Puneet Jain: Got it. And are you seeing any pricing pressure on like-to-like basis?
Jason Peterson: The pricing pressure on a like-for-like basis, so I think Ark obviously picked it up in a more pronounced way than I did earlier. So this is definitely an environment where you need to sharpen your pencil. And so really, we are being thoughtful, but it is in an environment where clients are particularly cost sensitive and that is showing up in pricing. And to Moshe’s question earlier, is that traditionally in certain newer engagements, it’s an opportunity to sort of improve price and that’s less the case in this fiscal year.
Puneet Jain: Got it. Thank you.
Operator: Thank you. And one moment please for our next question. Next question will come from Arvind Ramnani of Piper Sandler. Your line is open.
Arvind Ramnani: Hi. Thanks for taking my question. I wanted to ask you about your new clients. Are they coming from specific industries and geos or maybe are you able to provide some color on the nature of work on your new clients?
Arkadiy Dobkin: I think at this specific time, again, there are some industries like, let’s say, oil and gas, which is in pretty good shape, okay? But this is more an exception today. The rest of the new clients, in our view, happens from two kind of categories. Some clients who actually try to utilize this time as an opportunity and decided to go and invest instead of like and get some competitive advantage and that’s exactly what you recall before say, as soon as these type of clients will demonstrate some results, it will trigger a faster recovery of the market for build and kind of transformative programs, okay? And the second category, I think, it’s a client which is, at this point, not trying just to do transformative programs, but trying to utilize this time to build relations with stronger vendors for the future return and be prepared for this.
Because, in our view, demand for talent when market will rebound will be very, very strong with everything what’s happening right now in technology, in technical debt and since which we have not done or not finished and with everything was triggered by, it seems like everybody is trying to talk about generative AI on the operations, but it’s still there and it will change actually the landscape. So that will put pressure on the talent demand as well. Well, a lot of people speculation that it would replace companies like EPAM very soon [ph], okay.
Arvind Ramnani: Yeah. That’s helpful. And I mean, I know typically, when you start your client relationships, they start small and then they kind of ramp over time. Is that kind of a similar dynamic that you have with these new clients?
Arkadiy Dobkin: So there are a few example on — we kind of give, I think, five, six examples across different vendors. There are few of them, which is pretty large and that’s why we mentioned that it might be that they will be driving our growth to the next years. There are some of them, which is more framework contracts, which we won and just started and there is a specific place how it’s happening. So it might start to bring results like closer to the end of the year, maybe beginning of the next year, visible results. And there are some which is very, very specific programs, but not big, but very interesting from the new technology standpoint. So it’s kind of a variety of this. If we will see better trends, that would mean that it’s actually the market change.
Arvind Ramnani: Perfect. And just last question from me. I just — I did want to ask about Belarus. Can you share some sort of headcount trends and utilization in Belarus and are you also seeing any pushback with sort of your exposure to Belarus?
Arkadiy Dobkin: I think I have answered for kind of Ukraine and Belarus here. I think with Ukraine clients who stayed with Ukraine are much more comfortable right now. We see some clients coming back. Again, it proves that nothing was happening from the quality of delivery or kind of impact on any production activities during the last 18 months, making clients more comfortable. Yes, it’s kind of new normal, but the normal is a key part of this. With Belarus, it’s a slowdown. We still have clients which operate there and we have some clients who are exiting there. So, Belarus is, from headcount point of view, kind of slightly faster than as of anything else.
Arvind Ramnani: Perfect. Thank you very much.
Operator: Thank you. I am seeing no further questions in the queue. I would now like to turn the conference back to Arkadiy Dobkin for closing remarks.
Arkadiy Dobkin: Yeah. Thank you. Thank you, everybody. I think we will update you in three months. But in general, that we get in with all unpredictability, we feel a little bit more stable and predictable than the quarter ago. So thank you very much and talk to you in three months.
Operator: This conclude today’s conference call. Thank you all for participating. You may now disconnect and have a pleasant day.
