高知特 (CTSH) 2020 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Cognizant Technology Solutions Second Quarter 2020 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Katie Royce, Global Head of Investor Relations. Thank you. You may begin.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2020 年第二季財報電話會議。（操作員指示）現在我將把會議交給全球投資者關係主管凱蒂·羅伊斯。謝謝。你可以開始了。

Thank you, Devon, and good afternoon, everyone. By now, you should have received a copy of the earnings release and investor supplement for the company's second quarter 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 Karen McLoughlin, Chief Financial Officer.

謝謝你，德文，大家下午好。現在，您應該已經收到公司 2020 年第二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。今天參加電話會議的發言人有：執行長 Brian Humphries；以及財務長 Karen McLoughlin。

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可以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, and good afternoon, everybody. Today, I would like to cover 4 topics with you, including a summary of our second quarter performance, an update on our purpose, vision and strategy, some thoughts on the macro demand environment and evolving client needs and an update on our efforts to ensure the highest levels of resiliency to our clients.

謝謝你，凱蒂，大家下午好。今天，我想和大家談談四個主題，包括我們第二季度業績的總結、我們宗旨、願景和戰略的最新進展、對宏觀需求環境和不斷變化的客戶需求的一些思考，以及我們為確保客戶擁有最高水平的韌性所做的努力的最新進展。

Before I proceed with our second quarter earnings call, I would like to add some commentary to today's announcement that Karen McLoughlin has decided to retire from Cognizant after more than 8 years as Chief Financial Officer and an incredibly successful career in the company spanning almost 17 years. During this time, Karen's role in helping Cognizant become one of the world's leading professional services companies cannot be overstated. It's been a privilege to work with Karen over the past 16 months, and I am forever indebted for her assistance and leadership. Karen, on behalf of the entire Cognizant family, I'd like to thank you for your many contributions to Cognizant. You've done a fantastic job and can be proud of your accomplishments. We wish you nothing but success in your future endeavors.

在開始第二季財報電話會議之前，我想就今天發布的凱倫·麥克勞林 (Karen McLoughlin) 決定從 Cognizant 退休的消息發表一些評論。凱倫·麥克勞林在 Cognizant 擔任財務長超過 8 年，並在該公司擁有近 17 年的輝煌職業生涯。在此期間，凱倫為 Cognizant 成為世界領先的專業服務公司之一所做的貢獻怎麼強調都不為過。過去16個月能與凱倫共事是我的榮幸，我永遠感激她的幫助和領導。Karen，我謹代表整個 Cognizant 大家庭，感謝您對 Cognizant 的諸多貢獻。你做得非常出色，可以為自己的成就感到自豪。我們祝福您未來一切順利。

We are excited to welcome Jan Siegmund to Cognizant. Jan is an accomplished executive with a wealth of experience in finance, strategy and general management. Jan will join us in the CFO role on September 1, 2020. Karen will continue in her capacity as CFO through August 31 and then remain with us in an advisory role through December 31, 2020, thereby ensuring a smooth CFO transition. Most recently, Jan served as Chief Financial Officer of ADP, a role which he held for 7 years. It follows that many of you will recognize his name and will have experience engaging with Jan in the past. You will understand therefore why he's the right choice to be our next CFO and why I look forward to working alongside him.

我們非常高興地歡迎 Jan Siegmund 加入 Cognizant。Jan是一位經驗豐富的管理者，在財務、策略和綜合管理方面擁有豐富的經驗。Jan將於2020年9月1日加入我們，擔任財務長一職。Karen 將繼續擔任財務長一職至 8 月 31 日，然後繼續擔任顧問一職至 2020 年 12 月 31 日，從而確保財務長的平穩過渡。最近，Jan 擔任 ADP 的財務官，他擔任該職位長達 7 年。因此，你們中的許多人都會認出他的名字，並且過去曾與 Jan 有過接觸。因此，您就會明白為什麼他是我們下一任財務長的合適人選，以及為什麼我期待與他共事。

Now let's go back to our earnings. I'm pleased with our second quarter performance. Faced with the unprecedented challenges of a global pandemic and a ransomware attack that impacted our operations, we executed well. We stayed true to our digital strategy and fulfilled the responsibilities to our multiple stakeholders, including our associates, our clients, our shareholders and the communities in which we operate. Second quarter revenue was $4 billion, a decline of 2.5% year-over-year in constant currency. This included a negative 120 basis point impact from the exit of certain nonstrategic content service business which we announced in Q3 2019. We have now fully exited this subset of services.

現在讓我們回到收入方面。我對我們第二季的業績感到滿意。面對全球疫情和勒索軟體攻擊帶來的前所未有的挑戰，我們的營運受到了影響，但我們執行得很好。我們始終堅持數位化策略，履行了對包括員工、客戶、股東以及我們營運所在社區在內的眾多利害關係人的責任。第二季營收為 40 億美元，以固定匯率計算年減 2.5%。這其中包括因退出某些非策略性內容服務業務而產生的 120 個基點的負面影響，我們在 2019 年第三季宣布了這一消息。我們現已完全停止提供此部分服務。

Our associates are the true heroes of the quarter, not just in my eyes but also in the eyes of our clients who are at the center of everything we do. Associates around the world quickly adopted to work-from-home conditions, stayed productive and helped our clients successfully navigate the initial shock of the pandemic. And when we became the victim of a ransomware attack in April, their instinctive client-centricity kicked in. We intentionally ensured that we were highly visible, transparent and cooperative with clients who recognized our perseverance and professionalism and how hard we worked to ensure their mission-critical services were uninterrupted. Therefore, I want to thank our leadership team and all our associates throughout the world for their dedication to our clients and their contribution to our performance in the quarter.

我們的同事才是本季的真正英雄，不僅在我看來如此，在我們的客戶眼中也是如此，而客戶是我們一切工作的核心。全球各地的員工迅速適應了居家辦公環境，保持了高效的工作狀態，並幫助我們的客戶成功度過了疫情爆發初期帶來的衝擊。今年四月，我們遭遇勒索軟體攻擊，他們本能的以客戶為中心的理念發揮了作用。我們刻意保持高度的可見度、透明度和合作性，客戶認可我們的毅力和專業精神，以及我們為確保其關鍵任務服務不間斷所付出的努力。因此，我要感謝我們的領導團隊和世界各地的所有同事，感謝他們對客戶的奉獻以及他們為我們本季業績做出的貢獻。

We continue to prioritize the health and safety of our associates. We communicate regularly and transparently with them and have equipped them for virtual working and rewarded a large portion of our associate base with a 25% salary increase payment for the month of April to recognize their extraordinary continuity of services efforts. People are at the heart of our business. So employee engagement is therefore critical. And I'm pleased to report that our recent annual company-wide people engagement survey shows that our engagement scores are up across all major categories.

我們始終將員工的健康和安全放在首位。我們與他們保持定期、透明的溝通，並為他們配備了虛擬辦公所需的設備，同時為了表彰他們卓越的持續服務努力，我們向大部分員工發放了 25% 的四月份加薪。人是我們業務的核心。因此，員工敬業度至關重要。我很高興地報告，我們最近進行的年度公司員工敬業度調查顯示，我們所有主要類別的敬業度得分均有所上升。

Karen will bring you through the details of the quarter, but I wanted to emphasize 2 salient points. First, we are gaining commercial momentum. This is illustrated by our bookings trend, which grew 14% year-over-year in the first half of 2020, notwithstanding the challenges we faced in the quarter. North America, which grew 25% plus in the first half, is particularly strong. This was offset by declines in global growth markets given the signature of the Samlink agreement in Q2 2019. Excluding the impact of Samlink, total company bookings grew 25% plus in the first half of 2020, and global growth market bookings grew in the mid-teens. Our bookings momentum is broad-based across our service lines and industries. Bookings accelerated through Q2 with June being an exceptional month. Moreover, leading indicators are strong with qualified pipeline up double digits year-over-year, and win rates continue to be solid.

Karen會為大家詳細介紹本季的情況，但我想強調兩點。首先，我們正在獲得商業發展動力。我們的預訂趨勢就說明了這一點，儘管我們在本季度面臨諸多挑戰，但 2020 年上半年的預訂量仍同比增長了 14%。北美地區上半年成長超過 25%，表現特別強勁。由於 2019 年第二季簽署了 Samlink 協議，全球成長市場下滑，抵銷了上述影響。不計 Samlink 的影響，2020 年上半年公司總預訂量成長超過 25%，全球成長市場預訂量成長了 15% 以上。我們的預訂勢頭強勁，涵蓋了我們所有的服務線和行業。第二季預訂量加速成長，其中6月表現尤為突出。此外，領先指標表現強勁，合格潛在客戶數量較去年同期成長兩位數，成交率也維持穩健。

Second, we are making noteworthy progress in digital. In the second quarter, revenue in digital grew 14% year-over-year and now represents 42% of our digital -- of our company revenue mix. First half 2020 digital bookings growth of almost 50% was fueled by digital engineering, AI and analytics, interactive and software-as-a-service. I'm confident that our digital momentum will continue given the strength of leading indicators. Clients are also highly receptive to Cognizant's digital capabilities given not just our strong portfolio and strong customer satisfaction but also their desire to see us challenge digital incumbents. Importantly, this becomes a virtuous circle as the greater our digital mix, the greater our overall company growth prospects.

其次，我們在數位化領域取得了顯著進展。第二季度，數位業務收入年增 14%，目前占公司數位業務收入的 42%。2020 年上半年數位預訂量成長近 50%，這主要得益於數位工程、人工智慧和分析、互動以及軟體即服務。鑑於領先指標的強勁勢頭，我相信我們的數位化發展勢頭將會持續下去。客戶對 Cognizant 的數位化能力也給予了高度評價，這不僅是因為我們擁有強大的產品組合和極高的客戶滿意度，還因為他們希望看到我們挑戰現有的數位化企業。重要的是，這會形成一個良性循環，因為我們的數位化程度越高，公司的整體成長前景就越好。

This takes me to my second topic, which is about purpose and vision and their connection to engagement, values and our strategy. The executive leadership team and I have given a great deal of thought to how we optimize the engagement we get from our 280,000-person knowledge business, which spans multigenerational and a diverse workforce. In recent months, we set out to develop and communicate a purpose and vision statement as well as reviewing the values that establish how we work. We believe this is important and it's part of our long-term success, and we will be rolling out what we're calling the Cognizant agenda to the entire company in August. It's worth taking a moment to run through the key elements of this.

