高知特 (CTSH) 2016 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions' first-quarter 2016 earnings conference call.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2016 年第一季財報電話會議。

(Operator Instructions)

（操作說明）

Thank you. I'd now like to turn the conference over to David Nelson, Vice President of Investor Relations and Treasurer at Cognizant. Please go ahead, sir.

謝謝。現在，我謹將會議交給 Cognizant 的投資人關係副總裁兼財務長 David Nelson。請繼續，先生。

Thank you, operator and good morning, everyone. By now you should have received a copy of the earnings release for the Company's first-quarter 2016 results. If not, a copy is available on our website, Cognizant.com. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Gordon Coburn, President; and Karen McLoughlin, Chief Financial Officer.

謝謝接線員，大家早安。現在你應該已經收到公司 2016 年第一季業績的獲利報告副本了。如果沒有，您可以在我們的網站 Cognizant.com 上取得副本。今天參加電話會議的發言人有：執行長 Francisco D'Souza；總裁 Gordon Coburn；以及財務長 Karen McLoughlin。

Before we begin, I would like to remind you that some of the comments made on today's call, and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the Company's earnings release and other filings with the SEC.

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中所述的風險和不確定性的影響。

I would now like to turn the call over to Francisco D'Souza. Please go ahead, Frank.

現在我想把電話交給弗朗西斯科·德索薩。請繼續，弗蘭克。

Thank you, David, and good morning, everyone. Thanks for joining us today. Our Q1 revenue was $3.2 billion, down 0.9% from Q4 and within our guided range of $3.18 billion to $3.24 billion. Revenue was up 10% from a year ago.

謝謝你，大衛，大家早安。感謝您今天收看我們的節目。我們第一季的營收為 32 億美元，比第四季下降了 0.9%，在我們先前預測的 31.8 億美元至 32.4 億美元的範圍內。營收比去年同期成長了10%。

The quarter developed exactly as we outlined when we provided guidance back in February. As we expected, we saw some softness in our financial services and healthcare segments resulting in a slow start to the year. Macroeconomic concerns and market volatility weighed on the banking industry at the start of this year, resulting in some moderation in discretionary spending. We anticipate a return to positive sequential growth in our financial services practice for the balance of this year.

本季的發展情況與我們在2月提供業績指引時所描述的完全一致。正如我們預期的那樣，金融服務和醫療保健部門出現了一些疲軟，導致今年開局緩慢。今年年初，宏觀經濟擔憂和市場波動給銀行業帶來了壓力，導致可自由支配支出放緩。我們預計今年剩餘時間內，我們的金融服務業務將恢復正成長。

Industry consolidation within the healthcare payer space was a key factor in the softness of our healthcare practice during Q1. Going forward this year, we also expect a return to positive sequential growth in our healthcare segment, as the pressure from industry consolidation is expected to be partially offset by anticipated project ramp ups, and a strong pipeline including the recent signing of a significant multi-year deal with EmblemHealth, one of New York's leading health insurance and wellness companies.

醫療保健支付領域的產業整合是我們醫療保健業務在第一季表現疲軟的關鍵因素。展望今年，我們預計醫療保健業務也將恢復正成長，因為產業整合帶來的壓力預計將被預期的專案啟動和強勁的專案儲備（包括最近與紐約領先的健康保險和健康公司之一 EmblemHealth 簽署的一項重要的多年期協議）部分抵消。

Turning guidance, we are reaffirming our full-year non-GAAP EPS guidance within a range of $3.32 to $3.44, and tightening our full-year revenue growth guidance to a range of approximately 10% to 13%. What's important to note is our Q2 revenue guidance reflecting a strong rebound in sequential growth is a range of $3.34 billion to $3.4 billion. This represents incremental revenue within a range of $140 million to $200 million, and would make Q2 a strong sequential growth quarter, putting us on a solid trajectory for the rest of the year. We expect broad-based momentum across service lines, geographies and industries in Q2.

展望未來，我們重申全年非GAAP每股收益預期在3.32美元至3.44美元之間，並將全年營收成長預期收緊至約10%至13%。值得注意的是，我們第二季營收預期為 33.4 億美元至 34 億美元，這反映了環比成長的強勁反彈。這意味著新增收入將在 1.4 億美元至 2 億美元之間，這將使第二季度成為一個強勁的環比增長季度，使我們在今年餘下的時間裡走上穩健的發展軌道。我們預計第二季各服務線、地理位置和產業都將呈現廣泛的成長動能。

In support of our confidence in the business and the strength of our pipe line, we've stepped up hiring, adding approximately 11,300 net hires this past quarter. Karen will provide you with full details of our expected financial performance shortly.

為了支持我們對業務的信心和我們人才儲備的實力，我們加大了招募力度，上個季度淨增約 11,300 名員工。Karen稍後會向您提供我們預期財務業績的全部詳情。

Moving on, let me provide some color on the key factors influencing client spending in the current environment. As we've seen over the last several quarters, digital transformation continues to be a strong driver of demand, as clients look for new solutions that allow them to defend their businesses against digital disrupters, while innovating to create new areas of growth.

接下來，讓我詳細介紹一下當前環境下影響客戶支出的關鍵因素。正如我們在過去幾季所看到的，數位轉型仍然是需求的強勁驅動力，因為客戶正在尋求新的解決方案，以保護他們的業務免受數位顛覆者的衝擊，同時進行創新以創造新的成長領域。

We're in a strong position to capture the opportunities that are emerging from this transition. We believe that for true enterprise-wide digital transformation, clients need an interdisciplinary framework which brings together strategy, technology, design, data science, and industry knowledge. Cognizant Digital Works has been developed to provide this integrated approach to driving transformation.

我們處於有利地位，能夠抓住此次轉型帶來的機會。我們認為，要實現真正的企業級數位轉型，客戶需要一個跨學科的框架，將策略、技術、設計、數據科學和產業知識結合起來。Cognizant Digital Works 的開發旨在提供這種推動轉型的整合方法。

This quarter we've added another dimension to our Digital Works approach by acquiring a 49% stake in ReD Associates, a human science consultancy that focuses on consumer experience and behavior, and how these factors impact corporate strategy, products and services, and go-to-market approaches. Together, ReD and Cognizant will provide a unique and compelling approach for businesses in helping them reframe their challenges for the digital era. Gordon will talk more about ReD later in his comments.

本季度，我們透過收購 ReD Associates 49% 的股份，為我們的數位化工作方法增添了另一個維度。 ReD Associates 是一家專注於消費者體驗和行為的人類科學顧問公司，致力於研究這些因素如何影響企業策略、產品和服務以及市場推廣方法。ReD 和 Cognizant 將攜手為企業提供獨特而引人注目的方法，幫助他們重新定義數位時代面臨的挑戰。Gordon將在稍後的評論中更多地談到ReD。

True digital transformation requires businesses to make fundamental changes in customer experience, operations, and business models that extend throughout the organization, from the front office to the middle office and right through to the back office systems. At the front end, where enterprises engage with a myriad of stakeholders from customers to employees and business partners, our clients are looking to build capabilities that create personalized experiences across multiple devices that are well-integrated with their business and technology architectures, and can be deployed rapidly at scale.

真正的數位轉型要求企業從根本上改變客戶體驗、營運和商業模式，這種改變將遍及整個組織，從前台到中台，一直到後台系統。在前端，企業與從客戶到員工和業務合作夥伴的眾多利益相關者互動，我們的客戶希望構建能夠跨多個設備創建個性化體驗的功能，這些功能與其業務和技術架構良好集成，並且可以快速大規模部署。

In the middle office, clients are looking for operational agility and efficiency, by combining people, processes and technology through platforms that are delivered as outcome-based models. These shared utility models sometimes called Business Process as a Service or BPaaS can be enhanced with automation and analytics to bring additional value to client's operations. And in the back office, clients must modernize core IT systems, and implement complex engineering development methods to create the technology backbone that's able to support the agility, scale and performance needs of a digital enterprise. It's through this lens that we've identified investments in three key strategic areas, to take clients through this transformation journey.

在中台領域，客戶希望透過將人員、流程和技術透過以結果為導向的平台結合，實現營運的敏捷性和效率。這些共享實用模型（有時稱為業務流程即服務或 BPaaS）可以透過自動化和分析進行增強，為客戶的營運帶來更多價值。在後台，客戶必須對核心 IT 系統進行現代化改造，並實施複雜的工程開發方法，以創建能夠支援數位企業敏捷性、規模和效能需求的技術骨幹。正是透過這種視角，我們確定了三個關鍵策略領域的投資方向，以帶領客戶完成這趟轉型之旅。

Let me now talk more about each of these initiatives in detail.

現在讓我詳細談談這些舉措。

The first strategic initiative is building the digital capabilities to work with our clients on their front-end systems. I spoke a few minutes ago about our Digital Works approach, which seamlessly integrates five essential elements: strategy, technology, data science, experience design and industry expertise, to develop and deliver digital solutions rapidly.

第一個策略舉措是建立數位化能力，以便與客戶合作開發其前端系統。幾分鐘前我談到了我們的數位工作方法，該方法無縫整合了五個基本要素：策略、技術、數據科學、體驗設計和行業專業知識，以快速開發和交付數位解決方案。

We're finding great traction for this framework across the industries that we serve. For example, we're helping a leading life sciences company to improve diabetic care by implementing an Internet of Things or IoT infrastructure that enables remote upgrades to home-based glucose meters and insulin pumps. Doing so, will improve customer satisfaction and adherence to testing regimes. This comes after we've already successfully developed an IoT monitoring framework for the same company to better maintain its thousands of surgical devices remotely.

我們發現，在我們所服務的各個產業中，這個框架都獲得了極大的認可。例如，我們正在幫助一家領先的生命科學公司透過實施物聯網 (IoT) 基礎設施來改善糖尿病護理，該基礎設施能夠遠端升級家用血糖儀和胰島素幫浦。這樣做將提高客戶滿意度和對檢測制度的遵守。此前，我們已經成功為同一家公司開發了一個物聯網監控框架，以便更好地遠端維護其數千台手術設備。

The second strategic initiative is to help clients achieve new levels of efficiency and effectiveness in their core transaction processing operations by building platform-based solutions and industry utilities. These solutions are offered to clients in a Business Process as a Service or BPaaS model that allows clients to shift from buying service to buying an outcome. By applying a series of levers including process optimization, digitization and large-scale efficiencies, we're able to bring clients levels of effectiveness which they would have been unable to reach on their own.

