高知特 (CTSH) 2016 Q4 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2016 年第四季財報電話會議。

(Operator Instructions)

（操作說明）

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

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, Melissa, and good morning, everyone. By now you should have received a copy of the earnings release for the Company's fourth-quarter and full-year 2016 results. If you have not, a copy is available on our website, Cognizant.com.

謝謝梅麗莎，大家早安。各位現在應該都已經收到公司2016年第四季及全年業績報告了。如果沒有收到，可以造訪我們的網站Cognizant.com查看。

Additionally, we have loaded an investor presentation onto the investor relations portion of our website. This presentation covers the key points discussed on the call. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Raj Mehta, President; and Karen McLoughlin, Chief Financial Officer.

此外，我們已將投資者簡報上傳至我們網站的投資者關係頁面。此簡報涵蓋了電話會議討論的要點。今天出席電話會議的發言人包括：執行長 Francisco D'Souza、總裁 Raj Mehta 和財務長 Karen McLoughlin。

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

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。弗朗西斯科，請開始。

Good morning, everyone, and thank you for joining us today to hear about our 2016 financial performance and our outlook for the upcoming quarter and year. For 2016, we finished within our guided revenue and EPS ranges.

各位早安，感謝各位今天蒞臨本次會議，了解我們2016年的財務業績以及對未來一個季度和全年的展望。 2016年，我們的營收和每股盈餘都達到了預期目標。

Our Q4 revenue was $3.46 billion, up 0.3% sequentially and 7.1% year over year. Our full-year 2016 revenue was $13.49 billion, which represented 8.6% growth over 2015, including a negative currency impact of 120 basis points.

我們第四季營收為34.6億美元，季增0.3%，年增7.1%。 2016年全年營收為134.9億美元，較2015年成長8.6%，其中包括120個基點的匯率負面影響。

Turning to guidance, we're confident that the investments we've made position us as well to deliver strong results in 2017. For Q1, we expect our revenue to be within a range of $3.51 billion to $3.55 billion. And for the full year 2017, we expect our revenue to be within a range of $14.56 billion to $14.84 billion, representing full-year growth of 8% to 10%.

展望未來，我們相信，我們所做的投資將使我們有能力在2017年取得強勁的表現。我們預計第一季營收將在35.1億美元至35.5億美元之間。 2017年全年，我們預計營收將在145.6億美元至148.4億美元之間，全年成長率為8%至10%。

Now as we customarily do during our first call of the year, let me provide some color around client demand and our strategic outlook. For some time now, we've been speaking to you about our clients' dual mandate. On the one hand, they have to run better and optimize their core operations; on the other, they have to run different and invest in the digital technologies that are reshaping business models. Over the last few quarters, we've seen clients' relative emphasis on these two shift towards digital.

現在，按照慣例，在每年的第一次電話會議上，我想就客戶需求和我們的策略展望做一些介紹。一段時間以來，我們一直在和大家討論客戶面臨的雙重挑戰。一方面，他們需要提升營運效率，優化核心業務；另一方面，他們需要轉型升級，投資於正在重塑商業模式的數位化技術。在過去的幾個季度裡，我們看到客戶對這兩方面的重視程度都逐漸轉向了數位化。

For some time now, you've been asking us to break out our digital revenue. We've defined Cognizant's digital revenue as work with clients to help them win in the digital economy by applying technology and analytics to change consumer experiences to drive sustainable growth, deploying systems of intelligence to automate and improve core business processes, and improving technology systems by deploying cloud and cyber-security solutions and as-a-service models to make them simpler, more modern, and secure.

一段時間以來，您一直要求我們單獨列出數位化收入。我們對 Cognizant 的數位化收入定義為：透過運用技術和分析，幫助客戶在數位經濟中取得成功，具體措施包括：改變消費者體驗以推動永續成長；部署智慧系統以自動化和改進核心業務流程；以及透過部署雲端和網路安全解決方案以及「即服務」模式來改善技術系統，使其更簡單、更現代化、更安全。

Our digital revenue for the full-year 2016, represented approximately 23% of total revenue and is growing well above the Company average. Going forward, we expect that trend, growth weighted towards digital, to accelerate. And we will periodically break out our digital revenue to give you a sense of how that shift is progressing.

2016年全年，我們的數位收入約佔總營收的23%，且成長速度遠高於公司平均水準。展望未來，我們預期這一成長趨勢（即數位收入佔比上升）將加速。我們將定期公佈數位收入明細，以便您了解此轉變的進展。

Our investments to date have positioned us well to solve our clients' digital challenges, but we know there's more to do. We've long prided ourselves on making the investments our clients required to stay ahead of their changing needs. That's why we're excited today to announce a plan that will accelerate Cognizant's shift to digital services and solutions.

我們迄今為止的投資已使我們能夠更好地應對客戶的數位化挑戰，但我們也深知還有更多工作要做。我們一直以能夠根據客戶不斷變化的需求進行必要的投資而自豪。因此，我們今天非常高興地宣布一項計劃，該計劃將加速 Cognizant 向數位化服務和解決方案的轉型。

The plan has three elements and is the result of many months of careful planning between management and our Board that culminated in our Cognizant 2020 strategy, which, as you know, we've been executing since last summer. And the plan has been complemented by productive conversations in recent weeks with Elliott Management and other shareholders.

該計劃包含三個要素，是管理階層和董事會經過數月精心策劃的成果，最終形成了我們的「Cognizant 2020策略」。正如您所知，我們自去年夏天以來一直在執行該策略。此外，近幾週來，我們與Elliott Management和其他股東進行了富有成效的對話，進一步完善了該計劃。

As you know, we announced this morning a cooperation agreement with Elliott. We believe this plan is a constructive outcome that reflects the best interests of Cognizant's shareholders, clients, and associates.

如您所知，我們今天上午宣布與Elliott達成合作協議。我們相信，這項計劃是一個建設性的結果，體現了Cognizant股東、客戶和員工的最佳利益。

Now with that perspective, let me discuss the three elements of our plan to accelerate our shift to digital. The first part of our plan began with the realignment that we announced last quarter of our horizontal teams into three practice areas across business segments. These three practice areas are designed to address the needs of our clients as they transform their business and technology models.

現在，基於上述視角，我想談談我們加速數位轉型計畫的三個要素。計畫的第一部分始於我們上季宣布的橫向團隊重組，該重組將我們各個業務部門的團隊劃分為三個實踐領域。這三個實踐領域旨在滿足客戶在業務和技術模式轉型過程中的需求。

Cognizant Digital business helps client architect and implement new digitally enabled business models. Cognizant Digital operations reinvents and manages our clients' most essential business processes. And Cognizant Digital systems and technology simplifies, modernizes, and secures client applications, platforms, and infrastructure.

Cognizant Digital 業務協助客戶建立和實施全新的數位化業務模式。 Cognizant Digital 營運部門重塑並管理客戶最重要的業務流程。 Cognizant Digital 系統和技術簡化、現代化並確保客戶的應用程式、平台和基礎設施的安全。

Going forward, we'll invest to scale these digital practice areas aggressively across industries and geographies, both organically and through acquisitions. With more than 90% of our revenues in financial services, healthcare, life sciences, retail, manufacturing, and entertainment, we're at the center of the fintech, health tech, and smart product revolutions. Our clients are depending on us to keep them at the vanguard of that shift.

展望未來，我們將加強投資力度，透過內生成長和收購，在各行業和地區積極拓展這些數位化業務領域。我們超過90%的收入來自金融服務、醫療保健、生命科學、零售、製造和娛樂產業，這使我們處於金融科技、醫療科技和智慧產品革命的核心地位。我們的客戶信賴我們，相信我們能夠幫助他們始終走在變革的前沿。

We will also continue to invest extensively in training and rescaling our team, and in substantially expanding our local workforces in the US and other local markets around the world where we operate, as Agile development and the pervasive influence of technology increases the value of collocation and a consultative approach.

我們將繼續大力投資團隊的培訓和重組，並大幅擴大我們在美國以及我們運營的全球其他本地市場的本地員工隊伍，因為敏捷開發和技術的普遍影響提高了協同辦公和諮詢方法的價值。

To complement this organic investment, we are intensifying our efforts to acquire companies, expanding our intellectual property, industry expertise, geographic reach, and platform and technology capabilities. We've recently ramped up this activity, and we expect to accelerate the pace further in 2017, while keeping to our strategy of focusing primarily on tuck-in acquisitions.

為了配合這項內生式投資，我們正在加強收購力度，拓展智慧財產權、產業專長、地理覆蓋範圍以及平台和技術能力。我們近期已加快了這項活動的步伐，並預計在2017年進一步提升速度，同時繼續堅持以補充性收購為主的策略。

As the second element of our plan, we will continue to ensure that our core business, which includes service offerings related to IT infrastructure, applications, and business process services remains robust and healthy. These offerings are critical to fulfilling Cognizant's digital ambitions because our clients' digital futures are built upon the backbone of their traditional systems. Having deep knowledge of our clients' core systems is a significant advantage as we work with them to build new digital capabilities.

