高知特 (CTSH) 2017 Q3 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2017 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to David Nelson, Vice President, Investor Relations and Treasurer for 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 third quarter 2017 results. If you have not, a copy is available on our website, cognizant.com.

謝謝接線員，大家早安。現在，你應該已經收到該公司 2017 年第三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。

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

此外，我們已將投資者簡報上傳至我們的網站。本次簡報涵蓋了本次電話會議討論的關鍵要點。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 thank you for joining us today. Cognizant delivered solid third quarter results. Q3 revenue was $3.77 billion, which is at the high end of our guided range and up 9.1% 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.

各位早安，感謝大家今天收看我們的節目。Cognizant第三季業績表現穩健。第三季營收為 37.7 億美元，處於我們預期範圍的高端，年增 9.1%。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、產品與資源以及通訊、媒體與科技產業的平均成長率達到兩位數。

Our third quarter digital-related revenue grew well above company average. And to further enhance our digital capabilities, we recently announced 2 acquisitions: Netcentric, a leading independent Adobe partner in Europe and a leading provider of digital experience and marketing solutions for some of the world's most recognized brands; and Zone, a U.K.-based leading independent full-service digital agency that specializes in interactive digital strategy, technology and content creation. These acquisitions will broaden our portfolio of digital services and solutions.

我們第三季與數位業務相關的營收成長遠高於公司平均。為了進一步增強我們的數位化能力，我們最近宣布了兩項收購：Netcentric，一家歐洲領先的獨立 Adob​​e 合作夥伴，也是全球一些最知名品牌的領先數位體驗和行銷解決方案提供商；以及 Zone，一家總部位於英國的領先獨立全方位服務數位代理機構，專門從事互動數位策略、技術和內容創作。這些收購將擴大我們的數位服務和解決方案組合。

To continue with our financial results, non-GAAP EPS for the quarter was $0.98 and our non-GAAP operating margin was 20%. For 2017, we've delivered 3 consecutive quarters of strong execution at the top and bottom lines. This consistent performance underscores the soundness of our strategy and investments and the continuing strong demand for our portfolio of services.

持續來看我們的財務業績，本季非GAAP每股收益為0.98美元，非GAAP營業利益率為20%。2017年，我們在營收和利潤方面連續三個季度都取得了強勁的業績。這項持續穩定的業績凸顯了我們策略和投資的合理性，以及市場對我們服務組合的持續強勁需求。

Turning to guidance. We are again raising the low end of our revenue guidance range and expect full year revenue to be in the range of $14.78 billion and $14.84 billion, and we expect our full year 2017 non-GAAP operating margin to be at least 19.6%.

尋求指導。我們再次提高了收入預期範圍的下限，預計全年收入將在 147.8 億美元至 148.4 億美元之間，預計 2017 年全年非 GAAP 營業利潤率至少為 19.6%。

Now we're in the business to help our clients adapt, compete and grow in the face of continual shifts and disruptions within their markets. Therefore, we've systematically built out significant capabilities to enable clients to transition from the physical to the digital world. Today, making that shift has become mandatory for them.

現在，我們的業務是幫助客戶適應、競爭和發展，以應對市場中不斷變化和動盪的局面。因此，我們有系統地建立了強大的能力，使客戶能夠從物理世界過渡到數位世界。如今，做出這種轉變對他們來說已成為必然。

Most clients now know they must become digital enterprises themselves or, more precisely, the right mix of physical and digital. So we work with them to transform their business, operating and technology models simultaneously. This 3-layer transformation is what we mean when we talk about digital at scale.

現在大多數客戶都知道，他們自己必須成為數位化企業，或者更準確地說，必須成為實體企業和數位企業的正確結合。因此，我們與他們合作，同時轉變他們的業務、營運和技術模式。我們所說的規模化數位化，指的就是這種三層轉型。

In prior calls, we've discussed how we enable this transformation, applying our deep industry knowledge, innovation, advanced technologies and consulting expertise. More recently, we've also been emphasizing our client co-innovation centers and our platform-based software and solutions. The result of developing and integrating all these capabilities and intellectual property is that we are turning Cognizant into a different kind of company that's envisioning and building the digital economy. Increasingly, we see ourselves as a leading firm that develops repeatable solutions by fusing software and services to deliver business outcomes that make a real difference to clients. And this morning, I'd like to highlight how this new Cognizant is resonating with clients and winning in digital.

在先前的通話中，我們已經討論過如何運用我們深厚的產業知識、創新能力、先進技術和諮詢專長來實現這項轉型。最近，我們也更加重視與客戶的共同創新中心以及基於平台的軟體和解決方案。透過開發和整合所有這些能力和智慧財產權，我們正在將 Cognizant 打造成一家不同類型的公司，一家構思和建立數位經濟的公司。我們越來越將自己視為一家領先的公司，透過融合軟體和服務來開發可重複的解決方案，從而為客戶帶來真正有意義的業務成果。今天上午，我想重點介紹新的 Cognizant 如何引起客戶的共鳴，並在數位化領域取得成功。

The best place to begin is with a few client examples of digital at scale delivering a competitive upside for Cognizant. For a U.S. car company that's preparing for a future of ridesharing and driverless cars, a team of consultants, developers and social scientists from Cognizant and ReD Associates helped to reimagine the relationship between driver and automaker. And then they jointly developed a marketplace that offers mobility services to help drivers move around more easily and access services remotely, from vehicle diagnostics to smart parking reservations.

最好的切入點是舉幾個客戶案例，說明數位化如何大規模地為 Cognizant 帶來競爭優勢。對於一家正在為未來共享旅行和無人駕駛汽車做準備的美國汽車公司來說，來自 Cognizant 和 ReD Associates 的顧問、開發人員和社會科學家團隊幫助重新構想了駕駛員和汽車製造商之間的關係。然後，他們共同開發了一個市場平台，提供出行服務，幫助駕駛員更輕鬆地旅行並遠端獲取服務，從車輛診斷到智慧停車預訂。

For a leading financial institution facing slowing growth in a major business, Cognizant developed an artificial intelligence-enabled robotic investment adviser that would appeal to a new market of approximately 90 million millennials and that will enable the firm to achieve its goal of doubling retail assets under management by 2020. To envision and build this digital solution, we brought a cross-functional team from the client together with Cognizant Digital Business designers, strategists, technologists and financial services experts.

對於一家面臨主要業務成長放緩的領先金融機構而言，Cognizant 開發了一款人工智慧機器人投資顧問，旨在吸引約 9,000 萬千禧世代的新市場，並使該公司能夠實現到 2020 年零售資產管理規模翻倍的目標。為了構思和建構這個數位化解決方案，我們匯集了來自客戶的跨職能團隊以及 Cognizant 數位業務的設計師、策略家、技術專家和金融服務專家。

And we also helped a leading life sciences company bring to market new drugs with proven therapeutic benefits for smaller patient populations. We assembled a team of doctors, nurses, pharmacists and technology and design consultants to drive efficiencies in the clinical development process and apply digital marketing techniques. As a result, the client was able to achieve the goal of bringing new therapies to even relatively small patient populations. Absent this new approach, these drugs might not have been economical to develop and market. The upside for Cognizant is that most of the world's companies are now dealing with these digital at scale challenges in one form or another, and therefore, we can keep combining our services and software in new ways to create repeatable solutions for a wide variety of clients.

我們也幫助一家領先的生命科學公司將具有已證實療效的新藥推向市場，這些藥物適用於較小的患者群體。我們組建了一支由醫生、護士、藥劑師以及技術和設計顧問組成的團隊，以提高臨床開發過程的效率並應用數位行銷技術。因此，客戶得以實現將新療法帶給相對較小的患者群體的目標。如果沒有這種新方法，這些藥物的研發和銷售可能並不經濟。對 Cognizant 來說，有利的一面是，世界上大多數公司現在都在以某種形式應對這些大規模的數位化挑戰，因此，我們可以不斷以新的方式將我們的服務和軟體結合起來，為各種各樣的客戶創造可重複的解決方案。

Our enterprise transformation is such demanding work that we make sure that all our services and solutions are organized from the client's perspective, which is why, last year, we established Cognizant Digital Business, Cognizant Digital Operations and Cognizant Digital Systems & Technology. These 3 practice areas, which run across our business segments, mirror our clients' needs and the parts of their enterprises they need to transform. And Raj will talk about how our digital practices are progressing in solving clients' current and emerging challenges.

企業轉型是一項要求極高的工作，因此我們確保所有服務和解決方案都從客戶的角度出發進行組織。正因如此，去年我們成立了 Cognizant Digital Business、Cognizant Digital Operations 和 Cognizant Digital Systems & Technology。這 3 個業務領域貫穿我們的各個業務板塊，反映了我們客戶的需求以及他們需要改造的企業部分。Raj 將探討我們的數位化實踐如何幫助客戶解決當前和未來面臨的挑戰。

Within these practices, our value to clients’ hinges, of course, on the depth, breadth and currency of our knowledge. So we've been aggressively building high-end digital skills in areas such as data science, design thinking, cybersecurity, the Internet of Things, artificial intelligence and automation. But strong digital skills alone are not enough so we combine these skills with our industry expertise to speak the language and understand the core processes and technologies of every industry we specialize in, and we draw on this knowledge to build specialized software platforms and industry-specific solutions to quickly create new value for clients.

