public company we have to just work on. But there's another mandate that Leonard has given me, which is we have to double down and invest into future technologies, into future platforms, and future personnel. So there are two parts of my whole balancing act, so to speak.

正如您所指出的，首先，我們必須在短期內實施一定程度的財務紀律，以確保—作為一家上市公司，我們必須繼續努力。但倫納德也給了我另一項任務，那就是我們必須加倍投資未來的科技、未來的平台和未來的人才。可以這麼說，我的整個平衡行為包含兩個部分。

The focus that we're looking at is we are creating specialized pools of labor that are targeting certain specific technologies. And I'm sure the group here, they can talk a lot more whether it is a hyperscaler, whether there's some AI-specific things.

我們關注的重點是建立針對某些特定技術的專業勞動力資源庫。我相信這裡的團隊可以更多地討論它是否是一個超大規模器，是否有一些特定於人工智慧的東西。

We've developed internal platforms. So there's a lot of activity going on on our tooling side to build these accelerators and platforms on the AI side. While we're doing that, we're taking a very closer look at our utilization bench on our more traditional side of business.

我們已經開發了內部平台。因此，我們在工具方面正在進行大量活動，以在 AI 方面建立這些加速器和平台。在我們這樣做的同時，我們正在仔細研究我們更傳統業務方面的利用率。

And from that point of view, obviously, we're ensuring that we are a little bit more cost-optimized. So that's how we're working on it. And actually, if you look at from Q2 to Q3, some of my increased costs is because of investments in some of these engineering talent.

從這個角度來看，顯然我們要確保成本更加優化。這就是我們的工作方式。實際上，如果你看一下從第二季到第三季的數據，你會發現我的成本增加的部分原因是對一些工程人才的投資。

So Brian, let me be very blunt because Anil was trying to be a little bit (inaudible). This is my absolute concrete determination: we will need to be the top leaders in AI implementation offering to the clients.

所以布萊恩，讓我直言不諱，因為阿尼爾試圖表現得有點（聽不清楚）。這是我絕對具體的決心：我們要成為為客戶提供人工智慧實施服務的頂尖領導者。

I know, as Anil mentioned, as a public company, we need to do a clean-up. And we're doing the clean-up. But we're doing the clean-up only to open up more capabilities. As far as I'm concerned, as you know, how Grid Dynamics stock has deteriorated for whatever reason you guys decided to (inaudible) to me, it's like I don't want to go back to where I was three months ago, I want to go 5 times more than I was three months ago.

我知道，正如阿尼爾所說，作為一家上市公司，我們需要進行清理。我們正在進行清理工作。但我們進行清理只是為了釋放更多功能。就我而言，正如你所知，Grid Dynamics 的股票無論出於什麼原因都已經下跌，你們決定（聽不清楚）對我來說，就像我不想回到三個月前的水平，我想比三個月前漲 5 倍。

And the reason is the value we add to the system is going to be disproportional to everything we've done until the digital transformation with the cloud migration and public cloud took off. And we're actively participating by co-developing the key products with our major partners.

原因是，在雲端遷移和公有雲的數位轉型開始之前，我們為系統增加的價值與我們所做的一切是不成比例的。我們正在積極參與並與主要合作夥伴共同開發關鍵產品。

So to answer your question, we will do the housekeeping. And Anil will have to make sure that we don't do it randomly. But I have a hugely aligned strategy with technology organization. The development of the delivery capabilities, following-the-sun.

所以回答你的問題，我們會做家事。阿尼爾必須確保我們不會隨意這麼做。但我與技術組織有一個高度一致的策略。交付能力的發展，緊跟著太陽的步伐。

We have here on the table -- next time, we'll hear also from some Indian representative, (inaudible). But we have Yury and Vasily to make sure that in the US and Europe, we're going to have a bespoke application (inaudible) platform.

我們這次討論的是──下次，我們還會聽一些印度代表的意見，（聽不清楚）。但我們有尤里（Yury）和瓦西里（Vasily）來確保在美國和歐洲，我們將擁有一個客製化的應用程式（聽不清楚）平台。

And as of today, we won a major program, actually, with (inaudible) as well. So you will not hear from me for a quarter or two t1hat we're going to be cautious -- we're going to be aggressive, intelligent. And you will hold us back when things have become a little bit more -- but the way how we've been doing it for the last 18 months, even going through the Liberation Day and all the other macro parts and run through ups-and-downs, it would not reflect our determination in the modern AI, Agentic AI, physical AI -- the solution practices -- we're going to be at the (inaudible).