作為我們計劃的第二個要素，我們將繼續確保核心業務（包括與IT基礎設施、應用和業務流程服務相關的服務產品）保持穩健發展。這些服務產品對於實現Cognizant的數位化願景至關重要，因為客戶的數位化未來建立在其傳統系統的基礎上。深入了解客戶的核心系統是我們與客戶合作建立全新數位化能力的重要優勢。

Our clients are looking to run their operations more effectively to redeploy capital to fund their digital investments. We've carefully analyzed and identified advance, automation, and delivery efficiencies. In addition, we will make careful choices among business opportunities to avoid less profitable areas to balance growth and margin. While this strategy might lower our revenue growth in this part of the business, we believe it will be offset by strong digital revenue growth, resulting in robust, higher-quality growth for the Company overall.

我們的客戶希望更有效率地經營業務，以便重新部署資金，為其數位化投資提供資金。我們已仔細分析並確定了可提升效率的先進技術、自動化和交付方式。此外，我們將謹慎選擇業務機會，避開利潤較低的領域，以平衡成長和利潤率。雖然此策略可能會降低我們在該業務領域的收入成長，但我們相信強勁的數位化收入成長將彌補這一影響，從而為公司整體帶來穩健且更高品質的成長。

Executing the first two elements of this plan will migrate our business mix to higher valued, digitally-oriented IP and platform-based revenue. This, along with opportunities to leverage our scale, makes it possible for us to remove our historical margin and allow margins to increase gradually over the coming years. At the same time, we will still invest strongly in the business for growth.

執行該計劃的前兩項要素將使我們的業務結構轉型為更高價值、以數位化為導向的智慧財產權和平台型收入。加之利用規模優勢的機會，這將使我們能夠消除以往的利潤率，並在未來幾年逐步提高利潤率。同時，我們將繼續大力投資於業務成長。

And finally, we also took the opportunity to carefully consider our current cash balances and our future cash-generation prospects. We believe that with Cognizant's strong cash profile, coupled with our debt capacity, we can continue to make the necessary investments in the business while prudently returning capital to shareholders. Beginning in 2017, we will launch a robust capital return program initiating a quarterly cash dividend and a share repurchase program that will return approximately $3.4 billion to investors over the next two years, and 75% of our US free cash flow in subsequent years.

最後，我們也藉此機會認真審視了我們目前的現金餘額和未來的現金流前景。我們相信，憑藉 Cognizant 強勁的現金狀況以及我們充足的債務融資能力，我們能夠在審慎地向股東返還資本的同時，繼續對業務進行必要的投資。從 2017 年開始，我們將啟動一項強有力的資本回報計劃，包括季度現金分紅和股票回購計劃，預計在未來兩年內向投資者返還約 34 億美元，並在隨後的幾年中返還我們美國自由現金流的 75%。

Before turning the call over to Raj, let me summarize. We believe that the opportunity before us is greater than any we've seen before. And we are optimistic that the plan we've announced today will allow us to capitalize on the prospects ahead.

在將電話交給拉傑之前，我先總結一下。我們相信，擺在我們面前的機會比以往任何一次都更大。我們樂觀地認為，今天公佈的計劃將使我們能夠充分利用未來的發展前景。

We're serving large and growing markets. We have a structure and strategic approach in place that positions us well to serve this increasing demand. We will continue to invest in capabilities that help clients become digital in every part of their businesses, and are confident that we can expand our margins and return capital without compromising that purpose.

我們服務於規模龐大且不斷成長的市場。我們已建立完善的架構和策略方針，能夠很好地滿足日益增長的需求。我們將繼續投資於各項能力建設，幫助客戶在其業務的各個環節實現數位轉型，並有信心在不違背此目標的前提下，提高利潤率和資本回報率。

Clients in 2017 are looking for digital capabilities at scale and are affirming that we've made the right investments by turning to us for integrated high-impact strategic initiatives. We are committed to creating value for both our clients and shareholders over the long term, and we see significant opportunity ahead of us.

2017年，顧客尋求的是規模化的數位化能力，他們選擇與我們合作進行高影響力整合策略舉措，也印證了我們當初的投資眼光是正確的。我們致力於為客戶和股東創造長期價值，並看到了未來巨大的發展機會。

Now Raj will discuss our performance, and Karen will provide more financial details. I'll be back to take your questions. Raj?

現在拉傑將介紹我們的業績，凱倫將提供更多財務細節。我稍後會回來回答大家的問題。拉傑？

Thank you. Frank has talked to you about our plan to accelerate our shift to digital, which now accounts for approximately 23% of revenue. We're pleased with our position in digital market, and a number of prominent industry analysts and sourcing advisors acknowledge the expanding depth and breadth of our digital capabilities. Leading independent observers, including Gartner, IDC, Forrester, Everest, and others have ranked us among the top global players in categories such as strategy and consulting, Internet of Things, intelligent automation, artificial intelligence, business analytics, design thinking, workplace services, and digital operations.

謝謝。弗蘭克已經和您談過我們加速數位轉型的計劃，目前數位化業務約占公司收入的23%。我們對自身在數位化市場的地位感到滿意，許多知名的產業分析師和採購顧問也認可我們不斷增強的數位化能力。包括Gartner、IDC、Forrester、Everest等在內的多家領先的獨立機構已將我們在策略與諮詢、物聯網、智慧自動化、人工智慧、商業分析、設計思維、辦公室服務和數位化營運等領域評為全球領先企業之一。

Frank outlined key priorities for our path forward; I would like to elaborate on how we are operationalizing them. Last summer, we began to implement several transformational initiatives and entered 2017 well-positioned to advance our Cognizant 2020 strategy and accelerate our journey.

弗蘭克概述了我們未來發展的關鍵優先事項；我想詳細說明我們如何將這些優先事項付諸實踐。去年夏天，我們開始實施多項變革性舉措，並以良好的姿態進入2017年，推動我們的「Cognizant 2020」策略，加速我們的發展進程。

Let me touch on some of the highlights. First, we are accelerating our shift to digital by establishing new practices, developing the skills of our people, and scaling up our local workforce. For example, we're expanding the number of client innovation spaces we call collaboratories, with locations in the US, Europe, and Asia-Pacific.

讓我重點介紹幾個亮點。首先，我們正在透過建立新的實踐、提升員工技能和擴大本地員工隊伍來加速數位化轉型。例如，我們正在擴大客戶創新空間（我們稱之為協作中心）的數量，這些空間遍布美國、歐洲和亞太地區。

In addition, we are supplementing our expertise with select acquisitions. For example, Idea Couture provides digital innovation, strategy, and design services; Mirabeau specializes in digital marketing and customer experiences; and KBACE adds cloud strategy and integration skills.

此外，我們也透過精選收購來增強自身專業實力。例如，Idea Couture 提供數位化創新、策略和設計服務；Mirabeau 專注於數位行銷和客戶體驗；而 KBACE 則為我們增添了雲端策略和整合方面的能力。

As we scale our digital capabilities, we are also scaling the way we bring digital to market. We have segmented our client base and we better aligned our client-facing teams to bring Cognizant's expanded portfolio of capabilities to a broader range of buyers within our clients. This allows us to sell more effectively and productively.

隨著我們數位化能力的提升，我們也不斷優化數位化產品上市方式。我們對客戶群進行了細分，並優化了客戶服務團隊的配置，以便將 Cognizant 擴展後的產品組合推廣給客戶中更廣泛的採購群體。這使我們能夠更有效率、更有效地進行銷售。

Second, to ensure that our core business is robust and healthy, we unified our delivery capabilities, allowing more holistic and cost-conscious delivery. Leveraging automation and scale will improve our efficiencies in utilization and pyramid optimization, and we will continue to deploy very commercial and delivery models, including managed services, fixed bit, output- and outcome-based pricing, and platforms.

其次，為確保核心業務穩健發展，我們整合了交付能力，實現了更全面、更具成本效益的交付。透過自動化和規模化，我們將提升資源利用效率和金字塔式最佳化，並將繼續部署更具商業價值的交付模式，包括託管服務、固定價格、基於產出和結果的定價以及平台。

Let me give you an update on our three practice areas. In our digital business practice, we offer insight, digital strategy, and implementation. We're helping clients realize the superior experience and financial benefits of the app economy.

讓我向您介紹我們的三大業務領域。在我們的數位化業務領域，我們提供洞察分析、數位化策略和實施方案。我們致力於協助客戶充分利用應用經濟帶來的卓越體驗和經濟效益。

Our approach combines data science, design thinking, holistic process knowledge, and deep industry expertise. For example, in the digital customer experience area, we're helping a global package delivery leader digitally transform the last mile deliveries by moving from cumbersome, handheld devices to smart phones, benefiting multiple stakeholders with a superior process and delivery experience.

我們的方法融合了資料科學、設計思維、整體流程知識和深厚的產業經驗。例如，在數位化客戶體驗領域，我們正在幫助一家全球領先的包裹遞送公司實現最後一公里配送的數位轉型，將笨重的手持設備遷移到智慧型手機，從而為眾多利益相關者帶來更卓越的流程和配送體驗。

Next, our digital operations practice is focused on transforming and hosting key processes while leveraging automation and digital technologies. We enabled core process transformation, driving deep business impact through automated, data-driven platforms and industry utilities.

其次，我們的數位營運實踐專注於利用自動化和數位技術，對關鍵流程進行轉型和託管。我們實現了核心流程的轉型，並透過自動化、數據驅動的平台和產業工具，為業務帶來了深遠的影響。

Our approach helps clients re-engineer, digitize, manage, and operate their most essential business processes. Along these lines, we're helping our financial services client to more than double productivity in mortgage information processing by leveraging robotic process automation and self-learning cognitive technology.

