高知特 (CTSH) 2017 Q4 法說會逐字稿

Greetings, and welcome to the Cognizant Fourth Quarter 2017 Earnings Conference Call. (Operator Instructions)

各位好，歡迎參加 Cognizant 2017 年第四季財報電話會議。（操作說明）

It is now my pleasure to introduce your host, David Nelson, Vice President, Investor Relations and Treasurer. Please go ahead, sir.

現在，我榮幸地向大家介紹主持人，投資人關係副總裁兼財務長大衛‧尼爾森。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 fourth quarter and full year 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，您應該已經收到該公司 2017 年第四季和全年業績的獲利報告副本。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'd 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 their company's earnings release and other filings with the SEC.

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。這些聲明受制於該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所述的風險和不確定性。

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

現在我想把電話交給弗朗西斯科·德索薩。請繼續，弗朗西斯科。

Good morning, everyone, and thanks for joining our call. This morning, I'd like to cover 3 topics: first, Cognizant's current view of the industry and where our clients are headed; second, a few highlights from our 2017 performance, which includes full year revenue growth of nearly 10%; and third, how coming off a solid year, we plan to use our momentum to deliver a strong 2018.

各位早安，感謝各位參加我們的電話會議。今天上午，我想談談三個主題：第一，Cognizant 目前對行業的看法以及我們客戶的發展方向；第二，我們 2017 年業績的一些亮點，包括全年收入增長近 10%；第三，在經歷了穩健的一年之後，我們計劃如何利用這股勢頭在 2018 年取得強勁的成績。

Let's begin with how we see the current environment. In recent years, the big story in tech has been the rapid rise of the digital native players like Facebook, Amazon, Netflix and Google. Today, another important story is being written with entirely new players. Companies that have long stood as the pillars of our economy are emerging as a new generation of digital heavyweights. These firms, many of which are longstanding Cognizant clients, are already leaders in financial services, insurance, health care, manufacturing and other industries.

讓我們先來看看我們是如何看待當前環境的。近年來，科技界最大的新聞莫過於Facebook、亞馬遜、Netflix和Google等數位原生企業的快速崛起。今天，另一個重要的故事正在由全新的參與者譜寫。長期以來一直是我國經濟支柱的企業正在崛起，成為新一代的數位巨頭。這些公司中有很多都是 Cognizant 的長期客戶，它們在金融服務、保險、醫療保健、製造業和其他行業中已經處於領先地位。

With Cognizant as their partner, they're combining their industry expertise and assets built over decades with powerful technologies like artificial intelligence, the Internet of Things, analytics, robotic process automation, cybersecurity and hybrid cloud to create entirely new performance thresholds and customer experiences. This blending of industrial with digital promises to dramatically improve the way the world's industries serve our needs and improve our lives. Digital technologies have become so integral to remaking business models and core processes that no enterprise can ignore them and still remain competitive. That's why the rate of digitization across industries and countries continues to rise and why digital now accounts for a substantial and growing percentage of new enterprise IT spending.

他們與 Cognizant 合作，將數十年來累積的行業專業知識和資產與人工智慧、物聯網、分析、機器人流程自動化、網路安全和混合雲等強大技術相結合，以創造全新的效能標準和客戶體驗。工業與數位科技的整合有望大大改善世界各產業滿足我們需求和改善我們生活的方式。數位科技已經成為重塑商業模式和核心流程不可或缺的一部分，任何企業都不能忽視它們，否則將無法保持競爭力。這就是為什麼各行各業和各國的數位化進程持續加快，以及為什麼數位化現在在新企業 IT 支出中佔據相當大的比例並且還在不斷增長的原因。

Most clients realize that competition today is not about being either digital or physical, but rather about being both digital and physical. Hybrid business models are the new way work will get done at the enterprise level. As we continue our productive partnerships with our digital native clients, we're also focused on building a strong position in the digital industrial economy. We're resolved to be the go-to partner for this new generation of digital heavyweights, helping them figure out what stays physical, what goes digital and what becomes a mix of both. Cognizant is only one of a handful of companies with a range of capabilities to help clients transform at every level of their enterprises. So we believe we're in a strong position to pursue this huge market opportunity for digital at scale transformation.

大多數客戶都意識到，如今的競爭不是在數位化和實體化之間二選一，而是在數位化和實體化之間兩者兼顧。混合型商業模式是企業層級開展工作的新方式。在繼續與數位原生客戶建立富有成效的合作關係的同時，我們也致力於在數位產業經濟中建立強大的地位。我們決心成為新一代數位巨頭的首選合作夥伴，幫助他們弄清楚哪些內容應該保持實體狀態，哪些內容應該數位化，哪些內容應該將兩者結合起來。Cognizant 只是少數幾家擁有全方位能力，能夠幫助客戶在企業各個層面轉型的公司之一。因此，我們相信我們處於有利地位，可以抓住數位化大規模轉型這一巨大的市場機會。

Now let's review Cognizant's 2017 performance. Throughout 2017, we stayed focused on executing our plan, first articulated a year ago, to accelerate our shift to digital services and solutions. As a reminder, the 3 elements of our plan are: to scale our 3 practice areas, maintain a robust core business and fully implement our margin improvement and capital return programs. During 2017, we made significant progress across all 3 elements. Here are a few highlights.

現在讓我們回顧一下 Cognizant 在 2017 年的表現。2017 年全年，我們始終專注於執行一年前首次提出的計劃，以加速數位化服務和解決方案的轉型。再次提醒大家，我們的計畫包含三個要素：擴大我們的三個業務領域，保持穩健的核心業務，並全面實施我們的利潤率提升和資本回報計畫。2017年，我們在所有三個方面都取得了顯著進展。以下是一些亮點。

First, we delivered 4 consecutive quarters of consistently solid performance at the top and bottom lines. Our 2017 revenue grew nearly 10% to $14.81 billion, which was within our guided range for the full year. Second, we took a number of actions to improve our cost structure and slightly exceeded our full year non-GAAP operating margin target. Third, our 2017 digital-related revenues grew almost 30%, well above company average and accounted for about 27% of total annual revenue. In addition, in 2017, our portfolio of digital services generated above company average margins.

首先，我們在營收和利潤方面連續四個季度都取得了穩健的業績。我們 2017 年的營收成長了近 10%，達到 148.1 億美元，這符合我們對全年營收的預期範圍。其次，我們採取了一系列措施來改善成本結構，並略微超過了全年非GAAP營業利潤率目標。第三，我們 2017 年的數位相關收入成長了近 30%，遠高於公司平均水平，約佔年度總收入的 27%。此外，2017 年，我們的數位服務組合創造了高於公司平均的利潤率。

During the year, we also initiated Cognizant's first quarterly cash dividend, returned $1.5 billion to shareholders through an accelerated share repurchase program and launched the second phase of our share repurchase program, underscoring our confidence in the long-term growth of our business.

年內，我們也啟動了 Cognizant 的首季現金股息，透過加速股票回購計畫向股東返還了 15 億美元，並啟動了股票回購計畫的第二階段，這凸顯了我們對公司業務長期增長的信心。

Overall, we believe our 2017 performance demonstrates the consistency of our execution.

整體而言，我們認為 2017 年的業績反映了我們執行力的穩定性。

Let's now turn to the third part of my discussion, how our forward momentum will deliver a strong 2018.

現在讓我們進入我討論的第三部分，即我們前進的勢頭將如何帶來強勁的 2018 年。

Beginning with guidance, we expect Q1 revenue to be within a range of $3.88 billion and $3.92 billion. And for 2018, we expect revenue to be within a range of $16 billion and $16.3 billion or growth of 8% to 10%. We're confident in our ability to deliver a 21% non-GAAP operating margin in 2018. We remain on track to achieve our 22% non-GAAP operating margin target in 2019, while continuing to invest strongly in our business for growth and differentiation. And reflecting our confidence in our momentum and the benefits of the new U.S. tax legislation, I'm pleased to announce that our Board of Directors has approved a 33% increase in our quarterly cash dividend to $0.20 per share.

首先，我們預計第一季營收將在 38.8 億美元至 39.2 億美元之間。2018 年，我們預計營收將在 160 億美元至 163 億美元之間，成長 8% 至 10%。我們有信心在 2018 年實現 21% 的非 GAAP 營業利潤率。我們仍有望在 2019 年實現 22% 的非 GAAP 營業利潤率目標，同時繼續大力投資於我們的業務，以實現成長和差異化。鑑於我們對自身發展動能和美國新稅法帶來的益處充滿信心，我很高興地宣布，我們的董事會已批准將季度現金股利提高 33%，至每股 0.20 美元。

Propelling us forward is the comprehensive building, investing and operational strengthening of our business that we accomplished last year, all of which we will continue in 2018. Our 3 practice areas, Cognizant Digital Business, Cognizant Digital Operations and Cognizant Digital Systems & Technology, are proving very effective at anticipating our client's needs and providing the most effective services and solutions for the parts of their enterprise they need to transform. We continue to invest to broaden and deepen our services and capabilities and has intensified our focus on developing more end-to-end industry-specific solutions.

推動我們前進的是我們在去年完成的全面建設、投資和業務運營強化，所有這些我們將在 2018 年繼續進行。我們的三大業務領域——Cognizant 數位業務、Cognizant 數位營運和 Cognizant 數位系統與技術——在預測客戶需求、為其企業需要轉型的部分提供最有效的服務和解決方案方面，都取得了顯著成效。我們持續投資，以拓展和深化我們的服務和能力，並更加專注於開發更多端到端的產業特定解決方案。

At the same time, we've expanded our geographic footprint, adding new delivery and operation centers as well as Collaboratories in our key global markets. And through last year's 5 acquisitions, we welcome to Cognizant's talented professionals who are highly skilled in management consulting, digital strategy and marketing, user experience, industry focus platforms and content creation. When you put it all together, the Cognizant difference is our penetrating knowledge of our client's business and technology environments and the problems they must solve, coupled with our ability to use technology to transform their entire enterprise. Think about what goes into this. Cognizant is able to engage with clients on their strategy, on their approach to customer interaction, on their product and service portfolio, on their financial and people models, their underlying business processes, operations, user interfaces, applications, data and infrastructure. We have the end-to-end capability, the domain knowledge, the global and local delivery ahead of the curve investments and nonnegotiable client information to be entrusted with such a critical undertaking and to deliver from strategy all the way through expected results. There are simply no shortcuts to building all of this capability and making it work for clients.

