高知特 (CTSH) 2020 Q3 法說會逐字稿

Greetings, and welcome to the Cognizant Q3 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Cognizant 2020 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Katie Royce, Global Head of Investor Relations. Please go ahead, Katie.

現在我很高興將電話交給全球投資者關係主管凱蒂·羅伊斯。請繼續，凱蒂。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

By now, you should have received a copy of the earnings release and investor supplement for the company's third quarter 2020 results. If you have not, copies are available on our website, cognizant.com.

現在，您應該已經收到公司 2020 年第三季業績的收益報告和投資者補充資料。如果您還沒有，可以從我們的網站 cognizant.com 取得副本。

The speakers we have on today's call are Brian Humphries, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer.

今天參加電話會議的發言人有：執行長 Brian Humphries；以及財務長 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 to our investors. Reconciliations of non-GAAP financial measures, where appropriate, to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中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能夠為投資者提供有用資訊的非GAAP財務指標。在適當情況下，非GAAP財務指標與相應的GAAP指標的調節表可以在公司的獲利報告和向美國證券交易委員會提交的其他文件中找到。

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。請繼續，布萊恩。

Thank you, Katie.

謝謝你，凱蒂。

Good afternoon, everybody, and a warm welcome to Jan, who many of you know, in what is his first Cognizant earnings call. Today, I'd like to address 4 topics with you, namely, a brief summary of the third quarter; an update on our employee engagement; observations on the demand environment and clients' evolving needs; and our strategic focus areas as we aim to revitalize revenue growth.

大家下午好，熱烈歡迎 Jan，相信很多人都認識他，這是他第一次參加 Cognizant 的財報電話會議。今天，我想和大家談談以下四個面向：第三季簡要總結；員工敬業度的最新情況；對市場需求環境和客戶不斷變化的需求的觀察；以及我們為重振收入成長而重點關注的策略領域。

Let's start with the third quarter. Third quarter revenue was $4.2 billion, a decline of 70 basis points year-over-year in constant currency. Excluding the negative 130 basis points impact from the exit of certain nonstrategic content services business, revenue grew 60 basis points year-over-year.

我們先從第三季開始。第三季營收為 42 億美元，以固定匯率計算年減 70 個基點。剔除退出某些非策略性內容服務業務帶來的 130 個基點的負面影響，營收年增 60 個基點。

We executed well in what remains a challenging environment. Highlights of the quarter include: continued commercial momentum with bookings growth in excess of 25% year-over-year; ongoing momentum in digital with revenue growth up 13% year-over-year and continued strength in digital bookings and qualified pipeline; gross margin and cash flow strength, enabling us to continually invest in the business; and significantly increased and sustained financial flexibility on India earnings and cash. Jan will provide more insights on the quarter in his prepared remarks.

我們在依然充滿挑戰的環境下出色地完成了任務。本季亮點包括：商業動能持續強勁，預訂量年增超過 25%；數位業務持續成長，營收年增 13%，數位預訂量和合格銷售通路持續強勁；毛利率和現金流強勁，使我們能夠持續投資於業務；以及印度收益和現金方面財務靈活性顯著提高並保持穩定。Jan將在事先準備好的發言稿中對本季的情況提供更多見解。

Moving to our second topic, I would like to briefly address our talented associates. I'm grateful to each of them for their professionalism and perseverance in serving our clients during this protracted pandemic, which has put a tremendous strain on families and compressed their lives to screens and homes. We could not have executed against our commitments in 2020 without their client centricity, work ethic and engagement.

接下來，我想簡要地談談我們才華橫溢的同事。我感謝他們每個人在這場曠日持久的疫情期間所展現出的專業精神和堅持不懈，這場疫情給家庭帶來了巨大的壓力，並將他們的生活壓縮到屏幕和家中。如果沒有他們以客戶為中心的理念、職業道德和敬業精神，我們不可能在 2020 年履行我們的承諾。

Given our financial performance and in recognition of the contributions of our associates, we are creating 2020 bonuses at higher levels than 2019. We are also implementing targeted merit increases and promotions in the fourth quarter. Both will hurt our cost structure in 2020 versus the prior year, but are an essential and normalized part of the cost structure in the services business.

鑑於我們的財務業績，並為了表彰我們員工的貢獻，我們將 2020 年的獎金水準定得比 2019 年更高。我們在第四季也將實施有針對性的績效加薪和晉升措施。與前一年相比，這兩項都會對我們 2020 年的成本結構造成影響，但它們是服務業務成本結構中不可或缺且正常的組成部分。

In stressful times like these, we are especially attentive to employee engagement, a measure of how committed and connected people are to our company. Our recent Cognizant people engagement survey showed scores consistently above industry benchmarks. And our overall engagement score meaningfully increased versus prior surveys.

在現今這樣充滿壓力的時期，我們尤其關注員工敬業度，這是衡量員工對公司忠誠度和歸屬感的指標。我們最近進行的 Cognizant 員工敬業度調查顯示，得分始終高於行業基準。與先前的調查相比，我們的整體參與度評分顯著提高。

In an external endorsement of sorts, Forbes Magazine just ranked Cognizant #19 out of 750 companies across 45 countries in its World's Best Employers list. These high levels of employee engagement, coupled with current economic environment, contributed to our fifth consecutive quarter of reductions in voluntary attrition. We anticipate some sequential increases in voluntary attrition in the coming quarters after the forthcoming merit-based promotions and salary increase cycle.

某種程度上來說，這是對 Cognizant 的一種外在認可。 《富比士》雜誌在其「全球最佳雇主」榜單中，將 Cognizant 從 45 個國家的 750 家公司中評為第 19 名。員工的高度敬業精神，加上當前的經濟環境，促成了我們連續第五個季度降低自願離職率。我們預計，在即將到來的基於績效的晉升和加薪週期之後，未來幾季自願離職人數將出現一些連續增長。

We continue to prioritize the health and safety of all our associates, and remain in a work from home and restricted travel posture with only limited exceptions.

我們將繼續把所有員工的健康和安全放在首位，並繼續實行居家辦公和限制出行的政策，僅有少數例外。

Now I'd like to turn to clients, and in particular, the trends we are seeing. These trends fall into 2 categories, 1 cyclical and 1 secular. First, on the cyclical side and set against a protracted pandemic, clients are increasingly decisive on their technology priorities. They are focused on cost savings, CapEx reductions, resiliency and agility. This is slowing large project deployments with extended paybacks, but creating other opportunities. We are seeing accelerated vendor consolidation trends, which we stand to benefit from given our deep strategic relationships and client references in buildup rate, and our enhanced portfolio and growing reputation in digital, where more and more clients want to see us challenge digital incumbents.

現在我想談談客戶，特別是我們目前看到的趨勢。這些趨勢可分為兩類，一類是週期性趨勢，另一類是長期性趨勢。首先，從週期性因素來看，在疫情持續蔓延的情況下，客戶在技術優先事項方面越來越堅定。他們專注於節省成本、減少資本支出、增強韌性和敏捷性。這雖然會減緩投資回報週期較長的大型專案部署速度，但也創造了其他機會。我們看到供應商整合趨勢正在加速，鑑於我們在發展速度方面擁有深厚的策略關係和客戶推薦，以及我們在數位領域不斷增強的產品組合和日益增長的聲譽，我們將從中受益，因為越來越多的客戶希望看到我們挑戰數位領域的現有企業。

Client focus on innovation and cost savings is also creating opportunities for incumbent vendor displacement as larger deals. We plan to be disciplined and selective in our pursuit of larger deals, including captives, as these transactions, if not well conceived, can bring diluted compound annual growth rates, margin pressure and unfavorable terms.

客戶對創新和成本節約的關注也為現有供應商的更替創造了機會，尤其是在交易規模更大的情況下。我們計劃在尋求大型交易（包括自保公司）時保持自律和謹慎，因為這些交易如果構思不當，可能會導致複合年增長率降低、利潤率承壓和條款不利。

I want to focus my comments on the more consequential secular trend, digital transformation. This is our top priority. It goes to the heart of client business model innovation, transformation and experiences. COVID-19 has widened the digital divide between the digital natives and legacy economy companies, which have struggled to shift to a fully digital operating model. These industrial era companies have focused on upgrading their tech stack at the infrastructure, data and application layers. They have migrated their apps and data to the cloud, and improved the agility of their underlying technology. These improvements, however important, all short of delivering the full power of digital transformation as they optimize the technology foundation rather than the business process or operating model. I believe the industry is at an inflection point in digital adoption.

我想重點談談影響更深遠的長期趨勢——數位轉型。這是我們的首要任務。它直指客戶業務模式創新、轉型和體驗的核心。COVID-19 加劇了數位原住民和傳統經濟公司之間的數位鴻溝，後者一直難以轉型為完全數位化的營運模式。這些工業時代的公司一直致力於升級其基礎設施、資料和應用層的技術堆疊。他們已將應用程式和資料遷移到雲端，並提高了底層技術的敏捷性。然而，這些改進雖然重要，但都未能充分發揮數位轉型的潛力，因為它們優化的是技術基礎，而不是業務流程或營運模式。我認為，該產業正處於數位轉型的轉捩點。

We see growing client interest in realizing more immediate customer and business value by identifying use cases to shift to agile digital workflows. That means transforming processes to become agile, data-driven and automated. So workflows can be industry-specific such as claims and policy management or pharmacovigilance, or horizontal such as close to cash or digital marketing. In such cases, how we engineered an agile digital workflow for a leading app pro company that needed a return to work and to store strategy. We offered our safe workforce solution, built on the Salesforce work -- platform. This comprehensive employee safety solution provides management with information about public health conditions, office capacity employee health and shift schedules. We can stagger arrival times to minimize contract, encourage hygiene through automated reminders and when connected with IoT centers, help enforce social distancing and occupancy limits.

我們看到，客戶越來越有興趣透過確定用例來轉向敏捷的數位化工作流程，從而實現更直接的客戶和業務價值。這意味著要轉變流程，使其敏捷、數據驅動和自動化。因此，工作流程可以是特定行業的，例如索賠和保單管理或藥物警戒，也可以是橫向的，例如現金交易或數位行銷。在這種情況下，我們如何為一家領先的應用程式專業公司設計敏捷的數位工作流程，該公司需要製定復工復產和門市營運策略。我們提供基於 Salesforce 工作平台的安全工作解決方案。這套全面的員工安全解決方案為管理層提供有關公共衛生狀況、辦公場所容量、員工健康狀況和輪班安排的資訊。我們可以錯開到達時間以最大限度地減少接觸，透過自動提醒來鼓勵衛生，並且當與物聯網中心連接時，可以幫助執行社交距離和入住限制。

As more clients implement agile digital workflows, the digital services market is evolving into a third phase. In Phase 1 of digital, clients sought to understand what digital really meant to their industries. In Phase 2, the implemented digital experiments and projects at the edge of their enterprises. In Phase 3, clients realize they must be software-driven enterprises and digital to their core.

