高知特 (CTSH) 2020 Q4 法說會逐字稿

Ladies and gentlemen, welcome to Cognizant Technology Solutions Q4 2020 Earnings Conference Call. (Operator Instructions) Thank you.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2020 年第四季財報電話會議。 （操作說明）謝謝。

I would now like to turn this conference over to Ms. Katie Royce, Global Head of Investor Relations at Cognizant. Please go ahead.

現在我將把會議交給高知特公司全球投資者關係主管凱蒂·羅伊斯女士。請開始吧。

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 fourth quarter and full year 2020 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2020年第四季及全年業績的獲利報告和投資者補充資料。如果您還沒有收到，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您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。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。在適當情況下，非GAAP財務指標與相應的GAAP指標的調節表可在公司獲利報告和提交給SEC的其他文件中找到。

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

接下來，我將把電話交給布萊恩漢弗萊斯。請開始吧，布萊恩。

Thank you, Katie. Good afternoon, everybody. Today, I'd like to address 3 topics with you, namely, a brief summary of the fourth quarter, our continuing progress executing our strategy and our confidence about the future. Let me start with Q4.

謝謝凱蒂。大家下午好。今天，我想和大家談談三個方面，分別是：第四季度業績簡述、我們策略執行的持續進展以及我們對未來的信心。首先，我們來談談第四季。

Fourth quarter revenue was $4.2 billion, a decline of 3% year-over-year in constant currency. This included a negative 120 basis point impact from the exit of content moderation services and a negative 250 basis points impact related to the anticipated exit from a large Financial Services engagement. This relates to a complex ambitious project that was scoped in late 2018. Over time, both parties realized that the transformation aspect of the project as initially conceived was unlikely to achieve our shared expectations. I'm confident that it is in everyone's interest to manage to an exit. Jan will provide more details on the financial implications of this exit in his remarks. However, I want to underscore that I'm confident in both our client portfolio and our deal review and solutioning processes, many aspects of which we've overhauled in the last year. Excluding the impact from the anticipated exits from this engagement, we executed well in the quarter and delivered against our expectations and/or guidance. Gross margins increased, cash flow was strong, and we continue to invest significantly to fuel our growth priorities.

第四季營收為42億美元，以固定匯率計算年減3%。這其中包括內容審核服務退出帶來的120個基點的負面影響，以及預期退出一項大型金融服務項目帶來的250個基點的負面影響。該項目是一個複雜且雄心勃勃的項目，於2018年底啟動。隨著時間的推移，雙方都意識到，該計畫最初設想的轉型方案不太可能達到我們共同的預期。我相信，最終成功退出符合所有人的利益。 Jan將在發言中詳細說明此次退出的財務影響。然而，我想強調的是，我對我們的客戶組合以及我們的交易審查和解決方案流程充滿信心，我們在過去一年中對這些流程的許多方面進行了全面改進。剔除預期退出該專案的影響，我們本季業績表現良好，達到了預期目標和/或指引。毛利率有所提高，現金流強勁，我們將繼續加大投資，以推動我們的成長重點。

We maintained our momentum in the quarter with full year 2020 bookings growth in the mid-teens. With over 1 year of data, assumption tweaks and refinements behind us, our analytics have been improved on point of bookings, bookings growth, including renewals and new business, and bookings to revenue. We entered 2021 with growing confidence in our strategic, operational and commercial progress and a strengthening demand environment. In fact, we're on track to bring in more new hires in Q1 than ever before as we ramp our hiring capacity to accommodate our growth plans for 2021 and beyond.

本季我們保持了強勁的成長勢頭，2020 年全年預訂量成長達到 15% 左右。經過一年多的資料累積、假設調整和改進，我們的分析在預訂量、預訂量成長（包括續約和新業務）以及預訂量與收入轉換率等方面均得到了提升。我們對自身的策略、營運和商業進展以及不斷增強的市場需求充滿信心，並以此為動力邁入 2021 年。事實上，我們正​​按計劃推進招聘，預計第一季新員工人數將創歷史新高，以滿足 2021 年及以後的成長計畫。

That said, the market for skilled digital talent is intensely competitive, creating demand supply imbalances for certain skills. This, coupled with other factors, including our more rigorous approach to merit-based promotions and salary adjustments, has led to meaningful sequential increases in voluntary attrition. We will continue to closely monitor and action this, including reviewing remuneration, underscoring our employee value proposition and reinforcing the career path opportunities created by our growing momentum. From an industry point of view, we believe Financial Services will see a gradual recovery in 2021, returning to growth over the course of the year, notwithstanding the anticipated exit of the engagement referenced earlier.

儘管如此，熟練數位人才市場競爭異常激烈，導致某些技能供需失衡。加上我們更嚴格的績效升遷和薪資調整機制，以及其他因素，導致員工自願離職率持續顯著上升。我們將繼續密切關注並採取相應措施，包括審查薪酬體系、強調員工價值主張，並強化公司發展動能所帶來的職涯發展機會。從產業角度來看，我們相信金融服務業將在2021年逐步復甦，並在年內恢復成長，儘管先前提及的計畫預計會退出。

During 2020, we took a series of actions in financial services, including refreshing more than 1/4 of our commercial teams, adding more commercial coverage and strengthening our partnership ecosystem and industry solutions. We closed the year with a healthy book-to-bill ratio in both insurance and banking. With these actions and our enhanced portfolio at the intersection of cloud and digital, we are now better positioned to help Financial Services clients with their transformation and innovation agendas.

2020年，我們在金融服務領域採取了一系列舉措，包括重組超過四分之一的商業團隊、擴大商業覆蓋範圍以及強化合作夥伴生態系統和產業解決方案。年底，我們在保險和銀行業務方面均保持了健康的訂單出貨比。憑藉這些舉措以及我們在雲端和數位整合領域不斷增強的產品組合，我們現在更有能力幫助金融服務客戶實現轉型和創新目標。

Healthcare growth slowed modestly in Q4 as we lapped the Zenith Technologies' acquisition in life sciences. However, the fundamentals of our payer healthcare business has been improving in recent quarters. We anticipate further growth acceleration in the first half of 2021 driven by a reinvigorated U.S. healthcare business, including our strategic products portfolio and a strong outlook in life sciences.

第四季度，由於我們完成了 Zenith Technologies 在生命科學領域的收購，醫療保健業務的成長略有放緩。然而，近幾個季度以來，我們支付方醫療保健業務的基本面一直在改善。我們預計，在重振美國醫療保健業務（包括我們的策略性產品組合）以及生命科學領域強勁前景的推動下，2021 年上半年業務成長將進一步加速。

Products and resources continues to be impacted by COVID-19-related to weakness in travel and hospitality and retail and consumer goods. Meanwhile, we see continued momentum in manufacturing, logistics, energy and utilities. Communications, media and technology continues to grow double digits year-over-year when adjusted for the effects of the exit of the nonstrategic content services business. Jan will provide more insights on the quarter in his prepared remarks.

受新冠疫情影響，旅遊、旅館、零售和消費品產業持續疲軟，產品和資源業務受到衝擊。同時，製造業、物流、能源和公用事業產業保持成長動能。在調整非策略性內容服務業務退出的影響後，通訊、媒體和科技業持續保持兩位數年成長。 Jan將在事先準備好的發言稿中對本季業績進行更深入的分析。

Macro trends are largely unchanged from those I discussed in our third quarter call. Clients are making investment decisions. They know they must be agile, innovative, software-driven enterprises. We see continued focus on customer and employee experience initiatives, customer 360, cloud acceleration, packaged applications, platform capabilities and automation. Hyper-personalization and the need for intelligent decision-making are fueling significant demand in analytics, AI and ML. Clients are embracing new ways of working, including distributed agile, following their successful COVID-induced experience in 2020. Our strategy to focus on industry-specific and horizontal digital workflows is resonating with clients. The next phase of digital is about transforming processes to become agile, data-driven and automated and always with an eye on customer experience. This moves digital beyond technology and into the heart of business operating models and processes.

宏觀趨勢與我在第三季電話會議上討論的內容基本一致。客戶正在做出投資決策。他們深知自身必須成為敏捷、創新、軟體驅動型企業。我們看到，企業持續專注於客戶和員工體驗提升計畫、客戶360度視圖、雲端加速、打包應用、平台功能和自動化。高度個人化和智慧決策的需求正在推動分析、人工智慧和機器學習領域顯著成長。繼2020年成功應對新冠疫情之後，客戶正積極擁抱新的工作方式，包括分散式敏捷。我們專注於行業特定和橫向數位化工作流程的策略引起了客戶的共鳴。數位化發展的下一階段在於將流程轉型為敏捷、數據驅動和自動化，並始終專注於客戶體驗。這將使數位化超越技術層面，深入到業務營運模式和流程的核心。

Finally, we continue to see clients determine their strategic partners. Cognizant stands the benefit from this trend, given our high levels of customer satisfaction or enhanced portfolio and our growing reputation in digital. I'm particularly pleased by our growing client momentum. We see meaningful opportunity for cross-selling in our existing accounts, given our refreshed client-facing teams, stronger portfolio and enhanced account planning. A recent example is a Fortune 500 resources company that sought to digitally transform its workplace experience for employees while eliminating the operational inefficiencies caused by an over-reliance on multiple in-country outsourcers and contractors. Cognizant's WorkNEXT digital workplace solutions suite matched the client's requirement for transformation through self-service and automation. This led to a 45% reduction in operating costs and higher levels of customer satisfaction, given 70% plus first coal resolution. While we see a huge opportunity to cross-sell in our existing accounts and are naturally focused on that, we're also focused on extending our market coverage by leveraging the commercial investments made in 2020.