在這些實踐中，我們對客戶的價值當然取決於我們知識的深度、廣度和時效性。因此，我們一直在積極培養數據科學、設計思維、網路安全、物聯網、人工智慧和自動化等領域的高端數位技能。但僅僅擁有強大的數位技能是不夠的，因此我們將這些技能與我們的行業專業知識相結合，以便能夠用我們所專注於的每個行業的語言進行交流，並了解其核心流程和技術，然後利用這些知識來構建專門的軟體平台和行業特定的解決方案，從而快速為客戶創造新的價值。

We can see all of this come together, for example, in the way we've invested to extend our leadership as a fully integrated digital health care technology and operations provider. We've made major health care investments beginning with the TriZetto Healthcare administration platform, a leading software platform used by payers and providers. Earlier this year, we moved our TriZetto products to the Microsoft Azure cloud and launched our Healthcare Cloud Solution, a SaaS platform for health care payers of any size.

例如，我們可以看到所有這些因素匯聚在一起，例如我們投資鞏固了我們作為一家完全一體化的數位醫療保健技術和營運提供者的領先地位。我們從 TriZetto Healthcare 管理平台開始，對醫療保健領域進行了重大投資。 TriZetto Healthcare 是一個領先的軟體平台，由支付方和提供者廣泛使用。今年早些時候，我們將 TriZetto 產品遷移到了 Microsoft Azure 雲端平台，並推出了我們的醫療保健雲端解決方案，這是一個針對各種規模醫療保健支付方的 SaaS 平台。

And having completed the TMG Health acquisition in August, we've now combined TriZetto with the business process services of TMG. TMG Health has further strengthened our scalable Business Process as a Service or BPaaS solution for the government and public health program markets. These investments, along with our market-leading footprint in the commercial space, establish Cognizant as the top solution provider of enhanced government process platforms, digital solutions and services for commercial and government-managed health care programs in the U.S.

繼 8 月完成對 TMG Health 的收購後，我們現在已將 TriZetto 與 TMG 的業​​務流程服務合併在一起。TMG Health 進一步加強了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。這些投資，加上我們在商業領域的市場領先地位，使 Cognizant 成為美國領先的增強型政府流程平台、數位解決方案和服務提供者，服務對象包括商業和政府管理的醫療保健項目。

Since TriZetto, we've invested in many other platforms in areas such as digital content operations, sales transformation, mortgage servicing and patient safety. All of these technologies and platforms provide the benefits of scale, enabling Cognizant to develop repeatable offerings that can be used by multiple clients across multiple markets.

自 TriZetto 以來，我們已投資了許多其他平台，涉及數位內容營運、銷售轉型、抵押貸款服務和病患安全等領域。所有這些技術和平台都提供了規模優勢，使 Cognizant 能夠開發可重複使用的產品，供多個市場的多個客戶使用。

While digital at scale is a heavy lift, Cognizant has the resume to execute this transformation successfully. It starts with a high level of client trust that encourages and enables the successful co-innovation of solutions with clients. Once we've established a vision for the future, we know how to design, prototype and scale digital experiences to reshape client's products and business models.

雖然大規模數位轉型是一項艱鉅的任務，但 Cognizant 擁有成功完成這項轉型所需的豐富經驗。首先要建立在客戶高度信任的基礎上，這種信任能夠鼓勵並促成與客戶共同創新解決方案的成功。一旦我們確立了未來的願景，我們就​​知道如何設計、製作原型和擴展數位體驗，從而重塑客戶的產品和商業模式。

But building digital experiences for the front-end of a client's business is not enough. We have the deep knowledge to help clients reengineer, digitize, manage and operate their core business processes and build software platforms for specific processes and industries. We couple this with a mastery of the technologies, software and tools to develop digital solutions as well as the ability to combine digital technologies with client's heritage systems and applications, and we provide much of this capability to clients using our highly efficient and reliable global delivery model, which works at scale.

但是，僅僅為客戶業務的前端建立數位化體驗是不夠的。我們擁有深厚的專業知識，可以幫助客戶重新設計、數位化、管理和營運其核心業務流程，並為特定流程和產業建立軟體平台。我們不僅精通開發數位解決方案所需的技術、軟體和工具，還能夠將數位技術與客戶的傳統系統和應用程式結合，而且我們利用高效可靠的全球交付模式，大規模地為客戶提供這些能力。

And finally, we have the global consulting expertise to advise on strategy, operations and technology and orchestrate all of the knowledge, services, software and solutions that come together to enable enterprise transformation. Cognizant brings this entire set of capabilities to the table. That's what continues to differentiate us in the marketplace. And by integrating all of these capabilities and intellectual property, that's how we are turning Cognizant into a different kind of company that's envisioning and building the digital economy.

最後，我們擁有全球諮詢專業知識，可以為策略、營運和技術提供建議，並協調所有知識、服務、軟體和解決方案，從而實現企業轉型。Cognizant公司具備所有這些能力。這正是我們在市場上持續脫穎而出的原因。透過整合所有這些能力和智慧財產權，我們正在將 Cognizant 打造成一家構想和建構數位經濟的新型公司。

And now over to Raj, who will talk about the work our 3 practices are doing to drive digital at scale for clients and then review our business segment performance. Raj?

現在請 Raj 談談我們 3 個業務部門為客戶大規模推進數位化所做的工作，然後回顧我們業務部門的表現。拉傑？

Thanks, Frank. At the core of our competitive advantage in digital is our ability to lead clients through the 3-layer enterprise transformation Frank just described. This work is the focus of our 3 practice areas.

謝謝你，弗蘭克。我們在數位化領域的競爭優勢核心在於我們能夠引導客戶完成弗蘭克剛才所描述的三層企業轉型。這項工作是我們三個業務領域的重點。

Cognizant Digital Business helps clients conduct business digitally by developing virtual channels with customers and creating smart products. Our experts design, prototype and scale digital experiences to reshape clients' products and business models, all aimed at generating new growth. Cognizant digital operations draws on deep process and technology knowledge to help clients reengineer, digitize, manage and operate their core business processes to lower costs and deliver growth. And Cognizant Digital Systems & Technology works with clients to simplify, modernize and secure their heritage IT infrastructure and applications.

Cognizant Digital Business 透過開發與客戶的虛擬管道和創建智慧產品，幫助客戶以數位化方式開展業務。我們的專家設計、製作原型並擴展數位體驗，以重塑客戶的產品和商業模式，所有這些都是為了創造新的成長。Cognizant 數位營運部門憑藉著深厚的流程和技術知識，協助客戶重新設計、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。Cognizant Digital Systems & Technology 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。

In addition, our nearly 6,000 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. Digital at scale requires our clients to rebuild all 3 models. Cognizant will often apply the capabilities of all 3 practice areas on their behalf.

此外，我們近 6,000 名顧問為執行長、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。大規模數位化要求我們的客戶重建所有 3 個模型。Cognizant 通常會代表客戶運用所有這三個業務領域的各種能力。

Here's an example of our multi-practice efforts. We're partnering with a leading provider of educational content that needed to pivot its business to deliver more affordable next-generation learning that is both interactive and immersive. In the first stage of our work, Cognizant Digital Systems & Technology helped the client set up a shared service center. The center consolidated their global systems and technologies, delivering economies of scale and saving tens of millions of dollars and has become the backbone of the client's more agile and efficient IT operations.

以下是我們多方合作的一個例子。我們正在與一家領先的教育內容提供者合作，該公司需要調整其業務，以提供更經濟實惠的下一代互動式沉浸式學習體驗。在我們工作的第一階段，Cognizant Digital Systems & Technology 幫助客戶建立了一個共享服務中心。該中心整合了他們的全球系統和技術，實現了規模經濟，節省了數千萬美元，並成為客戶更靈活、更有效率的 IT 營運的支柱。

In the second stage, our digital business teams worked with the clients to develop a new operating model for content that leads with digital delivery. To achieve this, the operating model included building learner-centered design labs that will enable experience-based learning. And in the next stage, the prototypes from these labs will be developed into interactive content within the client's content operations center, which Cognizant digital operations will run.

在第二階段，我們的數位業務團隊與客戶合作，開發了一種以數位化交付為主導的全新內容營運模式。為了實現這一目標，營運模式包括建立以學習者為中心的設計實驗室，以實現基於體驗的學習。在下一階段，這些實驗室的原型將在客戶的內容營運中心開發成互動式內容，該中心將由 Cognizant 數位營運部門負責營運。

By the way, this was a consulting-led engagement. Our consultants defined a road map for the future of content operations and then put together the full range of services and solutions from our 3 practice areas. By understanding this transformation journey, our clients will achieve efficiencies that can be reinvested in designing, building and distributing tomorrow's educational content.

順便一提，這是一項由諮詢主導的項目。我們的顧問為內容營運的未來制定了路線圖，然後整合了我們 3 個業務領域的全方位服務和解決方案。透過了解這項轉型歷程，我們的客戶將提高效率，並將這些效率重新投入到未來教育內容的設計、建造和分發中。

Now let's turn to the financial performance of our business segments and geographies. Banking and Financial Services grew 3.8% year-over-year. We had a solid contribution from our insurance business and double-digit growth in our mid-tier banking accounts. This helped to offset the continuing weakness of large money central banks, which remains focused on optimizing their spending on legacy systems and operations as they shift investments to new areas of spend such as digital.