截至今天，我們實際上還贏得了一個重要項目（聽不清楚）。因此，在接下來的一兩個季度裡，你不會聽到我說我們會謹慎行事——我們會積極進取、明智行事。當事情變得更加複雜時，你會阻礙我們——但是我們在過去 18 個月中的做法，即使經歷了解放日和所有其他宏觀部分，經歷了起伏，也無法反映我們在現代人工智慧、代理人工智慧、物理人工智慧方面的決心——解決方案實踐——我們將處於（聽不清楚）。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

This is [Matt], on for Maggie. Congrats on the quarter.

我是 [Matt]，代替 Maggie。恭喜本季取得佳績。

I wanted to ask about the partner program and the impressive growth there. What's your outlook for partner growth into the second half of the year? Can that continue to accelerate? And where are you seeing the most new traction today amongst partners outside of Google and the hyperscaler? Is it primarily those hypers?

我想詢問有關合作夥伴計劃及其令人印象深刻的增長的情況。您對今年下半年合作夥伴的成長有何展望？這種成長還能繼續加速嗎？除了Google和超大規模企業之外，您今天在哪些合作夥伴中看到了最新的發展勢頭？主要是那些亢奮的東西嗎？

All right. So you accelerated (inaudible) question. That was my agenda for the next quarter. We're going to bring you ahead of the global partnerships to get you very specific details on the partnership program because the model (inaudible) operated today for Grid Dynamics is the focus on innovation, customer partnerships, and a wide distribution of the GAIN market.

好的。所以你加速了（聽不清楚）的問題。這就是我下一季的議程。我們將帶您走在全球合作夥伴關係之前，為您提供有關合作夥伴計劃的非常具體的細節，因為今天為 Grid Dynamics 運營的模型（聽不清楚）專注於創新、客戶合作夥伴關係以及 GAIN 市場的廣泛分佈。

So regions: AI technology, internal platforms, and a scaling partnership.

因此，區域包括：人工智慧技術、內部平台和擴展合作夥伴關係。

So you asked a question, where are we beyond hypers? First of all, hyperscalers is also in -- there are no longer hyperscalers traditionally fighting for the space on spending dollars on the cloud platforms only. They're very actively participating on merging the platforms they built with the IT tools.

所以你問了一個問題，除了超級之外我們在哪裡？首先，超大規模企業也加入——傳統上，超大規模企業不再僅僅在雲端平台上爭取支出空間。他們非常積極地參與將他們建構的平台與 IT 工具合併。

Second part is we are also important with the [Colossus] guys, the major players, which enable the foundational capabilities, like NVIDIAs of the world, because you need to have another layer. Without the physical layers, without capabilities, it's hard to scale.

第二部分是，我們與 [Colossus] 這些主要參與者的關係也很重要，他們提供了基礎功能，例如 NVIDIA 等，因為你需要另一層。如果沒有物理層，沒有能力，就很難擴展。

But we are public with (inaudible). We are participating in a revolutionary way of changing the industrialization -- and again, industrialization is very important. We're building agent tools and agent factories within the clients and partnering with their own teams, as well with third parties, which are bringing AI tools.

但我們是公開的（聽不清楚）。我們正在以革命性的方式改變工業化進程——再次強調，工業化非常重要。我們正在客戶內部建立代理工具和代理工廠，並與自己的團隊以及帶來人工智慧工具的第三方合作。

Not forget the fact -- is that some of the very, very innovative, creative ideas come from the myriad of the new form AI, I was calling it start-ups. Some of those start-ups are getting capitalization (inaudible) today. This is where -- I love the (inaudible) world. People throw money and then something works, right?

不要忘記這樣一個事實——一些非常非常創新、有創意的想法來自於無數新形式的人工智慧，我稱之為新創企業。如今，其中一些新創公司正在獲得資本化（聽不清楚）。這就是──我愛這個（聽不清楚）世界。人們投入金錢，然後事情就會變得有效率，對嗎？

But these guys are brilliant. And our job -- Eugene's job and some of the key people on the team's job -- is to select the ones who actually make sense. Now, I don't want to (inaudible). It's great that you guys have so much money.

