Grid Dynamics Holdings Inc (GDYN) 2025 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to Grid Dynamics third quarter 2025 earnings conference call. I'm Cary Savas, Director of Branding and Communications. (Operator Instructions)

大家下午好。歡迎參加 Grid Dynamics 2025 年第三季財報電話會議。我是 Cary Savas，品牌與傳播總監。（操作說明）

Joining us on the call today are CEO, Leonard Livschitz; CFO, Anil Doradla; SVP, Head of Americas, Vasily Sizov; and SVP, Global Head of Partnerships and Marketing, Rahul Bindlish. Following the prepared remarks, we will open the call to your questions. Please note that today's conference call is being recorded.

今天參加電話會議的有：執行長 Leonard Livschitz；財務長 Anil Doradla；美洲區高級副總裁 Vasily Sizov；以及全球合作夥伴關係和行銷高級副總裁 Rahul Bindlish。在發言結束後，我們將開放提問環節。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 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展望以及您一些問題的解答。此類聲明存在風險和不確定性，詳情請參閱公司盈利報告和向美國證券交易委員會提交的其他文件。

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

在本次電話會議中，我們將討論我們績效的某些非GAAP指標。GAAP 與非 GAAP 財務調節表和補充財務資訊在盈利新聞稿和提交給美國證券交易委員會的 8-K 文件中提供。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.

現在我將電話轉交給我們的執行長倫納德。

Thank you, Cary. Good afternoon, everyone, and thank you for joining us today. Our third quarter revenue of $104.2 million was another all-time high, fueled by AI demand. AI grew 10% on a sequential basis and contributed to over 25% of our third quarter organic revenue. New business resulted in the highest engineering billing headcount.

謝謝你，凱瑞。各位下午好，感謝各位今天參加我們的節目。受人工智慧需求的推動，我們第三季營收達到 1.042 億美元，再次創歷史新高。人工智慧業務較上季成長 10%，為我們第三季的有機收入貢獻了超過 25%。新業務帶來了最高的工程計費人員數量。

We remain committed to disciplined capital allocation. I'm happy to report that the Board has authorized $50 million share repurchase program, which we announced in today's press release. This represents about 15% of our company's cash. The buyback reflects our confidence in the long-term prospects of the business and commitment to investing in ourselves. We believe Grid Dynamics shares are undervalued at current market prices, making the repurchase an attractive use of capital.

我們將繼續堅持嚴謹的資本配置策略。我很高興地宣布，董事會已批准一項 5000 萬美元的股票回購計劃，我們在今天的新聞稿中宣布了這一消息。這約占我們公司現金的15%。此次股份回購反映了我們對公司長期前景的信心以及對自身投資的決心。我們認為 Grid Dynamics 的股票以當前市場價格計算被低估，因此回購股票是一種有吸引力的資本運用方式。

In Q3, we have the strongest pipeline of new large enterprise logos since the beginning of the year. Customers are regaining confidence and beginning to accelerate their strategic initiatives. We're encouraged by the quality and duration of the new engagements. New programs are multi-quarter in nature and with budget extending well into 2026. This is a substantial improvement from the first half of 2025.

第三季度，我們獲得了今年以來最強勁的大型企業新客戶。客戶正在重拾信心，並開始加快策略性措施的實施。新合作項目的品質和持續時間都令我們感到鼓舞。新項目通常跨越多個季度，預算將持續到 2026 年。這比 2025 年上半年有了顯著改善。

Our partnership influence revenue continued to grow and exceeded 18% of our third quarter revenue. Investments into partnerships are driving faster growth, stronger opportunity pipeline and deeper engagement with new and existing clients.

我們的合作關係帶來的收入持續成長，超過了第三季營收的 18%。對合作夥伴關係的投資正在推動更快的成長、更強大的機會管道以及與新舊客戶更深入的互動。

Grid Dynamics helps customers to build advanced AI and digital capabilities. In addition to the hyperscalers, we are also enhancing our efforts around AI-centric independent vendors or ISVs. In the third quarter, we added 5x more billable engineers than we added in the second quarter.

Grid Dynamics 幫助客戶建立先進的人工智慧和數位化能力。除了超大規模資料中心之外，我們也正在加強對以人工智慧為中心的獨立供應商（ISV）的投入。第三季度，我們新增的計費工程師人數是第二季的 5 倍。

In the fourth quarter, we expect net billable engineers added to be at the similar levels as in the third quarter. This is indeed a remarkable achievement given year-end seasonal trends. We also grew our average revenue per person by 4% on a sequential basis in third quarter. We continue to rationalize our overall headcount as we align our skill sets and geographies. And this will result in greater efficiencies and higher utilization.

我們預計第四季新增的淨計費工程師人數將與第三季持平。考慮到年底的季節性趨勢，這的確是一項了不起的成就。第三季度，我們的人均收入較上季成長了 4%。我們將繼續優化整體人員配置，調整技能組合和地理分佈。這將帶來更高的效率和更高的利用率。

As a result of the strong momentum in the second half of the year, we expect to end the year with a materially higher billable run rate, positioning us well for the growth in 2026. Our 2026 revenue growth will build on the top of this higher baseline, providing a strong foundation for the continued expansion and operating leverage.

由於下半年強勁的成長勢頭，我們預計年底的計費率將大幅提高，這將使我們為 2026 年的成長奠定良好的基礎。我們2026年的營收成長將建立在這更高基數之上，為持續擴張和營運槓桿提供堅實的基礎。

I'm also happy to share that we're in the midst of a company-wide initiative to expand our profitability and margins. Over the next 12 months, we expect to improve our margins by at least 300 basis points. We'll achieve our goals through several initiatives that we are currently operationalizing. This includes efficiency improvements with a focus on higher-margin geographies, leveraging enhanced pricing with our AI offering, rebalancing our portfolio of lower-margin business and embracing technologies with our AI-first initiatives.

我也很高興地告訴大家，我們正在全公司範圍內推行一項旨在提高盈利能力和利潤率的計劃。未來 12 個月，我們預計利潤率將至少提高 300 個基點。我們將透過目前正在實施的幾項措施來實現我們的目標。這包括提高效率，重點關注利潤率較高的地區，利用我們的人工智慧產品實現更優定價，重新平衡我們利潤率較低的業務組合，並透過我們的人工智慧優先計劃擁抱新技術。

In particular, we found that the AI tools and frameworks used by our engineers in software development life cycle, or in other words, SDLC are making them materially more productive. In short, they're able to produce more code of better quality in less time. We now have an opportunity to monetize this boost in productivity. AI is the fastest-growing practice in our company, acting as a powerful flywheel for our business.

我們發現，工程師在軟體開發生命週期（即 SDLC）中使用的 AI 工具和框架，顯著提高了他們的工作效率。簡而言之，他們能夠在更短的時間內編寫出更多更高品質的程式碼。我們現在有機會將生產力的提升轉化為效益。人工智慧是我們公司發展最快的業務，它像強大的飛輪一樣推動著我們的業務發展。

I'm delighted to share our progress as Grid Dynamics advances its transformation into AI-first company. Our technology vision is clear and structured across three horizons: AI-first delivery, Agentic AI at scale and physical AI. This framework guides how we embedded AI into every facet of our operations and service delivery, ensuring our clients receive the most advanced production-ready solutions.

我很高興與大家分享 Grid Dynamics 在轉型為 AI 優先型公司過程中所取得的進展。我們的技術願景清晰且結構化，涵蓋三個層面：AI優先交付、大規模智慧AI和實體AI。該框架指導我們如何將人工智慧融入我們營運和服務交付的各個方面，確保我們的客戶獲得最先進的生產就緒解決方案。

AI First delivery is centered on transforming our engineering and delivery capabilities. This is about operationalizing AI in our core processes. The adoption of AI in SDLC has exploded and our Grid Dynamics AI native service offering known as GAIN is at the heart of this transformation. We're seeing strong adoption of AI First SDLC methodologies with active pilots at major clients, including a leading home goods retailer, a major financial technology company, a prominent health care revenue management provider, a global food distributor and a multi-brand restaurant company.

AI優先交付的核心在於轉變我們的工程和交付能力。這是關於將人工智慧融入我們核心流程的問題。人工智慧在軟體開發生命週期中的應用呈現爆炸性成長，而我們 Grid Dynamics 的原生人工智慧服務產品 GAIN 正是這項變革的核心。我們看到，人工智慧優先的軟體開發生命週期方法得到了廣泛應用，主要客戶正在積極開展試點項目，其中包括一家領先的家居用品零售商、一家大型金融科技公司、一家知名的醫療保健收入管理提供商、一家全球食品分銷商和一家多品牌餐廳公司。

AI First SDLC fundamentally changes project economics and delivery time lines. It enables us to take on labor-intensive legacy modernization projects that were previously inaccessible, substituting extensive parallel human efforts with specialized teams equipped with AI agents.

AI優先的軟體開發生命週期從根本上改變了專案的經濟效益和交付時間表。它使我們能夠承擔以前無法進行的勞動密集型遺留現代化項目，用配備人工智慧代理的專門團隊取代大量的平行人工工作。

The impact on our presales process is equally transformable. Our ability to create full-fledged proof of concepts in hours instead of weeks provides a game-changing advantage, improving conversion rates and accelerate sales cycles. As we deploy these solutions, we see leaders emerging across industries verticals who are driving measurable ROI through new AI capabilities.

這對我們的售前流程的影響同樣是巨大的。我們能夠在數小時而非數週內創建完整的概念驗證，這帶來了顛覆性的優勢，提高了轉換率並加快了銷售週期。隨著這些解決方案的部署，我們看到各行業垂直領域湧現領導者，他們透過新的人工智慧能力推動了可衡量的投資報酬率。

While some enterprises are finding success, the vast majority are waiting for commercial off-the-shelf software solutions to become available. It's evident that to achieve meaningful ROI, custom solutions must be engineered for specific business processes, leveraging the foundational capabilities provided by AI leaders such as NVIDIA, Google, Anthropic and OpenAI. This has been the core strength and DNA of Grid Dynamics.

雖然有些企業已經取得了成功，但絕大多數企業仍在等待現成的商業軟體解決方案問世。顯然，要實現有意義的投資報酬率，必須針對特定的業務流程設計客製化解決方案，利用 NVIDIA、Google、Anthropic 和 OpenAI 等人工智慧領導者提供的基礎能力。這正是 Grid Dynamics 的核心優勢與基因。

We're a trusted engineering partner that builds from AI-first principles, and this positions us perfectly to help the clients to succeed in this new era. Our second horizon focuses on deployment of Agentic AI platforms for customers and our employees. We are partnering with large enterprises to build bespoke Agentic platforms. This platform-first approach creates significant expansion opportunities.

