高知特 (CTSH) 2021 Q3 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2021 年第三季財報電話會議。 （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 your presentation.

現在我將會議交給投資者關係副總裁泰勒‧史考特先生。請開始您的演講吧，先生。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and the investor supplement for the company's third quarter 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.

謝謝接線員，大家下午好。各位現在應該已經收到公司2021財年第三季業績的獲利報告和投資人補充資料。如果您還沒有收到，可以造訪我們的網站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 to 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。公司發布的獲利報告以及向美國證券交易委員會提交的其他文件中，將提供非GAAP財務指標與相應的GAAP指標的調節表（如適用）。

With that, I'd 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, everyone. We executed well in the third quarter, delivering revenue of $4.7 billion, up 11.8% year-over-year or 11% in constant currency. Bookings growth, a key leading indicator, accelerated to 24% year-over-year growth in the third quarter. Our book-to-bill ratio of 1.2x revenue on a trailing 12-month basis underscores our commercial momentum.

謝謝泰勒。大家下午好。第三季我們表現出色，營收達47億美元，年增11.8%，以固定匯率計算成長11%。作為一項關鍵領先指標，訂單成長加速，第三季年增24%。過去12個月的訂單出貨比為1.2倍營收，凸顯了我們強勁的商業發展動能。

I'm grateful to our teams around the world for their resourcefulness in meeting our client commitments despite a challenging labor market. We delivered solid sequential adjusted operating margin expansion in the third quarter as we offset the cost of increased hiring with cost discipline elsewhere.

我衷心感謝全球各地的團隊，儘管面臨充滿挑戰的勞動市場，他們依然展現出卓越的應變能力，並履行了我們對客戶的承諾。第三季度，我們透過在其他方面嚴格控製成本，抵銷了招聘成本的增加，實現了經調整後營業利潤率的環比穩步增長。

I'm also pleased with the progress against our key strategic initiatives. For example, third quarter digital revenue grew 18% year-over-year. Digital represents 44% of our overall revenue mix. We expect this percentage to grow in future periods, positioning Cognizant for both top line momentum and margin expansion. Moreover, the intimacy of our C-suite engagement increases as we serve clients in their digital transformations.

我對我們關鍵策略舉措的進展感到滿意。例如，第三季數位業務營收年增18%，占我們總營收的44%。我們預計這一比例在未來幾季將持續成長，這將使Cognizant在營收成長和利潤率提升方面都保持強勁勢頭。此外，隨著我們為客戶提供數位轉型服務，我們與高階主管的溝通也日益密切。

Better-than-expected growth in our nondigital business impacted our digital mix progression, but is nonetheless a welcome outcome. During the third quarter, we saw continued strong top line momentum in our digital business operations practice, reflecting our differentiated offerings for digital natives, our BPaaS leadership position in health care, and our strength in Intelligent Process Automation solutions.

非數位化業務的成長超出預期，對我們的數位化業務組合發展造成了一定影響，但這仍然是一個令人欣喜的結果。第三季度，我們的數位化業務營運實務持續保持強勁的營收成長勢頭，這體現了我們為數位化原生企業提供的差異化產品和服務、我們在醫療保健領域的業務流程即服務 (BPaaS) 領先地位以及我們在智慧流程自動化解決方案方面的優勢。

We recently announced Cognizant Neuro, a simpler and more effective way for clients to achieve the full potential of Intelligent Process Automation and speed time to results. Everest Group, a leading industry analyst firm, recently recognized Cognizant Neuro as an exciting development to enable automation at scale.

我們近期發表了 Cognizant Neuro，它為客戶提供了一種更簡單、更有效率的方式，幫助他們充分發揮智慧流程自動化的潛力，並加快實現預期成果的速度。領先的產業分析公司 Everest Group 近期也對 Cognizant Neuro 給予了高度評價，認為它是實現大規模自動化的令人振奮的創新。

Moving to industry segments. Financial Services' ongoing recovery continued with growth of 4.3% year-over-year in constant currency, in line with our expectations. We posted strong double-digit growth year-over-year in constant currency in Products and Resources and in Communications, Media and Technology.

接下來看行業板塊。金融服務業持續復甦，以固定匯率計算年增4.3%，符合預期。產品與資源以及通訊、媒體與科技產業均實現了強勁的兩位數年成長（以固定匯率計算）。

Within Products and Resources, we continue to deliver excellent growth in manufacturing, logistics, energy and utilities as well as across retail, consumer goods and travel and hospitality, which have recovered to pre-pandemic levels. In Communications, Media and Technology, we continue to lead with our digital engineering capability to win transformation deals while leveraging our alliances to be a premier cloud transformation partner.

在產品與資源領域，我們在製造業、物流、能源與公用事業以及零售、消費品和旅遊酒店業持續保持卓越成長，這些產業已恢復至疫情前水準。在通訊、媒體與科技領域，我們以強大的數位化工程能力持續引領產業，贏得轉型項目，同時運用聯盟優勢，成為首屈一指的雲端轉型合作夥伴。

In Healthcare, we had another solid quarter, achieving 9.8% constant currency growth. Momentum in life sciences continued. Demand across payers remain strong, and we're beginning to see an uptick in demand across providers as they look to digital technologies to help reduce operating costs and strengthen new channels for delivering care.

在醫療保健領域，我們又迎來了一個穩健的季度，以固定匯率計算實現了9.8%的成長。生命科學領域的成長勢頭持續強勁。支付方的需求依然旺盛，隨著醫療服務提供者尋求利用數位化技術來降低營運成本並加強新的醫療服務管道，我們開始看到他們的需求有所回升。

Our Products business saw continued double-digit growth in Q3. We're expanding our footprint in the health care market and adding new growth members on our platforms. We're also well underway with our digital transformation of our products, including the launch of our connected interoperability solutions to help clients provide secure, real-time data access and meet compliance deadlines.

第三季度，我們的產品業務持續保持兩位數成長。我們正在擴大在醫療保健市場的商業版圖，並在我們的平台上吸引更多新的成長型用戶。同時，我們的產品數位轉型也在穩步推進，包括推出互聯互通解決方案，以幫助客戶提供安全、即時的數據訪問，並滿足合規期限要求。

We're proud of the work we're doing in partnership with clients like Parkland Community Health Plan. Parkland was looking for better ways to meet the growing needs of its medically underserved populations in Texas and to better manage its health insurance claims, member transactions and network of physicians and hospitals. Our TriZetto QNXT core administration platform, delivered in a BPaaS model, is enabling delivery of care management, claims processing, member services, provider services and quality on a single platform, thereby enhancing care coordination and member experiences.

我們為與帕克蘭社區健康計劃 (Parkland Community Health Plan) 等客戶的合作感到自豪。帕克蘭一直在尋求更好的方法來滿足其在德克薩斯州醫療服務不足人群日益增長的需求，並更好地管理其健康保險理賠、會員交易以及醫生和醫院網絡。我們採用 BPaaS 模式交付的 TriZetto QNXT 核心管理平台，能夠在一個平台上實現護理管理、理賠處理、會員服務、供應商服務和品質控制，從而提升護理協調性和會員體驗。

Our Healthcare business is a hugely strategic asset. I'm pleased with the progress we've made accelerating growth in health care. And I'm optimistic in our future prospects as health care companies modernize their business to address the need for enhanced client experiences, including virtual care solutions.

我們的醫療保健業務是一項極具策略意義的資產。我對我們在加速醫療保健業務成長方面取得的進展感到滿意。隨著醫療保健公司不斷推動業務現代化，以滿足客戶對更佳體驗（包括虛擬醫療解決方案）的需求，我對我們未來的發展前景充滿信心。

Let's turn now to strategy, including our digital ambitions. I remain bullish on both the macro demand environment and Cognizant's growing momentum in digital. Clients continue to accelerate their investment in digital operating models to improve their customer and employee experiences and modernize their operations through data, automation and cloud. While most companies have launched digital initiatives, few have made the shift to a fully digital operating model.

現在我們來談談策略，包括我們的數位化願景。我對宏觀需求環境以及Cognizant在數位化領域日益增長的勢頭依然保持樂觀。客戶正持續增加對數位化營運模式的投資，以改善客戶和員工體驗，並透過數據、自動化和雲端運算實現營運現代化。雖然大多數公司都已啟動數位化項目，但真正轉型為全面數位化營運模式的公司卻寥寥無幾。

Cognizant is now one of the few global firms that can serve clients across all stages of their digital transformation, from modernizing their technology foundation to implementing agile workflows. This is, in part, a result of investing approximately $3 billion in mergers and acquisitions over the past few years to broaden our portfolio while strengthening our relationships with hyperscalers and key partners.

Cognizant如今已成為少數幾家能夠為客戶提供數位轉型全流程服務的全球性公司之一，從技術基礎架構現代化到敏捷工作流程的實施，我們都能提供全方位的支援。這在某種程度上得益於過去幾年我們斥資約30億美元進行併購，以拓展業務組合，同時加強與超大規模資料中心和關鍵合作夥伴的關係。

A good client example is Cabot Corporation, a global leader in specialty chemicals and performance materials, who recently engaged us to help transform their digital operating model. We'll be providing application development and maintenance as well as infrastructure and operation services, and enabling Cabot to create an enhanced digital experience that drives value for its customers and employees.

卡博特公司就是一個很好的客戶案例。作為特種化學品和高性能材料領域的全球領導者，卡博特公司最近委託我們幫助他們轉型數位化營運模式。我們將提供應用程式開發和維護、基礎設施和營運服務，協助卡博特打造更優質的數位體驗，為其客戶和員工創造價值。

Scaling our international operations is another strategic priority. And during the third quarter, we grew bookings and revenue solidly in both Europe and Rest of World, with a highlight being 19% constant currency revenue growth in the United Kingdom. We remain optimistic on our international market prospects and aim to accelerate growth as we invest in our talent, brand, partnerships and operations.

擴大國際業務規模是另一個策略重點。第三季度，我們在歐洲和世界其他地區的預訂量和收入均實現穩健增長，其中英國市場按固定匯率計算的收入增長尤為顯著，達到19%。我們對國際市場前景依然保持樂觀，並將透過增加對人才、品牌、合作夥伴關係和營運的投入，加速成長。

Global biopharma leader Sanofi has selected Cognizant as a strategic partner to deploy an omnichannel customer engagement model. This solution will enable their customer-facing teams to engage with health care professionals via new digital channels, provide them more personalized content and also suggest next best actions. Cognizant deployed a cloud-based CRM, integrated marketing automation and intelligence data platform to the first 18 markets in just 8 months. And for Her Majesty's Revenue & Customs, the U.K. government's tax authority, we're providing broad technology expertise across its Pega technology stack and enabling Pega application development and operational support that will facilitate case management and customer service applications.

