高知特 (CTSH) 2017 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions First Quarter 2017 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2017 年第一季財報電話會議。（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.

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

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's first quarter 2017 results. If you have not, a copy is available on our website, cognizant.com. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Raj Mehta, President; and Karen McLoughlin, Chief Financial Officer.

謝謝接線員，大家早安。現在，你應該已經收到該公司 2017 年第一季業績的獲利報告副本了。如果您還沒有，可以從我們的網站 cognizant.com 上取得一份副本。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 subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC, including our Form 10-Q filed later today.

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，包括我們今天稍後提交的 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。

Good morning, everyone, and thanks for joining us today. Cognizant is off to a solid start this year. Our first quarter revenue was $3.55 billion, at the top end of our guided range and up 10.7% year-over-year. Our non-GAAP EPS for the quarter was $0.84.

各位早安，感謝大家今天收看我們的節目。Cognizant今年開局表現穩健。我們第一季的營收為 35.5 億美元，達到我們預期範圍的上限，年增 10.7%。本季非GAAP每股收益為0.84美元。

Turning to guidance. We expect second quarter revenue to be within a range of $3.63 billion to $3.68 billion, and we continue to expect full year revenue growth in the range of 8% to 10%.

尋求指導。我們預計第二季營收將在 36.3 億美元至 36.8 億美元之間，並繼續預計全年營收成長將在 8% 至 10% 之間。

I'd like to spend the next few minutes discussing how we're accelerating our shift to digital by helping clients become technology-enabled across their businesses. As the markets we serve move away from the physical and towards the digital, our clients know that they must build new customer experiences and automated processes on top of secure and scalable technology. That's the only way to compete effectively in a world increasingly shaped by artificial intelligence, algorithms, bots and big data. Doing so at scale, however, is a tall order, and that's why Cognizant's mission is to help clients transform their business models, their operating models and their technology models in tandem to deliver the promise of digital at scale.

接下來幾分鐘，我想和大家探討我們如何透過幫助客戶在整個業務中實現技術賦能來加速向數位轉型。隨著我們服務的市場從實體轉向數字，我們的客戶知道他們必須在安全且可擴展的技術之上建立新的客戶體驗和自動化流程。這是在人工智慧、演算法、機器人和大數據日益塑造的世界中有效競爭的唯一途徑。然而，大規模地實現這一點並非易事，因此 Cognizant 的使命是幫助客戶同步轉變其業務模式、營運模式和技術模式，從而大規模地兌現數位化的承諾。

Now we realize the word "digital" carries many meanings. For Cognizant, it goes well beyond building user interfaces or implementing collaboration platforms. For us, it's about using technology to enable clients to run better and run different. It's about the dual mandate to achieve more efficient and effective operations while reshaping business models for innovation and growth. This is the digital that matters.

現在我們意識到「數位化」一詞包含多種意義。對 Cognizant 而言，這遠遠不止是建立使用者介面或實現協作平台。對我們來說，關鍵在於利用科技幫助客戶更好地運營，並以不同的方式運作。它關乎雙重使命：既要實現更有效率的運營，也要重塑商業模式以實現創新和成長。這才是真正重要的數位化。

As noted on the Q4 call, Cognizant's digital revenue is generated by all the work we do to help clients excel in this new economy. That work spans the development of more engaging customer experiences, automated core business processes and modern, secure technology systems. It's because we care about the success of our customers and can speed their movement from doing digital to being digital that we've realigned our company last year into 3 practice areas. At the point where clients engage their customers, partners and employees, we work with them to build compelling experiences across channels and devices to create new value, revenue and growth. That's what Cognizant digital business does.

正如在第四季度電話會議上所提到的，Cognizant 的數位收入來自於我們為幫助客戶在這個新經濟中取得成功所做的一切工作。這項工作涵蓋了開發更具吸引力的客戶體驗、自動化核心業務流程和現代化、安全的技術系統。正因為我們關心客戶的成功，並且能夠加快他們從做數位化到成為數位化企業的轉變，所以我們去年將公司重新調整為 3 個業務領域。當客戶與他們的顧客、合作夥伴和員工互動時，我們會與他們合作，在各個管道和設備上創造引人入勝的體驗，從而創造新的價值、收入和成長。這就是 Cognizant 數位業務的業務。

To make their operating models more efficient and agile, we help elevate their operational core with processes that apply automation, managed services and systems of intelligence. That's the focus of Cognizant digital operations. And for their core infrastructure and technology, we simplify and modernize their legacy IT systems and implement a flexible backbone to deliver autoscaling infrastructure, real-time data management and adaptive security, and that's the role of Cognizant digital systems and technology.

為了使他們的營運模式更有效率和靈活，我們透過應用自動化、管理服務和智慧系統的流程來幫助他們提升營運核心。這就是 Cognizant 數位營運的重點。對於他們的核心基礎設施和技術，我們簡化並現代化他們的傳統 IT 系統，並實施靈活的骨幹網，以提供自動擴展的基礎設施、即時資料管理和自適應安全，這就是 Cognizant 數位系統和技術的作用。

Our cohesive approach extends from personalized customer interactions all the way through the IT infrastructure. Our 3 practices work closely with our industry verticals, which is the way we go to market, as well as with our geographies and Cognizant Business Consulting to create industry-tailored solutions. By aligning all of our offerings within these practice areas, we've been able to open up significant new growth opportunities. Our aim is for clients to become fully technology-enabled in every aspect of their businesses.

我們採取的協調一致的方法涵蓋了從個人化客戶互動到整個 IT 基礎架構的各個方面。我們的 3 個業務部門與我們的行業垂直領域緊密合作，這是我們進入市場的方式，同時我們也與我們的地域部門和 Cognizant 商業諮詢部門合作，以創建行業定制的解決方案。透過將我們所有的產品和服務整合到這些業務領域中，我們開啟了重要的全新成長機會。我們的目標是讓客戶在業務的各個方面都實現全面技術賦能。

So what does that entail? And how do clients benefit? Cognizant has been working with a multinational insurance and financial services firm to overcome its process, organizational and technology challenges and speed its journey towards digital. Because the firm lacked uniform processes and relied heavily on manual intervention, its insurance policies were prone to errors and new products could take up to 2 months to roll out. Few of its agents had adopted advanced technology, and therefore, few could take a 360-degree view of their customers' needs. There were no end-to-end digital channels for selling and issuing policies, and rigid back-end systems couldn't keep up with their expanding roster of customers whose own needs were growing.

那麼，這具體包含哪些內容呢？客戶能從中獲得什麼好處？Cognizant 一直與一家跨國保險和金融服務公司合作，幫助其克服流程、組織和技術方面的挑戰，並加快其數位轉型進程。由於該公司缺乏統一的流程，並且嚴重依賴人工幹預，其保險單容易出錯，新產品可能需要長達 2 個月的時間才能推出。該公司的代理商中很少有人採用先進技術，因此，很少人能夠全面了解客戶的需求。當時沒有端到端的數位化管道來銷售和簽發保單，僵化的後端系統也無法滿足不斷增長的客戶群的需求。

By the way, this example of legacy IT constraining the business is one we often see amongst our clients. In a 3-phase engagement, Cognizant digitized the firm's enterprise applications relating to the administration of general and life insurance policies, enabling straight-through processing. Then we helped the firm use its new enterprise foundation to build its own customized user interfaces. And now in the third phase, we are providing all their partner channels and entities with digitized customer interaction platforms that integrate the firm's data, processes and services.

順便說一句，這種傳統 IT 系統限制業務發展的例子，我們在客戶中經常看到。在分三個階段進行的合作中，Cognizant 將該公司與一般保險和人壽保險保單管理相關的企業應用程式數位化，實現了直通式處理。然後我們幫助該公司利用其新的企業基礎架構建立了自己的客製化使用者介面。現在進入第三階段，我們將為他們所有的合作夥伴管道和實體提供數位化客戶互動平台，整合公司的數據、流程和服務。

As a result, this client's new product rollout cycle has been reduced by 35% to 50%. And with its new 360-degree view of customers, the firm can design products for diverse customer segments, up-sell products and enhance its overall product marketing. This is an example of how 2 of our practices, digital business and digital systems & technology, have come together to transform a client's business.

因此，該客戶的新產品推出週期縮短了 35% 至 50%。憑藉全新的 360 度客戶視角，該公司可以為不同的客戶群設計產品，追加銷售產品，並提升其整體產品行銷。這是我們的兩個業務領域——數位業務和數位系統與技術——如何結合起來，為客戶帶來業務轉型的一個例子。

On our last call, we expressed our commitment to accelerate our shift to digital services and solutions. Here are some signs of our continued strong momentum. Building on our acquisition of companies such as Idea Couture, Mirabeau and Adaptra, we acquired Brilliant Service in Q1 to strengthen our digital capabilities in Japan. Brilliant Service provides end-to-end Android and iOS applications, embedded software and user experience design to major corporations in Japan.

在上一次通話中，我們表達了加快數位化服務和解決方案的決心。以下是我們持續強勁發展勢頭的一些跡象。繼我們收購 Idea Couture、Mirabeau 和 Adaptra 等公司之後，我們於第一季度收購了 Brilliant Service，以加強我們在日本的數位化能力。Brilliant Service 為日本各大公司提供端到端的 Android 和 iOS 應用、嵌入式軟體和使用者體驗設計服務。

We continued the momentum of our client innovation spaces, opening 2 more of these Collaboratories, one in Amsterdam and another in Melbourne. And in Barcelona, we opened a Salesforce solutions-focused lab that combined the supply center and the delivery center. In addition, to ensure that our teams remain at the vanguard of mastering advanced technologies, we're stepping up investments in professional training.