我們是值得信賴的工程合作夥伴，秉持著人工智慧優先的原則進行開發，這使我們能夠更好地幫助客戶在這個新時代取得成功。我們的第二個重點是為客戶和員工部署智慧體人工智慧平台。我們正與大型企業合作，建構客製化的代理平台。這種平台優先的策略創造了巨大的擴張機會。

Our clients engage Grid Dynamics to architect their foundational platform and leverage the expertise to develop sophisticated AI agents for customers and employees, including automated operations with human in the loop. These initiatives drive Agentic customer engagement and enhance decision-making across enterprises.

我們的客戶聘請 Grid Dynamics 來建立其基礎平台，並利用其專業知識為客戶和員工開發複雜的 AI 代理，包括人機協作的自動化操作。這些措施推動了智能體客戶互動，並增強了企業整體的決策能力。

Our third horizon is Physical AI. It involves integrating AI with the physical world through technologies like digital twins, collaborative robotics and edge computing. The rise of Physical AI is fundamentally transforming the industrial robotics landscape, leading to the replacement of the legacy robotics platform with modern AI-enabled solution. We're advancing our Physical AI initiative through new partnership with selected robotics platform providers.

我們的第三個發展方向是實體人工智慧。它涉及透過數位孿生、協作機器人和邊緣運算等技術將人工智慧與物理世界結合。物理人工智慧的興起正在從根本上改變工業機器人格局，導致傳統機器人平台被現代人工智慧解決方案所取代。我們正在透過與特定機器人平台供應商建立新的合作夥伴關係來推進我們的實體人工智慧計畫。

Our recently announced SmartRay software for robotics world inspection marks an important step forward in our strategy to combine AI with robots. We plan to expand these capabilities further in the coming quarters. The key to success in enterprise AI programs is not just deploying new technologies. It's about having a deep understanding of the business and leveraging technology to solve real-world high-impact problems.

我們最近發布的用於機器人世界檢測的 SmartRay 軟體標誌著我們在將人工智慧與機器人結合的策略上邁出了重要一步。我們計劃在接下來的幾季進一步擴展這些能力。企業人工智慧專案成功的關鍵不僅僅是部署新技術。關鍵在於深入了解業務，並利用科技解決現實世界中具有重大影響力的問題。

Many companies are realizing that the value of AI comes from rethinking processes, data flows and decision logic around business outcomes rather than pure technology capabilities. This is precisely where Grid Dynamics excels. Our teams combine strong technical expertise with domain influence, enabling us to translate complex business challenges into scalable AI-driven solutions that deliver measurable financial results.

許多公司逐漸意識到，人工智慧的價值在於圍繞業務成果重新思考流程、資料流和決策邏輯，而不是純粹的技術能力。這正是網格動力學的優勢所在。我們的團隊結合了強大的技術專長和領域影響力，使我們能夠將複雜的業務挑戰轉化為可擴展的人工智慧驅動解決方案，從而帶來可衡量的財務成果。

AI projects and engagements serve as a critical entry point for the clients opening the door for larger, high-value platforms and modernization programs. We are seeing a familiar pattern where initial AI engagement such as search or personalization, expands into a broader work across data platform and cloud modernization.

人工智慧專案和合作是客戶的重要切入點，為更大、更高價值的平台和現代化專案打開了大門。我們看到一種熟悉的模式，即最初的 AI 應用（如搜尋或個人化）會擴展到更廣泛的資料平台和雲端現代化工作。

We're capturing a higher share of these initiatives, high-margin projects as clients deploy ROI-driven AI initiatives. We're also capitalizing as the market shifts from experimental proof of concepts to enterprise scale implementations that deliver measurable ROI.

隨著客戶部署以投資回報率為導向的人工智慧計劃，我們在這些高利潤項目中獲得了更高的份額。隨著市場從實驗性的概念驗證轉向能夠帶來可衡量投資報酬率的企業級實施，我們也從中獲益。

Our game framework continues to gain strong traction with the clients. The model goes well beyond simply layering tools like OpenAI's Codex or Anthropic's Claude Code for the existing engineering teams. The framework rethinks team composition, engineering workflows and best practices to maximize the productivity impact of AI.

我們的遊戲框架持續受到客戶的青睞。該模型遠不止是簡單地為現有工程團隊疊加 OpenAI 的 Codex 或 Anthropic 的 Claude Code 等工具。該框架重新思考團隊組成、工程工作流程和最佳實踐，以最大限度地提高人工智慧的生產力影響。

The goal is to bring substantially higher efficiency gains than just utilizing stand-alone tools. Over the past quarter, we scaled our expert team dedicated to advancing gain, further strengthening our competitive edge in the AI native engineering space.

目標是實現比僅使用獨立工具更高的效率提升。在過去的一個季度裡，我們擴大了致力於提升效益的專家團隊，進一步增強了我們在人工智慧原生工程領域的競爭優勢。

And now, I will turn the call over to Vasily Sizov, our Senior Vice President of Americas, to discuss some notable projects highlights from this quarter.

現在，我將把電話交給美洲區高級副總裁瓦西里·西佐夫，讓他來討論本季一些值得關注的項目亮點。

Thank you, Leonard. Good afternoon, everyone. As Leonard highlighted, we are seeing a clear change in customer tone compared to the beginning of the year. Clients who were previously focused on near-term risk management are now taking a more constructive and strategic view, thinking about how to position themselves for growth in 2026 and beyond.

謝謝你，倫納德。大家下午好。正如 Leonard 所強調的，與年初相比，我們看到客戶的語氣發生了明顯的變化。以前專注於短期風險管理的客戶現在採取了更具建設性和策略性的觀點，思考如何為 2026 年及以後的成長做好準備。

This shift from caution to controlled optimism gives us confidence that the current demand recovery is structural, not temporary. In fact, several of our key customers begin their fiscal year on October 1. Contract renewals we observed and new committed budgets at or above prior year levels indicate maintenance of the momentum.

這種從謹慎到可控樂觀的轉變，讓我們相信當下的需求復甦是結構性的，而不是暫時性的。事實上，我們的一些重要客戶的財政年度是從 10 月 1 日開始的。我們觀察到的合約續約和新承諾預算達到或超過上年水平，表明這一勢頭得以維持。

A significant portion of this activity is centered around AI business cases, initiatives designed to drive tangible operational and financial outcomes. As we mentioned in prior quarters, we are already executing on two large-scale platform programs with Fortune 500 clients that are implementing Agentic AI across the enterprise.

這項活動的大部分都圍繞著人工智慧商業案例展開，旨在推動切實可行的營運和財務成果。正如我們在前幾個季度提到的，我們已經在與財富 500 強客戶合作執行兩個大型平台項目，這些客戶正在整個企業範圍內實施智慧人工智慧。

We are now seeing a much broader wave of discussions of similar nature and the results to date have been very encouraging. The ROI profile of these AI initiatives looks more attractive than that of traditional digital transformation programs. Unlike gradual multiyear modernization efforts, these AI business cases often target specific pain points with measurable improvements, revenue uplift, cost reduction or conversion rate gains that become visible within quarters, not years. This creates a strong feedback loop as clients see real results, their interest accelerates and demand begins to snowball, which we observe in our pipeline.

現在我們看到，類似性質的討論正在更廣泛地展開，迄今為止的結果非常令人鼓舞。這些人工智慧專案的投資回報率看起來比傳統的數位轉型項目更具吸引力。與需要多年逐步推進的現代化工作不同，這些人工智慧商業案例通常針對具體的痛點，並能在幾個季度內（而不是幾年內）實現可衡量的改進、收入提升、成本降低或轉換率提高。這會形成一個強大的回饋循環，因為客戶看到實際效果後，他們的興趣會迅速增長，需求也會開始像滾雪球一樣越滾越大，我們在銷售管道中也觀察到了這一點。

With that, I would like to highlight some notable projects from the quarter that illustrate these trends. First, we are developing an AI-driven bug triage solution for a leading multinational technology company. Our approach integrates advanced noise reduction, deduplication and intelligent routing with deep analytical models, custom lock processing and robust domain knowledge base. This combination directly addresses the challenges of engineering operations in bug triage and routing. By automating complex analysis and decision-making, the solution is expected to reduce triage time by up to 70% triage, while significantly improving accuracy and replacing the traditional manual approach for bug triaging.

在此，我想重點介紹本季一些能夠體現這些趨勢的優秀項目。首先，我們正在為一家領先的跨國科技公司開發人工智慧驅動的缺陷分類解決方案。我們的方法將先進的降噪、去重和智慧路由與深度分析模型、自訂鎖定處理和強大的領域知識庫相結合。這種組合直接解決了工程作業中缺陷分類和路由方面的挑戰。透過自動化複雜的分析和決策，該解決方案預計將分診時間縮短高達 70%，同時顯著提高準確性，並取代傳統的錯誤分流人工方法。

Second, for a leading technology company, we've developed a system to support compliance with the Digital Markets Act by shifting data processing from server site to on device. Using modern mobileto-edge data processing workflows, the system delivers server source data to user devices for local transformation, a critical requirement under DMA, which prohibits certain server side joints and aggregations. The platform processes billions of records daily across a wide range of business domains and data sets. This initiative has significantly strengthened compliance by enabling privacy preserving non-identifiable consumer data collection at scale.

其次，對於一家領先的科技公司，我們開發了一個系統，透過將資料處理從伺服器端轉移到設備上來支援遵守《數位市場法》。該系統採用現代移動到邊緣資料處理工作流程，將伺服器來源資料傳輸到用戶設備進行本地轉換，這是 DMA 下的關鍵要求，因為 DMA 禁止某些伺服器端連接和聚合。該平台每天處理數十億筆記錄，涵蓋廣泛的業務領域和資料集。這項措施透過大規模收集保護隱私且無法識別消費者身分的數據，顯著加強了合規性。

Third, a leading financial and investment services firm is modernizing its advanced search platform used daily by over 10,000 financial advisers for efficient search of the client data. The legacy interface required navigating nearly 500 filters and understanding of SQL queries and logical expressions, creating complexity and inefficiencies.

第三，一家領先的金融和投資服務公司正在對其先進的搜尋平台進行現代化改造，該平台每天被超過 10,000 名財務顧問用於高效搜尋客戶資料。舊版介面需要瀏覽近 500 個篩選器，並且需要理解 SQL 查詢和邏輯表達式，這造成了複雜性和低效。

The enhanced solution leverages AI and natural language processing to enable advisers to query the firm's databases using simple conversational language. This AI-driven search experience delivers faster insights and an estimated 10% boost of financial advisers' productivity.

