Globant SA (GLOB) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Globant's second quarter 2025 earnings conference call. I am Arturo Langa, Investor Relations Officer at Globant. (Operator instructions) Please note this event is being recorded and streamed live on YouTube.

下午好，歡迎參加 Globant 2025 年第二季財報電話會議。我是 Globant 投資者關係官 Arturo Langa。 （操作員指示）請注意，本次會議將被錄製並在 YouTube 上直播。

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. We will begin with remarks by our Chief Executive Officer, Martin Migoya; our Chief Financial Officer, Juan Urthiague; and our Chief Technology Officer, Diego Tartara. This will be followed by a Q&A section.

您應該已經收到財報副本了。如果您還沒有收到，可以在我們的網站 Investors.globant.com 上取得。我們將首先由執行長 Martin Migoya、財務長 Juan Urthiague 和首席技術長 Diego Tartara 致辭。之後是問答環節。

Before we begin, I would like to remind you that 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。這包括我們的業務和財務展望以及您部分問題的解答。此類陳述受公司財報和提交給美國證券交易委員會 (SEC) 的其他文件中所述的風險和不確定性的影響。請注意，我們的財務報表遵循國際財務報告準則 (IFRS)。

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.

在今天的電話會議上，我們將報告非國際財務報告準則 (Non-IFRS) 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。您可以在我們於投資者關係網站上發布的本季業績新聞稿末尾找到國際財務報告準則 (IFRS) 和非國際財務報告準則 (Non-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)。

Good afternoon, everyone, and thank you for joining us once again for Globant's quarterly earnings. It's always a pleasure to connect and share how we are continuing to evolve and improve for us innovation and reinvention are occasional events.

大家下午好，感謝大家再次參加 Globant 的季度財報發布會。我們非常榮幸能夠與大家分享我們不斷發展和進步的歷程，因為創新和革新對我們來說只是偶然的事件。

They are part of our DNA and right now we're building on that tradition with a clear and steady focus on the future. In the second quarter we deliver revenue of $614.2 million representing 4.5% year-over-year growth. Our pipeline is at an all-time high, $3.7 billion, up 25% from last year.

它們是我們DNA的一部分，現在我們正秉承這項傳統，清晰而堅定地著眼於未來。第二季度，我們的營收達到6.142億美元，年增4.5%。我們的產品線達到了歷史最高水平，達到37億美元，比去年增長了25%。

Although the macro environment has extended sales cycles, our teams are laser focused on converting this. pipeline into signed work in the coming quarters with large potential deals in healthcare, financial services, CBG, and gaming among others.

儘管宏觀環境延長了銷售週期，但我們的團隊仍專注於將其轉化為未來幾季的簽約工作，其中包括醫療保健、金融服務、CBG 和遊戲等領域的大型潛在交易。

These large engagements, many already in advanced stages, position as well for conversion in the coming months, reinforcing our focus on high value clients with strategic impact internally we're finding. Tuning the organization to be not only more efficient and profitable but also more nimble and better aligned with the needs of the next generation of business models.

這些大型項目，其中許多已經進入後期階段，也為未來幾個月的轉換做好了準備，這將強化我們對高價值客戶的關注，並發現這些客戶在內部具有策略影響力。我們正在調整組織架構，使其不僅更有效率、獲利能力更強，而且更靈活，更適應下一代商業模式的需求。

Our aim is to ensure Globant is structurally agile and positioned to compete and win in an evolving landscape while continuing to deliver strong results for our shareholders. Juan will walk you through the details shortly. Globant's AI bot, which I introduced last quarter are the virtual teams for the digital workforce.

我們的目標是確保 Globant 的結構靈活，能夠在不斷變化的環境中競爭並取得成功，同時繼續為股東創造強勁的業績。 Juan 稍後會詳細介紹。我上季介紹的 Globant 人工智慧機器人，是數位化勞動力的虛擬團隊。

They are powered by agent and orchestrated by our experts the way companies access our AI bot is unique in the industry through our monthly subscription model. It is a consumption-based outcome aligned pricing that provides guaranteed time and cost savings shifting the value proposition to concrete results.

這些服務由代理商提供支持，並由我們的專家精心策劃。企業透過我們的每月訂閱模式訪問我們的人工智慧機器人，這在業界獨樹一幟。我們採用以消費、與成果掛鉤為基礎的定價模式，確保節省時間與成本，將價值主張轉化為實質的成果。

After just one quarter, we already have 18 clients who have chosen this new model, and our subscription model accounts for a significant portion of our recent pipeline growth. We look forward to expanding this in the future.

僅一個季度以來，我們已有18位客戶選擇了這種新模式，訂閱模式在我們近期的客戶成長中佔據了相當大的比重。我們期待未來進一步拓展這一模式。

The AI world is moving at incredible speed and there are two major races going on, The first is or who builds the best foundational models or agents. And that race is OpenAI, Entropic Meta, XAI and other, every week, new mobiles frameworks and tools immerge. But this is not our race; the second is about who applies AI better, faster and with greater return on investment on specific business cases for every company in every industry.

人工智慧世界正以驚人的速度發展，目前正上演著兩場主要的競賽。第一場競賽是誰能建構出最好的基礎模型或智能體。這場競賽由OpenAI、Entropic Meta、XAI以及其他公司發起，每週都有新的行動框架和工具湧現。但這不是我們的競賽；第二場競賽是看誰能更好、更快地將人工智慧應用於每個產業中每家公司的特定業務案例，並獲得更高的投資回報。

For companies, the expansion of all these new foundational models present an immense opportunity but also a challenge of determining the right combination of models, tools and approaches for their specific needs, while managing data privacy and compliance. It is more like entering in a dense and constantly changing forest, where familiar parts disappear and new ones opened overnight.

對於企業而言，所有這些新的基礎模型的擴展既是巨大的機遇，也是一項挑戰，即如何根據自身特定需求，確定合適的模型、工具和方法組合，同時管理資料隱私和合規性。這更像是進入一片茂密且不斷變化的森林，熟悉的部分一夜之間消失，新的部分隨之出現。

In that environment, you need not just (inaudible) up, but an experienced guide who knows how to adapt the route as the terrain shifts. At Globant, we take on that role, helping our clients find the safest and most effective path forward.

在那種環境下，你需要的不只是（聽不清楚），還需要一位經驗豐富的嚮導，懂得如何根據地形變化調整路線。在 Globant，我們承擔這樣的角色，幫助客戶找到最安全、最有效的前進路線。

We remain 100% client-centric while leveraging our deep partnerships with all major AI leaders to ensure our clients get the best of each ecosystem. This means we can select or combine the most advanced mobile and capabilities available in the market, integrating them in ways that are tailored to each unique task and business context. Global Enterprise AI is the toolkit we bring into that complex forest.

我們始終堅持以客戶為中心，同時充分利用與各大 AI 領導者建立的深度合作關係，確保客戶充分利用各個生態系統的優勢。這意味著我們可以選擇或組合市場上最先進的行動技術和功能，並根據每個特定任務和業務環境進行客製化整合。全球企業 AI 正是我們帶入這片複雜森林的工具包。

It is a golden path for our customers' generative AI adoption and impact. offering seamless access to all major LLM, it provides traceability, auditability and granular access and cost control. It includes a library of hundreds of industry-tailored plug-and-play business processes and state-of-the-art retrievable augmented generation pipeline optimized for proprietary corporate data, delivering faster, more relevant and contextual precise insights.

這是客戶應用生成式人工智慧並發揮影響力的黃金途徑。它無縫接入所有主流法學碩士 (LLM)，提供可追溯性、可審計性以及精細的存取和成本控制。它包含數百個行業定制的即插即用業務流程庫，以及針對專有企業資料優化的先進可檢索增強生成流程，提供更快、更相關、更精準的洞察。

Enterprise AI integrates with major enterprise platforms, manage AI-driven workflows across departments, connects human teams with intelligent agents and is fully comparable with A2A protocols and NCP servers. The platform uses a token-based execution model to align AI usage to measurable business value.

企業 AI 與主流企業平台集成，管理跨部門的 AI 驅動工作流程，連接人類團隊與智慧代理，並完全相容於 A2A 協定和 NCP 伺服器。該平台採用基於代幣的執行模型，將 AI 使用與可衡量的業務價值相匹配。

We launched the 2.0 version of global enterprise AI. Diego will go into more detail on this shortly. When you combine that with the industry-specific expertise of our AI studios, you get a fully integrated engine for transformation across the entire AI value chain. We go beyond offering AI services.

我們推出了全球企業 AI 2.0 版本。 Diego 稍後會詳細介紹。將其與我們 AI 工作室的行業專業知識相結合，您將獲得一個全面整合的引擎，協助整個 AI 價值鏈的轉型。我們不僅僅提供 AI 服務。

We architect and connect every layer of the AI stack then deliver it as a scalable subscription-first solution. Our AI studios continue to drive deeper engagement with major global clients, unlocking cross-selling opportunities and deploying specialized talent from across our global network and restricted by regional boundaries.

我們建置並連接 AI 堆疊的每一層，並將其作為可擴展的訂閱優先解決方案交付。我們的 AI 工作室持續與全球主要客戶深化合作，釋放交叉銷售機會，並在全球網路和區域邊界範圍內部署專業人才。

Part of growing is partnering with the best. A couple of weeks ago, we announced a multiyear collaboration with OpenAI as one of their few global services partners. By combining their world-class models with our engineering capabilities, we're delivering secure, responsible and scalable AI adoption worldwide.

