高知特 (CTSH) 2021 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions' Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2021 年第四季財報電話會議。 （操作說明）

I would now like to turn this conference over to Mr. Tyler Scott, Vice President of Investor Relations. Please go ahead, sir. You may begin.

現在我將會議交給投資者關係副總裁泰勒‧史考特先生。請您開始吧，先生。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

By now, you should have received a copy of the earnings release and investor supplement for the company's fourth quarter and full year 2021 results. If you have not, copies are available on our website, cognizant.com. The speakers we have on today's call are Brian Humphries, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer.

您應該已經收到公司2021年第四季及全年業績的獲利報告和投資者補充資料。如果您尚未收到，可造訪我們的網站cognizant.com取得。今天電話會議的發言人是執行長Brian Humphries和財務長Jan Siegmund。

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 as described in the company's earnings release and other filings with the SEC.

在開始之前，我想提醒各位，今天電話會議上的一些發言以及對各位提問的一些回答可能包含前瞻性陳述。這些陳述受到公司獲利報告和提交給美國證券交易委員會（SEC）的其他文件中所述的風險和不確定性的影響。

Additionally, during our call today, we will reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures, where appropriate to the corresponding GAAP measures, can be found in the company's earnings release and other filings with the SEC.

此外，在今天的電話會議中，我們將提及一些我們認為對投資者有用的非GAAP財務指標。非GAAP財務指標與相應的GAAP指標的調節表（如適用）可在公司發布的盈利報告以及提交給美國證券交易委員會（SEC）的其他文件中找到。

With that, I'd now like to turn the call over to Brian Humphries. Please go ahead, Brian.

接下來，我將把電話交給布萊恩漢弗萊斯。請開始吧，布萊恩。

Thank you, Tyler. Good afternoon, everybody.

謝謝你，泰勒。大家下午好。

Throughout 2021, clients have meaningfully accelerated spend on digital transformation initiatives, accelerating the demand for IT services. Elevated attrition in key digital skills is, however, a direct consequence of this, creating revenue fulfillment challenges and cost pressure that need to be carefully navigated. I'm therefore pleased that we had another quarter of solid execution, delivering against our commitments to clients and to you, our shareholders.

2021年全年，客戶大幅加快了數位轉型專案的投入，從而推高了對IT服務的需求。然而，關鍵數位技能人才流失加劇也是由此帶來的直接後果，造成了收入成長的挑戰和成本壓力，需要我們謹慎應對。因此，我很高興我們又一個季度保持了穩健的執行力，履行了對客戶和各位股東的承諾。

Fourth quarter revenue was $4.8 billion, up 14.5% year-over-year in constant currency, above the high end of our guidance. Growth was led by digital, which grew 20% year-over-year. Fourth quarter adjusted operating margin was 15.3%, and full year adjusted operating margin was 15.4%, in line with our guidance. During the quarter, we also progressed against our key strategic initiatives, including scaling our digital capabilities, globalizing the company, helping our clients be successful by leading with greater industry insights and solutions and repositioning the Cognizant brand.

第四季營收為48億美元，以固定匯率計算年增14.5%，高於我們先前預期的上限。成長主要得益於數位化業務，其年增20%。第四季調整後營業利益率為15.3%，全年調整後營業利益率為15.4%，與我們的預期一致。本季度，我們在關鍵策略舉措方面也取得了進展，包括提升數位化能力、推進公司全球化、透過提供更深入的行業洞察和解決方案來助力客戶取得成功，以及重新定位Cognizant品牌。

Turning now to industry segments. Our recovery in Financial Services continued with fourth quarter growth of 19% year-over-year in constant currency. This includes an approximate 9 percentage point benefit from the impact of the prior year charge related to Samlink. As you know, we've been rebuilding our strength in Financial Services by refreshing our leadership in client-facing teams, strengthening our partner engagement, shifting our portfolio of services to more attractive market segments and sharpening our focus on priority industry solutions and clients. We expect to build further on this progress in 2022.

現在來看行業板塊。金融服務業務持續復甦，第四季以固定匯率計算年增19%。這其中包含了去年同期與Samlink相關的費用所帶來的約9個百分點的收益。如您所知，我們一直在透過以下方式重振金融服務業務：更新客戶服務團隊的領導層、加強合作夥伴關係、將服務組合轉向更具吸引力的市場領域，以及更專注於重點產業解決方案和客戶。我們預計2022年將在此基礎上取得更大進展。

As we reposition Cognizant as a digital transformation provider in larger banking clients, we've complemented this with sustained momentum in regional banks. KeyBank, where we've just renewed our engagement as their primary digital partner, is a great example of this. We will further enable their digital transformation by digitizing their products to increase their digitally active customers to approximately 85%, by driving remote self-service growth by more than 40%, by automating front-to-back processes and by migrating more than half of their application portfolio to the cloud.

隨著我們重新定位 Cognizant，使其成為大型銀行客戶的數位轉型服務供應商，我們也在區域性銀行領域保持了持續的成長動能。 KeyBank 就是一個很好的例子，我們剛剛續簽了與其主要數位化合作夥伴的合作協議。我們將透過以下方式進一步協助 KeyBank 的數位轉型：將他們的產品數位化，使數位活躍客戶比例提升至約 85%；推動遠距自助服務成長超過 40%；實現前後端流程自動化；以及將超過一半的應用程式組合遷移到雲端。

In insurance, we see continued demand for core modernization and digital transformation, including cloud and analytics. Unum, a global leader in disability insurance and group benefits, is partnering with us to pursue their digital transformation focus on agent and customer experiences and associated analytics. These digital solutions enhance our existing application development and maintenance services relationship with Unum. And for a long-time client, Royal London, the U.K.'s largest mutual life pensions and investment firm, we're now extending our partnership to reimagine their customer engagement through personalized, seamless, connected customer journeys enabled by cloud, data and customer-centric principles.

在保險業，我們看到對核心現代化和數位轉型（包括雲端運算和分析）的需求持續成長。作為全球領先的殘障保險和團體福利提供者，Unum 正與我們合作，推動其數位轉型，重點關注代理人和客戶體驗以及相關的分析。這些數位化解決方案增強了我們與 Unum 現有的應用程式開發和維護服務合作關係。此外，對於長期客戶——英國最大的互助壽退休金和投資公司 Royal London，我們正在拓展合作，透過雲端運算、數據和以客戶為中心的原則，打造個人化、無縫、互聯的客戶旅程，從而重塑其客戶互動體驗。

In Healthcare, revenue grew 8.2% year-over-year in constant currency. We've substantially increased our competitiveness in Healthcare by investing in digital solutions, domain expertise and partnerships and by modernizing our core platforms. We've seen continuing momentum in our TriZetto product business, which grew 13% in 2021. We continue to add new footprints and, in 2021, increased the number of overall members supported by our platforms to approximately 210 million.

在醫療保健領域，以固定匯率計算，營收年增 8.2%。我們透過投資數位化解決方案、領域專業知識和合作夥伴關係，以及對核心平台進行現代化改造，顯著提升了在醫療保健領域的競爭力。我們的 TriZetto 產品業務持續保持成長勢頭，2021 年成長了 13%。我們不斷拓展商業版圖，2021 年，我們平台支援的會員總數增至約 2.1 億。

We see solid commercial momentum across our Healthcare payer and provider business. For instance, Humana, a large national payer, is modernizing and moving their legacy ecosystem to the cloud and has chosen Cognizant as a partner for agency, marketing and clinical transformation. These initiatives will help improve Humana's customer and employee satisfaction, reduce costs and enhance the delivery of integrated personalized experiences to their members.

我們看到，在醫療保健支付方和提供方業務方面，商業發展勢頭強勁。例如，大型全國性支付者 Humana 正在對其傳統生態系統進行現代化改造，並將其遷移到雲端，同時選擇 Cognizant 作為其代理商、行銷和臨床轉型方面的合作夥伴。這些措施將有助於提升 Humana 的客戶和員工滿意度，降低成本，並增強其為會員提供的整合式個人化體驗。

We also have momentum with next-generation health care companies like Reliq Health Technologies, a rapidly growing global telemedicine firm, which turned to us to expand their care management capabilities. Reliq will leverage Cognizant care management services to support the deployment of their care platform across managed care organizations, hospital networks and health insurance providers.

我們也與像Reliq Health Technologies這樣的新一代醫療保健公司保持著良好的合作關係。 Reliq Health Technologies是一家快速成長的全球遠距醫療公司，他們選擇與我們合作擴展其護理管理能力。 Reliq將利用Cognizant的護理管理服務，支援其護理平台在醫療管理機構、醫院網路和健康保險公司的部署。

In life sciences, we partnered with AbbVie, a leading global biopharma company, to help advance their digital transformation in safety and risk management, which will improve patient care and outcomes. Through our digital health consulting services augmented by capabilities in human-centric design and digital product engineering, AbbVie can understand the needs of patients and care providers, design fit-for-purpose solutions that support the patient journey and incorporate feedback for ongoing innovation. These improvements will help AbbVie better support patients and care providers across a broad range of therapeutic areas and products.

在生命科學領域，我們與全球領先的生物製藥公司艾伯維（AbbVie）合作，協助其推動安全和風險管理方面的數位轉型，從而改善患者護理和治療效果。憑藉我們以人為本的設計和數位產品工程的強大能力，以及我們提供的數位化健康諮詢服務，艾伯維能夠更好地了解患者和醫護人員的需求，設計符合患者需求的解決方案，並整合反饋意見以持續創新。這些改進將幫助艾伯維在廣泛的治療領域和產品方面更好地支持患者和醫護人員。

Within Products and Resources, we continue to deliver excellent growth in client success across travel and hospitality and in manufacturing, logistics, energy and utilities. Drawing on our extensive experience helping automakers streamline their operational tasks, Volvo Cars chose us to help harmonize their finance and accounting and procurement processes and implement intelligent process automation to support their digital transformation. This is a great example of our growing momentum in digital business operations which significantly outpaced the BPO industry in 2021 and is set to continue to gain share. Top line growth has been fueled by momentum in intelligent process automation and strength in our digital-native client portfolio.

在產品與資源領域，我們在旅遊酒店、製造、物流、能源和公用事業等行業的客戶成功方面持續取得卓越成長。憑藉我們幫助汽車製造商簡化營運流程的豐富經驗，沃爾沃汽車選擇我們來協調其財務會計和採購流程，並實施智慧流程自動化以支援其數位轉型。這充分體現了我們在數位化業務營運領域日益強勁的發展勢頭，2021年我們的成長速度顯著超越了BPO產業，並有望繼續擴大市場份額。營收成長主要得益於智慧流程自動化的強勁勢頭以及我們強大的數位化原生客戶群。

Our work at Grundfos, a global leader in water technology and the world's largest pump manufacturer, perfectly illustrates our growing digital credentials. Grundfos initially selected Cognizant to establish an IoT-based intelligent platform to gather real-time pump data from the sensors and perform analytics to prevent, predict and respond to issues caused by leakages. Based on this success, we've since been selected to build a modern enterprise system based on SAP S/4HANA.