我們的方法幫助客戶重新設計、數位化、管理和營運其最重要的業務流程。例如，我們正在幫助一家金融服務客戶利用機器人流程自動化和自學習認知技術，將抵押貸款資訊處理的效率提高了一倍以上。

Finally, our digital systems and technology practice helps clients simplify, modernize, secure, and transform IT backbones to run their business better. This process continues to provide a critical foundation for the broader enterprise transformation efforts with our clients. For instance, we're helping a global agriculture company transform the majority of their application portfolio with Agile and DevOp tools.

最後，我們的數位化系統和技術實踐幫助客戶簡化、現代化、保護和轉型其IT骨幹網絡，從而更好地經營業務。這個過程持續為客戶更廣泛的企業轉型工作奠定關鍵基礎。例如，我們正在幫助一家全球農業公司利用敏捷和DevOps工具來改造其大部分應用程式組合。

Now an update on our key industry segments. Our banking and financial services segment, which consists of banking, capital markets, insurance, and transaction processing clients, was down 1.5% sequentially and up 3.5% year over year, as many continue to struggle with the macroeconomic situation.

現在來看看我們主要行業板塊的最新情況。我們的銀行和金融服務類股（包括銀行、資本市場、保險和交易處理客戶）較上季下降1.5%，較去年同期成長3.5%，原因是許多客戶仍在努力應對宏觀經濟情勢。

Going forward, business drivers for institutions includes intensifying focus on customer centricity, and on expanded revenue streams. Their shifting investment towards the areas offering transformational benefits, including digital, automation, cloud, and Agile development. We recently acquired Adaptra in Australia to augment our insurance expertise, including Guidewire capabilities.

展望未來，機構的業務驅動因素包括更重視以客戶為中心，以及拓展收入來源。他們將投資轉向能夠帶來變革性效益的領域，例如數位化、自動化、雲端運算和敏捷開發。我們近期收購了澳洲的 Adaptra 公司，以增強我們在保險領域的專業能力，包括 Guidewire 功能。

Our healthcare segment, which consists of payer, provider, pharmaceutical, biotech, and medical device clients, grew 1.2% sequentially and 5.6% year over year.

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 1.2%，較去年同期成長 5.6%。

Going into 2017 our clients are focused on investments in digital transformation of their business, consumerism, and value-based reimbursements. Though there is a slight offset in discretionary spend, our clients are currently tracking the future of the Affordable Care Act under the new administration and are cautiously proceeding with new initiatives.

進入2017年，我們的客戶專注於投資業務數位轉型、消費者權益保護以及基於價值的報銷機制。儘管可自由支配支出略有減少，但我們的客戶目前正密切關注新政府領導下《平價醫療法案》的未來走向，並謹慎推進各項新措施。

Our healthcare clients continue to see significant value in our combined TriZetto and Cognizant offerings. Most smaller and larger pairs are showing increasing interest in platform-based solutions.

我們的醫療保健客戶持續認可我們整合 TriZetto 和 Cognizant 產品和服務所帶來的巨大價值。大多數規模大小不一的合作企業都對基於平台的解決方案表現出越來越濃厚的興趣。

Now turning to our performance by geography. From a geographic standpoint, North America grew 0.2% sequentially and 7.2% year over year. Europe declined 0.4% sequentially after a 3.5% negative currency impact, and grew 2.7% from last year after a 9.5% negative currency impact.

現在來看我們按地域劃分的業績。從地理上看，北美季增0.2%，較去年同期成長7.2%。歐洲季減0.4%，受到3.5%的匯率負面影響；但受9.5%的匯率負面影響，歐洲較去年同期成長2.7%。

Continental Europe grew 7.4% sequentially and 21.9% over the prior year. Growth was primarily driven by ramp-ups from recent wins in Germany, France, and the Nordics. The UK declined 6.8% sequentially and 10.8% year over year after a 4.2% and 15.4% negative currency impact respectively.

歐洲大陸市場較上季成長7.4%，較去年同期成長21.9%。成長主要得益於近期在德國、法國和北歐市場的成功所帶來的成長動能。英國市場季減6.8%，年減10.8%，其中匯率波動分別造成了4.2%和15.4%的負面影響。

Finally, we saw continuous strong traction in the rest of the world, which was up 2.9% sequentially and 17.8% year over year. Digital transformation is indeed accelerating among our clients and we're excited to be well-positioned to help them succeed in the new era.

最後，我們看到世界其他地區的業務持續強勁成長，較上季成長2.9%，較去年同期成長17.8%。數位轉型確實正在加速推進，我們很高興能夠幫助他們在新時代取得成功。

Before I turn the call over to Karen, let me comment briefly on a topic that I know is in the minds of many of you. As you know, there has been considerable discussion recently on the topic of skilled immigration in the US. This has been an ongoing discussion for many years.

在把電話交給凱倫之前，我想先簡單談談一個我知道大家都很關心的話題。正如你們所知，最近關於美國技術移民的討論很多。其實，這個問題已經持續討論了好幾年。

Cognizant business growth requires us to attract and retain the best and brightest talent to meet our clients needs for technology, business processes, and consulting solutions and services. The plan we have announced today will require us to continue to build our teams in the US, and in other geographies around the world where we operate. Consistent with this need, we continue to focus on taking steps to ensure that we have access to a robust supply of talent in the US.

為滿足客戶在技術、業務流程、諮詢解決方案和服務方面的需求，我們深知業務成長需要吸引並留住最優秀的人才。我們今天宣布的計劃要求我們繼續在美國以及我們在全球其他營運地區擴充團隊。為此，我們將繼續致力於採取措施，確保在美國擁有充足的人才儲備。

In 2016, we hired over 4,000 US citizens and residents. To support this, we have built out a robust network of over 20 US-based delivery centers, and plan to add additional capacity in 2017. Over the next several years, we plan to significantly increase the size of our US workforce.

2016年，我們僱用了超過4000名美國公民和居民。為了支持這項發展，我們建立了由20多個美國本土配送中心組成的強大網絡，並計劃在2017年進一步擴充產能。未來幾年，我們計劃大幅增加美國員工人數。

For over 5 years, we have had an active program to recruit qualified students from the undergraduate and MBA schools across the country. We continue to scale up this program. As we scale up our M&A program, we expect this to contribute to our local workforce around the world. And finally, to address the longer-term talent needs, we continue to make investments in training and retraining programs that help US workers obtain in-demand technology and business skills.

五年來，我們一直積極開展一項計劃，從全國各地的本科和MBA院校招募優秀學生。我們將繼續擴大這項計劃的規模。隨著併購計畫的擴展，我們期望這將有助於我們在全球培養本地人才。最後，為了滿足長期的人才需求，我們持續投資於培訓和再培訓項目，幫助美國員工掌握市場所需的技術和商業技能。

Now I'll turn over the call to Karen to discuss our financial performance.

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. You heard from Frank and Raj how we are accelerating our shift to digital while ensuring that the core business remains robust and healthy. Additionally, as an ongoing commitment to creating shareholder value, we are also enhancing our financial model in two principal ways. Before getting into the details of the quarter, I'd like to explain our new financial strategy in greater depth.

謝謝Raj，大家早安。 Frank和Raj剛剛向大家介紹了我們如何在確保核心業務保持穩健發展的同時，加速向數位轉型。此外，為了持續提升股東價值，我們也從兩個主要面向優化了財務模式。在詳細介紹本季業績之前，我想更深入地闡述我們的新財務策略。

First, we are instituting a robust capital return program that rewards our long-term shareholders. Given our size and scale, our strong cash flow profile, and the confidence we have in our future growth opportunities, we are stepping up our capital return commitment to our shareholders. We have thought very carefully about our future cash balances in making these decisions, and despite a considerable capital return program, we expect to maintain balance sheet strength and sufficient financial flexibility to run our business and take advantage of both organic and inorganic investment opportunities that may present themselves in the future.

首先，我們正在實施穩健的資本回報計劃，以回饋我們的長期股東。鑑於我們公司的規模、強勁的現金流狀況以及對未來成長機會的信心，我們將加強對股東的資本回報投入。在做出這些決定時，我們已認真考慮了未來的現金餘額，儘管實施了規模可觀的資本回報計劃，我們仍預期能夠保持穩健的資產負債表和足夠的財務靈活性，以維持業務運營並把握未來可能出現的各種內生式和外延式投資機會。

We are announcing an expanded share repurchase program, and subject to Board declaration, announcing the initiation of a dividend. Over the next two years, we expect to return a total of approximately $3.4 billion in capital through a combination of dividends and share repurchases. We are initiating a quarterly cash dividend of $0.15 per share starting in Q2, which will amount to an approximately 1% dividend yield based on yesterday's closing price.

我們宣布擴大股票回購計劃，並待董事會批准後，宣布啟動分紅。未來兩年，我們預計將透過分紅和股票回購的方式返還約34億美元的資本。我們將從第二季開始發放每股0.15美元的季度現金股息，以昨日收盤價計算，股息殖利率約1%。

We plan to utilize $2.7 billion of cash to step up our share repurchase program significantly over the next two years. This plan includes a $1.5 billion accelerated share repurchase, which we expect to commence in Q1. We anticipate spending an incremental $1.2 billion during the 2017 and 2018 to buy back stock in the open market.