第二項策略舉措是建立基於平台的解決方案和產業工具，幫助客戶在其核心交易處理業務中實現新的效率和效益水平。這些解決方案以業務流程即服務 (BPaaS) 模式提供給客戶，使客戶能夠從購買服務轉變為購買結果。透過運用流程優化、數位化和大規模效率提升等一系列手段，我們能夠為客戶帶來他們自身無法達到的效率水準。

The third strategic initiative is to transform client's existing IT systems and infrastructure to next generation IT. Clients cannot harness the potential from digital technologies, without integrating with, and upgrading their legacy systems and infrastructure. This requires a transformation of their IT backbone, including a simplification of how applications are developed and delivered, along with the standardization of the IT infrastructure to ensure simplicity and flexibility at an appropriate cost.

第三項策略措施是將客戶現有的 IT 系統和基礎架構改造為下一代 IT。客戶如果不整合並升級其原有系統和基礎設施，就無法利用數位技術的潛力。這需要對其 IT 基礎架構進行轉型，包括簡化應用程式的開發和交付方式，以及標準化 IT 基礎設施，以確保在適當的成本下實現簡單性和靈活性。

For instance, under our agreement with the healthcare client I mentioned at the beginning of my remarks, over the next several years, Cognizant will help retire, upgrade and modernize their legacy infrastructure, software and development processes. We will replace legacy infrastructure with cloud-based virtual infrastructure, upgrade all software capabilities with Cognizant's TriZetto Facet software, and implement agile methodologies to ensure and expedite the timely development and roll out of new products.

例如，根據我前面提到的醫療保健客戶與我們達成的協議，在接下來的幾年裡，Cognizant 將幫助他們淘汰、升級和現代化其遺留的基礎設施、軟體和開發流程。我們將以基於雲端的虛擬基礎設施取代傳統基礎設施，使用 Cognizant 的 TriZetto Facet 軟體升級所有軟體功能，並實施敏捷方法，以確保和加快新產品的及時開發和推出。

With that, let me hand the call over to Gordon to discuss our performance, and then to Karen to provide more financial details. I'll be back later to take your questions. Gordon?

那麼，接下來我將把電話交給戈登，讓他討論我們的業績，然後再交給凱倫，讓她提供更多財務細節。我稍後會回來回答你們的問題。戈登？

Thank you, Francisco. Heading into the rest of the year, we have good momentum across the business, as indicated by our Q2 guidance, which anticipates very healthy sequential revenue growth. With that in mind, let me provide you with some additional color on our performance across industries, Horizon-2 businesses, and geographies.

謝謝你，弗朗西斯科。展望今年剩餘時間，我們業務發展勢頭良好，正如我們第二季度的業績指引所示，預計營收將實現非常健康的環比成長。有鑑於此，讓我再為您詳細介紹一下我們在各個行業、Horizo​​​​n-2 業務和地區的業績表現。

Our bank and financial services segment was down 1.7% sequentially, and up 10.7% year over year. As we discussed on our first-quarter call, macroeconomic concerns weighed on our banking practice at the start of the year. While we've seen stabilization in the markets, and expect improved performance within our banking practice over the course of the year, several of our banking clients continue to take a cautious approach. Looking past these short-term challenges, it is increasingly clear that the FinTech revolution is driving our banking clients to invest in significant changes to their business model, to meaningfully pivot towards becoming digital enterprises.

我們的銀行和金融服務部門季減 1.7%，年增 10.7%。正如我們在第一季電話會議上討論的那樣，年初宏觀經濟方面的擔憂對我們的銀行業務造成了壓力。雖然我們看到市場趨於穩定，並預計今年銀行業務的業績將有所改善，但我們的一些銀行客戶仍然採取謹慎的態度。拋開這些短期挑戰不談，越來越明顯的是，金融科技革命正在推動我們的銀行客戶對其商業模式進行重大變革，從而切實轉型為數位化企業。

Moving on to our insurance practice.

接下來談談我們的保險業務。

We continue to see strong demand for solutions which help transform the claims and underwriting processes, deliver greater efficiencies, increasingly through managed services or other outcome-based arrangements. In addition, there's an increased focus on automation and digital, particularly at areas that improve customer experience and customer self service, often through harnessing data and analytics to drive real-time decisions.

我們持續看到市場對能夠幫助轉變理賠和承保流程、提高效率的解決方案的強勁需求，而這種需求越來越多地透過管理服務或其他基於結果的安排來實現。此外，人們越來越關注自動化和數位化，尤其是在改善客戶體驗和客戶自助服務的領域，通常是透過利用數據和分析來推動即時決策。

Let me give you an example. We're working with the Guardian Life Insurance Company to implement a next generation IT solution for modernizing its big-data infrastructure with Cognizant's BigFrame, a platform solution that leverages Cognizant's extensive big-data and mainframe expertise. Using the BigFrame solution, Guardian will fast track its modernization program, while minimizing risk and operational impact. The new platform-based environment integrates data from multiple sources, providing comprehensive data-as-a-service to internal teams for self-service analysis, improve decision making and faster product development.

我舉個例子。我們正在與 Guardian Life Insurance Company 合作，利用 Cognizant 的 BigFrame 平台解決方案，為其大數據基礎設施實施新一代 IT 解決方案，該平台解決方案充分利用了 Cognizant 在大數據和大型主機方面的豐富專業知識。利用 BigFrame 解決方案，Guardian 將加快其現代化計劃，同時最大限度地降低風險和營運影響。新的基於平台的環境整合了來自多個來源的數據，為內部團隊提供全面的數據即服務，以進行自助分析，改善決策並加快產品開發。

Our healthcare segment which consists of payer, provider, pharmaceutical, biotech and medical-device clients declined 4% sequentially, and grew 4% year over year. The seasonal impact of TriZetto's software business contributed to roughly half of the sequential decline, as a large portion of software sales occur in the fourth quarter. As we've discussed for several quarters, the industry consolidation amongst several of the nation's largest payers is weighing on our healthcare practice in 2016; however, the payer sector continues to undergo fundamental changes. Over the medium and longer term, we believe these changes will create opportunities that we're well-positioned to capture, particularly through the combined Cognizant and TriZetto offerings.

我們的醫療保健業務部門（包括支付方、醫療服務提供方、製藥公司、生技公司和醫療器材公司客戶）較上季下降 4%，較去年同期成長 4%。TriZetto 軟體業務的季節性影響導致了環比下降約一半，因為很大一部分軟體銷售額發生在第四季度。正如我們幾個季度以來所討論的那樣，2016 年，美國幾家最大的支付方之間的行業整合對我們的醫療保健業務造成了壓力；然而，支付方行業仍在經歷根本性的變化。從中長期來看，我們相信這些變化將創造機遇，而我們有能力抓住這些機遇，特別是透過 Cognizant 和 TriZetto 的合併產品。

As you recall, we had said that by acquiring TriZetto, we were acquiring IP in the form of software, which when combined with our traditional IT and business process services would allow us to create revenue synergies that neither company alone would have been able to achieve. These synergies include increased systems integration, hosting and business process opportunities around the TriZetto's software, and most importantly, end-to-end platform-based solutions. The integration of TriZetto and market acceptance of our combined capabilities has exceeded even our own expectations. As a result, we continue to feel good about the acquisition, and our ability to create shareholder value through strong synergy revenues.

如您所知，我們曾說過，透過收購 TriZetto，我們獲得了軟體形式的智慧財產權，這些智慧財產權與我們傳統的 IT 和業務流程服務相結合，將使我們能夠創造任何一家公司單獨都無法實現的收入協同效應。這些協同效應包括圍繞 TriZetto 軟體增加系統整合、託管和業務流程機會，以及最重要的端到端平台解決方案。TriZetto 的整合以及市場對我們合併後能力的接受程度甚至超出了我們自己的預期。因此，我們仍然對此次收購充滿信心，並相信我們能夠透過強大的綜效收入為股東創造價值。

In addition to end-to-end BPaaS solutions in healthcare, we're also winning in digital. For example, Cognizant has been engaged by a division of a major healthcare player as their strategic partner in their digital business transformation. This client is experiencing rapid growth, and has process systems and technology that can not keep pace with their growth and strategic vision. We're helping them to re-imagine their customer experience, re-platform their operational backbone, and redesign their operating model, ultimately resulting in increased customer retention and operational effectiveness, improved customer insights and experience, and lower cost of operations.

除了在醫療保健領域提供端到端的 BPaaS 解決方案外，我們在數位化領域也取得了成功。例如，Cognizant 已被一家大型醫療保健公司的某個部門聘為策略合作夥伴，協助其數位化業務轉型。該客戶正經歷快速成長，其流程系統和技術無法跟上其成長和策略願景的步伐。我們正在幫助他們重新構想客戶體驗，重新建立營運基礎架構，並重新設計營運模式，最終實現客戶留存率和營運效率的提升，客戶洞察和體驗的改善，以及營運成本的降低。

Moving to our life sciences business, where the pipeline for deals is strong, despite a muted start to 2016, we continue to see demand for multi-service deals combining applications and infrastructure in our mid-sized pharma clients, while our large pharma clients are increasingly interested managed services arrangements to help reduce operational risk and deliver cost savings.

再來看我們的生命科學業務，儘管 2016 年開局平淡，但交易管道依然強勁。我們繼續看到，中型製藥客戶對結合應用和基礎設施的多服務交易有需求，而大型製藥客戶則越來越關注管理服務安排，以幫助降低營運風險並節省成本。

Our retail and manufacturing segment was up 3.6% sequentially, and 15.2% year over year, driven by strength in retail, manufacturing and logistics. One of the keys to the strength in our manufacturing and logistics practice in recent quarters has been our growing relationship with the engineering teams within our clients, leveraging our digital and IoT expertise to help them smart-enable products, to improve instrumentation across their product portfolios.

我們的零售和製造部門季增 3.6%，年增 15.2%，主要得益於零售、製造和物流的強勁表現。近幾個季度以來，我們在製造和物流業務方面取得優勢的關鍵之一，是我們與客戶工程團隊之間日益密切的關係，利用我們的數位化和物聯網專業知識，幫助他們實現產品智能化，改進其產品組合中的儀器設備。

For example, for a global manufacturer of industrial machinery, we're helping the client who has faced a period of declining sales, digitally enable existing equipment and create new digital products as a way to monetize data, improve the utilization of their equipment, as well as reduce inventory in the supply chain.

例如，對於一家全球工業機械製造商，我們正在幫助面臨銷售下滑的客戶，透過數位化手段實現現有設備的數位化，並創建新的數位產品，從而實現數據貨幣化，提高設備的利用率，並減少供應鏈中的庫存。

Our other segment which includes high-tech communications and information, media and entertainment clients was up 2% sequentially and 14.7% year over year, driven by our technology practice. With high-tech clients, we're seeing good opportunity around platform engineering for cloud services. Working with our high-tech clients enables us to do leading edge technology work, which is often applicable to other industries.