這就引出了我的第二個主題，即目標和願景以及它們與員工敬業度、價值觀和我們的策略之間的聯繫。我和我的執行領導團隊認真思考瞭如何優化我們從擁有 28 萬名員工的知識型企業中獲得的參與度，該企業涵蓋多代人且多元化的員工隊伍。近幾個月來，我們著手製定和傳達宗旨和願景聲明，並重新審視確立我們工作方式的價值觀。我們認為這很重要，也是我們長期成功的一部分，我們將在 8 月向全公司推出我們稱為 Cognizant 議程的內容。值得花點時間梳理一下其中的關鍵要素。

We define Cognizant's purpose this way: we engineer modern businesses to improve everyday life. This statement explains why we're in business and serves as our inspirational North Star and driving force. Our purpose also convey that while we are a B2B company, the work we do with and for our clients helps improve the lives of billions of people. Most important, it rings true with our culture, as evidenced by how well we dealt with the unprecedented challenges of recent months. To measure how well we're living our purpose and clarify what we aspire to achieve, we set out a vision to become the preeminent technology services partner to the Global 2000 C-suite. This is where our strategy comes into play as we aim to execute a series of bold moves to realize our vision, and these actions call for us to accelerate digital, optimize our core business, transform our commercial model, supercharge our talent and enhance our reputation.

我們對 Cognizant 的宗旨是這樣定義的：我們致力於打造現代商業模式，以改善日常生活。這份聲明解釋了我們從事這項業務的原因，它是我們鼓舞人心的指路明燈和前進的動力。我們的宗旨也表明，雖然我們是一家 B2B 公司，但我們與客戶一起所做的工作有助於改善數十億人的生活。最重要的是，它與我們的文化相符，正如我們最近幾個月應對前所未有的挑戰的出色表現所證明的那樣。為了衡量我們實現目標的程度，並明確我們渴望達成的目標，我們制定了一個願景，成為全球 2000 強企業主管的首選技術服務合作夥伴。這就是我們策略發揮作用的地方，我們旨在執行一系列大膽的舉措來實現我們的願景，這些舉措要求我們加速數位轉型、優化核心業務、轉變商業模式、增強人才實力並提升聲譽。

Accelerating digital is at the heart of our strategy and I have 2 fundamental beliefs on this topic. First, we are still in the early stages of digital, and the COVID-19 pandemic is single-handedly significantly accelerating the shift to digital. And second, Cognizant has a global scale portfolio and strategic client relationships to be one of the single biggest beneficiaries of this shift in the coming years. Put simply, digital creates an enormous opportunity for Cognizant and we intend to capture this.

加速數位轉型是我們策略的核心，對此我有兩個基本信念。首先，我們仍處於數位化的早期階段，而新冠肺炎疫情正顯著加速數位化的轉變。其次，Cognizant 擁有全球規模的業務組合和策略客戶關係，並有望成為未來幾年這項轉變的最大受益者之一。簡而言之，數位化為 Cognizant 創造了巨大的機遇，我們決心抓住這一機會。

While the industry has been talking about digital transformation for years, many companies have yet to make the transition to a fully digital operating model, instead digitizing only select operations. In a matter of months, COVID-19 has exposed the extent of the digital divide between digital natives and traditional companies. Migrating infrastructure application and data states to a more flexible, resilient and cost-effective cloud architecture is a start but in itself insufficient. Clients are increasingly shifting their focus to modernizing their core processes to be truly agile so that they can continually improve the value proposition and experience they offer to their customers and employees. And our strategy is built on our ability to leverage our strength in the applications and data management services layers to enable agile workflows so our clients can deliver customer and business value simultaneously.

雖然業界多年來一直在談論數位轉型，但許多公司尚未完全過渡到數位營運模式，而只是對部分營運環節進行了數位化。短短幾個月內，新冠肺炎疫情就暴露了數位原住民和傳統公司之間巨大的數位落差。將基礎設施應用程式和資料狀態遷移到更靈活、更有彈性和更經濟高效的雲端架構是一個好的開始，但這本身還不夠。客戶越來越重視核心流程的現代化，以實現真正的敏捷性，從而不斷提高他們為客戶和員工提供的價值主張和體驗。我們的策略建立在我們能夠利用自身在應用和資料管理服務層面的優勢來實現敏捷的工作流程，從而使我們的客戶能夠同時交付客戶價值和業務價值。

To fully execute this strategy, we will draw on our broad portfolio and our rich heritage of delivery excellence, partnering with our clients to deliver business outcomes with innovative solutions that leverage our internal capabilities and those of our partner ecosystem. Winning in digital requires a broad ecosystem of partners, and therefore, as cloud computing has changed the way IT is delivered across infrastructure applications and platforms, we have meaningfully increased our partnership focus and investments with all 3 leading hyperscale companies and our most strategic software-as-a-service partners. We have complemented organic investments with a targeted M&A strategy focused 100% on digital.

為了全面執行這項策略，我們將利用我們廣泛的產品組合和卓越的交付傳統，與客戶合作，透過創新解決方案實現業務成果，充分利用我們內部的能力以及合作夥伴生態系統的能力。要在數位化領域取得成功，需要廣泛的合作夥伴生態系統。因此，隨著雲端運算改變了 IT 在基礎設施應用和平台上的交付方式，我們大幅增加了與所有 3 家領先的超大規模公司以及我們最重要的軟體即服務合作夥伴的合作重點和投資。我們透過有針對性的併購策略，對有機成長投資進行了補充，該策略100%專注於數位化領域。

Earlier in the quarter, we closed the acquisition of Collaborative Solutions, one of the world's largest Workday consultancies. With its leading position in the Workday ecosystem, Collaborative Solutions expands our opportunity in cloud by establishing a new practice in its large, fast-growing market. It also differentiates us, in particular, against offshore competitors. And yesterday, we announced our fifth cloud-related acquisition of the past year, New Signature, one of the world's largest independent Microsoft public cloud transformation specialists that serves all 3 Microsoft clouds. This will provide the foundation for a dedicated Microsoft business group within Cognizant. Underscoring our success in executing our strategy, we were recently named the 2020 Microsoft Partner of the Year for SAP on Azure as well as a leader in Gartner's 2020 Magic Quadrant for public cloud infrastructure, professional and managed services worldwide.

本季早些時候，我們完成了對 Collaborative Solutions 的收購，該公司是全球最大的 Workday 顧問公司之一。憑藉在 Workday 生態系統中的領先地位，Collaborative Solutions 透過在龐大且快速成長的市場中建立新的業務，擴大了我們在雲端領域的機會。這也使我們與海外競爭對手區分開來。昨天，我們宣布了過去一年中第五次與雲端相關的收購——New Signature，它是全球最大的獨立微軟公有雲轉型專家之一，服務微軟所有三個雲端平台。這將為 Cognizant 內部成立專門的微軟業務團隊奠定基礎。為了彰顯我們在執行策略方面的成功，我們最近被評為 2020 年微軟 Azure SAP 年度合作夥伴，並在 Gartner 2020 年全球公有雲基礎設施、專業和託管服務魔力像限中位列領導者。

Let's turn now to the demand environment, and I'll start with some positive news. First, macro demand, although still uncertain, is better than we anticipated in April. Second, revenue growth and bookings momentum improved through the second quarter. Third, we remain confident that our digital, client, industry and geographic revenue mix positions us favorably. And fourth, clients are consolidating vendors as they seek more strategic partners to help them through the implications of COVID-19. This is favorable for Cognizant in that we are increasingly seen as a strategic partner not just in run/operate but also in digital. We are nonetheless cautious about the macro demand environment. While the fiscal stimulus has helped, high unemployment rates remain a concern. COVID-19 cases are on the rise in many states and countries. And many of the C-suite executives I speak with are bracing for a period of prolonged economic disruption. Therefore, the prudent path forward may be one of continued caution. This means continued rigor on discretionary spending to protection of key skills and targeted investments for growth.

現在我們來談談需求環境，我先來說一些好消息。首先，宏觀需求雖然仍不明朗，但好於我們4月的預期。其次，第二季營收成長和預訂動能有所改善。第三，我們仍然相信，我們的數位化、客戶、產業和地理收入組合使我們處於有利地位。第四，客戶正在整合供應商，因為他們需要更多策略夥伴來幫助他們應對 COVID-19 的影響。這對 Cognizant 來說是有利的，因為我們越來越被視為策略合作夥伴，不僅在營運方面，而且在數位化方面也是如此。儘管如此，我們對宏觀需求環境仍持謹慎態度。雖然財政刺激措施起到了一定作用，但高失業率仍然令人擔憂。許多州和國家的 COVID-19 病例都在增加。我接觸過的許多企業主管都在為一段長期的經濟動盪時期做準備。因此，審慎的做法或許是繼續保持謹慎。這意味著要繼續嚴格控制可自由支配支出，以保護關鍵技能並進行有針對性的成長投資。

So what does the future hold? We believe the implications of the pandemic will be broad and lasting. The nature of work and of society will change across many dimensions, including how we interact, communicate, embrace technology and think about risk. The practical implications on the business are consequential and go well beyond the return-to-office time lines, business continuity planning, the question of the shift to virtual agile or questions about the future of business travel or commercial real estate policies, both of which I believe will be changed forever.

那麼未來會怎麼樣呢？我們認為此次疫情的影響將是廣泛且持久的。工作和社會的本質將在許多方面發生變化，包括我們如何互動、溝通、接受科技以及思考風險。對企業的實際影響是巨大的，遠遠超出了重返辦公室的時間表、業務連續性計劃、向虛擬敏捷轉型的問題，以及關於商務旅行或商業房地產政策的未來等問題，我認為這些問題都將永遠改變。

I speak with clients and prospects every single day, and many seem to be moving through 3 broad stages. First, the commitment to keep their employees safe and their business is running without interruption. Second, an adoption phase to the new normal, which includes the considerable technological and human implications of working from anywhere. And third, the need to truly embrace digital to stay competitive. This requires them to fully modernize their businesses across infrastructure, data and applications. There's an increasing recognition that we are in a mobile, virtual and personal era, where clients and employees expect always-on and ubiquitous consumer-grade software experiences with rich visualization tools, data integration and data protection. These needs are reflected in changing client needs and buying behavior. We see clients embrace agile development and platforms and micro services that foster innovation, unlock the power of data and offer efficiency, security, scalability and agility. This requirement aligns directly with our strategy to win in digital, including cloud, AI and analytics, digital engineering and IoT.

我每天都與客戶和潛在客戶交談，他們中的許多人似乎都在經歷 3 個大階段。首先，他們致力於保障員工安全和業務持續營運。其次，需要經歷一個適應新常態的階段，其中包括隨時隨地工作所帶來的重大技術和人為影響。第三，要保持競爭力，就必須真正擁抱數位化。這要求他們對其業務的基礎設施、數據和應用程式進行全面現代化改造。人們越來越認識到，我們正處於行動、虛擬和個人化的時代，客戶和員工期望獲得始終在線、無處不在的消費級軟體體驗，以及豐富的視覺化工具、資料整合和資料保護。這些需求體現在不斷變化的客戶需求和購買行為。我們看到客戶接受了敏捷開發、平台和微服務，這些服務都能促進創新，釋放資料的力量，並提供效率、安全性、可擴展性和敏捷性。這項要求與我們贏得數位化領域的策略直接相關，包括雲端運算、人工智慧和分析、數位工程和物聯網。

To help clients grapple with the changes wrought by COVID-19, we've also developed capabilities to help them prosper in the post-COVID world. These offerings, which span our portfolio, include the following: virtual workplace, an enterprise-level solution that helps companies achieve resilience and maintain productivity even amid massive disruption; data modernization, which helps clients fix how they source, interpret and consume information through flexible data structures and a modern data and analytics platform; and Cognizant Safe Buildings, which combines layered prevention controls with instrumentation, data analytics and digital technologies to help make buildings safer for occupants by providing robust monitoring and visualization capabilities.

