Grid Dynamics Holdings, Inc. (GDYN) 2025 Q4 法說會逐字稿

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(技術問題)

During this call, we will discuss certain non-GAAP measures of our performance. 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，我們將討論若干反映公司表現的非 GAAP 指標。非 GAAP 財務調節表及補充財務資訊已載於本次財報新聞稿以及向美國證券交易委員會（SEC）提交的 8-K 文件中。您可在我們網站的投資人關係（Investor Relations）專區找到我剛才提到的所有資訊。

I'll now turn the call over to Leonard, our CEO.

接下來我把電話會議交給我們的執行長 Leonard。

Thank you, Cary. Good afternoon, everyone, and thank you for joining us today. I'm delighted to share that Grid Dynamics closed 2025 with another landmark performance. In the fourth quarter, we beat Wall Street expectations on both revenue and EBITDA delivering record revenue of $106.2 million and a strong $13.7 million in non-GAAP EBITDA.

謝謝你，Cary。各位下午好，感謝大家今天加入我們。我很高興與各位分享，Grid Dynamics 以另一項里程碑式的表現結束了 2025 年。在第四季，我們在營收與 EBITDA 兩方面皆優於華爾街預期，創下 1.062 億美元的歷史新高營收，並達成強勁的 1,370 萬美元非 GAAP EBITDA。

Remarkably, we finished the full year with a record revenue of $411.8 million, which is 17.5% growth year over year. 2025 non-GAAP EBITDA was $53.8 million. In Q4, our top three customers, including two global technology companies and the largest payment technology company. All of them are leaders in the AI space. Our performance is a result of our AI expertise, the strength of our accelerators and kind domain knowledge.

值得一提的是，我們全年也以 4.118 億美元的創紀錄營收作結，年增 17.5%。2025 年非 GAAP EBITDA 為 5,380 萬美元。在第四季，我們前三大客戶包含兩家全球科技公司以及最大的支付科技公司。他們全都是 AI 領域的領導者。我們的表現來自於我們的 AI 專業能力、加速器的實力，以及深厚的產業領域知識。

In Q4, our AI revenue grew 9% over Q3 and now represents 25% of our overall revenue. For the full 2025, our revenue reached over $90 million, representing 30% year over year growth. In 2026, when dissipate continued AI revenue growth.

在第四季，我們的 AI 營收較第三季成長 9%，目前已占總營收的 25%。2025 全年，我們的 AI 營收超過 9,000 萬美元，年增 30%。在 2026 年，我們預期 AI 營收將持續成長。

There are three key factors driving our bullish outlook on AI. First, AI coding agents and automation, significant enterprises build versus buy calculus to build at a lower cost. The shift aligns with Grid Dynamics core strengths in building solutions for Fortune 1000 companies, leveraging specialized talent and intellectual property.

有三個關鍵因素支撐我們對 AI 的樂觀展望。第一，AI 程式碼代理（coding agents）與自動化，正在顯著改變企業「自建或採購」的成本衡量，使企業更傾向以更低成本自行建置。這樣的轉變與 Grid Dynamics 的核心優勢一致：為《財富》1000 大企業打造解決方案，並運用專業人才與智慧財產。

Second, our efforts with gain are resulting in a richer blend of outcome and output-based engagements. Crucially, these new engagements enable us to decouple pricing from effort. We have successfully deployed software platforms across multiple industry verticals. Our AI engagements now strategically combine the strength of our human capital with the value of our platform assets.

第二，我們在 GAIN 計畫上的投入，正帶來更豐富的「成果導向」與「產出導向」合作組合。關鍵在於，這些新型合作讓我們能將定價與投入工時脫鉤。我們已成功在多個產業垂直領域部署軟體平台。我們的 AI 專案如今在策略上結合了人力資本的優勢與平台資產的價值。

The market reception for these software platforms has been strong, with customer demonstrating a clear willingness to pay. This positions us well to grow recurring revenue, deepen customer retention and extend the duration of our engagements. Grid Dynamics engagement structure will contribute to our 2026 margin expansion.

市場對這些軟體平台的反應強勁，客戶展現出明確的付費意願。這讓我們具備良好條件來提升經常性收入、加深客戶留存，並延長合作期間。Grid Dynamics 的合作結構將有助於我們在 2026 年擴大利潤率。

Third, the speed of AI transformation is not uniform across industry verticals. While we continue to generate revenue from the retail and CPG verticals, we prioritize investments in the area of technology, financial services and manufacturing, where we see significant opportunities for customized auditable product-grade agentic AI platform.

第三，AI 轉型的速度在各產業垂直領域並不一致。在我們持續自零售與民生消費品（CPG）垂直領域創造營收的同時，我們也優先投資於科技、金融服務與製造等領域；在這些領域，我們看見客製化、可稽核、產品級的代理式（agentic）AI 平台存在重大機會。

Let me talk about Grid Dynamics vertical strengths. In the price we're learning that deploying AI at scale requires deep domain expertise. We cannot build an effective Agentic system for a production floor without understanding manufacturer. You cannot build one for a global permit network without understanding the compliance architecture. Such expertise is what we have been building vertical by vertical for nearly two decades.

我來談談 Grid Dynamics 的垂直領域優勢。我們在實務上學到，大規模部署 AI 需要深厚的產業領域專業。若不了解製造業，就無法為生產線打造有效的代理式系統。若不了解合規架構，就無法為全球支付網路打造這樣的系統。而這類專業正是我們近二十年來逐一在各垂直領域累積建立的。

Now we're qualifying it into platforms. Our Merchandising Experience Platform, MXP, brings our expertise to marketplaces and digital commerce. While XTDP, orbitemporal Data Platform help financial clients, specifically in capital markets with auditability and other compliance challenge. Platforms unlock IP-driven outcome-based engagements, and that's how Grid Dynamics move from billing for effort to billing for value.

現在我們正把這些能力沉澱為平台。我們的 Merchandising Experience Platform（MXP，商品營運體驗平台）將我們的專業帶入市集與數位商務。而 XTDP（時空資料平台）則協助金融客戶，特別是在資本市場領域，因應可稽核性與其他合規挑戰。平台能解鎖由 IP 驅動、以成果為基礎的合作模式，這也是 Grid Dynamics 如何從「按投入計費」轉向「按價值計費」。

Now let's talk about partnerships. Our partner influence revenue reached a significant milestone in 2025, exceeding 19% of our total revenue. So significant growth underscores our mission to keep Grid Dynamics at the forefront of modern enterprise infrastructure. We have strengthened our relationship with all hyperscalers through targeted investments in Agentic platform capabilities, earning specialized badges and building new joint solutions.

接著談合作夥伴關係。我們的夥伴影響營收在 2025 年達到重要里程碑，超過總營收的 19%。這項顯著成長凸顯我們的使命：讓 Grid Dynamics 站在現代企業基礎架構的最前沿。我們透過針對代理式平台能力的投資，強化了與所有超大規模雲端服務商（hyperscalers）的關係，取得專業徽章並打造新的聯合解決方案。

Notably, in December, we signed a strategic collaboration agreement with AWS for data foundations in AI. Our premier partnership enables Grid Dynamics to receive funding from AWS to support AI enterprise initiatives. Our collaboration with Nvidia on Omniverse based solutions is enabling us to deliver high fidelity industrial-grade digital twins that are essential for our physical AI expansion.

值得一提的是，我們在 12 月與 AWS 簽署了關於 AI 資料基礎（data foundations）的策略合作協議。我們的頂級合作夥伴關係使 Grid Dynamics 能獲得 AWS 的資金支持，以推動 AI 企業級計畫。我們與 Nvidia 在 Omniverse 解決方案上的合作，使我們能交付高擬真、工業級的數位孿生（digital twins），這對我們拓展實體 AI（Physical AI）至關重要。

In the fourth quarter, our vertical execution is best illustrated by several notable projects. Fintech transformation. We partner with a global financial leader to launch a proprietary generative AI agent supporting more than 10,000 financial advisers. This interactive experience replaces static policies with personalized guidance as is projected to increase productivity by about 20%.

在第四季，我們在垂直領域的落地執行，最能透過幾個重要專案來說明。金融科技轉型。我們與一家全球金融領導者合作，推出專有的生成式 AI 代理，支援超過 10,000 名理財顧問。這個互動式體驗以個人化指引取代靜態政策，預計可將生產力提升約 20%。

TMT Analytics for a global technology enterprise, we modernize a legacy mobility application into a scalable analytics platform. Providing centralized visibility into global travel activity and spend. The platform has materially improved usability, increased feature velocity and reduce stakeholder coordination overhead.

針對一家全球科技企業的 TMT 分析專案，我們將一套既有的行動應用現代化，升級為可擴展的分析平台。提供對全球差旅活動與支出的集中可視性。該平台顯著改善可用性、提升功能交付速度，並降低利害關係人協調的管理負擔。

Discrete management. We developed a comprehensive dispute management solution for a leading financial services firm. By integrating Generative AI, the platform streamlines charge-back challenges, increasing win rate and reducing operational overhead. Financial governance. At a leading US-based global bank, we're building a global agent runtime and AI orchestration platform, enabled business-focused agent to automate complex workforce starting with successful automation in internal compliance. We also deployed the age-driven executive insight capabilities that provide leadership with consolidated global operational summaries.

爭議管理。我們為一家領先的金融服務公司開發了完整的爭議管理解決方案。透過整合生成式 AI，該平台簡化拒付（chargeback）爭議處理，提高勝率並降低營運負擔。財務治理。在一家以美國為基地的全球銀行，我們正在建置全球代理執行環境（agent runtime）與 AI 編排平台，使以業務為導向的代理能自動化複雜工作流程，並已從內部合規的成功自動化開始落地。我們也部署了由代理驅動的高階主管洞察能力，為管理層提供整合的全球營運摘要。

With that, let me turn the call over to Eugene Steinberg, our CTO, who will talk about our AI capabilities, how we are upskilling our engineering workforce and how we're using it to improve our internal operations. Eugene?

接下來，我把電話會議交給我們的技術長 Eugene Steinberg，他將談談我們的 AI 能力、我們如何提升工程團隊技能，以及我們如何運用 AI 改善內部營運。Eugene？

Thank you, Leonard. Good afternoon, everyone. We are actively executing across three horizons. AI first engineering, Agentic Enterprise and Physical AI. In Q4, we shipped across all three, and these foundations position our AI business for 2026. Horizon 1, AI first engineering. Horizon 1 is the core of our current business. The engineering work that source the majority of our clients today. We are accelerating productivity across the organization through AI first native tooling and investing decisively in the continuous upskilling of our engineers.