全球生物製藥領導者賽諾菲已選擇 Cognizant 作為策略合作夥伴，部署全通路客戶互動模式。該解決方案將使其面向客戶的團隊能夠透過新的數位管道與醫療保健專業人員互動，為他們提供更個人化的內容，並推薦最佳後續行動方案。 Cognizant 僅用 8 個月時間就在首批 18 個市場部署了基於雲端的客戶關係管理 (CRM)、整合行銷自動化和智慧數據平台。此外，我們還為英國稅務海關總署 (HMRC) 提供涵蓋其 Pega 技術堆疊的廣泛技術專長，並支援 Pega 應用開發和運營，從而促進案例管理和客戶服務應用的開發。

Moving on now to the intensifying competition for talent across multiple industries. The demand/supply imbalance in our industry remains particularly acute. Third quarter voluntary attrition reached 33% on an annualized basis or 24% on a trailing 12-month basis. As a reminder, when we measure attrition, we count the entire company, including trainees and corporates across IT services and BPO. Despite elevated attrition, we increased our net headcount in Q3 by over 17,000 sequentially, which speaks to the tremendous work and effectiveness of our recruitment team. Given our focus in recent years on accelerating fresher hiring in India, we've made meaningful progress on addressing our pyramid. In the fourth quarter, we expect to make offers to 45,000 new graduates in India for onboarding in 2022.

接下來，我們來談談各行各業日益激烈的人才競爭。我們產業的供需失衡問題依然十分嚴峻。第三季員工自願離職率以年率計算達33%，以過去12個月計算則為24%。需要說明的是，我們統計離職率時，會將整個公司的員工都計算在內，包括IT服務和BPO部門的實習生和正式員工。儘管離職率較高，但我們第三季的淨員工人數較上季增加了17,000多人，這充分體現了我們招募團隊的卓越工作和高效表現。近年來，我們致力於加快在印度招募應屆畢業生，並在解決人才金字塔問題上取得了顯著進展。預計第四季度，我們將向45,000名印度應屆畢業生發出錄用通知，他們將於2022年入職。

Retention and recruitment have our leadership's full attention. We are continuing our comprehensive program to support our associates' career growth and engagement through a range of initiatives that include committed annual increases and evolved approach to promotions; job boards so associates can easily explore open leadership roles company-wide; abundant new training and development programs, sustained communication with our commitment to belonging and inclusion across our company and to society more broadly; and the continuing pursuit of an ESG agenda, which shows special meaning for our associates.

員工留任和招募是我們領導階層高度重視的問題。我們持續推行全面的員工發展支持計劃，透過一系列舉措助力員工的職業發展和提升員工敬業度，包括：承諾年度加薪並不斷完善晉升機制；設立招聘平台，方便員工輕鬆了解公司範圍內的領導職位空缺；提供豐富的培訓和發展項目；持續溝通，致力於在公司內部以及更廣泛的社會層面營造歸屬感和包容性；

To this point, earlier this year, we published our first ESG report and set out on a path to reduce our emissions and increase our energy efficiency. Last week, we announced Cognizant's commitment to achieve net zero greenhouse gas emissions by 2030. We plan to achieve this net zero goal through ongoing investments in renewable energy, building on our initial success in India where 1/4 of our energy has come from renewable sources since 2020. We will also be investing in new energy-efficient technologies across our offices and data centers globally. In addition, we will extend our expertise in cloud, IoT and AI to help clients meet their sustainability goals.

今年早些時候，我們發布了首份ESG報告，並著手減少碳排放、提高能源效率。上週，我們宣布Cognizant承諾在2030年實現溫室氣體淨零排放。我們計劃透過持續投資再生能源來實現這一目標，並在此基礎上，進一步鞏固我們在印度的初步成功——自2020年以來，我們在印度的能源供應中已有四分之一來自再生能源。我們也將投資於全球各地辦公室和資料中心的新型節能技術。此外，我們將拓展在雲端運算、物聯網和人工智慧領域的專業知識，幫助客戶實現其永續發展目標。

In closing, while the industry faces an unprecedented competition for talent, during the third quarter, we attracted a record number of employees to Cognizant and stayed focused on delivering against our client commitments and our strategic repositioning. We are bullish on the industry and on our growing commercial momentum.

最後，儘管產業面臨前所未有的人才競爭，但第三季我們仍吸引了創紀錄數量的員工加入 Cognizant，並始終專注於履行對客戶的承諾和推動策略調整。我們對行業前景和不斷增長的商業勢頭充滿信心。

Jan and I look forward to discussing Cognizant's future with you at our November 18 investor briefing. 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. Jan, over to you.

我和Jan期待在11月18日的投資人簡報會上與大家探討Cognizant的未來發展。接下來，我將把電話交給Jan，她將詳細介紹本季業績和財務展望，之後我們將回答大家的問題。 Jan，請你發言。

Thank you, Brian, and good afternoon, everyone. Our Q3 revenue was $4.7 billion, representing growth of approximately 12%, or 11% at constant currency. Revenue growth was led by digital, which grew 18% and represented 44% of total revenue for the quarter. As Brian mentioned earlier, our digital business operations practice area is also growing strongly. Year-over-year growth includes approximately 300 basis points of growth from our recent acquisitions.

謝謝布萊恩，大家下午好。我們第三季營收為47億美元，年增約12%，以固定匯率計算成長11%。營收成長主要由數位化業務帶動，該業務成長18%，佔本季總營收的44%。正如布萊恩之前提到的，我們的數位化業務營運領域也實現了強勁成長。年比成長中包含了近期收購帶來的約300個基點的成長。

Moving on to segment results where all growth rates provided will be year-over-year in constant currency. Financial Services revenue increased approximately 4%, in line with our expectations. We continue to make steady progress as we reposition this business and have seen recent improvement in bookings and pipeline. We continue to expect modest growth for this segment for the full year.

接下來是各業務板塊的業績，所有成長率均為固定匯率計算的年比數據。金融服務收入成長約4%，符合預期。隨著我們對該業務進行重新定位，我們持續穩步推進，近期訂單量和銷售管道均有所改善。我們預計該業務板塊全年將保持溫和成長。

Healthcare revenue increased approximately 10%, again driven by strong performance in both our health care and life sciences businesses. Revenue growth within our Healthcare business was primarily organic, and demand for our integrated software solutions remains strong. We also remain very pleased with our life sciences business, which grew double digits organically year-over-year.

醫療保健業務收入成長約10%，這再次得益於醫療保健和生命科學業務的強勁表現。醫療保健業務的收入成長主要來自內生成長，市場對我們整合軟體解決方案的需求依然強勁。我們對生命科學業務也感到非常滿意，該業務實現了兩位數的同比增長。

Products and Resources revenue increased approximately 18%, driven by the sixth consecutive quarter of double-digit growth in manufacturing, logistics, energy and utilities. Retail and consumer goods and travel and hospitality also grew double digits year-over-year, with both sectors experiencing healthy demand for digital services as they recovered from the impact of the pandemic in 2020. Segment growth also included approximately 600 basis points from inorganic revenue.

產品與資源業務收入成長約18%，主要得益於製造業、物流、能源和公用事業連續第六個季度實現兩位數成長。零售和消費品以及旅遊和酒店業務也實現了兩位數同比增長，這兩個行業在從2020年疫情的影響中復甦後，對數位化服務的需求依然強勁。此外，該業務板塊的成長還包括約600個基點的非內生性收入成長。

Communications, Media and Technology revenue grew 19%, of which approximately 500 basis points of growth was attributable to recent acquisitions. Organic growth was led by our technology business, where our work with digital-native clients have continued to drive growth in our core portfolio.

通訊、媒體和技術業務收入成長19%，其中約500個基點的成長歸功於近期收購。內生成長主要由我們的技術業務帶動，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, North America grew approximately 10% year-over-year, driven by demand from health care, life sciences, manufacturing, logistics, energy and utilities and technology. Growth in North America also included the benefit of recently completed acquisitions across segments.

從地理來看，北美地區年增約10%，主要得益於醫療保健、生命科學、製造業、物流、能源與公用事業以及科技業的需求成長。北美地區的成長也受惠於近期各領域完成的收購項目。

Revenue outside of North America grew approximately 16% year-over-year in constant currency led by growth in the U.K. We're also experiencing strong growth in Germany and Australia, driven in part by our recently completed acquisitions of ESG Mobility and Servian, respectively.

除北美以外，公司收入以固定匯率計算年增約 16%，主要得益於英國市場的成長。此外，德國和澳洲市場也實現了強勁成長，部分原因是近期分別完成了對 ESG Mobility 和 Servian 的收購。

Now moving on to margins. In Q3, our GAAP operating margin was 15.4%, and adjusted operating margin was 15.8%. Adjusted operating margin excludes the impact from the legal settlement which, if approved by the court, will resolve the previously disclosed 2016 securities class action lawsuit. On a year-over-year basis, adjusted operating margin declined approximately 10 basis points.

接下來我們來看利潤率。第三季度，我們的GAAP營業利益率為15.4%，調整後營業利益率為15.8%。調整後營業利潤率剔除了法律和解協議的影響，該協議若獲法院批准，將解決先前披露的2016年證券集體訴訟案。與去年同期相比，調整後營業利潤率下降了約10個基點。

Continued elevated attrition resulted in higher subcontractor recruiting and other delivery costs. Additionally, our recently completed acquisitions negatively impacted our margin as we continue to invest in SG&A to drive and support organic revenue growth and modernize our core IT and securities infrastructure. These headwinds were partially offset by savings from our cost initiatives in 2020 and 2021.

持續高企的員工流動率導致分包商招募和其他交付成本增加。此外，由於我們持續投資於銷售、管理及行政費用 (SG&A) 以推動和支持內生性收入成長，並實現核心 IT 和安全基礎設施的現代化，近期完成的收購也對我們的利潤率產生了負面影響。這些不利因素部分被我們在 2020 年和 2021 年實施的成本節約措施所抵銷。

Our GAAP tax rate in the quarter was 25.6%, and our adjusted tax rate was 26%, towards the high end of our full year guidance. Diluted GAAP EPS was $1.03, and adjusted diluted EPS was $1.06.