隨著越來越多的客戶實施敏捷數位工作流程，數位服務市場正進入第三階段。在數位轉型的第一階段，客戶試圖了解數位化對其所在產業的真正意義。在第二階段，他們在企業邊緣實施了數位化實驗和專案。在第三階段，客戶意識到他們必須成為軟體驅動型企業，並從根本上數位化。

So what does this shift to agile digital workflows mean for services companies, and who will be the winners? The first and perhaps most obvious thing to say is that there will be more than one winner. That being said, everything we are doing as a company, from our strategy, solution portfolio, partnerships, mergers and acquisitions, branding and marketing and talent is focused on being one of the biggest beneficiaries of this new phase in digital.

那麼，這種向敏捷數位工作流程的轉變對服務公司意味著什麼？誰將成為終極的贏家？首先也是最顯而易見的一點是，不會只有一個贏家。也就是說，我們公司所做的一切，從策略、解決方案組合、合作夥伴關係、併購、品牌推廣和行銷到人才，都旨在成為數位化新階段的最大受益者之一。

To become modern businesses and create business value, companies need to embrace a digital technology stack that consists of: personalized and engaging customer and employee experiences, enabled by software engineering, powered by customer and operational intelligence, driven by data and run on a modern cloud business platform. We haven't always done a great job marketing this, but we are one of the few firms in the world with solutions and partnerships across every layer of this stack.

要成為現代化企業並創造商業價值，企業需要採用數位技術堆棧，該堆疊包括：由軟體工程實現的個人化和引人入勝的客戶和員工體驗，由客戶和營運智慧驅動，由數據驅動，並在現代雲端業務平台上運行。我們在這方面的市場推廣做得併不總是很好，但我們是世界上為數不多的幾家擁有涵蓋該技術棧每一層的解決方案和合作夥伴關係的公司之一。

Inorganic investments have strengthened our SaaS partnerships with both Salesforce and Workday, complementing long-standing relationships with SAP, Oracle and ServiceNow to offer clients the full suite of enterprise application services they require to modernize their core processes and enable agile digital workflows. In the last 6 months, we have further strengthened our partnership commitment to all 3 leading hyperscale providers, announcing the formation of dedicated business groups for both Microsoft and AWS, and investing to enhance our Google Cloud credentials. Whatever approach a client wants to take to become a modern business, our portfolio adds multiple overlaps.

無機投資加強了我們與 Salesforce 和 Workday 的 SaaS 合作夥伴關係，補充了與 SAP、Oracle 和 ServiceNow 的長期合作關係，從而為客戶提供他們所需的全部企業應用服務，以實現其核心流程的現代化和敏捷的數位化工作流程。在過去的 6 個月裡，我們進一步加強了與三大領先超大規模雲端服務供應商的合作關係，宣布成立專門針對微軟和 AWS 的業務團隊，並投資提升我們在 Google Cloud 的資格。無論顧客想採取何種方式成為現代化企業，我們的產品組合都能提供多種重疊方案。

Let's say a client wants to start at the bottom of the digital technology stack by accelerating cloud migration. We can do this for them, driving efficiencies that can subsequently be invested in innovation. And that's exactly what we're doing for a global automotive manufacturer that came to us for help to bring agility, innovation and efficiency to their business processes. We started by executing an agile delivery model for core modernization. We then deployed our one DevOps model across the clients, dealers, supply chain, accessories, parts and incentives, improving speed, flexibility and user experience.

假設客戶希望從數位技術堆疊的最底層開始，加速雲端遷移。我們可以為他們做到這一點，提高效率，然後將這些效率投入創新。而這正是我們正在為一家全球汽車製造商所做的，他們前來尋求我們的幫助，以提升其業務流程的敏捷性、創新性和效率。我們首先採用敏捷交付模式進行核心現代化改造。然後，我們將我們的單一 DevOps 模型部署到客戶、經銷商、供應鏈、配件、零件和激勵措施中，從而提高了速度、靈活性和使用者體驗。

In another example, we're engaged in partnership with Snowflake in a digital transformation project for a leading financial services firm. We're building a cloud-based intelligent data platform that facilitates multiple analytical and machine-based use cases. This platform unlocks innovation opportunities and value-added use cases, including real-time intelligence for fraud detection, a better user experience for opening and reactivating accounts, a reduction in loan dispute processing time and improved field agent selling effectiveness.

再舉一個例子，我們正與 Snowflake 合作，為一家領先的金融服務公司開展數位轉型專案。我們正在建立一個基於雲端的智慧數據平台，以促進多種分析和基於機器的應用場景。該平台釋放了創新機會和增值用例，包括用於欺詐檢測的即時智慧、更好的開戶和重新激活帳戶的用戶體驗、減少貸款糾紛處理時間以及提高現場代理的銷售效率。

More and more clients are, however, starting at the top of the digital technology stack, by focusing on the customer and employee experience. Such experiences can be continuously improved through the magic of human-centric insights, software product engineering, automation and applied AI. And hyper personalization, all of which ultimately requires clients to embark on a core and data modernization journey.

然而，越來越多的客戶開始從數位科技堆疊的頂端入手，專注於客戶和員工體驗。透過以人為本的洞察力、軟體產品工程、自動化和應用人工智慧的神奇力量，可以不斷改進此類體驗。而高度個人化，最終都需要客戶踏上核心與資料現代化之旅。

That's what we did for a large global insurance company -- Cognizant to design, implement and run a new direct-to-consumer business that will provide a compelling AI-enabled interactive experience to consumers and agents. Recognizing this needed to be integrated with existing core systems and data architectures, we then worked with AWS to host this in a scalable modern digital platform.

我們為一家大型全球保險公司 Cognizant 設計、實施和經營了一項全新的直接面向消費者的業務，該業務將為消費者和代理商提供引人注目的 AI 賦能的互動體驗。我們意識到這需要與現有的核心系統和資料架構相集成，因此我們與 AWS 合作，將其託管在一個可擴展的現代化數位平台上。

In these examples, you will see the opportunity to create a flywheel effect, a virtuous cycle, which Cognizant and our clients stand well positioned to benefit from. In a world of vendor consolidation, Cognizant is one of the few firms that can capture this opportunity.

在這些例子中，您將看到創造飛輪效應、良性循環的機會，Cognizant 和我們的客戶都處於有利地位，可以從中受益。在供應商整合的大環境下，Cognizant 是少數幾家能夠抓住這一機會的公司之一。

I'd now like to turn to the company's future, and our goal to increase our relative commercial momentum and revitalized revenue growth.

現在我想談談公司的未來，以及我們提高相對商業動能和重振收入成長的目標。

In the knowledge-based business, investing for growth starts with attracting, developing and retaining talent. In the last 6 months, we have overhauled our talent management and annual performance evaluation processes, which allow us to develop a diverse, inclusive and high-performance team, where talent is identified and nurtured for promotions.

在知識密集企業中，投資成長始於吸引、培養和留住人才。在過去的 6 個月裡，我們徹底改革了人才管理和年度績效評估流程，這使我們能夠建立一支多元化、包容性和高績效的團隊，從而發現和培養人才以獲得晉升。

Meanwhile, we have invested in growth by strengthening our country leadership with senior hires in Germany, the Nordics, Australia and Asia Pacific Japan. Earlier this week, we also announced the completion of our Executive Committee with the announcement of our new President for Global Growth Markets, and the newly created role of Executive Vice President and Chairman for Cognizant India. We've also rallied the organization behind what we call the Cognizant Agenda, which articulates our purpose, vision and values. Our vision is to become the preeminent technology services partner to the Global 2000 C-suite. To achieve this, we are aligned behind a series of both moves that require investments.

同時，我們透過在德國、北歐、澳洲和亞太地區（日本）聘請高級人才來加強國家領導層，從而投資於成長。本週早些時候，我們也宣布了執行委員會的組成完成，任命了新的全球成長市場總裁，以及新設立的 Cognizant India 執行副總裁兼董事長一職。我們也讓整個組織團結起來，支持我們稱之為「認知議程」的理念，闡明了我們的宗旨、願景和價值觀。我們的願景是成為全球 2000 強企業高階主管團隊首選的技術服務合作夥伴。為了實現這一目標，我們一致支持一系列需要投資的措施。

First, we will meaningfully increase investments in branding and marketing including launching a breakthrough global brand campaign in the coming months. This campaign will reposition the Cognizant brand, and will reach beyond our familiar technology audience to the entire C-suite as well as the next generation of talent.

首先，我們將大幅增加對品牌和行銷的投入，包括在未來幾個月內推出一項突破性的全球品牌推廣活動。這項活動將重新定位 Cognizant 品牌，並將受眾範圍從我們熟悉的科技受眾擴展到整個高階主管團隊以及下一代人才。

Second, we will continue to accelerate digital. Our priority areas of digital engineering, AI and analytics, cloud and IoT are more relevant than ever to clients. We aim to lead in the third phase of digital, which will require continued investment in M&A, our commercial and delivery capabilities, offer management, talent and branding.

第二，我們將繼續加快數位化進程。數位工程、人工智慧和分析、雲端運算和物聯網等領域是我們優先發展的領域，這些領域對客戶而言比以往任何時候都更加重要。我們的目標是在數位化第三階段佔據領先地位，這將需要持續投資於併購、商業和交付能力、產品管理、人才和品牌建立。

Third, we will continue to globalize Cognizant by investing for growth in targeted countries, strengthening our regional capabilities, scaling our brand internationally and executing a global delivery network that will ensure greater resiliency in our delivery capabilities.

第三，我們將繼續推動 Cognizant 的全球化，投資於目標國家的成長，加強我們的區域能力，在國際上擴大我們的品牌規模，並建立一個全球交付網絡，以確保我們交付能力的更強韌性。

And fourth, we will continue to make investments that increase our relevance to clients by strengthening our industry expertise and technology consulting capabilities, investing in our talent and extending our solution integrator and designer competency.

第四，我們將繼續加大投資，透過加強行業專業知識和技術諮詢能力、投資人才以及擴展解決方案整合商和設計師能力，來提高我們對客戶的相關性。

As we invest for growth, we will also continue to leverage our balance sheet to accelerate our strategy. Our M&A strategy continues to be focused on advancing our digital priorities across the globe. Last month, we closed the acquisition of Tin Roof Software, a custom software and digital product development services company that expands our software product engineering footprint in the United States.

在進行成長投資的同時，我們也將繼續利用資產負債表來加速我們的策略。我們的併購策略將繼續專注於推動我們在全球範圍內的數位化優先事項。上個月，我們完成了對 Tin Roof Software 的收購，這是一家客製化軟體和數位產品開發服務公司，此次收購擴大了我們在美國的軟體產品工程業務範圍。

And earlier this month, we closed the acquisition of 10th Magnitude, one of Microsoft's longest-standing Azure-centric partners. This deal expands the Microsoft Azure expertise within our new Microsoft business group and adds development on managed services hubs throughout the United States.

本月初，我們完成了 10th Magnitude 的收購，該公司是微軟歷史最悠久的 Azure 合作夥伴之一。這項交易擴大了我們新成立的微軟業務集團在微軟 Azure 方面的專業知識，並促進了我們在美國各地託管服務中心的發展。

And last week, we agreed to acquire Bright Wolf, a technology services provider that specializes in custom industrial IoT solutions for Fortune 1000 companies, which will expand our smart products and Industry 4.08 expertise.

