高知特 (CTSH) 2016 Q2 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2016 年第二季財報電話會議。

(Operator Instructions)

（操作說明）

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

謝謝。現在我將會議交給高知特公司（Cognizant）投資者關係副總裁兼財務主管大衛‧尼爾森先生。請您發言，先生。

Thank you, operator, and good morning, everyone. By now you should have received a copy of the earnings release from the Company's second-quarter 2016 results. If you have not, a copy is available on our website, Cognizant.com.

謝謝接線員，大家早安。您現在應該已經收到公司2016年第二季業績報告了。如果您還沒收到，可以造訪我們的網站Cognizant.com查看。

In addition to the traditional speakers on our earnings calls, Francisco D'Souza, Chief Executive Officer; Gordon Coburn, President; and Karen McLoughlin, Chief Financial Officer; we are delighted that Raj Mehta, CEO - IT Services will join our calls beginning with this quarter. Raj is a long-time key executive at Cognizant, who leads our the industries, geographies, and delivery operations on a global basis. Adding Raj to the call will enable us to provide you with additional color on our operations and business opportunities.

除了執行長 Francisco D'Souza、總裁 Gordon Coburn 和財務長 Karen McLoughlin 這幾位傳統的財報電話會議發言人之外，我們非常高興地宣布，IT 服務執行長 Raj Mehta 將從本季開始加入我們的電話會議。 Raj 是 Cognizant 的資深主管，長期負責公司在全球的產業、地理和交付營運。 Raj 的加入將使我們能夠更深入地向您介紹我們的營運和業務機會。

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

在正式開始之前，我想提醒各位，今天電話會議上的一些發言以及對各位提問的一些回答可能包含前瞻性陳述。這些陳述受到公司獲利報告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。現在，我將電話會議交給弗朗西斯科·德索薩先生。請開始，弗朗西斯科。

Thanks, David, and good morning, everyone. Thanks for joining us today. Our Q2 revenue was $3.37 billion, up 5.2% from Q1, and 9.2% from a year ago, and was within our guided range of $3.34 billion to $3.4 billion. Against a backdrop of a challenging macroeconomic environment, and market environment and a slow start to the year, we executed well last quarter, and we continue to gain market share.

謝謝大衛，大家早安。感謝各位今天參加我們的節目。我們第二季營收為33.7億美元，較第一季成長5.2%，較去年同期成長9.2%，符合我們先前33.4億美元至34億美元的預期範圍。儘管宏觀經濟環境和市場環境充滿挑戰，且年初開局緩慢，但我們上季業績表現良好，市佔率持續成長。

The quarterly sequential dollar growth was one of the strongest in our history, as we added incremental revenues of almost $170 million. This performance represented broad-based growth across service lines, geographies, and industries. As we had anticipated after a slow start in Q1, our financial services and healthcare segments turned in positive sequential growth in Q2. As we enter the second half of the year, we see certain macroeconomic factors, as well as some softness in client's discretionary spending, that will affect our revenue growth, primarily for financial services and healthcare clients.

本季環比美元成長是我們史上最強勁的成長之一，新增營收近1.7億美元。這項業績反映了各服務線、地域和產業的全面成長。正如我們預期，在第一季開局緩慢之後，我們的金融服務和醫療保健業務在第二季度實現了環比正增長。進入下半年，我們預期某些宏觀經濟因素以及客戶可支配支出的疲軟將影響我們的收入成長，主要影響金融服務和醫療保健客戶的收入。

Additionally, we anticipate a further negative revenue impact of approximately $40 million for the second half of the year, due to the weakening of the pound sterling, following the Brexit vote. For these reasons, we are revising our full-year revenue growth guidance to a range of $13.47 billion to $13.6 billion, while maintaining our full-year non-GAAP EPS guidance within the range of $3.32 to $3.44. Gordon, Raj, and Karen will expand more on the cyclical weakness that we are facing in the short term.

此外，由於英國脫歐公投後英鎊走軟，我們預計下半年營收將進一步受到約4,000萬美元的負面影響。有鑑於此，我們將全年營收成長預期調整為134.7億美元至136億美元，同時維持全年非GAAP每股盈餘預期在3.32美元至3.44美元之間。 Gordon、Raj和Karen將進一步闡述我們短期內面臨的週期性疲軟局面。

As you listen to their comments, I'd like to emphasize that the medium to long-term fundamentals of our business are strong. We continue to see significant market opportunity, and more importantly, gain market share. Digital transformation continues to be a strong driver for demand, as clients look for new solutions that allow them to defend their businesses against digital disruptors, while innovating to create new areas of growth and differentiation.

當您聆聽他們的發言時，我想強調，我們業務的中長期基本面依然強勁。我們持續看到巨大的市場機遇，更重要的是，我們不斷擴大市場份額。數位轉型仍然是推動需求成長的強勁動力，因為客戶正在尋求新的解決方案，以抵禦數位顛覆者的衝擊，同時透過創新開闢新的成長和差異化領域。

Given this context, we continue to invest in three strategic areas, based on the conviction that true digital transformation requires businesses to make fundamental changes throughout their organizations, from the front office, and through the middle office, and to the back office systems. These three areas that will provide the framework for how we think about growing our business going forward.

有鑑於此，我們繼續在三大策略領域進行投資，因為我們堅信，真正的數位轉型需要企業在其組織內部進行根本性變革，從前台、中台到後台系統，無一例外。這三大領域將為我們未來業務成長的思考提供框架。

The first strategic initiative is to help our clients build new front-end capabilities, enabled by digital technologies, that create a personalized experiences for their customers, employees, suppliers, and other stakeholders. Clients recognize our strong digital capabilities, having called out the trend in SMAC over five years ago. We continue to see great success in building out our digital capabilities, through investing organically, as well as through select acquisitions.

首要策略措施是幫助客戶建立由數位技術賦能的全新前端能力，從而為他們的客戶、員工、供應商和其他利害關係人打造個人化體驗。客戶認可我們強大的數位化能力，早在五年前我們就預見了SMAC（社交、行動、應用和運算）領域的發展趨勢。我們透過內部投資和選擇性收購，持續提升數位化能力，並取得了顯著成效。

We just announced the acquisition of Idea Couture, which will become part of Cognizant Digital Works. As you will recall, Cognizant Digital Works brings together human insight, strategy, design, technology, and industry expertise, to create innovative solutions at enterprise scale, to help clients succeed in this new digital economy.

我們剛剛宣布收購 Idea Couture，該公司將成為 Cognizant Digital Works 的一部分。您可能還記得，Cognizant Digital Works 匯集了人類洞察力、策略、設計、技術和產業專長，致力於打造企業級創新解決方案，協助客戶在新興的數位經濟中取得成功。

Idea Couture is a digital innovation firm that operates at the intersection of strategy and technology, and specializes in designing and prototyping products, services, and business models for growth and competitive advantage. Idea Couture serves some of the largest firms in the world, including Samsung, ConAgra Foods, and Pepsi. This was our sixth investment in the digital space, building on prior acquisitions of Cadient, KBACE, itaas and Odecee, in addition to our recent strategic investment in ReD Associates. Collectively, we have deployed over $200 million in capital across these digital investments.

Idea Couture是一家專注於策略與技術整合的數位創新公司，致力於為企業設計和打造產品、服務和商業模式原型，以實現成長和競爭優勢。 Idea Couture服務於許多全球知名企業，包括三星、康尼格拉食品和百事可樂。這是我們在數位化領域的第六筆投資，先前我們已收購了Cadient、KBACE、itaas和Odecee，並於近期對ReD Associates進行了策略性投資。迄今為止，我們在這些數位投資項目中累計投入了超過2億美元的資金。

The second strategic initiative is to drive new levels of efficiency and effectiveness in the core transaction processing operations of our clients, 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 a service to buying an outcome.

第二項策略性舉措是透過建構基於平台的解決方案和產業實用工具，顯著提升客戶核心交易處理業務的效率和效能。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成果。

We have developed a number of platform-based solutions across our industry practices, and the result of these investments is best illustrated by our significant progress in the healthcare vertical, where we've been able to successfully combine TriZetto Software with Cognizant's technology and operations capabilities. Since our TriZetto acquisition, we have signed several large platform-based deals, with a combined TCV, or total contract value, approaching $2 billion. Including the program at Emblem Health that we spoke about last quarter. And we're pursuing a number of additional similar opportunities in the market.

我們在各個產業領域開發了多種基於平台的解決方案，而這些投資的成果最能體現在我們於醫療保健垂直領域的顯著進展。在該領域，我們成功地將TriZetto軟體與Cognizant的技術和營運能力結合。自從收購TriZetto以來，我們已簽署了多項大型平台交易，總合約價值（TCV）接近20億美元，其中包括我們上季度提到的Emblem Health項目。目前，我們正在積極尋求市場上其他類似的合作機會。

The third strategic initiative is to transform clients' existing IT systems and infrastructure to next-generation IT, to help them harness the potential from digital technologies. This includes the 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系統和基礎設施升級到下一代IT，幫助他們充分發揮數位技術的潛力。這包括簡化應用程式的開發和交付方式，以及IT基礎設施的標準化，以確保在合理的成本範圍內實現簡單性和靈活性。

We're making good progress in each of these areas, and we are confident that this framework will differentiate our services and solutions in the marketplace, now and in the future. In closing, I'd like to emphasize that we've been through periods of market volatility in the past. While macroeconomic factors such as what we experienced this quarter are not within our control, we're confident that we will execute well through this cycle and continue to gain market share. So with that, let me hand the call over to Gordon to discuss the current demand environment, to Raj to discuss our business performance, and then to Karen to provide more financial details. Gordon?

