Globant SA (GLOB) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Globant's first quarter 2025 earnings conference call. I'm Arturo Langa, Investor Relations Officer at Globant. (Operator Instructions) 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.

下午好，歡迎參加 Globant 2025 年第一季財報電話會議。我是 Arturo Langa，Globant 的投資人關係長。（操作員指示）請注意，此活動正在 YouTube 上錄製和直播。現在您應該已經收到一份收益報告的副本了。如果您還沒有，可以在我們的網站 investors.globant.com 上取得副本。

Also, you will find our shareholder letter, which contains the same content as the prepared remarks you will hear today. In order to craft a more engaging and interactive session, we've shown in our prepared remarks and allocated more time to the Q&A section.

此外，您還會發現我們的股東信，其中包含與您今天聽到的準備好的發言相同的內容。為了打造更具吸引力和互動性的會議，我們在準備好的演講稿中展示了更多內容，並為問答環節分配了更多時間。

We will begin with remarks by our Chief Executive Officer, Martin Migoya, and our Chief Financial Officer, Juan Urthiague, followed by a Q&A session where they will be joined by Chief Executive Technology Officer, Diego Tartara and our Chief Operating Officer, Patricia Pomies.

我們將首先由執行長 Martin Migoya 和財務長 Juan Urthiague 致辭，然後是問答環節，執行長技術長 Diego Tartara 和營運長 Patricia Pomies 將加入其中。

Before we begin, I would like to remind you some of the 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 risks and uncertainties as described in the company's earnings release and other filings with the SEC. Please note that we follow IFRS accounting rules in our financial statements.

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。請注意，我們的財務報表遵循 IFRS 會計規則。

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. 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。您可以在我們在投資者關係網站上發布的宣布本季業績的新聞稿末尾找到 IFRS 和非 IFRS 指標的對帳表。

I will now turn the call over to Martin Migoya.

現在我將電話轉給馬丁‧米戈亞 (Martin Migoya)。

Hello, and good day, everyone. It's great to be here again. We are pleased to report another solid quarter with revenues reaching $611.1 million representing a healthy 8.6% year-over-year growth in constant currency, outperforming most of our peers. While our Q1 performance came in below our initial expectations and our revised annual guidance now aligns more closely with broader industry events. We remain confident in the strength and resilience of our business. .

大家好，祝大家有美好的一天。很高興再次來到這裡。我們很高興地報告本季業績表現穩健，營收達到 6.111 億美元，按固定匯率計算年增 8.6%，超過大多數同業。雖然我們的第一季業績低於最初的預期，但我們修訂後的年度指引現在與更廣泛的行業事件更加緊密地保持一致。我們對我們業務的實力和韌性仍然充滿信心。。

The fundamental fuel Globant's long-term growth are strong. The AI opportunity is both profound and transformative. It is a market that could reach $4.3 trillion by 2035. Our 10 years of strategic investment in artificial intelligence uniquely position us to lead this new era. We're not merely adapting. We're helping define the AI-powered future of work and digital transformation.

Globant 長期成長的基本動力十分強勁。人工智慧帶來的機會既深刻又具有變革性。到 2035 年，該市場的規模可能達到 4.3 兆美元。我們在人工智慧領域十年的策略性投資，使我們擁有引領這個新時代的獨特優勢。我們不只是在適應。我們正在幫助定義人工智慧驅動的未來工作和數位轉型。

That said, we are currently operating in a challenging macroeconomic environment. The probability of a recession in the US has risen significantly since February. Consumer spending has softened and uncertainty from trade tariffs has impacted a portion of our customers.

儘管如此，我們目前正處於充滿挑戰的宏觀經濟環境中。自二月以來，美國經濟衰退的可能性顯著上升。消費者支出已經疲軟，貿易關稅的不確定性影響了我們的部分客戶。

We observed a slower pace of pipeline conversion in the US and growth in some countries in Latin America has been lower than expected. Although some near-term challenges are present, we see this as transitory, as the pipeline remains robust with a 20% increase over the last year. I'm also pleased to see strong growth in markets where Globant has undertaken major investments recently, including our new market region of the Middle East and APAC as well as Europe.

我們觀察到美國的管道轉換速度放緩，拉丁美洲一些國家的成長低於預期。儘管存在一些短期挑戰，但我們認為這只是暫時的，因為管道仍然強勁，比去年增加了 20%。我也很高興看到 Globant 最近進行重大投資的市場實現了強勁成長，包括我們的新市場區域中東和亞太地區以及歐洲。

In this environment, we need to stay focused on long-term value creation and transformative impact. Our way forward is based on three core pillars. First, our 100 squared accounts. One of the greatest assets is our 100 squared customer base on the distribution network we have built over time.

在這種環境下，我們需要專注於長期價值創造和變革影響。我們的前進之路是基於三大核心支柱。首先，我們的100平方帳戶。我們最大的資產之一是我們長期以來建立的分銷網絡上的 100 平方客戶群。

Throughout our history, we have consistently added new studios and practices such as digital, enterprise and got creative studios as innovative services to distribute across a set of clients who value us for pushing boundaries and delivering forward-thinking solutions. We continue to deepen these relationships with these strategic clients aiming to unlock new opportunities and deliver transformative value across their business units.

在我們的歷史上，我們不斷增加新的工作室和實踐，如數位、企業和創意工作室，作為創新服務分發給一系列客戶，這些客戶重視我們突破界限並提供前瞻性的解決方案。我們將繼續深化與這些策略客戶的關係，旨在發掘新的機會並為他們的業務部門帶來變革性的價值。

Second, our AI studios. Their purpose built to lead comprehensive AI transformation programs for each industry we serve. Their mission is to help clients realize the full potential of AI conducting in-depth assessment across all business areas, identifying use cases, processes inefficiencies and emerging opportunities for intelligent automation.

第二，我們的AI工作室。他們的目標是為我們服務的每個行業引領全面的人工智慧轉型計劃。他們的使命是幫助客戶充分發揮人工智慧的潛力，對所有業務領域進行深入評估，識別用例、流程效率低下以及智慧自動化的新興機會。

From this foundation, our AI studios design and implement scalable AI power solutions that target the most impactful workflows and business outcomes. The industry-specific structure approach is supported by our deep technical expertise and our enterprise AI platforms, enabling the orchestration of intelligent agents that deliver measurable innovation and lasting value to our clients.

在此基礎上，我們的人工智慧工作室設計並實施可擴展的人工智慧解決方案，以實現最具影響力的工作流程和業務成果。我們深厚的技術專長和企業人工智慧平台支援行業特定的結構方法，從而能夠協調智慧代理，為我們的客戶提供可衡量的創新和持久的價值。

And finally, the global subscription model. This model reimagines how we deliver engineering, creativity and automation services by introducing a consumption-based subscription framework. Clients subscribe to AI power capacity through AI pots, which are dedicated delivery units that combine the power of autonomous AI agent powered by Global Enterprise AI with the orchestration and oversight from our experts.

最後是全球訂閱模式。該模型透過引入基於消費的訂閱框架重新構想了我們提供工程、創意和自動化服務的方式。客戶透過 AI pot 訂閱 AI 電力容量，AI pot 是專用交付單元，將由全球企業 AI 提供支援的自主 AI 代理的功能與我們專家的協調和監督相結合。

Delivery is limited in tokens, representing the complexity and volume of work performed. Clients can expand their usage through additional PAC subscriptions, offering a clear scalable path to increase value over time. This consumption-based model aligns incentives around outcomes, not ours. It offers a flexible, transparent way to collaborate with our clients while complementing our traditional delivery models.

交付的代幣數量有限，代表了所執行工作的複雜性和數量。客戶可以透過額外的 PAC 訂閱來擴展其使用範圍，從而提供一條清晰的可擴展路徑來隨著時間的推移增加價值。這種以消費為基礎的模式是根據結果而不是我們自己來調整激勵措施。它提供了一種靈活、透明的方式來與我們的客戶合作，同時補充了我們傳統的交付模式。

This transformation will integrate directly into our existing client relationship teams and build on the strong relationship we have established with our network of incredible clients, a network built on trust, long-term collaboration and share appreciation for innovation.

此次轉型將直接融入我們現有的客戶關係團隊，並鞏固我們與優秀客戶網絡建立的牢固關係，該網絡建立在信任、長期合作和對創新的共同欣賞的基礎上。

YPF has already adopted this model. JM Family and other enterprise clients are exploring it as well demonstrated early traction and trust in this new way of engaging with Globant. The Globant subscription model was born from our deep understanding that many organizations struggle to make the savings and efficiencies generated by AI tangible.

YPF已經採用了這種模式。JM Family 和其他企業客戶正在探索這種方式，並且表現出對這種與 Globant 合作的新方式的早期吸引力和信任。Globant 訂閱模式源自於我們深刻理解許多組織正在努力使人工智慧帶來的節約和效率變得切實可行。

While the potential of AI is clear, converting this promise into concrete business outcomes remains illusive for most enterprises. Our model addresses this challenge directly, delivering measurable results through defined output, traceable token usage and integrated performance monitoring, making AI's value visible, actionable and aligned with strategic goals.

儘管人工智慧的潛力顯而易見，但對於大多數企業來說，將這一前景轉化為具體的業務成果仍然遙不可及。我們的模型直接解決了這個挑戰，透過定義的輸出、可追蹤的令牌使用和整合的效能監控提供可衡量的結果，使人工智慧的價值可見、可操作並與策略目標保持一致。

While we expand our commercial models, we also want to reaffirm the importance of our traditional delivery methods. Fixed price and material contracts remain the predominant form of engagement with our clients. Many organizations will continue to prefer these models and we are fully equipped with the right talent, proven methodologies and robust value framework to deliver excellence through them as we have been doing during the last 22 years.