全球水技術領導者和全球最大水泵製造商格蘭富 (Grundfos) 的案例完美展現了我們不斷提升的數位化能力。格蘭富最初選擇 Cognizant 為其建立基於物聯網的智慧平台，用於從感測器收集即時水泵數據並進行分析，從而預防、預測和應對洩漏問題。基於此成功案例，我們隨後被選中為格蘭富建立基於 SAP S/4HANA 的現代化企業系統。

Finally, in Communications, Media and Technology, we saw continued strength in technology, in particular, where we've sustained strong double-digit growth over the past 3 quarters.

最後，在通訊、媒體和科技領域，我們看到科技領域持續強勁成長，尤其是在過去三個季度中，我們一直保持著兩位數的強勁成長。

Turning now to bookings, which grew 22% year-over-year in the fourth quarter, our second consecutive quarter of 20%-plus growth. Full year 2021 bookings growth was in the mid-teens. We entered 2022 with a healthy book-to-bill ratio of 1.2. Throughout the year, our bookings strength, which has been fueled by digital, has been broad-based across industries and geographies.

接下來談談預訂量，第四季年增22%，這是我們連續第二季實現20%以上的成長。 2021年全年預訂量成長率達15%左右。進入2022年，我們的預訂出貨比維持在1.2的健康水準。全年來看，由於數位化管道的強勁成長，我們的預訂量在各個行業和地區都實現了廣泛增長。

Moving to the macro demand environment. Industry demand remains robust and I expect it to continue throughout 2022. Clients are embracing digital operating models to become more efficient, agile, automated, scalable, innovative and, indeed, secure whilst also responding to the expectations of their customers and employees for hyper-personalized experiences.

接下來談談宏觀需求環境。產業需求依然強勁，我預期這種趨勢將持續到2022年。客戶正在積極採用數位化營運模式，以提高效率、敏捷性、自動化程度、可擴展性、創新性和安全性，同時滿足客戶和員工對高度個人化體驗的期望。

Continuing to scale our digital capabilities is at the heart of our company strategy. Digital represented 45% of our revenue mix in Q4. As we noted during our recent investor briefing, we believe digital can become 55% to 60% of revenue in the coming years. Reflecting our strength in digital credentials, during the fourth quarter, we were named an industry leader in 17 new industry analyst reports. They highlighted the company's client partnerships, scalability, digital capabilities and expertise as factors in recognizing our leadership.

持續提升數位化能力是我們公司策略的核心。第四季度，數位化業務占我們總收入的45%。正如我們在近期投資者簡報會上所指出的，我們相信未來幾年數位化業務的收入佔比將達到55%至60%。第四季度，我們憑藉在數位領域的卓越實力，在17份新的產業分析報告中被評為產業領導者。這些報告強調了公司​​在客戶合作、可擴展性、數位化能力和專業知識等方面的優勢，並以此作為我們獲得行業領先地位的依據。

Accelerating digital is not only a driver of double-digit revenue growth and improved margins, it also fosters greater client intimacy and higher levels of employee engagement as we partner on strategic transformation projects that leverage advanced skills.

加速數位轉型不僅可以帶來兩位數的收入成長和利潤率的提高，還可以促進與客戶的更緊密聯繫，提高員工的參與度，因為我們將與客戶合作開展利用先進技能的策略轉型專案。

Moving on now to an industry phenomenon you're accustomed to hearing about, the unprecedented competition for talent, reflective of the industry-wide demand/supply imbalance in key digital skills. Fourth quarter voluntary attrition moderated a little to 31% on an annualized basis or 28% on a trailing 12-month basis. As a reminder, when we measure attrition, we count the entire company, including trainees and corporate across IT services and BPO. We've been working aggressively to mitigate attrition levels whilst intensifying our efforts and focus on employee training, promotion cycles, professional development and total rewards.

接下來，我們來談談一個大家耳熟能詳的產業現象：前所未有的人才競爭。這反映了整個產業在關鍵數位技能方面供需失衡的現狀。第四季員工自願離職率略有下降，年化率為31%，過去12個月的年化率為28%。需要說明的是，我們統計離職率時，涵蓋了整個公司，包括IT服務和業務流程外包（BPO）部門的實習生和公司員工。我們一直在積極努力降低離職率，同時加強，更重視員工培訓、晉升機制、職涯發展和全面薪資福利。

During 2021, we also facilitated more than 14,000 job moves across 40 countries, continued to revitalize our campus recruitment program in India, established new compensation measures and a revised promotion cycle to retain employees and invested heavily in upskilling. In fact, our associates completed 23 million hours of learning and consumed 130,000 courses in 2021. Given that we compete on our knowledge and skills, we're proud to have won 42 awards for excellence in learning and development from the Brandon Hall Group, often considered the leading independent HCM research analyst firm.

2021年，我們促成了遍布40個國家的14,000多個工作崗位調動，持續推進在印度的校園招聘項目，制定了新的薪酬方案和修訂後的晉升機制以留住員工，並大力投資於員工技能提升。事實上，我們的員工在2021年累積學習時長達2,300萬小時，完成了13萬門課程。鑑於我們以知識和技能取勝，我們很榮幸榮獲布蘭登霍爾集團（Brandon Hall Group）頒發的42項卓越學習與發展獎。布蘭登霍爾集團通常被認為是領先的獨立人力資本管理（HCM）研究分析公司。

We more than offset elevated attrition levels in 2021 by accelerating our hiring, allowing us to increase company headcount by 14%. I'm pleased to say that in recent years, we've made meaningful progress in correcting our delivery pyramid by significantly increasing the number of college graduate hires onboarded in India. In 2021, we added a record 33,000 college graduate hires in India, up from 17,000 in 2020. In 2022, we plan to add approximately 50,000 in India.

2021年，儘管員工流動率居高不下，但我們透過加快招募速度，成功彌補了這一損失，公司員工總數增加了14%。我很高興地宣布，近年來，我們在優化交付金字塔結構方面取得了顯著進展，大幅增加了在印度招募的應屆畢業生人數。 2021年，我們在印度新增了創紀錄的33,000名應屆畢業生，高於2020年的17,000人。 2022年，我們計劃在印度新增約50,000名應屆畢業生。

Digital acquisitions have also brought incredible talent to Cognizant. During 2021, we completed 7 acquisitions that extend our digital leadership, the most recent being our fourth quarter acquisition of Devbridge. This software consultancy and product development firm expands our software product engineering capabilities and global delivery footprint by adding more than 600 engineers, designers and product managers in Lithuania, Poland, the U.K. and North America. This extension of our global delivery network complements recent announcements in the United Kingdom, Australia and, indeed, Canada.

數位化收購也為 Cognizant 帶來了許多傑出人才。 2021 年，我們完成了 7 項收購，進一步鞏固了我們在數位化領域的領先地位，最近一項是第四季度對 Devbridge 的收購。這家軟體諮詢和產品開發公司透過在立陶宛、波蘭、英國和北美地區新增 600 多名工程師、設計師和產品經理，擴展了我們的軟體產品工程能力和全球交付網路。此次全球交付網路的擴展，與我們近期在英國、澳洲以及加拿大宣布的業務拓展相得益彰。

In closing, I'm proud of our execution against our strategy in 2021. We've reestablished commercial momentum and have a healthy book-to-bill ratio. Our delivery teams executed against our commitments despite challenging labor market conditions. Our performance in our 2 largest industries, Financial Services and Healthcare, has strengthened. Growth in key international markets such as the U.K. has meaningfully accelerated. Our digital portfolio has been extended and has never been stronger, and we've made significant progress in our people strategy, our internal digitization agenda and indeed, our brand repositioning.

最後，我為我們2021年戰略執行情況感到自豪。我們重拾了商業發展勢頭，並保持了健康的訂單出貨比。儘管勞動力市場充滿挑戰，我們的交付團隊依然履行了承諾。我們在兩大支柱產業——金融服務和醫療保健——的表現均有所提升。英國等關鍵國際市場的成長顯著加速。我們的數位化產品組合得到擴展，並達到了前所未有的高度。此外，我們在人才策略、內部數位轉型以及品牌重塑方面都取得了顯著進展。

For several quarters now, I've been holding our long open-ended virtual sessions with small groups of employees. What I've learned from these intimate sessions as well as from our large virtual townhall meetings is that employee pride in the company is building. Employees see not only how far we've come but also a clear path to an exciting future. Our employees also recognize the consistent execution of our strategy, our commercial momentum and a commitment to our purpose, vision and values. This purpose has kept us focused on executing our ESG agenda despite the spread of prolonged COVID-19 pandemic.

近幾個季度以來，我一直與員工小組進行長時間的開放式線上會議。從這些小型會議以及我們的大型線上全體員工大會中，我了解到員工對公司的自豪感正在增強。員工不僅看到了我們所取得的成就，也看到了通往美好未來的清晰路徑。我們的員工也認可我們策略的持續執行、強勁的商業發展動能以及我們對公司宗旨、願景和價值觀的堅定承諾。正是這份宗旨，讓我們在新冠疫情持續蔓延的情況下，依然能夠專注於推進我們的ESG（環境、社會和治理）議程。

Our ESG-focused commitment is evident in our Cognizant Combats COVID-19 initiative in India; in our intensified efforts to drive a culture of belonging throughout Cognizant; in our $250 million philanthropic initiative to advance diversity, equity and inclusion, along with health and well-being in communities around the world and in many other areas covered in our 2021 ESG report.

我們對 ESG 的重視體現在我們在印度的「Cognizant 抗擊 COVID-19」倡議中；體現在我們加大力度在 Cognizant 內部營造歸屬感文化中；體現在我們 2.5 億美元的慈善倡議中，該倡議旨在促進世界各地社區的多元化、公平性和包容性，以及健康和福祉；也體現在我們 2021 年中涵蓋的許多其他報告。

In summary, our broad-based progress allows us to approach the new fiscal year with confidence in our ability to execute against the multiyear financial outlook we presented at our November investor briefing.

總而言之，我們取得的廣泛進展使我們能夠有信心迎接新的財政年度，並實現我們在 11 月投資者簡報會上提出的多年財務展望。

So with that, I'll turn the call over to Jan, who will cover the details of the quarter and our financial outlook before we take your questions.

那麼，接下來我將把電話交給 Jan，她將詳細介紹本季的狀況和我們的財務展望，之後我們將回答大家的問題。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

We finished the year with solid momentum, driven by digital projects and entered 2022 with bookings momentum and strong customer demand.

