高知特 (CTSH) 2018 Q2 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2018 年第二季財報電話會議。（操作說明）謝謝。

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

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

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's second 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 年第二季業績的獲利報告副本了。如果您還沒有，可以從我們的網站 cognizant.com 上取得一份副本。今天參加電話會議的發言人有：執行長 Francisco D'Souza；總裁 Raj Mehta；以及財務長 Karen McLoughlin。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC, including our Form 10-Q to be filed later today.

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明存在風險和不確定性，詳情請參閱公司盈利報告和向美國證券交易委員會提交的其他文件，包括我們今天稍後將提交的 10-Q 表格。

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

現在我想把電話交給弗朗西斯科·德索薩。請繼續，弗朗西斯科。

Good morning, everyone, and thanks for joining our call. This morning, I'd like to cover 2 topics: first, a few financial highlights from Q2; and then a brief update on how we're continuing to gain share with our leading digital services. Let's begin with the quarter.

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，介紹一下第二季度的一些財務亮點；然後，簡要介紹我們如何繼續透過領先的數位服務擴大市場份額。讓我們從季度開始。

We're now about halfway through executing the financial strategy we announced 18 months ago. As this quarter's results show, we're making solid progress on key aspects of our plan, and we're on track to meet our goals for the year.

我們目前已完成18個月前宣布的財務策略的一半左右。本季度的業績表明，我們在計劃的關鍵方面取得了穩步進展，並且我們有望實現今年的目標。

Second quarter revenue was $4.01 billion, within our guided range and up 9.2% year-over-year. In the quarter, our digital revenue grew in the low 20% range, well above company average, and is approaching 30% of total revenue, reflecting our continuing shift to digital revenues. Our portfolio of digital services generated margins above the company average, and our non-GAAP EPS for the quarter was $1.19. As these results underscore, our emphasis on digital services is helping us win more business with attractive margins, and that enables us to deliver higher-quality growth for the company. During Q2, we also launched a $600 million accelerated share repurchase, and we're on track to deliver on our commitment to return $3.4 billion to stockholders by the end of 2018.

第二季營收為 40.1 億美元，符合預期範圍，年增 9.2%。本季度，我們的數位收入成長了 20% 左右，遠高於公司平均水平，並且接近總收入的 30%，這反映出我們持續向數位收入轉型。我們的數位服務組合產生的利潤率高於公司平均水平，本季非GAAP每股收益為1.19美元。這些結果充分錶明，我們對數位服務的重視正在幫助我們贏得更多利潤可觀的業務，這使我們能夠為公司帶來更高品質的成長。第二季度，我們也啟動了 6 億美元的加速股票回購計劃，我們預計在 2018 年底前兌現向股東返還 34 億美元的承諾。

Turning to guidance, we expect third quarter revenue to be within a range of $4.06 to $4.1 billion. We 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 non-GAAP operating margin in 2018 of approximately 21%.

展望未來，我們預計第三季營收將在 40.6 億美元至 41 億美元之間。我們預計全年營收將在 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。

Now moving to my second topic, thriving in today's business environment. Last quarter, I covered Cognizant's execution progress using a 3-part framework: digitize, globalize and localize. Using that same framework, I'd like to talk about how we're continuing to advance our business, starting with digitize.

現在進入我的第二個主題：如何在當今的商業環境中蓬勃發展。上個季度，我運用三部分架構（數位化、全球化和在地化）介紹了 Cognizant 的執行進度。沿用這個框架，我想談談我們如何繼續推動業務發展，首先從數位化開始。

To underscore our digital progress, consider some of the new work we're doing in 2 areas of growing importance to clients: first, artificial intelligence and analytics; and second, cloud. Through our digital business practice, we use data and analytics optimized with machine learning and artificial intelligence and, of course, intimate knowledge of our clients' businesses to help them drive greater levels of personalization, productivity and growth. Incidentally, Cognizant operates one of the world's largest AI practices, measured by numbers of professionals and scope of services.

為了強調我們在數位化方面的進步，請考慮我們在兩個對客戶​​日益重要的領域所做的一些新工作：第一，人工智慧和分析；第二，雲端運算。透過我們的數位化業務實踐，我們利用機器學習和人工智慧優化的數據和分析，當然還有對客戶業務的深入了解，幫助他們實現更高水準的個人化、生產力和成長。順便一提，Cognizant 擁有全球規模最大的 AI 業務之一，無論從專業人員數量或服務範圍來看都是如此。

A recent engagement tells our AI and analytics story. A multinational Banking and Financial Services client needed to stem costly credit card fraud losses. Our client handles some 700 million card transactions a month, of which about 1.3 million turn out to be fraudulent. Using machine learning algorithms, we built a solution that runs real-time transactions against multiple neural network models. With our AI solution, the client was able to understand new fraud patterns, increase their fraud capture rate by 30% and reduce the rate of false positives, that is legitimate transactions wrongly declined, by 100%. We see abundant opportunity to apply AI and machine learning to our clients' businesses to help them improve their operational performance and generate new growth.

最近的一個專案講述了我們在人工智慧和分析領域的故事。一家跨國銀行和金融服務客戶需要遏制代價高昂的信用卡詐欺損失。我們的客戶每月處理約 7 億筆信用卡交易，其中約 130 萬筆被證實為詐欺交易。我們利用機器學習演算法建立了一個解決方案，該方案可以針對多個神經網路模型運行即時交易。透過我們的人工智慧解決方案，客戶能夠了解新的詐騙模式，將詐欺偵測率提高 30%，並將誤報率（即合法交易被錯誤拒絕的比率）降低 100%。我們看到了大量機會，可以將人工智慧和機器學習應用於客戶的業務中，幫助他們提高營運績效並創造新的成長點。

Cloud is another enabler of end-to-end digital transformation. By year-end, we expect our global cloud workforce to exceed 20,000 associates. Today, about half of our current cloud-focused associates work in our Digital Systems & Technology practice, which brings together applications, infrastructure and security to help clients rapidly deliver new applications and services, support product development at scale and shrink time to value from years to months.

雲端運算是實現端到端數位轉型的另一個推動因素。預計到年底，我們的全球雲端服務員工人數將超過 2 萬人。目前，我們約有一半專注於雲端運算的員工在我們的數位系統與技術部門工作，該部門將應用程式、基礎設施和安全性結合起來，幫助客戶快速交付新的應用程式和服務，支援大規模產品開發，並將價值實現時間從數年縮短到數月。

For a major health insurer, we moved 18 business-critical applications from their legacy infrastructure to the Pivotal Cloud Foundry platform in just months, managing every step from analysis, design and remediation to application release and program management. Doing so not only reduced application failures and infrastructure costs, it also helped the insurer move to a rapid software development model, speeding the movement of applications into production with weekly instead of monthly code releases, and eliminating the need for downtime due to upgrades or refreshes.

我們為一家大型健康保險公司在短短幾個月內，將 18 個業務關鍵型應用程式從其傳統基礎設施遷移到 Pivotal Cloud Foundry 平台，管理從分析、設計和修復到應用程式發布和專案管理的每一個步驟。這樣做不僅可以減少應用程式故障和基礎設施成本，還可以幫助保險公司轉向快速軟體開發模式，透過每周而不是每月發布程式碼來加快應用程式投入生產的速度，並消除因升級或更新而導致的停機時間。

Clients turn to us because we've built a composite of end-to-end capability, domain knowledge, global and local delivery and continued investment to deliver [sound] strategy through implementation and outcomes. And that end-to-end capability includes thousands of certified cloud experts, who can accelerate clients' cloud journeys by drawing on our strategic partnerships with all of the major cloud providers, including Azure, Amazon Web Services, Salesforce.com, Workday and more. So we expect our digital portfolio to continue to grow at double-digit rates.

客戶選擇我們，是因為我們建立了端到端的能力、領域知識、全球和本地交付以及持續投資，以透過實施和成果交付[合理的]策略。這種端到端的能力包括數千名經過認證的雲端專家，他們可以利用我們與所有主要雲端供應商（包括 Azure、Amazon Web Services、Salesforce.com、Workday 等）的策略合作夥伴關係，加速客戶的雲端轉型之旅。因此，我們預計我們的數位產品組合將繼續以兩位數的速度成長。

Our second approach to today's environment is to further globalize. We continue to expand our geographic footprint and add new delivery and operation centers as well as client co-innovation centers, our Collaboratories. A key measure of our progress is how well we're able to think globally, think locally and act on both levels simultaneously, which is essential for our largest clients.

我們應對當今環境的第二個方法是進一步全球化。我們不斷擴大地理覆蓋範圍，新增交付和營運中心以及客戶聯合創新中心（即我們的合作中心）。衡量我們進步的關鍵指標是，我們能否同時從全球視角思考問題、從本地視角思考問題並採取行動，這對我們最大的客戶來說至關重要。

We take exactly that approach in helping a global banking client that operates in over 50 countries become fully digital. We've been this client's business partner for more than a dozen years, and we fully align our operating model to their business by bringing together global delivery, our digital practice areas and consulting, along with regional engagement, as well as specialized teams to enable the adoption of service transformation through cloud, automation and digitization. As a result, we've had a transformative impact on our client. We serve them globally through our operation centers in 7 countries. We're their strategic partner for implementing a core banking product platform. We provide end-to-end digital business, operations and technology services for their global asset management group. We've enabled the rollout of new customized applications for digitizing their private and retail banking platforms, and we support their global infrastructure of more than 1 million servers and databases and 0.5 million web applications.