本季GAAP稅率為25.6%，調整後稅率為26%，接近全年預期上限。 GAAP攤薄後每股收益為1.03美元，調整後稀釋後每股收益為1.06美元。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.4 billion or net cash of $1.7 billion. Free cash flow of -- in Q3 was $897 million, representing approximately 165% of net income and in line with our expectations. Year-to-date free cash flow of $1.5 billion represents over 90% of net income.

現在來看資產負債表。本季末，我們持有現金及短期投資24億美元，淨現金為17億美元。第三季自由現金流為8.97億美元，約佔淨利的165%，符合預期。年初至今的自由現金流為15億美元，佔淨利的90%以上。

DSO of 72 days increased by 1 day sequentially and is flat with the prior year period. Management remains keenly focused on this metric as it is a key lever for free cash flow conversion in the future.

應收帳款週轉天數（DSO）為72天，較上季增加1天，與去年同期持平。管理層仍密切關注這項指標，因為它是未來自由現金流轉換率的關鍵槓桿。

During the quarter, we repurchased 1.3 million shares for $100 million under our share repurchase program and returned $127 million to shareholders through our regular dividend. Year-to-date, we have returned over $1 billion to shareholders through share repurchases and dividends, in line with our previously disclosed capital allocation framework. During the quarter, we also spent cash of $57 million on acquisitions, bringing the year-to-date spend on acquisitions to over $700 million.

本季度，我們根據股票回購計畫回購了130萬股股票，總額達1億美元，並透過常規股息向股東返還了1.27億美元。年初至今，我們已透過股票回購和股利向股東返還了超過10億美元，符合我們先前揭露的資本配置框架。本季度，我們也斥資5,700萬美元用於收購，使年初至今的收購支出超過7億美元。

Turning to guidance. For Q4, we expect revenue in the range of $4.75 billion to $4.79 billion, representing year-over-year growth of 13.5% to 14.5%, or 13.3% to 14.3% at constant currency. Our guidance assumes currency will have a favorable 20 basis point impact, and inorganic contribution of approximately 310 basis points. As a reminder, Q4 2020 revenue was negatively impacted by the $107 million charge related to our proposed financial services contract exit, which is expected to benefit Q4 2021 year-over-year growth, compares by approximately 250 basis points.

接下來談談業績指引。我們預計第四季營收將在47.5億美元至47.9億美元之間，年增13.5%至14.5%，以固定匯率計算則為13.3%至14.3%。我們的績效指引假設匯率變動將帶來20個基點的有利影響，以及約310個基點的非內生性成長貢獻。需要指出的是，2020年第四季營收受到與擬議的金融服務合約終止相關的1.07億美元費用的負面影響，預計將使2021年第四季的同比增長率提高約250個基點。

At the midpoint of our Q4 revenue outlook, we expect full year revenue of $18.5 billion, representing 11.1% growth, or 9.8% growth in constant currency. With that, we are guiding towards the high end of our prior full year guidance. Our outlook assumes currency will have a favorable 130 basis points impact and includes 330 basis points contribution from inorganic revenue. Our guidance also assumes continued momentum across health care, CMT and Products and Resources and a modest growth in Financial Services for the full year.

根據我們第四季營收預期的中位數，我們預計全年營收將達到185億美元，年增11.1%，以固定匯率計算則成長9.8%。基於此，我們預計全年營收將接近先前預期的高端。我們的預期假設匯率將帶來130個基點的有利影響，並包含330個來自非內生性收入的基點貢獻。此外，我們的預期還假設醫療保健、CMT（商品和服務）以及產品與資源業務將保持成長勢頭，金融服務業務全年將實現溫和成長。

Moving on to margins. Our full year adjusted operating margin outlook is unchanged at approximately 15.4%. As I mentioned earlier, elevated attrition is leading to increased costs in certain areas, including recruiting and subcontractor costs in addition to higher wages for lateral hires. We also continue to invest significantly in our people through increased compensation, rolling quarterly promotions for billable associates, and training. As a reminder, our annual merit increase for the majority of our associates is effective October 1. This will impact our Q4 margin and implies a sequential decline in adjusted operating margin from Q3. To partially offset these headwinds, we continue to moderate the pace of our nonstrategic SG&A spend.

接下來談談利潤率。我們全年調整後的營業利益率預期維持約15.4%不變。正如我之前提到的，較高的員工流動率導致某些領域的成本增加，包括招募和分包成本，以及新進員工的薪資上漲。我們也將持續增加對員工的投入，包括提高薪資、按季度對計費員工進行晉升以及提供培訓。需要提醒的是，我們大多數員工的年度績效加薪將於10月1日生效。這將影響我們第四季的利潤率，並意味著調整後的營業利潤率將較第三季環比下降。為了部分抵銷這些不利因素，我們將持續放緩非策略性銷售、管理及行政費用的支出步伐。

This leads to our full year adjusted EPS guidance, which is $4.02 to $4.06 compared to the $4 to $4.06 previously. Our full year outlook assumes interest income of approximately $30 million compared to $25 million to $30 million previously.

因此，我們調整後的全年每股收益預期為4.02美元至4.06美元，高於先前預期的4美元至4.06美元。我們全年展望的預期利息收入約為3000萬美元，高於先前預期的2500萬美元至3000萬美元。

Our outlook assumes average shares outstanding of approximately 528 million and a tax rate of 25% to 26%. Both share count and tax rates are unchanged from our prior outlook. Finally, we continue to expect free cash flow will represent approximately 100% of net income for the full year.

我們的展望基於平均流通股數約為5.28億股，稅率為25%至26%的假設。流通股數量和稅率均與我們先前的展望保持一致。最後，我們仍然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 Tien-Tsin Huang with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的黃天進。

I wanted to ask on the attrition and the gross margin lines and what to think about here going into the fourth quarter. Gross margin this quarter was actually pretty healthy, despite the step-up in attrition that you had signaled to us.

我想問一下關於員工流動率和毛利率的問題，以及進入第四季時需要考慮哪些因素。儘管您之前提到過員工流失率有所上升，但本季的毛利率實際上相當不錯。

So looking ahead, what should we think about there with attrition and in gross margin specifically? And are you able to pass along price increases? Have you seen any delivery, execution issues, that kind of thing?

展望未來，我們該如何看待人員流失和毛利率的問題？你們能否將物價上漲轉嫁給客戶？你們是否遇到任何交付、執行上的問題？

Tien-Tsin, it's Brian, and I'll pass it to Jan maybe directly after this.

天心，我是布萊恩，我可能稍後會把電話轉給簡。

So look, first of all, attrition is elevated. We knew going into the quarter it would remain elevated. We expect going into the fourth quarter, it will also remain elevated. However, we do expect some modest declines in attrition rate, and that is healthy. We look naturally at resignations on a daily basis. We think, as we've hopefully shown in the course of the year, we understand what's going on and what to expect from an attrition point of view. Clearly, while the headline number is high when you apply the rate of attrition to more industry standard definitions such as a trailing 12-month basis, but we think we're more in line with the industry in the low 20s.

首先，員工流動率居高不下。我們在本季初就預料到流失率會居高不下，預計第四季也將持續維持高位。不過，我們預期流失率會略有下降，這是好事。我們每天都會關注員工離職情況。正如我們今年以來所展現的那樣，我們認為我們了解目前的狀況以及員工流失率的預期。顯然，如果按照更符合行業標準的流失率定義（例如過去12個月的流失率），那麼總體數字會很高，但我們認為我們的流失率（20%左右）更符合行業平均水平。

As I think about this, we've spent a tremendous amount of effort to try to address that, both hearts and minds as well as compensation. Hearts and minds has less of an impact on margin compensation, though. So just when we think about hearts and minds, we're thinking about a sense of belongingness, celebrating success, career path discussions, training and development, and making sure that we have processes in place where people can actually get promoted more readily internally. And so we've made a series of adjustments to internal processes to facilitate that.

仔細想想，我們已經投入了大量精力來解決這個問題，包括贏得員工的信任和支持，以及薪資待遇。不過，贏得員工的信任和支持對薪資利潤率的影響相對較小。所以，當我們談到贏得員工的信任和支持時，我們指的是歸屬感、慶祝成功、職涯發展規劃、培訓和發展，以及確保我們擁有完善的流程，讓員工更容易在內部獲得晉升。為此，我們對內部流程進行了一系列調整。

We've also really embraced the bottom of the pyramid after a few slower years between 2017 and '19. Our what we call Gen C or fresher intake has increased meaningfully, and that is also helping our pyramid and our ability to have upward promotion capabilities this year. As we said in our prepared remarks, we'll add 45,000 offers.

在經歷了2017年至2019年幾年的緩慢成長之後，我們真正開始重視金字塔底層的人才培育。我們稱之為「C世代」或「應屆畢業生」的人才數量顯著增加，這也有助於我們建立更完善的人才體系，並提升我們今年的晉升能力。正如我們在事先準備好的發言稿中所述，我們將新增45,000個職缺。

So I feel pretty good about what we're doing from an attrition point of view. The reality is, however, we're in an industry that is facing unprecedented competition for talent. And we continue to see attrition in the same areas as we talked about previously, namely hot skills as well as the bottom of the pyramid.

所以，從人員流失的角度來看，我對我們目前的工作感到相當滿意。然而，現實情況是，我們身處的產業正面臨前所未有的人才競爭。而且，正如我們之前討論過的，人員流失仍然發生在熱門技能領域以及金字塔底層的職位上。

On pricing and on margin implications, I'll pass you to Jan.

關於定價和利潤率方面的問題，我將交給 Jan 來解答。

Yes, Tien-Tsin. Maybe I'll start with the gross margin in the third quarter, which was relatively consistent to prior year. And there are obviously a lot of ins and outs. And clearly, we observed the impact of increased compensation onto the thing, but we had also positive effects like, for example, a modest shift in our digital revenues is helping us. Overall, acceleration of revenue growth has been a factor of helping our gross margin. And a lot of in and out in compare year-over-year because of the COVID situation.