上週，我們同意收購 Bright Wolf，這是一家技術服務提供商，專門為財富 1000 強公司提供客製化的工業物聯網解決方案，這將擴展我們的智慧產品和工業 4.08 專業知識。

In short, we are committed to growth, and we'll continue to make meaningful investments to ensure we increase our relevance to clients and enhance our competitiveness. While the macro and political backdrop remain uncertain, come what may, our goal is to ensure we outgrow the market, just like we did in the third quarter, whilst remaining commercially disciplined.

簡而言之，我們致力於發展，並將繼續進行有意義的投資，以確保我們提高對客戶的重要性並增強我們的競爭力。儘管宏觀和政治背景仍然不明朗，但無論如何，我們的目標是確保我們像第三季一樣實現超越市場的成長，同時保持商業紀律。

In closing, I would remind you that 18 months ago, when we set Cognizant's transformation in motion aimed at returning the company to be the IT services industry bellwether, we knew this would be a multiyear endeavor, and our view has not changed. While we continue to have a lot of work ahead of us, we are encouraged by our progress. Our employees are energized united by our shared purpose and vision. We're excited about our strengthening competitive position, the opportunity to expand internationally and the opportunity presented by the third phase of digital.

最後，我想提醒各位，18 個月前，當我們啟動 Cognizant 的轉型，旨在使公司重新成為 IT 服務行業的風向標時，我們就知道這將是一項多年的努力，而我們的看法至今未變。雖然我們面前還有很多工作要做，但我們對取得的進展感到鼓舞。我們的員工充滿活力，團結一致，擁有共同的目標和願景。我們對自身不斷增強的競爭地位、拓展國際市場的機會以及數位化第三階段帶來的機會感到興奮。

There will be several big winners in this attractive market, and we aim to be one of them. With that, I'll turn the call over to Jan, who will take you through the details of the third quarter and our fiscal year outlook before we take your questions. Jan, over to you.

在這個充滿吸引力的市場中，將會湧現許多大贏家，而我們的目標就是成為其中之一。接下來，我會把電話交給 Jan，她將為大家詳細介紹第三季和本財年的展望，之後我們將回答大家的問題。Jan，該你了。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

I'm very happy to be part of the Cognizant team and look forward to connecting with all of you going forward. From the onset, I was intrigued by Cognizant's meaningful growth opportunity, and my first weeks in the job have more than confirmed my initial assessment. I will work hard to fill Karen's shoes and wanted to say a big thank you to her for making my onboard so smooth and seamless.

我非常高興能成為 Cognizant 團隊的一員，並期待未來與大家保持聯繫。從一開始，我就被 Cognizant 提供的巨大發展機會所吸引，而我入職後的頭幾週也充分證實了我最初的判斷。我會努力接替凱倫的工作，並衷心感謝她讓我的入職過程如此順利無縫。

Moving on to Q3 results. Third quarter revenue of $4.2 billion was flat year-over-year or a decline of 70 basis points at constant currency. Compared to the prior year period, this includes a positive 250 basis points contribution from inorganic growth and a negative 130 basis points impact from the exit of certain content-related services. Sequentially, we saw a broad-based improvement in the business, particularly in areas such as cloud and enterprise application services, IoT and software engineering.

接下來是第三季業績。第三季營收為 42 億美元，與去年同期持平，以固定匯率計算下降 70 個基點。與去年同期相比，這包括非內生成長帶來的 250 個基點的正向貢獻，以及退出某些內容相關服務帶來的 130 個基點的負向影響。從各方面來看，業務都得到了全面改善，尤其是在雲端運算和企業應用服務、物聯網和軟體工程等領域。

Moving to the industry verticals where all of the growth rates provided will be year-over-year in constant currency. Financial services declined 2.2% with similar performance in both banking and insurance. Retail banking improved in the quarter, driven by regional banks, while capital markets returned to growth after several quarters of softness. However, we continue to see weakness across global banking accounts and with clients in the payment sector. We continue to expect below company average performance in the Financial Services segment for the next several quarters.

接下來我們將進入產業垂直領域，這裡提供的所有成長率都將是按固定匯率計算的同比數據。金融服務業下滑2.2%，銀行業和保險業表現類似。本季零售銀行業務有所改善，主要得益於區域性銀行的推動；而資本市場在經歷了幾個季度的疲軟後，也恢復了成長。然而，我們仍然看到全球銀行帳戶和支付行業客戶方面存在疲軟跡象。我們預計未來幾季金融服務部門的業績仍將低於公司平均。

Healthcare grew 4.2% led by double-digit growth in life sciences, driven by strong growth in the biopharma clients, and included the contribution of the Zenith acquisition which we lapped mid quarter. Growth was partially offset by continued weakness in the medical device clients.

醫療保健產業成長 4.2%，其中生命科學領域實現了兩位數成長，這主要得益於生物製藥客戶的強勁成長，此外還包括我們在本季中期完成的 Zenith 收購的貢獻。醫療器材客戶的持續疲軟部分抵消了成長。

Within our health care vertical, revenue saw modest growth. After 6 quarters of decline, we are pleased with early signs of improvements in the health care business, we see improvement in the payer segment across key accounts which is offsetting the decline in the provider market that continues to be negatively impacted by COVID.

在我們的醫療保健業務領域，收入實現了小幅成長。經過 6 個季度的下滑，我們很高興看到醫療保健業務出現初步改善跡象。我們看到主要客戶的支付方業務有所改善，這抵消了受 COVID 疫情持續負面影響的醫療服務提供者市場的下滑。

Products and Resources declined 4.6%, with double-digit growth in manufacturing, logistics, energy and utilities, offset by double-digit declines in travel and hospitality and high single-digit declines in retail and consumer goods. While we saw strength in bookings in retail and consumer goods, we expect continued pressure in 2021 as a result of the ongoing pandemic.

產品和資源行業下降了 4.6%，其中製造業、物流業、能源和公用事業實現了兩位數的增長，但旅遊和酒店業出現了兩位數的下降，零售和消費品行業出現了接近兩位數的下降，抵消了部分增長。儘管零售和消費品行業的預訂量表現強勁，但由於疫情持續蔓延，我們預計 2021 年仍將面臨持續壓力。

Communications, Media and Technology was flat, including the approximately negative $57 million year-over-year impact to technology from our decision to exit certain portions of our content services business. Excluding this negative 920 basis point impact, growth in Communications, Media and Technology was approximately 9%. Communications and media grew mid-single digits as growth in communications and education clients offset continued weakness in media and entertainment. We expect pressure in media and entertainment into 2021.

通訊、媒體和技術業務持平，其中包括由於我們決定退出部分內容服務業務而對技術業務造成的約 5700 萬美元的同比負面影響。剔除這 920 個基點的負面影響，通訊、媒體和科技產業的成長率約為 9%。通訊和媒體產業實現了中等個位數的成長，其中通訊和教育客戶的成長抵消了媒體和娛樂產業的持續疲軟。我們預計2021年媒體和娛樂產業將面臨壓力。

While overall, we saw improved momentum across the business, the demand environment remains uncertain. But we believe we are gaining traction across industries as reflected in the strong bookings and pipeline numbers Brian referenced earlier.

雖然整體而言，我們看到業務發展勢頭有所改善，但需求環境仍然不明朗。但我們相信，正如布萊恩之前提到的強勁預訂量和專案儲備數據所反映的那樣，我們正在各個行業中獲得認可。

Moving on to margins. In Q3, our GAAP operating margins and diluted EPS were 14.2% and $0.64, respectively. GAAP EPS reflects $140 million or $0.20 -- $0.26 per share income tax expense related to the reversal of our indefinite reinvestment assertion on accumulated India earnings. I'll comment more on that decision later in my prepared remarks.

接下來討論邊際效益。第三季度，我們的 GAAP 營業利潤率和稀釋後每股收益分別為 14.2% 和 0.64 美元。GAAP EPS 反映了 1.4 億美元或每股 0.20 - 0.26 美元的所得稅費用，這與我們撤銷對印度累積收益的無限期再投資聲明有關。我稍後會在準備好的發言稿中對這項決定作更詳細的評論。

Adjusted operating margin, which excludes restructuring and COVID-related charges, was 15.9%, and our adjusted diluted EPS was $0.97. Adjusted operating margin was down 140 basis points year-over-year primarily driven by higher incentive-based compensation and the dilutive impact of our recently completed acquisitions, which more than offset savings from our Fit for Growth program, lower T&E expense and the favorable movement in the rupee. Additionally, during the quarter, we incurred $43 million of charges related to the Fit for Growth Plan. The actions drove continued cost discipline, which allowed us to further invest into our growth initiatives. The majority of the actions under Fit for Growth are complete, and we have achieved our savings targets.

經調整後的營業利潤率（不包括重組和新冠疫情相關費用）為 15.9%，經調整後的稀釋每股收益為 0.97 美元。調整後的營業利潤率同比下降 140 個基點，主要原因是激勵性薪酬增加以及我們最近完成的收購帶來的稀釋影響，這些因素抵消了“Fit for Growth”計劃的節省、差旅費降低以及盧比的有利變動。此外，本季我們還產生了與「Fit for Growth Plan」相關的 4,300 萬美元費用。這些舉措促使我們繼續嚴格控製成本，從而使我們能夠進一步投資於我們的成長計劃。「Fit for Growth」計畫下的大部分行動已經完成，我們也實現了節約目標。

We expect charges to be approximately $200 million in annualized gross run rate savings of $520 million to $550 million in 2021.

我們預計 2021 年的費用約為 2 億美元，年化毛利率節省 5.2 億美元至 5.5 億美元。

While we don't anticipate charges under Fit for Growth to continue in 2021, we will continue to invest savings achieved to help accelerated growth aligned behind the 4 strategic areas Brian outlined: repositioning the Cognizant brand, accelerating digital, globalizing the company, increasing our relevance with clients.

雖然我們預計 2021 年 Fit for Growth 計畫下的費用不會繼續增加，但我們將繼續投資節省下來的資金，以幫助加速成長，這與 Brian 概述的 4 個策略領域保持一致：重新定位 Cognizant 品牌、加速數位化、實現公司全球化、提高我們與客戶的相關性。

Now turning to the balance sheet. Our cash and short-term investments balance as of September 30, stood at $4.6 billion or a net cash of $2.1 billion. Our outstanding net debt balances include the approximate $1.7 billion drawn on our revolving credit facilities in the first quarter 2020. We had a strong cash flow quarter generating $821 million of free cash flow, largely driven by improved collections of our receivables. DSO improved 5 days year-over-year to 72 days.

現在來看資產負債表。截至9月30日，我們的現金和短期投資餘額為46億美元，淨現金為21億美元。我們未償還的淨債務餘額包括 2020 年第一季從循環信貸額度中提取的約 17 億美元。本季現金流強勁，自由現金流達 8.21 億美元，主要得益於應收帳款回收情況的改善。DSO 較去年同期改善 5 天，達到 72 天。

Before turning to guidance, I will provide additional details on our decision to reverse our indefinite reinvestment assertion on accumulated India earnings totaling $5.2 billion. The decision was made based on our strategic priorities to accelerate growth in international markets, and to expand our global delivery footprint, changes to the India budget enacted in April, and changes to the U.S. tax regulations that became effective in September. This reversal resulted in a onetime GAAP-only tax cost of approximately $140 million, and makes those earnings available globally.