我們繼續保持客戶創新空間的勢頭，又開設了 2 個這樣的合作空間，一個在阿姆斯特丹，另一個在墨爾本。在巴塞隆納，我們開設了一個以 Salesforce 解決方案為中心的實驗室，將供應中心和交付中心合而為一。此外，為了確保我們的團隊始終處於掌握先進技術的前沿，我們正在加大對專業培訓的投入。

This year, our goal is to develop more than 10,000 engineers and architects, plus another 10,000 across niche areas of artificial intelligence, the Internet of Things and cognitive computing. Given the tens of thousands of employees already skilled in these areas, we expect to have about 100,000 employees by the end of this year with a depth of knowledge and skills that will enable them to pursue the most specialized areas of digital. All of these initiatives are needed because as client interest in becoming technology-enabled across their businesses grow, we're engaging with an increasing number of larger, more complex digital at-scale projects.

今年，我們的目標是培養超過 10,000 名工程師和架構師，另外還要在人工智慧、物聯網和認知運算等細分領域培養 10,000 名工程師和架構師。鑑於目前已有數萬名員工具備這些領域的技能，我們預計到今年年底，將有約 10 萬名員工擁有深厚的知識和技能，使他們能夠從事數位領域最專業的工作。所有這些舉措都是必要的，因為隨著客戶對在其業務中實現技術賦能的興趣日益增長，我們正在參與越來越多的規模更大、更複雜的數位化大規模專案。

Our progress is receiving broad validation from industry analysts. We remain a leader in Gartner's Magic Quadrant for providers of managed workplace services. IDC named us a leader in IoT consulting and systems integration. Everest Group calls Cognizant a leader and star performer in digital services. And HfS Research placed us in the Winner's Circle for digital marketing operations.

我們的進展正得到產業分析師的廣泛認可。我們在 Gartner 發布的託管工作場所服務提供者魔力像限中仍然處於領先地位。IDC 將我們評為物聯網諮詢和系統整合領域的領導者。Everest Group稱Cognizant是數位服務領域的領導者和明星企業。HfS Research 將我們評為數位行銷營運領域的優勝者。

Overall, our digital-related revenues are growing well above company average. We continue to pursue tuck-in acquisitions to expand our intellectual capital, domain expertise, global reach and our platform and technology capabilities. Of course, we maintain our focus on strategic clients across our core industries. Raj will provide a bit more color on how we're accelerating our shift.

整體而言，我們與數位業務相關的營收成長遠高於公司平均。我們將繼續進行補充收購，以擴大我們的知識資本、領域專業知識、全球影響力以及平台和技術能力。當然，我們始終專注於核心產業內的策略客戶。Raj 將更詳細地介紹我們如何加速轉型。

It's exciting to think about the scale of the opportunity ahead as technology embeds itself into almost everything as tens of billions of devices join the Internet and as the amount of digital information reaches an expected 35 trillion gigabytes by 2020. Cognizant's Center for the Future of Work studied 2,000 companies across 6 industries globally to determine what percent of their overall revenue is driven by digital transformation. In 2015, it was nearly 5%, but by 2018, we expect this technology to influence more than 11% of all revenues these companies generate, or more than $2 trillion. There's a virtuous cycle at work. The more clients invest in new technologies, the greater the return and the more they want to invest. We see the pervasive build-out of advanced technologies significantly expanding our market opportunity.

隨著科技融入幾乎所有事物，數百億台設備接入互聯網，預計到 2020 年數位資訊量將達到 35 兆 GB，展望未來機會的規模令人興奮。Cognizant 的未來工作中心對全球 6 個產業的 2000 家公司進行了研究，以確定數位轉型對其總收入的貢獻百分比。2015 年，這一比例接近 5%，但到 2018 年，我們預計這項技術將影響這些公司創造的所有收入的 11% 以上，即超過 2 兆美元。這是一個良性循環。客戶對新科技投入越多，回報就越大，就越願意繼續投資。我們看到先進技術的廣泛應用顯著擴大了我們的市場機會。

Now I'd like to cover 2 central elements of our plan, which are to improve margins and execute and enhance shareholder capital return program. We've moved quickly to implement our capital return program. In March, we launched a $1.5 billion accelerated share repurchase program that is ongoing. And today, we announced the company's first quarterly cash dividend.

現在我想重點介紹我們計劃的兩個核心要素，即提高利潤率和執行並加強股東資本回報計劃。我們已迅速採取行動，實施資本回報計畫。今年 3 月，我們啟動了一項 15 億美元的加速股票回購計劃，目前仍在進行中。今天，我們宣布了公司首次季度現金分紅。

On the margin front, we have a number of operational efficiency and cost reduction work streams underway. In addition, our board has shifted management compensation to more closely reflect the balance we're striking between revenue and profit growth. The board and the company's leaders, including me, are intensively focused on executing both these plan elements. Karen will provide more details in her remarks.

在利潤率方面，我們正在進行多項提高營運效率和降低成本的工作。此外，我們的董事會調整了管理層薪酬，以更準確地反映我們在收入和利潤成長之間的平衡。包括我在內的董事會和公司領導階層，正全力以赴地執行這兩個計畫要素。凱倫將在發言中提供更多細節。

We've also continued to refresh our board, and in March, we announced the appointment of 2 new directors who will replace 2 retiring directors. I want to take this opportunity to welcome 2 independent directors who joined the Cognizant board on April 1, Betsy Atkins and John Dineen. Betsy is the CEO of venture capital firm Baja Corporation and an entrepreneur who has cofounded and led enterprise technology companies. John brings extensive leadership and operational experience from his 28 years in senior roles with GE, most recently as the CEO of GE Healthcare. We look forward to benefiting from their expertise on our board. I'd also like to thank Tom Wendel and Lakshmi Narayanan, who will not be standing for reelection at our upcoming Annual Meeting, for their many years of their service to the company.

我們也持續對董事會進行更新，3月份，我們宣布任命2名新董事，他們將取代2名退休董事。我想藉此機會歡迎兩位獨立董事於 4 月 1 日加入 Cognizant 董事會，他們是 Betsy Atkins 和 John Dineen。貝齊是創投公司 Baja Corporation 的首席執行官，也是一位企業家，曾共同創辦並領導過多家企業科技公司。John 在通用電氣擔任高階職位 28 年，累積了豐富的領導和營運經驗，最近擔任通用電氣醫療集團執行長。我們期待他們的專業知識能為我們的董事會帶來益處。我還要感謝 Tom Wendel 和 Lakshmi Narayanan，他們將不會在即將舉行的年度股東大會上競選連任，感謝他們多年來為公司做出的貢獻。

To wrap up, being digital is the defining challenge for today's C-suite and the enterprises they lead. Digital touches every part of every company's strategy and operations and, therefore, touches every part of our business. We are committed to accelerating the shift to digital to create value for both our clients and our shareholders, and we're committed to executing our plan on margin improvement and capital allocation.

總而言之，數位化是當今高階主管及其領導的企業面臨的決定性挑戰。數位化影響著每家公司策略和營運的各個層面，因此也影響著我們業務的方方面面。我們致力於加速數位化轉型，為客戶和股東創造價值，並致力於執行我們的利潤率提升和資本配置計畫。

And now over to Raj, who will discuss our first quarter performance in greater detail, followed by Karen, who will cover our financial results. Raj?

接下來請 Raj 更詳細地討論我們第一季的業績，然後請 Karen 介紹我們的財務表現。拉傑？

Thanks, Frank. Building on Frank's discussion, I'll outline our progress in executing the shift to digital, and then I'll review our industry verticals, focusing on our financial performance and how we're helping our clients manage through their challenges.

謝謝你，弗蘭克。在 Frank 的討論基礎上，我將概述我們在執行數位轉型方面的進展，然後我將回顧我們的行業垂直領域，重點關注我們的財務表現以及我們如何幫助客戶應對挑戰。

To speed up progress, we have many initiatives under way. Here are the top 3: first, we're expanding our solutions portfolio. To do so, we're deploying repeatable, industry-tailored solutions faster across our 3 practice areas, and we're further developing offerings through selective partnerships and acquisitions.

為了加快進展，我們正在進行多項措施。以下是前三項：首先，我們正在擴展我們的解決方案組合。為此，我們正在三大業務領域更快地部署可重複的、行業客製化的解決方案，並透過選擇性的合作和收購進一步開發產品和服務。

Second, we're deepening and broadening our digital skills under the guidance of chief digital officers in each of our industry and regional business units. Our CDOs oversee the building of domain-based solutions, and they ensure that our teams which focus on our strategic clients have the skills they need. As a result, our teams are broadening Cognizant's reach and deepening our relationships, particularly with decision-makers who are outside the client's CIO organizations.

其次，在各行業和區域業務部門首席數位長的指導下，我們正在深化和拓展我們的數位化技能。我們的首席數據長負責監督基於領域的解決方案的構建，並確保我們專注於策略客戶的團隊擁有所需的技能。因此，我們的團隊正在擴大 Cognizant 的影響範圍，並加深我們與客戶 CIO 組織以外的決策者的關係。

Third, we're enhancing our digital engagement with clients. For example, at our newer Collaboratory co-innovation centers in Amsterdam and Melbourne, our strategists, designers, data scientists, human science and cybersecurity experts work with clients and partners to design, prototype, build and run new customer experience and business processes. During the first quarter, about 50 clients visited our innovation centers.

第三，我們正在加強與客戶的數位化互動。例如，在我們位於阿姆斯特丹和墨爾本的新型協作創新中心，我們的策略師、設計師、資料科學家、人類科學和網路安全專家與客戶和合作夥伴一起設計、製作原型、建立和運行新的客戶體驗和業務流程。第一季度，約有 50 位客戶參觀了我們的創新中心。

Today, in every industry, our clients face common challenges. They must strike a balance between optimizing costs and investing in innovation. We help them to do both at the same time on their journey to implement digital at scale. Through our engagement, clients are able to drive profitable growth by enhancing their customers' experience, speeding products to market and deploying new business models.