同時，我們擴大了地理覆蓋範圍，在主要全球市場新增了交付和營運中心以及合作機構。透過去年的 5 項收購，我們迎來了 Cognizant 的眾多才華橫溢的專業人士，他們在管理諮詢、數位策略和行銷、用戶體驗、行業重點平台和內容創作方面擁有高超的技能。綜上所述，Cognizant 的優勢在於我們對客戶的業務和技術環境以及他們必須解決的問題有著深刻的了解，並且我們有能力利用技術來改變他們的整個企業。想想這其中包含哪些要素。Cognizant 能夠與客戶就其策略、客戶互動方式、產品和服務組合、財務和人員模型、底層業務流程、營運、使用者介面、應用程式、資料和基礎設施等進行溝通。我們擁有端到端的能力、領域知識、全球和本地交付能力、領先的投資以及不容置疑的客戶訊息，因此能夠承擔如此重要的任務，並從策略制定到最終實現預期結果。要建立所有這些能力並使其為客戶所用，根本沒有捷徑可走。

Let me wrap up by returning to the subject I've spoken about in past calls. As you may know, Cognizant's enduring belief is that we must enable a broader range of people to have the STEM education and skills they need to thrive in this new digital era. This belief is consistent with Cognizant's ambition to be central to the digital economy and to contribute significantly to the communities in which we operate. And so today, we're thrilled to announce the formation of the Cognizant U.S. Foundation, a nonprofit focused on providing STEM and digital education and skills training for U.S. workers and students. We're establishing the new foundation with an initial grant of $100 million, which is supported by recent changes in the U.S. tax laws. The foundation will focus on education programs in multiple cities and states across the U.S. to help improve opportunities for U.S. workers and their families.

最後，我想回到我之前幾次通話中談到的話題。正如您可能知道的那樣，Cognizant 一直堅信，我們必須讓更多人獲得在這個新的數位時代蓬勃發展所需的 STEM 教育和技能。這一理念與 Cognizant 的願景一致，即成為數位經濟的核心，並為我們營運所在的社區做出重大貢獻。因此，今天我們非常興奮地宣布成立 Cognizant 美國基金會，這是一個致力於為美國工人和學生提供 STEM 和數位教育及技能培訓的非營利組織。我們正在建立這個新基金會，初始撥款為 1 億美元，這得益於美國稅法的最新變化。該基金會將重點放在美國多個城市和州開展教育項目，以幫助改善美國工人和其家庭的機會。

As you may know, in today's rapidly expanding digital economy, there are far more open jobs for technical work than there are trained workers to fill them. In fact, the U.S. Bureau of Labor Statistics projects a 1.4-million-person gap in 2020 between software development jobs and qualified applicants. This skills gap threatens the competitiveness of American businesses. To help close this gap, the Cognizant U.S. Foundation will fund and develop STEM education programs, public-private partnerships and other initiatives designed for high school graduates, community college and college students, veterans and others in the workforce seeking specialized technical skills for digital business jobs.

正如您可能知道的那樣，在當今快速發展的數位經濟中，技術類工作的空缺職位遠遠多於受過培訓的工人。事實上，美國勞工統計局預測，到 2020 年，軟體開發崗位與合格求職者之間將存在 140 萬人的缺口。這種技能差距威脅著美國企業的競爭力。為了幫助縮小這一差距，Cognizant 美國基金會將資助和發展 STEM 教育計畫、公私合作計畫以及其他旨在為高中畢業生、社區學院和大學學生、退伍軍人以及其他尋求數位商業工作專業技術技能的勞動者提供培訓的舉措。

As part of Cognizant's overall social responsibility focus, we've been enabling STEM education for a dozen years. The work of our new foundation will build on our global commitment to train tomorrow's technology professionals, reskill and upskill today's workers and give back to the local communities where the company does business. Our company runs on highly skilled talent. We are one of the largest employers of technology workers in the U.S. Last year, we added more than 6,000 U.S. citizens and permanent residents to our workforce. And over the next 5 years, we plan to hire at least 25,000 U.S. workers. To support our growth, we have recruiting, training and reskilling efforts underway in several American cities with plans to extend our training programs to other cities in the near future.

作為 Cognizant 整體社會責任策略的一部分，我們已致力於 STEM 教育長達十二年。我們新成立的基金會將以我們全球致力於培養未來技術專業人才、提升現有員工技能並回饋公司開展業務所在地的當地社區的承諾為基礎。我們公司依靠高技能人才運作。我們是美國最大的科技工作者雇主之一。去年，我們新增了 6000 多名美國公民和永久居民加入我們的員工隊伍。未來 5 年，我們計劃至少僱用 25,000 名美國工人。為了支持我們的發展，我們正在美國幾個城市進行招募、培訓和技能提升工作，並計劃在不久的將來將我們的培訓計劃擴展到其他城市。

As the economy becomes ever more technology intensive, the need for workers to be career-long learners is going to increase substantially in the years ahead and Cognizant is determined to be at the forefront of enabling this.

隨著經濟變得越來越依賴技術，未來幾年對員工終身學習的需求將大幅增加，而 Cognizant 決心走在實現這一目標的前沿。

Okay, now let's turn it over to Raj who'll discuss how we're working with clients to speed them along their digital transformation journeys as well as the specifics of our business segment performance. Raj?

好的，現在讓我們把麥克風交給 Raj，他將討論我們如何與客戶合作，加快他們的數位轉型之旅，以及我們業務部門的具體表現。拉傑？

Thank you, Frank. When you ask our clients what sets Cognizant apart, they'll say it's our ability to create solutions that transform how they engage with their customers, run their operations and modernize and secure their IT backbone. This year, to drive increasing value to clients and further strengthen our foundation for profitable growth. We continue to develop and deploy our broader portfolio of industry platforms and solutions across our 3 practice areas. Examples include Cognizant MedVantage for the Life Sciences industry, Cognizant LifeAdmin Core for insurance and Cognizant ClaimSphere Clinical Plus for health care, to name a few. We also offer digital capabilities that cut across industries such as cloud enablement, legacy transformation, intelligent process automation and more. Each of our practice areas has clearly defined its range of solutions and capabilities and a distinct value they provide. This has made it easier for clients to understand the full range of our capabilities.

謝謝你，弗蘭克。當你問我們的客戶，Cognizant 的獨特之處是什麼時，他們會說，是我們能夠創造解決方案，從而改變他們與客戶互動的方式、運作方式以及 IT 主幹網的現代化和安全方式。今年，我們將致力於為客戶創造更多價值，並進一步鞏固我們獲利成長的基礎。我們將繼續在我們的三大業務領域開發和部署更廣泛的行業平台和解決方案組合。例如，Cognizant MedVantage 適用於生命科學產業，Cognizant LifeAdmin Core 適用於保險業，Cognizant ClaimSphere Clinical Plus 適用於醫療保健產業，僅舉幾例。我們也提供跨產業的數位化能力，例如雲端賦能、傳統系統轉型、智慧流程自動化等等。我們每個業務領域都明確定義了其解決方案和能力範圍以及它們所提供的獨特價值。這使得客戶更容易了解我們的全部能力。

Given the increasing complexity and scale of the processes and systems within our largest clients, we've continued to evolve our client's engagement. We've been embedding Chief Marketing Officers and Chief Digital Officers in each of the industries and key geographies we serve. These leaders are supporting our aggressive drive to continue expanding our presence well beyond the CIO to other decision-makers within our accounts. In addition, we've continued to evolve our account leadership team, which are focusing on more output and outcome-based results. They are helping clients to optimize their legacy environment and fully leverage Cognizant's increasing localization and integrated delivery. Last year, we skilled over 100,000 associates in high end digital capabilities in areas such as data science, design thinking, cybersecurity, Internet of Things, artificial intelligence and automation. And this year, we'll continue our substantial investment in training our associates.

鑑於我們最大客戶的流程和系統日益複雜和規模龐大，我們不斷改進與客戶的合作方式。我們已在所服務的每個行業和主要地區都配備了首席行銷長和首席數位長。這些領導者支持我們積極拓展業務，將我們的影響力從資訊長擴展到客戶內部的其他決策者。此外，我們也持續改善客戶管理團隊，使其更加重視產出和結果導向的績效。他們正在幫助客戶優化其傳統環境，並充分利用 Cognizant 不斷增強的在地化和整合交付能力。去年，我們為超過 10 萬名員工提供了高端數位能力的培訓，涵蓋數據科學、設計思維、網路安全、物聯網、人工智慧和自動化等領域。今年，我們將持續加大對員工培訓的投資。

At the end of the day, of course, what matters to clients are outcomes. So let me offer an example of digital transformation work we're doing for one of the world's largest health care company. In the medical device segment, where this client operates, market leaders realized that the quality of their field service and their ability to comply with regulatory changes are differentiators. Working with a client, we can see the future of predictive services, of seamless parts, managements across the digital supply chain and building quality compliance. We prototyped a future state for the clients using Cognizant's MedVantage, our integrated sales, service, complaint handling and quality management cloud solution. We're now rolling out a solution to more than a dozen of our client's operating companies, spread across 50 countries to meet the need of thousands of users. Once our deployment is complete, we believe that client will be able to achieve significant benefits that include a 5% to 10% increase in revenue from service contracts, a 30% increase in the productivity of our field service personnel and a significant reduction in regulatory citation. This case study conveys the tangible value we can create for our clients, value in the form of increasing revenue, lower cost and reduced error rate.