我們在這些領域都取得了良好的進展，我們相信，這個框架將使我們的服務和解決方案在市場上脫穎而出，無論現在還是將來。最後，我想強調的是，我們過去也曾經歷過市場波動時期。雖然像本季我們所經歷的宏觀經濟因素不在我們的控制範圍內，但我們相信我們能夠順利度過這一周期，並繼續擴大市場份額。那麼，接下來我將把電話交給Gordon，讓他談談當前的需求環境；交給Raj，讓他談談我們的業務表現；最後交給Karen，讓她提供更多財務細節。 Gordon？

Thank you, Frank, and good morning, gentlemen. I'd like to start by providing some additional context on the specific short-term headwinds that are leading us to revise this year's revenue guidance. First, as we indicated on our last two earnings calls, discretionary spending in the banking sector remains soft, weighed down by macroeconomic concerns, and a prolonged low interest rate environment.

謝謝弗蘭克，各位先生早安。首先，我想就導致我們調整今年營收預期的具體短期不利因素提供一些補充說明。首先，正如我們在前兩次財報電話會議中提到的，受宏觀經濟擔憂和長期低利率環境的影響，銀行業可自由支配支出依然疲軟。

While we did see a return to healthy sequential growth in the second quarter, we expect banking discretionary spending during the second half of 2016 to be slower than we anticipated three months ago. Complicating the situation of course is the uncertainty arising from the Brexit vote in the UK. Economic growth forecasts and short to medium-term interest rate projections have generally been revised down since the vote. Given this new development, we see the banking sector being more cautious in spending over the near-term, and therefore, we believe it is prudent to err on the side of caution in banking and financial services revenue planning for the remainder of this year.

儘管第二季環比成長有所回升，但我們預計2016年下半年銀行業可自由支配支出成長將低於三個月前的預期。當然，英國脫歐公投帶來的不確定性也加劇了這一局面。自公投以來，經濟成長預測和中短期利率預期普遍下調。鑑於這一新形勢，我們認為銀行業近期支出將更加謹慎，因此，我們認為在今年剩餘時間的銀行和金融服務收入規劃中採取更為謹慎的態度是明智之舉。

Second, the sharp weakening of the pound sterling will have a negative impact on our second-quarter revenue of approximately $40 million, assuming the currency holds at current levels. As you know, the pound sterling is seeing a 12% depreciation since the Brexit vote.

其次，假設英鎊匯率維持在當前水平，其大幅貶值將對我們第二季的收入造成約4000萬美元的負面影響。如您所知，自英國脫歐公投以來，英鎊已貶值12%。

Third, as we indicated to you at the beginning of this year, consolidation within the US healthcare industry has impacted the revenue growth of our healthcare practice. Given the status of the M&A regulatory approval process, we anticipate our project spending will continue to slow for clients involved in these consolidations for the remainder of the year. Finally, we're also seeing customer pull back on discretionary spending in other pockets of our business. For example, some clients within our information services practice are taking a more moderate approach to spending as we go into the back half of the year.

第三，正如我們年初向您指出的，美國醫療保健產業的整合已經影響了我們醫療保健業務的收入成長。鑑於併購監管審批流程的現狀，我們預計，在今年剩餘的時間裡，參與這些整合的客戶的專案支出將繼續放緩。最後，我們也看到客戶在其他業務領域減少了可自由支配的支出。例如，我們資訊服務業務的一些客戶在進入下半年時採取了更謹慎的支出策略。

While we're taking a cautious approach to our revenue expectations for the remainder of 2016, we believe that the medium to long-term outlook for our business remains as strong as ever. The pipeline is healthy, and we continue to make investments in skills and capabilities that will help us meet our clients' evolving need to simultaneously run better, and run different. I'd like to take a moment to outline three trends that are driving client demand, and our optimism for the medium and long-term outlook for our business. You'll see that these trends are the basis for the investment areas that Frank described a few moments ago.

儘管我們對2016年剩餘時間的營收預期持謹慎態度，但我們相信，公司業務的中長期前景依然強勁。業務儲備充足，我們將繼續投資於技能和能力建設，以幫助我們滿足客戶不斷變化的需求，即在提升營運效率的同時，實現營運模式的創新。我想藉此機會概述推動客戶需求的三個趨勢，以及我們對公司業務中長期前景的樂觀態度。您會發現，這些趨勢正是弗蘭克剛才提到的投資領域的基礎。

First, in the shift to digital, there's a greater sense of urgency among CXOs to build new innovative models to drive revenue growth and create a differentiation in the market. I see this in almost every client meeting I attend, regardless of industry. These conversations have evolved from a discussion of SMAC, which is now table stakes, to the exploration and execution in areas such as artificial intelligence, IoT ecosystems, augmented reality, adaptive manufacturing, and block chain, just to name a few.

首先，在數位化轉型的過程中，首席主管們更加迫切地需要建立創新模式，以推動營收成長並在市場中脫穎而出。無論身處哪個產業，我幾乎每次與客戶開會都能感受到這一點。這些討論已經從最初的SMAC（社群媒體、行動應用、運算和應用）——如今它已成為基本要求——演變為對人工智慧、物聯網生態系統、擴增實境、自適應製造和區塊鏈等領域的探索和實踐，以上僅列舉部分領域。

Digital is no longer about deploying new technologies, rather it is an integration of insights, strategy, design, technology, and industry knowledge, to create new capabilities that can distinguish a client in the market. We've invested heavily over the past several years in building a true leading world-class digital capability. An achievement which has now begun to be well-recognized in the market.

數位化不再只是部署新技術，而是將洞察、策略、設計、技術和產業知識融會貫通，從而創造能夠幫助客戶在市場中脫穎而出的全新能力。過去幾年，我們投入大量資金打造真正世界領先的數位化能力，這項成就如今已開始獲得市場的廣泛認可。

Second, there is a growing realization that there's a difference between doing digital and being digital. For example, clients understand that the mobile enablement of an enterprise app, while necessary, is not sufficient to take on digital disruptors in their industry. Digital transformation requires a fundamental change, not just for clients' front office capabilities, but across their entire business and technology architectures, in both their mid and back offices, to create nimble, efficient, and innovative ways to meet customer demands.

其次，人們越來越意識到「做數位化」和「成為數位化企業」之間存在差異。例如，客戶明白，企業應用的行動化固然必要，但這並不足以應對產業內的數位化顛覆者。數位轉型需要根本性的變革，不僅需要客戶前台部門的能力提升，更需要對其整個業務和技術架構進行全面改造，涵蓋中後台，從而打造靈活、高效且創新的方式來滿足客戶需求。

Given the existing infrastructure investments of our enterprise clients, we believe that the winning model for many is a hybrid model, combining aspects of their heritage or legacy infrastructure with new digital technologies. This belief is core to our strategy going forward. Our intimate knowledge of core business and legacy infrastructure and business processes across our clients' mid and back offices, combined with our leading-edge digital capabilities, as required in the front office, give us a highly differentiated offering, and a value proposition in the market today.

鑑於我們企業客戶現有的基礎設施投資，我們認為對許多客戶而言，最佳模式是混合模式，即將其傳統基礎設施與新興數位技術結合。這一理念是我們未來策略的核心。我們對客戶中後台核心業務、傳統基礎設施和業務流程的深入了解，結合我們領先的數位化能力（滿足前台業務的需求），使我們擁有高度差異化的產品和服務，並在當今市場中脫穎而出，極具價值。

Finally, the drive for getting continued efficiencies from existing IT infrastructure, to be able to fund innovation projects, remains absolutely essential to almost every client. This in turn leads to a demand for more automation, simplified application development methods, process efficiencies, platform based solutions, and industry utilities. Our strong vertical presence and investments in building sharply-focused industry-specific platforms allow clients to obtain these efficiencies by shifting from buying a service to buying an outcome. These trends will continue to open opportunities for us over the coming years. With that, let me now turn the call over to Raj to provide additional details on our business performance.

最後，對於幾乎所有客戶而言，持續提升現有IT基礎設施的效率，從而為創新項目提供資金，仍然至關重要。這反過來又促使他們對自動化程度更高、應用開發方法更簡化、流程效率更高、基於平台的解決方案以及行業實用工具的需求不斷增長。我們強大的垂直行業佈局以及在構建高度聚焦的行業專屬平台方面的投入，使客戶能夠透過從購買服務轉向購買成果來獲得這些效率提升。這些趨勢將在未來幾年繼續為我們帶來機會。接下來，我將把電話交給Raj，請他詳細介紹我們的業務表現。

Thank you, Gordon, and good morning, everyone. I'm delighted to be here today, and look forward to interacting more with the investment community going forward.

謝謝戈登，大家早安。我很高興今天能來到這裡，並期待未來與投資界的各位進行更多交流。

Let me now provide some additional color on our performance, across industries and geographies. Our banking and financial services segment was up 5.1% sequentially, and 8.1% year-over-year. As expected, banking and financial services returned to positive sequential growth in Q2. Due to the increased macroeconomic uncertainty, and a prolonged a low interest rate environment, we expect spending within banking to be sluggish during the second half of 2016, and revenue for our BFS segment to be up slightly sequentially for Q3 and Q4.

現在，我將從各個產業和地區的角度，進一步闡述我們的業績表現。我們的銀行和金融服務業務較上季成長5.1%，較去年同期成長8.1%。正如預期，銀行和金融服務業務在第二季度恢復了環比正成長。由於宏觀經濟不確定性加劇，以及低利率環境持續，我們預計2016年下半年銀行業支出將保持低迷，第三季和第四季銀行和金融服務業務的收入將略有環比增長。

Within our insurance practice, demand remains solid, particularly for solutions which help transform the claims and underwriting processes, and deliver greater efficiencies, increasingly through managed services or other outcome-based arrangements. In addition we've seen increasing demand for solutions which help clients rationalize and transform their infrastructure landscape.