我們正是採用這種方法，幫助一家業務遍及 50 多個國家的全球銀行客戶實現全面數位化。十多年來，我們一直是該客戶的業務合作夥伴，我們透過整合全球交付、數位化實踐領域和諮詢服務，以及區域參與和專業團隊，使我們的營運模式與他們的業務完全契合，從而透過雲端、自動化和數位化實現服務轉型。因此，我們對客戶產生了變革性的影響。我們透過位於7個國家的營運中心為全球客戶提供服務。我們是他們實施核心銀行產品平台的策略夥伴。我們為其全球資產管理集團提供端到端的數位化業務、營運和技術服務。我們已協助其推出新的客製化應用程序，以實現其私人和零售銀行平台的數位化，並為其擁有超過 100 萬台伺服器和資料庫以及 50 萬個 Web 應用程式的全球基礎設施提供支援。

Our global clients find this level of comprehensive global engagement compelling and differentiating. And with our global foundation, which we continue to scale, we believe several of our non-U. S. markets could each become billion-dollar businesses early in the next decade.

我們的全球客戶認為這種全面、全球化的參與方式極具吸引力，並能使我們脫穎而出。憑藉我們不斷擴大的全球基金會，我們相信我們的一些非美國基金會美國市場預計在下一個十年初期就各自發展成為價值數十億美元的企業。

Our third emphasis is on continuing to localize. In every large-scale digital transformation, a portion of the work needs to be done close to clients. Core to our localization efforts is our network of client delivery centers in North America, Europe, Latin America and Asia.

我們的第三個重點是繼續推進在地化。在任何大規模數位轉型中，都有一部分工作需要在客戶附近完成。我們在地化工作的核心是我們在北美、歐洲、拉丁美洲和亞洲的客戶交付中心網路。

A quick update on our progress in North America. We now have delivery facilities in over 20 states in the U.S., as well as multiple centers in Canada and Mexico, with plans to expand this network in 2019. We have centers that specialize in key technologies and industries with, for example, Dallas becoming our digital engineering hub and Tampa focused on financial services and health care. And some of our centers are designed to create dedicated educational and community partnerships to speed the development of talent that's specific to our client needs.

簡單匯報我們在北美的進展。目前，我們在美國 20 多個州設有配送中心，在加拿大和墨西哥設有多個配送中心，並計劃在 2019 年擴大這項網路。我們設有專門針對關鍵技術和行業的中心，例如，達拉斯是我們的數位工程中心，而坦帕則專注於金融服務和醫療保健。我們的一些中心旨在建立專門的教育和社區合作夥伴關係，以加快培養滿足客戶特定需求的人才。

So to wrap up, we recently reached a major milestone: 20 years on Nasdaq, a sign of how far we've come, and how much our business has grown and evolved over the past 2 decades. As the world's technology dependence increases and the definition of digital broadens to encompass new technologies, our market opportunity keeps expanding. We're successfully executing our strategic plan to accelerate Cognizant's shift to digital. Our business is solid, and we remain confident that we can both invest for growth and achieve our financial targets.

最後總結一下，我們最近達到了一個重要的里程碑：在納斯達克上市 20 週年，這標誌著我們取得了多大的成就，以及我們的業務在過去 20 年中發展壯大到了何種程度。隨著世界對技術的依賴程度不斷提高，數位技術的定義不斷擴大，涵蓋了各種新技術，我們的市場機會也不斷擴大。我們正在成功執行策略計劃，以加速 Cognizant 向數位化轉型。我們的業務穩健，我們仍然有信心既能進行投資以實現成長，又能實現我們的財務目標。

And now over to Raj, who will talk about how our industry segments performed in the quarter. Raj?

現在請 Raj 談談我們各行業板塊在本季的表現。拉傑？

Thanks, Frank, and good morning, everyone.

謝謝你，弗蘭克，大家早安。

Over the last several years, we've been investing to diversify our business beyond financial services and health care and expand our presence in new industries where we're building a range of digital capabilities for clients. A sign of how well our effort to diversify is working is that the company grew over 9% in the quarter despite the underperformance of our largest industry segment. And 3 of our 4 industry segments delivered double-digit growth.

過去幾年，我們一直在投資，使我們的業務多元化，不再局限於金融服務和醫療保健，並擴大我們在新行業的業務，為客戶建立一系列數位化能力。我們多元化努力取得良好成效的一個標誌是，儘管我們最大的行業板塊表現不佳，但公司本季仍實現了 9% 以上的成長。我們4個產業板塊中有3個實現了兩位數的成長。

Let's take a closer look at how our verticals performed, starting with our Communications, Media and Technology, which had strong year-over-year growth of 15.8%. This performance came mostly from our technology and media clients and offset slower growth with our clients in the communications industry, where consolidation and M&A activity are underway.

讓我們仔細看看我們各個垂直行業的表現，首先是通訊、媒體和技術行業，這些行業實現了強勁的同比增長，達到 15.8%。這一業績主要來自我們的科技和媒體客戶，抵消了通訊行業客戶成長放緩的影響，因為該行業正在進行整合和併購活動。

Among our technology clients are a who's who of Silicon Valley marquee names. Their rapid growth is enabled in part by our ability to help accelerate digital at scale. These digital-native leaders deal with billions of users and vast amounts of content, so they turn to us to help them efficiently monitor, verify and manage their ever-expanding volume of information and streamline and manage their ad operations.

我們的科技客戶囊括了矽谷眾多知名企業。他們之所以能夠快速發展，部分原因在於我們有能力幫助他們大規模地加速數位化進程。這些數位原生企業領導者要處理數十億用戶和海量內容，因此他們尋求我們的幫助，以高效地監控、驗證和管理不斷增長的資訊量，並簡化和管理他們的廣告運營。

For our media clients, it's a similar story. Important to their strategy is using digital-first approach to drive a differentiated customer experience across all their content. These clients seek our help to become digital businesses at the core. And we respond with solutions that span the full content life cycle from creation through consumption. We also provide marketing and advertising solutions that leverage the rich data capture across all their touch points to create personalized offerings in the new digital world.

對於我們的媒體客戶來說，情況也類似。他們的策略重點是採用數位化優先的方法，在其所有內容中打造差異化的客戶體驗。這些客戶尋求我們的協助，以期從根本轉型為數位化企業。我們提供的因應方案涵蓋了內容從創作到消費的整個生命週期。我們也提供行銷和廣告解決方案，利用其所有接觸點的豐富數據收集，在新數位世界中打造個人化產品和服務。

Moving to Products and Resources. We increased revenue 12.4% year-over-year, led by strong growth of our energy and utility clients. Within this segment, we've been stepping up our investments in their energy and utility markets to the point where our clients now include 4 out of the top-6 oil and gas supermajors, 7 of the top-10 U.S. utilities and 5 of the top-10 electric utilities in Europe. As an example of our energy sector work, we're building a data-driven digital organization for Australia's Endeavour Energy, which supplies electricity to more than 2.4 million people. Endeavour called our business and SAP experts to design a future-ready, scalable SAP platform. With this new platform, Endeavour is transforming and automating their customer experience, their buying and selling of energy and their core business processes, such as procurement and supplier management. They're now able to deliver better services to their customers.

移至產品和資源頁面。在能源和公用事業客戶的強勁成長帶動下，我們的營收年增了 12.4%。在這個領域，我們一直在增加對能源和公用事業市場的投資，以至於我們的客戶現在包括了六大石油和天然氣巨頭中的四家、美國十大公用事業公司中的七家以及歐洲十大電力公司中的五家。以我們在能源領域的工作為例，我們正在為澳洲的 Endeavour Energy 公司建立一個數據驅動的數位化組織，該公司為超過 240 萬人提供電力。Endeavour 邀請我們的業務和 SAP 專家來設計一個面向未來、可擴展的 SAP 平台。借助這個新平台，Endeavour 正在轉變和自動化其客戶體驗、能源買賣以及採購和供應商管理等核心業務流程。他們現在能夠為客戶提供更好的服務。

In manufacturing and logistics, our clients include 8 of the top-15 industrial manufacturers. Here, we continue to see strength in smart product development, industrial automation and investments focused on improving the customer experience and supply chain visibility.

在製造業和物流領域，我們的客戶包括前 15 名的工業製造商中的 8 家。在這裡，我們繼續看到智慧產品開發、工業自動化以及專注於改善客戶體驗和供應鏈透明度的投資方面的優勢。

In retail, our business saw modest, continuing improvement as the industry maintains a focus of reducing costs in the face of consolidation and profitability pressures. That said, we do see signs of the retail industry picking up as clients work to enhance the customer experience they provide through point-of-service applications and better execution of in-store fulfillment processes. As a result, we are seeing increased demand of our automation solutions, IoT and supply chain optimization.