但這些人非常聰明。我們的工作——尤金的工作以及團隊中一些關鍵人物的工作——是選出真正有意義的人。現在，我不想（聽不清楚）。你們有這麼多錢真是太好了。

But for us, we need to select the winners. So it's the three ways that the hyperscalers (inaudible) new models, the big players who are bringing their own homegrown models. (inaudible) our customers.

但對我們來說，我們需要選出獲勝者。因此，超大規模企業（聽不清楚）採用新模型，大型企業則帶來自己的自主模型。 （聽不清楚）我們的客戶。

We're enjoying efforts with partners and their own (inaudible). We're helping them to build the solution. And (inaudible) one which is exploding, it's the industrialization point of the world with the fiscal year.

我們與合作夥伴和他們自己的（聽不清楚）。我們正在幫助他們建立解決方案。而（聽不清楚）正在爆炸性成長，這是財政年度的世界工業化點。

Just want to add that on the more traditional hyperscalers of the world, talking from the European perspective, we definitely see traction, for example, with oil price. We are a little bit later compared to the US but definitely, I see the traction, right now.

我只想補充一點，從歐洲的角度來看，對於世界上更傳統的超大規模企業來說，我們確實看到了牽引力，例如油價。與美國相比，我們稍微晚了一點，但我確實看到了現在的動力。

And (inaudible) to both our more traditional search capabilities and (inaudible) around that. And on the other side, that's Agentic AI platforms as well. So that's definitely a big portion of what we are doing, right now.

而且（聽不清楚）既包括我們更傳統的搜尋功能，也包括（聽不清楚）圍繞該功能的功能。另一方面，這也是 Agentic AI 平台。所以這絕對是我們現在正在做的很大一部分工作。

And Anil reported the numbers, right, that we between got from partnerships in terms of the revenue.

阿尼爾報告了我們從合作關係中獲得的收入數字。

Great color. Can I follow up with a question on client count? I think -- obviously, declined quarter over quarter and year-over-year, I think, primarily due to the rationalization of your portfolio. How long is that going to take, Anil? And when do you expect we can see stabilization in that line item?

顏色很棒。我可以繼續問有關客戶數量的問題嗎？我認為——顯然，季度環比和年度同比均有所下降，我認為這主要是由於投資組合的合理化。這需要多長時間，阿尼爾？您預計何時我們可以看到該專案的穩定性？

Matt, very good question. If you see over a pattern of several quarters, this has been marginally going down. So if you look at it, there are a couple of parts (inaudible).

馬特，這個問題問得非常好。如果你觀察幾個季度的模式，你會發現這個數字一直在稍微下降。如果你看一下，你會發現它有幾個部分（聽不清楚）。

The first part is that most of the decline comes from our acquisition-related clients. We've had six acquisitions in the past several years. And many of them have smaller clients.

第一部分是大部分下降來自於與我們的收購相關的客戶。過去幾年我們進行了六次收購。其中許多公司都有較小的客戶。

And our whole focus is to look at the world through the lens of whether they are an enterprise customer or commercial customers. Our focus tends to be more on the enterprise, which is where we manage the program, we have more focus; whereas the commercial side of it could be just a cost-plus, as we had through some of our acquisitions or some of the smaller ones.

我們的重點是透過他們是企業客戶還是商業客戶的視角來看待世界。我們的重點往往更放在企業上，也就是我們管理專案的地方，我們更專注；而商業方面可能只是成本加成，就像我們透過一些收購或一些較小的收購來實現的那樣。

So at this stage, what we do is that as those projects roll off, many at times, we don't invest back in -- there are some cases from quarter to quarter, some of our enterprise customers are also falling off. But that's not a very big portion of it.

因此，在現階段，我們所做的是，隨著這些專案的推出，很多時候，我們不會再進行投資——在某些情況下，每個季度，我們的一些企業客戶也在減少。但那並不是很大一部分。

And we do have a little bit of a flavor of when we even come through the partnerships, there are some clients that try out, work with us through the hyperscalers and there's a little bit of an infant mortality there as they're pausing into the next round.