增強型解決方案利用人工智慧和自然語言處理技術，使顧問能夠使用簡單的對話語言查詢公司的資料庫。這種由人工智慧驅動的搜尋體驗能夠更快地提供洞察，預計可使財務顧問的工作效率提高 10%。

And the fourth example, a leading US automotive parts provider had a plan to replace an outdated solar-based search engine with a goal of improving online revenues by at least 3% without disrupting operations. Great Dynamics partnered with them to implement a Google Verdicx AI search solution and successfully accomplished the project with results exceeding the expectations, a 3.33% uplift in revenue per search, generating over $600,000 in just two weeks at 50% traffic, outperforming their legacy system by 5%.

第四個例子是美國一家領先的汽車零件供應商計劃用新的太陽能搜尋引擎替換過時的太陽能搜尋引擎，目標是在不中斷營運的情況下，將線上收入提高至少 3%。Great Dynamics 與他們合作實施了 Google Verdicx AI 搜尋解決方案，並成功完成了該項目，結果超出預期，每次搜尋的收入提高了 3.33%，在 50% 的流量下，短短兩週內就創造了超過 60 萬美元的收入，比他們的舊系統高出 5%。

Looking ahead, we plan to expand Vertex AI search to B2C and in-store channels with content enrichment and cloud migration.

展望未來，我們計劃透過內容豐富化和雲端遷移，將 Vertex AI 搜尋擴展到 B2C 和店內通路。

Now, let me turn the call to SVP Global Head of Partnerships and Marketing, Rahul Bindlish. Rahul?

現在，讓我把電話交給全球合作夥伴關係和行銷資深副總裁 Rahul Bindlish。拉胡爾？

Thank you, Vasily. Our partner influence revenue has grown to over 18% of total company revenue, underscoring the value of our ecosystem-driven approach. Our partnership framework is purpose-built to advance our mission of enabling enterprises to develop world-class AI and digital solutions.

謝謝你，瓦西里。我們的合作夥伴影響力收入已成長至公司總收入的 18% 以上，凸顯了我們以生態系統為驅動的方法的價值。我們的合作框架旨在推進我們的使命，即幫助企業開發世界一流的人工智慧和數位解決方案。

As AI continues to redefine enterprise transformation, we expect these partnerships to play an even more central role in our growth, driving continued expansion in both our pipeline and market opportunities.

隨著人工智慧不斷重塑企業轉型，我們預計這些合作關係將在我們的成長中發揮更核心的作用，推動我們在業務拓展和市場機會方面的持續成長。

We organize our partners into two primary categories. First, platform partners. This group includes the hyperscalers, our core cloud partners as well as leading data and analytics platforms like Snowflake and Databricks. These collaborations keep us at the forefront of modern enterprise infrastructure, ensuring we deliver cutting-edge cloud, data and AI capabilities to our clients.

我們將合作夥伴分為兩大類。首先是平台合作夥伴。該群體包括超大規模雲端服務商、我們的核心雲端合作夥伴以及 Snowflake 和 Databricks 等領先的數據和分析平台。這些合作使我們始終處於現代企業基礎設施的前沿，確保我們為客戶提供尖端的雲端、數據和人工智慧能力。

With the hyperscalers, we are strengthening relationships through targeted investments in AI and Agentic platform capabilities. This includes expanding certifications, earning specialized badges and building new joint solutions, complemented by coordinated go-to-market initiatives such as joint marketing and sales campaigns.

我們正透過對人工智慧和智慧代理平台能力的定向投資，加強與超大規模資料中心營運商的關係。這包括擴大認證範圍、獲得專業徽章和建立新的聯合解決方案，並輔以協調一致的行銷舉措，例如聯合行銷和銷售活動。

We are expanding these initiatives from the U.S. to other regions, including Europe, LatAm and South Africa. Second, ISV partners. These partners bring deep domain-specific capabilities essential for enterprise transformation. Through these specialized ISVs, we deliver tailored best-in-class solutions aligned with specific business needs.

我們將這些措施從美國擴展到其他地區，包括歐洲、拉丁美洲和南非。其次，ISV合作夥伴。這些合作夥伴具備深厚的領域特定能力，這對企業轉型至關重要。透過這些專業的獨立軟體開發商 (ISV)，我們提供量身訂製的一流解決方案，以滿足特定的業務需求。

Within the ISV ecosystem, we have expanded our partnership with leaders in middleware and workflow orchestration that underpins reliable, durable execution for Agentic platforms. Our blueprints for Agentic AI platform, incorporating such middleware developed from real-world enterprise deployments address critical challenges in scaling and managing AI workflows.

在 ISV 生態系統中，我們擴大了與中介軟體和工作流程編排領域的領導者的合作關係，這些領導者為 Agentic 平台提供了可靠、持久的執行基礎。我們針對智慧人工智慧平台所製定的藍圖，整合了從真實企業部署中開發的中間件，旨在解決人工智慧工作流程擴展和管理方面面臨的關鍵挑戰。

We have also expanded our platform partnerships to include NVIDIA. We are actively developing solutions on NVIDIA's advanced software stack, including Omniverse to deliver high fidelity industrial-grade digital twins and simulations.

我們也擴大了平台合作夥伴關係，將 NVIDIA 納入其中。我們正在積極開發基於 NVIDIA 先進軟體堆疊（包括 Omniverse）的解決方案，以提供高保真工業級數位孿生和類比。

For example, earlier this year, we launched the Interalogistics optimization starter kit on NVIDIA, enabling retailers, manufacturers and logistics companies to optimize facility layouts and picking paths, boosting warehouse efficiency and reducing labor costs.

例如，今年早些時候，我們在 NVIDIA 上推出了 Interalogistics 優化入門套件，使零售商、製造商和物流公司能夠優化設施佈局和揀貨路徑，從而提高倉庫效率並降低勞動力成本。

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

接下來，我將把電話交給阿尼爾，他將談談我們的財務狀況。謝謝。

Thanks, Rahul. Good afternoon, everyone. We recorded the third quarter revenues of $104.2 million, slightly higher than the midpoint of our $103 million to $105 million guidance. On a year-over-year basis, this represents a growth of 19.1%.

謝謝你，拉胡爾。大家下午好。我們第三季營收為 1.042 億美元，略高於我們先前預測的 1.03 億美元至 1.05 億美元區間的中位數。與上年同期相比，成長了 19.1%。

On a year-over-year basis, there were roughly 40 bps of FX-related tailwinds. Non-GAAP EBITDA came in at $12.7 million within the higher end of our guidance range of $12 million to $13 million. In the third quarter of 2025, there was a negative impact from FX fluctuations on our costs, both on a quarterly and year-over-year basis.

與去年同期相比，外匯相關的利多因素約為 40 個基點。非GAAP EBITDA為1270萬美元，處於我們預期範圍1200萬美元至1300萬美元的較高水平。2025 年第三季度，匯率波動對我們的成本產生了負面影響，無論是按季度還是按年計算。

Grid Dynamics is exposed to a currency basket across Europe, Latin America and India. While we have a natural hedge against some of the currencies and a hedging program with other currencies, the net impact on our EBITDA was approximately $0.6 million or $1.3 million on a quarter-over-quarter and year-over-year basis, respectively.

Grid Dynamics 的投資範圍涵蓋歐洲、拉丁美洲和印度的貨幣籃子。雖然我們對某些貨幣有天然對沖，並且對其他貨幣有對沖計劃，但對我們的 EBITDA 的淨影響分別約為季度環比 60 萬美元和年度同比 130 萬美元。

Looking at performance of our verticals. Retail remained our largest vertical, contributing to $27.8 million of our total revenues in the third quarter of 2025. Revenues in this vertical decreased by 2.1% and 2.9% sequentially and year-over-year basis, respectively. The sequential decline came primarily from a handful of large retail customers, while some of them have returned to growth.

查看我們各垂直領域的業績表現。零售業仍然是我們最大的垂直產業，在 2025 年第三季為我們貢獻了 2,780 萬美元的總收入。該垂直領域的營收季減 2.1%，年減 2.9%。環比下滑主要來自少數幾家大型零售客戶，而其中一些客戶已經恢復成長。

TMT, our second largest vertical accounted for 27.4% of total revenues for the quarter with growth of 13.5% and 18.2% on a quarter-over-quarter basis and year-over-year basis. This growth was primarily driven by our largest technology customers. Finance vertical accounted for 24.6% of total revenues in the quarter. Revenues were slightly up sequentially and grew 81% on a year-over-year basis. 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.

TMT（科技、媒體和電信）是我們第二大垂直產業，佔本季總營收的 27.4%，季增 13.5%，較去年同期成長 18.2%。這一成長主要由我們最大的科技客戶推動。金融業務佔本季總營收的 24.6%。營收季增 81%。年比大幅成長主要得益於金融科技客戶需求的增加，以及 2024 年收購帶來的全球銀行客戶。

Turning to the remaining verticals. CPG and Manufacturing represented 10.5% of quarterly revenues and grew by 3% on a sequential basis and grew by 11.3% on a year-over-year basis, primarily due to contributions from our recent acquisition.

接下來看剩下的垂直方向部分。消費品和製造業佔季度收入的 10.5%，環比增長 3%，同比增長 11.3%，這主要歸功於我們最近收購的貢獻。

Other vertical contributed 7.4% of total revenues, reflecting sequential decline of 1.6% and 10.5% increase compared to the third quarter of 2024. The year-over-year increase primarily came from customers tied to delivery, service providers and acquisitions.

其他垂直行業貢獻了總收入的 7.4%，環比下降 1.6%，與 2024 年第三季相比增長 10.5%。年比成長主要來自與配送、服務提供者和收購相關的客戶。

And finally, health care and pharma made up 2.3% of our revenues for the quarter. We ended the third quarter with a total headcount of 4,971, down from 5,013 employees in the second quarter of 2025 and up from 4,298 in the third quarter of 2024.

最後，醫療保健和製藥業務占我們本季營收的 2.3%。第三季末，我們的員工總數為 4,971 人，低於 2025 年第二季的 5,013 人，高於 2024 年第三季的 4,298 人。

During the quarter, we increased our billable headcount meaningfully. That said, we rationalized our overall headcount as we aligned our skill sets and geographic mix. At the end of the third quarter of 2025, our total US headcount was 370 or 7.4% of the company's total headcount versus 8% in the year ago quarter.

本季度，我們的計費員工人數顯著增加。也就是說，我們透過調整技能組合和地理組成，對整體員工人數進行了合理化調整。截至 2025 年第三季末，我們在美國的員工總數為 370 人，占公司員工總數的 7.4%，而去年同期為 8%。

Our non-U.S. headcount located in Europe, Americas and India was 4,601 or 92.6%. In the third quarter, revenues from our top 5 and top 10 customers were 40.1% and 58.3%, respectively, compared to 39.8% and 59.2% in the same period a year ago, respectively.

我們在美洲以外的員工人數為 4,601 人，分佈在歐洲、美洲和印度，佔總人數的 92.6%。第三季度，我們前 5 大客戶和前 10 大客戶的營收分別佔總營收的 40.1% 和 58.3%，而去年同期分別為 39.8% 和 59.2%。

During the third quarter, we had a total of 186 customers, down from 194 in the second quarter of 2025 and 201 in the year ago quarter. The decline in the number of customers was primarily driven by our continued efforts to rationalize our portfolio of nonstrategic customers.