我們另一項業務板塊，包括高科技通訊和資訊、媒體和娛樂客戶，環比成長 2%，年增 14.7%，這主要得益於我們的科技業務。對於高科技客戶而言，我們在雲端服務的平台工程方面看到了良好的機會。與高科技客戶合作使我們能夠進行尖端技術工作，這些工作通常也適用於其他行業。

For example, we're implementing this platform development for a client who is a leading provider of cloud-computing services. Cognizant is creating a fully automated platform which will target the mid-market enterprise space to provide real-time and a lasting capacity for their customers' network and storage needs, and to price this capacity accordingly. As a result, the client was able to significantly reduce cloud-services provisioning time, and launch new variable pricing models, matching changes in market demand. This kind of experience is increasingly relevant to our corporate clients, who are thinking about re-architecting their infrastructure by deploying cloud solutions.

例如，我們正在為一家領先的雲端運算服務供應商客戶實施該平台開發。Cognizant 正在創建一個全自動平台，該平台將瞄準中型企業市場，為客戶的網路和儲存需求提供即時和持久的容量，並據此定價。因此，客戶能夠大幅縮短雲端服務配置時間，並推出新的可變定價模型，以適應市場需求的變化。對於正在考慮透過部署雲端解決方案來重新建置其基礎架構的企業客戶而言，這種經驗越來越重要。

Let me now turn to our Horizon 2 services, Cognizant business consulting, Cognizant infrastructure services, and Cognizant business process services. Our Horizon 2 services, which are approaching a $3 billion annual revenue run rate have reached critical scale, and have significantly increased our addressable market. They are essential to, both the work we are doing around digital transformation, and platform-based solutions. The success and tremendous growth we've seen from these service lines over the past years, demonstrates the power of the three Horizon model as a way to manage growth and investment in the Company.

現在讓我來介紹一下我們的 Horizo​​n 2 服務、Cognizant 業務諮詢、Cognizant 基礎設施服務和 Cognizant 業務流程服務。我們的 Horizo​​​​n 2 服務年收入已接近 30 億美元，達到了臨界規模，並顯著擴大了我們的潛在市場。它們對於我們正在進行的數位轉型工作以及基於平台的解決方案都至關重要。過去幾年，這些服務線取得了成功和巨大的成長，證明了三階段模型在管理公司成長和投資方面的強大作用。

Cognizant business consulting continues to be a key competitive differentiator for us, and is underlying much of the work we're doing across our strategic initiatives. As clients undergo enterprise-wide transformation, our consulting practice plays an important role through capabilities such as technology, business and digital strategy, operational improvement, program and change management, and process redesign.

Cognizant 的商業諮詢服務一直是我們的一項關鍵競爭優勢，也是我們各項策略舉措的基礎。在客戶進行企業級轉型的過程中，我們的諮詢業務透過技術、業務和數位化策略、營運改善、專案和變革管理以及流程重組等能力發揮重要作用。

Cognizant infrastructure services continues to see strong growth, primarily in solutions that drive simplification, predictable operations and accelerated delivery. Increasingly there's a strong focus on automation and IT operations, driving business agility through deploying cloud solutions.

Cognizant 基礎設施服務持續保持強勁成長，主要體現在能夠簡化流程、實現可預測營運和加速交付的解決方案。自動化和 IT 營運越來越受到重視，透過部署雲端解決方案來提高業務敏捷性。

For example, a manufacturer of medical devices, which saw an opportunity to improve performance and uptime, needed to standardize and improve its global IT operations. We're developing a scalable and reliable IT infrastructure, and offered an end-to-end solution, managing all of the client's hardware and applications improving speed, predictability and customer satisfaction.

例如，一家醫療器材製造商看到了提高效能和正常運作時間的機會，需要對其全球 IT 營運進行標準化和改進。我們正在開發可擴展且可靠的 IT 基礎設施，並提供端到端的解決方案，管理客戶的所有硬體和應用程序，從而提高速度、可預測性和客戶滿意度。

Cognizant business process services saw very strong growth during the quarter, led by work with our high-tech and insurance clients. Infusing technology and automation in core business processes is critical to helping clients achieve greater levels of operational efficiencies, while also enhancing business outcomes through data analytics.

Cognizant 業務流程服務在本季實現了非常強勁的成長，這主要得益於我們與高科技和保險客戶的合作。將技術和自動化融入核心業務流程對於幫助客戶實現更高的營運效率至關重要，同時也能透過數據分析提升業務成果。

Cognizant recently commenced a multi-year agreement with Storebrand, one of the largest financial services firms in the Nordics to transform their operations. Cognizant will combine business process with consulting and infrastructure services to enable Storebrand to re-engineer business processes across the customer life cycle, automate and modernize existing IT systems infrastructure, and develop digital platforms with advanced analytic capabilities. As part of the contract, Cognizant will help Storebrand to move to a BPaaS model, and deliver seamless omni-channel experience.

Cognizant 最近與北歐最大的金融服務公司之一 Storebrand 簽署了一項多年協議，旨在改變其營運模式。Cognizant 將業務流程與諮詢和基礎設施服務相結合，使 Storebrand 能夠重新設計客戶生命週期中的業務流程，實現現有 IT 系統基礎設施的自動化和現代化，並開發具有高級分析功能的數位平台。作為合約的一部分，Cognizant 將幫助 Storebrand 過渡到 BPaaS 模型，並提供無縫的全通路體驗。

From a geographic standpoint, North America declined 1.4% sequentially. Adjusting for the seasonality of the TriZetto business, North America was broadly flat with Q4. Europe was up 9/10 of 1% sequentially after a 2.5% negative currency impact.

從地理角度來看，北美地區較上月下降了1.4%。考慮到 TriZetto 業務的季節性因素，北美地區與第四季基本持平。受匯率波動2.5%的負面影響後，歐洲股市季增0.9個百分點。

The UK declined approximately 2.3% sequentially, after 4.5% negative currency impact, and Continental Europe grew 5.4% sequentially after a slight positive currency impact. Finally, the rest of the world was up 30 basis points sequentially, and almost 25% year over year. Growth was driven primarily by strength in key markets such as India, Australia and the Middle East where we're seeing good traction with client's adoption of digital technologies.

受匯率波動4.5%的負面影響，英國經濟季減約2.3%；受匯率波動略為正面影響，歐洲大陸經濟較上季成長5.4%。最後，世界其他地區的經濟季增 30 個基點，較去年同期上漲近 25%。成長主要得益於印度、澳洲和中東等主要市場的強勁表現，在這些市場，我們看到客戶對數位技術的採用取得了良好的進展。

Before I turn the call over to Karen, I'd like to discuss our recently announced 49% investment in, and exclusive partnership with ReD Associates. How a customer interacts with his or her world, whether it's taking medications, driving a car, shopping, or going for a jog has largely been the same for decades. Yet with the digital revolution and the merging of the physical and virtual, these basic activities are now being rethought. This has become the new competitive battleground for many of our clients, of revitalizing their products and services with digital technology.

在將電話轉給凱倫之前，我想討論一下我們最近宣布對 ReD Associates 進行 49% 的投資以及與其建立的獨家合作夥伴關係。幾十年來，顧客與外界互動的方式，無論是服藥、開車、購物或慢跑，基本上都沒有太大變化。然而，隨著數位革命和實體世界與虛擬世界的融合，這些基本活動正在被重新思考。對我們的許多客戶而言，利用數位技術重振其產品和服務已成為新的競爭戰場。

ReD is a unique, highly specialized consultancy whose expertise in the human sciences is helping businesses to address these issues. ReD's specialists in sociology, anthropology, philosophy and political science work with market-leading blue chip clients such as Adidas, Ford and Novo Nordisk to create compelling experiences for their customers, the customers who now expect their workout equipment, car, shopping experience, and healthcare to be every bit as personalized, engaging and insightful as their iPhone.

ReD 是一家獨特的、高度專業化的顧問公司，其在人類科學領域的專業知識正在幫助企業解決這些問題。ReD 的社會學、人類學、哲學和政治學專家與阿迪達斯、福特和諾和諾德等市場領先的藍籌客戶合作，為他們的客戶創造引人入勝的體驗。如今，客戶期望他們的健身器材、汽車、購物體驗和醫療保健能夠像他們的 iPhone 一樣個性化、引人入勝且富有洞察力。

Our minority ownership model allows us to work together exclusively, while helping us preserve the unique culture and processes that have led to long-term success of ReD Associates. This partnership will enable Cognizant and ReD to create an entirely new model for making sense of human behavior, connecting those insights to strategy, applying design thinking to creating engaging digital experiences, and then applying technology to achieve global-enterprise scale. These critical elements add to the front-office capabilities which we described earlier, and enable us to address these challenges in an unique way.

我們的少數股權所有權模式使我們能夠獨家合作，同時幫助我們保留了 ReD Associates 長期成功的獨特文化和流程。這項合作將使 Cognizant 和 ReD 能夠創建一個全新的模型來理解人類行為，將這些洞察與策略聯繫起來，運用設計思維來創造引人入勝的數位體驗，然後運用技術來實現全球企業規模。這些關鍵要素增強了我們前面描述的前台能力，使我們能夠以獨特的方式應對這些挑戰。

With that, let me turn the call over to Karen, who will review our financial results.

接下來，我將把電話交給凱倫，她將為大家介紹我們的財務表現。

Thank you, Gordon, and good morning, everyone. First-quarter revenue of $3.2 billion met our guidance, and represented a sequential decline of 0.9% sequentially, and an increase of 10% year over year. We had a negative currency headwind which impacted sequential revenue growth by $15 million or approximately 50 basis points, and year-over-year revenue growth by $34 million or 120 basis points. Non-GAAP operating margin which excludes stock-based compensation expense and acquisition-related expenses was 19.9% within our target range of 19% to 20%. Non-GAAP EPS of $0.80 was at the high end of our guidance range of $0.78 to $0.80.

謝謝你，戈登，大家早安。第一季營收為 32 億美元，符合我們的預期，季減 0.9%，年增 10%。匯率不利因素導致環比營收成長減少 1,500 萬美元，約 50 個基點；年收入成長減少 3,400 萬美元，約 120 個基點。不計入股權激勵費用和收購相關費用的非GAAP營業利潤率為19.9%，在我們19%至20%的目標範圍內。非GAAP每股收益為0.80美元，處於我們先前預測的0.78美元至0.80美元區間的高端。

Consulting and technology services and outsourcing services represented 57.8% and 42.2% of revenue, respectfully for the quarter. Consulting and technology services declined 1.6% sequentially, reflecting the cautiousness of certain clients primarily in banking and healthcare to spend on project-based work, as well as the seasonality of TriZetto's software license revenue.

