高知特 (CTSH) 2017 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Second Quarter 2017 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to David Nelson, Vice President, Investor Relations and Treasurer at Cognizant. Please go ahead, sir.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2017 年第二季財報電話會議。（操作員指示）現在，我將把會議交給 Cognizant 的投資者關係副總裁兼財務主管 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 second quarter 2017 results. If you have not, a copy is available on our website, cognizant.com. Additionally, we have loaded an investor presentation on to our website. This presentation covers the key points discussed on this call.

謝謝接線員，大家早安。現在，你應該已經收到該公司 2017 年第二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。此外，我們已將投資者簡報上傳至我們的網站。本次簡報涵蓋了本次電話會議討論的關鍵要點。

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

今天參加電話會議的發言人有：執行長 Francisco D'Souza；總裁 Raj Mehta；以及財務長 Karen McLoughlin。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks 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。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中描述的風險和不確定性的影響，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 thank you for joining us today. Cognizant delivered strong second quarter results. Q2 revenue was $3.67 billion, which is at the high end of our guided range and up 8.9% year-over-year. 3 of our 4 business segments were strong contributors to our performance. Healthcare, product and resources, and communications, media and technology averaged double-digit growth rates, and our digital-related revenue continued to grow well above company average. Non-GAAP EPS for the quarter was $0.93. Our non-GAAP operating margin improved sequentially from 18.9% to 20%.

各位早安，感謝大家今天收看我們的節目。Cognizant第二季業績表現強勁。第二季營收為 36.7 億美元，處於我們預期範圍的高端，較去年同期成長 8.9%。我們四大業務板塊中有三個對我們的業績做出了重要貢獻。醫療保健、產品和資源以及通訊、媒體和技術業務的平均成長率達到兩位數，而我們的數位相關收入繼續遠高於公司平均水平。本季非GAAP每股收益為0.93美元。我們的非GAAP營業利潤率較上季從18.9%提升到20%。

In light of our strong first half results, we've raised the lower end of our full year guidance range. We now expect full revenue to be in the range of $14.7 billion and $14.84 billion. And as we continue to invest in the business for growth, we expect our full year 2017 non-GAAP operating margin to be at least 19.5%.

鑑於我們上半年業績強勁，我們提高了全年業績預期範圍的下限。我們現在預計總收入將在 147 億美元至 148.4 億美元之間。隨著我們繼續投資業務以實現成長，我們預計 2017 年全年非 GAAP 營業利潤率至少為 19.5%。

We've now delivered 2 consecutive quarters of solid performance in 2017. This is the result of our strong and distinctive position in the marketplace and our ability to execute against a large opportunity in front of us. During recent earnings calls and investor conferences, we've discussed our plan to accelerate Cognizant's shift to digital services and solutions. As a reminder, the 3 elements of our plan are: one, to invest in and scale our digital practices to solve clients' current and emerging challenges; two, to continue to invest in our core business, which remains very relevant as we accelerate our shift to digital; and three, to implement our margin improvement and capital return program. We believe our performance through the first half demonstrates the consistency of our execution against this plan.

2017年至今，我們已連續兩季取得穩健的業績。這是由於我們在市場上的強大而獨特的地位，以及我們把握眼前巨大機會的能力所致。在最近的財報電話會議和投資者會議上，我們討論了加速 Cognizant 向數位化服務和解決方案轉型的計劃。再次提醒大家，我們的計畫包含三個要素：一、投資並擴大我們的數位化實踐，以解決客戶當前和未來面臨的挑戰；二、繼續投資我們的核心業務，在我們加速向數位轉型之際，核心業務仍然非常重要；三、實施我們的利潤率提升和資本回報計畫。我們相信，上半年的表現證明了我們能夠始終如一地執行這項計畫。

So this morning, I'd like to highlight our progress in helping clients achieve the full value of digitizing their entire enterprises or what we call being digital at scale. For clients, digital at scale is both their defining competitive challenge and their long-term direction. Now that digital is mainstream, enterprise transformation is no longer elected -- elective. It's mandatory for competing effectively. This enterprise-wide effort is about remaking their business models, operating models and technology models, all 3 simultaneously. So it's a heavy lift. As a result, clients need more from us than ever before. They're seeking our expertise to reimagine, redefine and transform their businesses to create new sources of value, and that's why we've invested in and continue to scale our 3 practice areas, which run across our business segments. They are Cognizant digital business, Cognizant digital operations and Cognizant digital systems and technology.

今天上午，我想重點介紹我們在幫助客戶實現企業數位轉型（或我們稱之為大規模數位化）方面取得的進展。對客戶而言，大規模數位化既是他們面臨的決定性競爭挑戰，也是他們的長期發展方向。如今數位化已成為主流，企業轉型不再是選擇的結果。這是有效競爭的必要條件。這項企業範圍內的努力旨在同時重塑他們的商業模式、營運模式和技術模式。所以這是一項艱鉅的任務。因此，客戶比以往任何時候都更需要我們。他們正在尋求我們的專業知識來重新構想、重新定義和轉型他們的業務，以創造新的價值來源，這就是為什麼我們投資並繼續擴大我們的 3 個業務領域，這些領域貫穿我們的業務部門。它們分別是 Cognizant 數位業務部、Cognizant 數位營運部和 Cognizant 數位系統與技術部。

Cognizant digital business now harnesses the expertise of more than 40,000 digital professionals who focus on developing virtual channels with customers and creating smart products. These digital business experts identify insights, develop strategies and they design prototype and scale digital experiences to reshape clients' products and business models. All of this effort aimed at generating new growth.

Cognizant 數位業務現在利用超過 40,000 名數位專業人員的專業知識，他們專注於與客戶開發虛擬管道並創造智慧產品。這些數位商業專家能夠洞察市場趨勢、制定策略，並設計原型和擴展數位體驗，從而重塑客戶的產品和商業模式。所有這些努力都是為了促進新的成長。

Turning to Cognizant digital operations. Our team is drawing on deep process and technology knowledge to help clients reengineer, digitize, manage and operate their core business processes to lower costs and deliver growth. Within digital operations, we're making good progress building repeatable industry utilities, both organically and through acquisitions. As part of our extended strategic relationship with Health Care Services Corporation, we announced an agreement in June to acquire TMG Health, a subsidiary of HCSC and a leading national provider of business process services for Medicare Advantage, Medicare Part B and Managed Medicaid plans. TMG Health will further strengthen our scalable business process-as-a-service or BPaaS solution for the government and public health programs market.

轉向 Cognizant 的數位營運部門。我們的團隊憑藉著深厚的流程和技術知識，幫助客戶重新設計、數位化、管理和營運其核心業務流程，以降低成本並實現成長。在數位化營運方面，我們透過自身發展和收購，在建立可複製的產業實用工具方面取得了良好進展。作為我們與醫療保健服務公司 (Health Care Services Corporation) 擴展策略關係的一部分，我們在 6 月宣布達成協議，收購 TMG Health，該公司是 HCSC 的子公司，也是全國領先的 Medicare Advantage、Medicare Part B 和管理式醫療補助計劃的業務流程服務提供者。TMG Health 將進一步加強我們針對政府和公共衛生計畫市場的可擴展業務流程即服務 (BPaaS) 解決方案。

Along with building industry utilities, we're continuing to push the envelope on the intelligent automation of clients' repeatable vertical processes. Examples include mortgage document processing, insurance claims processing and medical claims management. In these cases, we're applying artificial intelligence and machine learning to bring significant efficiencies to tasks such as adjudicating and processing claims, reconciling invoices and retrieving and comparing complex data. Cognizant robots, based on our own automation technology along with other intelligent automation solutions, now process hundreds of thousands of transactions a day for several of our customers across industries.

除了建造產業公用設施外，我們還在不斷推進客戶可重複垂直流程的智慧自動化。例如抵押貸款文件處理、保險索賠處理和醫療索賠管理。在這些案例中，我們正在應用人工智慧和機器學習來顯著提高諸如裁決和處理索賠、核對發票以及檢索和比較複雜數據等任務的效率。基於我們自己的自動化技術以及其他智慧自動化解決方案，Cognizant 機器人現在每天為我們各行業的眾多客戶處理數十萬筆交易。

Turning to Cognizant digital systems and technology, we're working with clients to simplify, modernize and secure their heritage IT infrastructure and applications. For example, as our clients look to create an agile, secure and resilient platform, we're increasingly helping them migrate workloads to the cloud. Cloud migration and operation, which takes many forms, has become a significant opportunity for us. For example, in May, we moved our flagship TriZetto products to the Microsoft Azure cloud and launched our TriZetto Healthcare cloud solution, a secure compliance SaaS platform for health care payers of any size. With our new TriZetto Healthcare cloud solution, the more than 300 active TriZetto clients now have the option to migrate their on-premise software to the cloud, and we can help them with the services to do just that. Once their workloads are migrated, we can provide ongoing technology services to securely manage and maintain the software or even move them into a BPaaS model where the Cognizant digital operations team can manage their end-to-end business and technology operations.