最後，我們持續看到客戶確定其策略合作夥伴。鑑於我們高水準的客戶滿意度、不斷增強的產品組合以及在數位化領域日益增長的聲譽，Cognizant 將從這一趨勢中受益。我尤其欣喜於我們不斷成長的客戶成長動能。鑑於我們煥然一新的客戶服務團隊、更強大的產品組合和更完善的客戶規劃，我們看到了在現有客戶中交叉銷售的巨大機會。最近的一個例子是一家財富 500 強資源公司，該公司希望對其員工工作場所體驗進行數位轉型，同時消除因過度依賴多家國內外包商和承包商而導致的營運效率低下問題。 Cognizant 的 WorkNEXT 數位化工作場所解決方案套件透過自助服務和自動化滿足了客戶轉型的需求。這使得營運成本降低了 45%，客戶滿意度也顯著提高，首次問題解決率超過 70%。雖然我們看到了在現有客戶中交叉銷售的巨大機遇，並且自然也專注於此，但我們也致力於利用 2020 年的商業投資來擴大市場覆蓋範圍。

In the past year, we broke into more than 40 new Global 2000 accounts, providing meaningful cross-sell opportunities for ore delivery and commercial teams. One such client is a leading credit ratings agency that aims to transform into an agile DevOps engineering-led operating model whilst consolidating its vendors and eliminating legacy systems and technologies. We led with digital engineering to build innovative solutions using modern cloud-native and digital technologies by full stack product teams. We are applying a lean, agile approach to drive a product development mindset and the adoption of an agile software development framework.

過去一年，我們成功打入超過 40 家全球 2000 強企業客戶，為我們的交付和銷售團隊創造了重要的交叉銷售機會。其中一位客戶是一家領先的信用評級機構，該公司致力於轉型為以敏捷 DevOps 工程為主導的營運模式，同時整合供應商並淘汰遺留系統和技術。我們以數位化工程為先導，透過全端產品團隊，利用現代雲端原生和數位化技術建構創新解決方案。我們採用精實敏捷的方法，推動產品開發思維的轉變，並促進敏捷軟體開發框架的採用。

Moving now to strategy. To realize our revenue growth, we are now several quarters into executing a strategy focused on 4 priorities: repositioning the Cognizant brand, globalizing Cognizant, accelerating digital and increasing our client relevance. There's a quick update on each priority starting with our brand.

接下來談談策略。為了實現營收成長，我們已實施了幾個季度的策略，該策略專注於四個優先事項：重塑 Cognizant 品牌、實現 Cognizant 全球化、加速數位轉型以及提升客戶相關性。以下簡要介紹每個優先事項的最新進展，首先是我們的品牌。

In the coming months, we will launch a breakthrough global brand campaign that will increase the stature of our brands. With a focus on scaling Cognizant's brand globally, we will execute a series of experiential marketing initiatives and sponsorships. For example, we recently announced that we're the title partner of Aston Martin Cognizant Formula One team. Aston Martin, an iconic brand, is returning to the Formula One grade after more than 60 years away from the sport. This is much more than a sponsorship. It's a broader strategic partnership aligned with our automotive industry focus and one that's at the intersection of cloud and digital. The Aston Martin Cognizant Formula One team will be heavily focused trackside, applying 5G, IoT and data analytics to support critical decision-making. For Aston Martin Lagonda, the road car company, will help execute their digital transformation agenda, focusing on outcomes like hyper-personalized experiences for their customers and building a direct-to-consumer value proposition. We'll also partner with Aston Martin to evolve its facilities into smart factories, leveraging 5G and IoT to achieve optimal performance and output. Given the race circuit across 22 countries and the global following of Formula One in Europe, Middle East and Asia, this sponsorship also aligns with our second priority, that of globalizing our company.

未來幾個月，我們將推出一項突破性的全球品牌推廣活動，旨在提升旗下品牌的知名度。我們將著力在全球擴大 Cognizant 的品牌影響力，並開展一系列體驗式行銷活動和贊助專案。例如，我們近期宣布成為阿斯頓馬丁 Cognizant 一級方程式車隊的冠名合作夥伴。阿斯頓馬丁作為標誌性品牌，在闊別一級方程式賽場 60 餘年後重返賽場。這不僅是一項贊助合作，更是一項與我們汽車產業策略高度契合的策略夥伴關係，也是雲端技術和數位技術交會的典範。阿斯頓馬丁 Cognizant 一級方程式車隊將專注於賽道相關事宜，運用 5G、物聯網和數據分析技術為關鍵決策提供支援。而對於阿斯頓·馬丁·拉貢達（Aston Martin Lagonda）這家公路車公司而言，我們將協助其數位轉型，專注於打造高度個人化的客戶體驗，並建構直接面向消費者的價值主張。我們也將與阿斯頓馬丁合作，將其工廠升級為智慧工廠，利用5G和物聯網技術實現最佳效能和產量。鑑於F1賽道遍布22個國家，且在歐洲、中東和亞洲擁有廣泛的全球影響力，此次贊助也符合我們的第二個優先事項—公司全球化。

We see a huge opportunity internationally, having hired a diverse group of senior country managing directors in the U.K., Ireland, Germany, the Nordics, Australia, New Zealand and Japan and a new President of our international business, we are in a stronger position than ever to drive towards this goal. These senior leaders bring both client networks and talent followership. They will also lead the business transformation we are undergoing at a local level as we pivot to helping clients realize their digital ambitions. I'm extremely excited about our ability to drive exponential growth in our international business once this team settles in. We are committed to invest behind this ambition, both organically and inorganically.

我們看到了巨大的國際機會。我們已在英國、愛爾蘭、德國、北歐、澳洲、紐西蘭和日本聘請了一批資深國家總經理，並任命了新的國際業務總裁，這使我們比以往任何時候都更有實力實現這一目標。這些資深領導者不僅擁有廣泛的客戶網絡，也擁有許多優秀人才。隨著我們轉向幫助客戶實現數位轉型，他們也將領導我們在本地層面的業務轉型。我對這支團隊組成完畢後，我們國際業務的指數級成長充滿信心。我們將致力於透過內生式成長和外延式收購，全力支持此目標的實現。

In January, we agreed to acquire Servian, an Australia-based enterprise transformation consultancy that specializes in data analytics, AI, digital services, experience design and cloud. Servian expands our integrated end-to-end digital transformation capabilities in both Australia and New Zealand.

今年1月，我們同意收購總部位於澳洲的企業轉型顧問公司Servian。 Servian專注於數據分析、人工智慧、數位服務、體驗設計和雲端運算。 Servian的加入將擴展我們在澳洲和紐西蘭的端到端一體化數位轉型能力。

This brings me to our third strategic priority, accelerating digital. Over the last 18 months, we've sharpened our ability to support clients as they transform into software-driven enterprises. Since January 2020, we've announced approximately $1.6 billion in acquisitions, all focused on our strategic priorities of digital engineering, data and AI, cloud and IoT, which together enable clients to compete as modern digital businesses. Earlier this week, we closed the acquisition of Magenic, a 25-year-old custom software development services company, which will broaden our global software product engineering network, adding hundreds of engineers in the U.S. and the Philippines. Magenic is our second digital engineering acquisition in recent months, making us one of the world's largest digital engineering firms. We also closed the acquisition of Linium this week, which broadens our enterprise service management capabilities and complements our ServiceNow practice.

這引出了我們的第三個策略重點：加速數位轉型。過去18個月，我們不斷提升自身能力，協助客戶轉型為軟體驅動型企業。自2020年1月以來，我們已宣布了約16億美元的收購項目，所有收購都圍繞著我們的戰略重點——數位化工程、數據與人工智慧、雲端運算與物聯網——展開，這些策略共同助力客戶成為具有競爭力的現代化數位化企業。本週早些時候，我們完成了對Magenic的收購。 Magenic是一家擁有25年歷史的客製化軟體開發服務公司，此次收購將拓展我們的全球軟體產品工程網絡，並在美國和菲律賓新增數百名工程師。 Magenic是我們近幾個月來在數位化工程領域完成的第二筆收購，使我們躋身全球最大的數位化工程公司之列。此外，我們本週也完成了Linium的收購，此次收購將增強我們的企業服務管理能力，並完善我們的ServiceNow業務。

I'm pleased with the growing intimacy we share with our key partners, including the leading hyperscale and SaaS companies. Long-established relationships with Oracle and SAP have been complemented with growing commitments to next-generation companies like Workday, Salesforce, Snowflake and ServiceNow. In fact, we just committed to deploy Workday internally as our HCM partner.

我很高興看到我們與包括領先的超大規模和SaaS公司在內的重要合作夥伴之間日益緊密的聯繫。我們與Oracle和SAP的長期合作關係，也進一步加強，同時我們也增加了對Workday、Salesforce、Snowflake和ServiceNow等新一代公司的投資。事實上，我們剛剛決定在內部部署Workday，將其作為我們的人力資本管理（HCM）合作夥伴。

In digital business operations, we are committed to infusing intelligent automation across our operations to deliver end-to-end, adaptable and responsive processes. Our deep and long-standing global partnerships with leading companies, such as UiPath, Automation Anywhere, Indico and Appian, enables us to enhance the automation spectrum from robotic to cognitive process. Our fourth strategic priority is about increasing our relevance to clients. To support this, in 2020, we've been investing in our industry and sub-industry knowledge, strengthening our partnership ecosystem and refreshing our client-facing teams to ensure deeper industry expertise and technology consulting skills. We aim to be even more proactive with our clients, leading with a point of view on technology strategy, architecture and agile digital workflows. We aim to build upon our excellent reputation in build operate and further strengthen our growing reputation in transformation and innovation. This is a multiyear journey, but one that our clients are happy to see us embrace as they look for alternative strategic partners.

在數位化業務營運方面，我們致力於將智慧自動化融入營運的各個環節，以提供端到端、靈活且響應迅速的流程。我們與 UiPath、Automation Anywhere、Indico 和 Appian 等領先企業建立了深厚且長期的全球合作夥伴關係，這使我們能夠擴展自動化範圍，從機器人流程自動化 (RPA) 到認知流程自動化 (CPP)。我們的第四項策略重點是提升我們對客戶的相關性。為此，在 2020 年，我們加大了對行業及細分行業知識的投入，強化了合作夥伴生態系統，並更新了面向客戶的團隊，以確保更深厚的行業專業知識和技術諮詢能力。我們力求更積極主動地服務客戶，在技術策略、架構和敏捷數位化工作流程方面引領潮流。我們旨在鞏固在建構營運領域的卓越聲譽，並進一步提升我們在轉型和創新領域的聲譽。這是一項需要多年才能完成的計劃，但我們的客戶樂於看到我們積極擁抱這項計劃，因為他們正在尋找新的策略合作夥伴。

In closing, we are now almost 2 years into a project to ensure Cognizant returns to its rightful place as an industry bellwether. We accomplished a great deal in 2020 despite being faced with the complexities of COVID and a ransomware attack. This progress scorecard includes: rallying the company behind a clear purpose and vision; improving employee engagement levels to multiyear highs; refreshing our leadership team and talent; executing against our refined corporate strategy, including adjusting our portfolio via targeted mergers and acquisitions and the exit of nonstrategic businesses; improving our backlog; win rates and bookings trajectory; completing our restructuring program; investing in strategic ESG and D&I initiatives; and accelerating investments in our future growth.