第三季度，我們共有 186 位客戶，低於 2025 年第二季的 194 位和去年同期的 201 位。客戶數量下降的主要原因是我們持續努力精簡非策略客戶組合。

Moving to the income statement. Our GAAP gross profit during the quarter was $34.7 million, or 33.3% compared to $34.5 million or 34.1% in the second quarter of 2025 and $32.7 million or 37.4% in the year ago quarter.

接下來來看損益表。本季我們的 GAAP 毛利為 3,450 萬美元，年成長 33.3%，而 2025 年第二季為 3,450 萬美元，年成長 34.1%，去年同期為 3,270 萬美元，年成長 37.4%。

On a non-GAAP basis, our gross profit was $35.2 million or 33.8% compared to $35.1 million or 34.7% in the second quarter of 2025 and $33.3 million or 38% in the year ago quarter. On a year-over-year basis, the decline in gross margin was from a combination of factors that included FX headwinds, higher utilization, lower working time and mix shift from our UK-based acquisition.

以非GAAP準則計算，我們的毛利為3,520萬美元，成長率為33.8%，而2025年第二季為3,510萬美元，成長率為34.7%，去年同期為3,330萬美元，成長率為38%。與去年同期相比，毛利率下降是由於多種因素共同作用的結果，包括外匯逆風、更高的利用率、更少的工作時間和我們在英國收購後的產品組合變化。

Non-GAAP EBITDA during the third quarter that excluded interest income expense provision for 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 12.2% of revenues versus $12.7 million or 12.6% of revenues in the second quarter of 2025 and was down from $14.8 million or 16.9% in the year ago quarter. The decrease of $2.1 million on a year-over-year basis was largely due to higher operating expenses and FX headwinds.

第三季非GAAP EBITDA（不包括利息收入支出準備金、所得稅、折舊和攤銷、股票選擇權費用、重組、與地域重組相關的費用以及交易和其他相關成本）為1270萬美元，佔收入的12.2%，而2025年第二季度為1270萬美元，佔收入的12.6%，低於去年同期的1480萬美元，佔收入的12.6%，低於去年同期的收入。年比減少 210 萬美元主要是由於營運費用增加和外匯不利因素。

Our GAAP net income in the third quarter was $1.2 million or $0.01 per share based on diluted share count of 85.8 million shares compared to the second quarter net income of $5.3 million or $0.06 per share based on a diluted share count of 86.4 million and a net income of $4.3 million or $0.05 per share based on 78.8 million diluted shares in the year ago quarter.

根據 GAAP 準則，我們第三季的淨利潤為 120 萬美元，即每股 0.01 美元，稀釋後的股份數為 8,580 萬股；而第二季的淨利潤為 530 萬美元，即每股 0.06 美元，稀釋後的股份數為 8,640 萬；去年同期的淨利潤為 430 萬美元，即 8.50 萬美元的淨利潤為每股 70 萬美元，即 8.50 萬美元的淨利潤為每股 70 萬美元。

On a non-GAAP basis, in the third quarter, our non-GAAP net income was $8.2 million or $0.09 per share based on 85.8 million diluted shares compared to the second quarter non-GAAP net income of $8.3 million or $0.10 per share based on 86.4 million diluted shares and $10.8 million or $0.14 per share based on 78.8 million diluted shares in the year ago quarter.

以非GAAP準則計算，第三季我們的非GAAP淨收入為820萬美元，即每股0.09美元，基於8580萬股稀釋股份；而第二季度的非GAAP淨收入為830萬美元，即每股0.10美元，基於8640萬股稀釋股份；去年同期為1080萬美元，即每股0.14美元，基於每股稀釋股份。

On September 30, 2025, our cash and cash equivalents totaled $338.6 million, up from $336.8 million on June 30, 2025. As Leonard mentioned, the Board has authorized a $50 million share buyback, which we announced in today's press release. This represents roughly 15% of our cash. M&A continues to take priority in our capital allocation strategy. We are committed to augmenting our business organically through our acquisitions that strategically enhance our capabilities, geographic presence and industry verticals.

截至 2025 年 9 月 30 日，我們的現金及現金等價物總額為 3.386 億美元，高於 2025 年 6 月 30 日的 3.368 億美元。正如倫納德所提到的，董事會已批准一項 5000 萬美元的股票回購計劃，我們在今天的新聞稿中宣布了這一消息。這大約占我們現金的15%。併購仍然是我們資本配置策略的優先事項。我們致力於透過收購實現業務的有機成長，從而在策略上增強我們的能力、地域覆蓋範圍和行業垂直領域。

Coming to the fourth quarter guidance, we expect revenues to be in the range of $105 million to $107 million. In the fourth quarter, all our business will be considered organic in nature. We expect our fourth quarter non-GAAP EBITDA to be in the range of $13 million to $14 million. For the fourth quarter of 2025, we expect our basic share count to be in the range of 85 million to 86 million and our diluted share count to be in the range of 86 million to 87 million. Based on our fourth quarter revenue outlook, we expect our full year revenue outlook to be between $410.7 million to $412.7 million. This would represent a 17.1% to 17.7% growth on a year-over-year basis.

對於第四季業績預期，我們預計營收將在 1.05 億美元至 1.07 億美元之間。第四季度，我們所有的業務都將被視為有機成長業務。我們預計第四季非GAAP EBITDA將在1,300萬美元至1,400萬美元之間。我們預計 2025 年第四季基本股數將在 8,500 萬股至 8,600 萬股之間，稀釋股份數將在 8,600 萬股至 8,700 萬股之間。根據我們第四季的營收預測，我們預計全年營收將在 4.107 億美元至 4.127 億美元之間。這將代表年增17.1%至17.7%。

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

我的發言稿到此結束。現在我們可以開始回答問題了。

(Operator Instructions)

（操作說明）

Puneet Jain, JPMorgan

Puneet Jain，摩根大通

Hey, thanks for taking my question. So, it was good to see increase in number of billable headcount this quarter, which you also expect to continue into 4Q. Talk to us like about the trends you are seeing for 2026? Like can growth rates next year meaningfully accelerate from like the broad set of clients compared to what you are guiding for 2025?

嘿，謝謝你回答我的問題。因此，很高興看到本季可計費員工人數增加，預計這一趨勢將持續到第四季。請跟我們聊聊您認為2026年的發展趨勢？與您預測的 2025 年成長率相比，明年來自廣大客戶的成長率能否大幅加快？

Thank you, Puneet. It's good to talk at the time when we can be comfortable to discuss the growth. First and foremost, we are the highest billable headcount in the history of the company. The rate of growth has also picked up quite a bit, and we see that going into the Q4. But why we're comfortable looking forward for the next year at this point?

謝謝你，普尼特。最好在大家都能放鬆下來討論成長問題的時候進行交流。首先，我們擁有公司史上最高的計費員工人數。成長率也大幅提升，我們預期第四季也將保持這一趨勢。但為什麼我們現在對來年充滿信心呢？

First and foremost, the programs we have recently renewed or we signed for are longer in nature. They're not going on a short duration. They're going on multi-quarters. The second part of that is that the programs are related to the AI initiatives, a lot of technology application, which brings the core of us bread and butter of our business.

首先，我們最近續約或簽署的專案期限都比較長。它們不會只持續很短的時間。它們將持續多個季度。第二部分是，這些項目與人工智慧計畫相關，涉及大量技術應用，而這正是我們業務的核心所在。

The other part, which is important is that we don't get only stuck with the traditional renewals in the beginning of the year because some of our clients now have the sliding schedule for the new fiscal year. So notable clients had their fiscal year starting in October, which means that we are very comfortable to see the growth coming through, again, longer duration.

另一點也很重要，那就是我們不能只局限於年初的傳統續約方式，因為我們的一些客戶現在在新財年採用了滑動付款計劃。因此，一些重要客戶的財政年度從 10 月開始，這意味著我們非常有信心看到成長再次到來，而且持續時間更長。

And finally, as we have told you guys before, we have a number of our top 10 clients who elect Grid Dynamics to be a preferred vendor. It wasn't as evident in the last few quarters because they were a little bit slow on expanding their technology investments. Now they're full swing, and we're taking advantage of that benefiting from being a preferred partner.

最後，正如我們之前告訴大家的，我們前 10 名的客戶中有不少人選擇 Grid Dynamics 作為首選供應商。最近幾季這一點不太明顯，因為他們在擴大技術投資方面速度稍慢。現在他們已經全面展開行動，而我們正利用這一點，作為首選合作夥伴從中受益。

Understood. And then a question on Agentic AI, like the benefits to clients from transitioning to Agentic AI-based solutions, it's clear. But perhaps talk to us about the constraints that are limiting adoption? And what will change that? Like could that unlock higher level of discretionary spend among clients for the overall IT services companies next year?

明白了。然後，當被問及關於智能體人工智慧的問題時，例如客戶從過渡到基於智能體人工智慧的解決方案中能獲得哪些好處時，答案很明確。但或許您可以和我們談談限制其普及的因素？什麼因素會改變這種狀況？這能否在明年促使客戶增加對整個IT服務公司的可支配支出？

Very good. I would let Vasili talk about some specific cases because obviously, we're in the midst of the big transformation. And there are a lot of talks about what agentic AI can do. And cannot remember, it's our Phase 2 of horizon, the AgenticI is at scale. So, Vasily?

非常好。我會讓瓦西里談談一些具體案例，因為很明顯，我們正處於巨大的變革之中。關於智慧人工智慧能做什麼，有很多討論。記不清了，這是我們視野的第二階段，AgenticI 已經達到規模化。那麼，瓦西里？

Yeah. Thank you, Puneet, for the question. Yes. So Agentic AI and AI in general is the fastest-growing practice for us. So -- and we definitely see the expansion with the business cases, which we already kind of applied during the last few quarters. But the technology doesn't stay on where it is and it continuous evolving. And we are expanding our capabilities to a broader spectrum of business problems to solve. And there are a few notable examples, which we already mentioned during the prepared remarks.

是的。謝謝 Puneet 的提問。是的。因此，智能體人工智慧和人工智慧總體而言是我們成長最快的實踐領域。所以——我們確實看到了業務拓展，而我們在過去的幾季中已經應用了這些業務拓展。但技術不會停滯不前，而是不斷發展演進。我們正在拓展自身能力，以解決更廣泛的業務問題。還有一些值得注意的例子，我們在事先準備好的發言稿中已經提到過。

And some of them, for example, apply to the cases where lower skilled employees can be replaced with higher skilled employees in a lower number of, I would say, people augmented by sophisticated AI solutions. And for one of the core clients of us, we are implementing right now the Bug Triage Solution, which is basically assumes a small number of highly expert team augmented by AI, replacing hundreds of engineers of low skilled who are basically don't possess enough skills to requalify and can be really replaced by the more sophisticated processes and solutions.