在給出業績指引之前，我將提供更多關於我們撤銷對累計印度收益 52 億美元無限期再投資聲明的決定的細節。做出這項決定是基於我們的戰略重點，即加速國際市場成長，擴大全球交付範圍；同時，也受到4月份印度預算變更和9月份美國稅收法規變更的影響。這項調整導致一次性 GAAP 稅收成本約為 1.4 億美元，並使這些收益在全球範圍內可用。

In October, we distributed $2.1 billion from our subsidiary in India, which resulted in a net $2 billion cash transfer from India after payment of India withholding tax.

10 月份，我們從印度子公司分配了 21 億美元，扣除印度預扣稅後，從印度淨轉移了 20 億美元現金。

Importantly, on a go-forward basis, we can now more efficiently utilize 100% of free cash flow globally, which gives us greater flexibility in our ongoing capital allocation program. While we are reviewing our capital allocation plan, we initiated our share repurchase program, and intend to repay our credit facilities by the end of this month. The share repurchase activity will offset a portion of the EPS impact from the lost interest income historically generated from cash balances held in India. While interest rates in India have steadily declined in the last several quarters, year-to-date, that cash had earned roughly 5%. This generated approximately $95 million of interest income or $0.13 per share. Since September, we have deployed over $700 million on share buybacks, repurchasing approximately 10 million shares.

重要的是，展望未來，我們現在可以更有效地利用全球 100% 的自由現金流，這使我們在持續的資本配置計畫中擁有更大的靈活性。在審查我們的資本配置計劃的同時，我們啟動了股票回購計劃，並打算在本月底前償還我們的信貸額度。股票回購活動將抵銷部分因印度現金餘額史上產生的利息收入損失而對每股盈餘的影響。儘管印度的利率在過去幾季穩步下降，但今年迄今為止，這筆現金的收益率約為 5%。這產生了約 9500 萬美元的利息收入，即每股 0.13 美元。自 9 月以來，我們已投入超過 7 億美元用於股票回購，回購了約 1,000 萬股股票。

Now turning to guidance. The macroeconomic environment remains uncertain and the pace of recovery complicated by the evolving nature of the coronavirus pandemic. While we are pleased with the solid bookings and pipeline of the business year-to-date, how that pipeline converts to revenue will likely be impacted by the pace of economic recovery and thus, clients' confidence and spend. We are reaffirming revenue guidance at the high end of our previously guided range.

現在進入指導環節。宏觀經濟環境仍不明朗，新冠疫情的不斷演變也使經濟復甦步伐更加複雜。雖然我們對今年迄今的業務預訂量和銷售管道的穩健表現感到滿意，但這些銷售管道如何轉化為收入可能會受到經濟復甦速度的影響，進而影響客戶的信心和支出。我們重申營收預期，維持在先前預期範圍的高端。

Specifically, for the full year 2020, we expect revenue to decline approximately 0.4% year-over-year in constant currency. Based on current exchange rate, this translates to a decline of 0.5% up to approximately $16.7 billion on a reported basis.

具體而言，我們預計 2020 年全年營收按固定匯率計算將年減約 0.4%。以當前匯率計算，這意味著報告金額將下降 0.5%，約 167 億美元。

Our revenue guidance includes our estimate of the negative impact of approximately 110 basis points to the full year revenue from our decision to exit certain work within our content services business that will be reflected in our CMT segment and a positive contribution of approximately 200 basis points from closed acquisitions.

我們的營收預期包括：由於我們決定退出內容服務業務中的某些工作，全年營收將受到約 110 個基點的負面影響，這將反映在我們的 CMT 業務板塊中；以及已完成收購帶來的約 200 個基點的正面貢獻。

This guidance continues to reflect the muted outlook for Financial Services, and the retail and consumer goods and travel and hospitality portions of our Products and Resources segment.

這項指引持續反映金融服務業以及產品和資源部門的零售和消費品以及旅遊和酒店業前景黯淡。

For the full year 2020, we expect adjusted operating margin to be approximately 15%, which assumes incremental costs associated with the remediation of the ransomware attack, wage increases and promotions for certain of our associates effective October 1, and incentive compensation above 2019 levels.

2020 年全年，我們預計調整後的營業利潤率約為 15%，這包括與勒索軟體攻擊補救措施相關的額外成本、自 10 月 1 日起部分員工的薪資成長和晉升，以及高於 2019 年水準的激勵性薪酬。

Our current guidance also assumes that Q4 revenue will be negatively impacted by lower bill days versus Q3 and the typical cycle of furloughs.

我們目前的預期還假設，由於帳單日較第三季減少以及典型的員工休假週期，第四季度的收入將受到負面影響。

We expect to deliver adjusted diluted EPS in the range of $3.63 to $3.67. Please see the non-GAAP reconciliations in the 8-K we filed today for a full definition. This guidance anticipates a full year share count of approximately 541 million shares and GAAP tax rate of approximately 32%, which implies a Q4 tax rate of approximately 27%. Our guidance does not account for any potential impact from events like changes to the immigration and tax policies.

我們預計調整後稀釋每股收益將在 3.63 美元至 3.67 美元之間。有關完整定義，請參閱我們今天提交的 8-K 文件中的非 GAAP 財務指標調整表。該指引預計全年股份數量約為 5.41 億股，GAAP 稅率約為 32%，這意味著第四季稅率約為 27%。我們的指導意見並未考慮移民和稅收政策變化等事件可能產生的任何潛在影響。

With that, operator, we can open the call for questions.

這樣，接線員，我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Our first question today is coming from Jason Kupferberg from Bank of America.

今天我們收到的第一個問題來自美國銀行的傑森庫柏伯格。

Congratulations on the quarter. Maybe I'll just ask 2 quick ones upfront in the interest of time. First off, in light of what's happened recently with SAP, we've been getting a lot of questions just around the size of the practice that you guys may still have in that area. So any sizing you can give us there would be helpful.

恭喜你本季取得佳績。為了節省時間，我或許會先快速問兩個問題。首先，鑑於 SAP 最近發生的事情，我們收到了很多關於你們在該領域可能仍然擁有的業務規模的問題。所以，如果您能提供任何尺寸信息，都將對我們很有幫助。

And then can you just comment on -- with the digital bookings growth being strong as it has been, I think you're up 40% year-to-date. When does that start translating to faster digital revenue growth? I know we've been hovering in kind of the almost the mid-teens range here the last couple of quarters.

那麼，您能否就數位預訂成長強勁的情況發表一下看法——我認為你們今年迄今為止增長了 40%。何時才能轉化為更快的數位收入成長？我知道過去幾季我們的數據一直徘徊在十幾個百分點左右。

And then that kind of dovetails with a related question of do you think revenue growth could actually turn positive in Q1? I know previously, you said that we may still see negative growth through the first quarter of next year, but obviously, you're on a better trajectory now.

然後，這就引出了一個相關問題：你認為第一季的營收成長真的有可能轉正嗎？我知道你之前說過，明年第一季我們可能還會看到負成長，但顯然，現在情況已經好轉了。

Jason, it's Brian. So let me take a shot at this. These may be for Jan. By all means feel free to jump in if you see incremental details to add.

傑森，我是布萊恩。讓我來嘗試一下。這些可能是1月的。如果您發現有任何補充細節，請隨時提出。

So SAP as a practice, it's multiple hundred millions of dollars for us. It's sub-$1 billion. It is actually a very healthy business for us, and I have been in touch with the SAP leadership team in recent periods to see what we can do to accelerate our momentum there. It's pretty intuitive, what they're doing. But in the same way, it's also interesting for us given our ambition to scale much more internationally and given the installed base of SAP. So it's a partner that really is strategic to us, and we will continue to work closely with.

所以，SAP 對我們來說是一項價值數億美元的事業。不到10億美元。實際上，這對我們來說是一項非常健康的業務，最近我一直與 SAP 領導團隊保持聯繫，看看我們能做些什麼來加快我們在該領域的發展勢頭。他們的做法其實很直觀。但同樣地，考慮到我們渴望在國際上擴大規模，以及 SAP 的龐大用戶群，這對我們來說也很有意義。所以，這位合作夥伴對我們來說具有重要的戰略意義，我們將繼續與其密切合作。

Digital bookings. Look, more broadly, if I stand back from this. Bookings are strong overall, and it's broad-based by geography, by industry, by new and expansion versus renewals, and digital bookings are continuing to be strong as well. So what's been very pleasing to me is in the course of the last year, we have consistently shown strong bookings growth year-over-year. That has enabled us to actually build a stronger backlog through the year. And now we're in a very healthy position, healthier than we've been before. And of course, the pipeline, as Jan suggested earlier, is strong as well. Not just strong overall, but also strong in visual, in particular, and strong in the strategic accounts that we focused on as part of our customer segmentation exercise in the -- model. So I feel really good about our momentum there.

線上預訂。更廣泛地說，如果我退後一步來看。整體預訂情況強勁，從地理、產業、新預訂和續約來看，預訂量都很可觀，而且數位預訂量也持續保持強勁勢頭。令我非常欣慰的是，在過去一年中，我們的預訂量持續實現了強勁的同比增長。這使我們能夠在一年中建立起更強大的產品儲備。現在我們的身體狀況非常好，比以前任何時候都好。當然，正如 Jan 之前提到的那樣，管道系統也很強大。不僅整體實力強勁，而且視覺效果尤其出色，在我們作為客戶細分練習的一部分而重點關注的策略客戶中也表現出色——模型。所以我覺得我們目前的發展動能非常好。

The timing of all of this to revenue can vary by quarter, of course, and in the face of economic environment, which is unsettled to say the very least, including announcements made tonight across Europe. But we're pleased with what we've done. And if this continues, it all goes very well for our future.

當然，所有這些最終轉化為收入的時間可能會因季度而異，考慮到當前的經濟環境，至少可以說，目前的經濟環境動盪不安，包括今晚在歐洲各地發布的公告。但我們對所做的工作感到滿意。如果這種情況持續下去，我們的未來將會非常順利。

We're not going to make commentary around Q1 or indeed, fiscal year '21 at this moment in time. The only thing I'll say is we will continue to try to outgrow the industry. That's what we did this quarter. We think we're more competitive than we've been before. And we're absolutely committed to growth and to make -- investments to grow. If that means compromising some margins in the short term to achieve, we will absolutely do that. But I'm expecting performance to improve in 2021, but we'll share more details of that, of course, Q4 earnings. But the big caveat around this is what we're going through this some on time, which is a very uncertain macroeconomic environment.