借助 Cognizant 的數位系統和技術，我們正在與客戶合作，簡化、現代化並保護其原有的 IT 基礎架構和應用程式。例如，隨著我們的客戶尋求創建一個敏捷、安全且具有彈性的平台，我們正在越來越多地幫助他們將工作負載遷移到雲端。雲端遷移和維運形式多樣，已成為我們面臨的重要機會。例如，在 5 月份，我們將旗艦產品 TriZetto 遷移到 Microsoft Azure 雲，並推出了 TriZetto Healthcare 雲端解決方案，這是一個面向各種規模醫療保健支付方的安全合規 SaaS 平台。透過我們全新的 TriZetto Healthcare 雲端解決方案，300 多家活躍的 TriZetto 客戶現在可以選擇將其本地軟體遷移到雲端，我們可以提供相應的服務來幫助他們完成遷移。一旦他們的工作負載遷移完畢，我們可以提供持續的技術服務，以安全地管理和維護軟體，甚至將其遷移到 BPaaS 模型中，讓 Cognizant 數位營運團隊管理其端到端的業務和技術營運。

There's another way we're helping clients take advantage of cloud computing agility, flexibility and cost savings and that's by moving their custom applications to cloud platform-as-a-service environment. For example, we have expanded our alliance with cloud native leader, Pivotal, to speed the enterprise-wide adoption of cloud applications and software platforms. And by the way, Cognizant now has more than 4,000 cloud professionals, the majority certified on Pivotal, Amazon Web Services, Microsoft Azure and Google Cloud. Now cloud migration is just one example of how the digital systems and technology team works with clients.

我們也透過另一種方式幫助客戶利用雲端運算的敏捷性、靈活性和成本節約優勢，那就是將他們的自訂應用程式遷移到雲端平台即服務環境中。例如，我們擴大了與雲端原生領導者 Pivotal 的聯盟，以加快企業範圍內對雲端應用程式和軟體平台的採用。順便一提，Cognizant 目前擁有 4,000 多名雲端專業人員，其中大多數獲得了 Pivotal、Amazon Web Services、Microsoft Azure 和 Google Cloud 的認證。雲端遷移只是數位系統和技術團隊與客戶合作的一個例子。

In the course of simplifying, modernizing and securing clients' heritage IT environments, our team is working to ready their technology backbones for the rigorous demands of an always-on, high throughput, highly-secure environment, which is typical of large digital deployments today. In this way, the knowledge of our client's technology environments, built up over many years, has become a significant advantage in our ability to provide them with the technology transformation services.

在簡化、現代化和保護客戶的傳統 IT 環境的過程中，我們的團隊正在努力使他們的技術骨幹網路做好準備，以滿足當今大型數位部署中常見的始終在線、高吞吐量、高度安全環境的嚴格要求。如此一來，我們多年來累積的對客戶技術環境的了解，已成為我們提供技術轉型服務的重要優勢。

Now the way we pull together the full range of services and solutions from our 3 practice areas is through Cognizant consulting. As these practices work with clients to transform their business, operating and technology models, consulting makes their journey faster and smoother. Now nearly 6,000 strong, our consultants advise CEOs, CFOs, Chief Operating Officers and line of business heads, in addition to the CIOs we've long worked with on issues that cut across strategy, operations and technology. Consulting is a powerful enabler for our practices and continues to drive large transformational deals for us.

現在，我們透過 Cognizant 顧問公司將我們 3 個業務領域的全部服務和解決方案整合在一起。這些實踐與客戶合作，幫助他們轉變業務、營運和技術模式，使他們的轉型之旅更快、更順利。目前我們的顧問團隊已近 6,000 人，他們為執行長、財務長、營運長和業務線負責人提供諮詢服務，此外，我們也長期與資訊長合作，解決策略、營運和技術等跨領域的各種問題。諮詢業務是我們業務的強大推動力，並持續為我們帶來大型轉型交易。

And I'm pleased to report that IDC has now positioned Cognizant as a leader, 1 of only 4 in its global marketscape for digital transformation, consulting and system integration services. To sum up, as our second quarter results confirm, we continue to grow our business while shifting an increasing focus to enabling digital transformation. Most businesses today recognize the need to go all-in on digital. They know they constantly glue digital solutions onto industrial business models, so clients need a partner with the proven ability to transform their entire enterprises.

我很高興地宣布，IDC 已將 Cognizant 定位為全球數位轉型、諮詢和系統整合服務市場中的領導者，是僅有的 4 家領導者之一。總而言之，正如我們第二季的業績所證實的那樣，我們繼續發展業務，同時越來越重視推動數位轉型。如今大多數企業都體認到全面擁抱數位化的必要性。他們知道自己不斷地將數位化解決方案融入工業商業模式，因此客戶需要一個擁有改造整個企業能力的合作夥伴。

We believe Cognizant is one of the few companies with the range of knowledge and capabilities that clients need to be fully digital. And therefore, the market is moving our way, directly into the wheelhouse of our expertise. We think this transformation mandate will drive our success for years to come. We're committed to fully executing our strategic plan and extending our lead in digital, and that's how we will sustain our momentum in 2018 and beyond.

我們認為，Cognizant 是少數擁有客戶實現全面數位化所需的知識和能力的公司之一。因此，市場正朝著我們有利的方向發展，直接進入了我們的專業領域。我們認為，這項轉型策略將推動我們在未來幾年取得成功。我們致力於全面執行我們的策略計劃，並擴大我們在數位化領域的領先地位，這將使我們在 2018 年及以後保持發展勢頭。

And now over to Raj, who will provide examples of how we're building repeatable industry-specific solutions for clients to take advantage of this opportunity. Raj?

現在請 Raj 為大家舉例說明我們如何為客戶建立可重複使用的行業特定解決方案，以幫助他們抓住這一機會。拉傑？

Thanks, Frank. Like other members of our leadership team, I spend much of my time with our strategic clients and I listen for new ways to add value to their businesses, including how to help speed their transformation journeys. Our clients, of course, pay close attention to the rising expectations of their customers and the competitive moves of their peers. So they know how fast things are changing and how easy it is to be left behind if their business, operating and technology models are not digital through and through.

謝謝你，弗蘭克。就像我們領導團隊的其他成員一樣，我花了很多時間與我們的策略客戶在一起，傾聽他們的想法，尋找為他們的業務增加價值的新方法，包括如何幫助他們加快轉型之旅。當然，我們的客戶會密切關注客戶日益增長的期望以及同行的競爭動態。所以他們知道事物變化有多快，如果他們的業務、營運和技術模式沒有完全數位化，就很容易被淘汰。

We're responding by investing in the build-out of repeatable industry-specific solutions that we can deploy across our practices. These platforms solve [testing] problems and deliver measurable results. Frank talked about clients needing to digitize their entire enterprises, so let's look at a few examples of how they're deploying digital at scale.

我們正在透過投資建立可重複使用的行業特定解決方案來應對這一挑戰，這些解決方案可以部署到我們所有的實踐中。這些平台能夠解決測試問題，並帶來可衡量的結果。弗蘭克談到客戶需要將整個企業數位化，那麼讓我們來看幾個他們如何大規模部署數位化的例子。

Many consumer product companies today are running to catch up to their retailers' new expectations for engaging customers. Retailers expect relevant product suggestions and self-service channels as well as speed and convenience when placing orders with their suppliers. In response, Cognizant has developed a next-gen sales platform that enables businesses to acquire and retain more customers and sell more product. Next-gen sales is built on our Onvida SaaS platform, which is a cloud-based and omni-channel. You may recall that Onvida also serves as the foundation for the physician and patient communication network of LifeBridge Health, a client I talked about last quarter.

如今，許多消費品公司都在努力追趕零售商對顧客互動方式的新期望。零售商希望在向供應商下單時，能夠獲得相關的產品推薦和自助服務管道，以及速度和便利性。為此，Cognizant 開發了新一代銷售平台，使企業能夠獲取和留住更多客戶，並銷售更多產品。下一代銷售建立在我們的 Onvida SaaS 平台之上，該平台是基於雲端的全通路平台。您可能還記得，Onvida 也是 LifeBridge Health（我上個季度談到的客戶）的醫生和病患溝通網絡的基礎。

To create next-gen sales, we've integrated digital commerce, e-mail marketing, account acquisition and advanced analytic in one platform. Consider the impact of this platform on a large consumer products client. This organization needed to replace its traditional phone-based sales operation with digital ordering and service platform, a true digital commerce and marketing portal. They also wanted to become more effective at cross-selling and upselling products by applying advanced analytics. In just a few quarters, we ramped from inception to production. We are now in the process of on-boarding their thousands of B2B customers as we move more than 25% of their phone transactions to digital channels.