為了幫助客戶應對 COVID-19 帶來的變化，我們也發展了相關能力，以幫助他們在疫情時代蓬勃發展。這些產品涵蓋了我們的產品組合，其中包括：虛擬工作場所，這是一種企業級解決方案，可幫助企業即使在大規模中斷的情況下也能保持韌性和生產力；數據現代化，它透過靈活的數據結構和現代化的數據與分析平台，幫助客戶改進其獲取、解釋和使用資訊的方式；以及 Cognizant安全建築，它將分層預防控制與儀器、數據分析和數位技術相結合，透過提供強大的監控和視覺化功能，幫助提高建築物對居住者的安全。

Recognize too that COVID-19 coincided with a period of societal turmoil amid significant questions about racial justice, globalization and corporate social responsibility. So not only are clients' businesses and technological requirements changing but so too are the demands of their vendors. I'm pleased to underscore our intensified commitment to social responsibility. Cognizant and its foundations have a long history of contributing to the health, well-being, education and progress of the communities in which we live and work. In April, for example, we announced an initial $10 million philanthropic commitment to support communities around the world in addressing COVID-19's immediate and long-term impacts. In June, the Cognizant U.S. Foundation announced a $5 million commitment to communities of color, the continuation of its long-standing work to advance education, training and career pathways for underrepresented populations across the U.S. And in late 2019, as we announced our decision to exit a subset of content moderation, we allocated $5 million to fund research aimed at reducing users' exposure to objectionable content.

也要體認到，COVID-19 疫情爆發之際，正值社會動盪時期，人們就種族正義、全球化和企業社會責任等重大議題展開討論。因此，不僅客戶的業務和技術需求正在變化，供應商的要求也在改變。我很高興地強調我們對社會責任的進一步承諾。Cognizant 及其基金會長期以來致力於為我們生活和工作的社區的健康、福祉、教育和進步做出貢獻。例如，今年 4 月，我們宣布了一項初步的 1000 萬美元慈善捐贈承諾，以支持世界各地的社區應對 COVID-19 的直接和長期影響。今年 6 月，Cognizant 美國基金會宣布向有色人種社區捐贈 500 萬美元，繼續其長期以來為全美弱勢群體推進教育、培訓和職業發展道路的工作。 2019 年底，在我們宣布退出部分內容審核工作的同時，我們撥款 500 萬美元用於資助旨在減少使用者接觸不良內容的研究。

We're also proud to support global work to remediate COVID-19. More than 100,000 researchers and clinicians are now using our Shared Investigator Platform, a life sciences software-as-a-service solution. And some of their work is focused on accelerating the development of COVID-19 therapies through virtual clinical trial processes. We're also providing a team of our life sciences experts to support Verily, the health and life sciences company of Alphabet, with its baseline COVID-19 testing program to increase individuals' access to test scheduling.

我們也為能夠支持全球對抗新冠疫情的工作而感到自豪。目前已有超過 10 萬名研究人員和臨床醫生正在使用我們的共享研究者平台，這是一個生命科學軟體即服務解決方案。他們的部分工作重點是透過虛擬臨床試驗流程加速新冠肺炎療法的研發。我們還將派遣一支生命科學專家團隊，為 Alphabet 旗下的健康和生命科學公司 Verily 提供支持，協助其進行 COVID-19 基礎檢測計劃，以增加個人預約檢測的機會。

In the wake of the unprecedented twin challenges of COVID-19 and ransomware attack, we, like many of our clients, are increasingly focused on improving our business resiliency especially within our delivery and technology organizations.

面對新冠疫情和勒索軟體攻擊這兩大前所未有的挑戰，我們和許多客戶一樣，越來越注重提高業務韌性，尤其是在交付和技術部門。

Let me first address delivery. While I'm extremely proud of our delivery team and how well they enable the safety of our associates and continuity of mission-critical services for our clients, the pandemic highlighted the need to increase the robustness and resiliency of our delivery operations. We are taking a fresh look at our delivery organization and defining a next-generation delivery model that will extend the work we've done in recent years to further globalize our network of delivery centers across the globe, which will complement our India hub. This will ensure greater resiliency, enable us to better service our clients' needs for scrum teams nearshore and onshore and give us greater access to global talents. Automation will, of course, be pervasive throughout.

首先讓我談談配送問題。雖然我為我們的交付團隊感到非常自豪，他們很好地保障了我們員工的安全，並保障了我們客戶的關鍵任務服務的持續性，但疫情凸顯了我們需要提高交付營運的穩健性和韌性。我們正在重新審視我們的交付組織，並制定下一代交付模式，這將擴展我們近年來所做的工作，進一步全球化我們的全球交付中心網絡，這將與我們在印度的樞紐形成互補。這將確保我們擁有更強的韌性，能夠更好地滿足客戶對近岸和在岸 Scrum 團隊的需求，並讓我們更容易獲得全球人才。自動化當然會無所不在。

And on the point of technology, I've appointed a new Head of Technology and Strategy who will report directly to me and focus on informing our strategy, digitizing our business and strengthening our IT and security capabilities. Their first priority, when they start next week on August 3, will be to complete our IT and security remediation efforts. We've devoted substantial time and resources towards remediation and, as a result, have made significant progress in recent months. Not only have we essentially completely contained and eradicated the ransomware, we've also begun what we expect will be a multi-quarter initiative to refresh and strengthen our approach to security. A subcommittee of the Board of Directors will help me provide oversight of this effort, which is being conducted in conjunction with external security experts.

在技​​術方面，我已經任命了一位新的技術和戰略主管，他將直接向我匯報工作，專注於為我們的戰略提供信息，實現業務數字化，並加強我們的IT和安全能力。他們下週（8月3日）上任後的首要任務是完成我們的IT和安全修復工作。我們投入了大量時間和資源進行補救工作，因此，近幾個月來取得了顯著進展。我們不僅基本上完全控制並根除了勒索軟體，而且還啟動了一項預計將持續多個季度的計劃，以更新和加強我們的安全方法。董事會的一個小組委員會將協助我監督這項工作，這項工作是與外部安全專家合作進行的。

In closing, for several quarters, I've been speaking with you about our multiyear effort to reposition Cognizant to achieve its full growth potential as we execute the initiatives of the transformation office. We've not let COVID-19 or ransomware distract us from this work, and we've made steady progress across many dimensions, including accelerating our digital strategy, globalizing Cognizant and increasing our relevance to clients. These teams require ongoing investments, including our portfolio, our brands, our talent and our partnerships. While more work is needed in the quarters ahead, I am confident about Cognizant's growing stature and our competitive position. We are controlling what we can control, making progress in our competitiveness relative to peers and positioning ourselves for commercial momentum.

最後，在過去的幾個季度裡，我一直在和大家談論我們為重新定位 Cognizant 以充分發揮其成長潛力而進行的多年努力，同時我們也在執行轉型辦公室的各項舉措。我們沒有讓 COVID-19 或勒索軟體分散我們對這項工作的注意力，我們在許多方面都取得了穩步進展，包括加速我們的數位化策略、實現 Cognizant 的全球化以及提高我們對客戶的相關性。這些團隊需要持續的投資，包括我們的投資組合、品牌、人才和合作關係。雖然未來幾季還需要做更多的工作，但我對 Cognizant 不斷提升的地位和我們的競爭優勢充滿信心。我們正在掌控我們能夠掌控的因素，在相對於同業的競爭力方面取得進步，並為商業發展奠定基礎。

With that, I'll turn the call over to Karen, who will now take you through the details of the quarter and our outlook before going to questions and answers. Karen, over to you.

接下來，我將把電話交給凱倫，她將為大家詳細介紹本季的業績和展望，之後將進入問答環節。凱倫，該你了。

Thank you, Brian, and good afternoon, everyone. Before I start with my prepared remarks, I'd like to take a moment to say that my 17 years at Cognizant has been more rewarding than I could have ever imagined. During my 8 years as CFO, we have grown from 138,000 associates and about $6.1 billion in annual revenue to over 280,000 associates and over $16 billion in annual revenue today. And I am very proud of our achievements along the way. I have been honored and privileged to work alongside our associates around the world, whose passion and commitment to our clients, our colleagues and our communities never ceases to amaze me. This is a very special company with a wonderful future. I am so pleased to pass the baton to Jan Siegmund, who, as many of you know, is a very accomplished executive. I am confident Jan will do a wonderful job working alongside Brian and the rest of the Cognizant team to lead the company forward. In the meantime, I look forward to working with Jan, Brian and the rest of the Cognizant team through the end of the year to ensure a smooth transition.

謝謝你，布萊恩，大家下午好。在開始我的演講之前，我想花一點時間說，我在 Cognizant 工作的 17 年比我所能想像的更有收穫。在我擔任財務長的 8 年間，我們的員工人數從 138,000 人成長到如今的 28 萬人，年收入從約 61 億美元成長到超過 160 億美元。我為我們一路走來所取得的成就感到非常自豪。我非常榮幸能夠與世界各地的同事們一起工作，他們對客戶、同事和社區的熱情和奉獻精神總是讓我驚嘆不已。這是一家非常特別的公司，擁有美好的未來。我非常高興將接力棒交給 Jan Siegmund，正如你們許多人所知，他是一位非常有成就的主管。我相信 Jan 將會與 Brian 和 Cognizant 團隊的其他成員一起出色地帶領公司向前發展。同時，我期待與 Jan、Brian 和 Cognizant 團隊的其他成員一起努力，直到年底，以確保平穩過渡。

Now let me turn to our results. Second quarter revenue of $4 billion declined 3.4% year-over-year or 2.5% in constant currency, including a negative 120 basis point impact from the exit of certain content-related services and a negative 90 basis points from the ransomware attack impact on fulfillment, the latter of which was skewed towards our Financial Services and Healthcare segments. After working through COVID-19-related fulfillment challenges early in the quarter, we saw improved momentum in May and June driven by double-digit growth in our digital service offerings particularly in areas such as cloud and enterprise application services, IT modernization and digital engineering.

