高知特 (CTSH) 2021 Q2 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2021 年第二季財報電話會議。 （操作說明）謝謝。

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. By now, you should have received a copy of the earnings release and investor supplement for the company's second 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財年第二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. 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.

在會議開始之前，我想提醒各位，今天電話會議中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。這些陳述受公司獲利報告及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因素的影響。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公認會計準則（非GAAP）財務指標。在適用情況下，非GAAP財務指標與相應的GAAP指標的調節表可在公司盈利報告及提交給SEC的其他文件中找到。

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

接下來，我想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. Against a challenging labor market backdrop and the recent humanitarian crisis in India, we executed well in the second quarter, allowing us to deliver significant upside to our revenue guidance. Second quarter revenue of $4.6 billion represented growth of 15% year-over-year or 12% in constant currency. I'm grateful to our teams across the world for their own flagging dedication to consistently meeting our promises to clients. Thanks to the professionalism of all our associates with no major disruption to client service delivery from the second wave of the pandemic in India.

謝謝泰勒。大家下午好。在充滿挑戰的勞動市場環境和印度近期的人道危機背景下，我們第二季業績表現出色，實現了營收預期的大幅成長。第二季營收達46億美元，年增15%，以固定匯率計算成長12%。我衷心感謝全球團隊始終如一的敬業精神，確保我們能夠履行對客戶的承諾。感謝所有員工的專業精神，在印度第二波疫情期間，我們仍能保證客戶服務不受影響。

We continue to execute against our previously announced Operation C3, which includes our vaccination drive across the 11 cities where Cognizant has operations in India. To date, we've administered or reimbursed over 160,000 vaccines to associates or their families and dependents.

我們正持續推進先前公佈的“C3行動”，其中包括在Cognizant在印度開展業務的11個城市開展疫苗接種活動。迄今為止，我們已為員工及其家屬和受扶養人接種或報銷了超過16萬劑疫苗。

I'm pleased with the strength of key commercial metrics. Bookings growth accelerated to 12% year-over-year in the second quarter, and our book-to-bill ratio is now 1.2 on a trailing 12-month basis. Qualified pipeline is significantly up, and our win rates are also up year-to-date, positioning us well for continued bookings momentum. Digital revenue growth accelerated to 20% year-over-year in the quarter.

我對關鍵商業指標的強勁表現感到滿意。第二季預訂量較去年同期成長加速至12%，過去12個月的訂單出貨比為1.2。合格銷售管道顯著成長，年初至今的成交率也有所提高，這為我們持續維持預訂成長動能奠定了良好基礎。本季數位營收年增率加速至20%。

Moving to industry segments. We posted strong double-digit year-over-year constant currency growth in Communications, Media and Technology, Products and Resources and Healthcare. We've achieved a double-digit CAGR over the past 4 years in Communications, Media and Technology and remain optimistic on our growth prospects. This industry is now home to some of our largest clients.

接下來是行業細分。我們在通訊、媒體和技術、產品和資源以及醫療保健領域均實現了強勁的兩位數同比增長（以固定匯率計算）。過去四年，我們在通訊、媒體和技術領域實現了兩位數的複合年增長率，並且對未來的成長前景保持樂觀。目前，該行業擁有我們一些最大的客戶。

Within Products and Resources, we continue to post excellent growth in manufacturing, logistics, energy and utilities. Meanwhile, both retail and consumer goods and travel and hospitality posted their fourth successive quarter of sequential revenue increases, and are now close to prepandemic revenue levels.

在產品與資源板塊，製造業、物流業、能源和公用事業持續保持強勁成長。同時，零售和消費品以及旅遊和酒店業均連續第四個季度實現營收環比成長，目前已接近疫情前營收水準。

Our Healthcare business had a strong quarter with double-digit year-over-year growth in both the life sciences and U.S. payer and provider businesses. I'm delighted with our sustained momentum in life sciences, which will allow us to cross the $2 billion annualized revenue threshold later this year. As we strengthen our relationship with existing biopharma and medical device companies, our strong client references and delivery excellence are positioning us well to expand into new logos. For example, we partnered with Viatris, the newly formed company resulting from the merger of Mylan and Upjohn, a legacy division of Pfizer, to support their integration readiness for day 1. We are now continuing our collaboration on post-merger integration services.

我們的醫療保健業務本季表現強勁，生命科學和美國支付方及醫療服務提供方業務均實現了兩位數的年增長。我對生命科學領域的持續成長勢頭感到非常滿意，這將使我們能夠在今年稍後突破20億美元的年化營收大關。隨著我們與現有生物製藥和醫療器材公司關係的不斷深化，我們強大的客戶口碑和卓越的服務交付能力也為我們拓展新客戶奠定了堅實的基礎。例如，我們與Viatris公司建立了合作關係，該公司是由邁蘭和輝瑞旗下原有部門Upjohn合併而成的新公司。我們協助Viatris做好合併後的整合準備。目前，我們正在繼續就合併後的整合服務與其開展合作。

We will continue to invest to support our clients' digital needs in the life sciences business. Last week, we agreed to acquire TQS Integration, a privately owned Ireland-based global industrial data and intelligence company that will enhance our smart manufacturing offerings and build upon our successful acquisition of Zenith Technologies from 2019. And earlier this month, we announced a strategic alliance with global health technology leader Philips to develop end-to-end health solutions that will enable health care organizations to improve patient care and accelerate clinical trials.

我們將繼續投資，以支持客戶在生命科學領域的數位化需求。上週，我們同意收購總部位於愛爾蘭的全球工業數據和智慧公司TQS Integration，這是一家私人企業。此次收購將增強我們的智慧製造產品和服務，並鞏固我們2019年成功收購Zenith Technologies的成果。本月初，我們宣布與全球醫療技術領導者飛利浦建立策略聯盟，共同開發端到端的醫療解決方案，幫助醫療機構改善病患照護並加速臨床試驗。

Over the past 2 years, we focused significant effort on reinvigorating the U.S. payer and provider businesses. These efforts have started to bear fruit. During the second quarter, we expanded our existing partnerships with large payer clients and added new logos in the provider market. The TriZetto product business is highly strategic to our Healthcare business. Following some weakness post the 2014 acquisition, we spent considerable energy soliciting client feedback and refreshing the product road map over the last 2 years. We are now seeing growing momentum in the business. Annual growth rates in the TriZetto product business doubled in 2020 over 2019, and are on track to double again in 2021, following double-digit revenue growth in the first half of the year.

過去兩年，我們投入大量精力重振美國支付方和醫療服務提供方業務，這些努力已初見成效。第二季度，我們拓展了與大型支付方客戶的現有合作關係，並在醫療服務提供者市場新增了客戶。 TriZetto產品業務對我們的醫療保健業務具有高度策略意義。在2014年收購後經歷了一段低迷期後，過去兩年我們投入大量精力收集客戶回饋並更新產品路線圖。目前，該業務正呈現強勁成長動能。 TriZetto產品業務的年增率在2020年較2019年翻了一番，繼上半年實現兩位數營收成長後，預計2021年將再次翻倍。

Turning now to Financial Services, which grew 5% year-over-year in constant currency. Both the banking and insurance businesses grew year-over-year and sequentially. In banking, which is most of the Financial Services business, we have sharpened our focus on the highest potential client relationships over the past 18 months. We've refreshed now about half of our client-facing teams, bringing in seasoned industry talent with an emphasis on executive engagement and selling and delivering business outcomes in collaboration with the financial services partner ecosystem. While we are making progress in our client engagement strategy, and have seen sustained momentum in regional banks, banking results continue to be hindered by ongoing revenue erosion in large global banks. As such, while we expect full year financial services revenues to grow modestly, the repositioning of the business continues.

現在來看金融服務業務，以固定匯率計算，該業務年增5%。銀行和保險業務均實現了同比增長和環比增長。在佔金融服務業務大部分的銀行業務中，過去18個月裡，我們更加專注於最具潛力的客戶關係。我們已對約一半的客戶服務團隊進行了重組，引入了經驗豐富的行業人才，重點在於與高管互動，並與金融服務合作夥伴生態系統協作，實現銷售和業務成果。儘管我們在客戶互動策略方面取得了進展，並且在區域性銀行中也看到了持續的成長勢頭，但大型全球性銀行持續下滑的收入仍然制約著銀行業務的業績。因此，儘管我們預計全年金融服務收入將溫和成長，但業務的重新定位仍在繼續。

Before discussing the macro demand environment, I would like to acknowledge the progress we've made in our BPO business, which we call digital business operations. Two years ago, we made the decision to exit certain nonstrategic elements of the content moderation business that had been a meaningful contributor to growth. This decision impacted the growth trajectory of DBO and required us to reposition the business. Two years on, we've now successfully completed the exit of the content moderation business. And as of the third quarter, revenue compares will be like-for-like.

