高知特 (CTSH) 2018 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions First Quarter 2018 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2018 年第一季財報電話會議。（操作說明）

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

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

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's first quarter 2018 results. If you have not, a copy is available on our website, cognizant.com. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Raj Mehta, President; and Karen McLoughlin, Chief Financial Officer.

謝謝接線員，大家早安。現在，你應該已經收到該公司 2018 年第一季業績的獲利報告副本了。如果您還沒有，可以從我們的網站 cognizant.com 上取得一份副本。今天參加電話會議的發言人有：執行長 Francisco D'Souza；總裁 Raj Mehta；以及財務長 Karen McLoughlin。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC.

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。

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 2 topics: first, a few highlights from our Q1 performance; and second, an update on how we're competing effectively and scaling up our business in the current environment.

各位早安，感謝各位參加我們的電話會議。今天上午，我想談談兩個主題：首先，介紹一下我們第一季的業績亮點；其次，報告我們在當前環境下如何有效地參與競爭並擴大業務規模。

Let's begin with the quarter. We've gotten the year off to a solid start. First quarter revenue was $3.91 billion, at the high end of our guided range and up 10% year-over-year. Our first quarter digital revenue grew about 27%, well above company average and represented about 29% of total revenue, reflecting the profile of many of our clients who are pivoting quickly to digital. Our portfolio of digital services generated above-company-average margins, and our non-GAAP EPS for the quarter was $1.06.

讓我們從季度開始。今年我們開局不錯。第一季營收為 39.1 億美元，達到我們預期範圍的高端，年增 10%。我們第一季的數位收入成長了約 27%，遠高於公司平均水平，約佔總收入的 29%，這反映了我們許多客戶正在迅速轉向數位化的趨勢。我們的數位服務組合產生了高於公司平均的利潤率，本季非GAAP每股收益為1.06美元。

Turning to guidance. We expect second quarter revenue to be within a range of $4 billion to $4.04 billion. We now expect full year revenue to be within a range of $16.05 billion and $16.3 billion, a growth of 8.4% to 10%. And we remain confident in our previously stated guidance of achieving a non-GAAP operating margin in 2018 of approximately 21%.

尋求指導。我們預計第二季營收將在 40 億美元至 40.4 億美元之間。我們現在預計全年營收將在 160.5 億美元至 163 億美元之間，成長 8.4% 至 10%。我們仍然對先前公佈的2018年非GAAP營業利潤率達到約21%的目標充滿信心。

Moving to my second topic, thriving in today's environment. Cognizant continues to be one of the world's fastest-growing professional services companies, even at our scale. We've sustained our growth by innovating in response to macroeconomic and technological changes and the resulting shift in our clients' needs. The current environment is defined in part by global economic momentum, accelerating technological progress and increasing demand for colocating with clients. As a result of these trends, we see tightening labor markets and skill shortages in many parts of the world.

接下來是我的第二個主題：如何在當今環境中蓬勃發展。即使以我們目前的規模，Cognizant 仍然是世界上成長最快的專業服務公司之一。我們透過創新來應對宏觀經濟和技術變化以及由此帶來的客戶需求變化，從而保持了成長。當前環境的部分特徵是全球經濟成長勢頭強勁、技術進步日新月異以及客戶對託管服務的需求不斷增長。由於這些趨勢，我們看到世界許多地區勞動市場趨緊，技能短缺。

To thrive in this environment, we continue to emphasize 3 broad approaches that I'd like to cover this morning. I'll refer to them as digitize, internationalize and localize.

為了在這種環境下蓬勃發展，我們繼續強調以下 3 個主要方法，我今天早上想就此進行介紹。我將它們稱為數位化、國際化和在地化。

Let's start with digitize. We have a distinctive approach to digital that really resonates with our clients. We help them become digital to their core, digitizing their products and services, personalizing the experience they offer customers, fully automating their business processes, modernizing their IT infrastructures and doing all of this in tandem. We use this approach to transform clients' entire enterprises, their business, their operating and their technology models.

讓我們從數位化開始。我們擁有獨特的數位化方法，這種方法真正引起了客戶的共鳴。我們幫助他們從根本上數位化，實現產品和服務的數位化，實現客戶體驗的個人化，實現業務流程的全面自動化，實現IT基礎設施的現代化，並將所有這些工作同步進行。我們運用這種方法來改造客戶的整個企業、業務、營運和技術模式。

This 3-layer transformation enables us to build digital at scale and at speed throughout 3 practice areas: Digital Business, Digital Operations and Digital Systems & Technology. This ability to, in essence, run a digital plumb line through all layers of a client's enterprise gives us an edge in pursuing and capturing a significant portion of the huge market opportunity for enterprise transformation. It also serves to expand our presence well beyond the CIO to other decision-makers within our accounts like the CFO, COO and the chief marketing officer. Reflecting our commitment to partnering with the CMO, we're delighted that Cognizant Interactive, which is part of our Digital Business practice, was just recognized by Ad Age as one of the world's largest digital agency networks.

這種三層轉型使我們能夠在三個實踐領域（數位業務、數位營運和數位系統與技術）大規模、快速地建構數位化。從本質上講，這種能夠對客戶企業的各個層面進行數位分析的能力，使我們在追求和抓住企業轉型這一巨大市場機會方面具有優勢。它還有助於將我們的影響力從資訊長擴展到我們客戶中的其他決策者，例如財務長、營運長和行銷長。為了體現我們與首席行銷長合作的承諾，我們很高興地宣布，作為我們數位業務實踐一部分的 Cognizant Interactive 剛剛被 Ad Age 評為全球最大的數位代理商網路之一。

At the same time, we've built a strong and scalable foundation on which to keep advancing our digital capabilities and leadership. Our growth foundation has many elements. These include our trusted intimate relationships with strategic clients and our penetrating knowledge of clients' industries, business models and technology environments. We know how to apply powerful new technologies like artificial intelligence, the Internet of Things, virtual and augmented reality, robotic process automation, blockchain, cloud and more. As clients more fully adopt these technologies, we'll be able to use our leadership position in these areas to capture a substantial portion of the growth opportunity for all of the services and solutions that will emerge.

同時，我們已經建立了一個強大且可擴展的基礎，在此基礎上，我們將不斷提升我們的數位化能力和領導地位。我們的發展基礎包含多個要素。這包括我們與策略客戶之間值得信賴的密切關係，以及我們對客戶所在產業、商業模式和技術環境的深入了解。我們知道如何應用人工智慧、物聯網、虛擬實境和擴增實境、機器人流程自動化、區塊鏈、雲端運算等強大的新技術。隨著客戶更全面地採用這些技術，我們將能夠利用我們在這些領域的領先地位，抓住所有即將出現的服務和解決方案所帶來的巨大成長機會。

In the meantime, our understanding of how to apply these technologies serves to amplify our ability to anticipate clients' needs and rapidly develop solutions at scale and at the highest levels of reliability. Perhaps the most important elements of our growth foundation are our high-end skills, our global and local delivery and the end-to-end capabilities, which include our global consulting teams that advise on strategy, operations and technology, all of which enable us to build and deliver specialized software platforms and industry-specific solutions to quickly create new value for clients. And therefore, we're sustaining our investments to further scale our digital practices aggressively across industries, geographies, both organically and through acquisitions.

同時，我們對如何應用這些技術的理解有助於增強我們預測客戶需求的能力，並能以最高的可靠性快速開發大規模解決方案。我們成長基礎中最重要的要素或許是我們高端的技能、全球和本地的交付能力以及端到端的能力，其中包括我們的全球諮詢團隊，他們為戰略、運營和技術提供建議，所有這些都使我們能夠構建和交付專業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。因此，我們將繼續加大投資，透過自身發展和收購，在各個行業和地區積極擴大我們的數位化業務規模。

Now with over 80% of our revenue coming from the work we do for clients in financial services, health care, retail and manufacturing, we're at the center of the fintech, health tech, biotech and smart product revolutions. Our clients depend on us to keep them at the leading edge of these shifts. We do so by developing solutions to advance their businesses. Here are 2 quick examples. We partnered with an engine manufacturer to identify potential engine failures on long-haul truck runs. We helped the client increase truck utilization and catch 20,000 faults per month, enabling preventive maintenance across a fleet of 150,000 vehicles.

現在，我們 80% 以上的收入來自為金融服務、醫療保健、零售和製造業客戶提供的服務，我們正處於金融科技、醫療科技、生物科技和智慧產品革命的中心。我們的客戶依靠我們幫助他們始終處於這些變革的前沿。我們透過開發解決方案來促進他們的業務發展。以下是兩個簡單的例子。我們與一家引擎製造商合作，以找出長途卡車運輸過程中可能出現的引擎故障。我們幫助客戶提高了卡車利用率，每月發現 20,000 個故障，從而實現了對 150,000 輛車隊的預防性維護。

We also helped a leading health care company save as much as $60 million by identifying 85,000 at-risk patients. We developed an advanced machine learning algorithm to analyze and report on the warning signs of patients who are exhibiting behaviors that may indicate patterns of substance abuse. This enables professionals to intervene early to improve these patients' quality of life.

我們還幫助一家領先的醫療保健公司透過識別 85,000 名高風險患者，節省了高達 6,000 萬美元。我們開發了一種先進的機器學習演算法，用於分析和報告表現出可能表明藥物濫用模式的行為的患者所發出的預警信號。這使得專業人員能夠及早介入，並改善這些患者的生活品質。

We continue to invest to broaden and deepen our services and capabilities, and we've intensified our focus on developing more end-to-end industry-specific solutions. Based on our forward momentum and sustained investment, we expect our digital portfolio to continue to grow at double-digit rates.

我們將繼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。憑藉我們目前的良好發展勢頭和持續的投資，我們預計我們的數位業務組合將繼續以兩位數的速度成長。

Our second approach to today's environment is to further internationalize. Non-U. S. markets are, of course, sizable and fast growing, and the application of digital technologies is absolutely a worldwide phenomenon. Last year, our businesses outside the U.S. crossed the $3 billion revenue mark for the first time.