如今，各行各業的客戶都面臨著共同的挑戰。他們必須在優化成本和投資創新之間取得平衡。我們幫助他們在實現大規模數位轉型的過程中同時做到這兩點。透過我們的合作，客戶能夠透過提升客戶體驗、加快產品上市速度和部署新的商業模式來推動獲利成長。

I want to turn now to our financial performance in our industry verticals and provide examples of our customer engagements. Let's start with Banking and Financial Services, which consist of our banking, capital markets, insurance and transaction-processing clients. First quarter revenues were up 7% year-over-year.

現在我想談談我們在各行業領域的財務業績，並舉例說明我們與客戶的互動情況。我們先從銀行和金融服務業開始，其中包括我們的銀行、資本市場、保險和交易處理客戶。第一季營收年增7%。

Consider the work our digital systems and technology practice is doing with ABN AMRO clearing. We are cloud-enabling their global IT infrastructure and laying the foundation for digital transformation. Cognizant will modernize their existing global technology infrastructure and transform their IT operating model across their core trading system, reporting systems and other business services.

看看我們的數位系統和技術部門正在與荷蘭銀行清算部門合作的工作。我們正在為其全球 IT 基礎設施啟用雲端技術，並為數位轉型奠定基礎。Cognizant 將對其現有的全球技術基礎設施進行現代化改造，並轉變其核心交易系統、報告系統和其他業務服務的 IT 營運模式。

We'll also provide hybrid cloud security network management and end-user services. Doing so will enable ABN AMRO clearing to increase their operational resilience and application availability. They'll be able to operate with greater speed and agility to better manage market volatility and to lower their capital investment and operating costs. This is what we mean by driving digital at scale.

我們還將提供混合雲安全網路管理和終端用戶服務。這樣做將使荷蘭銀行清算部門能夠提高其營運彈性和應用程式可用性。他們將能夠以更快的速度和更靈活的方式運作，從而更好地應對市場波動，並降低資本投資和營運成本。這就是我們所說的大規模推動數位轉型。

For our insurance clients, our digital operations team is able to rationalize their life and annuity platforms, supporting policy issue, billing, collections and claims. With these integrated platforms, clients can manage their legacy products more efficiently while providing a foundation on which to build more customer-centric digital capabilities.

對於我們的保險客戶，我們的數位化營運團隊能夠優化他們的人壽和年金平台，支援保單簽發、計費、收款和理賠。借助這些整合平台，客戶可以更有效地管理其傳統產品，同時為建立以客戶為中心的數位化能力奠定基礎。

Turning to Healthcare. This segment consists of payer, provider, pharmaceutical, biotech and medical device clients. First quarter revenues were up 9.7% year-over-year. To help clients balance cost and investment, we're developing solutions that address cost, access and quality of care. These solutions will improve membership engagement and combine clinical and claims data to advance population health care management initiatives.

轉向醫療保健。該部分客戶包括支付方、醫療服務提供者、製藥公司、生技公司和醫療器材公司。第一季營收年增9.7%。為了幫助客戶平衡成本和投資，我們正在開發能夠解決成本、取得途徑和護理品質問題的解決方案。這些解決方案將提高會員參與度，並將臨床數據和理賠數據結合起來，以推進人口健康護理管理計劃。

Client interest in our health care platforms, including TriZetto, continues to grow. Take the work our digital operations practice is doing with LifeBridge Health, based in Maryland. We're working to transform communications across their network and drive stronger relationships among physicians, patients and regional health facilities. LifeBridge's communication network is built on our cloud-based Onvida Software-as-a-Service platform. Our platform combines customizable software with 24/7 phone and online access to clinical specialists. As a result, patients have self-service access to consultations and information to manage their health care, and doctors can receive near real-time customized communication about their patients. This means better care coordination and better transition of care.

客戶對我們醫療保健平台（包括 TriZetto）的興趣持續增長。以我們數位營運部門與位於馬裡蘭州的 LifeBridge Health 合作為例。我們正在努力改變他們整個網絡中的溝通方式，並加強醫生、患者和區域醫療機構之間的關係。LifeBridge 的通訊網路建立在我們基於雲端的 Onvida 軟體即服務平台之上。我們的平台將可客製化軟體與全天候電話和線上臨床專家服務相結合。因此，患者可以自助獲取諮詢和資訊來管理自己的醫療保健，醫生也可以近乎即時地收到有關其患者的個人化資訊。這意味著更好的護理協調和更好的護理過渡。

To deal with the launch of new products and rising pricing pressures on existing products, our life science clients know they must enhance their patient, provider and payer engagements. In response, these clients are increasingly interested in patient engagement, clinical analytics, investigator collaboration, new commercial models and customer service transformation. Here's the case in point. A large U.S.-based pharmaceutical and medical device company is using our MedVantage platform to transform their field services, quality and complaints processes. Our cloud-based platform, which is part of digital operations, will help them drive higher levels of agility and productivity and an improved customer experience.

為了應對新產品的推出和現有產品價格上漲的壓力，我們的生命科學客戶知道他們必須加強與患者、醫療服務提供者和支付者的互動。對此，這些客戶越來越關注病患參與、臨床分析、研究人員合作、新的商業模式和客戶服務轉型。舉個例子。一家總部位於美國的大型製藥和醫療器材公司正在使用我們的 MedVantage 平台來改變其現場服務、品質和投訴流程。我們的雲端平台是數位化營運的一部分，將幫助他們提高敏捷性和生產力，並改善客戶體驗。

Turning to retail and manufacturing. This segment grew 16.4% year-over-year. We've renamed this segment products and resources to more clearly convey the industries we serve here, retail and consumer goods, travel and hospitality, manufacturing and logistics, and energy and utilities. These clients are managing through a challenging retail and consumer goods environment, and so they're giving priority to optimizing costs, transforming their supply chain and building omnichannel customer experience solutions.

轉向零售和製造業。該細分市場較去年同期成長16.4%。我們已將此業務板塊重新命名為產品和資源，以便更清晰地傳達我們在此服務的行業：零售和消費品、旅遊和酒店、製造和物流以及能源和公用事業。這些客戶正在應對充滿挑戰的零售和消費品環境，因此他們優先考慮優化成本、改造供應鏈和建立全通路客戶體驗解決方案。

We've responded with an industry-specific suite of offerings that leverage automation, big data and cloud. Our clients in manufacturing, logistics, energy and utility continued to see solid growth. They're on the path of scaling their digital transformation by leveraging connected products and process reinvention.

我們針對這個問題推出了一系列行業專屬產品，這些產品充分利用了自動化、大數據和雲端運算技術。我們在製造業、物流業、能源業和公用事業領域的客戶持續保持穩健成長。他們正透過利用互聯產品和流程重塑來擴大數位轉型規模。

Let's look at what our digital system and technology practice is doing for Cargill, a global provider of food, agricultural and industrial products. As part of a multiyear agreement, we will migrate Cargill's application to the cloud to modernize, transform and run their global IT applications. We'll be applying a lean, agile delivery model that will enable Cargill to achieve best-in-class operational excellence while enhancing their go-to-market capabilities.

讓我們來看看我們的數位化系統和技術實踐正在為全球食品、農業和工業產品供應商嘉吉公司帶來哪些益處。作為多年協議的一部分，我們將把嘉吉的應用程式遷移到雲端，以實現其全球 IT 應用程式的現代化、轉型和運作。我們將採用精實、敏捷的交付模式，使嘉吉公司能夠實現一流的卓越運營，同時增強其市場拓展能力。

From this quarter forward, we will refer to the segment we formerly called Other as communications, media and technology. This segment grew 16.5% year-over-year. The name change signals our progress in developing our business in these industries and our increasing focus given their growth potential. This practice services many of our Silicon Valley digital leaders, including 4 of the top 5 born-digital platform firms.

從本季開始，我們將把以前稱為「其他」的板塊稱為「通訊、媒體和技術」。該細分市場較去年同期成長16.5%。更名標誌著我們在這些行業發展業務方面取得了進展，並且鑑於這些行業的成長潛力，我們越來越重視這些行業。這項業務為我們矽谷的許多數位領導者提供服務，其中包括排名前 5 的原生數位平台公司中的 4 家。

Now let's take a quick look at performance by geography. North America grew 10.6% year-over-year. Europe was up 6.5% over last year after our 7.4% negative currency impact. Integrated multiservice solutions and our expansion through targeted acquisitions contribute to our success in Europe. For example, clients view our recent acquisition of Mirabeau, a specialist in developing digital marketing engaging customer experiences, as another hallmark of Cognizant's differentiated value to the marketplace. To close out our geographic discussion, we had continued strong growth in the rest of the world, which was up 25.6% year-over-year.

現在讓我們快速看一下按地理位置劃分的效能。北美地區年增10.6%。扣除7.4%的匯率負面影響後，歐洲經濟較去年同期成長了6.5%。綜合多服務解決方案以及透過有針對性的收購實現的擴張，為我們在歐洲的成功做出了貢獻。例如，客戶認為我們最近收購了 Mirabeau（一家專注於開發吸引客戶體驗的數位行銷的公司），這是 Cognizant 為市場帶來的差異化價值的另一個標誌。最後總結我們的地域性討論，我們在世界其他地區的業務繼續保持強勁增長，同比增長 25.6%。

As I wrap up, I want to offer a quick update on a topic I discussed on our last call. Given our attention to the H1-B visa program, we want you to know that we're evolving our workforce and delivery in the United States. Cognizant hired 4,000 U.S. citizens and residents in 2016. In 2017 and beyond, we expect to significantly ramp up our U.S.-based workforce by hiring experienced professionals in the open market and by making more use of university, veteran and related programs. We are shifting our workforce largely in response to clients' increasing need for co-innovation and colocation.

