高知特 (CTSH) 2016 Q3 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2016 年第三季財報電話會議。

(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 third-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。現在，您應該已經收到公司 2016 年第三季業績的獲利報告副本。如果您還沒有副本，可以從我們的網站 Cognizant.com 上取得。

The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Raj Mehta, President; and Karen McLoughlin, Chief Financial Officer.

今天參加電話會議的發言人有：執行長 Francisco D'Souza；總裁 Raj Mehta；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 subjects to risks and uncertainties, as described in the Company's earnings release and other filings with the SEC, including our Form 10-Q filed this morning.

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。這些聲明存在風險和不確定性，詳情請參閱公司盈利報告和向美國證券交易委員會提交的其他文件，包括我們今天早上提交的 10-Q 表格。

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

現在我想把電話交給弗朗西斯科·德索薩。請繼續，弗朗西斯科。

Thank you, David, and good morning, everyone. Thank you for joining us today. Our Q3 revenue was $3.45 billion, up 2.5% from Q2, and 8.4% from a year ago. This is within our guided range of $3.42 billion to $3.47 billion.

謝謝你，大衛，大家早安。感謝您今天蒞臨。我們第三季的營收為 34.5 億美元，比第二季成長 2.5%，比去年同期成長 8.4%。這在我們預期的34.2億美元至34.7億美元的範圍內。

These results were driven by growth across all of our industries. This was encouraging, given the weakness in the pound sterling, and the softness we have seen this year in our financial services segment, stemming from macroeconomic concerns and in our health care payer segment, due to industry consolidation.

這些業績得益於我們所有產業的成長。考慮到英鎊疲軟，以及今年金融服務部門（由於宏觀經濟擔憂）和醫療保健支付部門（由於行業整合）的疲軟表現，這一結果令人鼓舞。

Turning to guidance, we are trimming the high end of our full-year revenue expectation and now expect our revenue to be in a range of $13.47 billion to $13.53 billion. This guidance includes the absorption of an incremental $18 million negative impact, due to the recent weakening of the pound sterling. We are tightening the full-year non-GAAP EPS guidance to a range of $3.38 to $3.41. I will talk more about the business in a moment, and why we are well-positioned going into 2017.

展望未來，我們下調了全年營收預期的上限，目前預計全年營收將在 134.7 億美元至 135.3 億美元之間。該指導意見包括吸收因英鎊近期走弱而產生的額外 1800 萬美元負面影響。我們將全年非GAAP每股盈餘預期收緊至3.38美元至3.41美元之間。稍後我會詳細介紹公司業務，以及為什麼我們為迎接 2017 年做好了充分準備。

I would like to take a moment to update you on the internal investigation we announced at the end of September. The investigation is focused on payments relating to permits for certain Company-owned facilities in India, and whether such payments were made improperly, in possible violation of the US Foreign Corrupt Practices Act and other applicable laws.

我想藉此機會向大家報告我們在九月底宣布的內部調查的最新進展。調查的重點是與公司在印度擁有的某些設施的許可證相關的付款，以及這些付款是否不當，可能違反了美國《反海外腐敗法》和其他適用法律。

First, I think it's important to note that we do not anticipate any impact on our ability to continue to provide the quality services our clients expect from us. Second, as disclosed in the Form 10-Q we filed this morning, we have identified approximately $5 million in potentially improper payments to date. We have evaluated the effect of such payments, and concluded that they are not material, and do not require a restatement of our historical financial statements. Karen will provide additional details on this in a few minutes.

首先，我認為需要指出的是，我們預計這不會對我們繼續為客戶提供他們期望的高品質服務的能力造成任何影響。其次，正如我們今天早上提交的 10-Q 表格中所披露的，我們迄今為止已發現約 500 萬美元的潛在不當付款。我們已經評估了此類付款的影響，並得出結論，這些付款並不重要，不需要重述我們的歷史財務報表。凱倫稍後會提供更多細節。

Third and also disclosed this morning, we discovered in the course of the investigation that certain members of senior management may have been aware of, or participated in the matters under investigation. Any such conduct would be inconsistent with our core values. Based on the results of the investigation to date, those who may have been involved are no longer with the Company or in a senior management position.

第三，也是今天早上披露的，我們在調查過程中發現，某些高階主管可能知曉或參與了正在調查的事項。任何此類行為都與我們的核心價值相悖。根據迄今為止的調查結果，可能涉案的人員已不再是該公司的員工或高階管理職位人員。

Finally, I would like to reaffirm our strong commitment to compliance with all applicable laws and regulations. We voluntarily disclosed the matters under investigation to the US Department of Justice and the Securities and Exchange Commission in September, and we've been fully cooperating with both agencies. Based on the results of the investigation to date, we have already started, and will continue to enhance our internal controls and compliance programs.

最後，我想重申我們對遵守所有適用法律法規的堅定承諾。9月份，我們主動向美國司法部和證券交易委員會披露了正在調查的事項，並且我們一直在與這兩個機構充分合作。根據迄今為止的調查結果，我們已經開始並將繼續加強我們的內部控制和合規計劃。

Let me now turn to the rest of the business. Today and moving forward, what remains most essential to Cognizant's success is our unwavering focus on our clients. Their changing needs are the inspiration for our strategy, and we are actively executing that strategy.

現在讓我來處理其他事務。今天以及未來，Cognizant 成功的關鍵仍然是我們對客戶的堅定不移的關注。他們不斷變化的需求是我們策略的靈感來源，我們正在積極執行該策略。

As we look ahead, we believe our market opportunity has never been greater. That is because with more technology in every product built, and behind every customer experience, and more data generated at every turn, our client's businesses are and will continue to become increasingly-technology intensive. Our opportunity then is to work with these clients, to help them win by making the fundamental technology-enabled changes throughout their organizations, that are required for them to compete in this new technology and data-intensive world.

展望未來，我們認為市場機會前所未有。這是因為隨著每件產品的製造和每一次客戶體驗背後都融入了更多技術，並且每一步都產生了更多數據，我們客戶的業務現在和將來都會變得越來越依賴技術。因此，我們的機會在於與這些客戶合作，幫助他們透過在整個組織內進行根本性的技術變革來贏得勝利，從而使他們能夠在這個新的技術和數據密集型世界中競爭。

We have spoken to you in past calls about our three strategic initiatives, designed to enable this kind of work across our clients' businesses, from front to back. We recently took an important step in executing this strategy by aligning and branding all our capabilities into three practice areas: Cognizant Digital business, Cognizant Digital operations, and Cognizant Digital systems and technology.

我們曾在先前的通話中向您介紹過我們的三項策略舉措，旨在使我們的客戶能夠從前端到後端開展此類業務。我們最近採取了一項重要舉措來執行這項策略，將我們所有的業務能力整合並打造為三個實踐領域：Cognizant Digital 業務、Cognizant Digital 營運以及 Cognizant Digital 系統和技術。

Our Cognizant Digital business practice works with clients to reshape their products and business models, and the resulting impact on how organizations interact with their customers, employees and partners. Our approach combines data science, design thinking, and deep industry and process knowledge, with solid technology capabilities to unite the physical and virtual aspects of a Company's offerings seamlessly across every channel. Together, we identify insights, develop business strategies, and design prototype and scale meaningful experiences.

我們 Cognizant Digital 業務實務團隊與客戶合作，重塑他們的產品和商業模式，以及由此對組織如何與其客戶、員工和合作夥伴互動產生的影響。我們的方法結合了資料科學、設計思維和深厚的產業及流程知識，以及強大的技術能力，將公司產品的實體和虛擬方面無縫地整合到每個管道中。我們共同發現洞察，制定商業策略，設計原型並擴大有意義的體驗。

Our Cognizant Digital operations practice helps clients reengineer, digitize, manage, and operate their most essential business processes, lowering operating costs, improving user experiences, and delivering better outcomes and top line growth. Across the practice, we are creating automated data-driven platforms and industry utilities.

我們的 Cognizant 數位營運實務可協助客戶重新設計、數位化、管理和營運其最重要的業務流程，從而降低營運成本、改善用戶體驗並帶​​來更好的結果和收入成長。在整個業務範圍內，我們正在創建自動化數據驅動平台和行業實用程式。

We help clients run better by applying traditional optimization levers, and we help them run differently, by creating a competitive advantage through process excellence, which often leads to more effective operating models, and corresponding top line revenue growth. And our Cognizant Digital systems and technology practice works with clients to simplify, modernize and secure IT infrastructure and applications, unlocking the power trapped in their technology environments.

我們透過應用傳統的最佳化手段幫助客戶更好地運營，並透過流程卓越創造競爭優勢，幫助他們以不同的方式運營，這通常會帶來更有效的營運模式和相應的收入成長。我們的 Cognizant 數位系統和技術實踐與客戶合作，簡化、現代化和保護 IT 基礎設施和應用程序，釋放其技術環境中蘊藏的潛力。

We help clients create and evolve systems that meet their needs in the modern enterprise, by delivering industry-leading standards of performance, cost and flexibility. Now, the names of these practice areas reflect our belief that digital technology must be embedded, as an integral part of our offerings. All three practice areas work in close partnership with our vertical and geographic businesses, and with Cognizant Business Consulting, to ensure tight alignment and market relevance.