與最優秀的企業合作是發展的關鍵。幾週前，我們宣布與 OpenAI 建立長期合作關係，成為其少數幾家全球服務合作夥伴之一。透過將 OpenAI 的世界級模型與我們的工程能力相結合，我們致力於在全球範圍內實現安全、可靠且可擴展的 AI 應用。

We're already integrating GPT 5 across all layers of our enterprise AI platform and embedding it into our AI bots processes. Along a similar line days ago, we took a big step forward by becoming one of the few global partners who signed a strategic collaboration agreement with Amazon Web Services.

我們已經將 GPT 5 整合到我們企業 AI 平台的各個層面，並將其嵌入到我們的 AI 機器人流程中。幾天前，我們邁出了重要的一步，成為與亞馬遜網路服務 (AWS) 簽署戰略合作協議的少數全球合作夥伴之一。

Diego Tartara will expand on this later. We have teamed up with La Liga, Spain's premier football league on a multiyear transformation program through Sportian our Sport Tech joint venture. This is not just a technology project. It is a game changer. By embedding our AI pots at the heart of their operations, we will unlock the full power of AI agents in sports to boost team performance, deepen fan engagement and drive operational excellence across the league.

Diego Tartara 稍後會對此進行詳細說明。我們與西班牙頂級足球聯賽西甲聯賽合作，透過我們旗下的體育科技合資公司 Sportian 開展一項為期多年的轉型計劃。這不僅是一個技術項目，更是一場變革。透過將我們的 AI 技術融入其營運的核心，我們將充分釋放 AI 代理商在體育領域的潛力，從而提升球隊表現、加深球迷參與度，並推動整個聯盟的卓越運作。

It is a clear example of how Global Enterprise AI is helping world-class organizations to embrace AI at scale and win in the most complex high-profile arenas. We have strengthened our position in the robotics and AI ecosystem by investing in Orbit, a leading robotics integration company.

這是一個清晰的案例，展現了全球企業人工智慧 (Global Enterprise AI) 如何幫助世界級企業大規模擁抱人工智慧，並在最複雜、最受矚目的領域取得勝利。我們透過投資領先的機器人整合公司 Orbit，鞏固了我們在機器人和人工智慧生態系統中的地位。

This expands our capabilities, enabling advanced orchestration of different fleets of robots and autonomous systems across industries. It ensures we can integrate physical automation into enterprise workflows at scale, connecting AI agents not only to digital process but also to real-world robotic operations.

這擴展了我們的能力，使我們能夠對跨行業的不同機器人隊列和自主系統進行高級編排。它確保我們能夠將實體自動化大規模整合到企業工作流程中，使AI代理不僅能夠連接到數位流程，還能連接到現實世界的機器人操作。

Today, our revenue mix is more diverse than ever. North America remains our largest market with 54.1% of our revenue. Latin America accounts for 19.7% and is showing strong recovery with new records in bookings.

如今，我們的收入結構比以往任何時候都更加多元化。北美仍然是我們最大的市場，佔總收入的54.1%。拉丁美洲佔19.7%，並且正呈現強勁復甦勢頭，預訂量創下新高。

Europe represents 19.6% and is our fastest-growing region sequentially, up 8.1% with major wins in aviation and financial services. New markets grew an impressive 84% year-over-year and is currently 6.6% of our total revenue. The Middle East leads this search driven by our work on several Giga projects. Our 100 Square program continues to gain momentum with our client best growing and diversifying.

歐洲佔19.6%，是我們環比成長最快的地區，環比成長8.1%，在航空和金融服務領域取得了重大進展。新興市場年增84%，目前占我們總營收的6.6%。中東地區憑藉著我們多個千兆專案的成功，成為我們在這一領域的領導者。隨著客戶業務的成長和多元化，我們的「100平方」專案持續蓬勃發展。

And Diego will share more on recent client wins and large-scale engagements that illustrate this strong momentum. For clients now generate more than $10 million in annual revenue, up from $39 million a year ago. 339 clients generate over$1 million annually, up from 329 million last year.

Diego 將分享更多近期贏得的客戶以及大規模合作案例，這些案例充分展現了我們強勁的發展勢頭。目前，客戶年收入超過 1,000 萬美元，高於去年的 3,900 萬美元。 339 位客戶年營收超過 100 萬美元，高於去年的 3.29 億美元。

Over the past 21 years, we have earned a unique position in our industry by using advanced technology, human creativity and a deep understanding of our clients' needs. In 2025, the complexity of the environment is matched only by the scale of the opportunity as AI redefines business models, value chains and competitive advantage.

過去21年來，我們憑藉先進的技術、卓越的創造力以及對客戶需求的深刻理解，在業界贏得了獨特的地位。 2025年，隨著人工智慧重新定義商業模式、價值鏈和競爭優勢，環境的複雜性與機會的規模將不相上下。

Our mandate is to help clients navigate this change with precision and foresight, capturing value across every layer of the AI stack. With AI pots, our subscription model, AI studios and the 100 square approach, we're delivering Globant as a full stack AI company, one that designs, builds and integrated technology platforms and industry-specific expertise into scalable solutions.

我們的使命是幫助客戶精準且富有遠見地應對這項變革，並在人工智慧堆疊的每一層中獲取價值。憑藉 AI Pots、我們的訂閱模式、AI 工作室以及「100 平方」方法，我們將 Globant 打造為全端式人工智慧公司，致力於設計、建構並將技術平台和行業專業知識整合到可擴展的解決方案中。

This integrated model ensures we remain not just relevant but indispensable as enterprise embrace the AI power future were as energized by the challenges ahead as we are by the opportunity. And with this team, I have no doubt we will capture them all. Thank you very much.

這種整合模式確保我們不僅保持相關性，而且在企業擁抱人工智慧未來時不可或缺。我們既為未來的挑戰感到振奮，也為未來的機會感到興奮。有了這個團隊，我堅信我們一定能抓住所有機會。非常感謝。

Hello, everyone. I'm happy to be back. I want to expand on the offering of Loan's enterprise AI 2.0 version that now includes MCP and (inaudible) and the marketplace of agents for its users, among other new features, enables a full AI adoption addressing three core needs of our clients. First, governance. Organizations need to be in control of their own AI journey.

大家好。很高興回來。我想進一步介紹 Loan 企業 AI 2.0 版本。此版本現在包含 MCP、（聽不清楚）以及使用者導向的代理市場等新功能，這些新功能能夠全面實現 AI 應用，滿足我們客戶的三大核心需求。首先是治理。組織需要掌控自己的 AI 之旅。

With strong security, risk management, traceability and gas rails for both models and conversations. Globant Enterprise AI provides leaders with the control they need to map their exposure to both cost and risk.

憑藉強大的安全性、風險管理、可追溯性和適用於模型和對話的 Gas Rails，Globant Enterprise AI 為領導者提供所需的控制力，幫助他們繪製成本和風險敞口。

Second, build capability. Companies need the tools to create and deploy solutions connected to the enterprise systems. (inaudible) Enterprise platform is home to the lab for agent creation, orchestration and ensuring interoperability. As of this quarter, the lab now supports the model context protocol and the situation protocol.

第二，建構能力。企業需要工具來創建和部署與企業系統連接的解決方案。 （聽不清楚）企業平台是實驗室的所在地，用於代理的創建、編排和確保互通性。截至本季度，該實驗室現已支援模型上下文協議和情境協議。

These enhancements allow seamless integration of agents and tools from across the ecosystem like Google Cloud, Azure AI Foundry and Amazon Bedrock; and third, impact the ability to explore combined and share solutions and to operate them so they can generate measurable business outcomes.

這些增強功能允許無縫整合來自整個生態系統的代理和工具，如 Google Cloud、Azure AI Foundry 和 Amazon Bedrock；第三，影響探索組合和共享解決方案以及操作它們的能力，以便它們能夠產生可衡量的業務成果。

This is where AI moves from pilot to scale and action, ensuring that investments translate into tangible value across the organization. In this layer, we have recently launched a specific model for our clients called the Station. It offers a curated search of a library of in-house built AI [ancients] tailored to diverse business and industry needs, streamlining discovery while removing friction with just a few clicks users can now deploy agents via intuitive orchestration tools, spending time to experimentation and value.

這是人工智慧從試點走向規模化和實際應用的階段，確保投資轉化為整個組織的有形價值。在這一層面，我們最近為客戶推出了一個名為「Station」的特定模型。它提供了一個內部構建的人工智能庫，可根據不同的業務和行業需求進行定制搜索，簡化了發現過程，消除了摩擦，只需點擊幾下即可。用戶現在可以透過直覺的編排工具部署代理，投入時間進行實驗並實現價值。

Organizations using lower enterprise AI have reported an 80% reduction in legacy systems modernization times and a 50% increase in software development costs. Globant Enterprise AI also powers a lineup of hundreds of industry specifications along with three flagship patients tailored to each of our core studios.

使用較低企業級 AI 的組織報告稱，其遺留系統現代化時間縮短了 80%，但軟體開發成本增加了 50%。 Globant Enterprise AI 還支援數百種行業規範，以及針對我們每個核心工作室量身定制的三款旗艦產品。

Global Code is our Agentic suite for our digital studios, a key component of how we reimagine software development life cycles and how we deliver value, navigating for our enterprise studio.

Global Code 是我們為數位工作室提供的 Agentic 套件，它是我們重新構想軟體開發生命週期和如何提供價值、為我們的企業工作室導航的關鍵組成部分。

It optimizes business operations and performance, infusion from Got Studio, launched at (inaudible) this year. It enhances full funnel marketing, communications and advertising. It streamlines processes from content creation to campaign optimization.

它優化了業務營運和績效，這是 Got Studio 於今年（聽不清楚）推出的功能。它增強了全通路行銷、傳播和廣告的效果。它簡化了從內容創作到行銷活動優化的流程。

Now let's discuss our work with some fascinating clients as we partner with them on the rementioned journey. In gaming, we're working with one of the leaders in producing real-time 3D content to deliver interactive solutions to high-growth sectors, including digital trains, automotive, health care, life sciences and manufacturing.