現在讓我們來看看我們各個業務部門和地區的財務表現。銀行業和金融服務業年增 3.8%。我們的保險業務貢獻穩健，中端銀行帳戶實現了兩位數成長。這有助於抵消大型央行持續疲軟的局面，這些央行仍專注於優化其在傳統系統和營運方面的支出，同時將投資轉移到數位等新的支出領域。

Among the recent wins in the segment is Voya Financial, which engaged us for an end-to-end transformation that included infrastructure, security and data-centric transition. Voya, a long-standing client of ours, chose Cognizant for this expanded engagement because of our history of reliable delivery and our advanced as-a-service model, which will enable them to substantially improve service levels while lowering their cost.

近期我們在該領域取得的成功案例包括 Voya Financial，該公司聘請我們進行端到端的轉型，其中包括基礎設施、安全和以數據為中心的轉型。Voya 是我們的長期客戶，他們選擇 Cognizant 來擴大合作範圍，是因為我們擁有可靠的交付記錄和先進的即服務模式，這將使他們能夠在降低成本的同時大幅提高服務水準。

In Healthcare, our third quarter revenues were up 9.3% year-over-year. We saw consistent demand across payer clients and increasing interest in our digital, analytics, cloud and virtualization solutions. As Frank mentioned, our third quarter acquisition of TMG Health extends our position as a leading software and services health care partner. In fact, Cognizant now provides products and services to more than 230 organizations that support a substantial percentage of the Medicare Advantage and Managed Medicaid markets.

在醫療保健領域，我們第三季的營收年增了 9.3%。我們看到支付方客戶對我們的數位化、分析、雲端和虛擬化解決方案的需求持續增長，興趣日益濃厚。正如弗蘭克所提到的，我們第三季對 TMG Health 的收購鞏固了我們作為領先的軟體和服務醫療保健合作夥伴的地位。事實上，Cognizant 目前為 230 多個組織提供產品和服務，這些組織支持了 Medicare Advantage 和 Managed Medicaid 市場相當大的比例。

And to further enhance our health care consulting expertise, we acquired Top Tier Consulting, a California-based health care management consulting firm with strength in strategy, operations, IT and business intelligence. We're well positioned to capitalize on the continuing digitization of the health care industry as it strives to reduce costs, improve quality of care and deploy new business models.

為了進一步增強我們的醫療保健諮詢專業知識，我們收購了位於加州的醫療保健管理顧問公司 Top Tier Consulting，該公司在策略、營運、IT 和商業智慧方面實力雄厚。我們已做好充分準備，利用醫療保健產業不斷推進的數位化進程，降低成本、提高醫療品質並部署新的商業模式。

Let's turn to Products and Resources and Communications, Media and Technology. Products and Resources grew 14% year-over-year. We continue to see strong growth with our manufacturing logistics clients and our energy and utility clients, which offset sluggish growth in retail. The strength in manufacturing reflects both our emphasis on leading with digital offerings and the fact that CXOs increasingly engage us to create smart products and transform their business models.

讓我們來看看產品與資源以及通訊、媒體與科技。產品和資源年增 14%。我們的製造物流客戶和能源公用事業客戶持續保持強勁成長，抵銷了零售業成長疲軟的影響。製造業的實力既反映了我們對以數位化產品引領市場的重視，也反映了企業主管們越來越多地與我們合作，以創造智慧產品並轉變其商業模式。

Communications, Media and Technology had another strong quarter of broad-based growth, up 18.2% year-over-year. The third quarter saw solid growth across this segment with an expansion in areas like creating and curating content. Our clients are turning to Cognizant to help them transform the delivery of their customer-facing channels by improving the experience with personalized and rich content.

通訊、媒體和科技產業又迎來了一個強勁的季度，實現了全面成長，年成長 18.2%。第三季該領域實現了穩健成長，內容創作和策劃等領域均有所擴張。我們的客戶正在尋求 Cognizant 的協助，以透過個人化和豐富的內容改善客戶體驗，從而轉變其面向客戶的管道的交付方式。

Now a quick look at our performance by geography. Europe grew 16.9%, and the rest of the world was up 19.9% year-over-year. Within Continental Europe, we signed a 10-year agreement to become the strategic provider of IT and business process services for a major Belgian-French financial institution. The goal is to transform their technology infrastructure and lay a foundation for more agile, efficient and secure operations. This agreement and the digital at scale work we're doing has brought applications to other clients, and it builds on the platform strategy that Frank discussed. For example, the managed service platform we're developing will provide a utility for processing structured loans for other European clients.

現在快速看一下我們按地域劃分的業績。歐洲經濟成長16.9%，世界其他地區較去年同期成長19.9%。在歐洲大陸，我們與一家大型比利時-法國金融機構簽署了一項為期 10 年的協議，成為其 IT 和業務流程服務的策略供應商。目標是改造他們的技術基礎設施，為更敏捷、高效和安全的營運奠定基礎。這項協議以及我們正在進行的大規模數位化工作，已經為其他客戶帶來了應用，並且建立在弗蘭克所討論的平台策略之上。例如，我們正在開發的託管服務平台將為其他歐洲客戶提供處理結構化貸款的實用工具。

Cognizant's progress is receiving broad validation from industry analysts. Everest Group named us as 1 of only 2 star performers at the top of its leaders' quadrant for redefining the customer experience with digital. And ISG Research ranks Cognizant a leader in its cloud provider research, citing our leadership in public cloud infrastructure consulting, implementation services, managed services and brokerage. I'm also pleased to mention that Fortune magazine has named Cognizant to its new Fortune Future 50 List, the rankings of U.S. companies that are best positioned for breakout growth.

Cognizant取得的進展正得到產業分析師的廣泛認可。Everest Group 將我們評為領導者象限頂端僅有的兩家明星企業之一，表彰我們透過數位化重新定義了客戶體驗。ISG Research 在其雲端供應商研究中將 Cognizant 評為領導者，理由是我們在公有雲基礎設施諮詢、實施服務、託管服務和經紀方面處於領先地位。我還很高興地提到，《財富》雜誌已將 Cognizant 列入其新的「財富未來 50 強」榜單，該榜單對最有希望實現突破性增長的美國公司進行了排名。

Clients turn to us to lead them through their enterprise transformation journeys because they simply do not have the range of skills to do this work themselves. What's more, the technology is constantly evolving and digitally skilled people remain scarce. Cognizant has long invested heavily in the retaining and reskilling of our associates. But building skills when technology changes as fast as it does today requires an expanded approach. That's why we are pursuing several tasks to attract, build and retain the workforce of the future. These include developing and acquiring skills in advanced technologies, exploring new sources of talent and investing in public-private partnerships to provide intensive technology training programs.

客戶尋求我們的協助，以引領他們完成企業轉型之旅，因為他們本身並不具備完成這項工作所需的全部技能。此外，科技不斷發展，具備數位技能的人才仍然稀缺。Cognizant長期以來一直大力投資員工的留任和技能提升。但如今科技發展日新月異，培養技能需要更全面的方法。因此，我們正在進行多項工作，以吸引、培養和留住未來的勞動力。這些措施包括發展和獲取先進技術技能、探索新的人才來源以及投資公私合作項目，以提供強化技術培訓計劃。

In addition, we're building and expanding our local delivery centers across the globe. That way, we can quickly deploy talent closer to our clients while establishing training hubs with our education partners to reskill the local workforce. Cognizant is absolutely committed to recruiting and training associates everywhere we are. To sum up, to stay competitive, our clients are determined to do digital at scale, and they view Cognizant as a go-to partner to help them become digital enterprises.

此外，我們正在全球各地建造和擴大本地配送中心。這樣，我們就可以迅速將人才部署到更靠近客戶的地方，同時與我們的教育合作夥伴建立培訓中心，以重新培訓當地勞動力。Cognizant 致力於在我們所在的每個地方招募和培訓員工。總而言之，為了保持競爭力，我們的客戶決心大規模推動數位轉型，並將 Cognizant 視為幫助他們成為數位化企業的首選合作夥伴。

Karen, over to you.

凱倫，該你了。

Thank you, Raj, and good morning, everyone. Q3 performance is solid, and we continue to make significant progress on each element of our overall plan. Third quarter revenue of $3.77 billion was at the high end of our guidance range and increased 9.1% year-over-year. Non-GAAP operating margins, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges, is 20%, and non-GAAP EPS was $0.98.

謝謝你，拉傑，大家早安。第三季業績穩健，我們在整體計劃的各個方面都繼續取得重大進展。第三季營收為 37.7 億美元，處於我們預期範圍的高端，年增 9.1%。非GAAP營業利益率（不包括股票選擇權費用、收購相關費用及重組費用）為20%，非GAAP每股收益為0.98美元。

In the third quarter, we completed the $1.5 billion accelerated share repurchase program, and today, we declared a quarterly cash dividend of $0.15 per share for shareholders of record at the close of business on November 20. This dividend will be payable on November 30.

第三季度，我們完成了 15 億美元的加速股票回購計畫。今天，我們宣布向截至 11 月 20 日營業結束時登記在冊的股東派發每股 0.15 美元的季度現金股息。該股息將於11月30日支付。

Now let me discuss additional details of our financial performance. Consulting and technology services represented 58.6% of revenue; and outsourcing services, 41.4% of revenue for the quarter. Consulting and technology services grew 11.3% year-over-year, driven by an increased demand for digital solutions. Outsourcing services revenue grew 6.1% from Q3 a year ago. During the third 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.