是的，田進。或許我可以先談談第三季的毛利率，它與去年同期大致持平。當然，其中有很多不確定因素。很明顯，我們觀察到薪資成長對毛利率的影響，但也有其他正面因素，例如，數位收入的適度成長對我們有所幫助。整體而言，收入成長加速是提升毛利率的因素。由於新冠疫情的影響，年比數據也存在著許多波動。

So we should expect in the fourth quarter, pressure on our gross margins because we're implementing our compensation increase for the vast majority of our associates of have implemented October 1. So you do see some pressure in the gross margin in the fourth quarter. And clearly, we're kind of working on all elements of curtailing that, but I think you will see net pressure.

因此，我們預計第四季度毛利率將面臨壓力，因為我們已在10月1日開始實施對絕大多數員工的薪資成長計畫。所以，第四季毛利率確實會受到一些壓力。顯然，我們正在努力從各個方面緩解這種壓力，但我認為最終仍會面臨淨壓力。

Pricing, I wanted to do 2 comments before I pass it back to Brian. You know, of course, that the pricing takes some time to implement since clients have longer-term contracts. But when we -- when I observe in particular our digital business, I think I can say that our clients start to really see the value that Cognizant is delivering and understand the value that we can bring to. So we're pleasantly satisfied. We're really happy with the situation that our core thesis about our strategy, the shift to digital, driving higher gross margin is holding and helping us over the medium term on the gross margin side.

關於定價，在把這個問題回饋給布萊恩之前，我想補充兩點。當然，您也知道，由於客戶簽訂的是長期合同，定價的實施需要一些時間。但是，當我觀察我們的數位化業務時，我認為我可以肯定地說，我們的客戶開始真正看到 Cognizant 所提供的價值，並理解我們能夠為他們帶來的價值。因此，我們對此感到非常滿意。我們很高興看到，我們關於策略的核心理念——向數位轉型以提高毛利率——得到了驗證，並且在中期內能夠幫助我們提升毛利率。

Back to you, Brian.

布萊恩，該你了。

Yes, actually, you've largely touched on what I was going to say. I think the implications of digital is, of course, important from a pricing point of view, but also the competitors against which we're going up enables us to be a very strong challenger brand. And so we have pricing, I would say, accretion as opposed to dilution.

是的，實際上，您已經基本說到我要說的了。我認為，數位化帶來的影響當然對定價至關重要，但我們面臨的競爭對手也讓我們有機會成為一個非常強大的挑戰者品牌。因此，我認為我們的定價策略是增值而非稀釋。

And then just one other important point, over the last few years, many people have asked me how I think about structured deals or capital takeouts. We've naturally heavily embraced digital, and our growth rate in digital has been twice that of the industry over the last 2 years.

還有一點很重要，在過去幾年裡，很多人問我對結構化交易或資本收購的看法。我們自然而然地大力擁抱數位化，過去兩年我們在數位化領域的成長速度是產業平均的兩倍。

One of the benefits of digital is, of course, the smaller contract duration to get with it, given the nature of the work you're performing, which ensures we haven't actually been locked into multiyear pricing dimensions as part of a 5- or an 8-year contract. So that's actually, in a strange way, turned out to be quite favorable for us going forward. But all of this is heavy lifting, we have to get right in the quarters ahead, but we feel as though we're on the right track.

數位化的一大優勢當然是合約期限更短，考慮到我們所從事工作的性質，這確保我們不必像簽訂5年或8年合約那樣，被多年固定的價格模式所束縛。所以，從某種程度上來說，這實際上對我們未來的發展非常有利。但這一切都需要付出艱辛的努力，我們必須在接下來的幾季裡把事情做好，但我們感覺我們正走在正確的道路上。

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

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

I wanted to ask similar questions, Brian, but I'm going to go at a different direction. You used the word unprecedented. I agree, it does seem to be unprecedented attrition. But I'm wondering what slows it. You've talked about specific steps that Cognizant is taking, but it's clearly an industry problem.

布萊恩，我也想問類似的問題，但我打算換個角度。你用了「前所未有」這個詞。我同意，這確實是前所未有的人員流失。但我想知道是什麼因素減緩了流失速度。你提到了Cognizant正在採取的具體措施，但這顯然是一個行業問題。

And the other side is, does it require a slowdown in revenues across Cognizant and its competitors in order for attrition to come down? But I'm just wondering what are some of the industry forces that might help alleviate some of this pressure?

另一方面，Cognizant及其競爭對手的收入是否必須放緩才能降低員工流動率？我只是想知道有哪些行業因素可能有助於緩解這種壓力？

And then Brian, I'll just go ahead and ask my second question since they're related. As you're facing such unprecedented attrition, how do you think about the trade-offs that you need to make related to growth versus margins as you look out over the next couple of quarters or even the next year?

那麼布萊恩，既然這兩個問題相關，我就直接問第二個問題吧。面對前所未有的人員流失，展望未來幾季甚至一年，您是如何考慮在成長和利潤率之間做出權衡的？

Keith, so let me start with the second question, given it's fresh in mind. Look, we've already started making some of those trade-offs on growth versus margins. I think the reality is I'm delighted with our team. And our recruitment engine was really executing extremely well in the last few quarters, and we'll continue to execute well going forward. And hence, we've had a net headcount increase sequentially of 17,000, by the way, which excludes subcontractors, which also grew.

基思，那我就先回答第二個問題吧，畢竟你還記得。你看，我們已經開始在成長和利潤率之間做出一些權衡了。說實話，我對我們的團隊非常滿意。而且，過去幾季我們的招募工作進展得非常順利，未來我們也會繼續保持這種勢頭。順便一提，我們的員工淨增加了17,000人，這還不包括分包商，他們的員工人數也有所增加。

But the reality is we don't have enough headcount to fulfill our potential. And therefore, we've been faced with choice points: which clients to serve; which deals to chase, where we walk away; where we're willing to make pricing. Stances that may put a deal at risk, but it's the appropriate thing to do given the demand/supply imbalance. So that is already underway, Keith.

但現實是我們人手不足，無法充分發揮潛能。因此，我們面臨抉擇：服務哪些客戶；爭取哪些交易，放棄哪些交易；以及我們願意在什麼價位上做出讓步。這些立場可能會讓交易面臨風險，但鑑於供需失衡，這是我們應該做的。所以，基思，我們已經在著手處理這些問題了。

I will say in the same vein, we're really delighted with the commercial momentum we have. Bookings growth of 24% in the quarter, which brings year-to-date up to mid-teens. On the back of mid-teens bookings growth last year, tells me that we have actually really turned the corner in terms of commercial momentum.

同樣地，我們對目前的商業發展動能感到非常滿意。本季預訂量成長了24%，使年初至今的成長率達到了15%左右。去年同期預訂量也達到了15%左右，這顯示我們在商業發展動能方面確實已經扭轉了局面。

So those trade-offs are underway. I'd like nothing more to accelerate hiring from current levels, so that we can really fulfill against our true potential. But at this moment in time despite all the net adds, and they were at record levels in the quarter, we have enough attrition, as does the rest of the industry, to mitigate that.

所以這些權衡取捨正在進行中。我非常希望能夠加快招募速度，充分發揮我們的真正潛力。但目前，儘管淨增人數眾多（本季更是創下歷史新高），但和業內其他公司一樣，我們的人員流失率也足以抵銷淨增人數帶來的影響。

With regards to the first question around the industry forces that will alleviate attrition, look, it's a very difficult question to answer. The reality is I don't see an immediate line of sight to this. I foresee elevated attrition in the industry in the coming quarters. I think the only winner in times like this is the actual individual employee because companies like us don't win from this, clients don't win from this. And as such, hopefully, this will right itself over time.

關於第一個問題，即哪些產業因素能夠緩解人員流失，說實話，這個問題很難回答。現實情況是，我目前看不到任何緩解的跡象。我預計未來幾季產業內的人員流失率會上升。我認為在這種情況下，唯一的受益者只有員工本人，因為像我們這樣的公司無法從中獲益，客戶也無法從中獲益。因此，希望這種情況能夠隨著時間的推移而改善。

And hence, our focus, both not just on a compensation work stream, but we stood up a war room from a retention point of view about 9 months ago at this stage. And we spent an extraordinary amount of time on the hearts and minds angle. And I personally now spend an hour per day with groups of 5 or 6 employees that are deep into the organization to make sure we're hearing them out, understanding what's in their mind, validating that they understand what we're up to.

因此，我們的工作重點不僅在於薪資方案，大約九個月前，我們還特別成立了一個「員工保留作戰室」。我們投入了大量時間來贏得員工的信任和支持。現在，我每天都會花一個小時與五到六位公司內部員工進行小組討論，確保我們認真傾聽他們的意見，了解他們的想法，並確認他們理解我們的工作方向。

I will say I like the fact that we're back to double-digit growth more sustainably. Because that helps us get a little bit more swagger back in Cognizant, and obviously it demonstrates an ability for us to stand in front of our clients, as much as our clients are employees, and talk about the fact that they will have career advancement opportunities and we will have gross margin opportunities to invest in their careers and training and development, et cetera.

我很高興看到我們重新實現了兩位數的永續成長。這有助於提升 Cognizant 的信心，也顯然展現了我們有能力站在客戶面前——因為我們的客戶也是我們的員工——談論他們將擁有的職業晉昇機會，以及我們將有機會投資於他們的職業發展、培訓和成長等方面所帶來的毛利潤增長。

So time will tell what's going to happen over time, but we really -- we're doing what we can do. And core to that is also the, let's say, the reinvigoration of our fresher program, which had stalled. But I think at this stage, we're starting to get our pyramid back into the right shape after a few years of being off kilter.

所以，時間會證明未來會發生什麼，但我們確實在盡我們所能。其中核心工作之一，就是重振我們停滯不前的新生培養計畫。但我認為，經過幾年的失衡，我們目前正開始讓我們的體系重回正軌。

Our next question comes from the line of Rod Bourgeois with DeepDive Equity Research.

我們的下一個問題來自 DeepDive Equity Research 的 Rod Bourgeois。

Okay. Great. Brian, when you started your turnaround effort, you made international revenues a big priority, which had been actually something Cognizant had somewhat struggled with over the years. Your international growth is outperforming in these latest results.