我們應對當前環境的第二個方法是進一步國際化。非美國。美國市場規模龐大且成長迅速，數位技術的應用絕對是全球現象。去年，我們在美國以外的業務收入首次突破了 30 億美元大關。

We've expanded our geographic footprint organically, adding new delivery and operation centers as well as Collaboratories in our key global markets. We have digital-at-scale projects underway with the likes of the English Football Association, Softbank Robotics, Centrica, Dexia, BHP and a consortium of Indian life insurers, to name just a few projects. And many of our acquisitions over the past couple of years have been outside the U.S., among them Idea Couture, Mirabeau, Brilliant Services, Adaptra, Netcentric and Zone.

我們透過有機成長擴大了地理覆蓋範圍，在主要全球市場增加了新的交付和營運中心以及合作機構。我們正在與英格蘭足球協會、軟銀機器人公司、森特理克集團、德克夏集團、必和必拓以及印度人壽保險公司聯盟等機構開展大規模數位化項目，以上僅列舉部分項目。過去幾年，我們的許多收購都發生在美國以外，包括 Idea Couture、Mirabeau、Brilliant Services、Adaptra、Netcentric 和 Zone。

In essence, we've been methodically planting seeds across Europe, Asia Pacific and Latin America, and many of these have already become growth engines for us. In short, we have the clients, the talent, the operating model and the integrated delivery to excel outside the U.S., and we see the potential for several of our non-U. S. markets to each become billion-dollar businesses early in the next decade.

從本質上講，我們一直在歐洲、亞太地區和拉丁美洲有條不紊地播撒種子，其中許多種子已經成為我們成長的引擎。簡而言之，我們擁有在美國以外地區取得成功所需的客戶、人才、營運模式和綜合交付能力，我們看到了我們幾個非美國客戶的潛力。美國市場預計在下一個十年初期就成為價值十億美元的企業。

Our third emphasis is on continuing to localize. As you can imagine, when you're partnering with clients to transform their business, operating and technology models, the need to engage with them locally is essential. In fact, the growing volume of digital-at-scale work we're doing typically involves agile development and a deeply consultative in-person approach with clients. So we continue to invest extensively in training and rescaling our teams and in substantially expanding our local workforces around the world.

我們的第三個重點是繼續推進在地化。您可以想像，當您與客戶合作，幫助他們轉變業務、營運和技術模式時，與他們進行在地化互動至關重要。事實上，我們正​​在進行的規模化數位化工作越來越多，通常涉及敏捷開發和與客戶進行深入的面對面諮詢。因此，我們將繼續大力投資團隊培訓和重組，並大幅擴大我們在世界各地的本地員工隊伍。

Our goal is to complement the massive delivery capability and operations we have in India with additional specialized points of delivery around the globe. That's why we've built a network of local and regional delivery centers in Europe, Asia, North America and Latin America. With their proximity to clients, these delivery centers also enable high-quality digital, agile and secure services that comply with local regulations and are delivered using the technologies and languages clients require. These centers also enable us to hire, develop and retain talented local people who can serve multiple clients. By the way, as we've built skills and capabilities in the local communities where we operate, we're also partnering with educational institutions to establish and fund retraining programs in high-demand digital technologies.

我們的目標是利用我們在印度的龐大交付能力和營運能力，在全球範圍內增設更多專業交付點。因此，我們在歐洲、亞洲、北美和拉丁美洲建立了本地和區域配送中心網路。由於靠近客戶，這些交付中心還能提供符合當地法規的高品質、敏捷和安全的數位化服務，並使用客戶所需的技術和語言進行交付。這些中心也使我們能夠僱用、培養和留住能夠服務多個客戶的當地優秀人才。順便一提，隨著我們在營運所在地的社區培養技能和能力，我們也正在與教育機構合作，建立和資助高需求數位技術的再培訓計劃。

To wrap up, our business is strong, as is our ability to sense and respond quickly to market shifts. Our digitize, internationalize, localize approach is serving us well in today's business environment. We're one of a small handful of companies with the range of capabilities to help clients transform at every level of their enterprises. We've developed a strong and scalable foundation on which to extend our leadership as the builder of the digital economy, and we expect our forward momentum to deliver a strong 2018.

總而言之，我們的業務實力雄厚，我們感知和快速應對市場變化的能力也很強。在當今的商業環境中，我們的數位化、國際化、在地化策略非常有效。我們是少數幾家擁有全面能力幫助客戶在企業各個層面轉型的公司之一。我們已經建立了一個強大且可擴展的基礎，以此來鞏固我們作為數位經濟建設者的領導地位，我們預計我們的前進勢頭將在 2018 年帶來強勁的業績。

And now over to Raj, who will 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?

現在請 Raj 發言，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業績。拉傑？

Thanks, Frank, and good morning, everyone. To echo Frank, we feel very good about Cognizant's range of capabilities, business model and sustained investment. In combination, they're enabling us to be the scale builder of the digital economy and the go-to transformation partner for our clients.

謝謝你，弗蘭克，大家早安。正如弗蘭克所說，我們對 Cognizant 的能力範圍、商業模式和持續投資感到非常滿意。兩者結合起來，使我們能夠成為數位經濟的規模建設者，以及客戶首選的轉型合作夥伴。

I'm going to cover our industry, segment and geographic performance. But first, I want to add to Frank's discussion about how we create value for clients, and there's no better way than with a concrete client example.

我將介紹我們行業、細分市場和地域的業績表現。但首先，我想補充弗蘭克關於我們如何為客戶創造價值的討論，而最好的方法莫過於舉出一個具體的客戶案例。

Consider the work we're doing with a top property and casualty insurer of high-net-worth individuals and families. Our client needed help rethinking and redesigning a key moment of truth in their claims process. This is a point where a policyholder calls to report an accident or damage to property. Of course, people are often stressed when they make such a call, so that experience can determine client satisfaction and retention.

看看我們正在與一家服務於高淨值個人和家庭的頂級財產和意外傷害保險公司合作的工作。我們的客戶需要幫助重新思考和重新設計理賠流程中的關鍵時刻。這是投保人打電話報告事故或財產損失的環節。當然，人們在撥打這類電話時往往會感到壓力，因此這種體驗可能會決定客戶滿意度和保留率。

Cognizant developed an analytics platform informed by artificial intelligence to transform this first notice of loss. Our AI solution enables the insurer to audit and analyze conversations between policyholders and customer service representatives and guide the rep in real time about how best to respond. We brought together machine learning, chat bots, voice-to-text transcription and analytics to automate repeatable processes. The machine learning alone drew on knowledge gained from reviewing 25,000 policyholder calls. This has improved the quality of the information captured and reduced the likelihood of misunderstandings that can result in litigation or fraud. As a result, the insurers saw about a 30% reduction in call length and associated expenses and a 15% reduction in total labor and expect to see significant improvement in client satisfaction.

Cognizant 開發了一個由人工智慧驅動的分析平台，以改變首次損失通知的方式。我們的人工智慧解決方案使保險公司能夠審核和分析投保人和客戶服務代表之間的對話，並即時指導客服代表如何做出最佳回應。我們將機器學習、聊天機器人、語音轉文字轉錄和分析技術結合起來，實現了可重複流程的自動化。僅機器學習就利用了從審查 25,000 個保單持有人來電中獲得的知識。這提高了所收集資訊的質量，並降低了因誤解而導致訴訟或欺詐的可能性。因此，保險公司發現通話時長和相關費用減少了約 30%，總人工成本減少了 15%，並預期客戶滿意度將顯著提高。

We have many other client engagements underway in which we're doing AI-enabled work that delivers business outcomes of this importance. It's this combination of capabilities, including continued investment in our client-facing teams and further scaling of our practice areas, that equips us to be the go-to partner for our clients' digital-at-scale transformations.

我們還有許多其他客戶專案正在進行中，在這些專案中，我們正在進行人工智慧賦能的工作，這些工作能夠帶來同樣重要的業務成果。正是這種能力的結合，包括持續投資於我們的客戶服務團隊和進一步擴大我們的業務領域，使我們能夠成為客戶大規模數位轉型的首選合作夥伴。

Let's look now at how our industry segments performed in Q1. Banking and Financial Services grew 6.2% year-over-year. In the quarter, we had double-digit growth in our insurance business that was driven primarily by large strategic deals. Insurers are increasingly interested in using advanced technology to transform the customer experience as conveyed by my earlier example.

現在讓我們來看看我們各個行業板塊在第一季的表現。銀行業和金融服務業年增 6.2%。本季度，我們的保險業務實現了兩位數的成長，這主要得益於大型策略交易。正如我前面的例子所示，保險公司越來越有興趣利用先進技術來改變客戶體驗。

Moving to Banking. We continue to see strong growth amongst our mid-tier banking clients as they work to transform their business models, which involves greater investment in advanced technologies. As large "money-center" banks report a more positive industry business climate, they're putting more pressure on their run-the-bank spending while stepping up investment in the change-the-bank technology. While we're seeing a pickup in this digitally intensive work, we anticipate continued optimization of the legacy portion of our banking business and a modest overall improvement.

轉行進入銀行業。我們看到，隨著中型銀行客戶努力轉型其業務模式（這涉及對先進技術的更大投資），他們的業務持續強勁成長。隨著大型「金融中心」銀行報告行業商業環境更加樂觀，它們正在加大對日常銀行營運支出的壓力，同時增加對變革銀行技術的投資。雖然我們看到數位化密集型工作增加，但我們預計銀行業務的傳統部分將繼續優化，整體情況將略有改善。

Turning to Healthcare. Our revenue was up 11.8% year-over-year. We saw consistent demand across payer clients with increasing interest in our digital, analytics, cloud and virtualization solutions. We continue to invest and position our health care practice to capture demand as clients shift their underlying business models from fee-for-service to value-based care. To complement our strong position in the payer market, we've expanded our scope to include the provider network of doctors, hospitals and other clinicians.

