高知特 (CTSH) 2018 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Third Quarter 2018 Earnings Conference Call. (Operator Instructions) Thank you. I would now like to turn the conference over to David Nelson, Vice President, Investor Relations and Treasurer at Cognizant. Please go ahead, sir.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2018 年第三季財報電話會議。（操作說明）謝謝。現在我謹將會議交給 Cognizant 的投資人關係副總裁兼財務長 David Nelson。請繼續，先生。

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's third quarter 2018 results. If you have not, a copy is available on our website, cognizant.com.

謝謝接線員，大家早安。現在，你應該已經收到該公司 2018 年第三季業績的獲利報告副本了。如果您還沒有，可以從我們的網站 cognizant.com 上取得一份副本。

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

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

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties that's 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。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中描述的風險和不確定性的影響，包括我們今天稍後提交的 10-Q 表格。

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

現在我將把電話交給弗朗西斯科·德索薩。請繼續，弗朗西斯科。

Hello, everyone, and thanks for joining our call. This morning, I'd like to cover 2 topics: first, a few highlights from Q3; and second, since we're about 2 weeks away from Cognizant's Investor Day, I thought I'd give you a preview on what we'll be discussing.

大家好，感謝各位參加我們的電話會議。今天早上，我想談兩個主題：首先，第三季的一些亮點；其次，由於距離 Cognizant 投資者日還有大約兩週時間，我想提前向大家介紹一下我們將要討論的內容。

Let's begin with the quarter.

讓我們從季度開始。

Third quarter revenue was $4.08 billion, within our guided range, and up 8.3% year-over-year. 3 of our 4 business segments delivered strong performance in the quarter, driven largely by the increasing adoption of digital across these segments. And in the fourth segment, Banking and Financial Services, we see good growth in our digital offerings, which continues to be offset by pressure on run-the-bank spending. As a result, our digital revenue in the quarter grew in the low 20% range, well above company average and now over 30% of total revenue, reflecting the continuing shift across segments to digital revenues.

第三季營收為 40.8 億美元，符合預期範圍，年增 8.3%。本季度，我們 4 個業務部門中有 3 個實現了強勁的業績成長，這主要得益於這些部門對數位化的日益重視。在第四個板塊——銀行和金融服務領域，我們看到數位化產品實現了良好的成長，但這繼續被銀行日常營運支出的壓力所抵消。因此，本季我們的數位營收成長了 20% 左右，遠高於公司平均水平，目前已佔總營收的 30% 以上，反映出各業務部門持續轉型為數位營收。

Underscoring the relevance of our industry-specific digital services to clients, we continue to see our digital portfolio generate margins above the company average. Our non-GAAP operating margin was 21.1% for the quarter, putting us on track to deliver on our full year margin commitment, and quarterly non-GAAP EPS was $1.19.

為了強調我們針對特定行業的數位化服務對客戶的重要性，我們看到我們的數位化產品組合持續產生高於公司平均的利潤率。本季非GAAP營業利潤率為21.1%，使我們有望實現全年利潤率目標，季度非GAAP每股收益為1.19美元。

As these results suggest, our sustained emphasis on digital services is helping us win more business with attractive margins and deliver higher-quality growth as clients shift more of their spending from traditional IT to digital services.

正如這些結果所表明的那樣，我們對數位服務的持續重視正在幫助我們贏得更多利潤可觀的業務，並隨著客戶將更多支出從傳統 IT 轉向數位服務，實現更高品質的成長。

Turning to guidance.

尋求指導。

We expect fourth quarter revenue to be within a range of $4.09 billion to $4.13 billion. For the full year, we expect revenue to be within the range of $16.09 billion and $16.13 billion, a growth of 8.6% to 9%. And we remain confident in our previously stated guidance of achieving a non-GAAP operating margin in 2018 of approximately 21%.

我們預計第四季營收將在 40.9 億美元至 41.3 億美元之間。我們預計全年營收將在 160.9 億美元至 161.3 億美元之間，成長 8.6% 至 9%。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。

Over the last couple of months, we've announced 3 acquisitions to further enhance our digital capabilities. Two of them, which closed earlier this month, relate to the Salesforce Platform, where Cognizant has one of the industry's largest roster of certified consultants.

在過去的幾個月裡，我們宣布了 3 項收購，以進一步增強我們的數位化能力。其中兩筆交易於本月初完成，均與 Salesforce 平台相關，Cognizant 在 Salesforce 平台擁有業內規模最大的認證顧問團隊之一。

We acquired Advanced Technology Group, which provides customer and revenue management consulting and implementation services that are focused on the Salesforce Platform. Advanced Technology Group, headquartered in the U.S., has expertise in implementing automated, cloud-based, quote-to-cash business processes, a new and fast-growing part of the Salesforce ecosystem. Their capabilities will strengthen our cloud solutions portfolio as clients shift to business models based on recurring revenue streams.

我們收購了 Advanced Technology Group，該公司提供專注於 Salesforce 平台的客戶和收入管理諮詢及實施服務。Advanced Technology Group 總部位於美國，擁有實施自動化、基於雲端的報價到收款業務流程的專業知識，這是 Salesforce 生態系統中一個新興且快速成長的部分。隨著客戶轉向基於經常性收入流的商業模式，他們的能力將增強我們的雲端解決方案組合。

During the quarter, we also acquired SaaSfocus, one of the largest independent Salesforce Platinum consulting partners in the Asia-Pacific region, with operations across Australia and India. SaaSfocus will expand our end-to-end digital transformation services and Salesforce cloud capability in Asia Pacific.

本季度，我們也收購了 SaaSfocus，它是亞太地區最大的獨立 Salesforce 白金顧問合作夥伴之一，業務遍及澳洲和印度。SaaSfocus 將在亞太地區擴展我們的端到端數位轉型服務和 Salesforce 雲端能力。

We're especially excited about the anticipated acquisition of Softvision, announced earlier this month, which will expand our digital engineering capabilities once completed. Softvision is a leader in software product innovation and development using modern, agile software engineering tools, techniques and processes. Softvision will bring more than 2,800 technologists to Cognizant, increasing our ability to provide software engineering services to our clients from a new Eastern European base in Romania, a fast-emerging hub for software developers. We expect the acquisition to close later this quarter. Adding Softvision to Cognizant will enable us to create one of the world's largest digital engineering companies.

我們對本月稍早宣布的對 Softvision 的收購尤其感到興奮，收購完成後將擴大我們的數位工程能力。Softvision 是軟體產品創新和開發領域的領導者，採用現代化的敏捷軟體工程工具、技術和流程。Softvision 將為 Cognizant 帶來 2800 多名技術人員，增強我們從位於羅馬尼亞（一個快速崛起的軟體開發人員中心）的東歐新基地為客戶提供軟體工程服務的能力。我們預計此次收購將於本季稍後完成。將 Softvision 併入 Cognizant 將使我們能夠打造全球最大的數位工程公司之一。

Our acquisition activity complements our ongoing organic investment in digital capabilities, domain knowledge, global and local delivery, and overall ability to deliver for clients from strategy through implementation and outcomes.

我們的收購活動是我們正在進行的數位化能力、領域知識、全球和本地交付以及從策略到實施和成果為客戶提供服務的整體能力的補充。

Okay. So let's move to my second topic, Investor Day, which is scheduled for Friday, November 16, in New York.

好的。接下來，我們進入我的第二個主題——投資者日，該活動定於11月16日星期五在紐約舉行。

Our goal for Investor Day is to discuss our mid-term strategy and growth path over the next several years. The strategy centers on helping clients become digital at scale, by digitizing their products and services, personalizing their -- the experiences they offer their customers, fully automating their business processes and modernizing their IT infrastructures. Clients find digital at scale compelling because it generates new revenue streams, new operating models and new ways of delighting their customers. And we find digital at scale compelling because of how well positioned we are to seize what's becoming a massive market opportunity.

我們舉辦投資者日的目的是討論我們未來幾年的中期策略和成長路徑。此策略的核心是幫助客戶大規模實現數位轉型，具體措施包括：將客戶的產品和服務數位化，將客戶體驗個人化，將業務流程完全自動化，以及將 IT 基礎設施現代化。客戶認為大規模數位化極具吸引力，因為它能創造新的收入來源、新的營運模式和取悅客戶的新方法。我們發現，大規模數位化極具吸引力，因為我們擁有得天獨厚的優勢，可以抓住這個正在變得巨大的市場機會。

At Investor Day, we'll also cover the financial objectives we'll seek to deliver for the company and for shareholders, including our targets for revenue, margins, EPS and capital return for the next [2] years. In addition, we'll give you the opportunity to meet and hear from a cross-section of our executive leadership team. Overall, our goal for Investor Day is to present our plan for the future.

在投資者日上，我們也將介紹我們將為公司和股東努力實現的財務目標，包括我們未來[2]年的收入、利潤率、每股盈餘和資本回報目標。此外，我們還將為您提供機會，讓您與我們高階主管團隊的各個層級成員見面並聽取他們的意見。總的來說，我們舉辦投資者日的目的是展示我們的未來計劃。

One more point before I turn the call over to Raj.

在把電話交給拉傑之前，還有一點需要說明。

For Cognizant, 2018 has been a year of solid execution across many dimensions of the company. We've accelerated Cognizant's pivot to digital, while driving revenue growth, margin improvement and capital returns. And therefore, we expect our forward momentum to continue to deliver strong results.

對 Cognizant 而言，2018 年是公司在各方面都取得穩健發展的一年。我們加快了 Cognizant 向數位轉型的步伐，同時推動了營收成長、利潤率提高和資本回報。因此，我們預計我們的發展勢頭將繼續帶來強勁的成果。

And now over to Raj, who will give you an update on the performance of our industry verticals. Raj?