最後，我想就上次通話中討論過的一個主題做一個簡單的最新報告。鑑於我們對 H1-B 簽證計劃的關注，我們想讓您知道，我們正在調整我們在美國的員工和交付方式。2016年，Cognizant僱用了4,000名美國公民和居民。2017 年及以後，我們計劃透過在公開市場上招募經驗豐富的專業人士，並更多地利用大學、退伍軍人及相關項目，大幅增加我們在美國的員工人數。我們正在調整員工隊伍，主要是為了回應客戶對協同創新和協同辦公日益增長的需求。

While we still seek visas for highly specialized and skilled talent, we're reducing our dependence on these visas. In fact, during the most recent filing period on April 1, we applied for less than half the number of visas we sought last year, and we expect to further reduce our need for these visas going forward.

雖然我們仍然會為高技能專業人才申請簽證，但我們正在減少對這些簽證的依賴。事實上，在最近一次於 4 月 1 日提交的申請期內，我們申請的簽證數量不到去年申請數量的一半，而且我們預計未來對這些簽證的需求還會進一步減少。

As part of our shift, we continue to expand our U.S. delivery centers. A good example is our Tampa delivery center, where we employ over 1,000 technology and business professionals. They provide business process services, application services and testing for financial services and health care clients. At our center, we're employing a broad skill mix that includes long-time local residents as well as veterans and recruits from local colleges.

作為我們戰略轉型的一部分，我們將繼續擴大在美國的配送中心。一個很好的例子就是我們的坦帕配送中心，我們在那裡僱用了 1000 多名技術和業務專業人員。他們為金融服務和醫療保健客戶提供業務流程服務、應用服務和測試。我們中心採用廣泛的技能組合，其中包括當地長期居民、退伍軍人和當地大學的應屆畢業生。

At similar delivery centers around the country, we've expanded our retraining programs and are working with local institutions to implement special curriculums that will help us meet growing client needs. Today, we have over 20 U.S. delivery centers, and we continue to expand this footprint.

在全國各地的類似交付中心，我們擴大了再培訓計劃，並與當地機構合作實施特殊課程，以幫助我們滿足不斷增長的客戶需求。目前，我們在美國擁有超過 20 個配送中心，並且我們仍在擴大這一規模。

To sum up, we are executing the shift to digital at scale by helping our clients simultaneously optimize their costs as they invest in the future. And we are shifting our workforce rapidly in the U.S. With more U.S. jobs and U.S. delivery centers.

總而言之，我們正在大規模地推動數位轉型，幫助客戶在投資未來的同時優化成本。我們正在迅速調整在美國的員工隊伍，增加美國的工作和美國交付中心。

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. The business got off to a solid start in Q1, which positions us well to achieve our full year guidance.

謝謝你，拉傑，大家早安。公司第一季開局穩健，這為我們實現全年業績目標奠定了良好的基礎。

First quarter revenue of $3.55 billion was at the high end of our guidance range and represented a year-over-year increase of 10.7%. We had a negative currency headwind, which impacted year-over-year revenue growth by $35 million or 110 basis points.

第一季營收為 35.5 億美元，處於我們預期範圍的高端，較去年同期成長 10.7%。我們面臨不利的匯率波動，導致年比收入成長減少了 3,500 萬美元，即 110 個基點。

Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges, was 18.9%, and non-GAAP EPS was $0.84. Our GAAP tax rate for the quarter was 14.2% and our non-GAAP tax rate was 27.2%. Our GAAP tax rate for the quarter is lower than our previous guidance as we recorded certain income tax benefits that were previously unrecognized in our consolidated financial statements. The timing of this adjustment was primarily driven by the lapse of the statute of limitations.

不包括股權激勵費用、收購相關費用及重組費用的非GAAP營業利益率為18.9%，非GAAP每股收益為0.84美元。本季我們的 GAAP 稅率為 14.2%，非 GAAP 稅率為 27.2%。由於我們確認了先前未在合併財務報表中確認的某些所得稅優惠，因此本季我們的 GAAP 稅率低於我們先前的預期。此次調整的時機主要是因為訴訟時效已過。

As Frank outlined in his comments, we are committed to a comprehensive return of capital program. In March, we launched a $1.5 billion accelerated share repurchase or ASR program. Today, we declared our first quarterly cash dividend of $0.15 per share for shareholders of record at the close of business on May 22, 2017. This dividend will be payable on May 31, 2017.

正如弗蘭克在他的評論中所概述的那樣，我們致力於全面的資本回報計劃。今年 3 月，我們啟動了一項 15 億美元的加速股票回購計畫（ASR）。今天，我們宣布向截至 2017 年 5 月 22 日營業結束時登記在冊的股東派發第一季現金股息，每股 0.15 美元。該股息將於2017年5月31日支付。

Now let me discuss additional details of our financial performance. Consulting and technology services, and outsourcing services represented 57.8% and 42.2% of revenue, [respectively], for the quarter. Consulting and technology services grew 10.6% year-over-year driven by strong performance in Cognizant Business Consulting and an increased demand for digital solutions. Outsourcing services revenue grew 10.9% from Q1 a year ago.

現在讓我來詳細介紹一下我們的財務表現。本季度，諮詢和技術服務以及外包服務分別佔收入的 57.8% 和 42.2%。受 Cognizant Business Consulting 的強勁表​​現和對數位化解決方案日益增長的需求的推動，諮詢和技術服務同比增長 10.6%。外包服務收入較去年同期成長10.9%。

During the first quarter, 38% of our revenue came from fixed-price contracts. We continue to make progress over the long term towards changing the mix of our business towards more fixed-price and/or more managed services arrangements. We added 7 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 336.

第一季度，我們38%的營收來自固定價格合約。從長遠來看，我們將繼續朝著改變業務結構的方向發展，轉向更多固定價格和/或更多管理服務安排。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 336 位。

We are strongly committed to our target of 22% non-GAAP operating margin in 2019. To ensure we achieve this target, we have engaged outside advisers and have a number of work streams underway to focus on cost and operational efficiency, increasing utilization, optimizing our pyramid structure, improving our talent supply chain to better align resources with client demand, simplifying our business unit overhead and leveraging our corporate function spend more effectively. Within the corporate functions, we are focused on a number of areas, including, but not limited to, span of control, automation and vendor consolidation.

我們堅定致力於實現 2019 年 22% 的非 GAAP 營業利潤率目標。為確保實現這一目標，我們聘請了外部顧問，並開展了多項工作，重點關注成本和運營效率、提高利用率、優化金字塔結構、改進人才供應鏈以更好地使資源與客戶需求相匹配、簡化業務部門管理費用以及更有效地利用公司職能支出。在公司職能方面，我們專注於多個領域，包括但不限於管理幅度、自動化和供應商整合。

Additionally, our Board of Directors has organized and chartered our recently announced financial policy committee. And as Frank and Raj mentioned, we are accelerating our shift to high-value digital transformation work while continuing to reassess less profitable opportunities that do not further our position in the digital marketplace.

此外，我們的董事會已經組成並成立了最近宣布成立的財務政策委員會。正如弗蘭克和拉傑所提到的，我們正在加速向高價值的數位轉型工作轉型，同時繼續重新評估那些利潤較低、無法提升我們在數位市場地位的機會。

In Q1, we incurred approximately $11 million of charges related to our realignment program, including advisory fees and severance costs. During the remainder of 2017, we expect to incur additional costs related to severance, including those associated with our recently initiated voluntary separation program; lease termination and other facility-related shutdown costs; and advisory fees. These actions will ultimately improve our cost structure and operating margins while allowing us to continue to invest in the business for growth. We expect to show gradual improvement in our margins throughout 2017 as these efforts take hold.

第一季度，我們因重組計劃產生了約 1,100 萬美元的費用，包括諮詢費和遣散費。在 2017 年剩餘的時間裡，我們預計將產生與遣散費相關的額外費用，包括與我們最近啟動的自願離職計劃相關的費用；租賃終止和其他與設施關閉相關的費用；以及諮詢費。這些措施最終將改善我們的成本結構和營運利潤率，同時使我們能夠繼續投資於業務成長。我們預計，隨著這些努力逐步取得成效，2017 年全年我們的利潤率將逐步提高。

We have already started driving utilization higher by slowing hiring and improving resource alignment to better meet client demand. As evidence of this, we added just 1,000 net new hires in the quarter. While we will carefully manage headcount and our cost structure, it is important that we continue to hire and invest in critical skills to support our evolving digital capabilities. Annualized attrition of 14.7% during the quarter, including BPO and trainees, was roughly in line with the year-ago period.

我們已開始透過放緩招募速度和改善資源配置來提高資源利用率，從而更好地滿足客戶需求。作為佐證，本季我們僅淨增了 1,000 名員工。雖然我們會謹慎管理員工人數和成本結構，但重要的是，我們要繼續招募和投資關鍵技能人才，以支持我們不斷發展的數位化能力。本季年化員工流動率為 14.7%，包括業務流程外包人員和實習生，與去年同期基本持平。

Our offshore utilization for the quarter was 74%. Offshore utilization, excluding recent college graduates who are in our training program, was 79%, and on-site utilization was 91% during the quarter. We would expect these ratios to improve gradually over this year as many of the actions we took in Q1 begin to accrue in Q2 and the remainder of the year.

本季我們的海外利用率為 74%。本季度，海外員工利用率（不包括正在接受我們培訓計畫的應屆大學畢業生）為 79%，現場員工利用率為 91%。我們預計這些比率將在今年逐步改善，因為我們在第一季採取的許多措施將在第二季和今年剩餘的時間開始產生效果。

Turning to our balance sheet, which remains very healthy. We finished the quarter with $4.3 billion of cash and short-term investments. Net of debt, this was down by $1.2 billion from the quarter ending December 31 and $369 million from the year-ago period, reflecting the use of cash on hand to primarily fund the ASR.

接下來來看看我們的資產負債表，它依然非常健康。本季末，我們持有現金和短期投資43億美元。在扣除債務後，該數字較截至 12 月 31 日的季度減少了 12 億美元，較上年同期減少了 3.69 億美元，這反映出主要使用手頭現金為 ASR 提供​​資金。

Receivables were $2.6 billion at the end of the quarter. We finished the quarter with a DSO, including unbilled receivables, of 72 days, flat with last quarter. Our unbilled receivables balance was $395 million, up from $349 million at the end of Q4. We billed approximately 57% of the Q1 unbilled balance in April. The increase in unbilled receivables was primarily due to the timing of certain milestone deliverables. Our outstanding debt balance was $1.2 billion at the end of the quarter, which included a $350 million outstanding balance on our revolver.

