Globant SA (GLOB) 2024 Q4 法說會逐字稿

Good day and welcome to Globant's fourth quarter and full year 2024 earnings conference call. I'm Arturo Langa, Investor Relations Officer at Globant. (Event Instructions)

大家好，歡迎參加 Globant 2024 年第四季和全年財報電話會議。我是 Arturo Langa，Globant 的投資人關係長。(活動須知)

Please note this event is being recorded and streamed live on YouTube. By now you should have received a copy of the earnings release. If you have not, a copy is available on our website, investors.globant.com.

請注意，此次活動正在 YouTube 上錄製和直播。現在您應該已經收到了一份收益報告的副本。如果您還沒有，可以在我們的網站 investor.globant.com 上取得一份副本。

Our speakers today are Martin Migoya, co-Founder and Chief Executive Officer; Juan Urthiague, Chief Financial Officer; Patricia Pomies, Chief Operating Officer; and Diego Tartara, Global Chief Technology Officer.

今天的演講者是聯合創始人兼首席執行官 Martin Migoya； Juan Urthiague，財務長； Patricia Pomies，營運長；以及全球首席技術長 Diego Tartara。

Before we begin, I would like to remind you that some of our comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC.

在我們開始之前，我想提醒您，我們今天電話會議上的一些評論可能被視為前瞻性陳述。其中包括我們的業務和財務展望以及您的一些問題的解答。此類聲明受到公司收益報告和向美國證券交易委員會提交的其他文件中所描述的風險和不確定性的影響。

Please note that we follow IFS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures, which is how we track performance internally and the easiest way to compare Globant to our peers in the industry.

請注意，我們在財務報表中遵循 IFS 會計規則。在今天的電話會議中，我們將報告非國際財務報告準則或調整後的指標，這是我們內部追蹤績效的方式，也是將 Globant 與業內同行進行比較的最簡單方法。

You will find a reconciliation of IFRS and non-IFRS measures at the end of the press release we published on our investor relations website announcing this quarter's results.

在我們於投資者關係網站上發布的宣布本季業績的新聞稿末尾，您可以找到 IFRS 和非 IFRS 指標的對帳表。

I'd now like you to turn the call over to Martin Miggoya, our CEO.

現在我想讓你把電話轉給我們的執行長馬丁·米戈亞 (Martin Miggoya)。

Welcome. Good afternoon, and hello, everyone. We're facing a major transformation. It is a revolution that Globant has not only anticipated but has been shaping for many years. With advance in AI, the lines between technology and business are fading.

歡迎。下午好，大家好。我們正面臨一場重大轉變。這是一場 Globant 不僅預見而且多年來一直在塑造的革命。隨著人工智慧的進步，科技與商業之間的界線正在逐漸模糊。

Today, it is not just a tool but the core of enterprise reinvention. While many technology players are jumping on the AI revolution, branding themselves as experts without having made any real investments in the field, Globant has been investing in AI for the past 10 years. This long term commitment means we are not merely riding the wave of the latest trends. We have developed deep proven expertise in the field.

如今，它已不再只是一種工具，而是企業重塑的核心。儘管許多科技公司紛紛加入人工智慧革命，並將自己標榜為專家，但實際上並沒有在該領域進行任何實際投資，而 Globant 在過去 10 年裡一直在投資人工智慧。這項長期承諾意味著我們不僅僅是在追隨最新潮流。我們在該領域已累積了深厚且成熟的專業知識。

Creating technology that dares to delight is not just about writing code. It is about creating meaningful value in a world powered by AI agents, industry specific intelligence and human touch. We were building software with purpose, shaping experiences, driving impact and pushing the boundaries of what technology can achieve. Many doubted, but this was not our guide, vison was.

創造敢於讓人愉悅的技術不僅僅是編寫程式碼而已。它是關於在由人工智慧代理、行業特定智慧和人性化驅動的世界中創造有意義的價值。我們有目的地建立軟體，塑造體驗，推動影響力並突破技術所能實現的界限。許多人表示懷疑，但這不是我們的指南，願景才是。

Along the journey, we have worked on projects that redefined the user experience from game face ID technology at the new LA Clippers Intuit Dome to the digital ecosystem of Qiddiya in Saudi Arabia, to the next generation passenger experience at one of the top airlines in the UK.

在此過程中，我們致力於重新定義使用者體驗的項目，從新洛杉磯快艇 Intuit Dome 的遊戲臉部辨識技術到沙烏地阿拉伯 Qiddiya 的數位生態系統，再到英國頂級航空公司之一的下一代乘客體驗。

Our momentum is undeniable. We're no longer just scaling. We are orchestrating an ecosystem of AI agents that automate complex processes not only in operations but across digital front-end, back-end, digital branding and creativity and enterprise functions. At the heart of this transformation are our AI studios. These studios are not just another business unit, they are the epicenter of our reinvention strategy.

我們的勢頭是不可否認的。我們不再只是擴大規模。我們正在協調一個人工智慧代理生態系統，它不僅可以自動化營運中的複雜流程，還可以自動化數位前端、後端、數位品牌和創造力以及企業功能。這項轉變的核心是我們的人工智慧工作室。這些工作室不僅僅是一個業務部門，它們也是我們重塑策略的中心。

They are designed to embed AI deeply within industries, leveraging company specific data, insights from ERPs, CRMs, and other transactional systems, and generating synthetic data to train models to learn, adapt, and evolve. They represent the boldest expression of what we believe the future holds, a future where AI doesn't just support business, it drives them.

它們旨在將 AI 深深嵌入行業中，利用公司特定數據、ERP、CRM 和其他交易系統的見解，並產生合成數據來訓練模型進行學習、適應和發展。它們代表了我們對未來的最大膽的表達，在未來，人工智慧不僅能支持商業，還能推動商業的發展。

Power in this entire ecosystem is our Globant Enterprise AI platform, the orchestration software that seamlessly integrates and manage all these AI agents. Enterprise AI provides LLM model independence and stability, ensuring that our clients are not locked into a single technology provider. More importantly, it delivers complete traceability of AI-driven processes, offering transparency, accountability, and the ability to monitor and pivot strategies in real time.

整個生態系統的力量在於我們的 Globant Enterprise AI 平台，它是無縫整合和管理所有這些 AI 代理的編排軟體。企業 AI 提供 LLM 模型獨立性和穩定性，確保我們的客戶不會被鎖定在單一的技術提供者。更重要的是，它提供了人工智慧驅動流程的完整可追溯性，提供了透明度、可問責性以及即時監控和調整策略的能力。

Enterprise AI is the backbone that supports our AI studios, enabling us to offer robust, adaptable, and scalable AI solutions to enterprise around the world. The platform is being implemented to accelerate the software development life cycle in most of our current projects. We have seen an outstanding growth of AI related projects at Globant.

企業 AI 是支撐我們 AI 工作室的支柱，使我們能夠為全球企業提供強大、適應性強且可擴展的 AI 解決方案。我們正在實施該平台，以加速我們目前大多數專案的軟體開發生命週期。我們看到 Globant 的 AI 相關項目取得了顯著的成長。

In 2024, they contributed over $350 million to our revenue, up 110% from 2023. But technology alone isn't enough. Combining branding with technology creates products that are not just functional but emotionally resonant and culturally relevant. In a world where widespread access to technology leads to commoditized look-alike products, we advocate for merging creative storytelling with tech development to build products that stand out.

2024 年，他們為我們的收入貢獻了超過 3.5 億美元，比 2023 年成長了 110%。但僅有技術還不夠。將品牌與技術結合創造出的產品不僅具有實用性，而且能夠引起情感共鳴並具有文化相關性。在這個技術廣泛普及並導致商品化相似產品的世界裡，我們提倡將創意故事與技術開發相結合，以打造脫穎而出的產品。

At Globant, we believe that brand is text prompt. A strong brand should be the foundation for technology, ensuring it reflects the company's core values and creates meaningful connections. This approach ensures that technology doesn't just solve problems, it tells stories, evokes emotions, and build lasting loyalty. This has been the mission driving the growth of Globant GUT, our creative marketing network of studios.

在 Globant，我們相信品牌就是文字提示。強大的品牌應該成為技術的基礎，確保它能反映公司的核心價值並建立有意義的連結。這種方法確保技術不僅能解決問題，還能講述故事、喚起情感並建立持久的忠誠度。這是推動我們的工作室創意行銷網絡 Globant GUT 發展的使命。

Through many smart marketing campaigns with brand ranging from Coca-Cola to MercadoLibre to Verizon, today our Globant GUT network represents close to 10% of our total revenue and is showing a strong and sustained growth year over year. All these efforts are combined with global entrepreneurial culture.

透過與可口可樂、MercadoLibre 和 Verizon 等品牌開展的眾多智慧行銷活動，如今我們的 Globant GUT 網路已占我們總營收的近 10%，並且逐年呈現強勁而持續的成長。所有這些努力都與全球創業文化結合。

We want to inspire every Globar to feel like they own the place. I'm sure that this is what was behind our performance in 2024. What our peers reported stagnant growth, we broke new records. Annual revenue reached $2.4 billion up 15.3% over the previous year.