我們透過提供業界領先的性能、成本和靈活性標準，幫助客戶創建和發展滿足其現代企業需求的系統。現在，這些業務領域的名稱反映了我們的信念，即數位技術必須融入我們的產品和服務中，成為其不可或缺的一部分。這三個業務領域均與我們的垂直和地理業務部門以及 Cognizant 商業諮詢部門緊密合作，以確保高度一致性和市場相關性。

Let me underscore how essential this is to what differentiates Cognizant. When we say digital, we are not talking just about building user interfaces or implementing digital marketing, but about creating industry-specific solutions, woven deeply into the workings of an organization, to create new levels of value enterprise-wide.

讓我強調一下這一點對於 Cognizant 的獨特之處有多重要。我們所說的數位化，不僅僅是指建立使用者介面或實施數位行銷，而是指創建行業特定的解決方案，將其深深融入組織的運作中，從而在整個企業範圍內創造新的價值水平。

In summary, our clients are finding it unique and differentiating that Cognizant can consult with them to build digital businesses, operations and systems. For example, we are helping insurance companies go beyond managing claims to preventing losses with the power of predictive analytics. We are working with health care companies to bring payers, providers, and patients together on an integrated platform that reduces waste and improves health outcomes. And we're helping manufacturers evolve from producing stand alone goods to orchestrating entire ecosystems of smart connected products.

總而言之，我們的客戶發現 Cognizant 能夠為他們提供諮詢服務，幫助他們建立數位化業務、營運和系統，這一點非常獨特且具有差異化優勢。例如，我們正在幫助保險公司超越理賠管理，並利用預測分析的力量來預防損失。我們正與醫療保健公司合作，將支付方、醫療服務提供者和患者聚集在一個綜合平台上，以減少浪費並改善健康結果。我們正在幫助製造商從生產獨立產品轉型為建立智慧互聯產品的整個生態系統。

But as much as we are focused on the opportunities of today, looking ahead to evolving clients needs is one of Cognizant's core strengths. We continue to develop innovative products and services, part of what you have heard us refer to as our Horizon 3 capabilities, through an internal investment program that powers long-term growth opportunities for Cognizant and our clients.

儘管我們專注於當下的機遇，但展望未來，滿足客戶不斷變化的需求，是 Cognizant 的核心優勢之一。我們不斷開發創新產品和服務，這是我們所說的「地平線 3」能力的一部分，透過內部投資計劃，為 Cognizant 和我們的客戶提供長期成長機會。

First, the Cognizant global technology office identifies emerging technologies with the potential to create real business value. Then, Cognizant accelerator scales the most promising technologies, productizing services, solutions, and business models, and speeding them to market. Together, these teams have spear headed our entry into SMAC and IoT for example, and today, they are working to realize the potential and developing technologies like artificial intelligence, blockchain, and to incubate new IT-based offerings.

首先，Cognizant 全球技術辦公室會辨識出具有創造真正商業價值潛力的新興技術。然後，Cognizant 加速器將最有前景的技術進行規模化，將服務、解決方案和商業模式產品化，並加速將其推向市場。這些團隊共同引領我們進入 SMAC 和物聯網領域，如今，他們正致力於實現人工智慧、區塊鏈等技術的潛力，並孵化新的基於 IT 的產品。

As we plan for 2017 and beyond, in addition to continuing to scale our comprehensive services portfolio, we are expanding our vertical and geographic focus as well. We're seeing increased traction with clients across continental Europe, Asia-Pacific and the public sector, who are finding our comprehensive capabilities unique in their markets.

在規劃 2017 年及以後的發展時，除了繼續擴大我們全面的服務組合外，我們還在擴大我們的垂直領域和地理範圍。我們看到，我們在歐洲大陸、亞太地區和公共部門的客戶中越來越受歡迎，他們發現我們全面的服務能力在他們的市場中是獨一無二的。

In closing, it's clear that today our clients realize digital should be an enterprise-wide endeavor, and that they need a comprehensive partner like Cognizant, capable of working across every aspect of the organization that technologies should enrich: business, operations and systems.

總之，很明顯，如今我們的客戶意識到數位化應該是一項全企業範圍的努力，他們需要像 Cognizant 這樣全面的合作夥伴，能夠與組織的各個方面合作，使技術能夠豐富這些方面：業務、營運和系統。

Let me now turn the call over to our new President, Raj Mehta. On our last earnings call, we introduced you to Raj, a longstanding leader. He has been a Cognizant associate since 1997, building strong relationships with clients throughout his 20 years at Cognizant, and leading many of our market-facing and delivery teams in driving industry-leading growth.

現在讓我把電話交給我們的新總裁拉傑·梅塔。在上次財報電話會議上，我們向大家介紹了 Raj，一位資深的領導者。自 1997 年以來，他一直是 Cognizant 的員工，在 Cognizant 的 20 年裡，他與客戶建立了牢固的關係，並領導我們許多面向市場和交付的團隊，推動了行業領先的成長。

Now, as President, he has direct responsibility for the overall P&L of Cognizant's operations. Raj will talk to you about the success we are already having in executing our strategy from his perspective running these businesses. Raj?

現在，身為總裁，他直接負責 Cognizant 營運的整體損益。Raj 將從他經營這些企業的角度，向大家介紹我們在執行策略方面已經取得的成功。拉傑？

Thank you, Frank, and good morning, everyone. I'm glad to be here, and honored to be taking the role of President at this important time in Cognizant's journey. Anyone who has followed the Company over the years knows that we stand for three things: a relentless focus on our clients, making sure we have the world class teams that deliver consistently for them, and scaling our capabilities to address new client needs.

謝謝你，弗蘭克，大家早安。我很高興來到這裡，也很榮幸能在 Cognizant 發展歷程中的這個重要時刻擔任總裁一職。多年來一直關注本公司的人都知道，我們秉持三件事：始終以客戶為中心，確保我們擁有世界一流的團隊，持續為客戶提供服務，並不斷提升自身能力以滿足新的客戶需求。

I know we are succeeding when clients tell me that working with us feels different. As we help clients with the shift they need to make in the digital era, I am doubling down on the principles that have made us successful so far: client focus, world-class teams, and scaling capabilities, while maintaining our flexible, collaborative way of working.

我知道，當客戶告訴我與我們合作的感覺與眾不同時，我們就成功了。在幫助客戶適應數位時代轉型的過程中，我將加倍堅持我們迄今為止成功的原則：以客戶為中心、組建世界一流的團隊、提升擴展能力，同時保持我們靈活協作的工作方式。

In working closely with clients across our industry businesses, we see that we face many of the same underlying challenges. They need to deliver the convenient experiences people expect today across their complex organizations. They need to develop operational agility to respond to fast-changing business needs. They need to free up dollars to invest in innovation and transformation by optimizing and modernizing their legacy IT systems.

在與業內各行各業的客戶密切合作的過程中，我們發現我們面臨著許多相同的根本性挑戰。他們需要在複雜的組織架構中提供人們如今所期望的便利體驗。他們需要培養營運敏捷性，以應對快速變化的業務需求。他們需要透過優化和現代化其傳統 IT 系統來騰出資金，用於投資創新和轉型。

It's these challenges that our practices, Cognizant Digital business, Cognizant Digital operations, and Cognizant Digital systems and technologies are focused on helping clients answer. Working closely with Cognizant business consulting and domain experts from our industry businesses, we are creating frameworks, platforms, and solutions that clients are finding valuable, as they pursue next-level savings and new revenue streams.

正是這些挑戰促使我們的實踐、Cognizant Digital 業務、Cognizant Digital 營運以及 Cognizant Digital 系統和技術致力於幫助客戶應對這些挑戰。我們與 Cognizant 業務諮詢和行業專家緊密合作，創建客戶認為有價值的框架、平台和解決方案，幫助他們實現更高水準的成本節約和新的收入來源。

Now I will review the performance of each of our industry verticals, highlighting key trends and some of the areas we are focusing on with our clients. Our banking and financial services segment was up 1.8% sequentially, and 7.1% year over year. During Q3, the increased macroeconomic uncertainty, and the prolonged low rate interest environment that we have commented on throughout 2016 continue to moderate spending at several of our larger banking clients.

現在我將回顧我們各個行業垂直領域的表現，重點介紹關鍵趨勢以及我們正在與客戶共同關注的一些領域。我們的銀行和金融服務業務季增 1.8%，年增 7.1%。第三季度，我們2016年全年都在評論的宏觀經濟不確定性增加以及持續的低利率環境，繼續抑制著我們幾家大型銀行客戶的支出。

Our super regional banking businesses continue to perform well, as many of those clients look to us for solutions, which both optimize cost and generate revenue. While we have seen a slowdown in spending in recent months with several of our insurance clients who are also pressured by the low interest rate environment, demand has remained solid over the past year. Clients have been particularly interested in Cognizant Digital operation solutions, that transform underwriting and claims processes through managed services or other outcome-based delivery models.