謝謝你，Leonard。各位下午好。我們正積極在三個發展地平線上推進：AI 優先工程（AI first engineering）、代理式企業（Agentic Enterprise）以及實體 AI（Physical AI）。在第四季，我們在三個方向都有交付成果，而這些基礎讓我們的 AI 業務在 2026 年具備良好定位。

Enterprises are no longer debating the merits of adopting AI for software development. But rather how to do it without losing control of quality, security and institutional knowledge. It is in this context that we launched Rosetta our AI native software development framework. Rosetta is part of our gain initiative and provides a governance layer for AI coding agents. Rosetta automates contract setup, enforces consistent workflows and manage his engineering knowledge at both the engineering and organization level. It operates within the client's own security perimeter and works across all major coding platforms.

企業已不再爭論在軟體開發中採用 AI 的價值。而是在思考如何在不失去對品質、安全性與組織知識掌控的前提下落地。在此背景下，我們推出了 Rosetta——我們的 AI 原生軟體開發框架。Rosetta 是我們 GAIN 計畫的一部分，並為 AI 程式碼代理提供治理層。Rosetta 可自動化合約設定、強制一致的工作流程，並在工程與組織層級管理其工程知識。它在客戶自身的安全邊界內運作，並可跨所有主要程式開發平台使用。

Developers get consistent project aware agent behavior from day one. Engineering colleagues get centralized governance and visibility across the entire agent footprint. With Rosetta clients benefit from decades of institutional expertise seamlessly embedded in the way engineering workflows. We have several engagements underway and a scaling gain as the standard delivery backbone across all engagements in 2026.

開發者從第一天起就能獲得一致、具專案脈絡感知的代理行為。工程管理同仁則能在整個代理使用版圖上取得集中式治理與可視性。透過 Rosetta，客戶可將數十年累積的組織專業知識無縫嵌入工程工作流程之中。我們已有多個合作案正在進行，並將在 2026 年把 GAIN 擴展為所有專案的標準交付骨幹。

Grid Dynamics separations is client 0 for our AI solutions. Cerebra, our internally developed Agent platform launched in Q3. It is built on Google AI stack, Gemini enterprise, ADK and A2A. Within Grid Dynamics, Cerebra is being used by our sales recruitment and knowledge management organizations, automating proposal development, technical prescreening and research at scale. Clients adopt faster than the platform has already been stress tested in production.

Grid Dynamics 的分拆（separations）是我們 AI 解決方案的客戶 0。Cerebra 是我們內部開發的 Agent 平台，於第三季推出。它建構於 Google AI 技術堆疊之上，包括 Gemini Enterprise、ADK 與 A2A。在 Grid Dynamics 內部，Cerebra 正被我們的銷售、招募與知識管理團隊使用，以規模化方式自動化提案撰寫、技術預篩與研究工作。客戶採用速度很快，平台也已在生產環境中完成壓力測試。

As AI revenues ramp, we expect this model to drive both revenue growth and margin expansion. Horizon 2, Agentic Enterprise. Horizon 2 is where we are expanding and investing by leveraging our engineering debt to enterprise transformation at scale. The Agentic area is reshaping the economics of software delivery. AI native development tools are allowing the overall cost of building and deploying software, placing pressure on systems integration and configuration programs.

隨著 AI 收入爬升，我們預期此模式將同時帶動營收成長與利潤率擴張。第二地平線：Agentic Enterprise（代理式企業）。第二地平線是我們透過運用既有工程積累（engineering debt），擴張並投資於企業級規模轉型的領域。代理式（Agentic）領域正在重塑軟體交付的經濟模型。AI 原生開發工具正在降低建置與部署軟體的整體成本，進而對系統整合與組態（configuration）專案造成壓力。

At the same time, client expectations are rising. Programs previously too expensive or too slow to justify are becoming feasible. Enterprises are thinking bigger and moving faster taken on significantly larger mandates. That means moving away from SI-heavy engagements and toward a regional in-house engineering.

同時，客戶的期待也在提高。過去因成本過高或速度過慢而難以合理化的專案，如今變得可行。企業正在想得更大、走得更快，承接顯著更大的任務範疇。這意味著要從高度依賴 SI 的合作模式，轉向區域型的內部工程能力。

That rotation plays directly to our strength. In the past decade, enterprises have increasingly became dependent on system integration, assembling Software-as-a-Service ecosystems, configuring cloud services, and stitching together vendors products. In the Agentic era, this changes fundamentally. Production deployments require bespoke engineering. Purpose-built agent workflows the main specific data and knowledge layers, distributed system and platform engineering.

這樣的輪動正好直接呼應我們的強項。過去十年，企業愈來愈依賴系統整合：組裝 SaaS 生態系、配置雲端服務，並把各家供應商的產品串接起來。在代理式時代，這將從根本改變。生產環境部署需要量身打造的工程。為特定目的打造的代理工作流程、主要的特定資料與知識層、分散式系統與平台工程。

Grid Dynamics is well known for its engineering capabilities and proprietary IP at leading global enterprises. The genic area rewards builders, and that is where we have invested. Our go-to-market runs two tracks. For Tier 1 enterprise clients, we architect and could develop custom verticalized AI platforms built around the specific architecture, governance and compliance requirements. For Tier 2 mid-market clients, we integrate hyperscaler platforms with Grid Dynamics verticalized components on top, optimizing time to value and overall cost.

Grid Dynamics 以其工程能力與專有 IP 在全球領先企業中廣為人知。代理式領域獎勵真正的建造者，而這正是我們投入的方向。我們的 go-to-market 採雙軌並行。針對第一級（Tier 1）企業客戶，我們進行架構設計，並可開發客製化、垂直化的 AI 平台，以符合特定的架構、治理與法遵需求。針對第二級（Tier 2）中型市場客戶，我們將超大規模雲端供應商（hyperscaler）平台與 Grid Dynamics 的垂直化元件疊加整合，以最佳化價值實現時間與整體成本。

Both tracks are expanding. We have also established a partnership with temporal through the JumpStart program. This initiative positions us as a technology consultants for Tempur's customers. embedded in crucial architectural decisions from the outset.

兩條軌道都在擴張。我們也透過 JumpStart 計畫與 Temporal 建立了合作夥伴關係。此倡議使我們成為 Temporal 客戶的技術顧問，從一開始就嵌入關鍵的架構決策之中。

This partnership has generated multiple new engagements across financial services, enterprise software and industrial sectors. The proof points are concrete. A notable example is our work with one of the world's largest payment networks, where we are leading a broad Agentic AI program. We have developed a required service across 17 applications, a universal enterprise assistant with agent to agent communication and centralized governance and evaluation.

這項合作已在金融服務、企業軟體與工業領域帶來多個新案。佐證相當具體。一個顯著案例是我們與全球最大支付網路之一的合作，我們正在主導一項廣泛的代理式 AI 計畫。我們已在 17 個應用程式上開發所需的服務：一個具備代理對代理通訊、集中式治理與評估的通用企業助理。

Our efforts have led to an approximate 40% reduction in build time and 60% reduction in ongoing maintenance efforts. Visa platform deployed across 30,000 employees. The impact has been measurable. Specialized groups are seeing up to 15% productivity improvement, driven by faster information access and reduced manual research.

我們的努力使建置時間約減少 40%，並使持續維護工作量減少 60%。該平台已部署至 30,000 名員工。影響可量化。專業團隊的生產力提升最高可達 15%，主要來自更快的資訊取得與更少的人工研究工作。

As a leading global CPG company, we developed over 20 enterprise-ready AI agents through a unified agent factory platform. This delivered 15% productivity improvement across enterprise users. These deployments confirm a pattern we see consistently. Once AI capabilities more fully in production, clients realize approximately 15% productivity gains, tangible operating leverage at enterprise scale.

對一家全球領先的 CPG（民生消費品）公司，我們透過統一的代理工廠平台開發了 20 多個可供企業使用的 AI 代理。這使企業使用者整體生產力提升 15%。這些部署驗證了我們一再觀察到的模式。一旦 AI 能力更完整地進入生產環境，客戶通常可實現約 15% 的生產力提升，並在企業規模上形成可觀的營運槓桿。

We are leveraging our deep domain expertise to build vertical air platforms, co-defining patterns in the structured productized offerings. Our initial solutions have real traction and are generating revenue with enterprise clients.

我們正運用深厚的產業領域專長來打造垂直 AI 平台，並共同定義結構化、產品化方案中的模式。我們的初始解決方案已獲得實質動能，並正與企業客戶創造營收。

MXP, our merchandising and product discovery platform illustrates its progression most clearly. It began as search engineering expertise, evolved into reusable accelerator. And in 2025, gross intel license revenue, this is a growing customer base across North America, Europe and Latin America. Its deployment for a leading European luxury retailer delivered a 7% total revenue uplift, and a 50% reduction in merchandising workload, while handling a 25% year over year surge in peak holiday traffic without disruption.

MXP（我們的商品陳列與產品探索平台）最清楚地展現其演進。它起初源自搜尋工程專長，後來演變為可重複使用的加速器。而在 2025 年，帶來可觀的授權收入，客戶群正擴展至北美、歐洲與拉丁美洲。其在一家歐洲頂級奢侈品零售商的部署，帶來總營收提升 7%，並將商品陳列工作量降低 50%，同時在假期尖峰流量年增 25% 的情況下仍能無中斷運行。

XTDB is our platform designed for the financial industry, a bitemporal database built specifically for regulated financial environments. As financial institutions deploy AI agents, the regulators require full point and time reconstruction of any decision. Banks deploying agents for trade processing, compliance or investigations, need systems that can capture precise information related to trading activities. XTDB addresses that with full auditability across both business time and system time. The platform has been adopted in several global banks and in Q4, we shipped a significant new version extending its capabilities for multi-entity data mesh environments.

XTDB 是我們為金融產業設計的平台：一個專為受監管金融環境打造的雙時間（bitemporal）資料庫。當金融機構部署 AI 代理時，監管機關要求能對任何決策進行完整的「時間點」與「時間序列」重建。銀行將代理用於交易處理、法遵或調查時，需要能捕捉與交易活動相關之精確資訊的系統。XTDB 透過同時涵蓋業務時間與系統時間的完整可稽核性來滿足此需求。該平台已被多家全球銀行採用，並在第四季我們交付了一個重要的新版本，將其能力延伸至多實體（multi-entity）資料網格（data mesh）環境。

It is this kind of deep infrastructure IP that differentiates our financial services practice from generic AI Consulting. Our engineers no longer arrive as individual contributors. The if backed by codified IP, Rosetta, MXP, XTDB and documented patterns from dozens of deployments. The client gets immediate expert deployment, not a learning curve.