好的，太好了。布萊恩，當你啟動轉虧為盈計畫時，就把國際收入放在了首位，而這恰恰是高知特多年來一直不太擅長的領域。從最新的業績來看，你們的國際成長表現非常出色。

So I wanted to see if you could speak to the levers that you're pulling to help with the international revenue progress. And I'd love to get your sense of whether you're sort of sustainably on a path to increase the international revenue mix at this point going forward.

所以我想了解一下，您目前採取了哪些措施來促進國際收入的成長。另外，我也很想了解您認為目前您是否走在一條可持續的道路上，能夠持續提高國際收入佔比。

Yes, it's a great question, Rod. Because we very often spend a lot of time on one of our other strategic postures, which is around accelerating our digital footprint, which isn't relevant just on a total corporation level but also internationally.

是的，羅德，這是一個很好的問題。因為我們經常花很多時間在另一項策略性措施上，那就是加速擴大我們的數位化足跡，這不僅對整個公司層面重要，對國際層面也同樣重要。

So getting our international capabilities is something I'm 100% focused on. Today, it's just 26% of our revenue. And so if you think about our footprint internationally, our brand internationally and our operations, they're in need of scaling. And it's not just revenue scaling, but it's also our delivery capabilities overseas, both in terms of nearshore and onshore that will enable our shift to digital, but also I would say it's very core to our desire to build out a global delivery network where we can provide greater business continuity capabilities for our clients as well.

因此，提升我們的國際業務能力是我目前工作的重中之重。目前，國際業務僅占我們收入的26%。考慮到我們在國際上的佈局、品牌影響力以及營運規模，它們都需要進一步擴大。這不僅關乎營收規模的提升，也關乎我們在海外的交付能力，包括近岸和在岸交付，這將協助我們向數位轉型。同時，我認為，這對於我們建立全球交付網絡，從而為客戶提供更強大的業務連續性保障至關重要。

We're executing well against those initiatives. We've hired, and largely refreshed a lot of the international leadership team, very senior hires in the U.K., Australia, New Zealand, Germany, Japan, the Nordics. The people we've targeted are well connected into the local industry. They understand the local market.

我們在這些措施的執行上進展順利。我們已經聘請並大幅更新了國際領導團隊，在英國、澳洲、紐西蘭、德國、日本和北歐地區都聘請了資深人士。我們選擇的人才與當地產業聯繫緊密，並且了解當地市場。

And I would say the impact of that is now becoming more and more evident, not just in strong revenue growth in the third quarter but also in year-to-date this year across Australia, U.K., Germany in particular. But also as I think about the bookings momentum we have internationally, the year-to-date and Q3 bookings on our international businesses is well above the company average.

而且我認為，這種影響正變得越來越明顯，不僅體現在第三季強勁的營收成長上，也體現在澳洲、英國，尤其是德國今年迄今的營收成長。此外，考慮到我們在國際市場的預訂勢頭，我們國際業務的年初至今和第三季預訂量都遠高於公司平均水平。

Now those people are bringing followership, both from a client point of view as well as from an employee point of view. Our ability to attract talent is relevant there. But they also give me confidence that I'm investing M&A dollars behind senior leaders who will take post-merger integration activities seriously. And as you've seen in the last -- earlier part of this year, we acquired Servian in Australia and New Zealand and ESG Mobility in Germany. And so it goes back to having confidence in the team and having a team who take their responsibilities seriously and a team that's fundamentally connected into partnership ecosystem as well as the client network.

如今，這些人帶來了追隨者，無論從客戶角度還是員工角度來看都是如此。我們吸引人才的能力在這裡至關重要。他們也讓我確信，我投入併購資金支持的是那些會認真看待併購後整合工作的資深領導者。正如您在今年稍早所看到的，我們收購了澳洲和紐西蘭的Servian以及德國的ESG Mobility。所以，關鍵在於對團隊的信任，擁有一支認真履行職責、與合作夥伴生態系統和客戶網絡緊密相連的團隊。

Where we are different internationally, but Rod, I expect we will continue to double that in that arena too, is the notion of industry alignment. We're very strong from an industry perspective in North America. Healthcare is obviously a great example of that in the payer provider space. But as we scale into Europe and Asia, our largest country is the U.K. where we are aligned by industry. But actually, some of the country leaders that we've hired now are embracing more of an industry alignment in those countries as well. Perhaps not across all industries in every country, but there are major industries that we are aligning behind. And I think that is the way to go to get after these market opportunities internationally.

我們在國際上的優勢在於產業協同，羅德，我預期我們在這個領域的規模還會繼續擴大一倍。我們在北美擁有非常強大的產業協同優勢。醫療保健產業，尤其是支付方和服務提供者領域，就是一個很好的例子。隨著我們業務拓展到歐洲和亞洲，我們最大的市場是英國，我們在英國的產業協同已經非常成熟。事實上，我們現在聘請的一些國家負責人也正在這些國家大力推行產業協同合作。或許並非每個國家的所有產業都如此，但我們確實在一些主要產業中實現了協同。我認為這才是把握國際市場機會的正確途徑。

So not just am I expecting, Rod, to maintain this level of growth. My hope is to accelerate our growth internationally in the years ahead. And we'll certainly talk more about that on November 18 at the investor summit.

羅德，我不僅期望維持目前的成長水平，更希望在未來幾年加速我們在國際市場的成長。我們一定會在11月18日的投資者高峰會上詳細討論這個問題。

Very helpful. I want to ask across the pipeline, particularly about large deals. And I guess I'm wondering, are you significantly pursuing extra large deals in your sales pipeline? Or are you focusing more on midsize and smaller deals? And I'm really asking to see if you are somewhat biased away from the mega deals, given sometimes the risk that they entail and given that there's a lot of other deals out there right now, given the breadth of demand that exists.

非常有用。我想問整個銷售流程，特別是關於大額交易的問題。我想知道，你們的銷售流程中是否大量追求超大額交易？還是更專注於中小型交易？我主要是想了解，考慮到超大額交易有時存在的風險，以及目前市場需求旺盛，還有很多其他類型的交易機會，你們是否會因此而有所保留。

Look, I've made no qualms about the fact that my priority was to expose Cognizant to higher-growth categories, notably digital and international markets. So if I focus on digital, the nature of the work we do ends up positioning us against smaller contract durations. And from my perspective, I agree with the inference in your question. This is a resource-constrained environment. And putting valuable resources against digital is much more interesting for me than putting them against captive or structured deals, where you may have an apples-to-orange compare for 1 year or 2, but thereafter you're in a book of business that you have to work very hard to grow.

你看，我毫不掩飾我的首要任務是讓 Cognizant 涉足高成長領域，尤其是數位和國際市場。所以，如果我專注於數位領域，我們所做工作的性質最終會讓我們難以簽訂期限較短的合約。而且，從我的角度來看，我同意你問題中的推論。這是一個資源受限的環境。對我來說，把寶貴的資源投入到數位領域遠比投入那些封閉式或結構化的交易更有意義。在那些交易中，你可能在一兩年內能找到一些可比性，但之後你就得費盡心思去拓展業務了。

I will say when I think about our bookings, our win rates and our pipelines, I have nothing but good thoughts. Bookings were balanced by industry, by geography. If I think about even within the digital work we are doing, we have actually seen a little more momentum in the $50 million-plus category on a year-over-year basis, and I expect that to continue in the fourth quarter as well. That's different from $500 million or $1 billion deals, but these are very healthy digital-type deals for us.

就我們的訂單量、成交率和銷售管道而言，我只有樂觀的展望。訂單量在各行業和地區都保持平衡。即使在我們開展的數位業務方面，我們也看到5000萬美元以上的訂單同比增長勢頭更加強勁，我預計這一趨勢將在第四季度延續。這與5億美元或10億美元的交易有所不同，但這些數位業務對我們來說是非常健康的。

And all of this has led us to be in a position now with bookings growth of 24% year-over-year in Q3 to have a book-to-bill ratio that is now solidly in the 1.2 range. So I feel good about that.

所有這些因素使得我們目前第三季的預訂量年增了24%，預訂出貨比也穩定在1.2左右。對此我感到非常滿意。

I will say, as the CEO, the enemy is when you have clients that are indecisive. That is not the case at this moment in time. Pipeline velocity is strong. It's fast. That's why I feel very good about our position. I think the strategic choices we made a number of years ago were the right choices. We're executing against that. But I think we'll bear the fruit of that labor in the coming years.

作為首席執行官，我認為最大的敵人是那些猶豫不決的客戶。但目前情況並非如此。銷售通路運作強勁，速度很快。正因如此，我對我們目前的情況感到非常樂觀。我認為我們幾年前做出的戰略選擇是正確的。我們正在按計劃執行。我相信，未來幾年我們將收穫這些努力的成果。

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。

Terrific. Good stuff here. Brian, I'll give you a break from talking and ask Jan a 1 year in kind of question. You've been in your seat as CFO now at Cognizant for a little over a year. Can you just give a quick look back from a CFO seat, what you feel like has been going well in the last year, and then what your personal priorities are for the CFO organization going forward?

太棒了。內容很精彩。布萊恩，我先讓你休息一下，問簡一個關於你擔任財務長一年來的工作情況的問題。你擔任 Cognizant 的財務長已經一年多了。你能從財務長的角度簡單回顧過去一年，說說你覺得哪些方面做得比較好，以及你個人對財務長團隊未來工作的重點是什麼嗎？

Yes, that's an unexpected question actually, Lisa. The...

是的，麗莎，這確實是個出乎意料的問題。

Well, I can go back to asking about attrition, if you'd like.

如果你願意的話，我可以繼續問你關於人員流失的問題。

No. No, I actually appreciate -- I do appreciate the question. The translation of our 4 strategic priorities into operational measures and controlled processes is obviously a big endeavor for a multinational organization like Cognizant. And the finance organization was really laser focused in supporting those 4 strategic priorities that Brian has been talking about.

不，不，我其實很感謝——我真的很感謝這個問題。將我們的四大策略重點轉化為可操作的措施和可控的流程，對於像Cognizant這樣的跨國公司來說，顯然是一項艱鉅的任務。財務部門也確實全力以赴支持Brian提到的這四大策略重點。

To give you examples, when you scale and expand your sales force and distribution capabilities, more effective measures on the effectiveness and results of that sales force are required. And I think you have seen this with improving disclosure in our bookings growth. So you just see the surface of the effort that's behind that to drive improved transparency, not only for us but also for the Street.