轉向醫療保健。我們的營收年增了11.8%。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成長，並且越來越感興趣。隨著客戶將其基本業務模式從按服務收費轉向按價值收費，我們將繼續投資並調整我們的醫療保健業務，以滿足市場需求。為了鞏固我們在支付方市場的強大地位，我們擴大了業務範圍，將醫生、醫院和其他臨床醫生組成的醫療服務提供者網路也納入其中。

We recently closed our acquisition of privately held Boulder Healthcare Solutions, a leading provider of end-to-end revenue cycle management solutions to hospitals and physicians. Boulder expands our health care consulting, IT and business process services portfolio and extends our leadership in digital health care technology and operations. By bringing together Boulder Healthcare with TriZetto, TMG Health and Top Tier Consulting, we now have offerings that span the payer and provider business value chain.

我們最近完成了對私人企業 Boulder Healthcare Solutions 的收購，該公司是為醫院和醫生提供端到端收入週期管理解決方案的領先供應商。博爾德的加入擴展了我們的醫療保健諮詢、IT 和業務流程服務組合，並鞏固了我們在數位醫療保健技術和營運領域的領先地位。透過將 Boulder Healthcare 與 TriZetto、TMG Health 和 Top Tier Consulting 合併，我們現在提供的服務涵蓋了支付方和提供方業務價值鏈。

Turning to Products and Resources. We increased revenue 11.4% year-over-year. Strong growth from our manufacturing and logistics clients continues, which offsets sluggish growth in retail. Our strength in the manufacturing, logistics, energy and utility areas result from our emphasis on leading with digital offerings. The infusion of digital has already made many products smarter and the consumer experience richer. And now AI-based autonomy, enabled by sensors, data analytics and machine learning, is making machines far more versatile and self-driven than ever before. This has caught the attention of CXOs who are increasingly engaging us to implement advanced digital process to transform their business models.

轉向產品和資源。我們實現了年增11.4%的收入。來自製造業和物流客戶的強勁成長持續，抵銷了零售業成長乏力的影響。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。數位化技術的融入已經使許多產品更加智能，也使消費者體驗更加豐富。如今，借助感測器、數據分析和機器學習，基於人工智慧的自主性使機器比以往任何時候都更加靈活多變、自主運作。這引起了企業主管的關注，他們越來越多地與我們合作，實施先進的數位化流程，以轉變他們的商業模式。

Communications, Media and Technology had another strong quarter of broad-based growth, up 18.4% year-over-year, with an expansion in areas like creating and curating digital content for digital platform providers. The digital economy is all about creating meaningful experiences with personalized content. As we have seen with many of our Silicon Valley clients, this requires the ability to help manage and run digital business to deliver personalized content. These clients seek our help with sheer volume of content monitoring and moderation, particularly as they intensify their efforts to verify the authenticity of user-generated content and scale globally.

通訊、媒體和科技產業迎來了一個強勁的季度，實現了全面成長，年成長 18.4%，其中數位平台供應商的數位內容創作和策劃等領域均有所擴張。數位經濟的核心在於透過個人化內容創造有意義的體驗。正如我們從許多矽谷客戶身上看到的那樣，這需要具備幫助管理和經營數位業務以提供個人化內容的能力。這些客戶尋求我們在大量內容監控和審核方面的幫助，尤其是在他們加強驗證用戶生成內容的真實性並在全球範圍內擴展業務規模的情況下。

Looking at our geographies. Our markets outside the U.S. continue to exhibit strong growth. Europe grew 22.4% year-over-year in Q1, including 11.7% positive impact from currency. And the rest of world was up 11.9% from a year ago, including a 310 basis point positive impact from currency. We now have offices in over 3 dozen countries, and much of our growth has been enabled by successful localization across many of these countries.

看看我們的地理位置。我們在美國以外的市場持續保持強勁成長勢頭。歐洲第一季年增 22.4%，其中匯率波動帶來 11.7% 的正面影響。世界其他地區比一年前成長了 11.9%，其中包括匯率帶來的 310 個基點的正面影響。我們現在在超過 36 個國家設有辦事處，而我們所取得的許多成長都得益於在這些國家成功實現在地化。

The value we create for clients is predominantly knowledge-based work so we depend heavily on the insight, passion and collaboration of our global associates. We continuously invest in the skills and development of all of our associates to keep Cognizant strong and relevant to clients. At the same time, we're aware that our annualized attrition rate of 20.3% this quarter is several points higher than our historic norm for Q1. We believe the higher attrition is largely the result of increasing global demand for the very skills we specialize in, the growing shortage of technology talent, particularly in the local markets, and the transition our organization has gone through to build a scalable foundation for expanding our digital leadership. We continue to focus on our workforce strategy and management.

我們為客戶創造的價值主要基於知識，因此我們非常依賴全球合作夥伴的洞察力、熱情和協作。我們不斷投資於所有員工的技能和發展，以保持 Cognizant 的強大實力和對客戶的重要性。同時，我們也意識到，本季我們的年度員工流動率為 20.3%，比第一季的歷史平均值高出幾個百分點。我們認為，較高的員工流失率主要是由於全球對我們專業技能的需求不斷增長、技術人才日益短缺（尤其是在本地市場）以及我們組織為建立可擴展的基礎以擴大我們的數位領導地位而進行的轉型所致。我們將繼續專注於人力資源策略和管理。

To sum up, over the past year, we've focused considerable energy and investment in strengthening our foundation for profitable growth and extending our capabilities to help clients succeed in their transformation 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. The business got off to a solid start in Q1, which positions us well to achieve our updated full year revenue and margin guidance.

謝謝你，拉傑，大家早安。公司第一季開局穩健，這為我們實現更新後的全年營收和利潤率預期奠定了良好的基礎。

First quarter revenue of $3.91 billion was at the high end of our guidance range and represented a year-over-year increase of 10.3%, including a positive 210 basis point impact from currency. Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges, was 20.3%, and non-GAAP EPS was $1.06. Our Q1 non-GAAP tax rate of 24.6% was higher than expected, primarily due to the updated interpretation of the global intangible low-taxed income or GILTI provision of the new U.S. tax law. As I will discuss further in the guidance section of my remarks, this updated interpretation of the GILTI provision is estimated to have a full year EPS impact of $0.09 per share.

第一季營收為 39.1 億美元，處於我們預期範圍的高端，較去年同期成長 10.3%，其中包括匯率帶來的 210 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20.3%，非GAAP每股收益為1.06美元。我們第一季的非GAAP稅率為24.6%，高於預期，這主要是由於美國新稅法中全球無形低稅收入（GILTI）條款的更新解釋所致。正如我將在發言的指導部分進一步討論的那樣，對 GILTI 條款的這項更新解釋預計將對全年每股收益產生 0.09 美元的影響。

In the first quarter, we demonstrated our commitment to return capital to shareholders through launching a $300 million accelerated share repurchase or ASR program in March, with completion expected during the second quarter. This ASR marked the second piece of our expected $1.2 billion share repurchase by the end of 2018. And today, we declared a quarterly cash dividend of $0.20 per share for shareholders of record at the close of business on May 22.

第一季度，我們透過在 3 月啟動 3 億美元的加速股票回購計畫 (ASR) 來展現我們對股東回報資本的承諾，預計將在第二季完成。此次 ASR 標誌著我們預計在 2018 年底前完成的 12 億美元股票回購計畫的第二部分。今天，我們宣布向截至 5 月 22 日營業結束時登記在冊的股東派發每股 0.20 美元的季度現金股息。

Additionally, during the quarter, we repatriated $2 billion of earnings that were available for distribution to the United States as a result of U.S. tax reform. We have already deployed approximately 25% of that cash through the acquisition of Boulder. We are continuing to evaluate the implications of U.S. tax legislation on our overall capital return program.

此外，由於美國稅收改革，本季我們將原本可供美國分配的 20 億美元收益匯回國內。我們已經透過收購 Boulder 公司投入了其中約 25% 的現金。我們正在持續評估美國稅收立法對我們整體資本回報計劃的影響。

Now let me discuss additional details of our financial performance. Consulting and technology services and outsourcing services represented 58% and 42% of revenue, respectfully (sic) [respectively], for the quarter. Consulting and technology services grew 10.7% year-over-year and outsourcing services revenue grew 9.7% from Q1 a year ago.

現在讓我來詳細介紹一下我們的財務表現。本季度，諮詢和技術服務以及外包服務分別佔收入的 58% 和 42%。諮詢和技術服務年增 10.7%，外包服務收入較去年同期成長 9.7%。

During the first quarter, 39% of our revenue came from fixed-price contracts, and we continue to make progress over the long term, changing the mix of our business to more fixed-price or managed services arrangements. Also, as we've spoken about for some time, we are seeing an increasing trend towards output or transaction-based pricing. And so beginning with Q1, we are breaking out transaction-based contracts separately, which were approximately 9% of revenue in the quarter. We added 7 strategic customers in the quarter, defined as clients that have the potential to generate at least $5 million to $50 million or more in annual revenue, bringing our total number of strategic clients to 364.

第一季度，我們 39% 的收入來自固定價格合同，我們將繼續在長期發展中取得進展，將業務組合轉向更多固定價格或管理服務安排。此外，正如我們之前討論過的，我們看到基於產量或交易量的定價趨勢日益明顯。因此，從第一季開始，我們將基於交易的合約單獨列出，這些合約約佔該季度收入的 9%。本季我們新增了 7 位策略客戶，這些客戶有潛力每年產生至少 500 萬美元至 5,000 萬美元或更多的收入，使我們的策略客戶總數達到 364 位。

And now moving to a discussion on margin. We remain committed to and are on track to achieve our target of 22% non-GAAP operating margin in 2019. In the first quarter, we continued focus on driving higher-value services in addition to continual improvement in our business, focusing on levers such as sustained higher levels of utilization, optimal pyramid structure, simplification of our business unit overhead structure and leveraging our corporate function spend more effectively.

現在我們來討論一下邊際效益。我們仍致力於實現 2019 年 22% 的非 GAAP 營業利潤率目標，並且有望實現這一目標。第一季度，我們繼續專注於推動更高價值的服務，同時不斷改進業務，重點關注持續提高利用率、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。

Our offshore utilization for the quarter was 79%. Offshore utilization excluding recent college graduates who are in our training program was 83%. And on-site utilization was 92% during the quarter.