在討論宏觀需求環境之前，我想先介紹一下我們在業務流程外包（BPO）業務（我們稱之為數位業務營運）方面取得的進展。兩年前，我們決定退出內容審核業務中一些非策略性但曾對公司成長做出重要貢獻的部分。這項決定影響了數位業務營運的成長軌跡，並要求我們重新定位業務。兩年後，我們已成功完成內容審核業務的退出。從第三季開始，營收將實現年比調整。

I'm pleased with the revised strategic direction of digital business operations, which focuses on automation, analytics and consulting as well as platform-based and core business process operations. Year to date, we've seen double-digit revenue growth in digital business operations, and we expect to sustain this growth in the coming years, driven by strong results in modern BPO segments like digital natives and intelligent process automation and by our leadership position in BPaaS within the Healthcare segment.

我對數位化業務營運策略方向的調整感到滿意，該策略重點關注自動化、分析和諮詢，以及基於平台的核心業務流程營運。今年迄今為止，我們的數位化業務營運收入實現了兩位數成長，我們預計未來幾年將繼續保持這一成長勢頭，這主要得益於我們在數位化原生企業和智慧流程自動化等現代業務流程外包細分領域的強勁表現，以及我們在醫療保健領域業務流程即服務 (BPaaS) 的領先地位。

A recent example of our client momentum is Johns Hopkins HealthCare, who turned to us to transition their Medicaid and commercial lines of business from legacy platforms and operations to our leading BPaaS solution. We'll be providing a modern, scalable cloud-based platform to enable Johns Hopkins HealthCare to be a more robust, flexible organization that can deliver better, more affordable patient outcomes.

約翰霍普金斯醫療保健公司是我們客戶發展勢頭強勁的一個近期例證。該公司選擇與我們合作，將其醫療補助和商業業務從傳統平台和營運模式遷移到我們領先的業務流程即服務 (BPaaS) 解決方案。我們將提供一個現代化、可擴展的雲端平台，協助約翰霍普金斯醫療保健公司成為更強大、更靈活的機構，從而提供更好、更經濟的病患治療方案。

Let's turn now to macro demand, which is particularly robust as clients modernize their legacy environments, embrace the cloud and invest in innovation. We continue to believe that the next phase of digital is about transforming processes to become agile, intelligent and automated and always with an eye on customer experience. Hyperpersonalization is fueling significant demand in analytics, AI and ML.

現在讓我們來看看宏觀需求，隨著客戶對其傳統環境進行現代化改造、擁抱雲端運算並加大創新投入，宏觀需求尤為強勁。我們仍然認為，數位轉型的下一階段在於將流程改造得更敏捷、智慧和自動化，並始終專注於客戶體驗。高度個人化正在推動分析、人工智慧和機器學習領域的巨大需求。

Given strong demand on our bullish outlook in the industry, we are committed to meaningfully scaling our headcounts over the coming quarters. However, this macro demand backdrop has also created a demand-supply imbalance in key skills and has meaningfully increased industry attrition. As we noted in last quarter's remarks, we expected attrition to go up sequentially in Q2, and it did. Second quarter voluntary attrition reached 29% on an annualized basis or 18% on a trailing 12-month basis. As a reminder, our attrition metric captures the entire company including trainees and corporate across both IT services and BPO. Against this backdrop, we continue to take a series of actions to reduce attrition, including compensation adjustments, job rotations, reskilling and promotions and a host of associate engagement activities. Fortunately, we meaningfully increased our recruiting capacity over the last 6 months as we anticipated the spike in attrition, following the V-shaped demand recovery in the second half of 2020.

鑑於市場對我們樂觀的行業前景的強烈需求，我們致力於在未來幾季大幅增加員工人數。然而，這種宏觀需求環境也造成了關鍵技能供需失衡，並顯著加劇了產業的人員流失。正如我們在上個季度報告中所述，我們預計第二季度的人員流失率將環比上升，而實際情況也確實如此。第二季的自願離職率以年率計算達29%，以過去12個月計算則為18%。需要提醒的是，我們的人員流失率指標涵蓋了整個公司，包括IT服務和BPO業務部門的實習生和正式員工。在此背景下，我們持續採取一系列措施來降低人員流動率，包括調整薪資、輪調、技能提升和晉升，以及進行一系列員工激勵活動。值得慶幸的是，在過去六個月中，我們大幅提高了招募能力，因為我們預見了在2020年下半年需求呈V型復甦之後，人員流失率可能會激增。

Our human resources team have done a remarkable job helping us mitigate the impact of elevated attrition through comprehensive hiring, onboarding and skilling programs. In fact, we now expect to hire approximately 100,000 laterals in 2021 and to train close to 100,000 associates. In addition, we expect to onboard approximately 30,000 new graduates in 2021 and make 45,000 offers to new graduates in India for 2022 onboarding.

我們的人力資源團隊出色地完成了工作，透過全面的招募、入職和技能培訓計劃，幫助我們減輕了高流失率帶來的影響。事實上，我們現在預計2021年將招募約10萬名有經驗的員工，並培訓近10萬名員工。此外，我們預計2021年將招收約3萬名應屆畢業生，並向印度的4.5萬名應屆畢業生發出2022年入職的錄用通知。

Over recent years, we've been methodically shifting our revenue mix to digital, which now accounts for more than 44% of our revenue. Since 2019, we've invested more than $2 billion in mergers and acquisitions to accelerate our digital capabilities. While the impact of recent acquisitions has reduced Q2 company margins given diligence and integration costs and acquired company margin dilution, it has nonetheless been the right thing to do. These investments have changed the growth profile of Cognizant by shifting our businesses to higher growth categories and reducing our exposure to nondigital categories that have declined in recent years.

近年來，我們一直在穩步推動營收結構向數位轉型，目前數位化收入已佔總營收的44%以上。自2019年以來，我們已投資超過20億美元用於併購，以加速提升數位化能力。儘管近期收購帶來的盡職調查和整合成本以及被收購公司利潤率的稀釋，導致公司第二季利潤率下降，但這仍然是正確的選擇。這些投資改變了Cognizant的成長模式，使我們的業務轉向更高成長的領域，並降低了近年來持續下滑的非數位化領域的投資。

Today, I wanted to spend a moment addressing some of our progress against our targeted digital battlegrounds, including IoT, digital engineering and cloud. Our IoT business has scaled rapidly and revenues are now expected to exceed $600 million in 2021, almost twice the size of what it was in 2019. Cognizant was recently ranked #1 in the managed IoT services category in ISG's 2021 IoT services evaluation for both the U.S. and Europe.

今天，我想花點時間談談我們在重點數位化領域的一些進展，包括物聯網、數位工程和雲端運算。我們的物聯網業務發展迅猛，預計2021年營收將超過6億美元，幾乎是2019年的兩倍。在ISG發布的2021年美國及歐洲物聯網服務評估報告中，Cognizant在託管物聯網服務類別中均排名第一。

Our digital engineering business is now at a $1.2 billion annual run rate, growing 30%, making it one of the largest digital engineering businesses in the world. In June, Cognizant was named a leader in Everest Group's PEAK Matrix for Software Product Engineering Services 2021 Report.

我們的數位工程業務目前年收入達12億美元，成長率達30%，使其成為全球最大的數位工程業務之一。今年6月，Cognizant在Everest Group發布的《2021年軟體產品工程服務PEAK矩陣報告》中被評為領導者。

We've also made tremendous headway in our cloud business. Seven of our acquisitions over the past 18 months have been cloud-related. As you may know, Gartner in its Magic Quadrant for public cloud infrastructure managed services providers, elevated Cognizant from a niche provider player in 2018 to challenger in 2019 and to leader in 2020. We now have 3 cloud-focused business groups: one for Microsoft, another for AWS, and a third most recently for Google, each supported by specialized cloud experts and solution architects.

我們在雲端業務方面也取得了巨大進展。過去18個月中，我們收購的七家公司都與雲端相關。您可能已經知道，Gartner在其公有雲基礎設施託管服務供應商魔力像限報告中，將Cognizant從2018年的利基供應商提升至2019年的挑戰者，並在2020年晉升為領導者。我們現在有三個專注於雲端業務的業務部門：一個服務微軟，一個服務於AWS，以及最近新增的第三個服務於谷歌，每個部門都配備了專業的雲端專家和解決方案架構師。

For example, we've been recently engaged with Microsoft's industry clouds in areas like financial services, health care and retail. In the past 2 years, thanks to our ongoing market momentum, the acquisitions of New Signature, Contino and 10th Magnitude and the formation of our Microsoft business group, we have meaningfully changed the ranking to become one of Microsoft's leading global system integrator partners. Our commitment to the partnership and focus on technical intensity is demonstrated by more than 100% year-over-year growth in our Microsoft cloud certifications.

例如，我們近期積極參與了微軟在金融服務、醫療保健和零售等領域的產業雲端專案。過去兩年，憑藉持續的市場成長勢頭、對 New Signature、Contino 和 10th Magnitude 的收購以及微軟業務集團的成立，我們的排名顯著提升，成為微軟全球領先的系統整合合作夥伴之一。我們對合作關係的承諾以及對技術實力的專注體現在我們微軟雲端認證數量同比增長超過 100%。

Our success in expanding our portfolio has not only made us more competitive, but has encouraged more clients to engage us to execute their transformation agendas. This positions us to take full advantage of our client base by enabling us to upsell and cross-sell in our existing accounts, and enables us to get new logos by leading with digital. For example, Gilead Sciences selected us to lead a body of work related to IT business transformation as well as development of an enhanced security and compliance posture. We will utilize our deep life science industry knowledge augmented by recent acquisitions like Zenith Technologies and collaborative solutions, along with our proprietary legacy modernization framework and robust automation capabilities to support this work. Our aim is to accelerate the company's technology transformation and further enhance its digital capabilities.