在數位化專案的推動下，我們以強勁的發展勢頭結束了這一年，並以預訂量的成長勢頭和強勁的客戶需求進入了 2022 年。

For the full year, revenue was $18.5 billion, representing an increase of 11% or 10% at constant currency. This includes 320 basis points contribution from our acquisitions. The charge in Q4 2020 related to the proposed exit from the customer engagement of our Samlink subsidiary contributed 70 basis points of growth. I will refer to this as the Samlink impact for the remainder of my remarks.

全年營收為185億美元，年增11%（以固定匯率計算成長10%）。這其中包括收購帶來的320個基點的貢獻。 2020年第四季與擬退出子公司Samlink客戶互動業務相關的費用貢獻了70個基點的成長。在接下來的發言中，我將把這部分稱為「Samlink影響」。

For the full year, digital revenue grew over 19% and represented approximately 44% of total revenue. Q4 revenue was $4.8 billion, representing an increase of 14% year-over-year or 14.5% in constant currency. Year-over-year growth includes 280 basis points of the Samlink impact and also 280 basis points of growth from our recent acquisitions.

全年來看，數位業務收入成長超過19%，約佔總收入的44%。第四季營收為48億美元，年增14%，以固定匯率計算成長14.5%。年比成長中包含了Samlink帶來的280個基點的影響，以及近期收購帶來的280個基點的成長。

In Q4, digital revenue grew over 20% year-over-year and represented approximately 45% of total revenue. As Brian mentioned, we were pleased with our bookings performance in the quarter and for the full year. In Q4, we have begun providing trailing 12-month bookings, which can be found in the supplemental presentation posted on our Investor Relations website. We took the opportunity to enhance our bookings definition, modifying it to exclude overlap from early renewals and to include bookings from unintegrated acquired entities. As of Q4 2021, trailing 12-month bookings based on our revised definition were $23.1 billion, representing a book-to-bill of approximately 1.2.

第四季度，數位營收年增超過20%，約佔總營收的45%。正如Brian所提到的，我們對本季以及全年的預訂業績感到滿意。第四季度，我們開始提供過去12個月的預訂數據，該數據可在我們投資者關係網站上發布的補充簡報中找到。我們藉此機會完善了預訂定義，將其修改為排除提前續約的重疊部分，並將來自未整合收購實體的預訂納入其中。截至2021年第四季末，根據我們修訂後的定義，過去12個月的預訂額為231億美元，訂單出貨比約為1.2。

Moving on to segment results for the fourth quarter, where all growth rates provided will be year-over-year in constant currency. Financial Services revenue increased approximately 19%, which includes a positive 900 basis points of Samlink impact. During the quarter, we saw positive trends in our North American banking business, where revenue grew high single digits and internationally within insurance. Across banking and insurance, we are continuing to invest into our talent and digital capabilities while focusing on broadening our client base and driving improved profitable growth. In 2022, we expect our recovery to continue.

接下來是第四季各業務板塊的業績，所有成長率均以固定匯率計算，且為年比數據。金融服務收入成長約19%，其中包括Samlink帶來的900個基點的正面影響。本季度，我們的北美銀行業務呈現積極成長趨勢，收入實現了接近兩位數的成長，國際保險業務也表現良好。在銀行和保險業務方面，我們持續投資於人才和數位化能力建設，同時致力於拓展客戶群，並推動獲利成長。我們預計2022年業務復甦動能將持續。

Healthcare revenue increased approximately 8%, driven by double-digit organic growth in life sciences. Our Healthcare payer and provider business grew in the mid-single digits, driven by our integrated software solutions. As we discussed during our investor briefing in November, we see a large and growing market opportunity in the health care space and our capabilities across health care payer, provider and life sciences provide us a unique industry perspective and client intimacy that we believe provides ample opportunity to support sustainable growth in the years ahead.

醫療保健業務收入成長約 8%，主要得益於生命科學領域兩位數的內生成長。我們的醫療保健支付方和提供方業務實現了中等個位數的成長，這主要得益於我們的整合軟體解決方案。正如我們在 11 月的投資者簡報會上所討論的，我們看到了醫療保健領域巨大且不斷增長的市場機會。我們在醫療保健支付方、提供方和生命科學領域的綜合實力，為我們提供了獨特的行業視角和與客戶的緊密聯繫，我們相信這將為未來幾年的可持續增長提供充足的機會。

Products and Resources revenue momentum continued with revenue increasing 18%, the third consecutive quarter of strong double-digit growth. Revenue was again driven by strong performance in manufacturing, logistics, energy and utilities, which grew double digits for the seventh consecutive quarter and surpassed $2 billion in annual revenue in 2021. Retail and consumer goods and travel and hospitality also grew double digits year-over-year with quarterly revenue now back above pre-pandemic levels. Revenue growth also included 550 basis points from our recent acquisitions.

產品與資源業務營收成長動能強勁，成長率達18%，連續第三季實現兩位數成長。製造業、物流業、能源與公用事業的強勁表現再次推動了營收成長，這些產業連續第七個季度實現兩位數成長，並在2021年全年營收突破20億美元。零售與消費品以及旅遊與酒店業的營收也實現了兩位數同比增長，季度營收已回升至疫情前水平以上。此外，近期收購也貢獻了550個基點的營收成長。

Communications, Media and Technology revenue grew 13%, of which approximately 300 basis points of growth was attributable to recent acquisitions. Organic growth was again led by our technology business, where our work with digital-native clients has continued to drive growth in our core portfolio.

通訊、媒體和技術業務收入成長13%，其中約300個基點的成長歸功於近期收購。內生成長依然主要由我們的技術業務引領，我們與數位原生客戶的合作持續推動核心業務組合的成長。

From a geographic perspective, in Q4, North American revenue grew 9% year-over-year, driven by banking, life sciences, manufacturing, logistics, energy and utilities, and technology. Growth in North America also included the benefit of recently completed acquisitions across segments. Revenue outside of North America grew approximately 33% year-over-year in constant currency, including 13 points of Samlink impact. Growth was led by the U.K. where we saw strong double-digit growth within Financial Services, Products and Resources and Communications, Media and Technology segments. We also continued to experience strong growth in Australia and Germany, driven in part by our acquisitions of Servian and ESG Mobility, respectively.

從地理角度來看，第四季北美地區營收年增9%，主要得益於銀行、生命科學、製造業、物流、能源與公用事業以及科技業的成長。北美地區的成長也受惠於近期完成的各項收購。北美以外地區的營收以固定匯率計算年增約33%，其中包括Samlink帶來的13個百分點的成長。英國市場引領了成長，金融服務、產品與資源以及通訊、媒體與科技產業的強勁兩位數成長。澳洲和德國市場也持續保持強勁成長，部分原因是分別收購了Servian和ESG Mobility。

Now moving on to margins. In Q4, our GAAP and adjusted operating margins were 15.3% as there were no non-GAAP charges in the quarter. On a year-over-year basis, adjusted operating margin improved by approximately 300 basis points, driven primarily by the Samlink charge in the prior year period. As we discussed last quarter, merit increases for the majority of employees were effected October 1, which negatively impacted margin in the quarter. Supply chain constraints and our elevated attrition has kept subcontractor, recruiting and other delivery costs elevated, while our recently completed acquisitions have also negatively impacted our margin.

接下來我們來看利潤率。第四季度，由於沒有非GAAP費用，我們的GAAP和調整後營業利潤率均為15.3%。與去年同期相比，調整後營業利潤率提高了約300個基點，主要得益於去年同期Samlink的費用。正如我們上個季度所討論的，大多數員工的績效加薪已於10月1日生效，這對本季的利潤率產生了負面影響。供應鏈的限制和較高的員工流動率導致分包商、招聘和其他交付成本居高不下，而我們近期完成的收購也對利潤率造成了負面影響。

While we continue to invest in SG&A to drive and support organic revenue growth, we have also moderated nonstrategic spend, which has helped partially offset the labor cost pressure. Our GAAP and adjusted tax rate in the quarter was 22%, below the low end of full year guidance range, benefiting from discrete items which we do not expect to repeat in the future. Q4 diluted GAAP and adjusted EPS were both $1.10.

儘管我們持續增加銷售、管理及行政費用投入以推動和支持內生性收入成長，但我們也已放緩非策略性支出，這有助於部分抵銷勞動成本壓力。本季我們的GAAP稅率和調整後稅率均為22%，低於全年預期範圍的下限，這得益於一些我們預計未來不會再次發生的特殊項目。第四季稀釋後GAAP每股盈餘和調整後每股盈餘均為1.10美元。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.7 billion or net cash of $2.1 billion. Free cash flow in Q4 was $760 million, representing approximately 130% of net income. This resulted in a full year free cash flow of $2.2 billion and represented a cash flow conversion of over 100% of net income, which was in line with our prior guidance. DSO of 69 days declined by 3 days sequentially and by 1 day year-over-year. DSO will remain a key lever to support strong free cash flow conversion over the medium term.

現在來看資產負債表。本季末，我們持有現金及短期投資27億美元，淨現金為21億美元。第四季自由現金流為7.6億美元，約佔淨利的130%。全年自由現金流為22億美元，現金流轉換率超過淨利的100%，與我們先前預期的一致。應收帳款週轉天數（DSO）為69天，季減3天，較去年同期減少1天。 DSO仍將是中期內維持強勁自由現金流轉換率的關鍵因素。

During the quarter, we repurchased 800,000 shares for $66 million under our share repurchase program and returned $127 million to shareholders through our regular dividend and spent cash of $255 million on acquisitions. In 2021, we've returned $1.3 billion to shareholders through share repurchases and dividends and spent approximately $1 billion on acquisitions. This was consistent with our capital deployment framework introduced in Q4 2020 and reiterated at our November investor briefing.

本季度，我們根據股票回購計畫回購了80萬股股票，總額達6,600萬美元；透過常規股利向股東返還了1.27億美元；並斥資2.55億美元用於收購。 2021年至今，我們已透過股票回購和股利向股東返還了13億美元，並斥資約10億美元用於收購。這與我們於2020年第四季推出的資本部署框架相符，並在11月的投資者簡報會上再次重申。

In support of our capital deployment framework, today, we have also announced a 12% increase in our quarterly cash dividend, our third consecutive annual increase and fourth since we initiated the dividend in 2017. We also expect to return at least $500 million through share repurchases in 2022, subject to market conditions and other factors.

為支持我們的資本部署框架，我們今天也宣布將季度現金股息提高12%，這是我們連續第三年提高股息，也是自2017年開始派發股息以來的第四次。我們也預計在2022年透過股票回購返還至少5億美元，具體金額取決於市場狀況和其他因素。

Turning to guidance. For Q1, we expect revenue in the range of $4.8 billion to $4.84 billion, representing year-over-year growth of 9% to 10% or 10.2% to 11.2% in constant currency. Our guidance assumes currency will have a negative 120 basis point impact and an inorganic contribution of approximately 200 basis points. For the full year, we expect revenue growth to be towards the high end of our medium-term financial framework, which is consistent with our expectations at the November 2021 investor briefing.