現在讓我來詳細介紹一下我們的財務表現。諮詢和技術服務佔本季營收的 58.6%；外包服務佔本季營收的 41.4%。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 11.3%。外包服務收入較去年同期成長 6.1%。第三季度，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。

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 350.

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。這使我們的戰略客戶總數達到 350 家。

And now moving to an update on margin. In Q3, we continued to take 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 $19 million of charges related to the realignment program, primarily from severance costs incurred in the quarter. Going forward, we expect to incur additional costs related to advisory fees, severance, lease termination and facility consolidation costs. Additionally, as we accelerate our pursuit of broad-based, high-value digital transformation work, we will continue to reassess less profitable opportunities that do not further our position in the digital marketplace. We remain committed to reaching our target of 22% non-GAAP operating margin in 2019 by balancing growth and profitability and, to date, have made significant progress towards this target.

接下來我們來看看利潤率的最新情況。第三季度，我們繼續採取措施改善成本結構和營業利潤率，同時使我們能夠繼續投資於業務成長。這些舉措導致與重組計劃相關的費用約為 1,900 萬美元，主要來自本季產生的遣散費。展望未來，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。此外，隨著我們加快推進基礎廣泛、高價值的數位轉型工作，我們將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。我們仍致力於在 2019 年實現 22% 的非 GAAP 營業利潤率目標，透過平衡成長和獲利能力來實現這一目標，並且迄今為止，我們已朝著這一目標取得了重大進展。

Utilization in Q3 moved higher as we continue to effect structural changes in our headcount management. We expect that these changes will help improve our resource alignment, help drive greater operational efficiency and thus, improve our profitability. While our overall headcount was essentially flat, growth hires were almost 14,000 in the quarter. Annualized attrition of 22.5% during the quarter, including BPO and trainees, increased from 16.6% in the year-ago period but declined over 100 basis points from the previous quarter. While our attrition level was higher than normal, partially due to the continuing impact from performance management and severance programs initiated in the first half of the year, we did see an increase in voluntary attrition during the quarter. While we will, of course, carefully manage headcount, we will continue to hire and invest in critical skills needed to grow our digital business as well as work to bring voluntary attrition back to more normal levels.

第三季利用率有所提高，因為我們持續對人員編制管理進行結構性調整。我們預計這些變化將有助於改善我們的資源配置，提高營運效率，從而提高我們的獲利能力。雖然我們的總員工人數基本上持平，但本季新增員工人數接近 14,000 人。本季年化員工流動率為 22.5%，包括業務流程外包人員和實習生，高於去年同期的 16.6%，但比上一季下降了 100 多個基點。雖然我們的人員流失率高於正常水平，部分原因是今年上半年啟動的績效管理和遣散計劃的持續影響，但我們在本季度確實看到了自願離職人數的增加。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，並努力使自願離職率恢復到更正常的水平。

Our offshore utilization for the quarter was 79%. Offshore utilization, excluding recent college graduates who are in our training program, was 82%, and on-site utilization was 93%.

本季我們的海外利用率為 79%。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 82%，現場利用率為 93%。

Turning to our balance sheet, which remains very healthy. We finished the quarter with $4.7 billion of cash and short-term investments. We had strong operating cash flow in the quarter, generating $773 million, reflecting improved profitability of the business. Receivables were $2.9 billion at the end of the quarter, and we finished the quarter with a DSO including unbilled receivables of 74 days, down slightly from the year-ago period. Our unbilled receivables balance was $403 million, broadly flat from the end of Q2. We billed approximately 61% of the Q3 unbilled balance in October. Our outstanding debt balance was $823 million at the end of the quarter, and there was no outstanding balance on our revolver.

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47億美元。本季我們實現了強勁的經營現金流，產生了 7.73 億美元，反映出業務獲利能力的提高。截至季末，應收帳款為 29 億美元，本季末的應收帳款週轉天數（包括未開立應收帳款）為 74 天，比去年同期略有下降。我們的未開立發票應收帳款餘額為 4.03 億美元，與第二季末基本持平。10 月我們已開立了第三季未開票餘額的約 61% 的帳單。截至季末，我們的未償債務餘額為 8.23 億美元，循環信貸額度沒有未償餘額。

As part of our ongoing commitment to return capital to shareholders, we completed the $1.5 billion ASR in quarter 3 and received and retired 2.2 million shares in addition to the 21.5 million shares received and retired at the commencement of the ASR in March. Our diluted share count was 592 million shares for the current quarter.

作為我們持續履行向股東返還資本承諾的一部分，我們在第三季完成了 15 億美元的 ASR，除了在 3 月 ASR 開始時收到並註銷的 2,150 萬股之外，還收到並註銷了 220 萬股。本季我們的稀釋後股份總數為 5.92 億股。

I would now like to comment on our outlook for Q4 and the full year 2017. Following our continued strong performance, we are again raising the low end of our full year 2017 guidance range to be in the range of $14.78 billion to $14.84 billion or year-over-year growth of 9.5% 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年第四季和全年的展望。鑑於我們持續強勁的業績表現，我們再次上調 2017 年全年業績指引範圍的下限，預計在 147.8 億美元至 148.4 億美元之間，同比增長 9.5% 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 fourth quarter of 2017, we expect to deliver revenue in the range of $3.79 billion to $3.85 billion. For the fourth quarter, we expect to deliver non-GAAP EPS of at least $0.95. This guidance anticipates a share count of approximately 592 million shares and a tax rate of approximately 26%.

預計 2017 年第四季營收將在 37.9 億美元至 38.5 億美元之間。我們預計第四季非GAAP每股盈餘至少為0.95美元。該指導意見預計股份數量約為 5.92 億股，稅率約為 26%。

For the full year 2017, we expect non-GAAP operating margins to be at least 19.6% and to deliver non-GAAP EPS of at least $3.70. This guidance anticipates a full year share count of approximately 595 million shares and a tax rate of approximately 23%. This guidance includes the full impact of the $1.5 billion ASR. We remain committed to our plan to repurchase an additional $1.2 billion by the end of 2018 and will provide additional details on that program at a later date.

我們預計 2017 年全年非 GAAP 營業利潤率至少為 19.6%，非 GAAP 每股盈餘至少為 3.70 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%。該指導意見包含了 15 億美元 ASR 的全部影響。我們仍致力於在 2018 年底前額外回購 12 億美元的股票，並將在稍後提供該計畫的更多細節。

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 in Q1 of the 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. In summary, we have continued our momentum throughout 2017, and we expect to close out the year with solid revenue and earnings growth, 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、攤銷及重組費用。全年數據還不包括第一季確認的先前未確認的所得稅收益。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。總而言之，我們在 2017 年保持了強勁的發展勢頭，我們預計年底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 Tien-tsin Huang with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的黃天進。

Good results here. Just I wanted to ask actually about your margin performance, especially in SG&A, which stood out. It was especially low versus our models. So a couple of questions there. Just your confidence that the lower SG&A so far hasn't hurt your sales pipeline, your ability to be -- replenish the pipeline, the backlog. And then also, just gross margin implications in the fourth quarter and next year, given all the moving pieces with utilization and wages and whatnot. I know you manage to overall margin, but just kind of any help between the 2 lines would be appreciated.

結果不錯。我其實想問一下你們的利潤率表現，特別是銷售、一般及行政費用方面，你們的利潤率表現非常突出。與我們的模型相比，這個數值尤其低。所以這裡有幾個問題。你只需相信，目前較低的銷售、一般及行政費用並沒有損害你的銷售管道，你就能補充通路和積壓訂單。此外，考慮到使用率、薪資等諸多不確定因素，還要考慮第四季和明年的毛利率影響。我知道你能控制整體利潤率，但如果能幫我理順這兩行之間的差錯，那就太好了。

So Tien-tsin, this is Karen. Thank you. I think we've been very thoughtful around cost management this year. We knew going into 2017, based on the work that we did late last year, that there were opportunities to more effectively manage our SG&A spend, particularly around the corporate functions, and we've talked about things like facilities and other costs within SG&A. So while SG&A overall is down in terms of dollars Q3 versus Q3 of last year, we're very comfortable that we have protected the investments that we need to make to continue to grow the business, and I think you'll see SG&A move around a little bit from quarter-to-quarter as we continue on that path. In terms of gross margin, it is obviously trending a little bit lower than where it had been. Part of what happened in Q3 or a big -- significant part of what happened is that we did take up our variable compensation accrual rates during the quarter. Obviously, the business has performed very well this year. It's been a tough year for a lot of our folks as we've gone through a lot of this transition, and so we wanted to ensure that, as we move into next year, that we can pay out good variable compensation for the year. So that did put some pressure on the Q3 gross margin as it's a year-to-date catch-up. What you'll see as we move into Q4 is that raises and promotions will kick in, in Q4, effective in October. Typically, that's been in the July time frame. We did defer that this year with all the transition happening in the company. And then as you said, as we move into 2018 and beyond, we'll continue to manage to the operating margin targets that we've set for the organization.