我們拓展業務組合的成功不僅提升了我們的競爭力，也促使更多客戶選擇我們來執行他們的轉型計畫。這使我們能夠充分利用現有客戶群，在現有客戶中實現追加銷售和交叉銷售，並透過數位化引領贏得新客戶。例如，吉利德科學公司選擇我們負責其IT業務轉型以及增強安全和合規性的相關工作。我們將利用我們在生命科學產業的深厚知識，結合近期收購的Zenith Technologies等公司以及合作解決方案，以及我們專有的傳統系統現代化框架和強大的自動化能力來支援這項工作。我們的目標是加速公司的技術轉型，並進一步提升其數位化能力。

In another example, given our advanced capabilities in digital automotive, engineering, R&D and smart connected mobility, Qualcomm Technologies, one of the world's foremost semiconductor and connectivity solutions companies, turned to us to build a reliable cloud-agnostic connected vehicle management solution. The aim of this integrated platform is to connect vehicular onboard applications, manage car-to-cloud operations and work across nearly every OEM vehicle platform and its cloud infrastructure.

再舉一個例子，鑑於我們在數位化汽車、工程、研發和智慧互聯出行領域的先進能力，全球領先的半導體和連接解決方案公司之一高通技術公司委託我們建立一個可靠的、與雲端平台無關的互聯車輛管理解決方案。此整合平台旨在連接車載應用程序，管理車聯網操作，並可與幾乎所有OEM車輛平台及其雲端基礎設施相容。

Lastly, building exceptional digital experiences is of increasing importance to clients who sometimes struggle to connect the dots between the experience itself and the underlying business functions. With our extended portfolio, we're now able to orchestrate software, data, platforms and programs to transform high-value interactions into personalized experiences that drive business results. A great example of this is how we're now partnering with NBC to reimagine their customer experience, creating direct-to-consumer commerce strategies, driving attendance to their theme parks and supporting their marquee event to 2021 Summer Olympic Games.

最後，對於那些有時難以將體驗本身與底層業務功能連結起來的客戶而言，打造卓越的數位體驗的重要性日益凸顯。憑藉我們擴展後的產品組合，我們現在能夠整合軟體、數據、平台和程序，將高價值互動轉化為個人化體驗，從而推動業務成長。一個很好的例子是，我們目前正與NBC合作，重新構想其客戶體驗，制定直接面向消費者的商務策略，提升其主題樂園的客流量，並為其2021年夏季奧運會的旗艦活動提供支援。

In closing, I've been in the CEO role now for more than 2 years, and I see a new Cognizant taking shape. Our solution portfolio is stronger than at any time in our history. This has changed the way clients and partners perceive us and helps us deliver differentiated business outcomes. We are bullish on the industry and our prospects within it. We are well positioned to capitalize on digital transformation market trends, which are accelerating, and we have an enormous opportunity in our international markets. But we are in one of the hottest job markets in many years, and expect elevated attrition to remain a factor across the industry in the coming quarters. Our recruitment and skilling programs, as well as targeted actions to offset margin headwinds stemming from the industry's talent shortage, provide us confidence in our outlook for the year.

最後，我擔任執行長一職已超過兩年，我親眼見證了Cognizant的全新面貌正在形成。我們的解決方案組合比以往任何時候都更加強大。這改變了客戶和合作夥伴對我們的認知，並幫助我們交付差異化的業務成果。我們對整個產業及其發展前景充滿信心。我們已做好充分準備，把握數位轉型市場加速發展的趨勢，並在國際市場擁有巨大的發展機會。然而，我們正處於多年來最火熱的就業市場之一，預計未來幾季，高流失率仍將是整個產業面臨的一大挑戰。我們的招募和技能提升計劃，以及為應對行業人才短缺帶來的利潤率下滑而採取的針對性措施，讓我們對今年的前景充滿信心。

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. With that, over to you, Jan.

接下來，我將把電話交給Jan，她將詳細介紹本季的狀況和財務展望，之後我們再回答大家的問題。 Jan，請開始吧。

Thank you, Brian, and good afternoon, everyone. Our Q2 revenue was $4.6 billion, representing growth of approximately 15% or 12% in constant currency. Revenue was $125 million above the high end of our guidance range, driven by continued demand for digital, which grew 20% and represented 44% of total revenues. Year-over-year revenue growth also includes approximately 390 basis points of growth from our recent acquisitions and benefited from an easier compare to Q2 2020, where our revenues were impacted in the early months of the pandemic and by the ransomware attack in April 2020.

謝謝布萊恩，大家下午好。我們第二季營收為46億美元，年增約15%，以固定匯率計算成長約12%。營收比我們先前預期的上限高出1.25億美元，這主要得益於市場對數位化業務的持續需求，該業務成長了20%，佔總營收的44%。年比營收成長還包括近期收購帶來的約390個基點的成長，並且受益於與2020年第二季相比的較低基數。 2020年第二季度，我們的營收受到疫情初期和2020年4月勒索軟體攻擊的影響。

Moving on to segment results, where all growth rates provided will be year-over-year in constant currency. Financial Services revenue increased approximately 5%, in line with our expectations. We continue to make progress as we reposition this business and observed a strong improvement in the pipeline. We still expect the paced recovery through the remainder of the 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5%，符合預期。隨著我們對該業務進行重新定位，並觀察到專案儲備顯著改善，我們持續取得進展。我們仍預計今年剩餘時間內將保持穩定復甦的勢頭。

Healthcare revenue increased approximately 13%, again, driven by strong performance in both our health care payer and life sciences businesses. Revenue growth within our Healthcare business was primarily organic, and we continue to see strong demand for our integrated payer software solutions and improving fundamentals in our provider business. As Brian mentioned, we remain very pleased with the growth in our life sciences business.

醫療保健業務收入成長約13%，這主要得益於我們醫療支付方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，我們持續看到市場對我們整合支付方軟體解決方案的強勁需求，以及醫療服務提供者業務基本面的改善。正如Brian所提到的，我們對生命科學業務的成長感到非常滿意。

Products and Resources revenue increased approximately 18%, driven by the fifth consecutive quarter of double-digit growth in manufacturing, logistics, energy and utilities. Segment growth included approximately 600 basis points from inorganic revenue. As Brian mentioned, we also experienced growth in retail consumer goods and travel and hospitality, driven in part by the lapping of the prepandemic conveyors. There are early signs of stabilization within these sectors most impacted by the pandemic, but we continue to monitor closely.

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五個季度實現兩位數成長。此業務板塊的成長包括約600個基點的非內生性收入成長。正如Brian所提到的，零售消費品以及旅遊和酒店業務也實現了成長，部分原因是疫情前業務的逐步恢復。這些受疫情影響最大的產業已出現穩定的早期跡象，但我們仍將繼續密切關注。

Communications, Media and Technology revenue grew 18%, of which approximately half of the growth was attributable to recent acquisitions. This growth was partially offset by a negative 190 basis points impact from our exit of certain portions to our content services business. Overall, we are very pleased with the growth of our core portfolio.

通訊、媒體和科技業務收入成長18%，其中約一半的成長歸功於近期收購。部分成長被剝離部分內容服務業務帶來的190個基點的負面影響所部分抵銷。整體而言，我們對核心業務組合的成長非常滿意。

Now moving on to margins. In Q2, our GAAP and adjusted operating margin were both 15.2%. On a year-over-year basis, adjusted operating margin improved approximately 110 basis points, primarily reflecting the savings from our cost initiatives in 2020 and the impact from the pandemic and ransomware attack in Q2 2020. This year-over-year benefit was offset in part by SG&A investments, including those intended to drive and support organic revenue growth as well as the negative impact on margin on our recently completed acquisitions and costs related to the modernization of our IT core and security infrastructure. In addition, we anticipate continued cost pressure from our elevated attrition, which includes higher recruiting costs, lateral higher wages and subcontractor costs.

接下來我們來看利潤率。第二季度，我們的GAAP營業利潤率和調整後營業利潤率均為15.2%。與去年同期相比，調整後營業利潤率提高了約110個基點，這主要反映了我們2020年成本控制措施帶來的收益，以及2020年第二季度疫情和勒索軟體攻擊的影響。這一同比收益部分被銷售、管理及行政費用（SG&A）支出所抵消，其中包括旨在推動和支持內生收入增長的支出，以及近期完成的收購對利潤率的負面影響，還有與IT核心和安全基礎設施現代化相關的成本。此外，我們預計持續上升的員工流失率將帶來成本壓力，其中包括更高的招募成本、更高的員工薪資和分包商成本。

Our GAAP tax rate in the quarter was 26.5% and our adjusted tax rate was 25.4%, in line with our expectations. Diluted GAAP EPS was $0.97 and adjusted diluted EPS was $0.99.