為了打造新一代銷售模式，我們將數位商務、電子郵件行銷、客戶獲取和進階分析整合到一個平台中。考慮一下這個平台對一家大型消費品客戶的影響。該組織需要用數位化訂購和服務平台（一個真正的數位商務和行銷入口網站）來取代其傳統的電話銷售業務。他們也希望透過應用高階分析技術，提高交叉銷售和向上銷售產品的效率。短短幾個季度，我們就從概念階段發展到了量產階段。我們目前正在幫助他們的數千名 B2B 客戶進行入駐流程，並將他們超過 25% 的電話交易轉移到數位管道。

Among the benefits they will see are: a significant uplift in revenue, a double-digit reduction in operating costs and a far more compelling customer experience. Many companies face similar challenges and need cloud-based digital commerce solutions so we see plenty of market opportunities for our next-gen sales platform. Another area where operating models need to be modernized and automated is workflows. To bring intelligence to these workflows, we've developed and are deploying our proprietary digital automation fabric. This fabric combines image recognition, artificial intelligence, machine learning and process automation. Here are 2 examples of clients applying our advanced framework.

他們將獲得的好處包括：收入大幅提升、營運成本兩位數下降以及更具吸引力的客戶體驗。許多公司面臨類似的挑戰，需要基於雲端的數位商務解決方案，因此我們看到了我們下一代銷售平台的大量市場機會。另一個需要對營運模式進行現代化和自動化的領域是工作流程。為了使這些工作流程更加智慧化，我們開發並正在部署我們專有的數位自動化平台。這種布料結合了影像辨識、人工智慧、機器學習和流程自動化技術。以下是客戶應用我們先進框架的兩個案例。

For a leading mortgage information service provider, we've worked to redesign the workflows of their loan origination, servicing and support functions. The result, our implementation reduces staff by 1/3 and can process more than 200 million pages a year with data accuracy that exceeds 99%. And for our global property and casualty insurer, our deployment has substantially reduced unnecessary claims and saved tens of millions of dollars. We've continued to expand this framework to other industry solutions.

我們為一家領先的抵押貸款資訊服務提供者重新設計了其貸款發起、服務和支援功能的流程。最終，我們的實施方案減少了三分之一的員工，每年可處理超過 2 億頁數據，數據準確率超過 99%。對於我們這家全球財產和意外傷害保險公司而言，我們的部署已大幅減少了不必要的索賠，並節省了數千萬美元。我們已持續將此框架擴展到其他產業解決方案。

Now I want to turn to the financial performance of our business segments and geographies. Let's start with Banking and Financial Services. Second quarter revenues were up 4.1% year-over-year, driven mostly by our growth in insurance. In insurance, we're seeing a broad-based growth across clients and strong demand for multiservice line managed service deals. The overall performance of our banking clients has improved from the first quarter, but we still see large money center banks taking a conservative approach to their spending and continuing to focus on optimizing their cost structures. This is being partly offset by a continued strong growth in our mid-tier accounts.

現在我想談談我們各個業務部門和地區的財務表現。我們先從銀行業和金融服務業開始。第二季營收年增 4.1%，主要得益於保險業務的成長。在保險業，我們看到客戶群普遍成長，對多險種管理服務交易的需求強勁。我們銀行客戶的整體業績較第一季有所改善，但我們仍然看到大型金融中心銀行在支出方面採取保守態度，並繼續專注於優化成本結構。中端客戶的持續強勁成長在一定程度上抵消了這一影響。

In Healthcare, our second quarter revenues were up 9.5% year-over-year, driven by both our life science and payer clients. Broadly, we've seen a healthy pickup in demand across our payer clients. This includes pent-up demand from those health care payers involved in M&A activity last year. The health care industry continues to shift from fee-for-service to value-based care models. In response, health care organizations seek new ways to deliver consumer-centric care while driving operational efficiency and lowering medical cost. These competitive pressures persist despite continued uncertainty about the ACA's future. We've invested heavily in our health care practice, creating a differentiated offering that has positioned us well to meet evolving client demand. And we're actively helping many of our clients manage through this transition.

在醫療保健領域，我們第二季的營收年增 9.5%，這主要得益於我們生命科學和支付方客戶的推動。整體而言，我們看到支付方客戶的需求出現了健康成長。這包括去年參與併購活動的醫療保健支付方積壓的需求。醫療保健產業正持續從按服務收費模式轉變為基於價值的醫療模式。為此，醫療機構正在尋求以消費者為中心的新方式來提供醫療服務，同時提高營運效率並降低醫療成本。儘管《平價醫療法案》的未來仍存在不確定性，但這些競爭壓力依然存在。我們已在醫療保健業務方面投入巨資，打造了差異化的服務，使我們能夠更好地滿足不斷變化的客戶需求。我們正在積極幫助許多客戶順利度過這段過渡時期。

Let's turn to our other business segments: Products and Resources, and Communications, Media and Technology. Today, they make up over 1/3 of our total company's revenue and are meaningful contributors to our growth and our portfolio diversification. Products and resources grew 13.2% year-over-year as a result of continued strong performance with our manufacturing and logistics clients. As these clients center-enable their products, they're embracing enterprise digital transformation. To harness the power of their connected products, they must re-architect and transform their supporting business processes as well as simplify and modernize their technology models. That's how they'll create new digital products and drive new revenue streams.

讓我們來看看我們的其他業務部門：產品和資源，以及通訊、媒體和技術。如今，它們占我們公司總收入的三分之一以上，對我們的成長和投資組合多元化做出了重要貢獻。由於我們在製造和物流客戶方面持續保持強勁的業績，產品和資源年增了 13.2%。隨著這些客戶以核心方式賦能其產品，他們正在擁抱企業數位轉型。為了充分發揮互聯產品的潛力，他們必須重新建構和改造其支援業務流程，並簡化和現代化其技術模型。他們將透過這種方式創造新的數位產品並推動新的收入來源。

Our Communications, Media and Technology segment had another strong quarter of broad-based growth, up 16.8% year-over-year. Our clients' CMT are focused on creating a differentiated experience that delivers personalized content to their customers. Doing so requires each client to efficiently and effectively manage content from acquisitions through targeted distribution and analytics. We're responding with a repeatable digital content operations solution. It uses human intervention, machine learning and digital platforms to ensure the right content is viewed by the right person at the right time and place.

我們的通訊、媒體和技術部門迎來了一個強勁的季度，實現了全面成長，年增 16.8%。我們客戶的 CMT 專注於創造差異化的體驗，為客戶提供個人化的內容。這樣做要求每個客戶有效率地管理內容，包括從內容獲取到有針對性的分發和分析。我們正在以可重複使用的數位內容營運解決方案來應對這項挑戰。它利用人工幹預、機器學習和數位平台，確保在合適的時間和地點，合適的人看到合適的內容。

Now let's look at our performance in emerging geographies. Europe was up 5.7% year-over-year after a 6.1% negative currency impact. This was driven by strength on the continent in key markets such as France and the Netherlands and by strategic investments made in the second half of 2016. By the way, earlier this month, we opened our new London digital business, Collaboratory. This collab combines human-centric design with digital technologies to enable clients to deliver engaging new experiences for their customers. To close out our geographic discussion, we had continued strong growth in the rest of the world, which was up 21.2% year-over-year. This growth was driven by key Asia-Pacific markets such as India and Australia. And just as we've done in Continental Europe, we're building a strong local presence and investing both organically and inorganically in these emerging markets.

現在讓我們來看看我們在新興地區的業績。受匯率波動6.1%的負面影響後，歐洲經濟年增5.7%。這主要得益於歐洲大陸主要市場（如法國和荷蘭）的強勁表現，以及 2016 年下半年進行的戰略投資。順便一提，本月初，我們在倫敦開設了新的數位業務部門 Collaboratory。此次合作將以人為本的設計與數位技術相結合，旨在幫助客戶為其顧客提供引人入勝的全新體驗。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 21.2%。這一成長主要由印度和澳洲等亞太地區主要市場推動。正如我們在歐洲大陸所做的那樣，我們正在這些新興市場建立強大的本地影響力，並透過有機成長和無機成長進行投資。

In recent calls, we've talked about Cognizant's evolving workforce and delivery. I'd like to add a few points to this discussion. The engines of our digital practice areas are our talented and deeply skilled professionals. To ensure they stay on digital's cutting edge, we're investing tens of millions of dollars this year to continuously deepen and broaden their skills in areas such as analytics, artificial intelligence, data science and digital security. Cognizant is also building skills and capabilities in local communities where we operate around the world.

在最近的幾次通話中，我們討論了 Cognizant 不斷變化的員工隊伍和交付方式。我想就此討論補充幾點。我們數位化業務領域的引擎是我們才華洋溢、技能精湛的專業人員。為了確保他們始終處於數位技術的前沿，我們今年將投入數千萬美元，不斷深化和拓展他們在分析、人工智慧、數據科學和數位安全等領域的技能。Cognizant 也在我們全球各地經營所在地的當地社區培養技能和能力。

One way is by partnering with educational institutions to establish and fund retraining programs in high-demand digital technologies. For example, we partnered with Per Scholas, a national organization to create a job training program in the South Bronx. It's designed to help New Yorkers access career opportunities in tech. And we plan to hire at least 350 of the program's initial graduates for our client sites in New York's 5 boroughs. We're also developing similar training programs in Des Moines, Tampa, Phoenix and Charlotte as well as internationally. For example, in Singapore, we're partnering with educational institutions to provide the local community with STEM-related training. And in Switzerland, we run an apprentice program that trains students in application development and testing. In short, our company runs on talent and we remain committed to attracting, developing and retraining the best talent in the world.