當然，歸根結底，對客戶來說最重要的是結果。讓我舉一個我們正在為全球最大的醫療保健公司之一開展的數位轉型工作的例子。在這家客戶所處的醫療器材領域，市場領導者意識到，他們的現場服務品質和遵守監管變化的能力是他們的差異化優勢。透過與客戶合作，我們可以看到預測服務、無縫零件、數位化供應鏈管理以及建立高品質合規性的未來。我們使用 Cognizant 的 MedVantage（我們整合的銷售、服務、投訴處理和品質管理雲端解決方案）為客戶建立了未來狀態的原型。我們現在正在向遍布 50 個國家的十幾家客戶營運公司推出解決方案，以滿足數千名用戶的需求。我們相信，一旦部署完成，客戶將能夠獲得顯著的收益，包括服務合約收入增加 5% 至 10%，現場服務人員生產力提高 30%，以及監管處罰大幅減少。本案例研究傳達了我們能夠為客戶創造的實際價值，這種價值體現在增加收入、降低成本和減少錯誤率等方面。

Now let's turn to the financial performance of our industry segments and geographies in the fourth quarter.

現在讓我們來看看第四季度我們各行業板塊和地區的財務表現。

Banking and Financial Services grew 5.4% year-over-year. In the quarter, we had double-digit growth in our insurance business and in our mid-tier banking clients. In Insurance, the growth was driven primarily by large strategic deals. We see growing interest among the insurers and they're using advanced technology. Examples include watching for secured data sharing, drones for property inspection and artificial intelligence to help decide personal injury claims.

銀行業和金融服務業年增 5.4%。本季度，我們的保險業務和中型銀行客戶均實現了兩位數的成長。在保險業，成長主要由大型策略交易推動。我們看到保險公司對這項技術的興趣日益濃厚，他們正在使用先進技術。例如，關注安全的數據共享、用於財產檢查的無人機以及利用人工智慧來幫助判定人身傷害索賠。

Moving to Banking. While certain large banking clients' spending has continued to be under pressure, we see the beginnings of a recovery as these clients sharpen their focus on an investment in digital technologies. We're prepared for this transition by all of the work we're doing to help them optimize their spending on their legacy systems and operations and then apply these savings to driving digital transformation across the enterprise.

轉行進入銀行業。儘管某些大型銀行客戶的支出持續面臨壓力，但隨著這些客戶更加重視對數位科技的投資，我們看到復甦的跡象。我們正在進行一系列工作，幫助他們優化在傳統系統和營運方面的支出，並將節省下來的資金用於推動整個企業的數位轉型，從而為這一轉變做好了準備。

Turning to Health care. Our revenue was up 11.9% year-over-year. We saw consistent demand across payer clients and increasing interest in our digital, analytics, cloud and virtualization solutions. Health care delivery is shifting from a fee-for-service to a value-based care model that's focused on effective consumer engagement with data-driven insights. As a result, health care organizations seek new ways to deliver consumer-centric care by driving operational efficiency. This is leading to increased collaboration and partnerships across payers and providers.

轉向醫療保健。我們的營收年增了11.9%。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。醫療保健服務正從以服務收費模式轉向以價值為基礎的醫療模式，這種模式專注於透過數據驅動的洞察力有效地與消費者互動。因此，醫療機構正在尋求透過提高營運效率來提供以消費者為中心的醫療服務的新方法。這將促使支付方和提供者之間加強合作與夥伴關係。

Our differentiated offering, which combines software and services, position us to capitalize on these fundamental changes within the health care industry. The addition of TMG Health extends our position as a leading Software as a Service, health care partner in a growing market for government programs. We now provide products and services to more than 230 organizations that support more than 70% of the Medicare Advantage and managed Medicaid markets.

我們提供的差異化產品和服務，結合了軟體和服務，使我們能夠充分利用醫療保健產業的這些根本性變革。TMG Health 的加入鞏固了我們作為領先的軟體即服務 (SaaS) 醫療保健合作夥伴在不斷增長的政府專案市場中的地位。我們現在為超過 230 個組織提供產品和服務，這些組織支援超過 70% 的聯邦醫療保險優勢計劃和管理式醫療補助市場。

Within Life Sciences, we had a strong fourth quarter, particularly in biopharma. Among our Life Sciences clients, we see growing interest in digitizing core business processes like clinical development and regulatory operations as well as in transforming the patient and care experience.

在生命科學領域，我們第四季表現強勁，尤其是在生物製藥領域。在我們的生命科學客戶中，我們看到越來越多的人對數位化核心業務流程（如臨床開發和監管營運）以及改變患者和護理體驗表現出濃厚的興趣。

Turning to Products and Resources. We increased revenue 13.7% year-over-year. We continue to see strong growth from our manufacturing and logistic clients, which offsets sluggish growth in retail. Our strength in manufacturing, logistics, energy and utility areas result from our emphasis on leading with digital offerings. CXOs increasingly engage Cognizant to create smart products and transform their business models.

轉向產品和資源。我們實現了年增13.7%的收入。我們的製造業和物流客戶持續保持強勁成長，抵銷了零售業成長疲軟的影響。我們在製造業、物流、能源和公用事業領域的優勢源自於我們專注於以數位化產品和服務引領產業發展。企業高管越來越多地與 Cognizant 合作，以打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 19% year-over-year.

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 19%。

In Q4, we had solid growth across all the sectors with an expansion in areas like creating and curating digital content. As you know, the digital economy is all about content and context. The right content to the right person at the right time through the right channels to create meaningful experiences. And in Silicon Valley, our clients are relying on us to help support their operations not only in the U.S., but also globally where they tend to have smaller operational footprints.

第四季度，我們所有業務領域均實現了穩健成長，數位內容創作和策劃等領域也實現了擴張。如你所知，數位經濟的核心在於內容和脈絡。在適當的時間，透過適當的管道，將合適的內容傳遞給合適的人，從而創造有意義的體驗。在矽谷，我們的客戶依靠我們來支持他們的運營，不僅在美國，而且在全球範圍內，因為他們在全球的營運規模往往較小。

Looking at our geographies. Our international markets crossed the $3 billion revenue mark in 2017, reflecting our successful growth campaign. We've made good progress in integrating several recent acquisitions including Netcentric, Zone, Adaptra and Brilliant Services. We now operate in 38 countries and much of our growth has been enabled by successful localization across our 37 centers, in which more than 30 languages are spoken. Europe grew 18.1% year-over-year in Q4, including a 640 basis point positive impact from currency and the rest of the world was up 17.5% from a year ago, including a 200 basis point positive impact from currency.

看看我們的地理位置。2017 年，我們的國際市場收入突破 30 億美元大關，反映了我們成功的成長策略。我們在整合最近收購的幾家公司（包括 Netcentric、Zone、Adaptra 和 Brilliant Services）方面取得了良好進展。我們現在在 38 個國家開展業務，我們的大部分成長都得益於我們在 37 個中心成功實現了本地化，這些中心使用 30 多種語言。歐洲第四季年增 18.1%，其中匯率因素帶來 640 個基點的正面影響；世界其他地區年增 17.5%，其中匯率因素帶來 200 個基點的正面影響。

As a sign of our growing European reputation for delivering digital interactive solutions to C-Suite decision-makers, The Football Association, which is based in the U.K., has selected Cognizant as their digital transformation partner. We will be developing and managing digital solutions to make it easier for soccer's 800 million global fans to build a deeper relationship with the sport and drive its growth.

為了彰顯我們在歐洲為高階主管決策者提供數位互動解決方案方面日益增長的聲譽，總部位於英國的英格蘭足球總會已選擇 Cognizant 作為其數位轉型合作夥伴。我們將開發和管理數位化解決方案，使全球 8 億足球球迷更容易與這項運動建立更深的聯繫，並推動其發展。

To sum up, over the past year, we focused considerable energy and investment in strengthening our foundation to profitable growth and extending our capabilities to help clients succeed in their transformational journeys. Karen, over to you.

總而言之，在過去一年中，我們投入了大量精力和資金來加強獲利成長的基礎，並擴展我們的能力，以幫助客戶在轉型之旅中取得成功。凱倫，該你了。

Thank you, Raj, and good morning, everyone. Q4 performance was solid, rounding out our full year results, which were within our expectations and reflect successful execution of our strategy to drive sustainable revenue and earnings growth. Fourth quarter revenue is $3.83 billion, was within our guidance range and increased 10.6% year-over-year, including a 120 basis point positive impact from currency. Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges was 19.7% and non-GAAP EPS was $1.03. For the fourth quarter, our non-GAAP tax rate was 22.4% and excluded the $617 million onetime impact of the recently enacted U.S. Tax Reform Act, resulting primarily from the deemed repatriation tax on undistributed earnings and foreign subsidiaries.

謝謝你，拉傑，大家早安。第四季業績穩健，為全年業績畫下了圓滿的句點。全年業績符合預期，反映了我們成功執行了推動永續收入和獲利成長的策略。第四季營收為 38.3 億美元，符合我們的預期範圍，年增 10.6%，其中包括匯率帶來的 120 個基點的正面影響。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19.7%，非GAAP每股收益為1.03美元。第四季度，我們的非GAAP稅率為22.4%，不包括最近頒布的美國稅收改革法案帶來的6.17億美元的一次性影響，這主要是由於對未分配收益和外國子公司徵收的視同匯回稅造成的。

For the full year 2017, revenue of $14.81 billion represented growth of 9.8% year-over-year, including a 10 basis point negative impact from currency. Non-GAAP operating margin was 19.7%, slightly above our guidance of 19.6% and non-GAAP EPS was $3.77.