我們計劃在未來兩年內利用27億美元現金大幅擴大股票回購計畫。該計劃包括一項15億美元的加速股票回購計劃，預計將於第一季啟動。我們預計在2017年和2018年期間，還將額外支出12億美元用於在公開市場回購股票。

The capital return plan is expected to be funded by current US cash balances, future US cash flows, and incremental debt financing. Beginning in 2019, we plan to return 75% of US free cash flow to shareholders through a combination of dividends and share repurchases.

此資本回報計畫預計將由現有美國現金餘額、未來美國現金流和新增債務融資提供資金。自2019年起，我們計劃透過分紅和股票回購相結合的方式，將75%的美國自由現金流返還給股東。

Second, as Frank said, we are changing how we manage our operating margins. We will strive to balance our revenue and profitability, and in doing so, will move beyond the historical 19% to 20% non-GAAP operating margin target.

其次，正如弗蘭克所說，我們正在改變管理營業利潤率的方式。我們將努力平衡收入和獲利能力，並在過程中超越以往1​​9%至20%的非GAAP營業利潤率目標。

We will accelerate our pursuit of broad-based, high-value digital transformation work, and reassess less profitable opportunities that do not further our position in the digital marketplace. We will leverage our scale to improve cost in 2017 and 2018, through cost-optimization efforts and intelligent sourcing. And we will aggressively use automation to drive the optimization of traditional offerings, such as applications, infrastructure, and process services. Some of these efficiencies will be offset by critical investments in building new digital capabilities, as well as potential pricing pressure and some traditional lines of service.

我們將加快推進基礎廣泛、高價值的數位轉型項目，並重新評估那些利潤較低、無法提升我們在數位市場地位的項目。我們將利用自身規模優勢，透過成本優化和智慧採購，在2017年和2018年降低成本。同時，我們將積極運用自動化技術，優化應用程式、基礎架構和流程服務等傳統產品和服務。然而，部分效率提升將被建構全新數位化能力的關鍵投資、潛在的價格壓力以及部分傳統服務線的營運成本所抵銷。

Given our evolving mix of business towards higher margin digital revenues and our focus on driving continuous improvement in our business, we believe that we can expand our margins to 22% in 2019, while ensuring sufficient investments in the capabilities and solutions required to drive digital transformation for our clients. What gives us confidence that we can deliver these higher margins?

鑑於我們業務結構正朝著利潤率更高的數位化收入方向發展，並且我們專注於持續改進業務，我們相信，在確保對客戶數位轉型所需能力和解決方案進行充分投資的同時，我們能夠在2019年將利潤率提升至22%。是什麼讓我們有信心實現如此高的利潤率？

In 2016, we conducted a comprehensive review of our cost structure, including our delivery and SG&A costs. This initiative helped us to identify 360 to 440 basis points of margin enhancement that we can generate over the next 3 years through levers such as increased employee utilization, an optimal pyramid structure, simplification of our business unit overhead structure, and leveraging our corporate function spend more effectively. The implementation of the savings initiatives will allow us to continue to invest in our digital capabilities while still delivering improved margins over time.

2016年，我們對成本結構進行了全面審查，包括交付成本和銷售、管理及行政費用。這項措施幫助我們確定了未來三年內可透過提高員工利用率、優化金字塔式組織結構、簡化業務部門管理費用結構以及更有效地利用公司職能支出等措施實現360至440個基點的利潤率提升空間。這些節約措施的實施將使我們能夠在持續提升利潤率的同時，繼續投資於數位化能力建構。

These financial targets are based on our current knowledge of industry trends, and we will continue to monitor and evaluate the possible impact of any potential events, such as changes to immigration or tax policies, or changes in pricing and wage-inflation trends, which can have either a negative or a positive impact our margin profile and overall financial model. As a management team, we remain very confident in our business and believe these changes to our financial model will enhance shareholder value over the long term.

這些財務目標是基於我們目前對行業趨勢的了解，我們將持續監測和評估任何潛在事件可能產生的影響，例如移民或稅收政策的變化，或價格和工資通膨趨勢的變化，這些變化可能對我們的利潤率和整體財務模型產生負面或正面影響。作為管理團隊，我們對公司業務充滿信心，並相信這些財務模型的調整將在長期內提升股東價值。

Now let me give you details on our fourth-quarter performance. Fourth-quarter revenue of $3.46 billion met our guidance and represented growth of 0.3% sequentially and 7.1% year over year. We had a negative currency headwind which impacted sequential revenue growth by $23 million, or 70 basis points, and year-over-year revenue growth by $51 million, or 160 basis point.

現在讓我詳細介紹一下我們第四季的業績。第四季營收為34.6億美元，符合我們的預期，季增0.3%，年增7.1%。匯率波動對營收成長造成了不利影響，環比營收減少了2,300萬美元，即70個基點；年收入減少了5,100萬美元，即160個基點。

During the quarter, we adjusted our estimate of 2016 incentive compensation downward to reflect the performance of the business during the year. This revision positively impacted our Q4 operating margin by approximately 215 basis points.

本季度，我們下調了2016年激勵性薪酬的預估值，以反映公司當年的業績表現。此次調整使我們第四季的營業利潤率提高了約215個基點。

Non-GAAP operating margin, which excludes stock-based composition expense and acquisition-related expenses, was 18.7%. Non-GAAP EPS of $0.87 was within our guidance range of $0.85 to $0.88.

剔除股權激勵費用及收購相關費用後，非GAAP營業利益率為18.7%。非GAAP每股收益為0.87美元，符合我們先前0.85美元至0.88美元的預期範圍。

Our non-GAAP operating margins in Q4 were below our normal range due to certain investments that we made in 2016 in our digital operations business and certain geographies, combined with approximately $20 million of cost incurred in the quarter due to the ongoing FCPA investigation. While these expenses will continue to negatively impact non-GAAP operating margins in 2017, we expect that the optimization efforts that I just outlined will offset the negative impact of these expenses and begin to drive margin improvements in Q2 and beyond.

由於我們在2016年對數位營運業務和特定地區進行了一些投資，加上本季因持續進行的《反海外腐敗法》（FCPA）調查而產生的約2000萬美元成本，我們第四季度的非GAAP營業利潤率低於正常水平。雖然這些支出將在2017年繼續對非GAAP營業利潤率產生負面影響，但我們預計，我剛才概述的優化措施將抵消這些支出的負面影響，並從第二季度及以後開始推動利潤率的提升。

For the full-year 2016, revenue of $13.49 billion represented growth of 8.6% year over year, including a negative currency impact of 120 basis points. Non-GAAP operating margin was 19.5%, and non-GAAP EPS was $3.39.

2016年全年，公司營收達134.9億美元，年增8.6%，其中包含120個基點的負面匯率影響。非GAAP營業利益率為19.5%，非GAAP每股盈餘為3.39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 four and $238 million for the full year. The tax impact of this transaction had a $0.04 per-share impact on our Q4 GAAP EPS, so was excluded from our non-GAAP EPS calculation due to the nonrecurring nature of the transaction.

需要提醒的是，第二季從印度匯往美國的現金對第四季產生了2,400萬美元的額外稅負，全年累計稅負為2.38億美元。由於該交易屬於非經常性交易，其稅負對第四季度GAAP每股收益的影響為0.04美元，因此未計入非GAAP每股收益的計算。

Turning to additional details on our financial performance. Consulting and technology services and outsourcing services represented 57.5% and 42.5% of revenue respectfully for the quarter. Consulting and technology services grew 0.5% sequentially and 5.9% year over year. Outsourcing services revenue was roughly flat versus last quarter and grew 8.7% from Q4 a year ago, driven by strength across Cognizant Digital operations and the infrastructure portion of Cognizant Digital systems and technologies.

接下來，我們來看看財務表現的更多細節。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0.5%，年增5.9%。外包服務營收與上季基本持平，較去年同期成長8.7%，這主要得益於Cognizant Digital業務以及Cognizant Digital系統和技術的基礎設施部分的強勁表現。

During the fourth quarter, 39.3% of our revenue came from fixed-price contracts. 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 329.

第四季度，我們39.3%的收入來自固定價格合約。本季我們新增了7家策略客戶，策略客戶是指那些年收入潛力在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329家。

We added 4,400 net new hires in the quarter. Annualized attrition of 15.6% during the quarter, including BPO and trainees, was down 350 basis points from the year-ago period. Total headcount at the end of the quarter was 260,200 employees globally, of which 243,700 were service delivery staff.

本季淨增員工4400人。本季年化員工流動率為15.6%（包括業務流程外包員工和實習生），較去年同期下降350個基點。截至本季末，全球員工總數為260,200人，其中服務交付人員為2,43,700人。

Offshore utilization was 74%. Offshore utilization, excluding recent college graduates who are in our training program, was 79%, and on-site utilization was 90% during the quarter.

本季度，離岸員工利用率為 74%。如果排除正在接受我們培訓計畫的應屆大學畢業生，離岸員工利用率為 79%，而現場員工利用率為 90%。

Our balance sheet remains very healthy. We finished the quarter with $5.2 billion of cash and short-term investments. Net of debt, this was up by $329 million from the quarter ending September 30, and up by $626 million from the year-ago period.