現在，讓我們來討論一下我們與一些優秀的客戶合作，共同推動上述發展歷程。在遊戲領域，我們正與一家領先的即時3D內容製作公司合作，為數位列車、汽車、醫療保健、生命科學和製造業等高成長產業提供互動式解決方案。

By employing our global delivery network, we will be helping this company to expand to new commercial markets, unlocking new business for them. On the technology side, we will be integrating their products into enterprise technology stacks, supporting new go-to-market strategies and co-developing tailored solutions our sustainable business studio is proud to be collaborating with the worldwide fund for nature.

透過利用我們的全球交付網絡，我們將幫助該公司拓展新的商業市場，為他們開啟新的業務。在技​​術方面，我們將把他們的產品整合到企業技術堆疊中，支援新的市場進入策略，並共同開發客製化解決方案。我們的永續商業工作室很榮幸能與世界自然基金會合作。

Together, we are developing tools that intractability with carbon footprint assessments. This initiative engaged multiple stakeholders including national and other business entities, industry leaders and civil society, facilitating the transition towards more sustainable meat practices.

我們正在共同開發解決碳足跡評估難題的工具。這項倡議吸引了眾多利益相關者的參與，包括國家和其他商業實體、產業領袖以及民間社會，旨在促進向更永續的肉類生產方式轉型。

The complexity and the time-sensitive nature of the challenges the WWF faced led them to unlist our local GeneXus platform. This collaborative effort will accelerate the adoption of sustainable practices support regulatory compliance and empower producers body.

鑑於世界自然基金會 (WWF) 面臨的挑戰的複雜性和時效性，他們下架了我們本地的 GeneXus 平台。此次合作將加速採用永續實踐，支持合規性，並賦能生產者。

We're excited to announce a partnership with a world leader in premium spirits to develop a generative AI-powered commercial incitation. This native tool will provide our clients' employees with immediate access to critical data insights, streamlining decision-making in product development, marketing, sales and strategy. By automating data retrieval, we are helping them to reduce the time and cost of traditional business intelligent workflows, allowing the teams to focus on strategic initiatives.

我們非常高興地宣布與全球領先的高端烈酒企業合作，共同開發一款基於人工智慧的生成式商業激勵工具。這款原生工具將使客戶的員工能夠即時存取關鍵數據洞察，從而簡化產品開發、行銷、銷售和策略決策。透過自動化資料檢索，我們幫助他們減少傳統商業智慧工作流程的時間和成本，使團隊能夠專注於策略計畫。

Ratio will enhance efficiency through self-service decision support and tailored recommendations. This initiative is just the beginning as the commercial incitation will lay the groundwork for future applications in brand planning, commercial forecasting and innovation.

Ratio 將透過自助決策支援和客製化建議來提升效率。這項舉措只是一個開始，其商業激勵將為未來在品牌規劃、商業預測和創新領域的應用奠定基礎。

We are redefining the potential of AI power enterprises and unlocking new growth opportunities. Regarding our partnerships, days ago, we advanced our relationship with AWS by establishing a strategic collaboration agreement to accelerate AI adoption and enable Globant to provide clients in specific industries with enhanced support for cloud migration, generative AI adoption, industry-specific solutions while helping them to optimize their cloud usage and manage expenses efficiently.

我們正在重新定義人工智慧賦能企業的潛力，並釋放新的成長機會。在合作夥伴關係方面，幾天前，我們與AWS簽署了一項策略合作協議，以加速人工智慧的採用，並使Globant能夠為特定行業的客戶提供增強的雲端遷移、生成式人工智慧應用和行業特定解決方案支持，同時幫助他們優化雲端使用並高效管理費用。

We're collaborating with Salesforce to deploy Asian force and data cloud across multiple industries, automating their teams and enhancing their ability to support their customers. (inaudible) marketing journeys and better segment their clients. As Globant's creative industry dealer got advanced on large-scale projects for top brands, including Progressive, Procter & Gamble, DoorDash and more as well as new projects for Havianas, Rimoa, among others.

我們正在與 Salesforce 合作，在多個產業部署亞洲力量和資料雲，以實現團隊自動化，並增強其支援客戶的能力。 （聽不清楚）行銷歷程，並且更能細分客戶。作為 Globant 的創意產業經銷商，我們在為 Progressive、寶潔、DoorDash 等頂級品牌開展大型專案方面取得了進展，並為 Havianas、Rimoa 等品牌開展了新專案。

Thank you, everyone, for joining us again.

謝謝大家再次加入我們。

Hello, everyone. I will now review our Q2 2025 financial results before providing our outlook. Our performance this quarter is very aligned with our expectations back in May. Revenue for the second quarter came in at $64.2 million, representing 4.5% year-over-year growth or 1% in organic constant currency and 0.5% growth sequentially.

大家好。在展望未來之前，我將回顧我們2025年第二季的財務表現。本季的業績與我們5月份的預期非常一致。第二季營收為6,420萬美元，年增4.5%，以固定匯率計算成長1%，季增0.5%。

Our non-IFRS adjusted operating margin was 15% for the quarter, holding steady despite some FX headwinds in LatAm currencies and demonstrating pricing and cost discipline in a tough market environment.

本季度，我們的非國際財務報告準則調整後營業利潤率為 15%，儘管拉丁美洲貨幣面臨一些外匯不利因素，但仍保持穩定，並在艱難的市場環境下表現出定價和成本紀律。

Non-IFRS adjusted diluted EPS for the quarter was $1.53, an increase from the $1.51 we reported in the second quarter of 2024. Turning to the balance sheet. Our cash and cash equivalents and short-term investments totaled $174.2 million. Net debt as of June 30 was $255 million. During this quarter, we increased our debt capacity to up to $1.1 billion.

本季非國際財務報告準則 (Non-IFRS) 調整後稀釋每股收益為 1.53 美元，高於我們 2024 年第二季報告的 1.51 美元。資產負債表方面，我們的現金及現金等價物及短期投資總額為 1.742 億美元。截至 6 月 30 日的淨債務為 2.55 億美元。本季度，我們將債務能力提升至 11 億美元。

Free cash flow for the quarter was negative $2.9 million compared to negative $28 million from the same period last year. As always, we expect to generate strong free cash flow during the second half of the year. This quarter, we executed a business optimization plan.

本季自由現金流為負290萬美元，去年同期為負2800萬美元。與往常一樣，我們預計下半年將產生強勁的自由現金流。本季度，我們實施了一項業務優化計劃。

As explained by Martin, during Q2, we launched a new go-to-market strategy centered around our AI industry studio and our 100 square accounts. The recently launched Globant subscription model based on AI and our proprietary Globant Enterprise AI platform is getting traction with our customers.

正如Martin所解釋的，在第二季度，我們推出了一項新的市場策略，以我們的AI行業工作室和100個Square帳戶為中心。最近推出的基於AI的Globant訂閱模式以及我們專有的Globant Enterprise AI平台正在受到客戶的青睞。

While we have delivered strong growth for many years, we have observed a more tempered demand environment over the last few quarters. The business optimization plan is part of our response to this organizational and demand changes and to best position ourselves for the next wave of growth.

儘管我們多年來一直保持強勁成長，但過去幾季我們觀察到需求環境有所緩和。業務優化計畫是我們應對組織和需求變化的一部分，旨在為下一波成長做好最佳準備。

The primary goal of this plan is not only to protect our near-term profitability, but more importantly, to create the capacity to increase our investments in strategic growth areas for the rest of 2025 and beyond. This plan ensures we have the right talent and resources to execute on our AI-centric strategy and capture future opportunities while managing our cost base on the current market.

該計劃的主要目標不僅是保障我們短期的獲利能力，更重要的是，創造能力，以便在2025年剩餘時間及以後增加對策略成長領域的投資。該計劃確保我們擁有合適的人才和資源，以執行以AI為中心的策略，並在當前市場管理成本基礎的同時，抓住未來機會。

The main actions under this plan included a comprehensive review of our workforce to align skills and size with our strategic priorities, which resulted in a reduction of approximately 1,000 employees or 3% of our workforce during Q2, a consolidation of our global office footprint based on an analysis of our facilities and lease contracts and the strategic prioritization of our delivery centers to support future expansion.

該計劃下的主要行動包括對我們的員工隊伍進行全面審查，使技能和規模與我們的戰略重點保持一致，這導致我們在第二季度裁減了約 1,000 名員工，佔員工總數的 3%；根據對我們的設施和租賃合約的分析，整合了我們的全球辦公地點擴張；對交付中心進行戰略優先排序，以支持未來的擴展排序。

In connection with these actions, we recorded a onetime charge of $47.6 million in the second quarter. This plan should generate $80 million in annualized savings. These savings will be critical in protecting our profitability in the short term despite FX headwinds in LatAm and will also be reinvested to fuel our growth engines, specifically our AI platform development and our people.

與這些措施相關，我們在第二季提列了4,760萬美元的一次性費用。該計劃預計將帶來8,000萬美元的年度化節餘。儘管拉丁美洲地區存在外匯逆風，但這些節餘對於短期內保障我們的盈利能力至關重要，並將被重新投資用於驅動我們的成長引擎，特別是我們的人工智慧平台開發和人才培養。

We are taking decisive action now to build a more resilient and agile organization, ready to lead when the market accelerates. Now let's talk about our business going forward. Based on current visibility for the third quarter of 2025, we expect revenue to be at least $615 million, which implies 0.1% year-over-year growth. This expected growth includes a positive FX impact of 50 basis points.