2017 年全年，營收為 148.1 億美元，年增 9.8%，其中包括匯率帶來的 10 個基點的負面影響。非GAAP營業利益率為19.7%，略高於我們先前19.6%的預期；非GAAP每股收益為3.77美元。

As part of the capital return program laid out 1 year ago, we repurchased $1.5 billion of shares in 2017 and initiated a quarterly cash dividend of $0.15 per share beginning in Q2. In the fourth quarter, we launched the $1.2 billion phase of our capital return program through a $300 million ASR.

作為一年前製定的資本回報計劃的一部分，我們在 2017 年回購了 15 億美元的股票，並從第二季度開始派發每股 0.15 美元的季度現金股息。第四季度，我們透過 3 億美元的 ASR 啟動了 12 億美元的資本回報計畫。

We are currently evaluating the new U.S. tax legislation, and in particular, the longer-term impact that this legislation may have on our overall capital return program. We are supportive of this legislation as it levels the global playing field and increases the competitiveness of U.S. companies. The implementation of a modified territorial tax system will permit capital to flow across markets with greater ease, allowing more flexibility for future investments.

我們目前正在評估新的美國稅收立法，特別是該立法可能對我們的整體資本回報計劃的長期影響。我們支持這項立法，因為它創造了公平的全球競爭環境，並提高了美國公司的競爭力。實施改良後的屬地稅制將使資本更容易在市場間流動，從而為未來的投資提供更大的彈性。

As a first step, we are pleased to report that our board has approved a significant increase of our quarterly dividend to $0.20 per share, reflecting our confidence in the strength of the business, coupled with the benefits of tax reforms. This increase will bring our dividend more in line with technology peers, while allowing us to continue to invest strongly in the business both organically and inorganically.

作為第一步，我們很高興地宣布，董事會已批准將季度股息大幅提高至每股 0.20 美元，這反映了我們對公司業務實力的信心，以及稅收改革的好處。此次成長將使我們的股息更接近科技同行，同時使我們能夠繼續大力投資於業務發展，包括內生式成長和外延式成長。

Additionally, as Frank described, we plan to significantly expand our ongoing commitment to STEM education through our planned $100 million contribution to the Cognizant U.S. Foundation.

此外，正如弗蘭克所描述的那樣，我們計劃透過向 Cognizant 美國基金會捐贈 1 億美元，大幅擴大我們對 STEM 教育的持續投入。

Now let me discuss additional details of our financial performance. Consulting & Technology Services represented 57.3% of revenue and Outsourcing Services 42.7% of revenue for the quarter. Consulting & Technology services grew 10.2% year-over-year, driven by continued strong demand for digital solutions. Outsourcing Services revenue grew 11.1% from Q4 a year ago as we continue to see strong growth in digital operations and infrastructure services.

現在讓我來詳細介紹一下我們的財務表現。本季度，諮詢和技術服務佔收入的 57.3%，外包服務佔收入的 42.7%。受對數位化解決方案的持續強勁需求推動，諮詢與技術服務年增 10.2%。外包服務收入較去年同期成長 11.1%，這主要得益於數位營運和基礎設施服務領域的強勁成長。

During the fourth quarter, 39.5% 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.

第四季度，我們39.5%的收入來自固定價格合約。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 357.

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 357 家。

And now, moving to an update on margins. In Q4, we continue to take actions that we expect 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 $3 million of charges in the quarter related to the realignment program. Going forward, we may incur additional costs related to advisory fees, severance and further optimization of our real estate cost.

接下來，我們來看看利潤率的最新情況。第四季度，我們將繼續採取措施，我們預計這些措施將改善我們的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。這些舉措導致本季與重組計劃相關的費用約為 300 萬美元。展望未來，我們可能會產生與諮詢費、遣散費以及進一步優化房地產成本相關的額外費用。

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. In 2018, we expect to make further progress to our target of 22% non-GAAP operating margin in 2019 through continued focus on driving higher value services in addition to continual improvement in our business, focusing on levers such as sustained higher levels of utilizations, optimal pyramid structure, simplification of our business unit overhead structure and leveraging our corporate function spend more effectively.

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。2018 年，我們預計透過繼續專注於推動更高價值的服務，以及不斷改進業務，從而在實現 2019 年 22% 非 GAAP 營業利潤率的目標方面取得進一步進展。我們將重點放在持續提高利用率、優化金字塔結構、簡化業務部門管理費用結構以及更有效地利用公司職能支出等因素。

We've also invested in further automation of our systems and processes in key areas such as customer management and forecasting of supply and demand. We entered 2018 on solid footing after the steps we took in 2017 to rightsize our cost structure. The implementation of these savings initiatives allows us to continue to invest in our digital capabilities, while still delivering improved margins in 2018 and 2019.

我們也投資進一步實現了客戶管理、供需預測等關鍵領域的系統和流程自動化。2017 年我們採取了一系列措施來調整成本結構，因此我們在 2018 年的基礎非常穩固。這些節約措施的實施使我們能夠繼續投資於我們的數位化能力，同時在 2018 年和 2019 年實現更高的利潤率。

Moving to headcount and other key metrics. Offshore utilization in Q4 moved higher as we continue to affect 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. We added 3,900 net new hires in the quarter, while annualized attrition of 17.9% during the quarter, including BPO and trainees, decreased over 400 basis points from the previous quarter.

接下來討論員工人數和其他關鍵指標。第四季海外業務利用率提高，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。本季我們淨增招募了 3,900 名員工，而本季年化員工流動率為 17.9%（包括 BPO 員工和實習生），比上一季下降了 400 多個百分點。

Our offshore utilization for the quarter was 80%, offshore utilization excluding recent college graduates, who are in our training program, was 83% and on-site utilization was 92%.

本季我們的離岸利用率為 80%，如果排除正在接受我們培訓計畫的應屆大學畢業生，離岸利用率為 83%，現場利用率為 92%。

Turning to our balance sheet, which remains very healthy. We finished the quarter with $5.1 billion of cash and short-term investments. We had strong operating cash flow in the quarter generating $836 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 71 days, down 1 day from the year ago period. Our unbilled receivables balance was $357 million, broadly flat from the end of Q3. We've billed approximately 63% of the Q4 unbilled balance in January.

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51億美元。本季我們實現了強勁的營運現金流，達到 8.36 億美元，反映出公司獲利能力的提高。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 71 天，比去年同期減少了 1 天。我們的未開立發票應收帳款餘額為 3.57 億美元，與第三季末基本持平。1月我們已開立了第四季未開票餘額的約63%。

Our outstanding debt balance was $873 million at the end of the quarter, which included a $75 million outstanding balance on our revolver. Our diluted share count was 589 million shares for the current quarter.

截至季末，我們的未償債務餘額為 8.73 億美元，其中包括 7,500 萬美元的循環信貸未償餘額。本季稀釋後股份總數為 5.89 億股。

I would now like to comment on our outlook for Q1 and the full year 2018. For the full year 2018, we expect revenue to be in the range of $16 billion to $16.3 billion, which represents growth of 8% to 10%. Our guidance is based on the current exchange rates at the time at which we are providing the guidance and does not forecast for potential currency fluctuations over the course of the year.

現在我想談談我們對2018年第一季和全年的展望。我們預計 2018 年全年營收將在 160 億美元至 163 億美元之間，成長 8% 至 10%。我們的指引是基於提供指引時的當前匯率，並不會預測年內可能出現的匯率波動。

We expect the adoption of the new revenue recognition standard, ASC 606, will be immaterial to overall revenue.

我們預期採用新的收入確認準則 ASC 606 對整體收入不會產生重大影響。

For the first quarter of 2018, we expect to deliver revenue range of $3.88 billion to $3.92 billion. For the first quarter, we expect to deliver non-GAAP EPS of at least $1.04. This guidance anticipates a share count of approximately 589 million shares and a tax rate of approximately 24%.

預計 2018 年第一季營收將在 38.8 億美元至 39.2 億美元之間。我們預計第一季非GAAP每股收益至少為1.04美元。該指導意見預計股份數量約為 5.89 億股，稅率約為 24%。

For the full year 2018, we expect non-GAAP operating margins to be approximately 21% and to deliver non-GAAP EPS of at least $4.53. This guidance anticipates the full year share count of approximately 585 million shares and a tax rate of approximately 24%. This guidance includes the impact of the $1.2 billion share repurchase, which we anticipate will be phased in over the balance of 2018.

2018 年全年，我們預計非 GAAP 營業利潤率約為 21%，非 GAAP 每股收益至少為 4.53 美元。該指導意見預計全年股份數量約為 5.85 億股，稅率約為 24%。該指導意見包含了 12 億美元股票回購的影響，我們預計該回購將在 2018 年剩餘時間內分階段實施。

Our non-GAAP EPS guidance excludes stock-based compensations, acquisition-related expenses and amortizations, realignment charges, net nonoperating foreign currency exchange gains and losses, any additional impact of the enactment of the U.S. Tax Reform Act and our planned contribution to the new Cognizant U.S. Foundation. Our guidance also does not account for the impact from shifts in the regulatory environment in areas such as immigration or tax.

我們的非GAAP每股收益預期不包括股票選擇權費用、收購相關費用和攤銷、重組費用、淨非經營性外匯損益、美國稅收改革法案頒布的任何額外影響以及我們計劃向新的Cognizant美國基金會的捐款。我們的指導意見也沒有考慮到移民或稅收等領域監管環境變化的影響。

Before I close, I would like to comment briefly on our longer-term tax rate. As you know, our tax rate is determined by a combination of factors globally, including our geographic mix of earnings and related income tax rates in the jurisdictions in which we operate, recent changes to tax legislation such as the U.S. Tax Reform Act and tax structures in various international markets. Based on what we know today, we anticipate that our tax rate will be in the 24% to 26% range beginning in 2019.