本季我們的海外利用率為 79%。不包括正在接受我們培訓計畫的應屆大學畢業生，離岸人才利用率為 83%。本季現場利用率達 92%。

Turning to our balance sheet, which remains very healthy. We finished the quarter with $5 billion of cash, short-term investments and restricted cash. Net of debt, this was up by $33 million from the quarter ending December 31 and up $1.15 billion from the year-ago period. This balance at the end of the quarter includes restricted cash and short-term investments of $507 million. These restricted amounts are related to the ongoing dispute with the India income tax department.

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50億美元的現金、短期投資和受限現金。扣除債務後，該數字比截至 12 月 31 日的季度增加了 3,300 萬美元，比去年同期增加了 11.5 億美元。本季末的餘額包括受限現金和短期投資 5.07 億美元。這些受限金額與目前與印度所得稅部門的糾紛有關。

Receivables were $3 billion at the end of the quarter. We finished the quarter with a DSO of 75 days, up 4 days versus last quarter. The adoption of the new revenue recognition standard increased our DSO for the quarter by 2 days. Our outstanding debt balance was $773 million at the end of the quarter. Our diluted share count was 589 million shares for the current quarter.

截至季末，應收帳款為30億美元。本季末的應收帳款週轉天數為 75 天，比上一季增加了 4 天。採用新的收入確認標準導致我們本季的應收帳款週轉天數增加了 2 天。截至本季末，我們的未償債務餘額為7.73億美元。本季我們的稀釋後股份總數為 5.89 億股。

Now I would like to now comment on our outlook for Q2 and the full year 2018. For the full year 2018, we expect revenue to be in the range of $16.05 billion to $16.3 billion, which represents growth of 8.4% 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年第二季和全年的展望。我們預計 2018 年全年營收將在 160.5 億美元至 163 億美元之間，年增 8.4% 至 10%。我們的指引是基於提供指引時的當前匯率，並不會預測年內可能出現的匯率波動。

For the second quarter of 2018, we expect to deliver revenue in the range of $4 billion to $4.04 billion. And for the second quarter, we expect to deliver non-GAAP EPS of at least $1.09. This guidance anticipates a share count of approximately 586 million shares and a tax rate of approximately 27%.

預計 2018 年第二季營收將在 40 億美元至 40.4 億美元之間。對於第二季度，我們預計非GAAP每股收益至少為1.09美元。該指導意見預計股份數量約為 5.86 億股，稅率約為 27%。

For the full year 2018, we expect non-GAAP operating margins to be approximately 21% and to deliver non-GAAP EPS of at least $4.47. This guidance anticipates a full year share count of approximately 585 million shares and a tax rate of approximately 26%.

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 4.47 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 26%。

As I mentioned earlier, our tax rate expectation has increased from our previous guidance due to an updated interpretation of the GILTI provision. The impact of this higher estimated tax rate on EPS is partially offset by our better-than-expected performance in Q1 as well as the expected benefit from the Boulder acquisition, which closed last month. As we receive additional clarification and the interpretation continues to evolve, our estimate of the impact of the GILTI provision could change.

正如我之前提到的，由於對 GILTI 條款的解釋有所更新，我們的稅率預期比先前的預期有所提高。預期較高的稅率對每股盈餘的影響，部分被我們第一季好於預期的業績以及上個月完成的博爾德收購帶來的預期收益所抵銷。隨著我們獲得更多澄清和解釋，我們對 GILTI 條款影響的估計可能會改變。

Our non-GAAP EPS guidance excludes stock-based compensation; acquisition-related expenses and amortization; realignment charges; net nonoperating foreign currency exchange gains and losses; any future adjustments to the onetime 2017 incremental income tax expense related to the tax reform act; and our contribution to the new Cognizant U.S. Foundation, which we expect to fund in the second quarter of this year. Our guidance also does not account for the impact from shifts in the regulatory environment in areas such as immigration or tax. In summary, our solid execution in Q1, along with continued investment in the business, has positioned us well to deliver another strong year of revenue and earnings growth in 2018.

我們的非GAAP每股收益預期不包括股權激勵費用；收購相關費用和攤銷；重組費用；淨非經營性外匯損益；與稅收改革法案相關的2017年一次性增量所得稅費用的任何未來調整；以及我們對新成立的Cognizant美國基金會的捐款，我們預計將在今年第二季度為其提供資金。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。總而言之，我們在第一季的穩健執行，以及對業務的持續投資，使我們有信心在 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 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。

I wanted to ask if there's any change to your organic revenue growth outlook versus 90 days ago. The Boulder Health, I thought that would have a little bit more impact starting in the second quarter. So can you also maybe update us on the acquisition contribution to revenue this year?

我想問一下，與 90 天前相比，你們的有機收入成長預期是否有任何變化。我認為博爾德健康中心從第二季開始會產生更大的影響。那麼，您能否也向我們介紹今年收購對營收的貢獻情況？

Sure. Tien-tsin, this is Karen. Let me take that. So as you would have seen, obviously, we took up the bottom end of the revenue guidance to about 8.4%, which did account for the Boulder acquisition. However, FX also moved against us, so that offset about half of the benefit that we'll get from Boulder this year. So if you recall, at the beginning of the year, we had said there was about 100 basis points of FX year-over-year impact. That number has now dropped to about a 70 basis point impact on a year-over-year basis because of the recent movement in the European currencies.

當然。天心，我是凱倫。讓我來拿吧。因此，正如您所看到的，我們顯然將收入預期下限下限至約 8.4%，其中已考慮了對 Boulder 的收購。然而，FX 匯率也對我們不利，因此抵消了我們今年從博爾德獲得的大約一半收益。所以，如果你還記得的話，年初的時候我們說過，匯率年比影響約為 100 個基點。由於近期歐洲貨幣的波動，這一數字目前已降至年比約 70 個基點的影響。

Got it. So on the organic revenue side, any change there? Since I'm at it, on the 606 front, what can you -- go ahead, sorry.

知道了。那麼，在自然成長收入方面，有什麼變化嗎？既然說到這裡了，關於 606 的問題，您有什麼建議嗎？ ——請繼續，不好意思。

Yes. So on an organic basis, no changes in our guidance other than for Boulder and the FX movement, as we talked about. The 606, as you saw, was a little over $20 million for the quarter. Obviously, that's more of a timing issue than anything because, ultimately, that reverses as those contracts mature. So on a full year basis, we still don't expect to have a material impact from 606.

是的。因此，從根本上來說，除了博爾德和外匯市場趨勢之外，我們的指導方針沒有其他變化，正如我們之前討論的那樣。正如你所看到的，606 型客車本季的銷售額略高於 2000 萬美元。顯然，這更多的是一個時機問題，因為最終，隨著這些合約到期，情況會逆轉。因此，從全年來看，我們仍然預期 606 不會產生實質影響。

Our next question is from the line our Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

I'll ask my questions upfront. Just looking at Financial Services, on the larger bank spend, it doesn't look like we've seen any real pickup, an increase in spend there. And then secondly, Karen, how long can you guys continue to grow the revenue growth high single digits to low double digits without growing net headcount much?

我會先問清楚我的問題。單看金融服務領域，就銀行的大額支出而言，似乎我們還沒有看到任何真正的回升或支出成長。其次，Karen，你們能在不大幅增加員工總數的情況下，將營收成長率維持在個位數高點到兩位數低點多久？

Yes. Bryan, this is Raj. I'll take the first part, and then Karen can answer the second part. Look, financial -- our banking portfolio, I think, it's in transition. Obviously, you're seeing a good healthy growth in the mid-tier banks, but the challenge is obviously the large "money-center" banks. And honestly, our portfolio is in transition. In one side, you have some of our portfolio which represents more of the legacy work. That continues to get optimized. And with that, we continue to evaluate what we think is strategic and to make sure that we can continue to deliver high margins on that work. And then we're starting to see a strong pickup on the digital portfolio at these banks, and we're actually winning a lot of work there. And we're winning in mobility solutions, we're winning in legacy app modernization, even some initial work in blockchain. So the business in digital is really growing at a healthy pace, consistent to the overall Cognizant digital growth. But -- so the overall -- look, the business is growing there. But the portfolio, as we get -- as additional digital spend continues, I think then we'll start getting back to the healthy strong growth that we've seen in banking.

是的。布萊恩，這位是拉傑。我來回答第一部分，然後凱倫可以回答第二部分。你看，金融——我們的銀行業務組合，我認為，正處於轉型期。顯然，中型銀行的發展勢頭良好，但挑戰顯然在於大型「金融中心」銀行。說實話，我們的投資組合正處於轉型期。一方面，您可以看到我們的一些作品集，這些作品集更代表了我們早期的作品。這一點仍在不斷優化。因此，我們將繼續評估我們認為具有策略意義的內容，並確保我們能夠繼續從這些工作中獲得高利潤。然後我們開始看到這些銀行的數位化業務組合強勁成長，而且我們實際上也贏得了許多業務。我們在行動解決方案領域取得了成功，我們在傳統應用程式現代化方面也取得了成功，甚至在區塊鏈領域也取得了一些初步進展。因此，數位業務確實以健康的步伐增長，與 Cognizant 整體數位業務的成長保持一致。但是——總的來說——那裡的業務正在成長。但是，隨著我們獲得更多數位支出，我認為我們將開始恢復到銀行業曾經看到的健康強勁的成長勢頭。

And Bryan, so to answer your question about headcount. So I do think that as we look to the next few months, we'll start to see headcount increase on an overall basis. There's a number of things. Obviously, did a great job of bringing up utilization last year, and it held fairly flat on a sequential basis from Q4 to Q1, both on-site and offshore. But I wouldn't want to take it up much beyond where we are right now given the current environment and the demand environment and this need for new skills and so forth that we're seeing in the marketplace. But having said that, while you've got headcount growth and strong demand obviously in digital, then there are parts of the business where automation and so forth are also helping us to drive utilization and manage headcount more effectively. So I do think you'll see headcount grow in the coming months. But as we've talked about in the past, I would no longer expect headcount and revenue to grow in line with each other as the business continues to evolve.