最後，我們已投入近兩年時間，致力於確保 Cognizant 重返業界領導者的地位。儘管面臨新冠疫情和勒索軟體攻擊的雙重挑戰，我們在 2020 年依然取得了顯著成就。這些成就包括：凝聚公司上下，明確目標和願景；員工敬業度達到多年來的最高水平；更新領導團隊和人才隊伍；執行我們精心調整的企業戰略，包括透過有針對性的併購和剝離非戰略性業務來調整業務組合；改善訂單積壓、提高中標率和訂單增長速度；完成重組計劃；投資於戰略性的 ESG 和與包容性的 ESG 和包容性。

A new reinvigorated Cognizant is emerging, having successfully completed a good deal of our transformation work. I'm pleased with the progress we've made and our ability to start demonstrating this in 2021. There is, of course, more work to do, but we are on track executing well, united as a leadership team and doing what it takes to become a preeminent technology services partner to the Global 2000 C-suite.

經過一番努力，煥然一新的 Cognizant 正在崛起，我們已成功完成了大部分轉型工作。我對我們所取得的進展以及在 2021 年開始展現這些成果的能力感到欣慰。當然，還有更多工作要做，但我們正按計劃穩步推進，領導團隊團結一致，全力以赴，力爭成為全球 2000 強企業高管層首選的技術服務合作夥伴。

With that, I'll turn the call over to Jan, who will take you through the details of the quarter and our fiscal year outlook before we take your questions. Jan, over to you.

接下來，我會把電話交給簡，她會為大家詳細介紹本季業績和全年財年展望，之後我們再回答大家的問題。簡，請你發言。

Thank you, Brian, and good afternoon, everyone. I'm delighted to be with you on my second earnings call and to be reporting another good quarter, excluding the onetime impact I'll discuss more later. The business performed well, modestly exceeding our expectations earlier in the quarter, driven by solid performance across the board, excluding Financial Services and the industries most directly impacted by COVID, notably retail, consumer goods and travel and hospitality.

謝謝布萊恩，大家下午好。很高興能和大家一起參加我的第二次財報電話會議，並向大家匯報又一個不錯的季度業績（不包括我稍後會詳細討論的一次性影響）。公司整體表現良好，略微超出季度初的預期，這主要得益於除金融服務業和受新冠疫情影響最嚴重的行業（尤其是零售業、消費品業以及旅遊和酒店業）之外的各業務板塊的穩健增長。

For the full year, revenue was $16.7 billion representing a decline of 0.8% compared to 2019 and a decline of 0.7% in constant currency. Compared with the prior year, this includes a negative 110 basis points impact from the exit of certain content services, a negative 70 basis point impact of the anticipated exit from a large engagement in our Financial Services segment and a positive approximately 210 basis points of contribution from our acquired businesses.

全年營收為167億美元，較2019年下降0.8%，以固定匯率計算下降0.7%。與前一年相比，其中包括部分內容服務退出帶來的110個基點的負面影響，預期退出金融服務板塊一項大型合作項目帶來的70個基點的負面影響，以及收購業務帶來的約210個基點的正面貢獻。

For the full year, digital grew over 13% and represented approximately 42% of total revenue, an increase of 5 points as a percentage of total revenue from 2019. Our Q4 revenue was $4.2 billion, representing a decline of 2.3% year-over-year or 3% in constant currency. Compared with the prior year period, this includes a negative 250 basis points impact of the anticipated exit from a large engagement in our Financial Services segment, a negative 120 basis points impact from the exit of certain content services and a positive 270 basis points of contribution from our acquisitions.

全年來看，數位業務成長超過13%，約佔總營收的42%，較2019年成長5個百分點。第四季營收為42億美元，年減2.3%，以固定匯率計算下降3%。與上年同期相比，其中包括預期退出金融服務領域的大型項目帶來的250個基點的負面影響、部分內容服務退出帶來的120個基點的負面影響，以及收購帶來的270個基點的正面貢獻。

Before moving on, I will provide some additional details relating to the anticipated exit from the previously mentioned large engagement. In discussions, the parties agreed that a clean separation would be to our mutual benefit. As a result of those discussions, in the fourth quarter, we made an offer that includes, among other terms, a proposed payment and the forgiveness of certain receivables. As a result of this offer, we recorded a $140 million charge in the fourth quarter, which included a reduction to Q4 revenue of $107 million, and additional expenses of $33 million, which impacted SG&A primarily related to the impairment of long-lived assets. The charge exclusively impacts our Financial Services segment. We are in active discussions and hope to have a finalized agreement in the near future.

在繼續討論之前，我將提供一些關於預期退出之前提及的大型合作項目的更多細節。經協商，雙方一致認為，徹底分手對雙方都有好處。基於這些協商，我們在第四季度提出了一項方案，其中包括擬議的付款和部分應收帳款的豁免。由於該方案，我們在第四季度提列了1.4億美元的費用，其中包括第四季度收入減少1.07億美元，以及3,300萬美元的額外支出，這部分支出主要與長期資產減損有關，計入銷售、管理及行政費用。此費用僅影響我們的金融服務業務部門。我們正在積極進行磋商，並希望在不久的將來達成最終協議。

Now moving on to segment results, where all growth rates provided will be year-over-year in constant currency. Financial Services declined 11.4% and including a negative 730 basis points impact from the anticipated contract exit. Excluding this impact, banking and insurance both declined mid-single digits. In banking, growth in regional and retail banking in North America was more than offset by weakness in cards and payments clients. Insurance also performed below our expectations driven primarily by weakness in North America. Healthcare grew 3.3%, which included similar performance in both in the U.S. payer business and life sciences. Life sciences revenue was strong among our pharmaceutical clients, further enhanced by the expansion of our portfolio of services as a result of our acquisitions of Zenith Technologies. Growth was partially offset by the continued weakness in medical device clients, which have been impacted by reduced elective procedures volumes. Our Healthcare payer business had the best performance in 7 quarters, with strength in software license sales from the addition of several new logos.

接下來是各業務板塊的業績，所有成長率均以固定匯率計算，且為年比數據。金融服務業務下降11.4%，其中包括預期合約終止帶來的730個基點的負面影響。剔除此影響，銀行和保險業務均出現中等個位數的下滑。在銀行業務方面，北美地區和零售銀行業務的成長被信用卡和支付客戶的疲軟所抵消。保險業務的表現也低於預期，主要原因是北美地區的疲軟。醫療保健業務成長3.3%，其中美國支付方業務和生命科學業務的表現相近。生命科學業務的收入主要來自我們的製藥客戶，這得益於我們收購Zenith Technologies後服務組合的擴展。醫療器材客戶的持續疲軟部分抵消了成長，這些客戶受到擇期手術量減少的影響。我們的醫療保健支付方業務實現了七個季度以來的最佳業績，這主要得益於新增多個客戶帶來的軟體授權銷售成長。

Products and resources declined 2.4% as low double-digit growth in manufacturing, logistics, energy and utilities was offset by double-digit declines in the travel and hospitality industry and a high single-digit decline in retail and consumer goods. While still challenged on a year-over-year basis, we have witnessed some stabilization in the last 2 quarters, particularly within retail and consumer goods, which grew modestly on a sequential basis.

產品和資源類產業下降2.4%，製造業、物流業、能源和公用事業的低兩位數成長被旅遊和旅館業的兩位數下滑以及零售和消費品的高個位數下滑所抵銷。儘管同比仍面臨挑戰，但過去兩個季度以來，我們看到情況有所穩定，尤其是在零售和消費品領域，較上季略有成長。

Communications, Media and Technology grew 3.4%, which included a negative 790 basis points impact from our decision to exit certain portions of our content services business. Outside of this impact, we remain very pleased with the business momentum within technology. Communications and media growth accelerated sequentially and grew low double-digit growth year-over-year, helped in part by several of our acquisitions.

通訊、媒體和科技業務成長3.4%，其中包括因我們決定退出部分內容服務業務而產生的790個基點的負面影響。除此影響外，我們對科技業務的發展動能依然非常滿意。通訊和媒體業務環比成長加速，年成長保持低兩位數，部分得益於我們完成的幾項收購。

Now moving on to margins. In Q4, our GAAP operating margin was 11.1% and adjusted operating margin, which excludes restructuring and COVID-related charges, was 12.3%. Both our GAAP and adjusted operating margin included a negative 300 basis points impact related to the anticipated contract exit, which includes an approximately 160 basis points impact to gross margin. Diluted GAAP EPS was $0.59 and adjusted diluted EPS was $0.67, which both included a negative $0.25 per share impact from the anticipated contract exit.

接下來我們來看利潤率。第四季度，我們的GAAP營業利益率為11.1%，調整後營業利益率（剔除重組及新冠疫情相關費用）為12.3%。 GAAP和調整後營業利潤率均包含預期合約終止帶來的300個基點的負面影響，其中包括約160個基點的毛利率影響。 GAAP攤薄後每股收益為0.59美元，調整後攤薄後每股收益為0.67美元，兩者均包含預期合約終止帶來的每股0.25美元的負面影響。

Our adjusted tax rate was 32.9% in the quarter, reflecting the change -- the charge related to the anticipated contract exit, which generated losses that are not tax deductible.

本季調整後的稅率為 32.9%，反映了與預期合約退出相關的費用，該費用產生的損失不能抵稅。

Adjusted operating margin declined approximately 470 basis points year-over-year, reflecting the charge related to the anticipated contract exit, high incentive compensation, annual merit increases and investments in organic and inorganic revenue growth. Savings from our Fit for Growth program, lower T&E and favorable movement in the rupee partially offset this pressure.