正是這類深層基礎設施 IP，使我們的金融服務業務有別於一般的 AI 顧問服務。我們的工程師不再只是以個別貢獻者的形式到場。他們背後有已編碼化的 IP 支撐：Rosetta、MXP、XTDB，以及來自數十次部署的文件化模式。客戶獲得的是立即可用的專家級部署，而不是一段學習曲線。

Horizon 3, Physical AI. Horizon 3 is our forward-looking investment in Physical AI. Bringing the same AI engineering depth they apply in software to industrial and manufacturing environment. Our flagship platform here is Incarna, a software platform that supports the robotics industry. Incarna dramatically compresses with time required to program robots for complex manufacturing tasks, enabling robots to handle high variability physically demanding work that conventional automation cannot address.

第三地平線：Physical AI（實體 AI）。第三地平線是我們對實體 AI 的前瞻性投資。把我們在軟體領域所具備的同等 AI 工程深度，帶入工業與製造環境。我們在此的旗艦平台是 Incarna，一個支援機器人產業的軟體平台。Incarna 大幅壓縮為複雜製造任務編程機器人所需的時間，使機器人能處理高變異、體力要求高的工作，而這些是傳統自動化無法有效解決的。

In partnership with Smart Ray, a leader in industrial 3D vision sensors we developed and deployed the Incarna AI model for robotic weld inspection. Weld inspection is demanding. Commodity requirements are stringent and variability in materials and geometry makes rule-based automation unreliable. The result, high inspection consistency, improved quality assurance and scalable automation in environments where precision is nonnegotiable.

我們與工業 3D 視覺感測器領導者 Smart Ray 合作，開發並部署用於機器人焊縫檢測的 Incarna AI 模型。焊縫檢測要求極高。商品要求嚴格，且材料與幾何形狀的變異使得以規則為基礎的自動化不可靠。成果是：更高的一致性檢測、提升品質保證，並在精度不可妥協的環境中實現可擴展的自動化。

At the Fortune 10 manufacturer, we automated the conversion of CAD files to see in C machine instructions, a workflow that previously took 5 days now completes in hours, greater than 90% cycle time reduction, validated in production. We will have more to share as this program scale.

在一家《財富》前 10 大製造商，我們將 CAD 檔轉換為 CNC 機台指令的流程自動化；此工作流程過去需要 5 天，現在可在數小時內完成，週期時間降低超過 90%，且已在生產環境驗證。隨著此計畫擴大規模，我們將分享更多進展。

As we look ahead, we will build on our foundations. We are rapidly and deliberately scaling towards a multi-industry LED business transformation. Gain in Rosetta cod defy our engineering judgment, so its skills beyond individual engineers. MXP shows that our IP can generate revenue as software, not just as a services. XTDB gives us a technically differentiated entry into finance.

展望未來，我們將在既有基礎上持續深化。我們正快速且有計畫地擴張，朝向跨產業的、由 AI 驅動的業務轉型。Rosetta 中的成果將我們的工程判斷加以編碼化，使其能力超越個別工程師。MXP 顯示我們的 IP 能以軟體形式創造營收，而不僅僅是服務。XTDB 讓我們以技術差異化的方式切入金融領域。

Incarna, opens doors and manufacturing. And our Agentic practice is shifting from the spoke delivery to structured vertical offerings where our accelerators compress time to value and our contracts increasingly capture outcomes. We are moving from labor scale growth to IP scale growth, and that transition defines our 2026 execution.

Incarna 為製造業打開大門。而我們的代理式業務正從一次性的交付，轉向結構化的垂直方案：我們的加速器縮短價值實現時間，而我們的合約也愈來愈多地以成果為導向。我們正從以人力規模驅動的成長，轉向以 IP 規模驅動的成長，而這一轉型定義了我們 2026 年的執行重點。

With that, let me turn over to Anil.

接下來，我把時間交給 Anil。

Thanks, Eugene. Good afternoon, everyone. We recorded fourth quarter revenues of $106.2 million, slightly above the midpoint of our guidance range of $105 million to $107 million. This represents a sequential growth rate of 1.9% and a year over year growth rate of 5.9%. There were 30 bps and 22 bps of FX headwinds on a sequential and year over year basis, respectively.

謝謝你，Eugene。各位下午好。我們第四季營收為1.062億美元，略高於我們指引區間1.05億至1.07億美元的中點。這代表營收季增1.9%，年增5.9%。匯率（FX）不利因素在季比與年比基礎上分別造成30個基點與22個基點的逆風。

Non-GAAP EBITDA was $13.7 million or 12.9% of revenue and was at the higher end of our $13 million to $14 million guidance range. In the fourth quarter, there was a negative impact from FX fluctuations on a year over year basis. We are exposed to a currency basket across Europe, Latin America and India. While we utilize both natural hedges and an active hedging program, the net year over year impact on our EBITDA was a headwind of approximately $1.5 million.

非GAAP EBITDA為1,370萬美元，約占營收12.9%，位於我們1,300萬至1,400萬美元指引區間的高端。第四季在年比基礎上受到匯率波動的負面影響。我們曝險於涵蓋歐洲、拉丁美洲與印度的多種貨幣組合。雖然我們同時採用自然避險與主動避險計畫，但年比對EBITDA的淨影響約為150萬美元的逆風。

On a sequential basis, there was a tailwind of approximately $160,000 to our EBITDA as the dollar strengthened relative to the British pound and euro. Looking at performance of our verticals. Retail remained our largest vertical, contributing 28.7% of total revenues in the fourth quarter of 2025. While revenues in this vertical increased by 5.3% on a sequential basis, there was a decline of 6.9% on a year over year basis. The sequential increase was broad-based across our retail customer base.

以季比來看，由於美元相對英鎊與歐元走強，對我們EBITDA帶來約16萬美元的順風。接著看各垂直產業的表現。零售仍是我們最大的垂直產業，於2025年第四季貢獻總營收的28.7%。雖然該垂直產業營收季增5.3%，但年比下降6.9%。季比成長是來自我們零售客戶群的廣泛提升。

TMT, our second largest vertical accounted for 28.3% of total revenues for the quarter. The vertical delivered strong results with growth of 5.3% on a sequential basis and a 27.5% increase on a year over year basis. The strong year-over-year growth was primarily driven by our top two technology customers. The finance vertical accounted for 22.9% of total revenues in the quarter, growing 5% on a year over year basis. This growth was primarily driven by increased demand from our large fintech customer and large banks.

TMT（科技、媒體與電信）為我們第二大垂直產業，本季占總營收28.3%。該垂直產業表現強勁，營收季增5.3%，年增27.5%。強勁的年比成長主要由我們前兩大科技客戶所帶動。金融垂直產業本季占總營收22.9%，年增5%。此成長主要由大型金融科技客戶以及大型銀行需求增加所驅動。

Turning to the remaining verticals. CPG and manufacturing represented 10.2% of our fourth quarter revenues. This vertical remains stable in absolute dollars sequentially but declined 4.3% on a year-over-year basis. The year-over-year decline was largely due to a decline at some of our automotive customers. And this was partially offset by our CPG customers. The other vertical contributed 7.3% of fourth quarter revenues. This remained flat on a dollar basis relative to the third quarter and grew by 8.4% on a year over year basis.

接著看其餘垂直產業。民生消費品（CPG）與製造業占我們第四季營收的10.2%。該垂直產業以絕對金額計季比維持穩定，但年比下降4.3%。年比下滑主要是因部分汽車客戶的下滑所致。而這部分下滑由我們CPG客戶部分抵銷。其他垂直產業貢獻第四季營收的7.3%。相較第三季以金額計持平，年比成長8.4%。

The year over year growth was primarily from our meal kit client. And finally, health care and pharma contributed to 2.6% of our fourth quarter revenues. We ended the fourth quarter with a total head count of 4,961 slightly down from 4,971 employees in the third quarter of 2025 and that from 4,730 in the fourth quarter of 2024. Although our total head count was down on a sequential basis, our billable head count increased meaningfully. We continue to rationalize our overall head count as we align our skill sets and geographic mix.

年比成長主要來自我們的餐盒（meal kit）客戶。最後，醫療保健與製藥占我們第四季營收的2.6%。第四季結束時，我們總員工人數為4,961人，較2025年第三季的4,971人略降，但高於2024年第四季的4,730人。雖然總人數季比下降，但可計費人力（billable head count）顯著增加。我們持續精簡整體人力配置，以配合技能組合與地理分布的調整。

At the end of the fourth quarter of 2025, our total US head count was 357 or 7.2% of the company's total head count versus 7.4% in the year ago quarter. Our non-US head count located in Europe, Americas and India was 4,604 or 92.8%. In the fourth quarter, revenues from our top 5 and top 10 customers were 39.7% and 58.5%, respectively, versus 35.6% and 55.8% in the same period a year ago, respectively.

截至2025年第四季末，我們美國員工總數為357人，占公司總人數的7.2%，相較去年同期為7.4%。位於歐洲、美洲與印度的非美國員工為4,604人，占92.8%。第四季來自前五大與前十大客戶的營收占比分別為39.7%與58.5%，相較去年同期分別為35.6%與55.8%。

Moving to the income statement. Our GAAP gross profit during the quarter was $36.1 million or 34% compared to $34.7 million or 33.3% in the third quarter of 2025 and $37 million or 36.9% in the year ago quarter. On a non-GAAP basis, our gross profit was $36.6 million or 34.5% compared to $35.2 million or 33.8% in the third quarter of 2025 and $37.6 million or 37.5% in the year-ago quarter.

接著看損益表。本季GAAP毛利為3,610萬美元，毛利率34%，相較2025年第三季為3,470萬美元、毛利率33.3%，去年同期為3,700萬美元、毛利率36.9%。以非GAAP基礎計，本季毛利為3,660萬美元，毛利率34.5%，相較2025年第三季為3,520萬美元、毛利率33.8%，去年同期為3,760萬美元、毛利率37.5%。

On a year over year basis, the decline in gross margin was from a combination of FX headwinds and greater mix of UK-based head count from our acquisition of JUXT. Non-GAAP EBITDA during the fourth 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 $13.7 million or 12.9% of revenues versus $12.7 million or 12.2% of revenues in the third quarter of 2025 and was down from $15.6 million or 15.6% in the year ago quarter.

年比毛利率下滑係由匯率逆風，以及因收購JUXT而使英國（UK）人力占比提高的組合因素所致。第四季非GAAP EBITDA（排除利息收入/費用、所得稅費用、折舊與攤銷、股份基礎給付、與地理重組相關的重整費用，以及交易與其他相關成本）為1,370萬美元，約占營收12.9%；相較2025年第三季為1,270萬美元、占營收12.2%；並較去年同期的1,560萬美元、占營收15.6%下降。

The sequential increase in EBITDA margin was from a combination of higher gross margins and FX tailwinds. On a year over year basis, the decline in EBITDA margins was largely due to a combination of lower gross margins and FX headwinds.