現在請 Raj 為大家介紹我們各產業垂直領域的最新業績。拉傑？

Thanks, Frank, and good morning, everyone.

謝謝你，弗蘭克，大家早安。

Cognizant's orientation is digital first and digital at scale. It's the way we think and the way we work based on what clients need. With that in mind, let's look at how our industry segments performed in the quarter, beginning with Communications, Media and Technology, which had strong year-over-year growth of 17.1%.

Cognizant 的發展方向是數位化優先和規模化數位化。這是我們根據客戶需求而採取的思考和工作方式。考慮到這一點，讓我們來看看我們各個行業板塊在本季度的表現，首先是通訊、媒體和技術板塊，該板塊實現了強勁的同比增長，達到 17.1%。

Within Communications, we're helping clients co-innovate the networks of the future to enable rich, complex information to move at speeds more than 30x faster than what's possible today, leading to a significant improvement in virtual reality, robotics, health care and more.

在通訊領域，我們正在幫助客戶共同創新未來的網絡，使豐富、複雜的資訊能夠以比現在快 30 倍以上的速度傳輸，從而顯著改善虛擬實境、機器人、醫療保健等領域。

Within media, analytics has become essential to our clients' long-term success. And in our technology vertical, content moderation continues to drive client revenue.

在媒體產業，數據分析已成為客戶長期成功的關鍵因素。在我們所在的科技領域，內容審核持續為客戶帶來收入。

We're proud to be working with several of the world's largest born-digital companies, which also engage us to apply AI, software engineering and IoT solutions to help develop new business models. They know that to retain their customers, they must constantly create new and compelling experiences. And it's worth noting that in the third quarter, 2 of our technology clients were part of Cognizant's 10 largest clients, and both are continuing to grow. That compares with just 3 years ago when our entire top 10 were either banking or health care clients.

我們很榮幸能與全球多家最大的原生數位公司合作，這些公司也聘請我們應用人工智慧、軟體工程和物聯網解決方案來協助開發新的商業模式。他們知道，為了留住客戶，必須不斷創造新穎且引人入勝的體驗。值得注意的是，在第三季度，我們的兩家科技客戶躋身 Cognizant 的十大客戶之列，而且這兩家客戶都在持續成長。相較之下，僅僅 3 年前，我們的前 10 名客戶全部都是銀行或醫療保健客戶。

Moving to Products and Resources. We increased revenue 11.5% year-over-year, led by strong growth from our retail and manufacturing clients. In retail, we had one of our best quarters in years. Traditional retailers are racing to strengthen their digital business channels to meet the Amazon challenge of frictionless omnichannel experiences, hyper-personalized retailing and responsive supply chain systems. We're helping retailers implement the next stage of unified commerce and partnering with them to enable enterprise-wide transformation.

移至產品和資源頁面。由於零售和製造客戶的強勁成長，我們的營收年增了 11.5%。零售業方面，我們迎來了多年來業績最好的一個季度。傳統零售商正競相加強其數位業務管道，以應對亞馬遜帶來的挑戰，即提供無摩擦的全通路體驗、高度個人化的零售和響應迅速的供應鏈系統。我們正在幫助零售商實施下一階段的統一商務，並與他們合作，以實現企業範圍內的轉型。

An example tells a story. A mid-sized U.S. retailer wanted to offer their customers a more engaging experience as well as the convenience of buy anywhere, fulfill anywhere and return anywhere. We helped the client define an omnichannel roadmap and implemented a cloud-based commerce solution that provides full-scale order management. With the new solution in place, our client has increased the number of orders through digital channels to around 1 million a month. And we see plenty of opportunity ahead in retail as clients strive to achieve better consumer engagement and retention by using advanced e-commerce and digital ecosystem management.

一個例子能說明問題。美國一家中型零售商希望為顧客提供更具吸引力的購物體驗，以及隨時隨地購買、隨時隨地出貨和隨時隨地退貨的便利性。我們幫助客戶制定了全通路路線圖，並實施了基於雲端的商務解決方案，該方案提供全面的訂單管理。隨著新解決方案的實施，我們的客戶透過數位管道的訂單量已增加到每月約 100 萬筆。我們看到零售業未來有很多機會，因為客戶正努力透過使用先進的電子商務和數位生態系統管理來實現更好的消費者互動和保留。

In manufacturing, spending among our clients remains strong as they continue to invest in making their products smarter and their consumer experiences richer. This effort is also driving digital initiatives on the factory floor, including more use of AI-driven autonomy to augment human decision-making. The newest phase of manufacturing uses automated and digitized systems to bring together physical with digital. This phase combines machine-to-machine communication, Internet of Things, analytics and big data to provide much better visibility into operations.

在製造業領域，我們的客戶支出依然強勁，他們不斷投資，力求使他們的產品更智能，消費者體驗更豐富。這項努力也推動了工廠車間的數位轉型，包括更多地利用人工智慧驅動的自主技術來增強人類的決策能力。製造業的最新階段採用自動化和數位化系統，將物理世界與數位世界結合。這一階段結合了機器對機器通訊、物聯網、分析和大數據，從而更好地了解營運。

For example, we're working with a global industrial manufacturing leader to improve their overall plant efficiency and transform their operations, while saving them several hundred million dollars over the next few years. We're doing this by reducing maintenance downtime, improving throughput, lifting worker productivity and enabling increased levels of automation.

例如，我們正在與一家全球領先的工業製造企業合作，以提高其工廠的整體效率並改變其運作方式，同時在未來幾年內為其節省數億美元。我們透過減少維護停機時間、提高產量、提升工人生產力和提高自動化水準來實現這一目標。

Our engagement will cover more than 20 global manufacturing sites and create digital twins of their environment. These are virtual replicas of what's happening on the factory floor in near real-time and continuously analyze incoming data streams. Clients will use this analysis to manage the performance of their machines, lines and plants, with the aim of achieving significant gains in uptime and productivity.

我們的合作將涵蓋全球 20 多個製造基地，並創建其環境的數位孿生模型。這些是工廠車間近乎即時發生的虛擬副本，並持續分析傳入的資料流。客戶將利用此分析來管理其機器、生產線和工廠的性能，以期在正常運行時間和生產率方面取得顯著進展。

Now let's turn to Banking and Financial Services, which grew 2.6% year-over-year.

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 2.6%。

Banks realize they need to break away from their legacy IT foundations and become digital at scale. That's the best way to reinvent their business models improve their customer engagement and achieve the technical agility needed for rapid learning and adapting. As mentioned on prior calls, our banking clients' intense focus on continuing their run-the-bank spending has affected a substantial portion of our work for them. But even with that, these clients are stepping up their spending on advanced technologies to transform their businesses. And as we extend our portfolio of services, our banking-related digital revenue has seen solid growth. We believe this growth will increasingly offset the pressure we're seeing on their run-the-bank spending.

銀行意識到他們需要擺脫傳統的IT基礎架構，並大規模實現數位轉型。這是重塑其商業模式、提高客戶參與度以及實現快速學習和適應所需的技術敏捷性的最佳途徑。正如先前電話會議中提到的，我們的銀行客戶高度重視繼續維持其日常營運支出，這已經對我們為他們所做的很大一部分工作產生了影響。即便如此，這些客戶仍在加大對先進技術的投入，以改變其業務。隨著我們不斷擴展服務組合，與銀行業務相關的數位收入也實現了穩健成長。我們相信，這種成長將逐漸抵消他們目前在巨額支出方面所面臨的壓力。

We're optimistic about the shift for 2 reasons: first, all banks realize they must rewrite their futures with digital; and second, our banking clients, headquartered in North America, are beginning to see their spending on technology rise, with a growing portion of that spend allocated to digital transformation. In Europe, we expect banks to follow a similar trend.

我們對這一轉變持樂觀態度，原因有二：首先，所有銀行都意識到他們必須透過數位化重塑未來；其次，我們總部位於北美的銀行客戶開始看到他們在科技方面的支出增加，其中越來越多的支出被分配到數位轉型。我們預期歐洲的銀行業也將遵循類似的趨勢。

So the expansion of our digital services is starting to bring growth back into a number of our large banking clients. This is especially true in the areas of core modernization and digital engineering services. For example, a major bank sought our help to move their legacy applications onto a cloud native architecture to reduce costs and complexity, increase their output productivity and become more agile. Drawing on our deep knowledge of the bank systems, we worked with Pivotal software to refactor legacy applications onto the pivotal cloud foundry, an open-source platform. We demonstrated how seamlessly we can integrate legacy technologies with cloud native architecture. We are able to dramatically reduce the time it takes to release code. And we provide the bank with agile capabilities, such as autoscaling and autorecovery.

因此，我們數位服務的擴展開始為我們的一些大型銀行客戶帶來成長。在核心現代化和數位工程服務領域，這種情況尤其突出。例如，一家大型銀行尋求我們的幫助，將其傳統應用程式遷移到雲端原生架構上，以降低成本和複雜性，提高生產效率，並變得更加敏捷。憑藉我們對銀行系統的深入了解，我們與 Pivotal 軟體公司合作，將遺留應用程式重構到 Pivotal 雲端 Foundry（一個開源平台）上。我們展示瞭如何將傳統技術與雲端原生架構無縫整合。我們能夠大幅縮短程式碼發布所需的時間。我們為銀行提供敏捷功能，例如自動擴展和自動恢復。

Now let's look at health care, where revenue was up 9.6% year-over-year.