我們的資產負債表依然非常健康。本季末，我們持有現金及短期投資52億美元。扣除債務後，較截至9月30日的季末增加3.29億美元，較去年同期增加6.26億美元。

Moving on to receivables, which were $2.6 billion at the end of the quarter. We finished the quarter with a DSO, including unbilled receivables, of 71.8 days. This was down almost 3 days compared to last quarter.

接下來是應收帳款，截至本季末為26億美元。本季末，包括未開立發票應收帳款在內的平均應收帳款週轉天數（DSO）為71.8天，較上季減少了近3天。

Our unbilled receivables balance of $349 million, down from $424 million at the end of Q3. We billed approximately 56% of the Q4 unbilled balance in January. The decrease in unbilled receivables was primarily due to the timing of certain milestone deliverables. Our outstanding debt balance was $881 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3.49億美元，低於第三季末的4.24億美元。 1月我們已開立了第四季未開票餘額的約56%。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表。截至季末，我們的未償債務餘額為8.81億美元，循環信貸額度內沒有未償還借款。

Turning to cash flow, operating activities generated $598 million, financing activities generated $11 million of cash during the quarter, and capital expenditures were $87 million during the quarter.

從現金流來看，本季營運活動產生了 5.98 億美元的現金，融資活動產生了 1,100 萬美元的現金，資本支出為 8,700 萬美元。

Before turning to guidance, I would like to take a moment to update you on our ongoing FCPA investigation, which is being conducted under the oversight of the audit committee. The investigation has progressed significantly. We have identified a total of approximately $6 million in potentially improper payments relating to Company-owned facilities in India, an increase of $1 million from what we reported at the end of the third quarter.

在闡述業績指引之前，我想先向各位報告我們正在進行的《反海外腐敗法》（FCPA）調查的最新進展。這項調查由審計委員會監督進行，目前已取得顯著進展。我們已確定與公司在印度的自有設施相關的潛在不當付款總額約為600萬美元，比第三季末報告的數字增加了100萬美元。

During the fourth quarter, we recorded an out-of-period correction of $1 million. To date, of the identified $6 million in potentially improper payments, we have now recorded a total of $4.1 million in corrections. We have continued to aggressively implement remediation measures, including in compliance, the real estate function in India, and procurement and accounts payable as they relate to real estate transactions in India.

第四季度，我們計入了一筆100萬美元的期外更正。截至目前，在已確認的600萬美元潛在不當付款中，我們已計入410萬美元的更正。我們持續積極落實補救措施，包括加強合規性、印度房地產業務以及與印度房地產交易相關的採購和應付帳款流程。

I would now like to comment on our outlook for Q1 and for the full-year 2017. For the full year, we expect revenue to be in the range of $14.56 billion to $14.84 billion, which represents growth of 8% to 10%. Our guidance is based on current exchange rates at the time at which we are providing the guidance and does not forecast for potential currency fluctuations over the course of the year.

現在我想談談我們對2017年第一季和全年的展望。我們預計全年營收將在145.6億美元至148.4億美元之間，年增8%至10%。我們的業績指引是基於發佈時的當前匯率，並未考慮年內可能出現的匯率波動。

For the first quarter of 2017, we expect to deliver revenue in the range of $3.51 billion to $3.55 billion. We expect non-GAAP operating margins to be at least 18.7% during Q1 and at least 19.5% for the full-year 2017, as the benefits of further margin optimization begin to accrue.

我們預計2017年第一季營收將在35.1億美元至35.5億美元之間。我們預計第一季非GAAP營業利潤率至少為18.7%，2017年全年非GAAP營業利潤率至少為19.5%，因為進一步優化利潤率的效益將開始顯現。

For the first quarter, we expect to deliver non-GAAP EPS of at least $0.83. Our non-GAAP EPS guidance excludes net non-operating foreign currency exchange gains and losses, stock-based compensation, and acquisition-related expenses and amortization. Our guidance does not assume any potential impact from events like changes to immigration or tax policies.

我們預計第一季非GAAP每股收益至少為0.83美元。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。我們的預期未考慮移民或稅收政策變化等事件可能產生的任何潛在影響。

This guidance anticipates a share count of approximately 611 million shares and a tax rate of approximately 26%. For the full year, we expect to deliver non-GAAP EPS of at least $3.63. This guidance anticipates the full-year share count of approximately 597 million shares and a tax rate of approximately 26.6%.

該指引預計全年股份數約為6.11億股，稅率約為26%。我們預計全年非GAAP每股收益至少為3.63美元。該指引預計全年股份數約為5.97億股，稅率約為26.6%。

This guidance also includes the impact of the $1.5 billion accelerated share repurchase, which we expect to commence in Q1, subject to market conditions. We will provide additional details on full share count impact once the purchase has been completed.

該指引還包括15億美元加速股票回購計劃的影響，我們預計將在第一季啟動該計劃，具體時間取決於市場狀況。待回購完成後，我們將提供更多有關最終股份數量影響的詳情。

Operator, we can open the call for questions now.

接線員，我們現在可以開始接受提問了。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Tien-tsin Huang, JPMorgan.

黃天進，摩根大通。

Thanks, exciting stuff with the new plan. I'll ask the revenue impact or revenue implications of some of these changes in this period from 2017 to 2019, can you comment on that and what that might look like? And may be what you expect your digital revenue mix to be by 2019. Thank you.

謝謝，新計劃真是令人振奮。我想問一下，從2017年到2019年，這些變化會對收入產生哪些影響？您能否就此談談，並預測一下具體情況？另外，您預計到2019年，貴公司的數位收入組成會是怎麼樣的？謝謝。

Hi, Tien-tsin, it's Frank. Thanks, yes, we are excited about the plan that we have announced today. I think that we've been talking to you for some time about this shift to digital, and this gives us an opportunity to really accelerate that shift.

你好，田進，我是法蘭克。謝謝，是的，我們對今天宣布的計劃感到非常興奮。我想我們已經和你討論數位轉型有一段時間了，而這給了我們一個真正加速這一轉型的機會。

What I would say is that as we think about that shift to digital, we will, of course, emphasize the growth in the digital side of the business, making the investments that we need to scale up both organically and organically that side of the business. And as we said, we'll continue to be thoughtful about growing the core business, making sure that we invest to stay competitive there.

我想說的是，在考慮向數位轉型時，我們當然會專注於發展數位化業務，進行必要的投資，以實現該業務的有機成長和規模擴張。正如我們所說，我們將繼續深思熟慮地發展核心業務，確保進行投資以保持競爭力。

We think that the core business is an important part of our ability to serve clients and our ability to be an integral part of their digital futures. Because as you know, most of our clients are building their new digital capabilities on the backbone of their traditional systems.

我們認為，核心業務是我們服務客戶以及成為其數位化未來不可或缺的一部分的關鍵。因為正如您所知，我們的大多數客戶都是在其傳統​​系統的基礎上建立新的數位化能力。

Having said that, we do expect that in the core business, we're going to make thoughtful choices about the business areas on which we focus, and if appropriate, pivot away from lower margin parts of that business. And so, that may have somewhat of an impact on revenue, but we think it will be offset by growth, above Company average growth on the digital side of the business. So as we execute on this plan, our commitment is to continue to deliver high quality, sustainable growth, and we think this plan enables us to do that.

儘管如此，我們預計在核心業務方面，我們將對重點業務領域做出審慎的選擇，並在適當情況下逐步剝離利潤率較低的業務部分。因此，這可能會對收入產生一定影響，但我們認為，業務數位化方面的成長（高於公司平均）將抵消這種影響。因此，在執行這項計劃的過程中，我們致力於繼續實現高品質、可持續的成長，我們相信這項計劃能夠幫助我們實現這一目標。

As it relates to our digital revenue, as you know, as we mentioned in the prepared comments, we're breaking it out for the first time for you based on feedback that we received from all of you. It was about approximately 23% of revenue in 2016.

關於我們的數位收入，如您所知，正如我們在事先準備好的評論中提到的，我們將根據大家的回饋，首次單獨列出這部分數據。 2016年，數位收入約佔總收入的23%。

And as I said, we expect going forward that it will continue to grow above Company average. I don't have targets for where it will wind up, but we'll just periodically report progress to you on that number so you can get a sense of how that shift is unfolding.

正如我所說，我們預計未來這一數字將繼續高於公司平均水平。我無法給出最終目標，但我們會定期向您報告該數字的進展情況，以便您了解這項變更的進展。

Edward Caso, Wells Fargo.

愛德華‧卡索，富國銀行。

All the best for the new strategy here. Just curious on slide 9, you talk about 120- to 200-basis-point impact. Does that incorporate the shift you said to more US and other non-Indian locations? And what pricing assumption's based in there and is there any higher implied visa cost in that number as well? Thank you.

祝新策略一切順利。我有點好奇，在第9張投影片中，您提到了120到200個基點的影響。這是否包含了您所說的向美國和其他非印度地區的轉移？這個數字是基於什麼定價假設的？其中是否也隱含了更高的簽證成本？謝謝。

Ed, good morning, this is Karen. As you mentioned on slide 9 of the investor deck that's out on the website, we talk about the different components of the 22% non-GAAP operating margin target in 2019. And as you mentioned on the right side of that slide, in particular, we talked about some headwinds that will result in about 120- to 200-basis-point impact over the next three years.