我們正在採取果斷行動，打造一個更具韌性和敏捷性的組織，隨時準備在市場加速發展時引領市場。現在，讓我們來談談我們未來的業務。根據目前對2025年第三季的預期，我們預計收入至少為6.15億美元，這意味著同比增長0.1%。此預期成長包含50個基點的正外匯影響。

We expect a non-IFRS adjusted operating margin to be at least 15% and the IFRS effective income tax rate is expected to be in the 20% to 22% range. Non-IFRS adjusted diluted EPS is expected to be at least $1.53 per share, assuming an average of 45.6 million diluted shares outstanding during the third quarter.

我們預計非國際財務報告準則 (Non-IFRS) 調整後營業利潤率至少為 15%，國際財務報告準則 (IFRS) 實際所得稅率預計在 20% 至 22% 之間。假設第三季平均流通股數為 4,560 萬股，非國際財務報告準則 (Non-IFRS) 調整後稀釋每股盈餘預計至少為每股 1.53 美元。

For the full year 2025, we now expect revenue to be at least $2.445 billion, representing 1.2% year-over-year growth. This expected growth includes a positive FX impact of 25 basis points. For the full year, we now expect our non-IFRS adjusted operating margin to be at least 15% and the IFRS effective income tax rate is expected to be in the 20% to 22% range.

我們目前預計2025年全年營收至少為24.45億美元，年增1.2%。此預期成長包含25個基點的正外匯影響。我們目前預計全年非國際財務報告準則（Non-IFRS）調整後營業利益率至少為15%，國際財務報告準則（IFRS）有效所得稅率預計在20%至22%之間。

Our full year non-IFRS adjusted diluted EPS is expected to be at least $6.12 per share, assuming 45.5 million diluted shares outstanding during 2025. Thank you for your continued support.

假設 2025 年期間流通 4,550 萬股稀釋股份，我們預期全年非國際財務報告準則調整後稀釋每股盈餘至少為每股 6.12 美元。感謝您一直以來的支持。

(Operator instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Great, thank you, Arturo. Good to see everybody. I wanted to ask just on the AI-based delivery model. And I think you mentioned on the subscription side, you had 10 clients that chose that model. I think I heard that. Can you tell us a little bit more about that? What work is being done?

太好了，謝謝你，Arturo。很高興見到大家。我想問一下基於人工智慧的交付模式。我記得你提到過，在訂閱方面，有10個客戶選擇了這個模式。我想我聽過。能再多談談這個模式嗎？目前有哪些工作正在進行中？

And how would the work and maybe the contract terms compare to what you would normally see in a more traditional model? Maybe start with that, if that's okay.

那麼，與更傳統的模式相比，這項工作以及合約條款會如何呢？如果可以的話，或許可以從這方面著手。

Thank you so much for the question. It's actually it's 18 customers -- 18 paying customers. And yeah, look, the pipeline grew incredibly fast in terms of opportunities. We also were able to generate those 18 paying customers under the subscription model, and that has been very well received by our customers.

非常感謝您的提問。實際上，我們有18個客戶——18個付費客戶。是的，你看，就機會而言，通路成長非常快。我們也透過訂閱模式獲得了這18個付費客戶，這受到了客戶的一致好評。

What we do is on the back of all these customers who are doing Agentic AI, generating the code, the development, the need the software that our customers need. And we are charging that with that subscription in which we are taking the risk on our side of supervising what the agents create.

我們所做的一切都建立在所有使用 Agentic AI 的客戶之上，他們負責產生程式碼、開發並開發客戶所需的軟體。我們透過訂閱的方式收取費用，並承擔監督代理商創建內容的風險。

So supervision, we hope that, that supervision with time will go down. And now it's at levels in which we want to be sure that we get the same quality as the traditional model that we have. So we're extremely excited with what we are seeing with our customers and the type of contracts sometimes like the large portion of the discussion with the procurement offices and so on and so forth because it's kind of a new place where they haven't -- they never heard about.

所以我們希望，隨著時間的推移，監管力道會逐漸減弱。現在，我們希望確保監管力道達到與傳統模式相同的水平。因此，我們對客戶的情況以及合約類型感到非常興奮，有時，與採購辦公室等部門的討論佔了很大一部分，因為這是他們從未聽說過的新領域。

But I'm very happy with the results and very happy with the pipeline, how well received was with our customers, kind of they are used to -- or they understood the model of having a subscription and a limit tokens. So I don't know, Diego, maybe you can --

但我對結果非常滿意，對整個流程也非常滿意，我們的客戶也非常歡迎我們，他們已經習慣了——或者說他們理解了訂閱和代幣限額的模式。所以，迭戈，我不知道，也許你可以…

No. I think, Tien-Tsin, for the most part, the most mature aspect is actually how we deliver value, which is how do we build software and the approach that we took. I think it was the most difficult and risky because this is actually change in rethinking about the way of doing it. This is not infusing AI into an existing process we reshuffled the whole thing to make the most out of it. And that is actually complex because you need to convince your client that has been working on a certain way for a long time.

不。 Tien-Tsin，我認為，在很大程度上，最成熟的其實是我們如何交付價值，也就是我們如何建立軟體以及我們採用的方法。我認為這是最困難、最冒險的，因為這實際上是對做事方式的重新思考。這不是將人工智慧融入現有流程，而是我們徹底改造了整個流程，以最大限度地利用它。這實際上很複雜，因為你需要說服你的客戶，讓他們相信他們已經以某種方式工作了很長時間。

You need -- you even charge for this service in a different manner, but you bring and make reality what has been a promise, which is the positive impact of on an enterprise environment. And like Martin said, reception was amazing.

你需要——甚至以不同的方式收取這項服務的費用，但你兌現了承諾，即對企業環境產生積極影響。正如馬丁所說，反應非常好。

I thought getting traction out of this would have been a little bit more complicated, et cetera, but the market and then our clients understood this perfectly well. We received the right type of questions, which is amazing. So pipeline is growing healthy. And I think I'm actually convinced that this is a major change that will definitely propel the future of Globant.

我以為要讓這一切獲得關注會稍微複雜一些，等等，但市場和我們的客戶都非常理解這一點。我們收到了正確的問題，這真是太棒了。所以，通路正在健康發展。而我確信，這是一個重大的變革，必將推動Globant的未來。

And by the way, Tien-Tsin, the growth on the pipeline, a good portion of the growth of the pipeline between last quarter and this quarter is because of this. So it's new conversations and now things are triggering out. So we're very happy.

順便說一下，田津，上季度和本季之間管道的成長很大一部分都歸功於此。所以這是新的對話，現在事情正在開始。我們非常高興。

Okay, no, thanks for doing that. Okay. I know it's a lot of -- and I respect you guys are pushing for this so hard so quickly. It's great. So just -- you mentioned the pipeline, and it sounds like there's a lot of AI content overall. In the AI side on the overall pipeline.

好的，不，謝謝你這麼做。好的。我知道有很多——而且我尊重你們如此努力、如此迅速地推進這件事。這很棒。所以，剛才你提到了流程，聽起來整體來說有很多關於人工智慧的內容。在人工智慧方面，整體流程方面。

So are you assuming a lot of conversion of the pipeline outlook in the second half. What's changed there? And do you expect some of these deals to close, for example, in the second half? Or could they get pushed even further out given the newness and what's happening there?

那麼，您是否預計下半年管道前景會發生很大轉變？這方面有什麼變化？您是否預計其中一些交易會在下半年完成？或者，考慮到這些交易的新穎性和目前的情況，它們是否會被進一步推遲？

We're seeing the conversion. I mean the macro still is pretty uncertain. So we decided to go on the conservative side. We're seeing conversion in August and conversion like doing very well and much better than expected. And so we're positive about that. But we want to remain very cautious around the idea of the second half of the year.

我們正在看到這種轉變。我的意思是，宏觀經濟仍然相當不確定。所以我們決定採取保守的策略。我們看到8月的轉換率表現非常好，遠遠超出預期。所以我們對此持樂觀態度。但我們希望對下半年的前景保持謹慎。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hey guys, good afternoon. Thank you. I'll ask on the optimization. Maybe can you talk about how far through those initial changes you have progressed. We could see the 3% billable head count reduction on a sequential basis. Should we expect any further activity kind of carry through into 3Q as well? Or is that now through the system?

大家好，下午好。謝謝。我想問一下優化方面的問題。您能否談談這些初步調整目前進展如何？我們預計計費員工人數將較上季減少3%。我們預計這些後續活動也會延續到第三季嗎？還是現在就透過系統進行？

So on the headcount side, you're going to see some additional reductions happening in Q3, which already happened by now. The costs have all been accounted for during the second quarter because the plan was all provided at that point in time. There is also additional effects that are going to happen throughout the rest of the year in terms of the office consolidation and the talent development consolidation that we are doing. But the vast majority of the plan has been already implemented, especially on the people side between what we did in Q2, as some additional adjustment in Q3, that's already done.

因此，在員工人數方面，你會看到第三季出現一些額外的裁員，目前這已經發生了。所有成本已在第二季計入，因為該計劃都是在那時制定的。我們正在進行的辦公室整合和人才發展整合，也會產生額外的影響，並持續到今年剩餘時間。但該計劃的絕大部分已經實施，尤其是在人員方面，我們在第二季度所做的工作，以及第三季的一些額外調整，已經完成了。

Okay. And then my follow-up is on the creative performance. So can you give us a sense how gut performed here, really the creative pillar. Relative to other studios. And I ask because there's incremental concerns on The Street about these particular areas from GAI risks, right? And the ability for enterprises to do more themselves. So I'm curious if you're seeing any trends specifically around that creative area that would support or review that perspective?