布萊恩，那麼回答你關於人員數量的問題。所以我認為，展望未來幾個月，我們將看到員工總數整體增加。有很多事情。顯然，去年公司在提高利用率方面做得非常出色，而且從第四季度到第一季度，無論是現場還是離岸，利用率都保持了相當平穩的環比。但鑑於當前的市場環境、需求環境以及對新技能的需求等等，我不想就此問題做太多改變。但話雖如此，雖然數位領域的人員成長和強勁需求顯而易見，但業務的某些部分，自動化等技術也在幫助我們提高利用率並更有效地管理人員。所以我認為未來幾個月員工人數將會增加。但正如我們過去討論過的，隨著業務的不斷發展，我不再期望員工人數和收入能夠同步成長。

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

我們的下一個問題來自高盛的吉姆·施耐德。

Maybe just one more on the financials, Karen. Can you maybe talk about the extent to which you expect attrition to tick down either short term and what your plans are to kind of reduce the attrition rate over the longer term? And maybe talk about how much of the attrition was voluntary versus involuntary in the quarter.

凱倫，或許再問你一個關於財務方面的問題吧。您能否談談您預計短期內員工流動率會下降到什麼程度，以及您計劃如何從長遠角度降低員工流動率？或許還可以討論一下本季員工流失中，自願離職和被迫離職的比例是多少。

Yes. Jim, this is actually Raj. Look, we don't break out the voluntary and involuntary. I think the key point to note is the number that we quoted includes everything, includes our attrition that happens in our BPO business, our training pool, all the voluntary, involuntary and plus the trainees. I think one thing you got to keep in mind in this -- look, obviously, we're committed to reducing the number in terms of attrition. But we've invested over the past -- I would say, over the past 7 years, we've been investing a lot around digital, especially with all of our SMAC, social, mobility, analytic and cloud initiatives. So in addition to that, we've trained many of our associates around all the digital skills. And so it's not surprising, especially in this environment that we're at. A lot of our employees, a lot of our associates, given their latest digital technology skills, it's not a surprise our competitors use that as an opportunity to attract associates. But we continue to monitor the levels. I think we've seen this in the past during the dot-com days. We had fluctuations in terms of our attrition. But we continue to attract, we continue to monitor and we continue to engage our employees. And we think we have a great platform for growth for our associates, and we would expect that -- attrition levels to come down in the future quarters.

是的。吉姆，這位其實是拉傑。你看，我們不區分自願和非自願。我認為需要注意的關鍵一點是，我們引用的數字包含了所有因素，包括我們 BPO 業務中的人員流失、我們的培訓人才庫、所有自願離職、非自願離職以及實習生。我認為你需要記住一點——顯然，我們致力於減少人員流失率。但在過去——應該說在過去的 7 年裡——我們一直在數位領域投入大量資金，尤其是在我們的 SMAC、社交、行動、分析和雲端計畫方面。因此，除此之外，我們也對許多員工進行了數位化技能的培訓。所以這並不奇怪，尤其是在我們所處的這種環境下。鑑於我們許多員工和合作夥伴都掌握了最新的數位技術技能，我們的競爭對手利用這一點來吸引人才也就不足為奇了。但我們會持續監測相關指標。我認為我們在網路泡沫時期就見過這種情況。我們的人員流失率出現了波動。但我們會繼續吸引、繼續關注、持續與員工互動。我們認為我們為員工提供了一個很好的發展平台，我們預計未來幾季的員工流動率將會下降。

Yes. And I think, Jim, let's also keep in mind, there is some seasonality to attrition, right? So we tend to see attrition spike after bonus payments. You tend to see it spike after promotions and raises and so forth. And if you recall, last year, we didn't -- we've deferred our promotions and the raises until the fourth quarter, so I think we've seen a little bit of a change in the seasonality pattern. Obviously, this year, we expect to do raises and promotions on a normal schedule, back in early Q3, but there is some seasonality to those numbers.

是的。吉姆，我覺得我們也要記住，人員流失也有一定的季節性，對吧？因此，我們往往會看到獎金發放後人員流失率激增。你通常會看到這種情況在升職加薪等之後出現激增。如果你還記得的話，去年我們並沒有——我們把晉升和加薪推遲到了第四季度，所以我認為我們已經看到了季節性模式的一些變化。顯然，今年我們預計會按正常時間表進行加薪和晉升，在第三季初恢復正常，但這些數字會受到一些季節性因素的影響。

Okay, that's helpful. And then maybe just as a follow-up, can you maybe provide us with a little bit of an update on your M&A outlook, and particularly your willingness to commit to some larger deals rather than some of the tuck-in acquisitions you've been doing thus far?

好的，這很有幫助。那麼，作為後續問題，您能否稍微介紹一下您的併購前景，特別是您是否願意進行一些規模更大的交易，而不是像目前這樣進行一些小規模的收購？

Jim, it's Frank. I would say largely consistent with what we have said in the past, which is that the primary focus will continue to be small tuck-ins. And as we've said in the past, as we become bigger, the definition of what is small and what tucks in gets larger. Boulder was a little bit bigger compared to things that we've done in the past. But I'm also -- and I've said that we are open to looking at something that's larger, more transformative, if it's the right thing. We feel like the TriZetto acquisition that we did a few years ago is now well integrated. We have the capability and the capacity, the management bandwidth to be able to integrate something larger at this point. But we'll be cautious, and we will only do something large if it makes strategic sense that the -- and the economics work and we think we can create value for shareholders, obviously. The places that we'd obviously be continuing to look would be things like digital. We've talked a lot about digital and the progress we've made there. If we found something that could accelerate our shift to digital, we would consider something along those lines. If you -- we look at international expansion. We talked about international on the script today, and I think that -- in prepared comments. I think those are also interesting potential opportunities. We think there's plenty of growth left for us in non-U. S. markets, so we could look at something like that. And then, of course, we continue, like we did with TriZetto, to look at software and IP and platforms and those kinds of assets.

吉姆，我是法蘭克。我認為這與我們過去所說的基本一致，即主要重點仍將是小規模的調整。正如我們過去所說，隨著我們變得越來越大，小和內收的定義也越來越大。與我們過去做過的事情相比，博爾德的規模要大一些。但我同時也表示——而且我也說過——如果事情合適，我們願意考慮規模更大、更具變革性的事情。我們感覺幾年前收購的 TriZetto 現在已經很好地整合完畢。我們現在有能力、有資源、有足夠的管理能力來整合更大的專案。但我們會保持謹慎，只有在策略上有意義、經濟上可行，我們認為能夠為股東創造價值的情況下，我們才會做大事。我們顯然會繼續關注的領域包括數位化領域。我們已經談了很多關於數位化以及我們在該領域的進展。如果我們找到能夠加速我們向數位轉型的方法，我們會考慮採用類似的方法。如果你——我們會考慮國際擴張。今天我們在劇本中談到了國際化，我認為——在準備好的評論中。我認為這些也是很有趣的潛在機會。我們認為我們在非美國市場還有很大的成長空間。美國市場，所以我們可以看看類似的情況。當然，接下來我們會像對待 TriZetto 一樣，繼續關注軟體、智慧財產權、平台以及這類資產。

The next question is from the line of Jason Kupferberg with 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。

I just wanted to ask a follow-up to start on the attrition point. I wanted to see if you could give us a little bit of color on which parts of the pyramid perhaps drove the increase. I know, in the past, when there's been a spike, it's tended to be kind of at the lower levels. And around the middle of last year, we had that dynamic. And are you contemplating higher wage increases this year vis-à-vis last year to try and combat some of the war for talent?

我只是想就人員流失問題進行後續詢問。我想請您詳細解釋一下，金字塔的哪些部分可能推動了成長。我知道，過去激增的時候，往往是在較低的水平。去年年中左右，我們就經歷了這個局面。為了因應人才爭奪戰，您是否考慮今年比去年提高薪資漲幅？

Sure. Jason, it's Karen. So in terms of where the attrition is happening, it does tend to be in the lower ends of the pyramid, which is historically where we've seen attrition. Over the years, the middle to upper end of our pyramid tends to have very low attrition, tends to be skewed towards offshore obviously, which is where the vast majority of our -- the junior part of our pyramid is based. So that's fairly consistent with what we've seen during other periods of high attrition. In terms of wages, we will base ourselves on what the market does, both in India and elsewhere around the world. And so as that becomes a little bit more apparent as to what competitors are doing, we will certainly make sure that we are competitive in the marketplace in that regard.

當然。傑森，我是凱倫。因此，就人員流失發生的位置而言，它往往發生在金字塔的底部，而歷史上我們也一直看到人員流失發生在這些地方。多年來，我們金字塔中上層的員工流動率往往非常低，而且明顯傾向海外市場，而我們金字塔底層的大部分員工也都位於海外。所以這與我們在其他高流失率時期所看到的情況相當一致。在薪資方面，我們將根據市場情況而定，無論是在印度還是在世界其他地方。因此，隨著競爭對手的動向逐漸明朗，我們一定會確保我們在這一方面保持市場競爭力。

The next question is from the line of Moshe Katri with Wedbush Securities.

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

Just a clarification. When you spoke about Financial Services, did you say that you expected a modest improvement this year? And then just to follow up, is there a way to quantify the portion of the legacy business in Financial Services just to kind of give us a feel of how to kind of look at the entire growth -- the growth of the entire vertical this year?

澄清一下。您在談到金融服務業時，是否說過預計今年會有小幅改善？那麼，為了進一步了解情況，有沒有辦法量化金融服務領域傳統業務所佔的比例，以便讓我們了解今年整個垂直領域的成長情況？

Yes, Moshe. So look, what I said is that we are having -- we're starting to see a pickup on the spend on the digital side of the business, and it is growing at a very healthy pace, with -- in line with the company. I think with that, right, as we continue to -- the large "money-center" banks, you're starting -- they're obviously much healthier with all the -- some of the changes with the tax reform. You're starting to see more spending there. So I would expect that as some of these engagements continue to get larger and more prevalent with the "money-center" banks, at some point, you'll get the increasing demand there to outstrip some of the optimization that's happening in the legacy portfolio. So in terms of the business -- I mean, in terms of -- we are going -- so the business is growing even with all the focus on some of the optimization. And then along with that, right, you have some of the "money-center" banks also looking at -- with some of the changes in regulatory and amount of work that they've outsourced, they continue to look at some work in-house as well, too. So overall, with all that, the business is growing, and I would expect some sort of pickup at some point later in the year.