調整後的營業利潤率年減約470個基點，主要反映了預期合約終止相關的費用、高額激勵性薪酬、年度績效加薪以及對內生式和非內生式收入增長的投資。來自「Fit for Growth」計畫的節省、差旅費用的降低以及盧比的有利走勢部分抵消了這一壓力。

During the quarter, we completed our Fit for Growth program, achieving $530 million in gross annualized savings through continued cost discipline, which has allowed us to accelerate our growth investments. The majority of savings achieved under this program benefits our gross margin, while the accelerated pace of investments is primarily being captured in SG&A. These investments include an accelerated pace of acquisitions, which we believe are key to our business transformation, additional sales hiring, repositioning the Cognizant brand and hiring more senior talent in international markets to drive growth. We manage the business at the operating margin level and, therefore, believe it is a better metric to judge the profitability of the business.

本季度，我們完成了「Fit for Growth」項目，透過持續的成本控制，實現了5.3億美元的年度毛節省，從而加快了成長投資。此專案節省的大部分收益都提升了我們的毛利率，而加速投資則主要體現在銷售、管理及行政費用（SG&A）上。這些投資包括加快收購步伐（我們認為收購是業務轉型的關鍵）、增加銷售人員招募、重新定位Cognizant品牌以及在國際市場招募更多高階人才以推動成長。我們以營業利益率來管理業務，因此我們認為它是衡量業務獲利能力的更佳指標。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.7 billion or $2 billion net of debt. As a reminder, at the end of October, we fully repaid our outstanding revolving credit facility of $1.7 billion. Cash flow in Q4 was again strong with free cash flow of $809 million. This brought our full year free cash flow to $2.9 billion. DSO ended the year at 70 days, representing a year-over-year improvement of 3 days.

現在來看資產負債表。本季末，我們持有現金及短期投資27億美元，扣除債務後淨額為20億美元。需要提醒的是，我們在10月底全額償還了17億美元的未償循環信貸額度。第四季現金流依然強勁，自由現金流達8.09億美元。這使得我們全年的自由現金流達到29億美元。全年應收帳款週轉天數（DSO）為70天，較上年同期縮短3天。

In '21, we expect to see our free cash flow decline from 2020 levels as a result of several benefits we experienced this year, which will not repeat in 2021. These include government-offered deferrals of certain tax payments and a lower cash payment related to our 2019 annual incentive compensation, which was paid in Q1 2020. Our outlook for '21 assumes free cash flow conversion will return to more normalized levels around 100% of net income as we focus on building upon the DSO improvements achieved this year. We opportunistically utilized our strong free cash flow in 2020 and continued to achieve capital deployment strategy utilizing over 110% of annual free cash flow. In 2020, we spent $1.1 billion on acquisitions, representing approximately 40% of our full year free cash flow. We returned approximately 70% of our free cash flow through $1.6 billion in share repurchases and $480 million in dividends.

2021年，由於今年我們受惠於多項因素，而這些因素在2021年將不再重現，我們預期自由現金流將低於2020年的水準。這些因素包括政府提供的部分稅款延期支付，以及與2019年度激勵性薪酬相關的現金支付減少（該薪酬已於2020年第一季支付）。我們對2021年的展望基於以下假設：隨著我們專注於鞏固今年已實現的應收帳款週轉天數（DSO）改善，自由現金流轉換率將恢復到接近淨利潤100%的正常水平。 2020年，我們充分利用了強勁的自由現金流，並繼續執行資本部署策略，資本利用率超過年度自由現金流的110%。 2020年，我們斥資11億美元用於收購，約佔全年自由現金流的40%。我們透過16億美元的股票回購和4.8億美元的股利支付，返還了約70%的自由現金流。

As I mentioned last quarter, we have reversed our indefinite reinvestment assertion on India earnings. This decision allows us to more efficiently utilize 100% of free cash flow globally, giving us greater flexibility in our ongoing capital allocation program. Over the next several years, we plan to deploy 100% of our annual free cash flow through a balanced capital allocation program. We intend to allocate 50% of free cash flow towards M&A in areas aligned with our strategic priorities. The remaining 50% will be allocated to dividends and share repurchases, targeting a consistent dividend payout ratio of approximately 25% and repurchases to offset dilution annually. While these are a set of guiding principles, we will continue to be opportunistic in our allocation of capital as well as leverage our strong balance sheet. In support of this strategy, during the fourth quarter, the Board approved a $2 billion increase in our share repurchase authorization, and today, we are announcing a 9% increase in our quarterly cash dividend. The second consecutive year of increase since initiated the dividend in 2017.

正如我上個季度所提到的，我們已取消了對印度收益無限期再投資的假設。這項決定使我們能夠更有效地利用全球100%的自由現金流，從而在持續的資本配置計畫中擁有更大的靈活性。未來幾年，我們計劃透過均衡的資本配置計劃，部署100%的年度自由現金流。我們計劃將50%的自由現金流用於符合我們策略重點領域的併購。剩餘的50%將用於派發股利和股票回購，目標是維持約25%的穩定股利支付率，並透過股票回購來抵銷年度股權稀釋。雖然這些是一套指導原則，但我們將繼續在資本配置方面保持機會主義，並充分利用我們強勁的資產負債表。為了支持這項策略，董事會在第四季批准將股票回購授權增加20億美元，今天，我們宣布將季度現金股利提高9%。這是自 2017 年開始派發股息以來連續第二年增長。

Turning to guidance. For Q1, we expect revenue in the range of $4.34 billion to $4.38 billion, representing 2.8% to 3.8% growth or 1% to 2% in constant currency based on our expectation that currency will have a favorable 180 basis points impact. This outlook assumes an improving yet still cautious start to the year with continued macro uncertainty. We expect stabilization in Financial Services and continued pressure across retail and consumer goods, travel and hospitality and communications and media. Q1 also still includes an approximately 85 basis points of headwind from the exit of certain content services.

接下來談談業績指引。我們預計第一季營收將在43.4億美元至43.8億美元之間，年增2.8%至3.8%，以固定匯率計算則較去年同期成長1%至2%（基於我們預期匯率將帶來180個基點的有利影響）。這項預期是基於年初市場狀況有所改善但仍需謹慎的假設，宏觀經濟仍存在不確定性。我們預期金融服務業將趨於穩定，而零售和消費品、旅遊和酒店以及通訊和媒體產業將繼續承壓。此外，第一季業績仍將受到部分內容服務退出帶來的約85個基點的不利影響。

For the full year, we expect revenue of $17.6 billion to $18.1 billion, representing 5.5% to 8.5% growth or 4% to 7% in constant currency, based on our expectation that currency will have a favorable 150 basis points impact. This outlook includes approximately 300 basis points contribution from inorganic revenue and assumes improving revenue momentum from Q1 levels. Our full year outlook assumes an approximately 30 basis point headwind from the exit of content services.

我們預計全年營收為176億美元至181億美元，年增5.5%至8.5%，以固定匯率計算則為4%至7%。這項預期基於匯率將帶來150個基點的有利影響。該預測包含約300個基點的非內生性營收貢獻，並假設營收成長速度將較第一季提升。此外，我們全年預測也考慮了內容服務退出帶來的約30個基點的不利影響。

To put the full year guidance in better perspective, there are several factors impacting the quarterly guidance to highlight. First, keep in mind, our Q2 2020 actuals included a combined impact of COVID and the ransomware attack, which will lead to easier year-over-year comparison Q2 2021 and growth levels above our full year outlook. Second, the charge recognized in Q4 related to the anticipated exit from the customer engagement will create challenging year-over-year compares through Q3 and then an easy compare in Q4. However, this does not impact full year revenue comparisons.

為了更全面地了解全年業績指引，需要專注於影響季度業績指引的幾個因素。首先，請注意，我們2020年第二季度的實際業績包含了新冠疫情和勒索軟體攻擊的雙重影響，這將使2021年第二季度的同比數據更容易進行比較，並且增長水平將高於我們全年的預期。其次，第四季確認的與預期終止客戶合作相關的費用將導致第三季年比數據比較較為複雜，而第四季則相對容易。然而，這不會影響全年收入的比較。

Moving on to margins. We expect full year adjusted operating margin in the range of 15.2% to 16.2%. We expect margins to be at the low end of that range and to operate within the range each quarterly period for the full year. This leads to our full year adjusted EPS guidance of $3.90 to $4.02. Our full year outlook assumes interest income of $20 million to $30 million versus $119 million in 2020 as a result of the $1.2 billion cash repatriation in the fourth quarter, which moved cash from India to other jurisdictions with lower yields. Our outlook assumes average shares outstanding of approximately 530 million and a tax rate of 25% to 26%. Our guidance does not account for any potential impact from events like changes to the immigration and tax policies.

接下來談談利潤率。我們預計全年調整後營業利益率介於15.2%至16.2%之間。我們預計利潤率將處於該區間的低端，並在全年每季都保持在該區間內。由此，我們給出的全年調整後每股盈餘預期為3.90美元至4.02美元。由於第四季12億美元的現金回流（將資金從印度轉移到收益率較低的其他地區），我們全年的預期利息收入為2,000萬美元至3,000萬美元，而2020年為1.19億美元。我們的預期假設平均流通股約為5.3億股，稅率為25%至26%。我們的預期並未考慮移民和稅收政策變化等事件可能帶來的任何潛在影響。

With that, we will open the call for questions.

接下來，我們將開始接受提問。

(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。

Brian, in your prepared remarks, you highlighted a number of areas of progress in the Cognizant transformation, both strategic and operational. Just can you take a step back here, you're almost 2 years in, how would you characterize where you are in the transformation journey at Cognizant, kind of still in the beginning, middle innings, near the end? And what aspects would you say are mostly completed versus what are the big steps still remaining?