在零售業，由於產業在整合和獲利壓力下持續專注於降低成本，我們的業務出現了小幅但持續的改善。也就是說，我們確實看到零售業正在復甦的跡象，客戶正努力透過服務點應用程式和更好地執行店內履行流程來提升客戶體驗。因此，我們看到市場對我們的自動化解決方案、物聯網和供應鏈優化方案的需求不斷增長。

Now let's turn to Banking and Financial Services, which grew 4.5% year-over-year. We continue to see strong growth among our insurance and mid-tier banking clients as they work to transform their business models, their distribution strategies and their customer interactions by investing significantly in advanced technologies.

現在讓我們來看看銀行業和金融服務業，該行業同比增長了 4.5%。我們看到，隨著保險和中型銀行客戶透過大量投資先進技術來轉變其業務模式、分銷策略和客戶互動方式，他們的業務持續強勁成長。

In our insurance business, our strong growth was mostly the result of large multiservice deals. For one large insurer, we helped design a data-focused strategy to drive customized financial wellness products for retirees. And for another insurer, we're implementing an omnichannel solution to improve the user experience, enhance cross-sell and upsell capabilities.

在我們的保險業務中，強勁的成長主要得益於大型綜合服務交易。我們幫助一家大型保險公司設計了以數據為中心的策略，以推動為退休人員提供客製化的財務健康產品。對於另一家保險公司，我們正在實施全通路解決方案，以改善用戶體驗，增強交叉銷售和向上銷售能力。

Our mid-tier banking clients are also embracing modern IT infrastructures to seize the benefits of digital technologies. For example, we redesigned Bank Julius Baer's core systems, applications, business processes and customer interfaces to automate and simplify transactions and modernize operations. With this modern infrastructure, the bank can more quickly expand its range of wealth management products and services by improving operational agility.

我們的中型銀行客戶也積極採用現代化IT基礎設施，以充分利用數位技術帶來的好處。例如，我們重新設計了瑞士寶盛銀行的核心系統、應用程式、業務流程和客戶介面，以實現交易自動化和簡化，並實現營運現代化。借助這項現代化基礎設施，該銀行可以透過提高營運靈活性，更快地擴展其財富管理產品和服務範圍。

Now as we've discussed on prior calls, the story among the large, money-center banking clients remains mixed. On one hand, in today's positive business environment, some of our large banking clients are spending more on new technologies to transform their businesses. And since our digital revenue with the banking segments is seeing strong growth, we believe we're increasing our share of the change the bank is spending. In fact, we won a number of large-scale projects related to blockchain implementation, cloud migration and digital engineering.

正如我們在之前的電話會議中討論的那樣，大型金融中心銀行客戶的情況仍然喜憂參半。一方面，在當前良好的商業環境下，我們的一些大型銀行客戶正在加大對新技術的投入，以推動業務轉型。由於我們在銀行業務領域的數位收入成長強勁，我們相信我們正在增加我們在銀行支出變革中所佔的份額。事實上，我們贏得了許多與區塊鏈實施、雲端遷移和數位工程相關的大型專案。

On the other hand, large banks continue to face increasing pressure on their run-the-bank spending. As you know, a substantial portion of our work for these large banks is focused on their core IT systems. That said, the strong growth of our banking-related digital revenue is helping to offset some of the pressures. And as our engagement continues to shift from legacy to digital work, we're beginning to see some of our large clients return to a growth phase. We're optimistic about this shift because banks have realized that they have no choice but to rewrite their futures with digital.

另一方面，大型銀行在日常營運支出方面持續面臨越來越大的壓力。如您所知，我們為這些大型銀行所做的大部分工作都集中在他們的核心IT系統上。儘管如此，我們銀行業務相關數位收入的強勁成長有助於抵消部分壓力。隨著我們的業務模式不斷從傳統方式轉向數位化，我們開始看到一些大客戶重新進入成長階段。我們對此轉變持樂觀態度，因為銀行已經意識到，它們別無選擇，只能透過數位化重塑未來。

Now let's look at Healthcare, where revenue was up 10.1% year-over-year. Within our life science practice, we excel at helping biopharma and med tech companies transform their businesses. And that's why a large life science company has just engaged us to help transform every aspect of its global business. Cognizant is partnering with their IT organization to maintain, build and modernize their full application suite, which will touch nearly every process in the company from finance to manufacturing to drug development. In another part of our engagement within their core operations, we'll be helping deliver a substantial boost in their productivity through automation, enabled in part by installing more than 100 bots.

現在我們來看看醫療保健產業，該產業的收入年增了 10.1%。在我們的生命科學業務領域，我們擅長幫助生物製藥和醫療技術公司實現業務轉型。正因如此，一家大型生命科學公司聘請我們來幫助其改造全球業務的各個方面。Cognizant 正在與他們的 IT 部門合作，以維護、建構和現代化其完整的應用程式套件，這將涉及公司從財務到製造再到藥物開發的幾乎所有流程。在我們參與其核心營運的另一部分工作中，我們將透過自動化幫助他們大幅提高生產力，部分原因是安裝了 100 多個機器人。

Within our Healthcare practice, let's turn to our opportunities in Medicare and Medicaid program servicing. The TMG transaction, which closed last year, has positioned Cognizant as one of the strongest processors of government health care programs. In fact, we now process claims and other mid- and back office functions for a substantial proportion of the Medicare and Medicaid-covered lives in the U.S. Our government health care programs offered through TMG are positioned to capture continued growth in these segments, and we've added new clients to the TMG platform this quarter. Overall, the story of our industry segment is one of solid execution and continuing progress.

在我們的醫療保健實踐中，讓我們來看看我們在醫療保險和醫療補助計劃服務方面的機會。去年完成的 TMG 交易使 Cognizant 成為政府醫療保健計劃最強大的處理商之一。事實上，我們現在為美國相當一部分享受聯邦醫療保險和醫療補助的人處理理賠和其他中後台職能。我們透過 TMG 提供的政府醫療保健計劃預計將在這些領域持續成長，並且本季我們已在 TMG 平台上新增了客戶。整體而言，我們這個產業領域的故事就是一個穩健執行、持續進步的故事。

Now before I wrap up, I'd like to offer a few comments about our account base. Given our knowledge-intensive work, we depend heavily on the insights, passion and collaboration of our global associates. And we invest substantially and continuously in their skills and development to maintain our relevance to clients. So of course, we're unhappy to see our annualize attrition rate reach 22.6% this quarter.

在結束之前，我想就我們的客戶群發表幾點看法。鑑於我們的工作是知識密集的，我們非常依賴全球同事的洞察力、熱情和協作。我們持續投入大量資源，提升員工技能，以維持對客戶的吸引力。所以，我們當然不樂意看到本季的年度員工流動率達到 22.6%。

We attribute this attrition to 3 factors: First, global demand is increasing for the very skills we specialize in at a time when the tech talent shortage is growing. Second, there's our company's ongoing transition as we continue to strengthen and simplify our operations. And third, as mentioned on prior calls, we've implemented more robust performance management over the past 18 months.

我們認為這種人員流失是由以下三個因素造成的：首先，全球對我們專長的技能的需求不斷增長，而與此同時，科技人才短缺問題卻日益嚴重。其次，隨著我們不斷加強和簡化運營，我們公司也在持續轉型。第三，如同先前電話會議中所提到的，在過去的 18 個月裡，我們實施了更完善的績效管理。

In light of these factors, our workforce strategy has several engagement and development programs underway. This includes the use of local delivery centers, that Frank mentioned, which enable us to attract and retain highly skilled local talent who can serve multiple clients from a single location without having to relocate. What's more, we expect our regular annual pay increases, which take place in the third and fourth quarters, to help retain our highest performers.

鑑於這些因素，我們的員工策略正在進行多項員工參與和發展計畫。這包括弗蘭克提到的本地配送中心的使用，這使我們能夠吸引和留住高技能的本地人才，他們可以在一個地點為多個客戶提供服務，而無需搬遷。此外，我們預計每年第三季和第四季進行的常規年度加薪將有助於留住我們最優秀的員工。

Now to be clear, Cognizant remains a magnet for top-tier talent in the advanced digital technologies of greatest importance to our clients. And last week, Forbes named Cognizant to its Best Employers for Women 2018 rankings, where we made the top quartile of their list. The criteria included working conditions, diversity, pay equity and how likely those surveyed would recommend their employers to others. We're proud of this recognition.

需要明確的是，Cognizant 仍然是頂尖人才的聚集地，這些人才在對我們的客戶至關重要的先進數位技術領域中仍然佔據著舉足輕重的地位。上週，《富比士》雜誌將 Cognizant 列入 2018 年女性最佳雇主排行榜，我們躋身榜單前四分之一。評判標準包括工作條件、多元化、薪資公平性以及受訪者向他人推薦其雇主的可能性。我們為獲得這項認可感到自豪。

Okay, to sum up. We resolve to be our clients' go-to digital transformation partner. And to that end, we will sustain the comprehensive building, investing and operational strengthening of our business.

好的，總結一下。我們決心成為客戶首選的數位轉型合作夥伴。為此，我們將持續全面加強業務建設、投資和營運。

Karen, over to you.