是的，摩西。所以你看，我剛才說的是，我們開始看到公司在數位化方面的支出增加，而且成長速度非常健康，與公司的發展趨勢一致。我認為，隨著我們繼續——大型「金融中心」銀行，你開始——它們顯然因為稅制改革的一些變化而變得更加健康。你會看到那裡的消費開始增加。因此，我預計隨著這些合作項目在「資金中心」銀行中規模越來越大、越來越普遍，在某個時候，這些合作項目的需求將會增加，從而超過傳統投資組合中正在進行的一些優化。所以就業務而言——我的意思是，就——我們正在發展——即使我們把所有精力都放在一些優化上，業務仍在增長。同時，一些「金融中心」銀行也在考慮——隨著監管政策的變化以及外包工作量的增加，他們也持續考慮將一些工作收回內部完成。總的來說，考慮到所有這些因素，公司業務正在成長，我預計今年稍後會出現某種程度的成長。

Yes. And I think, Moshe, if I could just add to that. In fact -- obviously, while banking is growing slower than the overall Financial Services practice, Q1 was, in fact, its strongest year-over-year growth in the last several quarters. So I think while still not where we'd like it to be, it's certainly starting to trend in the right direction. And then in regards to your question of legacy versus digital-type spend, the banking practice is right in line with company average. So the company average is about 29% of our revenue right now is digital, and that's right in line with our Financial Services practices as well.

是的。莫舍，我想，如果我能補充一點的話。事實上——雖然銀行業的成長速度明顯低於整個金融服務業，但第一季實際上是近幾季以來同比成長最快的一年。所以我覺得，雖然還沒有達到我們希望的狀態，但它肯定朝著正確的方向發展。至於你提出的傳統支出與數位支出的問題，銀行的做法與公司平均值完全一致。因此，目前公司平均約有 29% 的收入來自數位化業務，這與我們的金融服務業務的實際情況也完全吻合。

The next question comes from the line of Ashwin Shirvaikar with Citi.

下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I wanted to start off with a clarification. Karen, when you said full year ASC 606 is immaterial for revenues, would that apply to operating income and EPS as well? And then the question on reskilling is, can you comment broadly, as you roll out technology training and such, what percent of new skills come from new hires versus reskilled people? And does that have an impact on attrition?

我想先澄清一點。Karen，你說全年 ASC 606 對收入沒有影響，那麼這對營業收入和每股盈餘也適用嗎？那麼關於技能再培訓的問題就是，您能否大致談談，在您推出技術培訓等措施時，新技能有多少百分比來自新員工，又有多少百分比來自技能再培訓人員？那會對人員流失率產生影響嗎？

So in terms of -- Ashwin, in terms of the rev rec changes, obviously, a lot of this is a timing issue. So depending on the timing of contracts and the structure of contracts and so forth, revenue will get pulled forward or deferred. And similarly, on the margin side, what happens is, under the new rules, there are more of the what I would call transition or implementation costs that we are required to capitalize than we did in the past. So you saw a little bit of that impact in Q1. At this point, we're not expecting that to have a material impact on the quarter -- or on the year rather. But obviously, as new contracts come in, that will certainly make the final determination of what that looks like. In terms of -- go ahead, Frank. I'll turn it over to Frank for reskilling.

所以就阿什溫而言，就修訂記錄的變化而言，顯然，很多都是時間問題。因此，根據合約簽訂的時間和合約結構等因素，收入將提前或推遲支付。同樣地，在利潤方面，根據新規，我們需要資本化的過渡或實施成本比過去更多。所以你在第一季就看到了這種影響的一點體現。目前來看，我們預計這不會對本季——或者更確切地說，對全年——產生實質影響。但很顯然，隨著新合約的簽訂，最終結果肯定會確定。至於——請繼續，弗蘭克。我會把它交給弗蘭克進行技能再訓練。

Yes. Ashwin, I'm not sure how exactly to answer your question on reskilling. What I'd -- as you know, we reskilled tens of thousands of employees last year. We continue to do that quite aggressively, but that's not some -- that's not a recent phenomenon. As Raj pointed out, we've been skilling and training -- and more than skilling and training, we've been executing projects in the digital area for the better part of 7 or 8 years now from the time we first talked to you about SMAC and so on and so forth. So we think we've got a very digitally scaled and skilled workforce. And as Raj pointed out, I think part of the reason that we're seeing higher attrition is that competitors view us as a good place to get talent from. So -- and again, that's not inconsistent with what we've seen in past technology transitions. We have a very structured process and a very -- we're very focused when we reskill or retrain somebody. We get them deployed in the new skills as quickly as we can so that, from a career management standpoint, obviously, it's maximizing our investment when we do that, but it's also an important retention tool. So when you think about how we go through the process, reskilling and retraining and redeploying is really the primary source. And then we rely on recruiting to fill gaps when our reskilling and retraining and redeploying doesn't create the right skills in the right geographies or the right locations. So recruiting is sort of the -- in a sense, the last resort when we can't fill from internally. And when I say recruiting, I mean experienced recruiting. Of course, we're always recruiting at the entry level to continue to grow the business.

是的。阿什溫，我不太確定該如何回答你關於技能再訓練的問題。如您所知，我們去年對數萬名員工進行了技能再培訓。我們一直在積極地這樣做，但這並不是——這並不是最近才出現的現象。正如 Raj 所指出的那樣，我們一直在進行技能培訓——而且不僅僅是技能培訓，自從我們第一次和你們談論 SMAC 等等以來，我們已經在數位領域執行專案近 7 到 8 年了。所以我們認為我們擁有一支數位化程度很高、技能嫻熟的員工隊伍。正如 Raj 指出的那樣，我認為我們看到人員流失率上升的部分原因是競爭對手認為我們是獲取人才的好地方。所以——而且，這與我們過去在技術轉型中看到的情況並不矛盾。我們有一套非常規範的流程，在對員工進行技能再培訓或重新培訓時，我們非常注重細節。我們會盡快讓他們掌握新技能，這樣，從職業管理的角度來看，顯然可以最大限度地利用我們的投資，而且這也是一種重要的人才保留工具。所以，當我們思考如何完成這個過程時，技能再訓練、再訓練和重新部署才是真正的主要來源。當我們的技能再培訓、再培訓和重新部署無法在合適的地區或地點培養出合適的技能人才時，我們需要依靠招募來填補空缺。所以從某種意義上來說，招募是當我們無法從內部填補空缺時的最後一道防線。我說的招聘，是指有經驗的招聘。當然，為了持續發展業務，我們一直在招募入門級員工。

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

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

I was wondering if I could first start with a follow-up to Jim's question. Just maybe outlook for M&A through the remainder of the year. And maybe to follow up, how much cash in the U.S. on the balance sheet? Might we see a bit of an acceleration there? Maybe what the composition of your pipeline looks like relative to prior periods. Is that getting more robust? Just a little bit of color on what expectations through the rest of the year might be.

我想先就吉姆的問題做後續提問。或許可以展望一下今年剩餘時間的併購前景。或許可以進一步問一下，資產負債表上顯示該公司在美國有多少現金？我們或許會看到這方面出現一些加速成長？或許可以看看你的銷售管道組成與之前時期相比有何變化。這個功能越來越強大了嗎？稍微展望一下今年剩餘時間的預期。

I would say, Brian, the pipeline of small tuck-in acquisitions continues to be robust. I would characterize it as about the same as it's been over the last 12 months, maybe a little bit more robust but not meaningfully so. And then the bigger deals are -- we continue to evaluate different things, but those are, I would say, so unique that I don't think we'd have any more substantial -- any more of a substantial pipeline than we've had in the past. We've always continued to look at the bigger deals. But as I said before, we'll be very careful and cautious on what we do, and it's got to be a good fit. So if we find something that makes sense this year, clearly, we'll look at it and we'll execute on it, but it isn't a foregone conclusion by any stretch that we would do something this year. We'll continue to look and evaluate. And I'll turn it over to Karen on U.S. cash.

布萊恩，我認為小型補充收購案仍然十分活躍。我認為它與過去 12 個月的情況大致相同，可能稍微強勁一些，但並沒有實質的改善。至於更大的交易——我們仍在評估各種不同的情況，但我認為這些交易非常獨特，以至於我認為我們不會比過去擁有更實質的交易管道。我們始終關注著更大的交易。但正如我之前所說，我們會非常謹慎小心地行事，而且必須確保合適。所以，如果我們今年發現有什麼有意義的事情，顯然我們會考慮並執行，但這絕不意味著我們今年一定會做些什麼。我們會繼續觀察和評估。我會用美元現金把它交給凱倫。

Yes. So I think, as I talked about on the call, we did bring back about $2 billion back to the U.S., which was obviously a benefit we could do after U.S. tax reform. We've spent about 1/4 of that, about $500 million -- just under $500 million on Boulder. Certainly, our objective is to make sure that we have enough flexibility around the world, not just in the U.S. but in Europe and elsewhere, to take advantage of transactions as they occur. As Frank said, right, the timing is not always that predictable. So certainly, we will continue to evaluate our cash needs around the world and also evaluate the capital return program as we look forward over the next few months.

是的。所以我覺得，正如我在電話會議上提到的，我們確實為美國帶回了大約 20 億美元，這顯然是美國稅制改革後我們能夠帶來的好處。我們已經花了其中大約四分之一，約 5 億美元——在博爾德市花費了將近 5 億美元。當然，我們的目標是確保我們在世界各地，不僅在美國，而且在歐洲和其他地方，都擁有足夠的靈活性，以便抓住正在發生的交易機會。正如弗蘭克所說，沒錯，時機並不總是那麼容易預測。因此，在接下來的幾個月裡，我們肯定會繼續評估我們在全球的現金需求，並評估資本回報計畫。

The next question is from the line of Rod Bourgeois with DeepDive Equity.