布萊恩，在你事先準備好的演講稿中，你重點介紹了Cognizant轉型在策略和營運層面取得的許多進展。現在，轉型已經進行了近兩年，你能否回顧一下，你如何評價Cognizant轉型目前所處的階段？是處於初期、中期還是接近尾聲？哪些方面已經基本完成，還有哪些關鍵步驟需要完成？

Lisa, yes, thanks for the question. I'd say we're in the middle, and I think we still have a few years' work ahead of us, but we've made huge progress, and I'm very proud of the team and grateful for everything that they've helped us to do. If you go back 2 years ago, we talked about a transformation office that started with our strategic direction and refinements, which naturally led to refinements of our company portfolio, both exiting nonstrategic elements such as content moderation as well as strengthening our digital capabilities with an intensive targeted set of M&A transactions. We're now much more in the strategic execution mode, and there are 4 elements to that. Core to this is globalizing and repositioning the brand. You've seen some recent announcements. We'll have more to go through in the coming weeks and months. That will actually help us with our second goal, that of globalizing Cognizant, which involves really getting after underpenetrated markets internationally, which today still represent approximately 1/4 of our revenue, as well as giving clients around the world greater assurance that we have a robust and resilient delivery network.

麗莎，是的，謝謝你的提問。我認為我們目前處於中期階段，未來幾年我們仍需努力，但我們已經取得了巨大的進步，我為團隊感到非常自豪，並感謝他們為我們所做的一切。回顧兩年前，我們討論過成立轉型辦公室，首先著手製定和完善戰略方向，這自然而然地促使我們對公司業務組合進行調整，包括剝離內容審核等非戰略性業務，以及透過一系列有針對性的併購交易來增強我們的數位化能力。現在，我們正處於策略執行階段，這其中包含四個要素。核心是品牌全球化和重新定位。您已經看到了一些近期發布的公告。未來幾週和幾個月，我們將推出更多內容。這實際上將有助於我們實現第二個目標，即 Cognizant 的全球化，這涉及到真正開拓國際上滲透率較低的市場（這些市場目前仍占我們收入的約 1/4），同時也能讓世界各地的客戶更加確信我們擁有強大而有韌性的交付網絡。

The third goal will be around accelerating digital, and we made good progress there, and we will continue to invest behind this strategic goal. And I should point out that clients are very pleased that we are actually showing up with a broader portfolio, giving them optionality and alternatives. And then the fourth point that you'll see us continue to invest in as part of our transformation is increasing our relevance to clients. That has involved us changing out some of our commercial teams, refreshing them, bringing in people with much deeper industry knowledge and indeed sub-industry knowledge and making sure we have client-facing teams who can interface across the entire C-suite of Global 2000 companies. So we've accomplished a great deal some would say against the odds, particularly given COVID and ransomware in the last year. But the team are energized, we're in this together, and we're all committed to do something incredible in the coming years. But that's why, to be very honest, we've also left room in our financial plan in the coming years to continue to invest behind the transformation because we're not done yet.

第三個目標是加速數位轉型，我們在這方面取得了顯著進展，並將繼續增加對此策略目標的投入。值得一提的是，客戶對我們能夠提供更廣泛的產品組合感到非常滿意，這為他們提供了更多選擇和方案。作為轉型計畫的一部分，我們將持續投入的第四個重點是提升我們對客戶的相關性。為此，我們調整了部分銷售團隊，進行了人員更新，引入了擁有更深厚行業知識乃至細分行業知識的人才，並確保我們擁有能夠與全球2000強企業高管層有效溝通的客戶服務團隊。可以說，我們克服重重困難取得了巨大的成就，尤其是在過去一年裡，我們經歷了新冠疫情和勒索軟體攻擊的衝擊。但團隊士氣高昂，我們團結一致，致力於在未來幾年創造輝煌。但坦白說，正因如此，我們在未來幾年的財務計畫中也留出了空間，以便繼續投資轉型，因為我們還沒有完成。

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 wanted to ask around bookings performance. Any color you can give as it relates to the overall company and digital bookings in 4Q? And then as you think about your growth here over the last, let's say, 2 quarters or so, can you give us a sense of whether that's been from stronger competitive wins and better positioning of Cognizant due to the investments you've been making versus just the rising tide in the recovery of overall demand and spend? Just curious if you can give us a sense of how you see the mix of those contributing factors to your booking performance here.

我想了解一下預訂業績方面的情況。您能否就第四季公司整體及數位預訂情況提供一些見解？另外，回顧過去兩個季度左右的成長，您能否分析一下，這主要得益於更強的競爭優勢和Cognizant因投資而獲得的更佳市場地位，還是僅僅得益於整體需求和消費的復甦？我很好奇您如何看待這些因素對預訂業績的影響。

Yes. I'll jump in and kick us off on the bookings side because I think I mentioned in my last call, I had to do some remedial training to dive in and deeper understand our bookings number, and I did so. Our full year bookings growth for this year was in the mid-teens. But as I learned, of course, bookings numbers -- we offer this bookings number for illustrative purposes to convey, basically, the distribution momentum and self-momentum and success we have with our clients, and you should see it as Brian mentioned in his notes that we continually improve review and understanding of this bookings number, and we made good progress in the fourth quarter. So I'm delighted that the momentum continues basically in the mid-teens. We did make some adjustments to our bookings number as we shifted a little bit the bookings between the quarters, so -- but the full year number is similar to what we reported in the third quarter around the mid-teens.

是的。我先從預訂情況說起，因為我記得上次電話會議中提到過，我需要進行一些補充培訓，以便更深入地了解我們的預訂數據，而我也確實做到了。我們今年的全年預訂成長率在15%左右。當然，正如我所了解到的，我們提供這個預訂數據只是為了說明我們與客戶合作的管道發展勢頭和自身發展勢頭，以及我們取得的成功。正如Brian在他的筆記中提到的，我們一直在不斷改進對預訂資料的解讀和理解，並且在第四季度取得了顯著進展。所以我很高興看到這一增長勢頭基本上保持在15%左右。我們確實對預訂數據做了一些調整，因為我們稍微調整了各季度的預訂量，所以——但全年數據與我們在第三季度報告的數據類似，也在15%左右。

And then, Brian, do you want to give some more detail on digital bookings and distribution for bookings?

那麼，布萊恩，你能否更詳細地介紹一下數位預訂和預訂分銷方面的情況？

Yes. So look, I think, first of all, it's fair to say, I believe we are more competitive than we have been, I believe we're more client-facing than we have been in recent years, and that starts with a tone from the top, but we've also added significant coverage in the course of the last year. In some regards, that's positive, but it should be more positive on a go-forward basis as well because these people that we brought into the company will ultimately become more productive as time goes on. And some of the goodness from that, which will ramp over time, will also be complemented by the fact we've had some disruption this year because we've been upgrading our client-facing teams because we wanted to have a set of client-facing teams who are better capable of conversing across the entire C-suite. So I think we're stronger, we're more energized, we're more client-centric. Frankly, we also have a stronger portfolio. We have been aggressive in our M&A stance in the past year. We got a lot of momentum behind the assets we've acquired, and that puts us in a position where we can show up well beyond the CIO, CTO organization and now engage much more broadly at the C-suite.

是的。所以你看，首先，我認為我們比以往任何時候都更具競爭力，也比近年來更注重與客戶的溝通。這首先要歸功於高層的領導，而且我們在過去一年中也大幅擴大了業務覆蓋範圍。在某些方面，這是正面的，但從長遠來看，這種正面影響會更加顯著，因為我們引進的這些人才最終會隨著時間的推移而變得更有效率。隨著時間的推移，這種積極影響會不斷增強，同時，我們今年也進行了一些調整，升級了客戶服務團隊，因為我們希望擁有一支能夠更好地與整個高管層溝通的客戶服務團隊，這些調整也將起到補充作用。所以我認為我們更強大、更有活力、更以客戶為中心。坦白說，我們的投資組合也更加強大。過去一年，我們在併購方面採取了積極的策略。我們憑藉已收購的資產獲得了巨大的發展勢頭，這使我們能夠超越首席資訊長、首席技術官的範疇，更廣泛地與高階主管互動。

Similarly, I think it is fair to say that the -- there is growing optimism in the market. If I think about client behavior, clients are certainly making investment decisions. It's somewhat of an uncertain background because of where we are with vaccine rollout spread to world. But clients are being decisive. And indecision is the enemy of CEOs of services companies. So I'm happy to see them making decisions. What are they putting their money behind? Ultimately, growth acceleration, efficiency, agility, scalability, business continuity, of course. This leads to investment decisions, if you will, around Customer 360, customer experience, cloud acceleration, automation, hyper-personalization, of course, which brings me with the core and data modernization, AI analytics and machine learning. So this is all happening in a period where we're working in a different manner, and clients have gotten used to working via distributed agile, which I think will fuel different ways of working going forward.

同樣，我認為可以公平地說，市場正在呈現日益增長的樂觀情緒。從客戶行為來看，他們無疑地正在做出投資決策。由於疫苗在全球的推廣和普及程度尚不明朗，市場背景仍存在一些不確定性。但客戶正在做出果斷決策。而優柔寡斷正是服務型公司CEO們的惡夢。因此，我很高興看到他們做出決策。他們把錢投向了什麼？歸根究底，當然是為了加速成長、提高效率、增強敏捷性、擴展性和保障業務連續性。這自然會促使他們做出投資決策，例如圍繞客戶360度視圖、客戶體驗、雲端加速、自動化、高度個人化等方面的投資，而這又引出了核心和資料現代化、人工智慧分析和機器學習等主題。這一切都發生在我們工作方式轉變的時期，客戶已經習慣了分散式敏捷工作模式，我認為這將推動未來工作方式的改變。

I believe it's also giving rise to questions around who strategic partners are, which is why we're really committed to continuing to invest behind the industry thought leadership, industry solutions, partnerships, technology consulting and vendor consolidation is real, and I'm delighted to say Cognizant can truly play across build, operate and indeed into transformation innovation with our extended brand. So I feel very good about our position. The market is getting stronger. If anything, right now, what we have is a disconnect between demand supply economics, and I'm worried about skill shortages across the industry.