好的。接下來想問的是創意方面的表現。您能否介紹一下，相對於其他工作室而言，創意支柱的表現如何？我之所以問這個問題，是因為華爾街對GAI風險以及企業自主開發能力的擔憂日益加深，對吧？所以，我很好奇，您是否觀察到圍繞創意領域有哪些趨勢可以支持或反思這種觀點？

Yeah. It's a quite small operation, though, but it has been growing nicely. So, yeah. So we're very happy with that. And I would say that from the quality and the caliber of work that we do is not the word that would be affected faster by the AI.

是的。雖然規模不大，但發展得不錯。所以，我們對此非常滿意。而且我想說，就我們工作的品質和程度而言，人工智慧的影響速度不會更快。

I think that for those that are doing like the outsourcing of generation of images and creation of specific campaigns for different channels that impact could come faster. Our Fusion agent is targeting those kind of customers that want to automate that pipeline of creation of content. So I'm very bullish about the idea of how our entering into that creative space will grow in the future.

我認為，對於那些將圖片產生和針對不同管道的特定活動製作外包的公司來說，這種影響可能會更快顯現。我們的Fusion代理商瞄準的是那些希望實現內容創作流程自動化的客戶。因此，我對我們未來進軍創意領域發展前景充滿信心。

So what we are seeing is that between all the technology that is coming into the marketing space, plus the amazing brand that we have, we've got in the space, we're creating like a very good momentum for the future. And we are I'd say we're fully aligned with all the efficiencies that can be made in that space. So I don't see that as a threat and the more I see that as an opportunity.

所以，我們看到的是，各種技術正在湧入行銷領域，再加上我們在這個領域擁有的卓越品牌，我們正在為未來創造非常好的發展勢頭。而且，我想說，我們完全致力於提高該領域的所有效率。因此，我不認為這是一種威脅，反而認為這是一個機會。

And also, Brian, when you look at how we create revenues in that the vast majority comes from branding -- company branding, company positioning its very high level -- very strategic positioning of companies. It's not that much at the kind of campaign or short-term campaign or advertising that you could assume that might be impacted. So we are not seeing impacts there. On the opposite, it's one of the fastest areas of growth at Globant.

另外，布萊恩，看看我們是如何創造收入的，你會發現絕大部分收入來自品牌建設——公司品牌建設，公司定位，這是非常高層次的——非常具有戰略意義的公司定位。你認為那些活動、短期活動或廣告不會受到太大影響。所以我們沒有看到這方面的影響。相反，這是Globant成長最快的領域之一。

Okay, understood. Thank you.

好的，明白了。謝謝。

You're welcome. Thank you.

不客氣，謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. I'm wondering if the enterprise AI platform is creating enhanced stickiness with your customers compared to maybe traditional more project-based engagements.

你好，謝謝。我想知道，與傳統的基於專案的合作相比，企業AI平台是否能增強與客戶的黏性？

That's a great question, Maggie. Look, I think that there's -- the enterprise AI platform is like the golden path for generative AI adoption for our customers. It's an enterprise class kind of integration of all the very, very complex AI ecosystem that is there to make it tangible, to make the things work. So you don't just marry with one LLM provider, but you can choose which to use.

Maggie，這個問題問得真好。你看，我認為企業級AI平台就像是通往我們客戶應用生成式AI的黃金之路。它是一種企業級的集成，整合了所有極其複雜的AI生態系統，使其切實可行，並使之有效運作。所以，你不必只選擇一家LLM提供者，而是可以自由選擇。

And then you can integrate all the workflows in your company, and then you can connect with all the corporate information systems, and then you can create your agents to generate those processes that companies need. So we are using enterprise AI for every single engagement on the AI pulp side.

然後，你就可以整合公司的所有工作流程，連結所有企業資訊系統，並建立代理來產生公司所需的流程。因此，我們在 AI 紙漿方面的每一次合作中都運用企業 AI。

We are using enterprise AI for many customers that are finding or trying to find a safe path to implement AI inside their corporations. So it's becoming like a key component, as I mentioned on our last earnings call, it is a key component for the creation of the AI ecosystem inside corporations where you don't just need to access a lens but you need to administer permissions. You need to administer access you need to control costs of the things that you do. There's a lot of things that happens on the inner work of an enterprise-class implementation of AI that is bring to life or brought to life by enterprise AI.

我們正在為許多正在尋找或嘗試在公司內部安全實施人工智慧的客戶使用企業人工智慧。因此，它正在成為一個關鍵組成部分，正如我在上次財報電話會議上提到的那樣，它是在公司內部創建人工智慧生態系統的關鍵組成部分。在這個生態系統中，你不僅需要存取鏡頭，還需要管理權限。你需要管理存取權限，需要控制你所做工作的成本。企業級人工智慧實施的內部工作會發生很多事情，這些事情是由企業人工智慧賦予或促成的。

So for me, it's extremely essential. It can be mounted on top of all the big hyperscaler platforms. It can use many of those services. So it is very well integrated into our solutions. And I think moving forward, it will be a key component of everything we do. So I don't know, Diego, if you want to --

所以對我來說，它至關重要。它可以安裝在所有大型超大規模平台上，可以使用其中的許多服務。因此，它與我們的解決方案完美整合。我認為，展望未來，它將成為我們所有工作的關鍵組成部分。所以，迭戈，如果你想…

No. Just to add to that, Maggie, I think Globant type of services and delivery quality have created a great stickiness with our client, and you can see that by the low churn and maturity, especially on the top accounts, which have more than 10 years with us right now.

不。 Maggie，我再補充一點，我認為 Globant 類型的服務和交付品質已經與我們的客戶建立了牢固的聯繫，您可以從低流失率和成熟度中看到這一點，尤其是那些與我們合作超過 10 年的頂級帳戶。

However, from a model perspective, in this specific case, you're actually the service as a software model where you actually build someone that's bespoke, but based on a platform and you have the opportunity to operate that as well I think it's a great way of outsourcing functions as opposed to the traditional BPO.

然而，從模型的角度來看，在這種特定情況下，您實際上是將服務視為一種軟體模型，您實際上正在建立一個客製化的平台，但您也有機會操作它，我認為這是一種很好的外包功能的方式，而不是傳統的 BPO。

So from the software delivery perspective, you leave something with your client, which is they have the opportunity to use GeneXus enterprise AI to build durations, et cetera. And we can help them build customers maintain and operate solutions for them. So from the pure model itself, I think the answer is clearly, yeah, it provides more stickiness.

因此，從軟體交付的角度來看，你給客戶留下了一些東西，那就是他們有機會使用 GeneXus 企業 AI 來建立持續時間等等。我們可以幫助他們建構、維護和營運解決方案。所以從純粹的模型本身來看，我認為答案顯然是肯定的，它確實提供了更高的用戶黏性。

That's really interesting and kind of exciting to hear for the business model. And then one other thing I wanted to ask about the script. It sounded like there were a couple of larger deals that were close to closing maybe comment on those and the growth trajectory you're expecting by geography, by vertical kind of revenue growth and how the pipeline is shaping up? Thank you.

聽到這個商業模式的消息真的很有趣，也很令人興奮。然後我想問關於劇本的另一件事。聽起來好像有幾筆較大的交易即將完成，能否評論一下這些交易？您預計按地理、垂直收入成長以及通路建設情況劃分的成長軌跡如何？謝謝。

Okay. So Maggie, just a couple of deals that we are seeing now a big deal on the financial service space, which is brightened in the final stages. And also another big deal on the health care and life science space. both of them in the US, which are pretty exciting to see how the market is recovering also, we are seeing some deals on the enterprise side for CPG companies in Latin America.

好的。 Maggie，我們現在看到的幾筆交易是金融服務領域的大交易，目前正處於最後階段，前景一片光明。此外，還有一筆涉及醫療保健和生命科學領域的大交易。這兩筆交易都在美國，看到市場復甦令人興奮。此外，我們也看到了一些針對拉丁美洲快速消費品公司（CPG）的企業級交易。

Also Latin America is recovering as is explained on the numbers, too. So we're seeing like good signals across the board. And it looks like the US is recovering a America's recovery, which was the two big things that we had on our last earnings call. I don't know if.

正如數據所解釋的那樣，拉丁美洲也在復甦。所以我們看到了全面的利好訊號。美國似乎正在復甦，這也是我們上次財報電話會議上提到的兩件大事。我不知道。

Thank you. That's really interesting and kind of exciting to hear, for the business model. And then, one other thing I wanted to ask about the, script, it sounded like there were a couple of larger deals that were close to closing, maybe comment on, those and the growth trajectory you're expecting, by, geography, by vertical kind of, revenue growth and how the pipeline is shaping up. Thank you.

謝謝。聽到這個商業模式的消息真的很有趣，也很令人興奮。然後，我想問一下關於腳本的另一件事，聽起來好像有幾筆較大的交易即將完成，能否評論一下這些交易以及您預期的增長軌跡，包括地域和垂直領域的收入增長，以及渠道的進展情況。謝謝。

Okay. So, Maggie, just a couple of deals that we are seeing now, big deal on the financial service space, which is, right in the, in the final stages, and also, another big deal on the healthcare and life science space. Both of them, in the US which are pretty exciting to see how the market is recovering. Also, we're seeing some Deals on the enterprise side for CPG companies in Latin America. Also, Latin America is recovering as is, explained on the numbers too. So we're seeing like good signals, across the board, and, it looks like, the US is recovering, Latin America is recovery, which was the two big, things that we had, on our last journey is called. I don't know. Yeah, definitely.