在擴展商業模式的同時，我們也想重申傳統交付方式的重要性。固定價格和材料合約仍然是我們與客戶合作的主要形式。許多組織將繼續青睞這些模式，我們擁有合適的人才、成熟的方法和強大的價值框架，可以透過這些模式實現卓越，正如我們在過去 22 年中所做的那樣。

This quarter, within Globant enterprise AI, we introduced Globant [coda], a powerful agent-driven suite. It brings together our most advanced AI agents and platforms into a single cohesive solution that simplifies and accelerates the entire software development life cycle.

本季度，我們在 Globant 企業 AI 中推出了強大的代理驅動套件 Globant [coda]。它將我們最先進的人工智慧代理和平台整合成一個單一的、有凝聚力的解決方案，從而簡化和加速整個軟體開發生命週期。

Weeks ago, Globant's CodeFixer, AI agent achieved the highest score on the SWE bench multi-model benchmark, a precious data set for evaluating AI systems on visual software engineering tasks. In this context, our ability to evolve becomes our competitive advantage.

幾週前，Globant 的人工智慧代理 CodeFixer 在 SWE 基準多模型測試中取得了最高分，這是一個用於評估人工智慧系統在視覺軟體工程任務中的寶貴數據集。在這種背景下，我們的演化能力就成為我們的競爭優勢。

Our new AI power subscription model is helping us to create more scalable, predictable and adaptive partnerships with clients, enabling continuous delivery of engineering creativity and business process automation through our AI pod and enterprise AI platforms.

我們全新的 AI 能力訂閱模式正在幫助我們與客戶建立更具可擴展性、可預測性和適應性的合作夥伴關係，從而透過我們的 AI pod 和企業 AI 平台持續交付工程創造力和業務流程自動化。

During this quarter, we closed several strategic deals that reflect the creative application of our technology solutions. In the Middle East, we announced a new invention partnership with a Saudi Pro League, implementing our competition management solution with a new platform, future SPL systems will be managed through a digital ecosystem. This will be powered by AI and data analysis to speed up manual tasks and allow competition staff to focus on innovation.

本季度，我們完成了多項策略交易，體現了我們技術解決方案的創造性應用。在中東，我們宣布與沙烏地阿拉伯職業聯賽建立新的發明合作夥伴關係，透過新平台實施我們的競賽管理解決方案，未來的 SPL 系統將透過數位生態系統進行管理。這將由人工智慧和數據分析提供支持，以加快手動任務並讓比賽工作人員專注於創新。

In the United Kingdom, we have reached a major milestone through our partnership with Formula One. We recently launched the new Team content delivery system at the Australian Grand Prix in 2025. This innovative technology solution is designed to enhance the competitive experience for race teams by engineers and team principles with real-time and archived video and analysis.

在英國，我們透過與一級方程式賽車的合作達到了一個重要的里程碑。我們最近在 2025 年澳洲大獎賽上推出了新的團隊內容傳遞系統。此創新技術解決方案旨在透過即時和存檔視訊和分析來增強賽車隊的競爭體驗。

We're also partnering with AIB on their Teller app. Teller is a specialized transaction processing application in AIB Northern Island branches, integrated with AIB's core systems to support efficient transaction management.

我們也與 AIB 合作開發其 Teller 應用程式。Teller 是 AIB 北島分行的專用交易處理應用程序，與 AIB 的核心系統集成，支援高效的交易管理。

The bank undertook a significant upgrade on the application to further enhance performance and resilience. We accelerate the development using Globant Enterprise AI to ensure delivery in a record time of eight months. In Argentina, we recently announced a reinvention partnership with YPF, the continent's third largest oil and gas company.

該銀行對應用程式進行了重大升級，以進一步提高效能和彈性。我們使用 Globant Enterprise AI 加速開發，以確保在創紀錄的八個月內交付。在阿根廷，我們最近宣布與阿根廷大陸第三大石油和天然氣公司 YPF 建立重塑合作夥伴關係。

We will improve their supply chain management with Agentic AI, and we will create an integrated operating model that will continuously learn and evolve. It would make complex decisions through expert supervise algorithms and ensure compliance with the company's internal policies and standards across their extensive supply chain network of approximately 5,000 suppliers.

我們將利用 Agentic AI 改善他們的供應鏈管理，並創建一個不斷學習和發展的整合營運模式。它將透過專家監督演算法做出複雜的決策，並確保整個約 5,000 個供應商的廣泛供應鏈網路遵守公司的內部政策和標準。

Globant's effort connects with YPF vision to enhance operational efficiency across all areas and position the company as a global competitive player, generating $30 billion in exports by 2030. Our creative at network continues to produce outstanding work for top brands globally, including Corona for its 100th anniversary in Mexico, Foodpanda with a new affordability campaign across six Asian markets and MercadoLibre's ongoing expansion.

Globant 的努力與 YPF 的願景一致，即提高各個領域的營運效率，使公司成為全球競爭者，到 2030 年實現 300 億美元的出口額。我們的創意網絡繼續為全球頂級品牌創作出色的作品，包括 Corona 在墨西哥成立 100 週年、Foodpanda 在六個亞洲市場開展的全新平價活動以及 MercadoLibre 的持續擴張。

Our global partnerships also continue to evolve. In remarks, we received multiple recognitions from Google, Amazon Web Services and Adobe, reflecting the strong focus in developing these strategic relationships. As a founder and CEO, I'm deeply committed to our invention vision. We remain focused on delivering high-value that reflect both human ingenuity and technological excellence. We will continue to evolve our core strength and business models while pursuing long-term value creation. Thank you very much.

我們的全球合作夥伴關係也在不斷發展。在評論中，我們獲得了 Google、Amazon Web Services 和 Adob​​e 的多項認可，反映了我們對發展這些策略關係的高度重視。身為創辦人兼首席執行官，我對我們的發明願景有著堅定的承諾。我們始終致力於提供體現人類智慧和卓越技術的高價值。我們將在追求長期價值創造的同時，不斷發展我們的核心優勢和商業模式。非常感謝。

Hello. In the first quarter, we continued to navigate a fluid global context. Revenues reached $611.1 million. This represents a 7% increase year-over-year and 8.6% in constant currency, a figure slightly below our February guidance. This performance was influenced in a challenging macroeconomic and geopolitical context, which has affected spending pattern among some of our largest customers, particularly in LatAm. The market deteriorated towards the end of February as a result of the tariff discussions.

你好。第一季度，我們持續應對動盪的全球局勢。收入達6.111億美元。這一數字比去年同期成長 7%，以固定匯率計算則成長 8.6%，略低於我們二月的預期。這項業績受到充滿挑戰的宏觀經濟和地緣政治環境的影響，這影響了我們一些最大客戶的支出模式，尤其是在拉丁美洲。由於關稅談判，2 月底市場情勢惡化。

Still three of our four regional business units posted solid growth. North America increasing top line 6% year-over-year. Europe, 13.4% year-over-year and new markets continuing to scale exponentially, posting an 84.4% year-over-year growth. However, we saw a challenging performance in LatAm, which was down close to 9% year-over-year, with notable contractions in Mexico and Brazil, which were partially offset by a strong growth in Argentina.

我們的四個區域業務部門中仍然有三個實現了穩健的成長。北美營業額年增 6%。歐洲年增13.4%，新興市場持續呈指數級成長，較去年同期成長84.4%。然而，我們看到拉丁美洲的表現充滿挑戰，年減近 9%，其中墨西哥和巴西的萎縮更為明顯，但阿根廷的強勁成長部分抵消了這一萎縮。

From a vertical perspective, we saw year-over-year growth across most of our verticals. However, we experienced some delays in project ramps specifically in some large accounts in tariff-impacted industries such as airlines, pharma and high tech. Our revenue per IT had increased by 2.8% year-over-year and 2.3% quarter-over-quarter in the first quarter of 2025, reflecting the value and efficiency we deliver and our ability to remain disciplined in pricing.

從垂直角度來看，我們看到大多數垂直領域都實現了同比增長。然而，我們的專案進度遇到了一些延遲，特別是在航空、製藥和高科技等受關稅影響行業的一些大客戶。2025 年第一季度，我們的每台 IT 收入年增 2.8%，較上季成長 2.3%，這反映了我們提供的價值和效率，以及我們維持定價紀律的能力。

Turning to our margin trends. Our adjusted gross margin for the quarter stood at 38%, flat on a year-over-year basis reflecting our premium positioning, geographic diversification and improving service mix. Our adjusted operating margin for the quarter was 14.8%. While this metric fell short of our expectations, this was mainly driven by our lower-than-expected revenues. Our adjusted net income for the first quarter of 2025 was $67.8 million, translating into an adjusted diluted EPS of $1.50 for the quarter, almost flat on a year-over-year basis.

轉向我們的利潤趨勢。本季度調整後的毛利率為 38%，與去年同期持平，這反映了我們的高端定位、地理多樣化和不斷改善的服務組合。本季調整後的營業利益率為 14.8%。雖然這項指標未達到我們的預期，但這主要是由於我們的收入低於預期。我們 2025 年第一季的調整後淨收入為 6,780 萬美元，相當於本季調整後的稀釋每股收益為 1.50 美元，與去年同期幾乎持平。

Turning to our balance sheet. As of the first quarter of 2025, our cash and cash equivalents and short-term investments stood at $120.2 million, and our net debt was $167 million, translating into a healthy low net debt ratio, reflecting our prudent balance sheet management and providing us with substantial financial flexibility and liquidity.