EBITDA利潤率的季比提升，來自較高的毛利率與匯率順風的組合。以年比來看，EBITDA利潤率下滑主要是較低的毛利率與匯率逆風共同造成。

Our GAAP net income in the fourth quarter was $0.3 million or breakeven per share based on a diluted share count of 86.4 million shares compared to the third quarter net income of $1.2 million or $0.01 per share based on a diluted share count of $85.8 million and net income of $4.5 million or $0.05 per share based on 83.8 million diluted shares in the year ago quarter.

第四季GAAP淨利為30萬美元，按稀釋後股數8,640萬股計算，每股盈餘為損益兩平；相較第三季淨利為120萬美元，按稀釋後股數8,580萬股計算為每股0.01美元；去年同期淨利為450萬美元，按稀釋後股數8,380萬股計算為每股0.05美元。

On a non-GAAP basis, in the fourth quarter, our non-GAAP net income was $8.7 million or $0.10 per share based on 86.4 million diluted shares compared to the third quarter non-GAAP net income of $8.2 million or $0.09 per share based on 85.8 million diluted shares and $10.3 million or $0.12 per share based on 83.8 million diluted shares in the year ago quarter.

以非GAAP基礎計，第四季非GAAP淨利為870萬美元，按稀釋後股數8,640萬股計算為每股0.10美元；相較第三季非GAAP淨利為820萬美元，按稀釋後股數8,580萬股計算為每股0.09美元；去年同期為1,030萬美元，按稀釋後股數8,380萬股計算為每股0.12美元。

On December 31, 2025, our cash and cash equivalents totaled $341.1 million, up from $338.6 million on September 30, 2025. M&A continues to take priority in our capital allocation strategy. We're committed to augmenting our organic business with acquisitions that strategically enhanced our capabilities, geographic presence and industry verticals.

截至2025年12月31日，我們的現金及約當現金合計為3.411億美元，高於2025年9月30日的3.386億美元。在我們的資本配置策略中，併購（M&A）仍是優先事項。我們致力於透過能在策略上強化我們能力、地理布局與產業垂直領域的收購，來補強有機業務成長。

Coming to the first quarter guidance, we expect revenues to be in the range of $103 million to $104 million. We expect our first quarter non-GAAP EBITDA to be in the range of $12 million to $13 million. For the first quarter of 2026, 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 87 million to 88 million.

關於第一季指引，我們預期營收將介於1.03億至1.04億美元。我們預期第一季非GAAP EBITDA將介於1,200萬至1,300萬美元。就2026年第一季而言，我們預期基本股數將介於8,500萬至8,600萬股，稀釋後股數將介於8,700萬至8,800萬股。

For the full year 2026, we are bullish in our outlook. We expect revenues to be in the range of $435 million to $465 million.

針對 2026 全年，我們對前景持樂觀態度。我們預期營收將落在 4.35 億美元至 4.65 億美元之間。

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

以上是我事先準備的發言。我們現在準備開始回答提問。

(Event Instructions)

（活動說明）

Maggie Nolan, William Blair.

Maggie Nolan，William Blair。

So you've had impressive growth in AI revenue and you're above $90 million for 2025. So I'm wondering if projects are moving into production at scale and then what is the nature of these projects? And how is the demand among customers?

你們在 AI 營收方面的成長令人印象深刻，而且 2025 年已超過 9,000 萬美元。我想了解的是，這些專案是否正在以規模化方式進入正式生產（production），以及這些專案的性質是什麼？另外，客戶端的需求狀況如何？

Look, we extensively discussed in various forms what AI represents to green dynamics and what is the opportunity for us going forward. Fundamentally, what makes a big difference for Grid Dynamics for 2026 on is that we're not only moving from the small development project to full scale implementation, but also we introduced our platforms, which has been noted during this particular time. And that kind of scales the confidence with the clients to give us more of the solutions where we represent our engineers combined with their own tools as a new way to building the solution faster and more affordable for the clients. Perhaps some words from Eugene.

你看，我們已經以各種形式廣泛討論過 AI 對 Grid Dynamics 代表什麼，以及我們未來的機會在哪裡。從根本上來說，對 Grid Dynamics 而言，2026 年之後最大的不同在於：我們不僅從小型開發專案走向全規模導入，同時也推出了我們的平台，而這點在這段期間也已被提及。這提升了客戶的信心，讓他們願意把更多解決方案交給我們；我們把我們的工程師與他們既有工具結合，作為一種新的方式，協助更快、且以更具成本效益的方式為客戶建置解決方案。也許請 Eugene 補充幾句。

Yes. It's a great question. And there are two main zones, which are most exciting for me. One is AI-powered customer experience. The reason behind that is that this is the zone where the impact from source personalization, Agentic commerce is very obvious and memorable by our clients. And this is where clients see ROIs in weeks, not in months or years. And that allows us to expand those accounts very, very quickly based on this successes which we see in this domain.

是的。這是個很好的問題。對我來說，最令人興奮的主要有兩個領域。第一個是 AI 驅動的客戶體驗。原因在於，這個領域中，來源個人化（source personalization）、代理式商務（Agentic commerce）的影響對我們的客戶而言非常明顯且印象深刻。而且客戶在這裡看到的投資報酬（ROI）是以「幾週」為單位，而不是幾個月或幾年。這讓我們能夠基於在此領域看到的成功，非常、非常快速地擴大這些客戶帳戶。

Second is enterprise platforms, not as visible as front end work or our customer experiences. But this is a foundational layer, which helps our companies to organize their data, build AI agent factories on top of this data and then go into developing business agents on top of those platforms. And what we see in our projects is as we taper mature and go to production clients start to scale very, very quickly building the agents, and we are helping them to develop as AI agents. And we are going from 1 to 10 to 20 of those specific customer facing, which will collect agents very, very quickly. So this expands our work and allows us to move very, very quickly.

第二個是企業平台；它不像前端工作或客戶體驗那麼顯眼。但這是一個基礎層，能幫助企業整理資料，在這些資料之上建立 AI 代理工廠（AI agent factories），接著再在那些平台之上開發業務代理（business agents）。我們在專案中看到的是：當我們逐步成熟並進入正式生產後，客戶會非常、非常快速地開始擴大規模來建置代理，而我們也在協助他們開發這些 AI 代理。我們會很快地從 1 個、10 個到 20 個這類特定的、面向客戶的（customer-facing）代理。因此這會擴大我們的工作範圍，並讓我們能非常、非常快速地推進。

Great. And then anything else you would comment on as you move into 2026, kind of how you expect the trend to evolve any way that you can maybe tie that back to the numbers or maybe some of your margin expansion goals you've mentioned.

很好。那麼，當你們邁入 2026 年時，還有沒有其他想補充的？例如你們預期趨勢會如何演變，是否能以某種方式連結回數字表現，或是你們提到的一些毛利率擴張目標？

Yeah. So we marked you, with bunch of names during this press release, right? So we were talking about merchandise is experienced platform, we're talk about Temporal Database. We're talking about Incarna robotics platform subsequent growth of the Rosetta, it's automation within game model, the platform against Cerebra, which is kind of -- which picks up our internal process, bringing Grid Dynamics as a client zero for implementations.

是的。所以在這份新聞稿中，我們提到了很多名稱，對吧？我們談到 merchandise is experienced platform，我們談到 Temporal Database。我們談到 Incarna 機器人平台、Rosetta 的後續成長、遊戲模型內的自動化、對抗 Cerebra 的平台；這些某種程度上——會承接我們的內部流程，讓 Grid Dynamics 作為導入的「客戶零號」（client zero）。

What is it all about? Those are not just buzzwords. It's just a way to understand for our clients that there may be a little bit more scarce in the market of clearness what to do. But when you work with Grid Dynamics, we represent basically three key functions.

這些到底代表什麼？這些不只是流行語。這只是讓客戶理解：市場上對於該怎麼做，可能仍然有點缺乏清晰度。但當你與 Grid Dynamics 合作時，我們基本上提供三個關鍵功能。

First, we are domain consultants. So we understand what the customer problems are, and we are tailoring the solutions with that as a important contribution for Grid Dynamics as a mix between Grid Dynamics trained engineers, the standard tools and platform from the market and customized tools, which will bring based on our platform and develop.

第一，我們是產業／領域顧問（domain consultants）。因此我們了解客戶的問題是什麼，並據此量身打造解決方案；對 Grid Dynamics 而言，重要的貢獻在於把 Grid Dynamics 訓練有素的工程師、市面上的標準工具與平台，以及我們基於自身平台所帶來並開發的客製化工具，三者結合起來。

The combination of three leads to a few things. First of all, it's a shorter time to implementation for our clients. And second, it moves away from our traditional talent material offering we're putting together contribution based on the planned outcomes, which ultimately leads not only for them to gain momentum and have a better financial return but a high value add for the margin expansion for Grid Dynamics. Those are three ones.

這三者的組合會帶來幾個結果。首先，客戶的導入時間更短。其次，它讓我們從傳統的人力／工時（time-and-material）供給模式，轉向以預期成果為基礎來整合我們的貢獻；這最終不僅能讓客戶更快取得動能並獲得更好的財務回報，也能為 Grid Dynamics 的毛利率擴張帶來更高的附加價值。以上是三點。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

The first one I'll just get a high level. So just with everything that's going on in the market, services, software-based pressure, the whole kind of sets pokey fears that are out there. I want to kind of sanity check it with you first. Based on what you're seeing in your client conversations and what they're doing in contracting, what -- like what's your perspective as it relates to enterprises increasing their custom build preference versus buy the platform solutions. And if your clients are demonstrating a rising preference for custom builds, what are like the implications for your dynamics?

第一個問題我想先從高層次來問。考量目前市場上發生的各種事情——服務業、軟體端的壓力，以及外界對景氣的各種擔憂——我想先跟你們做個合理性檢核。根據你們在與客戶對話以及他們在簽約／採購上的作法所看到的情況，你們怎麼看企業在「偏好自行客製開發」相對於「購買平台型解決方案」這件事上的變化？如果客戶確實展現出更偏好客製開發，那對你們的業務動能會有哪些影響？

So I will start, and then I'll have Vasily to give you a few examples because there's nothing better than to show what exactly happened. So from the high-level perspective, obviously, we recognize that there is a very strong expectation that the cost of implementation will go down.

我先回答，接著我會請 Vasily 提供幾個例子，因為沒有什麼比具體案例更能說明實際發生了什麼。從高層次來看，很明顯地，我們認知到市場對「導入成本會下降」有非常強烈的預期。

Then people start throwing some comments. There is a decline of SaaS software companies or Ofex. There is a decline of IT services needs because everything is going to measure. Well, all these statements are not false. I mean there are more and more tools available in the market. But what's the custom part is, is that creation of the tools and solutions, having our internal platforms makes Grid Dynamics much more efficient to really customize solutions for the individual clients and tests.