在結束演講之前，我想先簡單談談我們的長期稅率。如您所知，我們的稅率是由全球多種因素共同決定的，包括我們的收入地域組成以及我們在營運所在司法管轄區的相關所得稅率、近期稅收立法的變化（例如美國稅收改革法案）以及各個國際市場的稅收結構。根據我們目前所掌握的信息，我們預計從 2019 年開始，我們的稅率將在 24% 到 26% 之間。

In summary, our solid execution in 2017, along with continued investment in the business, has positioned us well to deliver another strong year of revenue and earnings growth in 2018.

總而言之，我們在 2017 年的穩健執行，以及對業務的持續投資，使我們有能力在 2018 年實現又一個強勁的收入和盈利增長年。

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 is from Bryan Keane from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的布萊恩‧基恩。

Just wanted to ask about the large banking showing signs of improvement. Do you think that's just a little bit of the tax reform coming through to spending? Just trying to think about what could cause a little bit of pickup in that large banking side.

我只是想問大型銀行業是否出現了好轉跡象。你認為這只是稅制改革對支出產生影響的一小部分體現嗎？我只是想弄清楚是什麼因素可能導致大型銀行業出現小幅回溫。

Bryan, this is Raj. Look, I think within Banking, we've always had, with our mid-tier banking accounts, the demand environment has been quite healthy, where the challenges has been on some of the large money center banks. And given obviously, we were starting to see a pickup by obviously with some of the tax reform, but some of the regulation changes and you're starting to see a lot of investments are starting to come in, in the forms of digital transformation. And I think we're positioned very well for those to capture that growth, but obviously we continue to balance along with the additional engagements in digital. There's still a focus on some of the optimization around the legacy work, and we're making prudent decisions in terms of balancing both revenue and margins [on the outlook].

布萊恩，這位是拉傑。我認為，在銀行業，就我們的中階銀行帳戶而言，需求環境一直相當健康，而面臨挑戰的則是一些大型金融中心銀行。顯然，隨著稅收改革和一些監管變化，我們開始看到經濟回升，你開始看到許多投資以數位轉型的形式湧入。我認為我們已經做好了充分的準備，可以抓住這一成長機遇，但顯然，我們將繼續平衡，同時兼顧數位領域的額外投入。我們仍然專注於對一些遺留工作進行最佳化，並且在平衡收入和利潤方面做出謹慎的決定（展望未來）。

Okay, and just one follow-up for Karen. Just the first quarter '18 revenue guidance shows a little stronger than we anticipated. Anything to think about that is pushing those numbers higher? Is that just a little stronger demand? Extra days? Just thinking about the seasonality there versus demand.

好的，還有一個問題想問凱倫。光是2018年第一季的營收預期就比我們預期的略好一些。有什麼因素導致這些數字上升嗎？這只是需求稍微增強了嗎？多待幾天？只是在考慮季節性因素與需求之間的關係。

So there's -- on a year-over-year basis, Bryan, there's a little bit of currency impact that's helping with the growth as well as sequentially. But honestly, we think the year is off to a solid start, though -- we think Q1 will play out quite nicely.

所以，布萊恩，從年比來看，匯率波動對成長起了一定的作用，環比成長也是如此。但說實話，我們認為今年開局不錯——我們認為第一季會進展得相當順利。

Our next question today is coming from Darrin Peller from Barclays.

今天的下一個問題來自巴克萊銀行的達林·佩勒。

I just want to start off first with the embedded expectations for, I guess, currency and M&A in the outlook. And then really more on the margin side, if you could help us just bridge a bit -- a little more detail bridging the gap to the 21% operating margin expectation for the year from where you are now. I know it's been a -- it's part of the plan over the few years, but maybe some more specifics on the gross margin and then some of the variables.

我想先談談前景中對貨幣和併購的預期。然後，在利潤率方面，如果您能幫我們稍微解釋一下——從您目前的利潤率到今年 21% 的預期營業利潤率之間的差距，那就太好了。我知道這幾年來，這都是計劃的一部分，但或許可以更具體地說明毛利率以及一些變數。

So Darrin, it's Karen. Let me take that. So let's start with revenue guidance. So in the 8% to 10% revenue guidance, there's about 100 basis points of currency right now that we see as the benefit year-over-year, so 7% to 9% on a current -- constant-currency basis would be the growth projection. There's no incremental M&A built into that, so just obviously the full year impact of the deals that we did last year, so Netcentric and Zone, which we did in Q4 and then, obviously, the TMG contract, we'll get the full year impact versus this year, we had about 5 months of that. So that obviously helps with the growth rate. But beyond that, there's no large deals or no M&A built into the guidance at this point. And then on the margin front, obviously, we've guided to approximately 21% non-GAAP operating margin. A lot of that is driven by the benefit of the cost savings we've implemented in 2017 that will carry over into 2018. We're also, as we've talked about, we're seeing as the business shift to more of the digital work that has higher value, it's been higher margin work. So as we're seeing that start to continue to become a bigger piece of the overall pie, that will continue to drive margin expansion as well. And then we'll continue to focus on -- continuing leverage around pyramid will sustain high levels of utilization. We believe there's more work to do in terms of scaling the corporate functions and really driving the leverage out of that. So no individual lever, but there's a number of pieces that will come together to drive the expansion.

達林，我是凱倫。讓我來拿吧。那麼，我們先從營收預期開始。因此，在 8% 至 10% 的收入預期中，目前我們看到匯率帶來的同比收益約為 100 個基點，因此按當前匯率計算，成長預期為 7% 至 9%。其中沒有包含增量併購，所以顯然只是我們去年完成的交易的全年影響，例如我們在第四季度完成的 Netcentric 和 Zone 交易，以及 TMG 合同，我們將獲得全年影響，而今年我們只有大約 5 個月的時間。這顯然有助於提高成長率。但除此之外，目前的業績指引中並沒有包含任何大型交易或併購計畫。至於利潤率方面，我們預期非GAAP營業利潤率約為21%。這很大程度上得益於我們在 2017 年實施的成本節約措施，這些措施將延續到 2018 年。正如我們之前討論過的，我們也看到，隨著業務向更多高價值、高利潤的數位工作轉變，這些工作也變得越來越重要。因此，隨著這一部分在整體市場份額中佔比越來越大，利潤率也將繼續擴張。然後我們將繼續專注於——繼續利用金字塔式槓桿作用來維持高利用率。我們認為，在擴大公司職能規模和真正發揮其槓桿作用方面，還有更多的工作要做。所以沒有單獨的槓桿，而是許多因素共同作用推動擴張。

(Operator Instructions) Our next question is coming from Brian Essex from Morgan Stanley.

（操作員說明）下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

Karen, I had a question for you on the taxes. Is there anything operationally that you're changing in the tax rate in longer term coming in under, I think, where we expected? Are you changing billing policies, transfer pricing and might this potentially fix longer-term issues of where you're generating cash? And where that cash gets trapped geographically?

凱倫，我有個關於稅收的問題想問你。從營運層面來說，你們在稅率方面是否有任何調整，以期長期低於我們預期的水平？您是否正在改變計費政策、轉移定價，而這是否有可能解決您長期現金流方面的問題？這些資金最終會滯留在哪些地方？

So Brian, there's nothing certainly that we're doing in regards to the outcome of the U.S. Tax Reform Act, obviously, overall, that is helping to drive the rate down. As you know, in India, over time, the rate will increase as tax holidays start to expire and so that's why in the guidance, we've put a rate of 24% to 26% to accommodate a little bit at increase as we look out into the future. But today, the rate has been and will continue to be based on a number of items, including all of the various geographies in which we operate and nothing unusual that we're doing though because of that.

所以布萊恩，就美國稅改法案的結果而言，顯然，總體而言，我們並沒有採取任何措施來幫助降低稅率。如您所知，在印度，隨著稅收優惠期的結束，稅率會逐漸上升，因此，我們在指導意見中將稅率設定為 24% 至 26%，以便為未來可能出現的小幅增長做好準備。但如今，利率一直並將繼續基於多種因素，包括我們營運的各個地區，但這並不意味著我們因此而採取了任何不尋常的措施。

Our next question is coming from Tien-tsin Huang from JPMorgan.

下一個問題來自摩根大通的黃天進。

Just want to double check on the margin outlook. Just any guidance on how we might see margins progress throughout the year and how it might be different than past years? And I know, Karen, you don't give gross margin guidance per se, but can you give us some high-level views on gross margin, specifically? I know you mentioned utilization pricing, I think, you also mentioned contract profitability focus. So anything you can offer there will be great.

想再次確認一下利潤前景。能否提供一些指導，說明我們如何預測全年利潤率的變化，以及與往年相比會有哪些不同？我知道，凱倫，你不會給出毛利率的具體指引，但你能具體談談毛利率的一些高層次看法嗎？我知道你提到了利用率定價，我想，你也提到了關注合約獲利能力。所以，你在那裡能提供的任何幫助都將非常寶貴。

Yes. So, Tien-tsin as we mentioned, we don't give gross margin guidance and certainly don't intend to at this point, but I think what you're going to see is margins will bounce around a little bit during the year, a lot of it will be depending on hiring, the ramp-up hiring. So as you saw in Q4, we did add about 3,900 net resources. We also, in Q4, gave raises and promotions related to 2017. Typically, we've done that in Q3. So depending when we do that this year, that obviously has a bit of an impact in the quarter that, that happened. So our intention is to target the approximately 21% on a full year basis, but that won't be a linear path throughout the year. It will really depend on the timing of investments that we make.