本季GAAP稅率為26.5%，調整後稅率為25.4%，與預期相符。 GAAP攤薄後每股收益為0.97美元，調整後稀釋後每股收益為0.99美元。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $1.9 billion or $1.2 billion net of debt. Free cash flow in Q2 was $466 million. This included a payment from the settlement with 2 of the 3 customers that were part of the proposed customer engagement exit we announced in our fourth quarter 2020 earnings. Excluding this onetime payment, free cash flow would have been approximately 100% of net income. The payments made this quarter were in line with our prior expectations and resulted in no impact to our earnings in Q2. Overall, we were pleased with the outcome of the settlement, which includes a continued commercial relationship with both customers. Negotiations with the third client are ongoing and constructive.

現在來看資產負債表。本季末，我們持有現金及短期投資19億美元，扣除債務後淨額為12億美元。第二季自由現金流為4.66億美元。這其中包括與三家客戶中的兩家達成的和解款項，這三家客戶是我們先前在2020年第四季財報中宣布的擬議客戶合作終止計畫的一部分。若不計入這筆一次性付款，自由現金流將約為淨利的100%。本季支付的款項符合我們先前的預期，並未對第二季的收益產生影響。總體而言，我們對和解結果感到滿意，其中包括與這兩家客戶繼續保持商業關係。與第三家客戶的談判仍在進行中，且進展順利。

DSO of 71 days increased by 1 day sequentially and has improved from 77 days in the prior year period. During the quarter, we repurchased 4 million shares for $296 million at a weighted average price of approximately $74 per share. At the end of June, we had $2.3 billion remaining under our share repurchase authorization. We also spent cash of approximately $350 million on acquisitions and $127 million for our regular quarterly dividend.

應收帳款週轉天數（DSO）為71天，較上季增加1天，較上年同期的77天有所改善。本季度，我們以每股約74美元的加權平均價格回購了400萬股股票，總額為2.96億美元。截至6月底，我們的股票回購授權額度還剩23億美元。此外，我們還花費了約3.5億美元現金用於收購，並支付了1.27億美元用於派發季度股息。

Turning to guidance. For Q3, we expect revenue in the range of $4.69 billion to $4.74 billion, representing year-over-year growth of 10.6% to 11.6% or 10% to 11% in constant currency. Our guidance assumes currency will have a favorable 60 basis points impact and inorganic contribution of approximately 320 basis points.

接下來談談業績展望。我們預計第三季營收將在46.9億美元至47.4億美元之間，年增10.6%至11.6%，以固定匯率計算則為10%至11%。我們的績效展望基於以下假設：匯率將帶來60個基點的有利影響，而非內生性成長貢獻約為320個基點。

For the full year, we now expect revenue of $18.4 billion to $18.5 billion, representing 10.2% to 11.2% growth or 9% to 10% in constant currency. This compares to our prior guidance of 7% to 9% growth as reported or 5.5% to 7.5% in constant currency. Our outlook assumes currency will have a favorable 120 basis points impact and includes approximately 320 basis points contribution from inorganic revenue. Our outlook assumes continued momentum across Healthcare, CMT, and Products and Resources, while we continue to expect a paced recovery in Financial Services over the next couple of quarters.

我們現在預計全年營收為184億美元至185億美元，年增10.2%至11.2%，以固定匯率計算則為9%至10%。這與我們先前的預期相比有所調整，先前的預期為按報告匯率計算增長7%至9%，按固定匯率計算則為5.5%至7.5%。我們的展望假設匯率將帶來120個基點的有利影響，並包含約320個基點的非內生性營收貢獻。我們預期醫療保健、CMT以及產品和資源業務將繼續保持成長勢頭，同時我們仍預期金融服務業務將在未來幾季逐步復甦。

Moving on to margins. We expect full year adjusted operating margin to be approximately 15.4%, the midpoint of our prior guidance of 15.2% to 15.7%. As I mentioned earlier, elevated attrition is leading to increased costs in certain areas. We are also continuing to fund investments in our people, including compensation, quarterly promotions, retention and training. We expect these costs will weigh on our results for the next several quarters as management remains keenly focused on addressing our high attrition levels through a comprehensive set of initiatives.

接下來談談利潤率。我們預計全年調整後營業利潤率約為15.4%，處於先前15.2%至15.7%預期範圍的中點。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。我們也持續增加對員工的投資，包括薪資、季度晉升、員工留任和培訓。我們預計這些成本將在未來幾季對我們的業績產生影響，因為管理層將繼續透過一系列綜合舉措，全力解決員工流動率高的問題。

We continue to expect SG&A growth for the remainder of the year, driven in part by the impact from our M&A activity. However, we are slowing the pace of growth in some areas not directly related to our strategic initiatives to mitigate some of this cost pressure. This leads to our full year adjusted EPS guidance, which is $4 to $4.06 compared to $3.90 to $4.02 previously.

我們預計今年剩餘時間內銷售、管理及行政費用（SG&A）將持續成長，部分原因是併購活動的影響。然而，為了緩解部分成本壓力，我們正在放緩一些與策略性措施無直接關聯的領域的成長步伐。因此，我們調整了全年每股收益預期，從先前的3.90美元至4.02美元下調至4美元至4.06美元。

Our full year outlook assumes interest income of $25 million to $30 million compared to $20 million to $30 million previously. Our outlook assumes average shares outstanding of approximately 528 million compared to 530 million previously and a tax rate of 25% to 26%, which is unchanged from our prior outlook.

我們全年業績展望預計利息收入為2500萬美元至3000萬美元，與此前的2000萬美元至3000萬美元基本持平。我們預期平均流通股數約為5.28億股，與先前的5.3億股持平，稅率為25%至26%，與先前的展望相同。

Finally, we continue to expect free cash flow will represent approximately 100% of net income for the full year. We remain committed to our balanced capital deployment strategy and returning at least 50% of free cash flow to shareholders through dividends and share repurchases.

最後，我們仍然預計全年自由現金流將約佔淨利的100%。我們將繼續堅持均衡的資本配置策略，並透過股利和股票回購將至少50%的自由現金流返還給股東。

Before opening the call for questions, I wanted to let you know that we are planning to hold an investor briefing in the fall, during which Brian and I will provide a review of our strategy and an update on our progress over the last 2 years. We will also provide our multiyear financial framework. Please keep an eye out and save the date in the coming weeks.

在正式開始提問環節之前，我想先通知大家，我們計劃在秋季舉辦投資者簡報會。屆時，我和布萊恩將回顧我們的策略，並報告過去兩年來的發展進展。我們還將提供多年財務框架。請密切關注，並在未來幾週內預留時間參加簡報會。

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 Lisa Ellis with MoffettNathanson.

（操作說明）我們的第一個問題來自 Lisa Ellis 和 MoffettNathanson 的線路。

A follow-up question, as I'm sure you'll get 20 of them, related to the attrition and headcount dynamics. One, maybe, Jan, can you just elaborate on what gives you confidence in your ability to expand margins in the second half of the year while you're still sort of battling through this attrition environment? Like -- so for example, are you -- given the high demand environment, are you able to take price, et cetera? Just a little bit more color there.

我知道你一定會收到很多類似的問題，所以還有一個後續問題，是關於人員流動和員工人數動態的。 Jan，你能詳細說說，在目前人員流失嚴重的情況下，為什麼對下半年擴大利潤率有信心？例如，在需求旺盛的情況下，你是否能夠調整價格等等？希望再詳細解釋一下。

And then I'll just ask my second one, kind of related, it's just around employee health. I'm just wondering like how employee satisfaction is faring at Cognizant. I know that's something that you watch pretty closely. So what's your confidence level in being able to bring attrition down over the next couple of quarters?

接下來，我再問第二個問題，這個問題和第一個問題有點關係，是關於員工健康的。我想了解Cognizant的員工滿意度如何。我知道你們非常關注這一點。那麼，你們對未來幾季降低員工流動率的信心有多大？

Yes. Thank you, Lisa, and somehow I anticipated questions around our margin guidance being of interest. It's a complex situation, Lisa, in that we have actually quite a few dynamics going on that impact the margin dynamic for the second half. And so you're rightly concluded that for the second half, we are expecting really, on average, margin development around 15.6% to meet our midpoint of our guidance. And as you're also aware, we have a little bit of a quarterly dynamic towards the year-end. So margins in the third quarter, we're thinking, are going to be slightly higher than towards the fourth quarter due to typical end-of-season dynamics, including the merit increase that will fully filter in the fourth quarter when we administer and implement the merit thing. So that's kind of all the general margin dynamic.

是的，謝謝你，麗莎。我早就預料到大家會關心我們的利潤率預期。麗莎，情況比較複雜，因為有很多因素會影響下半年的利潤率。所以你的結論是對的，我們預計下半年平均利潤率將達到15.6%左右，也就是我們預期的中位數。你也知道，年底時我們的利潤率會有一些季度波動。我們預計第三季的利潤率將略高於第四季度，這是因為典型的季末波動，包括績效獎金的調整，這項獎金將在第四季度全面生效。以上就是利潤率方面的整體情況。

What we have seen, I want to point out a few other elements of the margin dynamic. We have seen, in this quarter, a fairly healthy margin dynamic on the gross margin side, and we reported a shift in our digital revenue mix, which comes actually with higher gross margin than our traditional business, which is part of the strategic rationale of why we are, of course, engaging in the transformation of the business. And that margin effect was accelerated. Actually, we shifted share, but we also improved that relative margin in our second quarter.