例如，其中一些情況適用於可以用較少數量的高技能員工（我認為）借助先進的人工智慧解決方案來增強人員能力，取代低技能員工的情況。我們正在為我們的一位核心客戶實施 Bug 分類解決方案，該方案基本上假設由少量高技能專家團隊和人工智慧增強，以取代數百名低技能工程師，這些低技能工程師基本上不具備足夠的技能來重新獲得資格，並且可以被更複雜的流程和解決方案所取代。

Understood. Okay. Thank you.

明白了。好的。謝謝。

Thank you, Puneet.

謝謝你，普尼特。

Bryan Bergin,TD Cowen.

Bryan Bergin，TD Cowen。

Hey guys, good to see you. Good afternoon. I wanted to follow up actually a little bit on that last question as it relates to the Agentic work and some of the TAM expansion. So particularly this Agentic managed services activity that seems like it's brand new as far as an opportunity for you versus the custom build activity that you're known for. When you think about the work, the Agentic work that you're doing for clients, is there a way to segment how much of it is in this kind of new managed services area versus what would be kind of just SDLC-enhanced Agentic activity? Because I think, obviously, that's a huge market, the IT managed services industry that you could penetrate here in a new way.

嘿，大家好，很高興見到你們。午安.我想就最後一個問題再補充一點，因為它與代理工作和 TAM 的一些擴展有關。因此，特別是 Agentic 的託管服務業務，對您來說似乎是一個全新的機會，與您一直以來擅長的客製化開發業務相比，這是一個全新的機會。當你思考你為客戶所做的代理工作時，有沒有辦法將其中有多少屬於這種新的託管服務領域，又有多少只是 SDLC 增強的代理活動？因為我認為，很顯然，IT 管理服務業是一個巨大的市場，你可以用一種新的方式打入這個市場。

Yeah. So, thank you so much, Bryan, for the question. I would say, currently, majority of the revenue, which we see are actually related to solving the business cases. As SDLC, I would say, expansion of existing programs and helps to open new accounts, but this is broad in nature. So, it's actually -- it goes through majority of our engagement. So, it's very difficult to discern what exactly would be the incremental gain, I would say. It just fuels overall growth, which we saw in Q3 and was significant.

是的。布萊恩，非常感謝你的提問。我認為，目前我們看到的大部分收入實際上都與解決商業案例有關。作為軟體開發生命週期 (SDLC)，我認為它擴展了現有程序並有助於開設新帳戶，但這本質上是一個廣泛的概念。所以，實際上——它貫穿了我們大部分的互動。所以，我認為，很難確定究竟能帶來多少增量收益。它促進了整體成長，我們在第三季就看到了這種成長，而且成長顯著。

Yeah. So just to comment more specifically, the complexity of scaling the business with the Agentic AI lays in the fact that we cannot just take off-the-shelf program and apply it to the client. When we talk about AI first deployments or more commonly known as forward deployed engineers, it's more or less straightforward.

是的。更具體地說，利用智慧人工智慧擴展業務的複雜性在於，我們不能直接採用現成的程式並將其應用於客戶。當我們談到 AI 優先部署或更常見的說法是前沿部署工程師時，情況就比較簡單明了。

The Agentic AI unveils a very strong combination of the traditional hyperscalers, with their tools, solutions, their ISVs or some specialty tools and there are -- tools created in-house by Grid Dynamics. And mind you, quite a few initiatives are actually driven by Grid Dynamics to be the client zero, which is now very popular within the company.

Agentic AI 揭示了傳統超大規模企業及其工具、解決方案、獨立軟體供應商或一些專業工具的強大組合，以及 Grid Dynamics 內部創建的工具。請注意，Grid Dynamics 推動了許多舉措，使其成為零號客戶，這在公司內部現在非常流行。

So, we train the programs within the company on a business process as an example, and then we carry out to the clients. So, we're expanding rapidly the market because it's a combination of our traditional kind of open sourcing world, but with embracing the partnership and a big players. That's, by the way, one of the reasons I brought Rahul to the call because the success of enrollment into broader base and Gen AI application is driven by how many cable solutions are developed by our partners in conjunction with us doing something in the middle of their preparation for releases.

因此，我們以業務流程為例，對公司內部的程序進行培訓，然後將其應用於客戶。因此，我們正在迅速擴大市場，因為它結合了我們傳統的開源模式，同時又擁抱了合作夥伴關係和大型企業的參與。順便說一句，這也是我帶 Rahul 來參加電話會議的原因之一，因為更廣泛的用戶群體和 Gen AI 應用的成功取決於我們的合作夥伴與我們合作開發了多少有線電視解決方案，而我們在他們準備發布產品的過程中也做了一些事情。

Okay. That's helpful. That's clear. My follow-up, I'll touch on the numbers here. So just help us with reconciling the 4Q growth view that comes in here a little bit below versus what the prior implied would have been on the fiscal '25 outlook. With all the optimism you're conveying here on billable base on client behavior, is there -- is it just some of the signed work is not immediately starting and it's kind of '26 and thereafter? Is it any client-specific issues? Just anything just on the near-term numbers set up.

好的。那很有幫助。這一點很清楚。接下來，我將談談這裡的數據。所以，請您幫我們分析一下，這裡給出的第四季度成長預期與先前對 2025 財年展望的預期之間的差異。您在這裡表達了對基於客戶行為的計費方式的樂觀態度，但是否存在這樣一種情況——一些已簽約的工作並沒有立即開始，而是要等到 2026 年及以後？是否存在任何特定於客戶端的問題？只是關於近期數字的任何資訊。

Yeah, So Bryan, very simple. It's a timing thing. So, there are three layers of this timing. The pickup in ramp, right? We thought it would be a little earlier. It just was a little delayed, but we're getting to the same point. Second thing is that in the year, we had 2 significant clients that had an impact on us. That was about, what, $25 million, $26 million roughly there. And these 2 things -- and the third thing was that if you look at the high end, there was certain M&A also plugged in.

是的，布萊恩，很簡單。這只是時機問題。所以，這個時間安排分為三個層次。坡道上的皮卡，對吧？我們以為會早一點。雖然稍微晚了一點，但我們最終還是達到了同一個目標。第二點是，在這一年裡，我們有兩位重要的客戶對我們產生了影響。那大概是2500萬美元，差不多2600萬美元吧。這兩件事——還有第三件事是，如果你看看高端市場，你會發現其中也包含了一些併購活動。

So, when you look at these 3 things, there's nothing structural. As a matter of fact, one of the client, a top 10 client that gave us a little bit of a headache early in the year, that's coming back strong. So, it's all about timing. And that's why when Leonard started off with his opening question, what we are seeing right now going into the fourth quarter sets up very well as we get into '26.

所以，當你審視這三件事時，你會發現它們之間沒有任何結構性問題。事實上，我們的一位客戶，一位排名前十的客戶，年初的時候給我們帶來了一些麻煩，現在他強勢回歸了。所以，一切都取決於時機。這就是為什麼當倫納德提出第一個問題時，我們現在看到的進入第四節的情況，對於我們進入2026年來說，是一個非常好的開始。

But just to clarify, Bryan, even when we were meeting with you a quarter ago, we could not pinpoint exactly the time of the inflection point. We were reliant first on some time during Q2, then we were not sure. And then finally, the second half of Q3, it happened. So, when Anil refers to the timing difference, if you trace the rate of growth, not from Q1 to Q1, but from Q2 to Q2, you will see significant upside.

但布萊恩，為了澄清一下，即使在三個月前我們與你見面時，我們也無法準確地指出轉折點的時間。我們最初依賴第二季的某個時間點，後來就不確定了。最後，在第三季下半年，它發生了。所以，當 Anil 提到時間差異時，如果你追蹤的是成長率，不是從第一季到第一季度，而是從第二季度到第二季度，你會看到顯著的成長空間。

And what's very important, again, what Anil said, taking away these 2 clients and some delays we had with them, we're in a fantastic organic rate of growth. Now there always something happens. So, we can't say it will never happen with anyone again. Of course, it happens. But what really carried us out into the more success rate of growth is a broader base of clients. With the application of technology tools we were less dependent on certain variations, especially from our traditional legacy retail and the service business around retail customers as a total.

再次強調，正如 Anil 所說，非常重要的一點是，如果排除這兩個客戶以及我們與他們之間的一些延誤，我們目前正處於非常強勁的自然成長階段。現在總是會發生一些事情。所以，我們不能保證這種事以後不會再發生在任何人身上。當然，這種情況會發生。但真正讓我們取得更高成長成功率的是更廣泛的客戶群。透過應用科技工具，我們減少了對某些變化的依賴，尤其是對我們傳統的傳統零售和圍繞零售客戶的服務業務的整體依賴。

Okay. Just one clarification. Did you scale that engineering base, the billable base that's up? I know you've got some things flowing through the net headcount from 3Q. Did you scale the engineering side?

好的。還有一個問題需要澄清。你們是否擴大了工程技術人員隊伍，也就是增加計費人員的數量？我知道你們有一些專案正在從第三季開始調整淨員工人數。你們是否擴大了工程方面的規模？

So this is very, very simple because when we do reporting, we're trying to follow the same numerical disclosures, right? So, if you look at the number of the billable headcount, it's significantly higher. So, what happened? -- there are two things happen. Number one, we're much more aggressive of optimizing the OpEx, right?

這非常簡單，因為我們在做報告時，總是盡量遵循相同的數位揭露方式，對吧？所以，如果你看一下可計費員工人數，你會發現這個數字明顯更高。所以，發生了什麼事？ ——發生了兩件事。首先，我們在優化營運成本方面更加積極主動，對吧？

The other so OpEx is really a big thing. So, we're reducing the bench or anything like that. The second part is it's a small variance of our internship programs. We continue to hire interns, but it happens in the beginning of the quarter. So, when they come to the end of the quarter, it's really not less meaningful, but we really have a robust pipeline of projects and also trained engineers, both from the internship program, Grid Dynamics University, et cetera. But it really -- it looks a bit weird because how you can grow when you have overall headcount. But when you see our engineering headcount, building headcount, utilization, we're extremely positive going forward.

另一方面，營運支出確實非常重要。所以，我們正在縮減陣容之類的。第二部分是我們實習計畫的小變體。我們繼續招收實習生，但都是在季度初。所以，到了季度末，這其實意義不大，但我們確實有一個強大的專案儲備，還有訓練有素的工程師，他們來自實習專案、網格動力學大學等等。但實際上——這看起來有點奇怪，因為在總人數有限的情況下，你如何才能實現成長。但當你看到我們的工程人員數量、建築人員數量和利用率時，我們對未來的發展前景非常樂觀。

All right, thank you guys.