當我們透過合作夥伴關係建立時，我們確實感受到了一些味道，有些客戶嘗試透過超大規模企業與我們合作，但當他們暫停進入下一輪時，就會出現一些早期死亡的情況。

So the way we define, we have a little bit of a structure at (inaudible) defining what a client is. If I do not get a dollar revenue in the quarter, I just don't call them a client. Although there might be an MSA, there might be something out there. And within the 12-week month period, if they come back again, they're not a new client, so to speak. So a client can go now three quarters later, they come back, they're not a new client for me, they're within that 12 months, right?

因此，我們定義的方式是，我們在（聽不清楚）定義客戶端是什麼時有一點結構。如果我在該季度沒有獲得一分錢的收入，我就不會稱他們為客戶。儘管可能存在 MSA，但可能還有其他問題。而在 12 週的時間內，如果他們再回來，那麼他們就不再是新客戶了。因此，客戶可以在三個季度後回來，他們對我來說不是新客戶，他們是在 12 個月內，對嗎？

So we have a little bit of a strict approach towards this. So I think you will continue seeing some of these things. At the end of the day, we can look at our top 30, top 40 customers, that's going to draw most of the value. Some of these smaller clients over time have come in the top 30 for us.

所以我們對此採取了稍微嚴格的方法。所以我認為你會繼續看到這些事情。最終，我們可以看看我們的前 30 名、前 40 名客戶，他們將吸引大部分價值。隨著時間的推移，其中一些小客戶已經進入我們的前 30 名。

But do expect, at least in the near term, to see a trend like that.

但至少在短期內，確實會出現這樣的趨勢。

Let me just conclude that part with a very important message. As you go to see Grid Dynamics, we believe that AI implementation in various forms will remain to be the key business. And there will be a huge value with a proper combination of the platform and the service providers.

讓我用一個非常重要的訊息來結束這一部分。如您所見，Grid Dynamics 相信各種形式的 AI 實作仍將是關鍵業務。而平台與服務提供者的合理結合，將會產生巨大的價值。

And I would say the classical form -- service consult, very strong technology flavor. Remember that Brian mentioned about what is rationalization, how you manage it, we look at some of decline from the tail and we just don't invest into that relationship, too, because we feel they don't have capabilities to become a viable player in the near future.

我想說的是經典的形式——服務諮詢，技術味道很濃。記住，布萊恩提到了什麼是合理化，如何管理它，我們從尾部看一些衰退，我們也不會投資這種關係，因為我們覺得他們沒有能力在不久的將來成為一個可行的參與者。

It doesn't mean (inaudible). But if they don't fit in the model of the new AI era -- and we try hard to convince them there -- you just don't have that priority from our focus. So you will see that some of the clients will grow exponentially because it's a meeting of the minds. (inaudible) the clients in the segment are being paid as we go forward.

這並不意味著（聽不清楚）。但如果他們不適合新人工智慧時代的模式——儘管我們努力讓他們接受這一點——那麼他們就不會成為我們關注的重點。因此，你會看到一些客戶會呈指數級增長，因為這是思想的碰撞。 （聽不清楚）隨著我們不斷前進，該領域的客戶正在獲得報酬。

Yes. Thank you very much.

是的。非常感謝。

Surinder Thind, Jefferies

傑富瑞的 Surinder Thind

Big picture question here. Leonard, as you look forward to all of the changes that you guys are making in the transformation, what is the scenario that you're actually solving? Meaning, what is the level of AI capability? Are you planning for a scenario where 50% of software development and 75% is done by AI? Like, what are the framework of what you're moving towards?

這裡有一個大問題。倫納德，當您期待您在轉型中所做的所有改變時，您實際上解決的是什麼情況？意思是，人工智慧的能力達到什麼水準？您是否正在規劃 50% 的軟體開發和 75% 由 AI 完成的場景？例如，您要實現的目標框架是什麼？

Well, first of all, the development is not the only area of --

首先，發展並不是--

Well, as an example, right, that's a conceptual idea of the environment that -- because one of the things that's happening is changes have to be very rapid, right? And so if you're solving for something here in X, but by the time you get to X or it Y, you're going to be based on the constant evolution. How are you thinking about the evolution of the firm over the next three to five years?