目前我們不會對第一季或2021財年發表任何評論。我唯一要說的是，我們會繼續努力超越行業平均。這就是我們本季所做的工作。我們認為我們現在比以前更有競爭力了。我們絕對致力於發展，並會進行投資以實現成長。如果這意味著為了實現目標而在短期內犧牲一些利潤，我們絕對會這樣做。但我預計 2021 年業績會有所改善，當然，我們會在第四季財報中分享更多細節。但要注意的是，我們目前正處於一個非常不確定的宏觀經濟環境中。

Our next question is coming from Lisa Ellis from MoffettNathanson.

下一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

Congratulations. All right. So with the election, inevitably causes and triggers some discussions and questions related to H1B visas and L1 visas. Can you just remind us what fraction of Cognizant's U.S. labor force is currently on visas? What sort of your level of dependence and focuses on that program, and maybe kind of a little bit of the movie of how your labor force structure has evolved over the last few years and how that's evolving going forward.

恭喜。好的。因此，隨著選舉的進行，不可避免地引發了一些與 H1B 簽證和 L1 簽證相關的討論和問題。能否告知我們 Cognizant 公司美國員工中目前有多少比例的人持有工作簽證？您對該計劃的依賴程度和關注程度如何？或許還可以簡單介紹一下您的勞動力結構在過去幾年中的演變以及未來的發展趨勢。

Maybe I'll just dovetail that into my other kind of observation was just that you actually had head count increase sequentially quarter-to-quarter and that utilization is way up. Attrition is way down. Are you kind of at where you want to be with your labor force at this point going forward?

也許我可以把這一點和我觀察到的另一個現象結合起來，那就是你們的員工人數實際上每個季度都在增加，而且利用率也大幅上升。人員流失率大幅下降。目前，您對未來的勞動力狀況是否感到滿意？

Lisa, Brian here. So let's start first with the headcount situation. I think our utilization levels are now quite high. We tightened our belt earlier in the year as I think every company in the world did, but we've seen somewhat of a V-shaped recovery, particularly in the digital side of our business. And as such, we're at the stage now that our bench is light, and we're committed as a leadership team to build that out. And we've already started that over the last month or so. But it takes time, of course, to get that built out.

麗莎，我是布萊恩。那麼，我們先從人員配置情況說起。我認為我們目前的利用率相當高。今年早些時候，我們像世界上所有公司一樣勒緊褲腰帶過日子，但我們已經看到某種程度上的 V 型復甦，尤其是在我們業務的數位化方面。因此，我們現在的後備力量不足，而我們領導團隊致力於彌補這一缺口。過去一個月左右，我們已經開始著手這項工作了。當然，這需要時間才能建成。

Obviously, we want to continue to drive more operational rigor around forecasting, which triggers enterprise resource management and all of that to make sure we have the right resources in the right place at the right time. So you will see us continue to build out our capabilities with evergreen skills or hot skills, as we would call them, and build upon our capabilities such that we can reduce utilization, which is a little bit higher at this moment in time.

顯然，我們希望繼續加強預測方面的營運嚴謹性，這將觸發企業資源管理等所有環節，以確保我們在正確的時間、正確的地點擁有正確的資源。因此，您將會看到我們繼續利用常青技能或我們稱之為熱門技能來增強我們的能力，並在此基礎上不斷提升我們的能力，從而降低目前的人員利用率（目前人員利用率略高）。

I am pleased with the employee engagement. I am pleased that voluntary attrition is down for the fifth quarter in a row. Notwithstanding that we're really pushing meritocracy and a performance culture these days. So you have seen a big bifurcation between voluntary versus involuntary attrition. And we do expect voluntary attrition to pick up a little bit in the coming quarters as we go through the merit-based promotion and salary cycle we're going through. And I underscore the word merit-based.

我對員工敬業度感到滿意。我很高興看到自願離職率連續第五個季度下降。儘管我們現在確實在大力推行精英制度和績效文化。所以你已經看到了自願減員與非自願減員之間的巨大分化。我們預計，隨著我們逐步推進基於績效的晉升和薪酬週期，未來幾季員工自願離職率會略有上升。我強調「擇優錄取」這個詞。

With regards to H1B visas, look, it's quite topical, but perhaps I could stand hand back here a little bit and talk because the administrative rule changes with regards to skilled integration leases that have been quite topical in recent weeks. Some of those have been enjoyed through litigation already. And for other elements, there are challenges pending at this moment in time. So whether the rules, survive or not remains to be seen.

關於 H1B 簽證，這確實是個熱門話題，但我或許可以稍微退後一步，談談近幾週來關於技術移民融合租賃的行政規則變化，因為這些變化一直是熱門話題。其中一些權益已經透過訴訟獲得了保障。至於其他方面，目前還存在一些挑戰。所以這些規則能否繼續存在，還有待觀察。

All that being said, I actually think all roads are leading this direction anyway. So we will always intend to comply with the letter of the law to use these applications and any extensions we intend to pursue.

綜上所述，我認為所有道路最終都會朝著這個方向發展。因此，我們將始終遵守法律條文來使用這些應用程式以及我們打算申請的任何延期。

We are a H1B visa, I would say, dependent organization. You used the word evolution, and I think that's the right word. Over the years, we have reduced our dependency in visas, and we've also acquired companies that enable us to be more global in nature. But in the same vein, some of the strategic decisions we took, which were in the right decisions, including exiting a portion of content moderation, has put us back a little bit. That being said, the rule is solely triggered by new applications and extensions. And H1B visas are currently under a 3-year visa. So this will roll in gradually. And I would say, I don't want to reassure everybody, our intention is to globalize Cognizant. And so you'll see us build out much more of a global-based workforce to meet client expectations, whilst, of course, stay focused on quality of delivery.

我們是一家H1B簽證附屬機構。你用了「進化」這個詞，我認為這是個恰當的詞。多年來，我們減少了對簽證的依賴，並且收購了一些公司，使我們更俱全球化特性。但同樣地，我們所做的一些策略決策（這些決策本身是正確的），包括退出部分內容審核，也讓我們稍微倒退了一些。也就是說，該規則僅由新的應用程式和擴充功能觸發。目前H1B簽證的效期為3年。所以這會逐步發生。我想說，我不想向所有人保證，我們的目標是讓 Cognizant 實現全球化。因此，我們將建立一支更全球化的員工隊伍，以滿足客戶的期望，當然，我們也會繼續專注於交付品質。

And that will include a whole host of things that we will do, including U.S. college campus recruiting, upskilling and just a broader effort around a local employee base in the U.S. and indeed globally.

這將包括我們將要做的一系列事情，包括在美國大學校園招募、技能提升，以及在美國乃至全球範圍內建立本地員工基礎的更廣泛努力。

Our next question today is coming from Ashwin Shirvaikar from Citi.

今天我們提出的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

My question is on the health care vertical, and it's good to see the improvement. Question is with regards to the sustainability of that and the investments that you're making in various health care capabilities, including, but not limited to TriZetto? And on the topic of TriZetto with the Atos settlement, was that included in the cash forecast that you have? What does it mean from an operational perspective in terms of your client relationships, if you could address those questions.

我的問題是關於醫療保健領域的，很高興看到這方面的進展。問題在於，您在各種醫療保健能力方面所做的投資（包括但不限於 TriZetto）的可持續性如何？關於 TriZetto 與 Atos 達成的和解協議，這筆費用是否已包含在你們的現金流預測中？從營運角度來看，這對您與客戶的關係意味著什麼？如果您能回答這些問題的話。

So Jan, I'll touch on the health care business. If you want to touch upon then the cash flow and the cash balance and the Syntel settlement, which we were pleased to see yesterday. So Ashwin, first of all, health care is really important to us. It's almost 30% of the total company, and it consists of 2 major portions. One is life sciences. We're doing really well there. We have been for a long time. It's highly strategic to us. You are seeing the lapping of Zenith technology, which happened in Q3 of 2020. So that will impact growth rates a little bit.

那麼 Jan，我將談談醫療保健行業。那麼，如果你想談談現金流、現金餘額以及Syntel的結算情況，我們很高興昨天看到了這些結算結果。阿什溫，首先，醫療保健對我們來說非常重要。它占公司總規模的近 30%，由 2 個主要部分組成。其中之一就是生命科學。我們在那裡做得非常好。我們已經這樣很久了。這對我們來說具有高度戰略意義。現在您看到的是 Zenith 技術的改進，該改進發生在 2020 年第三季。所以這會對成長率產生一定影響。

But I'm very optimistic around the opportunities in life sciences at the intersection point of biopharma medical devices. Right through to industry 4.0 health care, retail and indeed health tech. And I spent a number of hours on that with the team over the weekend. So we're really pumped around what we can do there, and you will see us continue to invest in it.

但我對生命科學領域，特別是生物製藥和醫療器材交叉領域的機會非常樂觀。一直延伸到工業4.0醫療保健、零售以及醫療科技領域。週末我和團隊花了幾個小時研究這個問題。所以我們對我們在那裡能做的事情感到非常興奮，你們將會看到我們繼續投資。

The majority of the businesses, however, the U.S. health care business, which is split between payer and providers. The payer business accelerated meaningfully this quarter, which strengthened services and indeed in products. We have a new leader who took over the Healthcare business earlier this year, an internal promotion, who has done a fantastic job, and this entire team are doing great for us. Bookings are very strong. Product growth is strong. We're getting new logos. Margins are improving. And we're just generally feeling very good, a better payer business.

然而，大多數企業，尤其是美國醫療保健企業，又分為支付方和提供者。本季支付業務顯著加速成長，從而增強了服務和產品實力。今年早些時候，我們迎來了一位接管醫療保健業務的新領導（內部晉升），他做得非常出色，整個團隊也為我們做出了巨大貢獻。預訂情況非常熱門。產品成長強勁。我們要換新logo了。利潤率正在提高。總的來說，我們感覺非常好，支付方業務也越來越好。

The provider business, which is much smaller than our payer business, saw significant erosion year-over-year in the third quarter as did the industry. As you know, the provider business is suffering from transaction volumes that are decreasing because the pandemic is obviously reducing elective procedures. And I would say that's an area that we would expect to come back but more holistically, the momentum we're seeing in payers, which is 3/4 of the business, and life sciences will give us confidence that we can continue to pull strong health care results going forward. We're improving. Jan, over to you.

與我們的支付方業務相比，醫療服務提供者業務規模要小得多，第三季與去年同期相比出現了顯著下滑，整個產業也是如此。如您所知，由於疫情明顯減少了擇期手術，醫療服務提供者的業務正遭受交易量下降的困擾。我認為這是我們預計會復甦的領域，但更全面地說，我們在支付方（佔業務的 3/4）和生命科學領域看到的勢頭將使我們有信心在未來繼續取得強勁的醫療保健業績。我們正在進步。Jan，該你了。

Yes. Let me add a few comments to the Syntel lawsuit. You may have seen this morning that we won a jury verdict of $854 million. This lawsuit has a long history for Cognizant. And at the core is our claim that Syntel misappropriated TriZetto's intellectual property related to some software products during that time and -- while Syntel was a TriZetto subcontractor. And the jury verdict, which found no liability for TriZetto or Cognizant, basically speaks for itself. We're gratified with the results. But at Atos, the owner of Syntel, has already indicated that they're planning to appeal the verdict. So it will be quite a bit out, I think, until we have the final results of this trial coming, too. So way too early to take that cash into account for any actions. Nevertheless, I think it was satisfying to see the jury decide with Cognizant's position.