現在讓我們來看看醫療保健產業，該產業的收入年增了 9.6%。

For health care providers and payers, the focus continues to be on improving efficiencies and advancing patient care and satisfaction. We continue to invest and position our Healthcare 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 a provider network of doctors, hospitals and other clinicians. And we see continuing traction in this network. During the quarter, our Healthcare consulting practice, Cognizant's largest consulting practice, had very strong growth.

對於醫療保健提供者和支付方而言，重點仍是提高效率，提升病患照護水準和滿意度。隨著客戶將其基本業務模式從按服務收費轉向基於價值的醫療服務，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，納入了由醫生、醫院和其他臨床醫生組成的醫療服務提供者網路。我們看到這個網絡持續發展壯大。本季度，Cognizant 最大的顧問業務－醫療保健諮詢業務實現了非常強勁的成長。

Turning to our Life Sciences practice.

接下來談談我們的生命科學業務。

We excel at helping biopharma and medtech companies thrive in a world of shrinking patent expirations, while improving their product development and manufacturing processes in a stringent regulatory environment. We're encouraged by a couple of developments that are driving growth in this practice.

我們擅長幫助生物製藥和醫療技術公司在專利到期日越來越短的世界中蓬勃發展，同時在嚴格的監管環境下改善其產品開發和製造流程。令我們感到鼓舞的是，有幾個方面正在推動這一領域的成長。

First, we see continued traction in our platform solutions. Our shared investigator platform is now live at 5 large pharmaceutical clients. This cloud-based collaboration platform makes it easier for clinical trial researchers to access, share and analyze data. We have another 5 clients signed up, with implementation expected over the next few quarters. And along with the licensed revenue from our shared investigator platform, we will typically realize consulting, implementation and processing services.

首先，我們看到我們的平台解決方案持續獲得市場認可。我們的共享調查平台目前已在 5 家大型製藥客戶中投入使用。這個基於雲端的協作平台使臨床試驗研究人員更容易存取、共享和分析數據。我們已經簽約了另外 5 位客戶，預計將在未來幾季內實施。除了從我們共享的調查員平台獲得的授權收入外，我們通常還會獲得諮詢、實施和處理服務的收入。

The second development fueling growth is in a number of large enterprise transformation deals in the process of ramping up. For example, we're working with one of the world's largest medical device and pharmaceutical companies to help drive several of their billion-dollar brands in more than a dozen markets across the globe.

推動成長的第二個因素是許多大型企業轉型交易正在加速。例如，我們正在與全球最大的醫療器材和製藥公司之一合作，幫助其在全球十幾個市場推廣其多個價值數十億美元的品牌。

Our clients needed to create an agile, efficient and scaled global marketing organization, so we're enabling this with our assetSERV digital asset management solution. It's a cloud-based pre-configured platform that helps enterprises manage end-to-end content life cycle and deliver engaging customer experiences. We're helping the clients support new ways of working by enabling reduced duplication and spend, enhanced collaboration, greater asset use and reuse, and leverage scale.

我們的客戶需要創建一個敏捷、高效且可擴展的全球行銷組織，因此我們透過 assetSERV 數位資產管理解決方案來實現這一目標。這是一個基於雲端的預先配置平台，可協助企業管理端到端的內容生命週期，並提供引人入勝的客戶體驗。我們正在幫助客戶支持新的工作方式，減少重複工作和支出，加強協作，提高資產利用率和再利用率，並利用規模優勢。

Overall, the story of our industry segments continues to be one of steady execution and progress. We are resolved to be our clients go-to transformation partner. To that end, we continue to invest significantly in digital engineering; interactive, intelligent process automation; platform solutions; analytics, and AI; and core modernization, all of it is directed at helping our clients drive digital at scale.

整體而言，我們各產業板塊的發展歷程依然是穩定推進且不斷進步的。我們決心成為客戶首選的轉型合作夥伴。為此，我們繼續大力投資數位工程、互動式智慧流程自動化、平台解決方案、分析和人工智慧以及核心現代化，所有這些都是為了幫助我們的客戶大規模地推動數位轉型。

With that, I'll turn it over to Karen. Karen?

接下來，我將把麥克風交給凱倫。凱倫？

Thank you, Raj, and good morning, everyone.

謝謝你，拉傑，大家早安。

The business performed within expectations in the third quarter as revenue of $4.08 billion was within our guided range and increased 8.3% year-over-year, including a 70-basis-point negative impact from currency. The adoption of the new revenue recognition standard had a $33 million positive impact to revenue in the quarter.

第三季業務表現符合預期，營收為 40.8 億美元，符合我們預期範圍，年增 8.3%，其中包括匯率帶來的 70 個基點的負面影響。採用新的收入確認準則對本季收入產生了 3,300 萬美元的正面影響。

Europe grew 15.1% year-over-year in Q3, including a 130-basis-point negative impact from currency. And the Rest of World was up modestly from a year ago, including a 590-basis-point negative impact from currency.

歐洲第三季年增 15.1%，其中包括匯率帶來的 130 個基點的負面影響。世界其他地區的經濟成長較去年同期略有成長，其中包括匯率帶來的 590 個基點的負面影響。

Similar to trends that we saw in the second quarter, 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 enhancing our digital leadership in Continental Europe, leading to a number of recent digital wins.

與第二季的趨勢類似，英國和亞太地區的業績都受到了一些大型銀行客戶疲軟的影響，而像 Netcentric 和 Mirabeau 這樣的收購正在增強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 realignment charges, was 21.1%. And non-GAAP EPS was $1.19, exceeding our guidance due to solid operating margin performance and a lower non-GAAP tax rate.

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21.1%。非GAAP每股收益為1.19美元，由於穩健的營業利潤率和較低的非GAAP稅率，超過了我們的預期。

The Q3 GAAP tax rate of 28% was higher than our previous guidance of 26%, primarily due to higher net nonoperating foreign exchange losses, driven by the depreciation of the Indian rupee, partially offset by changes to our geographic mix of earnings.

第三季 GAAP 稅率為 28%，高於我們先前 26% 的預期，主要原因是淨非經營性外匯損失增加，而這又是由印度盧比貶值造成的，部分被我們獲利地域組合的變化所抵消。

The board has declared a quarterly cash dividend of $0.20 per share for shareholders of record at the close of business on November 20.

董事會宣布，向截至 11 月 20 日營業結束時登記在冊的股東派發每股 0.20 美元的季度現金股利。

Before turning to details of our financial performance, I would like to provide an update on the status of the FCPA investigation.

在詳細介紹我們的財務表現之前，我想先介紹一下《反海外腐敗法》調查的最新進展。

As a reminder, in September of 2016, we voluntarily notified the DOJ and SEC of possible FCPA violations. And during 2016, we recorded out-of-period corrections related to $4 million of potentially improper payments. Our discussions with the DOJ and SEC have progressed to a point where we are now able to reasonably estimate a probable loss and have recorded an accrual of $28 million in our financial statements in Q3. While we believe that we are getting closer to the conclusion of this matter, we are unable to predict with certainty the timing of a final resolution.

再次提醒，2016 年 9 月，我們主動向美國司法部和美國證券交易委員會通報了可能違反《反海外腐敗法》的情況。2016 年，我們記錄了與 400 萬美元潛在不當付款相關的非正常期間更正。我們與美國司法部和美國證券交易委員會的討論已經取得進展，我們現在能夠合理估計可能的損失，並在第三季度的財務報表中計提了 2800 萬美元的應計費用。雖然我們相信此事正朝著解決的方向邁進，但我們無法確定最終解決的時間。

Now turning to our financial performance.

現在來看我們的財務表現。

Consulting and Technology Services represented 57.7% of revenue; and outsourcing services, 42.3% of revenue for the quarter. Consulting and Technology Services grew 6.6% year-over-year, and outsourcing services revenue grew 10.7% from Q3 a year ago. Outsourcing growth benefited from the inclusion of our recent acquisition of Bolder Healthcare as well as large client engagements, such as TMG Health.

諮詢和技術服務佔本季營收的 57.7%；外包服務佔本季營收的 42.3%。諮詢和技術服務年增 6.6%，外包服務收入較去年同期成長 10.7%。外包業務的成長得益於我們近期對 Bolder Healthcare 的收購，以及與 TMG Health 等大型客戶的合作。

During the third quarter, 36% of our revenue came from fixed-price contracts, and transaction-based contracts were approximately 11% of total revenue during the quarter.

第三季度，我們 36% 的收入來自固定價格合同，而基於交易的合約約佔該季度總收入的 11%。

We added 7 strategic customers in the quarter, defined as those with the potential to generate at least $5 million to $50 million or more in annual revenue. This brings our total number of strategic clients to 378.

本季我們新增了 7 位策略客戶，這些客戶定義為有潛力每年產生至少 500 萬美元至 5,000 萬美元或更多收入的客戶。這使我們的策略客戶總數達到 378 家。

And now moving to an update on margins.

接下來我們來看看利潤率的最新情況。

In the third quarter, we had solid margin performance as we continued to build on the improvements we've made in our business over the last 22 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.

第三季度，我們取得了穩健的利潤率表現，這得益於我們在過去 22 個月中持續改進業務，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。

Specifically during the quarter, we continued to improve our cost structure by further optimizing the higher end of our resource pyramid, resulting in $11 million in realignment charges.

具體來說，在本季度，我們透過進一步優化資源金字塔的高端部分，繼續改善成本結構，從而產生了 1,100 萬美元的調整費用。

Net of hedges, our Q3 margins also benefited from the depreciation of the Indian rupee versus the prior-year quarter by 74 basis points. Solid margin performance allowed us to absorb the wage increases and promotions in the quarter, while remaining on track to achieve our full year non-GAAP operating margin target of approximately 21%.