我認為這也引發了關於戰略合作夥伴是誰的問題，因此我們致力於繼續投資於行業思想領導力、行業解決方案、合作夥伴關係、技術諮詢和供應商整合。供應商整合是切實存在的，我很高興地宣布，憑藉我們擴展的品牌，Cognizant 能夠真正跨越構建、運營甚至轉型創新領域發揮作用。所以我對我們的市場地位感到非常樂觀。市場正在走強。如果說目前有什麼問題，那就是供需經濟脫節，我擔心整個產業都會面臨技能短缺的問題。

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

我們的下一個問題來自BMO的Keith Bachman。

I wanted to ask about guidance, and thank you for the information. 4% to 7% includes 3 points of M&A. But I wanted to get some additional clarification surrounding the events of Q4 and how should we be thinking about Financial Services within the context of that 4% to 7% constant currency growth. Given that I assume this is an ongoing headwind associated with, as you said, the first couple of quarters. But could you give us a little parameters on how we should be thinking about Financial Services in particular? And then the second part, is there any incremental impact that we should be contemplating to the adjusted operating margin, 15.2% to 16.2%? Is there any additional charges related to the -- what happened in Q4 with the Financial Services organization?

我想諮詢一下業績指引，感謝您提供的資訊。 4%到7%的成長目標包含了3個百分點的併購收益。但我希望就第四季度的情況以及我們應該如何在4%到7%的固定匯率成長背景下看待金融服務業務，獲得一些更清晰的解釋。鑑於我假設這是您所說的與前幾季相關的持續不利因素，您能否就我們應該如何看待金融服務業務給出一些具體的指導？其次，調整後的營業利益率（15.2%到16.2%）是否有任何需要考慮的額外影響？第四季度金融服務部門的情況是否會產生任何額外費用？

Yes. This I can add a little bit more color around the exit from this Financial Services engagement. It's really contained in the fourth quarter. So we took the charge in revenues and on the bottom line, and what we -- and that impact on Financial Services in the fourth quarter had a growth impact of a little bit more than 7%, I think I said. And with that, Financial Services' performance continued to be declining in the fourth quarter and has been a weak spot in our performance. So I anticipate that we're, as Brian and I indicated that we're going to be stabilizing Financial Services' performance throughout the fiscal year and end up in a stabilized way for Financial Services.

是的。關於退出金融服務業務，我可以再補充一些細節。這主要體現在第四季。因此，我們在營收和淨利潤方面都承擔了相應的成本，而這在第四季度對金融服務業務的影響略高於7%，我記得我之前說過。同時，金融服務業務在第四季的業績持續下滑，一直是我們業績中的弱點。正如我和布萊恩之前所提到的，我預計我們將在本財年內逐步穩定金融服務業務的業績，最終使其恢復到穩定狀態。

Okay. And the margins, is there incremental -- any incremental charges then associated with that? Or is that all taken in Q4?

好的。那麼利潤率方面，是否有任何額外的費用與之相關？還是說這些費用都計入第四季了？

They're all taken in Q4. There should be no more impact in '21.

這些都發生在第四季。 2021年應該不會再有影響。

Keith, it's Brian here. That's behind us. Maybe just a little bit of flavor for quarters where Jan wasn't here last year. Q1, as you know, is a tougher compare than the rest of the year because COVID really started being talked more about in the mainstream media and beyond in the month of March. So the last month of Q1. So the compare in Financial Services and as we think about the shape of the year will still be, let's say, more challenging there as the turnaround efforts continued to take hold against a tougher backdrop. Q2 should be an easier compare for us. And frankly, the easiest compare for us in FSI should be in Q4, given, as Jan said, we've taken financial entries this quarter related to the anticipated exit of this contract. But I'm fully aligned to Jan's point of view, we'd expect a gradual recovery in 2021 with the quarterly I've just given you against the quarters within that.

基思，我是布萊恩。這件事已經過去了。也許可以稍微介紹一下去年簡不在的幾季的情況。如你所知，第一季比其他季度更難比較，因為新冠疫情在主流媒體和其他媒體上真正開始被廣泛討論是在三月。所以，第一季的最後一個月，也就是三月份，金融服務業的業績比較會比較困難，而且我們預期今年的整體情況仍然會比較困難，因為在更嚴峻的背景下，扭虧為盈的努力仍在繼續。第二季對我們來說應該更容易比較。坦白說，考慮到簡所說，我們本季已經計入了與預期合約終止相關的財務數據，金融服務業最容易比較的應該是第四季。但我完全同意簡的觀點，我們預計2021年會逐步復甦，我剛才提到的季度業績與其中其他季度相比會有所改善。

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。

I just want to ask about the growth versus margin topic as you look forward. Specifically in 2021, does your margin guidance leave you with enough room to invest in building digital capabilities and driving share gains? And then I think even looking beyond 2021, it'd be great to get a sense, do you feel like your growth investments would taper after this year as you make further progress in the turnaround? Or would your growth investments be prone to continue at a similar clip as you look beyond maybe this year? If you can give us some outlook there on the growth versus margin trajectory.

我想問一下關於成長與利潤率的問題，特別是關於您展望未來的情況。具體來說，在2021年，您的利潤率預期是否足以讓您有足夠的空間投資於數位化能力建立和提升市場佔有率？此外，我想了解一下，即使展望2021年後，隨著公司扭虧為盈的進展，您是否認為今年之後成長投資會逐漸減少？或者，您認為成長投資會繼續維持目前的水平嗎？如果您能就成長與利潤率的未來走勢提供一些展望，那就太好了。

Yes. Maybe I'll jump in with setting the framework. Our guidance includes the impact of acquisitions that we have announced and closed as of today and is anticipated. These acquisitions will create margin pressure for us in '21, approximately 100 basis points or so, roughly. And that is built into as well as our continued investment of building out our organic growth capabilities, our investments into marketing, et cetera. So the guidance includes the substantive continuation of our strategic initiatives into '21. That was very important for Brian and me as we devised our budget process that we continue committed to executing that strategy, which is a multiyear strategy. Future acquisitions, as I indicated, we're planning to continue on our M&A strategy. I illustrated our capital allocation outlook and plan. So if we were spend another $1 billion on acquisitions, that would be incremental margin pressure that is now built -- could be incremental margin pressure that's not built into our guidance as always, will be incremental. But I think the plan, as it is, provides full support of the strategic direction that Brian illustrated earlier.

是的。或許我可以先來闡述框架。我們的業績指引包含了截至今日已宣布和完成的收購以及預期收購的影響。這些收購將在2021年為我們帶來約100個基點左右的利潤率壓力。這與我們持續投資於建構內生成長能力、行銷等方面的投入也密切相關。因此，業績指引包含了我們在2021年繼續實質推進各項策略舉措。這一點對我和布萊恩來說至關重要，因為我們在製定預算流程時就明確了要繼續執行這項多年策略。正如我之前提到的，我們計劃繼續推動併購策略。我已經闡述了我們的資本配置展望和計劃。因此，如果我們再投入10億美元用於收購，這將帶來額外的利潤率壓力——當然，也可能帶來額外的利潤率壓力，而這部分壓力並未像往常一樣計入我們的業績指引中。但我認為，目前的計畫完全支持布萊恩先前闡述的策略方向。

Yes. Maybe if I could just embellish those comments that we made, Rod. First of all, yes, we feel good about our guidance for 2021. It sees us accelerate revenue, show margin expansion, whilst ultimately investing materially into the future. But I always want to be crystal clear on these calls that our goal is to drive shareholder value-creation by positioning Cognizant for medium- and long-term success and sustained earnings growth, and I think the best way for us to get about doing that is to get after the revenue opportunities. Look, we're in the middle of a -- what we're calling a multiyear project to reposition the company. I'm genuinely pleased with how the team has come together. We're united, we're ambitious, we're eager to prove our potential. In 2020, I ask the team to pull together to operationalize the transformation agenda. That included strategic, organizational, cultural and indeed financial elements, and some of it was uncomfortable for certain segments of the employee base. But we executed an aggressive M&A strategy to complement our portfolio. We executed a restructuring program. The savings of which allowed us to start reinvesting in the business, including hiring those commercial resources we referenced earlier. And with bookings now up in the mid-teens, the P&L can start to work again. And that was the secret sauce of Cognizant over the years. It was always a growth company fueling investments in our clients with delivery excellence, which afforded us to continue to drive that on a sustainable basis.

是的。羅德，或許我可以再補充我們之前說過的話。首先，是的，我們對2021年的業績預期感到樂觀。我們預計營收將加速成長，利潤率將會提升，同時最終也會對未來進行大量投資。但我始終想在這些電話會議上明確指出，我們的目標是透過讓Cognizant在中長期取得成功並實現持續獲利成長來推動股東價值創造，我認為實現這一目標的最佳途徑就是抓住營收機會。你看，我們正處於一個——我們稱之為多年計畫——的階段，旨在重塑公司形象。我真心為團隊的團結感到高興。我們團結一致，雄心勃勃，渴望證明我們的潛力。 2020年，我要求團隊齊心協力，落實轉型計畫。這涵蓋了策略、組織、文化以及財務等多個方面，其中一些內容會讓部分員工感到不適。但我們執行了一項積極的併購策略，以完善我們的投資組合。我們實施了一項重組計劃。由此節省下來的資金使我們能夠開始對業務進行再投資，包括聘請之前提到的那些商業人才。現在訂單量已回升至十幾個百分點，損益表也開始恢復正常。這正是 Cognizant 多年來成功的秘訣。我們始終是一家成長型公司，透過卓越的交付能力為客戶帶來持續成長，從而使我們能夠繼續保持這種成長勢頭。

That's the direction we're taking the company forwards. We've got so much more work to do, but I think so much more optimism about the future. And I definitely feel a lot better about our position because a lot of the heavy lifting of the initial portion of the transformation is behind us. We'll continue to invest in delivery excellence, commercial coverage, our talent, our systems and tools, which were not, in my mind, fit-for-purpose for a Fortune 200 company. That's why we announced today our intent to go forward with Workday and HCM. You know we're investing heavily between IT and security remediation and modernization. We'll continue to invest in our portfolio and in our brand, and we're feeling pretty comfortable in terms of where we are.