本季度，諮詢和技術服務以及外包服務分別佔收入的 57.8% 和 42.2%。諮詢和技術服務較上季下降 1.6%，反映出某些客戶（主要是銀行和醫療保健產業的客戶）在專案工作上的支出較為謹慎，以及 TriZetto 軟體授權收入的季節性波動。

Revenue from consulting and technology services grew 12.9% year over year. Outsourcing services revenue was flat sequentially, and grew 6.2% from Q1 a year ago. During the first quarter, 37% of our revenue came from fixed-price contracts, and as expected overall pricing was stable.

諮詢和技術服務收入年增 12.9%。外包服務收入較去年同期持平，較去年同期成長 6.2%。第一季度，我們 37% 的收入來自固定價格合同，正如預期的那樣，整體價格保持穩定。

We added eight strategic customers in the quarter, defined as clients that have the potential to generate at least $5 million to $50 million or more in annual revenue, bringing our total number of strategic clients to 308. As Frank mentioned earlier, we ramped up hiring during quarter with approximately 11,300 net new hires, reflecting our near-term growth expectations and strength of our pipeline. Annualized attrition of 14.6% during the quarter, including BPO and trainees was down by almost 450 basis points from last quarter, and up slightly from the year-ago period. Throughout 2015, we put in place various employment engagement initiatives to improve our retention levels, and are pleased with the progress we've made to date. We will continue to enhance these initiatives over the course of 2016.

本季我們新增了 8 位策略客戶，這些客戶有潛力每年產生至少 500 萬美元至 5,000 萬美元或更多的收入，使我們的策略客戶總數達到 308 位。正如弗蘭克之前提到的，我們在本季度加大了招募力度，淨新增員工約 11,300 人，這反映了我們對近期成長的預期以及我們人才儲備的實力。本季年化員工流動率為 14.6%，包括 BPO 員工和實習生在內，比上一季下降了近 450 個基點，比去年同期略有上升。2015 年全年，我們實施了各種員工參與計劃，以提高員工留任率，我們對迄今為止的進展感到滿意。2016年，我們將持續加強這些措施。

Total head count at the end of the quarter was approximately 233,000 employees globally, of which approximately 218,000 were service-delivery staff. As a result of our strong hiring in the first quarter, utilization was down slightly compared to the fourth quarter. Offshore utilization was approximately 75%, offshore utilization excluding recent college graduates who are in our training program was approximately 80%, and onsite utilization was approximately 92% during the quarter.

截至季末，全球員工總數約為 233,000 人，其中約 218,000 人為服務交付人員。由於第一季我們大力招聘，產能利用率與第四季相比略有下降。本季度，離岸員工利用率約為 75%，若不包括正在接受我們培訓計畫的應屆大學畢業生，離岸員工利用率約為 80%，現場員工利用率約為 92%。

Our balance sheet remains very healthy. We finished the quarter with approximately $4.5 billion of cash and short-term investments, down by approximately $500 million from the quarter ending December 31. Borrowings under our revolver decreased during the quarter by $250 million, ending at $100 million. Our cash and short-term investments net of debt, were up by approximately $1.2 billion from the year-ago period.

我們的資產負債表依然非常健康。本季末，我們持有約 45 億美元的現金和短期投資，比截至 12 月 31 日的季度減少了約 5 億美元。本季度，我們循環信貸額度下的借款減少了 2.5 億美元，最終為 1 億美元。扣除債務後，我們的現金和短期投資淨額比去年同期增加了約 12 億美元。

Total receivables were $2.8 billion at the end of the quarter, and we finished the quarter with a DSO including unbilled receivables of 74 days. This is up from 73 days in Q1 of 2015. The unbilled portion of our receivables balance was $432 million, up from $369 million at the end of Q4.

本季末應收帳款總額為 28 億美元，本季末的應收帳款週轉天數（包括未開立應收帳款）為 74 天。這比 2015 年第一季的 73 天有所增加。我們的應收帳款餘額中未開立發票部分為 4.32 億美元，高於第四季末的 3.69 億美元。

We billed approximately 53% of the Q4 unbilled balance in April. The increase in unbilled receivables was primarily due to the timing of certain milestone deliverables. Our outstanding debt balance was approximately $1 billion at the end of the quarter, which included $100 million outstanding balance on our revolver.

四月我們已開立了第四季未開票餘額的約 53% 的帳單。未開立發票應收帳款的增加主要是由於某些里程碑交付的時間表所致。截至本季末，我們的未償債務餘額約為 10 億美元，其中包括 1 億美元的循環信貸未償餘額。

Turning to cash flow.

接下來談談現金流。

Operating activities generated approximately $68.8 million. Financing activities were approximately a $467.8 million use of cash during quarter, and capital expenditures were approximately $63.7 million during the quarter.

經營活動產生的收入約為6880萬美元。本季融資活動現金使用量約 4.678 億美元，資本支出約 6,370 萬美元。

During the first quarter, we accelerated our share repurchase activity repurchasing 4.3 million shares for a total cost of $244.6 million, and our diluted share count decreased to 611.8 million shares for quarter. As of the end of Q1, we had repurchased approximately 45.5 million shares for a total cost of approximately $1.8 billion under our stock repurchase authorization of $2 billion. We had $193 million remaining unutilized.

第一季度，我們加快了股票回購活動，回購了 430 萬股，總成本為 2.446 億美元，當季稀釋後股份數量減少至 6.118 億股。截至第一季末，我們已根據 20 億美元的股票回購授權，回購了約 4,550 萬股股票，總成本約 18 億美元。我們還有1.93億美元的剩餘資金未使用。

I would now like to comment on our outlook for Q2 and the full year.

現在我想談談我們對第二季和全年的展望。

For the full-year 2016, we have tightened our revenue expectations to be in the range of $13.65 billion to $14 billion, which represents growth of approximately 10% to 13%, including an approximate 1% negative currency impact. The tightened range is primarily a result of our slower-than-usual performance in Q1.

2016 年全年，我們已將營收預期收緊至 136.5 億美元至 140 億美元之間，這意味著成長約 10% 至 13%，其中包括約 1% 的負面匯率影響。收窄的區間主要是因為我們第一季業績表現低於平常。

As Frank mentioned, we expect broad-based momentum across service lines, geographies and industries as we move into Q2 and the rest of the year, and expect the ramp up of several deals including the healthcare deal mentioned earlier. Our guidance is based on the current exchange rates at the time at which we are providing the guidance, and does not forecast for potential currency fluctuations over the course of the year.

正如弗蘭克所提到的那樣，我們預計隨著進入第二季度和今年剩餘時間，各個服務線、地區和行業都將出現廣泛的增長勢頭，並預計包括前面提到的醫療保健交易在內的幾項交易將會加速推進。我們的指引是基於提供指引時的當前匯率，並不會預測年內可能出現的匯率波動。

For the second quarter of 2016, we expect to deliver revenue in the range of $3.34 billion to $3.4 billion. During the second quarter and for the full year, we expect to operate within our target non-GAAP operating margin range of 19% to 20%. For the second quarter, we expect to deliver non-GAAP EPS in the range of $0.81 to $0.83.

預計 2016 年第二季營收將在 33.4 億美元至 34 億美元之間。預計第二季及全年，我們的非GAAP營業利潤率將達到19%至20%的目標範圍。我們預計第二季非GAAP每股盈餘將在0.81美元至0.83美元之間。

Our non-GAAP EPS guidance excludes net non-operating foreign currency exchange gains and losses, stock-based compensation, and acquisition-related expenses and amortization. This guidance anticipates a share count of approximately 610 million shares, and a tax rate of approximately 27%. We expect to deliver non-GAAP EPS in the range of $3.32 to $3.44 for the full year. This guidance anticipates a full-year share count of approximately 611 million shares and a tax rate of approximately 26.6%.

我們的非GAAP每股盈餘預期不包括淨非經營性外匯損益、股權激勵費用、收購相關費用及攤銷。該指導意見預計股份數量約為 6.1 億股，稅率約為 27%。我們預計全年非GAAP每股盈餘將在3.32美元至3.44美元之間。該指引預計全年股份數量約為 6.11 億股，稅率約為 26.6%。

Now we would like to open the call for questions. Operator?

現在我們來徵求大家的問題。操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Thank you. Our first question is from the line of Brian Essex with Morgan Stanley.

謝謝。我們的第一個問題來自摩根士丹利的布萊恩·艾塞克斯。

Hi, good morning, and thank you for taking the question. I was wondering if maybe you could comment a little bit about your confidence in the back half of the year, and the levers that you anticipate to achieve accelerated growth, particularly with regard to the BPAS pipeline, and deals which may materialize in the back half of the year?

您好，早安，感謝您回答這個問題。我想請您談談您對下半年的信心，以及您預計哪些因素能夠實現加速成長，尤其是在BPAS產品線方面，以及下半年可能達成的交易？

Hey, Brian it's Gordon. Thanks for the question. Let's talk about both confidence for Q2, and the back half of the year, because they tie together.

嘿，布萊恩，我是戈登。謝謝你的提問。讓我們來談談第二季的信心以及下半年的信心，因為它們是息息相關的。

We have very good momentum going into Q2. Our guidance is for $140 million to $200 million of sequential growth. We expect to return to positive sequential growth, both in healthcare and financial services. So sort of the headwinds that we had in Q1 on a sequential basis have subsided, because it's in our run rate.

我們進入第二季度勢頭非常強勁。我們預計環比成長將達到 1.4 億美元至 2 億美元。我們預計醫療保健和金融服務業都將恢復正成長。所以，我們在第一季遇到的那些不利因素已經有所緩解，因為它已經進入了我們的正常運作水準。

When you think about the back half of the year, there are a couple wild cards, and obviously that's why there is a guidance range. One is, what happens with additional BPAS deals, and the timing on those, what happens with timing of some of big M&A in health care? And we've, for the full year, we continue to be cautious in financial services. But even with that, given the pipeline both of new projects from existing customers and very, very healthy new logo wins in Q1, we feel good both about the sequential growth going into Q2, and that we continue to have healthy momentum in the back half of the year.