好的。 Maggie，我們現在看到的是幾筆交易，其中一筆是金融服務領域的大交易，目前正處於最後階段；另一筆是醫療保健和生命科學領域的大交易。這兩筆交易都在美國，市場復甦的跡象令人振奮。此外，我們也看到了一些企業層面的交易，涉及拉丁美洲的快速消費品公司。拉丁美洲正在復蘇，數據也說明了這一點。所以我們看到了全面的利好信號，看起來美國正在復蘇，拉丁美洲也在復蘇，這是我們上次訪問時看到的兩件大事。我不知道。是的，肯定是。

After going down for a number of quarters. This is the first quarter it's sequentially up. So I think that's good news. It shows like a stabilization, and we are seeing and we are making progress towards the rest of the year in LatAm. In the case of the US, when we exclude some of the impact from professional services and some of the -- some small impact on technology the rest looks okay, BFSI with a very strong performance.

在經歷了幾個季度的下滑之後，這是它首次實現環比增長。所以我認為這是個好消息。這顯示市場正在企穩，我們也看到了拉丁美洲市場在今年剩餘時間的復甦。就美國而言，如果我們排除專業服務業的部分影響以及科技業的一些小幅影響，其餘行業看起來還不錯，BFSI 的表現非常強勁。

Travel and Hospitality, very strong performance. So in general, yes, we are coming out of a number of quarters where the level of growth is lower. However, we start to see some positive numbers and some -- and especially on the pipeline. When you look at the deals, it continues to expand. So in a way, we are just getting ready for that recovery whenever it comes.

旅遊和酒店業表現非常強勁。總體而言，我們確實擺脫了幾個季度的成長放緩。不過，我們開始看到一些正面的數據，尤其是在專案方面。從交易量來看，交易量還在持續成長。所以，某種程度上，我們正​​在為復甦做好準備，無論何時到來。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Great, thanks for taking my question. Can you help unpack some of the assumptions around the revised growth outlook and maybe the level of conservatism you're assuming how should we think about any potential acceleration off of your implied 4Q exit rate, if any?

太好了，感謝您回答我的問題。您能否解釋一下關於修訂後的成長前景的一些假設，以及您所假設的保守程度？如果第四季隱含的退出率真的出現加速，我們該如何看待這種加速？

Yeah, sure. So when you look at the guidance back in May and the new guidance, basically, there are a number of things that happened in the quarter. When we look at the second quarter, we were able to meet or slightly exceed actually the guidance that we provided. Looking into the full year number, I mean, as you remember, we had a significant reduction in the guidance for the year back in May. Now if you look at the EPS for the year, it is slightly up.

是的，當然。所以，當你回顧五月的業績指引和新的指引時，基本上會發現本季發生了許多變化。當我們回顧第二季度時，我們能夠達到甚至略微超過我們先前給予的指引。回顧全年數據，我的意思是，正如你記得的，我們在五月大幅下調了全年指引。現在，如果你看看全年的每股收益，它略有上升。

There's a small tweak on the revenue line, mainly coming from one professional service customer and some small things that happen technology. But overall, it's just a small tick there. At the same time, when you look at Latin America, it's not coming down anymore.

收入方面略有調整，主要來自一位專業服務客戶以及一些技術方面的小變化。但總體而言，這只是一個小小的進步。同時，放眼拉丁美洲，收入已經不再下降了。

Sequentially, it was up this quarter. We are seeing kind of a stabilization and starting to build up based on the pipeline. When we look at the end of the year, I think that when we look at the US economy, at some point, things will start to get better.

本季環比有所上升。我們看到市場趨於穩定，並開始根據現有庫存進行成長。展望年底，我認為美國經濟在某個時候會開始好轉。

We are not seeing further deterioration, which is good news, but things will have to get better. Companies will need to invest in the near future. They cannot withhold investments forever. So that's something that's going to have to happen. When you look at the size of the pipeline, the pipeline continues to build. When you look at all the changes that we did in our go-to-market with industry studios, the success that we are starting slowly but steadily showing progress on the subscription model.

我們沒有看到進一步惡化，這是個好消息，但情況必須好轉。公司需要在不久的將來進行投資。他們不能永遠停止投資。所以這是必須要做的事情。看看渠道的規模，你會發現渠道還在不斷建設中。看看我們在與行業工作室合作進入市場過程中所做的所有改變，我們緩慢但穩定地開始取得成功，這顯示出訂閱模式正在取得進展。

I think those are all good things that are shaping up. And we expect that to start getting traction in the future. So I think we are doing a lot of changes. We did a lot of changes on the structure. We did a lot of changes to have the right people with the right skills in front of customers, people with the right skills, given the new technologies that are coming that resulted in a significant business optimization plan. So we're doing lots of things to make that progress that I think is going to happen in the near future. We're working on it.

我認為這些都是正在形成的好事。我們預計這些事情會在未來開始獲得推動。所以我認為我們正在進行很多改變。我們在架構上做了很多調整。我們做了很多調整，以便讓擁有合適技能的合適人才面對客戶，考慮到即將到來的新技術，我們制定了一項重要的業務優化計劃。所以，我們正在做很多事情來取得進展，我認為這些進展很快就會實現。我們正在為此努力。

And also as a general comment, I think that the amount of the opportunities are going -- showing up on the pipeline. But I would say that as a general understanding of this -- of all the things that are happening is that the amount of new projects, as we have been saying for many, many quarters. The amount of new projects is incredible.

另外，總的來說，我認為大量的機會正在湧現——出現在專案管線中。但我想說，總體而言，所有正在發生的事情中，新項目的數量是驚人的，正如我們很多季度以來一直在說的那樣。

And the complexity in any corporate environment to implement any of these agents into production with the right railways for the LLM's with the right access permission with the complexity of connected with production data. With the complexity of implementing that and then taking it to -- and spreading it out in a big organization. We're living it ourselves.

在任何企業環境中，將這些代理商部署到生產環境中都很複雜，需要為法學碩士 (LLM) 提供合適的管道、正確的存取權限以及與生產資料連接。實施這些代理並將其部署到大型組織中也很複雜。我們自己也經歷過這種情況。

We want to implement agents, it takes us a while to generate even using the most sophisticated tools take us a while to make it happen in the whole organization because we need to connect to complex systems. And that is creating like a massive set of opportunities that before didn't exist.

我們想要部署代理，但這需要一段時間才能實現，即使使用最複雜的工具，也需要一段時間才能在整個組織內實現，因為我們需要連接複雜的系統。這創造了一系列前所未有的機會。

This is on top of all the digital transformation work. This is on top of all the enterprise migration that is happening and will keep on happening. So I think the opportunity for us is massive, and it's reflected on actual numbers, those conversion has been slower, but I believe that little by little, these corporations will come to us saying, listen, we need to help to implement this. Now we need -- we have seen the first cases.

這是在所有數位轉型工作的基礎上開展的，也是在所有正在進行和將繼續進行的企業遷移的基礎上開展的。所以我認為我們面臨的機會是巨大的，這反映在實際數據上。這些轉型速度比較慢，但我相信，這些公司會一點一點來找我們，說，聽著，我們需要幫助來實現這一點。現在我們需要──我們已經看到了第一批案例。

A year ago, I was saying. Well, this is like very small like small and proof of concepts that are happening. Now we're seeing customers say, no, I want like a full AI transformation program to change my process is because I discover that it's not that easy to make it happen, and we need help.

一年前，我還在說，嗯，這只是一個很小的、正在發生的概念驗證專案。現在我們看到客戶說，不，我想要一個完整的人工智慧轉型專案來改變我的流程，因為我發現實現起來並不容易，我們需要幫助。

So that's creating like a massive opportunity for us. And I believe that's why I'm so bullish about the future of our company and all the moves in which, of course, new ways of delivering the same things are needed and we are delivering that. So I'm extremely excited about what's coming.

所以這對我們來說是一個巨大的機會。我相信這就是我對公司未來以及所有舉措如此樂觀的原因。當然，我們需要新的方法來提供相同的服務，而我們正在這樣做。所以我對即將發生的事情感到非常興奮。

Thanks for that color. On the heels of those opportunities, can you talk through some of the pricing discussions you're having, particularly around potential impact to pricing from your AI pod model as well as just given the rather competitive environment that you're seeing today?

謝謝你的顏色。在這些機會之後，你能否談談你們正在進行的一些定價討論，特別是關於你們的人工智慧艙模型對定價的潛在影響，以及考慮到目前相當激烈的競爭環境？

Yeah, Jonathan, listen, the pricing of our AI bots leaks out to a much better margin than what we have on the traditional project. So I think that explains by itself. I don't know Juan or --

是的，喬納森，聽著，我們AI機器人的定價比傳統專案的利潤率高得多。所以我認為這不難解釋。我不知道胡安…

On at the same time that it has better margins. it is cost effective for the customer as well. So it's a model that so far, the way we are selling it, the way we are contracting with customers. It's a win-win. So they are getting part of the productivity gains.

同時，它還能提高利潤率，對客戶來說也更具成本效益。所以，到目前為止，我們的銷售方式，以及我們與客戶簽訂合約的方式，都是雙贏的模式。因此，客戶也能從中獲益，享受生產力提升帶來的部分好處。

We're getting part of the productivity gain. So it's working well. We need to make sure as Martin said at the beginning that we'll continue to deliver the same quality that we have always delivered to our customers. So effect over time as the coating is better, the agents get better we should even be able to hopefully improve a little bit those margins. But it's marginally positive and pricing, it gives customers some efficiencies straight away.

我們正在獲得部分生產力提升。所以效果很好。正如馬丁一開始所說，我們需要確保我們能持續為客戶提供一如既往的品質。因此，隨著時間的推移，隨著塗層品質的提高和藥劑性能的提升，我們甚至有望略微提高利潤率。但這也帶來了一些正面的影響，而且價格方面也確實能立即為客戶帶來一些效率提升。

Divya Goyal, Scotiabank.

豐業銀行的 Divya Goyal。

We cannot hear you. It looks like you're on mute.

我們聽不到您的聲音。您似乎已靜音。

Sean Kennedy, Mizuho.