轉向我們的資產負債表。截至 2025 年第一季度，我們的現金和現金等價物以及短期投資為 1.202 億美元，淨債務為 1.67 億美元，這意味著健康的低淨債務比率，反映了我們審慎的資產負債表管理，並為我們提供了相當大的財務靈活性和流動性。

Regarding free cash flow, we consumed $5.7 million in the first quarter in line with prior years. Looking ahead, considering the impact of our customers of the macroeconomic uncertainties and tariffs and given our exposure to [B2B2C] customers, which affects our visibility.

關於自由現金流，我們在第一季消耗了 570 萬美元，與去年同期持平。展望未來，考慮到宏觀經濟不確定性和關稅對我們的客戶的影響，以及我們對 [B2B2C] 客戶的曝險，這會影響我們的知名度。

We have undertaken a thorough review of our forecast with the goal of derisking our estimates to the extent possible. Based on this, we're introducing our second quarter 2025 guidance of at least $612 million in revenues or 4.2% year-over-year growth. This expected growth includes a neutral FX impact.

我們對我們的預測進行了徹底的審查，目的是盡可能降低我們的估計風險。基於此，我們推出了 2025 年第二季的預期，即營收至少為 6.12 億美元，或年增 4.2%。這一預期增長包括中性外匯影響。

For the full year 2025, we are revising our revenue guidance of at least $2.464 billion, which represents 2% year-over-year growth, which translates into a similar figure in constant currency terms. In terms of profitability, we are targeting an adjusted operating margin of at least 15% both for the second quarter of 2025 and the full year 2025.

對於 2025 年全年，我們將收入預期修改為至少 24.64 億美元，這代表著同比增長 2%，按固定匯率計算，這將是一個類似的數字。在獲利能力方面，我們的目標是 2025 年第二季和 2025 年全年的調整後營業利潤率至少達到 15%。

The IFRS effective income tax rate is expected to be in the 20% to 22% range for both the second quarter and the full year 2025. For adjusted diluted EPS, we forecast at least $1.52 for Q2, assuming an average of 45.7 million diluted shares outstanding during the second quarter and at least $6.10 for the full year 2025, assuming an average of 45.8 million diluted shares outstanding during 2025.

預計 2025 年第二季和全年的 IFRS 有效所得稅率將在 20% 至 22% 之間。對於調整後的稀釋每股盈餘，我們預測第二季至少為 1.52 美元，假設第二季平均流通在外的稀釋股票為 4,570 萬股，而 2025 年全年至少為 6.10 美元，假設 2025 年平均流通在外的稀釋股票為 4,580 萬股。

We are taking clear and decisive steps to maximize our financial health and navigate the current environment effectively. Our short-term focus for the remainder of the year will be on driving growth through strategic investments in our AI industry studios and our 100 square accounts, while focusing at the same time protecting our margins and cash flow.

我們正在採取明確而果斷的措施，最大限度地提高我們的財務健康水平，並有效地應對當前的環境。我們今年剩餘時間的短期重點將是透過對我們的 AI 產業工作室和 100 個 Square 帳戶的策略性投資來推動成長，同時注重保護我們的利潤率和現金流。

With respect to margins, the main areas of focus are: Optimizing utilization, which stood at 78.2% in Q1 2025, compared to 79.3% in both previous quarter and Q1 2024. Disciplined pricing strategies, strategic geographic mix of our talent and revenues. Footprint optimization and infrastructure streamlining are ongoing, particularly through the integration of recently acquired companies.

在利潤率方面，主要關注的領域是：優化利用率，2025 年第一季的利用率為 78.2%，而上一季和 2024 年第一季均為 79.3%。嚴格的定價策略、人才和收入的策略性地理組合。足跡優化和基礎設施精簡正在進行中，特別是透過整合最近收購的公司。

SG&A investments will be sharply focused on bolstering our sales capabilities and go-to-market initiatives, while concurrently maintaining a lean overall structure. As of Q1 2025, adjusted SG&A as a percentage of sales stood at 18.3% and we target this metric to trend downwards by the end of the year as our top line expands.

銷售、一般及行政費用 (SG&A) 投資將主要集中在增強我們的銷售能力和市場進入計劃，同時保持精簡的整體結構。截至 2025 年第一季度，調整後的銷售、一般及行政費用佔銷售額的百分比為 18.3%，隨著我們營業收入的擴大，我們的目標是到今年年底這一指標呈下降趨勢。

With regards to our cash generation, we are actively working to improve this critical metric through several initiatives. These include extending supplier payment terms wherever possible, targeting a reduction in our DSO and implementing a significant reduction in our capital expenditures with a clear prioritization towards investments in artificial intelligence.

關於我們的現金創造，我們正在透過多項措施積極努力改善這項關鍵指標。這些措施包括盡可能延長供應商的付款期限、致力於減少我們的 DSO 以及大幅削減我們的資本支出，並明確優先考慮對人工智慧的投資。

A prudent M&A activity to ensure accretive transactions in a fluid market. However, as discussed by Martin, we will remain bold in our technology bets, and we'll continue to execute decisively on our long-term strategic goals. This balanced approach is of utmost importance to us. Thank you for your continued support. See you shortly at the Q&A session.

審慎的併購活動，以確保在流動的市場中實現增值交易。然而，正如馬丁所討論的那樣，我們將繼續大膽地押注技術，並將繼續果斷地執行我們的長期戰略目標。這種平衡的方法對我們來說至關重要。感謝您一直以來的支持。問答環節見。

Thank you, Juan, and hi, everyone. So as we go through the Q&A section of this call, I will first announce your name. (Operator Instructions)

謝謝你，胡安，大家好。因此，當我們進行本次電話會議的問答環節時，我將首先宣布您的名字。（操作員指示）

Tien Huang, JPMorgan.

摩根大通的 Tien Huang。

Hey, thank you, Arturo. Just want to -- I know that the environment has been challenging for a lot of the companies here. I'm just curious, how quickly do you think you can recover some of the demand or spend specifically in Latin America, just to start with that because it sounds like that's where a lot of the change emerged.

嘿，謝謝你，阿圖羅。我只是想——我知道這裡的許多公司都面臨嚴峻的環境挑戰。我只是好奇，您認為您能多快恢復一些需求或專門在拉丁美洲的支出，只是從那裡開始，因為聽起來那裡是很多變化出現的地方。

What have you been doing to reenergize growth there? Have you seen some of the work to get canceled? Are these just delays? I'm just trying to get a better understanding of how that might shape up here in the short term and the midterm, starting with Latam and any other areas that were a little troubled. Thank you.

您採取了哪些措施來重振那裡的成長？您是否看過一些工作被取消？這些只是延遲嗎？我只是想更了解短期和中期的情況，從拉丁美洲和其他一些有點麻煩的地區開始。謝謝。

Thank you, Tien-Tsin. How are you. Thank you very much for the question. Listen, I believe that -- I mean, there's piece of information inside what we said on my initial opening that was the size of the pipeline. And surprisingly, the size of the pipeline is 20% higher than in the same period last year and even higher than Q4. So that's a pretty good sign of how things are evolving.

謝謝你，Tien-Tsin。你好嗎。非常感謝您的提問。聽著，我相信——我的意思是，我們在最初的開場白中提到了一條訊息，那就是管道的規模。令人驚訝的是，管道規模比去年同期高出 20%，甚至高於第四季。所以這是事態發展的一個很好的跡象。

I think that many of the deals are just being delayed. Mexico suffering. Brazil is suffering. And there's a lot of uncertainty and decisions are just being pushed out. And that started a week later than our February earnings call.

我認為許多交易只是被推遲了。墨西哥正在遭受苦難。巴西正在遭受苦難。由於存在許多不確定性，因此決策不得不推遲。這比我們二月的收益電話會議晚了一周。

And evolving into this quarter that we are reporting now, and we want to be very sensible about that information and saying, listen, we are seeing an adjustment for the full year. I see a pretty good probability for Q2 and not seeing major struggles. Of course, unless something good new news appears in the market, which I don't think is the case. But I see that number quite solid right now and the full year too.

而發展到我們現在報告的這個季度，我們希望對這些資訊非常敏感，並且說，聽著，我們看到了全年的調整。我認為第二季度出現這種情況的可能性相當大，並且不會出現重大困難。當然，除非市場上出現一些好消息，但我認為情況並非如此。但我認為目前這個數字相當穩健，全年也是如此。

So recovery in Latin America, it's already happening. I mentioned some of the deals that are pushing us forward. Some of that is coming from Argentina, some of that recovery is coming from Chile and some other geographics. Mexico is also improving slowly. It's not being seen on the numbers of Q1, but we are seeing it a little bit better.

拉丁美洲的復甦已經開始。我提到了一些推動我們前進的交易。其中一些來自阿根廷，一些復甦來自智利和其他一些地區。墨西哥也在緩慢改善。從第一季的數據來看，我們並沒有看到這樣的情況，但我們看到的情況有所改善。

So with all that, I think we're going to have like a quarter like we described in Q2. But unfortunately, the whole year cost lower than what we expected at the very beginning of the year. So I don't know, Juan, if you want to add something to that.

因此，考慮到所有這些，我認為我們將會有像第二季度那樣的季度表現。但不幸的是，全年成本低於我們年初的預期。所以我不知道，胡安，你是否想補充一些內容。

So basically, when you look at the Q2 number, which is just slightly above what we ended in Q1. The idea is that we're trying to put out a guidance for the year, which, if you do the math, it's basically a very similar second half relative to the first half.