在我們的保險業務領域，市場需求仍然強勁，尤其對那些能夠幫助客戶改善理賠和承保流程、提高效率的解決方案的需求，而這些效率的提升越來越多地是透過管理服務或其他基於結果的安排來實現的。此外，我們還看到，客戶對能夠幫助他們優化和改造基礎設施的解決方案的需求日益增長。

Our healthcare segment, which consists of payer, provider, pharmaceutical, biotech, and medical device clients, grew 4.9% sequentially, and 6.9% year-over-year. The industry consolidation among several of our largest US payers continues to weigh on our healthcare payer practice. However, we remain optimistic about the long-term opportunities within the payer segment, as the industry embarks on a fundamental change in the business model.

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）較上季成長4.9%，較去年同期成長6.9%。我們幾家最大的美國支付方之間的行業整合持續對我們的醫療保健支付方業務構成壓力。然而，隨著整個產業商業模式的根本性變革，我們對支付方板塊的長期發展機會依然保持樂觀。

This is driven by the Affordable Care Act, the changing regulatory environment, consumerization of healthcare, and increased focus on medical cost. In this rapidly-changing environment, it is critical that payers have solutions in place that can both drive efficiencies and adapt to ongoing regulatory and technological changes. We're able to offer clients fresh solutions through our combined TriZetto software with Cognizant Services. Last quarter, we spoke about a large healthcare deal that we launched with Emblem Health, leveraging the TriZetto platform. This program continues to ramp up as expected.

這主要受《平價醫療法案》、不斷變化的監管環境、醫療保健消費化以及對醫療成本日益增長的關注所驅動。在這種快速變化的環境中，支付方必須擁有能夠提高效率並適應持續監管和技術變革的解決方案。我們能夠透過整合 TriZetto 軟體和 Cognizant Services 為客戶提供全新的解決方案。上個季度，我們曾介紹過與 Emblem Health 合作推出的一項大型醫療保健項目，該項目充分利用了 TriZetto 平台。目前，該項目正按預期穩步推進。

Moving on to our life science business, we saw strong demand in the quarter driven by a trend towards multi-service line deals, leveraging cloud technologies and platforms, as well as advanced data analytics. As drug pipelines and product launches have improved for pharmaceutical and biotech companies, we expect this to drive demand in our life sciences practice. Our retail and manufacturing segment was up 4.4% sequentially, and 14.2% year-over-year, driven by the strength in manufacturing and logistics.

接下來談談我們的生命科學業務。本季度，受多服務線交易趨勢、雲端技術和平台應用以及先進數據分析的推動，我們看到了強勁的需求。隨著製藥和生物技術公司藥物研發管線和產品上市的改善，我們預計這將推動我們生命科學業務的需求成長。我們的零售和製造業務較上季成長4.4%，年增14.2%，主要得益於製造和物流業務的強勁表現。

We're seeing growing demand for solutions which leverage our ability to integrate multiple service lines, as front-end digital technologies such as IoT are being scaled and integrated across our organization. We are building deeper partnerships with many of our manufacturing clients, by proposing innovative solutions which harness the power of data from connected products, to help them optimize their product portfolios, addressing key business problems, and driving sources of revenue growth.

隨著物聯網等前端數位技術在我們組織內不斷擴展和整合，我們看到市場對能夠充分利用我們整合多條服務線能力的解決方案的需求日益增長。我們正與眾多製造企業客戶建立更深層的合作關係，透過提供創新解決方案，充分利用互聯產品的數據，幫助他們優化產品組合，解決關鍵業務難題，並推動收入成長。

For example, our client, one of the world's largest auto manufacturers, is rolling out the deployment of telematics across all new cars by next year. As you know, telematics tracks a variety of items relative to driving, including maintenance, driver safety, and road emergencies. While the client is looking to enhance its relationship with its customers, they are also concerned with the risks associated with the rollout of this new digital technology at an enterprise scale.

例如，我們的客戶是全球最大的汽車製造商之一，計劃明年在所有新車上全面部署車載資訊系統。如您所知，車載資訊系統可以追蹤與駕駛相關的各種信息，包括車輛維護、駕駛安全和道路緊急情況。雖然客戶希望藉此加強與客戶的關係，但他們也擔心大規模推廣這項新技術會帶來哪些風險。

Cognizant will combine its design, technology, and business process expertise to create a scalable solution that manages both customer satisfaction, and helps run the transaction processing and telematics operations efficiently. Additionally, we will leverage predictive analytics to anticipate issues and create valuable insight to support future product development. Our other segment, which includes high-tech medications and information media and entertainment clients, was up 8.1% sequentially and 11.2% year-over-year, driven by both telecom and technology clients as we continue to expand our range of services.

Cognizant 將結合其在設計、技術和業務流程方面的專長，打造可擴展的解決方案，既能提升客戶滿意度，又能高效地運行交易處理和遠端資訊處理業務。此外，我們將利用預測分析來預見問題，並提供有價值的洞察，以支持未來的產品開發。我們的其他業務部門，包括高科技藥物、資訊媒體和娛樂客戶，季增 8.1%，年增 11.2%，這主要得益於電信和科技客戶的推動，因為我們將繼續擴大服務範圍。

Let me now quickly turn to our Horizon 2 service lines. Cognizant business consulting, infrastructure services and business process services. Our Horizon 2 strategy has worked with all three service lines having reached a critical mass at a combined $3 billion run rate, and continuing to grow faster than the Company average. These services are an integral part of the digital platform and next-generation IT solutions we are building out for our clients.

現在，讓我快速介紹一下我們的第二階段服務線：Cognizant 業務諮詢、基礎設施服務和業務流程服務。我們的第二階段策略已取得顯著成效，這三項服務線合計年收入已達 30 億美元，並持續維持高於公司平均水準的成長速度。這些服務是我們正在為客戶建構的數位化平台和下一代 IT 解決方案不可或缺的一部分。

From a geographic standpoint, North America grew up 5.1% sequentially, and 8.3% year-over-year. Europe was up 4.1% sequentially and 8.9% over last year, after a 2.9% negative currency impact. Growth in Europe was driven primarily by the ramp-up of work with recent wins, particularly in markets such as Germany and the Nordics. The UK grew 4% sequentially and 4.4% year-over-year.

從地理來看，北美季增5.1%，較去年同期成長8.3%。歐洲季增4.1%，年增8.9%，先前受到2.9%的匯率負面影響。歐洲的成長主要得益於近期中標項目帶來的業務成長，尤其是在德國和北歐等市場。英國環比成長4%，年增4.4%。

And continental Europe grew 4.4% sequentially, and 15.5% over the prior year. Finally, we saw continued traction and the rest of the world, which was up 10.8% sequentially, and 25% year-over-year. Growth was driven primarily by strength in the key markets such as Singapore, India, and Australia. With that, I'll turn over the call to Karen.

歐洲大陸環比成長4.4%，年增15.5%。此外，世界其他地區也維持了強勁的成長勢頭，較上季成長10.8%，較去年同期成長25%。成長主要得益於新加坡、印度和澳洲等關鍵市場的強勁表現。接下來，我將把電話會議交給凱倫。

Thank you, Raj, and good morning, everyone. Second-quarter revenue of $3.37 billion was within our guided range, and represented sequential growth of almost $170 million or 5.2% sequentially. Revenue increased by 9.2% year-over-year, including a negative currency impact of $25 million or 80 basis points.

謝謝Raj，大家早安。第二季營收為33.7億美元，符合我們預期，季增近1.7億美元，增幅為5.2%。營收年增9.2%，其中包括2,500萬美元（80個基點）的匯率負面影響。

Non-GAAP operating margin, which excludes stock-based compensation expense and acquisition-related expenses, was 20.3%, slightly above our target range of 19% to 20%. This positions us well to absorb our compensation increases, which will take effect during the third quarter. Non-GAAP EPS of $0.87 was also above our guidance range of $0.80 to $0.82, due to a slightly lower tax rate and stronger operating margins.

剔除股權激勵費用及收購相關費用後，非GAAP營業利益率為20.3%，略高於我們19%至20%的目標區間。這使我們能夠更好地消化將於第三季生效的薪資成長。由於稅率略有下降以及營業利潤率走強，非GAAP每股收益為0.87美元，也高於我們0.80美元至0.82美元的預期區間。

During the quarter, we executed a one-time remittance of cash from India to the US and to other international markets. This will provide additional financial flexibility in funding our strategic investments to drive long-term growth for Cognizant.

本季度，我們完成了一筆從印度向美國和其他國際市場的現金一次性匯款。這將為我們的策略投資提供更大的財務靈活性，從而推動 Cognizant 的長期成長。

Let me provide you some additional color on this transaction. In May, our India subsidiary received approval to repurchase stock worth $2.8 billion from certain of its shareholders, which are non-Indian Cognizant entities. This repurchase resulted in a one-time remittance of $1 billion to the US, net of taxes, with the other $1.6 billion to other non-India overseas locations.

讓我再補充一些關於這筆交易的細節。今年5月，我們的印度子公司獲準從部分股東（均為非印度籍的Cognizant實體）手中回購價值28億美元的股票。此次回購導致10億美元（稅後）一次匯往美國，其餘16億美元則匯往印度以外的其他海外地區。

This buyback also resulted in a one-time tax impact of $190 million in the second quarter, with approximately $24 million incremental tax impact expected in each of the third and fourth quarters this year. The tax impact of this transaction had a $0.31 per share impact on our Q2 GAAP EPS, but was excluded from our non-GAAP EPS calculations due to the non-recurring nature of this transaction.

此次股票回購導致第二季一次性稅項支出1.9億美元，預計今年第三季及第四季也將分別產生約2,400萬美元的額外稅項支出。該交易的稅項支出對我們第二季GAAP每股收益的影響為每股0.31美元，但由於該交易屬於非經常性交易，因此未計入非GAAP每股收益的計算中。

Consulting and technology services and outsourcing services represented 57.5% and 42.5% of revenue respectfully for the quarter. Consulting and technology services grew 4.6% sequentially, and 9.3% year over year. Outsourcing services revenue grew 6.2% sequentially, and 9.1% from Q2 a year ago.