肖恩‧甘迺迪 (Sean Kennedy)，瑞穗。

Hi, everyone, thanks for taking my question. So I was wondering about the North American deceleration. Was that due to certain like planned projects ramping down and lower conversion last few quarters, and how has the North American pipeline conversion been trending since May? Thank you.

大家好，感謝您回答我的問題。我想知道北美市場成長放緩的情況。這是否是因為某些計劃中的項目在過去幾季逐漸減少，轉換率也下降了？自5月份以來，北美管道轉換率的趨勢如何？謝謝。

Thank you, Sean, for the question. So North America was sequentially down 2%. It's very much focused on a customer in professional services and in some small customers in technology. But when you look at the pipeline, when you look at some of the deals that we recently closed that Martin mentioned in health care, in PFS side and we are optimistic.

謝謝肖恩的提問。北美市場季減了2%。我們主要關注專業服務領域的客戶以及一些科技領域的小型客戶。但當你看到我們近期完成的一些交易，例如馬丁提到的醫療保健和PFS領域，我們對此持樂觀態度。

I think that after several quarters of instability and changes and tariff discussions and macro and that things are not great, but at least they are more stable in a way. We are -- we look at the pipeline and the majority of the pipeline is getting built out of the US.

我認為，經過幾個季度的不穩定、變化、關稅討論和宏觀經濟因素，情況雖然不算太好，但至少在某種程度上已經比較穩定了。我們——我們關注的是管道，大部分管道都建在美國境外。

And we believe that with the new go-to-market with studios industry studios, we're going to be able to take advantage of that. So we are positive on North America. Of course, Martin mentioned at the very beginning, deals take longer to close.

我們相信，隨著與電影業工作室合作的新市場模式的出現，我們將能夠充分利用這一優勢。因此，我們對北美市場持樂觀態度。當然，正如馬丁一開始提到的，交易需要更長的時間才能完成。

That is something that was not common in the past, I mean at least a few years ago, we are now living with that, but we start to see some big deals getting closed, which was difficult a couple of months and quarters ago. So bigger deals are starting to close again.

這在過去並不常見，至少在幾年前是這樣，現在我們只能忍受這種情況了。不過，我們開始看到一些大交易達成，而這在幾個月或幾季前還是很困難的。所以，現在更大的交易又開始達成了。

Got it. And then in Latin America, it was nice to see the sequential growth there. Could you kind of discuss some more detail about what you're seeing on like a country-by-country basis?

明白了。在拉丁美洲，我們很高興看到那裡實現了環比增長。您能否更詳細地談談您觀察到的各國情況？

So Argentina is probably the best-performing country is around this time in the region. We start to see a recovery in Brazil Peru and Mexico. And they are not all of them growing, but we are not seeing the deterioration that we saw, for example, in Brazil and Mexico, earlier this year or late last year. So we see the stabilization there. Some recovery in the case of Mexico and a very strong Argentina.

因此，阿根廷可能是該地區目前表現最好的國家。我們開始看到巴西、秘魯和墨西哥的經濟復甦。雖然並非所有國家都實現了成長，但我們並沒有看到像今年年初或去年年底巴西和墨西哥那樣的衰退。因此，我們看到這些國家的經濟正在穩定下來。墨西哥經濟復甦，阿根廷經濟也表現強勁。

Great. It's great to hear. Thank, thanks for all the color. I appreciate it.

太好了。聽到這個消息真是太好了。謝謝，謝謝你的精彩分享。我很感激。

Thank you.

謝謝。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Yeah, thanks for this guys. I wanted to follow up on Jonathan's question on pricing. So nice to hear that the new subscription-based model is going to be accretive. But if we think about sort of revenue per head dynamics, excluding that, just 80 projects so far, it's a relatively small portion of the base. I think last quarter, revenue per head was up 2.8%. We have at a touch lower, maybe closer to 1% this quarter. So just wondering how you're thinking about pricing trends for the overall book of business for the remainder of the year, especially given all the dynamism and in the macro?

是的，謝謝大家。我想跟進喬納森關於定價的問題。很高興聽到新的訂閱模式將帶來增值。但如果我們考慮人均收入的動態，排除這一點，到目前為止只有80個項目，這在基數中只佔很小的一部分。我認為上個季度的人均收入成長了2.8%。本季我們的人均收入略低，可能接近1%。所以，您如何看待今年剩餘時間整體業務的定價趨勢，尤其是在市場如此活躍且宏觀經濟的情況下？

Yes. So far, we have been able to either maintain or slightly grow our revenue per share, which I think, given the market that we have seen in the last two to three years is quite remarkable. So we have been maybe at the expense of sometimes growth. We have been very consistent on trying to maintain our pricing, trying to maintain our margins, working hard to protect profitability and somehow the results have been showing that over the last two years. Pricing, yeah, it's not a very hot market. So pricing is a challenge, and you have to negotiate.

是的。到目前為止，我們的每股盈餘能夠保持穩定或略有成長，考慮到過去兩三年的市場表現，我認為這樣的成長相當可觀。因此，我們有時可能會以犧牲成長為代價。我們一直在努力維持定價，維持利潤率，努力維護獲利能力，過去兩年的表現也證明了這一點。是的，定價，市場不太火爆。所以定價是一個挑戰，你必須進行談判。

But we, as a company, we believe that we need to protect profitability, we need to have deals that are -- make sense for the company, right? We don't want to -- we always start to protect margin for -- since we were public. And our margins actually, if you look at the gross margins, they've been between 38% and 31% for the last 10 -- 10, 12 years as a public company, right?

但作為一家公司，我們認為我們需要保護獲利能力，我們需要進行對公司有意義的交易，對吧？我們不想…自從我們上市以來，我們一直在保護利潤率。實際上，如果你看看毛利率，作為一家上市公司，過去10到12年裡，我們的利潤率一直在38%到31%之間，對吧？

So for us, we know it's easy to take prices down, but we were very hard to avoid those situations and the (inaudible) shows that as well.

因此對我們來說，我們知道降低價格很容易，但我們很難避免這些情況，而且（聽不清楚）也表明了這一點。

Yeah, makes sense, and it's good color. And I guess related to margins, I wanted to ask about utilization as well. I think last quarter on the call, you talked about improving utilization as a potential margin lever opportunity. So I think last quarter, utilization fell sequentially and year-over-year to call it, 78%. Any update on what that was this quarter?

是的，很有道理，數據也不錯。關於利潤率，我想問利用率。我記得上個季度的電話會議上，您提到提高利用率是一個潛在的利潤槓桿機會。所以我認為上個季度的利用率環比和同比都有所下降，降幅達到了78%。請問本季的使用率情況如何？

And then in light of the business optimization, I guess, my guess would be that utilization maybe gets a little better, but expectations for the rest of the year.

然後，考慮到業務優化，我猜利用率可能會稍微好一點，但今年剩餘時間的預期是這樣的。

Yeah, utilization is up about 40 basis points this quarter, and we are -- we expect to take it even further up with all the BIM optimization plan that we did, part of that creates or improves our utilization rates as well. So we always talked about 80% to 81% as a target utilization number, and that's still valid, and we are working towards that.

是的，本季利用率上升了約40個基點，而且我們預計，透過實施BIM優化計劃，利用率還會進一步提升，這在一定程度上也會創造或提高我們的利用率。我們一直將80%到81%作為目標利用率，這個目標現在仍然有效，我們正在努力實現這一目標。

We also mentioned in the past that in a very hot market, it's always easier to drive utilization up. But I mean, we are making progress. And this quarter, we were able to increase that by about 40 basis points.

我們之前也提到過，在市場非常火爆的情況下，提高利用率總是比較容易。但我的意思是，我們正在取得進展。本季度，我們成功地將利用率提高了約40個基點。

Thanks for the color.

謝謝你的顏色。

Thank you.

謝謝。

Leonardo Olmos, UBS.

瑞銀的萊昂納多·奧爾莫斯。

Hi, everyone. Thank you for taking the question. Good evening. Can you talk a little bit about the potential or not concentration of consultancy firms or IT services among clients? I mean, are clients talking to newer firms or are they just concentrating the biggest one?

大家好。感謝您回答這個問題。晚安.您能否談談顧問公司或IT服務在顧客中集中度的可能性？我的意思是，客戶是在與新公司洽談，還是只專注於最大的公司？

Because I thought and please correct me if I'm wrong that you may be not growing that much with clients with revenue around on top of $1 million. If that's the case, please correct me. But all in, I want to know how competition is and how prices are and if clients are concentrating with lower number of IT services companies? Thank you.

因為我認為，如果我錯了，請糾正我，你們的收入在100萬美元以上的客戶可能不會有太大的成長。如果是這樣，請糾正我。但總的來說，我想知道競爭如何，價格如何，以及客戶是否集中在數量較少的IT服務公司？謝謝。

Yeah. We have been running a lot of these consolidation processes. And the good news is that we have been selecting in all of them. And I think that we're in pretty much all of them. So that's one thing.

是的。我們一直在進行很多這樣的整合流程。好消息是，我們已經在所有這些流程中進行了篩選。而且我認為我們幾乎參與了所有流程。這是一方面。

The second thing is we have more accounts yielding more than $1 million than a year ago. So that is picked by itself in the -- to your question. And the other thing is, yeah, companies are looking for a differential for a differential offering.

第二件事是，與一年前相比，我們擁有更多收益超過100萬美元的帳戶。所以，這本身就反映了你的問題。另一件事是，是的，公司正在尋求差異化產品所帶來的差異化。

They're tired about the traditional big massive consulting firms that do not innovate or that they are not bringing anything new to the table. And one of the reasons why we are being able to maintain our position and leadership is that we are offering something new.