截至季末，應收帳款為26億美元。本季末，包括未開立發票應收帳款在內的應收帳款週轉天數為 72 天，與上一季持平。我們的未開立發票應收帳款餘額為 3.95 億美元，高於第四季末的 3.49 億美元。四月我們已開立了第一季未開票餘額的約 57% 的帳單。未開立發票應收帳款的增加主要是由於某些里程碑交付的時間表所致。截至本季末，我們的未償債務餘額為 12 億美元，其中包括 3.5 億美元的循環信貸未償餘額。

Turning to cash flow. In response to investor requests, beginning with this quarter's release, we have included a condensed cash flow statement. Operating activities generated $277 million in the quarter, and we invested $66 million in CapEx, resulting in $211 million of free cash flow in the quarter. The U.S. portion is roughly 1/3 of our total free cash flow.

接下來談談現金流。應投資者要求，從本季財報開始，我們將提供一份簡明現金流量表。本季經營活動創造了 2.77 億美元的收入，我們投資了 6,600 萬美元用於資本支出，從而在本季度產生了 2.11 億美元的自由現金流。美國業務部分約占我們自由現金流總額的 1/3。

As previously mentioned, as part of our ongoing commitment to return capital to shareholders, we launched a $1.5 billion ASR in March. At that time, we received and retired 21.5 million shares, a portion of the total expected shares to be repurchased under the ASR. We expect to complete the transaction during or prior to the third quarter of 2017, at which time the total number of shares to be delivered will be determined based on the volume-weighted average price during this period. Our diluted share count decreased to 607 million shares for the quarter.

如前所述，作為我們持續履行向股東返還資本承諾的一部分，我們在 3 月啟動了 15 億美元的 ASR 計畫。當時，我們收到並註銷了 2,150 萬股，這是根據 ASR 計劃預期回購股份總數的一部分。我們預計將在 2017 年第三季或之前完成交易，屆時將根據該期間的成交量加權平均價格確定交付的股份總數。本季我們的稀釋後股份數量減少至 6.07 億股。

I would now like to comment on our outlook for Q2 and for the full year 2017. For the full year 2017, 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 the current exchange rates at the time at which we are providing the guidance, and does not forecast for potential currency fluctuations over the course of the year.

現在我想談談我們對2017年第二季和全年的展望。我們預計 2017 年全年營收將在 145.6 億美元至 148.4 億美元之間，成長 8% 至 10%。我們的指引是基於提供指引時的當前匯率，並不會預測年內可能出現的匯率波動。

For the second quarter of 2017, we expect to deliver revenue in the range of $3.63 billion to $3.68 billion. We expect non-GAAP operating margins to be at least 19.4% during Q2 and at least 19.5% for the full year 2017 as the benefits of our realignment program begin to accrue. For the second quarter, we expect to deliver non-GAAP EPS of at least $0.89. This guidance anticipates a share count of approximately 591 million shares and a tax rate of approximately 26%.

預計 2017 年第二季營收將在 36.3 億美元至 36.8 億美元之間。我們預計，隨著重組計畫的效益開始顯現，2017 年第二季非 GAAP 營業利潤率將至少達到 19.4%，全年將至少達到 19.5%。我們預計第二季非GAAP每股盈餘至少為0.89美元。該指導意見預計股份數量約為 5.91 億股，稅率約為 26%。

For the full year, we expect to deliver non-GAAP EPS of at least $3.64. This guidance anticipates a full year share count of approximately 595 million shares and a tax rate of approximately 23%. This guidance also includes the impact of the $1.5 billion ASR, and we will provide additional details on the full share count impact once the purchase has been completed.

我們預計全年非GAAP每股收益至少為3.64美元。該指導意見預計全年股份數量約為 5.95 億股，稅率約為 23%。該指導意見還包括 15 億美元的 ASR 的影響，我們將在收購完成後提供有關股份數量全面影響的更多詳細資訊。

Our non-GAAP EPS guidance excludes net nonoperating foreign currency exchange gains and losses, stock-based compensation, acquisition-related expenses and amortization, and realignment charges. For the full year, it also excludes the recognition of the Q1 income tax benefit that was previously unrecognized. Our guidance does not account for any potential impact from events like changes to immigration and tax policies. In summary, we had a strong start to 2017, and we expect to deliver solid revenue and earnings growth this year, along with a substantial capital return to shareholders.

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及重組費用。全年數據也不包括先前未確認的第一季所得稅收益。我們的指導意見並未考慮移民和稅收政策變化等事件可能產生的任何潛在影響。總而言之，我們在 2017 年取得了強勁的開局，我們預計今年將實現穩健的收入和盈利增長，並為股東帶來可觀的資本回報。

Operator, now I'll turn it back over to you for any questions.

操作員，現在我把麥克風交還給您，您有什麼問題嗎？

(Operator Instructions) Our first question is from the line of Bryan Keane with Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的布萊恩·基恩。

Just looking over at 2Q revenue guidance. That range seems to be a little bit wider than usual. Just curious on -- is that some different demand outcomes from clients that's causing that wider range? Because, I think, historically, we've seen more of a pickup between 1Q sequential and 2Q growth rates.

我只是看一下第二季的營收預期。這個範圍似乎比通常情況要寬一些。我只是好奇──是不是客​​戶的不同需求導致了範圍擴大？因為我認為，從歷史數據來看，我們看到第一季環比成長率和第二季環比成長率之間的差距更大。

Sure. Bryan, this is Karen. So 2Q revenues, the range is actually about the same as the ranges we've been providing in recent quarters and in Q1. It's about a $50 million range between the low and the high end of the range. One thing that we should point out that was not in the prepared remarks is this year's a little unusual with the calendar. So Q2 actually has less billing days than Q1, which it's the first time in my history with the company that, that's happened, and it's partially just because of the way the holidays and the weekends line up this quarter. So that's why, a little bit, the Q2 seasonality doesn't seem quite as strong as it was in prior years. But we're very comfortable with the demand environment, as we were talking about in our prepared remarks, and obviously, I'm sure we'll have more conversation over the next few minutes. The demand environment continues to be solid. We haven't seen any change in that as we went into Q2. It's primarily just a matter of the number of bill days.

當然。布萊恩，這位是凱倫。因此，第二季營收的範圍實際上與我們最近幾季和第一季提供的範圍大致相同。價格區間的低端和高端之間大約相差5000萬美元。需要指出的是，準備的發言稿中沒有提到，今年的日曆安排有點不尋常。所以第二季的計費天數其實比第一季少，這在我為公司工作期間還是第一次發生，部分原因是本季的假日和週末的安排比較特殊。所以，第二季的季節性因素似乎沒有往年那麼強，這在某種程度上解釋了為什麼。但正如我們在準備好的演講稿中所說，我們對目前的市場需求環境非常滿意，而且顯然，我相信在接下來的幾分鐘裡我們會繼續討論這個問題。需求環境依然穩健。進入第二季後，我們並沒有看到任何變化。主要問題在於帳單結算天數。

Okay. And then just a quick follow-up, maybe Francisco. Any changes in clients' appetite to use Cognizant services due to some of the stuff going around on immigration reform? Has anybody pulled back or look to be more hesitant than usual?

好的。然後，再快速跟進一下，也許是弗朗西斯科。移民改革方面的一些措施是否影響了顧客使用 Cognizant 服務的意願？有沒有人退縮了，或者看起來比平常更猶豫不決？

No. I would say, specifically related to immigration, we really have not seen any slowdown or impact on client demand, and overall, we were pleased with Q1 at the top end of our range. And so I think that there wasn't any impact, obviously, in Q1, and we haven't seen anything that concerns us going forward.

不。就移民業務而言，我們確實沒有看到客戶需求出現任何放緩或受到影響，總體而言，我們對第一季的業績感到滿意，達到了預期範圍的上限。所以我覺得，顯然第一季沒有任何影響，而且我們也沒有看到任何讓我們擔憂的未來發展趨勢的事情。

The next question is from the line of Tien-tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天進。

I'll ask about the health care outlook. Just a lot of noise there obviously. Just curious about the progress or maybe movement in the BPaaS pipeline. Are you seeing any pent-up demand at payer clients? Maybe any else -- anything else you can give us on the outlook in health care this year will be great.

我會詢問一下醫療保健方面的前景。顯然那裡噪音很大。只是好奇BPaaS產品線的進展或動態。您是否發現支付方客戶有任何被壓抑的需求？如果您還能提供一些關於今年醫療保健前景的其他信息，那就太好了。

This is Raj here. Look, I think we're pleased with the start of health care this year. Obviously, as you know, that Q1 has a lot of seasonality in there with the TriZetto business being a software business and, in addition to that, our life sciences business, which has a lot of discretionary spend and budget flush that happens in Q4. So overall, we're pleased with the start of health care. I think, obviously, there's still a lot of uncertainty out there in terms of what happens with proposed legislation around Affordable Care Act, but we are seeing some stability. Especially given that some of the large M&A deals that were out there, we're starting to see some -- given those have -- are not moving forward, we're starting to see some pent-up demand, which is a good start for us as well too. I think, look, BPaaS, in terms of our platforms, we continue to see a lot of traction, a lot of client interest around our solutions and along with that, a lot of initiatives around digital, especially around customer engagement and analytics, security and cloud-related services.