扣除對沖因素後，由於印度盧比較上年同期貶值 74 個基點，我們的第三季利潤率也受益匪淺。穩健的利潤率表現使我們能夠消化本季的薪資成長和晉升，同時維持全年非GAAP營業利潤率目標（約21%）的良好動能。

As we drive toward approximately 22% non-GAAP operating margins in 2019, we expect continued margin improvement to be underpinned by both ongoing operational efficiency and discipline as well as affecting a shift within our business to focus 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.

隨著我們努力在 2019 年實現約 22% 的非 GAAP 營業利潤率，我們預計利潤率的持續提高將得益於持續的營運效率和紀律，以及我們業務的轉變，即專注於更高價值的服務，提高我們大型結構化合約組合的盈利能力，並重新評估那些無法進一步鞏固我們在數位市場地位的盈利能力較低的機會。

From a people and talent perspective, our annualized attrition rate at 22% remains elevated. The value that we create for our clients is predominately knowledge-based work, so we depend heavily on the insight, passion and collaboration of our global associates.

從人員和人才的角度來看，我們的年度人員流失率仍居高不下，達到 22%。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。

We believe that 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 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.

我們認為，人員流失率上升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；以及我們組織為擴大數位領導地位而進行的轉型，從而建立可擴展的基礎。我們將繼續專注於人力資源策略和管理。

Turning to our balance sheet, which remains very healthy.

接下來來看看我們的資產負債表，它依然非常健康。

We finished the quarter with $4.8 billion of cash and short-term investments. This balance, net of debt, was down by $144 million from December 31 and includes restricted short-term investments of $405 million. These restricted amounts are related to the ongoing dispute with the Indian income tax department.

本季末，我們持有現金和短期投資48億美元。扣除債務後，該餘額比 12 月 31 日減少了 1.44 億美元，其中包括 4.05 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 $862 million. And free cash flow, which we define as operating cash flow net of CapEx, was $768 million.

本季我們現金流強勁，經營活動產生的現金流達 8.62 億美元。自由現金流（我們定義為扣除資本支出後的營運現金流）為 7.68 億美元。

Our outstanding debt balance was $724 million at the end of the quarter, and there was no outstanding balance on our revolver.

截至季末，我們的未償債務餘額為 7.24 億美元，循環信貸額度沒有未償餘額。

During the third quarter, we repurchased approximately 1.4 million shares, including 1.1 million, which represented final share settlement of the $600 million ASR launched in June. Our diluted share count decreased to 580 million shares for the quarter.

第三季度，我們回購了約 140 萬股股票，其中包括 110 萬股，這代表了 6 月啟動的 6 億美元 ASR 的最終股票結算。本季我們的稀釋後股數減少至5.8億股。

I would now like to comment on our outlook for Q4 and the full year 2018.

現在我想談談我們對2018年第四季和全年的展望。

For the full year 2018, we expect revenues to be in the range of $16.09 billion to $16.13 billion, which represents growth in the range of 8.6% to 9%. Our guidance is based on the current exchange rates at the time of which we are providing guidance and does not forecast for potential currency fluctuations over the remainder of the year.

我們預計 2018 年全年營收將在 160.9 億美元至 161.3 億美元之間，成長幅度在 8.6% 至 9% 之間。我們的指引是基於提供指引時的當前匯率，並未預測今年剩餘時間內可能出現的匯率波動。

Based on current exchange rates and the positive currency impact realized year-to-date, the full year favorable revenue impact from currency is now expected to be approximately 30 basis points versus the full year 2017. This is down from our original estimate of 100-basis-point impact at the beginning of the year.

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 30 個基點。這比我們年初預估的100個基點的影響有所下降。

For the fourth quarter of 2018, we expect to deliver revenue in the range of $4.09 billion to $4.13 billion. Based on current exchange rates, the Q4 negative impact from currency is expected to be approximately 100 basis points versus Q4 of '17.

預計 2018 年第四季營收將在 40.9 億美元至 41.3 億美元之間。根據目前的匯率，預計第四季匯率波動帶來的負面影響將比 2017 年第四季減少約 100 個基點。

For the fourth quarter, we expect to deliver non-GAAP EPS of at least $1.05. This guidance anticipates the share count of approximately 582 million shares and a tax rate of approximately 31%.

我們預計第四季非GAAP每股盈餘至少為1.05美元。該指導意見預計股份數量約為 5.82 億股，稅率約為 31%。

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 the full year share count of approximately 584 million shares and a tax rate of approximately 28%.

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 5.84 億股，稅率約為 28%。

Our expected GAAP tax rate for the fourth quarter and for the full year is higher than our previous guidance due to incremental foreign currency exchange losses, driven by the depreciation of the INR against the U.S. dollar, which are not deductible for tax purposes.

由於印度盧比對美元貶值導致外匯損失增加（這些損失不能用於稅收抵扣），我們預計第四季度和全年的 GAAP 稅率將高於我們先前的預期。

Additionally, earlier this month, the State of New Jersey enacted legislation that would result in an incremental annual income tax expense of approximately $70 million beginning in 2018. However, we intend to implement prudent and feasible tax planning strategies during the fourth quarter of 2018, which we expect to significantly reduce this income tax expense resulting from this enacted legislation. Accordingly, our Q4 and full year estimated tax rate reflects the anticipated implementation of these tax planning strategies.

此外，本月初，新澤西州頒布了一項法律，該法律將從 2018 年開始，每年增加約 7,000 萬美元的所得稅支出。然而，我們計劃在 2018 年第四季實施審慎可行的稅務規劃策略，預計這將大幅減少因該項已頒布的法律而產生的所得稅支出。因此，我們第四季和全年的預期稅率反映了這些稅務規劃策略的預期實施。

We are maintaining our full year EPS guidance despite the outperformance in Q3 to absorb the higher than expected tax rate. Our non-GAAP EPS guidance excludes stock-based compensation, acquisition-related expenses and amortization, realignment charges, net non-operating foreign currency exchange gains and losses, the tax effects of the above adjustments, and adjustments to the one-time 2017 incremental income tax expense related to the Tax Reform Act, and our initial contribution to the Cognizant U.S. Foundation.

儘管第三季業績超出預期，但為了抵銷高於預期的稅率，我們維持全年每股盈餘預期不變。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、上述調整的稅務影響，以及與稅收改革法案相關的2017年一次性增量所得稅費用的調整，以及我們對Cognizant美國基金會的初始捐款。

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 Q3, 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，我們在第三季度的穩健執行，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) The first question comes from the line of Ed Caso with Wells Fargo.

（操作員說明）第一個問題來自富國銀行的 Ed Caso 的線路。

This is Justin Donati on for Ed. First one, can you break out the organic revenue growth in the Healthcare unit ex Bolder?

這是賈斯汀·多納蒂為艾德做的報道。首先，能否提供醫療保健部門（不包括 Bolder）的有機收入成長數據？

This is Karen. We have not broken that out, but the Bolder contribution in the quarter was fairly small. We have said, when we acquired Bolder earlier in the year that the full year estimate was about $100 million for the year, so roughly a little over $30 million a quarter is what that's running.

這是凱倫。我們沒有單獨列出這部分數據，但 Bolder 在本季的貢獻相當小。我們在今年稍早收購 Bolder 時曾說過，全年預計收入約為 1 億美元，所以每季收入大約略高於 3,000 萬美元。

The next question is from the line of Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

I wanted to ask about the tax rate. It's running, I guess, a little bit higher, and that's causing the EPS to drop lower than consensus. So could you talk a little bit about, Karen, the sustainability of that higher tax rate as we go forward and as we model 2019? And then, secondly, Raj, some speculation around CEO succession planning, maybe you can comment on those plans.

我想問一下稅率。我猜想，它的運行速度略高一些，這導致每股收益低於市場預期。那麼，凱倫，你能否談談隨著我們不斷推進以及對 2019 年進行建模，這種較高稅率的可持續性問題？其次，Raj，關於CEO繼任計劃的一些猜測，也許你可以對這些計劃發表一些評論。

Bryan, it's Karen, I'll answer the tax rate and then I'll turn over to Frank to talk about any succession planning that may or may not be happening. So the tax rate, so this has happened before. If folks go back and take a look at the spring-summer time frame of 2013, when there's a sudden depreciation in the rupee, we have seen this impact before. Because what happens is, with so many of our assets being in India and the depreciation of the rupee, we end up with this big foreign exchange movement that is not deductible for tax purposes in India, and so that drives up the consolidated rate. But it doesn't have a long-term impact, so, essentially, the impact hits the quarter in which it happens, and there will be a little bit of spillover into Q4 just because of the timing of the rupee movement. But if we assume that the rupee stays fairly stable going forward, then we will actually revert back to the guided tax rate. So if people recall, earlier in the year, we had guided to a longer-term tax rate of 24% to 26%, with the implementation of the GILTI tax at the federal level. Earlier in the year, we said people should guide towards the higher end of that tax rate, and that is still a reasonable position for people to assume.