舉例來說，當您擴大銷售團隊和分銷能力時，就需要更有效的措施來衡量銷售團隊的效率和績效。我認為您已經從我們提高訂單成長資訊揭露水準的做法中看到了這一點。所以，您現在看到的只是我們為提高透明度所做的努力的冰山一角，這不僅對我們公司而言如此，對市場也是如此。

Similar initiatives have been underway for supporting our pricing and analytics capability relative to driving relevance to clients and ensuring that we deliver value to our clients, et cetera. Throughout the (inaudible), I wanted the clients to -- explain to all 4 initiatives, what we're doing.

類似的措施一直在進行中，旨在提升我們的定價和分析能力，從而提高與客戶的相關性，確保我們為客戶創造價值等等。在整個過程中（聽不清楚），我希望客戶能夠－向所有四項措施解釋我們正在做什麼。

But that has been really the primary focus of the work. And I have to say I'm pleased, because in the outcome you have kind of experienced Cognizant as an organization has made good in the last couple of quarters on our promises. And that's how I measure ourselves really in the end: can we fulfill the financial commitments that we made to our shareholders in terms of fulfilling our expectations? That has brought out, with a lot of work pretty well, I think, particularly in the last half year here where we have faced really the changed industry with high attrition rates.

但這確實是我們工作的重心。我必須說，我對此感到欣慰，因為正如大家所見，在過去的幾個季度裡，Cognizant 作為一家公司，兌現了我們的承諾。而這正是我最終衡量自身表現的標準：我們能否履行對股東所做的財務承諾，能否實現我們的預期？我認為，經過大量的努力，尤其是在過去半年裡，我們很好地完成了這項工作，因為我們面臨著產業格局的劇變和高流失率。

So I remain personally excited about that opportunity. It's a company that is changing, that is winning in the marketplace. And you can feel that the energy is visibly accelerating over time, and that's part of -- it's fun to be part of that team.

所以我個人仍然對這個機會感到興奮。這是一家正在改變、在市場上不斷取得成功的公司。你可以明顯地感覺到，隨著時間的推移，這種活力正在加速成長，而這正是——成為這個團隊的一員是一件很有趣的事情。

Okay, good. And then my follow-up is on the technology partnership side. I think, Brian, you've mentioned the hyperscalers as a priority a number of times. Can you just give a sense for some of the other priority areas that you guys are focused on in terms of building technology partnership?

好的，很好。接下來我想問的是技術合作的問題。布萊恩，我想你之前多次提到超大規模資料中心是你們的優先事項。你能否簡要介紹一下，在建立技術合作關係方面，你們還關注哪些其他優先領域？

Yes, Lisa. Look, some of the hyperscalers are obviously omnipresent, extremely powerful. And the platform scales into various different technologies. Cloud migration immediately gets you into data modernization, AI, machine learning, IoT, et cetera.

是的，麗莎。你看，有些超大規模雲端服務供應商顯然無所不在，功能極為強大。而且他們的平台可以擴展到各種不同的技術領域。雲端遷移可以讓你立即接觸到資料現代化、人工智慧、機器學習、物聯網等等。

But then beyond that, we have some of the traditional partners we've had for years, some of which were stronger than others, the Oracles, the SAPs, ISVs of the world. But we certainly got a huge focus as well on what I would call next-generation leaders, companies like ServiceNow, companies like Salesforce, Workday.

除此之外，我們還有一些合作多年的傳統合作夥伴，其中一些實力更強，例如Oracle、SAP以及世界各地的獨立軟體開發商（ISV）。但我們也非常重視我所謂的下一代領導者，例如ServiceNow、Salesforce和Workday等公司。

As a reminder, in the last 1.5 years, we acquired Collaborative Solutions to scale a Workday practice. We've also done 3 acquisitions in Salesforce. So we have meaningfully changed our position with Salesforce. I was in a recent [QVR] with the Salesforce leadership team, and they were singing our praises in terms of how our position in Salesforce has exponentially grown. And then we'll continue to do acquisitions in those areas as well that are aligned to our higher-growth categories.

再次提醒，在過去一年半的時間裡，我們收購了 Collaborative Solutions，以擴展我們在 Workday 領域的業務。此外，我們也在 Salesforce 領域完成了三項收購。因此，我們在 Salesforce 方面的地位發生了顯著變化。我最近參加了與 Salesforce 領導團隊的 [QVR] 會議，他們對我們在 Salesforce 領域取得的指數級成長給予了高度評價。接下來，我們將繼續在與我們高成長業務領域相符的領域進行收購。

[Voltas] has set up 3 business groups behind hyperscalers. So it's not lip service. It is true organizations. We take it very seriously. I actually see the hyperscalers now focusing more and more towards industry alignment. And Cognizant's historic strength, particularly in health care and financial services, is naturally of interest to those.

Voltas 已為超大規模資料中心營運商設立了三個業務部門。這並非空談，而是實實在在的組織架構。我們對此非常重視。事實上，我看到超大規模資料中心營運商現在越來越注重產業契合度。而 Cognizant 的歷史優勢，尤其是在醫療保健和金融服務領域，自然會引起他們的注意。

Now there are individual cases where you have industry-specific plays. It could be Pega, Guidewire, Temenos, Duck Creek, et cetera. Naturally, they are relevant to individual industries within Cognizant, but on a more horizontal nature, it's the companies I've referenced.

當然，也有一些針對特定產業的案例。例如 Pega、Guidewire、Temenos、Duck Creek 等等。它們當然與 Cognizant 內部的各個產業有關，但從更宏觀的角度來看，它們就是我提到的那些公司。

And then of course in our operations business, which I'm very proud of, which has done a fantastic job over the last 2 years as we've exited content moderation, and frankly got the business back to mid- to high teens growth, they have very strong partnerships across some of the IPA players, in particular Automation Anywhere, UiPath, Blue Prism, et cetera.

當然，還有我們引以為傲的營運業務，在過去兩年裡，隨著我們退出內容審核業務，營運業務取得了巨大的成功，坦白說，它使業務恢復到了15%到10%的成長水平。他們與一些IPA參與者建立了非常牢固的合作關係，特別是Automation Anywhere、UiPath、Blue Prism等等。

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。

On margin, can you give us a sense of the magnitude associated with some of the larger strategic investments that you've had to step up in 2021? And specifically, I'm referring to things like the incremental recruiting infrastructure, increased S&M campaigns, the M&A dilution pressure. Because I'm trying to frame the level of catch-up investment in the business this year that may not require such an uptick as we think forward.

就利潤率而言，您能否大致介紹一下2021年您必須加大投入的一些大型策略投資的規模？具體來說，我指的是諸如新增招聘基礎設施、增加銷售和市場推廣活動以及併購帶來的股權稀釋壓力等。因為我想了解的是，今年公司需要追趕性投資的規模，而展望未來，這些投資可能並不需要如此大幅的成長。

Yes. I want to be careful in giving you too much detail that it was going to be hard to interpret over time. But of the margin pressure that we have seen through the growth in the SG&A, approximately 50% or so is due to M&A activity. This could be upfront deal cost. This could be deal-related expenses and higher SG&A load that some of the M&A transactions carry within. So that has been a meaningful pressure for us, let's say, maybe in the range of 100, around 100 basis points or so.

是的。我不想透露太多細節，以免日後難以解讀。但我們觀察到的銷售、管理及行政費用成長所帶來的利潤率壓力中，約有50%是由併購活動造成的。這可能包括前期交易成本、交易相關費用以及部分併購交易本身就包含的較高銷售、管理及行政費用。因此，這給我們帶來了相當大的壓力，大概在100個基點左右。

And then the rest of the pressure that we have seen is kind of split evenly between 3 major areas, I would say. Area #1 is our IT modernization. That's clearly starting to stabilize, and that has put pressure on it. We had investments into our HR and recruiting organization in order to scale our hiring activity.

其餘的壓力大致平均分佈在三個主要方面。第一方面是我們的IT現代化。這方面顯然已經開始趨於穩定，但也因此帶來了一些壓力。我們也對人力資源和招募部門進行了投資，以擴大招募規模。

And thirdly, our investments into our sales force and marketing capabilities. Those will be kind of roughly in even buckets, I think, is a fair amount to say. And some of those are now starting to anniversary, that's kind of what we're starting to anticipate, and plateau. We do not want to reduce those expenses obviously, because they are important to us. But we have found, I think, levels that are allowing us to have a more moderated SG&A development going forward.

第三，是我們對銷售團隊和行銷能力的投資。這些投資大致上平均分配，我認為這樣說比較準確。其中一些投資項目現在開始接近週年紀念日，我們預計它們會趨於平穩。我們當然不想削減這些支出，因為它們對我們至關重要。但我們認為，我們已經找到了合適的水平，使我們能夠在未來保持較為溫和的銷售、管理及行政費用成長。

You will see more detail around that, obviously, in our November meeting. But the third quarter is a little bit of an indication of what's happening, basically. Because we had still growth in these strategic investment areas, but we have started to curtail growth in more traditional SG&A areas to offset that. And you can see that the curve has started to end a little bit. More work to be done, but it really developed, as I would have expected, in the third quarter.

顯然，在11月份的會議上，您會看到更多相關細節。但第三季的情況大致反映了目前的趨勢。因為我們在這些策略投資領域仍保持成長，但我們已經開始放緩傳統銷售、管理及行政費用領域的成長，以抵銷成長帶來的負面影響。您可以看到，成長曲線已經開始趨於平緩。雖然還有更多工作要做，但正如我預期的那樣，第三季的情況確實有所改善。

Okay. Thank you for that, that's good detail. And then just a follow-up, on the better nondigital business performance, can you just dig in on what you're seeing as the reason for that? And is it sustainable?

好的，謝謝，細節很到位。還有一個後續問題，關於非數位化業務表現更佳這一點，您能否深入探討您認為的原因是什麼？這種表現是否可持續？

So Bryan, there are multiple elements at play there. One of the bigger ones from a weighted impact is actually our business operation -- digital business operations business, which has been growing in the strong teens. Within that, we have elements that are -- we classify as digital and are in our digital mix, and there are elements that we don't classify as digital. We have tended to be quite disciplined. We changed the definition of digital over 2 years ago at this stage, and we've maintained that ever since.