好的，謝謝大家。

Of course. Thank you, Brian.

當然。謝謝你，布萊恩。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Thank you guys. I'd like to start off with a question about the partnership program. Can you talk a little bit about -- when you think about the future of where those numbers could get to, I feel like we've been kind of stuck in the 16%, 17%, 18% range as a contribution or a percentage of revenues. Can you talk about where we are in that process and where you think you can ultimately get to and why the numbers are what they are today?

謝謝大家。我想先問一個關於合作專案的問題。您能否談談——當您思考這些數字未來可能達到的水平時，我覺得我們一直徘徊在 16%、17%、18% 的範圍內，無論是作為貢獻還是收入百分比。您能否談談我們目前在這個過程中處於什麼階段，您認為最終能達到什麼目標，以及為什麼今天的數字是這樣的？

Thank you for that question, Surinder. A little bit about myself. I was the first salesperson who joined the company more than a decade ago, and we started the partnership program about four years ago with the intention to grow our business, increase pipeline, accelerate the sales cycle. And we are doing pretty well on all those parameters.

謝謝你的提問，蘇林德。簡單介紹一下我自己。十多年前，我是公司第一位銷售人員。大約四年前，我們啟動了合作計劃，目的是發展業務、增加銷售管道、加快銷售週期。我們在所有這些方面都做得相當不錯。

Now, specifically in terms of percentage of revenues influenced by partnership, we have grown pretty nicely to about 18%. We started off with a goal of getting to about 21-odd percent. But given the growth we have had, I do expect in the long term, we'll end up somewhere between 25% and 30%.

現在，具體來說，就合作關係對收入的影響百分比而言，我們已經成長得相當不錯，達到了約 18%。我們最初的目標是達到大約 21% 左右。但鑑於我們取得的成長，我預計從長遠來看，最終我們的佔比會在 25% 到 30% 之間。

Now, you did make a statement that we have been stuck between the 16%, 18%. In fact, if you look at the trajectory, we are growing from 16% to 18%. If you look at we have also done acquisitions. And a lot of our acquisitions, when they come in, they don't come with partner influence revenues. So, our overall percentage is still growing on a total basis, including acquisitions. Effectively on a dollar basis, our rates are significantly higher.

現在，你確實說過我們一直徘徊在 16% 和 18% 之間。事實上，如果你看一下成長軌跡，我們的成長率正在從 16% 成長到 18%。如果你看一下，你會發現我們也曾經進行過收購。而且我們很多收購項目，完成收購後，都不會帶來合作夥伴的影響收入。因此，包括收購在內，我們的整體百分比仍在成長。實際以美元計算，我們的價格要高得多。

And then maybe a question on the decision to go with the share repurchase program. Any color there in terms of -- I realize it's not a very large percentage of the cash. But for a growth company, just can you talk about that and what you're trying to signal there? Obviously, I think people recognize valuations are generally depressed, but what's the benefit here?

然後可能會問到實施股票回購計畫的決定。就現金而言，任何顏色都不算多——我知道這部分現金佔比並不大。但對於一家成長型公司來說，您能否談談這一點，以及您想透過這種方式傳達什麼訊息？顯然，我認為人們都意識到估值普遍偏低，但這有什麼好處呢？

So Surinder, I think the first and foremost thing is a signal that we're sending to the markets. We believe that we our deployment of this capital at these levels is a clear good return on investment. You're absolutely right. We are a growth-oriented company. So, there is a second aspect of our whole story, which is M&A. And we're fully committed towards M&A. This year, we thought we'd close 1 or 2 deals. It took a little longer. But the second aspect of our capital allocation is definitely M&A.

所以蘇林德，我認為最重要的是我們要向市場發出一個訊號。我們相信，以這樣的水平部署這筆資金，將帶來良好的投資回報。你說得完全正確。我們是一家以成長為導向的公司。所以，我們整個故事還有第二個面向，就是併購。我們全力投入併購活動。今年，我們原本以為能完成一、兩筆交易。花了點時間。但我們資本配置的第二個面向無疑是併購。

Just to add on this point, I think it's very important. We believe we really passed from the trough. We're in a clear growth inflection point. And we listen to our investors. We understand the market trends, and we believe it's a value which we will coordinately bring to the market, to our shareholders while maintain a very good position on the cash. And also, there's another added factor. We believe we'll generate more cash as the business grows.

我還要補充一點，我認為這一點非常重要。我們相信我們已經真正走出了困境。我們正處於一個明顯的成長轉折點。我們會聽取投資者的意見。我們了解市場趨勢，我們相信，我們將協調一致地為市場和股東創造價值，同時保持良好的現金狀況。此外，還有另一個因素。我們相信隨著業務成長，我們將產生更多現金流。

And those questions are related to how we're going to improve our EBITDA margin. Why is it important? Why we specifically said something in our commentaries about how actively we're going to do that because we're not just giving away cash. We're making a business-wise decision while demonstrating ability that we'll replenish the cash as we grow with the M&A process forward.

這些問題都與我們如何提高 EBITDA 利潤率有關。為什麼這很重要？我們之所以在評論中特別提到我們將如何積極地去做這件事，是因為我們不僅僅是在送錢。我們正在做出明智的商業決策，同時證明我們有能力隨著併購過程的進展而補充現金。

The final quick question here. Just on the margins and the idea of generating 300 basis points of expansion over maybe the next 12 months. I understand this was a year of investment, but can you put that into context why now? Why not continue to invest given all of the change? And is that kind of a onetime step function change that we should then build off of? Or how do we think about the decision to kind of focus on margins at this point in the cycle?

最後一個簡短問題。只是在邊緣地帶，並且設想在未來 12 個月內實現 300 個基點的成長。我知道今年是投資年，但你能解釋為什麼現在要進行投資嗎？鑑於所有這些變化，為什麼不繼續投資？這是否屬於那種一次性的階躍式變化，我們可以以此為基礎繼續發展？或者，我們應該如何看待在當前週期階段將重點放在利潤率的決定？

Yeah, No, no, great question, Surinder, and that's a perfect question. Look, there are a couple of things that are going on here. The first thing is the timing of it. So, on that one, we believe that the macro is going to be what it is. And we're assuming that we're taking a little bit of a conservative outlook on the macro front and saying that given what it is right now, let's look at the way the business is.

是的，不，不，蘇林德，問得好，這真是個完美的問題。你看，這裡有兩件事正在發生。首先是時機。所以，我們認為宏觀經濟情勢將維持現狀。我們假設我們在宏觀經濟方面採取稍微保守的觀點，並表示鑑於目前的情況，讓我們來看看企業的經營狀況。

We've also reorganized our headcount. There was many non-repeatable one-off things, whether it is a sudden expansion of geographies, whether one-off discounts as we went through vendor consolidation with some of our big clients and nonrepeatable events, which we've landed with. So, we're taking a look at that.

我們也重新調整了人員配置。有許多不可重複的一次性事件，例如地理的突然擴張，以及在我們與一些大客戶進行供應商整合時提供的一次性折扣，還有我們已經遇到的不可重複的事件。所以，我們正在研究這個問題。

And the final thing is that, we're embracing these new technologies. So, as we embrace many of these new technologies, we believe that we could get some of the returns. So, where we are on the macro front, on almost like now we are in this new world where we're at 19 countries. Remember, about three years ago, we're at 7. We rapidly expanded. So, we're now taking a look at, okay, how should the company look like? What is the optimal model. And we're looking at it on an account-by-account level or region-by-region level.

最後一點是，我們正在擁抱這些新技術。因此，隨著我們採用這些新技術，我們相信能夠獲得一些回報。所以，從宏觀層面來看，我們現在幾乎進入了一個全新的世界，這個世界涵蓋了 19 個國家。記住，大約三年前，我們的排名是 7。我們迅速擴張。那麼，我們現在要看看，好的，公司應該是什麼樣的呢？最佳模型是什麼？我們正在逐一帳戶或逐一地區進行分析。

Let me just add more strategic comment on that. So, there are three ways you can manage cost. Number one is on the pricing side. Number two, on the cost. And in this case, Anil alluded to specific regions, which have been affected by the unfavorable exchange rate, and also the transition we had to India as an example. And the third one is a technology investment. And I think you alluded to make sure that we understand how to balance it.

我再補充一點戰略性的看法。所以，你可以用三種方式來控製成本。第一點是價格方面。第二點，關於成本。而阿尼爾則提到了受不利匯率影響的特定地區，並以我們向印度過渡為例。第三項是技術投資。我認為你暗示過要確保我們明白如何平衡這兩件事。

So, answering that question. We are definitely bringing the value to the clients, which is reflected in our new contracts. We're bringing our game model, which helps us to identify the business solutions, which is giving us a bit more run rate on the favorable pricing. The cost is what priority is for Anil to work on. We're not slowing down on a technology investment. Had we slowed down technology investments, it will be a significantly higher number. But my goal in life to bring in Grid Dynamics in the future of the growth with the same or better technology improvements as we had before. So out of those 3 elements, we pursue first 2.

那麼，現在來回答這個問題。我們確實為客戶帶來了價值，這一點體現在我們的新合約中。我們引入了我們的遊戲模型，這有助於我們確定業務解決方案，從而使我們能夠以優惠的價格獲得更高的運行率。成本問題是Anil優先考慮的工作重點。我們不會放慢對科技投資的腳步。如果我們放慢科技投資的步伐，這個數字將會高很多。但我的人生目標是在未來的成長中引入 Grid Dynamics，並取得與以前相同或更好的技術進步。因此，在這三個要素中，我們首先追求兩個。

Thank you. Thank you, Surinder.

謝謝。謝謝你，蘇林德。

Thank you.

謝謝。

Mayank Tandon, Needham.

Mayank Tandon，尼德姆。

Great, thanks guys. I had a couple of quick ones. First is, are you getting any indication from your clients around a potential budget flush in 4Q? If there is upside to your numbers, would that be the main driver? Or are there other factors that could also be potential upside catalysts based on your guidance?

太好了，謝謝各位。我快速地做了幾個。首先，你的客戶是否曾向你透露過第四季可能會大幅增加預算？如果你的數據還有上升空間，這會是主要驅動因素嗎？或者，根據您的建議，還有其他可能成為潛在上漲催化劑的因素嗎？

So, Mayank, this is a question that I challenge our teams internally, right, in the timing of it. So, some very interesting things are happening here. Number one is that -- and the gentlemen have alluded to, but let me rehash it. Number one, if you look at all our new deals that we're signing, we're signing at levels, the pricing at that level or higher. Second thing is that all these fiscal lending deals, we're now talking about 2026. So, people who are starting the new fiscal year, that's a very fundamental thing. And the third thing, which Leonard pointed out, see, the year of 2024 going into '25 was all about vendor consolidation. And in some many cases, we went from several to a handful and we've succeeded. We had to give one-off discount. But now they are looking at ramping us, and we're talking about 2026.