現在讓我來看看我們的結果。第二季營收為 40 億美元，年減 3.4%，以固定匯率計算下降 2.5%，其中包括退出某些內容相關服務造成的 120 個基點的負面影響，以及勒索軟體攻擊對履行造成 90 個基點的負面影響，後者主要影響我們的金融服務和醫療保健部門。在本季度初克服了與 COVID-19 相關的交付挑戰之後，我們在 5 月和 6 月看到了成長勢頭的改善，這主要得益於我們的數位服務產品實現了兩位數的成長，尤其是在雲端和企業應用服務、IT 現代化和數位工程等領域。

Moving to the industry verticals, where all of the growth rates provided will be year-over-year in constant currency. Financial Services declined 4.3%, with softness in both banking and insurance. We continue to see weakness across global banking accounts. Capital markets, which is roughly 40% of total banking revenue, continues to be under the most pressure. And additionally, the macro backdrop has negatively impacted clients in the payments sector, particularly those with significant exposure to travel and hospitality volumes.

接下來是產業垂直領域，其中提供的所有成長率均為固定匯率計算的年增速。金融服務業下跌 4.3%，其中銀行業和保險業均表現疲軟。我們持續看到全球銀行帳戶疲軟。資本市場約佔銀行業總收入的 40%，目前仍面臨最大壓力。此外，宏觀經濟環境也對支付行業的客戶產生了負面影響，尤其是那些在旅遊和酒店業交易量方面敞口較大的客戶。

Healthcare grew 2.2%, led by strong double-digit growth in life sciences in Europe, primarily driven by the Zenith Technologies acquisition. Within our Healthcare vertical, revenue declined low single digits. I want to highlight that the leading indicators of our Healthcare business, including software license sales, new logos, qualified pipeline and bookings are significantly better than 1 year ago.

醫療保健產業成長 2.2%，其中歐洲生命科學領域實現了強勁的兩位數成長，這主要得益於對 Zenith Technologies 的收購。在我們的醫療保健垂直領域，收入出現了個位數百分比的下降。我想強調的是，我們醫療保健業務的領先指標，包括軟體授權銷售、新客戶、合格銷售管道和預訂量，都比一年前有了顯著改善。

Products and Resources declined 5% with double-digit growth in manufacturing, logistics, energy and utilities, offset by double-digit declines in travel and hospitality and retail and consumer goods, where we expect continued pressure in the second half of the year as a result of the ongoing pandemic. In manufacturing and logistics, we are expanding our wallet share with our largest accounts and saw an uptick in deal wins, leveraging our strengthened partnerships with both cloud and SaaS providers.

產品和資源行業下降了 5%，其中製造業、物流、能源和公用事業實現了兩位數的增長，但旅遊和酒店業以及零售和消費品行業的兩位數下降抵消了這一增長。我們預計，由於疫情持續蔓延，這些產業在下半年將持續面臨壓力。在製造和物流領域，我們透過加強與雲端服務和 SaaS 供應商的合作關係，擴大了與最大客戶的市場份額，並贏得了更多訂單。

Communications, Media and Technology declined 3.2%, including the approximately negative $48 million impact to technology from our decision to exit certain portions of our content services business, where the vast majority of our work has now ramped down. Excluding this negative 790 basis point impact, we saw approximately 5% growth in Communications, Media and Technology. Performance was flat in communications and media as growth of certain communications clients was offset by weakness with entertainment clients exposed to studios, cable TV and theme parks. We expect continued pressure in media and entertainment in the second half of the year.

通訊、媒體和科技業務下降了 3.2%，其中包括由於我們決定退出部分內容服務業務而對科技業務造成的約 4,800 萬美元的負面影響，而我們絕大部分的內容服務業務現在都已大幅減少。剔除這 790 個基點的負面影響，通訊、媒體和科技產業實現了約 5% 的成長。通訊和媒體產業的業績持平，因為某些通訊客戶的成長被娛樂客戶（包括製片廠、有線電視和主題樂園）的疲軟所抵消。我們預計下半年媒體和娛樂產業將持續面臨壓力。

Overall, the demand environment in the second half remains uncertain, but we believe that we are gaining competitiveness across industries. As Brian mentioned, bookings and pipeline are solid, and we've made progress strengthening our partnerships. Here are a few examples of how we are working with our strategic technology partners.

總體而言，下半年的需求環境仍然不明朗，但我們相信我們在各行業的競爭力都在不斷增強。正如布萊恩所提到的，預訂和專案儲備都很穩定，我們在加強合作夥伴關係方面取得了進展。以下是我們與策略技術合作夥伴合作的一些例子。

A client in the toll road operator business had legacy systems located in primary and backup data centers just a mile apart from each other, jeopardizing resiliency. The client was also experiencing reliability and performance issues with its commercial back office and CRM business applications. We migrated their on-prem back office, external website and all databases to AWS in just 2 months, streamlining all customer interactions. We are now building the new back office on an open-source, server-less architecture, enabling annual savings of up to 40% in infrastructure operational costs.

一家收費公路營運商的客戶，其遺留系統位於相距僅一英里的主資料中心和備份資料中心，這危及了系統的彈性。客戶的商業後台和 CRM 業務應用程式也遇到了可靠性和效能問題。我們只花了 2 個月就將他們的本地後台、外部網站和所有資料庫遷移到了 AWS，從而簡化了所有客戶互動。我們現在正在基於開源、無伺服器架構建立新的後台系統，每年可節省高達 40% 的基礎設施營運成本。

And with Verizon's ThingSpace IoT platform now integrated with Microsoft Azure, Cognizant is the first company to leverage the combined solution platform to develop its own IoT-enabled application on cold chain to support pharmaceutical and food and beverage industries impacted by the pandemic. Temperature-sensitive products can now be monitored to ensure product integrity from shipping through to the consumer.

隨著 Verizon 的 ThingSpace 物聯網平台與 Microsoft Azure 集成，Cognizant 成為第一家利用該組合解決方案平台開發自己的物聯網冷鏈應用程式的公司，以支援受疫情影響的製藥、食品和飲料產業。現在可以透過監控對溫度敏感的產品，確保產品從運輸到消費者手中的整個過程中的完整性。

And Cognizant and Google Cloud are already working with financial services organizations to modernize legacy platforms and digitally transform core banking. For multiple banks, we are running core banking solutions based on Temenos technology with Google Cloud.

Cognizant 和 Google Cloud 已經與金融服務機構合作，對傳統平台進行現代化改造，並對核心銀行系統進行數位轉型。我們正在為多家銀行運行基於 Temenos 技術和 Google Cloud 的核心銀行解決方案。

Moving on to margins. In Q2, our GAAP operating margin and diluted EPS were 11.7% and $0.67, respectively. Adjusted operating margin, which excludes restructuring and COVID-related charges, was 14.1%, and our adjusted diluted EPS was $0.82. COVID-related charges were $25 million in the quarter, primarily related to the previously announced onetime salary adjustment in April that we gave to certain employees in India and the Philippines. Adjusted operating margin was down 200 basis points year-over-year due to a 140 basis point impact from ransomware, including both the revenue and the cost impact, which, together with higher incentive-based compensation and lower revenue, offset savings from items such as lower T&E and the favorable movement in the rupee. Margins were also negatively impacted by the downtime incurred by employees during the transition to working from home, the sudden reduction in demand late in the first quarter, and the time it took us to reduce head count and other costs accordingly.

接下來討論邊際效益。第二季度，我們的 GAAP 營業利潤率和稀釋後每股收益分別為 11.7% 和 0.67 美元。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 14.1%，經調整後的稀釋每股收益為 0.82 美元。本季與新冠疫情相關的支出為 2,500 萬美元，主要與我們先前在 4 月宣布的向印度和菲律賓的某些員工發放的一次性工資調整有關。調整後的營業利潤率年減 200 個基點，主要原因是勒索軟體造成的 140 個基點的影響，包括收入和成本兩方面的影響。此外，更高的激勵性薪酬和更低的收入抵消了差旅費降低和盧比匯率走強等因素帶來的節省。員工在家工作過渡期間的停工時間、第一季末需求的突然下降，以及我們相應地減少員工人數和其他成本所花費的時間，都對利潤率產生了負面影響。

Additionally, during the quarter, we continued to execute against the 2020 Fit for Growth Plan, which is designed to improve our cost structure and fund investments aligned with our long-term growth strategy. In Q2, we incurred $59 million of charges as part of this plan, including $8 million related to the exit of a subset of our content services business. The majority of the remaining charges were related to the previously announced actions to correct our pyramid structure. Net head count declined approximately 2.5% year-over-year, including the roughly 7,000 associates exited under the Fit for Growth Plan. These cost actions as well as increased rigor in our performance management process are reflected in our elevated annualized attrition rate of 24%. Voluntary attrition continued the downward trend we've seen over the last 4 quarters to approximately 11% in Q2.

此外，本季我們繼續執行 2020 年“適合成長計畫”，該計畫旨在改善我們的成本結構，並為符合我們長期成長策略的投資提供資金。第二季度，我們作為該計劃的一部分產生了 5,900 萬美元的費用，其中包括與退出部分內容服務業務相關的 800 萬美元費用。其餘大部分指控都與先前宣布的糾正金字塔結構的措施有關。淨員工人數較去年同期下降約 2.5%，其中包括根據「Fit for Growth Plan」離職的約 7,000 名員工。這些成本控制措施以及績效管理流程的日益嚴格，都反映在我們高達 24% 的年度員工流動率上。自願離職率延續了過去四個季度以來的下降趨勢，第二季度約為 11%。

Exiting Q2, the majority of the actions under Fit for Growth are complete, and we have achieved over $425 million in annualized gross run rate savings. We still expect annualized gross run rate savings of $500 million to $550 million in 2021 and charges to be in the $170 million to $200 million range. And as we have said previously, we will continue to adjust our cost structure in accordance with the macro environment while we continue to invest in areas that further our digital positioning. Savings achieved from the Fit for Growth Plan are funding investments to help accelerate growth in key areas such as sales and sales support hiring, investments in accelerating the growth of our digital portfolio, marketing and branding, investments to further digitize Cognizant, enhancing the resiliency and robustness of our delivery network through increased automation and additional nearshore and onshore capabilities to further diversify our delivery footprint and provide greater access to talent and recruiting and reskilling top talent. In the first half of 2020, we saw total learning hours consumed grow by double digits, and we are among the first companies globally to cross 1 million learning hours on key virtual learning platforms.

截至第二季末，「Fit for Growth」計畫下的大部分行動已經完成，我們實現了超過 4.25 億美元的年度毛運行率節省。我們仍預期 2021 年年度毛利率將節省 5 億至 5.5 億美元，費用將在 1.7 億至 2 億美元之間。正如我們之前所說，我們將繼續根據宏觀環境調整成本結構，同時繼續投資於能夠進一步提升我們數位化地位的領域。透過「適合成長計畫」節省下來的資金將用於投資，以幫助加速關鍵領域的成長，例如銷售和銷售支援人員招募、加速數位產品組合成長、行銷和品牌推廣、進一步實現 Cognizant 的數位化、透過提高自動化程度以及增加近岸和在岸能力來增強交付網路的韌性和穩健性，從而進一步多元化和培訓人才2020 年上半年，我們看到學習總時長實現了兩位數的成長，我們是全球首批在主要虛擬學習平台上學習時長突破 100 萬小時的公司之一。

Now turning to the balance sheet. Our cash and short-term investments balance as of June 30 stood at $4.6 billion or net cash of $2.1 billion. Our outstanding net balances include the approximate $1.7 billion drawn on our revolving credit facility in the first quarter of 2020. In the quarter, we closed the acquisition of Collaborative Solutions and yesterday announced that we have signed an agreement to acquire New Signature. And today, we announced that our Board has authorized a quarterly cash dividend of $0.22 per share. In this environment, we continue to prioritize using our balance sheet for targeted acquisitions and at this point have not resumed our share repurchase program. Year-to-date, we have deployed $550 million on share buybacks, repurchasing over 9 million shares at an average price of $59 per share. We will continue to reevaluate the appropriate time to restart that program, which still has approximately $1.8 billion of remaining authorization. Overall, we feel that our balance sheet is very healthy and provides us the flexibility needed in the current environment to run the business while continuing to invest.