接下來談談業績指引。我們預計第一季營收將在48億美元至48.4億美元之間，年增9%至10%，以固定匯率計算則為10.2%至11.2%。我們的績效指引假設匯率波動將對營收產生120個基點的負面影響，而非內生性成長貢獻約為200個基點。全年來看，我們預計營收成長將接近中期財務框架的高端水平，這與我們在2021年11月投資者簡報會上的預期一致。

We expect full year revenue of $20 billion to $20.5 billion, representing 7.8% to 8 point -- I apologize, representing 7.8% to 10.8% growth or 8.5% to 11.5% in constant currency. Our outlook assumes currency will have a negative 70 basis points impact and includes 200 basis points contribution from inorganic revenue. This inorganic assumption includes approximately 100 basis points from future acquisitions. Full year guidance also includes the negative impact from the sale of our Samlink subsidiary, which was completed on February 1.

我們預計全年營收為200億美元至205億美元，年增7.8%至8個百分點－抱歉，應該是7.8%至10.8%，或以固定匯率計算成長8.5%至11.5%。我們的展望假設匯率波動將產生70個基點的負面影響，並包含200個基點的非內生性營收貢獻。這200個基點的非內生性營收貢獻包含未來收購帶來的約100個基點。全年業績指引也包含了出售子公司Samlink（已於2月1日完成）所帶來的負面影響。

Moving on to adjusted operating margin. Consistent with our outlook at the November 2021 investor briefing, we expect 2022 to be towards the lower end of our medium-term financial framework. For 2022, our full year adjusted operating margin guidance of 15.6% to 15.7% assumes approximately 25 basis points of expansion at the midpoint from 2021. While we are not providing quarterly margin guidance, we expect typical seasonality in 2022, which includes stronger margin performance in Q2 and Q3 while Q1 and Q4 are expected to be below our full year guidance. In Q1, we expect some modest sequential pressure driven by compensation costs and seasonal factors.

接下來談談調整後的營業利益率。與我們在2021年11月投資者簡報會上的展望一致，我們預計2022年的業績將接近中期財務框架的下限。對於2022年，我們全年調整後的營業利潤率預期為15.6%至15.7%，這意味著較2021年同期水準（取中間值）成長約25個基點。雖然我們不提供季度利潤率預期，但我們預計2022年將出現典型的季節性波動，即第二季和第三季的利潤率表現將較為強勁，而第一季和第四季預計將低於全年預期。我們預計第一季將受到薪資成本和季節性因素的影響，環比利潤率將略有下降。

Our outlook for margin assumes the industry supply side constraints continue and that attrition remains elevated in 2022. In response, we will continue to invest into our talent, including through merit increases, promotions, career development opportunities and training. This will include hiring of approximately 50,000 recent college graduates, targeted lateral hires and the continued use of subcontractors. Similar to 2021, we will continue to moderate nonstrategic SG&A spend to help offset some of this pressure in the near term.

我們對利潤率的展望基於以下假設：產業供應側的限制因素將持續存在，且2022年人員流失率仍將居高不下。為此，我們將繼續投資於人才培養，包括透過績效加薪、升遷、職涯發展機會和培訓等方式。這包括招聘約5萬名應屆大學畢業生、有針對性地進行橫向招聘以及繼續使用分包商。與2021年類似，我們將繼續控制非策略性銷售、管理及行政費用，以幫助緩解短期內的部分壓力。

This leads to our full year adjusted EPS guidance, which is $4.46 to $4.60. Our full year outlook assumes interest income of $25 million. Our outlook also assumes average share outstanding of approximately 522 million and a tax rate of 25% to 26%. Finally, we expect free cash flow will represent approximately 100% of net income for the full year.

由此，我們得出全年調整後每股盈餘預期為4.46美元至4.60美元。我們的全年展望是基於2500萬美元的利息收入。此外，我們也假設平均流通股約為5.22億股，稅率為25%至26%。最後，我們預計全年自由現金流將約佔淨利的100%。

With that, we will open the call for your questions.

接下來，我們將開放提問環節。

(Operator Instructions) Our first question comes from the line of Brian Essex with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的布萊恩·艾塞克斯。

Maybe we can start with Brian. No question, you seem well exposed to demand in this environment. But on the supply side, as we sit here, I guess, over a month into the first quarter, could you share a few thoughts on attrition and level of confidence you have that we may be on the right side of the peak in attrition trends at this point, and maybe share what initiatives seem to be resonating the most with employees?

或許我們可以先從布萊恩說起。毫無疑問，你對當前環境下的需求非常了解。但就供給方面而言，現在距離第一季結束已經過去一個多月了，你能否分享一下你對員工流失的看法，以及你對我們目前是否已度過流失率高峰期的信心程度？另外，能否分享哪些措施最能引起員工的共鳴？

Yes, what I'd add there is we're in a robust demand environment. That's not a concern for me. I'm expecting that to continue in the coming year and there's lots of tech trends that will support that statement undoubtedly. But we're certainly in, in my perspective, an unprecedented competition for talent. We've seen a slight moderation sequentially on an annualized basis. January has been in line with that. But to be very honest, it's too early to call this a trend for the year. There is natural seasonality one expects to see in the course of the year coming up to bonus periods, et cetera.

是的，我想補充的是，我們目前的需求環境非常強大。這一點我並不擔心。我預計這種情況在未來一年會持續，而且許多科技趨勢無疑都會佐證這一點。但就我個人而言，我們確實面臨前所未有的人才競爭。從年度數據來看，競爭有所緩和，一月份的情況也符合這一趨勢。但說實話，現在就斷言這是全年的趨勢還為時過早。畢竟，在接近獎金發放期等時期，一年中總會有一些自然的季節性波動。

So as Jan pointed out, we're expecting elevated attrition through the course of the year, and obviously, we're going to work very hard to try to mitigate that and try and minimize the impact on the business. The implications of attrition in a quarter across financial, commercial implications as well as employee implications, and the levers we're using against that is naturally to try and recruit as many people as we can. I'm delighted we've been able to recruit 40 -- to add a net 41,000 headcount year-over-year. And compliments to our team because I think it is a core competency of Cognizant in this regard.

正如Jan指出的那樣，我們預計今年的員工流失率會上升，顯然，我們會盡全力減輕流失率的影響，並儘可能降低其對業務的影響。員工流失在一個季度內會對財務、商業以及員工產生影響，而我們應對流失的措施自然是盡可能多地招募員工。我很高興我們成功招募了40名員工，使員工總數比去年同期增加41,000人。我要向我們的團隊表示祝賀，因為我認為這是Cognizant在這方面的核心競爭力。

But what we're doing in terms of employees, as Jan pointed out, as I did, too, in my script, a lot of efforts around hearts and minds. There's a lot of effort around compensation measures, which of course, is pretty critical. I think it's essential for us to continue to show up and post strong double-digit growth, which is helping get a degree of confidence and swagger and optimism back into the company and just continue to support our employees by celebrating success and giving them career path potential, which, of course, growth does. And on top of that, we've revised the way we think about promotion cycles and other such things in the course of the year.

但正如Jan所指出的，也正如我在演講稿中提到的，我們在員工方面所做的工作，主要在於贏得員工的信任和支持。我們也在薪酬體系方面投入了大量精力，這當然至關重要。我認為，我們必須繼續保持強勁的兩位數成長，這有助於重振公司信心、士氣和樂觀情緒，並透過慶祝成功和提供職涯發展機會來持續支持員工，而成長自然會帶來這些。除此之外，我們也調整了晉升週期和其他相關事項的想法。

So it's been a very hands-on engagement for me down through the entire leadership team. In the last 6, 9 months, we spotted this early. We've added more recruiters, and we've really put a lot of effort in place around a retention task force. But be that as it may, as you've seen with many of our peers, attrition is elevated and we assume will stay elevated through the course of the year.

因此，我與整個領導團隊都進行了非常深入的溝通。在過去的六到九個月裡，我們及早發現了這個問題。我們增加了招募人員，並圍繞留任工作小組投入了大量精力。但即便如此，正如您在許多同行公司看到的那樣，員工流動率居高不下，我們預計這種情況將持續到年底。

Great. That's super helpful. And maybe to follow up with Jan, could you maybe frame out the scenarios where you might see upside to margins for the year? And is there any rule of thumb for appreciation of the dollar versus the rupee and how that might impact margins going forward as we track FX?

太好了，這非常有幫助。關於Jan，您能否具體分析一下今年哪些情況下利潤率可能會上升？另外，美元兌盧比升值是否有任何經驗法則，以及這會對我們追蹤外匯走勢時未來的利潤率產生怎樣的影響？

Yes. The -- I don't want to up my guidance in my first question for the call, as you might imagine. So we have our work cut out to achieve the margin guidance that we give. We feel confident about it. But as you know, we talked about compensation measures. But other factors that are impacting our portfolio in a negative as they are positive factors. So I want to point out some of the drivers that obviously are helping us.

是的。正如您可能猜到的，我不想在電話會議的第一個問題就提高業績指引。所以，要實現我們給的利潤率指引，我們還有很多工作要做。我們對此充滿信心。但正如您所知，我們討論了薪酬措施。然而，其他一些因素，既有對我們投資組合產生負面影響的，也有正面影響的。因此，我想指出一些顯然對我們有利的驅動因素。

The accelerated revenue itself is a help on margin, so that helps. Our digital business continues to be slightly more profitable than our traditional business. So accelerated digital is built into our -- solid digital growth is built into our plan. And we continue to make progress on our cost of delivery structure with bringing in college graduates, which will improve the overall cost structure over time.

營收加速成長本身就有助於提高利潤率，這無疑是個好消息。我們的數位業務持續略高於傳統業務的獲利能力。因此，加速數位轉型已融入我們的策略規劃——穩健的數位成長是我們策略的核心。同時，我們也不斷優化交付成本結構，例如引進應屆大學畢業生，這將隨著時間的推移改善整體成本結構。

So we rely on a number of offsetting factors in order to achieve our guidance. And obviously, any over/underperformance could yield positive or negative outcomes. So I stay balanced. We feel good about our 20- to 30-point outlook.

因此，我們依靠多種相互抵銷的因素來實現我們的績效指引。顯然，任何超額或低於預期的表現都可能產生正面或負面的結果。所以我保持平衡。我們對20至30點的預期感到滿意。

Our next question comes from the line of Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson 的問題。

Good stuff here. I had a follow-up question on attrition, but this time more related to the senior levels of Cognizant. Can you give a sense for how your attrition levels are running in the top few levels of the organization and what steps you've been taking to retain some of the key leaders that have been driving the transformation?