展望下半年，存在一些不確定因素，顯然這就是為什麼需要給出預期範圍的原因。一是，BPAS 的其他交易會發生什麼，以及這些交易的時機，以及醫療保健領域一些大型併購交易的時機會發生什麼？在過去一年裡，我們對金融服務領域仍保持謹慎。但即便如此，鑑於現有客戶的新項目儲備以及第一季非常非常健康的新客戶簽約情況，我們對進入第二季度的持續增長感到樂觀，並且相信我們將在今年下半年繼續保持良好的發展勢頭。

Great. And maybe if I can follow-up on a M&A comment? So obviously, two very large M&A deals that we're all tracking, and one of them looks a little bit more certain than another to happen sooner. If one of those were to get pushed, could you maybe -- any color in terms of commentary you may have had with those management teams, and how that spending profile may look, with a delay in one of those deals?

偉大的。或許我可以就併購方面的評論進行後續探討？顯然，我們都在關注兩筆非常大的併購交易，其中一筆看起來比另一筆更有可能更快完成。如果其中一項交易被推遲，您能否就您與這些管理團隊的交流，以及如果其中一項交易被推遲，支出情況可能會如何變化，提供一些評論？

We haven't had any direct discussions about what happens if a deal is pushed or not pushed. But what we've seen historically, and are certainly seeing now, is during the time when people are waiting for -- to see if a deal occurs, there are deferrals in spending, because they are looking at which systems will be the ultimate system that's used and so forth. And that's baked into our guidance, so our guidance assumes that these deals are -- take a fairly long time, at the low end of our guidance. And if they happen sooner, great.

我們沒有就達成協議或未能達成協議會發生什麼情況進行任何直接討論。但從歷史來看，我們現在也確實看到，在人們等待——看看能否達成協議——的時候，支出會被推遲，因為他們正在觀察哪些系統將成為最終使用的系統等等。這一點已經體現在我們的指導方針中，因此我們的指導意見假設這些交易需要相當長的時間，處於我們指導意見的下限。如果能更快實現，那就太好了。

Great. Thank you very much.

偉大的。非常感謝。

Our next question is from the line of Ashwin Shrivikar with Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shrivikar。

Thanks. I guess, the question is, can the demand and growth of your Horizon 2 and 3 offerings which are doing quite well, sufficiently offset the anticipated and ongoing weakness in traditional Horizon 1, so that's net-net, you can look forward to sustainable double-digit growth? And that's not just a 2016 question, it's beyond that as well. And then, I guess, do you then need to accelerate your inorganic investments in IP and software-based companies to either boost or sustain that growth?

謝謝。我想，問題在於，你們目前表現相當不錯的 Horizo​​​​n 2 和 Horizo​​​​n 3 產品的需求和增長能否充分抵消傳統 Horizo​​​​n 1 產品預期和持續的疲軟，從而最終實現可持續的兩位數增長？這不僅僅是 2016 年的問題，它還超越了那一年。那麼，我想，您是否需要加快對智慧財產權和軟體公司的非內生性投資，以促進或維持這種成長？

Hi, Ashwin, it's Frank. I think since you asked a long-term question beyond 2016, I'll answer it in that context. I would say that overall, the world is becoming more technology intensive, not less technology intensive. And that technology needs to be deployed, it needs to be integrated, it needs to be configured, it needs to be maintained and upgraded, and so on and so forth. None of that activity goes away. So at a very macro level, I see very strong growth opportunities for us, across all three horizons, frankly, because I don't see Horizon 1 declining.

嗨，阿什溫，我是法蘭克。既然你問的是一個關於 2016 年以後的長期問題，我想我會在這個背景下回答它。我認為整體而言，世界正變得越來越依賴技術，而不是越來越不依賴科技。這項技術需要部署、整合、配置、維護和升級等等。這些活動都不會消失。因此，從宏觀層面來看，坦白說，我認為我們在所有三個階段都有非常強勁的成長機會，因為我不認為第一階段會下滑。

I think that as new technology gets deployed, you need to upgrade it, you need to maintain it, and you need to take care of it, so on so forth. And so, Horizon 1 services will continue to, I think have a healthy growth going forward. So net-net, when I look at the portfolio across all three horizons, in the long run I think that there's plenty of market opportunity. And I'll remind you -- I don't need to remind you, but I'll just say that it's a very fragmented market. We have 1% to 2% market share. So there's plenty of opportunity for us to go capture additional share in the market.

我認為，隨著新技術的部署，你需要對其進行升級、維護和保養等等。因此，我認為 Horizo​​n 1 的服務在未來將繼續保持健康的成長動能。綜上所述，當我從三個不同的時間跨度來審視投資組合時，從長遠來看，我認為市場有很多機會。我還要提醒你——其實我不需要提醒你，但我還是要說，這是一個非常分散的市場。我們擁有1%到2%的市佔率。因此，我們有很多機會去獲取更多的市場份額。

And to the second part of your question, I continue to expect that we will have an active M&A strategy, as we have historically looking at tuck-in acquisitions in the areas that we've always said, geographic expansion, new technologies, new -- deepening our industry expertise. And also now software and IP, I think will factor into that. But I think our baseline is to do small tuck-ins. And then, from time to time, if great opportunities like TriZetto present themselves that are bigger, we'll obviously look at those. TriZetto has been I think, as Gordon said in his comments, exceeded our expectations I think, in what we've been able to achieve in 1 1/2 year. And so, we'll continue to look favorably at opportunities like that, but also look at them very carefully, to make sure they meet all of the criteria for us.

至於你問題的第二部分，我仍然預計我們將採取積極的併購策略，就像我們過去一直在做的那樣，在地理擴張、新技術、新領域進行補充收購，以加深我們的行業專業知識。而且我認為，軟體和智慧財產權也會影響這一點。但我認為我們的基本原則是進行小規模的調整。然後，如果不時出現像 TriZetto 這樣更大的好機會，我們當然會考慮這些機會。我認為，正如戈登在他的評論中所說，TriZetto 在一年半的時間裡所取得的成就超出了我們的預期。因此，我們將繼續對這類機會持正面態度，但也會非常仔細地審視它們，以確保它們符合我們所有的標準。

Thank you. Our next question is from the line of Edward Caso with Wells Fargo.

謝謝。我們的下一個問題來自富國銀行的 Edward Caso。

Hi, good morning. I was just trying to get a sense, in the banking sector, how much of the softness reflects to the mix of your particular clients? Or is -- could it also be some market share losses, given that some of your competitors reported fairly solid results in the financial services area? Thanks.

您好，早安。我只是想了解一下，在銀行業，這種疲軟態勢在多大程度上反映了你們特定客戶群的組成？或者——鑑於一些競爭對手在金融服務領域取得了相當不錯的業績，會不會也是市佔率下降造成的呢？謝謝。

Hey, Ed, it's Gordon. So certainly, a bigger component of it is our exposure to financial services, and just who our clients happen to be. There's one example, where there's some share shift going on, but that's a relatively small portion of the softness that we saw. We tend to work with the big -- for the big money center banks. We do a lot of work for the European banks, and those are the ones that have been hit harder than the mid sized banks. And also, because we have a fairly large European exposure on our banking practice, FX was also had some impact there.

嘿，艾德，我是戈登。因此，其中更重要的因素當然是我們對金融服務的投入，以及我們的客戶群。有一個例子，其中出現了一些份額轉移，但這只是我們所看到的疲軟局面中相對較小的一部分。我們傾向於與大型機構合作—為大型金融中心銀行服務。我們為歐洲銀行做了很多工作，而這些銀行受到的衝擊比中型銀行更大。此外，由於我們的銀行業務在歐洲的業務佔比相當大，外匯波動也對歐洲市場產生了一定的影響。

Thank you. Our next question comes from the line of Tien-tsin Huang with JPMorgan.

謝謝。我們的下一個問題來自摩根大通的黃天進。

Thanks, good morning. Just curious, how is the pricing environment out there? Anything unusual in deals won or lost?

謝謝，早安。我只是好奇，目前的定價環境如何？成交或成交的交易中是否有任何異常情況？

Hi, Tien-tsin, it's Karen. No, I mean, pricing has been very stable. I think, obviously last fall, we talked about some competitive environments that we were seeing in a couple of deals. But I think frankly, that has mitigated itself. Pricing continues to be very stable. Clients right now are frankly, looking for providers who can really bring the thought leadership, and the value, and a very strong consulting expertise, and obviously that commands appropriate pricing.

你好，天津，我是凱倫。不，我的意思是，價格一直都非常穩定。我認為，很顯然，去年秋天，我們討論過一些我們在幾筆交易中看到的競爭環境。但坦白說，我認為這種情況已經有所緩解。價格持續保持穩定。坦白說，客戶現在正在尋找能夠真正帶來思想領導、價值和非常強大的諮詢專業知識的供應商，而這顯然需要相應的定價。

Thank you. Our next question comes from the line of Bryan Keane with Deutsche Bank.

謝謝。我們的下一個問題來自德意志銀行的布萊恩·基恩。

Hi, guys. Cognizant's revenue guidance of 10% to 13% is in line, to a little lower than some of the Indian IT peers for the next 12 months. And historically, I can't recall a period that Cognizant didn't grow faster than peers. And I know you guys keep margins lower because you invest for future growth. So just hoping to get your thoughts on maybe what's explaining the growth rates matching up with Indian IT peers, and that you guys aren't significantly beating peers as usual? And then, when might you get back to historical norms? Thanks.

嗨，大家好。Cognizant 預計未來 12 個月的營收成長將達到 10% 至 13%，與一些印度 IT 同行相比，這一預期基本一致，甚至略低一些。從歷史數據來看，我記不起 Cognizant 的發展速度何時不高於同行。我知道你們保持較低的利潤率是因為你們在為未來的成長進行投資。所以，我只是想聽聽您對貴公司成長率與印度IT同行持平，而不是像往常一樣大幅超越同行的原因有何看法？那麼，何時才能恢復到歷史常態呢？謝謝。

Hi Brian, Gordon. It has a little to do with the math. Q1 is soft for us, and a sequential decline, but then actually have quite healthy growth, and I would expect probably growth that shows favorably to many of our competitors sequentially going forward from there. But in Q1, I think we had a couple unique things in Q1, particularly in healthcare, because we have such a strong position there, we were impacted by that. And then in BFS, once again, because of our big exposure to the money center banks. So full year, I think your observation is right, when you look sequentially after our soft Q1, time will tell, whether that observation is correct or not.

嗨，布萊恩，戈登。這跟數學有點關係。第一季對我們來說比較疲軟，環比下滑，但之後實際上實現了相當健康的增長，我預計從那以後，我們的增長可能會在環比增長方面優於許多競爭對手。但我認為，第一季我們遇到了一些特殊情況，尤其是在醫療保健領域，因為我們在該領域擁有非常強大的地位，所以我們受到了影響。然後，在 BFS 領域，再次因為我們對貨幣中心銀行的巨大曝險而受到影響。所以，就全年而言，我認為你的觀察是正確的，當你從我們疲軟的第一季之後按順序觀察時，時間會證明這個觀察是否正確。

Thank you. Our next question is from the line of Darrin Peller with Barclays.

