IT服务职位列表——2025年5月
USA | Technology & Information Services IT Services Job Listings—May 2025 In May, IT Services job listings decreased m/m for 7 of the 10 companiesthat we track. CTSH, and EPAM saw the biggest declines at -13% m/m each,while DAVA saw the biggest improvement at +8% m/m. Our Job ListingsIndustry Index, which accounts for company size, shows that the trend of overallimprovement from 2023 lows has slowed in the past few months, suggestingIT Services companies have become more cautious in the near-term. Key takes from the May data.Last month, job listings across IT Services decreased m/m for 7of the 10 companies that we track. CTSH, EPAM, and GDYN experienced the most significant m/m decreases with listings down -13%, -13%, and -8%, respectively, while DAVA and EXLS saw m/mlistings increase by +10% and +6%, respectively. Post-1Q earnings, we found that q/q job listingsgrowth in this report was directionally consistent with q/q organic revenue growth for most ofthe companies under our coverage, but not at a level to predict with confidence the magnitude.While this data is interesting and helpful in assessing longer-term trends, we find that due toidiosyncracies at each company, the potential for a dislocation between revenue trends and joblistings growth is possible in any given quarter. In the future, we expect this report to help assesshow successful IT Services firms are in disconnecting revenue growth and headcount growth asa result of AI. Job listings growth is correlated with organic revenue growth but not completely.For CTSH,EPAM, and GLOB, organic revenue growth q/q vs job listings growth q/q exhibits an r-squared above50%, while the evidence is weaker for the rest (Exhibit 3). With that in mind, this relationship is higherfor EXLS, and CGI with the following quarters' organic revenue growth (Exhibit 3). Some additional considerations: •Job listings hit a historical high in 2021, but then saw y/y declines in 2022 and 2023•The hiring cycle is faster for consulting projects, while BPO projects take longer•BPO firms' listings see relevant changes when big managed services projects ramp•Differing fiscal year ends can have an impact on listings and hiring timing Surinder Thind, CFA * | Equity Analyst(415) 229-1515 | sthind@jefferies.com Logan Schuh * | Equity Associate+1 (201) 685-6981 | lschuh@jefferies.com A more detailed analysis and company-specific data and trends can be found in Exhibits 4-26. R-squared Analysis Exhibit 4 - Job Listings vs organic revenue growth r-squared IT Services Job Listings Index Exhibit 5 - IT Services Job Listings Index (excl. ACN) Accenture (ACN) CGI (GIB) Cognizant (CTSH) Endava (DAVA) EPAM Systems (EPAM) Exl Services (EXLS) Genpact (G) Grid Dynamics (GDYN) Globant (GLOB) WNS Holdings (WNS) Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Surinder Thind, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Logan Schuh, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Colton Feldmann, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 16, 2025 20:25 P.M.Recommendation DistributedJune 17, 2025 0:00 A.M. Company Specific Disclosures Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Grid Dynamics Holdings Inc.Jefferies Financial Group Inc., its a