是的。我想就 Syntel 的訴訟案補充幾點看法。今天早上您可能已經看到，我們贏得了陪審團裁決，賠償金額為 8.54 億美元。Cognizant公司與這場訴訟淵源已久。而我們的核心主張是，Syntel 在那段時間裡盜用了 TriZetto 的一些軟體產品相關的智慧財產權，而當時 Syntel 也是 TriZetto 的分包商。陪審團的裁決認定 TriZetto 和 Cognizant 不承擔任何責任，這本身就說明了一切。我們對結果很滿意。但 Syntel 的母公司 Atos 已經表示，他們計劃對判決提出上訴。所以，我認為還需要一段時間才能得出這項試驗的最終結果。現在就將這筆現金納入任何行動的考量還為時過早。不過，看到陪審團支持 Cognizant 的立場，我覺得很欣慰。

Relative to the cash repatriation, it might be worthwhile just spending an extra minute on it, too. So we had about a cash balance in India of $2.1 billion. And we -- at the end of September, reversed our indefinite reinvestment assertion and decided to repatriate that cash from India. And as part of that decision, we could make that decision for 2 reasons.

相對於現金匯回而言，多花一分鐘處理這件事或許也是值得的。所以我們在印度的現金餘額大約是 21 億美元。9 月底，我們推翻了先前無限期再投資的決定，決定將這筆資金從印度匯回國內。而作為該決定的一部分，我們做出該決定可能有兩個原因。

The most important one is strategically driven actually because we are executing well on our strategy to globalize the enterprise, and we'll continue to invest into international markets. And for that, capital will be needed. But number two, also, the '21 -- fiscal year '21 India budget enacted in April and some changes in U.S. tax regulations allowed us to remediate this cash on a cost-effective basis, and we did so actually in October.

最重要的因素實際上是策略驅動的，因為我們在企業全球化策略的執行方面做得很好，我們將繼續投資國際市場。為此，就需要資金。但第二點，2021 財年印度預算於 4 月頒布，美國稅收法規也進行了一些調整，這使我們能夠以經濟有效的方式彌補這筆資金缺口，而我們實際上在 10 月就做到了這一點。

The cash balances in India historically have earned some interest on the cash balances -- on the cash that we have there. And approximately, I think, as I said in the script, about 5%. And the -- we offsetting -- we used some of the cash that we returned from India and cash at hand to repurchase shares during the month of September and October. And the accretion created to the share buybacks is actually approximately offsetting the contribution that our interest income would have generated in India. So the outlook is quite balanced as a starting point. And obviously, we're excited about the go-forward benefit of this transaction because we, going forward, have now full flexibility and full access to our free cash flow on a global basis.

從歷史上看，我們在印度的現金餘額能夠獲得一定的利息——也就是我們在那裡的現金餘額所產生的利息。大約，正如我在劇本裡所說，我認為大約是 5%。作為對沖，我們在 9 月和 10 月期間，利用從印度收回的部分現金和手頭現金回購了股票。股票回購帶來的收益實際上大致抵消了我們在印度本應產生的利息收入。因此，從目前的情況來看，前景相當平衡。顯然，我們對此次交易帶來的未來收益感到興奮，因為從長遠來看，我們現在擁有了充分的靈活性，可以在全球範圍內完全掌控我們的自由現金流。

Our next question is coming from Bryan Bergin from Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Bryan Bergin。

Just thinking about your largest verticals here. So you've turned the corner on health care. I wanted to ask on Financial Services. I hear the commentary on lower-than-average growth for the next few quarters. I'm curious what you're seeing in the areas of the clients. And whether it's still limited to only a handful of the former large banking accounts. Really, how close are you to the end of the tunnel on stabilizing those? And what do you think you need to do in those areas to really turn the corner in Financial Services, too?

我只是在考慮你們最大的幾個垂直領域。所以你們在醫療保健方面已經取得了突破性進展。我想諮詢一下金融服務方面的問題。我聽到了一些關於未來幾季成長將低於平均的評論。我很想知道您在客戶所在地區觀察到了什麼。以及它是否仍然僅限於少數以前的大銀行帳戶。說真的，你們離穩定這些問題還有多遠？那麼，您認為在這些領域需要做些什麼才能真正扭轉金融服務業的局面呢？

Bryan, so I would say, yes, it remains challenged. Look, first of all, just like health care, financial services, so the greatest impact from ransomware. But the Financial Services results, I'd almost cut them into 2 portions of discussion. First of all, insurance -- and as you know, the insurance industry has really been pressured, to say the very late in the last year, both at a pandemic level, insurance rebates and automobiles, SMB businesses, interrupted failures. That's impacting the property as of the insurance entry. And of course, mortality rates of life carriers. And then on top of that to make matters worse, catastrophic events and low interest rates. So that sector is under pressure.

所以布萊恩，我會說，是的，它仍然面臨挑戰。首先，就像醫療保健、金融服務一樣，勒索軟體的影響最大。但金融服務業的業績，我幾乎想把它分成兩部分來討論。首先是保險——正如您所知，保險業確實承受著巨大的壓力，尤其是在去年年底，無論是疫情層面、保險退款、汽車保險、中小企業業務中斷等都帶來了壓力。這會對保險理賠時的房產造成影響。當然，還有壽險承運人的死亡率。雪上加霜的是，還發生了災難性事件，利率也極低。所以該行業面臨壓力。

Our business is, let's say, 80% of our insurance business is in North America, so a little bit more than the average company. It's one of our strongest franchises, but it will decline in this year, in 2020. So we need to turn it around. We need to improve the pipeline. To be very honest, booking have been strong, but the pipeline isn't strong enough. Our leader has retired in the last month or so, so we have some new energy in there. And hopefully, we can get that back on track.

比方說，我們公司 80% 的保險業務都在北美，比一般公司略高一些。它是我們最強大的特許經營權之一，但今年（2020年）將會衰落。所以我們需要扭轉局面。我們需要改進管道系統。坦白說，預訂情況一直不錯，但潛在客戶數量還不夠多。我們的領導上個月退休了，所以我們團隊注入了一些新的活力。希望我們能讓一切重回正軌。

Banking. Look, if I paint the macro picture first. As we've implied in the prepared remarks, capital markets, retail and commercial banking grew year-over-year. Cards or payments were down. With regards to some of the larger global banking clients that you referenced, it's more of a handful. Some of that, to be very honest, relates to ransomware we were turning some around. Some is self-inflicted wounds related to a lack of appropriate senior origin in the client partners we had. And some of it relates to secular pressure towards in-sourcing that we're seeing at those banks.

銀行業。你看，如果我先描繪宏觀景象的話。正如我們在準備好的演講稿中所暗示的那樣，資本市場、零售銀行和商業銀行業務同比增長。銀行卡或支付系統故障。至於你提到的那些規模較大的全球銀行客戶，其實也屈指可數。坦白說，其中一些與我們正在處理的勒索軟體有關。有些是我們自己造成的傷害，與我們客戶合作夥伴缺乏合適的資深人士有關。其中一些與我們在這些銀行看到的向內部化轉型的長期壓力有關。

Now what do we do to turn all around this entire situation. I'm confident we'll get insurance back on track. I think we'll also continue to make progress in the North America regional banks. And we've even brought some accounts into platinum account status this quarter, i.e., they surpassed $100 million. But in the same vein, we have a lot of work to do in our current accounts, and that includes scaling more into digital in those banks. The good news is our digital bookings in those banks are up in excess of 50%. So we are starting to get our foot in the door. We continue to upgrade our client partners, and we're continuing to try to do a much more sophisticated job in terms of account planning.

現在我們該如何扭轉這種局面？我相信我們能讓保險業重回正軌。我認為我們也會在北美區域銀行領域繼續取得進展。本季我們甚至將一些帳戶提升到了白金帳戶級別，即帳戶餘額超過了 1 億美元。但同樣地，我們在活期帳戶方面還有很多工作要做，包括在這些銀行中進一步擴大數位化規模。好消息是，我們在這些銀行的數位化預訂量增加了超過 50%。所以，我們開始取得一些進展了。我們不斷提升客戶合作夥伴的水平，並持續努力在客戶規劃方面做得更加完善。

In the same vein, right up to the executive committee, me included, we are trying to break into some of the other large banks. And I think we're making progress actually on 2 in particular. So hopefully, we'll have some good news on that in the foreseeable future.

同樣，包括我在內的執行委員會成員，都在努力打入其他一些大型銀行的市場。而且我認為我們在第二點上確實取得了進展。所以，希望在不久的將來，我們能得到一些關於這方面的好消息。

Europe and banking just remains weak. We lost an account there in the last year, and we have some transformation project issues and 1 large account over there. It is fixable, but I just don't see the momentum turning around there as quickly in banking overall, as I have seen in health care.

歐洲和銀行業依然疲軟。去年我們失去了一個那裡的客戶，我們在那裡還有一些轉型專案問題和一個大客戶。這個問題是可以解決的，但我感覺銀行業整體的轉變速度不會像醫療保健產業那麼快。

Our next question today is coming from Rod Bourgeois from DeepDive Equity Research.

今天的下一個問題來自 DeepDive Equity Research 的 Rod Bourgeois。

Okay. Great. Nice progress by Cognizant in these results. I want to ask a high-level question. Recognizing that the COVID pandemic is continuing here. Do you see Cognizant as still somewhat in a crisis response and basic blocking-and-tackling mode? Or have you transitioned now into a more forward-moving strategic attack mode? I guess the main part of the question here is, assuming you are in a transition, what are the next set of metrics you're most focused on to gauge Cognizant's progress moving forward here.

好的。偉大的。Cognizant 在這些結果方面取得了不錯的進展。我想問一個比較宏觀的問題。認識到新冠疫情仍在本地持續蔓延。您是否認為 Cognizant 目前仍處於危機應變和基本防禦模式？或者，你們現在已經轉型為更具前瞻性的策略攻擊模式？我想這裡的主要問題是，假設你正處於轉型期，那麼接下來你最關注哪些指標來衡量 Cognizant 的發展進程？

Thanks, Rod. Brian here. So look there's a short answer and there's a long answer, so I'm going to give you something in between. First of all, I really feel good about the progress we've made in the last 18 months. We've actually done a lot, probably more than people realize. Clarified our strategy. We executed the nonstrategic portion of the business. We executed a restructuring program. We used some of the proceeds from that to reinvest back in the business. We meaningfully improved our digital portfolio competencies and partnerships. We've built a strong professional, mature, client-centric leadership team. We've begun a pretty significant commercial transformation that is showing positive leading indicators and pipeline win rates, bookings. And we put, I would say, a better business management system in place to ensure optimal financial and operational rigor. And we did all of that, to be very honest, in a period that I was not expecting.