謝謝。我們的下一個問題來自巴克萊銀行的達林·佩勒。

Thanks, guys. I just want to ask, when we think about the set up, as we proceed towards the second half of the year, and it's 2017. I mean, some of these financial clients you've talked about have -- seem to be reaccelerating a little bit at least. And then, if that were to stay constant, and you couple that, I'm curious what post merger integration work looks like, as compared to what you were doing with those clients before, on the health care side in particular? Is that something we can see potentially, even a notably greater level of revenue in 2017, as these deals have closed hopefully, then we saw that, would correlate to an acceleration?

謝謝各位。我只想問一下，當我們考慮今年下半年的發展規劃時，現在是 2017 年。我的意思是，在你提到的這些金融客戶中，有些似乎至少正在略微加速復甦。如果情況保持不變，再加上其他因素，我很好奇合併後的整合工作會是什麼樣子，與您之前為這些客戶所做的工作相比，尤其是在醫療保健方面？我們是否有可能看到，隨著這些交易的完成，2017 年的收入水準可能會顯著提高？如果是這樣，我們看到，這是否會與加速成長相關？

Sure, Darrin, this is Karen. I think that's exactly the trend we have historically seen with mergers and acquisitions, right? There tends to be a lull, before the deal closes, as the clients sort of pull back, evaluate what their plans are going to be. And then, post merger depending upon when the integration starts, there tends to be quite a bit of upside, as you bring the platforms together, or implement new processes and new platforms for the combined organization. Then that clearly, in big healthcare deals like this, would have quite a long run way. So as you said, depending on the timing of those deals, given the fact that we are a strong partner on all four sides of the equation in those deals, we would certainly expect to see at least our fair share of the integration work.

當然，達林，這位是凱倫。我認為這正是我們歷史上在併購領域看到的趨勢，對吧？在交易完成之前，往往會有一段平靜期，因為客戶會稍作調整，評估他們的計畫。然後，合併後，根據整合開始的時間，往往會有相當大的上升空間，因為你可以將平台整合在一起，或為合併後的組織實施新的流程和新平台。那麼很顯然，在像這樣的大型醫療保健交易中，這種做法會有相當長的時間得以實施。正如您所說，根據這些交易的時機，考慮到我們在這些交易中是各方的重要合作夥伴，我們當然希望至少能獲得我們應得的整合工作份額。

Thank you. Our next question is from the line of Jim Schneider with Goldman Sachs.

謝謝。我們的下一個問題來自高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. Regarding the pipeline of new healthcare deals, you had talked about last quarter in the back half of the year, I think you talked about one of them. But can you maybe talk about your confidence in those deals materializing, or you're getting closer to signing several of them? Maybe just talk about the overall pipeline in that space right now?

早安.謝謝您回答我的問題。關於下半年新醫療保健交易的進展，您上個季度曾經提到過，我想您談到其中一項。但您能否談談您對這些交易最終達成的信心，或者您是否已經接近簽署其中幾項交易？或許現在就該討論一下該領域的整體發展趨勢？

Sure. We're really pleased, Jim with the pipeline in healthcare, particularly in health care deals that leverage the synergy between the TriZetto platform and Cognizant's IT capabilities. It's always difficult to predict when these deals will close. Obviously, we closed a deal this quarter that we discussed, to really focus on modernizing, transforming, automating the client's environment. As we get later in the year, obviously the impact it has in 2016 for additional deals closing is smaller, but sets us up very well for 2017. So the way I think about it is, we have clearly validated the market for this combined offering. We have a healthy pipeline. When exactly they close, don't know, but we're actively working on multiple deals right now.

當然。吉姆，我們對醫療保健領域的專案儲備感到非常滿意，尤其是在醫療保健交易方面，這些交易充分利用了 TriZetto 平台和 Cognizant 的 IT 能力之間的協同效應。這些交易何時完成總是很難預測。顯然，我們本季達成了一項我們討論過的協議，即真正專注於客戶環境的現代化、轉型和自動化。隨著時間推移，很明顯，它在 2016 年對達成更多交易的影響較小，但這為 2017 年奠定了良好的基礎。所以我認為，我們已經明確地驗證了這種組合產品的市場需求。我們的供應鏈運作良好。具體何時成交還不清楚，但我們目前正在積極推動多筆交易。

Thank you. Our next question is coming from the line of Sara Gubins with Bank of America.

謝謝。下一個問題來自美國銀行的薩拉古賓斯。

Hi, good morning. Within financial services, I was hoping to get some more details on -- sorry, what kind of discretionary work is being pushed back? And any more color on how you're performing with regional banks? Thanks.

您好，早安。在金融服務領域，我希望能了解更多詳情——抱歉，請問是哪些類型的非必要工作被推遲了？關於您與區域性銀行的合作情況，還有什麼需要補充的資訊嗎？謝謝。

Hey, Sara, it's Frank. I would say that -- let me answer the second part of your question, first. I think the work that we're doing with the regional banks, continues actually to be very strong. We saw good -- we have seen I think for the last three, four quarters at least great traction with the regional banks. That continues, and we feel good about that.

嗨，莎拉，我是弗蘭克。我想說的是──讓我先回答你問題的第二部分。我認為我們與區域銀行進行的工作，實際上仍然非常強大。我們看到了良好的勢頭——我認為至少在過去三、四個季度裡，我們與區域性銀行的合作取得了巨大的進展。這種情況仍在持續，我們對此感到欣慰。

That's part of the return to positive sequential growth in financial services in the coming quarters. And then I think that, in terms of color around what kinds of discretionary work gets pushed, or has been pushed in Q1, I would say it's across-the-board. Anything that's sort of project oriented or discretionary, so things that project work, new application development, some of the digital projects got pushed a little bit.

這是未來幾季金融服務業恢復正成長的一部分。然後我認為，就第一季推動或已經推動的各種可自由支配的工作類型而言，我認為情況是普遍的。任何與專案相關的或可自由支配的事情，例如專案工作、新應用程式開發、一些數位項目，都被稍微推遲了一些。

Again, I don't know that this was a major push, a big delay. I think this was sort of some slow down in budgets getting finalized in Q1. And then, that translating into a relatively slow kick off of new projects in some of the banks during the first quarter, which now I think we see starting to alleviate itself.

我再次強調，我不知道這算不算一次重大推動或重大延誤。我認為這是由於第一季預算最終敲定工作進展緩慢造成的。因此，在第一季度，一些銀行的新專案啟動速度相對較慢，但我認為現在這種情況開始有所緩解。

Thank you. Our next question comes from the line of Mayank Tandon with Needham & Company.

謝謝。我們的下一個問題來自 Mayank Tandon 與 Needham & Company 的合作。

Thank you. Good morning. Gordon and Frank, you've called out BPAS. I want to get a sense, is your BPAS work healthcare specific? And if it is, what are some of the opportunities to leverage these capabilities into other verticals? Do you have to buy assets? And then, just a related question is, what are the economics like on a BPAS deal versus your traditional services?

謝謝。早安.Gordon 和 Frank，你們公開批評了 BPAS。我想了解一下，您的 BPAS 工作是否專門針對醫療保健領域？如果確實如此，那麼如何將這些能力運用到其他垂直領域呢？你必須購買資產嗎？那麼，還有一個相關的問題是，BPAS 交易的經濟效益與你們的傳統服務相比如何？

Hi, Mayank, it's Frank. Clearly, the majority of our activity in pipeline right now, is in healthcare around the TriZetto platform. But we have BPAS, both opportunities in the pipeline, and also client engagements that are in other industries, in other sectors. And in many cases, those are platforms that we've developed ourselves. In some cases, these are platforms that we have acquired, smaller platforms that we've acquired in the past.

嗨，Mayank，我是Frank。顯然，我們目前在研產品線的大部分活動都圍繞著 TriZetto 平台，集中在醫療保健領域。但我們有 BPAS，既有正在籌備的機會，也有其他產業、其他領域的客戶合作專案。在很多情況下，這些都是我們自己開發的平台。在某些情況下，這些是我們收購的平台，是我們過去收購的一些規模較小的平台。

And in some cases, these are offerings that we've constructed on top of third-party products. So software platforms, either commercial ISV platforms, or sometimes we're having conversations about taking a clients asset, and essentially wrapping a BPAS service around that, and taking it to market. So there are a number of opportunities, and a number of irons we have in that fire, and a lot of I think positive momentum there. I would say in terms of the economics, the economics on the initial BPAS deals tend to be roughly in line with, maybe a little lower than a traditional deal. But then, the second, third, fourth time you do it, because you've establish the factory and the utility, the margins start to get very, very promising, because you're essentially amortizing the fixed cost over a larger volume.

在某些情況下，這些產品是我們基於第三方產品所建構的。所以軟體平台，無論是商業 ISV 平台，還是我們有時討論的如何利用客戶的資產，並圍繞該資產建立 BPAS 服務，然後將其推向市場。所以有很多機會，我們有很多項目正在進行，而且我認為這方面有很多積極的勢頭。就經濟效益而言，我認為初始 BPAS 交易的經濟效益往往與傳統交易大致相當，甚至可能略低於傳統交易。但是，當你第二次、第三次、第四次這樣做時，因為你已經建立了工廠和公用事業，利潤率就開始變得非常非常可觀，因為你實際上是將固定成本攤銷到更大的產量上。

Thank you. Our next question is coming from the line of Joseph Foresi with Cantor Fitzgerald.

謝謝。我們的下一個問題來自約瑟夫·福雷西和康托·菲茨杰拉德的傳承。

Hi. I was wondering, can you comment on the progress you're making in digital? I know you shied away around from giving numbers around what that looks like within your business, but if you could frame it for us, that would be great. And if we hit an economic skid, how discretionary do you think those digital spending dollars might be? Thanks.

你好。我想問一下，您能否談談您在數位化領域的進展？我知道你一直不願透露這在你公司內部的具體情況，但如果你能為我們解釋一下，那就太好了。如果經濟出現下滑，你認為這些數位消費資金的自由支配價值會有多大？謝謝。

The reason that we've -- let me start by just reminding everybody, that the reason that we don't quantify digital, is that we think that the digital capabilities and offerings are really infused throughout all of our business, through Horizon 1, Horizon 2 and Horizon 3 service offerings. And so really, digital really is very much of the core operating fabric of all of our service offerings, all of our service lines.