我想指出利潤率動態的其他幾個方面。本季度，我們看到毛利率方面呈現出相當健康的動態，並且我們的數位收入結構發生了轉變，而數位業務的毛利率實際上高於傳統業務，這當然也是我們進行業務轉型策略考量的一部分。而且，這種利潤率提升效應還在加速。實際上，我們不僅改變了市場份額，而且在第二季度也提高了相對利潤率。

So we anticipate to continue to have some benefit from that mix shift also in the second half. And then, of course, we see pressure from the compensation measures coming into our P&L. And we're offsetting that by controlling the growth of certain SG&A components that have been growing kind of lively, I would say, too, and bring that more to a controlled or flattish outcome towards the end of the year. And so it's a number of factors that we have to keenly execute in order to keep, of course, the overall structure of our P&L in place, but that's the principal dynamic that we are following. And I hand over the employee engagement question to Brian.

因此，我們預計下半年仍將繼續受益於這種結構調整。當然，我們也看到薪酬措施對損益表造成了壓力。我們正在透過控制某些成長過快的銷售、管理及行政費用（SG&A）項目來抵銷這種壓力，力爭在年底前將其控制在合理範圍內或趨於平穩。因此，我們需要謹慎地執行多項措施，以維持損益表的整體結構，但這正是我們關注的主要動態。接下來，我將把員工敬業度的問題交給布萊恩。

Thanks, Jan. Hi, Lisa. Look, it's very much top of mind. As you can imagine, voluntary attrition in the quarter was 29%. But on a trailing 12-month basis, which is more how the industry tends to look at it, it was 18%. And we've seen primarily the attrition in the more junior levels of the organization or mid-levels in India, but it's also a global phenomenon. It's really one of the hottest markets we've seen or our team has seen over the last 10-plus years. So we're all dealing with it. As it happens in the last month, we had the results of our annual engagement survey. We're actually very pleased with our results. They're at or above, in many cases, industry benchmarks. I'm really pleased to see the delivery organization, engagement scores are actually above the company average, and they're very much as a total company in the same range as where we've been from 2016 and beyond.

謝謝，Jan。嗨，Lisa。你看，這確實是我們非常關注的問題。正如你所想，本季員工自願離職率高達29%。但以過去12個月的數據來看（這才是業界較常用的衡量標準），離職率只有18%。我們發現，在印度，員工流失主要集中在公司基層或中層，但這其實也是全球現象。印度確實是我們團隊過去十多年來遇到的最熱門的市場之一。所以我們都在積極應對。恰好上個月，我們收到了年度員工敬業度調查的結果。我們對結果非常滿意。在很多方面，我們的得分都達到或超過了行業基準。我很高興地看到，交付部門的員工敬業度得分高於公司平均水平，而且從公司整體來看，我們的敬業度得分也與2016年以來的水平基本持平。

Last year, we actually had a particularly strong year, as many companies did, because of the pandemic when people were pleased when they had secure jobs or whatnot. So from one perspective, I feel very, very good about it. But in the same vein, of course, I don't feel very good about the attrition. And so that's top of mind, and it's got a lot of management focus.

去年，和許多公司一樣，我們業績確實非常強勁，這主要得益於疫情期間人們普遍對穩定工作感到滿意。所以從某個角度來看，我對業績非常滿意。但同時，員工流動率卻讓我非常擔憂。因此，員工流失問題始終是我們關注的焦點，也是管理階層重點關注的領域。

I'm pleased that we executed well in the quarter. We exceeded our revenue guidance despite elevated attrition, but my great hope is, over time, we can reduce attrition and yet continue to hire at the pace we have been hiring at, which is something we're very pleased with. The throughput of our recruitment team has been terrific. So what are we doing to reduce attrition and to continue to drive employee engagement is the next obvious question.

我對本季的出色表現感到滿意。儘管員工流動率較高，但我們仍然超出了營收預期。我最大的希望是，隨著時間的推移，我們能夠降低員工流動率，同時保持目前的招募速度，而我們對此感到非常滿意。我們招募團隊的效率非常高。那麼，接下來顯而易見的問題是：我們將採取哪些措施來降低員工流動率，並持續提升員工敬業度？

Well, look, annual merit-based increases have been announced here in the last few weeks. They're effective October 1. That's on top of a whole host of ad hoc measures we played through in the course of the last year: out-of-cycle increases, promotion, retention dollars. We've announced a shift in the last few months to quarterly promotion cycles for billable resources. We've really fast-tracked job rotations and reskilling initiatives across the company, then a host of things with Cognizant Academy, which is our training capability, as well as higher education programs for select employees as well. And we've put an enormous effort behind our employee value proposition, celebrating delivery success, big wins, et cetera. So more work to be done, but I'm confident we're doing the right things.

嗯，你看，過去幾週我們已經宣布了年度績效工資增長計劃，將於10月1日生效。除此之外，我們在過去一年裡還採取了一系列臨時措施，包括非週期性加薪、升遷和留任獎金。最近幾個月，我們宣布將計費員工的晉升週期改為季度製。我們加快了公司內部的輪調和技能提升計劃，並透過我們的培訓機構Cognizant Academy開展了一系列項目，也為部分員工提供了高等教育項目。此外，我們也大力提升員工價值，慶祝專案交付的成功和重大成就等等。所以，還有很多工作要做，但我相信我們正在做正確的事情。

And as I said, while I'm pleased we executed through at this quarter, the reality is 15% revenue growth this quarter also gives the organization a little bit of energy that, look, growth is coming back and with growth comes good things in terms of career path opportunities, rotations and promotions and whatnot. So I'm sure today's top line story will help a lot of employees feel better, and we'll keep doing all the other things we're doing.

正如我剛才所說，雖然我對本季的業績表現感到滿意，但15%的營收成長也確實為公司帶來了一些鼓舞，讓大家意識到成長正在回歸，而成長會帶來諸多益處，例如職涯發展機會、輪調和晉升等等。所以我相信，今天公佈的業績會讓很多員工感到振奮，我們也會繼續做好其他各項工作。

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

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Good quarter, guys. I wanted to follow up also on attrition. Could you talk a little bit more about what you expect for 3Q, 4Q attrition? And what's been the client feedback in the face of the situation?

各位，這個季度業績不錯。我還想跟進一下人員流失。能否再詳細談談你們對第三季和第四季人員流失的預期？客戶對此有何回饋？

So look, from my perspective, the first thing I would think about our associates and our clients, and you can't be client-centric unless you're associate-centric. And so as we start thinking about this, of course, it gets into how we engage our clients and how we think about the demand signal that will help us facilitate the right resources at the right time. Communication is important in a time like this, setting appropriate expectations regarding resource availability time lines. Entity prioritization, Ashwin, as you can imagine, getting the right resources on our most strategic accounts is very much top of mind and part of our execution rigor we do now on a day in, day out basis.

所以，從我的角度來看，我首先想到的是我們的員工和客戶，而以員工為中心就無法真正做到以客戶為中心。因此，當我們開始思考這個問題時，自然而然地就會涉及到我們如何與客戶互動，以及如何解讀需求訊號，從而在適當的時機提供適當的資源。在這樣的特殊時期，溝通至關重要，我們需要就資源到位的時間節點設定合理的期望。正如你所想，阿什溫，優先排序是我們工作的重中之重，也是我們現在每天都在執行的嚴謹工作的一部分。

Regrettably, we just -- despite growing 15% in the quarter, we're yet unable to meet the full expectations of our own potential and what is out there in the market. So we're working through that as best we can and doing our best, as I said, to minimize attrition, whilst at the same time to maximize employee engagement and to maximize onboarding.

可惜的是，儘管本季成長了15%，我們仍然無法完全發揮自身潛力，也無法滿足市場需求。因此，我們正在盡最大努力解決這個問題，正如我所說，我們正在竭盡全力減少員工流失，同時最大限度地提高員工敬業度和新員工入職效率。

As I said in my remarks, we'll bring on about 100,000 lateral hires this year alone. We'll train about 100,000 people, and we'll onboard about 30,000 freshers and we'll make offers to 45,000 freshers. Regardless of our attrition rate, we will still go through with those numbers because there is enough market demand for us to get after that opportunity. And that's what we're quite excited about. I think the portfolio is more compelling than ever before, and we've made huge progress in the last year to get after that market opportunity. So we're feeling pretty good about that. But it's a hot market, and I think you've heard that through the earnings cycle. So we're all dealing with the same problem.

正如我剛才所說，光是今年，我們就將招募約10萬名新員工。我們將培訓約10萬人，招收約3萬名應屆畢業生，並向4.5萬名應屆畢業生發出錄取通知。無論員工流動率如何，我們都會按計畫完成這些目標，因為市場需求旺盛，我們有能力抓住這個機會。這正是我們感到非常興奮的原因。我認為我們的業務組合比以往任何時候都更具吸引力，而且在過去一年裡，我們在把握市場機會方面取得了巨大進展。因此，我們對此充滿信心。但市場競爭非常激烈，我想大家在財報季也聽到了這一點。所以我們都面臨著同樣的問題。

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。

I'll just ask 2 upfront here. So as it relates to bookings and the growing commercial momentum you called out, can you comment on how well distributed the bookings contribution has been across the sales force? So how much of your sales force would you say is optimized and converting versus those that are still building pipeline and will convert over the balance of this year into next? And then just to clarify on attrition, have you continued to see the trend of declining resignations month-to-month?