這位是拉傑。你看，我認為我們對今年醫療保健的開局感到滿意。顯然，正如您所知，第一季有很多季節性因素，因為 TriZetto 的業務是軟體業務，此外，我們的生命科學業務在第四季度有很多可自由支配的支出和預算充裕的情況。總的來說，我們對醫療保健的開端感到滿意。顯然，關於《平價醫療法案》的擬議立法最終走向，仍然存在許多不確定性，但我們看到了一些穩定性。尤其是一些大型併購交易——鑑於這些交易——並沒有取得進展，我們開始看到一些被壓抑的需求，這對我們來說也是一個好的開始。我認為，就我們的平台而言，BPaaS 領域持續獲得廣泛關注，客戶對我們的解決方案表現出濃厚的興趣，同時，圍繞數位化也湧現出許多舉措，尤其是在客戶互動和分析、安全和雲端相關服務方面。

Our next question comes from the line of Ed Caso with Wells Fargo.

我們的下一個問題來自富國銀行的 Ed Caso。

Does TriZetto -- can you remind us if TriZetto has sort of a license fee impact on the model and what quarter it might hit? Or is it all sort of spread over the life of whatever the engagement is?

TriZetto——您能否提醒我們一下，TriZetto是否會對模型產生某種許可費影響，以及可能會在哪個季度產生影響？或者說，這一切都會貫穿整個訂婚過程？

Ed, this is Karen. So as you know, obviously, when we bought TriZetto, they were very focused on software sales and had tremendous seasonality in their business, with Q4 being their strongest quarter historically. That still continues to be true, but over time, obviously, one of the things we've been trying to move them towards is more of an annuity-based structure. So in Q1 of this year, the sequential decline in TriZetto revenue was about $20 million from Q4 to Q1. That's down from last year, where it was over $25 million sequential impact from Q4 to Q1. So we're slowly starting to move them into much more of an annuity-based structure so that, over time, we would have less of that lumpiness.

艾德，這位是凱倫。如您所知，當我們收購 TriZetto 時，他們非常專注於軟體銷售，並且他們的業務具有很強的季節性，歷史上第四季度是他們業績最好的季度。這種情況仍然持續存在，但隨著時間的推移，很顯然，我們一直在努力引導他們轉向更基於年金的結構。因此，今年第一季度，TriZetto 的營收比第四季下降了約 2,000 萬美元。這比去年同期有所下降，去年第四季到第一季的季比影響超過 2,500 萬美元。因此，我們正逐步將它們轉移到更偏向年金的結構中，以便隨著時間的推移，減少這種波動性。

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

我們的下一個問題來自高盛的吉姆·施耐德。

I was wondering if you can maybe dive a little bit more into the immigration comments you touched on earlier. Can you maybe give us any kind of quantification around absolute numbers of visas you applied for, either last year or this year, just to give us a sense about the -- what the half -- 50% mark implies? And maybe just give us a sense about what your plans are in terms of campus recruiting, both in India and in the U.S., over the next year and how you kind of think about the headcount additions for the rest of the year relative to some of the rationalization efforts you talked about or the restructuring.

我想請您再深入探討一下您之前提到的移民問題。您能否提供一些關於您去年或今年申請簽證的絕對數量的量化數據，以便我們了解 50% 這個數字意味著什麼？或許可以讓我們了解您未來一年在印度和美國校園招募方面的計劃，以及您如何看待今年剩餘時間的人員增加，並考慮到您之前提到的合理化措施或重組計劃。

Okay. Why don't I -- Jim, it's Frank. I'll take some of that, and then I'll ask Karen to cover some parts of it. We don't disclose sort of numbers around our use of visas for competitive reasons. But I think we -- as Raj said in the prepared comments, this year, we filed for half the number of H1 that we had filed last year. We wanted to put that out there just to give you a sense that we are continuing to aggressively shift the model to continue to give you a trend line that says as the business shifts more towards digital, as our clients -- as the demand from clients is more about colocation and co-innovation, because that's the kind of work that digital demands, that we're shifting the model accordingly. We're -- as a U.S. company, we're committed to hiring and re-skilling employees not just in the U.S. but really in all the markets around the world where we operate. Specific to the U.S., we're hiring more here. We've got what we think are very innovative training programs with colleges to help train the next generation of technology workers. As Raj said, we're expanding the number of our U.S.-based centers. He gave you an example of the Tampa center and some color around that one. Like Tampa, we have 20 other centers like that already around the world -- around the U.S., excuse me, that we will continue to build and grow and expand our footprint in. And let me ask Karen to cover sort of headcount and our thinking around headcount as we look to the rest of the year.

好的。為什麼我不──吉姆，我是法蘭克。我會拿走一部分，然後讓凱倫來負責一部分。出於競爭原因，我們不會透露有關簽證使用情況的具體數字。但我認為——正如 Raj 在準備好的評論中所說——今年我們申請的 H1 簽證數量只有去年的一半。我們想把這一點說出來，只是想讓你們感受到，我們正在繼續積極地調整模式，以展現一條趨勢線，即隨著業務更多地轉向數位化，隨著客戶的需求更多地轉向託管和協同創新（因為這是數位化所需的工作類型），我們正在相應地調整模式。作為一家美國公司，我們致力於招募和重新培訓員工，不僅在美國，而且在我們經營的全球所有市場都是如此。具體到美國，我們這裡正在招募更多員工。我們與高校合作，推出了我們認為非常有創新性的培訓項目，旨在幫助培養下一代技術人才。正如 Raj 所說，我們正在擴大我們在美國的中心數量。他給你舉了坦帕中心的例子，並做了一些相關的描述。與坦帕一樣，我們在世界各地（抱歉，應該說是在美國各地）已經有 20 個類似的中心，我們將繼續建立、發展並擴大我們的業務範圍。接下來，我想請 Karen 談談人員數量以及我們展望今年剩餘時間時對人員數量的看法。

Yes, sure. Thanks, Frank. So Jim, obviously, we haven't and will not provide any headcount guidance, but I think it is -- at a macro level, it's safe to assume that utilization will go up throughout the year. We will certainly continue to hire as we continue to drive forward with the change in the skills mix. So as you saw in Q1, we added about net of 1,000 people. That will move up and down throughout the year as we bring on some of these new skills and continue to also retrain our workforces, as Frank talked about. In terms of the balance between campus and lateral hiring, that will continue to shift from quarter-to-quarter. As you know, we have a very robust campus hiring program in India. That continues. In the U.S., we continue to expand our campus hiring program, and that's everything from working with local community colleges in retraining and skilling programs, all the way up through the big MBA and master's programs. And then similarly, in Europe, we also do a lot of campus recruiting there. So we've got very robust campus programs that we've put in place over the last few years and continue to look to those as ways of expanding our local presence on site.

當然可以。謝謝你，弗蘭克。所以吉姆，很顯然，我們沒有也不會提供任何人員數量的指導，但我認為——從宏觀層面來看，可以肯定的是，利用率將在全年持續上升。隨著我們不斷推進技能組合的變革，我們肯定會繼續招募人才。正如您在第一季看到的那樣，我們淨增加了約 1000 人。正如弗蘭克所說，隨著我們引進一些新技能並繼續對我們的員工進行再培訓，這一數字將在今年內上下波動。校園招募與傳統招募之間的平衡將繼續每季發生變化。如您所知，我們在印度擁有非常完善的校園招募計畫。這種情況仍在繼續。在美國，我們繼續擴大校園招聘計劃，涵蓋了從與當地社區學院合作開展再培訓和技能提升計劃，到大型MBA和碩士課程等各個方面。同樣地，在歐洲，我們也進行了許多校園招募。因此，我們在過去幾年中建立了非常完善的校園項目，並將繼續把這些項目作為擴大我們在當地的影響力的途徑。

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

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

I was wondering if you could start by maybe touching on gross margin a little bit. It seemed as though, on the gross margin side, it was a little bit softer in the quarter. So just wondering what in terms of business mix -- or maybe we're not accounting for charges correctly as we're backing them out, might be included in that number. And then I have a quick follow-up.

我想請您先簡單談談毛利率。本季毛利率似乎略有下降。所以我想知道，就業務組合而言，哪些因素可能包含在這個數字中——或者也許我們在扣除費用時沒有正確地計算這些費用。然後我還有一個簡短的後續問題。

Brian, this is Karen. So it was a little hard to hear you, but I think you were asking about gross margin for the quarter. So gross margin, as we've talked about from time to time, will move up and down. Our focus is always on non-GAAP operating margin. But what you see -- saw putting pressure on gross margin, we saw this last year as well, is, in 2016, we hired a lot of people, and frankly, headcount grew much faster than revenue. That will -- already did start to subside, at least on a sequential basis this quarter and will continue to subside this year, and we'll bring those 2 back more in line. And certainly, headcount growth, I would expect to grow actually slower than revenue this year. So it was really that -- the lower utilization that was putting pressure on gross margin. That will start to reverse itself as we get through the rest of the year.

布萊恩，這位是凱倫。我剛剛有點聽不清楚你說話，但我想你是在問這個季度的毛利率吧。所以，正如我們之前多次討論的那樣，毛利率會有波動。我們始終關注非GAAP營業利潤率。但我們看到的情況是——毛利率面臨壓力，我們去年也看到了這種情況——2016 年我們僱用了很多人，坦白說，員工人數的增長速度遠遠超過了收入的增長速度。這種情況——至少從本季度的環比來看——已經開始緩解，並且今年將繼續緩解，我們將使這兩項指標更加協調一致。當然，我預計今年員工人數的成長速度實際上會低於收入的成長速度。所以，真正的原因是──較低的產能利用率給毛利率帶來了壓力。隨著今年剩餘時間的過去，這種情況將開始逆轉。

And on operational efficiency initiatives, maybe if you can offer a little bit of color in terms of what you made progress with in the first quarter and how we should anticipate ongoing initiatives to trend through the remainder of the year.