首先，我要提醒大家，我們不量化數位化的原因是，我們認為數位化能力和產品已經透過 Horizo​​​​n 1、Horizo​​​​n 2 和 Horizo​​n 3 服務產品真正融入我們所有的業務中。因此，數位化實際上已成為我們所有服務產品、所有服務線的核心營運基礎。

I think we continue to feel very good about the broad-based capability that we've built in digital. We were out ahead, I think of many on the digital opportunity with social, mobile, analytics and cloud from a technology standpoint. I think we are in, for Cognizant in the third or fourth generation of our thinking around digital, with our Digital Works approach and methodology, where we've gone well beyond technology to include design and data science, in addition to strategy, and technology and industry knowledge, to combine those together which is what you really need, when you're deploying digital on behalf of clients.

我認為我們對已建立的廣泛數位化能力仍然感到非常滿意。從技術角度來看，我們在社交、行動、分析和雲端運算等數位化機會方面領先許多人。我認為，對於 Cognizant 而言，我們已經進入了數位思維的第三代或第四代，我們的數位工作方法和理念已經遠遠超越了技術層面，除了戰略、技術和行業知識之外，還涵蓋了設計和數據科學，並將這些結合起來，這才是代表客戶部署數位技術時真正需要的。

We spoke a little bit about our investment in ReD Associates this quarter, which is another dimension to the Digital Works approach. We feel very good about what the possibilities are, in combining ReD which brings a human approach to digital, looking from the social sciences standpoint. And so that's just another dimension to digital. So overall, I feel like we really have one of the leading digital capabilities out there.

本季我們稍微談到了我們對 ReD Associates 的投資，這是 Digital Works 方法的另一個維度。我們對將以人為本的數位方法與社會科學視角結合所帶來的可能性感到非常樂觀。所以，這只是數位化的另一個維度。總的來說，我覺得我們確實擁有業界領先的數位化能力之一。

We have, we're doing very deep impactful work with clients, like the life sciences client that I spoke about in my prepared comments. So I feel good about the capability. It's hard to say what -- to quantify exactly what portion of this is discretionary, in the sense of in the event of an economic slowdown. But I would say that contextually, the work that we're doing is largely very fundamental to the future of our client's businesses and their strategy.

我們正在與客戶進行非常深入、有影響力的工作，例如我在準備好的演講稿中提到的生命科學客戶。所以我對自己的能力感到滿意。很難說——很難量化其中有多少是可自由支配的，尤其是在經濟放緩的情況下。但我認為，從實際情況來看，我們所做的工作對客戶企業的未來及其策略至關重要。

Today there is no strategy for business without some digital component. And so, the work that we're doing tends to be very much in the heart of the future of these businesses. And so, I would imagine that there would be some stickiness to that, in the event of economic slowdown. Hard to quantify though.

如今，任何商業策略都離不開數位化元素。因此，我們所做的工作往往與這些企業的未來息息相關。因此，我認為，如果經濟放緩，這種情況可能會比較棘手。雖然很難量化。

Thank you. Our next question is from the line of Jason Kupferberg with Jefferies.

謝謝。我們的下一個問題來自傑富瑞集團的傑森·庫柏伯格。

Jason, you are on mute.

傑森，你已靜音。

Mr. Kupferberg, your line --

庫柏伯格先生，您的線路—

Sorry, can you hear me?

不好意思，你聽得到我說話嗎？

Yes, go ahead, Jason.

好的，傑森，請繼續。

Do any of the headwinds that you're experiencing this year feel like they could be anything more than temporary? I'm just curious why not take the low end of the guidance off the table here, just given the momentum you've got going into Q2?

你覺得今年遇到的這些不利因素中，有哪些可能會持續很長時間，而不僅僅是暫時的？我只是好奇，鑑於你們第二季目前的良好勢頭，為什麼不把業績指引的下限排除在外呢？

Jason, it's Gordon. The headwinds are temporary, and are in the run rate now. But it comes down to the math, because we were down sequentially in Q1, we expect healthy sequential growth going to Q2 and beyond. But when you look at the impact that Q1 had on the full year, we have to dig ourselves out of that hole. So we think the tightening of the range the way we did is appropriate.

傑森，我是戈登。逆風只是暫時的，現在已經進入正常狀態。但歸根結底還是數學問題，因為我們在第一季環比下降，所以我們預計第二季及以後將實現健康的環比成長。但當你審視第一季對全年的影響時，我們必須努力擺脫困境。所以我們認為，我們目前採取的收緊價格區間的方式是合適的。

Thank you. Our next question comes from the line of Lou Miscioscia with CLSA.

謝謝。我們的下一個問題來自 CLSA 的 Lou Miscioscia。

Okay thank you. I want to dig into the C and SMAC if we could. Some suggest that 1% of global workloads are in the cloud, mostly with AWS in 2013. Maybe here in 2016, we're up to 5%. But 2020, we could be up to 15%. And some are predicting actually 50% of all workloads, maybe 10 to 15 years out will be in the cloud. So I guess, my question is, are you actually seeing this? Or we hear about a tipping point, and many large companies, many of the ones that you deal with, the big financial banks are -- want to move data, and want to move to the cloud. So are you seeing that, or are you helping with that? And how would it affect your business, especially I guess, I have about 7% of your business I think is in RIM, or remote infrastructure management?

好的，謝謝。如果可以的話，我想深入研究一下 C 和 SMAC。有人認為，2013 年全球 1% 的工作負載都在雲端，其中大部分都使用 AWS。或許到了 2016 年，我們已經達到 5%了。但到 2020 年，這個數字可能會達到 15%。有些人預測，未來 10 到 15 年內，所有工作負載的 50% 可能會遷移到雲端。所以我想問的是，你真的看到了嗎？或者我們聽說了一個轉折點，許多大公司，包括你經常接觸的大型金融銀行，都希望遷移數據，並希望遷移到雲端。所以你是看到了這一點，還是在為此提供幫助？那會對您的業務產生什麼影響呢？尤其是我認為，您公司大約 7% 的業務是 RIM（遠端基礎設施管理）？

So this is a multi-faceted question. And so, it's -- so let me answer it in a couple of different ways. It's Frank. Let me say first of all, that clearly, large enterprises are looking at the cloud in multiple different ways. I would say that most of the large enterprises that we deal with, are very much focused on hybrid cloud, and looking at, very carefully thinking about what work loads belong in the cloud, and what work loads belong on-prem, and how those balance off against each other.

這是一個涉及多方面的問題。所以，讓我用幾種不同的方式來回答這個問題。是弗蘭克。首先我想說的是，很明顯，大型企業正在以多種不同的方式看待雲端運算。我認為，我們接觸的大多數大型企業都非常關注混合雲，並且會非常仔細地考慮哪些工作負載應該在雲端，哪些工作負載應該在本地，以及它們如何相互平衡。

I would say that the, while the nature of work loads in the cloud requires a different maintenance profile, a work load in the cloud needs to be maintained and upgraded, and monitored and modernized, and all of those kinds of things just like a work load on-premise. There's much of the care and feeding of a work load in the cloud, that still needs to be taken care of. And so, I don't think it's a fair assumption, to just assume that when a work load moves into the cloud, it exists without any support or care and feeding around it. So the implication that perhaps a work load moving to the cloud, completely cannibalizes revenue is not entirely I think accurate, just based on the technology that's available today, and what we see.

我認為，雖然雲端工作負載的性質需要不同的維護方案，但雲端工作負載需要像本地工作負載一樣進行維護、升級、監控和現代化改造等等。雲端工作負載的維護和管理還有很多工作要做，這些工作仍然需要有人來做。因此，我認為僅僅假設工作負載遷移到雲端後，就無需任何支援或維護是不公平的。因此，認為工作負載遷移到雲端會完全蠶食收入的說法並不完全準確，這僅僅是基於當今可用的技術和我們所看到的。

I think more importantly though -- so that's one dimension of the answer. The other dimension of the answer I would say is that, look, over the time horizons that you talked about, 10 to 15 years, the amount of data and the number of devices that are going to exist in the ecosystem is going to explode. It's going to increase absolutely exponentially. And so, all of that complexity is going to require, in my opinion far more management, far more maintenance, far more deployment help. There's all of these other services that will be required to manage that degree of complexity, as data and devices explode.

但我認為更重要的是——這是答案的一個面向。答案的另一個面向是，你看，在你提到的10到15年的時間範圍內，生態系統中的資料量和設備數量將會呈現爆炸性成長。它將呈指數級增長。因此，在我看來，所有這些複雜性都需要更多的管理、更多的維護和更多的部署方面的幫助。隨著數據和設備的爆炸性增長，還需要其他各種服務來管理這種程度的複雜性。

So I think when you look over the time horizons, that you're looking at -- I'll come back to the answer I gave to one of the earlier questions, which is the world is going to become more technology intensive not less technology intensive. It's going to become more data intensive, not less data intensive. And it's going to become more device intensive, and these devices are going to be much more heterogeneous than they are today. All of that complexity is going to require a lot of services to manage and maintain, and I think we're very well-positioned as that transition occurs.

所以我覺得，當你放眼長遠，你會發現——我會回到我之前對一個問題的回答，那就是世界將變得更加依賴技術，而不是變得不那麼依賴技術。它只會變得更加依賴數據，而不是減少數據需求。而且，未來對設備的依賴程度會越來越高，這些設備的種類也會比現在多得多。所有這些複雜性都需要大量的服務來管理和維護，我認為隨著這種轉變的發生，我們已經做好了非常充分的準備。

Thank you. Our next question is coming from the line of Glenn Greene with Oppenheimer.

謝謝。我們的下一個問題來自格倫·格林和奧本海默。

Thank you. Good morning. I guess, going back to BFS, the weakness there. And it sounds -- feels to me like it's largely client specific, both domestically and Europe. So I guess, I'm just wondering about the line of sight toward improved growth, if the trends at those clients specifically change, and how do you have line of sight to the improvement? And just a follow-up question unrelated, would be a little bit of color on dramatic improvement in the attrition trends, and are you at a comfortable rate, as it relates to employee attrition?

謝謝。早安.我想，回到廣度優先搜尋（BFS）的弱點，那就是它本身的弱點。聽起來——或者說，我覺得這很大程度上是針對特定客戶的，無論是在國內還是歐洲。所以我想問的是，如果這些客戶的趨勢發生變化，如何才能看到成長的趨勢改善？還有一個無關的後續問題，能否詳細說明一下員工流動率趨勢的顯著改善情況，以及您目前對員工流失率的接受度？

Hey, Frank let me talk a little bit about financial services, and then maybe I'll ask Gordon to comment on employee attrition. So I would say that, if you think about our financial services portfolio, the bulk of our financial services portfolio are clients that we've worked with over many, many, many years. And if you look historically, at our performance in financial services, I think you'll see that our financial services performance and portfolio has delivered very consistent results, and solid growth year-over-year sequentially over many, many quarters.