我們希望激勵每一位 Globar 人感受到他們是這裡的主人。我確信這就是我們在 2024 年表現出色的原因。當我們的同行報告成長停滯時，我們打破了新的紀錄。全年營收達24億美元，較上年成長15.3%。

Margin also improved. Adjusted operating profit was up by 20 basis points and adjusted diluted EPS grew 11.5% year over year to $6.40. As we closed 2024 and looking back at our first 10 years as a listed company, Globant delivered a 28.3% compound annual growth rate from 2014.

利潤率也有所提高。調整後營業利潤上升了 20 個基點，調整後稀釋每股收益年增 11.5% 至 6.40 美元。隨著 2024 年的臨近，回顧作為上市公司的前 10 年，Globant 自 2014 年以來實現了 28.3% 的複合年增長率。

In Q4, total revenue reached $642.5 million. This represents an increase of 10.6% year over year and 4.5% quarter over quarter. This growth is not just a testament to our resilience but a reflection of a vision and transformation that goes beyond our competitors. It is the embodiment of our strategy, our relentless pursuit of reinvention, and our ability to see opportunities where others see obstacles.

第四季度，總營收達6.425億美元。這比去年同期增長了 10.6%，比上一季增長了 4.5%。這種成長不僅證明了我們的韌性，也體現了超越競爭對手的願景和轉型。它體現了我們的策略、我們對革新的不懈追求以及我們在別人認為的障礙中發現機會的能力。

Even if we build this AI power future, we know that AI requires continuous leadership, technical talent and a mindset that embraced reinvention as a constant state, not an occasional need. Our people define the goals, guide the agents, and pivot strategies in an environment of constant change. For over two decades, we have challenged the status quo, often seen as outliers in an industry obsessed with the next quick win. We were not building for the next quarter, we were building for the next paradigm.

即使我們建構了這個人工智慧強國的未來，我們也知道人工智慧需要持續的領導力、技術人才和一種將重塑視為一種持續狀態而非偶爾需要的心態。我們的員工在不斷變化的環境中設定目標、指導代理商並調整策略。二十多年來，我們一直在挑戰現狀，在一個沉迷於下一次快速取勝的行業中，我們常被視為異類。我們不是在為下一季進行建設，而是在為下一個範式進行建設。

Today we're creating a company that is both an established force and an agile change maker. We have proven that we are capable of reshaping industries and redefining business models. We are not here to follow the curve. We're here to bend it. Now I'll hand it over to Diego for our technology focus.

今天，我們正在創造一家既是一支成熟的力量，也是敏捷變革推動者的公司。我們已經證明我們有能力重塑產業、重新定義商業模式。我們來這裡不是為了追隨潮流。我們來這裡就是為了改變它。現在我將把我們的技術重點交給 Diego。

Thank you very much.

非常感謝。

Thank you, Martin and hello everyone. As Martin mentioned, coupling generative AI with agentic solutions will benefit Globant both as a solutions developer and as a business consultancy. In November, CodeFixer, the AI agent developed through Globant Enterprise AI to fix bugs and already in use by Globars globally, ranked first in the renowned SWE bench light evaluation confirming its exceptional performance.

謝謝你，馬丁，大家好。正如馬丁所說，將生成式人工智慧與代理解決方案相結合將使 Globant 作為解決方案開發人員和商業諮詢公司受益。11 月，透過 Globant Enterprise AI 開發的用於修復錯誤的人工智慧代理 CodeFixer 已在全球範圍內被 Globars 使用，在著名的 SWE 基準燈評估中排名第一，證明了其卓越的性能。

AI agents are being leveraged big time by our industry specific studios to enhance our value offering and are integral to our partnerships. Over the past six months, Globant has successfully implemented Salesforce Agentforce across multiple industries, driving AI powered automation and efficiency. For example, we partnered with Spain's top flight sports organization to enhance fan engagement, with a real estate developer to optimize transportation bookings, and with an employee benefits management company to improve real-time order tracking.

我們的產業特定工作室正在大量利用人工智慧代理來增強我們的價值，而人工智慧代理是我們合作夥伴關係不可或缺的一部分。在過去的六個月中，Globant 已成功在多個行業實施了 Salesforce Agentforce，推動了人工智慧驅動的自動化和效率。例如，我們與西班牙頂級體育組織合作，以增強球迷參與度，與房地產開發商合作，以優化交通預訂，與員工福利管理公司合作，以改善即時訂單追蹤。

With Google days ago, we presented a new Gen-AI solution for retail. AI retail search and recommendations allows customers to interact with their beloved brands using semantic searches and images as references for what they are looking for. Using Vertex retail API and Gemini, AI retail search and recommendations is designed to enhance personalization, drive conversions, and improve customer services.

幾天前，我們與Google合作，推出了一種針對零售業的新型 Gen-AI 解決方案。人工智慧零售搜尋和推薦允許客戶使用語義搜尋和圖像作為他們所尋找的參考來與他們喜愛的品牌互動。使用 Vertex 零售 API 和 Gemini，AI 零售搜尋和推薦旨在增強個人化、推動轉換並改善客戶服務。

Also with Google, we recently signed a three-year strategic partner agreement that has positioned us among top 10 Google regional system integration partners. Through this collaboration, we are co-developing solutions and go-to-market strategies for key industries including media, retail, HLS, airlines, and finance. Now let me share some of the work we are doing for amazing companies around the world.

此外，我們最近與Google簽署了一項為期三年的策略合作夥伴協議，該協議使我們躋身谷歌十大區域系統整合合作夥伴之列。透過此次合作，我們共同為媒體、零售、HLS、航空和金融等主要產業開發解決方案和市場進入策略。現在，讓我分享一些我們為世界各地的優秀公司所做的工作。

In Mexico, Globant GUT began a strategic partnership with Diageo aimed at revolutionizing its e-commerce business. We are integrating technology, data analytics, and creative content to enhance the online shopping experience and boost brand visibility. The 360 scope includes a dedicated data team to ensure campaign relevance, a content team to optimize product visibility on digital platforms, and a retail media strategy aimed at maximizing advertising ROI.

在墨西哥，Globant GUT 與帝亞吉歐建立策略合作夥伴關係，旨在徹底改變其電子商務業務。我們正在整合技術、數據分析和創意內容，以增強線上購物體驗並提高品牌知名度。360 範圍包括一個專門的數據團隊來確保活動的相關性、一個內容團隊來優化數位平台上的產品可見性，以及一個旨在最大化廣告投資回報率的零售媒體策略。

This partnership is not just about maintaining leadership but about innovating the retail experience through technology and creativity.

此次合作不僅是為了維持領導地位，更是為了透過技術和創造力來創新零售體驗。

In our Vibrant new markets division, Globant has partnered with Red Sea Global, one of Saudi Arabia's most ambitious tourism destinations that will be home to 50 resorts, 8,000 hotel rooms, and 1,000 residential properties by 2030. We will create an advanced digital program designed to transform the connected visitor experience.

在我們充滿活力的新市場部門，Globant 與紅海全球 (Red Sea Global) 合作，紅海全球是沙烏地阿拉伯最雄心勃勃的旅遊目的地之一，到 2030 年將擁有 50 個度假村、8,000 間飯店客房和 1,000 個住宅物業。我們將創建一個先進的數位程序，旨在改變聯網訪客體驗。

It will be based on an ecosystem that integrates artificial intelligence, IoT, and data analytics. This connected visitor experience will provide intuitive real-time interactions tailored to individual preferences, ensuring a truly memorable stay. This partnership will pioneer new benchmarks in digital engagement, revolutionizing how travelers interact with destinations.

它將基於整合人工智慧、物聯網和數據分析的生態系統。這種聯網的遊客體驗將提供根據個人喜好量身定制的直覺的即時互動，確保您享受真正難忘的旅程。此次合作將開創數位參與的新標桿，徹底改變旅客與目的地的互動方式。

In the health and life sciences sector, we are proud of our growing and transformative partnership with Hollister, a global med tech company. Globant enabled a successful go-life for Hollister's Canada business and looks forward to a continued partnership to implement a global business transformation, including a migration to SAP S/4HANA. Ultimately, this means faster database interaction, real-time insight into business operations, and advanced process automation and efficiency.

在健康和生命科學領域，我們為與全球醫療技術公司 Hollister 不斷發展和變革的合作夥伴關係而感到自豪。Globant 協助 Hollister 的加拿大業務成功上線，並期待繼續合作實施全球業務轉型，包括遷移到 SAP S/4HANA。最終，這意味著更快的資料庫互動、對業務營運的即時洞察以及先進的流程自動化和效率。

In Japan, we are working with Resona Bank Group, one of the country's largest retail banks with 16 million individual customers. They chose GeneXus to support the migration of most of the business operations currently performed through ATMs and financial terminals at brick-and-mortar branches to computers and other electronic devices offering a better and easier experience to their customers.