我們的超區域性銀行業務持續表現良好，因為許多客戶都希望我們能提供既能優化成本又能創造收入的解決方案。儘管近幾個月來，我們的一些保險客戶由於受到低利率環境的壓力，支出有所放緩，但過去一年來，需求仍然保持強勁。客戶對 Cognizant 的數位化營運解決方案特別感興趣，這些解決方案透過管理服務或其他基於結果的交付模式來改變核保和理賠流程。

Our health care segment, which consists of payer, provider, pharmaceutical, biotech and medical device clients grew 3.5% sequentially and 5.7% year over year. The industry consolidation among several of the largest US payers continues to weigh on our health care payer practice.

我們的醫療保健業務部門（包括支付方、提供方、製藥、生技和醫療器材客戶）較上季成長 3.5%，較去年同期成長 5.7%。美國幾家最大的支付方之間的行業整合繼續對我們的醫療保健支付業務造成壓力。

Still, we remain positive that the fundamental shifts underway in the market will create long-term opportunities. Through solutions from our Cognizant Digital operations practice that combine TriZetto software and Cognizant services, we are well-positioned to help clients deal effectively with this disruption.

儘管如此，我們仍然樂觀地認為，市場正在發生的根本性轉變將創造長期機會。透過我們 Cognizant Digital 營運實務提供的解決方案，結合 TriZetto 軟體和 Cognizant 服務，我們能夠更好地幫助客戶有效應對這種變革。

In our life sciences business, demand has picked up steadily over the past year as drug pipelines and product launches have improved for pharmaceutical and biotech companies. In particular, we are seeing a trend towards multi-service line deals, leveraging analytics, cloud technologies, and platforms.

在過去一年裡，隨著製藥和生技公司的藥物研發管線和產品上市情況的改善，對生命科學業務的需求穩定成長。尤其值得注意的是，我們看到了一種趨勢，即採用多服務線路交易，並利用分析、雲端技術和平台。

Our retail and manufacturing segment was up 2.8% sequentially and 12% year over year. Strength in manufacturing helped offset ongoing softness in retail. A number of retail clients have moderated their discretionary spending over this past year, as consumer spending has been weak.

我們的零售和製造部門季增 2.8%，年增 12%。製造業的強勁表現幫助抵消了零售業持續疲軟的影響。過去一年，由於消費者支出疲軟，許多零售客戶減少了可自由支配的支出。

Cognizant Digital business has seen growing demand among manufacturing clients, who want to help in transforming the products they make through sensors, IoT and analytics. They're also looking for solutions that increase the productivity of core IT structure and application services.

Cognizant Digital 業務在製造業客戶中的需求不斷增長，這些客戶希望透過感測器、物聯網和分析來幫助他們改造產品。他們也在尋找能夠提高核心 IT 架構和應用服務效率的解決方案。

Our other segment, which includes high-tech, communications, and information, media and entertainment clients was up 1.7% sequentially, and 13.6% year over year. Last quarter, we highlighted macroeconomic uncertainty was causing a slow down in decision making for our information media and entertainment clients. This has largely been offset by a rebound in our communications business.

我們其他業務板塊，包括高科技、通訊、資訊、媒體和娛樂客戶，季增 1.7%，年增 13.6%。上個季度，我們重點指出宏觀經濟的不確定性導致我們的資訊媒體和娛樂客戶的決策速度放緩。但通訊業務的反彈在很大程度上抵消了這一影響。

Let me give you a few examples of how Cognizant is partnering with clients in engagements that are pivoting their businesses, and shifting their industries in meaningful ways. Let's talk first about KeyBanc. Cognizant has partnered with KeyBanc on a variety of different initiatives over the past 10 years, assisting in significant projects like the recent integration of their acquisition of First Niagara Bank.

讓我舉幾個例子來說明 Cognizant 如何與客戶合作，透過各種專案來轉型他們的業務，並以有意義的方式改變他們的行業。我們先來談談 KeyBanc。在過去的 10 年裡，Cognizant 與 KeyBanc 在各種不同的計劃上開展了合作，協助完成了一些重大項目，例如最近對 First Niagara Bank 的收購整合。

Today, KeyBanc wants to leverage digital to compete and lead in their category, and they are starting that journey with Cognizant. We are working together to simplify the way they do business, and offer their customers streamlined experiences, financial wellness tools, and digital product offers and services.

如今，KeyBanc 希望利用數位化技術在自己的領域中競爭並保持領先地位，而他們正與 Cognizant 攜手開啟這段旅程。我們正在共同努力，簡化他們的業務流程，並為他們的客戶提供簡化的體驗、財務健康工具以及數位產品和服務。

Cognizant is helping with implementation of a transition to the Oracle banking platform. As part of our work, we are helping in delivering improved digital experiences on web and mobile interfaces, reengineering business processes, and enabling new technology architecture for the bank's retail digital channel. This retail digital channel modernization is the first wave of the transformation, but we will expand the use of this platform to manage other core processes, and to deliver new differentiated services to customers within the coming year.

Cognizant正在協助實施向Oracle銀行平台的過渡。作為我們工作的一部分，我們正在幫助銀行的零售數位管道在網路和行動介面上提供更好的數位體驗，重新設計業務流程，並啟用新的技術架構。這次零售數位化通路現代化是轉型的第一波浪潮，但我們將在未來一年內擴大該平台的使用範圍，以管理其他核心流程，並為客戶提供新的差異化服務。

Let me tell you about another project we are doing in our manufacturing space, helping a top 5 auto manufacturer change what people expect from their cars. As sales in developed markets plateau, our client is looking to serve new needs of their customers by offering a range of transportation services and solutions. We are their strategic partner, helping to develop their strategy and user experiences, and can build a platform that will be the backbone of an evolving new ecosystem of offerings.

讓我來介紹一下我們在製造領域正在進行的另一個項目，幫助排名前五的汽車製造商改變人們對汽車的期望。隨著已開發市場銷售額趨於平穩，我們的客戶希望透過提供一系列運輸服務和解決方案來滿足客戶的新需求。我們是他們的策略合作夥伴，幫助他們制定策略和使用者體驗，並能建立一個平台，該平台將成為不斷發展的新產品生態系統的支柱。

While this platform will initially focus on areas such as parking, vehicle health, and retail and rewards program, the data captured by the platform will eventually be used to model how people will move differently in the future. We will work with our client to develop this and other potential opportunities to expand the services that they offer to their customers.

雖然該平台最初將專注於停車、車輛健康、零售和獎勵計劃等領域，但該平台收集的數據最終將用於模擬人們未來出行方式的改變。我們將與客戶合作，開發這項機會以及其他潛在機遇，以擴展他們為客戶提供的服務。

Finally, I would like to highlight a growing part of Cognizant Digital systems and technology, where our deep knowledge of client's legacy environments enable us to modernize their IT by migrating to cloud-based solutions utilizing providers such as AWS. A couple of have recent examples: we have recently worked with LexisNexis to develop a cloud-based solution on AWS that supports search capabilities on a database of over 2 billion searchable documents on their news archive platform.

最後，我想重點介紹 Cognizant Digital 系統和技術中日益重要的部分，我們對客戶傳統環境的深入了解使我們能夠透過遷移到基於雲端的解決方案（例如利用 AWS 等提供者）來實現其 IT 現代化。最近我們與 LexisNexis 合作，在 AWS 上開發了一個基於雲端的解決方案，該解決方案支援在其新聞存檔平台上對超過 20 億份可搜尋文件的資料庫進行搜尋。

For Sotheby's, we migrated their critical business applications including their flagship website from an on-premise data center to AWS. For both clients, this is a major step forward towards the modernization of their IT infrastructure.

我們為蘇富比將其關鍵業務應用程式（包括其旗艦網站）從本地資料中心遷移到 AWS。對於這兩位客戶而言，這都是其 IT 基礎架構現代化進程中的重要一步。

In future calls, you will continue to hear more from me about what Cognizant and our clients are focusing on together, how we are building world-class teams to serve them better, and how we are scaling the capabilities to meet changing needs. Now I will turn the call over to Karen to discuss our financial performance.

在以後的電話會議中，我將繼續向大家介紹 Cognizant 和我們的客戶正在共同關注的重點，我們如何組建世界一流的團隊來更好地為他們服務，以及我們如何擴展能力以滿足不斷變化的需求。現在我將把電話交給凱倫，讓她來討論我們的財務表現。

Thank you, Raj, and good morning, everyone. As Raj mentioned, the business performed within expectations, and third-quarter revenue of $3.45 billion was within our guided range and represented sequential growth of 2.5% and a year-over-year increase of 8.4%. We had a negative currency headwind which impacted sequential revenue growth by $24 million or approximately 70 basis points, and year-over-year revenue growth by $42 million or 130 basis points.

謝謝你，拉傑，大家早安。正如 Raj 所提到的，公司業績符合預期，第三季營收為 34.5 億美元，在我們預期的範圍內，環比成長 2.5%，年成長 8.4%。匯率不利因素導致環比營收成長減少 2,400 萬美元，約 70 個基點；年收入成長減少 4,200 萬美元，約 130 個基點。

Non-GAAP operating margins, which excludes stock-based compensation expense and acquisition-related expenses was 19.3%, within our target range of 19% to 20%. Non-GAAP EPS of $0.86 was $0.01 above our guidance range of $0.82 to $0.85.