嘿，弗蘭克，讓我先談談金融服務，然後我可能會請戈登談談員工流失問題。所以我想說，如果你看看我們的金融服務組合，你會發現我們金融服務組合的大部分客戶都是我們合作了很多很多年的老客戶。從歷史角度來看，回顧我們在金融服務領域的業績，你會發現，我們的金融服務業績和投資組合已經取得了非常穩定的成果，並且連續多個季度實現了穩健的同比增長。

The reason for that is, is that I think we've got great relationships with these clients. We tend to be very embedded with these clients, as they plan their annual operating budgets, and their annual operating plans, their project portfolios and so on and so forth. And they work very closely with us, as they're planning that, to make sure we have the capacity and the talent available to meet their demands. So we tend to have very good visibility with these clients.

原因在於，我認為我們與這些客戶建立了良好的關係。我們往往與這些客戶密切合作，參與他們制定年度營運預算、年度營運計劃、專案組合等等。他們與我們密切合作，共同製定計劃，以確保我們有足夠的能力和人才來滿足他們的需求。因此，我們與這些客戶的關係往往非常密切。

We knew of the slow down in Q1. We told you about the slowdown in financial services when we gave you our first look into the first quarter. And that was a result of the fact, that we had been given that heads up, in working with a lot of these clients. And as we've gone through the first quarter, we continue that process with them. We now feel comfortable we've got visibility, that we will then, will return financial services to positive sequential growth for the rest of this year. So with that, Gordon, would you want comment on attrition?

我們早就知道第一季經濟成長放緩。我們在首次向您介紹第一季經濟狀況時，已經提到了金融服務業成長放緩的情況。這是因為我們事先得到了許多這類客戶的提醒。第一季結束後，我們繼續與他們一起推進這個過程。我們現在有信心，我們將能夠確保金融服務業在今年剩餘時間內實現正成長。那麼，戈登，你對人員流失問題有什麼看法嗎？

Sure. So Glenn, we had a spike in attrition last year, and the spike lasted longer than we would have expected, and had in prior spikes. And that's frustrating for us, because Cognizant has this incredible culture, unique culture. Our growth rates create tremendous opportunities for career advancement for our people, and the nature of the work we're doing and our leadership in digital provides for really interesting work. So we redoubled our efforts on employee engagement.

當然。格倫，去年我們的人員流失率出現了激增，而且這次激增持續的時間比我們預期的要長，也比之前的幾次激增持續時間要長。這讓我們感到沮喪，因為 Cognizant 擁有令人難以置信的獨特文化。我們的成長速度為員工創造了巨大的職涯發展機會，我們所從事的工作性質以及我們在數位化領域的領先地位，也為員工提供了真正有趣的工作機會。因此，我們加倍努力提高員工敬業度。

We're very clear to our employees, and we share the Company success with them. We paid out very healthy bonuses for 2015. We've rolled out our career architecture, so people can understand, what does it take to move up in the organization, so they can self-manage their career. We've improved rotational experiences. We've invested -- we doubled down again in investment and training for our people. So I think what's happened is, as people, as our employees have experience what we've talked about, and as we focused on it again, we see improvements.

我們對員工的立場非常明確，我們會與員工分享公司的成功。2015年我們發放了非常豐厚的獎金。我們已經推出了職涯發展架構，讓人們能夠了解在組織中晉升需要具備哪些條件，以便能夠自主管理自己的職涯。我們改進了輪調體驗。我們加大了投入——我們再次加倍投入，對員工進行投資和培訓。所以我認為，作為員工，我們親身經歷了我們討論過的事情，當我們再次關注這個問題時，我們看到了改進。

There's a little bit of seasonality in Q1, because of the bonus pay outs, but clearly the trend is very much headed in the right direction. And it comes down to, there are very few companies in the world that can provide the kind of career growth opportunities that Cognizant can for our employees.

第一季由於獎金發放，存在一些季節性因素，但很明顯，整體趨勢正朝著正確的方向發展。歸根究底，世界上很少有公司能像 Cognizant 一樣為員工提供如此廣闊的職涯發展機會。

Thank you. Our final question today is coming from the line of Lisa Ellis with Sanford Bernstein.

謝謝。今天最後一個問題來自 Lisa Ellis 和 Sanford Bernstein 的提問。

Hi, good morning, guys. Following on, I guess the organizational question bent, can you comment on the comp plan changes you disclosed in proxy a few days ago? What the objectives are, and behavioral change you're trying to drive there? And then also, from an organizational perspective, can you comment -- we hear about the Horizons, and then we hear about Digital Works, and this front office, middle office, back office. Can you just clarify a bit kind of organizationally, how you're structured to drive that shift, and react to the shift in the marketplace?

大家好，早安。接下來，我想請您就組織架構方面的問題發表一下看法，您能否就幾天前在委託書中披露的薪酬方案變更發表評論？你們的目標是什麼？你們希望透過這些目標推動哪些行為改變？另外，從組織角度來看，您能否評論一下——我們聽說了 Horizo​​​​ns，然後又聽說了 Digital Works，還有前台、中台、後台。您能否稍微澄清一下組織架構方面的情況，也就是你們是如何建構組織架構來推動這種轉變，以及如何因應市場變化的？

Sure. Lisa, let me comment on the comp changes, and then Frank can comment on your second question. I'm assuming you're referring to the PSUs. So there are two things that are going on there. One is, historically PSUs have been 100% revenue. We've now shifted that to a combination of revenue and earnings, to balance it out a bit more, and in line with what other companies are doing.

當然。Lisa，讓我先談談對電腦配置變化的看法，然後 Frank 再回答你的第二個問題。我猜你指的是電源單元（PSU）。所以那裡正在發生兩件事。一是，從歷史上看，PSU 的收入佔比一直都是 100%。現在，我們已將其改為收入和利潤相結合的方式，以使其更加平衡，並與其他公司的做法保持一致。

The second thing is, for the grants that we've issued in early 2016, we're moving to a two year measurement period, instead of one year measurement period. So what this does, it further differentiates the measurements on the annual bonus, from the measurements for the PSUs. And obviously, the PSU is then a fairly long tail afterwards, before they actually vest. But we wanted to make sure that the incentives are aligned with revenue and earnings, and that they are multi-year. So it's more had aligning to what others in the industry are doing. That's the primary purpose of that.

第二點是，我們在 2016 年初發放的撥款，我們將把衡量期從一年改為兩年。因此，這樣做可以進一步區分年度獎金的衡量標準和績效單位的衡量標準。顯然，PSU 的權益授予期還有相當長的一段時間，之後才會真正生效。但我們希望確保激勵措施與收入和利潤保持一致，並且是多年期的。所以，更難的是與業內其他公司的做法保持一致。這是它的主要目的。

And Lisa, let me comment a little bit about, how we're organized, and how we're going to market. So I'll remind you that our primary access in going to market has been for the better part of a decade, maybe longer, the industry vertical. So we take everything to market through an industry vertical lens. We view that as being an incredibly important, and significant part of our differentiation, to have deep domain expertise around the industries that we serve. And taking all of our services into a client through the industry lens.

麗莎，讓我稍微談談我們的組織架構和市場推廣策略。因此，我要提醒各位，在過去近十年甚至更長時間裡，我們進入市場的主要途徑一直是垂直產業。因此，我們以行業垂直視角來看待所有產品並推向市場。我們認為，擁有我們所服務行業的深厚專業知識，是我們差異化優勢中極其重要且意義重大的一部分。並從行業角度審視我們為客戶提供的所有服務。

Behind the industry groups, we have essentially, what you might think of as lines of service. The lines of service are -- fall into different categories. These are the traditional services, the Horizon 2 services, or rather the BPO IT infrastructure services and consulting, and also the new digital services. And all of these services go to market through the verticals.

在產業組織背後，我們基本上還有你可以理解的服務線。服務項目分為不同的類別。這些包括傳統服務、Horizo​​​​n 2 服務（或更確切地說是 BPO IT 基礎設施服務和諮詢）以及新的數位服務。所有這些服務都是透過垂直行業推向市場的。

The three horizon model is how we manage investments across the business. So both across verticals and the horizontals. If you have the lines of service, we apply the three horizon model to say, how do we allocate capital, how do we make investments across both the verticals and the horizontals. And, of course -- and actually there's a third dimension which are the geographies in which we operate. So the three horizon model is a very clear and crisp way for us to say, across the three legs of our matrix, the verticals, lines of service and geographies in which we operate, how do we allocate capital to the places where we're going to get the best returns, where the growth potential is the best?

三階段模型是我們管理公司各項投資的方式。所以，無論是在垂直方向還是水平方向。如果你有服務線，我們會應用三階段模型來探討如何分配資本，如何在垂直和水平方向上進行投資。當然，其實還有第三個維度，那就是我們經營業務的地理位置。因此，三階段模型為我們提供了一種非常清晰明了的方式，讓我們能夠說明，在我們矩陣的三個支柱（垂直領域、服務線和我們運營的地域）中，我們如何將資本分配到能夠獲得最佳回報、增長潛力最大的地方？

And so three horizons for us is less of an internal organizational construct. We don't have a Horizon 1, Horizon 2, and a Horizon 3 organization. What we have is an investment model, that follows three horizons, and layers on top of the three vectors that I just talked about, which are the three -- the three legs of the matrix are the real organizational vectors, the verticals, the geographies, and the lines of service. So I hope that clarifies it a little bit. And I think that's our last question.

因此，對我們來說，「三個視野」與其說是一種內部組織結構，不如說是一種願景。我們沒有 Horizo​​​​n 1、Horizo​​​​n 2 和 Horizo​​​​n 3 這樣的組織架構。我們現在擁有的是一種投資模型，它遵循三個階段，並在我剛才提到的三個向量之上構建多層結構，這三個向量是矩陣的三個支柱，即真正的組織向量：垂直領域、地理區域和服務線。希望這樣能稍微解釋清楚一些。我想這是我們最後一個問題了。

So with that, let me thank everybody for joining us today, and for your questions. And we look forward to talking with you again next quarter. Thank you.

那麼，接下來，我要感謝各位今天收看我們的節目，也感謝大家提出的問題。我們期待下個季度再次與您交流。謝謝。

Thank you. This concludes today's Cognizant Technology Solutions first-quarter 2016 earnings conference call. You may now disconnect.

謝謝。本次 Cognizant Technology Solutions 2016 年第一季財報電話會議到此結束。您現在可以斷開連線了。