這就是我們公司未來的發展方向。我們還有很多工作要做，但我對未來充滿信心。我對我們的現狀感到非常滿意，因為轉型初期的大部分艱苦工作已經完成。我們將繼續投資於卓越的交付能力、商業覆蓋範圍、人才、系統和工具——在我看來，這些工具並不適合財富 200 強公司的需求。因此，我們今天宣布將推進 Workday 和 HCM 的部署。您也知道，我們在 IT 和安全修復以及現代化方面投入大量資金。我們將繼續投資於我們的產品組合和品牌，我們對目前的狀況感到非常滿意。

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

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

So I guess the question for me is with regards to the underlying sort of economic and operating assumptions for the lower and upper part of both the revenue and margin outlook. And given the confidence implied in post 1Q acceleration, I guess the follow-on to that is the supply side question because when I look at high utilization and sequentially higher attrition, can you provide some comfort on the ability to meet delivery objectives of that implied acceleration of demand?

所以，我想問的是，關於營收和利潤率預期上下限背後的經濟和營運假設。鑑於第一季後成長加速的預期，接下來我想問的是供應方面的問題，因為考慮到高利用率和環比上升的員工流失率，您能否保證能夠滿足預期成長的需求，從而保證公司能夠實現交付目標？

So let me start a little bit with some higher order questions. Jan, feel free to jump in at any moment here as well. So first of all, with regards to the delivery organization of where we stand on that. Look, we have a demand supply imbalance, if you will. The market has snapped back aggressively as evidenced in our strong bookings momentum. I would say that the competition for digital talent is extremely competitive. All major digital domain skills are in high demand across cloud, digital engineering, data, AI, ML. We are, therefore, very much focused on recruitment and attrition. For those of you who track media, you'll see us be much more aggressive in terms of social platforms for hiring. We're doing a lot of work with our employee base around making sure they see the potential of the company, making sure they understand the growth ambitions of the company, their career opportunities. And so we look forward to trying to optimize that as best we can. But you guys know as much as we do that in a high demand environment, where you have an imbalance, it can lead to certain outcomes. Now we've got to understand what that means in terms of pricing environment as well to be very, very clear.

那麼，我先從一些更深入的問題開始。 Jan，你也隨時可以補充。首先，關於我們目前的交付組織架構。你看，我們目前有供需失衡的問題。市場已經強勁反彈，我們強勁的訂單成長動能證明了這一點。我認為，數位人才的競爭非常激烈。所有主要的數位領域技能，包括雲端運算、數位工程、數據、人工智慧和機器學習，都非常搶手。因此，我們非常重視招募和人員流失控制。關注媒體的朋友會發現，我們在社群平台上的招募力道更大。我們正在與員工密切溝通，確保他們了解公司的潛力，並理解公司的發展目標和職涯發展機會。我們期待盡可能優化這方面的工作。但你們也和我們一樣清楚，在高需求、供需失衡的環境下，可能會導致一些問題。現在，為了非常非常清楚地說明這一點，我們還必須了解這在定價環境方面意味著什麼。

With regards to utilization, there's a few things happening simultaneously from my perspective. First of all, clients are embracing new ways of working, including distributed agile, and that has been somewhat forced upon them in 2020. But actually, I think it's worked well. And now many clients are looking at real estate consolidation policies and understanding that we can work for them nearshore, onshore or, indeed, offshore. The higher the offshore mix can actually help margin rate, but it's not necessarily helpful to margin dollars or indeed revenue dollars. So we're seeing a trend certainly towards offshore leverage, which is pushing the short-term offshore utilization higher as we consume the bench. But I don't know that that's likely to be sustained over the longer term because we plan to increase our hiring, rebuild our benches, and though we are, as I said earlier, in a high demand environment at this moment in time.

就利用率而言，從我的角度來看，目前有幾個因素同時發生。首先，客戶正在接受新的工作方式，包括分散式敏捷開發，這在2020年某種程度上是被迫的。但實際上，我認為效果不錯。現在，許多客戶正在審視房地產整合政策，並意識到我們可以為他們提供近岸、在岸或離岸服務。離岸業務佔比越高，利潤率越高，但利潤或收入未必越高。因此，我們看到一種趨勢，即離岸業務的利用率正在上升，這推高了短期離岸業務的利用率，因為我們正在吸收人才儲備。但我認為這種情況不太可能長期持續，因為我們計劃增加招聘，重建人才儲備，而且正如我之前所說，我們目前正處於高需求環境中。

We're also doing some tactical things internally. We've recently moved our India-based workforce onto a 9-hour Workday, which is in line, I should add, with industry practice, which will result in a reduction of utilization in India in theory in the next quarter or so by 1 to 2 points. But we'll continue to look at utilization and track it and understand how these dynamics play in.

我們內部也在進行一些策略性調整。最近，我們已將印度員工的工作時間調整為9小時制，這與業界慣例相符。理論上，這將導致印度員工的使用率在未來一個季度左右下降1到2個百分點。但我們會持續關注並追蹤利用率，了解這些因素的影響。

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

我們的下一個問題來自摩根大通的黃天進。

I know you've covered a lot already, but I want to ask about the customer engagement again and what makes this unique here in terms of what happened and why the exit occurred. I'm just trying to get a better sense of if this was one off or are there some other accounts that you're tracking as well.

我知道您已經談了很多，但我還是想再問一下客戶互動方面的問題，以及這次事件的特殊之處，包括發生了什麼以及客戶退出的原因。我只是想更了解這是否只是個例，或者您是否也在追蹤其他類似的客戶。

Yes. Let me kick it off, and then, Jan, if you've any of the financial elements, please embellish this as well. So first of all, we have a delivery excellent organization. That ensures we're aligned to a sophisticated set of delivery methods for want of a better words. You could think about these as methodologies, principles, programs, tools. As a Global Fortune 200 company, at any time, we probably have between 20,000 and 25,000 projects or programs underway in our delivery organization, and these projects are constantly reviewed and mapped. It goes without saying for Cognizant and, indeed, every other services company out there in the world that at any one time for a company of our size, there are certain projects that are classified amber, some red. These projects are monitored constantly, actions and frankly, senior management right up to me get involved in client discussions as needed. I will say we're on top of this. I've reviewed our entire portfolio over the last few years. I know where we stand. We have enhanced rigor in our dealer review and solutioning processes. Many of those aspects, by the way, have been changed in the past year. And just as a reminder, we have a new CFO who's pretty hands on, we have a new global delivery leader who came in the last year, we have a new Chief Admin Officer who's charged, amongst other things, with contract management and pricing. Each of these executives bring their own experience and value on complex deal pursuits, deal solutioning and pricing, which puts me in a position where I feel confident with where we stand.

是的。我先拋磚引玉，然後，Jan，如果你有任何財務方面的內容，也請補充說明。首先，我們擁有卓越的交付團隊。這確保我們能夠運用一套完善的交付方法（姑且這麼說吧）。你可以把這些方法理解為方法論、原則、計畫和工具。作為全球財富200強企業，我們的交付團隊隨時可能有2萬到2.5萬個專案或計畫正在進行中，這些專案都會不斷進行審查和梳理。對於Cognizant以及世界上所有其他服務公司來說，我們這種規模的公司總是會有一些項目被列為“琥珀色”，一些項目被列為“紅色”，這是不言而喻的。我們會持續監控這些項目，並根據需要採取行動，坦白說，包括我在內的高階主管都會參與與客戶的討論。我可以肯定地說，我們在這方面做得非常出色。過去幾年，我審查了我們所有的專案組合。我知道我們目前的狀況。我們加強了經銷商審核和解決方案製定流程的嚴謹性。順便一提，其中許多方面都是在過去一年中做出的調整。另外，我們新聘了一位親力親為的首席財務官，去年還聘請了一位新的全球交付負責人，以及一位負責合約管理和定價等事務的首席行政官。這些主管在複雜的交易洽談、交易方案製定和定價方面都擁有豐富的經驗和寶貴的價值，這讓我對公司目前的狀況充滿信心。

Our next question comes from the line of Matt O'Neill with Goldman Sachs.

我們的下一個問題來自高盛的馬特·奧尼爾。

A lot of good questions asked and answered already. I was hoping I could ask a little bit more around the sort of hiring dynamics and -- as well as the kind of international dynamics as well as far as, Brian, you mentioned hiring a lot of MDs internationally. And what is the kind of sort of expected ramp or lag from kind of higher to accelerating the actual business in some of the international markets as well as going back to the broader discussion around hiring as far as the relative scarcity of talent and challenges there as far as finding the right people with the right skill sets.

已經有很多很好的問題被提出並解答了。我希望能再多問一些關於招募動態以及國際招募動態的問題，例如布萊恩，你提到在國際上招募了很多總經理。從招募規模擴大到實際業務加速發展，在某些國際市場中，預期會出現怎樣的過渡期或延遲？回到更廣泛的招募討論，關於人才相對稀缺以及在尋找具備合適技能的合適人選方面所面臨的挑戰。

Look, from the international perspective, we called it global growth markets, which is about 25% of our business. We were quite intentional in the last year that as we're globalizing the company, so too that we want to localize the company to a certain extent. So that means, as an example, we've recently changed our Head of Japan. We've hired a Japanese local, previously was the Head of Microsoft Japan, prior experience in Oracle, HP, IBM Japan. So somebody with followership amongst clients, somebody would followership with talent and a roster of C-suite networks in the country. That's important to me, but we also need the people who can fit in with Cognizant culture, are extremely energetic and really want to do something incredible in the years ahead.

從國際視野來看，我們稱之為全球成長市場，它約占我們業務的25%。去年，我們有意在推動公司全球化的同時，也某程度上實現在地化。例如，我們最近更換了日本區負責人。我們聘請了一位日本本土人士，他之前是微軟日本的負責人，也曾在Oracle、惠普和IBM日本工作過。他不僅在客戶中擁有廣泛的人脈，在人才方面也頗具影響力，並且擁有廣泛的日本高階主管人脈。這一點對我來說很重要，但我們也需要能夠融入Cognizant企業文化、充滿活力並渴望在未來幾年成就一番事業的人才。

I've got to say it's been an absolute pleasure. We've been able to attract incredible talent to Cognizant across upgrades we've made in the U.K., Ireland, in the Nordics, in Germany, in Australia, New Zealand, in Japan and indeed as the new Head of Global Growth Markets, Ursula, who joined us in the month of December as well. And I'm very optimistic that they will ramp rapidly because they're a class A-type personalities, very senior, quick studies. We've helped them already with multiyear business plans to see how we can drive exponential growth in these geographies. Of course, I want to give them time to settle in, but they know that they've been hired with great expectations. And of course, they're charged not just with delivering commercially and from a delivery point of view locally and spending for the principles of the company, but also we are pivoting, transforming the company, the classic, very heavy leverage of application outsourcing, labor arbitrage, India model is being complemented, of course, with much more local selling, solutioning and delivery as we're driving across the entire C-suite to sell projects. So I'm very optimistic and very excited about the potential we have overseas. And I think it's an area that we haven't adequately mined internationally, and it's an area that, frankly, should enable us to drive nice growth.