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19.3%，在我們19%至20%的目標範圍內。非GAAP每股收益為0.86美元，比我們先前預測的0.82美元至0.85美元的範圍高出0.01美元。

As a reminder, the remittance of cash from India to the US that occurred in the second quarter had an incremental tax impact of $24 million in quarter three, and is expected to have a similar impact in the fourth quarter. The tax impact of this transaction had a $0.04 per share impact on our Q3 GAAP EPS, but was excluded from our non-GAAP EPS calculation, due to the non-recurring nature of the transaction.

提醒一下，第二季從印度匯往美國的現金在第三季產生了 2,400 萬美元的額外稅收影響，預計在第四季也會產生類似的影響。該交易的稅務影響使我們第三季 GAAP 每股收益減少了 0.04 美元，但由於該交易的非經常性，因此未計入我們的非 GAAP 每股收益計算中。

Before I provide a detailed commentary on the quarter's performance, let me provide some additional color on the ongoing internal investigation, which is being overseen by our audit committee. As Frank noted, based on the results of the investigation to date, we are not restating our historical financial statements.

在對本季度業績進行詳細評論之前，讓我先補充一些關於正在進行的內部調查的信息，該調查目前正由我們的審計委員會監督。正如弗蘭克所指出的，根據迄今為止的調查結果，我們不打算重述歷史財務報表。

At present, the investigation has identified a total of approximately $5 million in potentially improper payments for certain Company-owned facilities in India. Of that amount, based on the preliminary results of the investigation to date, and as disclosed in our Form 10-Q and earnings release, we determined that it was appropriate at this time to record an out-of-period correction of $3.1 million related to certain of these payments.

目前，調查已發現該公司在印度的某些自有設施可能存在總計約 500 萬美元的不當付款。根據迄今為止的初步調查結果，以及我們在 10-Q 表格和收益報告中披露的信息，我們認為，此時對其中某些款項進行 310 萬美元的期外更正較為合適。

Also, as disclosed in the Form 10-Q, we announced a determination of a material weakness as of December 31, 2015 and the subsequent interim periods. As based on the results of the investigation to date, certain members of senior management may have participated in, or failed to take action to prevent the making of potentially improper payments, by either overriding or failing to enforce the controls established by the Company, relating to real estate and procurement principally in connection with permits for certain facilities in India. We have already taken and continue to take remediation measures in the areas of procurement and accounts payable, as they relate to real estate transactions in India.

此外，正如我們在 10-Q 表格中所揭露的，我們宣布確定截至 2015 年 12 月 31 日及隨後的中期期間存在重大缺陷。根據迄今為止的調查結果，某些高級管理人員可能參與了或未能採取行動阻止潛在的不當付款，他們要么凌駕於公司之上，要么未能執行公司製定的與房地產和採購有關的控制措施，主要涉及印度某些設施的許可證。我們已經在採購和應付帳款領域採取了補救措施，並將繼續採取補救措施，因為這些領域與印度的房地產交易有關。

Now turning to third-quarter performance. Consulting and technology services and outsourcing services represented 57.4% and 42.6% of revenue respectfully for the quarter. Consulting and technology services grew 2.4% sequentially, and 6.9% year over year.

現在來看第三季業績。本季度，諮詢和技術服務以及外包服務分別佔收入的 57.4% 和 42.6%。諮詢和技術服務季增 2.4%，年增 6.9%。

Outsourcing services revenue grew 2.6% sequentially, and 10.3% from Q3 a year ago, driven by strength across digital operations and the infrastructure portion of Cognizant Digital systems and technology. From a geographic standpoint, North America grew 3.3% sequentially and 7.9% year over year. Europe declined 1.7% sequentially, after a 4.4% negative currency impact, and grew 5.6% from last year, after an 8.3% negative currency impact.

外包服務營收季增 2.6%，較去年同期成長 10.3%，這主要得益於 Cognizant Digital 系統和技術的數位化營運及基礎設施部分的強勁表現。從地理角度來看，北美季增 3.3%，年增 7.9%。受匯率負面影響 4.4% 的影響，歐洲經濟季減 1.7%；受匯率負面影響 8.3% 的影響，歐洲經濟年增 5.6%。

Growth in Europe was driven primarily by the ramp of work coming from recent wins, particularly in markets such as Germany and the Nordics. The UK declined 5.7% sequentially, and 2.3% year over year, after a 7% and a 13.9% negative currency impact respectfully. Continental Europe grew 3.5% sequentially, and 17% over the prior year.

歐洲的成長主要得益於近期中標項目帶來的業務量成長，尤其是在德國和北歐等市場。英國股市環比下跌 5.7%，年減 2.3%，其中匯率波動分別造成了 7% 和 13.9% 的負面影響。歐洲大陸經濟季增3.5%，年增17%。

We have established a solid foothold on the continent, and expect it to be a driver of future growth. Finally, we saw continued strong traction in the rest of the world, which was up 3.8% sequentially, and 23.2% year over year.

我們已在非洲大陸站穩腳跟，並期望它成為未來成長的驅動力。最後，我們看到世界其他地區持續保持強勁成長勢頭，較上季成長 3.8%，較去年同期成長 23.2%。

During the third quarter, 37.5% 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 322.

第三季度，我們 37.5% 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。本季我們新增了 7 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 322 位。

We added 11,500 net new hires in the quarter. Annualized attrition of 16.6% during the quarter, including BPO and trainees, was down 350 basis points from the year-ago period. While attrition remains slightly elevated, we are pleased with the year-over-year decline, as we continue to enhance our various employee engagement initiatives.

本季我們淨增了 11,500 名員工。本季年化員工流動率為 16.6%，包括業務流程外包人員和實習生，比去年同期下降了 350 個基點。雖然員工流動率仍然略高，但我們對同比下降感到滿意，因為我們將繼續加強各項員工敬業度提升計畫。

Total headcount at the end of the quarter was 255,800 employees globally, of which 239,500 were service delivery staff. Offshore utilization was 73%, excluding recent college graduates was 79%, and on site utilization was 90% during the quarter.

截至季末，全球員工總數為 255,800 人，其中 239,500 人為服務交付人員。本季度，離岸員工利用率為 73%，不包括應屆大學畢業生則為 79%，現場員工利用率為 90%。

Our balance sheet remains very healthy. We finished the quarter with $4.9 billion of cash and short-term investments. Net of debt, this was up by $390 million from the quarter ending June 30, and up by $861 million from the year-ago period.

我們的資產負債表依然非常健康。本季末，我們持有現金和短期投資49億美元。扣除債務後，該數字比截至 6 月 30 日的季度增加了 3.9 億美元，比去年同期增加了 8.61 億美元。

Moving on to receivables, which were $2.5 billion at the end of the quarter. We finished the quarter with a DSO, including unbilled receivables, of 74.5 days. This was roughly flat with last quarter.

接下來是應收帳款，截至本季末為 25 億美元。本季末，包括未開立發票應收帳款在內，DSO 為 74.5 天。與上一季相比，這一數字大致持平。

Our unbilled receivables balance was $424 million, down from $451 million at the end of Q2. We billed approximately 58% of the Q3 unbilled balance in October, and the decrease in unbilled receivables was primarily due to the timing of certain milestone deliverables. Our outstanding debt balance was $900 million at the end of the quarter, and there were no outstanding borrowings on our revolving credit facility.

我們的未開立發票應收帳款餘額為 4.24 億美元，低於第二季末的 4.51 億美元。我們在 10 月開立了第三季未開票餘額的約 58%，未開立發票應收帳款的減少主要是由於某些里程碑交付的時間安排。截至季末，我們的未償債務餘額為 9 億美元，循環信貸額度內沒有未償還借款。

Turning to cash flow. Operating activities generated $594 million. Financing activities were a $119 million use of cash during the quarter, and capital expenditures were $74 million during the quarter.

接下來談談現金流。經營活動創造了5.94億美元的收入。本季融資活動現金支出為 1.19 億美元，資本支出為 7,400 萬美元。

During the third quarter, we repurchased just over 2.5 million shares for a total cost of $145 million, and our diluted share count decreased to 608.5 million shares for the quarter. As of the end of Q3, we had repurchased 48.8 million shares for a total cost of $2 billion under our stock repurchase authorization of $3 billion. We had approximately $1 billion remaining unutilized.

第三季度，我們回購了略多於 250 萬股股票，總成本為 1.45 億美元，該季度我們的稀釋後股票數量減少至 6.085 億股。截至第三季末，我們已根據 30 億美元的股票回購授權，以 20 億美元的總成本回購了 4,880 萬股股票。我們還有大約10億美元的資金未使用。

I would now like to comment on our outlook for Q4 and the full year. For the full-year 2016, we are trimming the high end of our revenue expectations to be in the range of $13.47 billion to $13.53 billion, which represents growth of approximately 8.5% to 9%.

現在我想談談我們對第四季和全年的展望。對於 2016 年全年，我們將營收預期上限下調至 134.7 億美元至 135.3 億美元之間，這相當於成長約 8.5% 至 9%。

For the fourth quarter of 2016, we expect to deliver revenue in the range of $3.45 billion to $3.51 billion including $18 million of incremental negative currency impact due to the recent weakening of the pound sterling. As is the typical pattern in the fourth quarter, client furloughs, seasonality of our retail practice, and fewer billing days will have an impact on sequential revenue growth.