接著人們開始拋出一些說法。例如 SaaS 軟體公司或 Ofex 正在下滑。例如 IT 服務需求在下降，因為一切都將被衡量。嗯，這些說法並非全然錯誤。我的意思是，市場上確實有越來越多工具可用。但所謂「客製」的部分在於：工具與解決方案的打造；而我們擁有內部平台，使 Grid Dynamics 能更有效率地為個別客戶與情境真正量身打造解決方案並進行測試。

And the reason we're doing this because it's very nice from the high-level perspective to look at these all wonderful models, but it's experimentation going to production is quite crazy. And many of the clients are hesitant to throw a lot of money without a clear outcome. And that's where the great comes in with the combination of people, processes and tools. And that's how we believe that even though there is an overall look that over each and looked at there are potential some decline of the needs, the company will agree dynamic needs is actually growing, and I'll have Vasily bring some examples.

我們之所以這麼做，是因為從高層次看這些很棒的模型固然很好，但從實驗走到正式生產其實相當瘋狂。許多客戶在沒有明確成果之前，會對投入大量資金感到猶豫。而這正是我們能發揮價值之處：把人員、流程與工具結合起來。因此我們相信，即便整體上看起來某些需求可能下滑，但對 Grid Dynamics 而言，實際需求反而是在成長；接下來我請 Vasily 分享一些例子。

Sure. Thank you for the question, Bryan. You are right on point, we definitely see increased demand of our custom-built software. And if in the past, the customers were looking into improvements or enhancing their core platforms, core applications right now, given the overall kind of cost of development is getting reduced by utilizing native environment and DLC.

好的。謝謝你的問題，Bryan。你說得很到位，我們確實看到對我們客製化軟體的需求增加。如果過去客戶主要是在改善或強化他們的核心平台、核心應用程式，那麼現在，隨著利用原生環境與 DLC 使整體開發成本下降，情況正在改變。

Companies like Grid Dynamics definitely benefit from this trend by getting involved into implementations and rebuilding of the typically SaaS, I would say, applications as a custom built and more custom tailor solutions for end customers, things like HR systems or travel dashboards and et cetera, which were traditionally work outside of the investment areas for the companies for the clients.

像 Grid Dynamics 這樣的公司，確實能從這個趨勢中受益：我們得以參與導入與重建——通常是把 SaaS 類應用程式重建為客製開發、且更貼近終端客戶需求的解決方案，例如人資系統、差旅儀表板等等；而這些過去傳統上並不是客戶公司優先投資的領域。

Okay. Okay. That's helpful. And then a follow-up. I'll kind of -- I want to dig in on the growth outlook for the year and unpack it a bit.

好的。好的。這很有幫助。接著一個追問。我想更深入探討一下你們對全年成長展望的看法，並把它拆解得更清楚一些。

Anil, you made a comment, you're bullish in your outlook. Just to clarify that comment, are you assuming anything meaningfully changes in the underlying demand backdrop to hit any of these targets? And help us just kind of bridge the 1Q performance here. Is there a build at dynamics or anything seasonal in the first quarter as you think about that first quarter implied growth rate relative to what you're talking about for the year?

Anil，你剛才提到你對前景偏多。為了釐清那個評論，你是否假設基礎需求環境會出現任何實質性的變化，才能達成這些目標？另外也請協助我們把這裡的第一季表現串起來理解。就你看第一季相對於你談到的全年隱含成長率而言，是否有庫存建立的動態或任何季節性因素？

Yeah, Bryan. Q1 is a very simple story here. It's so -- and also in our time and materials business, T&M, there was fewer working days relative to Q4. So that's -- it's very simple.

是的，Bryan。第一季在這裡是一個非常簡單的故事。就是——而且在我們的按工時計費業務（T&M）中，相較於第四季，工作天數更少。所以就是——非常簡單。

Now you're absolutely right. We are positive on how we're looking at the full year. There are two components of it. One is that some of the recent trends in our pipeline growth. Second thing is all the gentlemen that have spoken about on our AI trends, right? I'll let them build up on that. But where we are today, how we look at the year we feel more positive.

你說得完全正確。我們對於如何看待全年是正面的。這有兩個組成部分。第一是我們管線（pipeline）成長的一些近期趨勢。第二是各位先生所談到的 AI 趨勢，對吧？我會讓他們再補充。但以我們目前的狀況來看，我們對今年的看法更為正面。

And the final thing is that if you look at the range I provided, it's a little wider, right, relative to last year. we made it a little wider because we understand that during the course of the year, there's some positives, there's not so positive. So we kept a healthy range.

最後一點是，如果你看我提供的區間，相較於去年會稍微更寬一些，對吧？我們把它拉寬一點，是因為我們理解在一年當中，有些正面因素，也有些不那麼正面。所以我們保留了一個健康的區間。

So let me be more specific, right? So I think Anil answer a very simple question about Q1, and it's a very substantial reduction of the working days is for. So it's not something like normally happen traditionally here.

所以讓我更具體一點，對吧？我想 Anil 回答了第一季一個非常簡單的問題：主要原因是工作天數大幅減少。所以這不是那種傳統上通常會發生的事情。

But there is a bullish outlook for very simple reasons. The pace of adoption of AI solutions and AI applications by Grid Dynamics customers, clearly outpaces the decline maybe a little bit more hedged retail business. It happens simultaneously and this is no secret because if you look at the rate of growth of our client verticals, you can see to notable changes. It's a tack and more important, the financial vertical, which goes specifically into the fintech and capital markets, which is quite new and growing for us.

但偏多的展望有非常簡單的原因。Grid Dynamics 客戶對 AI 解決方案與 AI 應用的採用速度，明顯超過（或抵銷）零售業務可能略為保守的下滑。這是同時發生的，而且這不是秘密，因為如果你看我們各客戶垂直領域的成長率，你會看到兩個顯著的變化。一個是科技（tech），更重要的是金融垂直領域，特別是進入金融科技與資本市場，這對我們來說相當新且正在成長。

So when we look at the total equation, the rate of growth and AI-related businesses. The contribution from our partnerships. The improved our performance in terms of the new type of agreements, fixed bids, performance base, other elements. And on the back side, some of the depreciation of more of traditional paged business, we've been there for years, we came up with bullish but conservative outlet.

所以當我們看整體方程式：AI 相關業務的成長率、我們合作夥伴帶來的貢獻、以及我們在新型態合約（固定價格、績效計價等其他要素）方面的表現改善。再加上另一面，較傳統的分頁（paged）業務的一些下滑——我們做這塊很多年了——因此我們得出偏多但保守的展望。

And what's the conservative part of that? I think it's very important to understand. We've learned a little bit our lesson from 2025, right? I mean we actually believe we're going to be better than midpoint. But what it means for us?

那保守的部分是什麼？我認為這點非常重要，需要理解。我們從 2025 年學到了一些教訓，對吧？我的意思是，我們其實相信我們會優於中位數。但這對我們而言意味著什麼？

It means for us that in addition to all the facts, we need to understand the revenue dollars which are coming with the customers. And as the business grows, as you know very well, we also deploy our engineering talent across the globe, follow-the-sun strategy. And different regions have different price points and different elements of the business. So as we continue to scale our business, we want to make sure that early on, especially when we're introducing this a little bit variability of Q1, we do not get you guys question, are we saying or not. We are very safe.

對我們而言，意味著除了所有這些事實之外，我們還需要理解來自客戶的營收美元（revenue dollars）。而且隨著業務成長，如你非常清楚的，我們也會在全球部署工程人才，採取「追日（follow-the-sun）」策略。不同地區有不同的價格點與不同的業務要素。因此，當我們持續擴大規模時，我們希望確保在一開始——尤其是在我們引入第一季這種些微變動性時——不會讓各位產生疑問：我們到底是不是在這麼說。我們非常謹慎。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通（JPMorgan）。

So given like the recent news flow around Entropic Claude, are you seeing like any changes in your client behavior, increased urgency among your clients to embrace AI? And second, I know like you talked about the gain framework. I know it's built on proprietary as well as third-party tools. So to -- like all these developments like the evolution of ecosystem. Does that raise the bar on what gain can do for your clients in terms of productivity savings?

所以，考量到近期關於 Entropic Claude 的新聞動態，你是否看到客戶行為有任何變化、客戶是否更急迫地要擁抱 AI？第二，我知道你談到 gain framework。我知道它是建立在自有以及第三方工具之上。所以——像這些發展、以及生態系的演進，是否提高了 gain 能為客戶做到的事情門檻，例如在生產力節省方面？

Very good. Let's start with, again, Vasily the last time to give a little bit more of the multilayer approach. And then from the technology perspective, I think in an comment as well.

非常好。我們先從——再次請 Vasily 來說明一下多層次的方法。然後從技術角度，我想也請 Anil 補充評論。

Yeah. Maybe let me start with again framework. So as you know, we announced it in the middle of 2025. And during the 6 months of 2025, we were rapidly developing this framework and running pilot implementations with our customers. As you heard in the prepared remarks, we implemented a series of software assets, which became now the part of this platform, which we are offering to our customers.

好的。也許我先從 gain framework 開始。如各位所知，我們在 2025 年年中宣布了它。在 2025 年下半年的 6 個月裡，我們快速開發這個框架，並與客戶進行試點導入。如你在事先準備的講稿中所聽到的，我們實作了一系列軟體資產，現在已成為這個平台的一部分，並提供給客戶。

So I would say in 2026, we see this will be the year of rapid adoption of the game platform across our customers. And in fact, it became the de facto standard approach, which we use for the outcome and output-based engagements. Essentially decoupling billable head count from the revenue growth. So we definitely see performance improvements. We transfer some of that to our customers, and some of that contributes to our improved profitability.

所以我會說，2026 年我們看到這將是 game 平台在客戶間快速採用的一年。事實上，它已成為我們用於以成果（outcome）與產出（output）為基礎之合作案的事實標準方法。本質上是將可計費人頭數與營收成長脫鉤。因此我們確實看到績效改善。我們把其中一部分轉移給客戶，另一部分則貢獻於我們獲利能力的提升。

Eugene?

Eugene？

Yeah. And when it comes to the actual improvements which we are seeing from Agentic core assistance systems and Claude and of course Entropic kind of others -- of course, many of our customers are embracing it, and we are bringing those capabilities with done together with Rosetta, which is a layer on top of if they are not competing with those Agentic Assistance on the foundation there, but we are making them better stronger and embed our own institutional knowledge in the assistance with every engagement.