現在來看資產負債表。截至6月30日，我們的現金及短期投資餘額為46億美元，淨現金為21億美元。我們未償付的淨餘額包括 2020 年第一季從循環信貸額度中提取的約 17 億美元。本季度，我們完成了 Collaborative Solutions 的收購，昨天又宣布我們已簽署協議收購 New Signature。今天，我們宣布董事會已批准派發每股 0.22 美元的季度現金股利。在這種環境下，我們繼續優先利用資產負債表進行有針對性的收購，目前尚未恢復股票回購計畫。今年迄今為止，我們已投入 5.5 億美元用於股票回購，以每股 59 美元的平均價格回購了超過 900 萬股股票。我們將繼續重新評估重啟該計劃的合適時機，該計劃目前仍有約 18 億美元的剩餘授權資金。總體而言，我們認為我們的資產負債表非常健康，為我們在當前環境下開展業務並繼續投資提供了必要的靈活性。

We had a strong cash flow quarter, generating $886 million of free cash flow. This included the benefit of approximately $380 million in government-offered deferrals of certain tax payments in the U.S. and other jurisdictions, which will now be paid in the second half of 2020 through 2022. Excluding these benefits, free cash flow was approximately 140% of net income. DSO of 77 days was flat year-over-year.

本季現金流強勁，產生了 8.86 億美元的自由現金流。這其中包括政府提供的約 3.8 億美元的稅收延期支付優惠，這些稅收將在美國和其他司法管轄區分 2020 年下半年至 2022 年期間支付。不計這些收益，自由現金流約為淨收入的 140%。DSO 為 77 天，與去年同期持平。

Now turning to guidance. The macroeconomic environment remains uncertain and the pace of recovery complicated by the evolving nature of the coronavirus pandemic. So there continues to be a number of factors that we may not be able to accurately predict. Additionally, while we are pleased with the solid bookings and pipeline numbers we've seen in the business year-to-date, how that pipeline converts to revenue will likely correspond to the pace of economic recovery and thus clients' confidence and spend. That said, we do believe we have better visibility in the business today than when we reported our Q1 earnings in May and therefore are providing full year 2020 guidance.

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。因此，仍有許多因素是我們無法準確預測的。此外，雖然我們對今年迄今業務中取得的穩健預訂量和銷售管道數據感到滿意，但這些銷售管道如何轉化為收入很可能與經濟復甦的速度以及客戶的信心和支出成正比。儘管如此，我們相信，與 5 月公佈第一季財報時相比，我們目前對業務的可見度更高，因此我們提供了 2020 年全年業績指引。

For the full year 2020, we expect revenue to decline in the range of 2% to down 0.5% year-over-year in constant currency. Based on current exchange rates, this translates to a decline of 2.2% to down 0.7% or $16.41 billion to $16.66 billion on a reported basis, reflecting our assumption of a negative 20 basis point foreign exchange impact for the full year. This includes our estimate of a negative impact of approximately 130 basis points to revenue year-over-year in both Q3 and Q4 from our decision to exit certain work within our content services business, which will be reflected in our CMT segment. This guidance continues to reflect a muted outlook for Financial Services and the retail and consumer goods and travel and hospitality portion of our Products and Resources segment. For the full year 2020, we expect adjusted operating margins to be approximately 15%, which assumes incremental cost 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.

我們預計 2020 年全年營收將以固定匯率計算年減 2% 至 0.5%。以當前匯率計算，這意味著報告金額將下降 2.2% 至 0.7%，即 164.1 億美元至 166.6 億美元，這反映了我們對全年外匯影響為負 20 個基點的假設。這包括我們估計由於我們決定退出內容服務業務中的某些工作，第三季和第四季的營收年比將受到約 130 個基點的負面影響，這將反映在我們的 CMT 業務板塊中。該指引繼續反映出金融服務以及我們產品和資源部門的零售和消費品以及旅遊和酒店業務前景疲軟。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。

Following the typical seasonality of the business, we expect Q3 revenue and adjusted operating margin to be higher than Q4. Our current guidance assumes that Q4 revenue will be negatively impacted by lower bill days versus Q3 and a typical cycle of furloughs. We expect to deliver adjusted diluted EPS in the range of $3.48 to $3.58. This guidance anticipates a full year share count of approximately 543 million shares and a tax rate of approximately 27% in the second half of the year. Guidance provided for adjusted diluted EPS excludes restructuring charges and other unusual items, if any, net nonoperating foreign currency exchange gains and losses and the tax effects of the above adjustments. Our guidance does not account for any potential impact from events like changes to immigration or tax policies.

根據該行業的典型季節性規律，我們預計第三季營收和調整後營業利潤率將高於第四季。我們目前的預期是，由於帳單日較第三季減少以及典型的員工休假週期，第四季的收入將受到負面影響。我們預計調整後稀釋每股收益將在 3.48 美元至 3.58 美元之間。該指引預計全年股份數量約為 5.43 億股，下半年稅率約為 27%。調整後稀釋每股盈餘的指引不包括重組費用和其他特殊項目（如有）、淨非經營性外匯損益以及上述調整的稅務影響。我們的指導意見並未考慮移民或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) Our first question comes from the line of Bryan Bergin with Cowen.

（操作說明）我們的第一個問題來自 Cowen 的 Bryan Bergin。

Karen, I wanted to wish you good luck.

凱倫，祝你好運。

Thank you, Bryan.

謝謝你，布萊恩。

So first question here. Within your outlook, are you assuming 2Q was a trough from a growth perspective across each industry segment? So any subverticals that may weaken further before improving. And I heard your comment there at the end, Karen, as far as bill days for 4Q. But really, my question is more so from a demand standpoint.

那麼，第一個問題來了。在您的展望中，您是否認為第二季是各行業細分市場成長的低谷期？因此，任何可能在改善之前進一步減弱的子垂直領域。凱倫，我聽到了你最後關於第四季帳單日數的評論。但實際上，我的問題更多是從需求角度出發的。

Yes. So I think -- and certainly, I'll ask Brian to also chime in. But I think from a demand perspective, we're predicting relatively consistent trends as we move into the back part of the year as we saw in Q2. So certainly, as we said on the call, in our prepared remarks, travel and hospitality, retail and consumer goods, we expect will continue to be under significant pressure in the back part of the year. Similarly, we are not expecting any significant recovery in Financial Services, whether that be either banking or insurance. But I do think Healthcare, certainly, we continue to expect some improvement in Healthcare as we get into the back part of the year. We had talked earlier in Q1, obviously, that in Q2, barring what happened with COVID and with ransomware that the Healthcare payer business would have started to get stronger. And certainly, we've seen strengthening in their pipeline. And then we would expect to see continued good growth from our man-log, so manufacturing, energy and utilities business as well as life sciences and the tech business once you back out the content services business. So I think really, generally speaking, the same trends that we've seen in recent months.

是的。所以我想——當然，我也會請布萊恩發表意見。但我認為從需求角度來看，我們預測隨著我們進入下半年，趨勢將相對穩定，就像我們在第二季度看到的那樣。因此，正如我們在電話會議上和準備好的發言稿中所說，我們預計旅遊和酒店業、零售和消費品行業在今年下半年將繼續面臨巨大壓力。同樣，我們預期金融服務業，無論是銀行業或保險業，都不會出現任何顯著復甦。但我確實認為醫療保健領域，我們當然會繼續期待隨著下半年醫療保健領域的一些改善。顯然，我們在第一季早些時候就討論過，如果沒有新冠疫情和勒索軟體的影響，醫療保健支付業務在第二季度將會開始走強。當然，我們也看到他們的研發管線實力有所增強。然後，我們預計我們的人力資源將繼續保持良好成長，包括製造業、能源和公用事業以及生命科學和科技業務（剔除內容服務業務後）。所以我覺得，總的來說，還是跟最近幾個月我們看到的趨勢一樣。

Okay. And then just on the bookings number, can you give us a sense on how much of this is new versus renewals? And Brian, can you clarify that the 25% figure you noted, I thought I heard it was ex Samlink. Is that accurate? And is this an area -- as you think about bookings, is this something you intend to provide more disclosure on going forward?

好的。那麼就預訂數量而言，您能否大致說明一下其中有多少是新預訂，又有多少是續約？Brian，你能澄清一下你提到的 25% 這個數字嗎？我好像聽說那是 Samlink 的股份。準確嗎？當您考慮預訂事宜時，這是否是您打算在未來提供更多資訊揭露的一個領域？

Bryan, so yes, we grew bookings 14% in the first half with particular strength in digital, which grew almost 50% in the first half. And then a few industries like Healthcare also grew very strong, so too in insurance. The reference we made to Samlink related to our global growth markets bookings. North America grew 25% plus in the first half. Global growth markets was down. But in Q2 in the prior year period, we had our biggest deal in a long, long time. And I hate to normalize for bookings and that's not a habit you should expect me to talk about very often, but for you to exclude that, global growth markets also grew 15% plus in the first half of the year, and the total company grew 25%.

布萊恩，是的，我們上半年的預訂量成長了 14%，其中數位業務表現特別強勁，上半年成長了近 50%。然後，醫療保健等一些行業也發展得非常強勁，保險業也是如此。我們提到的 Samlink 與我們在全球成長市場的預訂有關。北美地區上半年成長超過25%。全球成長型市場下滑。但在去年同期第二季度，我們達成了多年來最大的一筆交易。我討厭對預訂量進行正常化處理，你也不應該指望我經常談論這個習慣，但為了讓你忽略這一點，全球成長市場在今年上半年也成長了 15% 以上，公司整體成長了 25%。

Look, to be honest, when we start thinking about then the RAD model and then hunting versus farming, we actually feel very good about our momentum both in renewals as well as in new business. We've also clearly tracked the new hires of the 500-plus people, of which about 2/3 were quota-bearing and the rest were supports. We see those to have been self-funding in the first half of this year, and they're bringing through good TCV at decent margins, which more than covers the cost of those resources. So it gives us food for thought in terms of continuing to invest for growth on a go-forward basis.