嗯，舉個例子，對吧，這是一個關於環境的概念性想法——因為正在發生的事情之一就是變化必須非常迅速，對吧？因此，如果您在 X 中解決某個問題，但當您到達 X 或 Y 時，您將基於不斷的演變。您如何看待公司未來三到五年的發展？

Yeah. So the evolution will take more than three quarters. This is going to -- it's a combination of adoption of the technologies, capabilities of the distributed systems, and ability to generate the value of each individual in each individual case. 50% -- it's just a number. 30%-50% -- and so enrollment, but please -- in my opinion, again, it's a small percentage of the change. There's a change of creating the value for the business and just trying to improve the quote.

是的。因此，這一演變過程將耗時超過三個季度。這將是 - 它是技術採用、分散式系統功能以及在每個個案中創造每個人的價值的能力的結合。 50％ - 這只是一個數字。 30％-50％ - 以及入學率，但請 - 在我看來，這只是變化的一小部分。為企業創造價值並試圖提高報價發生了變化。

I think that human touch will continue to be a big part of all the key decisions. But it's going to be in a different form. Now, writing the code is (inaudible), as well. And I think Eugene can comment more on that. There is ability to understand the deployment of the systems, reverse compatibility of the systems.

我認為人情味將繼續成為所有關鍵決策的重要組成部分。但它會以不同的形式出現。現在，寫程式也是（聽不清楚）。我認為尤金可以對此發表更多評論。有能力了解系統的部署、系統的反向相容性。

Security to manage and control the future expansion of the system, we will have to nail on each of that separate. And the low (inaudible) is going to take way more. It will take way lower than 50%. It's going to go substantially a large percentage of the co-development.

為了管理和控制未來系統擴展的安全，我們必須對每一個方面都進行單獨處理。而低（聽不清楚）將會花費更多。它將遠低於50%。它將佔據共同開發的很大一部分。

As we continue to monitor and extend on the capabilities, the progression will take a much longer time than some of those people -- want to make sure they have instant conversion. So the people, the humans who are probably trained and assistants will have to define with ability to -- what is the future? Otherwise, you're going to move with -- we will have to face (inaudible), which is not a good solution because you continue to invest in something which is going to be aged in six months.

隨著我們繼續監控和擴展這些功能，這一進展將比一些人希望確保他們能夠立即轉變的時間要長得多。因此，人們，那些可能受過訓練的人和助手必須有能力定義──未來是什麼？否則，你將繼續——我們將不得不面對（聽不清楚），這不是一個好的解決方案，因為你繼續投資於一些將在六個月內老化的東西。

So to summarize that, on the basic coding level, it's going to be way more than 50%. On a system management integration, data compliance, it's going to be lower. But the effect has to be proven. (inaudible) analytical part of the system is going to be a combination of people and projects.

總而言之，在基礎編碼層面，這一比例將遠超過 50%。在系統管理整合和資料合規性方面，這個要求會更低。但效果還有待證明。 （聽不清楚）系統的分析部分將是人員和專案的結合。

And just another point, when people are talking about tasks -- some of them will be 100% tasked by the agents. And when we're talking about the total system implementation, the percentage will be lower.

還有一點，當人們談論任務時——其中一些任務將 100% 由代理承擔。當我們談論整個系統實作時，這個百分比會更低。

So I think it would be a good segue that Eugene, you can make comments (inaudible) experience.

因此我認為這是一個很好的過渡，Eugene，你可以對（聽不清楚）經驗發表評論。

Yeah, of course. I understand that currently, in the matter for the examples of white-coding, we're hanging full-fledged Facebook (inaudible), anybody who really perform production, bonding projects, understands that building a prototype and putting something in production under old (inaudible) systems is very different things.

是的，當然。我了解到，目前，就白色編碼的例子而言，我們正在掛上成熟的 Facebook（聽不清），任何真正從事生產、粘合項目的人都明白，構建原型和在舊的（聽不清）系統下投入生產是非常不同的事情。

And what we absorbed in our business is that -- I'm in charge of pre-sales, for example, for a company. And our pre-sales is completely transformed by AI. We are able to turn, really, very good prototypes and pilots very, very quickly to the customers. But then, we are going into the real thing in implementation of the scalable systems, implementation of the system underload in secure environment, with deployment and scaling requirements which are needed for production is completely different body.