凱倫，該你了。

Thank you, Raj, and good morning, everyone. Q2 performance was solid. Revenue of $4.01 billion increased 9.2% year-over-year, including 100 basis points favorable impact from currency. Europe grew 19.2% year-over-year in Q2, including a 6.4% positive impact from currency. And the rest of world was up 3.8% from a year ago, including a 60 basis point negative impact from currency. Results in both the U.K. and Asia Pacific were impacted by the weakness in some of our larger banking clients, while acquisitions like Netcentric and Mirabeau are further enhancing our digital leadership in Continental Europe, leading to a number of recent digital wins.

謝謝你，拉傑，大家早安。第二季業績穩健。營收達 40.1 億美元，年增 9.2%，其中匯率帶來的有利影響為 100 個基點。歐洲第二季度年增 19.2%，其中匯率波動帶來了 6.4% 的正面影響。世界其他地區比一年前成長了 3.8%，其中包括匯率帶來的 60 個基點的負面影響。英國和亞太地區的業績均受到一些大型銀行客戶疲軟的影響，而像 Netcentric 和 Mirabeau 這樣的收購進一步增強了我們在歐洲大陸的數位化領先地位，並帶來了近期一系列數位化方面的成功。

Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and the initial funding of the Cognizant U.S. Foundation, was 22%. And non-GAAP EPS was $1.19, exceeding our guidance primarily due to strong operating margin performance.

非GAAP營業利益率（不包括股票選擇權費用、收購相關費用及Cognizant美國基金會的初始資金）為22%。非GAAP每股收益為1.19美元，超出我們的預期，主要原因是強勁的營業利潤率表現。

18 months ago, we announced a plan to return $3.4 billion to stockholders by the end of 2018 through a combination of $2.7 billion in stock repurchases and $700 million in dividends. With the anticipated Q3 completion of the accelerated share repurchase we previously announced on June 15, we will deliver early on our share repurchase commitment.

18 個月前，我們宣布了一項計劃，到 2018 年底，透過 27 億美元的股票回購和 7 億美元的股息，向股東返還 34 億美元。隨著我們先前於 6 月 15 日宣布的加速股票回購計畫預計將在第三季完成，我們將提前履行我們的股票回購承諾。

And today, we declared a quarterly cash dividend of $0.20 per share for shareholders of record at the close of business on August 22. We are committed to maintaining a robust capital return program and anticipate having an update to the program in the coming quarters.

今天，我們宣布向截至 8 月 22 日營業結束時登記在冊的股東派發每股 0.20 美元的季度現金股息。我們致力於維持穩健的資本回報計劃，並預計在未來幾季對該計劃進行更新。

Now let me discuss additional details of our financial performance. Consulting and technology services represented 57.1% of revenue; and outsourcing services, 42.9% of revenue for the quarter. Consulting and technology services grew 6% year-over-year. Outsourcing services revenue grew 13.6% from Q2 a year ago.

現在讓我來詳細介紹一下我們的財務表現。諮詢和技術服務佔本季營收的 57.1%；外包服務佔本季營收的 42.9%。諮詢和技術服務年增 6%。外包服務收入較去年同期成長13.6%。

In the quarter, a large transformational project moved to steady-state with a corresponding step-up of operations work. This resulted in a shift from consulting to outsourcing. Additionally, outsourcing growth benefited from the inclusion of our recent acquisition of Bolder Healthcare as well as large client wins, such as TMG Health.

本季度，一項大型轉型專案進入穩定狀態，營運工作也隨之加強。這導致了從諮詢到外包的轉變。此外，外包業務的成長也得益於我們最近收購了 Bolder Healthcare，以及贏得了像 TMG Health 這樣的大客戶。

During the second quarter, 36% of our revenue came from fixed-price contracts. Transaction-based contracts were approximately 11% of total revenue in the quarter, a 200 basis point increase from Q1 as the EmblemHealth contracts switched to a per-member, per-month pricing model.

第二季度，我們36%的營收來自固定價格合約。本季度，基於交易的合約約佔總收入的 11%，比第一季度增長了 200 個基點，因為 EmblemHealth 合約轉為按會員、按月定價模式。

We added 7 strategic customers in the quarter. We define them 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 371.

本季我們新增了7家戰略客戶。我們將它們定義為那些有潛力產生至少 500 萬美元至 5,000 萬美元或以上年收入的公司。這使我們的戰略客戶總數達到 371 家。

And now moving to an update on margins. We remain committed to and are on track to achieve our target of 22% non-GAAP operating margin in 2019. In the second quarter, we had strong margin performance as we continued to build on the improvements we've made in our business over the last 18 months, 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.

接下來我們來看看利潤率的最新情況。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。第二季度，我們取得了強勁的利潤率表現，因為我們繼續鞏固了過去 18 個月以來在業務方面取得的改進，例如持續提高利用率、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。

Net of hedges, our Q2 margins also benefited from the depreciation of the Indian rupee versus the prior year quarter by 23 basis points.

扣除對沖因素後，由於印度盧比較上年同期貶值 23 個基點，我們的第二季利潤率也受益匪淺。

The strong margin performance in Q2 has set us up nicely to absorb wage increases and promotions, along with other investments in the business in the second half of the year, while staying on track to achieve our non-GAAP operating margin target of approximately 21% this year.

第二季強勁的利潤率表現為我們提供了良好的基礎，使我們能夠在下半年消化工資增長和晉升，以及對業務的其他投資，同時保持實現今年約 21% 的非 GAAP 營業利潤率目標的良好勢頭。

Additionally, during the remainder of 2018, we intend to continue to improve our cost structure by further optimizing the higher end of our resource pyramid. As a result of these actions, we expect to incur $25 million to $35 million in severance costs. As we drive toward 22% non-GAAP operating margins in 2019, we also remain focused on affecting the mix shift within our business through focusing on higher-value services, improving profitability within our portfolio of large, structured contracts and reassessing less-profitable opportunities that do not further our position in the digital marketplace.

此外，在 2018 年剩餘的時間裡，我們打算繼續透過進一步優化資源金字塔的高端部分來改善我們的成本結構。由於這些舉措，我們預計將產生 2,500 萬至 3,500 萬美元的遣散費。在努力實現 2019 年 22% 的非 GAAP 營業利潤率的同時，我們也將繼續專注於透過專注於更高價值的服務、提高大型結構化合約組合的盈利能力以及重新評估那些無法進一步鞏固我們在數字市場地位的盈利能力較低的機會，來影響我們業務的結構轉變。

Turning to our balance sheet, which remains very healthy, we finished the quarter with $4.2 billion of cash and short-term investments. This balance, net of debt, was down by $685 million from December 31 as we funded the acquisition of Bolder, the $900 million ASR and $100 million to the Cognizant U.S. Foundation with cash on hand. This balance at the end of the quarter includes restricted short-term investments of $419 million. These restricted amounts are related to the ongoing dispute with the Indian Income Tax Department.

再來看我們的資產負債表，它依然非常健康，本季末我們擁有 42 億美元的現金和短期投資。在扣除債務後，該餘額較 12 月 31 日減少了 6.85 億美元，因為我們用手頭現金為收購 Bolder、9 億美元的 ASR 以及向 Cognizant 美國基金會捐贈的 1 億美元提供了資金。該季度末的餘額包括 4.19 億美元的受限短期投資。這些受限金額與目前與印度所得稅部門的糾紛有關。

We had strong cash generation in the quarter with cash flow from operations of $640 million and free cash flow, which we define as operating cash flow net of CapEx, was $549 million. Our outstanding debt balance was $749 million at the end of the quarter, and there was no outstanding balance on the revolver.

本季我們現金流強勁，經營活動產生的現金流為 6.4 億美元，自由現金流（我們定義為扣除資本支出後的經營現金流）為 5.49 億美元。截至季末，我們的未償債務餘額為 7.49 億美元，循環信貸額度沒有未償餘額。

Before turning to guidance, I'd like to take a few minutes to provide some additional color on the change in the revenue recognition accounting standard we adopted in the first quarter. With the adoption of ASC 606, certain types of fixed bid contracts are recognized on a cost-to-cost basis versus our historic hours-to-hours or straight-line approach. The cost-to-cost approach results in more revenue during the early stages of a project for us and in more consistent margins over the life of a contract. While immaterial to our overall results for the year, we do expect to see some benefit from the adoption of the new standard on full year revenue and operating margins.

在給予指導意見之前，我想花幾分鐘時間，就我們在第一季採用的收入確認會計準則的變更做一些補充說明。隨著 ASC 606 的採用，某些類型的固定報價合約將按成本確認，而不是按我們以往的工時或直線法確認。成本會計方法可以在專案初期為我們帶來更多收入，並在合約期間帶來更穩定的利潤率。雖然這對我們全年的整體業績影響不大，但我們預計採用新標準將對全年收入和營業利潤率產生一定影響。

Of the $52 million impact to revenue in the first 6 months of 2018, less than $10 million has come from existing contracts as of December 31, 2017. Substantially all of the impact has come from new contracts and modifications. The impact of ASC 606 can vary significantly based on the timing, nature of services, pricing structure or other terms and conditions of new contracts or modifications.

2018 年上半年，公司收入受到 5,200 萬美元的影響，但截至 2017 年 12 月 31 日，現有合約造成的損失不到 1,000 萬美元。幾乎所有的影響都來自新合約和合約修改。ASC 606 的影響會因新合約或修改的時機、服務性質、定價結構或其他條款和條件的不同而有顯著差異。

I would now like to comment on our outlook for Q3 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. Based on current exchange rates and the positive currency impact realized year-to-date, the full year favorable revenue impact from currency is expected to be approximately 60 basis points versus the full year 2017.