本季度，諮詢和技術服務以及外包服務分別佔總收入的57.5%和42.5%。諮詢和技術服務季增4.6%，年增9.3%。外包服務收入較上季成長6.2%，較去年同期成長9.1%。

During the second quarter, 37.6% of our revenue came from fixed-price contracts, and as expected, overall pricing was stable. We added seven 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 315.

第二季度，我們37.6%的收入來自固定價格合同，如預期，整體定價保持穩定。本季我們新增了7家策略客戶，這些客戶被定義為年收入潛力在500萬美元至5,000萬美元或以上的客戶，使我們的策略客戶總數達到315家。

We added 11,300 net new hires in the quarter. Annualized attrition of 17.1% during the quarter, including BPO and trainees, was down 200 basis points from the year-ago period. Total headcount at the end of the quarter was 244,300 employees globally, of which 229,400 were service delivery staff. Offshore utilization was 73%, offshore utilization excluding recent college graduates who are in our training program was 79%, and on-site utilization was 91% during the quarter.

本季淨增員工11,300人。本季年化員工流動率為17.1%（包括業務流程外包和實習生），較去年同期下降200個基點。截至本季末，全球員工總數為244,300人，其中服務交付人員為229,400人。本季離岸員工利用率為73%，若不計入參加培訓計畫的應屆畢業生，離岸員工利用率為79%，現場員工利用率為91%。

Our balance sheet remains very healthy. We finished the quarter with $4.5 billion of cash and short-term investments, up by $30 million from the quarter ending March 31. In addition to a payment of $134 million for withholding taxes related to the aforementioned share repurchase of our India subsidiary, we also paid down the $100 million outstanding balance on our revolver during the quarter. Our cash and short-term investments, net of debt, were up by $1.1 billion from the year ago period.

我們的資產負債表依然非常健康。本季末，我們持有現金及短期投資45億美元，較截至3月31日的季末增加3,000萬美元。除支付與上述印度子公司股份回購相關的1.34億美元預扣稅款外，本季我們還償還了循環信貸的1億美元未償餘額。扣除債務後，我們的現金及短期投資較去年同期增加11億美元。

Moving on to receivables, which were $2.4 billion at the end of the quarter, we finished the quarter with a DSO, including unbilled receivables of 74 days. This is flat with last quarter and up from 72 days in Q2 of 2015.

接下來是應收帳款，截至本季末為24億美元。本季末的應收帳款週轉天數（DSO，包括未開立應收帳款）為74天。這與上季持平，但高於2015年第二季的72天。

Our unbilled receivables balance was $451 million, up from $432 million at the end of Q1. We billed approximately 55% of the Q2 unbilled balance in July. The increase in unbilled receivables was properly due to the timing of certain milestone deliverables.

我們的未開立發票應收帳款餘額為 4.51 億美元，高於第一季末的 4.32 億美元。我們在 7 月開出了第二季未開票餘額的約 55%。未開立發票應收帳款的增加是由於某些里程碑交付事項的時間表所致。

Our outstanding debt balance was $909 million at the end of the quarter. There were no outstanding borrowings on our revolving credit facility.

截至本季末，我們的未償債務餘額為9.09億美元。我們的循環信貸額度內沒有未償還借款。

Turning to cash flow, operating activities generated $360 million, financing activities were a $143 million use of cash during the quarter, and capital expenditures were $75 million during the quarter. During the second quarter, we repurchased just over 840,000 shares, for a total cost of $50 million, and our diluted share count decreased to 608.8 million shares for the quarter.

就現金流而言，經營活動產生現金流3.6億美元，融資活動本季耗用現金1.43億美元，資本支出為7,500萬美元。第二季度，我們回購了略超過84萬股股票，總成本為5000萬美元，因此本季稀釋後股份總數減少至6.088億股。

As of the end of Q2, we had repurchased 46.3 million shares, for a total cost of $1.9 billion under our stock repurchase authorization of $2 billion. Our Board of Directors has approved an increase of the Company's stock repurchase program by $1 billion, from $2 billion to $3 billion, and an extension of the program until December 31, 2018. This reflects our confidence in our business and our commitment to driving shareholder value.

截至第二季末，我們已回購4,630萬股股票，總成本為19億美元，這筆款項來自我們20億美元的股票回購授權。董事會已批准將公司股票回購計畫的規模增加10億美元，從20億美元增加到30億美元，並將計畫延長至2018年12月31日。這反映了我們對公司業務的信心以及我們致力於提升股東價值的承諾。

I would now like to comment on our outlook for Q3 and the full year. In the weeks since Brexit there have been significant fluctuations in global exchange rates and particularly the British pound, which has declined 12% versus the US dollar since June 23, and 14% year over year. The guidance that we provide is based on exchange rates at the time at which we are providing the guidance, and does not consider potential currency fluctuations over the remainder of the year.

現在我想談談我們對第三季和全年的展望。自英國脫歐以來，全球匯率波動劇烈，尤其是英鎊，自6月23日以來，英鎊兌美元匯率已下跌12%，較去年同期下跌14%。我們提供的業績指引是基於發佈時的匯率，並未考慮今年剩餘時間內可能出現的匯率波動。

For the full year 2016, we have revised our revenue expectations to be in the range of $13.47 billion to $13.6 billion which represents growth of approximately 8.5% to 9.5%. For the third quarter of 2016, we expect to deliver revenue in the range of $3.43 billion to $3.47 billion. During the third quarter and for the full year, we expect to operate within our target non-GAAP operating margin range of 19% to 20%. For the third quarter, we expect to deliver non-GAAP EPS in the range of $0.82 to $0.85. Our non-GAAP EPS guidance excludes net non-operating foreign currency exchange gains and losses, stock-based compensation, and acquisition-related expenses and amortization.

我們已將2016年全年營收預期調整為134.7億美元至136億美元，年增約8.5%至9.5%。我們預計2016年第三季營收將在34.3億美元至34.7億美元之間。第三季及全年，我們預期非GAAP營業利潤率將維持在19%至20%的目標範圍內。第三季度，我們預計非GAAP每股盈餘將在0.82美元至0.85美元之間。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。

For the remainder of the year, our non-GAAP diluted EPS guidance also excludes the impact of a one-time incremental income tax expense related to the India share buyback transaction. This guidance anticipates a share count of approximately 610 million shares, and a tax rate of approximately 30.5%, including an approximate $24 million impact from the incremental tax from the India remittance.

在今年剩餘時間內，我們的非GAAP攤薄後每股盈餘預期也不包含與印度股票回購交易相關的一次性新增所得稅費用的影響。該預期預計股份數量約為6.1億股，稅率約為30.5%，其中包括來自印度匯款的約2,400萬美元新增稅款。

For the full year, we expect to deliver non-GAAP EPS in the range of $3.32 to $3.44. This guidance anticipates a full-year share count of approximately 610.2 million shares, and a tax rate of approximately 36%, including an approximate $238 million impact from the incremental tax from the India remittance.

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。該預期基於全年約6.102億股的股份數量和約36%的稅率，其中包括來自印度匯款的約2.38億美元的增量稅收影響。

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

現在，我們開始接受提問。接線生？

(Operator Instructions)

（操作說明）

Tien-tsin Huang, JPMorgan.

黃天進，摩根大通。

The prepared remarks were helpful but just wanted to ask about the outlook. I guess the mix of products for the lower revenue outlook but it's the second cut here this year. I wanted to ask you, is the business just getting harder to predict for maybe secular reasons, or is the macro just getting really tough on some of your larger clients? Just trying to understand the secular versus the cyclical side of things.

準備好的演講稿很有幫助，但我還是想問前景展望。我猜想收入預期下調可能是產品組合的問題，但這已經是今年第二次下調了。我想問的是，業務預測是否因為長期因素而變得更加困難，還是宏觀經濟狀況對你們的一些大客戶造成了嚴重影響？我只是想了解長期因素和週期性因素之間的差異。

Is a Gordon. It's a bit of both. Certainly the macroeconomic environment has gotten tougher to predict, both certainly the UK vote, and not necessarily the direct impact but the indirect impact of more sustained lower interest rate environment.

是戈登。兩者兼而有之。宏觀經濟環境無疑變得更加難以預測，這不僅包括英國公投的結果，也包括持續低利率環境帶來的間接影響，而非直接影響。

What certainly is a surprise to us, and it would have been tough to predict, and it was a surprise to our banking and insurance clients, and you are seeing the impact on that. So that sort of thing is tough to predict. Obviously some of the uncertainty around the US elections creates some uncertainty.

這確實讓我們感到意外，也很難預料，我們的銀行和保險客戶也同樣感到意外，而您現在也看到了這種影響。所以這類事情很難預測。顯然，美國大選帶來的一些不確定性也造成了這種不確定性。

In terms of structural things for us, the business -- when you think about digital and so forth, tends to be more -- a little bit more project oriented, but these are swings we go back and forth on. So I wouldn't argue that there's any long-term structural change in the ability to predict the business, short-term there is a bit.

就我們的結構性問題而言，業務——當你想到數位化等等面向時——往往更偏向於專案導向，但這些都是我們會反覆調整的方向。所以我不認為預測業務的能力會發生任何長期的結構性變化，短期內可能會有一些變化。

Got it. Certainly, a lot of surprises going on. Just as a quick follow-up just of the repatriation of cash, is the priority there to buy back stock, or are there some larger acquisitions maybe you want to do in the US or Europe?

明白了。確實，有很多意想不到的事情發生。關於現金回流，我想快速跟進一下，目前的首要任務是回購股票，還是計劃在美國或歐洲進行一些更大的收購？

Tien-tsin, this is Karen. So I mean, as we talked about, we do want to ramp up the volume of M&A, not necessarily large-scale deals, but certainly more transactions and you see that with Idea Couture and our investment in Horizon and so forth this year. So certainly we will look to deploy that cash effectively, looking to use it to invest in growth for the business.