在日本，我們正在與 Resona 銀行集團合作，該銀行是日本最大的零售銀行之一，擁有 1,600 萬個人客戶。他們選擇 GeneXus 來支援將目前透過實體分支機構的 ATM 和金融終端執行的大部分業務操作遷移到電腦和其他電子設備上，從而為客戶提供更好、更便捷的體驗。

Resona Bank Group was able to reduce half of its financial terminals through a lean and quick project. As shown by our work around the globe, Globant is leveraging all significant technologies while exploring new ones on the horizon.

Resona Bank Group 透過精益快速的專案減少了一半的金融終端。正如我們在全球範圍內的工作所表明的那樣，Globant 正在利用所有重要的技術，同時探索即將出現的新技術。

I suggest you take a look at Globant's latest tech trends report to learn about synthetic humans, quantum computing, invisible experiences, and robotics and more on our vision over AI agentic solutions. Adding to what Martin mentioned, Globant is in a unique position to craft a new reinvention of the industry with amazingly talented people, an evolving technological offering, and an agile and disruptive culture. I leave you all with Patricia Pomies, our COO.

我建議您看看 Globant 的最新技術趨勢報告，以了解有關合成人類、量子計算、隱形體驗和機器人技術以及我們對人工智慧代理解決方案的更多願景。除了馬丁提到的之外，Globant 還擁有獨特的優勢，可以憑藉出色的人才、不斷發展的技術產品以及敏捷而顛覆性的文化來重塑行業。接下來我將與我們的營運長 Patricia Pomies 一起討論。

Thank you very much.

非常感謝。

Thank you, Diego. Globant continues to envision its growth through the strong relationships we cultivate with each client, establishing a proven track record of quality delivery and consistently surpassing their expectations over time. Currently we have 20 clients generating over $20 million in annual revenue, up from 16 clients one year ago.

謝謝你，迭戈。Globant 將繼續透過與每位客戶建立牢固的關係來實現成長，建立優質交付的良好記錄並不斷超越他們的期望。目前，我們有 20 位客戶，年收入超過 2,000 萬美元，而一年前只有 16 位客戶。

We have 346 clients contributing more than $1 million annually, 35 more than one year ago. Revenue from our largest client, the Walt Disney Company, increased by a sharp 23.7% year over year and 5.1% quarter over quarter. Regionally, our most significant growth this quarter came from our new markets region.

我們有 346 位客戶每年出資超過 100 萬美元，比一年前增加了 35 位。我們來自最大客戶華特迪士尼公司的營收年增23.7%，較上季成長5.1%。從地區來看，本季我們最顯著的成長來自於新市場區域。

Encompassing our efforts in the Middle East and Asia Pacific where revenue increased by 43.8% quarter over quarter and 89% year over year. Year over year, Europe showed growth of 23.3% and North America at 6.5%, but 3.7% sequentially, pointing to some acceleration. Latin America showed a 1.3% decline. But 6.3% growth in constant currency terms.

我們在中東和亞太地區的努力包括這兩個地區的營收季增 43.8%，年增 89%。與去年同期相比，歐洲成長了 23.3%，北美成長了 6.5%，但比上一季成長了 3.7%，顯示出一定的加速。拉丁美洲下降了1.3%。但以固定匯率計算，成長率為 6.3%。

We are reinforcing our go-to-market strategy worldwide in order to maximize the potential of our AI studios, which have been critical in capturing our largest projects throughout this year. Across each region, we are hiring industry leading talent in key growth sectors that include airlines, BFSI, travel, and hospitality, among others.

我們正在加強全球行銷策略，以最大限度地發揮我們的 AI 工作室的潛力，這對於我們今年獲得最大的專案至關重要。在每個地區，我們都在招募航空、BFSI、旅遊和酒店等關鍵成長領域的行業領先人才。

Our objective will be to provide more tailored solutions to our clients that meld the best from both a technology focus and industry specific knowledge. Our global revenue sources continue to diversify. North America accounts for 55.2% of our top line followed by Latin America at 20.4%, Europe at 17.7%, and our new markets at 6.7%.

我們的目標是為客戶提供更量身定制的解決方案，將技術重點和行業特定知識的最佳融合在一起。我們的全球收入來源不斷多元化。北美占我們營業收入的 55.2%，其次是拉丁美洲（20.4%）、歐洲（17.7%）以及新市場（6.7%）。

Additionally, in Q4, five out of eight industry verticals experience sequential growth, with BFSI up by 18.4%, travel and hospitality by 17.1%, health care by 14.6%, consumer retail and manufacturing by 4.7%, and technology and telecommunications by 2.2%. The essence of Globant lies in our role as transformation partners collaborating with our clients to drive meaningful change together over time.

此外，第四季度，八個垂直行業中有五個實現連續增長，其中 BFSI 增長 18.4%，旅遊和酒店業增長 17.1%，醫療保健業增長 14.6%，消費者零售和製造業增長 4.7%，科技和電信業增長 2.2%。Globant 的本質在於我們作為轉型合作夥伴的角色，與我們的客戶合作，共同推動有意義的變革。

2024 saw steps forward in that vision. Our pipeline is strong and continues to grow. Estimated at $2.6 billion in early 2024, it reached a record $3.3 billion by the end of the year. This was mainly driven by our North America division, with the pipeline reaching a record high and bookings growing 8.2% quarter over quarter as of Q4.

2024年，我們在這願景上邁出了新的一步。我們的產品線強大且持續成長。2024 年初預計為 26 億美元，到年底將達到創紀錄的 33 億美元。這主要得益於我們的北美分部，該分部的通路庫存創下歷史新高，截至第四季度，預訂量環比增長 8.2%。

Similarly, in Europe, we are now seeing a strong evolution of both pipeline and bookings activity. With bookings in this region growing by 35.7% sequentially, the strong backlog of work will drive strong momentum for this region throughout the year. We see the later factors combined as indicators that long-term demand is increasing and should eventually turn into higher bookings and revenue acceleration.

同樣，在歐洲，我們現在看到通路和預訂活動都呈現強勁發展。該地區的訂單量較上季成長了35.7%，大量的積壓工作將為該地區全年帶來強勁的發展勢頭。我們認為後面這些因素結合起來顯示長期需求正在增加，並最終轉化為更高的預訂量和收入加速。

In Q4, we surpassed a special milestone of 30,000 Globars throughout the world. Our total headcount now stands at 31,280, a 7.3% increase over last year, with 29,198 being IT professionals. Our utilization rate is currently at 79.3%, showing a slight decrease against last quarter.

第四季度，我們突破了一個特殊的里程碑，即全球 Globar 銷售量達到 30,000 台。目前，我們的員工總數為 31,280 人，比去年增加 7.3%，其中 IT 專業人員 29,198 人。我們的利用率目前為79.3%，較上一季略有下降。

Our attrition rate stands at 9.5%. On our path to becoming the world's number one AI partner, we recognize the importance of equipping our teams with the latest proficiency in AI. In December, we launched a new AI learning hub, an internal platform that provides essential resources for Globars to access Globent Enterprise AI, our AI accelerator platform, and each AI agent and maximize its use in their daily tasks and projects, optimizing operational efficiency and creating value for our clients.

我們的流失率為 9.5%。在我們成為全球第一大人工智慧合作夥伴的道路上，我們認識到為我們的團隊配備最新人工智慧技術的重要性。12 月，我們推出了一個新的 AI 學習中心，這是一個內部平台，為 Globars 提供必要資源，以訪問 Globent Enterprise AI、我們的 AI 加速器平台和每個 AI 代理，並最大限度地利用其在日常任務和專案中的作用，優化營運效率並為我們的客戶創造價值。

We firmly believe technology is a powerful force for inclusion and transformation. In 2020, we committed to providing 15,000 coding scholarships by 2025 through the program code your future. Today, we are very proud to announce that we have reached this goal one year ahead of schedule.

我們堅信科技是包容和變革的強大力量。2020 年，我們承諾到 2025 年透過「編碼你的未來」計畫提供 15,000 個編碼獎學金。今天，我們非常自豪地宣布，我們提前一年實現了這一目標。

Empowering people worldwide with digital skills, this milestone reflects our commitment to bridging technology gaps and fostering a more inclusive future. With that, I'll turn it over to Juan to discuss our financials.

這項里程碑旨在為全世界人民提供數位技能，體現了我們致力於彌合技術差距和創造更具包容性的未來的承諾。說完這些，我會把話題交給胡安來討論我們的財務狀況。

Thank you, everyone.

謝謝大家。

Thank you Pato and good afternoon, everyone. This has been another quarter of strong revenue growth and margin improvement. This strong quarter marks another year of Globant's outstanding performance. Let me go through some of the highlights.

謝謝帕托，大家下午好。本季又迎來了營收強勁成長和利潤率提高的季度。本季的強勁表現標誌著 Globant 又一年的出色表現。讓我來介紹一下其中的一些亮點。

Our revenues reached a record level of $642.5 million, up 10.6% year over year and 4.5% sequentially within the guidance range. In constant currency, revenue growth stood at 12.6% year over year and 5.8% sequentially. We estimate an 8.5% year on year revenue growth in organic constant currency terms for Q4.