謝謝你，羅德。我是布萊恩。所以，答案既有簡短的，也有詳細的，所以我將給出一個介於兩者之間的答案。首先，我對過去18個月我們的進展感到非常滿意。我們實際上做了很多，可能比人們意識到的還要多。明確了我們的策略。我們執行了業務中非策略性部分。我們執行了一項重組計劃。我們將部分收益重新投資到業務中。我們顯著提升了數位化產品組合能力和合作夥伴關係。我們建立了一支強大、專業、成熟、以客戶為中心的領導團隊。我們已經開始了一項意義重大的商業轉型，目前已顯示出正面的領先指標和銷售管道成交率、預訂量。而且，我認為，我們也建立了一個更好的業務管理體系，以確保最佳的財務和營運嚴謹性。坦白說，我們完成所有這些工作都是在一段我始料未及的時間內完成的。

We managed through global pandemics that impacted both demand as well as fulfillment. We navigated a ransomware attack well, and I want to say that humbly. But we did as best as we could, and we've actually received good client feedback on that. We've improved employee engagement to levels not seen for a few years, and that reduced voluntary attrition at 5 quarters in a row. And we've managed to put ourselves in a position that we built a multiyear plan that incorporates sustained investments.

我們成功應對了影響需求和交付的全球疫情。我們成功應對了勒索軟體攻擊，對此我深表感謝。但我們已經盡力了，而且我們也收到了客戶的良好回饋。我們已將員工敬業度提升至近幾年未見的水平，並連續五個季度降低了員工自願離職率。我們成功地讓自己處於能夠制定多年計劃並進行持續投資的位置。

So I'd characterize all of that as pleased, but not satisfied, to be very honest. We're not in finish product yet. We're in the middle of a multiyear project. And we must continue to, of course, as we've said, reposition the brand, execute our strategy, globalize the company, take advantage of the opportunity overseas, globalize our delivery, build on our growing momentum in health care, and fix financial services and, of course, accelerate our position in digital, which just simply exposes us to higher categories of growth and makes us more relevant to clients.

坦白說，我對這一切的感受是高興，但並不滿意。我們還沒有完成最終產品。我們正在進行一個為期多年的計畫。當然，正如我們所說，我們必須繼續重新定位品牌，執行我們的策略，實現公司全球化，抓住海外機遇，實現交付全球化，鞏固我們在醫療保健領域不斷增長的勢頭，改進金融服務，當然，還要加快我們在數位化領域的地位，這讓我們能夠接觸到更高層次的成長，並使我們與客戶更加相關。

If we do all of this, our bookings momentum will continue, and ultimately, this will translate to revenue growth. And so Rod, everything else at some stage becomes a leading indicator: pipeline, win rates, the leadership team, the bookings. Our goal here is to invest in the business to get back to growth. If we do that, growth accelerates and we will show margin expansion but in a very calculated manner that allows us to sustainably reinvest back into the business. I say all of this with a great deal of caveats given the uncertain macroeconomic situation we're in at this moment in time.

如果我們做到以上幾點，我們的預訂動能將持續下去，最終這將轉化為營收成長。所以，羅德，其他一切在某種程度上都成了領先指標：銷售管道、勝率、領導團隊、預訂情況。我們的目標是投資這家企業，使其重回成長軌道。如果我們這樣做，成長速度將會加快，利潤率也會隨之提高，但這種提高是經過深思熟慮的，使我們能夠可持續地將資金再投資於業務發展。鑑於目前宏觀經濟情勢的不確定性，我在此提出以上所有觀點時都需謹慎。

That being said, I'll just wrap up by saying, I'm really proud of our team and of our associates around the world. I'm confident of the unity of our leadership team, the absolute support of our Board of Directors who've been tremendously supportive of what we're doing, and our growing execution rigor. And honestly, I think we're on track. We're increasingly competitive, and you've seen that, hopefully, in this quarter's results.

最後我想說的是，我為我們的團隊和世界各地的同事感到非常自豪。我對我們的領導團隊的團結、董事會的絕對支持（他們一直非常支持我們正在做的事情）以及我們日益增強的執行力充滿信心。說實話，我認為我們正按計劃進行。我們的競爭力日益增強，希望您能從本季的業績中看到這一點。

Our next question today is coming from Keith Bachman from BMO.

今天我們提出的下一個問題來自BMO的Keith Bachman。

Brian, I wanted to actually try to get to and I'll ask them concurrently. The first is I wanted to return to bookings. And your bookings growth has been really strong. It sound like it's 15% year-to-date, and it sounded like it was 25% for the quarter, so accelerating bookings growth. And I'm trying to understand the translation of revenue, broadly speaking, for Cognizant. While bookings has been strong, is there something else that we should be thinking about on the other side on attrition, specifically of revenues outside of Facebook.

布萊恩，我其實想嘗試聯絡他們，我會同時問他們。首先，我想恢復預訂功能。你們的預訂量成長非常強勁。聽起來今年迄今成長了 15%，本季成長了 25%，預訂量正在加速成長。我正在嘗試理解 Cognizant 公司的收入（總體而言）是如何轉換的。雖然預訂情況良好，但另一方面，關於流失率，特別是 Facebook 以外的收入，我們是否有其他需要考慮的因素？

And so normally, you would expect that to start to show up next year, but just want to make sure we understand the other side. Has there been a greater level of attrition, again, outside of Facebook, that would cause revenue growth to perhaps not show up as quickly as we might think over the course of the next year or so?

因此，通常情況下，你會預期這種情況會在明年開始出現，但我們只是想確保我們了解另一方的情況。除了 Facebook 之外，是否也出現了更嚴重的員工流失，導致未來一年左右的收入成長可能不會像我們預期的那樣迅速出現？

And then the second question, Brian, is I wonder to see if you could just touch on philosophical margins. And what you mean by that, you outlined your 4 investment areas, and also the benefit associated with how the savings plan is going to manifest itself during '21. But just philosophically, is there any words that you can give, without providing specific guidance, on how investors should be thinking about margins given those puts and takes associated with '21.

布萊恩，第二個問題是，我想請你談談哲學上的邊緣問題。你指的是，你概述了你的 4 個投資領域，以及儲蓄計畫在 2021 年將如何實現的收益。但從哲學角度來說，在不提供具體指導的情況下，您能否就投資者應該如何看待與 2021 年相關的那些看跌期權和看漲期權的問題給出一些建議？

So look, let me start on the revenue question and the bookings question. There's no big story here, to be honest, outside of the exit of the nonstrategic portion of the content moderation business, which is in our operations business. Frankly, I think we're executing well, both in our -- most of our verticals, we've got more work to do in Financial Services, but even Products and Resources. We're doing well in the areas that are not consumer goods, and travel and hospitality.

那麼，讓我先從收入問題和預訂問題說起。說實話，除了退出我們營運業務中非策略性的內容審核業務之外，這裡沒有什麼大事發生。坦白說，我認為我們在大多數垂直領域都執行得很好，我們在金融服務領域還有更多工作要做，甚至在產品和資源領域也是如此。我們在非消費品、旅遊和酒店等領域都做得很好。

And so I just feel we have growing momentum, Keith, but I'm very cautious to commit anything because of the macro environment. The bookings is real, when I look at bookings by renewal versus expansion versus new. I just feel as though we had in the last 1.5, 2 years maybe lost a buildup of backlog and we had eroded that. And now we started replenishing what I would call them late. And now we're in a position where I'm feeling better about the future. So there's no major story there. And the more we can keep up this bookings momentum, the better because it's inevitable, then it will show up in the revenue. So we just need to keep executing.

所以我覺得我們勢頭越來越強勁，基思，但由於宏觀環境的原因，我不敢輕易做出任何承諾。當我查看續訂、擴充和新增預訂的預訂情況時，預訂量是真實的。我感覺在過去的1.5到2年裡，我們可能失去了先前累積的積壓訂單，而且我們也逐漸削弱了這些訂單。現在我們開始補充我稱之為遲到的那些東西。現在，我對未來感到更加樂觀了。所以沒什麼大事發生。我們越能保持這種預訂動能越好，因為這是必然的，然後它就會體現在收入上。所以我們只需要繼續執行。

With regards to margins and, in some ways, revenue versus margin trade-offs, I guess, comes into mind. Look, I think about this always in 2 ways. First of all, it's important to differentiate between a cost and an investment. And secondly, growth investments will be prioritized versus short-term margin optimization. And our goal is ultimately to increase our wealth and commercial momentum and to revitalize revenue growth. And we will make some short-term margin trade-offs to achieve this. We're investing meaningfully in the business, probably even more than I anticipated a year ago. Because the more I'm here, the more I see opportunities. In talent overall, in our management -- talent management system, we're accruing bonuses at higher levels. We're getting back to merit-based promotions and raises.

說到利潤率，以及在某種程度上，收入與利潤率之間的權衡，我想，這就是我想到的。你看，我總是從兩個方面來思考這個問題。首先，區分成本和投資很重要。其次，我們將優先考慮增長性投資，而不是短期利潤最大化。我們的最終目標是增加財富和商業發展勢頭，並重振收入成長。為了實現這一目標，我們將在短期內做出一些利潤犧牲。我們正在對公司進行大量投資，可能比我一年前的預期還要多。因為我在這裡待的時間越長，看到的機會就越多。總體而言，在我們的人才管理系統中，我們正在為更高層級的人才累積獎金。我們正在恢復以績效為導向的晉升和加薪制度。

In digital, we're attracting talent, which is a constrained asset and, therefore, an expense asset. We're upgrading our client partners to be better able to represent Cognizant beyond the traditional CIO, CTO organization. The targeted M&A that we're doing, which I'm very pleased with, comes with integration costs. And while gross margins are reasonable, we do have some margin dilution on the operating income level because of the SG&A nature -- intensive nature of those businesses that we're scaling.

在數位化領域，我們吸引的是人才，而人才是有限的資源，因此也是一種成本。我們正在升級客戶合作夥伴，以便更好地代表 Cognizant，而不僅限於傳統的 CIO、CTO 組織。我非常滿意我們正在進行的有針對性的併購，但這也會帶來整合成本。雖然毛利率還算合理，但由於我們正在擴大規模的業務的銷售、管理及行政費用性質，我們的營業收入層面確實存在一些利潤率稀釋。

And then, of course, we're continuing to build our commercial hiring. We're building our bench, which will hit our delivery costs. Investing in automation, branding, marketing. We got overall our internal systems and tools. Remediate and modernize our IT and security, and globalize our delivery network.

當然，我們也持續擴大商業招募規模。我們正在搭建工作台，這將增加我們的運輸成本。投資於自動化、品牌建立和行銷。我們全面了解了內部系統和工具。改善和升級我們的IT和安全系統，並實現交付網路的全球化。

So I've got plenty on my mind to find a way to continue to show margin expansion and as I said, 2020 was, in my perspective, a very challenging year from a margin perspective because of ransomware, because of COVID. I'd like to think that as we go through our restructuring program as we got more operational rigor, as we continue to work on pricing and renewals, up selling and cross-selling in our existing accounts, optimizing our pyramid, our near and offshore mix versus on our automation agenda, I'd like to think we can do what's needed in investments and yet continue to show margin expansion at a pace that is appropriate for us to continue to invest in the business.