這裡的內容很棒。我還有一個關於人員流失的後續問題，這次是關於Cognizant高階主管的。您能否簡單介紹貴公司高層人員流失的情況，以及為了留住那些推動公司轉型的領導者，您採取了哪些措施？

Lisa, it's Brian, so let me address that. To be very honest, I'm not at all concerned about that. The majority of our attrition is at the junior levels and certain-odd skills. And I would say at the senior levels of the organization at this moment in time, we're very much what I would term business as usual. Promotions, some refreshing of talent, if deemed necessary, based on financial results and other leadership attributes, what is essentially normal in a company of our size, some retirements, et cetera.

麗莎，我是布萊恩，讓我來解釋一下。說實話，我一點也不擔心。我們的人員流失主要集中在初級員工和一些特殊技能職位。就目前而言，公司高層的運作一切如常。晉升、根據財務表現和其他領導特質酌情補充人才（這在我們這樣規模的公司裡基本上屬於正常情況）、一些員工退休等等。

So sometimes we intervene based on performance but this is more classic business as usual operations at this stage. We feel very good about the motivation of the team collectively. "We're all in this together" is certainly [a piece forward] as we say internally, and I feel that we're all on the same page. The leaders I brought in have certainly refreshed their teams, strengthened their teams.

所以，有時我們會根據績效進行幹預，但現階段這比較是常規的業務運作。我們對團隊的整體積極性感到非常滿意。 「我們同舟共濟」是我們內部常說的，這無疑是一個進步，我覺得我們目標一致。我引進的領導者確實為他們的團隊注入了新的活力，增強了團隊實力。

I will tell you right now, I feel I have better instrumentation in terms of how to run the company than at any time since I've been here in terms of the analytical rigor that Jan and his team has put in place. The HR team have done some tremendous work in terms of where we stand there, et cetera. So we just feel -- or I certainly feel a lot more comfortable that we're on top of our game and we know how things are going. So not a concern.

我可以坦白地說，就公司營運而言，我覺得我現在擁有的工具比我來公司以來任何時候都更加完善，這得益於Jan和他的團隊建立的嚴謹的分析體系。人力資源團隊在了解公司現況等方面也做了大量卓有成效的工作。所以我們感覺──或至少我個人感覺──我們更有信心掌控局面，也更清楚公司的發展方向。所以，無需擔憂。

Okay, good. And then a follow-up for you as well, Brian, just on the demand environment. Can you just talk a little bit, as you're engaging with clients going into 2022, what do you anticipate or you feel is sort of different about the demand environment looking forward as your clients are emerging from the pandemic and maybe trying to get a little bit back to business as usual?

好的，很好。布萊恩，還有一個後續問題想問你，關於市場需求環境。能否簡單談談，在與顧客展望2022年之際，你預期市場需求環境會有哪些變化？或者說，你覺得隨著客戶逐漸走出疫情陰霾，努力恢復正常業務，未來的需求環境會有哪些不同？

Yes. Look, I mean, I think to be very honest, clients are well past, by now, the initial spend hesitancy of COVID for a CEO or for anybody in a sales organization. It certainly -- the enemy is indecision. And we don't have indecision. Far from it these days. People have really moved well beyond where we were approximately 2 years ago at this stage. And people are extremely focused, of course, on driving digital transformation agendas, evolving their business models, which is good for us because our portfolio is stronger than it's ever been before, and it allows us to work on a high-impact work for clients as are really driving some of the big innovation journeys that they have.

是的。說實話，我認為客戶現在早已克服了疫情初期CEO或銷售團隊中任何人的支出猶豫。現在最大的敵人當然是優柔寡斷。而我們現在完全沒有優柔寡斷的問題。恰恰相反，人們的決策已經遠遠超越了大約兩年前的階段。當然，大家都非常專注於推動數位轉型，改善業務模式，這對我們來說是好事，因為我們的業務組合比以往任何時候都更加強大，這使我們能夠為客戶開展高影響力項目，真正推動他們的一些重大創新之旅。

Now of course, that leads to discussions around AI and analytics, consumer-centric, if you will, user experiences built on enterprise-class applications, obviously, cybersecurity, digital engineering, cloud migrations. And throughout the world, as I deal with clients, it's always surprising to see how different clients are in terms of where they are on client migrations.

當然，這自然而然地引出了關於人工智慧和分析、以消費者為中心的使用者體驗（基於企業級應用程式建置）、網路安全、數位工程以及雲端遷移等方面的討論。在與世界各地的客戶打交道時，我總是驚訝地發現，他們在客戶遷移方面所處的階段竟然如此不同。

I think the one thing that continues to go from strength to strength is, of course, the growing scale of hyperscaler cloud providers. They are, from my perspective, certainly shortening innovation cycles, throwing a lot of commercial muscle and financial muscle to accommodate or ensure accelerated cloud migrations. And of course, in more recent times, they really evolved towards industry clouds, not just the hyperscalers, but also the major SaaS vendors, which allow more integrated vertical workflows. And Cognizant strength, therefore, in areas like Healthcare and Financial Services is of interest to them.

我認為持續強勁成長的當然是超大規模雲端服務供應商的規模不斷擴大。在我看來，他們無疑地正在縮短創新週期，並投入大量的商業和財務實力來適應或確保加速雲端遷移。當然，近年來，他們真正開始向產業雲端轉型，不僅是超大規模雲端服務供應商，也包括主要的SaaS供應商，這些雲端能夠實現更整合的垂直工作流程。因此，Cognizant在醫療保健和金融服務等領域的優勢對他們來說極具吸引力。

But it's very consistent with what we've seen before, Lisa, to be very honest, a huge push towards classic modernization initiatives, towards data, analytics, cloud, digital engineering. And really, what I find, clients are certainly willing to spend for skills and innovation but certainly expect more efficiencies and a more traditional non-digital work. And we see that in our pricing dynamics, and I certainly see that in terms of client strategic intentions in the years ahead.

但坦白說，麗莎，這和我們之前看到的趨勢非常一致，那就是大力推進傳統的現代化舉措，轉向數據、分析、雲端運算和數位工程。實際上，我發現客戶當然願意為技能和創新買單，但他們也期望更高的效率和更傳統的非數位化工作方式。這一點在我們的定價策略中有所體現，而且我也在客戶未來幾年的策略意圖中看到了這一點。

Our next question comes from the line of Darrin Peller with Wolfe Research.

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

When looking at your outlook, your confidence level around your revenue growth, but obviously, coupled with margins in the right direction, a little more than we had initially modeled for the year ahead. I mean, it really does give us more conviction that the pricing power you have is able to offset wage inflation. So I'd love to hear more color on that, if you don't mind, in terms of the environment you're in and whether or not you're able to really pass through whatever you need to on the price point side.

展望未來，您對營收成長的信心，以及利潤率朝著正確方向發展，都讓我們感到欣慰，也比我們最初對未來一年的預測略高。這確實讓我們更加確信，您目前的定價能力足以抵銷薪資上漲的影響。如果您不介意的話，我很想聽您詳細談談您所處的環境，以及您是否能夠真正將價格方面的所有成本轉嫁出去。

And then maybe just as a follow-up to that, is there -- are there other -- have there been any like advances in decoupling the linearity on the business model at all in a greater way over the past quarter into this next couple of quarters?

那麼，作為後續問題，在過去一個季度到接下來的幾個季度裡，在更大程度上打破商業模式的線性關係方面，是否還有其他類似的進展？

I'll start. Jan, by all means, jump in at any stage.

我先來。簡，你隨時都可以加入。

So Darrin, first of all, pricing remains somewhat stable. And as I've just mentioned to Lisa, based on her question, we see differences between the digital work and the non-digital side. Clients will pay up for skills and innovation and, frankly, availability for resources in digital. Of course, that happens to be in an industry where people tend to have MSAs and rate cards that have been agreed in advance. So it requires us to interrupt those rate cards. But certainly, clients see in their own workforce as well as other vendors a desire for companies like Cognizant to ultimately drive some pricing power, given the labor trends that we see. But of course, price increases can and have lagged talent-related cost increases.

達林，首先，價格基本上保持穩定。正如我剛才跟麗莎提到的，根據她的問題，我們發現數位業務和非數位業務之間存在差異。客戶願意為數位領域的技能、創新以及資源可用性支付更高的價格。當然，這發生在一個人們通常事先簽訂主服務協議 (MSA) 和價目表的行業。因此，我們需要打破這些價目表。但可以肯定的是，鑑於我們觀察到的勞動力市場趨勢，客戶希望像 Cognizant 這樣的公司最終能夠掌握一定的定價權，這不僅體現在他們自身的員工身上，也體現在其他供應商身上。當然，價格上漲可能會落後於人才成本的成長，而這種情況也確實發生過。

We put a lot of effort around pricing, both rate card, intelligence, big deal, pricing, and it is certainly one of the factors that's inherent in our guidance for the coming year. And as I've said earlier as well, the fact that we have scaled our digital portfolio to approximately 45% of the business pits us into more strategic client projects, pits us against different competitors and then arguably provides us with a pricing opportunity as long as we get the gross margin right on digital skills versus the classic non-digital skills.

我們在定價方面投入了大量精力，包括價目表、市場調查、大宗交易定價等等，這無疑是我們來年業績指引中的一個重要因素。正如我之前提到的，我們已將數位化業務佔比提升至約45%，這使我們能夠參與更多策略性客戶項目，與不同的競爭對手展開較量，並且只要我們能夠確保數位化技能相對於傳統非數位化技能的毛利率合理，這無疑為我們提供了定價方面的機會。

The last thing I'll say just around pricing, of course, because it's inherent in your question, it's a margin question, and our margins can also naturally be helped by the type of work we sell solution and deliver. So we continue to focus on evolving the company towards selling and delivering client outcomes. That allows us to own more of our pyramid, to industrialize delivery, to better leverage automation and optimize our mix as well as our pyramid.

最後我想再談談定價，因為這與您的問題息息相關，畢竟這是一個利潤率問題。而我們銷售和交付的解決方案類型自然也會影響我們的利潤率。因此，我們將繼續專注於推動公司向客戶成果銷售和交付方向發展。這使我們能夠更好地掌控自身業務金字塔，實現交付流程的工業化，更好地利用自動化，並優化我們的業務組合和金字塔結構。

Specific to your other question around decoupling of, I guess, the Holy Grail in a services company, to decouple revenue growth from headcount growth. Look, there are many factors at play there as well, including the shift to more offshore delivery. In the course of the last year, our offshore delivery has increased for us about 2 points year-over-year, about 1 point sequentially. And that can help margin, but of course, it can hurt you in terms of headcount growth versus revenue growth or the so-called average rate per employee, and it can also change dollar margins as well as dollar revenue per employee.