布萊恩，我是凱倫，我來回答稅率的問題，然後我會把麥克風交給弗蘭克，讓他談談可能正在進行或尚未進行的繼承計劃。所以稅率，這種情況以前也發生過。如果大家回顧一下 2013 年春夏時期，當時盧比突然貶值，我們以前就看到過這種影響。因為我們的許多資產都在印度，而盧比貶值，導致我們出現大量的外匯流動，而這些外匯流動在印度不能用於抵稅，因此推高了綜合稅率。但這不會產生長期影響，因此，從本質上講，影響只會在事件發生的當季出現，而且由於盧比走勢的時間因素，影響會略微延續到第四季度。但如果我們假設盧比匯率在未來保持相對穩定，那麼我們實際上將恢復到指導稅率。所以大家可能還記得，今年早些時候，隨著聯邦層級實施 GILTI 稅，我們曾預測長期稅率將為 24% 至 26%。今年早些時候，我們說過人們應該盡量選擇較高的稅率，現在這仍然是人們應該採取的合理立場。

And Bryan, it's Frank. I'll take the question about succession planning. At this point, there are no changes to my responsibilities or to Raj's responsibilities. You addressed the question to Raj, but I'll take it. As I've said before, succession planning is the responsibility of the board, specifically, the Nominating and Governance and Public Affairs committee of the board. And we've not made any announcements on that except that you would have seen an announcement recently that, as it relates to the Chairman of the Board, Michael Patsalos-Fox was elected Cognizant's new Chairman. And he has been on the board since July of 2012, has a long history and long background in management technology consulting from his many years at McKinsey. And he succeeds John Klein, who was elected to our board in -- back in 1998 and who had served as Chairman of the Board since December of 2003. John will continue to remain on the board.

布萊恩，我是弗蘭克。我來回答關於繼任計畫的問題。目前，我和拉傑的職責沒有任何改變。你問的是拉傑，不過我來回答。正如我之前所說，繼任計畫是董事會的責任，具體而言，是董事會的提名與治理及公共事務委員會的責任。除此之外，我們沒有就此發布任何公告，但您最近應該已經看到一則公告，即關於董事會主席一事，Michael Patsalos-Fox 當選為 Cognizant 的新任主席。他自 2012 年 7 月起擔任董事會成員，在麥肯錫公司工作多年，擁有豐富的管理技術諮詢經驗和深厚的背景。他接替了約翰·克萊因的職位，約翰·克萊因於 1998 年被選為董事會成員，並自 2003 年 12 月起擔任董事會主席。約翰將繼續留任董事會。

The next question is from the line of Tien-tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天進。

Just want to clarify and then ask a follow up. Just on the revenue revision to the year. Can you detail that for us, Karen, between FX, acquisitions and what might be incrementally weaker? And then I wanted to ask around the Softvision acquisition. We like that you guys are getting into the software engineering side. What kind of synergies might you expect by putting Softvision onto the Cognizant network? Can we expect something different here versus other deals? And maybe could we expect more in a way of investments going ahead?

我只是想確認一下，然後再問一個後續問題。僅涉及年度收入修正。Karen，你能詳細解釋外匯、收購以及哪些因素可能會逐漸減弱嗎？然後我想談談 Softvision 的收購情況。我們很高興看到你們開始涉足軟體工程領域。將 Softvision 接入 Cognizant 網路後，您可能會期待產生哪些協同效應？這筆交易與其他交易相比會有什麼不同嗎？或許我們可以期待未來會有更多投資？

So I'll do the revenue roll forward, Tien-tsin, and then I'll turn it over to Frank to talk about Softvision and the benefits thereof. So from a revenue perspective, if you think about it this way on a full year basis, so on a full year basis, essentially, the 606 benefit that we've received to date, this quarter is a little over $30 million, has essentially been wiped out by the foreign currency movement. So FX and rev rec, essentially, offset each other on a full year basis or year-to-date, not anticipated to be in a full year basis at this point. And then from an inorganic perspective, it's less than a point of revenue at this point. I think it was about 40 basis points in the quarter, in Q3, was the impact of inorganic revenue growth, so it's been fairly small.

田進，接下來我會進行收入滾動分析，然後我會把麥克風交給弗蘭克，讓他談談 Softvision 及其帶來的好處。因此，從收入的角度來看，如果從全年的角度來看，那麼我們迄今為止獲得的 606 收益（本季度略高於 3000 萬美元）基本上已被外匯波動抵消了。因此，外匯和收入確認本質上是按全年或年初至今相互抵消的，但目前預計不會按全年計算。從非有機成長的角度來看，目前它帶來的收入還不到百分之一。我認為第三季非內生性收入成長的影響約為 40 個基點，所以影響相當小。

Tien-tsin, let me talk about -- it's Frank. Let me talk a little bit about digital engineering and Softvision, in particular. When Softvision closes -- we anticipate it to close in Q4, putting Softvision together with Cognizant's existing software engineering capability, we think we will create one of the largest software engineering capabilities in the industry. Cognizant already has a very strong software engineering capability that we've built largely organically over the years. A part of that has come also from acquisitions that we've done in the past, for example, TriZetto and so on, which came with a strong software engineering DNA. What Softvision will bring to us once it closes is, of course, the 2,800 creative technologists, the base in Romania that we think is a significant source of software engineering talent. And of course, software engineering and digital engineering is the new way of developing software. And so we see revenue synergies as we bring that combined Cognizant and Softvision platform to many of our clients across industries, including, as Raj said in his prepared comments, to the financial services industry.

天津，讓我說——我是法蘭克。讓我稍微談談數位工程，特別是軟視覺。Softvision 完成收購後——我們預計它將在第四季度完成收購——將 Softvision 與 Cognizant 現有的軟體工程能力結合起來，我們認為我們將打造業內最大的軟體工程能力之一。Cognizant 已經擁有非常強大的軟體工程能力，這主要是我們多年來逐步建立起來的。部分原因也來自我們過去進行的收購，例如 TriZetto 等公司，它們都擁有強大的軟體工程基因。Softvision 倒閉後，它帶給我們的當然是 2800 名富有創造力的技術專家，以及我們認為是軟體工程人才的重要來源地——羅馬尼亞的基地。當然，軟體工程和數位工程是開發軟體的新方法。因此，隨著我們將 Cognizant 和 Softvision 的合併平台帶給各行各業的眾多客戶，我們看到了收入協同效應，正如 Raj 在事先準備好的評論中所說，也包括金融服務業。

And, Tien-tsin, sorry, before we move on, I -- Katie just pointed out to me that I misspoke. The inorganic impact for the quarter was about 1.5 for the year. It's about 1 point of revenue year-to-date, so apologies for that.

還有，田進，對不起，在我們繼續之前，我──凱蒂剛才指出我說錯了。該季度非有機成長對全年的影響約為 1.5%。今年迄今的收入僅增加了約 1 個百分點，對此我們深表歉意。

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。

I was wondering maybe, Raj, could you speak to some of the hiring trends that you're seeing in the market? We're hearing about some of the peers, particularly in India, I guess, pursuing retention payments to improve retention rates. I know that you guys have focused more on training up within your organization, particularly with regard to the full stack developers. And then maybe on the mix shift where how you're seeing the mix shift of headcount with that attrition. Are you hiring in places that you're not seeing the attrition? And how do you anticipate that to impact margins going forward?

Raj，我想問您能否談談您目前在市場上觀察到的一些招聘趨勢？我們聽說一些同行，特別是印度的同行，正在尋求透過支付留任獎金來提高員工留存率。我知道你們更重視內部人才培養，特別是全端開發人員的培養。然後，或許可以考慮人員組成的變化，也就是人員流失所導致的人員組成變化。你是否在員工流動率不高的地區招募？您預計這將對未來的利潤率產生怎樣的影響？

Yes, Brian. Look, I think, overall, in terms of headcount, look, our global headcount increased to about 274,000 over -- up from 268,000 for the last quarter. So it was about a net addition of about 5,300. And overall, in the year, we continuing to find good talent in the marketplace in all of our geographies. We hired about 14,000 professionals around the world. And we also have a stated goal of hiring about 25,000 professionals in the U.S. over the next couple of years. So I think there is a lot of talent in the marketplace. We're obviously addressing some of the attrition. Attrition was a little bit high for us, and we're obviously continuing to investing in cross-training of resources, looking at ways -- in terms of employee engagement, in terms of retaining our talent. Looking at ways of also creating new opportunities in terms of job rotation as well to control that. But in terms of the -- look, in terms of the mix of the pyramid and the geographical split, no major changes. I mean, obviously, you have certain projects that have some greater on-site components at certain phases of the life cycle. But overall, no major shifts in terms of on-site and leveraging delivery. And I think in terms of the margin point that you pointed out, it's important to note, I mean, as we continue to hire locally -- look, you have some resources, that will be a little bit more expensive than resources that we have leveraged in the past on [ecos]. But I think, overall, when you look at it, the total costs when you include the expiration costs, the power costs, it's fairly constant. So it doesn't really impact margins significantly, whether you hire individuals locally or leverage...

是的，布萊恩。我認為，總體而言，就員工人數而言，我們的全球員工人數從上一季的 26.8 萬人增加到約 27.4 萬人。所以淨增人數大約是 5300 人。總的來說，今年我們在所有地區都繼續在市場上找到優秀人才。我們在世界各地聘用了約 14,000 名專業人員。此外，我們還設定了一個目標，在未來幾年內在美國招募約 25,000 名專業人員。所以我認為市場上有很多優秀人才。我們顯然正在努力解決人員流失問題。我們的員工流動率有點高，顯然，我們正在繼續投資於資源交叉培訓，尋找提高員工敬業度和留住人才的方法。也在考慮如何透過工作輪調創造新的機會來控制這種情況。但就金字塔結構和地理劃分而言，並沒有重大變化。我的意思是，很顯然，某些專案在生命週期的某些階段會有較多的現場施工環節。但總體而言，現場服務和交付利用方面並沒有發生重大變化。我認為，就你指出的利潤率而言，需要注意的是，隨著我們繼續在本地招聘——你看，你們有一些資源，這些資源會比我們過去在[生態]上利用的資源更昂貴一些。但我認為，總的來說，當你把到期成本、電力成本都算進去之後，總成本其實相當穩定。所以，無論是僱用本地員工還是利用外部資源，對利潤率的影響都不會太大…

Our next question comes from the line of Keith Bachman with Bank of Montréal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

I also wanted to ask 2. I want to start, Karen, with you on the margins. If I look at your margin performance this quarter, frankly, it was disappointing. And I think the stock is reflecting that. If you take out the benefit of currency and the benefit of accounting transition, your margin was actually down year-over-year. And it's unclear to me, when you're talking about the 22% margin aspiration for CY '19, you're actually growing more than 100 -- or intend to grow more than 100 basis points. And it's just hard to reconcile how that margin aspiration isn't going to have revenue consequences and cause your revenues to, frankly, underperform with industry growth rates. And I'd like to follow up with a question as well.