一種方法是與教育機構合作，建立並資助高需求數位技術領域的再培訓計畫。例如，我們與全國性組織 Per Scholas 合作，在南布朗克斯區創建了一個就業培訓計畫。它旨在幫助紐約市民獲得科技業的就業機會。我們計劃從該計畫的首批畢業生中至少聘用 350 人，為我們在紐約五大區的客戶提供服務。我們也在得梅因、坦帕、鳳凰城和夏洛特以及國際上開發類似的培訓計畫。例如，在新加坡，我們正與教育機構合作，為當地社區提供 STEM 相關培訓。在瑞士，我們開設了一個學徒計劃，培訓學生進行應用程式開發和測試。簡而言之，我們公司依靠人才發展，我們將繼續致力於吸引、培養和再培訓世界上最優秀的人才。

To wrap up, we're driving digital scale by building repeatable industry-specific solutions that enable clients to add significantly more value to their businesses.

總而言之，我們正在透過建立可重複的行業特定解決方案來推動數位化規模化發展，使客戶能夠為其業務增加更多價值。

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

現在我將把電話交給凱倫，讓她來介紹我們的財務表現。凱倫？

Thank you, Raj, and good morning, everyone. Q2 performance continued to be strong, and we made significant progress on each element of our overall plan. Second quarter revenue of $3.67 billion was at the high end of our guidance range and increased 8.9% year-over-year. We had a negative currency headwind that impacted year-over-year revenue growth by $35 million or 100 basis points. Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges, was 20%, and non-GAAP EPS was $0.93.

謝謝你，拉傑，大家早安。第二季業績依然強勁，我們在整體計劃的各個方面都取得了顯著進展。第二季營收為 36.7 億美元，處於我們預期範圍的高端，較去年同期成長 8.9%。匯率波動對年比營收成長造成了3,500萬美元或100個基點的影響。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20%，非GAAP每股收益為0.93美元。

In the second quarter, we continued to execute the $1.5 billion accelerated share repurchase program with completion expected during the third quarter. And today, we declared our second quarterly cash dividend of $0.15 per share for shareholders of record at the close of business on August 22. This dividend will be payable on August 31.

第二季度，我們繼續執行 15 億美元的加速股票回購計劃，預計將在第三季完成。今天，我們宣布向截至 8 月 22 日營業結束時登記在冊的股東派發第二季現金股息，每股 0.15 美元。該股息將於8月31日支付。

Now let me discuss additional details of our financial performance. Consulting and technology services represented 58.7% of revenue and outsourcing services 41.3% of revenue for the quarter. Consulting and technology services grew 11.4% year-over-year, driven by an increased demand for digital solutions. Outsourcing services revenue grew 5.6% from Q2 a year ago. The forward growth in outsourcing is largely attributable to the timing of the ramp-up of several client engagements and clients continuing to optimize their spend in certain areas such as application maintenance. We expect growth in our outsourcing services to improve in the second half as projects ramp and demand in digital operations and infrastructure services remains strong.

現在讓我來詳細介紹一下我們的財務表現。本季度，諮詢和技術服務佔營收的 58.7%，外包服務佔營收的 41.3%。受對數位化解決方案需求增加的推動，諮詢和技術服務年增 11.4%。外包服務收入較去年同期成長5.6%。外包業務的快速成長主要歸功於多個客戶專案的啟動時機，以及客戶不斷優化在應用程式維護等特定領域的支出。我們預計下半年外包服務的成長將有所改善，因為專案進度加快，而且對數位化營運和基礎設施服務的需求仍然強勁。

During the second quarter, 38% of our revenue came from fixed-price contracts. We continue to make progress towards shifting the mix of our business over the longer term towards more fixed-price or managed services arrangements. We added 7 strategic customers in the quarter, defined as those with the potential to generate at least $5 million to $50 million or more in annual revenue. This brings our total number of strategic clients to 343.

第二季度，我們38%的營收來自固定價格合約。我們正不斷努力，從長遠來看，逐步將業務結構轉向更多固定價格或管理服務安排。本季我們新增了 7 位策略客戶，這些客戶定義為有潛力每年產生至少 500 萬美元至 5,000 萬美元或更多收入的客戶。這使我們的策略客戶總數達到 343 家。

And now moving to an update on margins. In Q2, we took some actions that will improve our cost structure and operating margins while allowing us to continue to invest in the business for growth. These actions resulted in approximately $39 million of charges related to the realignment program, primarily from severance cost, including those associated with the voluntary separation program that was initiated and concluded in the second quarter. Of the $39 million of realignment charges, $35 million was for the roughly 400 associates who accepted our voluntary separation package. We expect approximately $60 million of annualized savings as a result of the VSP.

接下來我們來看看利潤率的最新情況。第二季度，我們採取了一些措施，以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。這些措施導致與重組計劃相關的費用約為 3,900 萬美元，主要來自遣散費，包括與第二季啟動和結束的自願離職計劃相關的費用。在 3900 萬美元的重組費用中，3500 萬美元是支付給大約 400 名接受我們自願離職方案的員工的。我們預計 VSP 每年可節省約 6,000 萬美元。

During the remainder of 2017, we expect to incur additional costs related to advisory fees, severance, lease termination and facility consolidation costs. We remain committed to our target of 22% non-GAAP operating margin in 2019 and to date have made good progress towards this target. We made good headway in Q2, driving utilization higher by slowing the pace of our hiring and improving resource alignment through our rescaling and multi-scaling programs. These adjustments are structural changes that will help improve our profitability through greater operational efficiency while continuing to provide sufficient resources to support the growth of the business.

在 2017 年剩餘的時間裡，我們預計將產生與諮詢費、遣散費、租賃終止費和設施整合費相關的額外成本。我們仍然致力於實現 2019 年 22% 的非 GAAP 營業利潤率目標，並且迄今為止，我們已朝著這一目標取得了良好的進展。我們在第二季度取得了良好進展，透過放慢招募速度並透過重新調整規模和多規模化計畫來改善資源配置，提高了利用率。這些調整屬於結構性變革，旨在透過提高營運效率來提升獲利能力，同時持續提供充足的資源來支持業務成長。

While our overall headcount decreased by approximately 4,400, gross hires were 10,800 in the quarter. Annualized attrition of 23.6% during the quarter, including BPO and trainees, increased from 17.1% in the year ago period. Our attrition level was higher than normal given reductions resulting from performance evaluations and the voluntary separation program. While we will, of course, carefully manage headcount, we will continue to hire and invest in critical skills needed to grow our digital business, and we expect attrition to decline in the coming months.

雖然我們的員工總數減少了約 4,400 人，但本季新增員工總數為 10,800 人。本季年化員工流動率為 23.6%，包括業務流程外包人員和實習生，高於去年同期的 17.1%。由於績效評估和自願離職計畫導致人員減少，我們的人員流失率高於正常水準。當然，我們會謹慎管理員工人數，同時繼續招募和投資發展數位業務所需的關鍵技能人才，我們預計未來幾個月員工流失率將會下降。

Our offshore utilization for the quarter was 76%. Offshore utilization, excluding recent college graduates who are in our training program, was 80% and on-site utilization was 93%. We expect these ratios to continue to improve over the remainder of the year as the full benefit of our resource alignment program comes through.

本季我們的海外利用率為 76%。不包括正在參加我們培訓計畫的應屆大學畢業生，離岸利用率為 80%，現場利用率為 93%。我們預計，隨著資源整合計畫的全部效益逐步顯現，這些比率將在今年剩餘時間內繼續改善。

Turning to our balance sheet, which remains very healthy. We finished the quarter with $4.4 billion of cash and short-term investments. Net of debt, this was down by $900 million from December 31 and $188 million from the year-ago period, reflecting the use of cash on hand to primarily fund the ASR. Receivables were $2.7 billion at the end of the quarter. We finished the quarter with a DSO, including unbilled receivables, of 73 days, marginally higher than last quarter. Our unbilled receivables balance was $409 million, up from $395 million at the end of Q1. We've billed approximately 61% of the Q2 unbilled balance in July. The increase in unbilled receivables was primarily due to the timing of certain milestone deliverables.

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44億美元。扣除債務後，該數字較 12 月 31 日減少了 9 億美元，較上年同期減少了 1.88 億美元，反映出主要使用手頭現金為 ASR 提供​​資金。截至季末，應收帳款為27億美元。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 73 天，略高於上一季。我們的未開立發票應收帳款餘額為 4.09 億美元，高於第一季末的 3.95 億美元。7 月我們已開立了第二季未開票餘額的約 61% 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。

Our outstanding debt balance was $991 million at the end of the quarter, which included a $150 million outstanding balance on our revolver. 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 the third quarter, 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 591 million shares for the current quarter.