是的。所以，正如我們之前提到的，天心目前不提供毛利率指引，當然也不打算這樣做，但我認為你會看到毛利率在年內會有一些波動，很大程度上取決於招聘情況，尤其是招聘進度。正如您在第四季度所看到的，我們確實增加了約 3,900 個淨資源。在第四季度，我們也進行了與 2017 年相關的加薪和晉升。通常情況下，我們會在第三季完成這項工作。所以，根據我們今年何時進行這項工作，顯然會對發生此事的季度產生一些影響。因此，我們的目標是全年實現約 21% 的目標，但這不會是一個全年都呈現線性成長的過程。這真的取決於我們進行投資的時機。

Our next question is coming from Jim Schneider from Goldman Sachs.

下一個問題來自高盛的吉姆·施耐德。

I just wanted to get -- can you maybe provide a little bit more color on the revenue outlook and how that's likely to progress through the year. First of all, does it assume that the Banking and Financial Services revenue growth rate will continue to improve ratably through 2018 given some of Raj's comments? And then secondly, can you maybe comment directionally on your hiring plans throughout the year?

我只是想了解一下——您能否更詳細地介紹一下收入前景以及它在今年可能的發展？首先，鑑於 Raj 的一些評論，這是否假設銀行業和金融服務業的收入成長率將在 2018 年繼續穩步提高？其次，您能否就全年的招募計畫作個方向性說明？

Jim, let me try to take that. We don't -- we expect revenue to unfold in roughly the same way it's unfolded in past years from a seasonality standpoint. Q2 tends to be our strongest quarter from a revenue growth standpoint. Q3, a little less so and then as we get into the holiday season in Q4, revenue growth tends to be a little slower. So that's kind of the pattern we expect. I don't see anything unusual unfolding this year. I think we -- from Financial Services, we don't have significant improvement in the environment baked into our current outlook. As Raj said, we see some green shoots, but we're certainly not calling a significant turnaround in that business. So that's -- we have, I would say, modest assumptions baked into our guidance for Financial Services for the year.

吉姆，讓我來試試。我們不這麼認為－從季節角度來看，我們預期收入的展開方式將與往年大致相同。從營收成長的角度來看，第二季通常是我們表現最強勁的季度。第三季成長速度略有放緩，到了第四季度假日季，營收成長速度往往會進一步放緩。所以這大致上就是我們預期的模式。我認為今年不會有任何異常情況發生。我認為，就金融服務業而言，我們目前的預期中並沒有包含環境的顯著改善。正如拉傑所說，我們看到了一些復甦的跡象，但我們當然不會說這個行業已經出現了重大轉變。所以，我認為，我們對今年金融服務業的業績預期是相當保守的。

Our next question is coming from Jason Kupferberg from Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的傑森庫柏伯格。

So we're starting off the year here with really the same 8% to 10% top line growth outlook as last year and obviously in '17, you came in more or less at the top end of the forecast. So I just wanted to get a sense of the visibility you feel you have on the 2018 outlook today versus what you had on '17 a year ago. I know that the visibility on the discretionary piece tends to kind of firm up more in kind of the March, April, May time frame, but it does sound like there may be some encouraging data points among the money center banks. So just overall comments on visibility would be real helpful.

所以，今年伊始，我們的營收成長預期與去年基本相同，為 8% 至 10%。顯然，在 2017 年，你們的業績基本上達到了預期的上限。所以我想了解一下，與一年前對 2017 年的展望相比，您目前對 2018 年的展望有何看法。我知道在三月、四月、五月期間，非必需消費品市場的可見度往往會更加明朗，但聽起來，主要金融中心銀行的一些數據可能令人鼓舞。所以，如果能就可見度方面提出一些整體評價，那就太好了。

Jason, I would say we set guidance sort of the same way at the beginning of the year, every year. So I don't think there's any meaningful difference at this point in -- as we sit here at the beginning of '18 versus where we were at the beginning of '17. We go through a very thoughtful process of bottoms up, almost an account-by-account forecast of revenue for the year that's based on our client team's best views of what we have in backlog plus our pipeline plus some factor for business that's at this point unidentified. We use that same methodology every year. So I would say that our visibility at this point to 8% to 10% is the same as it was last year at this point.

傑森，我想說，我們每年年初制定指導方針的方式都大同小異。所以我認為，從 2018 年初到 2017 年初，並沒有什麼實質的差異。我們採取了一種非常深思熟慮的自下而上的方法，幾乎是逐個帳戶地預測年度收入，這是基於我們的客戶團隊對我們積壓訂單、銷售管道以及一些目前尚未確定的業務因素的最佳看法。我們每年都採用同樣的方法。所以我認為，我們目前的可見度在 8% 到 10% 之間，與去年同期相同。

Our next question is coming from Ashwin Shirvaikar from Citi.

下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Raj and Karen, I want to ask a margin question. So if you made no other realignment type changes, how much would then '18 margins go up just because you're in a better place? And then I also have a sub-part question on margins, which is at some point as the one-off actions like realignment, restructuring. And would you expect the narrowing of difference between GAAP to non-GAAP margins?

Raj 和 Karen，我想問一個關於利潤率的問題。所以，如果不做其他調整，只因為你處於更好的位置，2018 年的利潤率會增加多少？此外，我還有一個關於利潤率的小問題，這在某種程度上與調整、重組等一次性措施有關。你認為GAAP利潤率與非GAAP利潤率的差距會縮小嗎？

So, Ashwin, I think in terms of the 21% that we've guided to for 2018, I think a lot of that is going to come from shifts in the business and actions that we've already taken. As we've talked about for some time now, we'll continue to look to optimize the pyramid. There'll be -- automation continues to become a bigger piece of the work that we're doing both for clients as well internally for ourselves. So there's a number of things that are taking shape, but don't necessarily require, what I would recall, a realignment charge to execute on. They are just how we will manage the business going forward. So we're very comfortable with the 21% target that we've set for ourselves for this year. And then as we move into 2019, obviously, we haven't given guidance beyond 2019, but the -- as you know, today, the difference between GAAP and non-GAAP is driven by a number of items, including stock comp, FX, gains and losses, which we can't predict. So excluding onetime items, those things will continue to be the big drivers of the difference in GAAP and non-GAAP and then, from time to time, there may be onetime items, whether it would be realignment or tax reform or the donation that we're making to the U.S -- Cognizant U.S. Foundation later this year. So those, obviously, both continue as they occur.

所以，阿什溫，我認為，就我們為 2018 年設定的 21% 的成長目標而言，我認為很大程度上將來自業務的變化以及我們已經採取的行動。正如我們之前討論過的，我們將繼續尋求優化金字塔結構。自動化在我們為客戶以及內部進行的工作中將扮演越來越重要的角色。所以有很多事情正在成形，但不一定需要像我記憶中那樣重組才能執行。這就是我們未來管理業務的方式。因此，我們對今年設定的 21% 的目標感到非常滿意。然後，隨著我們進入 2019 年，顯然，我們沒有給出 2019 年以後的指導，但是——正如您所知，如今 GAAP 和非 GAAP 之間的差異是由許多項目造成的，包括股票補償、外匯、損益，而這些是我們無法預測的。因此，除一次性項目外，這些因素仍將是 GAAP 和非 GAAP 之間差異的主要驅動因素；此外，有時可能會出現一次性項目，例如重組、稅收改革或我們今年稍後向美國 Cognizant 美國基金會的捐款。所以很顯然，這兩件事都會繼續發生。

Our next question is coming from Bryan Bergin from Cowen & Company.

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

I wanted to ask on the Health care business and the outlook there, can you comment on the large deal pipeline? And then do you see 4Q performance somewhat as a baseline for 2018?

我想問一下醫療保健產業及其前景，您能否就大型交易項目發表一下看法？那麼，您是否將第四季的業績視為2018年的基準線？

Yes. Look, I think Health care continues to do well for us, especially given all the investments that we've done as you are aware of the TriZetto and now with TMG. I think as we look out into 2018, I see that continuing. We're seeing strong traction, especially around the digital space and with interactive, apps modernization and just so all the work around digital engineering and a very strong pipeline developing, continuing with our BPaaS deals, not just around Facets, but also around TMG. And I think, look, as you know, there are some potential mergers that are out there and I think we're positioned well for potential work that may come down on those -- into those transactions. So I think overall, the investments in health care have served us well and we see a strong growth in 2018.

是的。我認為醫療保健行業對我們來說仍然發展良好，特別是考慮到我們已經進行的所有投資，正如您所知，包括 TriZetto 和現在的 TMG。展望2018年，我認為這種情況還會持續下去。我們看到了強勁的成長勢頭，尤其是在數位領域，以及互動式應用程式現代化方面，以及所有圍繞數位工程的工作，並且正在開發一個非常強大的專案管道，我們將繼續推進 BPaaS 交易，不僅圍繞 Facets，也圍繞 TMG。而且我認為，正如你所知，目前有一些潛在的併購機會，我認為我們已經做好了充分的準備，可以參與這些交易中來。所以我認為總體而言，對醫療保健的投資為我們帶來了良好的效果，我們在 2018 年看到了強勁的成長。

Our next question is coming from Keith Bachman from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Keith Bachman。

Karen, this is for you. I wanted to see if you could talk a little bit about how FX is impacting the margin guidance that you've given. Some of the disclosure in 10-Q would suggest that the rupee has a pretty strong tailwind and the margins with the headwinds, you have -- or the hedges you have in place rather. Not clear how the dollar is impacting the margins though, but if you could just talk a little bit about FX, broadly speaking, in terms of the impact to the margin guidance.