田心，這位是凱倫。謝謝。我認為我們今年在成本控制方面做得非常周全。根據我們去年底所做的工作，我們在進入 2017 年時就知道，有機會更有效地管理我們的銷售、一般及行政費用，尤其是在公司職能方面，我們也討論過銷售、一般及行政費用中的設施和其他成本等問題。因此，雖然第三季銷售、一般及行政費用（SG&A）總體上比去年同期有所下降，但我們非常有信心，我們已經保護了為繼續發展業務所需的投資，我認為隨著我們繼續沿著這條道路前進，你會看到銷售、一般及行政費用（SG&A）在每個季度之間略有波動。就毛利率而言，顯然比之前的水平略有下降。第三季發生的部分事件，或者說很大一部分事件，是我們在該季度採用了可變薪酬計提率。顯然，該公司今年的業績非常出色。對我們許多員工來說，今年是艱難的一年，因為我們經歷了許多轉型，所以我們希望確保，在進入明年之際，我們能夠支付良好的年度浮動薪酬。因此，由於需要彌補年初至今的業績下滑，第三季的毛利率確實面臨一些壓力。進入第四季後，你會看到加薪和晉升措施將在第四季開始實施，從 10 月生效。通常情況下，這件事發生在七月。由於公司內部正在進行各種轉型，我們今年推遲了這項計劃。正如您所說，隨著我們進入 2018 年及以後，我們將繼續努力實現我們為公司設定的營業利潤率目標。

Our next question comes 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。

Karen, I was wondering if you can comment a little bit on contribution of TMG in the quarter, how that might impact your full year guidance. And the opportunity there, is that going to be maybe similar to TriZetto where you have longer sales cycles? Or how do you think about that? And how is that kind of built into the Healthcare portion of your platform?

Karen，我想請你談談TMG在本季的貢獻，以及這可能會如何影響你的全年業績預期。那其中的機會，是否可能類似 TriZetto，也就是銷售週期較長的公司？你對此有何看法？那麼，你們平台的醫療保健部分是如何融入這種功能的呢？

Sure. So thanks, Brian. So the TMG deal did close towards the end of the third quarter. So there's a small amount of revenue in Q3 for that transaction. As you may know, the vast majority of that work is with one client, and then there were a number of other third-party clients as part of that contract. It will start to move towards a steady state essentially in Q4. We have not broken out the size of the transaction, but it is essentially straight-line revenue for the next 2 years. And then it will move to more of a transaction-based pricing model in the future. There's a combination of contract structures in that deal, but roughly speaking, it'll be straight line for the next few quarters of revenue. And we don't really -- sorry, go ahead.

當然。謝謝你，布萊恩。所以TMG的交易在第三季末完成。因此，第三季該筆交易產生了少量收入。您可能知道，絕大多數工作都是為一個客戶完成的，此外，該合約還涉及許多其他第三方客戶。它將在第四季開始趨於穩定狀態。我們沒有公佈交易的具體規模，但基本上可以預測未來兩年的收入成長。未來，它將轉向基於交易量的定價模式。該交易採用了多種合約結構，但大致來說，未來幾季的收入將保持直線成長。我們其實沒有——抱歉，請繼續。

Okay, I'm sorry. And any -- I know you had some, in the Healthcare segment, exposure to some consolidation. The rumors around transaction with Aetna and consolidation in the CRO market, are you seeing any of that? It doesn't really seem like you are, but just wondering if you -- that's coming up in conversations at all.

好的，對不起。而且──我知道你們在醫療保健領域有過一些整合的經驗。關於與安泰保險公司進行交易以及CRO市場整合的傳聞，你看到任何相關跡象嗎？看起來你好像不是，但我只是想知道你——這個話題有沒有在談話中出現過。

Go ahead -- I'll let Raj comment on that.

請便——我請拉傑來評論一下。

Yes. Look, Brian, I think, over our Healthcare -- Healthcare just remains strong for us. I'm not seeing any conversations or impacts right now of any potential acquisitions. I think, overall, as you know, we've invested a lot in our Healthcare business. We see strong growth in both the midsized payers along with the large payer companies out there. In addition to that, we continue to see a lot of opportunities on our BPaaS solutions.

是的。布萊恩，你看，我認為，就我們的醫療保健而言——醫療保健對我們來說仍然很強大。目前我沒有看到任何關於潛在收購的討論或影響。我認為，總的來說，正如您所知，我們在醫療保健業務方面投入了大量資金。我們看到，無論是中型支付方還是大型支付方公司，都實現了強勁成長。除此之外，我們也看到 BPaaS 解決方案領域存在著許多機會。

Yes. So I think a little bit remains to be seen what happens if some of those deals go through. The Aetna-CVS deal, for example, I think it's early to tell at this point.

是的。所以我覺得，如果其中一些交易最終達成，會發生什麼，還有待觀察。例如，關於安泰保險-CVS的交易，我認為現在下結論還為時過早。

Our next question comes from the line of Keith Bachman with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Keith Bachman。

I want to follow on Tien-tsin's question a little bit on the margins. It looks like you're guiding operating margins on a non-GAAP basis in Q4 to be, call it, the mid-19% level. And calendar year, it sounds like Q4, will also still benefit from some workforce realignment. My question is -- Karen, I think you said that in next year, calendar year '18, you wouldn't anticipate further headcount reductions. But I'm unclear on -- without the headcount reductions, how do you continue to advance those operating margins, particularly given some of the gross margin pressure that still seems to be exhibiting? If you could talk a little bit about the forces from here. How do you continue to try to march those operating margins up when most of your competitors' margins are eroding?

我想稍微補充一下田進提出的問題。看來你們預期第四季非GAAP準則下的營業利益率將達到19%左右。聽起來，就日曆年而言，第四季（Q4）仍將受益於一些勞動力調整。我的問題是──凱倫，我想你說過在明年，也就是2018年，你預計不會進一步裁員。但我不太清楚——在不裁員的情況下，如何繼續提高營業利潤率，尤其是在毛利率仍面臨壓力的情況下？如果您能談談這裡的影響因素就太好了。當大多數競爭對手的利潤率都在下降時，你如何繼續努力提高自己的營業利潤率？

So Keith, let me break that into a few pieces. In terms of the Q4 margin, we are guiding to a slightly lower Q4 margin than Q3. That is because of the raises and promotions that will kick in, in October. That's typically about 100 basis points of margin decline. We have obviously not baked all of that into our guidance because we will continue to see some of the benefits accruing from the cost optimization that we've taken so far. So that's what's pushing down the Q4 margins. As we move into 2018 and beyond, we haven't really said that -- we haven't made a statement one way or the other, frankly, about headcount and what will happen to headcount next year. Margin improvement as we move into 2018 and then into 2019, 2018 will be a continuation of the cost savings that we generated this year. A number of those cost savings didn't start until the midsummer time frame so we'll get the full year benefit of that. There are additional cost-saving opportunities that we continue to look at, whether it be around facilities or travel or other types of expenses as well as headcount and what that means going forward. And then as we move further into '18 and into 2019, what we had said is that a lot of the margin improvement would come from the shift in the business towards the higher -- continuing to move towards higher-margin digital business as well as the BPaaS or platform business becomes a larger part of the organization and starts to mature and starts to reach a strong margin profile in that business as well.

基思，讓我把它分成幾個部分來講解一下。就第四季利潤率而言，我們預計第四季利潤率將略低於第三季。這是因為10月將有加薪和升遷措施生效。這通常意味著利潤率下降約100個基點。顯然，我們還沒有將所有這些因素納入我們的指導方針中，因為我們將繼續看到迄今為止我們採取的成本優化措施所帶來的一些好處。這就是導致第四季利潤率下降的原因。展望 2018 年及以後，我們還沒有真正說過——坦白說，我們還沒有就員工人數以及明年員工人數的變化發表任何聲明。隨著我們進入 2018 年，利潤率將進一步提高，2019 年也將延續我們今年實現的成本節約。其中一些成本節約措施直到盛夏時節才開始實施，因此我們將全年受益。我們仍在不斷尋找其他節省成本的機會，無論是設施、差旅或其他類型的支出，以及人員編制及其對未來發展的影響。隨著我們進入 2018 年和 2019 年，我們曾說過，利潤率的提高很大程度上將來自於業務向更高利潤率的數位業務的轉變——繼續向更高利潤率的數位業務轉型，同時 BPaaS 或平台業務在組織中佔比越來越大，開始走向成熟，並在該業務中也開始達到強勁的利潤率水平。

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。

I guess another question on this point about -- now that you've got utilization levels back to basically their all-time highs, 93% on-site and about 80% offshore, can you give some detail around so what you're doing from a pyramid structure and operation efficiency initiatives to potentially take utilization up further as we look forward? I know you've talked about how you're sort of taking Cognizant into a new state of maturity when it comes to how you're managing the labor model. Can you just give a little bit of color around that? It feels like now you're sort of at the stage where you've gotten -- you've kind of gotten back to where you used to be, and from here, you've got to take it up one leg further.

關於這一點，我想再問一個問題——既然你們的利用率已經基本恢復到歷史最高水平，現場利用率達到 93%，離岸利用率達到 80% 左右，你們能否詳細介紹一下，你們正在採取哪些金字塔結構和運營效率提升措施，以期在未來進一步提高利用率？我知道您曾談到，在勞動力管理模式方面，您正帶領 Cognizant 進入一個新的成熟階段。能不能在周圍加點顏色？感覺你現在好像回到了以前的狀態，而從這裡開始，你必須更進一步。

Yes. So Lisa, I think that's fair in a sense. I think with the utilization, what we've always said is that as the business continues to grow and mature, that utilization rates should continue to trend upwards over time. It's 93% on-site. We can run the business very comfortably. I think you can get to 94% or maybe 95%, not sure you can get much above 95% on a consistent basis. Certainly, offshore, as we continue to grow, we think there's opportunities to continue to take up utilization. It won't be quarter-to-quarter, but certainly over the long term, that trend line should move upwards. I think as you mentioned, another one of the big levers we've been looking at is the pyramid. Historically, we have had a more top-heavy pyramid than our peer group. And in parts of the business, that makes a lot of sense. In other parts of the business, we think there's opportunity to optimize that. We are also starting to see things like automation kick in both on the delivery side of the organization as well as in our corporate functions. So if I look at my finance organization, for example, we're using automation to help streamline some of our processes in the organization, which allows us to scale the business without having to add headcount. So I think you'll see a number of those opportunities over the next few years.