我還想問第二個問題。我想先從你這個邊緣人物開始，凱倫。坦白說，如果我看一下你本季的利潤率表現，我會感到失望。我認為股價已經反映了這一點。如果剔除匯率優惠和會計準則調整優惠，你的利潤率實際上比去年同期下降了。我不太明白，當你在談論 2019 年 22% 的利潤率目標時，你實際的成長幅度是否超過 100 個基點——或者你打算成長超過 100 個基點。很難理解，這種利潤率目標怎麼不會對收入產生影響，也不會導致你的收入（坦白說）低於產業成長率。我還想問一個問題。

So, Keith, you also have to keep in mind that in Q3 of this year, which we did not have last year, we also had the raises and promotions, which was about a point of margin impact. So when you look at what's happening, certainly, in the quarter, while there was some benefit for the rupee, on a year-to-date basis, the rupee benefit is about 0. And while there has been some benefit, obviously, from the new rev rec, we've also had about 80 basis points of true operational improvement through continued driving of utilization as well as managing the pyramid and our SG&A costs effectively as well. So we are extremely comfortable with both where the company is performing. Today, we are exactly in line with the goals that we set for ourselves, which was approximately 21% margin this year, and on track to deliver the approximately 22% margin target for next year. As we have always said, we do not anticipate exceeding the margin target for the year. We will continue to take any dollars that we can and continue to reinvest those in the business above the 21% and continue to drive the shift to digital. We're very pleased with how that transition is taking place. We're very pleased with the solid revenue growth that the company has had for the year. And the fact that we are very much in line with the expectations we set out, both for ourselves and with our shareholders at the beginning of this year. And this is a big transition that the company is going through. But we are, we believe, managing very well both at the top line and at the bottom line, and we'll continue to do so.

所以，基思，你還要記住，今年第三季度，我們還有加薪和晉升，這是去年沒有的，這大約對利潤率產生了一定的影響。所以，從目前的情況來看，雖然本季盧比匯率有所上漲，但年初至今，盧比匯率的上漲帶來的收益約為0。雖然新的收入確認帶來了一些好處，但透過持續提高產能利用率以及有效管理金字塔結構和銷售、一般及行政費用，我們也實現了約80個基點的實際營運改善。因此，我們對公司目前的業績表現非常滿意。今天，我們完全實現了我們為自己設定的目標，即今年的利潤率約為 21%，並且預計將實現明年約 22% 的利潤率目標。正如我們一直所說，我們預計今年的利潤率目標不會超過預期。我們將繼續盡可能地爭取每一分錢，並將這些資金繼續再投資於業務中超過 21% 的部分，並繼續推動向數位轉型。我們對目前的過渡情況非常滿意。我們對公司今年取得的穩健營收成長感到非常滿意。事實上，我們完全達到了年初為自己和股東設定的期望。這是公司正在經歷的重大轉型。但我們相信，無論在營收或利潤方面，我們都做得非常好，而且我們將繼續這樣做。

My follow-up is to Francisco. And it's -- I want to ask the question that was asked slightly differently previously. But there has been some newspaper articles written about succession issues at Cognizant. And you are a member of the board, and frankly, your stock has underperformed almost every metric from the last 1, 3 and -- 1, 2 and 3 years. And I'm just curious how you think the board takes that into account when thinking about succession issues in terms of looking internally versus externally and thinking about succession planning.

我的後續問題要發給弗朗西斯科。我想問一個之前有人以略微不同的方式問過的問題。但報紙上已經有一些文章報導了 Cognizant 公司的繼任問題。而您是董事會成員，坦白說，在過去的 1 年、3 年以及 1 年、2 年和 3 年裡，您的股票表現幾乎在所有指標上都遜於大盤。我很好奇，您認為董事會在考慮繼任問題時，會如何考慮內部和外部因素，以及製定繼任計畫。

Keith, let me just -- I'll come to that in a second. I just want to go back to the point Karen was making on margin and reiterate the point that Karen made, which is that we've said that for '18, we will deliver approximately 21% operating margin. The way we run the business, as we have in the past and as we have for many, many years is, once we've set a target operating margin for a given year, a given period, we take that very seriously. We deliver to that. But then, we reinvest back in the business anything above that. So our goal is this year not to, as Karen said, deliver above the approximately 21% that we are targeting for the year, but to reinvest on top of that as we run the -- or rather, reinvest the excess on top of that back in the business for growth and for the transition that we're going through, and that's sort of the approach to margin. So as Karen said, in any given period, we'll have some operational improvements that drive margin improvement. We'll have some good guys from other parts, from other things that may or may not be inside of our control. The way we look at that sort of is a portfolio of drivers of margin, which we then use to say how much do we reinvest back in the business for growth and long-term sustainability. Look, I have nothing more to add, Keith, on the issue of succession except to what I said. As I said, the board is constantly looking at this. The issue of succession planning is the responsibility of the board, and we are continuing to assess and continue to make plans on this topic. We have nothing to announce at this point, and when the board is ready to make announcements, we'll do that.

基思，讓我先說一下──我馬上就說到這裡。我只想回到凱倫剛才提到的利潤率問題，並重申凱倫的觀點，那就是我們已經說過，2018 年我們將實現約 21% 的營業利潤率。我們經營業務的方式，和過去以及多年來一直如此，就是一旦我們為某一年或某一時期設定了目標營業利潤率，我們就會非常認真地對待它。我們能夠做到這一點。但是，超出部分我們會再投資到企業。因此，正如凱倫所說，我們今年的目標不是實現超過我們今年設定的約 21% 的利潤率，而是在此基礎上進行再投資——或者更確切地說，是將超出目標的利潤再投資到業務中，以促進增長和我們正在經歷的轉型，這就是我們對利潤率的態度。正如凱倫所說，在任何特定時期，我們都會有一些營運方面的改進，從而推動利潤率的提高。我們會從其他地方招募一些優秀的人才，從其他一些我們可能控制也可能控制不了的事情中招募人才。我們看待這個問題的方式是將其視為利潤率驅動因素的組合，然後我們用這些因素來決定我們應該將多少資金再投資於業務成長和長期永續發展。聽著，基思，關於繼承問題，我沒有什麼要補充的了，除了我剛才說的話。正如我所說，董事會一直在關注此事。繼任計畫是董事會的職責，我們將繼續評估並繼續制定相關計畫。目前我們沒有什麼可以宣布的，等董事會準備好發佈公告時，我們會發布。

The next question is from the line of Bryan Bergin with Cowen and Company.

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

I wanted to ask on BFSI. Were there specific large clients that drove the decel from 2Q and was it all still Europe-driven? Just trying to understand what changed there. And can you comment on whether you have any better visibility for a potential inflection point in overall BFSI growth?

我想問一下關於金融服務業（BFSI）的問題。第二季增速放緩是否有特定的大客戶推動？而這一切是否仍由歐洲市場主導？我只是想弄清楚那裡發生了什麼變化。您能否就BFSI（銀行、金融服務和保險）整體成長的潛在拐點是否有更清晰的預測發表一下看法？

Yes, Brian, this is Raj. Look, overall, BFSI, I think it's still a mix of a couple different stories going on. Insurance continues to be strong. We're doing really well on the mid-tier banks. It's good to see now that we're starting to see the shift in North America, all of our North American large banking clients. In the last quarter, we saw digital really driving a lot of the growth that we've had, and we're seeing good traction in terms of making that shift on the North American based clients where digital is outpacing some of the losses that we have in terms of just the run-the-bank spending that's going on. So I think North America is in good shape. Some of the, I would say, a couple of the global banking clients that are outside of North America, other places that we still have some challenges. But I think, the good news is we know how to manage that shift, and we expect that, over a period of time, those clients as well will significantly start -- we'll start seeing the shift to more towards the digital spend.

是的，布萊恩，這位是拉傑。總的來說，我認為金融服務業目前仍然是幾個不同因素交織在一起的結果。保險業依然保持強勁勢頭。我們在中型銀行領域做得非常出色。很高興看到北美地區，特別是我們所有的北美大型銀行客戶，也開始出現這種轉變。上個季度，我們看到數位化真正推動了我們的大部分成長，我們看到，在北美客戶中，數位轉型取得了良好的進展，其成長速度超過了我們在日常營運支出方面所遭受的一些損失。所以我認為北美的情況良好。我想說，我們有一些全球銀行客戶位於北美以外，在其他一些地方，我們仍然面臨一些挑戰。但我認為，好消息是我們知道如何應對這種轉變，我們預計，隨著時間的推移，這些客戶也會開始顯著地——我們將開始看到支出轉向數位化。

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, my question is with regards to attrition, which remains high. Could you break out voluntary versus involuntary and what is the plan to reduce it? Also, if you can break down by level of organization or function. Any color there will be great.