因此，基本上，當您查看第二季的數字時，它略高於第一季的數字。我們的想法是嘗試為今年制定一個指導方針，如果你計算一下，你會發現下半年基本上與上半年非常相似。

We are trying to be sensitive enough so that the -- I mean, the rest of the year looks at least where we are today. We don't see further deterioration. When you look at the second quarter number, we feel it's quite solid at this point.

我們正在努力保持足夠的敏感度，以便——我的意思是，今年剩餘時間的情況至少看起來和我們今天的情況一樣。我們認為情況不會進一步惡化。當你查看第二季的數據時，我們感覺它目前相當穩健。

So that seems to be kind of a lower -- a lower end basically or a bottom for the year. And the pipeline that Martin is describing, it somehow gives us some comfort of, hopefully, a better second half, which it's not embedded in the numbers that we are providing because we don't want to go through another situation where the uncertainty doesn't allow us to put out the numbers that we want.

所以這似乎是一種較低的——基本上是今年的最低點或底部。馬丁所描述的管道在某種程度上給了我們一些安慰，希望下半年會更好，但這並沒有體現在我們提供的數字中，因為我們不想再經歷一種不確定性不允許我們拿出我們想要的數字的情況。

So that's -- the business is there, the pipeline is there. We are trying to put numbers in a place where we feel comfortable and we are confident we're going to be able to meet at least the $612 million that we guided for the second quarter.

所以——業務就在那裡，渠道就在那裡。我們正在努力將數字放到一個讓我們感到滿意的水平，我們有信心能夠至少達到我們為第二季設定的 6.12 億美元的目標。

Yes. I would like to reiterate, Tien-Tsin, I mean the amount of opportunities, the quality of the opportunities I think it's outstanding and the things that are happening in the market with the technologies outstanding. Just the people are saying, okay, let's put this on holders that don't hold in many different industries, I would say that financial services was the least affected, but then all the rest of the lines were kind of in tough environments, right? But the long term -- again, the long term for the business, I think, is outstanding. The amount of opportunities are raising. Quite it of opportunities are raising too. So I'm very positive about the future as always.

是的。我想重申一下，Tien-Tsin，我的意思是機會的數量、機會的質量，我認為這些機會非常出色，而且市場上正在發生的事情以及技術都非常出色。人們只是說，好吧，讓我們把這個放在許多不同行業的持有人身上，我想說金融服務受到的影響最小，但其餘所有行業都處於艱難的環境中，對嗎？但從長遠來看——我認為，對於該業務而言，長期來看，前景非常出色。機會的數量正在增加。相當多的機會也在增加。因此，我一如既往地對未來充滿信心。

(technical difficulty) that if things could deteriorate and ability continue for whatever reason, do you have levers to pull to protecting margin and the profits, given what we've learned so far since late February to date, do you have levers to pull?

（技術難度）如果情況可能惡化並且無論出於何種原因，這種情況可能會持續下去，您是否有辦法保護保證金和利潤，根據我們自 2 月底至今所了解的情況，您是否有辦法保護保證金和利潤？

Yes. I guess -- the line is a little bit breaking -- but I think you asked about protecting margins and profitability if the business deteriorates. As I discussed in my remarks, we have already taken a number of measures to protect those margins, to protect operating margin as well and to meet the EPS guidance. We feel that those measures that are in place to be at least for where we see the business today, there enough. But definitely, if we see another change in the market, we will be able -- we will have to take further additional measures to protect profitability.

是的。我想——這條線有點斷斷續續——但我認為你問的是如果業務惡化，如何保護利潤率和盈利能力。正如我在演講中所討論的，我們已經採取了一系列措施來保護這些利潤率，保護營業利潤率並滿足每股收益指引。我們認為，至少對於我們目前的業務而言，已經採取的措施已經足夠了。但毫無疑問，如果我們看到市場發生另一個變化，我們將能夠——我們將必須採取進一步的額外措施來保護獲利能力。

I mean we definitely believe that growth is okay, but it's also important profitability and protecting margins. That's why we mentioned specifically a number of things that we are doing and also on the cash flow front, right? We are trying to take measures in every front until we see an acceleration on the top line.

我的意思是，我們確實相信成長是可以的，但獲利能力和保護利潤率也很重要。這就是為什麼我們特別提到我們正在做的一些事情以及現金流方面的事情，對嗎？我們正在嘗試在各方面採取措施，直到看到營收成長加速。

Yes, high priority initiatives, all of them.

是的，所有這些都是高優先級舉措。

Alright. Thank you all.

好吧。謝謝大家。

Thank you, Tien-Tsin.

謝謝你，Tien-Tsin。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. First of all, I was wondering if you could maybe frame for us sort of the backlog that you see, not the pipeline, but the backlog of signed contracts and maybe your coverage level of backlog relative to the revenue guidance. At this point in time, maybe comparing that versus what you were seeing in Q1 of last year, maybe just as a first start.

午安.感謝您回答我的問題。首先，我想知道您是否可以為我們描述一下您所看到的積壓情況，不是渠道積壓，而是已簽訂合約的積壓，以及相對於收入指導的積壓覆蓋水平。此時，也許可以將其與去年第一季看到的情況進行比較，也許只是作為第一步。

Yes. So Jim, thank you for the question. For the second quarter, I think that the level of comfort visibility is high enough. We try to make sure that the number that was provided is at least the number that we are targeting and we're trying to meet. For sure, there is more uncertainty for the second half of the year.

是的。吉姆，謝謝你的提問。對於第二季度，我認為舒適度可見度已經夠高了。我們盡力確保所提供的數字至少是我們設定的目標數字，並且是我們希望達到的數字。可以肯定的是，下半年將存在更多不確定性。

That's why when you look at our second half implied guidance, it's basically somehow following with the current numbers with just a small improvement in Q3. So I think that the way we built the current forecast includes our half embedded the current visibility, which, of course, is a little bit lower than prior years. That's why we did have to adjust our full year guidance.

這就是為什麼當你查看我們下半年的隱含指引時，它基本上與當前數據一致，只是第三季略有改善。因此，我認為我們建立當前預測的方式包括嵌入當前可見性的一半，當然，這比前幾年要低一點。這就是我們必須調整全年指導的原因。

Thank you. And then maybe as a follow-up. Could you talk about maybe parts of the US business outside of the LatAm, which is clearly being impacted by tariffs. What parts of the business there slowed? Was it confined to one or two geographies, whether it be airlines or something else? Maybe just talk about the profile of the US business, please?

謝謝。然後也許作為後續行動。您能否談談拉美地區以外的美國業務部分？這些業務顯然受到了關稅的影響。那裡的哪些業務放緩了？它是否僅限於一兩個地區，無論是航空公司還是其他什麼？能否簡單談談美國業務的概況？

Yes. Look, it was pretty much all over the place. Entertainment was performing a little bit lower, high tech. It was like the lowest health care also take and took some deep, although we're seeing it recovering much better now. Travel and hospitality has gone down. It's interesting because between professional services -- and financial services were kind of the most even performances. But then all the rest that is related to consumer got and took a big hit. So it's pretty obvious -- it's pretty obvious to us that it's something much larger than just one specific sector hitting the thing.

是的。瞧，它幾乎遍佈了整個地方。娛樂業的表現稍差一些，科技含量較高。這就像最低級別的醫療保健也需要花費一些時間，而且需要花費一些時間，儘管我們現在看到它恢復得更好了。旅遊和招待業已經下滑。有趣的是，專業服務和金融服務的表現最為平衡。但隨後，與消費者相關的其他一切都受到了沉重打擊。所以這很明顯——對我們來說很明顯，這比一個特定的扇區撞擊物體要大得多。

Jim, the fact that -- Jim, the fact that we are a company that, of course, we have a wide array of services, but a big part of what we do is still on the growth side, right, on the -- we have a lot of B2B2C customers with consumers that somehow have been impacted by tariffs by the uncertainty of what's going to be like in the US going forward.

吉姆，事實上，吉姆，我們是一家提供廣泛服務的公司，但我們所做的很大一部分仍然在增長方面，對吧，我們有很多 B2B2C 客戶，這些客戶的消費者在某種程度上受到了關稅的影響，因為不確定美國未來的情況。

And those are the industries that initially, at least on many of our customers put some kind of a break on certain projects. That happens in as Martin was saying, you tread the automotive some of the technology customers that we have, some of the retailers. So mostly, you see that concentrated on consumer-facing customers.

最初，這些行業，至少對我們的許多客戶來說，對某些項目採取了某種暫停措施。正如馬丁所說，這種情況發生在汽車領域，我們擁有一些技術客戶和一些零售商。因此，大多數情況下，你會看到它集中在面向消費者的客戶身上。

Thank you.

謝謝。

Thank you, Jim.

謝謝你，吉姆。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hey, guys. Thanks for taking the questions. I wanted to ask about your top 10 clients. Can you dig in a little bit further on what you saw specifically in some of those accounts? And how you are thinking about those accounts now in 2Q in the second half? So obviously, Disney and then potentially seeing Middle Eastern clients and any other ones you think are important to call out?

嘿，大家好。感謝您回答這些問題。我想詢問一下您的十大客戶。您能否進一步深入了解您在這些帳戶中看到的具體內容？您現在如何看待下半年第二季的這些帳戶？那麼顯然，迪士尼可能會見到中東客戶以及其他您認為重要的客戶嗎？

Yes. Yes. In general, I mean, if you look at the performance on a sequential basis, pretty much most groups performed in a similar fashion. However, already into getting into Q2, we see stabilization. That's why the expected number is slightly ahead of the Q1 number.