我們的營收達到了創紀錄的 6.425 億美元，比去年同期成長 10.6%，比上一季成長 4.5%，符合預期。以固定匯率計算，營收年增 12.6%，季增 5.8%。我們預計，以有機固定匯率計算，第四季營收將年增 8.5%。

Revenue for the full year was $2,415.7 million within the guidance range, or 15.3% over the prior year. In constant currency, revenues for the year grew 16.2% while the organic constant currency growth for 2024 was 9.8%. This strong growth was driven by the expansion of our service offerings and global footprint with important growth contributions from our AI industry reinvention studio network and our GUT studio network, which both posted growth above the company average.

全年營收為 24.157 億美元，符合預期，較上年成長 15.3%。以固定匯率計算，全年營收成長 16.2%，而 2024 年的有機固定匯率成長率為 9.8%。這一強勁成長得益於我們服務範圍和全球影響力的擴大，其中人工智慧產業重塑工作室網路和 GUT 工作室網路為成長做出了重要貢獻，這兩個網路的成長率均高於公司平均水平。

We delivered a quarter of improving margins. We closed Q4 with an adjusted gross profit margin of 38.3%, up 30 basis points year over year. Our adjusted operating margin at 15.7%, the highest recorded in the past eight quarters, reflected an increase of 40 basis points year over year.

我們本季的利潤率有所提高。我們第四季的調整後毛利率為 38.3%，較去年同期成長 30 個基點。我們的調整後營業利潤率為 15.7%，為過去八個季度以來的最高水平，年增 40 個基點。

Adjusted SG&A stood at 18.5%. And our effective tax rate stood at 15.1% for the quarter, resulting in an adjusted net income of $78.7 million with a 12.2% adjusted net profit margin up 40 basis points sequentially. Adjusted diluted EPS was $1.75, up 8% year over year, ending at the higher end of our previous guidance.

調整後的銷售、一般及行政開支為 18.5%。本季我們的有效稅率為 15.1%，調整後淨收入為 7,870 萬美元，調整後淨利率為 12.2%，比上一季上升 40 個基點。調整後攤薄每股收益為 1.75 美元，較去年同期成長 8%，達到我們先前預期的較高水準。

Regarding our 2024 full year performance, the adjusted gross profit margin was 38.2%, up 10 basis points relative to 2023. Adjusted operating margin closed at 15.4%, up 20 basis points versus the previous year. Adjusted SG&A for the year stood at 18.4%, and our effective tax rate stood at 19.7%, resulting in an adjusted net income of $285.4 million with an 11.8% adjusted net profit margin. Adjusted diluted EPS was $6.40, up 11.5% year over year.

關於我們的 2024 年全年業績，調整後的毛利率為 38.2%，較 2023 年上升 10 個基點。調整後營業利益率收在 15.4%，較前一年上升 20 個基點。本年度調整後的銷售、一般及行政費用為 18.4%，有效稅率為 19.7%，調整後的淨收入為 2.854 億美元，調整後的淨利率為 11.8%。調整後攤薄每股收益為 6.40 美元，年增 11.5%。

Our balance sheet remains healthy, ending the quarter with $156.1 million in cash and short-term investments, or $136.5 million in net debt.

我們的資產負債表依然健康，本季末的現金和短期投資為 1.561 億美元，淨債務為 1.365 億美元。

As of the end of the year, we had $290.7 million drawn from our $725 million revolving credit facility. We have ample liquidity to support our growth initiatives.

截至年底，我們從 7.25 億美元的循環信貸額度中提取了 2.907 億美元。我們擁有充足的流動資金來支持我們的成長計畫。

During the fourth quarter, we generated $101.2 million of free cash flow, achieving a free cash flow to adjusted net income ratio of 128.6% for the fourth quarter. On a full year basis, free cash flow was $138.1 million resulting in a ratio to adjusted net income of 48.4%.

第四季度，我們產生了1.012億美元的自由現金流，第四季自由現金流與調整後淨收入比值達到128.6%。全年自由現金流為 1.381 億美元，調整後淨收入比率為 48.4%。

Now let's discuss guidance. We will start guiding constant currency both for the next immediate quarter and the full year, aiming to provide more color into our underlying growth, given the current volatility in FX. Regarding Q1, we had already been expecting a more muted start to the year due to lower billable days, negative seasonality, and holidays in the southern cone alongside important project roll offs in our sports vertical.

現在讓我們討論一下指導。考慮到當前外匯的波動性，我們將開始指導下一季和全年的恆定匯率，旨在為我們的潛在成長提供更多色彩。就第一季而言，我們先前預計今年的開局會比較平淡，原因是計費天數較少、季節性因素不利、南錐體節假日較多，而我們體育垂直領域的重要項目也陸續結束。

Additionally, we are now embedding two factors that were previously not expecting. First, the recent volatility in political and macroeconomic conditions is impacting the demand in Latin America, specifically in Mexico and Brazil. Second, we expect revenues at our top client to be slightly down in Q1, following a very strong investment phase in H2 2024. We are forecasting this account to grow in the mid to high single digit range for the year.

此外，我們現在嵌入了兩個以前未曾預料到的因素。首先，近期政治和宏觀經濟狀況的波動影響了拉丁美洲，特別是墨西哥和巴西的需求。其次，我們預計，在 2024 年下半年經歷非常強勁的投資階段之後，我們最大客戶的收入在第一季將略有下降。我們預測今年該帳戶的成長率將達到中高個位數。

For Q1, we expect revenues in the range of $618 million to $628 million which represents an 8.2% to 10% year over year increase, or a 10.2% to 12% increase in constant currency, accounting for approximately 200 basis points of FX headwind. For Q1 2025, we expect our adjusted operating margins between 15.5% and 16.5%. The IFRS effective income tax rate is expected to be in the 20% to 22% range, and adjusted EPS for the first quarter is now expected to be between $1.55 to $1.63, assuming an average of $45.3 million diluted shares.

對於第一季度，我們預計營收在 6.18 億美元至 6.28 億美元之間，年增 8.2% 至 10%，或以固定匯率計算成長 10.2% 至 12%，相當於外匯逆風帶來約 200 個基點的影響。對於 2025 年第一季度，我們預計調整後的營業利潤率在 15.5% 至 16.5% 之間。IFRS 有效所得稅率預計在 20% 至 22% 之間，假設平均稀釋股份為 4,530 萬美元，預計第一季調整後每股收益在 1.55 美元至 1.63 美元之間。

Moving to the full year guidance and despite the incremental headwinds in Q1, we continue to forecast double digit growth in constant currency terms for 2025. We see a strong backlog of work ramping up in new markets in Europe, and we are seeing an encouraging expansion of our pipeline in the US. This should lead to a recovery of Q2 and revenues to similar levels to Q4. Then we expect a stronger second half, as usual in our business.

對於全年業績指引，儘管第一季面臨一些阻力，但我們仍預測 2025 年按固定匯率計算將達到兩位數成長。我們看到歐洲新興市場的積壓工作量正在大幅增加，我們也看到美國市場的業務管道令人鼓舞地擴張。這將導致第二季的復甦和收入達到與第四季相似的水平。我們預計下半年將會更加強勁，就像我們的業務通常表現那樣。

On a reported basis, we are estimating $2.635 billion to $2.705 billion in revenue, which represents a 9.1% to 12% year over year increase or a 10.6% to 13.5% increase in constant currency, including approximately 150 basis points of FX headwind.

根據報告，我們預計營收為 26.35 億美元至 27.05 億美元，年增 9.1% 至 12%，或以固定匯率計算成長 10.6% 至 13.5%，其中包括約 150 個基點的外匯逆風。

We anticipate adjusted operating margins in the range of 15.5% to 16.5%. The 2025 IFRS effective income tax rate is expected to be in the 20% to 22% range. Finally, our adjusted EPS is expected to be between $6.80 to $7.20, assuming an average of 45.5 million diluted shares outstanding for the year.

我們預計調整後的營業利潤率在 15.5% 至 16.5% 之間。2025年IFRS有效所得稅率預計在20%至22%之間。最後，假設全年平均流通股數為 4,550 萬股稀釋股，我們預期調整後的每股盈餘將在 6.80 美元至 7.20 美元之間。

To conclude, we are very pleased with our 2024 financial performance, which reflects another year of our unique position in the industry. We are excited about 2025, which will be another year of strong growth with improving margins.

總而言之，我們對 2024 年的財務表現非常滿意，這反映了我們在業界又一年的獨特地位。我們對 2025 年充滿期待，這將是另一個強勁成長、利潤率不斷提升的一年。

Thank you for your continued support, and we look forward to sharing more updates on our growth and achievements in the coming months.

感謝您一直以來的支持，我們期待在未來幾個月分享更多關於我們的成長和成就的最新消息。

(Event Instructions)

(活動須知)

Jim Schneider, Goldman Sachs.