預計 2016 年第四季營收將在 34.5 億美元至 35.1 億美元之間，其中包括由於英鎊近期走弱而產生的 1800 萬美元的額外負面匯兌影響。與第四季度的典型模式一樣，客戶休假、零售業務的季節性以及帳單日減少將對環比收入成長產生影響。

During the fourth quarter and for the full year, we expect to operate within our target non-GAAP operating margin range of 19% to 20%. For the fourth quarter, we expect to deliver non-GAAP EPS in the range of $0.85 to $0.88. Our non-GAAP EPS guidance excludes net non-operating foreign currency exchange gains and losses, stock-based compensation, and acquisition-related expenses and amortization.

預計第四季及全年，我們的非GAAP營業利潤率將達到19%至20%的目標範圍。我們預計第四季非GAAP每股盈餘將在0.85美元至0.88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 one-time incremental income tax expense related to the India share buyback transaction. This guidance anticipates a share count of approximately 609 million shares.

今年剩餘時間裡，我們的非GAAP稀釋後每股盈餘預期也不包括與印度股票回購交易相關的一次性增量所得稅費用的影響。該指引預計股份數量約為 6.09 億股。

For the full year, we expect to deliver non-GAAP EPS in the range of $3.38 to $3.41. This guidance anticipates the full-year share count of approximately 609.6 million shares, and a tax rate of approximately 35%, 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3.38美元至3.41美元之間。該指導意見預計全年股份數量約為 6.096 億股，稅率約為 35%，其中包括來自印度匯款的增量稅收影響約為 2.38 億美元。

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？

(Operator Instructions)

（操作說明）

Our first question comes from the line of Edward Caso from Wells Fargo. Please proceed with your question.

我們的第一個問題來自富國銀行的愛德華‧卡索。請繼續提問。

Good morning. Thank you for releasing your 10-Q.

早安.感謝您發布 10-Q 表格。

Could you talk a little bit about the financial services vertical, and how much of the Q3 and particularly Q4 pace of business is unique to this year, and unique to the current challenging environment for your clients? And how much of it may be more secular in nature? Thank you.

您能否談談金融服務業的情況，以及第三季和第四季的業務發展速度有多少是今年獨有的，又有多少是客戶目前面臨的挑戰性環境所特有的？其中有多少可能更偏向世俗性質？謝謝。

Thank you. This is Raj Mehta here.

謝謝。我是拉傑·梅塔。

Look, we've talked about financial services in terms of some of the macro economic trends, especially around the low rate interest environment, but I think it's important to note that it's not just banking, but it's across many of our industries that we serve that technology is becoming more intensive to our clients, and our clients are becoming more dependent on technology, and the data to compete. We continue to believe that the benefits of outsourcing, including the ability to attract talent, scale efficiently, and bring deep technology and domain knowledge, have not changed, and the benefits, clients can't replicate on their own. So, in summary, right, the range of skills that are required, and the technology has broadened and not narrowed, and we are still looking forward in terms of continuing to growing these businesses, in that respect.

你看，我們已經從一些宏觀經濟趨勢的角度討論過金融服務，特別是低利率環境，但我認為需要指出的是，不僅僅是銀行業，在我們服務的許多行業中，技術對客戶的重要性都在不斷提高，我們的客戶也越來越依賴技術和數據來參與競爭。我們仍然認為，外包的優勢，包括吸引人才、高效擴展規模以及帶來深厚的技術和領域知識，並沒有改變，而這些優勢是客戶自己無法複製的。總而言之，所需的技能範圍和技術範圍已經擴大而不是縮小，在這方面，我們仍然期待繼續發展這些業務。

Thank you.

謝謝。

Our next question is from the line of Tien-tsin Huang with JPMorgan. Please proceed with your question.

我們的下一個問題來自摩根大通的黃天進。請繼續提問。

Good morning. Thanks for the STP update and the materiality stuff there.

早安.感謝您提供的STP更新和實質性問題方面的資訊。

Has the FCPA issue had any impact on the client side and on the investigation itself? What needs to happen from here for the issue to be resolved? Could there be any additional costs to remedy the internal controls, for example? Thanks.

《反海外腐敗法》問題是否對客戶方和調查本身產生了任何影響？接下來需要採取哪些措施才能解決這個問題？例如，改善內部控制是否會產生任何額外成本？謝謝。

This is Frank.

這是弗蘭克。

Look, you know, I would say it's business as usual in terms of serving clients at this point. As I said, we expect no impact on our ability to provide high-quality services to clients, and in fact, haven't seen any. The fundamentals are, we have got great associates doing good work every day on behalf of our clients, and I think our clients recognize that. The investigation is ongoing. I don't want to speculate on how long it's going to take, or the costs that may be associated with it, going forward. But our commitment is to conduct a thorough investigation, and we are committed to doing that.

你看，就目前而言，我認為在服務客戶方面一切照常。正如我所說，我們預計不會對我們向客戶提供高品質服務的能力造成任何影響，事實上，我們也確實沒有看到任何影響。根本在於，我們擁有優秀的員工，他們每天都在為我們的客戶努力工作，我認為我們的客戶也意識到了這一點。調查仍在進行中。我不想猜測未來需要多長時間，或可能與之相關的成本。但我們承諾會進行徹底調查，我們也一定會做到這一點。

Thank you.

謝謝。

Our next question is from the line of Brian Essex with Morgan Stanley. Please proceed with your question.

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。請繼續提問。

I was wondering if you can comment, at least on the health care vertical. You had pretty large customers there, that have throttled back on spending all year. Any conversations with them that might indicate the tenor or demeanor of their spending in the next year, should be those investigations be resolved? I understand they are right around the corner. I don't know what their spending intentions are, or if you talked to them with regard to contingency plans one way or the other.

我想請您就醫療保健領域發表一些看法。你們那裡有一些相當大的客戶，但他們全年都在縮減開支。在與他們的談話中，如果透露他們明年的消費傾向或態度，是否應該進行調查並予以解決？我聽說他們就在附近。我不知道他們的支出計畫是什麼，也不知道你是否和他們談過應急方案。

It's Frank. Let me take a stab at that.

是弗蘭克。讓我來試著回答一下。

I think the health care business at Cognizant -- before I talk about the specifics, let me just back up. I think that health care, particularly as it relates to the health care payers, is really a core area of deep strength at Cognizant. It has historically been one of our strongest verticals, and with the addition of the capabilities from the TriZetto acquisition, I think that further strengthened our position there. The combination of Cognizant's services capabilities with TriZetto's platform capabilities has enabled us to create a truly unique platform-based offering in that marketplace, and we continue to see good traction in services and solutions that combine TriZetto Software and Cognizant's core services capabilities. The pipeline of opportunities around that area that remains robust and I continue to be optimistic about the opportunities there.

我認為 Cognizant 的醫療保健業務——在我談論具體細節之前，讓我先回顧一下。我認為醫療保健，特別是與醫療保健支付方相關的醫療保健，是 Cognizant 的核心優勢領域。從歷史上看，這一直是我們最強大的垂直領域之一，而隨著收購 TriZetto 所帶來的能力的增加，我認為這進一步鞏固了我們在該領域的地位。Cognizant 的服務能力與 TriZetto 的平台能力相結合，使我們能夠在該市場中打造真正獨特的基於平台的產品，並且我們繼續看到結合了 TriZetto 軟體和 Cognizant 核心服務能力的服務和解決方案獲得了良好的市場反響。該地區的發展機會依然強勁，我對那裡的發展機會仍然保持樂觀。

Offsetting that, as we have said to you over the course of this year, is some slowness in the spending from the biggest payers, who are particularly the ones that are involved in the potential large combinations. It's a little too early to forecast what happens with those payers as we go into 2017, but as a general matter, I would say that we have seen them slow spending, discretionary spending, through this period of uncertainty. And so, as those situations get resolved one way or the other, my expectation is that we have a great portfolio of services to offer that group of customers, and we will be as relevant, if not more relevant, than we have been to serving the needs of those customers.

正如我們今年以來一直向你們所說，最大的付款方（尤其是那些可能參與大型合併案的付款方）的支出有所放緩，這在一定程度上抵消了上述情況。現在預測這些支付方在 2017 年的走勢還為時過早，但總的來說，我認為在這段不確定時期，我們已經看到他們放緩了支出，尤其是可自由支配的支出。因此，無論這些情況最終如何解決，我期望我們都能為這群客戶提供豐富的服務，並且我們能夠像以往一樣，甚至更加貼近這些客戶的需求。

Thank you.

謝謝。

Our next question comes from the line of Lisa Ellis with Bernstein. Please proceed with your question.

我們的下一個問題來自 Lisa Ellis 與 Bernstein 的對話。請繼續提問。

Can you talk a little bit about Cognizant Business Consulting? Just an observation that many of the winners so far in digital have been some of the very high-end private consultancies, and I'm curious to know -- I know you have got Cognizant Business Consulting; what you are doing to continue to develop that business? As well as how you are seeing demand for digital evolving, and whether it's moving beyond the high-end consulting tip of the spear and into more mainstream IT services at this point?