是的。是的。總的來說，我的意思是，如果你按順序查看表現，幾乎大多數團體的表現都相似。然而，進入第二季度，我們看到了穩定性。這就是預期數字略高於第一季數字的原因。

We are not seeing -- I mean, probably the ones that have more consumer focusing exposure suffered a little bit more -- but in general, already into Q2, we see more stabilization. Clearly, new markets will continue to outperform with very high year-over-year growth, and we are going to see sequential growth there as well. At this point, we're also seeing positive numbers in Europe, positive numbers in the US. Maybe the one reason that will stay behind will continue to be Latin America, at least during the second quarter.

我們沒有看到——我的意思是，那些更專注於消費者的公司可能遭受了更大的損失——但總的來說，進入第二季度，我們看到了更多的穩定性。顯然，新興市場將繼續表現出色，實現非常高的同比成長，我們也將看到新興市場的持續成長。目前，我們也看到歐洲和美國的數據都呈現正成長。也許，至少在第二季度，落後的一個原因仍將是拉丁美洲。

Okay. Okay. And how are you managing kind of the employee base here and the resourcing plans as you go forward? Can you talk about your intentions here as you move through the balance of the year?

好的。好的。您如何管理這裡的員工基礎和未來的資源計畫？您能談談今年剩下的打算嗎？

Yes. I think the strategy is the same. I mean we have been globalizing our delivery footprint in the last 10 years. When we did the IPO, Argentina was 70% of our employees. Today, we have a very balanced portfolio of countries from where we serve, be in Argentina, Colombia and Argentina, the three main locations.

是的。我認為策略是一樣的。我的意思是，在過去的十年裡，我們一直在實現我們的配送足跡全球化。當我們進行IPO時，阿根廷占我們員工總數的70％。如今，我們服務的國家非常均衡，主要有三個地區：阿根廷、哥倫比亞和阿根廷。

That will continue to be the case. We are not -- I mean, we will continue to be a diversified delivery footprint as well today. That's going to continue. Of course, we will prioritize where demand is growing as we have always done. But in general, the world strategy doesn't change, having a global delivery footprint to serve more Globant customers.

這種情況將會持續下去。我們不是——我的意思是，我們今天也將繼續保持多元化的交付足跡。這種情況將會持續下去。當然，我們會像往常一樣優先考慮需求成長的領域。但總體而言，全球策略並沒有改變，擁有全球交付足跡以服務更多 Globant 客戶。

As you can see today, US is about 55% of revenues. Europe is getting very close to becoming the second largest revenue generation area. And we have seen a very nice uptick in the share of new markets. So we are building a global delivery footprint for a global revenue company.

正如您今天所看到的，美國約佔總收入的 55%。歐洲即將成為第二大創收地區。我們看到新市場的份額出現了非常顯著的成長。因此，我們正在為全球收入公司建立全球交付足跡。

Alright. Thank you.

好吧。謝謝。

Thank you, Bryan.

謝謝你，布萊恩。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Hi. Thanks for taking my question. I was wondering if you could comment on the competitive position of the company apropo of application development versus infrastructure. Is it difficult to compete purely as a great application development provider yet having less mind share in infrastructure in this environment?

你好。感謝您回答我的問題。我想知道您是否可以評論該公司在應用程式開發與基礎設施方面的競爭地位。在這種環境下，作為一家優秀的應用程式開發供應商，在基礎設施方面佔有較少的市場份額，是否很難參與競爭？

So it's interesting to -- I mean, first, I think it's interesting to go through our revenue per head, right? When you see the revenue per head is still growing. It's a measure of that we are adding more value to our customers and seeking deals that are a lot of value added for our customers.

所以這很有趣——我的意思是，首先，我認為了解我們的人均收入很有趣，對吧？當你看到人均收入仍在成長時。這表明我們正在為客戶增加更多價值，並尋求為客戶增加大量價值的交易。

On the enterprise side and the cloud migration studio -- sorry, the cloud ops studio that we have is performing very well. And we have very deep expertise there as pretty much everything we do is into cloud, into infrastructure side.

在企業方面和雲端遷移工作室 - 抱歉，我們擁有的雲端操作工作室表現非常好。我們在這方面擁有非常深厚的專業知識，因為我們所做的幾乎所有事情都與雲端運算和基礎設施有關。

I think that with all the AI projects that are happening, that area, that specific area is gaining a lot of momentum. And I believe that, in essence, every day becomes more and more -- the AI landscape becomes more and more complex. Every day, it's more and more difficult to create something only thinking on cloud or only thinking on AI, you need everything together. And this is where we're going.

我認為，隨著所有人工智慧專案的開展，該領域，該特定領域正在獲得巨大的發展動力。我相信，從本質上來說，人工智慧領域每天都會變得越來越複雜。每天，只考慮雲端或只考慮人工智慧來創造一些東西變得越來越困難，你需要把所有東西整合在一起。這就是我們要去的地方。

I mean Globant became with time, a much more balanced company in terms of our studios. We are playing on the digital side -- we're also playing on the enterprise side with a good portion of our business, and we're also playing on now on the creative side.

我的意思是，隨著時間的推移，Globant 在工作室方面變得更加平衡。我們在數位化方面開展業務——我們也在企業方面開展業務，我們的很大一部分業務，我們現在也在創意方面開展業務。

So the three components are very important components of pretty much any solution that you build today. So I think that if you only focus on one of them, it will be difficult. But as we are very balanced between the three of them, I think that we are in a pretty good position to create much better solutions for our customers through our AI studios, through our now our subscription model, the way to change how companies come by these kind of services in some way, we're simplifying the access to technology to companies.

因此，這三個元件幾乎是您今天建立的任何解決方案的重要組成部分。所以我認為如果只關注其中一個，就會很困難。但由於我們在三者之間保持了良好的平衡，我認為我們完全有能力透過我們的人工智慧工作室、透過我們現在的訂閱模式為我們的客戶創造更好的解決方案，以某種方式改變公司獲得此類服務的方式，我們正在簡化公司獲取技術的途徑。

And this is extremely important option that we are providing now to our customers that is being very well accepted and very good -- an important conversation starter for many of our customers. And again, the most important asset we have built are all those customers with whom we have a very good relationship that they value us for how we can innovate for how we can implement many of the latest technologies to them. So I believe that every day more, and that's a testament of how we have been doing things, it's about having a balanced approach to technology because it's not just about having one of those things.

這是我們現在為客戶提供的一個極其重要的選擇，它被廣泛接受並且非常好——對我們的許多客戶來說是一個重要的談話開場白。再說一次，我們建立的最重要的資產是所有與我們保持良好關係的客戶，他們重視我們如何創新，如何為他們實施許多最新技術。所以我相信，每一天，這都證明了我們一直以來做事的方式，那就是對科技採取一種平衡的態度，因為這不僅僅是擁有其中一件東西那麼簡單。

That's a great -- those are great points. In terms of the increase in the revenue per head, that's very interesting. Do you see that more as the revenue realization related to automation or there's a reduced linearity. What -- any context you could give us about the revenue per head would be helpful.

這真是太棒了——這些觀點太棒了。就人均收入的成長而言，這非常有趣。您是否認為這與自動化有關，或者線性度降低了。您能提供我們有關人均收入的任何背景資訊嗎？這將會很有幫助。

Yes. Jamie, there is a little bit of everything, a little bit of higher value-added services, a little bit of an improvement in how we deliver some of our services. There is also a higher share of Europe and new markets would come at a higher revenue per head than Latin America. So you have factors. And also, there is a lot of careful in terms of managing our pricing. I mean there is today a lot of deals that are not good enough in our view. And we also try to protect our margins through having a good grip on pricing.

是的。傑米，一切都有一點變化，有一點高附加價值的服務，有一點我們在提供某些服務的方式上的改進。歐洲的份額也更高，新市場的人均收入也高於拉丁美洲。所以你有因素。而且，我們在定價管理方面也非常謹慎。我的意思是，我們認為當今有很多交易不夠好。我們也試圖透過嚴格控制定價來保護我們的利潤。

I mean there is a lot of this out there that we could get at very low pricing, low margins or even negative margins. We are trying to put everything in balance. And that's why you are seeing our revenue per head going sequentially and year-over-year.

我的意思是，我們可以以非常低的價格、很低的利潤甚至是負的利潤來獲得很多這樣的產品。我們正在努力使一切保持平衡。這就是為什麼您會看到我們的人均收入逐年增加。

Yes. And some of our competitors are like easing those deals in which you need to pay -- to get them and then get some kind of deal in exchange of that, but we are totally aware of that saying, listen, we don't want to enter into a deal in which we need to offer any kind of advantage and or maybe, let's say, in those things in which we don't like the profit that we are making. I mean if we're not making a good profit, we'll walk away. And we have been extremely selective on those deals. And buying revenue today is like a pretty common standard in many occasions, and we don't like those deals.

是的。我們的一些競爭對手喜歡放寬那些需要付費的交易——為了得到它們，然後以此換取某種交易，但我們完全意識到這一點，聽著，我們不想達成需要提供任何優勢的交易，或者，比如說，在那些我們不喜歡我們所賺取的利潤的事情上。我的意思是，如果我們沒有獲得很好的利潤，我們就會放棄。我們對這些交易非常挑剔。如今，購買收入在許多場合都是相當普遍的標準，我們不喜歡這些交易。

Perfect. Thank you so much.

完美的。太感謝了。

Thank you very much.