我必須說，這真是一次非常愉快的經驗。我們成功地為 Cognizant 吸引了許多傑出人才，這得益於我們在英國、愛爾蘭、北歐、德國、澳洲、紐西蘭、日本以及去年 12 月加入我們團隊的全球成長市場新任負責人 Ursula 的加入。我對他們能夠快速適應工作充滿信心，因為他們都是頂尖人才，經驗豐富，學習能力也很強。我們已經幫助他們制定了多年業務計劃，探討如何在這些地區實現指數級增長。當然，我希望給他們一些時間來適應，但他們也知道，公司對他們寄予厚望。當然，他們的職責不僅在於從商業角度和本地交付角度出發，為公司原則進行支出，而且我們正在進行轉型，重塑公司。傳統的、高度依賴應用程式外包和勞動力套利的印度模式，當然也正在被更多在地化的銷售、解決方案和交付所補充，因為我們正在推動整個高階主管團隊積極參與專案銷售。所以我對我們在海外的潛力非常樂觀和興奮。我認為這是我們尚未在國際上充分開發的領域，坦白說，這個領域應該能夠幫助我們實現可觀的成長。

The broader talent question ultimately goes back to the market dynamics, which are stronger. If you look at the industry analysts these days, many of them are thinking about growth rate in the 3% to 6% for the entire industry going forward. Digital skills are particularly in demand, and that's something I think the entire industry is facing into. We can control what we will. So we are 100% focused as a management team around recruitment and around attrition and making sure we can fulfill against our bookings momentum. In the same way, and I'm proud to say we've promoted tens of thousands of associates recently and rewarded the majority of our employees with a merit-based salary increase and indeed, this year, we accrued and we will pay bonuses at higher levels than last year, notwithstanding COVID-19 and a ransomware attack. So we have a more rigorous approach to talent. You will see that process continue. We will probably be faced with still sequential pressure in involuntary attrition simply because we're going through end-of-year cycles. And after bonuses are paid, we'll see what happens. But we're 100% focused on attrition and recruiting and 100% focused on ensuring that our employee value proposition and employee brand is world-class.

更廣泛的人才問題最終歸結於市場動態，而目前的市場動態更加強勁。如果你看看現在的產業分析師，他們中的許多人認為整個產業未來的成長率將在3%到6%之間。數位技能的需求尤其旺盛，我認為這是整個產業都面臨的挑戰。我們可以掌控我們能夠掌控的因素。因此，作為管理團隊，我們百分之百專注於招募和人員流失，確保我們能夠跟上訂單成長的勢頭。同樣，我很自豪地說，我們最近晉升了數萬名員工，並為大多數員工提供了基於績效的加薪。事實上，儘管受到新冠疫情和勒索軟體攻擊的影響，我們今年的獎金發放水準仍然高於去年。因此，我們對人才採取了更嚴格的策略。你會看到這一過程仍在繼續。我們可能仍然會面臨非自願離職的壓力，這僅僅是因為我們正處於年末週期。獎金發放完畢後，我們再看看情況如何。但我們現在百分之百專注於降低員工流動率和招聘，百分之百專注於確保我們的員工價值主張和員工品牌達到世界一流水平。

We have time for one more question. Our next question comes from the line of Maggie Nolan with William Blair.

我們還有時間回答最後一個問題。下一個問題來自瑪姬·諾蘭和威廉·布萊爾的對話。

Brian, you spoke positively about the building strength of the portfolio and your positioning in light of substantial M&A activity. Can you comment on the competitive environment in the digital engineering space? Do you hope to pick up market share with new or existing clients? And do you have to disrupt competitors to do this?

布萊恩，你對不斷增強的投資組合實力以及在併購活動頻繁的情況下所處的市場地位給予了積極評價。能否談談數位工程領域的競爭環境？你希望透過拓展新客戶還是維護現有客戶來提升市場佔有率？你是否需要透過顛覆競爭對手來實現這個目標？

This is one of the hidden jewels, Maggie, in the entire corporation. Obviously, we have a rich heritage in application development and application maintenance, but that gives us a tremendous opportunity then to move much more forward, leveraging the strong skill sets and the talent that we acquired with Softvision back in 2018. In fact, we've done 2 digital engineering acquisitions in the last probably 4 months, Tin Roof in the United States as well as Magenic now most recently as well in this week that we closed. And you'll see us continue to complement those across the globe. We already have a very strong footprint across North America, and you'll see us continue to embellish Western Europe with that skill set as well. Of course, we think we're entering a new phase of digital, and this brings with it different dynamics. Clients aren't thinking of digital necessarily anymore simply as the classic tech stack at the bottom where they think about applications or infrastructure or data.

瑪吉，這可是我們整個公司隱藏的瑰寶之一。顯然，我們在應用程式開發和維護方面擁有深厚的底蘊，但這同時也為我們提供了巨大的發展機遇，讓我們能夠充分利用2018年收購Softvision時所獲得的強大技能和人才。事實上，在過去的四個月裡，我們完成了兩個數位工程領域的收購，分別是美國的Tin Roof和最近在本週完成收購的Magenic。你會看到我們繼續在全球補充這些資源。我們在北美已經擁有非常強大的影響力，你也會看到我們繼續利用這些技能來增強我們在西歐的業務。當然，我們認為我們正在進入一個全新的數位化階段，這帶來了不同的動態。客戶不再僅僅將數位化視為底層傳統的技術棧，例如應用、基礎設施或資料。

Our vision is ultimately that clients will recognize that the power of digital is not in those silos investments, but more across business processes and operating models. And that ultimately involves selling value, delivering value. It involves intelligence in consumer-grade applications from a CX point of view with security-grade features ultimately driven by intelligence that's fueled by massive data, modern architecture sitting on cloud platforms. And our digital engineering play truly with our interactive and experienced capabilities makes us one of the only companies in the world that can scale from the bottom of the tech stack right up to the top. There are certain pure-play digital companies that play in certain arenas. There are certain IPPs that play more at the bottom of the stack. But we're one of, I think, the 2 companies in the world which can truly scale top to bottom in that regard. And core to this belief as well, by the way, is the notion that processes will ultimately become more agile, data-driven and automated with a huge focus on CX. We've got some great examples already, by the way, in the portfolio, both vertically as well as horizontally.

我們的願景是，客戶最終能夠認識到，數位化的力量並非體現在孤立的投資上，而是更體現在業務流程和營運模式中。這最終意味著銷售價值，交付價值。它意味著從客戶體驗 (CX) 的角度出發，將智慧融入消費級應用程序，並配備安全級功能，最終由海量數據驅動的智慧以及基於雲端平台的現代化架構所支撐。我們憑藉著卓越的數位工程能力和互動體驗，成為全球少數的能夠從技術棧底層一直延伸到頂層的公司之一。一些純粹的數位公司專注於特定領域，一些獨立支付提供者 (IPP) 則更專注於技術堆疊底層。但我認為，我們是全球僅有的兩家能夠真正實現從上到下全面擴展的公司之一。順便一提，這個理念的核心在於，流程最終將變得更加敏捷、數據驅動和自動化，並高度重視客戶體驗。順便一提，我們的投資組合中已經有一些非常優秀的案例，涵蓋了垂直和水平兩個層面。

ATG is a company we acquired in 2018. It's a leader in advisory, implementation and managed services in quote to cash. And that's one example are Lev, another sales force platinum partner that we acquired in 2020, helps businesses simplify and modernize marketing campaigns, leveraging Salesforce marketing cloud and that really helps them provide data insight and personalization across their customer journey. This, in my mind, is where digital is going. It's not about silo tech stacks. I personally have collapsed our organization to really get at the intersection point of cloud and digital. This is happening when certain other companies are actually doubling down in cloud silos, but I actually think the true value is at the intersection point. And I feel we can truly get after new customers, but we're also dislodging certain companies from accounts that they've long held. Some of these companies are private companies, some are public, but we feel we got one of the biggest digital engineering companies in the world, and you'll see us continue to double that in that regard.

ATG是我們2018年收購的公司，它是從報價到收款的諮詢、實施和管理服務的領導者。 Lev是另一家Salesforce白金合作夥伴，也是我們在2020年收購的，它幫助企業利用Salesforce行銷雲端簡化和現代化行銷活動，從而真正幫助他們在客戶旅程中提供資料洞察和個人化服務。在我看來，這就是數位化發展的方向。它不再是孤立的技術堆疊。我個人已經精簡了我們的組織架構，以便真正聚焦在雲端和數位化的交匯點。同時，有些公司卻在加倍投入雲孤島，但我認為真正的價值在於交會點。我相信我們能夠真正贏得新客戶，同時也能夠從一些公司手中奪走他們長期佔據的客戶。這些公司有些是私人企業，有些是上市公司，但我們相信我們已經擁有了全球最大的數位工程公司之一，而且您將會看到我們在這一領域繼續發展壯大。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn the floor back over to management for closing comments.

女士們、先生們，今天的問答環節到此結束。現在我把發言權交還給管理階層，請他們做總結發言。

This is Katie. I'd just like to thank you all for taking the time and joining the call, and we look forward to speaking with you in the coming days. Thanks.

我是凱蒂。非常感謝大家抽空參加這次電話會議，我們期待在接下來的幾天與大家繼續交流。謝謝。

This concludes today's Cognizant Technology Solutions Q4 2020 Earnings Conference Call. You may all disconnect your lines at this time, and enjoy the rest of your evening.

今天 Cognizant Technology Solutions 2020 年第四季財報電話會議到此結束。各位可以掛斷電話，祝您晚安。