天心，我是凱倫。正如我們之前討論的，我們確實希望增加併購交易的數量，不一定是大規模交易，但肯定會增加交易量。今年我們對Idea Couture和Horizo​​​​n的投資就是很好的例子。所以，我們一定會有效地利用這些資金，將其用於業務成長的投資。

And on share repurchases, as we said historically, that our target is to maintain share neutrality but we are also opportunistic depending on valuation of the stock.

至於股票回購，正如我們過去所說，我們的目標是保持股票中性，但我們也會根據股票的估值採取機會主義做法。

Thanks for the update.

謝謝你的更新。

Bryan Keane, Deutsche Bank.

Bryan Keane，德意志銀行。

Karen, I know recently at some conferences you'd stated that Cognizant is likely only to grow organically a max $1.5 billion in any given year. So that limits your top line growth rate as Cognizant gets larger. So trying to figure out what else you can do to grow EPS. Is it time to expand operating margins?

Karen，我知道你最近在一些會議上說過，Cognizant每年的內生成長可能最多只有15億美元。這意味著隨著Cognizant規模的擴大，其營收成長率會受到限制。所以，你現在正在思考還能做些什麼來提高每股盈餘。現在是不是應該考慮提高營業利潤率了？

Because essentially, I mean, we're only going to grow EPS at about 10%, if the top lines looking to grow that level, and then as we get larger, it's only going to get smaller. So what are we going to offset the to be able to grow EPS? Is it margins or buybacks or what else can we do?

因為本質上來說，我的意思是，如果營收成長達到10%左右，我們的每股盈餘（EPS）成長率也只能達到這個水平，而隨著公司規模的擴大，成長率只會越來越低。那麼，我們該如何彌補營收成長的缺口，從而實現每股盈餘的成長呢？是提高利潤率、股票回購，還是還有其他辦法？

Bryan, I think what we've been saying is that if you look historically, right, we've been averaging roughly $1.5 billion over the last several years, and that's true if you look at all large services organizations, right? There are many organizations that have grown organically consistently more than $1.5 billion a year. That's not to say there won't be years were you can, and that's not to say that organizations can't do that. We have been referring to what we've done historically, and particularly as people try to think about long-term growth rates, and percentage growth, which obviously comes down over time due to the law of large numbers.

布萊恩，我認為我們一直在強調的是，從歷史數據來看，過去幾年我們的平均收入大約在15億美元左右，所有大型服務機構的情況都是如此，對吧？很多機構的有機成長都持續超過每年15億美元。這並不是說以後就不會出現收入超過15億美元的年份，也不是說其他機構做不到。我們一直在強調的是歷史數據，尤其是在人們試圖思考長期成長率和百分比成長的時候，因為隨著時間的推移，由於大數定律，成長率顯然會下降。

I think, certainly we will look to continue to drive growth both organically and inorganically. As we have said, we clearly look to increase of the volume of M&A transactions that we're doing. We continue to believe there's a significant opportunity in the market for us to grow, and continue to take market share, and certainly at this point, we believe that the 19% to 20% non-GAAP operating margin that we've historically provided will continue to be an appropriate range for us. It gives us the flexibility to continue to grow the business while maintaining strong financial performance.

我認為，我們肯定會繼續尋求透過內生成長和外延收購來推動業務成長。正如我們之前所說，我們顯然希望增加併購交易的數量。我們仍然相信，市場存在著巨大的成長機會，我們將繼續擴大市場份額。目前，我們認為，我們歷來維持的19%至20%的非GAAP營業利潤率區間仍然是合適的。這使我們能夠在保持強勁財務業績的同時，靈活地拓展業務。

It's Frank. I'll just add to that and say that I don't think there's anything inherent or magical about a $1.5 billion number, particularly given the structure and dynamics of our industry. If you think about our industry, it's highly fragmented. Nobody has a dominant market share. The ability to take share from each other and not to mention the fact that technology overall in the economy is playing a much larger role. I think the growth opportunities are significant. So I think you should look at the $1.5 billion as in the historical context, but I wouldn't necessarily use that as a rate limiter for our growth going forward.

我是弗蘭克。我補充一點，我認為15億美元的數字本身並沒有什麼神奇之處，尤其考慮到我們行業的結構和動態。想想我們這個行業，它高度分散，沒有一家公司佔據絕對的市場份額。各家公司都有機會從彼此手中奪取市場份額，更不用說科技在整體經濟中扮演越來越重要的角色。我認為成長機會非常巨大。所以，我認為應該從歷史的角度來看15億美元這個數字，但我不會把它當作未來成長的速限因素。

Okay. Frank, and just as a follow-up, you mentioned that you are taking share, but if I look at your growth rates for 2016, they do appear lower than peers. So just want to make sure what you mean by that comment. Is that a going-forward comment, or is that something else you are looking at that says you are taking share? Thanks so much.

好的，弗蘭克，我再補充一點。你提到你們正在擴大市場份額，但如果我看一下你們2016年的成長率，似乎低於同業。所以我想確認一下你這句話的意思。你是指未來的發展趨勢，還是說你從其他方面得出的市場份額正在擴大的結論？非常感謝。

I think it's important when you look at the taking share comment, to look at a couple things. First of all, over a long period of time, I think we have been taking share, and if you look at the long-term trajectory, as we continue to invest in the business, we create disproportionately larger growth opportunities for ourselves, which allows us to take share.

我認為在看待「搶佔市場份額」這個話題時，有幾點需要注意。首先，從長遠來看，我們一直在搶佔市場份額；而且，從長遠發展軌跡來看，隨著我們持續投資業務，我們為自己創造了不成比例的更大成長機會，這使我們能夠搶佔市場份額。

I think, looking at percentage growth rates is only one part of the equation, because that doesn't adjust for size of organization. I think a very interesting number to look at in that context is incremental dollars added. If you look for example this quarter, we added close to $170 million of incremental revenue in the quarter. And so if you, in a sense, think about that as being a proxy for market share gain, I think it tells the story that supports our thesis, that we can continue to grow and take market share ahead of competition by investing in the business.

我認為，僅僅關注成長率百分比只是問題的一部分，因為它沒有考慮到公司規模。我認為，在這種情況下，一個非常有趣的指標是新增收入。例如，本季我們新增了近1.7億美元的營收。因此，如果從某種意義上說，這可以作為市場份額成長的指標，我認為它印證了我們的論點：透過投資業務，我們可以持續成長，並在競爭中脫穎而出，搶佔市場份額。

Ashwin Shirvaikar, Citigroup.

阿什溫·希爾瓦伊卡爾，花旗集團。

Welcome to the call, Raj. I want to talk about healthcare. And the Emblem Health that you announced -- do you need traditional regulatory approval to continue to ramp that? And I recall you had mentioned another similar deal in your pipeline. So can you provide insight into that, as well as other deals that you may be looking at, in terms of forward growth trajectory?

歡迎參加電話會議，Raj。我想談談醫療保健產業。您先前宣布的Emblem Health計畫－您是否需要獲得傳統的監管批准才能繼續擴大規模？我記得您還提到另一個類似的交易正在籌備中。您能否就此以及您正在考慮的其他交易，就未來的成長軌跡提供一些見解？

Ashwin, it's Gordon. Happy to answer both those questions. In terms of regulatory approvals, Emblem's really best positioned to discuss regulatory requirements for their business. But from our perspective, for the work we're doing for them, we've obtained all the necessary approvals to move ahead with our work.

阿什溫，我是戈登。我很樂意回答這兩個問題。關於監管審批方面，Emblem公司最了解他們業務的監管要求。但就我們而言，我們為他們所做的工作已經獲得了所有必要的批准，可以繼續前進。

When we look more broadly at healthcare, and end-to-end solutions, we're seeing a lot of interest in the market, and the reason why is health plans are under tremendous pressure right now to keep rate reductions as low as possible. And we can really help them with that, with regulatory compliance, with not having to make investments on their own. So we are seeing increasing interest as we roll out our healthcare platform-based solutions.

當我們更廣泛地審視醫療保健和端到端解決方案時，我們發現市場對此表現出濃厚的興趣。原因在於，目前醫療保險計畫面臨巨大的壓力，必須盡可能降低費率。而我們能夠真正幫助他們應對這項挑戰，確保合規性，並讓他們無需自行進行投資。因此，隨著我們推出基於醫療保健平台的解決方案，我們看到市場對該方案的興趣日益濃厚。

We talked about two big deals this year. One of them obviously we just discussed. The other one continues to move along. I think in terms of when it will close, that's probably towards the very end of the year.

今年我們談了兩筆大交易。其中一筆我們剛才已經討論過了。另一筆交易仍在進行中。我認為最終成交的時間可能要到年底了。

But since we talked last three months ago and I look at the pipeline of activities, that continues to increase very nicely, obviously that'll be revenue for next year. But as we just recently sat down and did a review of our healthcare strategy, and we concluded -- we really have identified a market with a need in it, based on the changing dynamics in the industry, and based on the unique capabilities that Cognizant has with a combination of the leading healthcare administration platform and just incredible domain expertise and technical expertise, so we feel really good about healthcare over the medium to long-term. Obviously, there are specific payers in the M&A process that are a headwind in the short term.

但自從三個月前我們上次談話以來，我查看了專案儲備，發現它持續穩定成長，這顯然將為明年帶來收入。我們最近坐下來重新審視了我們的醫療保健策略，並得出結論——基於行業動態的變化，以及Cognizant憑藉領先的醫療保健管理平台、卓越的領域專業知識和技術專長所擁有的獨特能力，我們確實找到了一個存在需求的市場。因此，我們對醫療保健領域的中長期前景非常樂觀。當然，併購過程中某些特定的支付方會在短期內構成阻力。

And with regards to financial services, how much of your commentary has to do with specific dialogue that you're having with your clients, that says that demand will be down versus your fears that demand could be down? And then is pricing a part of this discussion, as well?