高盛的吉姆·施奈德。

Good afternoon. Thanks for taking my question. I was wondering if you could maybe comment on the overall demand environment you're seeing on a regional basis. Sounds like things are a little bit stronger in the US and in the Middle East, and maybe a little bit weaker and more cautious in Latin America.

午安.感謝您回答我的問題。我想知道您是否可以評論一下您所看到的區域整體需求環境。聽起來美國和中東的情況稍微強一些，而拉丁美洲的情況可能稍微弱一些，而且更加謹慎。

Maybe talk about the outlook in Europe and maybe with respect to Latin America, can you maybe talk about some of the factors that would actually cause customer demand to start to get a little bit stronger and for them to release some of the discretionary spending. Thank you.

也許可以談談歐洲的前景，也許可以談談拉丁美洲的前景，您能否談談一些實際上會導致客戶需求開始變得更強勁並讓他們釋放一些可自由支配支出的因素。謝謝。

From our guidance, the picture looks quite good and the demand in the US is strong, the pipeline is strong,. In Europe, the business is structuring quite well with massive customers, like a big airline in the UK plus a big bank in Ireland and the things are moving quite fast. Of course, in new markets, everything is to be discovered, we just closed very large contracts there for some amusement parks and for some very large companies.

根據我們的指導，前景看起來相當不錯，美國的需求強勁，通路強勁。在歐洲，我們的業務結構相當良好，擁有大量客戶，例如英國的一家大型航空公司和愛爾蘭的一家大型銀行，業務發展相當迅速。當然，在新市場中一切都有待發現，我們剛剛在那裡與一些遊樂園和一些非常大的公司簽訂了非常大的合約。

So I'm very positive with the picture in three of the four main markets that we have. In Latin America, the situation is a little bit more stable now. It used to be during 2024, a little bit, rocky there because of the political turmoil and different things that happened in Brazil and in Colombia mainly, but I think now that it looks like a little bit more healthy in terms of the pipeline, the conversion, overall, if you need to ask, if I need to say, the big picture is, the pipeline has been very strong. Our AI, related work is growing extremely fast, 110%.

因此，我對我們四個主要市場中的三個市場的前景非常樂觀。在拉丁美洲，局勢現在稍微穩定一點。2024 年的時候，那裡有點不穩定，主要是因為政治動盪以及巴西和哥倫比亞發生的各種事情，但我認為現在管道、轉換看起來更加健康了，總的來說，如果你需要問，如果我需要說，大局是，管道一直非常強大。我們的人工智慧相關工作成長極快，成長了 110%。

AI is impacting pretty much, a 100% of what we do with our developers in front of our customers. That's a massive disruption going from creating this transformative experience that requires, of course, the strategic thinking, a lot of creative thinking and of course deep technical knowledge, but how we create that technology is evolving into AI agents orchestration.

人工智慧幾乎影響了我們開發人員在客戶面前所做的一切工作。這是一種巨大的顛覆，創造這種變革性的體驗當然需要策略思維、大量的創造性思維，當然還有深厚的技術知識，但我們如何創造這種技術正在演變為人工智慧代理的編排。

All that, all those things for us are pretty familiar. We have been investing on those things like no one else in the space for a decade now and. And Globant is growing extremely fast in those areas. Overall I would say that the conversion of that massive pipeline that we have across the company became a little bit slower during the last quarter, but we're seeing some acceleration as we speak right now. So, I hope that provides a little bit more color to your question.

所有這些，所有這些事情對我們來說都是相當熟悉的。十年來，我們一直在這些領域進行其他人沒有的投資。Globant 在這些地區的發展非常迅速。總的來說，我想說，我們整個公司龐大的通路轉換速度在上個季度有所放緩，但我們現在看到了一些加速。因此，我希望這能為您的問題提供更多的解釋。

Puneet Jain, JP Morgan.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question. I wanted to ask about your new clients specifically in the Middle East, like how should we think about ramp timing on some of those accounts?

嘿，謝謝你回答我的問題。我想問一下您在中東的新客戶，例如我們應該如何考慮其中一些帳戶的成長時機？

We are ramping up, Puneet as we speak. So the idea now is that those parks and resorts, some of them are being built, some of them are ready, so technology will start to roll out as we produce it and it will be like a stronger growth during this year and I think much stronger in 2026. These two years will be very strong coming from the Middle East.

我們正在加緊努力，正如我們所說的。所以現在的想法是，這些公園和度假村，有些正在建設中，有些已經準備就緒，因此隨著我們的生產，技術將開始推出，今年將出現更強勁的增長，我認為 2026 年將更加強勁。這兩年中東地區的情況將十分嚴峻。

What is interesting about the Middle East, Puneet, is that, initially we were working on parks, amusement parks. Then we got into hospitality, some hotel chains and other things like that. We're also working on some financial companies and in conversations with some airlines. So, little by little, we are being able to tap into different industries in the region, which has a lot of potential.

中東、普尼特的有趣之處在於，我們最初是在建造公園和遊樂園。然後我們進入了酒店業，一些連鎖酒店和其他類似的行業。我們也與一些金融公司合作並與一些航空公司進行洽談。因此，我們正在一點一點地開拓該地區具有巨大潛力的不同行業。

No, got it. And can you also talk about pricing trends you are seeing. I'm assuming like the wages, perhaps like are continuing to increase. Are you able to get price increase from your customers to be able to offer them?

不，明白了。您能談談您所看到的定價趨勢嗎？我估計工資也許還會繼續上漲。您能否向客戶提高價格以便能夠為他們提供產品？

The pricing market, it's still challenging. We are being able to get some price increases in those projects which are extremely focused on selling more or creating incremental income or incremental revenues from our customer. In the type of kind of cost saving type of project, that's a little bit more complicated and there are more competition there. So, on average, I would say that's going to be another year of neutral to low single digit type of price increases right now.

定價市場仍充滿挑戰。對於那些極度注重增加銷售量或從客戶創造增量收入或增量收益的項目，我們能夠實現一定程度的價格上漲。對於節省成本的項目來說，這有點複雜，而且競爭也更激烈。因此，平均而言，我認為今年的價格漲幅仍將維持在中性到低個位數的水平。

Okay. Thank you so much and congrats for Disney hitting 200 million in the calendar year.

好的。非常感謝，並祝賀迪士尼今年的票房收入達到 2 億。

Thank you.

謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

All right, thank you. I'm curious what you see as the organic growth drivers over the course of 2025, and can you share expectation for what's embedded in the guidance from an organic perspective as well.

好的，謝謝。我很好奇，您認為 2025 年的有機成長動力是什麼，您能否從有機角度分享對指引中所包含內容的期望。

I'll start with the numbers and maybe the team can provide some color. The overall growth for the year at the midpoint is 10.5% in dollars or 12% in constant currency. So we're assuming about 150 basis points of FX impact. The organic constant currency growth that we're estimating is 9.5%, so very much in line with 2024. That growth will mainly be driven by new markets, which continues to be very strong.

我將從數字開始，也許團隊可以提供一些資訊。以中間值計算，今年的整體成長率以美元計算為 10.5%，以固定匯率計算為 12%。因此我們假設外匯影響約為 150 個基點。我們估計有機恆定貨幣成長率為 9.5%，與 2024 年的成長率非常一致。這一成長主要將受到新市場的推動，而新市場的發展仍然十分強勁。

Europe will also be providing good levels of growth. We have already ramping and expanding some clients. I think that we will start to see an improvement in the conversion in the US. LATAM is going to be probably the slowest growing region. There is, in terms of areas, all the creative work coming from our GUT creative network combined with our AI studios, I think that's where the growth will come from.

歐洲也將實現良好的成長水準。我們已經在增加並擴大一些客戶。我認為我們將開始看到美國轉變的改善。拉丁美洲可能是成長最慢的地區。就領域而言，所有創意工作都來自我們的 GUT 創意網路與我們的 AI 工作室的結合，我認為這就是成長的來源。

We're excited about what we are seeing in our AI studios, how they're building solutions impacted by AI, that might transform many of the processes of our customers. And I think that's where a lot of the opportunities in the pipeline are coming. So that's in a nutshell what we're seeing the opportunities.

我們對人工智慧工作室的所見所聞感到非常興奮，他們正在建立受人工智慧影響的解決方案，這些解決方案可能會改變我們客戶的許多流程。我認為，許多正在醞釀的機會就來自於此。簡而言之，這就是我們看到的機會。

James Friedman, Susquehanna Financial Group.

詹姆斯‧弗里德曼，薩斯奎漢納金融集團。

I was just wondering how you're thinking about the benefits of automation? How it might be related to the linearity that you're expecting like head count versus revenue? Any inputs on that would be helpful.

我只是想知道您如何看待自動化的好處？它與您預期的線性關係（例如員工人數與收入）有何關係？這方面的任何意見都會有幫助。

Yes. Thank you for your question, Jamie. I think that as we evolved in the AI, productivity and tools, as we evolve in our software development life cycle agents, we're having like a much better understanding of how this is helping our people to become more productive, right.