說實話，當我們開始思考 RAD 模式以及狩獵與耕耘時，我們對續約和新業務的發展勢頭都感到非常滿意。我們也清楚地追蹤了 500 多名新員工的情況，其中約 2/3 是承擔配額的員工，其餘的員工則是支援人員。我們看到這些項目在今年上半年實現了自籌資金，並以可觀的利潤率帶來了良好的總現金價值，這足以彌補這些資源的成本。因此，這讓我們對未來是否應該繼續投資以實現成長有了新的思考。

Our next question comes from the line of Edward Caso with Wells Fargo.

我們的下一個問題來自富國銀行的 Edward Caso。

All the best to Karen. Can you talk a little bit about the contribution from the acquisitions? I'm thinking that Collaborative was on the $150 million per year range and Signature in the sort of the $50 million to $60 million range. Can you sort of -- what's baked into guidance?

祝凱倫一切順利。能談談收購帶來的貢獻嗎？我認為 Collaborative 的年收入在 1.5 億美元左右，而 Signature 的年收入在 5,000 萬到 6,000 萬美元之間。你能大概說說──指導原則中都包含了哪些內容嗎？

And then my second question is, give us an update sort of how much M&A are you looking for as part of your plan to sort of grow from here?

那麼我的第二個問題是，請您簡要介紹一下，作為您未來發展計劃的一部分，您計劃進行多少併購活動？

So I can take that, Ed, and then Brian can chime in about the future. But first of all, thank you for the nice comment. Inorganic revenue in the quarter was about 2 points. But Collaborative, as you know, didn't close until late in the quarter, so very small contribution in the quarter. We have not broken out the full year revenue from Collaborative, but obviously, that is baked into our guidance for the remainder of the year. And New Signature, again, we've signed it but we have not closed and do not expect to close until later this quarter. So in terms of the back half of the year, we'll have a very small immaterial impact on revenue. But Brian, perhaps you want to talk about acquisitions going forward.

所以我可以先說說這個，艾德，然後布萊恩可以就未來發表意見。首先，謝謝你的好評。本季非有機收入成長約 2 個百分點。但如你所知，Collaborative 直到季度末才完成交易，因此對本季的貢獻非常小。我們尚未單獨列出 Collaborative 的全年收入，但顯然，這已計入我們對今年剩餘時間的業績預期中。還有 New Signature，我們已經簽署了合同，但尚未完成交易，預計要到本季晚些時候才能完成交易。因此，就下半年而言，我們對收入的影響將非常小，微不足道。但布萊恩，或許你想談談未來的收購計畫。

Yes. So -- Ed, so first of all, I don't really wake up in the morning and think about how many points of growth I want to achieve next year from M&A. I think about the portfolio and our strategy and where we have gaps and where there are logical plays that can complement what we're setting out to achieve. And as you know, first and foremost, our strategy is all about accelerating digital. And therefore, the 5-or-so deals we've done have always been 100% aligned to digital, which is why I think we've been able to feel good about deploying capital. And the Board obviously have been very supportive of us in that regard as well. I will continue to use M&A as a means to support the strategy. We will do it thoughtfully, of course. I don't want anybody to feel as though we take anything for granted. But in the same vein, we are organically investing behind our strategic priorities. So while we've done a series of cloud acquisitions in the last year, we have also set aside tens of millions of dollars to invest in hyperscale partners and SaaS vendors with a view to accelerating our cloud practices.

是的。所以——艾德，首先，我早上醒來並不會去想明年我想透過併購實現多少成長點。我會思考投資組合和我們的策略，以及我們存在的差距，以及可以補充我們正在努力實現的目標的合理舉措。如您所知，我們的首要策略是加速數位轉型。因此，我們完成的 5 筆左右的交易都 100% 與數位化相關，這就是為什麼我認為我們能夠對部署資金感到滿意的原因。董事會在這方面也給予了我們很大的支持。我將繼續利用併購作為支持該策略的一種手段。我們當然會慎重考慮。我不希望任何人覺得我們把任何事都視為理所當然。但同樣地，我們也在根據我們的策略重點進行有機投資。因此，儘管我們在過去一年中進行了一系列雲端收購，但我們也撥出數千萬美元投資於超大規模合作夥伴和 SaaS 供應商，以期加速我們的雲端實踐。

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

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

First, congratulations, Karen, of course, and we'll miss you. Brian, can you just comment based on what you're seeing with clients in the sales pipeline? How confident you are that the IT spending will remain strong as we sort of transition out of pandemic mode into recession mode? I mean so far, it's been just remarkably strong. But obviously, typically, in a recession, it dips. So how -- what's your sort of confidence? Or how would you handicap that as you're looking out through the rest of the year?

首先，當然要恭喜你，凱倫，我們會想念你的。Brian，你能否根據你目前在銷售流程中觀察到的客戶狀況發表一下看法？您有多大信心，隨著我們從疫情模式過渡到經濟衰退模式，IT支出將保持強勁勢頭？我的意思是，到目前為止，它的表現非常強勁。但顯然，通常情況下，在經濟衰退時期，它會下降。那麼，你的自信屬於哪一種類型呢？或者，展望今年剩餘時間，你會如何評估這種情況？

Yes. Look, it's a broad question, Lisa, but macro demand for the services sector, as you know, came in stronger than expected in this earnings cycle. And I actually believe that within that, we, as a company, are becoming much more competitive. And hopefully, our bookings trends and our win rates and qualified pipeline illustrate that as indeed as our digital growth and our digital mix, which augurs well for our future. I'm seeing trends of substantial acceleration through the second quarter both in terms of bookings and indeed in terms of revenue. I'm also seeing trends amongst clients where budgets are certainly being reduced in the run-off rate space and therefore, pricing pressure follows. So of course, automation and efficiencies and industrialization is important, as is knowing what to build yourself versus what to partner on.

是的。麗莎，這是一個很廣泛的問題，但如你所知，在本輪財報週期中，服務業的宏觀需求強於預期。而我真心認為，正是在這種背景下，我們公司變得越來越有競爭力。希望我們的預訂趨勢、成交率和合格的銷售管道，以及我們的數位成長和數位化組合，都能證明這一點，這預示著我們美好的未來。我看到第二季預訂量和收入都出現了大幅加速成長的趨勢。我還注意到，客戶在停機維護方面的預算正在減少，因此價格壓力也隨之而來。所以，自動化、效率和工業化當然很重要，了解哪些東西應該自己開發，哪些東西應該與他人合作也很重要。

So clearly, digital is accelerating, and I actually believe that COVID will single-handedly meaningfully accelerate digital, and clients will realize that digital transformation is not 1 or 2 outliers in the portfolio. They fundamentally have to get through use cases and workflows and make sure that they digitize all of that for the benefit of their clients and indeed their employees. Digital for us grew, from a bookings point of view, 50% in the first half of the year. And what was very interesting for me as you go through the data and interrogate it is that about 75% of our digital bookings in the quarter entered the pipeline since Q1, i.e., in the first 6 months of the year, with about 50% of the bookings being created and closed in the same quarter. So there is tremendous velocity through the channel as well.

顯然，數位化正在加速發展，我真的相信 COVID 將會從根本上顯著加速數位化進程，客戶將會意識到數位轉型並非投資組合中的一兩個例外。從根本上講，他們必須梳理出使用案例和工作流程，並確保將所有這些都數位化，從而造福他們的客戶和員工。從預訂量來看，今年上半年我們的數位化業務成長了 50%。在分析數據的過程中，我發現一個非常有趣的現象：本季約 75% 的數位預訂都是在第一季（即今年前 6 個月）之後進入銷售管道的，其中約 50% 的預訂是在同一季度內創建並完成的。因此，通道內的流速也非常高。

I also think clients are looking at opportunities to consolidate vendors. Certainly, as they're looking for commercial constructs or financial constructs that are appealing to them, they're looking at companies with strong balance sheets, companies that are willing to invest. And Lisa, I think these trends are favorable to Cognizant. If I've heard it once, I've heard it 20 times in the last month or 2 that Cognizant showing up more favorably is ultimately illustrative of the fact that we are unquestionably strong in run/operate, would increasingly accept it as a viable challenger brand in digital. And therefore, in any consolidation play, we will naturally, in my opinion, figure amongst the down-select. So I feel very, very good about our competitive position or relative strength. We're closing the gap with the competitors, as you've seen. And I'm confident that clients will continue to spend in the second half but along the lines of what I articulated.

我也認為客戶正在尋找整合供應商的機會。當然，當他們尋找對他們有吸引力的商業結構或金融結構時，他們會關注那些資產負債表強勁、願意投資的公司。麗莎，我認為這些趨勢對 Cognizant 有利。在過去一兩個月裡，我至少聽過 20 次這樣的說法：Cognizant 表現得越來越好，最終表明我們在營運方面實力毋庸置疑，而且越來越能被接受為數位領域一個可行的挑戰者品牌。因此，在我看來，在任何整合過程中，我們自然都會被列入下調名單。所以，我對我們的競爭地位或相對實力感到非常非常滿意。正如你所看到的，我們正在縮小與競爭對手之間的差距。我相信客戶在下半年會繼續消費，但會按照我之前闡述的方向發展。

Last but not least, there are some large opportunities in the pipeline. Certainly, the industry or the competitors have also talked about those. In some cases, people are looking at reviewing their captive strategies, et cetera. I am absolutely focused on digital acceleration. We will continue to look at run/operate and taking over some capital, but we always look about the notion of whether those businesses are accretive to our growth CAGR or dilutive. And while one can get a year-over-year, quick apples-to-orange compare and the benefit, we're ultimately trying to build a book of business that is allowing us to have a faster CAGR growth profile into the future, as is the case with the companies we have been acquiring.

最後，還有一些重大機會正在醞釀中。當然，業內人士或競爭對手也討論過這些問題。在某些情況下，人們正在考慮重新審視他們的自保策略等等。我目前完全專注於數位化加速發展。我們將繼續專注於營運/經營和收購一些資本，但我們始終會考慮這些業務是會提高我們的複合年增長率還是會稀釋我們的成長率。雖然可以進行同比快速的蘋果與橘子比較並從中獲益，但我們最終的目標是建立一個能夠讓我們在未來實現更快複合年增長率的業務組合，就像我們收購的公司一樣。

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

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Brian or Karen, I'll direct this towards you. And I want to try to understand the puts and takes associated with the targeted operating margin of 15% for this year. And what I meant is just falling into 3 buckets. One is, are there still costs that benefits are going to flow through from the 14% that you reported to get to that 15% number versus the second force I think about as revenue variances that obviously benefit the bottom line versus the third dynamic, Brian, that you mentioned repeatedly was investing for the business. And so I'm just wondering what are the drivers and part of the reason why I want to understand the second half dynamics but also as a jumping-off point as we begin to think about calendar year '21.