關於金融服務領域，您的評論有多少是與您和客戶的具體對話有關？這些對話表明您認為需求將會下降，還是只是反映了您對需求可能下降的擔憂？定價是否也是討論的一部分？

Ashwin, this is Raj here. Look, financial services was, obviously we had a good quarter in Q2, but we've guided for a slower growth in Q3 and Q4. And part of that is as we discussed right, some of the low interest rate environment and Brexit. So we do have many of our larger clients looking at it, in terms of how do we continue to drive efficiency and optimization?

阿什溫，我是拉傑。你看，金融服務業第二季表現不錯，但我們預期第三季和第四季的成長速度會放緩。正如我們剛才討論的，部分原因是低利率環境和英國脫歐。因此，我們許多大客戶都在關注如何持續提高效率和優化營運。

So I think that's actually a great opportunity for us, because it allows us to look at a greater percentage of the portfolio for our financial services accounts. It takes us -- it takes time to put all of these pieces together, but we think long-term that's a good opportunity for us, to continue to drive synergies. But more importantly, I think, in the financial services sector, we are seeing great attraction right now on digital, especially around customer experience, and the data analytics behind that. And in addition to that, many of our clients now are looking at the private cloud, and we're helping many of these large financial services customers in that effort. So longer-term, we're seeing good traction there.

所以我認為這對我們來說實際上是一個絕佳的機會，因為它使我們能夠專注於金融服務客戶投資組合中更大比例的部分。雖然整合所有這些環節需要時間，但我們認為從長遠來看，這對我們來說是一個很好的機會，可以繼續推動協同效應。更重要的是，我認為，在金融服務領域，我們目前看到數位化，尤其是客戶體驗及其背後的數據分析，正受到極大的關注。此外，我們的許多客戶現在都在關注私有雲，我們也正在幫助許多大型金融服務客戶實現這一目標。因此，從長遠來看，我們看到了良好的發展動力。

And Ashwin, I would just say that to your question about speculation versus certainty, you have to remember that our model is, our people are on the ground with our clients in financial services and in all the other sectors every day. We have people on the ground at the client sites, day in and day out, and so the feedback we tend to get tends to be relatively real time, and it tends to be relatively -- or rather it tends to be based on real conversations and real feedback we're getting from clients as opposed to hypotheses.

阿什溫，關於你提出的推測與確定性的問題，我想說的是，你必須記住我們的模式是，我們的員工每天都與金融服務及其他各行各業的客戶進行實地接觸。我們日復一日地在客戶現場，因此我們獲得的回饋往往是相對即時的，而且往往是基於與客戶的真實對話和回饋，而不是假設。

Darrin Peller, Barclays.

達林佩勒，巴克萊銀行。

Given just the relatively high exposure to the financials and healthcare verticals, where it looks like most of the macro deceleration is coming from, and I guess sector specific, when considering just an overview of your overall assets, is there anything that Frank or Gordon, you can say you point to strategically that may be able to help reduce volatility associated with year-over-year revenue in any given quarter?

鑑於金融和醫療保健垂直領域的相對高敞口（宏觀經濟放緩似乎主要來自這兩個領域），而且我認為具體到各個行業，在考慮整體資產概覽時，弗蘭克或戈登，你們能否指出一些戰略性措施，以幫助降低任何特定季度同比收入的波動性？

I think, Darrin, what I would say is, it's a great question. I would say that we continue to -- I would say if you look at the medium term, the playbook is to really build out the three broad areas that I spoke about.

達林，我覺得這是一個很好的問題。我想說的是，我們會繼續下去——從中長期來看，我們的策略是真正發展我剛才提到的三個主要領域。

Digital is a macro theme that I think has a lot of wind under its wings. I think we will continue to invest organically and inorganically. The platforms business that I spoke about, we think there's a tremendous potential to take the success we've seen in healthcare to all of our other industries, all of the other industry groups that we serve.

我認為數位化是一個發展勢頭強勁的宏觀主題。我們將繼續進行有機成長和併購投資。我之前提到的平台業務，我們認為它擁有巨大的潛力，可以將我們在醫療保健領域的成功經驗推廣到我們服務的所有其他行業和行業群體。

I would say that the TriZetto experience has been ahead of anything that we would have imagined it to be. We've ramped up TriZetto faster than we anticipated when we did the acquisition, and I think that gives us a sense of confidence that the model works, that we can execute against the model, so there's opportunity to take that to other industries.

我認為TriZetto的營運經驗遠遠超出了我們的預期。我們收購TriZetto後，業務成長速度比預期更快，這讓我們對這種模式充滿信心，相信我們能夠有效執行該模式，因此有機會將其推廣到其他行業。

And then, of course, the third area is so-called next gen IT, where we can -- as Raj said, we continue to feel like there's opportunities for us as our clients face tough macro environments. For us to continue to optimize and bring new ways and innovative ways for them to be more efficient in how they run IT. So that's where I think their focus is in the medium term.

當然，第三個領域是所謂的下一代IT，正如Raj所說，我們仍然覺得，隨著客戶面臨嚴峻的宏觀環境，我們有很多機會。我們可以繼續優化並引進新的、創新的方法，幫助他們更有效率地運作IT。所以我認為，這才是他們中期關注的重點。

If you look out the over the very long run, clearly our objective is to continue to build out in the non-healthcare and financial services parts of the economy. So if you look at our manufacturing and logistics business, that's been doing well, we will continue to invest there both inorganically and organically. And I would say over the very long run, this business needs to have a reasonable representation of our revenue coming from the sources of global GDP. And so we have to continue to shift the business model, but obviously that's not something that happens overnight. That's a 5 to 10 year journey.

從長遠來看，我們的目標顯然是繼續擴大非醫療保健和金融服務領域的經濟活動。例如，我們表現良好的製造業和物流業務，我們將繼續增加投資，包括內生式成長和外延式成長。我認為，從長遠來看，這項業務的收入必須有相當一部分來自全球GDP的貢獻。因此，我們必須不斷調整業務模式，但這顯然不是一朝一夕就能完成的，而是需要5到10年的過程。

And Darrin, its Gordon, let me just add one more thought on that, around platforms. As we ramp up our platform business, both within healthcare and into other industries, remember, most of that we're going to be bringing to market as a service. And this is core transactional work, so that over time will become a nice recurring revenue stream as it builds up, so that's clearly part of our strategy, as well.

達林，我是戈登，關於平台，我再補充一點。隨著我們平台業務的拓展，無論是在醫療保健領域還是其他行業，請記住，我們的大部分業務都將以服務的形式推向市場。這是核心的交易業務，隨著時間的推移，它將逐漸累積成可觀的經常性收入來源，這顯然也是我們策略的一部分。

Brian Essex, Morgan Stanley.

Brian Essex，摩根士丹利。

I was wondering if I could follow on to Tien-tsin's question regarding the repatriation of cash and prioritization of usage. Could you comment a little bit on your M&A pipeline, and what that might look like? I mean certainly we've seen deals in the quarter and they seem to manage the cash, limited cash in the US. Maybe as a follow-up to that, how much cash does this repatriation put into the US as a percentage of total?

我想就田進先生關於現金回流和優先使用的問題再問幾句。您能否簡單介紹一下貴公司的併購專案計劃，以及未來的發展方向？我的意思是，我們本季確實看到了一些交易，而且這些交易似乎都有效地管理了現金，尤其是在美國持有的現金有限。或許可以進一步問一下，這些現金回流到美國所佔的現金總額百分比是多少？

Let me have Karen comment on how much cash in the US, and then let's spend a few minutes talking about M&A pipeline and strategy.

先請凱倫談談美國有多少現金，然後我們花幾分鐘時間談談併購專案和策略。

Yes, so Brian, the repatriation resulted in $1 billion net of tax of coming back to the US. And as you remember, at the end of Q1, we had $300 million, $400 million in the US that was available for operating needs.

是的，布萊恩，資金回流後，扣除稅金後淨額為10億美元。你也記得，第一季末，我們在美國有3億到4億美元可用於營運。

And from an acquisition perspective, our strategy remains consistent. We look at acquisitions for industry expertise, we look at acquisitions for geographic footprint, and we look at acquisitions for service line and technology capability.

從收購角度來看，我們的策略始終如一。我們收購的目標包括行業專長、地域覆蓋範圍以及服務線和技術能力。

We have a healthy pipeline of opportunities in the digital space. These will tend to be smaller tuck-under acquisitions. We also have a nice pipeline of opportunities in the consulting space across industries, as well as strength in our geographic footprint, particularly in Europe.

我們在數位領域擁有大量優質收購機會，這些收購專案通常規模較小，屬於小型併購。此外，我們在各行業的諮詢領域也擁有良好的收購機會儲備，並且我們的地域佈局也十分強大，尤其是在歐洲。

So what I think you'll see is, you'll see a pick up in the pace of acquisitions, but I want to be clear. These continue to be small tuck-in acquisitions. We're getting really good at integrating these and capturing the value from acquisitions. We have that down -- we really have that down to a science now. So we've expanded the team in these areas, but the core of Cognizant's growth will continue to be organic, but when we look at where acquisitions can supplement our capabilities, and make us stronger in the market, we'll clearly do that.

所以我認為你會看到收購步伐加快，但我要明確一點，這些仍然是規模較小的補充性收購。我們越來越擅長整合這些收購並從中獲取價值。我們已經掌握了這方面的訣竅──現在這已經爐火純青了。因此，我們擴大了這些領域的團隊，但Cognizant成長的核心仍是內生成長。不過，當我們看到收購能夠補充我們的能力並增強我們在市場上的競爭力時，我們當然會毫不猶豫地進行收購。

And the final thing just to comment on is platform acquisitions. There, we'll look at those absolutely. We did the TriZetto acquisition almost two years ago. And platforms, certainly you have to make sure if you're going to do a platform acquisition, you get enough that you have a basis to build off of. So those probably won't be as consistent or steady, but we'll certainly look at opportunities, because we know in particular areas, we want to be a leader in platforms.