能簡單介紹一下 Cognizant 商業顧問公司嗎？我注意到，目前數位領域的許多贏家都是一些高端私人顧問公司，我很想知道——我知道你們有 Cognizant Business Consulting；你們正在採取哪些措施來繼續發展這項業務？此外，您如何看待對數位化的需求演變，以及這種需求是否正在從高端諮詢的前沿領域轉向更主流的IT服務？

Lisa, it's Frank. Let me try to address that.

麗莎，我是法蘭克。讓我來試著解釋一下。

Let me start with the three practice areas that we have discussed on the call today. We have refocused and rebranded our offerings under these three broad practice areas: Cognizant Digital Business, Cognizant Digital Operations, and Cognizant Digital Systems and Technology. It's not a oversight that the word digital appears in all three of the practice names. The reason is that, as we said to you for quite some time now, our core and fundamental belief is that digital technology is really embedded in all areas and all aspects of our business in some way, shape or form. So, Cognizant Digital Business uses digital technologies to create and deliver meaningful business experiences for clients. Cognizant Digital Operations using digital technology to enable and automate core business operations in our clients' core transaction processing areas. And then, of course, Cognizant Digital Systems and Technology is focused on modernizing, securing, and scaling legacy technology environments. Digital exists in all of those places.

首先，我想談談我們今天電話會議中討論的三個實踐領域。我們已將我們的服務重新聚焦並重新定位為以下三個主要業務領域：Cognizant 數位業務、Cognizant 數位營運和 Cognizant 數位系統與技術。這三家診所的名稱中都出現了「數字」一詞，絕非偶然。原因在於，正如我們之前一直告訴你們的那樣，我們的核心和根本信念是，數位科技已經以某種方式、形式或途徑真正融入我們業務的各個領域和各個方面。因此，Cognizant Digital Business 利用數位技術為客戶創造和提供有意義的商業體驗。Cognizant Digital Operations 利用數位技術實現客戶核心交易處理領域的核心業務營運自動化。當然，Cognizant Digital Systems and Technology 則專注於傳統技術環境的現代化、安全性和擴展。數位化存在於所有這些地方。

To your question about CBC, Cognizant Business Consulting, Cognizant Business Consulting is really an enabler across all three of those practice areas. The business consulting capability is woven in across all of those three practice areas, and really a lot of the work that we are doing today in Cognizant Business Consulting is what I'd consider to be tip of the spear work that then leads to downstream work in one or more of those three big practice areas.

關於您提到的 CBC（Cognizant Business Consulting），Cognizant Business Consulting 實際上是這三個實踐領域的推動者。商業諮詢能力貫穿這三個業務領域，而我們今天在 Cognizant 商業諮詢領域所做的許多工作，我認為都是先鋒工作，這些工作隨後會帶動這三個主要業務領域中的一個或多個領域的後續工作。

We clearly have seen digital move beyond just high end consulting to implementation. Raj, for example, spoke in his prepared comments about the work we are doing to migrate -- done to migrate two big clients to cloud-based AWS environments. That is an example of what I think as core technology work, that's enabled by new digital technologies. Like that, across all the practices we're seeing not just tip of the spear consulting work, but also downstream implementation work that relates to digital.

我們已經清楚看到，數位轉型已經超越了高端諮詢的範疇，進入了實施階段。例如，Raj 在事先準備好的演講中談到了我們正在進行的遷移工作——將兩個大客戶遷移到基於雲端的 AWS 環境。這正是我認為的核心技術工作的一個例子，它得益於新的數位技術。像這樣，在所有實踐中，我們看到的不僅是尖端的諮詢工作，還有與數位化相關的下游實施工作。

Thank you. Our next question is from the line of Bryan Keane with Deutsche Bank. Proceed with your question.

謝謝。我們的下一個問題來自德意志銀行的布萊恩·基恩。請繼續提問。

I wanted to ask about the impact on business due to the departure of former president Gordon Coburn. Any big reaction out of clients? Secondly, quickly, Karen, any impact to the non-GAAP tax rate due to the internal investigation? Thanks so much.

我想了解前總裁戈登·科伯恩離職對公司業務的影響。客戶方面有什麼強烈反應嗎？其次，凱倫，請問內部調查是否會對非GAAP稅率產生影響？非常感謝。

Let me talk about Gordon's departure. Raj has been a Cognizant veteran for 20 years. Raj has run most of the business operations of the Company, the business development, front-end sales, and also delivery operations for several years now. So I would say that the transition has been seamless. Raj is supported by a very strong team of Cognizant veterans who have been around the Company for many years. And so I would say that transition has been seamless. Our platforms business, what we are now referring to as Cognizant Digital Operations Business, reports to me at this point; I have direct oversight on that part of the business.

讓我談談戈登的離職。Raj 在 Cognizant 工作了 20 年，是一位資深員工。多年來，Raj 一直負責公司的大部分業務運營，包括業務拓展、前端銷售以及物流配送。所以我認為過渡過程非常順利。Raj 背後有一支非常強大的 Cognizant 資深員工團隊支持，他們已經在公司工作多年。所以我認為過渡過程非常順利。目前，我們的平台業務（我們現在稱之為 Cognizant 數位營運業務）由我直接負責；我對這部分業務擁有直接的監督權。

Let me turn it over to Karen on the tax rate.

關於稅率的問題，我把麥克風交給凱倫。

Bryan, there was certainly no impact on the non-GAAP tax rate for the quarter based on the investigation. So, during the quarter, there were two things that happened that related to the investigation. We talked about the out-of-period adjustment of $3.1 million that we recorded, and then obviously we had some professional fees in conjunction with the investigation that's ongoing. Those were recorded both in our GAAP and in our non-GAAP financial statements. The tax rate did come out a little bit lower than we expected for the quarter, but that was just based on the settlement of some discrete items in the quarter; nothing to do with the investigation.

布萊恩，根據調查結果，該季度的非GAAP稅率肯定沒有受到影響。因此，本季發生了兩件與調查有關的事情。我們討論了我們記錄的 310 萬美元的非當期調整，然後顯然我們也支付了一些與正在進行的調查相關的專業費用。這些都已記錄在我們的GAAP財務報表和非GAAP財務報表中。本季的稅率確實比我們預期的要低一些，但這只是基於本季一些個別項目的結算；與調查無關。

Our next question is coming from the line of Darrin Peller with Barclays. Please proceed with your question.

下一個問題來自巴克萊銀行的達林·佩勒。請繼續提問。

I understand digital can be seen across the business, but just given how much of a driver it is now, is there any way to quantify the actual percentage of your revenue you consider digital? And what the growth rate is relative to what we've seen at some of your competitors? And for Karen, can you revisit the strategy again over margins, the stability of margins, and the capital return strategy around potential buybacks, given in light of what is now somewhat slower top-line trend? Thanks.

我知道數位化已經滲透到企業的各個方面，但鑑於它現在所起的作用如此之大，有沒有辦法量化您認為數位化收入實際佔總收入的百分比？與一些競爭對手相比，你們的成長率如何？對 Karen 來說，鑑於目前營收成長速度有所放緩，你能否再次重新審視利潤率策略、利潤率穩定性以及圍繞潛在回購的資本回報策略？謝謝。

Sure. So, Darrin, I will take both of those.

當然。所以，達林，這兩個我都要。

The first one, on digital, as we've talked about, and I think we demonstrated in our conversation today around the script, we think that digital is becoming an enterprise-wide initiative. And as we've said, we think that the definition of digital and how people think about digital revenue will continue to evolve in the coming months and quarters. And so we have been reluctant, frankly, to define digital, because we don't think there is a clear digital definition across the industry today. We have talked about this notion of digital, that started in the front office, and now has increasingly moved to the mid office and back office and, hence, the alignment of our three practices that we talked around, around Digital Business, Digital Operations, and Digital Systems and Technology, which I think start to get at that notion that it really has become an enterprise-wide initiative for both clients and ourselves. And increasingly we think it will impact all of the segments of the business, and it already is today.

第一個面向是數位化，正如我們之前討論過的，而且我認為我們在今天圍繞劇本的討論中也證明了這一點，我們認為數位化正在成為一項企業範圍內的舉措。正如我們所說，我們認為，在未來的幾個月和幾個季度裡，數位科技的定義以及人們對數位收入的看法將會繼續演變。因此，坦白說，我們一直不願意給「數位化」下定義，因為我們認為目前整個產業還沒有一個清晰的「數位化」定義。我們討論過數位化這個概念，它最初出現在前台，現在越來越多地擴展到中台和後台，因此，我們圍繞數位業務、數位營運以及數位系統和技術這三個方面進行了討論，我認為這開始體現出數位化確實已經成為客戶和我們自身的一項企業級舉措。我們越來越認為這將影響到業務的各個方面，而且現在已經開始影響到這些方面了。

So we have been reluctant to break out what is digital, because how do you define a project, whether it has a digital component to it, or is the entire project digital? So, I think those definitions in the market will continue to evolve, and we will continue to focus on that.

因此，我們一直不願明確界定什麼是數位化，因為如何定義一個項目，是它包含數位化元件，還是整個項目都是數位化的？所以，我認為市場上的這些定義會繼續演變，我們將繼續關注這一點。

I think in terms of margins, clearly, we have talked about staying in the 19% to 20% range. We have done that historically. And I think, certainly for the foreseeable future, people should expect that, that is a comfortable range for us to operate in. It obviously gives us room to make investments to grow the business. Those investments continue to shift as we look at more platforms, as that business continues to expand, as we continue to expand new skill sets and new offerings to support the digital marketplace. Those are most of the investments that we continue to focus on. But I think from a modeling perspective, you should expect us to stay in the 19% to 20% range.