下一個問題來自 DeepDive Equity 的 Rod Bourgeois。

I want to ask about how the underlying margin picture might be changing over time. In the industry at large, on the negative side, we've see margin disappointments at Accenture and IBM, and Infosys just guided to some meaningful margin contraction. And our pricing data do show some challenges in certain key markets. But on the positive side, your commentary about digital margins have suggested pretty good prospects. So I guess, in this context, I want to ask, is your path to achieving your long-term margin targets looking more difficult or easier given these big factors in the industry? And I'm not asking about guidance. I know your guidance for margin is unchanged. I'm asking about the challenges involved in getting to those margin targets and whether the challenges are becoming bigger or smaller as you get closer to 2019.

我想了解一下，隨著時間的推移，潛在的利潤情況可能會發生怎樣的變化。從整個產業來看，不利的一面是，埃森哲和 IBM 的利潤率令人失望，而 Infosys 也剛剛發布了利潤率大幅下降的預期。我們的定價數據顯示，在某些重點市場確實存在一些挑戰。但從積極的方面來看，你對數字利潤率的評論表明前景相當不錯。所以，我想在這個背景下問，考慮到行業中的這些重大因素，您實現長期利潤目標的道路看起來是更難了還是更容易了？我不是尋求指導。我知道你們的利潤率指引沒有改變。我想了解的是，在實現這些利潤目標的過程中會遇到哪些挑戰，以及隨著 2019 年的臨近，這些挑戰會變得更大還是更小。

Yes. So Rod, it's Karen. Let me take a stab at that. I think, as you said, right, there's a number of different factors at play. And as we think about our margin profile and the targets that we set out for ourselves, the 22% in 2019, that was really a compilation of a number of things. So we knew, and I think we said this last year, that, certainly, the 2017 and early 2018 improvements would come from utilization and optimizing some of our SG&A spend and some of our business unit overhead spend. And certainly, we've been right on track with the benefits that we expected to achieve from that. We took a lot of those actions in '17. You're now getting the full year benefit of that in '18. And then as we look forward into 2019, it is more about the shift in the business, so the shift to digital, which is currently running at higher margin than the rest -- than the core business, as well as the platform business. As that continues to evolve and mature, that starts to look much more like a nonlinear business and drive higher margins. So we're sort of right, I guess I would say, in that pivot of now looking towards the shift in the business mix to continue to drive the margins for next year. So you do have a number of things that are offsetting each other, but we are very comfortable with the trajectory of the business at this point. We've made very good traction on the -- what I would call the cost optimization, still more room on things that we think we can do around pyramid and driving automation and so forth in the business. But we continue to evolve, and then, obviously, we'll have to see where the market is heading as we get into 2019 and beyond.

是的。羅德，我是凱倫。讓我來試著回答一下。我認為，正如你所說，這裡面有很多不同的因素在起作用。當我們思考我們的利潤率狀況以及我們為自己設定的目標時，2019 年的 22% 實際上是由許多因素綜合造成的。所以我們知道，而且我認為我們去年也說過，2017 年和 2018 年初的改進肯定來自於對我們部分銷售、一般及行政費用和部分業務部門管理費用的利用和優化。當然，我們已經完全達到了預期目標，並獲得了預期的效益。我們在 2017 年採取了許多這樣的行動。你現在可以在 2018 年享受到全年的這項福利了。展望 2019 年，更重要的是業務的轉變，即向數位化轉型，而數位化目前的利潤率高於其他業務——包括核心業務和平台業務。隨著這種模式不斷發展和成熟，它開始看起來更像一個非線性業務，並帶來更高的利潤率。所以，我想說，我們某種程度上是對的，現在應該著眼於業務組合的轉變，以繼續推動明年的利潤率。所以確實有很多因素相互抵消，但我們對目前業務的發展軌跡非常滿意。我們在成本優化方面取得了非常好的進展，但我們認為在金字塔結構、推動業務自動化等方面還有很大的提升空間。但我們會不斷發展，然後，很顯然，我們還要看看2019年及以後市場會走向何方。

Our next question is 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 health care. Can you comment on the overall large-deal health care pipeline? And then how may Boulder affect an integrated large-deal offering across health care organizations?

我想問一些關於醫療保健方面的問題。您能否就整體大型醫療保健交易項目儲備發表一下看法？那麼，博爾德案將如何影響醫療保健機構的大型綜合交易呢？

Yes. Bryan, it's Raj. Look, overall, health care continues to do well for us. I think probably one of the few companies that have been able to -- with investments that we've made in health care now that we -- not only the payer side of the business, but we also have an opportunity to expand our provider side of the business as well. Look, in terms of the large pipeline, right, I mean, I think those deals like we have done, those BPaaS deals around TriZetto, there continues to be some large type of deals sort of like the Emblem ones that we have done in the past, but those take a long time to materialize. So it's hard to predict when they will come in, but we do have some of those out there. But in addition to that, we've seen a lot of progress around our TMG BPaaS solution as well. As you're aware, it addresses the Medicare, Medicaid. So we're seeing a lot of good traction and, along with that, a lot of new products that are coming out of the TriZetto space as well, the QNXT platform that addresses more the small player and then our CareAdvance solution as well. So in addition to that, right, as you're aware, there's a lot of potential mergers and acquisitions that are out there. We're excited about the opportunity because not only are we working for the company that may get acquired, but the acquiree as well, too. So I think as those transactions continue to develop, I think there'll be good opportunity for future M&A work as well.

是的。布萊恩，我是拉傑。總的來說，醫療保健產業依然發展良好。我認為，我們可能是少數幾家能夠做到這一點的公司之一——透過我們對醫療保健領域的投資，我們現在不僅能夠拓展支付方業務，而且還有機會拓展提供者業務。你看，就大型專案儲備而言，我的意思是，我認為像我們已經完成的那些交易，例如圍繞 TriZetto 的 BPaaS 交易，仍然會有一些像我們過去完成的 Emblem 交易那樣的大型交易，但這些交易需要很長時間才能實現。所以很難預測它們何時會到貨，但我們確實有一些這樣的貨源。但除此之外，我們的 TMG BPaaS 解決方案也取得了很大進展。如您所知，它涉及聯邦醫療保險和醫療補助。因此，我們看到了許多良好的發展勢頭，同時，TriZetto 也推出了許多新產品，例如更面向小型企業的 QNXT 平台，以及我們的 CareAdvance 解決方案。所以除此之外，如你所知，還有很多潛在的併購機會。我們對這個機會感到興奮，因為我們不僅為可能被收購的公司工作，也為被收購方工作。所以我認為，隨著這些交易的不斷發展，未來也會有很好的併購機會。

Yes. And I think if I could just add to that, Bryan. I think what's nice with the suite of offerings we have now in health care, and with the Boulder acquisition in particular, is that really does open up that full end-to-end market of not just the payers, which has been our historical strength, but also the provider market. And with the platforms now that we have between Boulder and TriZetto and so forth, we can really offer that full-service suite of offerings for clients. And it also opens up a whole new market of clients, not just in the providers, but even in the payer space, what we're seeing is now, with the platform business, bigger opportunities with what I'd call small and mid-sized payers who historically wouldn't have had enough spend, frankly, to be significant clients for us. But with the platform business, we can really open up those opportunities now. So we continue to be, I think, very bullish on the long-term benefits and opportunities for health care.

是的。我想如果我能補充一點的話，布萊恩。我認為我們現在在醫療保健領域提供的一系列產品和服務，特別是收購博爾德之後，其優勢在於真正打開了完整的端到端市場，不僅包括我們一直以來的優勢所在——支付方市場，還包括醫療服務提供方市場。透過 Boulder 和 TriZetto 等平台，我們現在可以真正為客戶提供全方位的服務。這也開啟了一個全新的客戶市場，不僅包括醫療服務提供者，還包括支付方。我們現在看到的是，隨著平台業務的發展，我們迎來了更大的機遇，尤其是那些我稱之為中小型支付方的客戶，坦白說，他們過去沒有足夠的支出成為我們的重要客戶。但藉助平台業務，我們現在真的可以開拓這些機會了。因此，我認為我們仍然非常看好醫療保健的長期效益和機會。

Our next question comes from the line of Glenn Greene with Oppenheimer.

我們的下一個問題來自格倫·格林和奧本海默的對話。

I'll ask a couple of questions upfront. Given the size of the Boulder acquisition, maybe Karen, you could help us sort of frame the annual revenue contribution, the impact on margins and give us some sense of what kind of growth expectations for it. And then a follow-up for Raj would be, I thought you heard -- I thought I heard you say that retail was somewhat sluggish, which seems somewhat counterintuitive to me given that the retail environment actually seems fairly solid. So maybe just some color there.

我先問幾個問題。鑑於博爾德收購案的規模，凱倫，或許你可以幫我們大致估算一下年度營收貢獻、對利潤率的影響，並讓我們了解它的成長預期。然後，Raj可能會接著問：“我以為你聽到了——我以為我聽到你說零售業有些低迷，這在我看來有點違反直覺，因為零售環境實際上看起來相當穩固。”或許可以加點顏色。

So on Boulder, Glenn, we didn't break it out, but it's roughly -- this year, it'd be roughly $100 million of contribution, fairly neutral on the margin line, a little bit dilutive but not enough to be material. So -- and then, obviously, we'll expect the synergies to start to kick in, probably not this year but certainly maybe towards the end of this year or as we get into next year. And then, Raj, you want to comment on...

所以，關於博爾德，格倫，我們沒有具體說明，但大致來說——今年，貢獻額約為 1 億美元，對利潤率影響不大，略有稀釋作用，但不足以產生實質影響。所以——然後，很顯然，我們期待協同效應開始發揮作用，可能不會在今年，但肯定會在今年年底或明年年初。然後，拉傑，你想對…發表評論

Yes. So Glenn, look, I think we're starting to see a little bit of pickup in retail, but I think when I compare it to previous years, it's still a little sluggish. I mean, we're starting to see the retailers are starting to invest a lot in emerging technologies, such as robotic, RPA and intelligent automation and even AI algorithms. So we're starting to see that, but again, when I compare it to previous years, it's still a little sluggish for us.