最後想談談平台收購。我們一定會考慮這方面的收購。我們大約兩年前收購了TriZetto。當然，收購平台時，必須確保所獲得的資源足夠豐富，以便在此基礎上發展壯大。因此，平台收購可能不會像其他業務那樣穩定，但我們一定會專注於各種機會，因為我們知道，在某些特定領域，我們希望成為平台領域的領導者。

Now some of that will be, we build it ourselves. Some of it is we'll partner with customers and take their systems, and commercialize them, and some like TriZetto will be, we'll go out and buy a leader in the market. So you'll see all that happen, but certainly in the tuck-unders, you'll see a pick up in the pace.

其中一些我們會自己開發，有些我們會與客戶合作，採用他們的系統並進行商業化，還有一些，像是像TriZetto這樣的公司，我們會收購市場領導者。所以你會看到所有這些情況都會發生，但可以肯定的是，在收購過程中，你會看到步伐加快。

Lisa Ellis, Sanford Bernstein.

麗莎·艾利斯，桑福德·伯恩斯坦。

The choppiness in the top line growth rate inevitably brings back in the more secular concerns around compression in IT services. So can you just describe, as you are having these strategic discussions with clients around the transformation they're trying to drive in their business, what are the implications for their overall IT budgets? Like up, down? And then also the component of budgets that they are expecting to be spending on services, like third-party services?

營收成長率的波動不可避免地會再次引發人們對IT服務成本壓縮的長期擔憂。因此，在您與客戶就其業務轉型進行策略性討論時，您能否描述一下，這些轉型對他們的整體IT預算有何影響？是會增加還是減少？此外，他們預計在第三方服務等服務方面的預算支出佔比是多少？

Lisa, it's Frank. Let me try to take a crack at that. Look, I think we've seen no evidence that IT budgets overall are coming down. If anything, I would characterize IT budgets as flat to moderately up over time.

麗莎，我是法蘭克。讓我試著解釋一下。你看，我認為我們沒有看到任何證據表明整體IT預算正在下降。如果非要說的話，我認為IT預算總體上是持平或略有成長的。

There may have -- in some clients, as we said in our prepared comments, there might be short-term pressure, discretionary spending gets put off because of something going on in the macro. But as a big picture, I don't see any evidence that says that budgets are down. I would characterize them as flat to up.

正如我們在事先準備好的評論中提到的，某些客戶可能會面臨短期壓力，由於宏觀經濟形勢的影響，他們的可自由支配支出可能會被推遲。但總體而言，我沒有看到任何證據表明預算有所下降。我認為預算水準持平或有所成長。

I think if you look inside of that, and unpack it a little bit, there is a shift going on. We are seeing the clients looking to be more efficient, drive better total cost of ownership on what I consider to be the run the business activities, so that they can redeploy them into the change the business or digital or cloud activities.

我認為，如果你深入分析一下，你會發現其中正在發生轉變。我們看到客戶希望提高效率，降低我所說的日常業務營運活動的整​​體擁有成本，以便將這些資源重新部署到業務變革、數位化或雲端活動中。

I think that shift benefits IT services firms, frankly. When you look at the landscape on digital, the technology landscape in digital is very fragmented. There are no clear leaders in digital right now on the technology landscape, from an underlying stack standpoint. And so that requires almost every digital deployment to be -- it requires it to have very heavy integration kind of work.

坦白說，我認為這種轉變對IT服務公司有利。縱觀數位化領域，技術格局非常分散。從底層技術堆疊的角度來看，目前數位化領域還沒有明顯的領導者。因此，幾乎所有數位化部署都需要進行大量的整合工作。

And so when you look at the digital landscape, there's a tremendous amount of work that needs to be done, both from an upfront strategy, design, human sciences standpoint, to envision the future with the client, but then equally importantly on the downstream, build, integrate, test, deploy. All of that creates tremendous opportunities for services firms.

因此，縱觀數位化格局，有大量工作亟待完成，既包括前期策略、設計和人文科學方面的工作，需要與客戶共同展望未來；也包括同樣重要的後續工作，例如建置、整合、測試和部署。所有這些都為服務公司創造了巨大的機會。

So I think that net-net, there's a shift going on. Budgets aren't shrinking meaningfully. There is a shift going on inside of budgets, and I think firms that have capabilities on both sides, what we've been calling the run the business and change the business, or run better run different sides of the business, really stand to benefit from that migration.

所以我認為，總的來說，正在發生一種轉變。預算並沒有大幅縮減，而是在預算內部發生了轉變。我認為，那些在運營和變革業務兩方面都具備能力的公司——我們一直稱之為“運營業務和變革業務”，或者說“更好地運營業務的不同方面”——將真正從這種轉變中受益。

Keith Bachman, Bank of Montreal.

基思·巴赫曼，蒙特利爾銀行。

I would like to direct this question to Gordon, if I could. Gordon, and the question really surrounds run rate. This year, pursuant to guidance, of your guiding revenues to increase $1.1 billion to $1.2 billion, just rough numbers.

如果可以的話，我想把這個問題問戈登。戈登，這個問題其實與營收成長率有關。根據您今年的預期，營收預計將增加11億至12億美元，這只是一個大概的數字。

Current Street estimates for 2017 are increasing by almost $1.7 billion, and given the issues that you've identified surrounding healthcare, and unclear when those deals may or may not clear in investment banking, I was wondering if you'd like to give any anecdotal or at least directional comment related to a $1.7 billion bogey. And the context is, it's occurred in the last few years where we have crossed over a new year and sell side estimates have proved to be too high. So I just wanted to hear any, given the current issues that you see surrounding the business, would you like to give any directional comment, at least related to 2017, and the current Street estimates?

目前華爾街對2017年的預期值增加了近17億美元。鑑於您之前提到的醫療保健領域存在的問題，以及投資銀行何時能夠完成交易尚不明朗，我想請您就這17億美元的預期值提供一些具體的參考或方向性見解。需要指出的是，在過去幾年裡，每當新的一年到來，賣方的預期值往往被證明過高。因此，鑑於您目前對該行業面臨的問題，我想聽聽您對2017年以及華爾街當前預期值的看法。

Keith, thanks for the question. It's just too early to note 2017. What are the things that will influenced revenue next year?

基思，謝謝你的提問。現在預測2017年還為時過早。哪些因素會影響明年的收入呢？

Certainly what happens with healthcare M&A, that's one piece. What happens with the interest rate environment for our financial services clients will be very important, because financial services clients know they have to spend a lot on innovation, but are under tremendous cost pressure right now, and that's both in insurance and banking. The pace of which we actually closed these new end-to-end services deals will be important. All those can be big drivers or big variables in revenue growth for next year.

當然，醫療保健產業的併購動態是一方面。利率環境對我們金融服務客戶的影響至關重要，因為金融服務客戶深知他們必須在創新方面投入巨資，但目前卻面臨著巨大的成本壓力，保險和銀行業都面臨著同樣的困境。我們完成這些新的端到端服務交易的速度也至關重要。所有這些因素都可能成為明年收入成長的重要驅動因素或變數。

It's just too early to know, I think the election will have some impact. General macroeconomic trends, and then some regulatory stuff. But as we've all mentioned, when we look at the medium and long-term prospects for the business, we remain very bullish. This strategy of look in the front, middle, and back office and really building up our capabilities to serve clients across all three of those dimensions, I think is going to position us very well. What will both overall macro spending look like, and a couple specific customers things look like for us for next year, just too early to know. Obviously, as we get more color, we'll share it with the investment community.

現在下結論還為時過早，我認為選舉會產生一定影響。宏觀經濟趨勢和一些監管政策也會有所影響。但正如我們之前提到的，展望公司的中長期前景，我們依然非常樂觀。這種著眼於前台、中台和後台，並切實提升我們在這三個層面服務客戶的能力的策略，我認為將使我們處於非常有利的地位。至於明年整體宏觀支出狀況以及一些特定客戶的需求，現在下結論還為時過早。顯然，一旦掌握更多信息，我們會與投資界分享。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

I was wondering if you could maybe comment on your overall headcount plans. You added a little over 11,000 this quarter, I know it was a relatively strong headquarter add last quarter as well. Could you maybe talk about what you expect that to do for the remainder of the year, and just broadly speaking, what it reflects in terms of your pipeline of longer-term business? Thank you.

我想請您談談貴公司的整體人員規劃。本季貴公司新增了11,000多名員工，我知道上個季度總部的人員增幅也相當可觀。您能否談談您預計這些新增員工對今年剩餘時間的影響，以及從總體上看，這對貴公司的長期業務發展有何影響？謝謝。

Sure. So utilization came down a little bit in the first quarter, that was intentional. We added 10,000, 11,000 people in Q1, as well, even though revenue was down, because we wanted to position ourselves to make sure as client demand shifts a little bit, we have the capabilities, as we finish up retraining our workforce.

當然。所以第一季的利用率略有下降，這是我們有意為之。儘管收入下降，但我們在第一季也增加了1萬到1.1萬名員工，因為我們希望做好準備，確保隨著客戶需求的輕微變化，我們能夠具備相應的能力，同時我們也在完成員工的再培訓。

Certainly, headcount additions will slow in the back half of the year from the front half. We don't give specific headcount guidance, but our goal would be to keep utilization in the ballpark that it currently is. And certainly that gives us enough bench capacity for potential ramp-ups, and certainly for positioning ourselves for next year. You get a little bit of seasonality quarter-to-quarter, just because of the timing of bringing college kids in and so forth. But the way I think about it is we are managing utilization to be fairly constant with where it currently is.