我先問兩個問題。關於您提到的訂單量和不斷增長的商業勢頭，您能否談談銷售團隊的訂單貢獻分配？您認為您的銷售團隊中，有多少人已經達到最佳狀態並開始轉換客戶，又有多少人仍在建立銷售管道，需要在今年剩餘時間和明年才能完成轉換？另外，關於人員流失，您是否持續觀察到每月離職人數下降的趨勢？

Well, I'll deal with that first. Look, we look at net resignations. It went through -- actually, at the end of last quarter, we thought we'd hit an apex and then it went up modestly, but it's -- we're expecting, and it's inherent in our guidance, elevated attritions to remain in the coming quarter, and we'll see what happens thereafter. It's a very -- as you can imagine, a hot market out there, and so it's very difficult to call. I think we're doing the right things to mitigate that. But rest assured, these levels of attrition and slightly beyond our inner guidance.

好的，我先來說說這個問題。你看，我們關注的是淨離職人數。實際上，上個季度末，我們認為淨離職人數已經達到峰值，之後略有上升，但我們預計——這也在我們的預期之中——下一季人員流失率仍將居高不下，之後的情況如何，我們拭目以待。正如你所想，現在的市場非常火爆，所以很難預測。我認為我們正在採取正確的措施來緩解這種情況。但請放心，目前的人員流失率略高於我們的預期。

With regards to bookings, look, I feel really good about our bookings, to be very honest. It's important to look at bookings not just on a weekly or a quarterly basis, but really on a trailing 12-month basis. And now we have rounded that 1-year period, so we have a good book-to-bill ratio over the last 12 months of 1.2x, which I think is very, very healthy.

關於預訂情況，說實話，我對我們的預訂情況非常滿意。重要的是，我們不能只看每週或每季的預訂情況，而應該看過去12個月的整體情況。現在我們已經走過了整整一年，過去12個月的預訂出貨比達到了1.2倍，我認為這非常健康。

We look at it in terms of geographic. We look at it in terms of business mix. We look at it in terms of new and expansion versus renewals. And it's pretty solid across the board. And the pipeline is solid across the board as well. So I feel good about the market opportunity. Candidly, I don't think demand is the problem for this industry. I think it's a great time to be in services. It's more of a supply constraint at this moment in time.

我們從地域、業務組合、新業務拓展與續約等方面進行分析，整體而言，市場情況相當穩健。項目儲備也同樣充足。因此，我對市場機會充滿信心。坦白說，我認為這個行業的需求並非問題所在。我認為現在是投身服務業的絕佳時機。目前，供應才是真正的瓶頸。

With regard to the sales, our commercial teams we brought on board. Look, they're ramping. I don't think we have full productivity. At this stage, we've got a lot of exercises underway to make sure we get true gearing ratios. But in the same vein, I feel as though we've got a client-facing team now that is better able to walk the corridors if and when we get back from COVID, virtually for now, and to cross-sell the entire portfolio.

關於銷售方面，我們已經組建了新的銷售團隊。你看，他們正在逐步提升效率。我認為我們還沒有完全恢復到最佳狀態。目前，我們正在進行多項工作，以確保獲得真實的槓桿比率。但同時，我覺得我們現在擁有一支更有能力在疫情結束後（目前仍以線上方式）與客戶面對面交流並交叉銷售所有產品組合的團隊。

And if you think about our installed base, it's a huge asset for us and the opportunity is real. About 4 out of 10, or 40%, of our accounts, we only sell 1 of our practices into those, and we have 10-plus practices. So think about cross-sell as a huge opportunity for us. And of course, the M&A that we have conducted in the last 2 years, which is 100% aligned to our digital strategy, enables that cross-sell more than ever before. And indeed, cross-sell is core to the business case of those acquisitions.

想想我們龐大的客戶群，這對我們來說是一筆巨大的財富，機會也確實存在。在我們大約 40% 的客戶中，有 40% 的客戶只購買了我們旗下 1 家診所的服務，而我們總共有 10 家以上的診所。所以，交叉銷售對我們來說是一個巨大的機會。當然，過去兩年我們進行的併購，與我們的數位化策略完全契合，也比以往任何時候都更有利於交叉銷售。事實上，交叉銷售正是這些收購的核心商業價值。

So we're pretty excited about what we can do there, both in terms of our installed base, which, of course, is a big priority for us. But we also have opportunity through this extended portfolio to get after new logos. And the Qualcomm example I cited in my script is a good example of that, where we're leading with digital. And accordingly, we'll try and cross-sell the nondigital business as well.

所以，我們對未來發展前景感到非常興奮，這不僅體現在我們現有的用戶基礎上（當然，這是我們工作的重中之重），也體現在我們拓展產品組合後贏得新客戶的機會上。我在演講稿中提到的高通案例就是一個很好的例子，我們以數位化業務為先導。因此，我們也會嘗試交叉銷售非數位化業務。

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。

Hey, Brian, so when you consider your pipeline and your inorganic growth plan going forward, are you in a position to further substantially increase your digital mix over the next year? I'd love any color to help dimension the remaining mix shift potential over the next year or so, that would be really helpful.

嗨，布萊恩，考慮到你的產品線和未來的非有機增長計劃，你是否有能力在未來一年內大幅提升你的數位化管道佔比？我很希望你能提供一些信息，幫助我評估未來一年左右的渠道組合調整潛力，這將非常有幫助。

Yes. Hey, Rob. So as you know very well, one of our biggest priorities when I joined the company was to accelerate our digital mix. It was 28% or less than 30%, certainly at the end of 2018 for the year. And it's been very much part and parcel of what we're setting out to achieve. It's 44% of our mix today.

是的。嗨，羅布。如你所知，當我剛加入公司時，我們最重要的任務之一就是加速數位轉型。 2018年底，我們的數位化業務佔比只有28%甚至不到30%。而這始終是我們努力實現目標的重要組成部分。如今，數位化業務佔比已達44%。

Candidly, a numerator denominator comes into play. We actually had very good success this quarter, driving growth as well in our nondigital business, which has declined in 2019 and 2020. So candidly, that has slowed the digital mix ramping further, the share growth of nondigital this quarter.

坦白說，分子和分母之間存在著權衡。實際上，我們本季取得了非常好的成績，非數位業務也實現了成長，而該業務在2019年和2020年都出現了下滑。因此，坦白說，這減緩了數位業務組合成長的步伐，也抑制了本季非數位業務份額的成長。

But overall, the digital business will continue to grow. I'd like to think as we get to the latter part of this year, we'll be up closer to 50%, and it will start becoming a bigger portion of our overall business over time. That's important for us because: a, it helps us be exposed to higher growth categories; but b, it increases our intimacy with the broader C-suite in our installed base of accounts, and that enables us to sell beyond the CTO organization into the CMO into the line of service leader, et cetera.

但總體而言，數位業務將持續成長。我希望到今年下半年，我們的數位業務佔比能接近 50%，隨著時間的推移，它將在我們整體業務中佔據越來越大的份額。這對我們來說至關重要，原因有二：首先，它有助於我們接觸到更高增長的領域；其次，它能加深我們與現有客戶群中更廣泛的高管層（C-suite）的聯繫，從而使我們能夠超越首席技術官（CTO）的層級，將產品銷售給首席營銷官（CMO）、各業務線負責人等等。

Of the accounts that we have added in the first half of this year versus the first half of last year, the vast majority of the bookings exactly in what we would term digital. So Rod, that mix shift to digital will continue, and I'm pretty optimistic that we'll continue to see a nice ramp there. That is not just good for revenue or client intimacy, it's actually also very good for our margin rate as a company as well. So we feel as though we're doing the right things. Our M&A strategy is 100% behind this, and it puts us in a position to actually get after our installed base to cross-sell and upsell and actually get new logos and really become a challenger in the digital arena.

今年上半年新增客戶中，絕大多數都是我們所謂的「數位化」訂單。所以羅德，這種向數位轉型的趨勢將會持續，我對數位化業務的成長前景非常樂觀。這不僅有利於提升收入和客戶關係，實際上對公司的利潤率大有裨益。因此，我們感覺自己正在做正確的事。我們的併購策略也全力支持這一趨勢，這使我們能夠更好地利用現有客戶群進行交叉銷售和向上銷售，從而贏得新客戶，並真​​正成為數位領域的有力競爭者。

Rod, if I add one comment on the dynamic of the digital organic revenue growth, we very carefully monitor the organic growth that our M&A is generating within itself, but also, of course, as a cross-sell into our client base, and we have seen a very robust organic growth from that portfolio that is kind of, in most cases, meeting our business case assumptions. So we're very pleased that actually, the shift is not only of M&A, it's not only adding the incremental acquired revenues to the portfolio, but that portfolio also is accelerating and growing faster than the average in its growth trajectory.