是的。格倫，你看，我認為零售業開始出現一些復甦跡象，但與往年相比，仍然有些低迷。我的意思是，我們開始看到零售商開始大量投資新興技術，例如機器人、RPA（機器人流程自動化）、智慧自動化，甚至是人工智慧演算法。所以我們開始看到這種情況了，但是，如果與往年相比，我們的成長速度仍然有點慢。

Our next question is from the line of Arvind Ramnani with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Arvind Ramnani。

Just a quick clarification. From my understanding, your guidance doesn't include M&A, right?

簡單澄清一下。據我了解，您的指導不包括併購，對嗎？

So Arvind, our guidance does not include prospective M&A. It includes the benefits of Boulder and the deals that we've already completed, but it does not include prospective M&A.

所以Arvind，我們的指導意見不包括潛在的併購活動。它包含了博爾德的優勢以及我們已經完成的交易，但不包括潛在的併購。

Great. And just a broader question on digital. The definition has certainly evolved from SMAC to digital. Can you comment on what the high-growth areas of digital are? And how are you able to stay in front of these newer technologies? And also, if you can expand on how you're changing your sales and delivery team with -- as the definition of digital is -- keeps evolving.

偉大的。以及一個關於數位化的更廣泛的問題。這個定義肯定已經從SMAC演進為數位技術。您能否談談數位領域的高成長方向？您是如何始終走在這些新技術的前沿？另外，如果您能詳細說明您如何隨著數位化的定義不斷發展而改變您的銷售和交付團隊，那就更好了。

Arvind, it's Frank. There are, I guess, a number of different areas within digital, so I'll point out a few of the key high-growth ones. First of all, digital engineering, which is sort of the new way of app development, is obviously high growth. And continuing within what we call Digital Systems & Technology, things like cybersecurity, cloud migration, replatforming to the cloud, all of those are, I would say, high growth. Within the Digital Operations business, the higher-growth parts there are, as Raj pointed out, robotic process automation, intelligent process automation, using other forms of automation and artificial intelligence to automate key business processes. And then within our Digital Business practice, virtually all of that is higher growth. You look at things like data and insight, you look at Cognizant Interactive that I spoke a little bit about during my prepared comments, looking at smart products both within the (inaudible) and the Digital Business portfolio. So Digital Business is almost entirely all high growth. So that gives you a little bit of a picture. As I -- as we said in the past, there is no real consistent definition of digital across the industry. So I think our definition is a prudent but perhaps somewhat conservative definition. We are trying to give you a good sense of kind of what we think of as the core high-value digital works that we do so that you get a sense of the progress that we're making as we continue that shift. And I think the second part of your question was on skilling and retraining. I think that we've talked a lot about skilling and retraining, and we're doing a lot of it, equally focusing on rotation of our associates across the business because we think it's important to give people exposure to multiple technologies and skills and capabilities. I think one of the things that's just worth noting is that, in many ways, the company has a very strong engine of retraining and reskilling. It's not something that we've -- that's new in the digital world. I mean, we've been reskilling and retraining our employees from day 1. So we've got a very strong DNA, and we've got a very strong capability. And I think reskilling, retraining is something that we do particularly well.

阿文德，我是法蘭克。我想，數位領域有很多不同的分支，所以我將重點放在幾個成長迅速的關鍵領域。首先，數位工程（一種新型的應用程式開發方式）顯然具有很高的成長潛力。繼續我們所說的數位系統與科技領域，例如網路安全、雲端遷移、雲端平台重構等等，我認為都是高成長領域。正如 Raj 所指出的那樣，在數位化營運業務中，成長最快的部分包括機器人流程自動化、智慧流程自動化、使用其他形式的自動化和人工智慧來自動化關鍵業務流程。而在我們的數位業務實踐中，幾乎所有這些都實現了更高的成長。你會專注於數據和洞察之類的東西，你會專注於我在準備好的演講中稍微提到的 Cognizant Interactive，專注於（聽不清楚）和數位業務組合中的智慧產品。因此，數位業務幾乎完全是高成長型的。這樣你就能對情況有個大致了解了。正如我之前所說，整個產業對「數位化」並沒有一個真正一致的定義。所以我認為我們的定義是謹慎的，但或許也有些保守。我們希望讓您對我們認為的核心高價值數位作品有一個大致的了解，以便您了解我們在持續轉型過程中所取得的進展。我認為你問題的第二部分是關於技能提升和再培訓的。我認為我們已經談了很多關於技能提升和再培訓的問題，我們也做了很多這方面的工作，同樣重視讓員工在公司內部輪崗，因為我們認為讓員工接觸多種技術、技能和能力非常重要。我認為值得一提的是，該公司在許多方面都擁有非常強大的再培訓和技能提昇機制。這並不是我們以前就有的——這在數位世界中是新鮮事。我的意思是，從一開始我們就一直在對員工進行技能再培訓和再培訓。所以我們擁有非常強大的企業基因，也擁有非常強大的能力。我認為技能再培訓是我們特別擅長的領域。

We've reached the end of our question-and-answer session. We have time for one final question, which will be coming from the line of Frank Atkins with SunTrust.

我們的問答環節到此結束。我們還有時間回答最後一個問題，這個問題將由 SunTrust 銀行的 Frank Atkins 提出。

A quick question. In your prepared remarks, you talked about driving further international business. Can you talk about demand outside the U.S., especially on the digital side, and the margin for that work? And then, as my kind of second part, can you explain a little bit more clearly exactly what the change was in the view on taxes for the year?

問個問題。在您事先準備好的演講稿中，您談到了進一步推動國際業務發展。您能否談談美國以外地區的需求，特別是數位領域的需求，以及這方面的利潤空間？然後，作為我的第二個問題，您能否更清楚地解釋一下，這一年稅務觀點究竟發生了哪些變化？

Sure, Frank. Let me talk about growth outside the U.S. As we said during -- I said during the prepared comments, last year, our non-U. S. market crossed $3 billion. We still think there's tremendous opportunity, upside and growth there. We see -- as you know, the economies around the world are -- certainly in the markets where we participate largely, are doing quite well. The economies are doing well, so we see the same fundamental drivers of growth in many parts of the world as we see in the U.S. -- of digital adoption as we see in the U.S. In some parts of the world, as happens with technology, you even see stronger growth as some economies leapfrog one generation of technology and go straight to digital, skipping over older generations of technologies. So we see good demand around the world. And in general, as we've said, the margin on our digital work is higher than company average margin. And let me turn it over to Karen on the tax question.

當然可以，弗蘭克。讓我談談美國以外的成長。正如我們在——我在去年的準備好的演講中所說，我們的非美國市場…美國股市市值突破30億美元。我們仍然認為那裡蘊藏著巨大的機會、發展空間和成長潛力。如您所知，世界各地的經濟體，尤其是在我們主要參與的市場中，都表現得相當不錯。世界各國經濟發展良好，因此我們在世界許多地區看到了與美國相同的基本成長驅動因素——數位普及，正如我們在美國所看到的。在世界某些地區，就像技術發展一樣，你甚至會看到更強勁的成長，因為一些經濟體跳過了一代技術，直接邁向數位化，而沒有經歷舊一代技術。因此，我們看到全球範圍內需求良好。總的來說，正如我們所說，我們數位業務的利潤率高於公司平均利潤率。接下來，我把稅務問題交給凱倫來回答。

Yes, sure. So Frank, regarding the tax rate, I think, as we all understand, the new U.S. tax laws were put in place fairly quickly back in the fourth quarter. And as we've gone into 2018, there's been a lot of folks continuing to look at the language in the tax law and continuing to refine both the interpretation of the laws, and in some cases, there have been some clarifications and updates to that. In particular, the one area of focus that has received some, I guess I would call it, reviewed scrutiny is around what they call the global intangible low-taxed income or GILTI. And essentially, what that means for us is that it provides a limit on the amount of foreign tax credits that we're able to get. This was not clear back in the fourth quarter and back in February when we gave the original guidance, but as we've looked at the law more closely, at least in its current writing, we believe that, that will impact our tax rate for this year. And as we've said, it's about $0.09 of EPS. It is possible that there may be some clarifications around this later this year or in the future or perhaps even a complete revision. We're not sure at this point. But for now, we thought it prudent to base our tax -- our guidance and our tax rate and EPS on the law as it is currently drafted, and that's what caused the change in the impact there. For anybody who has more questions, you can certainly reach out to us on that, and there will be more clarification in our 10-Q filing when that is filed later today or tomorrow.

當然可以。弗蘭克，關於稅率，我想，正如我們都了解的那樣，新的美國稅法在第四季度就很快實施了。進入 2018 年，許多人繼續研究稅法中的措辭，並不斷完善對法律的解釋，在某些情況下，法律也進行了一些澄清和更新。尤其值得關注的領域是所謂的全球無形低稅收入（GILTI），我認為它受到了一定的審查。從本質上講，這意味著我們可以獲得的外國稅收抵免額度受到了限制。這一點在第四季度和二月我們給出最初指導意見時並不明確，但隨著我們更仔細地研究了法律，至少就其目前的措辭而言，我們認為這將影響我們今年的稅率。正如我們所說，每股收益約為 0.09 美元。今年稍後或將來可能會對此進行一些澄清，甚至可能進行全面修訂。目前我們還無法確定。但就目前而言，我們認為謹慎的做法是根據現行法律草案來制定我們的稅收政策——包括我們的指導意見、稅率和每股收益，而這正是造成影響變化的原因。如果還有任何疑問，歡迎隨時聯繫我們，我們將在今天晚些時候或明天提交的 10-Q 文件中提供更多說明。

And with that, I think we'll wrap up. I want to thank everybody for joining us again today and for your questions, and we look forward to speaking with you again next quarter. Thanks, everybody.

到此為止，我想我們就結束了。感謝大家今天再次參加我們的節目，也感謝大家提出的問題，我們期待下季再次與大家交流。謝謝大家。

This concludes today's Cognizant Technology Solutions First Quarter 2018 Earnings Conference Call. You may now disconnect.

本次 Cognizant Technology Solutions 2018 年第一季財報電話會議到此結束。您現在可以斷開連線了。