布萊恩或凱倫，我會把這件事轉交給你們。我想嘗試了解與今年 15% 的目標營業利潤率相關的優缺點。我的意思是，它們正好落入三個桶子裡。一是，從你報告的 14% 到 15% 的數字，是否仍有成本和收益需要透過成本來體現？二是我認為的第二個因素，即收入差異，顯然有利於利潤；三是布萊恩，你反覆提到的第三個因素，即為企業投資。所以我想知道驅動因素是什麼，這也是我想了解下半年動態的部分原因，同時也是作為我們開始思考 2021 年的出發點。

So I'll pass on Karen, if you will, the notion of investments. And Karen, if you want to touch upon then the dynamics in the second half guidance. Keith, we're not really thinking about '21 at this moment in time. Of course, we're doing a lot of work internally, but it's very hard to understand what's coming in the next 6 months, never mind the next 18 months. That being said, as ever, we will always focus on what we can control, and inherent to that is our cost structure and making sure from a margin rate point of view. If the market is not volatile on the top line, we should obviously do our best to optimize our margin rate.

所以，如果可以的話，我就把投資的概念教給凱倫吧。凱倫，如果你想談談下半場指導的動態的話。基思，我們現在還沒真正考慮2021年的事。當然，我們內部做了很多工作，但很難理解未來 6 個月會發生什麼，更不用說未來 18 個月了。話雖如此，我們仍將一如既往地專注於我們能夠控制的事情，而這其中就包括我們的成本結構，以及從利潤率的角度確保利潤率。如果市場營收波動不大，我們顯然應該盡力優化利潤率。

Specific to investments, yes, listen, we're committed to winning and becoming preeminent in technical consulting and to be one of the leading professional services firms in the world. In order to do so, we have a series of transitions we have to make, scaling international markets, getting much more commercial coverage out there, continuing to industrialize our delivery capabilities and globalizing the company as well as changing some of the brand attributes. And a lot of that requires capabilities and skills, and then none of that is arguably more important than ensuring we accelerate our digital capabilities, which requires personalities, skills, talent, brand attributes, partnership ecosystem, coverage not just from a generalist sales point of view but also a specialist sales point of view.

具體到投資領域，是的，聽著，我們致力於在技術諮詢領域取得成功並成為佼佼者，並成為世界領先的專業服務公司之一。為了實現這一目標，我們必須進行一系列轉型，擴大國際市場規模，獲得更廣泛的商業覆蓋，繼續實現交付能力的工業化，實現公司的全球化，並改變一些品牌屬性。其中許多都需要能力和技能，但所有這些或許不如確保我們加速發展數位化能力重要，而這需要個性、技能、才能、品牌屬性、合作夥伴生態系統，以及覆蓋範圍，不僅要從通才銷售的角度，還要從專業銷售的角度。

So we're committed to investing for the medium and long term. As you know, I take my quarters very seriously. So we like to manage, I guess, our commitments in the short term. But the fundamental principle we're setting out to achieve here is to accelerate, on the medium term, the growth profile of the company to get back to what we've always been good at, and inherent in that will be continued investments in the company. That's what we did and set out to achieve in 2020. Notwithstanding COVID and ransomware, we have still stayed true to our strategy of investing in digital, investing in sales coverage and so too will you see us take the same principles into 2021. Karen, over to you for the second half guidance.

因此，我們致力於進行中長期投資。如你所知，我非常重視我的事務。所以，我想我們比較喜歡在短期內管理好我們的承諾。但我們在此要實現的基本原則是，在中期內加快公司的成長步伐，使其恢復到我們一直擅長的領域，而這必然包含對公司的持續投資。這就是我們所做的，也是我們在 2020 年要達成的目標。儘管面臨新冠疫情和勒索軟體的挑戰，我們仍然堅持投資數位化、投資銷​​售覆蓋率的策略，2021年您也將看到我們秉持同樣的原則。Karen，下半場的指導就交給你了。

Sure. Thanks, Brian. Keith, so I think in terms of how we thought about the second half margin guidance, we said approximately 15% for the full year, which puts the second half at about 15.2%. And if you think about what happened in the first half of the year, Q2 margins came in at 14.1%. And then for the first half, we were at 15.2%. As we look forward and I think about this more sequentially as we get into the back part of the year, obviously, the COVID -- any COVID fulfillment issues and the revenue impact from Maze are behind us, but we will continue to have remediation costs as we get into the back part of the year. We have wages and promotions that, as we said, will take place in -- as of -- effective as of October. So that will certainly put pressure on the Q4 margins. And then obviously, we're not expecting a significant acceleration in revenue based on the guidance that we've provided on a sequential basis.

當然。謝謝你，布萊恩。基思，所以我覺得，就我們對下半年利潤率預期而言，我們說全年約為 15%，這意味著下半年約為 15.2%。回顧上半年的情況，第二季的利潤率為 14.1%。上半場，我們的成績是 15.2%。展望未來，隨著我們進入下半年，我更加按順序地思考這個問題，顯然，COVID-19——任何COVID-19相關的履行問題以及Maze的收入影響都已經過去，但隨著我們進入下半年，我們將繼續承擔補救成本。正如我們所說，我們的薪資和晉升措施將於——截至——自10月起生效。因此，這肯定會對第四季的利潤率造成壓力。顯然，根據我們先前逐季給出的指引，我們預期收入不會大幅增加。

So those are really the biggest pieces of this. And then additionally, obviously, we've got the acquisitions. So any time we close an acquisition, there are obviously deal costs and integration costs and so forth, which, while not individually material certainly as we look forward sequentially into the back part of the year just given the timing of the acquisitions both when Collaborative closed late in Q2 as well as the New Signature deal in the back half of the year, will put a little bit of pressure on those margins as we get into the back half of the year.

所以，這些就是其中最重要的部分。此外，很顯然，我們還有收購項目。因此，每當我們完成一項收購時，顯然都會產生交易成本和整合成本等等，雖然這些成本單獨來看並不重要，但考慮到收購的時間表——Collaborative 的收購是在第二季度末完成的，而 New Signature 的交易則是在下半年完成的——這些成本會在下半年給我們的利潤率帶來一些壓力。

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

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

Great work and we do -- Karen, and best of luck. A couple of things. First, maybe to Brian, are you comfortable that you're done with some of the actions that you wanted to take, I guess, on the sales front, on the executive team front? And maybe can you give us some color on where we are in terms of attrition, more on the senior side of the head count?

幹得好，我們也是－凱倫，祝你好運。有幾件事。首先，我想問布萊恩，你是否覺得你已經完成了一些你想採取的行動，例如在銷售方面、在管理團隊方面？您能否簡單介紹一下我們目前的人員流失情況，特別是高階人員的流失情況？

Yes. From an Executive Committee point of view, there are a few more changes that are happening that we've spoken about previously. We are -- we've upgraded the profile of the managing director role in India to be a direct report to the Executive Committee, to me. And therefore, we have a search underway, and that will ensure we have somebody based in India who will represent our 200,000 employees in India. We'd expect to fill that in the coming months. We also have a global growth markets interim leader at the moment who's doing a fantastic job for us. And we actually have signed somebody who will join the company in the foreseeable future. However, I am not today at liberty to announce who that person is. But that being said, the Executive Committee now is my team. We're fully onboard, fully committed, driving in the same direction. And I actually feel now I have an A team, a world-class organization around me to bring this company forward. And I know Jan has big shoes to fill from Karen, but he will step in and, I think culturally, will be a great fit for us.

是的。從執行委員會的角度來看，還有一些我們之前討論過的變化正在發生。我們已經提升了印度總經理的職位級別，使其直接向執行委員會（也就是我）報告。因此，我們正在進行一項遴選工作，以確保我們在印度有一位代表我們20萬印度員工的人員。我們預計將在未來幾個月內填補這一空缺。我們目前還有一位全球成長市場臨時負責人，他為我們做得非常好。事實上，我們已經簽下了一位將在不久的將來加入公司的人選。但是，我今天不方便透露這個人是誰。但話雖如此，現在的執行委員會就是我的團隊。我們完全支持，全力以赴，朝著同一個方向努力。我現在感覺我身邊有一支頂尖的團隊，一個世界級的組織，能夠帶領公司向前發展。我知道 Jan 要接替 Karen 的位置壓力很大，但他會挺身而出，而且我認為從文化上來說，他會非常適合我們。

With regards to the rest of the organization, voluntary attrition has declined now to about 10.5%, and this is the fourth quarter in a row that we've had voluntary attrition declines. But in the same vein, what we have been doing very intentionally has been to continue to deploy much more of a performance orientation in the company, which means that we are now removing the underperformers on an annual basis. And then on top of that, given the volatility we've seen in the top line in the early part of this year notably because of COVID, it goes without saying that we have responsibilities vis-à-vis our shareholders, yes, to protect digital skills. But in the same vein, we also have to protect the bottom line by optimizing our team and our bench around the revenue curve. And that's why you've seen in recent quarters a disparity between total attrition levels versus voluntary attrition levels or involuntary levels. And if you look in the supplementary slides, we've actually now started breaking that out on a quarterly basis. So you'll see a 4-quarter trend emerge.

至於組織的其他方面，自願離職率目前已下降到約 10.5%，這已經是連續第四個季度自願離職率下降了。但同時，我們一直有意識地繼續在公司推行更重視績效的管理方式，這意味著我們現在每年都會淘汰績效不佳的員工。此外，鑑於今年年初由於新冠疫情的影響，我們的營收出現了波動，毋庸置疑，我們對股東負有責任，是的，要保護數位技能。但同樣地，我們也必須透過圍繞營收曲線優化我們的團隊和替補陣容來保護利潤。這就是為什麼在最近幾個季度裡，總流失率與自願離職率或非自願離職率之間存在差異的原因。如果你查看補充投影片，你會發現我們現在已經開始按季度細分這些數據了。因此，你會看到一個持續四個季度的趨勢出現。

I feel very good about the direction we're taking the company. We have just completed, actually earlier this year, what we call Cognizant's people engagement survey. And actually, the survey results showed that our results are very often better than the industry across major categories and up in almost every category in the last 2 years. So I think morale is actually picking up. I think when we execute well -- and I believe our employees were the heroes of this quarter. Despite an extremely challenging environment, we executed well and delivered against our commitments. And I think success breeds success. So I'm feeling very good about our ability to continue to engage and motivate and attract world-class talent to Cognizant.

我覺得公司目前的發展方向非常理想。實際上是今年早些時候，我們完成了我們稱為 Cognizant 員工敬業度調查的專案。事實上，調查結果顯示，在過去兩年中，我們的業績在主要類別中往往優於行業平均水平，幾乎在所有類別中都有所提升。所以我認為士氣其實正在回升。我認為，當我們執行得當時——而且我相信，我們的員工是本季的英雄。儘管面臨極其嚴峻的挑戰，我們依然出色地完成了任務，並履行了我們的承諾。我認為成功會帶來更多成功。因此，我對我們繼續吸引和激勵世界一流人才加入 Cognizant 的能力感到非常滿意。

That's helpful. And then given the fact that digital is going to be one of those main drivers down the road, and you've indicated that you've had a pretty significant uptick in digital bookings, I guess, for the first half of the year, are you -- maybe we can get some more color on some of those wins. Are you kind of going head-to-head against some of the pure plays? Are you actually going back and getting some of these deals from existing customers? How is it actually working?