是的。謝謝你的提問，傑米。我認為，隨著人工智慧、生產力和工具的發展，隨著軟體開發生命週期代理的發展，我們對這些如何幫助我們的員工提高生產力有了更好的理解。

As I said before, this kind of -- it is present pretty much all over the place. We are doing a lot of things with our AI studios and mainly with our AI enterprise. Our enterprise AI platform, which is like the orchestrating orchestration software in which you get independence from LLMs, you get traceability of what's going on. You can take a much larger process and cut it in small pieces. And we are starting to figure out ways to charge those agents and even the work we do on those agents in a way that is more tied to performance than just effort.

正如我之前所說，這種現象幾乎無所不在。我們正在透過我們的人工智慧工作室和主要是我們的人工智慧企業做很多事情。我們的企業 AI 平台就像編排軟體一樣，讓您可以擺脫 LLM 的束縛，並可以追溯正在發生的事情。您可以將一個更大的過程分解成小塊。我們正在開始研究向這些代理商收費的方法，甚至以與績效而非努力程度掛鉤的方式向這些代理商收取費用。

So that would generate moving forward like we have been doing with the platform, but that will generate moving forward like decoupling from just the people that we have and, it would be much more leveraged in the AI tools.

因此，這將推動我們在平台上所做的前進，但這也將推動我們與現有人力脫鉤，並在人工智慧工具中發揮更大的作用。

So we expect that as the LLM becomes every day more and more commoditized, these customizations that are ready to be done -- sorry, ready to use and connected with the back-end systems of the company so on and so forth, those AI agents implementations and orchestrations will keep on having a lot of value for our customers, and this is how we look at the future, how we see the future.

因此，我們預計，隨著 LLM 日益商品化，這些隨時可用的客製化——對不起，隨時可用並與公司後端系統連接等等，這些 AI 代理實現和編排將繼續為我們的客戶帶來巨大的價值，這就是我們對未來的看法。

So for many, many years, starting and trying to decouple these two factors has been really complicated based on licenses or things that were very difficult to measure. Today, we have tools, and we have technology that is expanding our horizon into an unlimited set of opportunities that we haven't seen before.

因此，很多年來，開始並嘗試將這兩個因素分開一直非常複雜，因為需要依賴許可證或難以衡量的東西。今天，我們擁有了工具，擁有了技術，它們正在將我們的視野拓展到我們從未見過的無限機會中。

So the kind of projects we can do now are much different than the projects you used to do in the past. The type of tasks that our engineers are doing are absolutely different evolving and growing. So it's an amazing moment to have the customers we have and be able to serve them in a totally different way, helping them more connected to what we -- how we perform rather than just the effort that is being used for that specific client.

因此，我們現在可以做的專案與過去所做的專案有很大不同。我們的工程師所從事的任務類型絕對不同，並且不斷發展壯大。所以這是一個令人驚奇的時刻，我們擁有客戶，並能夠以完全不同的方式為他們服務，幫助他們更好地了解我們——我們如何表現，而不僅僅是為特定客戶付出的努力。

So I hope that provides more color, but maybe Diego can.

所以我希望這能提供更多的色彩，但也許迭戈可以。

I think that pretty much covers it all, but I just want to add a small comment with regards to that. I think there's kind of a disconnect because the road technology in this specific case is amazing. Super eye candy, catchy, and super powerful as well. But getting enterprise-ready software means a lot of things.

我認為這幾乎涵蓋了所有內容，但我只想對此添加一條小評論。我認為存在某種脫節，因為這種特定情況下的道路技術令人驚訝。超級養眼、引人注目，而且非常強大。但獲得企業級軟體意味著很多事情。

Means security, means stability, means improvements over time operation means connecting to the right system, means building the right experience on top. So even though you may see an LLM performing amazing stuff, building a solution for companies that are enterprise-ready that work on a regulated environment, that's a totally different story, and that's our value. That's where we play.

意味著安全、意味著穩定、意味著隨著時間的推移而改進，意味著連接到正確的系統，意味著在其上建立正確的體驗。因此，即使你可能看到法學碩士 (LLM) 做出了令人驚嘆的事情，為在受監管的環境下工作的企業就緒的公司構建解決方案，但這是一個完全不同的故事，這就是我們的價值。那就是我們玩耍的地方。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Can you talk us through the level of visibility you have in your full year outlook at this point in the year versus that of prior years? And how much of your growth is predicated on hunting for new clients versus farming of existing clients?

您能否與我們談談，與前幾年相比，今年您對全年前景的預測水準如何？您的成長有多少是基於尋找新客戶而不是培養現有客戶？

Sure. Thank you, Jonathan. Visibility is similar to last year. I think that the size of the pipeline has improved and has grown quite a lot. Now we need the conversion to accelerate. And eventually, whenever that happens, visibility will get a little bit better.

當然。謝謝你，喬納森。能見度與去年相似。我認為管道的規模已經得到改善並且增長了相當多。現在我們需要加速轉換。最終，無論何時發生這種情況，能見度都會變得更好一些。

As always, the guidance that we provide has something in the middle, which is the most expected outcome. And then there are some scenarios. I would say that on the low end, that typically, at this point, the main concern is whatever happens in the Latin American business. And if there is any kind of deterioration in any other market that we are not seeing right now.

像往常一樣，我們提供的指導處於中間位置，這是最預期的結果。然後有一些場景。我想說，在低端，通常，在這一點上，主要關注的是拉丁美洲業務發生的一切。如果其他市場出現我們目前尚未看到的惡化情況。

The upper part of the guidance implies clearly an acceleration in the US market, which is the main market for us, implies an acceleration in the deals related to AI, which the pipeline is very, very big. There is a lot of small deals, but we still need to see the conversion to see like more -- or larger deals converting. And that's what we have at the upper part of the guidance. But in general, I would say that visibility is similar to what we had last year at the beginning of the year.

指引的上半部明確暗示了美國市場（我們的主要市場）的加速發展，也暗示了與人工智慧相關的交易的加速發展，而這方面的交易管道非常非常龐大。有很多小交易，但我們仍然需要看到轉化，才能看到更多或更大規模的交易的轉化。這就是我們指南上半部的內容。但總的來說，我認為可見度與去年年初的水平相似。

Zachary Ajzenman, TD Cowen.

扎卡里·阿傑森曼（Zachary Ajzenman），TD Cowen。

This Zack on for Bryan Bergin. Just wanted to dig into the headwinds that recently emerged that were called out, Disney and Latin America (technical difficulty) the magnitude? Or are these an equal size? And do you think at this point, they're relatively derisked?

這是 Zack 代替布萊恩伯金 (Bryan Bergin) 的作品。只是想深入探討最近出現的被指出的逆風，迪士尼和拉丁美洲（技術難度）的程度如何？或它們大小相同嗎？您是否認為目前他們的風險已經相對降低了？

And on Disney specifically, on pipeline of bookings. It sounds like once you slows, what's giving you the confidence there?

特別是關於迪士尼的預訂管道。聽起來，一旦你放慢速度，是什麼給了你信心？

Yes. I mean, you were cut, but I think I got your question. So basically, the two things that we were not expecting back in November, was Disney ending up much stronger than what we initially anticipated. We were expecting kind of a sequentially flat quarter, but Disney grew once again in Q4 relative to Q3, and also on a year-over-year basis. It is ending up at 23% in Q4.

是的。我的意思是，你被裁掉了，但我想我明白你的問題了。因此基本上，我們在 11 月沒有預料到的兩件事是迪士尼最終的表現比我們最初預期的要強勁得多。我們原本預計該季度的業績將與上一季持平，但迪士尼第四季相對於第三季再次實現成長，並且與去年同期相比也實現了成長。第四季這一比例最終達到 23%。

So there was some acceleration in Q4. Part of it is impacting the Q1 deals that we had. So we are assuming -- call it around $5 million to $10 million -- more like in the 5-ish kind of impact coming from there. And then the rest is mainly coming from our business in LATAM. That's, in general, the two things that we saw and were not expecting.

因此第四季有所加速。部分原因在於影響了我們第一季的交易。因此我們假設——大約是 500 萬到 1000 萬美元——更像是來自那裡的 5 倍左右的影響。其餘收入主要來自我們在拉丁美洲的業務。總的來說，這是我們看到的和沒有預料到的兩件事。

But in the case of Disney, we are already comfortable outlook for the year. So we believe that Disney will, as we mentioned in the call, should end up mid- to high single digit at this point in '25. And in the case of LATAM, there was a lot of political noise in Q4. Some of those things are starting to come, but it's still an open question that we need to see how that evolves for the rest of the year.

但就迪士尼而言，我們對今年的前景感到滿意。因此，我們相信，正如我們在電話會議中提到的那樣，迪士尼在 25 年的這個時候應該能夠達到中高個位數的盈利。就 LATAM 而言，第四季度出現了很多政治噪音。其中一些事情已經開始出現，但這仍然是一個懸而未決的問題，我們需要觀察今年剩餘時間內的情況如何發展。

Sean Kennedy, Mizuho.