非常感謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi. Thank you. I'm curious if your margins are different on the Latin American revenue compared to the rest of the business. And how maybe softness in Latin America is flowing through the margins and impacting the financials right now.

你好。謝謝。我很好奇，你們在拉丁美洲的營收利潤率與其他業務的利潤率是否不同。拉丁美洲的疲軟可能正在蔓延至邊緣地區並影響當前的財務狀況。

Not necessarily. I mean, margins are -- I would say, they're not very different in the different regions. You don't see a lot of dispel there. I think what is relevant is that we need to remain sensitive in terms of how we price it is in terms of looking the right margins for the deals. Protecting -- I think at the end of the day, it's very easy sometimes to get deals at lower prices.

未必。我的意思是，利潤率——我想說，不同地區的利潤率並沒有太大差異。你看不到那裡有很多的驅散。我認為重要的是，我們需要對如何定價保持敏感，以尋找交易的正確利潤率。保護——我認為，歸根結底，有時以較低的價格達成交易是非常容易的。

With this many times. Taking prices down is very easy. Taking them up again, is very hard. So it's always a balance. Of course, we don't like to lose these and we try to win as many deals as we can. But that has to have a limit at some point. I don't know, Martin --

如此多次。降低價格非常容易。再次拿起它們，非常困難。所以它總是一種平衡。當然，我們不想失去這些，我們會盡力贏得盡可能多的交易。但這在某種程度上必須有一個限度。我不知道，馬丁--

Also, I think Maggie, I think that a good -- a customer with good margin is also a signal of the health of that relationship, right? And we always prefer to pursue healthy relationships and to put that in front of everything. And -- so for us, a deal in Latin America or a deal in the US, it should be healthy anyway. So we have a pretty centralized way of understanding margins and understanding how we want to close the deals. And that's something that we try to across -- to spread across all the places. So I don't know if that answered your question.

此外，我認為瑪吉，我認為一個好的——一個利潤豐厚的客戶也是這種關係健康的信號，對嗎？我們總是傾向於追求健康的關係，並將其放在一切之上。所以對我們來說，無論是在拉丁美洲還是在美國達成的交易都應該是健康的。因此，我們有一個非常集中的方式來了解利潤率以及了解我們希望如何完成交易。這正是我們試圖傳播的——傳播到所有地方的。所以我不知道這是否回答了你的問題。

Yes, that's helpful. Thank you. And then on the new commercial models, how much traction are you getting there? Is there anything that you can quantify maybe as a percentage or part of your AI revenue? And then is your goal to have this bacterial percentage of revenue over time?

是的，這很有幫助。謝謝。那麼，在新的商業模式方面，您取得了多大的進展？有什麼東西可以量化，比如說百分比或 AI 收入的一部分嗎？那麼，您的目標是隨著時間的推移，實現細菌收入的這個百分比嗎？

So AI revenue is growing a lot. I mean it's something that is surprising us the way and the amount of deals. And it's interesting to see that, that growth is connected to the complexity of the market. So as it becomes more and more complex and companies want to implement that. And again, I said this many times, AI projects are very good for media -- for social media and are very easy if you want to do a demo or do it in social media. But then when you want to take it to enterprise levels, it's a totally different game.

因此，人工智慧收入正在大幅成長。我的意思是，交易的方式和數量令我們感到驚訝。有趣的是，這種成長與市場的複雜性息息相關。因此，隨著它變得越來越複雜，公司也想要實現它。我再說了很多次，人工智慧專案對媒體、對社群媒體非常有用，如果你想做一個演示或在社群媒體上做的話，這非常容易。但是當你想把它提升到企業級時，情況就完全不同了。

So there's a lot of activity around that. Pretty much AI is involved in every single project. I mean, it's not a single project that we are pitching today that has -- that doesn't have a component, even in those very old customers all are getting some kind of flavor and components around that.

因此，圍繞這一問題有很多活動。幾乎每個項目都涉及人工智慧。我的意思是，我們今天推銷的每一個項目都包含一個組件，即使是那些非常老的客戶，他們也都從中獲得了一些風味和組件。

Now our latest model, our latest subscription model, but in doses provides customers with a way of changing that engagement that we have had for the last 22 years into evolved new model. And I will let Diego to explain a little bit more about that. But I think that -- having this new conversation is triggering a lot of interest, a lot of early interest from our customers. We already closed many deals around that. We are not disclosing any numbers.

現在，我們的最新模式，即我們最新的訂閱模式，在劑量上為客戶提供了一種將我們過去 22 年來的參與轉變為新模式的方法。我會讓 Diego 對此做進一步解釋。但我認為——這種新的對話引起了很多興趣，很多來自我們客戶的早期興趣。我們已經圍繞此達成了許多交易。我們不會透露任何數字。

It's not substantial yet. But my plan moving forward is that at some point, we'll start discussing it as it gains momentum. And I hope that this is something that will be leading again, right? It's like when -- like you subscribe to any subscription that you may imagine now you can subscribe to the hearing that you need, the creativity that you need, the process automation that you need and pay for consumption instead of just paying per the hour paying with a monthly fee.

目前還不是實質的。但我未來的計劃是，隨著事情的進展，我們會在某個時候開始討論它。我希望這能再次成為主導，對嗎？就像——就像您現在訂閱任何您可以想像到的訂閱一樣，您可以訂閱您需要的聽力、您需要的創造力、您需要的流程自動化，並按消費付費，而不是僅按小時付費或按月付費。

So this is a pretty revolutionary approach. We haven't seen any of our competitors doing it. And we're extremely proud that we crack that nut, as I said in my remarks, when you -- AI efficiencies has been a little bit elusive to become tangible. And with this model, what we are doing is we're providing our customers an effective way to make those savings real.

所以這是一個相當革命性的方法。我們還沒有看到任何競爭對手這樣做。正如我在演講中所說，我們非常自豪能夠解決這個難題，人工智慧的效率還有些難以實現。透過這種模式，我們為客戶提供了一種切實有效的方法來實現這些節省。

So whenever you had a team of five engineers, the call it that way, now you may have a subscription that is much cheaper than those five engineers, but on the back, there's a set of the set of agents producer supervised by human that allow that the quality and the output doesn't have a designation and it's the same global quality as always.

因此，每當您有一個由五名工程師組成的團隊時，就可以這樣稱呼它，現在您可能會獲得比這五名工程師便宜得多的訂閱，但在背後，有一組由人類監督的代理生產者，允許質量和輸出沒有指定，並且它與往常一樣具有相同的全球質量。

So that produces a much better alignment of interest between our customers and us. And that produce something that we are looking for, which is more and more conversations around the model and that new way of doing things. I don't know, Diego, if you want to add.

這使得我們和客戶之間的利益更加一致。這產生了我們所尋求的東西，即圍繞模型和新做事方式的越來越多對話。我不知道，迭戈，如果你想補充的話。

No, I think, Maggie, to put it super simple, this is has been a discussion. We've been about the future of the company and how we provide value for a long, long time. I think time and people have been a good proxy of the value being delivered to our client, and that is not only the case. So our immediate approach was, let's engage in a different way. One would think like immediately that the best way and approach has to do with Turkey solution, a fixed price.

不，我認為，瑪吉，說得非常簡單，這已經是一場討論。我們長期以來一直關注公司的未來以及如何提供價值。我認為時間和人員是向客戶提供價值的良好代表，事實並非如此。因此，我們立即採取的措施是，以不同的方式參與。人們會立即想到，最好的方式和方法與土耳其解決方案有關，即固定價格。

And truth to be told is that we don't like those type of contracts. But let me tell you why. Those have an end, don't speak about a relationship. Those have a set mandate. And the relationship you have with your client change, which is evolving product discovery, et cetera, case you don't want. And that's not the type of relationship with it.

說實話，我們不喜歡那種類型的合約。但讓我告訴你原因。那些都有結束的時候，不要談論關係。這些都有既定的職責。而且，如果您不想要的話，您與客戶的關係也會發生變化，產品發現也會隨之改變等等。而這並不是它所代表的關係類型。

So we're exploring a new way of doing things. And I think on a subscription model pretty much represent that. Let us represent the value we are delivering in a different way. Let's make sure that, let's make sure we continue to provide value and efficiencies and quality, the way Globant has been doing, but taking advantage of the latest technology and all they can do. Let's take that to the limit. And that's what we have put together.

因此，我們正在探索一種新的做事方式。我認為訂閱模式就很好地體現了這一點。讓我們以不同的方式展現我們所傳遞的價值。讓我們確保，讓我們確保我們繼續提供價值、效率和質量，就像 Globant 一直以來所做的那樣，但要利用最新技術和他們所能做的一切。讓我們將其發揮到極致。這就是我們所得到的。

Very interesting. Thank you, all.

非常有趣。謝謝大家。

Thank you, Maggie.

謝謝你，瑪吉。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Great. Thanks for taking my question. How should we be thinking about the revised outlook as it relates to composition between ongoing ramps versus hunting versus farming? And how does that compare to composition from prior years?

偉大的。感謝您回答我的問題。我們應該如何看待修改後的展望，因為它與持續的坡道、狩獵和農業之間的組合有關？與前幾年的作品相比如何？

So when you look at the full year number today, Jonathan, if you look at Q1, you look at the Q2 guidance, you're going to see that it's basically pretty much maintaining the same level of revenues for the rest of the year. So -- and the way we are building that is with the majority of that already contracted and we try to imports to reduce as much as possible any potential upside coming from coming or even from taking more risk on the farming side.