那很有幫助。鑑於數位化將成為未來發展的主要驅動力之一，而且您也表示今年上半年數位化預訂量出現了相當大的增長，我想，您能否——也許我們可以更詳細地了解一下這些成功案例。你是不是在跟一些純粹的玩家正面交鋒？你真的打算回去從現有客戶那裡爭取一些優惠嗎？它實際運作情況如何？

Look, I've got to be honest, I feel really ecstatic about our momentum in digital. We're doing a tremendous job. And the first half bookings growth was fueled by digital engineering, AI and analytics, interactive and indeed our software-as-a-service offerings. And we are going head-to-head with the incumbents, be they integrated or portfolio companies or pure plays and winning more than our fair share. And if anything, what I'm finding is clients are highly receptive to our capabilities and to our portfolio. Not all of them knew about that portfolio historically. And so we're being much more aggressive in getting out there, marketing our digital capabilities and going to market with a broad partnership system. And of course, all of that leads to a wonderful outcome that the faster we grow digital, the bigger it becomes as a percentage of our revenue. And therefore, that pays dividends in terms of the overall future company CAGR prospects. So I truly feel we're in a wonderful position, and I feel very confident about our competitive dynamics. And we're happy to get in the boxing ring with any competitor, and I think we'll win more than our fair share.

說實話，我對我們在數位化領域的發展勢頭感到非常興奮。我們做得非常出色。上半年預訂量的成長得益於數位工程、人工智慧和分析、互動以及我們的軟體即服務產品。我們正在與現有企業正面交鋒，無論是綜合性企業、投資組合公司或純粹的私人企業，我們都將贏得遠超過我們應得份額的勝利。而且我發現，客戶對我們的能力和作品集都非常認可。並非所有人都了解該投資組合的歷史情況。因此，我們正在採取更積極主動的方式，推廣我們的數位能力，並透過廣泛的合作夥伴體系進入市場。當然，這一切都會帶來一個美好的結果：數位化發展越快，其在我們收入中所佔的比例就越大。因此，這有利於公司未來的整體複合年增長率前景。所以我真的覺得我們處於非常有利的地位，並且對我們的競爭態勢非常有信心。我們樂意與任何對手在拳擊台上較量，而且我認為我們會贏得比我們應得的更多。

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。

Karen, wish you all the best. Thanks for the partnership after all these years. My question builds on what Moshe just asked. I'm just -- I'm curious, with voluntary attrition trending better -- and thanks for the data, by the way. It sounds like you're mostly done with the head count cuts. Can we say that the culture is in a good place here, Brian? And it's a hard question to answer, I know. But what I'm getting at is just this concept of transitioning to growth with the culture, and we're seeing this growing divide across a lot of tech firms now, where the culture between legacy and digital firms is quite stark. So where do you fall in that spectrum versus where you want to be? Is there a way to address that here on the call?

凱倫，祝你一切順利。感謝多年來的合作。我的問題是基於 Moshe 剛才提出的問題而提出的。我只是——我很好奇，因為自願離職率的趨勢正在好轉——順便說一句，謝謝你提供的數據。聽起來你們的裁員工作基本上已經完成了。布萊恩，我們可以說這裡的文化氛圍好嗎？我知道，這是一個很難回答的問題。但我想表達的是，這種在文化層面實現成長的轉型理念，我們現在看到許多科技公司之間存在著日益擴大的鴻溝，傳統公司和數位公司之間的文化差異非常明顯。那麼，你目前在這個範圍內處於什麼位置？你希望達到的位置又在哪裡？能否在通話中解決這個問題？

Well, I think it goes without saying that if there ever is a growth culture and a company with a growth culture, it is Cognizant. And maybe in recent years, we had lost our mojo a little bit, but this company is full of people who pride themselves in serving clients and actually outgunning the competition. And that's certainly how I feel we will continue to be focused in the years ahead. So I feel very good about our capabilities and very good about the culture, not just an aggressive culture, but also a culture focused on client-centricity and a culture focused on continuous learning and making sure we have the wherewithal to go out and outcompete the competition again. I'm not at all concerned about that. I actually think the place where we have sharpened our pencils a little bit in the last year has been much more around partnering with the hyperscalers and making sure that as the world shifts to platform and micro services and open APIs, et cetera, that we are fully ensconced with those characters and making sure that we're showing up to clients together. But generally, I feel as though our culture is a winning culture. It's a growth culture, and it's a culture that's always been about being a challenger and beating the competition. We certainly have strong credentials. I see that every single day when I talk to clients, and I see a tremendous amount of receptivity to Cognizant's ambition to win in digital. .

嗯，我想毋庸置疑，如果說有哪家公司真正擁有成長文化，那一定是 Cognizant。或許近年來我們有點失去了動力，但這家公司裡有很多以服務客戶為榮，並且真正超越競爭對手的人。而我相信，在未來的幾年裡，我們也會繼續專注於此。所以我對我們的能力和企業文化都感到非常滿意，這不僅是一種積極進取的企業文化，更是一種以客戶為中心的企業文化，一種注重持續學習的企業文化，確保我們有能力再次超越競爭對手。我一點也不擔心。實際上，我認為我們在過去一年中真正精益求精的地方在於與超大規模資料中心營運商建立合作關係，確保隨著世界向平台、微服務和開放 API 等方向發展，我們能夠完全融入其中，並確保我們能夠攜手為客戶服務。但總的來說，我覺得我們的文化是一種成功的文化。這是一種成長型文化，也是一種始終以挑戰者、戰勝競爭對手為核心的文化。我們確實擁有強大的資質。我每天與客戶交流時都能感受到這一點，他們對 Cognizant 在數位化領域取得成功的雄心壯志表現出極大的熱情。

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

最後一個問題來自 DeepDive Equity Research 的 Rod Bourgeois。

Brian, so my question is simply, you're definitely feeling much better about bookings and competitiveness now than it appears you were a year ago. Can you just articulate what's the main change that's happened that's giving you this added confidence? And how much of the change is the market turning maybe more in your favor vertically and with certain parts of digital? And how much of it is -- you talked about client-centricity, changing the culture and so on. Can you articulate what the main thing that's recently changed that's making your outlook on competitiveness sound so much better?

布萊恩，所以我的問題很簡單，你現在對預訂情況和競爭力的感覺肯定比一年前好多了。您能否具體說明一下，是什麼主要的改變讓您獲得了這份額外的自信？在市場變化中，有多少可能在垂直領域和某些數位化領域對你更有利？其中有多少是——你談到了以客戶為中心、改變文化等等。您能否具體說明一下，最近發生的主要變化是什麼，使得您對競爭力的看法變得如此積極？

Well, I think first of all, the quality of the dialogue that we're having as an Executive Committee, the level of engagement, the level of harmony at the executive team is now truly what I would term world-class. We are all in this together. We're all partnering and teaming, and we've got the whole organization, I think, motivated to win. And I don't want to underestimate the benefit of having a focus on growth and a reinvigorated focus on client-centricity. I think at a client-partner level, we've had that over the years, but perhaps in more recent years, we had a number of distractions on the outside and perhaps even some financial model changes that didn't allow us to do what I think we need to do. So I feel very good about the harmony of the team, the level of energy. And frankly, that is permeating throughout the entire organization. And there's just, again -- once again, somewhat of a feel-good factor happening in Cognizant these days.

首先，我認為執行委員會的對話品質、參與程度以及執行團隊的和諧程度，現在確實達到了我所說的世界一流水準。我們同舟共濟。我們都在互相合作、共同合作，我認為整個組織都充滿了獲勝的動力。我並不想低估專注於成長和重新重視以客戶為中心的益處。我認為在客戶合作夥伴層面，我們多年來一直保持著這種合作關係，但也許近年來，我們受到了很多外部因素的干擾，甚至可能還有一些財務模式的改變，這些都使我們無法做我認為我們需要做的事情。所以我對團隊的和諧氛圍和活力水平感到非常滿意。坦白說，這種情況正在整個組織中蔓延。最近，Cognizant 公司又一次洋溢著令人愉悅的氛圍。

I think also, we have better instrumentation on the business. I think we have got much more data now at our fingertips than we had a year ago, and we got stronger partnerships than we had perhaps a year ago. And generally, I think this has not been an easy 15 or 16 months. There's been a lot of work. And these last few months have been particularly challenging, as everybody can imagine, given macro as well as micro elements that are at play vis-à-vis Cognizant.

我認為，我們在業務方面也擁有更好的工具。我認為我們現在掌握的數據比一年前多得多，而且我們的合作關係也比一年前更牢固。總的來說，我認為這15、16個月並不輕鬆。做了很多工作。正如大家所能想的那樣，鑑於宏觀和微觀因素對 Cognizant 的影響，過去的幾個月尤其具有挑戰性。

But the other thing, digital is a bigger portion of our mix. And let's face it. That's where the growth is in the market. My Board have been extremely supportive of our ambitions to scale there. The organic investments are for me and my leadership team to work through. But when it comes to deploying the balance sheet, we obviously have close communication and coordination with the Board of Directors, and we have been aggressively moving. And in turn, we have scaled out our capabilities meaningfully. And acquisitions like Collaborative Solutions work wonders because our pipeline immediately builds in some of our existing accounts. New Signature, similarly, I think you'll see our ability to scale the Microsoft business practice rapidly. So I just think the portfolio is broader. The leadership team are more harmonious. There's more energy, and we're completely focused on winning again. And any external distractions over the last few years are 100% behind us at this moment in time.

但另一方面，數位業務在我們業務組合中所佔的比例越來越大。讓我們面對現實吧。市場增長點就在那裡。我的董事會一直非常支持我們擴大在該地區規模的雄心壯志。有機投資項目將由我和我的領導團隊負責處理。但就資產負債表的運用而言，我們顯然與董事會保持密切的溝通和協調，我們一直在積極推進。反過來，我們也顯著提升了自身能力。像 Collaborative Solutions 這樣的收購會帶來奇效，因為我們的一些現有客戶會立即加入我們的業務管道。同樣，我認為在 New Signature，您將會看到我們快速擴展微軟業務實踐的能力。所以我認為投資組合更加多元化了。領導團隊更加和諧。我們更有活力了，而且我們全心全意地想要再次贏得比賽。過去幾年所有外部幹擾因素，現在都已徹底消除。

This is Katie. I just want to say thank you all for joining and for your questions. I think that's all the time that we have for tonight.

這是凱蒂。我只想說謝謝，謝謝大家的參與與提問。我想我們今晚的時間就到此為止了。

Once again, thank you for joining us on today's conference call. You may now disconnect your lines at this time, and have a wonderful day.

再次感謝您參加今天的電話會議。現在您可以斷開線路了，祝您有美好的一天。