所以布萊恩，這裡面涉及多個因素。其中一個影響較大的因素實際上是我們的業務營運——數位業務運營，它一直保持著兩位數的強勁成長。在這個業務運作中，有些元素被我們歸類為數位業務，並納入了我們的數位業務組合；而有些元素則不被歸類為數位業務。我們一直非常注重規範。兩年前，我們在這個階段修改了數位業務的定義，並且一直沿用至今。

But there are other areas, including a nondigital element of our AI and analytics portfolio. Again, we're being disciplined. There are elements that we use digital, and elements that we view as more traditional. That's business intelligence, et cetera. And then on top of that, we have elements within some of our enterprise applications business and CIS business that have grown as well.

但還有其他領域，包括我們人工智慧和分析產品組合中的非數位化部分。我們始終堅持原則。有些部分我們採用數位化技術，有些部分則偏向傳統方式，例如商業智慧等等。此外，我們的一些企業應用業務和客戶資訊系統業務也實現了成長。

Our goal, to be very honest, on a multiyear basis, is to mitigate the risk of the clients in the nondigital business and then hopefully maintain some growth in the nondigital business. If we manage to do that, which requires us to be very disciplined from a pricing, from a renewal point of view, that will, frankly, complement what we expect to be very strong growth in digital. And therefore, it's good news for the entire corporation.

坦白說，我們未來多年的目標是降低非數位化業務客戶的風險，並希望能夠維持非數位化業務的成長。如果我們能夠做到這一點（這需要我們在定價和續約方面保持高度自律），坦白講，這將與我們預期中的數位化業務強勁成長形成互補。因此，這對整個公司來說都是好消息。

But at this moment in time, that is something that I think you've seen in competitors' earnings as well. If you extrapolate the digital growth they have versus the total company growth, particularly for those who suggest have a very -- a large portion of their revenue that is digital, you will be able to surely extrapolate that they are seeing declines in their legacy businesses.

但就目前而言，我認為您也從競爭對手的盈利情況中看到了這一點。如果您將他們的數位成長與公司整體成長進行比較，特別是對於那些數位化收入佔比非常高的公司，您肯定能夠推斷他們的傳統業務正在下滑。

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

我們的下一個問題來自摩根士丹利的詹姆斯·福塞特。

That's great. And thanks for all the detail today, and certainly pleased to see the control on margins, et cetera, in spite of a very odd environment, right?

太好了。感謝您今天提供的所有細節，很高興看到在如此特殊的環境下，您仍然能夠控制好利潤率等等，對吧？

So I'm wondering on the control around SG&A, and I know you've kind of addressed this. But I'm wondering, is there a point at which trying to control for those margins, et cetera, starts to cut into the proverbial muscle? And I think, Jan, you mentioned a few areas where you've shown improvement. But are you all the way where you want to be in areas like recruiting, et cetera, so that you really can continue to march forward even if you're controlling, a little bit more judiciously, expenses?

所以我想了解一下銷售、管理及行政費用（SG&A）的控制情況，我知道您之前也談到過這個問題。但我想知道，控制這些利潤率等等，是否會達到一個臨界點，從而開始削弱公司的實力？ Jan，您提到了一些已經取得進展的領域。但是，在招聘等方面，您是否已經完全達到了預期目標，以便在更謹慎地控制支出的情況下，仍然能夠繼續穩步前進？

No. Look, I think Brian explained it earlier in the call and reiterated, we're extremely focused on accelerating our growth rate. So we've seen momentum organically, and we see -- we want to continue with our capital allocation program as we have announced it.

不。你看，我想布萊恩在之前的電話會議中已經解釋過並重申過，我們非常注重加快成長速度。我們已經看到了自然成長勢頭，而且我們希望繼續執行先前宣布的資本配置計劃。

So the acceleration of revenue growth is front and center in our view. We have ample of opportunity. And as such, we have made decisions to, of course, support the opportunities that we promise to our clients with staffing. So HR will be funded as needed. And we're actually very proud about the amount of scaling that we achieved and the amount of change in policy of accelerating the hiring of freshers, optimizing our pyramid, scaling training programs.

因此，加速營收成長是我們工作的重中之重。我們擁有充足的發展機會。為此，我們已做出相應決策，以實際履行我們對客戶的承諾，包括人員配置。人力資源部門將根據需要獲得資金支持。我們對所取得的規模擴張以及政策調整感到非常自豪，這些調整包括加快招募應屆畢業生、優化組織架構、擴大培訓計畫規模。

At our size, it's a really important and complicated effort that, that team executed well. And I will, of course, or the company will provide the funding for that. That is part of our growth engine.

以我們目前的規模來說，這是一項非常重要且複雜的工作，而我們的團隊則出色地完成了這項任務。當然，我或公司會為此提供資金。這是我們成長引擎的一部分。

But there are other elements that need themselves more natural to scale, certain IT components, certain marketing components, certain finance and classic support functions in the SG&A do let themselves for scaling. And we're going to continue to fund, obviously, our sales force.

但其他一些要素本身就更適合擴展，例如某些IT組件、某些行銷組件、某些財務以及銷售、管理及行政（SG&A）中的傳統支援職能，這些都更適合擴展。當然，我們也會繼續為銷售團隊提供資金支持。

In the distribution area, I'm actually pretty pleased. We have a good combination of growth in resources, but also of improvement in productivity in those sales forces. And we're -- we have been busy at work to optimize our go-to-market strategies. And I think we have more opportunities in that space, but also we will be funding our organic growth appropriately to capture those opportunities. So I am not too religious here relative to what the exact percentage growth of SG&A is, but you get the philosophy kind of in my answer.

在分銷領域，我其實相當滿意。我們不僅在資源方面實現了良好的成長，銷售團隊的效率也得到了提升。我們一直在努力優化市場推廣策略。我認為我們在這個領域還有更多機會，同時我們也會為自身的有機成長提供充足的資金，以抓住這些機會。所以，我並不太在意銷售、管理及行政費用（SG&A）的具體成長百分比，但我的回答應該能讓你明白我的想法。

Yes. No, for sure. And then as we're trying to model things out, and I realize like it's a super dynamic world, but how are you planning for things like timing and impact of return of T&E? What that will look like? I'm just trying to make sure that at least we understand kind of what your planning assumptions may be like going into the next couple of quarters.

是的。不，當然。然後，當我們嘗試建立模型時，我意識到這是一個瞬息萬變的世界，但你們是如何規劃差旅費用回歸的時間和影響的？具體情況會是怎樣的？我只是想確保我們至少了解你們未來幾季的規劃假設。

Yes. So I'd be excited about talking about the next year in the next quarter, and -- but -- and I'm not expecting any meaningful increase in my travel expense for this quarter. But to be a little bit more forthcoming, obviously, the decisions of the return to work are going to be affected by really a myriad of factors: our client needs, our associates' preferences, the health situation by country. And it is really dynamic. So we are evaluating this basically on a monthly basis. And at the current point, we are still, as our competitors are, largely in a virtual environment, which has worked actually pretty well for us.

是的。我很期待在下一季討論明年的計劃，而且——但是——我預計本季的差旅費用不會有顯著增長。不過，更坦誠地說，復工的決定顯然會受到許多因素的影響：顧客需求、員工意願、各國疫情狀況等等。情況瞬息萬變。所以我們基本上每個月都會進行評估。目前，我們和競爭對手一樣，仍然主要採用線上辦公室模式，這種模式對我們來說效果相當不錯。

So we are planning to think about this as a strategic opportunity that meets the needs of all those stakeholders going forward. And I have to say that is it's a work in progress that we're really evaluating. And it will be a gradual decision to the new business model. It will be different than the historic business model.

因此，我們計劃將此視為一個策略機遇，以滿足所有利害關係人未來的需求。我必須說明，這仍然是一個正在進行的評估工作。我們將逐步做出新的商業模式決策。它將與以往的商業模式有所不同。

Thanks for those comments, Jan.

謝謝你的評論，Jan。

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

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

Congrats on very strong booking numbers. Two questions. One, digital was up 18%, I think you said. It's still kind of trailing some of the pure-play digital names. Brian, what do you need to do to get to those growth levels of some of your peers?

恭喜你們預訂量非常強勁！我有兩個問題。第一，您提到數位業務成長了18%，但仍落後於一些純數位行銷公司。布萊恩，你們需要做些什麼才能達到同業的成長水準？

And then on the attrition side, are we at a point where we are feeling comfortable that the employees that we're losing are not at the senior level? Because we just had some -- in the past, as you know, you've had some high caliber kind of departures from the company.

那麼，就人員流失而言，我們是否已經確信流失的員工並非高階主管？因為如您所知，過去公司也曾出現過一些高素質人才的離職。

Yes. Listen, I think we've got a great senior leadership team these days. Most of the senior changes are behind us. I would view it to be very much business as usual, these things, retirements, internal promotions performance orientation. But this is kind of classic Fortune 200 company land at this stage. And I've got to say I'm delighted with the leadership team we have around us these days. We've -- we're getting back into a growth trajectory after a few years where our backlog and our pipeline hasn't been -- and bookings haven't been as strong as they needed to be. And I think you see a united leadership team here orienting the company towards an evolved business model, both geographically as well as the offerings that we ultimately solution and deliver.

是的。聽著，我認為我們現在擁有一支非常優秀的領導團隊。大部分高層變動已經過去。我認為一切都還在正常進行，像是退休、內部晉升和績效評估等等。但在這個階段，這很符合財富200強公司的典型運作模式。我必須說，我對我們目前的領導團隊非常滿意。在經歷了幾年訂單積壓和銷售管道不暢，以及預訂量不如預期之後，我們終於重回成長軌道。我認為，你會看到一個團結的領導團隊正在引領公司朝著更成熟的商業模式發展，無論是在地域擴張方面，還是在我們最終提供的解決方案和產品方面。

So that's not a concern of mine anymore. And of course, there will always be press articles about the individuals. With a company with 320,000 employees, please don't get distracted by that. I'm not.

所以這已經不再是我擔心的問題了。當然，關於個別員工的報道永遠都會存在。但對於一家擁有32萬名員工的公司來說，請不要被這些事情分散注意力。我不會。

With regards to digital, of course, it all depends on the portion of the portfolio you look at. Our digital growth is 18% within our portfolio. If I look at our digital engineering business, our growth rate is equivalent to the pure plays that are announcing their results. If I look at our IoT business, the digital growth is as fast as the pure plays out there. The same for our cloud business or digital experience business.