因此，喬納森，當您查看今天的全年數據時，如果您查看第一季度的數據，請查看第二季度的指引，您會發現它基本上保持了今年剩餘時間的相同收入水平。所以 — — 我們建立這一體系的方式是，大部分進口都已經簽訂了合同，我們試圖通過進口盡可能地減少任何來自進口甚至在農業方面承擔更多風險的潛在好處。

So if we try to put out a number that we feel it is derisked to the extent possible. Of course, always, things can change. but we put a lot of effort into trying to put a number that has a higher degree of certainly than the ones or maybe a lower risk than the one we would have taken in another moment.

因此，如果我們嘗試給出一個我們認為盡可能降低風險的數字。當然，事情總是會改變的。但我們付出了很多努力，試圖確定一個比我們在另一個時刻採取的數字具有更高的確定性，或者可能具有比我們在另一個時刻採取的數字更低的風險。

Given the uncertainty that we are seeing given that we were expecting a better Q1 than we ended up being. We're expecting a recovery already into Q2 that is not showing, it's pretty much stable. And we try to say, okay, if this is not happening as we expected back in February. Let's assume that this uncertainty that we're seeing continues throughout the rest of the year, and let's try to put a number that removes most of that uncertainty, as I said, to the extent possible.

鑑於我們所看到的不確定性，我們原本預期第一季的業績會比最終的業績更好。我們預期第二季經濟將出現復甦，但目前還沒有復甦跡象，經濟狀況相當穩定。我們試著說，好吧，如果事情沒有像我們二月預期的那樣發生。讓我們假設我們看到的這種不確定性將持續到今年剩餘時間，讓我們嘗試給出一個數字，盡可能消除大部分不確定性，正如我所說的。

Thanks for that color one. And just as a follow-up, can you update us on what you're seeing at your top me understand there was a pull forward late last year, but is there still an expectation for that account to be up, call it, mid- to high single digits this year?

謝謝你那張彩色的。作為後續問題，您能否向我們介紹一下您在頂部看到的情況？據我了解，去年年底出現了一次拉動，但是否仍然預計今年該帳戶將增長，或者說，達到中高個位數？

At this point, we are seeing that account finishing around the mid-single-digit number, given that it started a little bit below where we were planning before, and looking already into the second quarter. So we feel that it should be more in line with a mid-single-digit type of year-over-year growth at this point. We are already in the process of having some conversations about some new things that they have recently mentioned on the press, but that is something that's going to take some more time to materialize.

目前，我們看到該帳戶的最終數字在個位數的中間位置，因為一開始該帳戶的金額略低於我們先前的計劃，並且已經進入第二季。因此，我們認為目前它應該更符合中等個位數的年成長率。我們已經在就他們最近在新聞發布會上提到的一些新事物進行討論，但這還需要一些時間才能實現。

Understood. Thank you.

明白了。謝謝。

Thank you, Jonathan.

謝謝你，喬納森。

Sean Kennedy, Mizuho.

肖恩‧甘迺迪 (Sean Kennedy)，瑞穗。

Hi. Thanks for taking my question. So I was wondering about the demand environment for professional services. It seems like it recovered a bit this quarter sequentially. And has your outlook changed significantly over the last few months with those pressuring the sector broadly?

你好。感謝您回答我的問題。所以我想知道專業服務的需求環境。本季似乎比上一季有所回升。過去幾個月來，隨著整個行業面臨巨大壓力，您的觀點是否發生了重大變化？

Yes. So part of the recovery comes from -- during Q4, typically, there are full loss in that sector. Those are not in Q1. They typically happen in December. Part of the recovery is there, and we see a stable number for that industry.

是的。因此，部分復甦來自於——在第四季度，通常該行業會出現全面虧損。這些都不在第一季。它們通常發生在十二月。部分復甦已經出現，我們看到該行業的數字保持穩定。

We're not seeing big changes neither positive nor negative. So it's going to be stable. We're going to see better numbers in other industries like BFSI, we are going to see better numbers in travel and hospitality. We're going to see better numbers in health care, for example.

我們沒有看到任何重大變化，無論是正面的還是負面的。所以它會很穩定。我們將會看到 BFSI 等其他產業出現更好的數據，我們也會看到旅遊和旅館業出現更好的數據。例如，我們將看到醫療保健領域的數據有所改善。

Great. Thanks. And then for Latin America specifically, are there -- I thought -- I thought Globant was overweight financial services. Are there -- is it kind of just a broad pullback in the demand environment? Or is it really focused on a few key kind of sectors down there?

偉大的。謝謝。然後具體到拉丁美洲，我認為 Globant 重視金融服務。這是否只是需求環境的普遍回調？或者它實際上只關注那裡的幾個關鍵領域？

It's mostly focused on countries and sectors. Argentina is doing extremely well, showing very, very solid growth, but that is being offset by some of our customers in Brazil and Mexico. In Mexico, mainly BFSI. But when you look at BFSI, we are having good traction in the US, we're having good traction in Europe. So it's not a sector that as a whole will look bad, it can actually look good even with the issues in some of our customers in Latin America.

它主要關注國家和行業。阿根廷表現非常好，顯示出非常非常穩健的成長，但這被巴西和墨西哥的一些客戶所抵消。在墨西哥，主要是 BFSI。但當你看看 BFSI 時，你會發現我們在美國和歐洲都取得了良好的發展勢頭。因此，作為一個整體，這個行業並不會表現糟糕，即使我們的一些拉丁美洲客戶有問題，它的前景實際上還是不錯的。

Great. Thank you. Appreciate the color.

偉大的。謝謝。欣賞色彩。

Thank you.

謝謝。

Thank you.

謝謝。

Divya Goyal, Scotiabank.

豐業銀行的 Divya Goyal。

Good afternoon, everyone. I just would get some color. On the capital positioning of the company with the current macro dynamics. So if you could provide how have some of the capital priorities changed? And what are some of the imminent measures you are taking or have taken in order to ensure you meet the profitability guidelines that you've put forth?

大家下午好。我只是想得到一些顏色。關於公司資本定位與當前宏觀動態的關係。那麼，您能否提供一些資本優先事項是如何變化的呢？為了確保達到您提出的獲利指導方針，您正在採取或已經採取了哪些緊急措施？

Thank you, Divya, for the question. I think the first question was about capital, right, and protection of cash flow generation, am I right? The second part was all margin, but just want to make sure.

謝謝 Divya 提出的問題。我認為第一個問題是關於資本，對，以及現金流產生的保護，對嗎？第二部分全是邊距，但只是想確保一下。

Yes. So I wanted to understand the capital positioning of the company, sorry.

是的。所以我想了解公司的資本定位，抱歉。

Yes, the capital position, okay? So we closed the quarter with about $155 million in net debt. We have about -- we have a facility which is up to $725 million. You have to keep in mind that low unusually consumed cash in the first half of the year and generates a lot of cost in the second half of the year. Having said that, the plan, as I mentioned in my initial remarks, is to protect and actually generate more cash.

是的，首都位置，好嗎？因此，本季結束時我們的淨債務約為 1.55 億美元。我們擁有大約——我們擁有價值高達 7.25 億美元的設施。你必須記住，上半年異常低的現金消耗會在下半年產生大量成本。話雖如此，正如我在最初的評論中提到的那樣，該計劃是為了保護並實際產生更多的現金。

We have taken measures to make our CapEx investments lower for the year and prioritize those areas that are related to AI investments at the expense of some of maybe certain offices and certain things that we were able to postpone for the future. So we will be protecting cash flow generation.

我們已採取措施降低今年的資本支出，並優先考慮與人工智慧投資相關的領域，但可能會犧牲某些辦公室和某些我們可以推遲到未來的事項。因此我們將保護現金流的產生。

As I mentioned, cutting or reducing a little bit our -- prioritizing our CapEx investments, extending the payment terms whenever possible to some of our vendors. At the same time, we are working very hard to reduce the DSO.

正如我所提到的，我們稍微削減或減少——優先考慮我們的資本支出投資，盡可能延長對某些供應商的付款期限。同時，我們正在努力降低 DSO。

And also on the M&A side, right? On the M&A side, we're -- will be much more focused on reading value and generating deals that are accretive for the company. Everything changed when the multiple changes. So we need to -- we have a new reality there, and we'll be much more cautious on that specific -- much more limited. We have always been cautious. So much more limited in terms of how we do M&A.

還有併購方面，對嗎？在併購方面，我們將更加重視解讀價值並產生對公司有利的交易。當倍數改變時，一切都改變了。所以我們需要──我們有了新的現實，我們會對這個具體問題更加謹慎──更加有限。我們一直很謹慎。我們在進行併購方面受到的限制非常多。

And then on the margins, the second part of your question, I also mentioned some actions that we're taking to work on utilization levels, which are below our target. We are working on efficiencies in terms of infrastructure offices. We are working on acting our margin through being cautious in terms of pricing and so on and so forth.

然後，關於利潤，也就是你問題的第二部分，我還提到了我們正在採取的一些措施來提高利用率水平，目前利用率水平低於我們的目標。我們正在努力提高基礎設施辦公室的效率。我們正在努力透過在定價等方面採取謹慎的態度來提高我們的利潤率。

That's helpful. Just to complete the discussion here, are you undertaking or anticipate undertaking any specific restructuring efforts in any of the global geographies you operate?

這很有幫助。為了完成這裡的討論，您是否正在或計劃在您經營的全球地區進行任何具體的重組工作？

No.

不。

No, Divya, not in the plan. We see a lot of -- as Martin described, the pipeline is there, the need for technology is there. I think, uncertainty we have to at some point and companies will continue investing growth as they have been doing in the last 20 years.