凱倫，這是給你的。我想請您談談外匯波動是如何影響您給予的保證金指引的。10-Q 文件中披露的一些資訊表明，盧比目前處於相當強勁的順風狀態，而與逆風相比，盧比的匯率優勢——或者更確切地說，是你們採取的對沖措施——已經相當不錯。目前還不清楚美元對利潤率的影響，但如果您能大致談談外匯市場對利潤率預期的影響，那就太好了。

Sure, Keith. So if you think about this, there's really 3 currencies that drive both the top line and potentially bottom line impact for us and it's really the pound, the euro, to some extent was Swiss franc, but it's a little bit smaller impact and then the rupee. The pound and the euro tend to be a natural hedge, so whatever movement we see in those currency effects revenue and cost essentially in line. There's a little bit of a difference, though it doesn't have a material impact at the margin line. The big driver that can impact margins is really the rupee, but the rupee, frankly, has been fairly stable for the last several months. It's sort of been hovering in the INR 63 to INR 64 to the dollar rate, so that's not having a significant impact on the margins at this point. And then as we've talked about in the past, we typically hedge about 50% of our rupee exposure in any given year and that's consistent from year-to-year.

當然可以，基斯。所以仔細想想，實際上有三種貨幣對我們的營收和潛在利潤都有影響，它們分別是英鎊、歐元，瑞士法郎在某種程度上也有影響，但影響較小，然後是盧比。英鎊和歐元往往具有天然的對沖作用，因此我們看到的任何貨幣波動都會對收入和成本產生基本一致的影響。雖然存在一些差異，但這對利潤率沒有實質影響。影響利潤率的最大因素其實是盧比，但坦白說，盧比在過去幾個月一直相當穩定。目前印度盧比兌美元匯率一直在 63 至 64 印度盧比之間徘徊，因此目前對利潤率沒有重大影響。正如我們過去討論過的，我們通常會對每年約 50% 的盧比風險敞口進行對沖，而且每年都是如此。

Our next question is coming from Glenn Greene from Oppenheimer.

我們的下一個問題來自奧本海默公司的格倫·格林。

Maybe, Karen, just at a high level, obviously, 1 year later, but how are you feeling about that 22% margin go out into '19 better, worse or sort of neutral relative to initial goal? And then just a quick update on the pricing landscape and the environment.

或許吧，凱倫，顯然，一年後，從宏觀層面來看，你覺得22%的利潤率在2019年相對於最初的目標，是更好、更差還是基本持平？最後，簡單介紹一下價格情勢和市場環境。

Sure. So I think in terms of the 22% target that we set for 2019 for non-GAAP operating margin, I'd say we feel neutral when we set those targets for ourselves last year and made a commitment to our shareholders around that. We have done a lot of work in terms of how we would get there over the years. I think, we're extremely pleased with the way the company performed last year and everybody really rallied around making those improvements, while continuing to invest for long-term growth in the business. So I think we've done a great job so far of managing both revenue growth and expanding margins and I think we're very comfortable with the trajectory that we're on there. I think in terms of pricing, pricing has been very stable, very similar to the trends we've seen over the last few years where certainly clients are looking to continue to optimize costs of their sort of legacy or business as usual environments and redirect those dollars to transformation dollars, but certainly what you're seeing is some of the digital work and some of the more transformative work is higher value work and that is higher priced work and that is also a big part of the margin shift that we've been seeing and expect to continue to see.

當然。所以，就我們為 2019 年設定的非 GAAP 營業利潤率 22% 的目標而言，我認為，當我們去年為自己設定這些目標並就此向股東做出承諾時，我們感到中立。多年來，我們在如何實現這一目標方面做了很多工作。我認為，我們對公司去年的表現非常滿意，每個人都齊心協力地做出改進，同時繼續投資以實現業務的長期成長。所以我認為到目前為止，我們在管理收入成長和擴大利潤率方面都做得非常出色，我們對目前的發展軌跡感到非常滿意。我認為就定價而言，價格一直非常穩定，與我們過去幾年看到的趨勢非常相似。當然，客戶都在尋求繼續優化其傳統或日常業務環境的成本，並將這些資金重新投入轉型。但可以肯定的是，一些數位化工作和一些更具變革性的工作是高價值的工作，這些工作的價格也更高。這也是我們一直在看到並預計將繼續看到的利潤率變化的重要組成部分。

Our next question is coming from Mayank Tandon from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mayank Tandon。

With the ongoing shift to digital, can you comment on the challenges you face in terms of hiring the best talent and the right talent for the type of work, then the implications for wage pressure and employee attrition as you shift your talent base to more digital type work?

隨著數位轉型不斷推進，您能否談談在招募最優秀人才和適合工作類型的人才方面所面臨的挑戰，以及隨著人才庫向數位化工作轉型，薪資壓力和員工流失率方面可能產生的影響？

Mayank, it's Frank. I'll touch on that. Look, whenever you're hitting a key point, whenever you have these big technology transitions, you do have contractions -- or not contractions, but rather shortages in pockets of the workforce skills, that's why we invested very heavily last year. We'll continue to invest very heavily this year in retraining the workforce. Last year, we retrained about 100,000 of our associates with new digital -- variety of new digital skills, that's an ongoing effort. Digital skills are a little different than, say, past generations of technology because you have a number of different skills. There isn't sort of 1 or 2 main predominant skill sets. When you talk about digital, you actually have lots of skill sets. So the ongoing training is important and we'll continue to do that. I do think that's part of the reason that we have had somewhat higher employee attrition, that's also a phenomenon we've seen in the past. When we invest in retraining, then it becomes attractive sometimes for our competitors to take people that we've invested in making the training efforts. We continue to feel comfortable though that we can continue to stay ahead of that and that the training efforts and the training engine that we have is strong. I'd also say that a part of the reason that we announced today is, the formation of the Cognizant U.S. Foundation is to try to address this problem on a more -- on a broader and more systemic basis. We believe that the skill shortage in the U.S. is very real and that we -- given the fact that we are probably one of the -- for ourselves, for Cognizant, we are probably one of the largest in-house training operations in the world, that we can take some of that knowledge and externalize it and use it to train the workforce in the U.S. outside of, perhaps, the traditional IT workforce and use that to create new sources of talent for the entire industry.

Mayank，我是Frank。我會稍微談到這一點。你看，每當遇到關鍵節點，每當發生重大的技術變革時，都會出現勞動力萎縮——或者說不是萎縮，而是某些技能領域的勞動力短缺，這就是為什麼我們去年投入巨資的原因。今年我們將繼續大力投資員工再培訓。去年，我們對大約 10 萬名員工進行了再培訓，讓他們掌握了各種新的數位技能——這是一項持續進行的工作。數位技能與以往幾代技術略有不同，因為它需要掌握多種不同的技能。並沒有一兩種主要的、主導的技能。談到數位化領域，其實需要掌握很多技能。因此，持續的培訓非常重要，我們將繼續這樣做。我認為這是我們員工流動率較高的部分原因，也是我們過去也曾經遇到的現象。當我們投資進行再培訓時，我們的競爭對手有時會很想挖走我們已經投入培訓精力的人才。不過我們仍然有信心繼續保持領先地位，而且我們的訓練工作和訓練系統非常強大。我還要說，我們今天宣布成立 Cognizant 美國基金會的部分原因是，為了更廣泛、更有系統地解決這個問題。我們認為美國技能短缺問題非常現實，而且鑑於我們——就我們本身而言，就 Cognizant 而言，我們可能是全球最大的內部培訓機構之一——我們可以將部分知識對外傳播，並用於培訓美國傳統 IT 行業以外的勞動力，從而為整個行業創造新的人才來源。

Our next question today is coming from Edward Caso from Wells Fargo.

今天的下一個問題來自富國銀行的愛德華‧卡索。

I was curious on the size of digital engagements. Are they rising? What pace are they rising at? And as they do get larger and more transformative of traditional systems, is that bringing back some of the traditional competitors? So help us with your relative positioning in your market given -- as the digital world evolves.

我很好奇數位互動規模有多大。它們正在崛起嗎？它們的成長速度是多少？隨著它們規模越來越大，對傳統體系的改變也越來越大，這是否會吸引一些傳統競爭對手回歸？因此，請您幫助我們了解您在市場中的相對定位—隨著數位世界的不斷發展。

Ed, it's Frank. Look, for some quarters, we've been saying that we've been talking about this concept of digital at scale. Certainly, something that we've seen over the last -- over 2017 that after an initial phase of, call it, piloting or experimenting our clients, these new digital heavyweights that I talked about, the firms that are looking to combine digital and physical, that are leveraging existing assets, existing positions in industries are strongly investing in putting a digital layer on top of their physical assets and their capabilities. That's driving larger scale digital projects. We think about large-scale digital as projects that involve or that transform the business model, the operating model and the technology model of our clients. So that continues to -- that trend continues to unfold and I think we'll continue to unfold through 2018. And as I said in my prepared comments, Ed, we think that there are very few companies in the world that have the end-to-end capabilities that can work with a client on digital, all the way from strategy, all the way through execution. We've really -- and this is hard work, right? It's not easy stuff, both executing for clients, but also building the internal capabilities and stitching them all together in a way that's effective at the client interface. And we think that we're very well positioned because of the investments that we've been making, not just in the last couple of years, but going back a decade when we started building, consulting and so on. So over a very long period of time, we've built strong foundational capabilities to do digital end-to-end, to do kind of large-scale integrated programs for clients end-to-end. And we really think there are very few companies in the world that have that range of capabilities.