他們厭倦了傳統的大型顧問公司，它們缺乏創新，或者說沒有帶來任何新的東西。而我們能夠保持領先地位的原因之一，就是我們提供了一些新的東西。

And we are telling to the market, listen, the model will change, and we are changing faster than that. So I'm extremely excited about that, and I think that the future will keep on showing that smaller companies like Globant, right, has a much higher impact on how corporations transform themselves to become the next versions of themselves. So I'm very bullish on that, but please, my teammates here.

我們正在告訴市場，聽著，模式會改變，而我們的變化速度比這更快。所以我對此感到非常興奮，我認為未來會繼續證明，像 Globant 這樣的小公司對企業如何轉型成為下一代企業有著更大的影響力。所以我對此非常樂觀，但請允許我的隊友們說幾句。

No, I think like Martin said, like Martin said (inaudible) consolidation happens (inaudible) cycle. We've been through many of them -- most of our top clients have done that. And those were actually opportunities for us because we ended up in the vast majority, we ended up selected I think that at this particular moment, what is interesting is that procurement instead of coming up with consolidation, it because of our requirement of the business, on the contrary, opens up, what this means is it opens the possibility to bring boutique type of companies. Why is that?

不，我認為就像馬丁說的，就像馬丁說的（聽不清楚）整合會發生（聽不清楚）週期。我們經歷過很多這樣的整合——我們的大多數頂級客戶都經歷過。這些實際上對我們來說是機會，因為我們最終被選中，成為絕大多數客戶之一。我認為在這個特定時刻，有趣的是，採購不是提出整合，而是因為我們對業務的需求，相反，它開闢了，這意味著它為引入精品公司打開了可能性。為什麼呢？

They're smaller, they react fast to changes in the technological landscape. So typically, when these major changes happen, you see the opposite as opposed to consolidation, open it up and soften the vendor selection. What's good about this is that we been running alongside those companies, and we've been getting those types those type of opportunities.

它們規模較小，對技術格局的變化反應迅速。因此，通常情況下，當這些重大變化發生時，你看到的不是整合，而是開放，供應商的選擇也會更加寬鬆。這樣做的好處是，我們一直與這些公司合作，並且獲得了類似的機會。

In most of our clients, we're either leading AI or executing our client strategy. Many of our clients have either selected Chief AI Officer or their Chief Data Officer, has put together the strategy. And they said, Globant, now I need your help to scale that this.

在大多數客戶中，我們要麼領導人工智慧，要麼執行客戶策略。許多客戶要不是選出了首席人工智慧官，就是選出了首席數據官，制定了策略。他們說：“Globant，現在我需要你的幫助來擴大規模。”

So -- and I think that's the most important aspect that I would like to go -- it's not -- the other process has been running over and over for a long time. But when this happens, you set a part of companies that innovate fast that take bold decisions from the ones that take longer.

所以——我認為這是我想說的最重要的一點——它不是——其他流程已經反覆運行了很長時間。但當這種情況發生時，你就能分辨出一部分創新速度快、能夠做出大膽決策的公司，以及那些耗時較長的公司。

Yeah. also, our focus on 100 square program, right? I mean we are paying a lot of attention to those accounts that can multiply for us that can -- that has a potential of having a larger need of making these massive transformations -- and I think that, that approach is extremely important for our future, and we will keep on paying a lot of attention and our best people into those accounts.

是的。另外，我們的重點是「100平方」項目，對吧？我的意思是，我們非常關注那些能夠為我們帶來成長的客戶，這些客戶有潛力——有更大的需求來進行這些大規模的轉型——我認為這種方法對我們的未來極其重要，我們會繼續投入大量精力，並把我們最優秀的人才投入到這些客戶中。

Thank you very much, Leo. So that will be all for the Q&A session of today. Thank you.

非常感謝，Leo。今天的問答環節就到這裡。謝謝。

Thank you very much, Martin and Diego.

非常感謝馬丁和迭戈。

Thank you.

謝謝。

Divya, any words?

Divya，有什麼話要說嗎？

Thanks for bringing me back. I really appreciate it here. I just want to give a little bit more color. I know you've provided a lot of information on the AI bots. But could you help us understand what's the scale and scope of some of the engagements you're seeing?

謝謝你邀請我回來。我真的很感激。我只是想再多介紹一下。我知道你已經提供了許多關於人工智慧機器人的資訊。但你能不能幫我們了解你所看到的一些互動的規模和範圍？

And are you seeing some of these engagements expand into existing clients? Or are you also seeing some net new clients adopting and getting interested in this AI card methodology or a solution offering that you have?

您是否看到這些合作擴展到現有客戶？或者，您是否也看到一些新客戶採用並對您的AI卡方法或解決方案感興趣？

Divya. Listen, the pipeline contains like a lot of new customers, and I would say, more than half is current customers. the conversion itself has been on current customers and the new customers and some new customers. But I would say that the vast majority of what we close today our current customers plus two or three new.

Divya。聽著，我們的銷售管道包含許多新客戶，我想說，超過一半是現有客戶。轉換本身就包括現有客戶、新客戶以及一些新客戶。但我想說，我們今天成交的絕大多數客戶都是現有客戶，外加兩、三個新客戶。

So -- but it's very interesting to see the dynamics inside the pipeline. Because inside the pipeline, you have a lot of customers transforming deals and making deals -- they used to be like traditional deals, but now moving into this new subscription model.

所以——但觀察通路內部的動態非常有趣。因為在頻道內部，有許多客戶正在轉換交易並達成交易——他們過去喜歡傳統的交易，但現在轉向了這種新的訂閱模式。

And then we have a lot of new customers that we didn't have before. So we announced it, it was quite low profile. We just sent email to some of our -- but I received, for example, an e-mail from a Hyperscaler saying, Martin, look, we understand this quite well.

然後，我們有很多以前沒有的新客戶。所以我們宣布了這個消息，但相當低調。我們只是給一些客戶發了郵件——但我收到了一封來自Hyperscaler的郵件，上面寫著：Martin，你看，我們對此非常了解。

And we like what you're doing, and we would love to know more about it, and that happens yesterday. So what I'm saying is creating momentum (inaudible) -- sorry, not Bank Capital bam, consulting out a report to talk about the new model, like -- it was a very interesting report talking about how this model should be the next choice model, and we're very excited. But I don't know. Covered it all. Okay. So that's the answer -- short answer. You have one more.

我們喜歡你正在做的事情，我們很想了解更多信息，昨天就談到了這一點。所以，我說的是創造動力（聽不清楚）——抱歉，不是銀行資本，而是諮詢一份報告來討論新的模式，就像——那是一份非常有趣的報告，討論了這種模式應該如何成為下一個選擇模式，我們非常興奮。但我不知道。涵蓋了所有內容。好的。這就是答案——簡短的回答。你還有一個問題。

Yeah It's great. It's very exciting. I can tell you, as an outcomes-based pricing model pick up across the sector. You're definitely leading the trend is what I would say. One question that I wanted to understand, like I know some of your peers have been talking about helping global enterprises set up global capability center so GCCs.

是的，很棒，非常令人興奮。我可以告訴你，隨著基於結果的定價模式在整個行業中逐漸興起，我想說，你們絕對引領了這個趨勢。我想了解的一個問題是，我知道你們的一些同行一直在討論如何幫助全球企業建立全球能力中心，也就是GCC。

Is that something Globant has been participating in, helping the global enterprises grow their offshoring unit? And what is the role, if at all, that you play in there? That's all for me.

Globant 一直參與幫助跨國企業發展離岸外包業務，這是真的嗎？你們在其中扮演什麼角色？就這些。

Yes. The answer is yes. We are participating in many of those deals. One of the deals that we were just about to close or is close already, it's about taking over one of these centers. Our proposal as opposed to the traditional proposal is a proposal that includes our AI bots.

是的，答案是肯定的。我們正在參與許多這樣的交易。其中一項我們即將完成或已經完成的交易就是接管其中一個中心。與傳統的方案不同，我們的方案包含了我們的人工智慧機器人。

And it's something that we're pretty proud because we won because of that. And I think that is something that -- I mean this new strategy, new AI bot model comes with two things; first, it makes savings tangible; And second, it provides a level of transparency of what we do that is unparalleled to any other model in the past.

我們為此感到非常自豪，因為我們因此而贏得了勝利。我認為，這個新策略、新的人工智慧機器人模型有兩個特點：首先，它讓節省變得切實可行；其次，它為我們的工作提供了前所未有的透明度。

So we can give you a report of every single token that we use and how we use them, which is the artifacts that has been created using those tokens and how we supervise that and how we make sure that all those things make sense.

因此，我們可以向您提供我們使用的每個令牌以及我們如何使用它們的報告，即使用這些令牌創建的工件，以及我們如何監督這些工件，以及如何確保所有這些事情都是有意義的。

So in essence, I believe that it's a breakthrough on the offering is something that we're extremely excited, but yes, we're participating in all these deals. And hopefully, we will win them all.

所以從本質上講，我相信這是產品上的一個突破，我們對此感到非常興奮。是的，我們正在參與所有這些交易。希望我們能贏得所有交易。

You're the best. Thank you so much.

你是最棒的。非常感謝。

Thank you, Divya, and I apologize for that. Thank you. So with that, we conclude the Q&A session for today. Thank you all. And now I will turn it over to Martin for some closing remarks. Please go ahead, Martin.

謝謝你，Divya，我對此深表歉意。謝謝。今天的問答環節到此結束。謝謝大家。現在，請Martin作總結發言。 Martin，請發言。

Thank you, Arturo, and thank you, everyone, for participating, for your continued support and looking forward to see you on our next earnings call. Bye-bye.

謝謝阿圖羅，也謝謝大家的參與和持續的支持，期待下次財報電話會議再見。再見。