艾德，早上好，我是凱倫。正如你在網站上發布的投資者簡報第9頁中提到的，我們討論了2019年22%非GAAP營業利潤率目標的各個組成部分。正如你在那張投影片的右邊特別提到的，我們討論了一些不利因素，這些因素將在未來三年內造成約120至200個基點的影響。

That's a combination of all of the things on that part of the slide, which includes the talent strategy, current industry pricing trends, and then some of the investments that we're obviously making in digital and automation and so forth. Really what that assumes is no change in pricing, based on what we've seen to date, so no further deterioration. And as Frank talked about, we're going to be very selective in the types of work that we go after, particularly around the core business in the future.

這綜合了幻燈片上所有因素，包括人才策略、當前產業定價趨勢，以及我們在數位化和自動化等領域的投資。實際上，這假設價格不會發生變化，也就是說，價格不會進一步下跌。正如弗蘭克所說，未來我們將非常謹慎地選擇承接的專案類型，尤其是在核心業務領域。

And then around the talent strategy, as both Frank and Raj talked about, obviously we've been expanding our local hiring and retraining and so forth in various geographies around the world. It assumes, essentially, that we continue on that path, but with no significant changes in terms of immigration policy or so forth.

至於人才策略方面，正如法蘭克和拉傑所提到的，我們顯然一直在世界各地擴大在地招募和再培訓等工作。這基本上是假設我們繼續沿著這條道路走下去，但移民政策等方面不會發生重大變化。

David Togut, Evercore ISI.

David Togut，Evercore ISI。

Could you give us a sense of your spending intentions of your financial services customers for 2017? Clearly, given big changes with a new administration, higher net interest margin, and attempts to roll back Dodd-Frank.

您能否大致介紹一下您的金融服務客戶在 2017 年的消費意圖？顯然，考慮到新政府上台、淨利差擴大以及試圖廢除《多德-弗蘭克法案》等重大變化，消費意圖可能會受到影響。

Hi David, this is Raj Mehta here. Look, with our financial services clients, they're obviously in much better shape going into 2017 than they were in 2016. And as you touched on, the increasing interest rate environment, some roll-backs in regulation. I think it's a little too early for us right now. We're cautiously optimistic about what that means in terms of spending patterns moving forward. But right now, it's a little too early for us to see the impact of those changes.

嗨，大衛，我是拉傑·梅塔。你看，就我們的金融服務客戶而言，他們進入2017年的狀況顯然比2016年好得多。正如你所提到的，利率上升，一些監管措施有所放鬆。我認為現在對我們來說還為時過早。我們對這些變化對未來消費模式的影響持謹慎樂觀態度。但就目前而言，我們還無法看到這些變化的具體影響。

Understood. Thanks.

明白了，謝謝。

Darrin Peller, Barclays.

達林佩勒，巴克萊銀行。

Congratulations on this shift in strategy. Just touching on the digital one more time, 23% of total revenues, I appreciate that statistic. Can you just touch on again, I know someone else asked the growth profile of that over time or what it can get to.

恭喜你們做出這項戰略轉變。關於數位轉型，我再補充一點，它佔總營收的23%，我很欣賞這個數據。能否再詳細說，我知道有人問過它未來的成長情況，或者說它最終能達到什麼水準？

What is it growing at right now? And then what is the rest of your business, the components of the rest of your business growing at? If you could break this down now that we have that piece, the growth profiles of each of the other pieces, along with digital itself today.

它目前的成長率是多少？然後，您業務的其他部分，以及構成您業務的其他組成部分，目前的成長率是多少？既然我們已經掌握了這部分信息，您能否將其他各個部分以及當今數位化本身的增長情況進行細分？

And then, Karen, just a follow-up on liquidity and capital return strategy. Can you give us a little more granularity, the sources of capital and cash coming for the buyback in the dividend and what target leverage ratio you have now? Thanks again, guys.

凱倫，關於流動性和資本回報策略，我還有一個後續問題。能更詳細地說明一下嗎？例如股票回購和分紅的資金來源，以及你們目前的目標槓桿率是多少？再次感謝各位。

Sure, Darrin, so on the digital growth, as Frank mentioned in his prepared remarks, it is growing significantly above Company average. We did not give a specific number. But I think as you would expect and as others have seen, it has certainly been the big growth driver for quite -- for the last, certainly the several quarters and the last couple of years now, and we would expect that to continue.

當然，達林，關於數位成長，正如弗蘭克在事先準備好的發言稿中提到的，其成長速度顯著高於公司平均水準。我們沒有給出具體數字。但我想正如你所預期的，正如其他人所看到的，在過去的幾個季度乃至過去幾年裡，數位化無疑是公司成長的主要驅動力，我們預計這一趨勢還將繼續。

Obviously, it does mean that other parts of the business, some of the core parts of the business, are growing slower than Company average. And then, from an industry perspective, as we saw last year, obviously we had some slower growth in banking and healthcare, some of which was specific situations around healthcare with M&A and so forth. But certainly, a little bit slower growth there.

顯然，這意味著公司其他業務，尤其是部分核心業務，成長速度低於公司平均。從產業角度來看，正如我們去年所見，銀行業和醫療保健產業的成長速度明顯放緩，其中一些原因是醫療保健產業的併購等特殊情況。但可以肯定的是，這些產業的成長速度確實略有放緩。

So I think very consistent with what others are seeing in the marketplace and the demand from clients, which is that digital will be the high growth driver for the coming years. And we would expect that to continue to be a meaningful driver for us.

所以我認為這與市場上的其他觀察以及客戶的需求非常一致，即數位化將成為未來幾年高速成長的驅動力。我們預計它將繼續成為我們重要的成長動力。

In terms of the sources of cash, at the end of the year, we have about, as you'll see when we file our 10-K, we have about $1.1 billion of cash in the US today. And the funds for the dividends and the buybacks will come from our existing cash balances in the US from US free cash flow that we will generate over the next coming years.

就現金來源而言，正如您將在我們提交的10-K文件中看到的那樣，到年底，我們在美國擁有約11億美元的現金。用於支付股利和股票回購的資金將來自我們在美國現有的現金餘額以及未來幾年我們將產生的美國自由現金流。

And then we will, as necessary, we will lever the balance sheet up a little bit. As you know, we have a revolver today which is about $750 million of capacity. And then, if necessary, we would take debt on beyond that. But certainly, our intent is to maintain a very strong balance sheet, maintain very strong investment-grade rating if and when we went to the rating agencies to do that and to maintain a lot of flexibility for both organic and inorganic investments.

然後，如有必要，我們會適當地提高資產負債表的槓桿率。如您所知，我們目前擁有約7.5億美元的循環信貸額度。如有必要，我們會在此基礎上增加債務。但我們的目標是保持非常穩健的資產負債表，並在需要時保持非常高的投資等級評級，同時在內部和外部投資方面保持極大的靈活性。

Brian Essex, Morgan Stanley.

Brian Essex，摩根士丹利。

Congratulations on the transition for me as well. Thank you for taking the question. I was wondering if you talked about, obviously, you're going to ramp up your level of acquisition activity as you accelerate into digital businesses. Do you have a set target in terms of what you might anticipate to spend, how aggressive you might be on that front? And then maybe follow up with how that pipeline looks as you head into the new year.

也恭喜你成功轉型。謝謝你回答我的問題。我想問的是，隨著你加速進軍數位化業務，你肯定會加強獲客力度。你有沒有設定具體的目標，例如預計的支出金額，以及你在這領域的投入力度？之後能否也跟進一下，說說你新一年的獲客管道狀況？

Brian, it's always been the case that we focus first on the quality of acquisitions, and we're selective on making sure that the acquisition, particularly as we look at the tuck-in acquisitions, that they are focused on achieving a one or more of a specific set of goals that we're pull looking for: technology, industry, capability, geography. Those are the major criteria that we look at.

布萊恩，我們一直以來都首先關注收購的質量，而且我們會仔細甄別，確保收購，特別是那些補充性收購，能夠實現我們所尋求的一個或多個特定目標：技術、行業、能力、地域。這些是我們主要考慮的標準。

We have, so as a result of that, I don't have a specific spend target or a specific volume target. But as you know and as you saw, we did a number of acquisitions in the fourth quarter of 2016, and I would expect that the pace would continue at that level or maybe a little bit even ahead of that.

我們有這樣的情況，因此，我沒有特定的支出目標或特定的收購數量目標。但正如您所知，也正如您所看到的，我們在2016年第四季度進行了一系列收購，我預計收購速度將保持在這個水平，甚至可能略微加快。

We also in 2016, did a couple of investments. And the first time that we've taken investments in promising companies that we think are complementary to the Company, and I think you should expect to continue to see us doing some of that as well.

2016年，我們也進行了幾項投資。這是我們首次投資那些我們認為與公司業務互補、前景光明的公司，我認為你們應該會看到我們繼續進行這類投資。

Got it and maybe just a follow-up. Are you seeing a change in the valuation and competitive nature of these deals? Or are you shooting above where most of that deal competition is in terms of size of deal or what you can bring to the table from a Cognizant point of view?

明白了，可能還有一個後續問題。您是否觀察到這些交易的估值和競爭性質發生了變化？或者，就交易規模或您從 Cognizant 的角度能為交易帶來的價值而言，您是否在競標中力求超越大多數競爭對手？

I'm looking to Karen as well to see if she has a different perspective. I don't think that we've seen the market change meaningfully for -- in terms of valuation for the kinds of firms that we're looking for.