關於營運效率提升舉措，您能否詳細介紹您在第一季取得了哪些進展，以及我們應該如何預測今年剩餘時間正在進行的各項舉措的發展趨勢？

Yes. So I think, really the vast majority of the initiatives are just starting now. So I would say the January and February time frame was a lot of planning. We want to be very thoughtful. It is most critical that we continue to invest for growth and the shift to digital that we're seeing in the business. So that's our -- first and foremost, we need to make sure we protect that while, at the same time, obviously, we're looking for opportunities to enhance our cost structure and further optimize our cost structure. So there were some small actions in Q1. As you saw, there was about $11 million of realignment costs. That was a combination of advisory fees to help us prepare for this as well as some severance. But most of the actions will begin here -- or have begun already in Q2. We just launched, earlier this week, a voluntary separation package. That program will go through the end of Q2, so we'll start to see the benefits of that as we get into Q3. Similarly, we're looking at real estate and other opportunities from vendor consolidation and so forth. The vast majority of those benefits, we'll start to see towards the end of Q2, but most of that will really start to kick in as we get into the back half of this year, which will then help, hopefully, set us up very well as we move into next year and we start to see the full year benefits of those.

是的。所以我覺得，絕大多數的措施其實現在才剛開始。所以我覺得一月和二月這段時間主要是做計畫。我們希望考慮得非常周全。至關重要的是，我們必須繼續投資以促進成長，並適應業務中正在發生的數位轉型。所以，首先，我們需要確保保護好這一點；同時，顯然，我們也在尋找機會來改善我們的成本結構，並進一步優化我們的成本結構。所以第一季有一些小小的舉措。正如你所看到的，重組費用約為 1100 萬美元。那筆錢包括幫助我們為此做好準備的諮詢費以及一些遣散費。但大部分行動將從這裡開始——或者已經在第二季開始了。就在本週早些時候，我們推出了自願離職方案。該計劃將持續到第二季​​末，因此我們將在第三季開始看到其帶來的好處。同樣，我們也在關注房地產和其他方面的機會，例如供應商整合等等。絕大多數這些好處，我們將在第二季末開始看到，但大部分要到今年下半年才會真正開始顯現，這有望幫助我們為明年打下良好的基礎，並讓我們開始看到這些好處帶來的全年效益。

Our next question is from the line of Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

So the performance with regards to revenues and EPS was kind in line with our expectations, but the gross margin decline was a bit sharper than expected. Could you breakdown the decline in terms of the impact from revenue mix? Was this the investments you're making or the miscellaneous factors? What I'm trying to get to is how much of the impacts is likely to be ongoing versus you get a recovery as you proceed through the year.

因此，就營收和每股盈餘而言，業績基本上符合我們的預期，但毛利率下降幅度比預期要大一些。能否從所得結構的影響角度分析一下下滑的原因？這是你正在進行的投資，還是其他一些雜項因素？我想表達的是，這些影響有多少可能是持續性的，又有多少會隨著時間的推移而逐漸恢復。

Yes. So Ashwin, this is Karen. I'll take that. I think similar to the answer to Brian's question, this is really about utilization in Q1. As the business mix continues to take hold, digital becomes a bigger piece of the business, we are actually seeing that business continue to be margin accretive, and we expect that to continue. And that is certainly a big piece of what will help drive our margin profile in the outer years. But in the short term, because of all the hiring we did last year and the fact that we had such a big drop in utilization year-over-year as we went through last year, that's really what's putting the pressure on gross margin. And as I said, we would expect that to start to reverse as the year goes on.

是的。阿什溫，這位是凱倫。我接受。我認為和布萊恩的問題的答案類似，這實際上與第一季的利用率有關。隨著業務組合的不斷鞏固，數位化在業務中所佔比例越來越大，我們實際上看到這項業務持續提升利潤率，我們預計這種情況還會持續下去。這無疑是未來幾年推動我們利潤率成長的重要因素之一。但短期來看，由於我們去年進行了大量的招聘，而且去年我們的利用率同比大幅下降，這才是真正給毛利率帶來壓力的原因。正如我所說，我們預計這種情況會隨著時間的推移而開始逆轉。

Our next question comes from the line of Keith Bachman with Bank of Montréal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Karen, is there a way to think about how your cost base is changing? What I mean by that is, you're requesting or applying for fewer visas but you're adding more onshore labor, so your cost -- your general costs are increasing for headcount. Is there a way to think about how that is unfolding for the year? In other words, are your costs for headcount going up by 5% or 10% or not really changing? I know some of your strategic initiatives are designed to alleviate that pressure, but is there any way to quantify, as you're growing your onshore headcount, how that's changing your cost base? And the second part of the question is, how much more can you move mix to be offshore? We've talked to some customers, and they seem more willing to move. With the H1-B1 -- H1 issues that are arising, it seems like clients are more willing to let work move offshore. But how much more, you think, room is there to move work offshore to mitigate some of the impact of what is generally, I think, higher-cost wages that you have to pay for your onshore labor?

Karen，有沒有辦法思考一下你的成本結構是如何改變的？我的意思是，你申請的簽證數量減少了，但你增加了境內勞動力，所以你的成本——你的人力成本總體上增加了。有沒有辦法思考這一年的發展趨勢？換句話說，你們的人力成本是漲了 5% 還是 10%，還是其實沒有改變？我知道你們的一些策略性舉措旨在緩解這種壓力，但是隨著你們增加在岸員工人數，有沒有辦法量化這會如何改變你們的成本基礎？問題的第二部分是，你還能將多少混合環節轉移到海外？我們和一些客戶談過了，他們似乎更願意搬家。由於 H1-B1-H1 簽證問題不斷出現，客戶似乎更願意將工作轉移到海外。但是，您認為還有多少空間可以將工作轉移到海外，以減輕通常情況下，您必須為在岸勞動力支付的較高工資成本所帶來的影響？

Sure. So Keith, I'll start, and then I think I'll let Frank add some color as well. But in terms of the on-site costs, that's what's interesting, is on a like-on-like basis, if we're hiring the same skills with a local worker versus somebody who comes over on a visa, there really isn't significant difference in the cost structure by the time you factor in the cost of the wages, the relocation, et cetera, versus the compensation that we're paying. And obviously, we had to keep in mind that when you're using the H1-B program, there are prevailing wage structures that set the salaries that we are going to pay to our people. So essentially, those salaries are set at market wage. So we're not seeing any significant difference as you shift the workforce. The biggest challenge is finding the right talent, and that has always been the concern and the challenge. So as long as you can find the right skill set, the cost structure is not significantly different. In terms of the ability to move work offshore and the willingness, I think it's the same issue, right? If clients could find a talent here in the U.S. or in Europe as it may apply, then I think, certainly, people would avail of that. But when the talent is not available, people are certainly willing to look at moving work offshore. And I'll ask -- Frank, you may have some color to add to that as well.

當然。那麼，基思，我先開始，然後我想也讓法蘭克補充一些內容。但就現場成本而言，有趣的是，在同等條件下，如果我們僱用的是擁有相同技能的本地工人，而不是持簽證過來的工人，那麼考慮到工資、搬遷等成本，與我們支付的薪酬相比，成本結構實際上並沒有顯著差異。顯然，我們必須記住，在使用 H1-B 計劃時，存在現行的工資結構，這些結構決定了我們將支付給員工的工資。所以，這些工資基本上都是按照市場工資水準設定的。所以，隨著勞動結構的調整，我們並沒有看到任何顯著的改變。最大的挑戰在於找到合適的人才，這始終是我們關注的焦點和挑戰。所以只要你能找到合適的技能人才，成本結構就不會太大差異。就將工作轉移到海外的能力和意願而言，我認為這是同一個問題，對吧？如果客戶能夠在美國或歐洲（視情況而定）找到合適的人才，那麼我認為，人們肯定會利用這一點。但是，當缺乏人才時，人們當然願意考慮將工作轉移到海外。我還要問──弗蘭克，你或許也能補充一些細節。

Yes. I think Karen's covered it well. I have very little color to add. All I would say is that on the issue of moving work -- more work offshore, I think, in general, you have to look at that by line of service. I think that generally speaking, we're pretty optimized by line of service, but there's -- on some of the older lines of service, application maintenance, quality assurance and so on, there may be some incremental opportunity to optimize the mix there. That's driven by maturity of those service offerings, more comfort that clients have with executing in a global delivery model. And to some extent, driven by advances in technology, better communications technology, better collaboration and interaction technologies, I don't think that's a significant move. And to some extent, as we look at the portfolio overall, that move is somewhat, at the portfolio level, offset by the digital -- the new digital work that requires more colocation, co-innovation closer to the client. So at a portfolio level, I'm not sure you'd see significant shift one way or the other.

是的。我覺得凱倫已經解釋得很清楚了。我沒什麼好補充的了。我只想說，關於工作轉移——更多工作轉移到海外——這個問題，我認為，總的來說，你必須按服務線來看待。我認為總的來說，我們已經按服務線進行了相當優化，但是對於一些較舊的服務線，例如應用程式維護、品質保證等等，可能還有一些優化組合的增量機會。這是由於這些服務產品的成熟度提高，以及客戶對在全球交付模式下執行任務的信心增強。在某種程度上，受技術進步、通訊技術進步、協作和互動技術進步的推動，我認為這並不是什麼重大舉措。從整體來看，在某種程度上，這種轉變在投資組合層面被數位化所抵消——新的數位化工作需要更多的協同辦公，更貼近客戶進行共同創新。因此，從投資組合層面來看，我不確定你會看到明顯的朝向某一方面或另一方面的變化。

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

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

Frank, maybe this one's for you. I imagine this transition that your business is undergoing right now is one of the biggest challenges you've had in the 20-plus years you've been there. Can you just talk about what are the most difficult aspects, in your view, of the transition both to digital on the revenue side as well as the margin expansion shift on the cost side of things, and how you're addressing those?