截至季末，我們的未償債務餘額為 9.91 億美元，其中包括 1.5 億美元的循環信貸未償餘額。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。我們預計將在第三季完成交易，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 5.91 億股。

I would now like to comment on our outlook for Q3 and the full year 2017. Following our strong first half performance, we are raising the low end of our full year 2017 guidance range and we now expect revenue to be in the range of $14.7 billion to $14.84 billion or growth of 9% 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年第三季和全年的展望。鑑於上半年業績強勁，我們提高了 2017 年全年業績預期範圍的下限，目前預計營收將在 147 億美元至 148.4 億美元之間，成長 9% 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 third quarter of 2017, we expect to deliver revenue in the range of $3.73 billion to $3.78 billion. For the third quarter, we expect to deliver non-GAAP EPS of at least $0.94. This guidance anticipates a share count of approximately 592 million shares and a tax rate of approximately 26%. For the full year 2017, we expect non-GAAP operating margins to be at least 19.5% and to deliver non-GAAP EPS of at least $3.67. 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. We will provide additional details on full share count impact once the purchase has been completed. Our non-GAAP EPS guidance excludes

預計 2017 年第三季營收將在 37.3 億至 37.8 億美元之間。我們預計第三季非GAAP每股盈餘至少為0.94美元。該指導意見預計股份數量約為 5.92 億股，稅率約為 26%。我們預計 2017 年全年非 GAAP 營業利潤率至少為 19.5%，非 GAAP 每股盈餘至少為 3.67 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。收購完成後，我們將提供有關股份數量全面變化的更多詳細資訊。我們的非GAAP每股盈餘預期不包括

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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 or tax policies.

攤銷和重組費用。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或稅收政策變化等事件可能產生的任何潛在影響。

In summary, we have continued our momentum from the strong start to 2017, and we expect to deliver solid revenue and earnings growth this year, along with a substantial capital return to shareholders.

總而言之，我們延續了 2017 年強勁開局的勢頭，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, we can open the call for questions.

接線員，我們可以開始接受提問了。

(Operator Instructions) Our first question comes from the line of Brian Essex with Morgan Stanley.

（操作員說明）我們的第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 just touch on your outlook for the growth in the health care space briefly. Obviously, we heard across the space that in light of the uncertainty around repeal, replace in the Affordable Health Care Act, that there's some hesitancy with regard to budgets. So curious in terms of what you're seeing on the budget conversation side with your clients, how much is being held back versus how much is a recovery and pent-up spending demand. And then maybe as a follow-up, any pressure on the BPO or BPaaS side as a result of some of the larger payers pulling out of exchanges?

我想請您簡要談談您對醫療保健領域成長的看法。顯然，我們從各界了解到，由於《平價醫療法案》的廢除和替代存在不確定性，因此在預算方面存在一些猶豫。我很好奇，在與客戶的預算討論中，你看到了什麼？有多少支出被擱置，又有多少支出是復甦和被壓抑的消費需求？那麼，作為後續問題，由於一些大型支付方退出交易所，BPO 或 BPaaS 方面是否面臨壓力？

Brian, this is Raj. Look, I think when you look at health care, we've invested very heavily on our health care practice and it's really created a differentiated offering, which has positioned us well. And if you look at the entire practice, right, with what's happening with the health care ecosystems with the providers, the payers and the pharma, with all the collaboration that's going on there and these are all big practices for us. So I think that we're positioned very well in health care. And in addition to that, we've talked about last year, we had a couple of large M&A transactions. And obviously, with those going away, you see a lot of pent-up demand. So there's still some uncertainty with what happens with the ACA. But overall, I think this year and going into next year, with the position we are, we're well positioned. Regarding some of the BPO with -- we haven't seen any impact on that at all.

布萊恩，這位是拉傑。我認為，在醫療保健領域，我們投入了大量資金，真正創造了差異化的產品和服務，這使我們處於有利地位。如果你縱觀整個醫療實踐，你會發現醫療保健生態系統中，醫療服務提供者、付款者和製藥公司之間正在進行的各種合作，這些都是我們非常重要的實踐。所以我認為我們在醫療保健領域處於非常有利的地位。除此之外，正如我們去年提到的，我們還完成了幾筆大型併購交易。顯然，隨著這些人的離開，你會看到大量的被壓抑的需求。所以，ACA的未來走向仍然存在一些不確定性。但總的來說，我認為今年以及明年，以我們目前的地位，我們都處於有利位置。至於部分業務流程外包（BPO）－我們完全沒有看到任何影響。

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

我們的下一個問題來自 AllianceBernstein 的 Lisa Ellis。

Karen, this one's probably for you. Just a question around the margin plan and your hiring plans. First, just relative to where you were 6 months ago when you put forward the margin plan, would you characterize the actions you've taken so far as sort of going better than expected or sort of in line with expected? And then kind of unrelated question, you mentioned that gross hiring in the quarter was 10,800 folks. Can you give a sense for the skill mix and locations of those folks, and in particular, whether they're coming in at sort of a higher revenue per head level?

凱倫，這很可能是給你的。我有一個關於利潤率計劃和招聘計劃的問題。首先，相對於您 6 個月前提出保證金計劃時的情況，您認為您迄今為止採取的行動是超出預期還是符合預期？然後還有一個不太相關的問題，您提到本季的總招募人數為 10,800 人。您能否介紹一下這些人的技能組合和所在地，特別是他們的人均所得水準是否較高？

All right, surely. So I think in terms of overall plans and margin structure, I think we're right on track. I think Q2 was a little stronger than we expected. Headcount came down a little faster than we thought. Utilization came up a little bit faster than we thought it might. So I think that was positive. But as we get into the back half of the year, there obviously we'll have raises and promotions and I would not expect headcount to decline from here. Will actually start to tick back up as we continue to invest for growth and as we look forward to next year and what our plans are for growth there. So I think we sort of reached a low point at least for 2017 anyhow. In terms of the hiring, as you mentioned, right, we added 10,800 gross hires during the quarter. As has been the case for the last several quarters now, you're really seeing a shift mix towards more of the digital skills, higher end, more consulting, designers, the data scientists, et cetera, folks who can support our infrastructure business. And then, certainly, the digital operations business as well, which is experiencing high growth rates. So it's really a mixture of those 3 sets of skill types. In terms of the on-site, offshore ratio, you wouldn't -- we haven't seen a significant change there. You'll see headcount shift a little bit on-site this quarter, but that was really mainly because of the decline in headcount for the quarter from a hiring perspective. Hiring hasn't really shifted from quarter-to-quarter.

好的，當然。所以我覺得，就整體計劃和利潤結構而言，我們一切都在按計劃進行。我認為第二季業績比我們預期的要好一些。員工人數下降的速度比我們預想的還要快一些。利用率的提升速度比我們預想的快一些。所以我認為這是個正面的訊號。但隨著我們進入下半年，顯然會有加薪和晉升，我預期員工人數不會從現在開始減少。隨著我們繼續投資成長，並展望明年以及我們明年的成長計劃，實際成長率將會開始回升。所以我覺得，至少就2017年而言，我們已經跌到谷底了。關於招募方面，如您所提到的，我們本季新增了 10,800 名員工。就像過去幾季以來的情況一樣，我們確實看到人員組成正在轉變，更多地轉向具備數位技能、高端人才、諮詢顧問、設計師、資料科學家等等，以及能夠支援我們基礎設施業務的人員。當然，數位營運業務也正在經歷高速成長。所以這其實是這三種技能類型的混合體。就現場作業與離岸作業的比例而言，我們並沒有看到這方面有顯著變化。本季現場人員數量會略有變化，但這主要是因為本季招募人員數量有所下降。招募情況每季之間並沒有太大變化。

Our next question comes from the line of James Schneider with Goldman Sachs.

我們的下一個問題來自高盛的詹姆斯·施耐德。

I was wondering if you could maybe just talk a little bit more about the financial vertical? Obviously, muted spending, conservative spending from the banks at this point. Can you maybe just talk about kind of what you think gets them unstuck in terms of their discretionary spending plans and whether you have any visibility in terms of bookings that that's actually going to happen before year-end?

我想請您再詳細談談金融領域的狀況？顯然，目前銀行的支出較為溫和，屬於保守支出。您能否談談您認為是什麼因素促使他們在可自由支配支出計劃方面擺脫困境，以及您是否能夠預見到年底前預訂量會真正實現這一目標？

Yes. Jim, this is Raj. So look, I think overall financial services, right, I think if we look at the entire practice, obviously, insurance continue doing well. Where the challenge is, is a little bit on the banking side. And as we talked about, our regional banks are healthy, strong growth. Where we're challenged is, though, on a couple of the large money center banks. The good news here is, I mean, obviously, we're in a better position than I think we were at this time last year with them. But as we look out, they're still very much focused on the cost side and optimizing that, but we are obviously engaged with many of them on digital type engagements. Now as these projects become larger-scale enterprise initiatives, I think we're well positioned to benefit from that. But right now, that's our focus area right now in terms of continuing to invest and continuing to be well positioned for those large enterprise transformations.