現在我想談談我們對2018年第三季和全年的展望。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。根據目前的匯率和年初至今實現的正面貨幣影響，預計全年貨幣帶來的有利收入影響將比 2017 年全年高出約 60 個基點。

For the third quarter of 2018, we expect to deliver revenue in the range of $4.06 billion to $4.1 billion. For the third quarter, we expect to deliver non-GAAP EPS of at least $1.13. This guidance anticipates a share count of approximately 581 million shares and a tax rate of approximately 26%.

我們預計 2018 年第三季營收將在 40.6 億美元至 41 億美元之間。我們預計第三季非GAAP每股盈餘至少為1.13美元。該指導意見預計股份數量約為 5.81 億股，稅率約為 26%。

For the full year 2018, we expect non-GAAP operating margins to be approximately 21% and to deliver non-GAAP EPS of at least $4.50. This guidance anticipates a full year share count of approximately 585 million shares and a tax rate of approximately 26%.

我們預計 2018 年全年非 GAAP 營業利潤率約為 21%，非 GAAP 每股收益至少為 4.50 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%。

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 adjustment to the onetime 2017 incremental income tax expense related to the tax reform act; and our initial contribution to the Cognizant U.S. Foundation. Our guidance also does not account for the impact from shifts in the regulatory environment, including areas, such as immigration or tax.

我們的非GAAP每股盈餘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Cognizant美國基金會的初始捐款。我們的指導意見也沒有考慮到監管環境變化的影響，包括移民或稅收等領域。

In summary, our solid execution in Q2, along with continued investment in the business, has positioned us well to deliver another solid year of revenue and earnings growth in 2018.

總而言之，我們在第二季度的穩健執行，以及對業務的持續投資，使我們有信心在 2018 年實現又一個穩健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 comes from the line of Jim Schneider with Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的吉姆‧施耐德。

I was wondering if you'd maybe give us a little bit more color on the environment you're seeing with respect to financials and specifically large banks. You talked about the continued pressure on the run-the-bank kind of spend. But can you maybe give us -- I think in your slides, you talked about seeing some signs of incremental demand at some of these larger accounts. So can you maybe give us a sense about how firm that increased demand is? What kind of services you're seeing those from? And maybe any kind of color in terms of how fast that might develop.

我想請您詳細介紹一下您所看到的金融環境，特別是大型銀行的現況。你談到了持續存在的、類似「瘋狂消費」的壓力。但是您能否給我們一些資訊——我想在您的幻燈片中，您提到在一些大客戶那裡看到了一些需求成長的跡象。那麼，您能否大致說明一下這種成長的需求有多穩固？你從哪些服務中看到這些資訊？或許任何顏色的發展速度都可能有所不同。

Jim, this is Raj here. Look, as we said, right, I mean, I think the entire financial services story is mixed, where insurance and the mid-tier banks are doing really well. And where some of the challenges are is in some of these large money center banks. And I think when we drill into the large money center banks, we're talking about a handful of clients. And the good news is, it looks like our North American banks, the large ones, we are seeing a turnaround there. And just to give you an example, one of our largest banking accounts who went through that shift a couple of years ago, the technology shift, that's really changed. We're seeing very healthy growth at that relationship now, and 40% of our work is around digital. And where the challenge still comes around is a couple of our European-based accounts. And I think as we've said before, right, each one is on a different schedule in terms of shifting towards technology.

吉姆，這位是拉傑。你看，正如我們所說，對吧，我的意思是，我認為整個金融服務業的情況喜憂參半，其中保險業和中型銀行的表現非常出色。而一些挑戰就存在於這些大型金融中心銀行。我認為，當我們深入研究大型金融中心銀行時，我們談論的其實只是少數幾個客戶。好消息是，我們看到北美的大型銀行正在出現好轉。舉個例子來說，我們最大的銀行帳戶之一幾年前經歷了技術變革，現在情況已經發生了很大的變化。我們現在看到這種合作關係發展非常健康，我們 40% 的工作都與數位領域相關。而我們面臨的挑戰仍然在於幾個位於歐洲的客戶。而且我認為正如我們之前所說，對吧，每個國家在向技術轉型方面都有不同的進度安排。

We're making smart decisions as well, too, in terms of making sure that the business that we're going after is profitable business and healthy, healthy business for us as well. So we're making some conscious decisions there as well. But I would tell you that in all of them, we continue to grow in digital. They're all strategic partners, and the banking revenue that we have in digital is consistent to the overall digital revenue that we have as a company. And I think we will get to -- we've seen that we can deliver, we can transform these accounts, where at these relationships, we impact the client, not only in the digital, but in operations and their core technologies. So we're optimistic that those will also turn, but it's hard to predict when they will turn.

我們在確保我們所追求的業務既能獲利，又能讓我們自身健康發展方面，也做出了明智的決定。所以，我們在這方面也做了一些有意識的決定。但我可以告訴你，在所有這些領域，我們都在不斷發展壯大，尤其是在數位化方面。他們都是策略合作夥伴，我們在數位領域獲得的銀行業務收入與我們公司整體的數位業務收入是一致的。我認為我們終將實現——我們已經看到我們能夠交付成果，我們能夠改變這些客戶關係，在這些關係中，我們不僅在數位化方面，而且在營運和核心技術方面影響客戶。因此我們樂觀地認為這些也會轉變，但很難預測它們何時轉變。

And then maybe just as a quick follow-up. On the margin outlook, you kind of talked about the elevated attrition and what you're doing in terms of wage increases to offset that or get that back down. Maybe, Karen, can you address kind of how the back-half margins will play out, both in terms of the cost reductions you're making at the top end of the pyramid, whatever increases you're making at the bottom end, and then whether ASC 606 is still going to be a margin tailwind to the back half?

然後或許可以簡單地跟進一下。關於利潤率前景，您談到了較高的員工流失率，以及您為抵消或降低員工流失率而採取的提高工資的措施。Karen，或許你可以談談下半年的利潤率會如何變化，包括你在金字塔頂端進行的成本削減，以及你在金字塔底端進行的成本增加，還有ASC 606是否仍會對下半年的利潤率產生積極影響？

So Jim, as we said in the prepared remarks, obviously, we are -- continue to target approximately 21% for non-GAAP operating margin, which obviously does suggest a reduction in the back half of the year. Typically, when we do raises and promotions, you'll see about a point, 1 to 2 points negative impact in the quarter. This year, we've actually split the timing of the raises and the promotions. So we're currently -- as you just announced, raises and promotions for the bottom half of this pyramid, so the more junior folks, will happen in Q3. For the more senior folks, that will happen in the Q4 time frame. So you'll see -- you will see some bump down this quarter and then subsequently in the fourth quarter.

所以吉姆，正如我們在準備好的發言稿中所說，顯然，我們將繼續以約 21% 的非 GAAP 營業利潤率為目標，這顯然意味著下半年利潤率會下降。通常情況下，當我們進行加薪和晉升時，你會看到季度業績出現約 1 到 2 個百分點的負面影響。今年，我們實際上將加薪和晉升的時間分開了。所以，正如你剛才宣布的那樣，目前，金字塔底層員工（也就是級別較低的員工）的加薪和晉升將在第三季進行。對於資深員工來說，這將在第四季發生。所以你會看到——你會看到本季出現一些下滑，然後在第四季出現下滑。

The margin benefit from ASC 606 is a little bit hard to predict, obviously, as we've said, just given it's hard to know the exact timing and specifics of contracts. But we don't expect it to have a material impact on the overall results for the rest of the year. But certainly, we will see some pressure on margins because of raises and promotions as we get into the back half of the year. But we obviously are still committed to our approximately 21% target for the year.

顯然，正如我們所說，ASC 606 帶來的利潤收益有點難以預測，因為很難知道合約的確切時間和具體細節。但我們預計這不會對今年剩餘時間的整體業績產生實質影響。但可以肯定的是，隨著下半年的到來，由於加薪和晉升，利潤率將會面臨一些壓力。但我們顯然仍致力於實現今年約 21% 的目標。

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

我們的下一個問題來自摩根大通的黃天進。

So good margin upside here, but it looks like revenue growth came in at the lower end of peers. So wanted to revisit how you're balancing your margin goals versus revenue growth. What level of revenue growth are you aiming for relative to your peers of the industry? I guess what I'm trying to get at is, how you're benchmarking revenue growth when setting your growth targets as you're going into executing the second half of your margin strategy?

所以利潤率有很大的提升空間，但營收成長似乎低於同業。因此，我想再次了解您是如何平衡利潤目標和收入成長的。相對於業界同行，您希望實現怎樣的營收成長目標？我想問的是，在執行利潤率策略的後半段時，你們在設定成長目標時是如何衡量收入成長的？

Tien-tsin, it's Frank. Look, I think revenue was right within the range we guided to for the quarter. So I don't see any -- I don't ascribe sort of anything particularly significant to this quarter's revenue number. And I think we've said in general that as we execute this pivot and accelerate the shift to digital, that our focus is on sort of balanced revenue growth. We certainly expect to grow in line with the overall industry.