我也在聽聽凱倫的意見，看看她是否有不同的看法。我認為，就我們所關注的那類公司的估值而言，市場還沒有實質的變化。

Obviously, there are valuation differences between what I would think of as traditional services, digital services, and then platform or IT-based companies. But those have been -- those are well understood; I don't think there's been meaningful change in that over, let's say, the last 12 months. And as I said in my prepared comments, we continue, at the moment, to focus primarily on looking at tuck-in acquisitions to expand our digital capabilities. Really right now focused on expanding digital across the industry segments and focusing on expanding digital across the geographies around the world where we operate.

顯然，傳統服務、數位服務以及平台或IT公司之間存在估值差異。但這些差異是眾所周知的；我認為在過去12個月裡，這些差異並沒有實質的變化。正如我在事先準備好的演講稿中所說，目前我們仍然主要專注於透過收購來擴展我們的數位化能力。我們目前的重點是拓展各產業領域的數位化業務，以及在我們全球營運的各個地區拓展數位化業務。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Congratulations on the capital allocation program. My question is on the immigration. I was wondering if you could maybe talk a little bit about -- I understand fully that you're increasing your hiring in the US. But if there are changes to the current H1B program as it stands today, potentially a salary bid process or some other process that would change the minimum floor on labor rates, would you consider accelerating the hiring in the US? Or would you be more likely to just continue to request H1Bs at the same level as you are now? Maybe just comment on the broader outlook there from a policy perspective. Thank you.

恭喜您公佈資本分配計畫。我的問題是關於移民方面的。我想請您談談—我完全理解您正在增加在美國的招募。但是，如果目前的H1B簽證專案有所變動，例如引入薪資競標或其他可能改變勞動力最低工資標準的流程，您是否會考慮加快在美國的招募？或者您更傾向於繼續維持目前的H1B簽證申請水準？能否從政策角度談談您對此的看法？謝謝。

Jim, it's Frank. Look, first of all, I would say that it's very difficult for us to speculate on potential changes to the program there. As you know, even currently, many alternative proposals out there and over the last several years have been even more.

吉姆，我是法蘭克。首先，我想說我們很難推測該項目未來可能發生的變化。你也知道，即使現在，也有很多替代方案，而且在過去幾年裡，方案的數量還在增加。

I would say that our intent has always been and continues to be to scale and to hire in the US as aggressively as we can. As Raj said in his prepared comments, last year we hired over 4,000 citizens and permanent residents. But we also have to continue to supplement that with talent from around the world, because we do sees shortages of talent in certain areas.

我想說，我們的目標始終是盡可能擴大規模並積極在美國招募員工。正如Raj在事先準備好的演講稿中所說，去年我們僱用了超過4000名美國公民和永久居民。但我們也必須繼續從世界各地引進人才，因為我們確實看到某些領域的人才短缺。

We are trying to address that by focusing on retraining and reskilling, but I think going forward, you should expect to see that will continue to be somewhat of a balance. We will continue to be as aggressive as we possibly can on scaling up and focusing on local recruitment, but I believe that there will be some prudent balance between those two things going forward.

我們正努力透過專注於再培訓和技能提升來解決這個問題，但我認為，未來這方面仍將保持某種程度的平衡。我們將繼續盡可能積極地擴大規模並專注於本地招聘，但我相信，未來這兩者之間將保持一種審慎的平衡。

Glenn Greene, Oppenheimer.

格倫·格林，奧本海默。

Just a quick follow-up on that question and then one other. Just to be clear, so in the context of raising the margin target to the 22%, you haven't factored in anything extraordinary for the visa reform. I just want to extend the context of it. Is it just too speculative at this point and you'll deal with it in an extraordinary -- if it's -- on extraordinary basis?

關於剛才的問題，我還有一個後續問題。首先要先明確一點，在將利潤率目標提高到22%的背景下，你們是否沒有考慮到簽證改革的任何特殊因素？我想補充一下背景資訊。目前來看，簽證改革是否還只是猜測，你們是否會以特殊方式處理──如果確實需要特殊處理的話？

And the other question I had is just for Karen, just thinking about the cadence to get to the 22% margin target in 2019, and I would assume there's a certain normal level of revenue growth embedded in that to get a fair amount of SG&A leverage, which would be a key part of the margin story.

我還有一個問題想問凱倫，就是關於如何在 2019 年達到 22% 的利潤率目標，我認為其中蘊含著一定的正常收入增長水平，以便獲得相當可觀的銷售、一般及行政費用槓桿，這將是利潤率的關鍵部分。

Glenn, this is Karen. On the immigration and what's baked into the margin, I think as we said in our comments and is highlighted also in the deck that's on the website, we have assumed current status for immigration. We've obviously said that we will continue expanding our local hiring in the markets in which we operate, but we have not factored in any material changes to the immigration policy at this point. It is just too speculative to try and make that determination, so we will address that if and when the time comes.

格倫，我是凱倫。關於移民問題以及利潤率的調整，正如我們在評論中提到的，網站上的簡報也重點強調了這一點，我們目前對移民政策的現狀持保留態度。我們明確表示，我們將繼續在我們營運的市場擴大本地招聘，但目前我們尚未考慮移民政策的任何實質變化。現在就做出判斷還為時過早，所以我們會在適當的時候再做說明。

In terms of the cadence to get to the 22%, as we mentioned, our guidance for Q1 assumes that we have flat margins with Q4. And then on a full-year 2017 basis, that will be at least 19.5%, which is where we landed for the full-year 2016.

至於達到 22% 目標的進度，正如我們之前提到的，我們對第一季的預測是基於利潤率與第四季持平的假設。而從 2017 年全年來看，利潤率至少會達到 19.5%，這與我們 2016 年全年的預期水準相同。

So what you will see is that the benefits of the margin optimization, those actions are already starting to be underway and will continue to increase as the year goes on and as we move into 2018. And so we will see improvement as we go through the year.

因此，您會看到利潤率優化措施帶來的好處已經開始顯現，並且隨著時間的推移以及我們進入2018年，這些好處將會不斷增加。因此，我們將在今年看到改善。

And as we mentioned in my comments that's a three-year program to generate the 360 to 440 basis point of margin opportunity, but the vast majority that happens in the first two years. And so, you'll see some improvement this year to offset some of the pressures we've seen -- or the investments that we made last year.

正如我在評論中提到的，這是一個為期三年的項目，旨在創造360至440個基點的利潤空間，但絕大部分收益將在前兩年實現。因此，今年你會看到一些改善，以抵消我們去年面臨的一些壓力，或者說是我們去年投資所帶來的影響。

And then as we move into 2018, you'll get the full benefit of the 2017 actions, as well as incremental actions that will happen in 2018. And then in 2019, is when we would expect to generate the 22% non-GAAP operating margin base for the full-year 2019. So it will be phased, it will be incremental each year.

進入2018年，您將全面受益於2017年的各項舉措，以及2018年將陸續實施的各項措施。而到了2019年，我們預計將達到22%的非GAAP營業利益率。因此，這將是一個分階段的過程，每年都會有所進步。

Bryan Keane, Deutsche Bank.

Bryan Keane，德意志銀行。

One question and a quick follow-up. On top line, when I look at fourth-quarter results, Cognizant came in towards the low end of guidance for revenue. But the first quarter guide for 2017 shows a solid pickup in top-line growth. I think the midpoint of the range is something like 2% sequential.

我有一個問題和一個後續問題。就營收而言，我看了一下第四季的業績，Cognizant 的營收接近預期範圍的下限。但 2017 年第一季的業績預期顯示，營收成長將穩定回升。我認為預期範圍的中點大約是環比增長 2%。

I remember last year, I think, Cognizant's growth was down 1% sequential in Q1 2016. So I'm just curious on the change in demand you're seeing there for a stronger pickup starting in this first quarter.

我記得去年，Cognizant在2016年第一季的環比成長率下降了1%。所以我很好奇，您認為從今年第一季開始，該公司的需求是否有所變化，能否出現更強勁的成長。

So I think, Bryan, this is Karen. As you said, clearly Q1 this year, it looks like it will be much stronger than Q1 last year. I think we are seeing good demand across the business at this point.

所以，布萊恩，這位是凱倫。正如你所說，今年第一季的業績顯然會比去年第一季強勁得多。我認為目前整個業務的需求都很旺盛。

Last year, if you remember, in January is when the banking sector really started to fall apart, and that put a lot of pressure on our Q1 numbers. We have not seen that this year. We have our January results; January came in exactly as we expected, so we do think that Q1 is off to a good start.

如果你還記得的話，去年1月銀行業開始出現嚴重下滑，這給我們的第一季業績帶來了巨大壓力。但今年我們沒有遇到這種情況。我們1月的業績完全符合預期，因此我們認為第一季開局良好。

The other thing that's small impacts but impacts the sequential growth a little bit is as we had said we did the TriZetto acquisition, part of our objective there was to move into more annuity stream revenue versus just pure license sales. So remember, Q4 it is always their strongest because of the license sales. We started to make that transition so it's a little bit less of an impact than it would've been in prior periods with them as well, which obviously helps on the overall Q1 number.