當然，下半年新增員工人數肯定會比上半年放緩。我們不給出具體的員工人數預期，但我們的目標是維持目前的使用率水準。這樣一來，我們就能為潛在的人員成長預留足夠的儲備，也為明年的發展做好準備。每個季度都會有一些季節性波動，例如大學新生入學時間等因素。但我認為，我們正在努力控制利用率，使其保持在目前的水平。

Bryan Bergin, Cowen.

Bryan Bergin，Cowen。

Just want to expand on the a vertical pullback that you cited within information services. Is that broad-based or more limited to a handful of clients? Thanks.

我想就您提到的資訊服務領域的垂直收縮問題補充一些資訊。這種情況是普遍存在的，還是僅限於少數客戶？謝謝。

Bryan, this is Raj. It is limited to a handful of clients. Some of those clients are reevaluating in terms of some of their discretionary spend that they have. We feel still very optimistic about those clients, because we're having broader conversations in terms of how do we look at the broader platform, and to continue to drive some of the cost optimization that they need, but overall the industry for us is still quite bullish for us.

布萊恩，我是拉傑。目前僅限於少數客戶。其中一些客戶正在重新評估他們的部分可支配支出。我們仍然非常看好這些客戶，因為我們正在就如何看待更廣泛的平台進行更廣泛的探討，並繼續推動他們所需的成本優化。但總體而言，我們對整個行業的前景仍然非常樂觀。

Jason Kupferberg, Jefferies.

傑森庫柏伯格，傑富瑞集團。

This is Amit Singh for Jason. Just on the cash repatriation, considering the historic low interest rates that are going on right now, why repatriate cash and pay taxes on it, versus just raising debt over here? And also just related to that, sort of the timing of the repatriation. If you look at your full-year guidance, I don't think your modeling a lot of share buyback, considering too what you were expecting last quarter, so a lot of M&A, should we expect that to happen over the next couple of quarters, using most of the cash that you repatriated?

我是Amit Singh，替Jason問。關於現金回流，考慮到目前歷史性的低利率，為什麼要把現金回流並繳稅，而不是直接在這裡舉債？另外，關於現金回流的時機，從你們的全年業績指引來看，考慮到你們上個季度的預期，我認為你們並沒有計劃進行大量的股票回購，而是計劃進行大量的併購。我們是否可以預期，未來幾季你們會用回流的大部分現金進行併購呢？

But this is Karen. The repatriation was a one-time opportunity. There was an opportunity that closed as of June 1, so we had a time limit as to when we were able to do that, and we wanted to obviously take advantage of that opportunity to repatriate cash in a relatively tax-effective way from India. As you know, it's typically very expensive to do that, and we don't get much opportunities, so we certainly wanted to take advantage of that.

但這是凱倫。這次資金回流是千載難逢的機會。機會截止日期是6月1日，所以我們必須在限定時間內完成。我們當然想把握這個機會，以相對節稅的方式從印度匯回現金。您也知道，通常這樣做成本很高，而且機會不多，所以我們當然想好好利用這次機會。

And I think as we've mentioned, the guidance assumes that we maintain essentially share neutrality which has been our stated position recently. Obviously, if there opportunistic opportunities to buy back shares we will take advantage of that, but clearly we look to use that cash net additional flexibility to drive investment in the business, both organic and inorganic.

正如我們先前提到的，指引的前提是我們基本上維持股份中性策略，這也是我們近期一直堅持的立場。當然，如果出現回購股份的機會，我們會抓住，但我們更希望利用淨現金帶來的額外靈活性來推動業務投資，包括內生式成長和外延式成長。

It's also important to remember the questions have been focusing on cash brought back to the US. Additional cash was also brought back to non-India locations which is more advantageous for us, both in terms of efficiently doing non-US acquisitions, and if there's ever any repatriation holiday in the future. Operator, this will be the last question.

另外需要注意的是，這些問題主要集中在匯回美國的現金。此外，還有一些現金匯回了印度以外的地區，這對我們來說更有利，無論是在高效進行非美國地區的收購方面，還是在未來可能出現資金匯回限制的情況下。接線員，這將是最後一個問題。

Joseph Foresi, Cantor Fitzgerald.

約瑟夫·福雷西，康托·菲茨杰拉德。

I was wondering, could you talk about in this particular quarter, the breakdown of the revision of guidance between some of those concerns that are out in the market, which include obviously healthcare, the banking sector and discretionary spending. Because it seems like the FX was maybe a minor part, and then I've got just one follow-up.

我想請您談談本季業績指引調整的具體情況，特別是針對市場上一些令人擔憂的因素，例如醫療保健、銀行業和可自由支配支出。因為外匯波動似乎只佔很小一部分，我還有一個後續問題。

Sure. As we said, the FX impact of the revision guidance was $40 million, of the change. When you look at the other pieces, it overlaps a bit. Right?

當然。正如我們所說，此次調整指引對外匯的影響為4000萬美元。當你查看其他部分時，會發現它們之間有一些重疊。對吧？

Certainly the single biggest impact was our financial services segment. Whether it's the Brexit vote, or the general macroeconomic environment, it's tough to parse that and the low interest rate environment. But certainly our forecast changed the most in that sector. And after that, the next one would be healthcare, with some of the regulatory approval issues that are going on right now for M&A. And then the little things are out there.

毫無疑問，受影響最大的當屬金融服務部門。無論是英國脫歐公投，或是整體宏觀經濟環境，以及低利率環境，都很難一概而論。但可以肯定的是，我們對該板塊的預測變化最大。其次是醫療保健板塊，目前併購方面存在一些監管批准問題。此外，還有一些其他的小因素也影響著我們的業績。

But the other thing we wanted to make sure is that when we adjusted guidance, we learned a little bit last quarter -- you don't want to keep adjusting. So we wanted to make sure we adjusted it enough that we are well positioned for any additional surprises that may happen, because of uncertainty around the elections, Brexit, and so forth. So we wanted to be conservative when we cut, so we cut just once, or at least just this one additional time.

但我們還想確保一點，那就是，就像上個季度調整業績指引時我們學到的一些經驗教訓一樣——你不想頻繁調整。所以我們希望確保調整幅度適中，以便我們能夠應對可能出現的任何其他意外情況，例如選舉、英國脫歐等等帶來的不確定性。因此，我們在下調業績指引時力求保守，所以只下調了一次，或至少只進行了這次調整。

Got it and then just as you look at kind of heading into 2017 and beyond, I guess the question for investors are, how much of this is a short-term 2016 phenomenon, versus what we've seen over the last couple of years with the changes in the way that you've given guidance, and now, of course, today's cut. So maybe you could just talk about your outlook briefly heading into next year, and help us understand how this is a short-term thing versus a long-term.

明白了。展望2017年及以後，我想投資人最關心的問題是：這其中有多少是2016年的短期現象，又有多少是過去幾年您給予業績指引方式的改變，以及今天這次的降級？所以，您能否簡單談談您對明年的展望，幫助我們理解這究竟是短期現象還是長期趨勢？

It's Frank. Maybe I'll try to take that. And I'll answer it, obviously, as Gordon said earlier to one of the earlier questions, it's premature for us to comment specifically on 2017, but what I will say is that we continue to remain very optimistic about the fundamentals of the industry, and of our business.

是弗蘭克。也許我會接這個電話。我會回答這個問題，顯然，就像戈登之前回答另一個問題時說的那樣，現在對2017年做出具體評論還為時過早，但我可以肯定的是，我們仍然對行業的基本面以及我們自身的業務保持非常樂觀的態度。

From an industry standpoint, as I've said many times, the key factor to look at is that the world is becoming more technology intensive, not less technology intensive. Across the industries as we serve, and also industries where we are less present, more energy and attention is being focused on technology than ever before. Technology has become not just a way of driving efficiency and operational effectiveness for businesses, but it's become a core to most clients' ability to differentiate, to grow revenue, and to survive in the marketplace. So given that backdrop, we feel that there is a tremendous opportunity for IT services in general, and for Cognizant in particular, given the tremendous investments that we've been making. We feel that the investments that we've made in digital on the front end, process and platforms in the middle office, and our next-generation IT services in the back end, really position us well.

從產業角度來看，正如我多次強調的，關鍵在於世界正變得越來越依賴技術，而非技術依賴程度降低。在我們所服務的行業，以及我們涉足較少的行業，人們對科技的關注度和投入都達到了前所未有的高度。科技不僅成為企業提升效率和營運效能的手段，更成為大多數客戶實現差異化、增加收入並在市場中生存的核心。有鑑於此，我們認為IT服務業整體蘊藏著巨大的機遇，而對於Cognizant而言，鑑於我們持續的巨額投資，更是如此。我們相信，我們在前端數位化、中台流程和平台以及後端下一代IT服務方面的投入，使我們擁有了強大的市場優勢。

And I'll just finish by saying that we feel that the portfolio of businesses that we have, whether you look at the industry portfolio or the exposure we have to different geographies of the world, represent some of the most progressive and advanced users of digital technologies. And so we feel that the fundamentals remain strong, as we look to the medium term.

最後我想說的是，我們認為，無論從行業組合還是全球不同地區的業務佈局來看，我們旗下的企業都代表了一些最具前瞻性和最先進的數位技術用戶。因此，展望中期，我們認為基本面依然強勁。

So on that note, I'd like to thank all of you for joining us today. Thank you very much for your questions, and as always we all look forward to speaking with you again next quarter.

最後，我要感謝各位今天蒞臨。非常感謝大家的提問，我們一如既往地期待下季與大家再次交流。

This concludes today's Cognizant Technology Solutions second-quarter 2016 earnings conference call. You may now disconnect your lines.

本次 Cognizant Technology Solutions 2016 年第二季財報電話會議到此結束。您可以掛斷電話了。