是的。所以麗莎，我覺得從某種意義上來說，這很公平。我認為，就利用率而言，我們一直認為，隨著業務的不斷發展和成熟，利用率應該會隨著時間的推移而繼續呈上升趨勢。現場完成率達 93%。我們可以很輕鬆地經營這項業務。我認為你可以達到 94% 或 95%，但我不確定你能持續達到 95% 以上。當然，在離岸業務方面，隨著我們不斷發展，我們認為還有機會繼續提高利用率。雖然不會逐季度變化，但從長遠來看，這一趨勢線肯定會向上移動。我認為正如你所提到的，我們一直在研究的另一個重要槓桿是金字塔。從歷史上看，我們的組織結構比同儕群體更頭重腳輕。在某些業務領域，這很有道理。在業務的其他方面，我們認為還有優化的空間。我們也開始看到自動化等技術在組織的交付環節以及公司職能部門中得到應用。例如，以我的財務部門為例，我們正在利用自動化來幫助簡化組織中的一些流程，這使我們能夠在不增加員工人數的情況下擴大業務規模。所以我認為在未來幾年裡，你會看到很多這樣的機會。

Our next question comes 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 just address the financial vertical a little bit. Raj, you provided some helpful color, the difference between the weakness you're seeing from the money center banks and some of the strength in insurance and the smaller banks. Can you maybe give us a sense of, in your client conversations, what they're saying in terms of balancing increased IT budgets potentially in 2018, whether that is part of the conversation or not, versus the optimization of some legacy systems and kind of directionally, where you see their total consulting and outsourcing spend budgets going next year?

我想問您是否可以稍微談談金融領域的情況。Raj，你提供了一些很有幫助的見解，你指出了大型銀行的疲軟與保險業和小型銀行的強勁表現之間的區別。您能否談談您在與客戶的溝通中，他們對於 2018 年可能增加的 IT 預算（無論這是否是討論的一部分）與優化一些遺留系統之間的關係的看法，以及您認為他們明年的諮詢和外包支出預算總體方向會如何？

Yes. Jim, thanks. This is Raj here. So look, overall, Financial Services, it's strong growth that we're seeing on our insurance-based clients, continued a lot of work in terms of digital and obviously looking at new areas in terms of continued optimizing work that we're doing at those clients. The banks, it's a mixed story. I mean, we're -- as I mentioned earlier, we're seeing double-digit growth from the regional banks. But some of the challenges exist on these large money center banks that we have. And there, there's, I guess, a tale of 2 stories, right? There's, I would say, continual focus on the cost optimization, and they're obviously leveraging that to free up some of the dollars in terms of investing on the digital side of the business. Now the good news is, obviously, we're engaged in many of those digital opportunities with those banks, and actually, our digital revenues is growing at those banks in line with the rest of the company as well, too. So -- but we haven't seen there an influx of new budgets. Obviously, we're seeing the whole focus of, in terms of continued optimization, freeing up dollars and investing on the digital side.

是的。吉姆，謝謝。這位是拉傑。所以總的來說，金融服務領域，我們看到保險客戶實現了強勁成長，我們在數位化方面持續投入大量精力，並且顯然也在探索新的領域，以持續優化我們為這些客戶所做的工作。至於銀行方面，情況比較複雜。我的意思是，正如我之前提到的，我們看到區域性銀行實現了兩位數的成長。但是，我們擁有的這些大型金融中心銀行也面臨一些挑戰。所以，這裡就有兩個故事了，對吧？我認為，他們一直專注於成本優化，顯然他們正在利用這一點來節省一些資金，用於投資業務的數位化方面。好消息是，顯然，我們正在與這些銀行進行許多數位化合作，而且實際上，我們在這些銀行的數位化收入也在成長，與公司其他業務的成長保持一致。但是——我們還沒有看到那裡湧入大量新的預算。顯然，我們看到，就持續優化而言，所有關注點都集中在釋放資金並投資於數位化方面。

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。

Just was going to ask Francisco just an overall feel of how you guys are doing in transitioning Cognizant's business model to this new model. The plan to get to 22% adjusted operating margins in 2 years, just curious, are we ahead of plan, at plan, everything is going exactly how you thought? Just wanted to get just a feel for that. And then, Karen, just on digital, is there a percentage of total revenues digital now represents and maybe the growth rate?

我正想問弗朗西斯科，你們在將 Cognizant 的商業模式過渡到這種新模式的過程中，整體感覺如何。計劃在兩年內實現 22% 的調整後營業利潤率，我很好奇，我們是否提前完成了計劃，或者一切都按計劃進行，一切都如您所想的那樣？我只是想感受那種感覺。還有，Karen，就數位行銷而言，目前數位行銷收入佔總收入的百分比是多少？成長率又是多少？

Bryan, it's Frank. I'll talk a little bit about the overall plan. I think we are roughly right on track, right where we expected to be. The -- I think about the transition to or the shift to digital in 2 pieces. There's sort of the services that we offer to clients, and I think we continue to make great progress there. I'll let Karen comment on the overall digital revenue. It grew again double digit -- at a double-digit pace, much ahead of company average this quarter. The 2 acquisitions that we announced a few days ago, Netcentric and Zone, add to that capability, and we feel good about our -- the transition of the service mix to digital. I think it's also important that -- just to note that, as we've said before, that today, our portfolio -- if you look at the entire portfolio of digital revenue, it is running at a higher margin than the rest of the business. So overall, just a very healthy mix shift going on, and I think that, that will continue to unfold through 2018 and beyond. The other side of that -- of this transition that we talked about when we laid out the plan for you a couple -- a few quarters ago, at the beginning of this year, is on the margin improvement side. And I think we've demonstrated there that we are well on track there this year. If anything, I think we're a little bit ahead of where we thought we'd be. That's good. And we'll continue to -- we feel very comfortable, as Karen said in her prepared remarks, with the target of 22% by 2019, and I think we'll just keep executing on that. And I'll turn it to Karen to talk about percent of digital revenue.

布萊恩，我是弗蘭克。我來簡單談談總體計劃。我認為我們大致按計劃進行，一切都在預期之中。我認為向數位轉型或轉變可以分為兩部分來思考。我們為客戶提供各種服務，我認為我們在這方面不斷取得巨大進步。關於整體數位收入，我將請凱倫發表意見。該季度再次實現兩位數成長，成長遠超公司平均水準。我們幾天前宣布的兩項收購，Netcentric 和 Zone，增強了這項能力，我們對我們的服務組合向數位轉型感到滿意。我認為同樣重要的是——正如我們之前所說，如今，我們的投資組合——如果你看一下整個數位收入組合，它的利潤率高於其他業務。所以總的來說，市場正在發生非常健康的結構性轉變，我認為這種轉變將在 2018 年及以後繼續發展。而另一方面──也就是我們幾個季度前，也就是今年年初，向你們闡述計畫時所談到的這種轉變──則是利潤率的提高。我認為我們已經證明，今年我們在這方面進展順利。如果有什麼變化的話，我認為我們比預期的還要略微領先一些。那挺好的。我們將繼續——正如凱倫在她準備好的演講稿中所說，我們對到 2019 年達到 22% 的目標感到非常有信心，我認為我們會繼續朝著這個目標努力。接下來我將請 Karen 談談數位收入的百分比。

Yes, sure. Thanks, Frank. So we did not break out the percentage of digital revenue last -- this quarter rather. But as you may remember, last quarter, we said it was about 26% of revenue. It continues to grow upwards of 25% year-over-year and continues to become a larger part of the business each quarter. One of the things we've also been looking at, which Raj referred to in his comments about BFS, is that we're seeing very nice traction really across all of the business units and all of the industry. So we continue to see very good progress there, and we'll continue to update as there's relevant information on that metric.

當然可以。謝謝你，弗蘭克。因此，上個季度我們沒有單獨列出數字收入的百分比，而是本季沒有。但您可能還記得，上個季度我們說過，這大約佔收入的 26%。該業務持續保持每年 25% 以上的成長速度，每季在業務中所佔的比重都在增加。我們也關注到一點，Raj 在談到 BFS 時也提到了這一點，那就是我們看到所有業務部門和整個產業都取得了非常好的進展。因此，我們繼續看到這方面取得了非常好的進展，我們將根據該指標的相關資訊繼續更新。

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。

Going back to the commentary regarding large money center banks and their spending patterns. Raj, is there any indication about the outlook for 2018? And is there an expectation internally in terms of when some of those deals that you're talking about could actually start converting?