是的。至於我們從 Agentic 核心助理系統、Claude，當然還有 Entropic 以及其他——所看到的實際改善，當然，我們許多客戶都在採用它，而我們也會把這些能力帶進來，並與 Rosetta 一起完成；Rosetta 是其上的一層，如果它們不是在底層與那些 Agentic Assistance 競爭的話，我們是在讓它們變得更好、更強，並在每一次合作案中把我們自身的機構知識（institutional knowledge）嵌入到助理系統裡。

And of course, impact of that very much depends on the actual nature of the project. So if you are going into greenfield kind of solution, our gains are immense, like 10 fleets compared to traditional ways because you are creating in an unconstrained environment doing whatever you want.

當然，其影響非常取決於專案的實際性質。所以如果你是在做一個綠地（greenfield）類型的解決方案，我們的增益非常巨大，例如相較於傳統方式可達 10 倍，因為你是在不受限制的環境中創建，想做什麼都可以。

If you are working in a brownfield project with still well-defined goals, technology modernization and migration you still have a very strong improvement because the agents are two years. They are doing things much faster for you. And you see maybe 2, 3 times improvements in the performance of the teams. However, when you are coming to the engagement and environments where the majority of the complexity is in the communication or orchestration. This has been -- it's much more challenging to realize the improvements from pure coding and creation of artifact. So it all varies very much depending on the portfolio of our solutions.

如果你是在一個棕地（brownfield）專案中，仍有明確目標、做技術現代化與遷移，你仍然會有非常強的改善，因為這些代理（agents）已經兩年了。它們能為你更快地完成事情。你可能會看到團隊績效提升 2 到 3 倍。然而，當你進入的合作案與環境中，大部分複雜度在於溝通或協調（orchestration）時，要僅靠純粹的寫程式與產出工件（artifact）來實現改善就更具挑戰。因此一切都會因我們解決方案組合而有很大差異。

Just quickly to add to what Eugene Sue mentioned, I think it's very important we mentioned several times in our prepared remarks as well. I think this transition from T&M based approach to outcome-based and output based. That's -- it's very important to emphasize because this is definitely real. We see that a lot. It happened during the 2025 in transition to 2026.

我快速補充 Eugene Sue 提到的內容，我認為這點非常重要，我們在事先準備的講稿中也多次提到。我認為從以 T&M 為基礎的方法轉向以成果（outcome）與產出（output）為基礎，這點——非常值得強調，因為這絕對是真實發生的。我們看到很多。這在 2025 年發生，並延續到 2026 年的轉換中。

And we see that this year, we will see much more of those -- many more of those engagements going forward. And that's why, as Vasily and Eugene mentioned, our game framework together with verticalized solutions and the platforms that we are leveraging that will be very, very important this year.

而且我們看到今年，未來我們將會看到更多這類——更多這類的合作案持續推進。這也是為什麼，如Vasily和Eugene所提到的，我們的遊戲框架，結合垂直化解決方案以及我們正在運用的平台，將在今年變得非常、非常重要。

Okay. Got it. And let me ask like follow-up to Brown's question on the rest of the year beyond Q1. So based on our math, like it seems like the full year guidance at its midpoint implies like 5%, 5.5% sequential growth beyond Q1. So can you disaggregate that? Like what drives that growth like in terms of like whether it's like you talked about like earlier like the pipeline, billing days and all that. Can you talk about like what drives that 5%, 5.5% sequential growth beyond Q1 to get to the mid-quarter full year numbers?

好的。了解。我想就Brown關於今年剩餘時間（超過第一季）的問題再追問一下。所以按我們的推算，看起來全年指引在中位數意味著在第一季之後，約有5%、5.5%的季比序列成長。你能把這部分拆解一下嗎？例如這個成長是由什麼驅動的——是否像你先前提到的管線、計費天數等等。你能談談是什麼驅動第一季之後那5%、5.5%的季比序列成長，以達到全年中位數的數字嗎？

Anil, make a few comments and, of course, we'll have an to back it up with the numbers. As I mentioned to Bryan, we do very seriously to make sure that we are reasonable but conservative in our rate of -- have -- Okay. The pipeline is very robust. And the pipeline which we have right now, not only robust, but it shows a quite opportunity with AI-related products and projects across multiple verticals and multiple plants.

Anil先講幾點，當然我們也會用數字來佐證。如我對Bryan提到的，我們非常認真地確保我們在——好——我們的成長率假設是合理但保守的。我們的管線非常強勁。而且我們目前的管線不僅強勁，還顯示出在多個垂直領域與多個廠區中，AI相關產品與專案有相當多的機會。

There is always a seasonality, right? So Q2 is better than Q1, and Q3 is better Q2 and then Q4 may have some additional flows like what happens in Q4 last year and all the stuff. But we kind of dissegregate the seasonality and behavior from adoption of AI. And we look at our pipeline as it stands today. So there is a very little assumption, Puneet, that there is going to be some enormous number of white swans or some Hail Mary or something extraordinary grade happens during the course of the year. Obviously, not everything on our books today, but majority is -- and we have a very nice number on tools, accelerated and platforms, which are going to continue to roll out during the year.

總是存在季節性，對吧？所以第二季會比第一季好，第三季會比第二季好，然後第四季可能會有一些額外的流量，就像去年第四季發生的情況以及其他因素。但我們會把季節性與行為因素，和AI採用所帶來的影響做區分。我們會看今天這個時間點的管線狀況。所以我們幾乎沒有假設（Puneet）今年會出現什麼巨大的「白天鵝」、什麼孤注一擲（Hail Mary），或是某種非比尋常的事件在年內發生。當然，並非今天帳上所有項目都會發生，但大多數會——而且我們在工具、加速器與平台方面有非常不錯的數量，將在今年持續推出。

So to summarize it, we are not hoping for the numbers. We have a strong pipeline to AI-related projects, particularly in the technology and fintech space. There is a growth in manufacturing, which is cutting quite robustly as well. And we see that adoption, as again, Bryan asked before, of the custom developed solution on a combination of the deployed engineers and train program and our internal tooling brings us much higher acceleration. So the same people, the same trade capacity of the people can have several terms on the execution during the year. That's kind of the high level, but very clear understanding what does that pipeline mean? But maybe Anil will back it up with some number.

總結來說，我們不是在「盼」數字。我們在AI相關專案上有強勁的管線，特別是在科技與金融科技領域。製造業也在成長，而且相當強勁。另外，我們也看到採用——如同Bryan先前問到的——客製化開發解決方案，結合已部署的工程師與培訓計畫，以及我們的內部工具，能帶來更高的加速效果。因此，同樣的人、同樣的人力產能，在一年內的執行產出可以提升好幾倍。這是高層次的說法，但也非常清楚地說明這個管線代表什麼。不過也許Anil會用一些數字來支撐。

Yeah. Look, I think the key thing is what Leonard can rate we look at the revenues from a bottoms-up and a top down. And what we have as we go from '25 to '26 transition is this AI factor. And when we looked at that AI revenue kind of bottoms up top down and look at the trajectory, I wish I could give a number, but it's a very healthy number as we go into '26. That is our foundation for our modeling in '26.

是的。我認為關鍵在於——如Leonard所說——我們會用自下而上與自上而下兩種方式來看收入。而我們從'25到'26的轉換中所擁有的，就是這個AI因素。當我們以自下而上、自上而下的方式去看AI收入，並觀察其軌跡時，我希望我能給出一個數字，但它是一個非常健康的數字，隨著我們進入'26。這就是我們在'26建模的基礎。

Now when you look at the variations we said, right, we have this wider variation this year. We understand in the course of the year, things can happen. So as you go from the high end to the low end, we bake in some level of conservativeness with some of our clients, especially on the larger side, depending upon how we look at the business today.

再來看我們提到的波動區間，對吧，今年我們的波動區間更寬。我們理解在一年當中，事情可能會發生變化。因此，從高端到低端的區間，我們會針對部分客戶（尤其是較大型客戶）納入一定程度的保守性，取決於我們今天如何看待業務狀況。

But again, this is top-down bottoms-up with some conservativeness, but in '26, the fundamental difference is that we've got this AI trajectory and look at, as Leonard pointed out, look at the fastest-growing segments, TMT and financial verticals. That's the key.

但同樣地，這是自上而下與自下而上的推估，並帶有一些保守性；而在'26，根本性的差異在於我們有這條AI成長軌跡，而且如Leonard指出的，看看成長最快的板塊：TMT與金融垂直領域。這就是關鍵。

So just again, to put another number, Puneet, because I think it's important. I'll give you a little bit of a prequel, right? So mathematically, it does look a little bit aggressive. But realistically, it's a very unusual quarter to report, right? Is the year-end. So we are in March. So you can suspect that we're probably now numbers in Q1 a little bit better then typically when we present our earnings data a few -- two, three weeks earlier.

所以再一次，Puneet，我想補充一個數字，因為我覺得這很重要。我先鋪陳一下，對吧？從數學上看，確實會顯得有點激進。但從現實來看，這是一個非常不尋常的季度來做報告，對吧？因為這是年末。我們現在在三月。所以你可以推測，我們第一季的數字可能會比通常我們在提前兩、三週公布財報數據時要好一些。

So what happened is we see a healthy March. And the impact of this seasonality and less of the working days kind of behind us. So the rate of growth, which you see is based on the lower performance of the first, let's say, two months of the quarter. As I was joking, would be lovely to have a Q2 four months then you can throw all these stuff in the first two months of the year, but really, really healthy quarter. So the rate of growth from March on is more, I would say, traditional, which makes us more comfortable with providing the guidance like we are.

所以發生的情況是，我們看到三月表現健康。而季節性影響以及工作天數較少的影響也已經在我們身後。因此，你看到的成長率是基於該季度前面（比如說）兩個月較低的表現。就像我開玩笑說的，如果第二季能有四個月就太好了，那你就可以把所有這些東西都塞到一年最前面的兩個月，但實際上，這是一個非常、非常健康的季度。所以從三月開始的成長率更偏向我所說的「傳統」水準，這也讓我們更有信心提供目前這樣的指引。

Mayank Tandon, Needham.

Mayank Tandon，Needham。

Great. Thank you. Anil, you gave guidance on EBITDA for the first quarter, but not for the full year. So I just wanted to check with you, should we expect the same sort of pattern as you mentioned on revenue growth in terms of margin expansion? And do you have any sort of framework on how to think about what the levers are for margins going forward?

很好。謝謝。Anil，你給了第一季的EBITDA指引，但沒有給全年指引。所以我想跟你確認一下，我們是否應該預期在利潤率擴張方面，會呈現你提到的那種收入成長的相同模式？另外，你是否有任何框架可以讓我們理解，未來推動利潤率的槓桿會是什麼？

Yeah. Thanks for that question, Mayank. So as you know, last quarter, we talked about margin expansion in 2026, right? Q4 to Q4, we talked about 300 bps. Within the company, there's several efforts right from internal productivity, right, from geographic optimization, where we're working very diligently on our margin expansion.