瑞穗的肖恩肯尼迪。

So I was wondering about the top five customer cohort ex-Disney and what was driving some of the underperformance there? And there also seems like there's been a bifurcation between some of the larger customers and smaller customer growth over the past few quarters. So are there any underlying trends like sensitivity to the macro? Or are they more company specific?

所以我想知道迪士尼以外的五大客戶群的情況以及導致其表現不佳的原因是什麼？過去幾季中，一些較大客戶和較小客戶的成長似乎出現了分歧。那麼是否存在像對宏觀的敏感度這樣的潛在趨勢？或者它們更針對特定公司？

No. Look, I think there's a very clear connection between what is happening in the two to five, and what is happening in our professional services business. When you look at those two, we have two accounts in the top 5, which are professional services companies. That sector has not been posting growth throughout this year. And there is a kind of linearity between those two. So it's very much oriented to a specific industry.

不。看，我認為二到五年間發生的事情和我們專業服務業務中發生的事情之間存在著非常明顯的關聯。當你查看這兩個時，我們有兩個帳戶進入前五名，它們是專業服務公司。該行業今年全年均未出現成長。這兩者之間存在某種線性關係。所以它非常面向特定行業。

The second -- and then you mentioned -- but regarding the second part of the question, I mean when you look at -- I mean I'm not sure we are we putting this table, but when we look at top 20 accounts, the level of growth is very similar to 11 to the end. So in the end, what I'm saying is that it's not just the top 10. It's not just Disney. 11 to 20, which are also large customers for us have been expanding very nicely in the last few years and also in 2024.

第二 - 然後你提到 - 但關於問題的第二部分，我的意思是當你看 - 我的意思是我不確定我們是否放置了這個表格，但是當我們查看前 20 個帳戶時，增長水平與第 11 個帳戶到最後的增長水平非常相似。所以最後我想說的是，這不只是前十名。不僅僅是迪士尼。 11 到 20 家公司也是我們的大客戶，他們在過去幾年以及 2024 年的擴張速度都非常好。

And when you look at, for example, the number of accounts over $20 million, that number went up from 16 last year to 20 this year. Number of accounts over $10 million went up from 34 to 44 in one year. Number of accounts for $1 million went up from 311 to 346. So in general, you see that in all those groups, we are being able to have larger customers in general, and that's basically part of the 100ssquare strategy. That's part of the focus on high potential accounts that can become multimillion dollar in revenues for us.

例如，當你查看超過 2000 萬美元的帳戶數量時，這個數字從去年的 16 個增加到了今年的 20 個。一年內，1000萬美元以上的帳戶數量從34個增加到44個。100萬美元的帳戶數量從311個增加到346個。所以總的來說，你會看到，在所有這些群體中，我們總體上都能夠擁有更大的客戶，而這基本上是 100ssquare 策略的一部分。這是我們關注的高潛力帳戶的一部分，這些帳戶可以為我們帶來數百萬美元的收入。

And also because those are the companies that require and need the type of service that we provide.

而且因為這些公司需要我們提供的服務類型。

Just to add something to that is this year, we are reinforcing the 100-square strategy. This is -- we are going to put -- and we are putting, of course, in the past that right now we are defining and redefining with the teams, putting the best talent and effort that we have in the most biggest account, the account that are really, really strategical for us.

補充一點，今年我們正在加強百方戰略。這是——我們將要投入——當然，我們正在投入過去，現在我們正在與團隊一起定義和重新定義，把我們最好的人才和努力投入到最大的帳戶中，這個帳戶對我們來說真的非常具有戰略意義。

So this is a work that we have been doing with all our regions. So we have been working and defining what are those 100 accounts where we are going to put a lot of effort in order to of course, continues growing and try to grow even more than what we are growing right now in the 21st account.

這是我們與所有地區一直合作的工作。因此，我們一直在努力確定這 100 個帳戶，我們將為這些帳戶投入大量精力，當然，為了繼續成長，並嘗試比現在 21 世紀帳戶的成長更快。

Just I was looking at just on the numbers that I wanted to share with you, Sean. When you look at top one, we have very strong growth in the quarter, 23%. As you pointed out, the top 10 is impacted by two to five. When you go, for example, to 11 to 20, the growth was 17%. So there is a lot of big accounts that are also performing very, very well. The issue that we're having in the two to five is very much concentrated in a few names.

我只是想和你分享一些數字，肖恩。從上面來看，我們本季的成長非常強勁，達到了 23%。正如你所指出的，前十名受到兩到五個的影響。例如，從 11 到 20，成長率為 17%。因此有很多大帳戶的表現也非常非常好。我們在二到五所遇到的問題主要集中在幾個名字上。

Surinder Thind, Jefferies.

蘇林德·廷德（Surinder Thind），傑富瑞（Jefferies）。

Just following up on the prior question. You guys have had a lot of success over the last couple of years in terms of the outperformance where you've won some important clients and those clients really scaled. When I think about the growth rate as we look at '25 versus '24 versus '23, is there some sort of an impact that we should be thinking about as some of these larger project wins from the years past start to scale down that creates headwinds that we should be aware of?

只是繼續回答前面的問題。在過去幾年裡，你們取得了巨大的成功，贏得了一些重要的客戶，而這些客戶的規模確實擴大了。當我思考2025年與2024年以及2023年的成長率時，我們是否應該考慮某種影響，因為過去幾年中贏得的一些較大的項目開始縮減，從而產生我們應該注意的阻力？

It just seems there's a bit more volatility in the P&L the last couple of years towards year-end? Or you're starting to, I feel like call out more clients where a client maybe starts to wind down or something like that. How should we think about that relative to how it's been in the past?

是不是感覺過去幾年接近年末時損益表的波動有點大？或者你開始，我覺得需要呼叫更多的客戶，而客戶可能開始放鬆或類似情況。相對於過去的情況，我們該如何看待這個問題？

Maybe if I can start, Martin. I think that the last three years have been different from the prior 15 years, right? In the prior 15 years, pretty much every industry in every region was expanding and pretty much every company was showing expansion. Then after COVID, it was like there are some companies that are -- or some industries that have been outperforming other industries, right.

也許我可以開始，馬丁。我認為過去三年與之前的十五年有所不同，對嗎？在過去的 15 年裡，幾乎每個地區的每個行業都在擴張，幾乎每家公司都在擴張。在疫情過後，似乎有些公司或有些產業的表現一直優於其他產業，對吧。

For a while, you had travel and hospitality performing very, very strongly after COVID. You had on the other side of technology companies and professional like this sectors, right, technology and telecommunications together with professional services, underperforming for the last three years. Now you have seen a nice recovery in BFSI. Health care has been doing well in the last three years. So my point is we now have kind of different behaviors in different industries and also regions, right.

一段時間內，疫情過後，旅遊和旅館業的表現非常強勁。另一方面，科技公司和專業領域，對吧，科技、電信以及專業服務，過去三年表現不佳。現在您已經看到 BFSI 出現了良好的復甦跡象。過去三年來，醫療保健領域發展良好。所以我的觀點是，我們現在在不同的行業和地區有不同的行為，對吧。

For example, new markets, everything rolls, okay. You go to Europe, you have some areas that are expanding, other areas that are not, same happens in the US. So I think that we are living a more volatile market, if you want. And sometimes that may have an impact on some of our customers, which are large.

例如，新市場，一切都順利，好吧。你去歐洲看看，你會發現有些地區正在擴張，有些地區卻沒有，美國也是一樣。所以我認為，如果你願意的話，我們正生活在一個更動盪的市場。有時這可能會對我們的一些大客戶產生影響。

I mean I think that on the -- if we look at -- if you look at it from another perspective, our company is very diversified. You look at the at the top accounts and you have companies from media, you have banks, you have professional services, you have travel, you have manufacturing, you have retail.

我的意思是，我認為——如果我們從另一個角度來看——我們的公司是非常多元化的。看看頂級帳戶，你會發現有媒體公司、銀行公司、專業服務公司、旅遊公司、製造業公司、零售業公司。

So yes, it now happens with what you are mentioning. Maybe one is doing better one year then as a little bit you know. But in general, most of those top accounts have been working with us for a long time are multimillion dollar accounts. They may go up and down a little bit in fact one quarter. But eventually, those are the type of customers that we want.

是的，現在確實發生了您所提到的事情。也許有一年一個人做得比你知道的要好一點。但總體來說，大多數與我們長期合作的頂級帳戶都是數百萬美元的帳戶。事實上，在一個季度內，它們可能會有小幅上漲或下跌。但最終，這些都是我們想要的客戶類型。

Yes. And as their needs change and evolve. I would say that it's not about thinking of a single project that never ends. I mean, projects are constantly turning over. And those projects are constantly changing also adapt to the incredible way in which new technologies are being adopted and Globant offering is following that. And in many cases, much we're way ahead of what's going on.

是的。並且隨著他們的需求不斷變化和發展。我想說的是，這並不是考慮一個永無止境的單一項目。我的意思是，專案不斷地週轉。這些項目也在不斷變化，以適應新技術的驚人應用方式，而 Globant 的產品也緊隨其後。在很多情況下，我們已經遠遠領先正在發生的事情。

So that relationship is constantly being fitted by our capacity of expanding our offering into new areas in which we for we were not doing anything. So you must think about us as a company that is leveraging in full the relationships we have with our key customers, and trying to shape our offer to what's coming and to what those customers are needing. So this is the fuel that maintain our capacity of keep on growing those accounts and those relationships.