羅德，關於數位業務有機收入成長的動態，我想補充一點：我們非常密切地監控併購業務本身產生的有機成長，當然也包括交叉銷售為客戶群帶來的成長。我們看到，該業務組合實現了非常強勁的有機成長，在大多數情況下，都達到了我們的商業預期。因此，我們非常高興地看到，這種轉變不僅體現在併購上，不僅體現在併購帶來的新增收入上，而且該業務組合的成長速度也高於平均水準。

And Rod, I meant to -- you explicitly asked around the pipeline. Look, the digital pipeline has grown at multiples of the nondigital pipeline. And actually, our win rates in digital are higher than our win rates in nondigital. So there's a lot of good leading indicators.

羅德，我的意思是──你之前確實問過銷售管道的狀況。你看，數位化通路的成長速度是傳統通路的數倍。而且實際上，我們在數位化通路的勝率也高於傳統通路。所以，有很多很好的先行指標。

Great. And Jan, you kind of read my mind. My follow-up was related to the acquisitions. And looking for an update on your progress in being able to cross-sell the newly acquired offerings into your existing accounts, that's a muscle that tends to take time to develop. So maybe just give us some thinking on where you are in that journey? Are you well into that journey? Or is there still some juice left on the cross-selling into existing accounts with these newly acquired capabilities that you have?

太好了。 Jan，你真是太懂我了。我的後續問題是關於收購的。我想了解你如何將新收購的產品交叉銷售給現有客戶，這需要時間慢慢累積經驗。所以，你能不能跟我們說說你目前在這方面的進展？進展順利嗎？還是說，你覺得利用這些新收購的產品向現有客戶進行交叉銷售還有進步空間？

I would say we're still in the early and mid-parts of our journey. We made really good outcomes happen for acquisitions that have examples where we haven't even closed the acquisition. We started to think about cross-selling the product already prior to the close, so there's plenty of excitement in our sales force to bring these solutions to our clients. And as we now focus to fully integrate this acquired portfolio of digital capabilities into the fold of Cognizant, many other benefits of pipeline management will become easier, the learning for the acquired companies will grow, so I'm optimistic that we will continue to reap really good benefits out of the M&A regarding to the organic growth that they are generating, which is what I'm really keenly focused on.

我認為我們仍處於旅程的早期和中期階段。我們取得了非常好的收購成果，甚至有些收購案尚未完成。在交易完成之前，我們就已經開始考慮交叉銷售產品，因此我們的銷售團隊充滿熱情，並渴望將這些解決方案帶給客戶。隨著我們專注於將收購的數位化能力組合全面整合到 Cognizant 的系統中，銷售通路管理的諸多優勢將更加便捷，被收購公司也將從中受益匪淺。因此，我對併購帶來的內生成長充滿信心，並相信我們將繼續從中獲益，而這正是我目前最為關注的。

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

下一個問題來自 BMO 資本市場的 Keith Bachman。

This is Brad Clark on for Keith. I would like to ask if there was any way to quantify either the impact or size of the planned wage increases for employees. And then secondly, given ongoing employee and market pressure on margin throughout the remainder of the year, how do you view future M&A strategy compared to the past 12 to 18 months? Is the pace of M&A sustainable? What are your views on that going forward?

這裡是布拉德克拉克，代基思發言。我想請問，是否有辦法量化計畫中的員工加薪幅度或影響？其次，考慮到今年剩餘時間員工和市場對利潤率的持續壓力，您如何看待未來的併購策略與過去12到18個月相比？目前的併購速度是否可持續？您對未來的併購有何看法？

Jan?

一月？

Yes, thank you for your question. We don't disclose really the elements of our compensation moves externally, so I can't help you with that. It is clearly reflecting the market dynamics. We are orienting our compensation, obviously, on market data and reflect -- our compensation moves really reflect an assessment about keeping Cognizant a competitive employer and recruiter in the marketplace. And we are very pleased actually with that.

是的，謝謝你的提問。我們通常不會對外公開薪酬調整的具體細節，所以我無法就此提供更多資訊。薪酬調整顯然反映了市場動態。當我們制定薪酬方案時，會參考市場數據，並充分考慮如何維持 Cognizant 在市場中的競爭力，使其成為優秀的雇主和招聘機構。對此，我們非常滿意。

The ability to attract associates into the Cognizant family is great. We've been ranked in a variety of publications as really employer of choice, and particularly, in the critical market of India for us. So it will feather through country-specific and market-oriented based on wage developments in those countries.

吸引人才加入 Cognizant 大家庭的能力非常強。我們曾多次被評為最佳雇主之一，尤其是在對我們至關重要的印度市場。因此，我們將根據各國的薪資發展情況，彈性調整薪資水平，並根據市場狀況進行調整。

On the M&A program, we just talked about, I think, at the end of last year, about a capital allocation framework for the company, which about -- dedicates 50% of our cash flow to M&A for a reminder, about 25% used to offset the dilution of our equity compensation and 25% for dividends. And we use this framework not to position, but as a really good framework for us to execute our strategy. So going forward, I'm anticipating to spend within the range of that capital allocation framework to support the execution of our strategy.

關於併購計劃，我們去年年底討論過公司的資本配置框架，其中大約50%的現金流用於併購，約25%用於抵消股權激勵的稀釋，25%用於分紅。我們使用這個框架並非為了定位，而是將其作為執行策略的有效框架。因此，展望未來，我預計將在該資本配置框架的範圍內進行支出，以支持我們策略的執行。

We remain focused in that M&A program on our strategic objectives and focus on our digital battlegrounds. You have seen in some of the acquisitions in the beginning of this year, that we may have, and it's with few transactions, hard to describe the trend, but there is a keen focus on executing and using the strategy also to help the globalization of Cognizant.

我們將繼續專注於併購計劃，以實現我們的策略目標，並專注於我們的數位競爭領域。您可能已經從今年年初的一些收購中看到，儘管交易數量不多，難以概括整體趨勢，但我們非常重視執行和運用該戰略，以幫助 Cognizant 的全球化發展。

And so you have seen with Servian earlier in the year, an acquisition in the Australian marketplace. We acquired ESG Mobility in the fatherland, my home country, which I was very happy about, really a leading provider on the Internet of Things, IoT, with keen leadership positions in the automotive sector. So there is more geographic diversion still needed for us. And so we'll adapt as we make progress on the positioning of our practices and our industry groups to the needs of the strategy. And so this is a long answer for you, but yes, we anticipate to continue our acquisition-driven strategy execution.

正如您在今年早些時候看到的，Servian 收購了澳洲市場。我們在我的祖國澳洲收購了 ESG Mobility，我對此感到非常高興。 ESG Mobility 是一家領先的物聯網 (IoT) 服務供應商，在汽車領域擁有強大的領導地位。因此，我們仍需進一步拓展地域版圖。我們將根據策略需求，不斷調整業務佈局和產業團隊的定位。所以，我的回答有點長，但總而言之，我們預計將繼續執行以收購為導向的策略。

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'll mix it up and ask about TriZetto. I think I heard that your repositioning is driving better growth, double digits. I was a little surprised by that. I'm curious, can you elaborate on that? What are you doing differently? And could this kind of change be extended or apply it to other areas as well?

我換個話題，問問關於TriZetto的事。我好像聽說你們的重新定位帶來了更好的成長，達到了兩位數。這讓我有點意外。我很好奇，您能詳細說說嗎？你們做了哪些改變？這種改變能否推廣到其他領域？

So our product business in Healthcare, Tien-Tsin, is something that we inherited through the TriZetto acquisition at the end of 2014. To be very honest, I think we didn't execute the integration of that optimally. And in the last few years, we've really tried to get after that opportunity because I think it's a crown jewel that I felt we could do a better job on.

所以，我們在醫療保健領域的產品業務——天心（Tien-Tsin）——是我們2014年底收購TriZetto時繼承的。坦白說，我認為我們當時並沒有把這部分業務整合到最佳狀態。過去幾年，我們一直在努力抓住這個機會，因為我認為它是我們能夠做得更好的核心業務。

And so starting with that, we got off to the road map that we had, tried to understand, solicit customer feedback to make sure we had something that in the eyes of clients was in line with their needs that the user interface and the code was appropriate and fit for purpose. And in the meantime, we had some competitors that had emerged that frankly, I didn't think had the right to beat us given our heritage in this space. Fortunately, now, we've had 3 quarters in a row of double-digit growth in the product business.

因此，我們以此為起點，著手執行既定的路線圖，努力了解客戶需求，並徵求他們的回饋，以確保我們的產品在客戶眼中符合他們的需求，使用者介面和程式碼都恰當且符合用途。同時，一些競爭對手也湧現出來，坦白說，鑑於我們在該領域的深厚底蘊，我認為他們沒有資格擊敗我們。幸運的是，現在我們的產品業務已經連續三個季度實現了兩位數的成長。

And as I said, our growth in 2020 versus 2019 doubled, and we're on track to double growth rate year-over-year again and we're getting some fantastic logos. And this is a great business in itself. It's software-centric, higher margins. But of course, the stickiness of that enables us to pull through a rich services suite thereafter. So the team has done a fantastic job. I view it as highly strategic for us, and we're 100% committed to that business, and you'll see us scale in that over time.