是的。謝謝你的問題，Mayank。如你所知，上個季度我們談到2026年的利潤率擴張，對吧？以第四季對第四季來看，我們談到300個基點。公司內部有多項努力，從內部生產力提升、到地理配置最佳化，我們都非常努力地推動利潤率擴張。

And that's largely driven by the change of our workforce over the last three, four years, which you all know about. Along with that, we have investments to Eugene is talking -- Eugene is doing some amazing work in a number of platforms he's rolling out on AI. So it's the balance between the two.

而這在很大程度上是由我們過去三、四年的人力結構變化所驅動，這點你們都知道。除此之外，我們也有投資——Eugene剛才提到——Eugene在多個他正在推出的AI平台上做了非常出色的工作。所以這是在兩者之間取得平衡。

So if you look at our trajectory, Margin expansion, margin continuation is what we are modeling. As the revenue picks up, obviously, you have a little bit more positive leverage there on the EBITDA margins. But the cadence at which these things will play out, you will see in the course of the year, I just don't want to give that level of specificity at this point. But the trajectory should be moving upwards and in line with what we had promised last quarter.

所以如果你看我們的軌跡，利潤率擴張、利潤率延續是我們正在建模的方向。隨著收入回升，顯然EBITDA利潤率會有更正向的營運槓桿。但這些事情會以什麼節奏展開，你會在一年當中逐步看到；我只是不想在此刻給出那麼具體的細節。但整體軌跡應該是向上，並且與我們上季承諾的一致。

And of course, it's not constant currency situation. So you may want to come.

當然，這也不是一個固定匯率（constant currency）的情境。所以你可能想要再補充。

So the other important thing everyone should understand is that in '25 versus '24 there was a big headwind on FX. So if I look at the cost and revenue on a net basis, that was close to $8 million overall for me, year-to-year. If I look at the last day of '24 and compare what happened on '25. So we're working through that. That's another thing that we're working through.

所以大家應該理解的另一個重要點是，'25 相較於 '24，在外匯（FX）方面有很大的逆風。因此，如果我以淨額基礎來看成本與收入，整體年對年對我而言接近 800 萬美元。如果我看 '24 的最後一天，並比較 '25 發生了什麼。所以我們正在處理這件事。這也是我們正在處理的另一件事。

So to summarize it, I gave you guidance direction of 3% in improvement Plus. It still stays I hope we can do better than that. There's a lot of opportunities happen. But we're not going to pull the plug and show artificially some numbers related to less investment into Agentic AI or the Physical Robotics AI. These elements are vital for our business, but operational efficiency, the contract efficiency, which we discussed with AI and also distributing workforce more efficiently around the globe. All the three elements. But the driver is fundamentally AI efficiency. That's really the number one or three. And I think, you want to --

所以總結來說，我給你們的指引方向是改善 3% 以上。我仍然希望我們能做得比那更好。有很多機會正在發生。但我們不會拔掉插頭，為了少投資於 Agentic AI 或實體機器人 AI 而人為地呈現一些數字。這些要素對我們的業務至關重要；但營運效率、合約效率（我們已討論過 AI），以及在全球更有效率地配置人力。這三個要素。但驅動因素根本上是 AI 效率。那真的是第一要務（或三者之首）。而我想，你想要--

Yeah, I just wanted to comment on the same pretty much along the same lines as I mentioned, right, about fixed-price engagements, right, and outcome-based engagements. That's obviously come typically, with a higher margin. So that's why it's also -- it's part of this program as well. And this year, again, it will be quite substantial.

是的，我只是想補充一下，基本上和我先前提到的方向一致，對吧，關於固定價格（fixed-price）的專案，以及以成果為基礎（outcome-based）的專案。那通常顯然會帶來較高的毛利。所以這也是為什麼它也——它也是這個計畫的一部分。而今年同樣地，它的影響會相當可觀。

Got it. And then just very quickly, I wanted to ask about your comments around M&A, Anil. You mentioned that obviously, you have a really good balance sheet and you have the work just to go out and do acquisitions. Are you finding that with the recent market volatility, multiples have come down? Are expectation is a little bit more realistic on some of the potential targets that you might have had in mind?

了解。然後很快地，我想問一下你對併購（M&A）的評論，Anil。你提到很明顯你們的資產負債表非常強健，也有能力出去做收購。你是否發現，隨著近期市場波動，估值倍數已經下來了？對於一些你們可能鎖定的潛在標的，市場預期是否更現實一些？

Yeah. Somehow the private companies, they received the memo a little later than the public companies. So the member they finally got, but it took a little time. We are having a good pipeline. Look, we've said that, but I think the number of exclusivities that we have today is as high as it's ever been. It's not done until it's done.

是的。不知怎地，私營公司比上市公司晚一點才收到那個訊息。所以他們最後確實收到了，但花了一點時間。我們有一個不錯的案源管線。你看，我們一直這麼說，但我認為我們目前手上的獨家洽談（exclusivity）數量是史上最高。事情沒完成之前，都不算完成。

When it comes to valuation, things have come in, they're better than what it was 6 months or 10 months ago. But -- it's still back and forth. Again, remind the most important thing, strategic focus, strategic fit to what we're doing, especially in the AI world that we're entering. That's our bar standards are very high, and we're just not going to buy because we have to buy. We're going to do it if it's strategically fitting.

就估值而言，確實已經回落，比 6 個月或 10 個月前好。但是——仍然在來回拉鋸。再次提醒，最重要的是策略聚焦、策略契合度，與我們正在做的事情一致，尤其是在我們正進入的 AI 世界。我們的門檻標準非常高，我們不會因為必須買就去買。只有在策略上契合時，我們才會做。

Yeah. I think what Anil didn't tell you it is very obvious we're not buying revenue. This is very, very clear. The relationship we got into the exclusivity with several of the targets, there are very specific in their fashion to address two things. One is the technology components, which we need to add.

是的。我想 Anil 沒告訴你的一點其實很明顯：我們不是在買營收。這點非常、非常清楚。我們與幾個標的進入獨家洽談的關係，是非常有針對性地要解決兩件事。第一是我們需要補上的技術組件。

And the second one is the knowledge of the verticals we would like to be strong with that. So it's not about one size fits all. It's not about just going -- swallowing a big company and report a great number, because usually, it doesn't happen like this. But it's a very specific technology plus verticals.

第二是我們希望在其中變得更強的垂直領域知識。所以這不是一體適用（one size fits all）。也不是只是去——吞下一家大公司，然後報出一個很漂亮的數字，因為通常不會是這樣發生。而是非常特定的「技術 + 垂直領域」。

And it seems as the message you mentioned coming from the from somebody who tells them, okay, now has attained their expectations, I think we're going to be in a better shape because last year, it was the satisfactory.

而且看起來就像你提到的那個訊息，來自某個告訴他們「好，現在已經達到他們的預期」的人；我認為我們的狀況會更好，因為去年那是令人滿意的。

Logan Chu, Jefferies.

Logan Chu，Jefferies。

My question revolves around your discussion of kind of moving from labor scaled IP to -- or labor scaled growth to IP scaled growth and kind of the shift from time and materials to outcome based. I'm just wondering what kind of implications that have on your plans for hiring in 2026 and beyond? And then also, where do you think the business model evolves to over the longer term? I mean we have some competitors going all in on kind of subscription-based Agentic delivery, some different competitors saying, no, we don't see it fundamentally changing. I was just wondering where you guys kind of landed on that spectrum?

我的問題圍繞在你們討論的：從以人力規模化的 IP（labor scaled IP）到——或者從以人力規模化的成長到以 IP 規模化的成長，以及從按工時與材料（time and materials）轉向以成果為基礎（outcome based）的轉變。我想知道，這對你們在 2026 年及之後的招募計畫會有什麼影響？另外，從更長期來看，你們認為商業模式會演變成什麼樣子？我的意思是，我們看到一些競爭對手全力投入某種以訂閱制為基礎的 Agentic 交付；也有不同的競爭對手說，不，我們不認為它會從根本上改變。我只是想知道你們大概落在這個光譜的哪一端？

Okay. So on, I will just say a couple of words, but I think this is a good question for a round table. It's almost like I feel like as a fire chat on the earnings call because there are a lot of elements, which is a very loaded question because you're right, we're kind of the last of the group to kind of present our earnings results and you have there full from everyone telling you something. So it will not be very different. We'll tell you what we think.

好的。所以關於這點，我只說幾句，但我認為這是個適合在圓桌討論的好問題。我幾乎覺得在財報電話會議上像是在做爐邊談話（fireside chat），因為這裡面有很多要素；這是一個很「重」的問題，因為你說得對，我們算是這一批裡面比較晚公布財報結果的，你已經聽到大家都在跟你說各種觀點。所以我們的說法不會差太多。我們會告訴你我們的看法。

So look, the model has changed already. There is no way back and people who will consistently say that, A, nothing changed, or we're going to continue to build the large size of team and more people you have as merrier will probably face some challenges, especially on the large size.

所以你看，這個模式其實已經改變了。不可能回到過去；而那些持續說 A、什麼都沒變，或我們會繼續擴大團隊規模、覺得人越多越好的人，可能會面臨一些挑戰，尤其是在大規模的情況下。

Now I've been saying that for a long time, and it actually works for Grid Dynamics benefit. We're not only a technology-driven company and an innovation-driven company -- we're a nimble company. Our size is fairly optimized. Obviously, there is a place for growth. But we're not having any managed services we're not having some very low-end contracts. And some contracts which were not as progressive or technology contribution, migration all this fashion, they are falling off. And that's why you see this kind of changing of the orders in both ways.

我講這件事已經很久了，而這其實對 Grid Dynamics 有利。我們不僅是一家以技術驅動、以創新驅動的公司——我們也是一家敏捷的公司。我們的規模相當最佳化。當然，仍然有成長空間。但我們沒有任何託管式服務（managed services），也沒有一些非常低端的合約。而一些不那麼前瞻、或在技術貢獻、遷移等方面不夠進步的合約，正在流失。這也是為什麼你會看到訂單在兩個方向上都出現這種變化。

But where we see our model, and I hope Lucili a few examples, is that it's going to be a combination. So it's not the perishable goods of quality engineering. It's a combination of capabilities, trained people and the solutions we have in advance of customer needs, understanding their marketability. We continue to play our role with the partnerships. We understand deeply several key areas, and it can be expert in everything.