是的。吉姆，這位是拉傑。所以你看，我認為整體金融服務業，對吧，我認為如果我們縱觀整個行業，顯然，保險業將繼續保持良好勢頭。真正的挑戰在於銀行業務方面。正如我們之前討論的，我們的區域銀行業發展健康，成長強勁。不過，我們面臨的挑戰在於幾家大型金融中心銀行。好消息是，很明顯，我們現在的處境比去年這個時候好得多。但放眼未來，他們仍然非常關注成本方面並力求優化，但我們顯然與他們中的許多人進行了數位化的合作。現在，隨著這些項目發展成為更大規模的企業計劃，我認為我們完全有能力從中受益。但就目前而言，這是我們的重點領域，我們將繼續投資並繼續為大型企業轉型做好充分準備。

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

我們的下一個問題來自富國證券的 Edward Caso。

Quick question. The TMG Health deal, is that in your guidance or not? And about how much would it contribute this year?

問個問題。TMG Health的交易是否在您的指引之內？那它今年大概能貢獻多少呢？

So Ed, this is Karen. We have really not baked in any significant revenue from TMG. As you know, that deal still requires regulatory approval. So in the guidance, we did not bake anything in until we get a little bit more clarity or anything significant until we get a little bit more clarity around the timing of those approvals.

艾德，這位是凱倫。我們實際上並沒有從TMG獲得任何可觀的收入。如您所知，該交易仍需獲得監管部門的批准。所以在指導意見中，我們沒有把任何內容納入其中，直到我們對這些審批的時間有更清晰的了解，或者說，在我們對審批時間有更清晰的了解之前，我們沒有做出任何重大決定。

Our next question comes from the line of Darrin Peller with Barclays.

我們的下一個問題來自巴克萊銀行的達林·佩勒。

Just a question on the overall environment first. I mean, what areas are showing strength versus the original plan? Just, obviously, we saw the lower end of guidance increase and maybe you can hone in on a little more on the health care financial side. But really, when we think about -- you're trending at about 10% growth year-to-date, year-over-year and comps look like they get easier in the second half. So I mean, is there anything we should consider in terms of elements on guidance being conservative? Or any other factor that would cause a deceleration in the second half?

首先問一個關於整體環境的問題。我的意思是，與原計劃相比，哪些方面表現出優勢？顯然，我們看到指導意見的下限有所提高，也許你可以更深入地關註一下醫療保健財務方面的情況。但實際上，當我們仔細考慮時——你們今年迄今為止的成長率約為 10%，同比成長，下半年的同店銷售看起來會更容易一些。所以我的意思是，在製定保守的指導方針方面，我們是否應該考慮哪些因素？或者有其他因素會導致下半場速度減慢嗎？

Why don't I take that, Darrin? I think that -- it's Frank. I would say we've invested significantly, as you know, over the last few years in building and realigning our business around these 3 practice areas that I talked about that cut across our business segments. And we think we're really well positioned right now to capture the emerging and evolving demand for digital solutions. So I think that's the core driver of our growth. As I said in my prepared comments, 3 out of our 4 business segments grew; when taken together on average, double digits. So strong growth. Financial services was the only business segment that didn't have strong year-over-year growth. So we feel like we're well positioned. We feel like the solution set that we've been building with these 3 practice areas is resonating in the marketplace and we're well positioned. I think as we look to the back half of the year, it's largely that, that gave us the confidence to take the lower end of our guidance range up. But just to set the expectations, I would say given where we are in the year at this point, there's not that much time in our business. We don't have a lot of runway here to deliver above the high end of our range. So we think it's a prudent range that we've given you in sort of the 9% to 10% range. I don't think there's a lot above that, but I feel very good about how we're positioned as I think about 2018 and beyond.

達林，我為什麼不拿？我認為——那是弗蘭克。如你所知，在過去的幾年裡，我們投入了大量資金，圍繞著我剛才提到的這三個貫穿我們所有業務部門的實踐領域，建立和調整了我們的業務。我們認為，目前我們已經做好充分準備，能夠抓住不斷湧現和演變的數位化解決方案需求。所以我認為這是我們成長的核心驅動力。正如我在準備好的發言稿中所說，我們 4 個業務部門中有 3 個實現了成長；平均而言，這 3 個部門的成長率達到了兩位數。增長強勁。金融服務是唯一一個沒有實現強勁年增長的業務板塊。所以我們覺得自己處於有利地位。我們感覺我們圍繞這三個實踐領域構建的解決方案在市場上引起了共鳴，我們處於有利地位。我認為，展望下半年，正是這一點讓我們有信心將業績預期範圍的下限上調。但為了讓大家對未來有所預期，我想說，鑑於我們目前所處的位置，在我們這個行業，時間並不多。我們沒有太多時間去推出超出我們產品線高端水平的產品。所以我們認為，我們給出的9%到10%的範圍是比較合理的範圍。我認為沒有比這更好的了，但展望 2018 年及以後，我對我們目前的處境感到非常滿意。

And I think, Darrin, if I could just add to Frank's comments, if you look at Q3 and Q4, if just for argument's sake you assume that we're in the middle of the range, I think you'll actually see the growth versus last year, growth rates in Q3 and Q4, would actually be higher than in 2016. So I don't think we're seeing a decelerating trend there.

達林，我想補充一下弗蘭克的評論，如果你看一下第三季度和第四季度，假設我們處於中間區間，我認為你會發現與去年相比，第三季度和第四季度的增長率實際上會高於 2016 年。所以我認為我們並沒有看到這種趨勢放緩。

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

我們的下一個問題來自德意志銀行的布萊恩·基恩。

I want to ask on the non-GAAP operating margin that came in at 20% in 2Q '17. I guess, I'm curious why wouldn't that adjusted operating margin continue at or above that 20% level in the second half. Maybe it has to do with some of the raises and promotions, but I thought there'd be some other offsets, but just curious on that. And then secondly, looking at the implied 4Q '17 guidance, it looks like stronger than anticipated sequential revenue growth in that fourth quarter. What's driving that?

我想問一下 2017 年第二季非 GAAP 營業利潤率達到 20% 的情況。我很好奇，為什麼下半年調整後的營業利潤率沒有繼續維持在 20% 或以上水準。或許與加薪和升遷有關，但我以為還會有其他抵銷因素，只是對此感到好奇。其次，從 2017 年第四季的業績指引來看，第四季的營收季增似乎強於預期。是什麼原因導致這種情況？

So Bryan, this is Karen. Let me take that. So margins in the back half of the year, there'll be a couple of things that will happen. One is we will have raises and promotions kicking in later this year. The other thing is, as we mentioned earlier, while we have not assumed a lot of revenue from the TMG contract, there are some ramp-up costs that are already starting to take place that will accelerate as we get into the back half of the year, before the contract even moves over officially. And then, obviously, we want to continue to invest for growth. So as we always have in the past when we used to talk about a 19% to 20% range and that we would invest above that to continue to drive growth, the same story holds true this year. So as we think about what we need for next year and beyond to really continue to drive the digital transformation, we will continue to invest. As I mentioned, we would expect headcount to certainly not decline any further, and if anything, will start to come back up a little bit as we get back -- into the back half of the year. So all of those will be to some decline in margin essentially versus Q2. And as we said earlier, we remain committed to be at least 19.5% for the year and feel that we're very comfortably on track for the 22% in 2019. As it relates to Q4 revenue, I think certainly where we are seeing some good growth as we get back into the back half of the year, pipeline continues to be strong. Obviously, we're seeing a nice recovery in the health care practice. So I think we're certainly shaping up for a very nice Q3 and Q4 as we get to the back half of the year.

布萊恩，這位是凱倫。讓我來拿吧。所以，下半年的利潤率會受到一些因素的影響。其中之一是，今年稍後我們將迎來加薪和晉升。還有一點，正如我們之前提到的，雖然我們並沒有指望從 TMG 合約中獲得很多收入，但已經出現了一些啟動成本，這些成本會在今年下半年加速增加，甚至在合約正式生效之前就已經開始出現。然後，很顯然，我們希望繼續投資以實現成長。所以，就像我們過去一直所說的那樣，當我們談到 19% 到 20% 的成長區間，並且我們會在此基礎上進行投資以繼續推動成長時，今年的情況也是如此。因此，當我們思考明年及以後需要什麼才能真正繼續推動數位轉型時，我們將繼續投資。正如我之前提到的，我們預計員工人數肯定不會進一步下降，而且如果有什麼變化的話，隨著我們回到下半年，員工人數還會開始稍微回升。因此，與第二季相比，所有這些因素都會導致利潤率出現一定程度的下降。正如我們之前所說，我們仍然致力於實現今年至少 19.5% 的目標，並且感覺我們很有希望在 2019 年實現 22% 的目標。就第四季營收而言，我認為隨著我們進入下半年，營收肯定會出現一些良好的成長，而且銷售管道依然強勁。顯然，我們看到醫療保健產業正在良好復甦。所以我認為，隨著下半年的到來，我們肯定會迎來一個非常好的第三季和第四季。

Our next question comes from the line of Moshe Katri with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Moshe Katri。

Karen, how much inorganic growth is factored in that 9% to 10% number for the year? And then just in general, I think, Raj, you spoke about a couple of large banks that are maybe a bit weaker in terms of performance. Are they predominantly U.S.-based, Europeans? Maybe some color on that.