不，Divya，這不在計劃中。我們看到很多——正如馬丁所描述的，管道就在那裡，對技術的需求就在那裡。我認為，在某個時候我們必須面對不確定性，而企業將繼續投資成長，就像過去 20 年所做的那樣。

And companies cannot avoid to go through this transformation processes. I mean, pretty much -- nobody can look away from the efficiencies that can be made using AI in every single sector of the company, the efficiency that can be done on how we interact with consumers, customers, how emotional value will come when you connect with them. And all things AI helps a lot. So pretty much no customer on any sector can look away from that. So that is materializing into pipeline growth.

企業無法避免經歷這個轉型過程。我的意思是，幾乎沒有人能忽略人工智慧在公司各部門所能帶來的效率提升，以及我們與消費者、顧客互動方式的效率提升，以及與他們建立連結時情感價值的提升。人工智慧對所有事物都有很大幫助。因此，幾乎所有行業的客戶都無法忽視這一點。因此，這將實現管道成長。

And of course, I think decisions will be a little bit more fluid moving forward. But we hope that that's the new reality. But at the very beginning of the year, were a little bit tough, even more after we reported earnings with all the tariff things and things that happened that was absolutely unexpected by any case.

當然，我認為未來的決策將會更有彈性。但我們希望這就是新的現實。但在今年年初，情況有點艱難，在我們報告了收益之後，由於發生了各種關稅問題以及絕對出乎意料的事情，情況變得更加艱難。

That is very helpful. Thank you.

這非常有幫助。謝謝。

Thank you, Divya.

謝謝你，Divya。

Arvind Ramnani, Piper Sandler.

阿爾溫德·拉姆納尼、派珀·桑德勒。

Hi. Thanks for taking my question. Appreciate it. Just a couple of questions. When you think about kind of the updated guidance, I'm really trying to understand kind of what's going to drive some upside or downside, so in a sense like you have then. If you're looking at this like eight months from now and you come in sort of below sort of your updated guidance, what would have need to happen?

你好。感謝您回答我的問題。非常感謝。僅有幾個問題。當你考慮更新後的指導時，我真的想了解什麼將會帶來一些好處或壞處，所以從某種意義上來說，就像你當時所擁有的那樣。如果您從現在起八個月內觀察這種情況，並且發現其低於最新指導值，那麼需要發生什麼？

And if you were to come back kind of closer to kind of the prior guidance, you basically kind of gave three months ago, what will drive that? And what I'm really trying to figure out is that things are moving fairly quickly, both on the tariff side and the macro side. So I don't necessarily want to be overly optimistic or pessimistic, but I'm just trying to figure out the factor that can get us to a different range than what you've guided to.

如果您要回到更接近三個月前給出的先前指導的水平，那麼是什麼推動了這項指導？我真正想弄清楚的是，無論是關稅方面還是宏觀方面，事情都在迅速發展。所以我不一定想過於樂觀或悲觀，但我只是想找出可以讓我們達到與你所指導的範圍不同的範圍的因素。

The way the numbers are built. If you think about our prior guidance, it was -- we were expecting to lose $623 million at the midpoint. And then Q2, Q3 and Q4 had embedded sequential growth is there, right? What ended up happening was that right after we recorded, we saw a deteriorate -- it's frozen. I don't know people are hear -- are you hearing, okay?

數字的建構方式。如果你考慮一下我們之前的指導，我們預計中期將損失 6.23 億美元。那麼 Q2、Q3 和 Q4 是否都出現了連續成長，對嗎？最終發生的情況是，我們剛錄製完，就看到情況惡化——它凍結了。我不知道人們是否聽到了——你聽到了嗎，好嗎？

Yes, I can hear you perfectly. Video is frozen. I can hear very perfectly.

是的，我能聽清楚。影片凍結。我聽得非常​​清楚。

Okay. So what happened when we reported was that things got a lot worse, and we were not able to offset those challenges already in Q1. So we ended up a notch below what we expected. And looking into Q2, we are seeing that we're going to be just a little bit up relative to Q1, right, sequentially. And we are seeing stabilization in other regions.

好的。因此，當我們報告時，情況變得更糟，我們無法在第一季抵消這些挑戰。因此，我們最終的結果比預期的要低一些。展望第二季度，我們發現與第一季相比，我們的業績將略有上升。我們也看到其他地區的情況趨於穩定。

So somehow, we said, okay, let's assume that this uncertainty will continue. We cannot assume a meaningful recovery in the second half of the year because or at least we want to be able to see if things get better, we want to see -- we want to be able to achieve that. But we cannot put that into the guidance for the year as we did last time. So that's how we built the guidance. So I think that -- as you said, things are moving a lot very, very quick.

所以不知何故，我們說，好吧，讓我們假設這種不確定性將會持續下去。我們不能假設下半年會出現有意義的復甦，因為或至少我們希望能夠看到情況是否會好轉，我們希望看到——我們希望能夠實現這一點。但我們不能像上次那樣將其納入年度指導中。這就是我們制定指導的方式。所以我認為——正如你所說，事情進展非常非常快。

And what we believe is that the vast majority of what we are seeing was due to other changes and uncertainty that is happening and impacting our customers. Hence, if those things go away, the pipeline is there, the opportunities are there. The guys in the field are bringing the opportunities. We need to close more and we need to close faster. if that happens, because things get better, there might be some ups, and then on the opposite, as you said, if things go the other way, at least what we try to do with this guidance is put a number that we feel is as safe as possible with the current scenario.

我們認為，我們看到的絕大多數情況都是由於正在發生並影響到我們客戶的其他變化和不確定性所造成的。因此，如果這些事情消失，管道就在那裡，機會就在那裡。該領域的人們正在帶來機會。我們需要關閉更多，而且關閉速度要快。如果發生這種情況，因為情況會變得更好，可能會有一些上升，然後相反，正如你所說，如果情況朝著另一個方向發展，至少我們會嘗試根據這一指導提出一個我們認為在當前情況下盡可能安全的數字。

Perfect. That's certainly helpful. And I guess there's obviously some level of number of working days and everything seasonality that naturally impacts sequential growth -- I understand that. With that said that when I look at your Q1, right, it was negative 5%, and then Q2 is like flat, which just mathematically implies like a 500 bps turnaround in terms of like sequential growth, right?

完美的。這確實很有幫助。我想，顯然一定程度的工作日數和季節性因素都會自然影響連續成長——我理解這一點。話雖如此，當我看你的第一季時，它是負 5%，然後第二季持平，這在數學上意味著連續成長 500 個基點的轉變，對嗎？

Like I mean basically, between Q4 and -- Q4 of last in Q1, your revenue declined. But -- obviously, it's going to be flat Q2 also is about like flattish about 1% in order to -- is there optimism and that's getting you from like your decline in now in Q2, you're going to start seeing back to flat.

就像我的意思基本上，在第四季和第一季的最後一個季度之間，您的收入下降了。但是——顯然，第二季度也將持平，大約持平 1% 左右，為了——是否存在樂觀情緒，這會讓你從現在的第二季度下滑中走出來，你會開始看到它回到平穩狀態。

Yes. But again, we tried to put out a guidance that contemplates the uncertainty that will come in front of us. We see the second quarter as stabilizing very clearly related to Q1 as of now. So the numbers that we are putting to the extent possible include all that uncertainty and hopefully allow us to at least meet those targets.

是的。但我們再次嘗試提出指導意見，以應對我們面臨的不確定性。截至目前，我們認為第二季與第一季相比已明顯趨於穩定。因此，我們盡可能地將所有這些不確定性考慮在內，並希望至少能讓我們實現這些目標。

Great. And just one last follow-up is, I mean, one could argue that you had a good macro in January and February and March when things started to say -- April was kind of the worst month, and April sits more than Q2. So given that the last six weeks are probably the most volatile. How the last six days gone for you guys?

偉大的。最後一個後續問題是，我的意思是，有人可能會說，一月、二月和三月的宏觀經濟表現良好，但四月卻是最糟糕的月份，四月的表現比第二季還要糟糕。因此，過去六週可能是最動盪的時期。你們過去六天過得怎麼樣？

I think going -- the second quarter numbers showing some stabilization in a way are part of that. We are not seeing deterioration. That's what I can tell you the number shows a stable number throughout the year. We're not assuming any major or any significant improvement in the numbers that we put out. And we did take some -- I mean we tried to put a number again that at least we can meet.

我認為第二季的數據在某種程度上顯示出一定的穩定，這是其中的一部分。我們沒有看到情況惡化。我可以告訴你的是，這個數字全年都保持穩定。我們並不認為我們所公佈的數字會有任何重大或顯著的改善。我們確實採取了一些措施——我的意思是，我們試圖再次設定一個至少我們可以滿足的數字。

Perfect. That's about. Thank you so much.

完美的。差不多就是這樣。太感謝了。

Thank you, Arvind.

謝謝你，Arvind。

Thank you very much, Arvind. Unfortunately, that's all the time that we have for the Q&A session today. With that, I would like to turn the call over to Martin for some closing remarks. Martin, please go ahead.

非常感謝，Arvind。不幸的是，今天的問答環節時間已經結束了。最後，我想將電話交給馬丁，請他發表一些結束語。馬丁，請繼續。

Thank you very much, everyone, for participating today. Really looking forward to see you on our next quarter's earnings. Thank you so much. Bye-bye.

非常感謝大家今天的參加。非常期待在我們下一季的收益報告中看到您。太感謝了。再見。

Bye-bye.

再見。