我想問的是關於人員流失率的問題，目前人員流失率仍然很高。能否分別說明自願性和非自願性支出，以及減少非自願性支出的計畫是什麼？此外，如果能依組織層級或職能進行細分就更好了。任何顏色都好看。

So, Ashwin, it's Karen. We didn't break out involuntary versus voluntary, but the involuntary in the quarter, there was no real change from where it tends -- obviously, it's going to be very small. There was a small restructuring we did over the summer, which was about 200 people at the senior levels. I think what we continued to see is that attrition tends to be skewed towards the very lower end of the pyramid, so the junior staff. Attrition at the senior levels, other than what we did with the involuntary program, continues to be very, very low, very low single digits. And we tend to see attrition skewed, as usual, a little bit more offshore than on-site. So really, no changes in the trend, it's just, obviously, the overall number has continued to remain a little bit higher than we'd like it to be. But I think a lot of that is driven by the market demand that we're seeing both with the -- not just competitors, but clients and other companies. And I think everybody around the world right now is struggling with the shortage of technology talent.

阿什溫，我是凱倫。我們沒有單獨列出非自願與自願的情況，但本季非自願的情況與往常相比並沒有真正的變化——顯然，它將會非常小。今年夏天我們進行了一次小規模的重組，涉及約 200 名高層人員。我認為我們持續看到的現像是，人員流失往往集中在金字塔的底層，也就是初級員工。除了我們實施的非自願離職計劃之外，高層人員的流失率仍然非常非常低，非常低的個位數。而且我們往往會發現，像往常一樣，離岸員工的流失率比現場員工的流動率略高一些。所以實際上，趨勢並沒有改變，只是很顯然，整體數字仍然比我們希望的要高一些。但我認為這很大程度上是由市場需求所驅動的，這種需求不僅來自競爭對手，也來自客戶和其他公司。我認為目前全世界都在努力應對技術人才短缺的問題。

Our next question is from Jim Schneider with Goldman Sachs.

下一個問題來自高盛的吉姆·施耐德。

Raj, I was wondering if you can maybe give us a little bit more color on the dynamic you've highlighted for several quarters now about run-the-bank spend versus digital spend. As you look into 2019, what are your clients on the banking side telling you about their, first of all, overall wallet spend expectations? And secondly, whether the pace of the declines in some of run-the-bank spend could moderate at all?

Raj，我想請你再詳細解釋一下你最近幾季一直在強調的銀行營運支出與數位支出之間的動態關係。展望 2019 年，您的銀行客戶首先對他們的整體消費預期有何看法？其次，某些維持銀行正常運作的支出下降速度是否有可能放緩？

Yes, Jim. So look, I think it's a little too early right now to start getting into 2019 in terms of the budgets that we have from some of our large clients. The good news is, I mean, based on current trends, I mean, it does look -- we are optimistic going into next year. Again, as I mentioned, right, I think we've made that turn in North America, where we're starting to see significant spend start coming in, in terms of the digital. I think with, especially a lot of the large banking clients, you've had a lot of in-sourcing that has been going on as well, but I think we've managed through that. And we're starting to see growth in all of our large clients. And I think you'll start seeing that going into next year. The challenge, as I mentioned earlier, right, has been some of the banks that are outside of North America, as far as headquarters. There, again, you're seeing some in-sourcing and some of the run-the-bank spending. But I think the good news is the relationships are very healthy. We continue to win more than our fair share at those banks. We're still strategic clients at those banks. And I see the same playbook that we use in North America working for us as those banks continue to shift more of their spend towards digital into next year as well.

是的，吉姆。所以，我認為現在就我們的一些大客戶的預算而言，開始考慮 2019 年的預算還為時過早。好消息是，我的意思是，根據目前的趨勢來看，我們對明年持樂觀態度。正如我剛才提到的，我認為我們在北美已經實現了這種轉變，我們開始看到在數位領域投入大量資金。我認為，特別是對於許多大型銀行客戶而言，也出現了大量的內部業務轉移，但我認為我們已經克服了這個問題。我們所有的大客戶都開始出現成長。我認為明年你就會看到這種情況。正如我之前提到的，挑戰在於一些總部設在北美以外的銀行。同樣，你會看到一些內部資金投入和一些維持銀行正常運作的支出。但我認為好消息是，這些關係非常健康。我們在這些銀行的收益仍然遠遠超出我們應得的份額。我們仍然是這些銀行的策略客戶。而且我認為，隨著北美銀行明年繼續將更多支出轉向數位化，我們在北美使用的策略同樣適用於我們。

The next question is from the line of Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

Look, let me just start off, I mean, on a little bit higher level. On a macro basis, can you just provide a little more color on what you're seeing broadly with regard to IT spend from your clients and discuss, as we start to get closer to the end of the year now, anyone changing their tone around spending, around marco -- given macro trends or tariffs or China rate concerns? Or anything else that you're noticing in terms of a pivot in any way, one way or the other?

好吧，讓我先從更高的層次談起。從宏觀層面來看，您能否更詳細地介紹一下您觀察到的客戶在 IT 支出方面的總體情況，並討論一下，隨著年底臨近，鑑於宏觀趨勢、關稅或對中國利率的擔憂，是否有人在支出方面改變了策略？或者你還注意到其他任何方面的轉變嗎？

Darrin, it's Frank. I'll take that. I don't see that happening. I continue to see clients investing in technology, investing in digital. As I think Raj said in his prepared comments, I think it's notable that we had the strongest quarter in digital that we've had in -- excuse me, in retail, that we've had in many, many years. If you look at the mix of our clients, another data point that Raj had in his prepared comments is that, in the quarter, 2 of our top 10 clients came from the technology space, as opposed to 3 years ago where all of our top 10 clients were in financial services and health care. So we haven't seen a shift in demand or -- in the short term as a result of the -- perhaps, what you're alluding to is the volatility that we've seen over the last month or so. We continue to see just clients sort of doubling down now and saying "How do we get to digital at scale," and continue to play into that demand as we go into next year.

達林，我是法蘭克。我接受。我不認為這種情況會發生。我持續看到客戶投資科技，投資數位化。正如 Raj 在事先準備好的發言稿中所說，值得注意的是，我們在數位業務方面取得了多年來最強勁的季度業績——抱歉，是零售業務方面最強勁的季度業績。如果你看我們客戶的組成，Raj 在他準備好的評論中提到的另一個數據點是，本季我們前 10 位客戶中有 2 位來自科技領域，而 3 年前我們前 10 位客戶全部來自金融服務和醫療保健領域。因此，我們還沒有看到需求的變化，或者——在短期內——由於——也許，你指的是我們在過去一個月左右看到的波動。我們看到客戶現在都在加倍投入，並表示“我們如何大規模地實現數位轉型”，而我們明年也將繼續迎合這種需求。

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

下一個問題來自約瑟夫·福雷西和康托·菲茨杰拉德的對話。

I wanted to go back to the margin question. Now it kind of appears to be a good time to invest to take digital market share. Why not back off the margins and try to grow faster? And then just building on that, has the cost cutting gotten too disruptive to the culture? And do you think -- how do you think about that as you sort of continue to drive towards efficiency?

我想回到利潤率的問題上。現在看來，似乎是投資搶佔數位市佔率的好時機。為什麼不降低利潤率，嘗試更快成長？在此基礎上，削減成本是否對企業文化造成了過大的破壞？那麼，在您不斷追求效率的過程中，您是如何看待這個問題的呢？

Joe, I'll let Karen also -- it's Frank. I'll let Karen jump in here. I think that it's not always the case that there is this trade-off between margins and growth. There seems to be the thesis that there is a direct trade-off between margins and growth. And while at some point, that is certainly the case, as we've said for a while, and in fact, 18 months ago, when we did the analysis on the topic, a lot of the core operational improvements that we've done in the business to drive growth are good operating hygiene types of things that we think are opportunities for us just to run the engine better. We've had -- in 2 months, we'll celebrate 25 years as a company. We had 20-something years of very, very strong growth. The focus during those years was less on operational excellence. That creates lots of opportunities for us to optimize things around the business. And those things are just good operating discipline. In most cases, those things don't have a direct impact on growth. And so while it may seem at the 50,000-foot level that there's a trade-off between margins and growth, at the place where we are right now, I feel like we are optimizing places where the company had excess, where the company wasn't optimal, we were not best-in-class relative to our peer set. We're looking at that carefully. We had done that analysis. When we began this exercise, we had a third-party come in and look at our operational metrics relative to competition. We have identified areas that -- where we are not best-in-class, and we're focused on closing the gap. And in many of those cases, as I said, there isn't a trade-off with growth. As it relates to culture, I think we're building a muscle in the place around operational excellence and around operational discipline. I think that's a good muscle. I think it's a muscle that will serve the company well, well into the future. And I think that, that is a good muscle to be building, and not one that I think is disruptive to the culture. I don't know, Karen, if you want to add to that.