Karen，9%到10%的年度成長率中，有多少是非內生性成長？總的來說，Raj，你提到了幾家大型銀行，它們的表現可能稍微疲軟。他們主要是居住在美國的歐洲人嗎？或許可以加點色彩。

Sure. So Moshe, I'll take the first part and then turn it over to Raj for the BFS question. We have not baked any incremental inorganic revenue into our guidance for the remainder of the year. And obviously, we've done a couple of very small deals this year, but nothing that's material in the current run rate either. So the 9% to 10% is essentially organic revenue.

當然。莫舍，我先回答第一部分，然後把廣度優先搜尋的問題交給拉傑。在今年剩餘時間的業績預期中，我們沒有將任何新增的非有機收入納入考量。顯然，我們今年也做了一些非常小的交易，但就目前的交易速度而言，沒有什麼實質的交易。所以這 9% 到 10% 基本上是自然成長的收入。

Yes, Moshe, I mean, the large money central banks, obviously, have both a European and U.S. presence. So I think you're seeing softness there because of the discretionary work not kicking in as fast as we would like. Now again, like I said, we're engaged in a lot of the digital initial work with those banks. And as the money -- as these banks continue to get healthier, I would expect that you would start seeing some more of the enterprise transformation initiatives that we're expecting. And I think we're well positioned. I mean, if you look at it from the business and operations to the technology layers, I think there's very few companies that can help these banks. And so that's obviously areas that we're investing in and we're hopeful for future growth as they get healthier.

是的，莫舍，我的意思是，很明顯，大型貨幣中央銀行在歐洲和美國都有分行。所以我認為你看到的這種疲軟狀態，是因為可自由支配的工作沒有像我們希望的那樣迅速地發揮作用。正如我剛才所說，我們正在與這些銀行進行大量的數位化初期工作。隨著資金的流入——隨著這些銀行的財務狀況不斷改善，我預計你會看到更多我們所期待的企業轉型舉措。我認為我們已經佔據了有利位置。我的意思是，如果你從業務營運到技術層面來看，我認為能夠幫助這些銀行的公司寥寥無幾。所以很明顯，這些是我們正在投資的領域，我們希望隨著這些領域狀況的改善，它們未來能夠成長。

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

我們的下一個問題來自摩根大通的黃天進。

Just on the -- [Appears] smart to not include TMG Health. I'm just curious, the BPaaS pipeline, how does that look today? How active is it? And then on TriZetto cloud, will you actively mine your legacy accounts to convert them to cloud? Is there any way to size the impact of this potential work if you flip the whole portfolio to cloud?

僅僅在－[看起來]不把TMG Health包括在內是明智之舉。我只是好奇，BPaaS 流程目前的狀況如何？它有多活躍？然後，在 TriZetto 雲端平台上，你們會積極挖掘現有帳戶並將其轉換為雲端帳戶嗎？如果將整個產品組合遷移到雲端，有沒有辦法衡量這項潛在工作的影響？

Tien-tsin, it's Frank. Let me try to take that. Look, the BPaaS pipeline is really healthy right now. We feel very, very good about the TriZetto BPaaS, the Healthcare BPaaS opportunities. Obviously, TMG Health is part of a relationship, BPaaS relationship, that we are building with TMG's parent, HCSC. And so that's just one example that we feel good about where we are with Healthcare BPaaS. And I think that it's fair to say that our strong performance, part of our strong performance in Healthcare this second quarter and going forward is the result of the investments that we've made in the scaling up of our BPaaS offerings. So good traction there. As I said in my prepared remarks, we have -- the Healthcare cloud, the TriZetto Healthcare cloud that we launched on Microsoft Azure, it's still early days. We have 300 active TriZetto clients that we could migrate over. We absolutely will go back to them and work with them on the migration. And as I said, the economics would generally be a onetime revenue opportunity for us to migrate, but then an ongoing revenue opportunity for us to manage, maintain, monitor, upgrade, support those implementations once they're in our cloud. And then, of course, there's an additional opportunity beyond that, which is converting them to our full BPaaS offering once they're on our cloud. So I think it's a multilayer opportunity. Given that these are -- the 300 clients range from small health plans all the way up to the very biggest health plans, each individual opportunity, I think, is quite different and varied in size. And so I'm not going to give you an overall opportunity, but 300 clients and I think multilayers of the opportunity as I look over multiple years.

天津，我是法蘭克。讓我試試看。你看，BPaaS 管線目前運作狀況非常好。我們對 TriZetto BPaaS 和醫療保健 BPaaS 的機會感到非常非常樂觀。顯然，TMG Health 是我們正在與 TMG 的母公司 HCSC 建立的 BPaaS 關係的一部分。所以，這只是一個例子，說明我們對醫療保健 BPaaS 領域的現狀感到滿意。我認為可以公平地說，我們在第二季度以及未來在醫療保健領域取得的強勁業績，部分原因是我們對擴大 BPaaS 產品規模所進行的投資。所以那裡的牽引力很好。正如我在準備好的演講稿中所說，我們推出了醫療保健雲，即在微軟 Azure 上推出的 TriZetto 醫療保健雲，目前還處於早期階段。我們有 300 個活躍的 TriZetto 客戶可以遷移過來。我們一定會與他們聯繫，共同完成遷移工作。正如我所說，從經濟角度來看，遷移通常會為我們帶來一次性的收入機會，但一旦這些部署在我們的雲端，管理、維護、監控、升級和支援這些部署就會為我們帶來持續的收入機會。當然，除此之外還有另一個機會，那就是一旦他們使用我們的雲端服務，就可以將他們轉化為我們完整的 BPaaS 產品。所以我認為這是一個多層次的機會。鑑於這 300 位客戶涵蓋了從小型健康計劃到最大的健康計劃，我認為，每個機會都截然不同，規模也各不相同。因此，我不會給你一個整體的機會，但我認為，在未來幾年裡，300 位客戶以及多層次的機會將為你帶來機會。

Our next question comes from the line of Bryan Bergin with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Bryan Bergin。

Just on automation, can you give us an update on your automation investments and your progress there? Any quantitative details you could also share, whether it's level of [fee] savings or just client-based implementation?

僅就自動化而言，您能否向我們介紹您在自動化方面的投資和進展？您能否分享一些量化細節，例如節省的費用金額，或只是客戶實施情況？

It's Frank. I would say that we continue to push forward actively across many areas of the business in looking at applying advanced automation. And I would just remind you that historic -- we've always had a practice of automating in our businesses and our practices. So my comments here are related to specifically to what I think of as the advanced automation that makes use of new technologies like robotic process automation and artificial intelligence and machine learning and so on and so forth. We gave you a few examples during our prepared remarks in our digital operations business. We have several clients. We have a proprietary Cognizant technology that came to us as part of the TriZetto acquisition, which we've now expanded, not just to serve Healthcare clients, but to serve a broad range of clients. That, combined with the work we're doing with third-party automation providers, we now have hundreds of thousands of -- we process hundreds of thousands of transactions across many clients. But we're not stopping there. We are working to automate in our digital systems and technology business, particularly infrastructure, application value management, quality engineering services. All of these are opportunities for us to automate and we continue to do that. So that's the second part of it. The third part of it is that as we're building out industry solutions, as Raj spoke about, we often find that, for example, in the digital automation fabric that Raj mentioned, machine learning and artificial intelligence are important components there as well. So across the business, we continue to push forward very hard in automation. It's hard to give you quantitative numbers. We're seeing automation benefits anywhere from 10%, 20% productivity to 30% productivity. There's a wide range in there. And I think we'll continue to see those benefits as the impact of automation broadens across the business. And I think that's part of the reason that we'll continue to drive utilization higher as we automate more.

是弗蘭克。我想說，我們正持續積極推動業務各領域的先進自動化應用。我還要提醒各位，從歷史角度來看——我們一直以來都在業務和實踐中推行自動化。因此，我在這裡的評論主要與我所認為的高級自動化有關，它利用了諸如機器人流程自動化、人工智慧和機器學習等新技術。我們在事先準備好的發言稿中，就數位化營運業務舉了一些例子。我們有好幾位客戶。我們擁有 Cognizant 的專有技術，該技術是 TriZetto 收購的一部分，現在我們已經擴展了這項技術，不僅服務於醫療保健客戶，而且服務於廣泛的客戶群。再加上我們與第三方自動化供應商的合作，我們現在處理著數十萬筆交易，這些交易來自許多客戶。但我們不會就此止步。我們正在努力實現數位系統和技術業務的自動化，特別是基礎設施、應用價值管理和品質工程服務。所有這些都為我們提供了實現自動化的機會，我們也將繼續這樣做。這是第二部分。第三部分是，正如 Raj 所談到的，在我們建立行業解決方案的過程中，我們經常發現，例如在 Raj 提到的數位自動化架構中，機器學習和人工智慧也是重要的組成部分。因此，在整個業務範圍內，我們繼續大力推動自動化。很難給出具體的量化數據。我們看到自動化帶來的生產力提升幅度在 10%、20% 到 30% 之間。裡面的種類繁多。我認為，隨著自動化對整個業務的影響不斷擴大，我們將繼續看到這些好處。我認為，隨著自動化程度的提高，我們將繼續提高利用率，部分原因就在於此。

Our next question comes from the line of Ramsey El-Assal with Jefferies.