所以，Mayank，這是一個我經常在內部向我們團隊提出的問題，對吧，就是時機的問題。這裡正在發生一些非常有趣的事情。第一點是──先生們已經提過，但讓我再重申一次。第一，如果你看看我們簽署的所有新協議，我們簽署的協議價格都達到了或超過了該水準。第二點是，我們現在討論的所有這些財政貸款協議都是針對 2026 年的。所以，對於即將開始新財年的人來說，這是一件非常基本的事情。第三點，正如 Leonard 指出的那樣，2024 年到 2025 年的主題是供應商整合。在很多情況下，我們從幾個減少到寥寥幾個，而且我們成功了。我們必須提供一次性折扣。但現在他們正考慮擴大我們的規模，我們說的是 2026 年。

So, if you look at my top 10, top 15, which is what, 50% to 80% of my revenues, we're now talking about 2026. That is a fundamental thing. But you're absolutely right, this is something I challenge the team. At this stage, we do not believe it's a budget flush. I'm sure there might be some marginal things, but our fundamental tone here is driven by what we're seeing in '26.

所以，如果你看看我的前 10 名、前 15 名，也就是我收入的 50% 到 80%，我們現在討論的是 2026 年的情況。這是至關重要的一點。但你說得完全正確，這是我向團隊提出的要求。現階段，我們認為這並非預算緊張的情況。我確信可能會有一些細微之處，但我們在這裡的基本基調是由我們在 2026 年看到的情況所驅動的。

And what's more important from the business standpoint, this is a financial very good financial from the business support, we open new programs. When you have traditional what you define as a budget flush, it's unused funds, which are used for some existing projects. This is not the case. We're opening big multi-quarter programs now, which tells you that it would be very difficult for people to appropriate sums just related to the end of the year. So, we're very bullish that this is not a just budget for short term.

更重要的是，從商業角度來看，這是一個非常好的財務狀況，來自商業支持，我們開設了新的課程。傳統意義上的預算盈餘是指未使用的資金，這些資金會用於一些現有項目。事實並非如此。我們現在啟動的是跨多個季度的大型項目，這意味著人們很難在年底前籌集足夠的資金。因此，我們非常樂觀地認為，這不僅僅是一個短期預算。

Got it. That's very helpful. And then just a quick follow-up on margins. I wanted to just clarify. So, the 300 basis point expansion that you're calling for in 2026, is that gross margins? Or is that EBITDA margins? And then, Leonard, you did go through the levers. Could you just go through them again? I think you went through them a little bit quickly for me, at least. So, I would love to get a little bit more granularity on what the drivers are.

知道了。那很有幫助。最後，再簡單跟進一下利潤率的問題。我只是想澄清一下。所以，您所說的 2026 年 300 個基點的成長，是指毛利率嗎？還是那是 EBITDA 利潤率？然後，萊納德，你確實操作了那些控制桿。您能再檢查一遍嗎？我覺得你講解有點快了，至少對我來說是這樣。所以，我很想更詳細地了解一下驅動因素是什麼。

All right. So, I'll let Anil first talk about his favorite topic. Gross margins with EBITDA margin. He loves to talk about it. I'm the one who needs to make it happen. Let him talk about.

好的。那麼，就先讓阿尼爾談談他最喜歡的話題吧。毛利率與 EBITDA 利潤率。他很喜歡談論這件事。我才是需要促成此事的人。讓他說吧。

All right. Well, look, at the end of the day, Mayank, EBITDA margin -- the gross margin is part of the EBITDA margin, right? So, look, we are looking at the whole P&L holistically, including the cash generation. So, we're looking at the costs. We're looking at the OpEx. We're looking at capitalization. We're looking at every aspect of it. We have at least 300 bps that we're talking about, so by the fourth quarter of next year. We have some aggressive internal targets, and we're balancing that with some of our investments in technologies.

好的。嗯，你看，歸根結底，Mayank，EBITDA 利潤率——毛利率是 EBITDA 利潤率的一部分，對吧？所以，你看，我們正在從整體上審視整個損益表，包括現金流的產生。所以，我們正在考慮成本問題。我們正在關注營運支出。我們正在研究資本化問題。我們正在研究它的各個方面。我們討論的至少是 300 個基點，也就是到明年第四季。我們制定了一些雄心勃勃的內部目標，同時也努力平衡這些目標與我們在科技領域的一些投資。

So, I don't want to say it's coming from this, this and this. It's coming from everywhere. And the bottom line is that you'll see expansion. The bottom line, I'm hoping that expansion both on gross margin and EBITDA margin, but we'll see the final numbers.

所以，我不想說它來自這裡、這裡和這裡。它來自四面八方。最終結果是，你會看到擴張。總而言之，我希望毛利率和 EBITDA 利潤率都能有所成長，但我們也要看看最終數據。

So now I'm going to repeat what I tried to say to Surinder with a little bit more granularity. So be a little bit patient with me. So, there are 3 elements. One of the pricing increase. The second is a cost optimization. And the third one is the technology investment, okay?

現在我要更詳細地重複我之前想對蘇林德說的話。所以請對我多一點耐心。所以，共有 3 個要素。其中一項漲價措施。第二點是成本優化。第三點是技術投資，懂嗎？

So on the pricing side, there are a couple of elements which are critical. One of the main one is application of our game model. game model for us as we talked about it before. It's all about Grid Dynamics AI application solution enhancements. We talked with Brian about ageentic AI and other elements. So ,some of the programs we're signing now become more favorable. It's not because we're just hammering on the dollars per employee. I mean, that happens or some renewals, but it's not the most effective way.

因此，在定價方面，有幾個因素至關重要。其中最主要的一點就是應用我們的遊戲模型。正如我們之前討論過的，我們的遊戲模型就是這樣。這一切都與 Grid Dynamics AI 應用程式解決方案的增強有關。我們和布萊恩討論了智慧人工智慧和其他相關內容。因此，我們現在簽署的一些協議變得更有利了。這並不是因為我們只關注員工人均薪資。我的意思是，這種情況或某些續約情況會發生，但這不是最有效的方法。

You actually need to make sure that ROI plays a huge role. And ROI was a bit up term for a long time because when you have a traditional T&M business, what is ROI. Now when you start applying the business solutions and business practices and eliminating a lot of waste on the client side, it becomes tangible. So that's on increasing the profitability of the pricing side.

你確實需要確保投資報酬率發揮重要作用。很長一段時間以來，ROI 都是一個比較熱門的術語，因為對於傳統的 T&M 業務來說，ROI 到底是什麼呢？現在，當你開始應用業務解決方案和業務實踐，並消除客戶方面的許多浪費時，它就變得切實可見了。以上是關於提高定價方面獲利能力的內容。

On the cost side, you asked a very important question. And on the two parts, on the gross margin part, Obviously, with -- especially with the dollar versus euro swing, some of the European locations, particularly in European Union zone, become less favorable. So, we're looking at that, how we're going to improve our gross marginality. Of course, you increase the price, but you also look at some of those less favorable locations of the business. That's one of the part.

關於成本方面，你問了一個非常重要的問題。至於毛利率部分，顯然，尤其是在美元兌歐元匯率波動的情況下，一些歐洲地區，特別是歐盟地區的地區，變得不太有利。所以，我們正在研究如何提高毛利率。當然，你會提高價格，但你也會考慮一些不太理想的店鋪位置。這是其中一部分。

The second part is, if I mentioned before, if you recall, Grid Dynamics is a client 0. For a lot of internal initiatives, we're testing efficiency on our own business process, and then we transfer to the clients. It would be unreasonable for us to just investigate them and don't take advantage of it. So that's an operational efficiency. that operational efficiency in HR, recruiting, hiring, finance and all these elements of the business, which don't fit traditionally into the COGS, it's all OpEx.

第二部分，如果我之前提到過，如果你還記得的話，Grid Dynamics 是一個客戶端 0。對於許多內部舉措，我們先在自己的業務流程中測試效率，然後再推廣給客戶。如果我們只是調查他們而不加以利用，那是不合理的。所以這就是營運效率。人力資源、招募、僱用、財務以及所有這些業務要素的營運效率，這些要素傳統上不屬於銷售成本，它們都屬於營運支出。

So that's an element. The second big part of element of the cost efficiency. We are putting a lot of effort here because we see that the trend for Grid Dynamics in recent months and quarters after the start of the war, 3 years has been there already, has not been favorable. And it's time for us to tighten the balance from the operational efficiency, but more importantly, the tools. We have a lot more tools. So, it's not just say, okay, you just get rid of this group of people and hire this group. It's a lot of more intelligence.

所以，這是一個元素。成本效益的第二個重要組成部分。我們在這裡投入了大量精力，因為我們看到，自戰爭開始以來的最近幾個月和幾個季度裡，網格動力學的發展趨勢並不樂觀，而這種情況已經持續了3年。現在是時候在營運效率和工具之間取得平衡了。我們擁有更多工具。所以，這並不是說，好吧，你解僱這群人，然後僱用另一群人。它擁有更高的智慧。

The third part, we're not touching actually, we're increasing the investment. And again, Surinder asked this question. He wanted to make sure we are not stopping deployment of cash into our technology area. For one way or another, there is -- it's a full P&L. So, whatever we invest in technology is a part of the same EBITDA margin, right? And we invest into all three horizons, including the third horizon, which is the physical AI, robotics automation. We work with on the proof of concept and some first project with a very large industrial companies that all takes investments. The partnership work takes investments.

第三部分，我們其實沒有改動，反而增加了投資。蘇林德再次提出了這個問題。他想確保我們不會停止在科技領域投入資金。無論如何，確實存在——這是一個完整的損益表。所以，我們對科技的任何投資都屬於同一個 EBITDA 利潤率，對嗎？我們對所有三個領域都進行了投資，包括第三個領域，即實體人工智慧、機器人自動化。我們與一些大型工業公司合作進行概念驗證和一些初步項目，這些公司都接受投資。合作需要投入。

So, we are investing in technology, partnership, 3 horizons of AI, maintaining a strong focus on innovation while looking at the efficiency, both on our COGS and OpEx, and we're pushing the game model to improve the rates on the client side. If I'm still slow, I think we need to talk offline.

因此，我們正在投資技術、合作夥伴關係、人工智慧的三個階段，在關注效率（包括銷售成本和營運支出）的同時，保持對創新的高度重視，並且我們正在推動遊戲模式，以提高客戶方面的費率。如果我反應還是慢，我想我們需要線下談談。

I got it. Very helpful. Thank you so much.

我得到了它。很有幫助。太感謝了。

Alright. Thanks, Mike.

