Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
David Grossman
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 13%2 of 16 questions
- Companies
- 2questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 2 companies
EPAMEPAM Systems12 questions · 6 reporting periods · 2 of 12 challenging
Calendar 2026 Q1
can you still hit the midpoint of the range if we see a continuation of the environment where these larger deals continue to get pushed out?
Show response
CFO confirmed lower end reflects further macro worsening and more delayed decision-making. Higher end requires solid execution plus higher share of large deal wins. CEO stated midpoint achievable with steady execution and typical EPAM conversion without needing many large deals, but continued macro deterioration would challenge it.
did I get that right? And if I did, could you maybe at least provide some clarity around that dynamic and where those investments are going?
Show response
CEO confirmed deliberate plan to replicate EMEA go-to-market success in North America. Investments in personnel, process, and transformation of go-to-market motions. New CMO brought in focusing on performance marketing. Shift from seller to buyer market dynamics recognized.
Calendar 2025 Q4
I'm just curious, maybe you could do the same and help characterize what impact pricing is having either positive or negative year-over-year in '26
Show response
CFO confirmed low single-digit rate increases at significant number of clients in both Europe and North America entering 2026. Not yet at levels from 4-5 years ago but improving. India growing faster, operating at profitability above EPAM average and approaching most mature geographies.
When does that [ dam ] have to break at some point, when does the spending have to accelerate despite uncertainty?
Show response
CEO acknowledged inability to predict timing but expressed optimism based on larger programs materializing. Financial services in Europe cited as example where transformation can no longer be deferred. AI investment decisions creating larger but slower procurement cycles. AI native revenues expected to reach $600M in 2026 as scaling indicator.
Calendar 2025 Q3
when did the contract profitability, when -- is this the first quarter that it really inflected
Show response
CFO confirmed profitability work ongoing throughout the year including pyramid optimization. Q4 profitability expected much better than anticipated 90 days ago. IFO now expected at 15-15.3% vs prior 15% midpoint.
the revenue per head is up for the first time in 3 quarters despite flat utilization
Show response
CFO acknowledged noise in revenue per head metric from utilization and FX. After stripping out these factors, seeing somewhat better pricing driven partly by customer mix. Consistent with account margin improvement.
Calendar 2025 Q2
is it fair to use the fourth quarter exit rate as a base to build upon for next year
Show response
CFO confirmed focus on hitting midpoint of IFO guide. Pricing improving somewhat from deal standpoint. Environment still cautious but better than 6 months ago.
are there any other trends or data points that you can share that may provide better insight
Show response
CEO drew parallel to historical tech transitions. Clients attempting AI themselves are returning after 3-9 months for professional execution. Believes enterprise AI complexity will drive demand for skilled engineering talent.
Calendar 2025 Q1
where we are in India today versus your most mature recruiting kind of infrastructure in the Ukraine
Show response
CEO explained India has strong senior talent but higher junior ratio vs mature locations. Quality gap shrinking. Now ~20% of capacity.
I wonder if you just speak a little bit more about the growth dynamics within the customer cohorts. I think the growth outside the top 20
Show response
CEO confirmed client return trend is accumulating but did not quantify. CFO noted M&A introduced many smaller clients boosting outside-Top-20 growth.
Calendar 2024 Q4
I'm just wondering what impact, if any, that's having on the margins currently. And just curious whether there's anything unique about your specific ability to price
Show response
Management explained unique positioning: higher exposure to talent mix shifts than peers, deliberate talent retention investment.
I'm wondering maybe if you could speak a little bit of your capacity and your ability to accelerate revenue growth once demand improves
Show response
CFO expressed confidence in growth capacity across geographies but did not size the revenue per headcount headwind from mix shift.
PAYXPaychex4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q3
walk us through the mechanics of the growth rate for the quarter and the year?
Show response
Bob said MS growth is driven by revenue per client, split roughly between pricing (~3 points) and ancillary attachment, with retention filling the balance.
Calendar 2026 Q2
what impact if any, do the changes in health care inflation have on the growth of the PEO?
Show response
Schrader said high medical inflation is a PEO tailwind and renewals in fall and calendar-year start went well; answered.
Calendar 2026 Q1
you did make a general comment about a certain level of comfort with where consensus was for next year.
Show response
Follow-up on Revenue guidance positioning and FY2027 consensus comfort.
I think last quarter, your bias was the low end of the revenue growth range. And I am just wondering, in reiterating the guide, are we still favoring the low end?
Show response
Management addressed Revenue guidance positioning and FY2027 consensus comfort.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EPAM EPAM Systems | 12 | 17%2 of 12 questions |
| PAYX Paychex | 4 | 0%none of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing6
- Demand4
- Guidance Reliability4
- Geographic Expansion4
- Margin4
- Revenue Growth3
- Macroeconomic3
- Competitive Dynamics3
- Cloud & AI2
- Labor Market1