回到關於大型金融中心銀行及其支出模式的評論。Raj，2018 年的前景有什麼預兆嗎？公司內部對於您提到的這些交易何時能夠真正開始轉化有預期嗎？

Yes, Moshe. So look, it's a little bit too early right now to start looking into 2018. Obviously, I think the bigger opportunity comes, as what we've always talked about, as digital at scale. And many of these large money center banks, we have numerous engagements going on. But I think as those opportunities become larger, that's when we have an opportunity to see back to the growth that we've gotten accustomed to at those banks.

是的，摩西。所以，現在開始展望 2018 年還為時過早。顯然，我認為更大的機會在於，正如我們一直以來所談論的那樣，數位化規模的擴大。我們與許多大型金融中心銀行都有大量的合作項目。但我認為，隨著這些機會的增大，我們就有機會重新看到我們在這些銀行已經習慣的成長。

Having said that -- Moshe, it's Frank. I think it's worth adding one additional piece of color for you, which is that Karen mentioned that last quarter, digital revenue as a percent of total company revenue was about 26%. We are right around there in Financial Services as well. So this isn't a story of we are waiting for digital revenue in Financial Services to convert. We are already doing a substantial amount of work in digital in Financial Services. So I don't think by any stretch that we are not a significant player in the digital aspects of Financial Services as these big money center banks start to think about and start to execute on their digital plans.

話雖如此——莫舍，我是法蘭克。我認為值得補充一點信息，凱倫提到，上個季度，數位收入占公司總收入的百分比約為 26%。我們在金融服務領域也處於類似的水準。所以，這並不是一個我們等待金融服務業數位化收入轉化為實際收益的故事。我們在金融服務領域的數位化方面已經做了很多工作。因此，我認為無論如何，隨著這些大型金融中心銀行開始考慮並開始實施其數位化計劃，我們在金融服務的數位化方面也扮演著重要的角色。

But would you say that some of those deals that you're talking to those large banks about, could -- if they do convert to digital, could be pretty significant down the road?

但您認為，您正在與那些大型銀行洽談的一些交易，如果它們真的轉向數位化，從長遠來看可能會產生相當大的影響嗎？

Again, I want to separate. We're already doing a considerable amount of work. So yes, there are deals that if they convert could be significant going down the road, but we are already -- the point I was making, Moshe, is that, today, digital is already in Financial Services. It's roughly in line with our company average. So think about the 26% number. We are right around there in Financial Services, so we're already doing a considerable amount of work in digital in Financial Services.

我再次表示想分開。我們已經做了相當多的工作。所以，是的，有些交易如果能夠成功，將來可能會產生巨大的影響，但我們已經——我剛才想說的是，莫舍，如今，數位化已經滲透到金融服務領域。這與我們公司的平均水平大致相符。所以想想26%這個數字。我們在金融服務領域也處於領先地位，因此我們已經在金融服務領域的數位化方面做了大量工作。

Yes. So I think -- Moshe, this is Karen. Let me just sort of wrap that up. I think, as both Frank and Raj talked about, right, strong digital business in banking. I think it is too early to say whether or not that results in a net increase in growth in 2018. We're not making any commentary right now on 2018 or whether we continue to see the shift that we've been seeing with the banks today, which is they take money from one pocket in terms of their legacy spend or their business-as-usual spend and redirect that spend to digital. How that balance plays out in 2018, I think it's too early to tell.

是的。所以我想──莫舍，這位是凱倫。我就簡單總結一下吧。我認為，正如弗蘭克和拉傑所說，銀行業需要強大的數位化業務。現在斷言這是否會導致 2018 年淨增長還為時過早。我們現在不打算對 2018 年的情況，或者我們是否會繼續看到如今銀行業正在發生的轉變發表任何評論，即他們將原本用於傳統支出或日常業務支出的資金轉移到數位化領域。至於這種平衡在 2018 年會如何發展，我認為現在判斷還為時過早。

Our next question comes from the line of Arvind Ramnani with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Arvind Ramnani。

I just had a question on the Healthcare business. Over the past few years, your Healthcare capabilities has been materially enhanced based on the internal capabilities, acquisitions, client base. At the same time, the health care market has changed and expected to continue to change with value-based care, et cetera. How do you think about the opportunity in the space over the next 2, 3 years? And how do you feel you are positioned?

我有一個關於醫療保健產業的問題。過去幾年，憑藉內部能力、收購和客戶群，貴公司的醫療保健能力得到了實質的提升。同時，醫療保健市場已經發生變化，預計隨著以價值為基礎的醫療保健等方式的出現，將繼續發生變化。您如何看待未來兩三年內該領域的發展機會？你覺得自己目前的位置如何？

Look, I think -- Arvind, I'll let Raj answer as well, but it's Frank. Look, I think change is -- change plays to our strength actually. As the health care market changes and evolves, we have just sort of a very strong end-to-end portfolio of service offerings, whether that's consulting to help our clients figure out what they need to do to respond to the changes, whether that's operating in terms of our BPaaS offerings and our ability to run core parts of the operation for our client or whether that's on the technology front as they think about modernizing and digitizing their technology backbone. I think we are very well positioned both at the business model, the operating model and the technology model level. So as these changes come to health care, given that we have such a strong portfolio of assets, both software assets, intellectual property in the form of our people and capabilities, I think you put that together and we're very -- we feel like we're very well positioned for health care going forward.

聽著，我想──Arvind，我也讓Raj回答一下，但其實是Frank。你看，我認為改變──變革其實發揮了我們的優勢。隨著醫療保健市場的變化和發展，我們擁有非常強大的端到端服務組合，無論是提供諮詢服務，幫助客戶弄清楚他們需要做什麼來應對這些變化，還是提供 BPaaS 服務，幫助客戶運營核心部分，亦或是提供技術方面的支持，幫助他們考慮對其技術基礎架構進行現代化和數位化改造。我認為我們在商業模式、營運模式和技術模式層面都處於非常有利的地位。因此，隨著醫療保健領域的這些變化，鑑於我們擁有如此強大的資產組合，包括軟體資產、以人才和能力形式存在的智慧財產權，我認為將這些結合起來，我們感覺我們已經為未來的醫療保健做好了非常充分的準備。

Yes. I would just add to Frank's comments. I think we've obviously seen a lot of traction around our BPaaS solutions and then strong growth in the payer space as well. But I think as we move -- look out, as the health care industry continues to evolve, you're starting to see a lot of providers, large providers come up with own plans, and I think that's a good opportunity for us as well with evolution. Obviously, they're showing a lot of interest in our BPaaS solution as well. So I think we're well positioned and continue to look forward for next year.

是的。我只想補充一下弗蘭克的評論。我認為我們顯然已經看到，我們的 BPaaS 解決方案獲得了巨大的市場認可，支付方領域也實現了強勁成長。但我認為，隨著醫療保健行業的不斷發展，你會開始看到很多醫療機構，尤其是大型醫療機構，開始製定自己的計劃，我認為這對我們來說也是一個很好的發展機會。顯然，他們對我們的 BPaaS 解決方案也表現出了濃厚的興趣。所以我認為我們已經做好了充分準備，並繼續期待明年。

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。

First question is just on EmblemHealth and the impact on the quarter. How much was that still not run over from third quarter last year? And I guess that should be fully out in fourth quarter. I think we estimated around 100 bps or so to the overall growth rate, but just whether TMG is offsetting that. And then just a follow-up on capital allocation. You finished the $1.5 billion accelerated buyback. I know you have a couple of million in your authorization left. I just -- I don't remember ever hearing, but can you tell us what you guys would want to do for capital allocation towards acquisitions just given the digital push? And on that topic, what was inorganic -- what contributed to inorganic growth this year from acquisitions?

第一個問題僅涉及 EmblemHealth 及其對本季的影響。去年第三季遺留下來的金額還有多少？我估計第四季應該就能完全解決了。我認為我們估計整體成長率會下降大約 100 個基點左右，但問題是 TMG 是否能抵消這種影響。然後是關於資本配置的後續問題。你們完成了15億美元的加速回購計畫。我知道你的授權額度還有幾百萬美元。我只是——我不記得以前聽說過，但鑑於數位轉型帶來的推動作用，你們打算如何進行資本配置以用於收購？關於這一點，今年的非有機成長（即收購帶來的非有機成長）有哪些？

So Darrin, it's Karen. Let me start, and Raj and Frank can join in as necessary. Let's start with the capital allocation question around the buybacks. As you mentioned, right, we completed the ASR in Q3. We have also committed that between now and the end of 2018, we'll allocate another $1.2 billion back to a buyback program. We haven't defined that. We'll provide more color on that in appropriate time. We have not broken out the dollars that we're committing towards M&A, but certainly, in our capital allocation strategy, we have withheld a nice fair amount for M&A deals. We've talked now for some time about ramping up the volume of those deals, and obviously, we've been doing that. We've closed -- or signed rather, not closed, 2 deals last week. And certainly, our pipeline of M&A deals is quite active, and so we would expect to continue to ramp up that volume of deals. And we'll keep a nice balance between returning cash to shareholders versus both organic and inorganic growth for the organization. In terms of TMG and Emblem, so Emblem, as you said, did start to lap in the middle of Q3, so small incremental year-over-year revenue growth for Emblem. And then in Q4, that will fully lap. And then TMG, as we said, we haven't broken out the size of the TMG relationship, but it did start in the last part of the third quarter and will obviously ramp to full scale in Q4. In terms of overall organic versus inorganic growth, the inorganic growth in 2017 is very small. We had a couple of -- Mirabeau, Idea Couture and so forth, which were all very small deals that we've closed over the last 12 months, so a very small percentage of growth this year has been from inorganic.