天津，我是法蘭克。我認為本季營收完全符合我們先前的預期範圍。所以，我認為本季的營收數字並沒有什麼特別重要的意義。而且我認為我們已經說過，在執行此次轉型並加速向數位轉型的過程中，我們的重點是實現均衡的收入成長。我們當然希望與整個產業保持同步成長。

As Raj said a minute ago, Raj made the comment in the context of Financial Services, but I think it's true across the business. We're being prudent about making choices of the kind of work we go after. We're focused now on accelerating the shift to digital, focusing on higher-margin work, higher-value work because that's the important work for our clients that has longevity. But I certainly expect to grow in line with the industry and continue to be confident that we can deliver the margin target that we've laid out for you.

正如 Raj 剛才所說，Raj 是在金融服務領域發表這番言論的，但我認為這在整個產業都是適用的。我們在選擇從事的工作類型時非常謹慎。我們現在專注於加速數位轉型，專注於利潤更高、價值更高的工作，因為這對我們的客戶來說才是重要的、具有長期價值的工作。但我確信公司會與產業同步成長，並且仍然有信心實現我們為您設定的利潤目標。

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

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Just want to follow up on the 2Q revenue coming in at the low-end of the range. I guess, what caused that number to come in towards the low-end versus the high-end when you gave guidance, I guess, 3 months ago?

我想跟進一下第二季營收處於預期範圍下限的情況。我想問的是，是什麼原因導致您在三個月前給出的預測數字偏低而不是偏高呢？

You know, I mean, Bryan, the range is relatively small. Given our size and scale, I don't think there's anything specific, as I said a minute ago, to point to timing of deals when they close, timing of revenue. I mean, there's just a number of things. Given our size and scale, the swing between the low and the middle and the high end of the range is just execution during the quarter.

你知道，我的意思是，布萊恩，這個範圍相對較小。鑑於我們的規模，正如我剛才所說，我認為沒有什麼具體的事情可以指出交易完成的時間、收入實現的時間。我的意思是，事情有很多。鑑於我們的規模，業績在低端、中端和高端之間的波動只是季度執行的結果。

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

我們的下一個問題來自富國銀行的 Edward Caso。

Congrats on the expanded disclosure. Much appreciated. My question is around BPO. You've talked about that in the recent past as being a positive area. Could you sort of get us updated there? And really, sort of how you're being differentiated in that space.

恭喜您擴大了資訊揭露範圍。非常感謝。我的問題與業務流程外包（BPO）有關。你最近曾談到這是一個正面的方面。可以跟我們介紹一下那邊的最新情況嗎？實際上，這關係到你在這個領域是如何脫穎而出的。

I'll start, and then ask Karen and Raj if they want to add anything to it. I think BPO or digital operations is one of the faster-growing parts of the business, had a very strong sequential and year-over-year growth in the second quarter. The business, I would say, is doing quite well, and our differentiation comes from -- we said this all along, from the earliest days that we were in that business -- our differentiation comes from the fact that we're able to really infuse technology into the operations. And I would say as digital has become a more prevalent set of technologies, our ability to drive real automation into the BPO business, into digital operations through things like robotic process automation and IPA and using artificial intelligence and so on and so forth, has really -- is really differentiating us.

我先開始，然後問凱倫和拉傑是否想補充什麼。我認為業務流程外包或數位化營運是公司成長最快的業務領域之一，第二季環比和年成長都非常強勁。我認為，公司目前發展得相當不錯，而我們的差異化優勢——我們從公司成立之初就一直強調這一點——在於我們能夠真正將技術融入營運中。而且我認為，隨著數位化技術日益普及，我們能夠透過機器人流程自動化、IPA 以及人工智慧等技術，將真正的自動化引入 BPO 業務和數位化運營，這確實使我們脫穎而出。

So I think it's a combination of deep industry knowledge, which we always had in our BPO business. So we're very vertically focused, as you know, in that business. Most of the BPO work we do is domain-centric, vertically-focused BPO. That's one part of it. The second part of it is that we've got a -- we've had a -- continue to have a strong platform strategy in that business. So in health care, the TriZetto and Bolder and TMG all come with strong platform assets. And then the third part of it is our ability to really drive strong automation using artificial intelligence, IPA, RPA types of technologies to drive productivity in that business. I think you put those 3 things together, and we have a pretty unique position in that market.

所以我認為這是深厚的行業知識的結合，而這正是我們在業務流程外包 (BPO) 業務中一直擁有的。如你所知，我們在這個行業中非常注重垂直整合。我們所做的業務流程外包工作大多是以領域為中心、垂直領域為重點的業務流程外包。這是其中一部分。第二部分是，我們一直以來都擁有強大的平台策略，並將繼續在該業務領域保持這項策略。因此，在醫療保健領域，TriZetto、Bolder 和 TMG 都擁有強大的平台資產。第三部分是我們利用人工智慧、IPA、RPA 等技術真正推動強大自動化，進而提高企業生產力的能力。我認為把這三點結合起來，我們就在這個市場中佔據了相當獨特的地位。

Yes. The only thing I would add to that, Edward, is I think our BPO story has really expanded from the financial services and health care life sciences industry to now, we're very strong players in our -- the Communication, Media and Technology space, where we're providing lots of work to a lot of the leading digital companies out there. And in addition to that, you have a strong story that's being built out in our Products and Resources group as well, too. So the BPO story has significantly expanded in terms of where it was a couple of years ago.

是的。愛德華，我唯一要補充的是，我認為我們的業務流程外包 (BPO) 業務已經從金融服務和醫療保健生命科學行業擴展到了現在，我們在通訊、媒體和技術領域也扮演著非常強大的角色，我們為許多領先的數位公司提供了大量的業務。除此之外，我們的產品和資源團隊也積極打造一個強而有力的故事。因此，與幾年前相比，BPO 的發展規模已經大大擴展。

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

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

Maybe, Karen, I think a question for you. As we look at your efforts to localize and optimize your labor pyramid, maybe you could comment on the current visa environment and what you're seeing with regard to a company's willingness to offshore, particularly in what appears to be a more challenging visa environment. Are they more willing to balance where the work is done?

凱倫，或許我想問你一個問題。當我們審視貴公司在勞動力金字塔本地化和優化方面所做的努力時，或許您可以就當前的簽證環境以及貴公司在離岸外包方面的意願發表一些看法，尤其是在簽證環境似乎更具挑戰性的情況下。他們是否更願意平衡工作地點？

So Brian, I don't think we've really seen any change from a client's perspective. You've got some clients who are more willing. You've got other clients who prefer to keep more of the work on site. So we really haven't seen any shifts in behavior from a client perspective. I think as we've talked about and others have talked about in the market for some time now, there are certain types of work that clients are looking to do more on site, some more agile development and so forth. And then when you're in a heavy transformation environment, like we are today and a lot more consulting, that tends to have a heavier on-site ratio. But overall, I wouldn't see that we've seen any changes in behavior from clients due to any of the immigration concerns.

所以布萊恩，我認為從客戶的角度來看，我們並沒有真正看到任何變化。你有一些客戶更願意這樣做。你還有一些客戶更傾向於在現場完成更多工作。所以從客戶的角度來看，我們還沒有看到任何行為上的轉變。我認為正如我們以及市場上其他人已經討論過一段時間的那樣，客戶希望更多地在現場完成某些類型的工作，一些更敏捷的開發等等。然後，當你身處像我們今天這樣充滿變革的環境中，以及諮詢業務量大幅增加的時候，現場服務的比例往往會更高。但總的來說，我認為客戶的行為並沒有因為任何移民問題而改變。

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

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

Can you expand upon your efforts to drive more business within the comm, media tech and the Products and Resources vertical? Do you expect to continue to grow at these double-digit levels? And talk about how you're finding the M&A channel in those verticals.

您能否詳細介紹一下您在通訊、媒體技術以及產品和資源垂直領域推動業務成長所做的努力？你預計會繼續保持兩位數的成長速度嗎？談談你在這些垂直領域中是如何尋找併購管道的。

So Bryan, I'll jump in, and I'll let Frank add as well. Look, as the comm, media and technology is a segment that, if you recall not so long ago, we called it as Others. But we've seen significant traction. We've been investing heavily into this space. I do think that at some point, right, some of the clients that we have that we're working with will become some of our largest clients for Cognizant. So I think we're making good progress in doing core technology work, digital operations and then helping in terms of -- on the business side as well, too.

那麼布萊恩，我先插一句，也讓法蘭克補充一下。你看，通訊、媒體和科技這個領域，如果你還記得的話，不久前我們還稱它為「其他」領域。但我們已經看到了顯著的成效。我們一直在這個領域投入大量資金。我確實認為，在某個時候，我們正在合作的一些客戶將會成為 Cognizant 最大的客戶。所以我認為我們在核心技術工作、數位化營運方面取得了良好的進展，並且在業務方面也提供了幫助。

So healthy growth in terms of M&A. I don't think anything specific that we're focused on, on CMT. But I think we look at it in terms of broad -- just in terms of all the practices, right: if there's a core technology that help expand those relationships, if there's a key consulting capability that help us broaden and deepen our relationships at those clients, or if there's geographic plays or platform plays. So I think that's our approach with CMT as well.