所以，這種關係不斷地透過我們將服務擴展到我們以前沒有做任何事情的新領域的能力來適應。因此，您必須將我們視為一家充分利用與主要客戶之間的關係的公司，並嘗試根據未來發展和客戶需求來提供產品和服務。所以這是維持我們持續成長這些帳戶和這些關係的能力的動力。

Divya Goyal, Scotiabank.

加拿大豐業銀行的 Divya Goyal。

So I wanted to actually build on to this theme of client discussion that we are having. Could you help us understand on the AI implementation stage, what exactly are you seeing or hearing from the clients when you speak to them? What is going on in their minds?

因此，我實際上想以此為基礎繼續進行我們正在進行的客戶討論。您能否幫助我們了解在人工智慧實施階段，當您與客戶交談時究竟看到或聽到什麼？他們在想什麼？

And how are they trying to balance this macroeconomic uncertainty, tariffs, with the digital advancements that they are seeing to some challenges, some opportunities that they are facing? And how is that benefiting or impacting Globant for that matter?

他們如何平衡宏觀經濟的不確定性、關稅以及他們所看到的數位化進步所帶來的挑戰和機會？那麼這對 Globant 有什麼好處或影響呢？

If I may take this. I think that's actually a very good question because it's a major change that has been happening for the past couple of years.

如果我可以接受的話。我認為這實際上是一個非常好的問題，因為這是過去幾年發生的重大變化。

One of the things we're noticing is that the type of demand we're having tends to be a little bit more inclined into the enterprise type of services. This has to do a lot with the operation, fulfillment, et cetera, and ties a little bit more into the efficiency side of things as opposed to the product and top line side of things. That gets also represented when we speak about AI.

我們注意到的一件事是，我們的需求類型更傾向於企業類型的服務。這與營運、履行等有很大關係，並且與事物的效率方面聯繫更緊密，而不是與產品和營收方面聯繫更緊密。當我們談論人工智慧時，這一點也得到了體現。

AI has been heavily -- or more heavily adopted on that side, which means enterprise workflows, efficiencies on many different interface functions, but not that much on the product side of things which will eventually have a massive impact. So that type of consumption, I think that is one of the key aspects that is preventing us from realizing Globant's full potential. As you may know, Globant is well known as a company that is top notching experiences and helping clients connect with our consumers. So I think -- and that still needs to materialize.

人工智慧在這方面得到了廣泛或更廣泛的應用，這意味著企業工作流程、許多不同介面功能的效率，但在產品方面卻沒有那麼多應用，最終將產生巨大的影響。所以我認為這種消費是阻礙我們發揮 Globant 全部潛力的關鍵因素之一。您可能知道，Globant 是一家擁有一流體驗並幫助客戶與消費者建立聯繫的公司。所以我認為——這仍然需要實現。

In fact, this is not only our perception of what's going on. I think Salesforce communicated exactly the same about [Asian] Force. And it's kind of the pace of the market the way it is today. And just to complement that, another thing that changed and with regards to predictability, budgeting exercises forecasting, et cetera, is that in the past, the market thought in the way Martin was describing about products, right? Our products need to be evolved constantly. New technologies appear, opportunities, your competitor has a new feature, et cetera, et cetera.

事實上，這不僅僅是我們對正在發生的事情的看法。我認為 Salesforce 對「亞洲」力量的表現也完全一樣。這就是當今市場的節奏。為了補充這一點，另一個改變是，關於可預測性、預算練習預測等等，過去市場思維就像馬丁描述產品的方式一樣，對嗎？我們的產品需要不斷發展。新技術出現，機會出現，你的競爭對手有新功能等等等等。

And companies tend to do sort of a run rate type of exercise. I need to invest this. And this is the team that will be dedicated to. I will have dedicated to this product, to this line of business, et cetera.

公司傾向於進行某種運行率類型的練習。我需要投資這個。這支團隊將竭盡全力。我將全心投入這個產品、這個業務線等等。

One of the things we have been seeing as well is a tendency to go on a per mandate basis, which again, it's a little bit shorter contracts in view that get renewed with newer mandates, et cetera. And that sometimes brings a little bit of gaps and uncertainty, and this is why there's a little bit more volatility.

我們也看到的一個現像是，傾向於按每次授權進行，也就是說，合約期限稍短一些，可以透過更新的授權進行續約，等等。這有時會帶來一些差距和不確定性，這就是為什麼會出現更多波動的原因。

Arvind Ramnani, Piper Sandler.

阿爾文德·拉姆納尼，派珀·桑德勒。

I guess kind of what I was trying to figure out is like when you think about your commentary, it sounds a lot better than what it was 12 months back, but the growth rates are not necessarily a lot better than what it was like 12 months ago. So it just feels like the -- your kind of targets don't reflect like how positive you seem to be about the overall business?

我想弄清楚的是，當你思考你的評論時，它聽起來比 12 個月前好很多，但成長率並不一定比 12 個月前好很多。所以感覺就像——你的目標並沒有反映出你對整體業務的積極態度？

I think a couple of things. First, when you look at the guidance for the year, in organic constant currency terms, we are talking about pretty much the same number that we did in '24. The total growth of 12% in constant currency, we believe it's a good number because of what I just mentioned about the organic number.

我想有幾件事。首先，當你查看今年的指引時，以有機固定匯率計算，我們談論的數字與24年幾乎相同。以固定匯率計算，總成長率為 12％，我們認為這是一個不錯的數字，因為我剛才提到了有機數字。

The thing that the excitement is about what is happening in our industry right now, right, within our customers. All the different things, all the new technologies that are coming, how those -- how we see the opportunity for Globant to engage in many of those contracts to help them transition to these new technologies. And also the fact that the US has been expanding its pipeline.

令人興奮不已的是我們這個行業目前正在發生的事情，就在我們的客戶內部。所有不同的事情，所有即將出現的新技術，我們如何看待 Globant 參與其中的許多合約以幫助他們過渡到這些新技術的機會。事實上，美國一直在擴大其管道建設。

Yes, of course, conversion needs to accelerate. But when you have the deals, when you see the opportunities, that makes you feel a little bit more optimistic. Of course, that needs to close eventually, that will translate to revenue more growth. But I think that overall, that is the excitement, what's happening in new market is very exciting as well. Of course, out of a small base at the size of the opportunity, the type of projects that we are winning that we are delivering.

是的，當然，轉變需要加速。但當你達成交易，看到機會時，你就會感到更樂觀。當然，這最終需要結束，這將轉化為收入的更多成長。但我認為總的來說，這是令人興奮的，新市場正在發生的事情也非常令人興奮。當然，考慮到機會的規模，我們贏得的專案類型以及正在實施的專案基數很小。

For example, the massive process that we finished in -- with the Clippers, it's a very unique experience that everybody is talking about that. A lot of company -- companies are visiting that, a lot of similar or potentially similar customers are engaged in conversations. So there are good things happening. All the revolution in technology is usually good for companies like us. And that's where the excitement is.

例如，我們與快艇隊完成的大規模合作過程，是一次非常獨特的經歷，每個人都在談論它。許多公司——公司正在訪問那裡，許多相似或潛在相似的客戶正在進行對話。因此，有好事正在發生。所有科技革命通常對我們這樣的公司都是有利的。這正是令人興奮的地方。

Now the numbers are what they are, and they are basically very similar in organic terms to '24. I don't know, Martin, if you want to add anything?

現在這些數字就是這些，從有機角度而言，它們基本上與 24 年非常相似。我不知道，馬丁，您是否想補充一些內容？

No. Thank you, Juan. I believe that is a top-notch performance for the industry. And there's a lot of shifts that are happening. And with an already large company and different types of engagements, I think we are delivering the organic growth in the same level of last year, which was a record -- taking us to a record EPS growth and record revenue growth.

不。謝謝你，胡安。我相信這對業界來說是一流的表現。而且正在發生很多轉變。儘管公司規模已經很大，並且開展了不同類型的業務，但我認為我們實現的有機增長與去年持平，這是一個創紀錄的水平，使我們的每股收益增長和收入增長都創下了歷史新高。

I think it's very, it speaks by itself our readiness of -- to really wait for what's coming in the -- on the industry. So that's the color I wanted to add.

我認為這本身就說明了我們已經做好準備，真正等待這個產業即將發生的事情。這就是我想要添加的顏色。

So that will be all for the Q&A session of today. Thank you all. And now I will ask Martin to provide some closing remarks. Martin, please go ahead.

今天的問答環節就到此結束。謝謝大家。現在我請馬丁作一些結束語。馬丁，請繼續。

Thank you so much. Really looking forward to see you next quarter and thank you very much for your coverage. Bye-bye.

太感謝了。非常期待下個季度見到您，非常感謝您的報道。再見。