法蘭克，也許這個是給你的。我猜想，您公司目前正在經歷的這種轉型，也是您經營20多年來遇到的最大挑戰之一。您能否談談您認為在收入方面向數位轉型以及在成本方面實現利潤率擴張的過程中，最困難的方面是什麼，以及您是如何應對這些困難的？

Lisa, I would say, while this is a transition that we are taking the company through, I think the company and I give the team a lot of credit, and take a minute here to recognize everybody on the Cognizant leadership team and all of the people around the world who have gotten behind making this transition happen. It's not dissimilar to many other transitions that we've managed through in the past. We lived through the financial crisis and came out stronger the other end. While 50% -- close to 50% of our revenue back then came from the financial services industry. We made the shift from year 2000 to the Internet and e-business and so on and so forth. The company is a little bit bigger today than it was back then, so the magnitude of what we are doing is a little bit bigger. But I would say the elements are similar. The reality is that we have a very, very strong market position that comes from incredibly strong client relationships that go back many years. We understand our clients. We understand their businesses. We understand their technology environments. And our advantage in digital comes from the fact that clients are moving into this phase where they are doing digital at scale, which means they are transforming their business models, they're transforming their operating models and they're transforming their technology models, all of this in tandem, simultaneously. That is Cognizant's advantage, that we have this capability to be able to work with them to transform their business model, their operating model and their technology model, to do that in tandem in one strong, solid integrated fashion. So we've got a strong value proposition. We've got a strong -- in the marketplace. Now in terms of the changes, the core capabilities that we have, our consulting teams, our strong industry domain expertise, those are relevant. We are going through a large process, as I said in my prepared remarks, of retraining and reskilling the teams, that's mostly related to new digital technologies. We're doing that at scale, so that's a heavy lift given the number of people that we need to take through that. But we've got a great workforce, a workforce that's committed to continuous learning, and so it's a question of making that happen as opposed to a desire or will to have that happen. So I think that we're taking the company through that. Look, I think in terms of the margin expansion program, the company is committed to this. We're looking at it as an opportunity to simplify the business, frankly. We've had 20-plus years of rapid growth. The company was probably a little bit more complicated than -- internally than it needed to be in some areas. This is an opportunity for us to simplify. It's an opportunity for us to get better. It's an opportunity for us to be more efficient and more effective in how we do things, and the emphasis is on simplification. And given that, I think the team is rallying around that because they see that this is an opportunity for us to be -- to run the place better and be stronger as a result of that. So I think we're well on our way. We feel very good. The management team is deeply committed to this plan. We see the opportunity as we shift to digital. We see the benefits of simplifying the business. And I think, as Karen said, we're off to a good start in Q1, and you'll start to see the actions on the margin front in Q2.

麗莎，我想說，雖然這是我們正在帶領公司經歷的轉型，但我認為公司和我都應該高度讚揚團隊，並在此花一分鐘時間感謝 Cognizant 領導團隊的每一位成員，以及世界各地所有支持這一轉型的人們。這與我們過去經歷過的許多其他轉型並無太大區別。我們挺過了金融危機，變得更強大。當時我們有近 50% 的收入來自金融服務業。我們從2000年開始，過渡到網路和電子商務等等。公司現在的規模比以前大了一些，所以我們所做的事情的規模也更大了一些。但我認為它們的組成元素是相似的。事實上，我們擁有非常非常強大的市場地位，這源自於我們與客戶之間多年來建立的極其牢固的關係。我們了解我們的客戶。我們了解他們的業務。我們了解他們的技術環境。我們在數位化方面的優勢在於，客戶正在進入大規模數位轉型的階段，這意味著他們正在轉變業務模式、營運模式和技術模式，所有這些都是同步進行的。這就是 Cognizant 的優勢所在，我們有能力與他們合作，共同改變他們的商業模式、營運模式和技術模式，以強大、穩固的一體化方式同步進行。所以我們有很強的價值主張。我們在市場上擁有強大的實力。就變革而言，我們擁有的核心能力，我們的諮詢團隊，我們強大的產業領域專業知識，這些都至關重要。正如我在準備好的演講稿中所說，我們正在進行一項大規模的團隊再培訓和技能提升工作，這主要與新的數位技術有關。我們正在大規模地進行這項工作，考慮到我們需要幫助的人數眾多，這是一項艱鉅的任務。但我們擁有一支優秀的員工隊伍，一支致力於持續學習的員工隊伍，所以問題在於如何實現這一點，而不是是否存在實現這一點的願望或意願。所以我認為我們正在帶領公司度過難關。我認為，就利潤率提升計劃而言，公司是致力於此的。坦白說，我們把它看作是簡化業務的機會。我們已經經歷了20多年的快速成長。在某些方面，這家公司的內部結構可能比實際需要的要複雜一些。這是一個讓我們簡化流程的機會。這是一個讓我們變得更好的機會。這是一個讓我們在做事方式上更有效率、更有效的機會，重點在於簡化。有鑑於此，我認為球隊正在團結一致，因為他們看到了這是一個讓我們更好地管理球隊並因此變得更強大的機會。所以我覺得我們進展順利。我們感覺很好。管理團隊對這項計畫高度重視。我們看到了數位化轉型帶來的機會。我們看到了簡化業務流程的好處。正如凱倫所說，我認為我們在第一季開局良好，第二季你將開始看到利潤率的進展。

That question will be coming from the line of Arvind Ramnani with Pacific Crest.

這個問題將來自太平洋之巔的 Arvind Ramnani 家族。

So when you look at these digital projects, they're certainly gaining scale, and clients value your consulting and advisory services even more so now than in prior years. Can you kind of talk about your consulting offering and how you're looking to scale that given your on-site hiring? Particularly among the Indian players, you're certainly well positioned, but I'm sure there's more to do on building scale. And finally, how are you also leveraging your consultants on your account management?

因此，當你審視這些數位專案時，你會發現它們無疑正在不斷擴大規模，客戶現在也比往年更加重視你的諮詢和顧問服務。您能否談談您的諮詢服務，以及鑑於您目前採用的現場招募模式，您打算如何擴大諮詢服務的規模？尤其是在印度選手中，你們的地位無疑很有利，但我相信在擴大規模方面還有更多工作要做。最後，您是如何利用顧問進行客戶管理的？

Yes. So Arvind, it's Frank. There was sort of multiple parts of that question so I'll try to address them all. So a couple of things. I would say, look, in terms of consulting scale-up, as you know, the consulting business at Cognizant is one that we've been building for years. And so in terms of the basics of that business, the basics of scaling that business up, I think we've got a very robust mechanism in place now. We've got strong campus hiring -- MBA campus hiring, both in India and in the U.S. and Europe. So we hire MBAs from the top institutions around the world. That feeds the consulting pyramid. So the basic mechanism of scaling that up, I think, is very much in place and very strong. Having said that, as you pointed out, consulting has never been more relevant, and we continue to look to other ways to scale up our consulting group, particularly organically -- excuse me, inorganically, in addition to the organic things that we're doing. So you'll continue to see us looking at consulting companies as part of our inorganic screen. I would say that in terms of areas of focus, the -- we will continue to deepen, in the industries that we serve, our consulting capability. We're also looking to scale up technology consulting in particular areas that relate to digital around cloud, around -- excuse me, cloud, cloud migration. You'll see us scaling up -- we've already done, as you know, a few acquisitions in what I think of as the front end, the business model side of digital, so experience design, creative human factors, all of those kinds of things, which are very consultative in nature. And then the last part of your question relates to integrating consulting more tightly in the client interface, and that's certainly something that we're doing. We've moved now increasingly to a model where, in addition to having client partners on the -- on our biggest clients, which is the historical model, we're also infusing the client interface with more dedicated, more full-time consultants from the Cognizant Business Consulting team. So all of that very much in work -- in the works and continues to scale up. So hopefully, that addresses all the parts of your question.

是的。所以，Arvind，我是Frank。這個問題其實包含多個部分，我會盡量一一解答。有兩件事。我想說，就諮詢業務的規模擴張而言，正如你所知，Cognizant 的諮詢業務是我們多年來一直在建立的。因此，就這項業務的基本要素，也就是擴大這項業務規模的基本要素而言，我認為我們現在已經建立了一個非常健全的機制。我們在校園招聘方面表現出色——MBA校園招聘，無論是在印度、美國還是歐洲。所以我們從世界頂尖院校聘請MBA畢業生。這為諮詢行業的金字塔提供了養分。所以，我認為，擴大規模的基本機制已經非常完善且非常強大。話雖如此，正如你所指出的，諮詢業務從未像現在這樣重要，我們將繼續尋找其他方法來擴大我們的諮詢團隊，特別是透過有機增長——抱歉，是無機增長，除了我們正在做的有機增長之外。因此，您將繼續看到我們把顧問公司納入我們的非有機成長篩選範圍。就重點領域而言，我們將繼續深化在我們所服務的行業中的諮詢能力。我們也希望擴大技術諮詢業務，尤其是在與雲端運算、雲端遷移等數位領域。你會看到我們不斷擴大規模——正如你所知，我們已經在數位業務的前端、商業模式方面進行了一些收購，例如體驗設計、創意人因工程等等，這些都具有很強的諮詢性質。你問題的最後一部分是關於如何將諮詢服務更緊密地融入客戶介面，而這正是我們正在努力的方向。我們現在越來越多地採用這樣一種模式：除了像以往那樣，在我們最大的客戶那裡安排客戶合作夥伴之外，我們還將來自 Cognizant 商業諮詢團隊的更多專職、全職顧問融入到客戶界面中。所以所有這些都在進行中——正在籌備中，而且還在不斷擴大規模。希望這能解答你所有的問題。

And with that, I think we're just about out of time. So I want to just end by thanking everybody, again, for joining us today. Thanks very much for your questions. And as always, we look forward to speaking with you again next quarter. Thanks, everybody.

就這樣，我想我們的時間差不多就到了。最後，我再次感謝大家今天蒞臨現場。非常感謝您的提問。和往常一樣，我們期待下個季度再次與您交流。謝謝大家。

This concludes today's Cognizant Technology Solutions First Quarter 2017 Earnings Conference Call. You may now disconnect.

本次 Cognizant Technology Solutions 2017 年第一季財報電話會議到此結束。您現在可以斷開連線了。