另一個影響雖小但對環比成長略有影響的因素是，正如我們之前提到的，我們收購了TriZetto，其部分目標是為了從單純的授權銷售轉向更多年金收入來源。要知道，第四季度通常是他們業績最強勁的季度，因為主要來自授權銷售。我們已經開始進行轉型，因此與之前幾季相比，此次收購的影響有所減小，這顯然有助於提升第一季的整體業績。

I'll just add to that. In addition to financial services, we're starting to see some -- we had a lot of M&A in healthcare in the beginning of 2016. So we're starting to see some resolution, at least some of the discretionary spend. As you know, one of the large M&A transactions has been decided on, and you're starting to see some discretionary spend starting to happen on that since that didn't move forward. And so you have a little bit of clarity in that. Plus, in addition to that, we have - - we've talked a lot about our platform play that TriZetto BPaaS opportunities, and you're seeing good traction in those areas as well. That's helped bring the stability with healthcare.

我再補充一點。除了金融服務業，我們也開始看到一些—2016年初醫療保健領域併購活動非常活躍。所以我們開始看到一些問題解決，至少部分可自由支配的支出回落。如您所知，一項大型併購交易已經塵埃落定，由於該交易未能推進，一些可自由支配的支出開始出現。因此，這方面的情況有所明朗。此外，我們—我們之前多次談到TriZetto BPaaS平台帶來的機遇，您也看到這些領域進展順利。這些都有助於醫療保健產業的穩定。

Joseph Vafi, Loop Capital.

Joseph Vafi，Loop Capital。

Thanks for taking the question. I think, first, if maybe you -- this would be a little more theoretical, but is there a way to quantify how much work that's maybe being done right now by visa holders could be migrated back to offshore facilities without impacting service levels? And then secondly, just a housekeeping item. Was the accelerated buyback built into the guidance on the EPS line for 2017? Thanks.

感謝您回答這個問題。首先，我想問一下──這可能更偏理論層面──有沒有辦法量化目前簽證持有者所做的工作有多少可以轉移回海外機構，而不會影響服務水準？其次，還有一個補充說明。 2017 年每股盈餘預期是否包含了加速股票回購的因素？謝謝。

Joe, it's Frank. I'll let Karen answer the second part of your question while I think about the first part.

喬，我是法蘭克。我先想想你問題的第一部分，讓凱倫來回答你的第二部分。

Joe, I think as I mentioned, we have baked in an estimate of the impact of the ASR into the share count, so nothing in Q1. But in the full-year share count for Q2 -- or I'm sorry, for the full year rather, the $597 million does assume that we are able to start once the ASR sometime in Q1.

喬，我想正如我之前提到的，我們已經將ASR的影響估算計入了股份數量，所以第一季沒有影響。但在第二季的全年股份數量中——或者更準確地說，是全年股份數量中——5.97億美元的數字是基於我們能夠在ASR於第一季某個時候啟動的前提下計算的。

And Joe, to the first part of your question, it is somewhat theoretical. What I would say is that as I said, I think, in my prepared remarks, as we shift towards digital, those are the kinds of services where the value of collocation with the client is actually higher. You need to be close to the client, you need a more consultative approach, and so I expect that those services will require us to continue to have folks on site and scale up, as we said, our workforces around the world.

喬，關於你問題的第一部分，這有點偏理論。我想說的是，正如我在準備的發言稿中提到的，隨著我們向數位轉型，那些需要與客戶現場協作的服務類型，其價值實際上更高。你需要貼近客戶，需要採取更具諮詢性的方法，所以我預計這些服務將需要我們繼續安排人員駐場，並像我們之前提到的那樣，擴大我們在全球範圍內的員工規模。

I think if you look at the traditional business, there might be an opportunity to optimize a little bit around the edges in terms of what I think of as shoring, that is moving work to other parts of the world. But I don't think that's a significant opportunity. It might move the ratio between our on-site and offshore teams by a 1 or 2, but I don't think it's good to be substantially higher than that.

我認為，如果審視傳統業務，或許可以在一些細節方面進行優化，例如我所說的“外包”，也就是把工作轉移到世界其他地區。但我認為這並非一個顯著的機會。這或許能讓我們的現場團隊和海外團隊的比例增加一到兩個單位，但我認為比例大幅上升並非好事。

Joseph Foresi, Cantor Fitzgerald.

約瑟夫·福雷西，康托·菲茨杰拉德。

I was wondering do you think raising the margin profile, just given the commoditization and your efforts to invest in digital, might make you a little less competitive? And can you give us more color on the current margin profile in digital? Thanks.

我想問一下，考慮到產品同質化以及貴公司在數位化領域的投入，提高利潤率是否會降低貴公司的競爭力？能否詳細介紹一下目前數位化領域的利潤率？謝謝。

Obviously, we thought long and hard about this, Joseph. I think that we think we've landed in a good place that balances our ability to invest in the business. We were careful to make sure, both when thinking about our income statement and our balance sheet, that our first priority was to make sure that we were -- we protected our ability to invest in the business to continue to do the things that will allow us to make the transition to digital. And, at the same time, be prudent about, in the case of the balance sheet, returning capital to shareholders, and in the case of the income statement, increasing our margin.

顯然，約瑟夫，我們對此進行了深思熟慮。我認為我們目前找到了一個平衡點，既能保證我們有能力投資業務，又能兼顧其他方面。在考慮損益表和資產負債表時，我們都非常謹慎，並且始終將首要任務放在確保我們有能力繼續投資業務，從而順利完成數位轉型。同時，我們也謹慎地兼顧了資產負債表方面向股東返還資本，以及損益表方面提高利潤率。

I think at 22%, we feel like it's a good, solid place to be. It's a balanced margin profile and puts us squarely in the competitive set, but also allows us to make the right investments in the business.

我認為22%的利潤率是一個合理且穩健的水平。它既能保持均衡的利潤率，使我們處於競爭行列，又能讓我們在業務上進行正確的投資。

Moshe Katri, Wedbush Securities.

摩西‧卡特里 (Moshe Katri)，韋德布希證券公司。

Thanks for squeezing me in. Can you talk a bit about what were you seeing in terms of outlook for the various pieces of healthcare in 2017? I think you spoke very briefly on that, so maybe talk a bit also about what you were seeing in Pharma.

感謝您抽出時間。您能否談談您對2017年醫療保健各領域的展望？我覺得您剛才只是簡單提了一下，所以能否也談談您對製藥業的看法？

And then, does guidance, top-line growth guidance for this year also include the impact of the acquisitions that you've done so far? And what would that be? Thanks.

那麼，今年的營收成長預期是否也包含了迄今所完成的收購的影響？如果包含了，具體影響是什麼？謝謝。

I'll kick it off and talk about just guidance for the year, and Karen, you can jump in on the acquisitions. But look, I think overall, we're pleased that we're off to a good start in 2017. Obviously, when we entered the year in 2016, we had the M&A overhang on the healthcare deals and the financial Brexit and other issues that we had in the financial services industry. So going into 2017, we're onto a positive start.

我先來談談今年的業績指引，Karen，你可以接著說說收購方面的狀況。總的來說，我們對2017年的良好開局感到滿意。顯然，2016年初的時候，我們面臨著醫療保健領域的併購壓力、金融脫歐帶來的挑戰以及金融服務業的其他一些問題。所以，進入2017年，我們迎來了一個積極的開始。

I think there's still some caution out there. There's still -- clients are still, obviously, nervous about what will happen with Affordable Care Act. And they're waiting to see what the current administration will do towards that.

我認為目前市場仍存在一些謹慎情緒。顯然，客戶們仍然對《平價醫療法案》的未來趨勢感到擔憂。他們都在觀望現任政府將如何應對這個問題。

But overall, we're seeing good pickups in terms of some of the discretionary spend in healthcare. And in addition to that, like I touched on earlier, we're seeing a lot of traction on our BPaaS solutions that we've had around TriZetto. And I think we'll see continued acceptance of that model within other pairs as well, too.

但總體而言，我們看到醫療保健領域的一些可自由支配支出出現了良好的成長。此外，正如我之前提到的，我們圍繞 TriZetto 開發的 BPaaS 解決方案也獲得了廣泛認可。我認為這種模式也會被其他合作方繼續接受。

Moshe, this is Karen. On the M&A front, obviously, we've made a couple of small acquisitions in Q4, and then we have the investments that we did earlier in the year in ReD, and a couple of other acquisitions, and then Measure as well. ReD and Measure, remember, don't generate any revenue for us; those are just investments. So there's no revenue there, and then from the rest of the group, it's less than 2% of the revenue. So about 1% of revenue for the year would be from the rest of the acquisitions; it's very small.

莫舍，我是凱倫。關於併購方面，顯然，我們在第四季度進行了幾項小型收購，此外，我們今年稍早還投資了ReD，並進行了其他幾項收購，還有Measure。請記住，ReD和Measure本身並不會為我們帶來任何收入；它們只是投資項目。所以，這兩家公司沒有收入。至於集團其他業務，其收入佔比不到2%。因此，全年約有1%的收入來自其他收購項目；這部分佔非常小。

Good. So with that, we will wrap up. I want to thank everybody for joining us today and for your questions, and as always, we look forward to speaking with you again next quarter. Thanks, everybody.

好的。那麼，我們就到此為止吧。感謝各位今天參加我們的節目，也感謝大家提出的問題。和往常一樣，我們期待下個季度再次與大家交流。謝謝大家。

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

謝謝。今天的 Cognizant Technology Solutions 2016 年第四季財報電話會議到此結束。您可以掛斷電話了。