我認為就利潤率而言，我們顯然已經討論過要保持在 19% 到 20% 的範圍內。我們歷史上一直都是這樣做的。而且我認為，至少在可預見的未來，人們應該預期，這對我們來說是一個舒適的營運範圍。這顯然給了我們投資發展業務的空間。隨著我們關注更多平台，隨著業務不斷擴張，隨著我們不斷拓展新的技能和產品以支持數位市場，這些投資也不斷調整。這些是我們持續關注的大部分投資項目。但我認為從模型角度來看，我們應該會保持在 19% 到 20% 的範圍內。

From a capital allocation perspective, there's really no change in our strategy there. I think, as we have said in the past, people should expect that over the course of a year, we will essentially maintain share neutrality. We have the buyback program available to us, and we will use that as and when we think it's appropriate to do that. And obviously, we demonstrated that with the number of shares that we bought back in Q3, and we still have about $1 billion left under that program, as we look forward to Q4 and beyond.

從資本配置的角度來看，我們的策略其實並沒有任何改變。我認為，正如我們過去所說，人們應該預期，在一年的時間裡，我們基本上將保持股份中立。我們有回購計劃可以使用，我們會在認為合適的時候使用該計劃。顯然，我們在第三季回購的股票數量證明了這一點，而且在展望第四季及以後時，我們該計劃下還有大約 10 億美元的剩餘資金。

Thank you.

謝謝。

Our next question is from the line of Jim Schneider with Goldman Sachs. Please proceed with your question.

我們的下一個問題來自高盛的吉姆·施耐德。請繼續提問。

Given the Q4 growth rate, your guiding to implicitly around 8% or so, can you give us a sense about, based on the backlog of business you see heading into Q1 or in the beginning of 2017, whether you see that as a sustainable growth rate, at least in the short term, given the pressures near term that you mentioned before?

鑑於您之前提到的第四季度增長率約為 8%，根據您預計進入第一季或 2017 年初的業務積壓情況，您能否根據您之前提到的近期壓力，判斷一下您是否認為這是一個可持續的增長率，至少在短期內？

This is Karen.

這是凱倫。

I think it's premature to comment on Q1 or 2017. Clients are just getting underway with their budgets. So we will obviously work with them on those budgets as we get further into this quarter; and when we release earnings and provide full-year guidance in February, we'll provide an update at that time.

我認為現在評論第一季或2017年還為時過早。客戶們才剛開始製定預算。因此，隨著本季深入，我們顯然會與他們一起商討這些預算；當我們在二月份發布收益報告並提供全年業績指引時，屆時我們將提供最新資訊。

Thank you. Our next question comes from the line of Keith Bachman with BMO Capital Markets. Please go ahead with your question.

謝謝。我們的下一個問題來自 BMO 資本市場的 Keith Bachman。請繼續提問。

I want to ask a question of Frank.

我想問弗蘭克一個問題。

Similar to the past question, but if I look at Wipro, Infosys, TCS, and Cognizant, both for the reported results of September, and guidance and street numbers for December, it suggests that the industry has grown around 8%. And part of that, ADM is growing less than 5%. So, as we begin to reflect on calendar year 2017, I'm wondering what is different as we look at 2017 that will allow Cognizant to grow at something better than 8%? Part of the question is driven by, for the past number of years, probably five years, Cognizant has provided guidance for a full calendar year that's below the Street expectation. Frank, I was wondering if you wanted to make comments on the industry?

與先前的問題類似，但如果我查看 Wipro、Infosys、TCS 和 Cognizant 的 9 月份報告業績以及 12 月份的業績指引和市場預期，則表明該行業增長了約 8%。其中一部分原因是ADM的成長速度低於5%。因此，當我們開始回顧 2017 年時，我想知道與 2017 年相比，有哪些不同之處能夠讓 Cognizant 的成長超過 8%？部分原因是，在過去的幾年裡，大概有五年時間，Cognizant 給出的全年業績指引都低於華爾街的預期。法蘭克，我想問你是否想對這個行業發表一些看法？

The second part of that is, how willing would you be, Frank, to pursue M&A that would pressure margins, in order to capture some incremental revenue growth? Thank you?

第二部分是，弗蘭克，為了獲得一些額外的收入成長，你有多願意進行會擠壓利潤率的併購？謝謝你？

Thank you. So, there were a number of questions in there. I will try to get to each of them.

謝謝。所以，裡面有很多問題。我會盡量聯絡他們每一個人。

I would say that at a macro level, our industry is one where -- first of all, the world continues to become more technology- and data-intensive. So, that is the 50,000-foot view. Technology is becoming more complex to implement the skill sets, as Raj pointed out in his, I think, Q&A a minute ago. We have a much broader range of skills that are required to implement new technologies today. An, so we believe that makes services firms like Cognizant as relevant, if not more relevant, than we have been in the past.

我認為從宏觀層面來看，我們所在的產業——首先，世界正變得越來越依賴科技和數據。以上是高空視角。正如 Raj 在剛才的問答環節中指出的那樣，技術變得越來越複雜，需要運用各種技能。如今，我們需要掌握更廣泛的技能才能實施新技術。因此，我們認為這使得像 Cognizant 這樣的服務公司即使不如以往那麼重要，也至少與我們過去一樣重要。

It's also a fragmented industry. The opportunity to gain market share, and the opportunity to capture markets is very much there. And we believe that if you drill down further, that when you look at our footprint of industries that we serve, if you look at the footprint of geographies that we currently operate in, there remains significant growth opportunities in places where we are under-penetrated. So when you put all of that together, we believe that we have significant growth opportunities ahead of us; that our ability to invest to capture those growth opportunities exists in the Company with our financial formula; and so that forms a core thesis, and a core basis for how we think about the business going forward.

這也是一個分散的行業。獲取市場份額和佔領市場的機會非常大。我們相信，如果進一步深入分析，看看我們服務的行業範圍，看看我們目前營運的地域範圍，就會發現，在我們滲透率較低的地方仍然存在巨大的成長機會。綜上所述，我們相信公司未來擁有巨大的成長機會；憑藉我們的財務模式，公司有能力進行投資以抓住這些成長機會；因此，這構成了我們的核心理念，也是我們思考公司未來發展的核心基礎。

As it relates to acquisitions, we have said that we will continue to focus -- we have a robust M&A program. We look at traditionally smaller tuck-in acquisitions. That has been the primary focus. We will continue to do that. I would expect that, as we go forward, you will see us focus on those acquisitions. I would expect that we would be more focused on digital and making digital acquisitions as we look to the next few quarters to bolster our digital capability. I think we have got good strong digital capabilities, but particularly as we look to new industries and geographies, you will see us using inorganic means to grow faster.

關於收購方面，我們說過我們將繼續專注於此——我們擁有強大的併購計劃。我們關注的是傳統上規模較小的補充性收購。這始終是我們的主要關注點。我們將繼續這樣做。我預計，隨著我們不斷前進，你們將會看到我們專注於這些收購。我預計在接下來的幾個季度裡，我們將更加重視數位化和進行數位化收購，以增強我們的數位化能力。我認為我們擁有強大的數位化能力，但尤其是當我們著眼於新的產業和地理時，你會看到我們利用非有機成長的方式來實現更快的成長。

Typically, when we do small acquisitions, the margin profile of those companies may not be where the Cognizant margin profile is. Through our ability to largely, Keith, to cross-sell their services into our core business, we are rapidly able to bring them to Cognizant average margins. I expect we will continue to do that. For the small tuck-ins, if there's an acquisition that, when we buy it, not at Cognizant margins, I'm not too concerned about that. We have shown that we can bring those back up to Cognizant levels, through our ability to cross sell.

通常情況下，當我們進行小規模收購時，這些公司的利潤率可能與 Cognizant 的利潤率並不一致。基思，透過我們強大的能力，我們可以將他們的服務交叉銷售到我們的核心業務中，從而迅速使他們的利潤率達到 Cognizant 的平均水平。我預計我們會繼續這樣做。對於小規模的收購，如果我們收購的利潤率達不到 Cognizant 的水平，我並不太擔心。我們已經證明，透過交叉銷售，我們可以將這些水平恢復到 Cognizant 的水平。

Thank you. Our next question comes from the line of Joseph Foresi from Cantor Fitzgerald. Please go ahead with your question.

謝謝。我們的下一個問題來自 Cantor Fitzgerald 的 Joseph Foresi 的詩句。請繼續提問。

I wanted to come at the digital question a little differently. Maybe you can give us some color on how you are measuring success in that business internally, and how you are staffing for it? I think the Street has heard some others frame their exposure, and it would be helpful to be able measure how you stack up or have a little bit more information so we could understand your positioning in that business. Thanks.