好吧。謝謝你，麥克。

Matt Dezort, JPMorgan.

Matt Dezort，摩根大通。

No, from William Blair. Oh sorry, from William Blair. Matt, you just got bumped up to JP Morgan.

不，是威廉·布萊爾的。哦，抱歉，是威廉·布萊爾。馬特，你剛剛被提拔到摩根大通了。

Is that an insult or is that a compliment? All right.

這是侮辱還是讚美？好的。

Hi team, It's Matt on for Maggie Nolan over at William Blair. I guess to ask another one on margins, Anil, maybe a slightly different way. I guess it doesn't sound like it, but is it -- is that 300 basis points of expansion dependent on your growth reaccelerating next year? Or can you guys expand margins even if budgets and growth remain constrained into next year?

大家好，我是 Matt，我是 Maggie Nolan，在 William Blair 為您報道。我想再問一個關於利潤率的問題，Anil，或許可以換個方式。聽起來可能不像，但真的是這樣嗎——這 300 個基點的成長是否取決於你明年的成長能否重新加速？或者，即使明年的預算和成長仍然受到限制，你們能否提高利潤率？

Look, there is some leverage that you get and benefit from a top line growth, right? But as I said in the opening comments, we're not assuming anything much on the macro, not a big positive, not a big help, so to speak. So even if the macro -- even if the demand environment stays the way it was in 2025, we think we -- yes, we are going to expand at least 300 bps.

你看，營收成長確實能為你帶來一些優勢和好處，對吧？但正如我在開場白中所說，我們對宏觀經濟方面並沒有抱太大期望，沒有什麼正面的跡象，也沒有什麼大的幫助。因此，即使宏觀經濟——即使需求環境在 2025 年保持不變，我們認為——是的，我們將至少擴張 300 個基點。

Right. And I think what's important, again, and you mentioned it before, Matt, we have actually stated this is kind of a bare minimum. So, the market favorable conditions should lift it further. The technology optimization lifted further. It's -- we look with Anil today, it's our 24th earnings call together. It's the first time we're so specific on the margin part because we believe that Grid Dynamics kind of been looked a bit on a negative front from the margins and kind of a little bit tuned down our technology excellence. And we'll look at that and we say, look, we want to make sure that investors truly understand from the granularity how we're going to move forward with a growing business, improving our technology and become really rigorous on our cost-effective initiatives.

正確的。我認為重要的是，正如你之前提到的，馬特，我們已經說過這​​只是最低限度的要求。因此，有利的市場環境應該會進一步推高其價格。技術優化程度進一步提升。今天我們和 Anil 一起參加財報電話會議，這是我們一起參加的第 24 次財報電話會議。這是我們第一次如此具體地談到利潤率部​​分，因為我們認為 Grid Dynamics 在利潤率方面受到了一些負面評價，這在一定程度上削弱了我們的技術卓越性。我們會認真審視這一點，並表示，我們希望確保投資者能夠真正從細節上理解我們將如何推進業務成長、改進技術，並在成本效益方面做到真正嚴格。

Makes sense. Congrats on 24 calls together. Maybe as a follow-up, can I ask about your guys' AI advantaged? I guess, within AI, where does your competitive advantage come from versus your peers? Is it gain? And I guess, is that helping drive the outsized traction and pipeline within any specific verticals where you guys have historical expertise like e-commerce, for instance?

有道理。恭喜你們一起打了24通電話。作為後續問題，可以問一下你們的AI優勢是什麼嗎？我想，在人工智慧領域，你相對於同行的競爭優勢來自哪裡？這是收益嗎？我想，這是否有助於推動你們在特定垂直領域（例如電子商務等）取得巨大的成長和業務拓展？

Thank you, Matt. Our history of utilizing AI and in the past, everyone was talking about data analytics, predictive analytics and machine learning. The story started from 2012 when we first started implementing natural language processing for the search engines for the biggest e-commerce and retail companies in the United States.

謝謝你，馬特。我們利用人工智慧的歷史可以追溯到過去，那時每個人都在談論數據分析、預測分析和機器學習。故事始於 2012 年，當時我們首次開始為美國最大的電子商務和零售公司的搜尋引擎實施自然語言處理技術。

In 2017, we wrote the first book on AI called Marketing. And we have a long story and a lot of investment into building this expertise, and that's what creates a differentiation for us. So, when the truly AI boom started, we were ready. We had business cases. We had accelerators, blueprints, understanding on how to implement that technology on scale. And essentially, with utilizing LLMs, it's just another tool in our toolbox, which helped us to tackle things which were not possible to tackle before.

2017年，我們寫了第一本關於人工智慧的書，名為《行銷》。我們在建立這項專業技術方面投入了大量時間和資金，這為我們創造了差異化優勢。所以，當真正的人工智慧熱潮開始時，我們已經準備好了。我們有商業案例。我們擁有加速器、藍圖，以及如何大規模實施該技術的理解。從本質上講，利用LLM就像是我們工具箱裡的另一個工具，它幫助我們解決了以前無法解決的問題。

So, I would say that, that's the key differentiation. Right now, we are embracing more and more different business cases, different verticals with specific solutions, specific applications of the technology, I would say. And right now, it's difficult to say which industry benefits the most. I would say, everywhere where we are present, we understand how the technology can help and help with figuring out the strategy and the road map for the implementation of AI technology and going more and more into implementing AI platforms, which can help to implement AI technology on the scale of the enterprise.

所以，我認為這就是關鍵區別。目前，我們正在擁抱越來越多不同的商業案例，不同的垂直領域，以及特定的解決方案和技術的具體應用。目前很難說哪個產業受益最大。我想說，在我們業務所在的每一個地方，我們都了解這項技術如何能夠提供幫助，並幫助制定人工智慧技術實施的策略和路線圖，以及越來越多地實施人工智慧平台，這有助於在企業範圍內實施人工智慧技術。

So just to also look at the bigger picture, Vasily was very good to define some of the application part. You're absolutely right, you have to start from something. And e-commerce and foundational part of the retail business drove us to expansion into the other areas like CPGs, which is very similar in the application side.

所以，從更宏觀的角度來看，Vasily 在定義一些應用部分方面做得非常好。你說得完全對，凡事都得從某個起點開始。電子商務和零售業務的基礎部分推動我們擴展到其他領域，例如消費品，這在應用方面非常相似。

But if you look at the recent -- more recent growth, where the applications of AI are becoming more and more prudent, we'll start looking at our growth in a technology TMT segment. We're looking at definitely in fintech. That's been a very successful endeavor for us to expand. And now it's picking up on the industrial side. So, it started from the foundations, but now it expands in the area.

但如果你看看最近的成長——人工智慧的應用變得越來越謹慎——我們將開始關注我們在科技、媒體和電信 (TMT) 領域的成長。我們一定會關注金融科技領域。對我們來說，拓展業務是一項非常成功的舉措。現在，這種趨勢在工業領域也開始興起。所以，它從基礎做起，但現在正在該地區擴展。

And the second part to your question, look, everybody tells that they have the best position for AI. You can talk to the company which is now valued $5 trillion, or you can call a company which values very little today from what it's supposed to value, which is Grid Dynamics. And everybody tells you almost the same thing, maybe not the jacketed the leather. But the thing is we are very, very laser-focused on the key technology foundational elements, which, as you alluded, was built in the past 12 years, 13 years.

至於你問題的第二部分，你看，每個人都說他們在人工智慧領域佔據了最佳位置。你可以和一家市值 5 兆美元的公司交談，也可以打電話給一家市值遠低於其應有值的公司——Grid Dynamics——。幾乎每個人都會告訴你同樣的事情，也許穿皮夾克的人不會這麼說。但關鍵在於，我們非常、非常專注於關鍵技術基礎要素，正如您所提到的，這些要素是在過去 12 年、13 年建立起來的。

So, we're not going for the super broad-based clients. We're always on a top 1,000 clients in the world. And you can see that, we are tailoring to the programs with the scale in our past experience can benefit the most to the client. So, you have somewhat narrower band at some of the bigger guys who we're competing with. But where we get into the business, we are getting an excellent job and partnering. And that's where the partnership program also expand us, because we started with Google, Microsoft, AWS and NVIDIA. We have those fantastic partners. And when they see the value of Grid Dynamics, then it really speaks for what we are. But the time will tell who is going to be better. So, we're very bullish, but thank you for checking on this point because you need to be us and everybody else honest how good we and others are at AI.

所以，我們不追求規模非常大的客戶群。我們始終名列全球前1000名客戶之列。您可以看到，我們正在根據以往經驗，量身定制規模最大的項目，以最大程度地惠及客戶。所以，和我們的一些競爭對手相比，我們的市佔率要窄一些。但是，當我們進入這個行業時，我們就能獲得一份非常好的工作，並建立合作關係。而合作夥伴計畫也正是幫助我們拓展業務的地方，因為我們最初是與Google、微軟、AWS 和英偉達合作的。我們擁有這些優秀的合作夥伴。當他們看到網格動力學的價值時，那就真正說明了我們是什麼樣的人。但時間會證明誰會更勝一籌。所以，我們非常看好人工智慧，但感謝您核實這一點，因為您需要對我們和其他所有人誠實地說明我們和其他公司在人工智慧方面的能力究竟如何。

I appreciate all that color. Thanks for taking the questions.

我喜歡這些色彩。謝謝您回答問題。

Thanks. Thank you..

謝謝。謝謝..

Thank you to our analysts for all your insightful questions. With that said, this concludes the Q&A session for today. I will now pass it over to Leonard, our CEO, for closing comments.

感謝各位分析師提出的所有富有洞見的問題。綜上所述，今天的問答環節到此結束。現在我將把發言權交給我們的執行長倫納德，請他作總結發言。

Thank you for joining us today. Our results highlight the strength of Grid Dynamics business expansion and formidable position in AI-driven industry. We have many reasons to be optimistic about our outlook.

感謝您今天蒞臨。我們的研究結果凸顯了 Grid Dynamics 業務擴張的實力及其在人工智慧驅動產業中的強大地位。我們有很多理由對前景保持樂觀。

A meaningful increase in billable headcount in the second half of 2025 positions us well for the growth in 2026. We focused on double-digit growth in our AI business, scaling our partnership ecosystem, implement margin expansion. All of these underscore our confidence in the long-term potential. Grid Dynamics will continue to deepen its differentiation through technological leadership in the quarters ahead. I look forward to updating you on the next earnings call.

2025 年下半年可計費員工人數的顯著成長，為我們 2026 年的成長奠定了良好的基礎。我們專注於人工智慧業務的兩位數成長，擴大合作夥伴生態系統，並實現利潤率擴張。所有這些都凸顯了我們對公司長期潛力的信心。未來幾季，Grid Dynamics將繼續透過技術領先優勢深化其差異化優勢。我期待在下次財報電話會議上向您報告最新情況。