喬，我也讓凱倫知道──是法蘭克。我讓凱倫插句話吧。我認為利潤率和成長之間並非總是存在著權衡取捨的關係。似乎有一種觀點認為，利潤率和成長之間存在著直接的權衡關係。雖然在某種程度上確實如此，但正如我們之前所說，事實上，早在 18 個月前，當我們對這個主題進行分析時，我們在業務中為推動增長所做的許多核心運營改進，都是一些良好的運營習慣，我們認為這些習慣能讓我們更好地運轉引擎。再過兩個月，我們將慶祝公司成立 25 週年。我們經歷了二十多年的非常強勁成長。那幾年，公司不太注重卓越營運。這為我們優化業務各個方面創造了許多機會。這些都是良好的操作規範。大多數情況下，這些因素不會對成長產生直接影響。因此，雖然從 50,000 英尺的高度上看，利潤率和增長之間似乎存在權衡，但就我們目前所處的位置而言，我覺得我們正在優化公司曾經過剩、公司曾經不盡如人意、相對於同行而言我們並非最佳的領域。我們正在仔細研究此事。我們已經做過那項分析了。這項工作開始時，我們請第三方機構來評估我們相對於競爭對手的營運指標。我們已經確定了一些我們並非業內最佳的領域，我們正致力於縮小差距。正如我所說，在許多情況下，成長與否並非必然的。就企業文化而言，我認為我們正在加強公司在卓越營運和營運紀律方面的實力。我覺得那是一塊不錯的肌肉。我認為這是一項對公司未來發展大有裨益的優勢。我認為這是一種值得培養的能力，而且我認為這不會對文化造成破壞。凱倫，我不知道你是否想補充什麼。

No, I would just -- I think I would echo, Joe, what Frank said. And I think just to add to that. The benefits of what we're doing today is that because we are growing -- this isn't really about cost cutting, in many cases, this is about cost avoidance and really leveraging the investments that we've already made more effectively, particularly around corporate functions and so forth. And if you think about where we have done some headcount reductions, they've been extremely minor. So in 2017, in the summer, we did a voluntary program, that it was a few hundred people took that program. This year, we did an involuntary program at the senior level, that was 200 people on a basis of 270,000 people-plus. That is an absolute knit. So I think, as Frank said, this is about getting the organization to think about operational excellence and discipline, along with revenue growth, and we think it's a very healthy exercise for us to be going through.

不，我只想──我想我會贊同法蘭克的說法，喬。我想補充一點。我們今天所做的事情的好處在於，因為我們正在發展——這在許多情況下並非真正關乎削減成本，而是關乎避免成本，並真正更有效地利用我們已經進行的投資，尤其是在公司職能等方面。而且，如果你仔細想想我們曾經進行過一些裁員的地方，你會發現這些裁員幅度都非常小。所以在 2017 年夏天，我們開展了一個自願參加的項目，有幾百人參加了這個項目。今年，我們在老年人層面開展了一項非自願性項目，在 27 萬多人的人口規模下，有 200 人參與。那絕對是針織品。所以我覺得，正如弗蘭克所說，這關乎讓組織思考卓越營運和紀律，以及收入成長，我們認為這對我們來說是一個非常健康的實踐。

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。

Karen, what are your assumptions for organic growth for Q4? And then you keep on mentioning pruning or pruning of low-margin businesses. Is there any way you kind of quantify the impact of that pruning on the top line growth this year or maybe for the quarter? I think any color here could be helpful.

Karen，你對第四季的有機成長有何預期？然後你一直提到精簡業務或精簡低利潤業務。有沒有辦法量化這種修剪對今年或本季營收成長的影響？我認為這裡任何顏色都可能有用。

So on the -- I'll start with the second piece first, Moshe. So on the -- what we would call the long-tail accounts, there's been very little revenue impact. Again, this is partly going back to the operating muscle that Frank was just talking about, right. It's getting the teams to look at clients who, perhaps, we're not getting the growth and the margin trajectory that we would like to see and contemplating whether there is truly a strategic relationship there. And if not, perhaps finding reasonable ways to exit, but the dollars, those are very, very small revenue dollars. And what we tend to see is some of those come with some of the acquisitions we've done in the past where they may have a handful of clients that we would consider strategic clients, where we think there's a bigger market opportunity. Then they may have a handful of smaller clients that just won't have the scale to really partner with us in a meaningful way. So it's a constant thing we look at, but the revenue line, it doesn't really have a material impact. In Q4, in the guidance, obviously, we've assumed both the ATG and SaaSfocus deals, which closed in October, but those are small, just a few million dollars of revenue. And then we're anticipating that Softvision will close later in the quarter. But again, in terms of Q4 incremental dollars that we expect, that would be very, very small because we get maybe a few weeks of revenue, if that, going into the quarter. So beyond that, it's just the acquisitions that we've already done, which is primarily Bolder, is the biggest one this year which we said is running about $35 million a quarter of revenue.

那麼——我先從第二部分開始，莫舍。因此，對於我們所說的長尾客戶，收入受到的影響非常小。這在某種程度上又回到了弗蘭克剛才提到的操作肌肉的問題上，對吧。就是讓團隊審視那些我們可能沒有獲得預期成長和利潤軌蹟的客戶，並思考他們之間是否真的存在策略合作關係。如果不行，或許可以找到合理的退出方式，但這些錢，只是非常非常少的收入而已。我們經常看到，在我們過去的一些收購中，一些公司可能會有一些我們認為具有策略意義的客戶，我們認為這些客戶有更大的市場機會。那麼他們可能還有一些規模較小的客戶，這些客戶沒有足夠的規模與我們進行真正有意義的合作。所以這是我們一直在關注的事情，但它對收入線並沒有真正的實質影響。在第四季業績指引中，我們顯然已經考慮到了10月完成的ATG和SaaSfocus交易，但這些交易規模較小，收入只有幾百萬美元。然後我們預計 Softvision 將在本季稍後完成交易。但同樣地，就我們預期的第四季度新增收入而言，這將非常非常小，因為我們進入第四季度時可能只有幾週的收入，甚至可能更少。除此之外，就是我們已經完成的收購，其中最主要的是 Bolder，這是今年最大的一筆收購，我們說它每季的收入約為 3,500 萬美元。

The question is coming from the line of Lisa Ellis with MoffettNathanson.

這個問題來自 Lisa Ellis 和 MoffettNathanson 的連線。

This one is, I think, for Frank, maybe Raj. As you're looking forward, presumably, a major goal right now for Cognizant is to get your revenue growth to turn and reaccelerate. Can you just talk about what, in your view, the sort of building blocks for that are? Meaning, do you need to get attrition down to a certain level? Do you need Financial Services growth to kind of recover to a certain level? What's the role of acquisitions in that roadmap? Does digital mix need to get to a certain level? How do you think about that?

我覺得這封信是給法蘭克的，也可能是給拉傑的。展望未來，Cognizant 目前的主要目標應該是扭轉營收成長頹勢並重新加速成長。您能否談談您認為構成這一切的基本要素是什麼？也就是說，你需要將人員流失率降低到某個程度嗎？您是否需要金融服務業的成長恢復到一定水準？收購在該發展路線圖中扮演什麼角色？數位混音需要達到一定程度嗎？你對此有何看法？

So, Lisa, I would say -- it's Frank. It's a combination of some of the things that you talked about. I would say, we are quite comfortable with the digital portfolio as it is right now, but we'll continue to do acquisitions to strengthen that portfolio of services. Obviously, once Softvision closes, that will be an important arrow in the quiver as it relates to digital engineering. The second is the turn, if you will, in Banking and Financial Services. As you saw in this quarter, we were quite pleased with the growth in 3 of our 4 segments, which all showed good growth. Financial Services, as Raj said, we see the turn happening in North America, where the digital revenue growth is now starting to offset the pressure on the run-the-bank spending. When that turn comes to our clients in the rest -- in our Financial Services clients in the rest of the world, then I think that, that will remove a drag from a segment perspective. I would point to those 2 as the 2 major factors at this point. And it goes without saying that as we execute against our plan, as you've seen for many, many quarters now, the revenue base of the company diversifies away from Financial Services and Healthcare as the other 2 segments grow faster off a smaller base. And so we view those as large incremental market opportunities in addition to Financial Services and Healthcare that continued to be large opportunities in their own right. So we think that, overall, there's a big market opportunity. The digital portfolio continues to grow at very healthy rates. And so it's a question of focusing that digital portfolio on the large market opportunity that we have. And then, of course, the last lever is our global growth. We continue to expand the footprint of the company to markets outside of our traditional markets in North America and Europe, and so the rest of what we call the Rest of World and Asia Pacific continues to be a focus area for us for growth.

所以，麗莎，我會說——是法蘭克。這是你剛才提到的一些因素的綜合體現。我認為，我們對目前的數位產品組合相當滿意，但我們將繼續進行收購，以加強該服務組合。顯然，一旦 Softvision 關閉，它將成為數位工程領域的重要利器。第二點，可以說是銀行和金融服務領域的轉變。正如您在本季度所看到的，我們對四個業務板塊中的三個板塊的成長相當滿意，這三個板塊都實現了良好的成長。正如 Raj 所說，金融服務業正在發生轉變，北美地區的數位收入成長現在開始抵消銀行營運支出方面的壓力。當這種情況發生在我們其他地區的客戶身上時——發生在我們世界其他地區的金融服務客戶身上時，我認為，這將從細分市場的角度來看消除拖累。我認為目前這兩個因素是主要因素。毋庸置疑，正如你們在過去許多季度所看到的，隨著我們執行計劃，公司的收入基礎正從金融服務和醫療保健領域多元化，因為其他兩個部門在較小的基數上增長得更快。因此，除了金融服務和醫療保健領域本身仍然是巨大的市場機會之外，我們認為這些領域也蘊藏著巨大的增量市場機會。所以我們認為，整體而言，市場機會很大。數位產品組合繼續以非常健康的速度成長。因此，關鍵在於將我們的數位產品組合集中在我們所擁有的龐大市場機會。當然，最後一個槓桿就是我們的全球成長。我們不斷擴大公司在北美和歐洲傳統市場以外的市場的商業版圖，因此，我們稱之為「世界其他地區」和亞太地區的其他地區仍然是我們成長的重點領域。

Good. I think with that, we'll wrap up the call. I want to thank everybody for joining us today and for your questions. And we look forward to speaking with you again in just a couple weeks here at our Investor Day. Thank you.

好的。我想，通話就到此為止吧。感謝各位今天蒞臨現場，也感謝大家提出的問題。我們期待在幾週後的投資者日上再次與您交流。謝謝。

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

謝謝。本次 Cognizant Technology Solutions 2018 年第三季財報電話會議到此結束。您現在可以斷開連線了。