我想用一種不同的方式來探討數位化問題。或許您可以詳細介紹一下貴公司內部是如何衡量該業務的成功，以及貴公司是如何進行人員配備的？我認為華爾街已經聽到了一些其他公司對他們業務的描述，如果能夠衡量你的公司在該領域的排名，或者獲得更多信息，以便我們了解你在該業務中的定位，將會很有幫助。謝謝。

I think the primary measure that we are using -- Joe, it's Frank -- is, what portion of our existing client base is engaging us on digital capabilities in some way, shape, or form. As Karen said, there is a question of how we define digital. What we are doing is, looking at our newer service offerings, and making sure that, as our clients define digital, and each of our clients define digital in a slightly different way, that we are engaged with them in their most important and strategic engagements.

我認為我們目前採用的主要衡量標準——喬，我是弗蘭克——是現有客戶群中有多少人以某種方式、形式或途徑與我們進行數位化能力方面的合作。正如凱倫所說，問題在於我們如何定義「數字」。我們正在做的，是審視我們最新的服務產品，並確保，隨著客戶對數位化的定義不斷變化（每個客戶對數位化的定義都略有不同），我們能夠參與他們最重要、最具戰略意義的專案。

That's always been the way that we have defined success at Cognizant. We define success really through the eyes of our customers, and our primary goal is to make sure that, with our customers, that we are engaging with them in the technology-driven, technology-enabled initiatives that are most important to them at any given point in time.

在 Cognizant，我們一直以來都是這樣定義成功的。我們從客戶的角度定義成功，我們的首要目標是確保與客戶一起參與他們最重視的技術驅動、技術賦能的計畫。

Thank you. Our next question is from Ashwin Shirvaikar from Citigroup. Go ahead with your question.

謝謝。我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。請繼續提問。

Frank, I want to go back to a previous response you had given, where you said the ability to provide high quality services continues, and so on. But that really has never been in doubt. I think the real question is, are there clients who are in a wait-and-see mode because of the ongoing investigation? Because they maybe want some sort of an external approval of your processes, and so on? Are you seeing any impact from the client side? And is that potentially -- I haven't heard you mention the ability to add $1.5 billion of that revenue next year, which you mentioned previous couple of calls, perhaps in the last call? Could you comment on those?

弗蘭克，我想回到你之前的回复，你當時說，提供高品質服務的能力仍然存在等等。但這一點其實從未有過任何疑問。我認為真正的問題是，由於調查仍在進行中，是否有客戶持觀望態度？因為他們可能需要對你的流程進行某種外部認可，等等？客戶端方面是否有任何影響？那是否有可能——我沒有聽到你提到明年增加 15 億美元收入的能力，你在之前的幾次電話會議中提到過，也許在上次電話會議中提到過？您能就這些問題發表一下看法嗎？

I would say, Ashwin, we haven't, as I said -- let me be more specific. We haven't seen clients, beyond what I would consider to be the normal course of business, slowing down in any way. I would say that it's a little too early to look at 2017, as we have said, so I don't want to be providing a view of 2017. As Karen mentioned, right now we want to get through our client budget cycles; those are just beginning, as you know. That has been our traditional pattern; there is no difference from prior years. Once we get through that process, I think, we will be in a better position to give you a sense of where 2017 lands.

阿什溫，我想說，我們還沒有，正如我所說——讓我說得更具體些。除了我認為正常的業務活動之外，我們沒有看到客戶有任何放緩的跡象。正如我們所說，現在展望 2017 年還為時過早，所以我不想對 2017 年做出預測。正如凱倫所提到的，我們現在想完成客戶的預算週期；如你所知，這些週期才剛開始。這一直是我們的傳統做法，與往年沒有任何不同。一旦我們完成這個過程，我認為，我們將能夠更好地向大家介紹 2017 年的最終結果。

I think we will be looking at financial services and health care in particular as we go into 2017, since those were the two industry groups that, for reasons that we have discussed with you at length, didn't perform as we would liked this year. So, we will be looking to those as we go into 2017.

我認為，進入 2017 年，我們將重點放在金融服務和醫療保健行業，因為正如我們之前與您詳細討論過的，這兩個行業今年的表現並不盡如人意。所以，在進入2017年之際，我們將關注這些面向。

(Operator Instructions)

（操作說明）

The next question is from the line of Glenn Greene from Oppenheimer. Please proceed with your question.

下一個問題來自奧本海默公司的格倫·格林。請繼續提問。

A couple of quick questions.

幾個簡單的問題。

It relates to the full-year guide. You obviously lowered the high end of the guide. Perhaps it was a combination of being in the midpoint of the range this quarter. But more importantly, I just want to get a sense for the business environment, both fundamentally and overall from a macro perspective, relative to three months ago? And maybe at a high level, maybe Karen can describe why the high end of the guide comes down? Obviously, you have got have the incremental FX in there, but any other factors? And as it relates to the FCPA investigation, are we confident at this point, that it has been fully scoped at that $5 million or so range? I was surprised how quickly you've gotten clarity on this.

它與全年指南有關。你顯然降低了指南的上限。或許是因為本季處於價格區間的中點。但更重要的是，我只是想了解目前的商業環境，包括基本面和宏觀層面，與三個月前相比如何？或許從宏觀層面來說，凱倫可以解釋為什麼指南的高端部分會下降？顯然，其中必須考慮外匯增量，但還有其他因素嗎？至於《反海外腐敗法》調查，我們目前是否確信調查範圍已完全確定在 500 萬美元左右？我很驚訝你這麼快就弄清楚了。

Let me take a stab in that.

讓我來試著回答一下。

In terms of the business environment, I wouldn't say there has really been any change in the last three months. Earlier in the year we had talked about sluggishness in financial services and healthcare, and then over the summer, post the Brexit vote, while we haven't seen disruption, I would say specific to Brexit, we certainly saw some concern among insurance clients, as well as financial services. We talked about that on our last call. I wouldn't say there has really been any change in that environment or deterioration in that environment. I think it's continued as it was in the quarter or in Q3.

就商業環境而言，我認為過去三個月並沒有什麼真正的改變。今年早些時候，我們曾討論過金融服務和醫療保健行業的低迷，然後在夏季，英國脫歐公投之後，雖然我們沒有看到任何中斷，但就英國脫歐而言，我們確實看到保險客戶以及金融服務業存在一些擔憂。我們在上次通話中談到了這件事。我不會說那裡的環境真的發生了任何變化，或者說環境惡化了。我認為情況和上一季或第三季一樣。

Obviously, the pound has deteriorated, so that resulted in an additional $18 million negative headwind as we went into Q4, based on that. And if we left the range where it was for Q4, it would have been a very broad range, and certainly affect more significant growth than we'd ever added in Q4. We thought it was appropriate to taper the top end of the growth range down into something that we thought was more reasonable, based on typical buying patterns in Q4, given the fact that there are lower bill days, there are furloughs; retail practice, as you know, shuts down quite significantly in Q4 as retail clients get ready for the holiday; they shut down all discretionary spending typically right about now. So, I think what we are seeing in Q4 is a very typical seasonal pattern for the business, other than the impact of the FX.

顯然，英鎊貶值了，因此，進入第四季後，我們又面臨 1,800 萬美元的負面不利因素。如果我們保持第四季度的區間不變，那麼區間將會非常寬泛，並且肯定會比我們在第四季度增加的任何成長產生更大的影響。鑑於第四季度帳單日減少、員工休假等情況，我們認為有必要根據第四季度的典型購買模式，將增長範圍的上限下調到我們認為更合理的水平；眾所周知，零售業務在第四季度會大幅減少，因為零售客戶要為假期做準備；他們通常會在這個時候停止所有可自由支配的支出。所以，我認為除了匯率的影響之外，我們在第四季看到的是一種非常典型的季節性業務模式。

I'm sorry: Can you repeat your question about the FCPA investigation?

抱歉，您能再問一次關於《反海外腐敗法》調查的問題嗎？

Are you confident that you fully scoped the $5 million? And how did you get clarity so quickly?

你確信你已經全面評估了這500萬美元的損失嗎？你是如何這麼快就搞清楚的？

My apologies.

我很抱歉。

So it is early days in the investigation, and I think as we said both in the Q and on the script today, we are continuing to pursue the investigation. We have obviously been working very hard to get our arms around this as quickly as we could; and as we said, we have identified to date $5 million of potential improper payments. We were able to get to a place where we thought it was appropriate to record the $3.1 million of the $5 million as an out-of-period adjustment in Q3. We will continue the investigation until we are confident that we have tracked it all down.

所以調查還處於早期階段，正如我們在今天的問答環節和稿件中所說，我們將繼續進行調查。我們顯然一直在努力盡快掌握情況；正如我們所說，到目前為止，我們已經發現了 500 萬美元的潛在不當支付。我們最終認為，將 500 萬美元中的 310 萬美元作為第三季期外調整入帳是合適的。我們將繼續調查，直到確信已經查明所有線索為止。

Good. I think we are just about out of time, folks. I want to thank everybody for joining us today and for your questions, and we look forward to speaking to you again next quarter. Thank you.

好的。各位，我想我們時間差不多到了。感謝各位今天蒞臨現場並提出問題，我們期待下個季度再次與大家交流。謝謝。

Thank you. This concludes today's Cognizant Technology third-quarter 2016 earnings conference call. You may now disconnect your lines at this time.

謝謝。本次 Cognizant Technology 2016 年第三季財報電話會議到此結束。現在您可以斷開線路了。