當然，就數位化而言，這完全取決於你關注的是投資組合的哪個部分。在我們整個投資組合中，數位化業務的成長率為18%。如果我看一下我們的數位工程業務，其成長率與那些正在公佈業績的純粹數位工程公司相當。如果我看一下我們的物聯網業務，其數位成長速度也與這些純粹的數位工程公司一樣快。我們的雲端運算業務或數位體驗業務也是如此。

So as I said, we try to be extremely disciplined in the definition of digital. And in many ways, we've penalized ourselves. But as a broader company within the categories we look at, and I'll talk a little bit to this in the November Investor Summit, we have some gems in our portfolio that are growing at significant rates. And ultimately, that will continue to drive the growth rate of the company forward.

正如我所說，我們在定義「數位化」時力求做到極為嚴謹。在很多方面，我們也因此受到了一定的限制。但就我們關注的領域而言（我會在11月的投資者高峰會上詳細闡述這一點），我們投資組合中確實有一些表現優異、成長迅猛的項目。最終，這些項目將繼續推動公司整體的成長。

A little bit, the mix shift these last few quarters that has been hanging around in the mid-40s, it's somewhat reflective of numerator/denominator where the nondigital business has actually had some better growth than anticipated.

近幾個季度以來，該行業的組成略有變化，一直徘徊在 40% 左右，這在某種程度上反映了分子/分母的變化，其中非數位業務的增長實際上比預期要好。

Good job.

好工作。

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

我們的最後一個問題來自花旗銀行的 Ashwin Shirvaikar。

I just wanted to get a little bit deeper into sort of the digital business. You mentioned, for example, that you're doing very well with digital engineering, digital experience. Speaking with some of your competitors, they often bring up more so application modernization as an area. So from your perspective in the areas that you are not quite growing as fast in the digital, is that a choice? Or is that I mean are the modernization deals necessarily they have to go after large carve-out type stuff, and that's not what you want? I mean could you talk a little bit about sort of the strategy versus availability of talent versus where you are?

我想更深入地了解數位化業務。例如，您提到貴公司在數位化工程和數位體驗方面做得非常出色。與一些競爭對手溝通時，他們經常提到應用現代化是一個更重要的領域。那麼，從您的角度來看，在數位領域成長速度相對緩慢的那些方面，這是您有意為之嗎？或者說，他們是否必須透過大規模的業務剝離來進行現代化改造，而這並非貴公司所願？您能否談談貴公司的策略、人才儲備以及目前的發展狀況？

Well, I just think, again, it goes back to the definition that companies have for digital. We've been quite intentional and being restrictive in what is digital. Included in our digital business is our TriZetto platform business, which is growing at a very healthy double-digit pace these days. Significantly up from prior years, but it's not growing at the rate of maybe a digital engineering company pure play because it's not at all the same business or business model. So it's important to recognize that everybody's definition of digital and what is within that differs.

嗯，我覺得這又回到了企業對「數位化」的定義問題。我們一直非常謹慎地界定「數位化」的定義。我們的數位化業務包括TriZetto平台業務，目前正以兩位數的穩健速度成長。雖然比往年成長顯著，但它的成長速度可能不如純粹的數位工程公司，因為它們的業務模式完全不同。所以，我們必須認識到，每個人對「數位化」的定義以及其中包含的內容都各不相同。

I would say I'm very pleased with our momentum in digital. We can always do better. We strive to do better. But our exposure to digital exposes us to higher-growth categories as a corporation, ultimately higher-margin categories as a corporation. It puts us up against a different set of competitors where we have pricing dynamics that will be favorable for Cognizant's pricing.

我對我們在數位化領域的發展勢頭非常滿意。當然，我們始終可以做得更好，我們也一直在努力做得更好。但數位化讓我們有機會接觸到成長更快、利潤更高的領域。這讓我們面對的是一群不同的競爭對手，而這些競爭對手的定價策略將有利於Cognizant的定價。

And ultimately, most importantly for me, it makes us much more relevant to clients, because we are becoming much more intimate with them as we become part of their transformation journey. And as I go around and speak to clients around the world when we articulate our strategy and what we're doing and start sharing some of the references we have, invariably clients are very open to proceeding with the next meeting to better understand what we have today, have optionality versus some of the incumbents.

最終，對我而言最重要的是，這讓我們與客戶的關係更加緊密，因為我們參與他們的轉型之旅中，與他們的關係也變得更加密切。當我與世界各地的客戶交流，闡述我們的策略和工作內容，並分享一些成功案例時，客戶總是非常樂意與我們進行下一次會面，以便更好地了解我們目前的實力，以及我們與現有供應商相比的更多選擇。

So I feel ultimately that we're in the right spaces. We will continue to double down. Of course, there are certain industries where digital is a higher portion of our mix than others. And there are certain geographies where I want to accelerate our digital capabilities. Not just -- back to Rod's question earlier, the international markets where our digital mix is lower than it needs to be, because historically we spent a lot more of our focus on structured deals in those geographies; but also the delivery capabilities, both nearshore and onshore, to fulfill any demand that we create in our commercial teams internationally. We need to further extend our capabilities there. And we're working on a number of things that hopefully we can announce in the foreseeable future that will hopefully give you confidence that we're doing to writing in that regard as well.

所以我覺得我們最後選對了方向。我們會繼續加倍投入。當然，在某些行業，數位化在我們業務組合中的佔比其他行業更高。在某些地區，我也希望加快提升我們的數位化能力。這不僅包括——回到羅德之前的問題——我們在國際市場上的數位化佔比低於預期，因為過去我們在這些地區更專注於結構化交易；還包括近岸和在岸的交付能力，以滿足我們國際商業團隊提出的任何需求。我們需要進一步拓展這些領域的能力。我們正在推動一些項目，希望在不久的將來能夠公佈，讓大家相信我們在這方面也在實際努力。

Maybe I add numbers for illustration, that could be helpful. As you know, of course, our digital revenue is exceeding our overall company growth, and we're gaining share in digital revenues.

或許我可以補充一些數據來說明情況，這可能會有所幫助。當然，您也知道，我們的數位收入成長超過了公司整體的成長，而且我們在數位收入領域的份額也在不斷擴大。

But for me, a good example of the value of strategic focus is also our focus on the 4 digital battlegrounds that we have really identified. And those are the data monetization, the cloud business, our IoT and digital engineering businesses. And those priority areas within digital actually also meaningful outgrowing -- meaningfully outgrowing our overall digital revenue growth.

但對我而言，戰略聚焦的價值也體現在我們重點關注的四大數位化戰場。這四大戰場分別是資料變現、雲端運算業務、物聯網和數位工程業務。這些數位化領域的優先發展方向實際上也顯著超過了我們整體數位化收入的成長。

So I think for a company to establish that focus and then execute against those focus areas in a thoughtful way, it's a good sign. And there's ample opportunities to expand those things for the long run, but at least we're seeing in our numbers really the results of exactly what we wanted the strategy to be.

所以我認為，對於一家公司來說，能夠確立這樣的重點領域，並以深思熟慮的方式執行這些重點領域，這是一個好兆頭。而且，從長遠來看，這些領域還有很大的拓展空間，但至少從我們的數據來看，我們確實看到了預期策略的成效。

Very good to know. Maybe a little bit of a symmetrical end to the call, attrition question. Any details you could provide? I think in the past, you have indicated, for example, that geographically it was higher in India. Eastern Europe is fine. Any details by either level or vertical or geography that you could provide to kind of help understand attrition better?

非常感謝您的解答。或許可以把電話會議的結尾稍微呼應一下員工流動率的問題。能提供一些細節嗎？我記得您之前提到過，例如，印度的員工流動率較高。東歐的情況還可以。您能否提供一些按層級、部門或地理劃分的具體數據，以便我們更了解員工流失？

Yes. Look, it's I would say if I think about where it is, voluntary attrition is highest at the mid- to junior levels of the pyramid, primarily in India. It's not just in one location in India. It's broad-based. But also against certain skills, whether it's cloud. Here, we're talking hyperscalers or leading SaaS players like Salesforce, digital engineering, full-tech engineers, Java, .NET, Angular. Or just across data, AI and ML technologies. I mean we're seeing significant attrition in those areas.

是的。你看，如果我仔細分析一下，就會發現自願離職率最高的是金字塔中層到基層的員工，尤其是在印度。而這種情況並非只發生在印度的某個地方，而是遍及整個地區。此外，某些特定技能也會導致人才流失，例如雲端運算（這裡指的是超大規模資料中心或像 Salesforce 這樣的領先 SaaS 平台）、數位工程、全技術工程師、Java、.NET、Angular 等。或者說，數據、人工智慧和機器學習技術領域的人才流失也十分嚴重。我的意思是，這些領域的人才流失率都非常高。

It's just a hot labor market. It's extremely consistent, I think, in the commentary you've seen from our peers in the industry. And as I said earlier, we're working very hard to mitigate that.

現在勞動市場非常火熱。我認為，從業內同行的評論來看，這一點非常一致。正如我之前所說，我們正在努力緩解這種情況。

We do expect attrition to fall sequentially on a year-over-year basis from where it is in Q3, based on the net resignations we've seen and based on what we're seeing following the efforts we've had around hearts and minds and compensation. But at this moment in time, we're still anticipating elevated attrition in the coming years.

我們預計，根據我們觀察到的淨離職人數以及我們在贏得員工信任和提升薪酬方面所取得的成效，員工流失率將從第三季度的水平開始逐年下降。但就目前而言，我們仍預期未來幾年員工流動率將居高不下。

And to the question that we received earlier, we're funding in our P&L what it takes to mitigate that, those compensation measures as well as our recruitment team who've been doing an incredible job for us. And frankly, we expect to meaningfully scale our headcount in the coming year.

至於先前收到的問題，我們已經在損益表中預留了應對措施的資金，包括薪酬措施以及對我們招募團隊的資助，他們一直以來都為我們做出了卓越的貢獻。坦白說，我們預計明年員工人數將大幅增加。

Okay. Thank you very much. Thanks, Ashwin. I look forward to connecting with everyone on November 18.

好的。非常感謝。謝謝你，阿什溫。我期待11月18日與大家見面。

This concludes today's Cognizant Technology Solutions Q3 2021 Earnings Conference Call. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

今天的 Cognizant Technology Solutions 2021 財年第三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。