我們的下一個問題來自 Ramsey El-Assal 與 Jefferies 的對話。

This is Damian Wille on for Ramsey. I'm hoping you can help us frame how much of your digital sales come from cross-sell versus signing a new logo. And kind of along the same lines, if you could speak to how much of the digital cross-sales you think of as a push from you or a pull from the client.

這是達米安·威爾替補拉姆齊上場。我希望您能幫我們分析一下，您的數位銷售中有多少來自交叉銷售，又有多少來自新客戶簽約。同樣地，您能否談談您認為數位交叉銷售中，有多少是您主動推動的，又有多少是客戶主動拉動的？

Damian, it's Frank. Let me try to address that. I would say just it has historically been Cognizant's pattern that in any period month, quarter, year, the vast majority of our revenues come from cross-sell to existing clients. That is our -- the foundation of our business model, as you know, is serving a small number of clients, serving them very deeply, building multiyear-long relationships with our clients. So that continues to be the case with digital. I would remind you that sort of core to our competitive advantage in digital is this notion that we're able to use the knowledge that we have of our client's technology environment, our client's operating model, to help them as they look at transforming their business model. And so our perspective on digital is this transformation of the business model, the operating model and the technology model simultaneously. That's really where we feel we have a really strong core competitive advantage. And that advantage is strongest where we have existing relationships and we've had a long history of serving the client and understand their technology and operating models in detail. So I would say that a significant portion -- certainly, the majority of our digital revenue comes from cross-selling to existing clients.

達米安，我是法蘭克。讓我來試著解釋一下。我想說，Cognizant 的歷史模式是，在任何時期（月、季、年），我們絕大部分的收入都來自向現有客戶的交叉銷售。如您所知，我們的商業模式的基礎是服務少量客戶，深入服務他們，與客戶建立多年的合作關係。數位化領域的情況依然如此。我想提醒各位，我們在數位化領域競爭優勢的核心在於，我們能夠利用我們對客戶技術環境和營運模式的了解，幫助他們轉型業務模式。因此，我們對數位化的看法是，商業模式、營運模式和技術模式同時發生轉變。這正是我們真正感受到擁有強大核心競爭優勢的地方。而這種優勢在我們與客戶建立了現有關係，並且長期服務於客戶，深入了解他們的技術和營運模式的情況下最為顯著。因此，我認為很大一部分——當然，我們的大部分數位收入都來自向現有客戶交叉銷售。

Our next question comes from the line of Joseph Vafi with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Joseph Vafi。

I was wondering if you could comment on sustainability of on-site utilization rates at this level, if hiring picks up again and if shift to digital drives shorter project durations and potentially a higher on-site mix.

我想請您評論一下，如果招聘再次增加，以及向數位轉型導致專案週期縮短並可能提高現場辦公比例，那麼目前這種現場辦公利用率的可持續性如何。

So Joseph, this is Karen. I'll talk about that, and obviously, Raj and Frank can chime in. But running at 93% where we were for Q2 is fine. On-site utilization, as long as it doesn't get above say, 95%, is absolutely fine. We can continue to grow at the pace at which we expect to continue to invest in the business. So while it certainly came up from Q1 over the last couple of quarters, utilization had ticked down both on-site and offshore. So bringing it back up into a 93%, 94% range is very comfortable for us and we can continue to invest and drive the growth that we want.

約瑟夫，這位是凱倫。我會談談這個話題，當然，拉傑和法蘭克也可以發表意見。但能達到第二季93%的運作水準是可以接受的。現場利用率只要不超過 95% 左右，就完全沒問題。我們可以繼續以我們預期的速度發展，同時也將繼續增加對業務的投資。因此，雖然過去幾季的使用率確實比第一季有所上升，但現場和海上的使用率都略有下降。因此，將其恢復到 93%、94% 的範圍內對我們來說非常理想，我們可以繼續投資並推動我們想要的成長。

I have nothing to add to that, Joe, only to say that as we continue the process of building out regional centers in the U.S. as opposed to our historical model where folks have been more on-site and at client locations, I think that, that will help drive utilization actually higher because when we have people in a physical location, our ability to redeploy them across clients and so on and so forth, the project then becomes higher. Now that's a longer-term trend. Our journey of building out regional centers is well underway, but we have some ways to go on that. So I think as regional centers become a greater portion of our overall on-site workforce, I think that will be a contributor to being able to take on-site utilization up higher.

喬，我沒什麼要補充的，只想說，隨著我們繼續在美國建設區域中心，而不是像過去那樣讓員工更多地駐紮在現場和客戶所在地，我認為這將有助於提高利用率，因為當我們的員工在實體地點辦公時，我們就能更方便地將他們重新部署到各個客戶那裡等等，這樣一來，項目的效率就會更高。這才是長期趨勢。我們建造區域中心的進程已經順利進行，但還有一段路要走。所以我認為，隨著區域中心在我們整體現場員工中所佔比例越來越大，這將有助於提高現場利用率。

Our final question will come from the line of Arvind Ramnani with KeyBanc Capital Markets.

最後一個問題來自 KeyBanc Capital Markets 的 Arvind Ramnani。

So it looks like these digital projects are certainly gaining scale and clients clearly value your consulting and advisory services. Can you talk a little bit more about your consulting capabilities and how you're looking to kind of scale at on-site hiring and leveraging consultants on -- upon management. And part 2 of that question is sort of the impact on margins by hiring more on-site consultants.

由此看來，這些數位化專案確實正在擴大規模，客戶顯然也非常重視您的諮詢和顧問服務。您能否再詳細談談您的諮詢能力，以及您打算如何透過現場招募和利用顧問來擴大管理規模？問題的第二部分是關於僱用更多現場顧問對利潤率的影響。

Arvind, it's Frank. Let me try to address that. So first, just the data. As I said in my prepared remarks, consulting is now just about 6,000 -- just shy of 6,000. 6,000 people had been a focus of ours for more than a decade. We continue to grow it. Our consulting capability is, I would say, in the last few years, we've really, really focused it and emphasized the vertical aspect of consulting very, very hard. So I think our 6,000 consultants, the vast majority of them are deep domain experts in the industries where Cognizant is strong. We have -- and increasingly now, the work they do is very focused on digital transformation and sort of leading various aspects of our clients' digital transformations. We will continue to grow, and we will continue to scale consulting. We remain very committed to that business. You're absolutely right, the consulting team is becoming a more and more integral part of our client account management teams as they build long-term relationships with clients beyond the technology organizations. And so that's a trend that we view as positive and will continue. And then in terms of margin impact, I think proportionately, I don't see consulting being -- growing dramatically as an overall part of the total company revenue. So I don't think that it has a meaningful margin impact one way or the other. We continue to be very comfortable with our ability to grow that part of the business and still maintain our overall margin goals as you think about 2018 and 2019.

阿文德，我是法蘭克。讓我來試著解釋一下。首先，我們來看數據。正如我在準備好的演講稿中所說，諮詢業目前的從業人員大約有 6,000 人——略低於 6,000 人。十多年來，我們一直關注著這6000人。我們持續發展壯大它。我認為，在過去的幾年裡，我們非常非常重視諮商能力，並著重了諮商的垂直面向。所以我認為，我們6,000名顧問中，絕大多數都是Cognizant實力雄厚的產業的資深領域專家。我們現在的工作越來越專注於數位轉型，並在各方面引領客戶的數位轉型。我們將繼續發展壯大，並持續擴大諮詢業務規模。我們仍然非常重視這項業務。您說得完全正確，隨著顧問團隊與客戶建立長期合作關係（而不僅限於技術組織），他們正逐漸成為我們客戶帳戶管理團隊中越來越不可或缺的一部分。所以我們認為這是一個積極的趨勢，並且會繼續下去。至於利潤率的影響，我認為按比例來看，諮詢業務在公司總收入中所佔的比例不會大幅成長。所以我認為這不會對利潤率產生實質的影響。展望 2018 年和 2019 年，我們對自身發展這部分業務的能力仍然充滿信心，並且能夠維持整體利潤率目標。

And so with that, I'll wrap up. Just to thank everybody for joining us today and for your questions. And we look forward to talking with all of you again next quarter. Thank you.

那麼，我就說到這裡吧。感謝各位今天收看我們的節目，也感謝大家提出的問題。我們期待下個季度再次與各位交流。謝謝。

Thank you. This concludes today's Cognizant Technology Solutions Second Quarter 2017 Earnings Call. You may now disconnect.

謝謝。今天的 Cognizant Technology Solutions 2017 年第二季財報電話會議到此結束。您現在可以斷開連線了。