因此，併購方面呈現健康成長態勢。我認為我們目前並沒有特別關注 CMT 的任何方面。但我認為我們應該從宏觀的角度來看待這個問題——就所有實踐而言，對吧：是否有一項核心技術可以幫助我們拓展這些關係，是否有一項關鍵的諮詢能力可以幫助我們拓展和深化與這些客戶的關係，或者是否有地域性舉措或平台舉措。所以我認為，這也是我們對 CMT 的方法。

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

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I guess a 2-part question related to demand. One is, I mean, the demand commentary that you guys have seems to be certainly turning more positive. But when I look at specifically at the 2Q performance, 3Q guide relative to consensus, you're a bit light and then there's a 4Q catch-up, it seems like. So I wanted to ask about the sort of visibility, if you will, into that 4Q catch-up to hit your revenue range? And then the second part of the demand question is, if the ASC 606 accounting pronouncement had been active January 1 of last year, how much of a year-over-year net benefit would it have been? Because I think that's kind of important to size out.

我想這是一個與需求相關的兩部分問題。一方面，我的意思是，你們這邊的需求評論似乎確實變得更加正面了。但當我具體查看第二季業績和第三季業績預期（相對於市場普遍預期）時，你們的表現略顯疲軟，然後似乎第四季會迎頭趕上。所以我想問一下，您對第四季追趕進度以達到營收目標的預期情況如何？那麼，需求問題的第二部分是，如果 ASC 606 會計準則從去年 1 月 1 日開始生效，那麼它會帶來多少年淨收益？因為我覺得把尺寸量出來很重要。

So Ashwin, it's Karen. I'll try and take those and in (inaudible). But if you look at the 3Q guide, and let's just, for argument's sake, say you go to the middle of the range, that would suggest about a 1% sequential Q3 to Q4 growth. That's not unreasonable. I mean, that's certainly -- unless there's some unusual furloughs or anything like that. So I think the guidance for Q3 puts us right where we want to be for the full year. We're not really expecting any significant acceleration in the fourth quarter.

阿什溫，我是凱倫。我會盡量把那些拿走，然後（聽不清楚）。但如果你看一下第三季的業績指引，假設我們取中間值，那就表示第三季到第四季的環比成長率約為 1%。這並非不合理。我的意思是，當然是這樣——除非出現一些不尋常的臨時解僱或其他類似情況。所以我認為第三季的業績指引讓我們能夠達到全年預期目標。我們預計第四季不會有明顯的成長加速。

And then in terms of ASC 606, I think really, the only color we can give you is the way we've broken it out, which is that because of 606, there's about $52 million of incremental revenue this year. As we said in my prepared remarks, we look at the contracts that existed at the end of last year. It's only about less than a $10 million impact or benefit that we've received from that. It would be almost impossible to go back and redo all the prior year contracts. So really, you just have to look at it based on the current year results and the benefit that we've gotten, which is primarily due to contracts that have been awarded this year.

至於 ASC 606，我認為我們唯一能給出的解釋是，由於 606 的實施，今年將帶來約 5,200 萬美元的增量收入。正如我在事先準備好的發言稿中所說，我們審視的是去年年底存在的合約。我們從中獲得的實際影響或收益不到 1000 萬美元。要重新簽訂前一年的所有合約幾乎是不可能的。所以實際上，你只需要根據今年的業績和我們所獲得的收益來看待這個問題，而這主要歸功於今年授予的合約。

Our next question comes from the line of Joseph Foresi with Cantor Fitzgerald.

我們的下一個問題來自約瑟夫·福雷西和康托·菲茨杰拉德的傳承。

I was wondering has the mix or the service offerings within digital shifted? And how do you balance the need for investments in digital versus the cost-cutting initiatives?

我想知道數位領域的產品組合或服務內容是否改變了？那麼，如何平衡數位投資的需求與削減成本的措施呢？

Yes, I don't think, Joe -- it's Frank. I don't think there are sort of quarter-to-quarter meaningful shifts in the digital mix. Of course, as I've said, if you take a longer-term perspective, the definition of digital and what constitutes digital has changed dramatically if you look over, let's say, a 5-year period. 5, 7 years ago, we were talking about social and mobile and analytics and cloud as being the constituent components of digital. Today, we're talking more about -- in addition to those things, we include artificial intelligence and blockchain and so on and so forth, additive manufacturing, all of these new things that are -- so the definition of digital certainly is expanding as innovation happens and new things, new technologies emerge. So over longer period, yes, certainly, the mix, if you will, changes. But quarter-to-quarter, I don't think there's significant mix shift.

是的，我想不是喬——是法蘭克。我認為數位行銷組合不會出現季度間的實質變化。當然，正如我所說，如果你從更長遠的角度來看，數字的定義以及構成數字的內容已經發生了巨大的變化，比如說，在過去的 5 年裡。5、7年前，我們還在談論社交、行動、分析和雲端運算，認為它們是數位化的組成部分。今天，我們談論更多的是——除了這些之外，我們還包括人工智慧、區塊鏈等等，積層製造，所有這些新事物——因此，隨著創新和新事物、新技術的出現，數位化的定義當然也在不斷擴展。所以從長遠來看，是的，當然，這種組合會改變。但從季度環比來看，我認為產品組合不會有顯著變化。

And look, I think we're managing margin and investment the way we always have, which is we have a process for thinking about or analyzing the investment that we have, that we'd like to make, that we'd like to allocate capital to. We run the business and as -- we run the business and then every quarter or so, every 60, 90 days, we look at our list of investments, say what investments we want to -- we stagger the investments. We say what investments we want to make this quarter or during this period. We release those dollars. And that's how we balance margin and making the investments. That's just an ongoing process.

我認為，我們對利潤率和投資的管理方式與以往一樣，我們有一套流程來思考或分析我們已有的投資、我們想要進行的投資以及我們想要分配資本的投資。我們經營業務，然後大約每季、每 60 天、90 天，我們會查看我們的投資清單，決定我們想要進行哪些投資——我們會錯開投資時間。我們會說明我們想在本季或在此期間進行哪些投資。我們釋放這些美元。這就是我們平衡利潤和進行投資的方式。那隻是一個持續的過程。

We've tightened up that process. It's a muscle that we've had in the past. We've -- I think we've strengthened that muscle over the last 18, 24 months. I think that's good, healthy, capital allocation discipline that were developed -- that we have developed -- have had in the past and continue to develop in the company. And I think that's how we look at things quarter-to-quarter, month-to-month and figure out where to allocate our dollars against the investments that we think are going to have either the most growth return or the most strategic return over a longer period of time.

我們已經完善了這個流程。這是我們以前就有的肌肉。我認為在過去的 18 到 24 個月裡，我們已經增強了這種能力。我認為這是良好的、健康的資本配置紀律，我們已經發展出這種紀律，並且過去一直有，現在也正在公司繼續發展這種紀律。我認為，這就是我們按季度、按月看待問題的方式，並決定將資金分配到我們認為在較長時期內能夠帶來最大成長回報或最具戰略意義回報的投資項目上。

Our next question comes from the line of Jason Kupferberg with Bank of America Merrill Lynch.

我們的下一個問題來自美國銀行美林證券的傑森庫柏伯格。

This is actually Amit Singh. Just quickly going back to ASC 606. And the first part is for your second quarter results, you have benefit on the top line and bottom line and margin from ASC 606. How much of that was in the guidance that you provided last quarter? The only thing I'm trying to understand is, if you remove the $31 million and if it was not in the guidance, then your revenues came in below the guidance range. And then the second part is for the full year, I'm trying to understand what does immaterial mean. Does that mean close to 0? And would that mean in the second half of the year now, that ASC would be actually a negative to revenue margins and EPS in the second half of fiscal '18?

這其實是阿米特·辛格。簡單回顧一下 ASC 606。第一部分是關於你第二季業績的，你將從 ASC 606 中獲得營收、利潤和利潤率的好處。其中有多少包含在您上個季度提供的業績指引中？我唯一想弄清楚的是，如果去掉那 3,100 萬美元（而且這筆錢不在預期之內），那麼你們的收入就低於預期範圍了。然後第二部分是關於全年的，我試著理解「非物質的」是什麼意思。那是不是意味著接近0？那麼，這是否意味著在今年下半年，ASC 實際上會對 2018 財年下半年的營收利潤率和每股盈餘產生負面影響？

Yes, so I think -- wanted to go back to Q2, right? So when we gave our Q2 guidance, obviously, that was the beginning of May. So we had a pretty good handle on what contracts were starting, and the impact of any contracts was included in our guidance, both from a revenue and a margin perspective. And you can't really break it up. Because going back to Frank's prior comments, right, we really look at the business on an annual, a monthly, a quarterly and a semiannual basis to really look at where do we think margins are going to land. What investments can we make? And we make investments to adjust to the revenue growth and the margin trajectory for the company. So you can't just pull out ASC 606 in isolation because we would've made other trade-offs, if not for that. So I don't think you can look at it that way.