正如我所說，我們2020年的成長比2019年翻了一番，而且我們有望再次實現同比增長，並斬獲了一些非常棒的客戶。這本身就是一項非常出色的業務。它以軟體為核心，利潤率更高。當然，正是這種客戶黏性使我們能夠在此基礎上推出豐富的服務組合。所以，團隊做得非常出色。我認為這對我們來說具有高度戰略意義，我們百分之百致力於這項業務，隨著時間的推移，你們將會看到我們在該領域的規模不斷擴大。

Okay. No, it's encouraging to hear. I'll ask quickly, if you don't mind, just on the supply side, just with more lateral hires. Can we just infer that's indicative of more digital work, so you need to go out there and grab some of the lateral hires? Or is it just purely out of necessity, given what you said about demand and the timing of university hiring or maybe more work needs to be done on the training side to meet the type of work that needs to be done? I'm just trying to understand what's structural versus cyclical there.

好的。聽到這個消息真令人鼓舞。如果您不介意的話，我想快速問一下，就供應方面而言，也就是關於增加橫向招聘的問題。我們是否可以推斷，這表明數位化工作量增加，所以您需要去招募一些橫向人才？或者，這純粹是出於無奈，就像您剛才提到的需求和大學招募的時間表一樣？又或者，也許需要在訓練方面做更多工作來滿足工作需求？我只是想弄清楚哪些是結構性因素，哪些是週期性因素。

If you think about the lateral hires, it's really with a view to doing 2 things. One is addressing the attrition that we have and also getting after the market potential that we see. And so you go back to where is attrition greatest, it's at the mid-junior levels of the pyramid, particularly in India. But it's also in hot skills. And if you think about hot skills, think about hyperscalers, think about leading SaaS players, think about digital engineering, full stack engineers or across data, AI and ML.

如果你仔細想想橫向招聘，其實主要有兩個目的。一是解決人員流失問題，二是抓住我們看到的市場潛力。所以，要追溯到人員流失最嚴重的領域，你會發現是金字塔的中低層，尤其是在印度。但熱門技能領域也存在人才流失。說到熱門技能，想想超大規模企業、領先的SaaS公司、數位工程、全端工程師，或是資料、人工智慧和機器學習領域的人才。

And so you find yourself in a situation where you've got a demand-supply imbalance, and that's an area as well where we're also going after lateral skills and trying to get them in as quickly as we can, whilst also trying to train and promote our internal employees as well. So it's a race for talent in a red hot market. And I anticipate, given how bullish I am in the market, and my sense is we'll have a resilient services, the main feature for the foreseeable future, I anticipate elevated attrition across the industry.

因此，你會發現自己身處在供需失衡的境地。在這個領域，我們也積極尋求橫向技能人才，力求盡快引進，同時也努力培訓和提拔內部員工。所以，這是一場在競爭激烈的市場中爭奪人才的競賽。鑑於我對市場的樂觀態度，以及我認為在可預見的未來，服務業將保持強勁的韌性，我預計整個行業的員工流失率將會上升。

Our next question comes from the line of James Friedman with SIG.

我們的下一個問題來自 SIG 的 James Friedman。

This is Mike on for Jamie. So my first one, can you guys talk a little bit about your updated perspective on 5G? And this quarter with CMT growing so well, has 5G offered any tailwinds there?

這裡是Mike，替Jamie發言。我的第一個問題是，你們能談談對5G的最新看法嗎？本季CMT業務成長如此強勁，5G是否為其發展帶來了任何助力？

Look, from my perspective, 5G is still in its very early days, both in terms of asset -- handset proliferation and the use cases that probably, given the need for latency security and other considerations, will be more B2B or B2B2B rather than B2C. I don't think B2C is a huge inflection point for the telco industry, albeit many people will talk about it to justify CapEx outlays.

在我看來，5G 仍處於發展初期，無論是在資產規模（例如手機普及率）還是應用場景方面，考慮到延遲、安全性和其他因素，5G 的應用場景可能更多地是 B2B 或 B2B2B，而非 B2C。我不認為 B2C 是電信業的重大轉折點，儘管很多人會以此為由，為資本支出辯護。

With regards to our CMT industry vertical, it has not been a major driver of the business to date. We're very intrigued around autonomous driving. As Jan said, we acquired ESG Mobility in Germany. We've got a big emphasis on the automotive vertical and indeed on the CMT vertical, but 5G has not been a massive factor to date. I think IoT will be unlocked by the benefits of 5G and different cellular technologies, but it's premature at this stage.

就我們的CMT產業垂直領域而言，它迄今為止並非業務的主要驅動力。我們對自動駕駛非常感興趣。正如Jan所說，我們收購了德國的ESG Mobility公司。我們非常重視汽車垂直領域，當然也重視CMT垂直領域，但5G迄今並非主要因素。我認為物聯網將受益於5G和各種蜂窩技術的優勢，但目前還為時過早。

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。

Great. I wanted to ask on pricing. I mean you touched a bit on that earlier. But how has pricing trended in the quarter, particularly given some of the pure commentary around pricing stability? And I guess what we're really trying to get at is are you able to pass on some of the wage costs? And how are clients responding to that?

好的。我想問一下定價方面的問題。您之前也稍微提到過。但本季定價趨勢如何？特別是考慮到一些關於價格穩定性的討論？我想我們真正想了解的是，您是否能夠將部分薪資成本轉嫁給客戶？客戶對此有何反應？

Yes. We have observed pricing trends by segment. And I implied in my comments that we have been expanding our gross margins on the digital business, and we have seen an ability to the tight labor market, allowing us to get good pricing for our services. We see also continued pricing pressure in the more traditional services that we have been talking about in past quarters, where clients are seeking additional cost benefit, and that pricing pressure in those more traditional type of services haven't changed at this point in time.

是的。我們已經觀察到各細分市場的定價趨勢。我在先前的演講中提到，我們一直在提高數位業務的毛利率，並且由於勞動力市場緊張，我們能夠為我們的服務爭取到合理的價格。我們也看到，在過去幾季中我們一直提到的傳統服務領域，價格壓力依然存在，客戶正在尋求更高的成本效益，而這種價格壓力目前尚未改變。

And just on digital quickly. We're big believers in your acquisition strategy, and I appreciate the early color around digital battlegrounds. But are there any digital battlegrounds where you're currently under-indexed relative to the demand that you're seeing that you could take a better advantage of?

再簡單談談數位化方面。我們非常認可你們的獲客策略，也很欣賞你們對數位競爭格局的初步分析。但是，在哪些數位競爭領域，你們目前的投入相對於市場需求而言可能不足，而你們又可以更好地利用這些領域呢？

Hey, James, this is Brian, I'll address that. Look, the digital arena more holistically for us, it goes well beyond the 4 digital battlegrounds that I focused on when we joined, which were notably around cloud, around digital engineering, around applications and IoT and data and analytics, rather.

嗨，詹姆斯，我是布萊恩，我來回答這個問題。你看，對我們來說，數位化領域的整體範疇遠遠超出了我們剛加入時我重點關注的四個數位化戰場，即雲端運算、數位工程、應用程式和物聯網以及數據和分析。

The -- if you think about other areas that are not included in those so-called battlegrounds, things like digital experience continue to grow rapidly for us, and I'm very optimistic that, that becomes a core part of the sale, the whole user experience as you think about digital workflows. So it's broad-based. Digital engineering is something we prioritize. It's growing rapidly. As I said, it's one of our biggest growth potential units in the years ahead. Something that has scaled meaningfully in the last 2 years, and we're now one of the largest digital engineering companies in the world.

——如果你考慮一下那些不屬於所謂「戰場」的其他領域，例如數位體驗，對我們來說仍在快速成長，我非常樂觀地認為，當你考慮數位化工作流程時，整個用戶體驗將成為銷售的核心部分。所以它的基礎很廣泛。數位工程是我們優先發展的領域，它正在快速成長。正如我所說，它是我們未來幾年最具成長潛力的業務單位之一。在過去的兩年裡，它取得了顯著的規模化發展，我們現在已成為全球最大的數位工程公司之一。

We've complemented our capabilities with the acquisition of Softvision in 2018, and then in more recent years, Magenic and Tin Roof. I just feel very good about our potential there, but more broadly, there's just a lot of demand in this arena, and I just feel good about our potential because we're scaling, it's still a smaller portion of our mix. The more we scale, the higher company average CAGR. And as Jan has implied, it's good for our margin rate as well. So we're full speed ahead after the digital opportunity.

我們在2018年收購了Softvision，進一步增強了自身實力。近年來，我們又收購了Magenic和Tin Roof。我對我們在該領域的潛力充滿信心。更廣泛地說，這個領域的需求非常旺盛，而我們之所以對自身發展前景充滿信心，是因為我們正在擴大規模，儘管目前這部分業務在我們業務組合中所佔比例仍然較小。規模越大，公司平均複合年增長率越高。正如Jan所暗示的，這也有利於提高我們的利潤率。因此，我們正全力以赴抓住數位化機會。

All right. I think with that, we'll wrap it up. Thank you, everybody, for joining, and look forward to speaking with everyone next quarter.

好的。我想我們就到此為止吧。感謝各位的參與，期待下季與大家再次交流。

Thank you.

謝謝。

This concludes today's Cognizant Technology Solutions Second Quarter 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 財年第二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。