但我們如何看待我們的模式——我希望 Lucili 能舉幾個例子——是它會是一種組合。所以它不是那種一次性消耗品式的品質工程。它是能力、受訓的人才，以及我們在客戶需求之前就先準備好的解決方案的組合，並理解其市場化能力。我們會持續透過合作夥伴關係來扮演我們的角色。我們會深度理解幾個關鍵領域，而不可能在所有事情上都成為專家。

You try to be expert in everything then you have a very kind of a shallow knowledge and you're going to struggle because you have to fill them all. The bets need to be a bit concentrated even though diversified. So where I see it's kind of a -- it's a middle ground. One thing which I give you, again, as my input may be a little bit different from others, but it's kind of resonates with our clients very well. The definition of the senior engineer has changed.

如果你試圖在所有事情上都成為專家，那你就會只有很淺的知識，並且會很吃力，因為你必須把所有面向都補齊。押注需要更集中一些，即使同時要分散風險。所以我看到的是一種——一種中間路線。有一點我再提供給你，作為我的看法，可能跟其他人有些不同，但它與我們的客戶非常契合。資深工程師（senior engineer）的定義已經改變了。

So traditionally, the word seniors means the person with many years of experience, they do less here. But today, the definition of the senior engineer means relevancy of the technology competence and a foundational acumen around their own DNA being the moderate age of AI technology. So the age limit changes, but what really changes the depth of the knowledge of people. So the focus of Grid Dynamics is will continue to be supporting the intelligence of information programs. Grid Dynamics University training, green lab training, combination that these fellows also contribute to building on tools, so then they can become much more productive with the clients.

因此，傳統上，「資深」一詞指的是擁有多年經驗的人，他們在這裡做得相對少一些。但在今天，資深工程師的定義意味著其技術能力的相關性，以及圍繞其自身 DNA、並以 AI 技術的「適中年齡」為基礎的基本洞察力。因此，年齡限制在改變，但真正改變的是人們知識的深度。因此，Grid Dynamics 的重點將持續是支援資訊計畫的智慧化。Grid Dynamics University 訓練、Green Lab 訓練，以及這些夥伴也共同投入工具建置的組合，讓他們能在客戶端變得更高效、更具生產力。

So summarizing my part is that in somewhere in the middle ground, we're bringing the new era of the year engineering the talent, combined with a tooling and a modern world of solving customer problems faster more efficient and combining three elements: people, industry tools and our own platforms. And with that, Vasily, maybe you'll add some --

總結我這部分：我們在某種中間地帶，引入新時代的工程人才，結合工具化與以更快、更高效率解決客戶問題的現代方式，並把三個要素結合起來：人才、產業工具，以及我們自有的平台。有了這些，Vasily，也許你可以再補充一些--

Yeah, just a few comments. Imagine if the customer has a project, let's say, which is provided as a bid for fixed price. And you come and bid for that, let's say, with the pricing 25% to 35% lower than otherwise it would be delivered with a traditional workforce in the T&M manner, let's say, we're like just regular fixed price for the regular engineers.

是的，補充幾點。想像一下，客戶有一個專案，例如以固定價格投標的方式提供。而你來投標時，假設報價比傳統以 T&M（工時與材料）方式、由傳統人力交付的價格低 25% 到 35%，也就是相對於一般工程師的常規固定價格。

But actually, you have the productivity of 35% to 45% higher. So that's the clear path for improvement of the profitability, but how do you do that? You implement certain as they'll see new processes on how you develop the software, you deploy a special team, which is very well trained you introduced certain artifacts and assets, which would understand or would fit their vertical we are working in, also understand the coating policies, all the existing coal base set, which would help developers to work to deliver higher productivity. And that's essentially like on the high-level wood game model and what the Grid Dynamics is going with.

但實際上，你的生產力高出 35% 到 45%。這就是提升獲利能力的清晰路徑，但要怎麼做到？你會導入一些（他們將會看到的）新流程，來改變軟體開發方式；你會部署一支訓練有素的專業團隊；你會引入特定的工件與資產，能理解或契合我們所處的垂直領域，也能理解編碼政策與既有的程式碼庫基礎，從而幫助開發者以更高生產力交付。這基本上就是高層次的運作模式，也是 Grid Dynamics 正在推進的方向。

Essentially verticalized solution, high-performance teams, very well-educated engineers on the modern technology and delivering outcome and output based engagement.

本質上是垂直化解決方案、高效能團隊、在現代技術上受過良好教育的工程師，以及以成果與產出為基礎的合作模式。

Great. That was very clear. And then I wanted to ask about the partnerships. I know they're 19% of revenues were partner influenced. I just wanted to kind of get a sense of how those partnerships have evolved over time, maybe how you see them evolving in the future?

很好。這非常清楚。接著我想問一下合作夥伴關係。我知道有 19% 的營收是由合作夥伴帶動（partner influenced）。我想大致了解這些合作關係隨時間如何演進，以及你們如何看待未來的演進？

Okay. So the person who is possible for partnerships, we will bring him in next time, it's a Rahul Bindlish as we're looking okay. we're going to say on poles, right? Thank you for asking this question last because it's actually a very wide part of our growth. When a few years ago, we started talking about one partnership. We're basically exploring what it means to read the next. And starting with Google, it was great. I mean we have a great experience. We have a great partnership. We have a great positioning of understanding of the modern tools, collaboration.

好的。負責合作夥伴關係的人，我們下次會請他一起參與，是 Rahul Bindlish，我們正在安排，好嗎？我們會在（某個）時點上說明，對吧？謝謝你把這個問題放在最後問，因為這其實是我們成長中非常重要的一大部分。幾年前，我們開始談到第一個合作夥伴關係。我們基本上是在探索「下一步」意味著什麼。從 Google 開始，這非常棒。我們有很好的經驗。我們有很好的合作關係。我們在理解現代工具與協作方面也有很好的定位。

We have matured significantly ever since. So when we talk about the influence revenue, we're talking about our positioning where we not only contribute to the value of the clients which utilize solutions from our clients and solutions talk about cloud solutions or their modern, large language models or other features. But the elements associated how we are adding our layers, our technology know-how, our technology platforms on the top of their offering, which helps them to penetrate customers faster and helps us to understand earlier what their growth is going to be.

自那之後我們已顯著成熟。因此，當我們談到「受合作夥伴影響的營收」時，我們指的是我們的定位：我們不僅為使用我們合作夥伴解決方案的客戶創造價值——這些解決方案可能是雲端解決方案、現代大型語言模型或其他功能——同時也包含我們如何在其產品/服務之上疊加我們的能力要素：我們的技術專長、我們的技術平台，幫助他們更快打入客戶，也幫助我們更早理解他們的成長將會是什麼。

Saying that, we also started to contribute more efficiently to their own developments, on their own products, which is very critical because that's how it drives our business, not only having our partners our vehicle for growth within industry, but is the growing clients themselves. So from there, we pretty much cover all the hyperscalers. And that's great because it means the customer has a value with Grid Dynamics to get a bespoke solution for the best fit for everyone. And this is good because ultimately, not every offering fits at all, and we are very comfortable to be really good friends with the clients and fair partners with our major hyperscalers.

此外，我們也開始更有效率地參與他們自身的研發、他們自有產品的開發；這非常關鍵，因為這正是驅動我們業務的方式——不僅是把合作夥伴作為我們在產業內成長的載體，更是合作夥伴本身客戶的成長。因此，我們幾乎涵蓋了所有超大規模雲端服務商（hyperscalers）。這很棒，因為這意味著客戶與 Grid Dynamics 合作能獲得量身打造、最適配各方的解決方案價值。這也很好，因為最終並非每一種方案都適用於所有情境；而我們也很自在地同時與客戶保持良好關係，並與主要 hyperscalers 成為公平的合作夥伴。

On the top of it, we're adding more meaningful partnerships and perhaps Eugene can make one of the notable ones because I think it usually gives us a little bit more advantage to fill the gaps on the fast-growing AI implementation where the big guys allow a bit more flexibility for some specialized programs to step in. And since it's going to be probably the last time I speak where Eugene will wrap it up for you. I just want to say one thing which is important, I think, for everyone. It's going to be a good year. We believe in Grid Dynamics.

除此之外，我們也在增加更具意義的合作夥伴關係；或許 Eugene 可以提一個值得注意的案例，因為我認為這通常能讓我們在快速成長的 AI 導入上更具優勢——大型業者往往會為一些專門計畫提供更大的彈性，讓其得以切入。而且這可能是我最後一次發言，接下來 Eugene 會為各位做總結。我只想說一件我認為對大家都很重要的事。這會是很好的一年。我們相信 Grid Dynamics。

We are having a strong and growing team and I really count and you guys believe in us as we do it ourselves. So thank you with that, and Eugene, please wrap it up.

我們擁有一支強大且持續成長的團隊，我也真心希望你們能像我們相信自己一樣相信我們。因此，謝謝各位；接下來 Eugene，請你做總結。

Yeah. Thank you, and this is a great question. And indeed, we -- as Leonard said, we are helping many of our partners to build the value-add components and penetrate new customers and new industries. One notable example is, for example, our partnership with Team Portal, which is our workflow management system at its core, very robust, very scalable and very powerful. And we apply this system at scale while building enterprise agent platforms, which opened quite a lot of interesting opportunities for temporal to grow into this sector, and we help them to go into major accounts together. And now we enjoy -- it's a good partnership as well.

好的。謝謝，這是個很好的問題。確實，如 Leonard 所說，我們正在協助許多合作夥伴打造增值元件，並打入新客戶與新產業。其中一個值得注意的例子是我們與 Team Portal 的合作；它的核心是一套工作流程管理系統，非常穩健、可高度擴展且功能強大。我們在建置企業級代理（agent）平台時大規模應用這套系統，為 Temporal 在該領域的成長開啟了不少有趣的機會，而我們也協助他們一起切入大型客戶。現在我們也享受——這同樣是一段良好的合作關係。

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

謝謝你，Logan。各位女士、先生，今天的問答環節到此結束。我現在把時間交給 Leonard 做結語。

This quarter, we demonstrated that AI first transformation is delivering real measurable value. We continue to scale our talent and embed AI driven efficiencies through platforms. By running our AI first operational models, we are proving the same value proposition we advocate for our clients.

本季我們證明了 AI 優先（AI-first）轉型正在帶來真實且可衡量的價值。我們持續擴大人才規模，並透過平台嵌入 AI 驅動的效率提升。透過運行我們的 AI 優先營運模型，我們正在證明我們向客戶所倡議的價值主張同樣成立。

We entered the next phase of our journey with a clear road map, a future approved workforce and a steadfast commitment to deliver long-term value for our shareholders. Thank you, and we look forward to updating you on our continuous progress.

我們以清晰的路線圖、面向未來且經驗證的人力結構，以及為股東創造長期價值的堅定承諾，進入旅程的下一階段。謝謝各位，我們期待持續向各位更新我們不斷推進的進展。