關於您提出的另一個問題，即如何將收入成長與員工人數成長脫鉤，這可以說是服務型公司夢寐以求的目標。這其中也涉及許多因素，包括更多地轉向離岸交付。去年，我們的離岸交付量較去年同期成長約2個百分點，較上季成長約1個百分點。這有助於提高利潤率，但當然，從員工人數成長與收入成長的比例，或者說所謂的人均收入來看，可能會產生不利影響，而且還會影響美元利潤率以及人均收入。

So there are multiple things at play here. We are a services company. We're committed to being a services company. We'll certainly try to optimize and industrialize delivery where we can, leveraging automation, templatization, AI, et cetera. But at the end of the day, we are in the headcount business. And as we scale our headcount, we'll scale our revenue and you guys are more than familiar with that model.

所以這裡涉及很多因素。我們是一家服務公司，我們致力於成為一家服務公司。我們當然會盡可能優化和工業化交付流程，利用自動化、模板化、人工智慧等等。但歸根究底，我們是一家以員工人數為導向的公司。隨著員工人數的增加，我們的收入也會跟著成長，你們對這種模式非常熟悉。

Yes. Maybe, Brian, you covered it, I think, on the pricing thing, but a little bit of color on the margin expansion because we really have taken a balanced view about the sources of the margin expansion here. And pricing is a factor but it's not the dominating factor. We have other elements like the natural shift of the business towards higher-margin business. We have a scaling of -- you saw this in the fourth quarter. We slowed the growth of SG&A in a meaningful way, and it's now contributing to margin actually at a slower than revenue growth rate. We expect that to contribute next year as well.

是的。布萊恩，我想你已經談到了定價方面的問題，但我想再詳細說說利潤率的提升，因為我們對利潤率提升的來源採取了較為平衡的視角。定價固然是因素，但並非主要因素。還有其他因素，例如業務自然轉型為高利潤率業務的。我們在規模上也取得了進展——正如你在第四季度看到的。我們大幅放緩了銷售、管理及行政費用（SG&A）的成長，現在其對利潤率的貢獻速度實際上低於收入成長速度。我們預計明年這一趨勢仍將持續。

And we have -- we hope to see impact from our initiative to refresh our delivery pyramid, and Brian talked about the success that we had of bringing college graduates on. He mentioned this that we're planning to onboard 50,000 college graduates this year. And that will help to streamline our cost of delivery pyramid. And it's also -- so there's a variety of factors that drive it. And so pricing is a factor but only one among many.

我們希望透過優化配送系統來看到成效。布萊恩談到了我們成功招募大學畢業生的情況。他提到，我們計劃今年招募 5 萬名大學畢業生。這將有助於優化我們的配送成本結構。當然，影響因素很多，價格固然重要，但只是其中之一。

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

我們的下一個問題來自BMO的Keith Bachman。

I had 2, if I could. Brian, if you could talk a little bit about Healthcare and the potential for growth during '22 and beyond. You mentioned TriZetto was 13%. But just what are some of the factors that would lead to Healthcare continuing, if not, getting -- improving its growth rate to contributing presumably to Cognizant being able to break on a consolidated basis, the 10% kind of organic growth? And I think Healthcare would be one of the key drivers. If you could just talk about a little bit about that and then I have a margin question to ask you after.

如果可以的話，我想問兩個問題。布萊恩，你能談談醫療保健產業以及它在2022年及以後的成長潛力嗎？你提到TriZetto的成長率為13%。那麼，究竟有哪些因素會促使醫療保健產業持續成長，甚至提高成長率，進而幫助Cognizant實現10%左右的合併有機成長呢？我認為醫療保健產業將是關鍵驅動因素之一。能簡單談談這方面嗎？之後我還有一個關於利潤率的問題想問你。

Yes. Look, it's certainly our ambition to accelerate Healthcare growth. In the November Analyst Meeting, we talked about market growth. But of course, within our Healthcare business, we have the U.S. health care vertical, which is payer/provider, the payer being the vast majority and then a product business, of course, coupled within that. And then the less than 50% of our Healthcare business is our life sciences business, which continues to grow double digits.

是的。當然，加速醫療保健業務成長是我們的目標。在11月的分析師會議上，我們討論了市場成長。當然，在我們的醫療保健業務中，我們包括美國醫療保健垂直領域，該領域涵蓋支付方/提供方，其中支付方佔據絕大部分份額，此外還有與之相關的產品業務。而生命科學業務則占我們醫療保健業務的不到50%，並且持續保持兩位數的成長。

I feel really great about that, both the nature of our capabilities, the nature of our client intimacy, the global nature of those clients. And our bookings momentum in life sciences through the course of the year has been, frankly, outstanding and was very strong in Q4 as well. So candidly, as we're getting after the life sciences opportunity, it's all about continuing to scale biopharma. And then in this year, we've accelerated a little bit on medical device momentum there as well. We've also seen us keep -- do some targeted acquisitions in the life sciences vertical in the last few years, including Zenith as well as TQS more recently.

我對此感到非常滿意，無論是我們自身的能力，還是我們與客戶的緊密聯繫，亦或是客戶的全球分佈。坦白說，我們今年在生命科學領域的訂單成長動能非常強勁，第四季也表現尤為出色。因此，坦白說，在我們掌握生命科學機會的同時，一切都圍繞著持續擴大生物製藥業務規模。此外，今年我們在醫療器材領域的成長動能也略有加快。過去幾年，我們也一直在生命科學領域進行一些有針對性的收購，包括最近收購的 Zenith 和 TQS。

In the U.S. Healthcare business, a lot of it is about getting the TriZetto business back on track. I think I mentioned in the November briefing our growth rate in 2020 was twice that of 2019. And we've approximately doubled growth rate again in 2021 over 2020. And that's good in terms of client intimacy and relevance, in terms of margins and the pull-through opportunity or the stickiness of Cognizant in those accounts. So getting payer and provider back into a higher growth trajectory but making sure that the product-driven side of that scales as well is pretty essential to us.

在美國醫療保健產業，我們面臨的主要挑戰是讓TriZetto業務重回正軌。我記得在11月的簡報中提到過，我們2020年的成長率是2019年的兩倍。而2021年的成長率又比2020年翻了一番。這對客戶關係的緊密程度和相關性、利潤率以及Cognizant在這些客戶中的客戶黏性（或稱為客戶轉換率）都大有裨益。因此，讓支付方和醫療服務提供方重回高速成長軌道，同時確保產品驅動型業務也能實現規模化發展，對我們來說至關重要。

And I've got to be honest, I'm very motivated about where we are with TriZetto. I think it's a fantastic gem within the company. Now that we got growth back, we continue to explore possibilities in terms of where we can scale a health care franchise, both in terms of the market within the U.S., in terms of different applications within the ecosystem or different control points as well as exploring how we can scale our Healthcare business into Canada and indeed into select international markets. I think if we do all of that right, we will drive market growth, if not more than market growth, and that's what the team is focused on.

說實話，我對TriZetto目前的進展感到非常振奮。我認為它是公司裡的一顆璀璨明珠。現在我們已經恢復了成長，我們將繼續探索擴大醫療保健業務規模的可能性，包括在美國市場、在生態系統中開發不同的應用或不同的控制點，以及如何將我們的醫療保健業務拓展到加拿大，乃至特定的國際市場。我認為，如果我們能做好所有這些工作，我們將推動市場成長，甚至超越市場成長，而這正是團隊目前的工作重點。

Okay. Perfect. Now Jan, for you. Thank you, Brian. On the free cash flow margins, I think you said for '22, you want to do kind of 1x net income. If I just do some back-of-the-envelope, that would suggest that the free cash flow margin, which is free cash flow divided by the revenue, will be down again this year, I think, perhaps not meaningfully.

好的，完美。現在輪到Jan了。謝謝Brian。關於自由現金流利潤率，我記得你說過2022年你想用1倍淨利來計算。如果我粗略估算一下，自由現金流利潤率（即自由現金流除以收入）今年可能會再次下降，但也許降幅不會很大。

But are there other forces at work, you think, in free cash flow in '22 that we should be aware of that might either positively or negatively impact whether working capital, taxes, CapEx? Anything else you want to call out for our free cash flow models?

但您認為，在2022年自由現金流方面，是否還有其他因素在起作用，而我們應該注意這些因素，它們可能會對營運資本、稅收和資本支出產生正面或負面影響？您還有什麼想對我們的自由現金流模型提出的嗎？

The -- no, I can give you a little bit the background of our thinking around the free cash flow conversion, which I think I mentioned in my script to be around 100%. We did a little bit better this year, had a very good quarter in free. I think with all these ins and outs, there is basically maybe a slight increase in capital expenditures in the next year that we could see that is related to some more strategic investments internally.

不，我可以簡單介紹一下我們關於自由現金流轉換率的思路，我之前在稿子裡提到過，轉換率大概在100%左右。今年我們做得更好一些，自由現金流季度表現非常出色。考慮到這些進出情況，我認為明年資本支出可能會略有增加，這主要與一些內部策略投資有關。

But nothing major. We continue to be laser focused on our sources of cash from our clients. So we made good progress on DSO this year and that focus will remain. And to be quite honest, I'm drawing a blank on cash. I think cash is going to be -- on taxes. I think tax going to be fairly similar to this year, so no major variation on the tax side. So that's kind of how I expect the cash flow situation to evolve for us. So nothing specific comes to mind. Maybe a slight increase on capital expenditures that could drive it.

但沒什麼大事。我們仍然會專注於來自客戶的現金流。今年我們在應收帳款週轉天數 (DSO) 方面取得了不錯的進展，我們將繼續保持這一重點。坦白說，我對現金流方面一無所知。我認為現金流——以及稅收——應該和今年差不多，所以稅收方面不會有太大變化。這就是我對我們現金流狀況的預期。目前沒有什麼具體的事情。或許資本支出略有增加可能會對此產生影響。

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。

I think -- I wanted to ask on Financial Services. Safe to say that some of the money center bank headwinds that we've been seeing -- you've been seeing are far behind the company. I know there's a lot of pressure to spend in general amongst the banking side. But just curious how you're feeling there, both from a competitive standpoint and from a cyclical standpoint.

我想問一下關於金融服務方面的問題。可以肯定的是，我們看到的一些大型銀行面臨的逆風——你們看到的——對公司而言還遠遠不夠。我知道銀行業普遍面臨很大的支出壓力。但我很好奇你們從競爭和週期性兩個角度來看，對這個產業有什麼看法。

Look, from my perspective, we've been working on recovering in Financial Services for quite a time. There's been a pace of recovery candidly through the course of the year, but the 10% constant currency growth, if I exclude the 9 points benefit we got from the year-over-year compare from the accounting charge in Q4 last year's results is probably the highest level of constant currency growth we've had in quite a few years.