是的，所以我想——是想回到第二季度，對吧？所以，當我們給出第二季業績指引時，顯然是在五月初。因此，我們對哪些合約即將生效有了相當清晰的了解，並且從收入和利潤率的角度來看，任何合約的影響都已納入我們的業績指引中。而且你根本無法把它拆開。因為回到弗蘭克之前的評論，沒錯，我們確實會按年度、月度、季度和半年來審視業務，以便真正了解我們認為利潤率會達到什麼水平。我們可以進行哪些投資？我們會進行投資，以適應公司的收入成長和利潤率趨勢。所以你不能單獨拿出 ASC 606，因為如果沒有它，我們會做出其他權衡。所以我覺得你不能那樣看待這個問題。

And when we look at the full year basis, I mean, keep in mind, even at the bottom end of our range, we're over $16 billion of revenue on a full year basis. So 1% of revenue is $160 million, and we certainly don't expect the 606 revenue impact to be even that large. So at a company level, it's not material for the year.

當我們從全年來看時，我的意思是，請記住，即使按照我們預測範圍的下限，我們的全年收入也超過 160 億美元。所以，營收的 1% 就是 1.6 億美元，我們當然不認為 606 的營收影響會達到這麼大。因此，就公司層面而言，這不會對今年產生實質影響。

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

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

Raj, in your commentary, you mentioned something in the context of focusing on high-growth and high-margin accounts. Are we in the process of pruning some of those that are not kind of qualifying within that criteria and that could potentially impact or cap top line growth down the road, i.e. you guys are focusing on some of the better opportunities out there. And obviously, they'll be important in the context of top line growth down the road.

Raj，你在評論中提到，要專注於高成長和高利潤的客戶。我們是否正在裁減一些不符合這些標準、並且可能在未來影響或限制營收成長的公司，例如：你們關注的都是一些比較好的機會。顯然，它們對未來的營收成長至關重要。

Yes. So look, the answer is definitely yes, right. I mean, we made a commitment to you that we were going to go focus, shift our business towards more high value-added digital work and at healthy margins. And we are being smart, making sure that we're -- the work that we're doing is strategic to our clients and present a long-term, healthy growth, healthy margin opportunities for us. So the answer's yes. If there are some work that we feel that doesn't present the -- meet that criteria, we have chosen to walk away from.

是的。所以你看，答案肯定是肯定的，對吧。我的意思是，我們曾向你們承諾，我們將專注於把業務重心轉移到更高附加價值的數位工作上，並保持健康的利潤率。我們正在採取明智的做法，確保我們所做的工作對我們的客戶具有戰略意義，並為我們帶來長期、健康的成長和健康的利潤機會。所以答案是肯定的。如果有些作品我們認為不符合這些標準，我們會選擇放棄。

Yes. Moshe, I would -- it's Frank. I would just add to that. I think the choices are less at the overall client level, although we may do that as well. But more what kind of work within a client we choose to focus our energy and resources on. I would say that -- and if you think in the long run, there are 2 points I'd make. One is, I don't think that the constraint to our business in the long run will be demand is -- lots of demand for technology out there. So it's the smart move to pick your battles carefully and focus on the work that you think is going to be most strategically significant to the client over the long run.

是的。莫舍，我會－－是法蘭克。我還要補充一點。我認為在整體客戶層面，選擇較少，儘管我們也可能在這方面有所作為。但更重要的是，我們選擇將精力和資源集中在客戶內部的哪種類型的工作上。我想說的是──如果你從長遠角度考慮，我有兩點要補充。第一點，我認為從長遠來看，我們業務的限制不會是需求——因為市場上對技術的需求很大。因此，明智的做法是謹慎選擇要爭取的戰場，專注於那些你認為長遠來看對客戶最具戰略意義的工作。

And at some level, our constraint is, where do you deploy your talent? And so we're thinking carefully about how we develop our talent? How do we train them for the next generation and the next generation of work after that? And then, how do we deploy that talent against the work that's going to be most meaningful to them, give them the most rewarding careers, help them to be most successful over the long run? So I don't -- even though we are making very thoughtful choices about the kind of work we go after, I don't think that the conclusion of that should be that it slows revenue growth in the long run because I think there's lots of revenue opportunity within the high-growth or the strategic high-value margin things that -- areas of the business that we want to go emphasize.

在某種程度上，我們的限制在於，如何發揮你的才能？所以，我們正在認真思考如何培養人才？我們如何培養他們，以適應下一代以及更遠一代的工作需求？那麼，我們該如何將這些人才安排到對他們來說最有意義的工作中，讓他們獲得最有價值的職涯發展，幫助他們取得長遠的成功呢？所以，儘管我們對所從事的工作類型做出了非常深思熟慮的選擇，但我並不認為由此得出的結論是，從長遠來看，這會減緩收入增長，因為我認為在高增長或具有戰略意義的高價值利潤率領域中，存在著大量的收入機會——這些領域正是我們想要重點關注的業務領域。

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

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

Maybe, Raj, if you could -- I don't know if you can answer this or not. But on those Financial Services clients where there's a mix headwind. Is there a way to perhaps predict when we kind of get over that hump on the headwind? I know there's different clients and different schedules, but is it -- is it something that we can overcome exiting 2018? Or do we think it potentially runs into next year?

拉傑，或許你可以──我不知道你是否能回答這個問題。但對於那些面臨多種不利因素的金融服務客戶而言，情況則有所不同。有沒有辦法預測我們何時才能克服逆風帶來的困難？我知道客戶不同，行程也不同，但是──這是我們能在2018年結束之際克服的嗎？或者我們認為它可能會持續到明年？

Yes. So Joseph, it is hard to predict because each client is different. They're all going through various business scenarios in terms of how they're leveraging technology. But I think one thing that is definitely there, right, we -- all of them realize that it's important to invest in digital. I think -- so I do think that we have the winning formula because I think one of the key strengths that we have is because the size and nature of the work that we do there for these clients, impacting lots of the digital work we're doing into operations and technology, and having the strong domain expertise that we have at the clients, I think they all view us as a strategic partner. And I do expect that as more of our mix shifts towards digital, just like it has in North America, that we'll continue to excel at those accounts as well. But it's hard to predict the exact time frame because each one of those accounts has a different business scenario going on.

是的。所以約瑟夫，這很難預測，因為每個客戶的情況都不一樣。他們都在經歷各種不同的商業場景，探索如何利用科技。但我認為有一點是肯定的，對吧，我們都意識到投資數位化非常重要。我認為——所以我認為我們擁有成功的秘訣，因為我認為我們擁有的關鍵優勢之一是，我們為這些客戶所做的工作的規模和性質，對我們開展的許多數位化營運和技術工作都產生了影響，再加上我們在客戶那裡擁有強大的領域專業知識，我認為他們都把我們視為戰略合作夥伴。而且我預計，隨著我們的業務組合更多地轉向數位化，就像在北美一樣，我們也將繼續在這些客戶方面表現出色。但很難預測確切的時間範圍，因為每個帳戶都有不同的業務狀況。

Our final question will come from the line of Harshita Rawat with AllianceBernstein.

我們最後一個問題將來自 AllianceBernstein 的 Harshita Rawat。

So I have a question on Healthcare revenue growth. It looks like the year-over-year organic revenue growth was very weak once you adjust for acquisitions. So my question is, what's driving the deceleration? And what's the path to achieving mid- to high single-digit organic revenue growth in that business?

我有一個關於醫療保健收入成長的問題。剔除收購因素後，年比有機營收成長似乎非常疲軟。所以我的問題是，是什麼導致了減速？那麼，該業務如何才能實現中高個位數的有機收入成長呢？

So the -- and really, the only inorganic revenue in Healthcare was Bolder, which we acquired in April. TMG is actually a client win. That's not an acquisition, so that is organic revenue growth. So I think on a year-over-year basis, the practice grew about 10%. If you back out Bolder, that was a small piece of it in the quarter, less than $40 million of revenue in the quarter. So I think we continue to see strong growth in Healthcare. I actually think that the comps for Healthcare will get more challenging in the back half of the year because we'll start to lap TMG in Q3, and we don't have another large deal. So if you recall in 2016, we had the Emblem deal, which started in Q3 of 2016. Last year, we had the TMG contract, which started in Q3. There is not currently another very large platform deal slated to begin this year. So the comps will get a little bit tougher because of that. But outside of that, we continue to see nice, strong, healthy growth in Healthcare.

所以——實際上，醫療保健領域唯一的非有機收入來自 Bolder，我們在 4 月收購了該公司。TMG其實是客戶的一次成功案例。那不是收購，所以是內生性收入成長。所以我認為，從年增長率來看，這種做法成長了約 10%。如果把 Bolder 的業務剔除，那隻是該季度收入的一小部分，該季度收入不到 4,000 萬美元。所以我認為醫療保健產業將繼續保持強勁成長。實際上，我認為醫療保健行業的同業比較在今年下半年會更具挑戰性，因為我們將在第三季開始超越TMG，而且我們也沒有其他大宗交易。所以，如果你還記得的話，2016 年我們與 Emblem 達成了合作協議，該協議於 2016 年第三季開始生效。去年，我們與 TMG 簽訂了合同，該合約從第三季開始生效。目前還沒有其他大型平台交易計劃在今年啟動。因此，比賽難度會稍微增加一些。但除此之外，我們持續看到醫療保健領域保持著良好、強勁、健康的成長。

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

了不起。我想，我們就到此為止吧。感謝各位今天蒞臨現場並提出問題，我們期待下個季度再次與大家交流。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。