達林，我是凱倫。我先開始，拉杰和弗蘭克可以根據需要加入。讓我們先從股票回購相關的資本配置問題開始討論。正如您所提到的，我們在第三季完成了 ASR。我們也承諾，從現在到 2018 年底，我們將再撥出 12 億美元用於股票回購計畫。我們還沒有對此進行定義。我們會在適當的時候提供更多相關資訊。我們沒有公佈投入併購的具體金額，但可以肯定的是，在我們的資本配置策略中，我們已經預留了相當可觀的資金用於併購交易。我們已經討論了一段時間要加大這些交易的力度，顯然，我們也一直在這樣做。上週我們完成了——或者更確切地說是簽署了，而不是真正完成了——兩筆交易。當然，我們的併購交易儲備非常活躍，因此我們預計交易數量將繼續增加。我們將努力在向股東返還現金與公司內部和外部成長之間保持良好的平衡。就 TMG 和 Emblem 而言，正如你所說，Emblem 在第三季中期開始出現下滑，因此 Emblem 的同比收入增長幅度很小。然後在第四季度，它將完全超越。至於 TMG，正如我們所說，我們還沒有公佈與 TMG 的合作關係規模，但它確實始於第三季末，並且顯然將在第四季度全面展開。從整體有機成長與無機成長的角度來看，2017 年無機成長非常小。我們之前達成過幾筆交易——例如 Mirabeau、Idea Couture 等等，這些都是我們在過去 12 個月完成的小額交易，所以今年的成長中只有很小一部分來自非內生性成長。

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。

I wanted to ask on the marketing-related acquisitions you added last week and then others in the past. Can you just talk about how you're integrating them into your tech services or if you're running them autonomously, how that will work? And then what are really the top 2 or 3 KPIs you're using to determine the right targets for you?

我想問您上週新增的與行銷相關的收購項目，以及過去新增的其他項目。您能否談談您是如何將它們整合到您的技術服務中的？或者，如果您是讓它們獨立運行，那又是如何運作的？那麼，你真正用來確定合適目標的最重要的 2 或 3 個關鍵績效指標 (KPI) 是什麼？

It's Frank. Let me take that. When closed, the 2 acquisitions will become part of the Cognizant Digital Business practice area. So recall that, as I said in my prepared remarks, we have, and Raj talked about as well, 3 big practice areas: Cognizant Digital Business, Cognizant Digital Operations and Cognizant Digital Systems & Technology. These 2 acquisitions will become part of Cognizant Digital Business. We will continue to let them operate relatively independently, but of course, we have a synergy plan which is largely focused on revenue synergies around taking their capabilities and taking those to a broad range of Cognizant clients. We do a tremendous amount of marketing work today for our clients across all 3 practice areas. So in Cognizant Digital Business, we are doing marketing work that relates to content, content creation, marketing, marketing strategy, channels, those kinds of things. In Cognizant digital operations, we're doing marketing-related work that's largely around content and content management, content creation and curation that Raj spoke a little bit about in his prepared remarks. And in Cognizant Digital Systems & Technology, we're doing a lot of marketing work that you can think about in the broad area of marketing technology, right? So across all of our 3 practice areas, we are doing a significant amount of marketing-related work. These acquisitions in a sense will allow us to put a front end on a lot of that work that we're doing and take that to clients in a more integrated and holistic way. And so -- and that's our broad clients. So we'll run them relatively independently, let them continue to do the great work that they've been doing for their clients. We'll execute on the revenue synergy front by bringing them -- largely by bringing them into our clients. We think there may be some opportunity to cross-sell our traditional services into their clients, and we'll continue to execute on that going forward.

是弗蘭克。讓我來拿吧。交易完成後，這兩項收購將成為 Cognizant 數位業務實踐領域的一部分。所以請記住，正如我在準備好的演講稿中所說，我們有 3 個主要業務領域，Raj 也談到了這一點：Cognizant 數位業務、Cognizant 數位營運和 Cognizant 數位系統與技術。這兩項收購將成為 Cognizant 數位業務的一部分。我們將繼續讓他們相對獨立地運營，但當然，我們有一個協同效應計劃，該計劃主要側重於利用他們的能力並將其推廣到 Cognizant 的眾多客戶，從而實現收入協同效應。如今，我們在所有三個業務領域為客戶開展了大量的行銷工作。所以在 Cognizant 數位業務部門，我們從事與內容、內容創作、行銷、行銷策略、通路等相關的行銷工作。在 Cognizant 的數位營運部門，我們從事與行銷相關的工作，主要圍繞著內容和內容管理、內容創作和策劃，Raj 在他的準備好的演講中對此略有提及。在 Cognizant 數位系統與科技公司，我們正在進行許多行銷工作，你可以將其歸類為廣義的行銷技術領域，對吧？因此，在我們所有 3 個業務領域中，我們都進行了大量與行銷相關的工作。從某種意義上說，這些收購將使我們能夠將我們正在做的許多工作放在前端，並以更全面、更全面的方式將其帶給客戶。所以——這就是我們的廣泛客戶群。因此，我們將相對獨立地運作它們，讓它們繼續為客戶做出他們一直以來所做的出色工作。我們將透過引入這些資源——主要是透過引入我們的客戶——來實現收入協同效應。我們認為或許有機會向他們的客戶交叉銷售我們的傳統服務，我們將繼續朝著這個方向努力。

Our next question comes from the line of Anil Doradla with William Blair.

我們的下一個問題來自阿尼爾·多拉德拉和威廉·布萊爾的對話。

So Francisco and Karen, you guys talked about the 22% target. So that's about 200, 250 bps from where you're going to exit this year. So if I look at the trajectory, is most of that increase going to be coming in '19? Or is it '18? Or is it linearly spaced out based on some of the efforts that you guys are doing?

弗朗西斯科和凱倫，你們之前討論過 22% 的目標。所以，這比你今年的預期退出點大約低 200 到 250 個基點。所以，從發展軌跡來看，大部分成長是否會在 2019 年實現？還是 '18'？還是說它是根據你們正在做的一些努力而線性分佈的？

So Anil, we obviously haven't given 2018 guidance yet, but you will -- you should expect to see some benefit next year. And then the last part of it will be in 2019.

所以 Anil，我們顯然還沒有給出 2018 年的業績指引，但你應該會——你應該期待明年會看到一些好處。最後一部分將在 2019 年完成。

Okay. Francisco, you talked about repeatable business in your opening comments. Are you introducing some new metrics to kind of quantify that? Some are the obvious metrics, but are you creating some new incremental metrics to emphasize on some of that repeatable aspect of the business?

好的。弗朗西斯科，你在開場白中談到了可複製的業務模式。你們是否引入了一些新的指標來量化這一點？有些指標顯而易見，但您是否創建了一些新的增量指標來強調業務中某些可重複的方面？

Yes. I think what I was referring to when I talked about repeatable is the sort of the solution packages and solution offerings that we're creating, which we've been talking to you about in the past, things like our BPaaS offerings and so on and so forth. By combining sort of our services and software capabilities increasingly together, we're creating these -- think of them as solution offerings, capabilities that we take to the market. We've always, as a company, tracked repeat business from our existing clients. And I think that's where you'll really see it continue to play out, is repeat business from our existing clients because that's really the metric that we focus on, is to say, are we continuing to be relevant to our existing clients? And to be relevant to our existing clients, we've got to continue to innovate, we've continued -- we've got to continue to find new sources of value. And that shows up in repeat business because every year or every period, our clients are assessing the work we're doing for them, and they're choosing to give us new work based on the relevance of that work. So the metric that we use internally is repeat business from our existing customer base, which is a metric we've been tracking for -- from the beginning, as far as I can remember.

是的。我認為我之前提到的可重複性指的是我們正在創建的解決方案包和解決方案產品，我們過去也和你們談過這些，例如我們的 BPaaS 產品等等。透過將我們的服務和軟體能力不斷結合起來，我們正在創造這些——可以把它們看作是解決方案產品，是我們推向市場的能力。作為一家公司，我們一直以來都會關注現有客戶的重複購買情況。我認為，真正的考驗還在於現有客戶的重複購買，因為我們真正關注的指標是，我們是否繼續與現有客戶保持相關性。為了與現有客戶保持聯繫，我們必須不斷創新，並不斷尋找新的價值來源。這一點體現在回頭客身上，因為每年或每個時期，我們的客戶都會評估我們為他們所做的工作，並根據這些工作的相關性來選擇是否給我們新的工作。因此，我們內部使用的指標是現有客戶群的重複購買率，這是我們從一開始就一直在追蹤的指標，至少我記憶中是如此。

Ladies and gentlemen, we have come to the end of our time allowed for questions. I'd like to turn the call back to Mr. D'Souza for any closing comments.

女士們、先生們，提問時間到此結束。我想把電話轉回給德索薩先生，請他作總結發言。

Well, Thanks very much. Look, everyone, thanks again for joining us today, and thanks for your questions. We're pleased with the results this quarter, and I look forward to speaking with you again next quarter. Thank you.

非常感謝。各位，再次感謝大家今天收看我們的節目，也感謝大家提出的問題。我們對本季的業績感到滿意，期待下季再次與您交流。謝謝。

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

謝謝。今天的 Cognizant Technology Solutions 2017 年第三季財報電話會議到此結束。您現在可以斷開連線了。