在我看來，我們在金融服務領域已經努力復甦了相當長一段時間。坦白說，今年以來復甦的步伐一直在加快，但如果我排除去年第四季業績中因會計費用而獲得的9個百分點的同比增幅，那麼10%的固定匯率增長率可能是我們近幾年來最高的固定匯率增長率。

And this has ultimately been on the back of a series of things we've been doing, sharpening our focus on our top clients, refreshing some of the commercial team as well as, by the way, some of the leadership team, both in delivery as well as in the business. And back to a question I had earlier, that's part and parcel of running a world-class company. Sometimes, you have to refresh leaders if you're not getting the results you want.

而這一切最終都源自於我們採取的一系列措施，包括更專注於最重要的客戶，以及對部分銷售團隊和領導團隊進行調整，涵蓋交付和業務兩個面向。回到我之前的問題，這正是經營一家世界級公司不可或缺的一部分。有時候，如果業績不盡人意，就必須更換領導階層。

We've added a lot of talent with a focus on executive engagement at a client-facing level while the collaboration with the hyperscalers committed to their industry cloud or financial cloud and, of course, a partner ecosystem. And all of that has now started to bear fruit. I'm cautiously optimistic around our growing competitiveness there. We are leading more with digital. We're leading more with what I would call less interviews or staff augmentation-type work. We're getting better margins for that. And I think our competitiveness will continue to increase in the course of the year.

我們引進了大量人才，專注於與客戶高層建立聯繫，同時與致力於產業雲或金融雲的超大規模企業以及合作夥伴生態系統合作。所有這些努力現在都開始取得成效。我對我們在該領域不斷增強的競爭力持謹慎樂觀的態度。我們在數位化方面處於領先地位，減少了面試或人員擴充等工作，從而獲得了更高的利潤。我認為，今年我們的競爭力將持續提升。

Of course, with the decision that we took last year, which was closed ultimately yesterday, I believe, around the Samlink sale, we have a compare sequentially and year-over-year in the first quarter and beyond, which will have an anomaly that we can talk to in subsequent calls. But generally, I feel that the team have done great work. We expect continued improvements in 2022.

當然，鑑於我們去年做出的決定（我相信昨天已經最終敲定），即關於Samlink的出售，我們第一季及以後的業績將會出現一些異常情況，我們可以在後續的電話會議中討論。但總的來說，我認為團隊的工作非常出色。我們預計2022年業績將持續提升。

Will be a paced recovery. I'm not suggesting we're back to our full strength yet. But we're working both well across the regional banks, but I'm also optimistic around the progress that the refreshed leadership team are making with some of the larger global banks. And if we're able to crack some of those, of course, that will show up in the numbers as well. So generally, I feel as though we're on the right track and the team have worked hard and deserve growing momentum in the business.

這將是一個循序漸進的復甦過程。我並不是說我們已經恢復到巔峰狀態。但我們與各區域銀行的合作進展順利，同時我也對重組後的領導團隊與一些大型全球銀行的合作進展感到樂觀。如果我們能夠成功拿下其中一些銀行，當然，這也會反映在業績數據上。所以總的來說，我認為我們正走在正確的道路上，團隊付出了辛勤的努力，理應在業務上取得更大的發展勢頭。

Our next question comes from the line of Rayna Kumar with UBS.

我們的下一個問題來自瑞銀集團的 Rayna Kumar。

So you've now had 2 consecutive quarters of 20%-plus bookings growth. Could you talk about the sustainability of that as well as book-to-bill above 1?

你們已經連續兩個季度實現了20%以上的預訂量成長。能否談談這種成長的可持續性，以及預訂出貨比高於1的情況？

Yes. We had that 22% bookings growth, mid-teens for the full year, and it's driven, obviously, by the strong demand that we see in the market. It's supported by the investments that we made into our market organization with incremental sales capabilities and solution capabilities. And it's aided by a broadening solution set that we're developing ourselves as well as our M&A that is contributing to this.

是的。我們的預訂量成長了22%，全年成長率達到15%左右，這顯然是由市場強勁的需求所推動的。同時，我們也加大了對市場組織的投入，提升了銷售能力和解決方案能力，這都為此提供了支持。此外，我們正在自主研發並持續拓展解決方案組合，併購活動也對此有所貢獻。

So we are optimistic about maintaining a book-to-bill ratio that is similar to where we are. And that is our mindset, and we have seen really a very consistent execution, very consistent pipeline development. And the bookings momentum itself has been broad-based, has been good geographically split, and it has been. In general. Of course, there are ups and downs by smaller business units, but it has been, when you lean back, fairly broad-based, which is all good news basically to assume that we're going to continue on that path.

因此，我們對維持目前的訂單出貨比持樂觀態度。這是我們的預期，我們已經看到執行力非常穩定，銷售通路的拓展也非常穩健。訂單成長動能本身十分強勁，地域分佈也相當均衡。當然，一些規模較小的業務部門可能會出現一些波動，但總體而言，訂單成長勢頭相當強勁，這無疑是個好消息，我們有理由相信我們將繼續保持這一成長勢頭。

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

我們的下一個問題來自美國銀行的傑森·庫柏伯格。

Nice results here. Just wanted to ask a follow-up on bookings to start. Anything you can tell us about the mix of new work versus renewals in that $23 billion of trailing 12-month bookings?

成果不錯。我想先問一下關於預訂方面的問題。您能否告訴我們，在過去12個月230億美元的預訂金額中，新訂單和續約訂單的比例是多少？

Yes. We don't really disclose details of the bookings number. It is a mix but the mix has been stable, and it is really not contributing one way or the other to the overall -- composition of the bookings number stayed basically stable, but we're not disclosing components of it.

是的。我們一般不會透露具體的預訂數量。預訂類型多種多樣，但一直保持穩定，對整體預訂量的影響並不大——預訂數量的組成基本穩定，但我們不會透露具體組成部分。

Okay. Just as a follow-up, I know you're including 100 basis points of inorganic revenue contribution in the 2022 guide for deals that you haven't yet announced. Can you just talk about the line of sight to executing on enough deals to drive that, I guess, $185 million or so of additional revenue that you'd need?

好的。我再補充一點，我知道你們在2022年的業績指南中提到，尚未公佈的交易將帶來100個基點的非有機收入貢獻。您能否談談實現足夠多的交易，從而帶來所需的約1.85億美元額外收入的計劃？

Yes, we have a very capable development team and M&A team, of course, proven over the last 2 years to execute a steady stream of these strategic acquisitions, small and medium size in nature. And we continue to see great opportunities for us to align our strategic goals with that. So we're bringing already, approximately, as you can see from our guidance in the first quarter, we're bringing already some momentum with the acquisition of Devbridge into the momentum. So yes, we feel confident about the 100 basis points which we'll be executing within this year.

是的，我們擁有一支能力卓越的開發團隊和併購團隊，過去兩年他們已經證明了自己能夠持續完成一系列中小型策略收購。我們持續看到將策略目標與這些收購結合的巨大機會。正如您從我們第一季的業績指引中所看到的，收購Devbridge已經為我們帶來了一定的成長動能。因此，我們對今年內實現100個基點的成長目標充滿信心。

Our next question comes from the line of David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Looking at Slide 13, on-site employee utilization fell to the lowest level in 3 years, which is really the history of this chart, and it looks like offshore employee utilization fell to about a 6-quarter low. Can you just talk through the utilization dynamics? Clearly, they're tied to the attrition numbers. And what are your expectations for both offshore and on-site utilization in your 2022 guidance?

從第13張投影片可以看出，現場員工利用率降至三年來的最低水平，這實際上與該圖表的歷史數據相符；而離岸員工利用率似乎也降至近六個季度以來的最低點。您能否詳細解釋一下利用率的動態變化？顯然，這與員工流動率密切相關。您在2022年的業績展望中對離岸和現場利用率有何預期？

Yes. You're right in the observation. There is some impact in the chart by our switch to a 9-hour bill week that has lowered our utilization, so that is in the last few quarters in there. But the overall dynamic is largely driven by the acceleration of onboarding new associates that have some utilization lack in the beginning of their tenure. So that was really the biggest driver of a downtick in utilization that we're seeing basically. And so we are kind of happy to have a little bit bigger bench to fulfill client needs. So for us, utilization levels are really at the desired level of where we want to see it.

是的，您的觀察很準確。圖表中確實顯示，我們改為每週9小時計費模式後，利用率下降，這在過去幾季有所體現。但整體趨勢主要受新進員工入職速度加快的影響，這些新進員工在入職初期利用率較低。因此，這才是導致利用率下降的主要原因。我們很高興現在有更多員工可以滿足客戶需求。所以對我們來說，目前的利用率水準已經達到了我們所期望的水準。

Understood. Just as a quick follow-up, Brian, could you expand upon your comment that you're seeing more clients ask for price efficiency in the legacy work? What -- how much price efficiency, if you will, are they looking for? And are you able to offset that through lower costs?

明白了。布萊恩，我再補充一點，你剛剛提到越來越多的客戶要求在修復工作中降低成本，你能詳細解釋一下嗎？他們具體希望降低多少成本？你能透過降低成本來彌補這部分成本嗎？

Yes. Look, we have obviously embraced automation. We've taken out double-digit thousands of people from our fixed price contracts in the last few years, so we continue to automate our agenda. I will say, the other thing you've seen is our digital mix hasn't scaled as much as we assumed previously because we've been quite successful in the non-digital part of our portfolio, arguably more successful than others scaling that and mitigating the downside.

是的。你看，我們顯然已經擁抱了自動化。過去幾年，我們已經從固定價格合約中剔除了數萬名員工，所以我們會繼續推進自動化流程。另外，你也看到了，我們的數位化業務規模並沒有像之前預期的那樣擴大，因為我們在非數位化業務方面取得了相當大的成功，可以說比其他公司在擴大規模和降低風險方面做得更好。

So it's a street combat every single time you're coming up for renewal. You want to be clever as well in some of the classic areas to make sure you try and upsell to modernization or beyond and try to get a renewal plus an expansion. But I feel as though we have handled ourselves well in that regard, and we have a lot of effort underway, as I said earlier, to try to continue to evolve the company to an area where we are better able to industrialize delivery, which will help ultimately our margins, and indeed, the quality of our delivery. So I feel pretty good about where we are in that regard.

所以每次續約都像是街頭巷戰。你還得在一些傳統領域耍點小聰明，努力推銷升級方案，爭取續約的同時還能擴大規模。但我感覺我們在這方面做得很好，正如我之前所說，我們正在努力推動公司發展，使其能夠更好地實現交付的工業化，這最終將有助於提高我們的利潤率，並提升交付品質。所以我對我們目前在這方面的進展相當滿意。

Our biggest focus naturally is to scale digital while we protect the nondigital business and mitigate the downside. And for the guidance we gave in November, we assume that will grow low to mid-single digits. Our real focus as a company, and that's core to our strategy, is our momentum in digital, which is growing 20%, plus or minus.