因此，我一直在思考如何繼續擴大利潤率，正如我所說，從利潤率的角度來看，2020 年是充滿挑戰的一年，因為勒索軟體和新冠疫情的影響。我希望，隨著我們重組計劃的推進，隨著我們運營更加規範，隨著我們繼續致力於定價和續約、在現有客戶中進行追加銷售和交叉銷售、優化我們的金字塔結構、近岸和離岸業務組合以及推進自動化議程，我們能夠在必要的投資方面繼續保持利潤率的增長，並以適當的速度繼續投資於業務發展。

And for investors who are interested in that story, I think there's very 2 more compelling investments in Cognizant at this moment in time.

對於對這個故事感興趣的投資者來說，我認為目前 Cognizant 還有兩個更具吸引力的投資機會。

In the interest of time, we have time for 1 more question from the line of James Friedman from Susquehanna.

為了節省時間，我們還有時間回答來自薩斯奎哈納的詹姆斯·弗里德曼提出的最後一個問題。

I was wondering, Brian, do you have any view at this point on '21 budgets? And if that's too hard, just more generally how important do you think your client budgets are in terms of impacting Cognizant's fortunes?

布萊恩，我想知道你目前對2021年的預算有什麼看法？如果這個問題太難回答，那麼更一般地說，您認為客戶預算對 Cognizant 的表現有多重要？

Well, it's an interesting question, James. There's many moving parts, I would say, a macro demand and on client buying behavior. So on one hand, I really feel good about our momentum today. Bookings momentum, up 15% year-to-date. I'm behind every one of those bookings, either a renewal or expansion or a new logo as a client win.

嗯，詹姆斯，這真是一個有趣的問題。我認為，這其中有許多變數，包括宏觀需求和客戶購買行為。一方面，我對我們目前的勢頭感到非常滿意。預訂勢頭強勁，今年迄今成長了 15%。無論是續約、擴充或為客戶贏得新logo，每項訂單都離不開我的努力。

So the first thing I'll say is macro demand is better maybe than the most pessimistic analyst suggested back in April, which is good for the entire industry. But of course, in a world of vendor consolidation, some like Cognizant will do better than others.

首先我要說的是，宏觀需求可能比4月最悲觀的分析師預測的還要好，這對整個產業來說都是好事。當然，在供應商整合的大環境下，像 Cognizant 這樣的公司會比其他公司發展得更好。

Second thing is maybe against this protracted pandemic clients become increasingly decisive with their technology priorities and indeed their spend decisions, which is also good because uncertainty is the real enemy.

第二點是，或許正是由於這場曠日持久的疫情，客戶在技術優先事項和支出決策方面變得更加果斷，這也是一件好事，因為不確定性才是真正的敵人。

Third, we are less exposed to some troubled verticals or customer segments than others. Travel and hospitality, retail and consumer goods is less than 15% of our mix. We really focus on the global 2000 customer segmentation, so SMB issues are less of a concern for us.

第三，與其他行業或客戶群相比，我們受某些陷入困境的行業或客戶群的影響較小。旅遊和酒店業、零售和消費品業在我們業務組合中所佔比例不到 15%。我們主要關注全球 2000 家客戶群，因此中小企業的問題對我們來說並不那麼重要。

And fourth, we have momentum in digital. We strengthened our portfolio, and it can be a winner and will determine the next phase of digital. And I think that inflection point is real, by the way.

第四，我們在數位化領域擁有發展動能。我們加強了產品組合，它有望成為贏家，並將決定數位化的下一個階段。順便說一句，我認為那個轉捩點是真實存在的。

On the other hand, this week's growing COVID-19 numbers and the latest restrictions, including lockdowns that were announced across Europe today, are a major cause for concern for us. And it's unclear whether this will really impact the decision-making and indeed budgets, so what has looked more promising at least in months may turn against us. So that leaves us in a situation that is challenging going into the months ahead because we have to figure out how to optimize our bench and how to reduce utilization a little and make sure we continue to get the right skills into Cognizant, but at the same time, watch demand signals and customer buying behavior like a hawk.

另一方面，本週不斷增長的 COVID-19 病例數以及最新的限制措施，包括今天在歐洲各地宣布的封鎖措施，都令我們非常擔憂。目前還不清楚這是否會對決策和預算產生實際影響，因此，至少在過去幾個月裡看起來更有希望的事情，可能會對我們不利。因此，未來幾個月我們將面臨一個充滿挑戰的局面，因為我們必須想辦法優化人才儲備，稍微降低利用率，確保我們繼續為 Cognizant 引進合適的技能，但與此同時，我們還要像鷹一樣密切關注需求信號和客戶的購買行為。

With regards to customer buying behavior, look, I would say they're more decisive, as I said. They are speaking -- seeking more strategic or trusted partners to help them through the pandemic. There's some very short term or cyclical priorities. They would include all the things you would expect: remote working enablement, e-commerce, AI and analytics with a view to doing hyper-personalization activity. There's a whole set of initiatives clients are looking at to provide cost relief, CapEx reductions. And I see more and more clients look towards enhanced resiliency, security, agility and scalability. So the whole notion of cloud acceleration will continue.

至於顧客的購買行為，你看，正如我所說，我認為他們更加果斷。他們正在尋求更具戰略意義或更值得信賴的合作夥伴，以幫助他們度過疫情難關。有些事情是短期的或週期性的優先事項。它們將包括你所期望的所有內容：遠距辦公支援、電子商務、人工智慧和分析，旨在進行高度個人化活動。客戶正在考慮一系列旨在降低成本、減少資本支出的措施。我看到越來越多的客戶開始專注於增強彈性、安全性、敏捷性和可擴展性。因此，雲加速的整個概念將會繼續存在。

The implications of this, for sure, there's some freed-up opportunities in the short term around e-commerce and working remotely. Certainly, some larger, I would call, longer payback projects like ERP are slower, but there are some larger opportunities that have been freed up, including captives that we will look at carefully because unlike the book of business we've been acquiring through M&A, captives can be revenue catered dilutive. There are lots of vendor consolidation opportunities, which is good for us in legacy. And by the way, I would say increasingly good for us in digital because I am seeing some key -- certain suppliers or so-called digital incumbents who are perhaps less malleable or flexible than Cognizant on Ts and Cs and pricing.

可以肯定的是，短期內電子商務和遠距辦公領域將出現一些新的機會。當然，一些規模較大、投資回報週期較長的項目，例如 ERP 系統，進展較慢，但也釋放出了一些更大的機會，包括我們將仔細研究的自保公司，因為與我們透過併購獲得的業務不同，自保公司可能會稀釋收入。供應商整合的機會很多，這對我們這些從事傳統業務的人來說是件好事。順便說一句，我認為這對我們數位領域來說越來越好，因為我看到一些關鍵的——某些供應商或所謂的數位領域現有企業，在條款和條件以及定價方面可能不如 Cognizant 靈活。

And look, there's other things happening in parallel. The pandemic is truly forcing companies to look at virtual agile and perhaps a greater consideration as to when they partner versus what they're working at. So those things are real, and I think that's impacting budgets for the coming year. As long as the situation doesn't get materially worse, the most important thing is clients are making decisions faster and they're more decisive leading into a budget cycle. If things get worse, then I think we may end up as an industry, not just in services, but beyond back in the world of pain again.

而且，還有其他事情也在同時發生。疫情確實迫使企業重新審視虛擬敏捷開發，並更認真地考慮何時開展合作以及合作內容與工作內容之間的關係。所以這些都是真實存在的，我認為這會對來年的預算產生影響。只要情況沒有實質惡化，最重要的是客戶在進入預算週期之前能夠更快地做出決策，並且更加果斷。如果情況繼續惡化，我認為我們整個行業，不僅是服務業，甚至更廣泛的行業，最終可能會再次陷入痛苦的境地。

The real trend that I'm 100% focused on, and we will put all our resources and effort behind this, relates to digital. That's a secular trend. It's strong. Our bookings are strong. Our pipeline is strong. We've got an improving brand. We see strength in digital engineering, where we're showing up very well these days. Software as a Service, AI and analytics, interactive.

我百分之百關注的真正趨勢，也是我們將投入所有資源和精力的，是數位化。那是一種長期趨勢。它很強勁。我們的預訂情況良好。我們的產品線實力雄厚。我們的品牌正在不斷提升。我們在數位工程領域看到了優勢，最近我們在這個領域表現非常出色。軟體即服務、人工智慧和分析、互動式。

And like I said, clients, I think, are now hitting a point where they've almost reached the epiphany that they've upgraded their tech stack, but at the same time they're wondering if they're getting adequate returns from this based on everything they've spent. And so if you think about Phase 3 of digital, and think of COVID as a very, very low tide that exposes everything before the enormous tsunami wave comes in and follows, we're seeing clients realize that our platforms, our e-commerce capabilities are concrete or inadequate. Their marketing is actually more analog than digital. They kind of hyperpersonalize because of poor data hierarchies for engineering. Their processes are so people-intended that they're unscalable.

正如我所說，我認為客戶現在幾乎已經意識到他們已經升級了技術棧，但同時，他們也在想，根據他們投入的一切，他們是否從中獲得了足夠的回報。因此，如果你把數位化的第三階段看作是極低的潮水，在巨大的海嘯到來之前，它會暴露一切，那麼我們看到客戶意識到，我們的平台、我們的電子商務能力是具體的，還是不足的。他們的營銷方式實際上更偏向類比而非數位。由於工程資料層級結構不合理，他們往往過度個人化。他們的流程以人為本，因此無法擴展。

And so in essence, even though we've gone through multiple phases of digital, what we've really been doing around the edge has been upgrading the tech stack and the infrastructure data and application layer for nondigital-native companies. And that fundamentally doesn't solve all of their problems. And clients, I think, going to this budget cycle and beyond in the years ahead, we'll become much more savvy with the fact that they need to become much more software and data-driven, they must embrace user experiences, and they ultimately must shift use cases to agile digital workflows. That's what we're focused on. That's where we're pointing our guns. And we'll participate elsewhere, but we will definitely focus on digital, and we're committed to that.

因此，從本質上講，儘管我們已經經歷了多個數位化階段，但我們真正圍繞邊緣所做的，是為非數位化原生公司升級技術堆疊、基礎設施資料和應用層。但這從根本上來說並不能解決他們所有的問題。我認為，在接下來的幾年裡，客戶在當前的預算週期以及之後的幾年裡，會越來越意識到他們需要變得更加軟體和數據驅動，他們必須重視用戶體驗，並且最終必須將用例轉變為敏捷的數位工作流程。這就是我們關注的重點。這就是我們槍口對準的地方。我們也會參與其他活動，但我們肯定會專注於數位化領域，並且我們致力於此。

Thank you. We reached the end of our question-and-answer session.

謝謝。我們的問答環節結束了。

I'd like to turn the floor back over for any further or closing comments.

我想把發言權交還給各位，請大家補充或作總結發言。

This is Katie. Thank you all for joining and for your questions, and we'll speak to you again later in the next quarter. Thank you.

這是凱蒂。感謝各位的參與和提問，我們將在下個季度稍後再次與大家交流。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。