艾德，我是弗蘭克。你看，在某些方面，我們一直在談論大規模數位化這個概念。當然，在過去的 2017 年裡，我們看到，在經歷了最初的試點或試驗階段之後，我提到的這些新的數位巨頭，那些尋求將數位和實體結合起來，利用現有資產和行業現有地位的公司，正在大力投資，在其實體資產和能力之上添加數位層。這正在推動更大規模的數位化項目。我們認為大規模數位化專案是指那些涉及或改變客戶的商業模式、營運模式和技術模式的專案。所以這種趨勢還在繼續——我認為這種趨勢會持續到 2018 年。正如我在準備好的發言稿中所說，艾德，我們認為世界上很少有公司具備端到端的能力，能夠與客戶合作進行數位化項目，從策略制定到執行全程參與。我們真的——這可是一項艱苦的工作，對吧？這並不容易，既要為客戶執行任務，又要建立內部能力，並將所有這些能力以一種在客戶介面上有效的方式整合在一起。我們認為，由於我們所做的投資，我們目前處於非常有利的地位。這些投資不僅發生在過去幾年，而且可以追溯到十年前，那時我們開始進行建設、諮詢等等。因此，經過很長一段時間，我們已經建立了強大的基礎能力，可以進行端到端的數位轉型，可以為客戶進行大規模的端到端整合專案。我們認為，世界上很少有公司具備這種能力範圍。

Our next question is coming from Frank Atkins from SunTrust.

我們的下一個問題來自 SunTrust 銀行的 Frank Atkins。

I wanted to ask if you've seen any difference in client behavior as a result of the tax changes? Or if the tax changes impact your M&A philosophy at all going forward?

我想問一下，稅收政策的改變是否對客戶行為產生了任何影響？或者，稅收變化是否會對您未來的併購理念產生任何影響？

Let me take that and I'll ask Raj if there's anything to add. I think, Frank, it's too early to tell if there have been real changes to client behavior as a result of the U.S. tax reform. Maybe I'll give you an update next quarter if we see anything, but right now, it's too early to tell. I don't think there is fundamental change to our M&A philosophy as a result of tax reform. We are assessing that. As you know, tax reform will allow us to access cash that was overseas for some period of time. That may change the geography of M&A, but I think the philosophy will remain largely where it's been.

我拿著這個，去問拉傑還有沒有其他要補充的。法蘭克，我認為現在判斷美國稅制改革是否真正改變了客戶的行為還為時過早。如果下個季度有任何進展，我可能會為你更新一下情況，但現在下結論還為時過早。我認為稅制改革不會從根本上改變我們的併購理念。我們正在評估這一點。如您所知，稅制改革將使我們能夠獲得在海外存放一段時間的資金。這或許會改變併購的格局，但我認為其理念將基本保持不變。

Our next question is coming from Arvind Ramnani from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Arvind Ramnani。

I wanted to kind of really dig into a topic you've touched upon a couple of times. As we enter this new age of compute with a richer set of technology options and also the technology strategy becoming competitive differentiator for very traditional companies, how is this demand environment changing? And have client expectations changed? And also if you can comment on how Cognizant is positioned. Especially, I'm looking to see if you can comment on how you're enriching your consulting experience, your M&A priorities. And also do you feel better about the demand environment over the next 2 or 3 years? Or has it made it harder to manage the business?

我想深入探討你曾經多次提及的話題。隨著我們進入運算新時代，擁有更豐富的技術選擇，技術策略也成為傳統公司競爭的差異化因素，而這種需求環境正在發生怎樣的變化？客戶的期望是否改變了？另外，如果您能談談 Cognizant 的市場定位，那就太好了。我尤其想聽聽您能否談談您是如何豐富您的諮詢經驗的，以及您的併購重點是什麼。另外，您對未來兩三年的市場需求環境是否有改善？或者，這是否讓企業管理變得更困難？

Arvind, let me set the stage and then I'll ask Raj to comment. Look, I think, I've said this for a while, right? I think the macro trend here in my mind is that the world in general is becoming more technology intensive. So businesses are becoming more technology intensive, governments are becoming more technology intensive, societies are becoming more technology intensive as a result. We're using more technology in our personal lives. We're using more technology in the business world. And so as the world becomes more technology intensive, that sets the stage for -- that sets the backdrop for our demand environment, which is our clients, whether those businesses or governments, need access to skills, they need access to capabilities, they need access to large-scale program management and governance to be able to develop, deploy, integrate all of that technology so that it actually delivers results. So that's the macro and then I'll let Raj comment a little bit about the more specifics.

Arvind，讓我先介紹一下情況，然後再請 Raj 發表意見。聽著，我想我已經說過一段時間了，對吧？我認為，宏觀趨勢是世界整體變得越來越依賴科技。因此，企業變得越來越依賴技術，政府也變得越來越依賴技術，社會也變得越來越依賴科技。我們在個人生活中越來越多地使用科技。我們在商業領域越來越多地使用科技。因此，隨著世界變得越來越依賴技術，這為我們的需求環境奠定了基礎——我們的客戶，無論是企業還是政府，都需要獲得技能、能力、大規模的專案管理和治理，以便能夠開發、部署和整合所有這些技術，從而真正帶來成果。以上就是宏觀的內容，接下來我會請 Raj 對一些更具體的細節進行評論。

Yes, Arvind. I think when -- Frank touched on this earlier -- a little bit earlier, right? When you look at companies, right, many of our clients, digital is not just about the front-end, the user experience. It's really about being able to make changes at the business level, the operating level and as well as the technology. And there's only a handful of companies that can make that kind of impact for the companies and provide all the governance and execution that's behind it and I think we're well positioned for that. And we're seeing that as these projects become larger in scale, Cognizant continues to benefit from those.

是的，阿文德。我想，弗蘭克之前也提到過這一點，對吧？當你觀察企業時，你會發現，我們的許多客戶都認為數位化不僅僅是前端和使用者體驗。關鍵在於能夠在業務層面、營運層面以及技術層面做出改變。只有少數幾家公司能夠對企業產生這種影響，並提供背後的所有治理和執行，我認為我們在這方面處於有利地位。我們看到，隨著這些計畫規模的擴大，Cognizant 也持續從中受益。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再回答一個問題。

Certainly, our final question today is coming from Joseph Vafi from Loop Capital.

當然，我們今天的最後一個問題來自 Loop Capital 的 Joseph Vafi。

Just maybe to ask the growth question one more way, Frank. If you could parse out where you've seen growth this year, digital versus nondigital relative to that 8 to 10 points of growth that you outlined for the year, especially relative to your comments early on about legacy companies becoming digital giants and it seems like you're placing your bets more on the digital side than maybe -- versus some of the older technologies that they are continuing to deploy.

弗蘭克，或許我們可以再換個方法來問這個問題。如果您能分析今年您在哪些方面看到了成長，特別是數位領域與非數位領域相對於您之前概述的 8 到 10 個百分點的增長，特別是相對於您早期關於傳統公司正在成為數位巨頭的評論，而且您似乎更看好數位領域，而不是他們仍在部署的一些舊技術。

Joe, I think that as a macro, it's going to vary a little bit industry by industry. But as a macro statement, our clients are going to continue, I think, to optimize legacy and invest in digital growth. Now having said that, I think it's important, and I'll make this point that optimizing the legacy is still, in many cases, a really solid and good business for us. We know how to run client's legacy systems. We know how to optimize them. We know how to keep them up and running and these legacy systems are still very much the backbone of our client's operations. So they're not going away and they are very important because digital gets built on top of legacy. In fact, sometimes I say that we talk about legacy, but actually, these legacy systems are our client's heritage, right? And so they're really important to have that backbone. So we'll continue to invest in that business. We'll continue to stay very relevant there and there's a lot of value to be added to clients to just being able to go in and say, look, we can help you run your existing traditional legacy environments more efficiently, more effectively, lower unit costs and so on and so forth. On top of that, we have to continue to invest in digital to remain relevant and so we are doing that. Digital -- our digital revenue last year grew almost 30%, 3x the company average almost in '17. So we'll continue to make those investments. That's an ongoing process, but I think I can say to you with confidence that, that process is well underway at this point. We're very competitive across the industries that we serve. We've got good differentiation. Our clients look at us as very credible players in digital. So those 2 trends will continue to play out in 2018 and I feel pretty good about how we're positioned.

喬，我認為從宏觀角度來看，不同行業的情況會略有不同。但從宏觀角度來看，我認為我們的客戶將繼續優化傳統業務並投資於數位成長。話雖如此，我認為很重要的一點是，優化遺留系統在許多情況下仍然是一項非常穩健且良好的業務。我們知道如何運作客戶的遺留系統。我們知道如何優化它們。我們知道如何讓這些系統保持正常運行，這些系統仍然是我們客戶營運的支柱。所以它們不會消失，而且它們非常重要，因為數位化是建立在傳統技術之上的。事實上，有時我會說我們談論的是遺留系統，但實際上，這些遺留系統是我們客戶的遺產，對吧？所以，擁有這種骨氣對他們來說真的非常重要。所以我們會繼續投資這項業務。我們將繼續保持在該領域的相關性，並且能夠為客戶增加許多價值，例如，我們可以幫助你們更有效率、更有效地運作現有的傳統遺留環境，降低單位成本等等。除此之外，為了保持競爭力，我們還必須繼續投資數位化，而我們也正在這樣做。數位業務－我們去年的數位收入成長了近 30%，是 2017 年公司平均的 3 倍。所以我們會繼續進行這些投資。這是一個持續進行的過程，但我可以自信地告訴大家，目前這個過程進展順利。我們在所服務的各個產業都極具競爭力。我們擁有良好的差異化優勢。我們的客戶認為我們是數位領域非常值得信賴的企業。所以這兩個趨勢將在 2018 年繼續發展，我對我們的定位感到非常滿意。

And with that, I think we'll wrap up the call. I want to thank everybody for joining us today and for your questions. I would say that we're confident in our ability to deliver a strong 2018 and all of us look forward to speaking with you again next quarter. Thank you.

就此，我想我們的通話就到此結束了。感謝各位今天蒞臨現場，也感謝大家提出的問題。我想說，我們對2018年取得佳績充滿信心，我們所有人都期待著下個季度再次與您交流。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您的參與。