我們在業務中吸收的是──例如，我負責一家公司的售前工作。我們的售前已經完全被人工智慧改變了。我們能夠非常快速地向客戶交付非常好的原型和試點產品。但是，我們將真正實施可擴展系統，在安全環境中實施負載不足的系統，生產所需的部署和擴展要求是完全不同的。

And even the most sophisticated AI agents are very quickly losing their (inaudible) and starting to (inaudible) the site. And they still need a lot of the human supervision and human design and thinking and the activity behind them to steer them -- very simple, like they are smart, they are smart, but (inaudible). And this is why we still believe in -- we're still.

即使是最複雜的人工智慧代理也會很快失去（聽不清楚）並開始（聽不清楚）該網站。它們仍然需要大量的人類監督、設計和思考，以及背後的活動來引導它們——很簡單，就像它們很聰明，它們很聰明，但是（聽不清楚）。這就是為什麼我們仍然相信——我們仍然相信。

So we still want to open the Pandora box. This is our strive for excellence.

所以我們還是想打開潘朵拉盒子。這是我們追求卓越的精神。

Yeah? We had multiple conversations on the topic. And one color I wanted to add is that AI has different flavors and it's in different stages of adoption because things, like, for example, co-pilot, when still an engineer writes a code but AI suggests things, it will be widely adopted, maybe if it's not 100%, maybe 95% or whatever -- it more of depended actually on the security protocol within the customer, whether they want to be exposed to external elements.

是的？我們就該主題進行了多次對話。我想補充一點，人工智慧有不同的風格，並且處於不同的採用階段，例如，副駕駛，當仍然是工程師編寫程式碼但人工智慧提出建議時，它將被廣泛採用，也許不是 100%，也許是 95% 或其他什麼——它更多地取決於客戶內部的安全協議，他們是否願意暴露給外部元素。

But this thing is like it's a done deal. So what Eugene and Leonard was talking about is more of an agent-based AI coding. And that's the more complex topic which will (inaudible) through the adoption curve, for sure.

但這件事就像是板上釘釘的事了。因此，尤金和倫納德談論的更多是基於代理的人工智慧編碼。這是一個更複雜的話題，它肯定會透過採用曲線（聽不清楚）來實現。

Okay. I appreciate the time, guys. That was my main question.

好的。我很感謝你們的時間。這是我的主要問題。

Thank you so much. You're welcome.

太感謝了。不客氣。

Ladies and gentlemen, this concludes the Q&A session of our call today.

女士們、先生們，我們今天的電話會議問答環節到此結束。

I will now turn it over to Leonard Livschitz for closing comments.

現在我將把時間交給 Leonard Livschitz 來做最後評論。

As we conclude our second-quarter earnings call, I want to leave you with three key takeaways.

在我們結束第二季財報電話會議之際，我想留給你們三個關鍵要點。

Number one, Grid Dynamics' AI-first strategy is driving our growth. The AI and data initiatives now account for a quarter organic revenue in the first half of 2025, growing nearly 3 times faster than our overall organic business.

首先，Grid Dynamics 的 AI-first 策略正在推動我們的成長。人工智慧和數據計畫目前佔 2025 年上半年有機收入的四分之一，成長速度幾乎是我們整體有機業務的 3 倍。

Number two, AI is fundamental to driving our clients' business forward. Enterprises are seeking AI-native partners with the expertise to lead AI adoption at scale. This is the Grid Dynamics' strength. Our expanded pipeline aligns with enterprise investments.

第二，人工智慧對於推動我們客戶的業務至關重要。企業正在尋求具有專業知識的人工智慧原生合作夥伴來引領人工智慧的大規模應用。這就是 Grid Dynamics 的優勢。我們擴大的產品線與企業投資一致。

And finally, Grid Dynamics is built for sustained differentiation. We have a proven track record of emerging stronger through industry transitions.

最後，Grid Dynamics 是為了持續的差異化而建立的。我們擁有透過產業轉型變得更強大的成功記錄。

Based on reaccelerating client demand, we are confident in our outlook and our ability to empower Fortune 1000 enterprises and their AI journey. We're excited about the path ahead and the value we're creating.

基於客戶需求的再次加速，我們對我們的前景以及賦能財富 1000 強企業及其 AI 之旅的能力充滿信心。我們對未來的道路和我們正在創造的價值感到興奮。

I look forward to giving you an update on the next earnings call.

我期待在下次收益電話會議上向您提供最新進展。