我們目前的首要任務自然是擴大數位化業務規模，同時保護非數位化業務並降低下行風險。根據我們11月份給出的業績指引，我們預期數位化業務將達到個位數低至中等的成長。作為一家公司，我們真正的重心，也是我們策略的核心，是維持數位化業務的成長勢頭，目前預計將成長20%左右。

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

我們的下一個問題來自 Bryan Bergin 與 Cowen 的對話。

Within the 2022 growth outlook, can you talk about some of your expectations across the industry segments this year? And anything to be mindful about around the cadence of growth as you built the plan?

在2022年的成長展望中，您能否談談您對今年各產業細分領域的一些預期？在製定計劃時，您在增長節奏方面有哪些需要注意的地方？

Can you repeat that? You broke up in the beginning of your question.

你能再說一次嗎？你問題開頭就斷斷續續的。

Yes, sure. So the expectations across the industry segments for growth this year within the context of the consolidated plan. And then just anything around cadence we should be aware of.

當然。所以，我們需要了解今年各產業區隔在綜合規劃架構下的成長預期。還有，關於節奏方面，我們也需要注意一些事項。

On the cadence of the growth, I think we have a typical revenue number we gave you, basically our outlook for the first quarter. There's nothing really that I have to specify more, I think, on the revenue quarterly cadence.

關於成長節奏，我認為我們已經給了一個典型的營收數字，基本上就是我們對第一季的預期。關於季度營收節奏，我覺得沒有什麼需要特別說明的了。

Relative to the industry growth, I would just point out that we had a onetime impact from Samlink in the Financial Services sector. But we -- despite that grow-over, onetime impact, we expect continued moderate growth in the Financial Services group. And all other groups should continue with the momentum. So I think it's a fairest thing if you just build a momentum case for our 4 big industry groups to get a good forecast.

就產業成長而言，我想指出的是，Samlink 的收購對金融服務部門產生了一次性影響。但即便如此，我們預期金融服務部門仍將保持溫和成長。其他所有板塊也應繼續保持成長勢頭。因此，我認為，為了做出更準確的預測，最好只分析我們四大產業板塊的成長動能。

Okay. And then just the international opportunity. I know this has been a big focus for you, with the investments to drive more traction there. Can you talk about your expectations for growth in markets outside of the U.S. in 2022, which ones you're most excited about and some of the initiatives that you continue to drive?

好的。接下來談談國際市場機會。我知道這一直是你們的重點，也投入了大量資金來推動海外市場的發展。您能否談談對2022年美國以外市場成長的預期？您最看好哪些市場？以及您持續推動哪些舉措？

Yes. So look, this is something I'm particularly passionate about. Cognizant's brand internationally, certainly, wasn't known as much as in key industries in North America and naturally in our offshore areas so we put a coordinated effort in place to reposition the brand. We've refreshed a lot of our country leaders across Europe and the Middle East, and I think we're seeing the fruits of that labor right now.

是的。你看，這是我特別熱衷的事。 Cognizant 的品牌在國際上的知名度，當然不如在北美關鍵產業以及我們的海外地區那麼高，所以我們協調一致地進行了品牌重塑工作。我們更換了歐洲和中東地區許多國家的領導人，我認為我們現在已經看到了這些努力的成果。

You saw a 28% growth in the U.K. this quarter. Our U.K. momentum has been building through the course of the year. It's nicely profitable for us as well in terms of relative profitability vis-a-vis other European countries. And we also have a lot of momentum in areas like Australia and New Zealand. So the seniority and the capability of the team we've built allows us to have confidence to deploy M&A to support their growth ambitions as well. That's what we did in Australia and that's what we're doing in Germany. You've seen the ESG acquisition we did in the last year.

本季英國市場成長了28%。我們在英國的業務成長勢頭在過去一年中持續增強。與其他歐洲國家相比，英國市場的獲利能力也相當可觀。我們在澳洲和紐西蘭等地區也擁有強勁的成長勢頭。因此，我們組建的團隊擁有豐富的經驗和卓越的能力，這使我們能夠自信地透過併購來支持這些地區的成長目標。我們在澳洲已經這樣做了，在德國也正在這樣做。您也看到了我們去年完成的ESG收購。

So generally, I feel very optimistic about our potential there. It is a year where we had strong bookings. We have to just continue to build on that in the years ahead, but I'm -- ultimately, if we're here 3, 4 years from now, looking back, I'd like to think this will have been a really big success story for us.

總的來說，我對我們在那裡的發展潛力非常樂觀。今年我們的預訂量非常可觀。我們必須在未來幾年繼續保持這種勢頭，但最終，如果3、4年後我們依然在這裡，回首往事，我希望這能成為我們取得巨大成功的一個例證。

Now it's not only about capturing the revenue opportunity. That revenue opportunity which will be fueled more with digital-type work more than historical levels also requires more local and a global delivery network. And that's also an area where I'm pleased to see the momentum we've had. We announced most recently the build-out in Canada and Nova Scotia. But in the last few months, we announced thousands of extra roles across Adelaide in Australia as well as the U.K. in northern England and Northern Ireland.

現在，關鍵不僅在於抓住營收機會。這項營收機會將更依賴數位化工作，其增速將超過以往水平，因此，我們需要更完善的在地化和全球交付網路。我很高興看到我們在這一領域取得了顯著進展。我們最近宣布了在加拿大和新斯科細亞省的業務拓展計劃。但在過去幾個月裡，我們也在澳洲阿德萊德以及英國的英格蘭北部和北愛爾蘭新增了數千個工作機會。

So we're doing what is needed in terms of partnership, talent, delivery capabilities to get after the market opportunity internationally. And the fruits is very visible in our second-largest country, the U.K., which grew 28% this quarter.

因此，我們正在合作夥伴關係、人才和交付能力方面採取必要措施，以抓住國際市場機會。而這些努力的成果在我們第二大市場英國尤為顯著，本季英國市場成長了28%。

Our last question comes from the line of James Faucette with Morgan Stanley.

最後一個問題來自摩根士丹利的詹姆斯·福塞特。

I appreciate all the detail and color that you've provided.

我非常欣賞你提供的所有細節和色彩。

Back on the hiring side, how should we think about what you are feeling as the appropriate level of pace of hiring in the current environment? And I guess as part of that, I'm looking for kind of number of net headcount additions, et cetera, going forward. And I guess, maybe more importantly, how are you feeling about your capacity or infrastructure that you have in place to be able to address that? Or is that an area of potential investment?

回到招募方面，您認為在當前環境下，合適的招募速度該如何掌握？我想，這其中也包括未來淨新增員工人數等方面的預期。更重要的是，您覺得貴公司現有的能力和基礎建設是否足以應付這些需求？還是這方面是否需要投資？

We've been investing behind our recruitment engine in the course of the last 6, 9 months. As we've spotted attrition to be a likely industry problem, we got out in front of perhaps others and we moved fast. And you've seen a net headcount expansion of 41,000 year-over-year since Q4 prior year period and another 12,000 sequentially. Of course, within a given year, subject to when we bring in our college graduates and onboard them, you'll see different peaks country by country.

過去6到9個月，我們一直在加大招募投入。由於我們預見到人員流失可能是整個產業的普遍問題，所以我們搶得先機，迅速採取行動。自去年第四季以來，我們的員工淨增加4.1萬人，較上季成長1.2萬人。當然，在一年內，由於我們何時招募應屆畢業生以及何時完成入職培訓，不同國家的招募高峰期也會有所不同。

But I'm more than confident that we have an engine that is a core competency. The team have done an outstanding job for us. We have processes, tools, capabilities in place. Our brand standing is stronger increasingly not just in India but overseas. And some of the brand work we've done, both externally as well as our internal branding has given us more and more confidence that we have brand ambassadors in the company to make that happen. So we are absolutely in the mode of accelerating headcount as best we can.

但我非常有信心，我們擁有核心競爭力——強大的引擎。團隊為我們做出了卓越的貢獻。我們擁有完善的流程、工具和能力。我們的品牌影響力不僅在印度，在海外也日益增強。我們所進行的一些品牌工作，包括對外品牌建立和對內品牌建設，都讓我們越來越相信，公司內部擁有眾多品牌大使，能夠推動品牌發展。因此，我們正在盡最大努力加快員工人數的成長。

The lower we can keep attrition, of course, is the most productive way to do that. And in the meantime, as Jan pointed out, we've done the heavy lifting. We've made significant progress around the delivery pyramid, this year, 33,000, up from 17,000 in the prior year period. And next year, we're assuming 50,000. And if needed, we'll try and scale beyond that.

當然，降低人員流失率是最有效的做法。同時，正如Jan所指出的，我們已經完成了大部分工作。我們在配送金字塔的各個環節都取得了顯著進展，今年配送量達到33,000人次，高於去年同期的17,000人次。我們預計明年將達到5萬人次。如有必要，我們將努力擴大規模。

So for me, it's about retention and it's about recruitment and getting the balance right between those. But I'm certainly bullish on the industry, bullish on our position within the industry, and I'd like to have more headcount in Cognizant. So if you know people, send them our way.

對我來說，關鍵在於留住人才，也在於招聘，以及如何在這兩者之間找到平衡。但我對整個產業充滿信心，對我們在產業中的地位也充滿信心，我希望Cognizant能有更多的人加入。所以，如果你認識合適的人選，請推薦給我們。

Regarding the capacity, as you know, we are still operating in a largely virtual environment and depending on the development of the pandemic, we'll make, obviously, decisions in the future. But I think the working model, as I said, we're going to settle in a hybrid model. So relative to capacity in the sense of bricks and mortar, I think we feel very well equipped to handle the growth, and that shouldn't be anything unusual. The reigniting of the non-virtual component will bring some cost pressures in it, but that is reflected in our margin guidance.

關於產能方面，如您所知，我們目前仍主要以線上營運為主，未來將根據疫情發展做出相應決策。但我認為，正如我之前所說，我們將最終採用混合模式。因此，就實體辦公室的產能而言，我認為我們完全有能力應對成長，這應該不會有什麼異常。重啟線下業務會帶來一些成本壓力，但這已反映在我們的利潤率預期中。

Great. Thanks, James, and thank you, everyone, for joining. We appreciate your interest in Cognizant and look forward to catching up next quarter. Thank you.

太好了。謝謝詹姆斯，也謝謝各位的參與。我們非常感謝大家對 Cognizant 的關注，期待下季與大家再次交流。謝謝。

This concludes today's Cognizant Technology Solutions Q4 2021 Earnings Conference Call. You may now disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

今天的 Cognizant Technology Solutions 2021 財年第四季財報電話會議到此結束。您可以掛斷電話了。感謝您的參與。祝您一天餘下的時間愉快。